Feb. 18 (Bloomberg) -- Grupo BTG Pactual, Latin America’s biggest merger adviser, said fourth-quarter profit fell 10 percent, missing analysts’ estimates as revenue from investment banking declined.
Earnings adjusted for one-time items declined to 768 million reais ($320.5 million), or 85 centavos a share, from 854 million reais, or 94 centavos, a year earlier, the Sao Paulo- based lender said today in a filing. That missed the 87-centavo estimate of three analysts surveyed by Bloomberg.
Revenue from investment banking fell to 50 million reais in the fourth quarter from 121 million reais a year earlier, according to the statement. The bank said the division was hurt by a “lower number of mergers and acquisitions and a weaker capital markets activity.”
“2013 was a challenging year for the global capital markets, with significant macroeconomic events influencing markets and investor’s confidence around the globe,” Chief Executive Officer Andre Esteves said in the statement.
BTG is has slipped 9.7 percent this year in Sao Paulo, compared with the 9.5 percent decline for the Ibovespa benchmark index.
--Editors: Steve Dickson, Dan Reichl