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Financial News: BANCO DO BRASIL: Profit Rises 15.9% In The

BANCO DO BRASIL: Profit Rises 15.9% In The Third Quarter Boosted By Fees

11/09/2017 - 11:19:00 (RTTNews)

(RTTNews) - Brazilian state-owned bank Banco do Brasil's adjusted net profit rose 15.9% in the third quarter from a year before to R$ 2.708 billion (US$ 833 million), boosted by higher fee revenues and lower provisions for loan losses. Analysts estimated a slightly higher net income of R$ 2.732 billion in the third quarter.

The adjusted net profit eliminates non-recurring gains and losses. Without the adjustment, net profit rose 26.5%, to R$ 2.841 billion.

Banco do Brasil also reported that its loan portfolio totaled R$ 677 billion in the third quarter, down 7.9% from the same period in 2016, and that the average return on equity (ROE) was at 10.8% in the third quarter after adjustments, from 9.9% a year before.

Allowances for loan losses totaled R$ 6.257 billion in the third quarter, a 5.8% decrease compared to the same period last year.

Banco do Brasil's default rates remained below the average of the Brazilian financial system. By the end of September, the delinquency rate was at 3.94% of the loan portfolio, higher than the one recorded at the end of the third quarter of 2016 (3.50%), but lower than the rate recorded at the end of June 2017 (4.11%).

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