Banco do Brasil sligthly beats forecast despite higher provision

SAO PAULO Thu Nov 8, 2012 4:16am EST

SAO PAULO Nov 8 (Reuters) - State-controlled Banco do Brasil, the nation's largest lender, reported on Thursday third-quarter profit that slightly beat analysts' estimates, even as provisions on bad loans exceeded expectations.

Banco do Brasil posted recurring net income, or profit excluding one-off items, of 2.657 billion reais ($1.31 billion),

compared with an average estimate of 2.634 billion reais in a Reuters poll of seven analysts.

The bank reported recurring profit of 2.573 billion reais a year earlier and 2.986 billion reais in the second quarter of this year.

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