Banco do Brasil surpassed R$100 billion mark in rural credit financing

RIO DE JANEIRO, BRAZIL – Banco do Brasil (BB) president Fausto Ribeiro said Monday on his social networks that the institution has surpassed the unprecedented mark of R$100 (US$19.3) billion in rural credit disbursements in the 11 months of the 2020/21 crop. Market leader, BB also surpassed the R$200 billion mark in the agribusiness client portfolio recently.

The result was achieved due to two consecutive monthly disbursement records in April (more than R$11 billion) and May (over R$12 billion). The mark was reached at a time when the hiring of operations with interest equalization was halted, forced by the National Treasury after cutting R$2.5 billion in the rural credit subsidy budget.

“The figures highlight BB’s strategic operations in agribusiness, with a personalized service, focusing on qualified service and offering intelligent solutions to those who produce every day,” wrote Fausto Ribeiro.

In the whole 2019/20 crop year, Banco do Brasil loaned R$92.5 billion. The mark is the largest in history for a season, and it will increase. Disbursements for the current Plano Safra (Crop Plan) run until June 30. BB’s initial projection was to disburse R$103 billion between July 2020 and June 2021.

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