World cup, elections weighed down Banco do Brasil loan book expansion
SAO PAULO Nov 5 (Reuters) - State-controlled Banco do Brasil SA's slower pace of loan book expansion during the third quarter was due to the impact of the soccer World Cup, the presidential election and a delayed start of this year's harvest, Chief Financial Officer Ivan Monteiro said on Wednesday.
Banco do Brasil SA cut on Wednesday the estimate for loan book growth this year to a range between 12 percent and 16 percent, from a prior 14 percent to 18 percent range. Last quarter, Banco do Brasil's loan book expanded at the slowest pace in a year, while annual growth ran at 13.2 percent, near the low end of the revised target. (Reporting by Aluísio Alves; Writing by Guillermo Parra-Bernal Editing by W Simon)
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