 |
February 22, 2008 |
|
|
|
 |
BANCO SOFISA: Net Income Increases 121.3% to BRL99.7MM in 2007 Banco Sofisa S.A. released its results for the fourth quarter of 2007. In 2007, the bank launched its new strategy of offering credit to individuals, through car loans, payroll-deductible loans, and consumer finance, reaching significant loan origination. Highlights: -- Syndicated loan of US$185 million coordinated by the IFC (a member of the World Bank Group) -- Opening of three branches in the states of Pernambuco, Ceara and Bahia and approval to open another two in the states of Para and Amazonas -- Loan portfolio of BRL2.6 billion, growth of 186.0% in relation to 2006 (+19.3% versus that of third quarter 2007) -- Origination of loans to individuals reaches BRL915 million in 2007 -- Net income of BRL99.7 million, an increase of 121.3% over 2006 -- Total Deposits of BRL2.5 billion (BRL1.2 billion in 2006) Established in 1961, Banco Sofisa SA -- http://www.sofisa.com.br/ir -- is headquartered in Sao Paulo, Brazil. The bank offers commercial and retail banking products primarily to small and medium-size companies. As of June 2007, the bank had total assets of approximately BRL3.44 billion (US$1.79 billion) and equity of BRL821.5 million (US$427 million). * * * As reported in the Troubled Company Reporter-Latin America on Oct. 8, 2007, Moody's Investors Service assigned to Banco Sofisa S.A., a bank financial strength rating of D+, long- and short- term local-currency deposit ratings of Ba1 Not Prime, and long- and short-term foreign currency deposit ratings of Ba2 Not Prime, respectively. Moody's outlook on all these ratings is stable. |
|
|
||
|
Today's Top Stories have been selected from the Troubled Company Reporter - Latin America. To receive the Full TCR-LA please CLICK HERE.
