Lender Banco do Brasil posts 8% rise in second-quarter adjusted profit

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August 7, 2024 6:50 PM EDT

FILE PHOTO: A man walks in front of Banco do Brasil headquarters building in Brasilia, Brazil October 29, 2019. REUTERS/Adriano Machado/File Photo

SAO PAULO (Reuters) - State-controlled lender Banco do Brasil reported on Wednesday 8.2% year-on-year growth in its second-quarter adjusted net profit.

The bank posted adjusted net profit of 9.50 billion reais ($1.69 billion) for the period, slightly above the 9.24 billion profit estimated by analysts polled by LSEG.

WHY IT'S IMPORTANT

Banco do Brasil is one of Latin America's largest lenders by total assets.

BY THE NUMBERS

The lender's return on equity stood at 21.6%, up from 21.3% a year earlier but just below 21.7% reported in the first quarter.

Its total loan book stood at 1.18 trillion reais, up from 1.14 trillion in the first quarter, while delinquency over 90 days was at 3%, increasing from 2.9% in March.

It also raised its 2024 net interest income growth forecast to between 10% and 13% from 7% to 11%. This year's loan loss provisions guidance was hiked up to 31 billion to 34 billion reais, from 27 billion to 30 billion previously.

($1 = 5.6369 reais)

(Reporting by Andre Romani; Editing by Kylie Madry and Jamie Freed)


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