Banco do Brasil: profit up 44.7% in 1st quarter, higher than expected

The recurring net income rose to R$4.9 billion (US$930 million), up 44.7% over a year earlier and above the market's average estimate of R$4.04 billion, according to data from Refinitiv.

RIO DE JANEIRO, BRAZIL - Banco do Brasil (BBAS3) on Thursday reported higher-than-expected net income, supported by lower provisions for losses with default.

The recurring net income rose to R$4.9 billion (US$930 million), up 44.7% over a year earlier and above the market's average estimate of R$4.04 billion, according to data from Refinitiv.

The figures come as analysts and investors are eager to hear from CEO Fausto Ribeiro, appointed to run the bank after Andre Brandão resigned in the wake of a dispute with President Jair Bolsonaro over a cost-cutting . . .

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