May 15, 2015 / 1:47 PM / 3 years ago

Banco do Brasil turning more conservative as economy deteriorates

SAO PAULO, May 15 (Reuters) - Banco do Brasil SA, the nation’s largest bank by assets, said on Friday that efforts to reclassify some credits in its loan book were not solely related to a pick-up in defaults but to a more conservative approach as the economy loses traction.

Part of the actions included a migration toward lower-yielding, less risky loan segments like mortgage lending, from riskier ones, Bernardo Rothe, the state bank’s head of investor relations, said on a conference call to discuss earnings. (Reporting by Guillermo Parra-Bernal; Editing by Jeffrey Benkoe)

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