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Banco do Brasil sees recurring profit rising by up to 66 pct this year
February 16, 2017 / 9:34 AM / 8 months ago

Banco do Brasil sees recurring profit rising by up to 66 pct this year

SAO PAULO, Feb 16 (Reuters) - State-controlled Banco do Brasil SA, Brazil’s biggest bank by assets, announced on Thursday the following operating estimates for this year:

1) The bank set a target for recurring net income, or profit before one-time items, of 9.5 billion to 12.5 billion reais ($3.11 billion to $4.09 billion). That represents an increase of as much as 66 percent from 7.2 billion last year.

2) Banco do Brasil set a target for growth in interest income before loan-losses of zero to 4 percent. Last year it rose 12.2 percent.

3) The bank set a target for loan book growth of 1 to 4 percent. Last year it shrank 8.5 percent.

4) Banco do Brasil set a target for loan-loss provision expenses net of recoveries of 20.5 billion to 23.5 billion reais. The indicator ended last year at 27 billion reais.

5) The bank set a goal for fee income growth of 6 to 9 percent. Last year it rose 6.8 percent.

6) Banco do Brasil targets non-interest expense growth of 1.5 to 4.5 percent. Expenses rose 3.5 percent in 2016.

$1 = 3.0565 reais Reporting by Guillermo Parra-Bernal; editing by Jason Neely

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