Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.952

-7.6%

Nov 10 3:59 PM EST

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To: Steve Fancy who wrote (12211)	1/22/1999 5:34:00 AM
From: Tony van Werkhooven	Read Replies (1) of 22640

Steve- UBB results-Total earnings up 5.3%, 4th Q more than twice 3rd quarter, attributable to high interest rates. It could be that earnings would have declined had it not been for very high rates in the 4th Q. No indication of provision for non-performing loans. Dividends will be up by 24% over the prior year- we will take a cut after devaluation, since we took a 35% cut in the currency to-date. The comments about 1999 are interesting- wished additional commments had been provided. Indicated fee income was up, however in split between interest income and fee income is not included. Steve- high rates in 4th Q might have papered over an underlying deterioration- but not clear. I recall reading sometime ago that UBB had a relatively low level of commercial loans. Armin- what are your thoughts? Tony

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