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Banco do Brasil misses estimates as provisions climb
February 16, 2017 / 9:40 AM / 10 months ago

Banco do Brasil misses estimates as provisions climb

SAO PAULO, Feb 16 (Reuters) - Banco do Brasil SA, the country’s largest bank by assets, missed fourth-quarter profit estimates on Thursday as a bigger-than-expected jump in loan-loss provisions offset resilient interest and fee income.

The Brasilia-based, state-controlled lender earned 1.747 billion reais ($572 million) in recurring net income, below the average consensus estimates of 1.927 billion reais compiled by Thomson Reuters. The measure of profit before one-time items dropped 25 percent from the third quarter.

Recurring return on equity slumped to 7.2 percent, the lowest in at least seven years. It came in at below the 8.2 percent consensus estimate for ROE in the fourth quarter.

$1 = 3.0565 reais Reporting by Guillermo Parra-Bernal; editing by John Stonestreet

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