SAO PAULO, May 7 (Reuters) - State-run Banco do Brasil SA missed first-quarter profit estimates on Wednesday after fee income, which declined sharply in the period, fell short of expectations.
Recurring net income, or a gauge of profit excluding one-time items, came in at 2.436 billion reais ($1.1 billion) in the quarter, according to a securities filing. The number came in below the 2.512 billion reais estimated in a Reuters poll of five analysts.
The bank’s loan book reached 631.347 billion reais at the end of the quarter, below the poll’s estimate of 634.428 billion reais.
$1 = 2.23 Brazilian reais Reporting by Guillermo Parra-Bernal