Banco do Brasil has profit of BRL 8.6 billion in the 1st quarter

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The institution also informed that reserves for losses with defaults more than doubled in one year. Banco do Brasil Agency Disclosure Banco do Brasil recorded an adjusted net profit of R$ 8.55 billion in the first quarter of this year, an increase of 29% over the same period of 2022, according to the balance sheet released this Monday (15) . Analysts, on average, expected the state-owned bank to post a net profit of BRL 8.69 billion for the first three months of the year, according to data from Refinitiv. The provision (reserves) for loan losses more than doubled in one year, from R$2.76 billion in the first quarter of 2022 to R$5.86 billion in the same period of 2023. The increase in the provision occurred with the index of default on operations overdue for more than 90 days, growing again, following the market trend in view of the increase in interest rates in the country in the period. The index went from 1.89% of the portfolio at the beginning of last year to 2.62% at the end of March, a number also higher than the 2.51% at the end of 2022.

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