By Brazil Stock Guide – BTG Pactual (BPAC11) ended 2025 on a high note, reporting its strongest quarterly result ever in the final three months of the year. Net income reached R$ 4.6bn in the fourth quarter, a 40% increase from a year earlier, as the bank benefited from higher client activity, steady lending and rapid growth in its wealth business.
Quarterly revenue rose 35% year on year to R$ 9.1bn, showing that the bank’s growth is coming from several fronts at once. Trading desks were busier, credit continued to expand in a disciplined way and fee-based businesses gained scale, helping BTG perform well even with interest rates still at elevated levels in Brazil.
Trading and lending were the main engines of growth. Sales & Trading delivered its best quarter on record, while the corporate lending unit also posted a new high, supported by stable spreads and cautious risk-taking. Investment banking activity improved as well, driven mainly by debt issuance and merger advisory.
Looking beyond the quarter, BTG also wrapped up a record year. In 2025, the bank earned R$ 16.7bn, up 35% from the previous year. Assets under management and custody reached R$ 2.5tn, reflecting strong inflows from clients and helping boost recurring revenues heading into 2026.
Wealth management stood out once again. Revenue from this segment jumped more than 40% compared with the same period last year, as BTG continued to attract high-net-worth clients and deepen relationships across its platform. Asset management also grew at a solid pace, supported by steady inflows.
The fourth-quarter result was achieved largely without a meaningful boost from the full incorporation of Banco Pan. After buying the remaining stake, BTG chose not to distribute interest on equity from Pan, which weighed on that specific line but did not inflate overall profits. The bank expects the consumer finance business to have a clearer impact only from 2026 onward.
Costs rose, but at a slower pace than revenue, allowing profitability to improve further. Capital and liquidity levels remained comfortable, giving the bank room to grow while continuing to reward shareholders.