16/05/13 Banco do Brasil Profit About Unchanged Amid Loan Growth - Bloombergwww.bloomberg.com/news/print/2013-05-15/banco-...
16/05/13 Banco do Brasil Profit About Unchanged Amid Loan Growth - Bloombergwww.bloomberg.com/news/print/2013-05-15/banco-...
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Banco do brasil profit about unchanged amid loan growth bloomberg

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Banco do brasil profit about unchanged amid loan growth bloomberg

  1. 1. 16/05/13 Banco do Brasil Profit About Unchanged Amid Loan Growth - Bloombergwww.bloomberg.com/news/print/2013-05-15/banco-do-brasil-profit-about-unchanged-amid-loan-growth.html 1/2Banco do Brasil Profit About Unchanged Amid LoanGrowthBy Francisco Marcelino - May 15, 2013Banco do Brasil SA, the Brazilian lender whose insurance unit held the world’s largest initial publicoffering this year, said first-quarter profit fell less than 1 percent and loan growth accelerated.Adjusted net income, which excludes one-time charges, declined to 2.69 billion reais ($1.33 billion),or 91 centavos a share, from 2.7 billion reais, or 89 centavos, a year earlier, the Brasilia-basedlender said today in a regulatory filing. The results compared with the average estimate of 2.72billion reais in a Bloomberg survey of four analysts.Banco do Brasil and the nation’s other federally controlled lenders, Caixa Economica Federal anddevelopment bank BNDES, were pushed by President Dilma Rousseff to increase credit as theBrazilian economy slowed. Banco do Brasil, led by Chief Executive Officer Aldemir Bendine, 49,boosted credit by 26 percent in the first quarter, compared with its growth forecast of an expansionof 16 percent to 20 percent this year.“The state-owned banks continue to post accelerated growth rates,” GBM Grupo Bursatil MexicanoSA analysts Andre Riva Gargiulo and Gilberto Tonello wrote in an April 26 note to clients, addingthat those lenders increased lending by “an astonishing” 29 percent in March from a year earlier.Brazilian privately owned banks boosted credit 7 percent in March from a year earlier, central bankdata show.Banco do Brasil has gained 0.3 percent since April 29, when its insurance unit, BB SeguridadeParticipacoes SA (BBSE3), started trading in Sao Paulo. The division advanced 5.9 percent from the17-real IPO price. The offering produced a gross gain of 8.37 billion reais and “the funds raisedwere fully reverted to Banco do Brasil,” the bank said in the earnings statement.Loan BookThe bank’s loan book reached 592.7 billion reais in the first quarter, according to the earningsstatement. Total assets climbed 17 percent to 1.18 trillion reais. The rate of debt payments overduemore than 90 days was 2 percent, down from 2.2 percent a year earlier and 2.05 percent in thethree previous months.Banco do Brasil reduced provisions for bad loans to 3.28 billion reais from 3.64 billion reais in thefourth quarter and 3.58 billion reais a year earlier.
  2. 2. 16/05/13 Banco do Brasil Profit About Unchanged Amid Loan Growth - Bloombergwww.bloomberg.com/news/print/2013-05-15/banco-do-brasil-profit-about-unchanged-amid-loan-growth.html 2/2To contact the reporter on this story: Francisco Marcelino in Sao Paulo atmdeoliveira@bloomberg.netTo contact the editor responsible for this story: David Scheer at dscheer@bloomberg.net®2013 BLOOMBERG L.P. ALL RIGHTS RESERVED.

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