August 10, 2017 / 10:39 AM / a year ago

Banco do Brasil cuts interest income, loan book guidance

SAO PAULO, Aug 10 (Reuters) - Banco do Brasil SA, the country’s largest state-controlled bank by assets, announced on Thursday the following operating estimates for this year:

** The bank maintained a target for recurring net income between 9.5 billion reais and 12.5 billion reais ($3 billion and $3.96 billion) for this year

** The bank expects interest income before bad loan recoveries to post no growth or fall as much as 4 percent this year, compared with a prior range of growth between 0 percent and 4 percent

** Banco do Brasil’s organic loan book could now shrink between 1 percent and 4 percent this year, compared with prior expectations for growth between 1 percent and 4 percent first made public in February

** The guidance for loan-loss provision expenses was kept unchanged at a range between 20.5 billion reais and 23.5 billion reais this year; guidance for fee income growth was also kept unaltered at a range between 6 percent and 9 percent this year

** Non-interest expense could now grow as much as 1.5 percent and fall by as much as 2.5 percent this year, compared with a prior February estimate of growth between 1.5 percent and 4.5 percent

$1 = 3.1556 reais Reporting by Guillermo Parra-Bernal. Editing by Jane Merriman

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