Bank of Brazil Posts Record Profits of Over US$ 2 Billion

Banco do Brasil - Bank of Brazil State-owned Banco do Brasil (Bank of Brazil) posted a net profit of 1.4 billion Brazilian reais (US$ 789.1 million) in the third quarter of this year. The amount was 50% greater than recorded in the same period of last year, and 27.7% greater than posted in the previous quarter.

In the first nine months of the year, accumulated profit stood at 3.8 billion reais (US$ 2.1 billion).

According to a press release issued by the institution, the main factors that boosted performance were the restructuring of the health insurance plan managed by the bank, the anticipated retirement plan for long-time employees, as well as the growth in the bank's credit portfolio, among others.

BB's credit portfolio in the country grew by 27.5% in September of this year compared with September 2006, to reach 137,6 billion reais (US$ 77.5 billion).

The credit portfolio for micro and small companies reached 22.3 billion reais (US$ 12.5 billion), a 32.9% growth. The agribusiness portfolio recorded a surplus of 48.4 billion reais (US$ 27.2 billion) in the first half of the year, an increase of 20.2%.

Revenues from services totaled 2.5 billion reais (US$ 1.4 billion) in the quarter, a 10.9% growth in a 12-month period. The result is explained by the increase in the customer base – which reached 25.2 million account holders – and by the credit portfolio expansion.

The credit portfolio for foreign trade ended the quarter with a surplus of 12.1 billion reais (US$ 6.8 billion), a 14.6% rise over September 2006. The Bank negotiated US$ 12.6 billion in exports exchange contracts, 20.2% more than in the same period of last year.

Anba

Tags:

  • Show Comments (0)

Your email address will not be published. Required fields are marked *

comment *

  • name *

  • email *

  • website *

Ads

You May Also Like

Brazilian Plane with 155 People Fell Inside Indian Territory in the Amazon

Brazil’s Funai (National Foundation of the Indian) confirmed that the Boeing 737-800 of the  ...

Occupations and Looting Mark 10th Anniversary of Brazil’s Landless Massacre

Brazil’s Landless Movement, MST, marked this week the tenth anniversary of the deaths of ...

Brazil Sets Mission to Assist Brazilian Victims of Katrina

Brazil’s Ambassador Carlos Alberto Pimentel was named by the Brazilian Ministry of Foreign Relations ...

Brazil’s Red Tape and Corruption Prevents It from Being Main Entry to Mercosur

All the bureaucracy and corruption the world knows about that plagues Brazilian life and ...

Minister Pans Brazil’s Law Giving Congressmen Right to Be Judged by Supreme Court

The president of Brazil’s Federal Elections Court (TSE, Tribunal Superior Eleitoral), Minister Carlos Velloso, ...

Farewell to a Titan

Brazil’s pop-rock scene suffers a severe blow with the tragic death of Marcelo Frommer, ...

Maradona Brings Brazilian Pelí© to Argentina to Kick Off His New TV Show

Former soccer superstar Diego Maradona began a new career on television last night with ...

Octavio Frias de Oliveira, Folha de S. Paulo publisher

Publisher of Brazil’s Most Important Newspaper Dies at 94

The Brazilian government has decreed a three-day mourning period for the death of Octavio ...

Brasília’s kitchen

Brasília, the capital of Brazil, is better known for its prize-winning ultramodern design and ...

Bullish News in Brazil Despite Market Closure

Latin American shares advanced, despite a market closure in Brazil. Mexican equities rallied alongside ...