Banco do Brasil 3Q Profit Rose on Growth of Loan Portfolio

By Jeffrey T. Lewis

SÃO PAULO--Banco do Brasil's profit rose in the third quarter after the growth of the Brazilian lender's loan portfolio pushed net interest income higher.

The state-controlled bank reported net income of 8.4 billion reais, the equivalent of $1.7 billion, in the period, from BRL8.1 billion in the third quarter of 2022. Adjusted net income, which excludes one-time items, rose to BRL8.8 billion from BRL8.4 billion reais a year earlier.

Net interest income rose 21.1% to BRL23.7 billion from BRL19.6 billion in the third quarter of 2022. The bank raised its allowance for loan and lease losses to BRL7.5 billion from BRL4.5 billion.

Banco do Brasil's expanded credit portfolio reached BRL1.07 trillion in the quarter, an increase of 10% from a year earlier.

Write to Jeffrey T. Lewis at [e-mail]

(END) Dow Jones Newswires

11-08-23 1729ET