Feb 5 (Reuters) - Brazil's Banco BTG Pactual SA fourth-quarter adjusted net income jumped 61% to 2.85 billion reais ($573.45 million) on the year, supported by record high revenues in most of its businesses.
BTG Pactual, the largest investment bank in Latin America, celebrated "record net income" despite what it called a challenging year of high interest rates environment and tougher credit market conditions.
Revenues reached 5.65 billion reais ($1.14 billion), up 55% on a yearly basis, with BTG's return on average equity (ROAE) - a gauge of profitability - hitting 23.4% in the quarter.
Full-year figures showed a similar trend, with all-time high revenues and net income resulting in a 22.7% ROAE, the company added.
BTG Pactual said 2023 was also marked by market share gains, "especially in our client franchises" and they expect continued gains in operational leverage and ROAE expansion in 2024.
An asset manager for Switzerland's Vontobel Quality Growth said Brazil was one of the most attractive investment opportunities in emerging markets, predicting a continuing positive trend for the country's equities and favorable economic backdrop.
($1 = 4.9699 reais) (Reporting by Natalia Siniawski, Editing by Louise Heavens and Bernadette Baum)
