SAO PAULO, Feb 11 (Reuters) - Banco do Brasil SA posted on Wednesday fourth-quarter profit that beat analyst estimates, largely the result of a surge in interest, fee and insurance income that offset rising expenses at Brazil’s largest bank by assets.
Recurring net income, or profit excluding one-time items, totalled 3.020 billion reais ($1.07 billion) in the quarter, the state-controlled lender said in a securities filing. The result topped the average estimate of 2.908 billion reais in a Reuters poll.
Recurring return on equity reached 16.2 percent, well above the 14.6 percebt forecast in the poll.
$1 = 2.833 Brazilian reais Reporting by Guillermo Parra-Bernal