SAO PAULO (Reuters) – Banco do Brasil announced on Monday that it had recurring profit of 5.9 billion reais in the fourth quarter, an increase of 60.5% compared to the same period in 2020 and above average market expectations, of 4.81 billion.
In a separate document, BB predicted that it will have an adjusted profit of 23 billion to 26 billion reais in 2022. At the midpoint, it would mean an advance of about 17% over last year.
The bank also projects an 8% to 12% expansion of its loan portfolio this year and that its fee income will grow at the same pace as its operating expenses, that is, in the range of 4% to 8%.
BB reported this Monday that the return on equity reached 16.3% from October to December, an increase of 5.5 percentage points in the annual comparison, on a recurring basis.
The bank ended 2021 with an expanded loan portfolio of 874.9 billion, growth of 7.4% in 12 months. The delinquency rate over 90 days stood at 1.75%, 0.07 percentage point lower compared to the immediately previous quarter, and a drop of 0.15 point year on year.
The provision made by the state bank to face default losses was 3.79 billion reais in the quarter, a decline of 26.5% against a year earlier.
Revenues from fees and services in the period totaled 7.82 billion reais, an increase of 5.9% over the fourth quarter of 2021. At the other end, administrative expenses totaled 8.5 billion reais, an increase of 7.6 % on a sequential basis and 4.8% in 12 months.
(By Aluísio Alves and Carolina Mandl)
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