Banco do Brasil cuts guidance after first-quarter profit miss
SAO PAULO May 12 (Reuters) - Banco do Brasil SA, the nation's largest bank by assets, missed first-quarter profit estimates by a large margin on Thursday, reflecting soaring loan-loss provisions after delinquencies jumped across the board.
In a securities filing, the state-controlled lender also noted that estimates for annual recurring profitability and loan-loss provisions metrics were changed to account for the results.
Recurring net income came in at 1.286 billion reais ($373 million) last quarter, missing the average consensus estimate of 2.433 billion reais compiled by Thomson Reuters.
($1 = 3.4464 Brazilian reais) (Reporting by Guillermo Parra-Bernal)
© Thomson Reuters 2016 All rights reserved.