Banco do Brasil 1Q Profit Rose to BRL8.2 Billion as Net Interest Income Jumped

By Jeffrey T. Lewis

SÃO PAULO-- Banco do Brasil's profit increased in the first quarter from a year earlier as its income from both loan and treasury operations soared.

The state-controlled bank reported net income of 8.2 billion reais, the equivalent of $1.7 billion, from BRL6.7 billion in the first quarter of 2022, while adjusted net income rose to BRL8.6 billion from BRL6.6 billion reais a year earlier. Net interest income increased to BRL21.2 billion from BRL15.3 billion.

The jump in net interest income more than compensated for an increase in loan loss provisions. The bank set aside BRL5.9 billion for delinquent loans, up from BRL2.8 billion a year earlier.

Income from loan operations rose 35% from the previous year to BRL32.2 billion, and income from treasury operations soared 72% from a year earlier to BRL10.1 billion.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

May 15, 2023 18:18 ET (22:18 GMT)

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