Banco do Brasil misses profit estimates by large margin on provisions

jueves 12 de mayo de 2016 06:14 GYT
 

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.

Recurring net income at the Brasilia-based state-controlled lender came in at 1.286 billion reais ($373 million) last quarter, the lowest for any quarter in more than seven years, according to a securities filing.

The number for the indicator, a gauge of profit excluding one-time items, missed the average consensus estimate of 2.433 billion reais compiled by Thomson Reuters.

($1 = 3.4464 Brazilian reais) (Reporting by Guillermo Parra-Bernal)