Brazilian property market 'helps drive banks' profit growth'
Date added: 21st February, 2011 at 10:32
(view all articles from February, 2011)
Categories: Property News
The expansion of the Brazilian property market is one of the drivers behind the growth of profit for the country's banks.
According to the Financial Times, demand for credit is increasing in the nation, with low-income people borrowing in order to buy luxuries such as televisions and cars.
As a result, banks including Banco do Brasil and Bradesco have reported strong earnings for last year.
"It was a really great year for Brazilian banks," Erivelto Rodrigues of banking sector consultancy Austin Asis, based in Sao Paulo, told the news provider.
"They're very well positioned and solid, the economy is hot and companies are growing fast," he added.
The information source said the burgeoning Brazilian property market was one of the drivers behind credit growth, alongside small and medium-sized businesses.
Commercial real estate in the nation is seeing strong tenant demand, with surveyors saying they had a positive outlook for capital values in the final quarter of last year, according to the Royal Institution of Chartered Surveyors' Global Commercial Property Survey.
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