Business: Sofisa squeezes back to Q4 profit on large increase in tax credits

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Banking News - Tuesday, March 9, 2010

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* Sofisa squeezes back to Q4 profit on large increase in tax credits - Brazil

Brazilian midsize bank Sofisa had 8.68mn reais (US$4.89mn) in earnings in the fourth quarter, down 32.7% from 4Q08, but up from the loss of 10.7mn reais in 3Q09, as tax credits made up for still negative operating results, the bank's latest financial statements show.

The bank took 30.4mn reais in tax credits in 4Q09, up 84% over 3Q09 and 87% over 4Q08, while the operating result came in negative at 9.18mn reais, compared to a 4.9mn-real operating loss in 3Q09 and an 11.2mn-real operating profit ... more
http://www.bnamericas.com/news/banking/Sofisa_squeezes_back_to_Q4_profit_on_large_increase_in_tax_credits/177634656

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* Alejandro ReynalChairman and CEO - MBA Lazard<p><em>After a tumultuous as well as sluggish 2009, Buenos Aires-based investment bank MBA Lazard is getting ready for a more active year in terms of M&A in its main sectors, and particularly in cross... more

http://www.bnamericas.com/interviews/banking/Alejandro_Reynal_,MBA_Lazard,1/177634656

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