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Banco do Brasil plunges after ROE guidance slashed
January 9, 2017 / 12:48 PM / a year ago

Banco do Brasil plunges after ROE guidance slashed

SAO PAULO, Jan 9 (Reuters) - Shares in Banco do Brasil SA took their biggest plunge in almost a month on Monday after the country’s largest bank by assets cut estimated profitability targets and raised loan-loss provision metrics for 2016.

Shares of the state-controlled bank, which led losses in Brazil’s benchmark Bovespa stock index, fell as much as 4.3 percent to 27.63 reais in early trading. The bank on Saturday said provisions probably ended last year between 4.5 percent and 4.6 percent of average loan book, from a prior interval of 4 percent to 4.4 percent. (Reporting by Bruno Federowski)

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