SAO PAULO (Reuters) – State-controlled lender Banco do Brasil SA reported on Wednesday a 4.5% jump in third-quarter adjusted net profit compared to the year-ago period, backed by strong growth in income from interest.
Banco do Brasil’s adjusted net income reached 8.79 billion reais ($1.79 billion) during the period, while analysts polled by Refinitiv expected 8.98 billion reais.
The lender, Brazil’s oldest, attributed the results to “good commercial performance and the growth of the loan and treasury portfolios.”
In the three-month period ending on September 30, the bank’s loan portfolio grew 10% from a year earlier, landing at 1.07 trillion reais.
Loan-loss provisions were at 7.52 billion reais in the period, up 4.7% from the previous quarter and 66.4% higher than a year earlier.
The company’s interest income rose 21.1% from a year earlier to 23.68 billion reais, while analysts expected 23.28 billion reais.
($1 = 4.9103 reais)
(Reporting by Peter Frontini; Editing by Anthony Esposito)
