Banco do Brasil’s increase in profitability is a consistent move, as it seeks to match the performance of its private rivals, the institution’s chief executive said on Thursday (11).
“Our results are here to stay,” said Fausto Ribeiro in a conference call with analysts about second-quarter results.
The federally-controlled bank reported on Wednesday night that it had a return on equity of 20.6% in the quarter, a jump of 6.1 percentage points from a year earlier, with recurring income of R$7.8 billion, an increase of 54.8% compared to the same period in 2021 and above the average forecast of analysts, of R$ 6.48 billion.
In a note to clients in which he classified BB’s results as “spectacular”, Itaú BBA analyst Pedro Leduc cited advances in practically all balance sheet lines, “with notable improvements in the margin with the market and in customer credit revenues” .
“All in all, BB reported by far the best set of results within our banking coverage this season (…) we reiterate BB as our first choice in large banks”, says an excerpt from the Itaú BBA report.
At 12:57 pm (Brasília time), BB’s share on B3 rose 5.35%, while the Ibovespa had an increase of 0.1%.
Source: CNN Brasil
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