Banco do Brasil 2Q Profit Rises as Lending, Fee Income Increase
By Jeffrey T. Lewis
SÃO PAULO--Banco do Brasil's profit rose in the second quarter after growth of the Brazilian lender's loan portfolio and fee income boosted revenue.
The state-controlled bank reported net income of 8.4 billion reais, the equivalent of $1.7 billion, up from BRL7.7 billion in the second quarter of 2022, while adjusted net income rose to BRL8.8 billion from BRL7.9 billion reais a year earlier.
Net interest income increased to BRL22.9 billion from BRL17.1 billion.
Banco do Brasil's loan portfolio grew almost 14% from a year earlier to BRL1.05 trillion, while fee income rose 5.6% to BRL8.3 billion.
The bank also more than doubled provisions for bad loans to BRL7.2 billion. The lender said it boosted provisions because of rising risk in its loans to individuals and to companies.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
August 09, 2023 18:33 ET (22:33 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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