Banco do Brasil Misses Estimates as Provisions Increase
May 7, 2014 by Avila Capital Markets, Inc.
Banco do Brasil SA, Latin America’s largest bank by assets, said profit fell 9 percent in the first quarter, missing analysts’ estimates as bad-loan provisions and administrative expenses increased.
Adjusted net income, which excludes one-time charges, declined to 2.44 billion reais ($1.1 billion) from 2.69 billion reais a year earlier, the Brasilia-based company said today in a regulatory filing. Eight analysts surveyed by Bloomberg estimated 2.58 billion reais. Net income rose to 2.68 billion reais from 2.56 billion reais.
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