Banco do Brasil beats profit estimates and lifts 2021 outlook

Brazilian state-controlled lender Banco do Brasil SA on Monday beat analysts’ estimates for third quarter profit and said it is likely to post a full-year net income higher than it had previously forecast.

The bank sees its recurring net income, which excludes one-off items, at up to 21 billion reais ($3.81 billion), or 1 billion reais higher than before, as its loan book is poised to expand faster.

Recurring net income came in at 5.139 billion reais, up 47.6% from the same period a year earlier, and above an analysts estimate compiled by Refinitiv of 4.496 billion reais. Its return on equity came in at 14.3%.

Its net interest income, a measure of earnings on loans minus deposit costs, rose 11.9% year-over-year to 15.683 billion reais, driven by lending and trading gains.

By Carolina Mandl/Reuters via Yahoo Finance.

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