Banco do Brasil annual 2020 adjusted profit R$13.8 billion, down 22% from 2019

The plan to close branches in 2021 will be implemented after the bank, running counter to the market in 2020, ended 2020 with 12 more branches than end-2019.

RIO DE JANEIRO, BRAZIL - Banco do Brasil posted an adjusted net income of R$3.695 billion (US$684 million) in the fourth quarter 2020, down 20.1% compared to the same period in 2019. Compared to the third quarter, there was a 6.1% increase in profit.

Meanwhile, the state-owned bank's annual adjusted profit shrank by 22.2%, from R$17.848 billion to R$13.884 billion.

Service revenues closed the quarter between October and December at R$7.389 billion, a slight 1.6% drop from R$7.508 billion the year before. In 2020 . . .

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