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SAO PAULO, Aug 13 (Reuters) - Latin America's largest independent investment bank, Banco BTG Pactual SA, reported a 50.2% jump in second-quarter recurring profit on Tuesday, as trading and proprietary investment gains increased as well as management fees.
Recurring net income, which excludes one-time items, rose to 1.029 billion reais ($258 million) from 685 million reais a year earlier.
BTG's total second-quarter revenues came in at 2.181 billion reais, up 76% from the same period a year earlier, mainly helped by trading gains.
In a securities filing, the bank said its trading gains were boosted by the performance of its interest rate and equities desks and increased 232%, to 886.4 million reais.
Higher profit at retail bank Banco Pan SA and gains from investments in energy companies PetroAfrica and Eneva also contributed to the jump in BTG's net income.
The bank is currently revamping its retail business, aiming to become Brazil's sixth-largest retail bank by client total, new senior partner Amos Genish said in May.
Fees from its asset and wealth management businesses also grew as BTG continued to lure new money from clients.
The Sao Paulo-based bank reported an annualized return on equity, a measure of profitability, of 20.6%, up 5.5 percentage points from the previous quarter.
Its loan book rose 8.5% in the quarter, to 43.6 billion reais.
In July, BTG's founder Andre Esteves asked Brazil's central bank to allow him to return to the controlling group of partners, known as G7 Holding, with a 61.6% stake.
He was forced to swap his controlling voting shares in G7 Holding after being arrested following a corruption investigation in 2015. Esteves returned to the bank in April 2016.
Management will discuss the results in a conference call with analysts later on Tuesday.
$1 = 3.9848 reais Reporting by Carolina Mandl; editing by Jason Neely and Susan Fenton