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Banco do Brasil misses profit estimates as provisions jump
February 13, 2014 / 9:30 AM / 4 years ago

Banco do Brasil misses profit estimates as provisions jump

SAO PAULO, Feb 13 (Reuters) - State-run Banco do Brasil SA , Brazil’s largest bank by assets, missed fourth-quarter profit estimates after provisions and operating expenses surged and net interest income fell, according to a securities filing on Thursday.

Recurring net income, or profit excluding one-time items, reached 2.424 billion reais ($1 billion) in the quarter, down 7.1 percent from the third quarter and 23.8 percent from the same period of 2012, the filing said.

A Reuters poll of eight analysts forecast recurring profit of 2.606 billion reais in average for the quarter. Recurring return on equity, a gauge of profitability among banks, reached 14.2 percent in the quarter, below the poll’s 15.7 percent average estimate.

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