B3 announces results for the first quarter of 2020
B3 S.A. - Brasil, Bolsa, Balcão (ticker: B3SA3) reports today its first quarter 2020 (1Q20) earnings. Total revenues reached R$2,125.2 million, a 38.7% increase over the same period of the previous year (1Q19), while EBITDA totaled R$1,569.3 million, up by 61.6%. The Company's recurring net income totaled R$1,156.6 million.
Chief Executive Officer of B3, Gilson Finkelsztain, said: “The spread of the COVID-19 pandemic has brought along unprecedent challenges for businesses and for Brazilian society. Never in the history of B3 had we faced a crisis with such deep humanitarian and operational impacts. Our priorities in this period has been to preserve the health and safety of our employees and the operational resilience of our platforms, to allow investors to have uninterrupted access to the diversified markets and services managed and offered by the Company.
The uncertainties brought about by the spread of COVID-19 during the first quarter of 2020 have caused intense volatility in the global financial and capital markets. In this turmoil, as the volume traded on our platforms of listed and over-the-counter products has significantly increased, we have tested and proved, under extremely adverse conditions, the robustness of our technological platforms and the soundness of our risk management models as a central counterparty, playing our role as market infrastructure and ensuring B3 clients that their trades are safe.
We understand the severity of the crisis and the difficulties making any forecasts given the scenario created by the pandemic, and therefore we are working with our clients and aligned with regulators to ensure that, once this crises comes to an end, the financial and capital markets have an appropriate infrastructure to continue developing and playing their key part in the recovery of the Brazilian economy.”
Chief Financial and Investor Relations Officer, Daniel Sonder, added: “The high volumes traded in our markets stemming from the intense volatility in the quarter translated into sound financial performance and strong cash generation, with total revenues of R$1.9 billion and recurring net profit of R$1.2 billion, reflecting our operating leverage. We have maintained our usual expense management discipline and a solid cash position that allows us to go through the turbulent period smoothly and continue executing on schedule the investments in the Company’s priority projects.”
To view the complete report of the Earning Results of B3 for the First Quarter of 2020, please click here.