May 7, 2020 / 10:33 AM / 22 days ago

Banco do Brasil Q1 profit falls 20% as bank braces for coronavirus

SAO PAULO, May 7 (Reuters) - Brazilian state-controlled lender Banco do Brasil SA posted on Thursday a 20.1% drop in first-quarter profit as the bank set aside an additional 2 billion reais ($350 billion) for potential loan losses due to the coronavirus crisis.

Recurring net income, which excludes one-time items, came in at 3.395 billion reais against 4.247 billion reais a year earlier, 24.5% below a Refinitiv estimate.

$1 = 5.7140 reais Reporting by Carolina Mandl; Editing by Jan Harvey

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