SAO PAULO May 11 State-controlled Banco do
Brasil SA missed first-quarter profit estimates on
Thursday, reflecting soaring bad loan write-offs and a
surprising decline in interest and fee income.
Recurring net income, which excludes one-time items, came in
at 2.515 billion reais ($794 million) last quarter, below the
consensus estimate of 2.928 billion reais.
Return on equity, a measure of profitability, reached 10.4
percent in the period, missing a 12.1 percent estimate but
striking a double-digit number for the first quarter in five.
Management will discuss results at an event later on
($1 = 3.1663 reais)
(Reporting by Guillermo Parra-Bernal; editing by Jason Neely)