Bank of Brazil Grows 93%, Posts US$ 1.3 Billion First Quarter Net Profit

Bank of Brazil branch in Brazil Banco do Brasil (Bank of Brazil) posted net profit of 2.3 billion reais (US$ 1.3 billion) in the first quarter of 2008. According to a report disclosed this Wednesday, May 14, by the institution, the result is 66.6% higher than recorded in the same period of 2007. Compared with the fourth quarter of 2007, there was an expansion of 92.9%.

According to the bank, not taking extraordinary effects into account, profit during the period totaled 1.559 billion reais (US$ 940 million), a result 6.3% greater than recorded in the same period of last year and 20.9% higher than recorded in the fourth quarter of 2007. Extraordinary effects include the result obtained from the sale of a share of Visa International (US$ 183.9 million).

The credit portfolio of the Bank of Brazil also grew. By the end of March, the value reached 172.760 billion reais (US$ 104.1 billion), growth of 7.5% in comparison with the fourth quarter of 2007, and of 23.1% compared with the same period of last year.

Of that total, 38.541 billion reais (US$ 23.2 billion) were granted to natural persons, the highlights being consigned credit, which rose 36.8%, and financing for purchase of vehicles, which increased 175.4%, both over a 12-month period.

The bank also loaned 25.675 billion reais (US$ 15.4 billion) to micro- and small-sized companies, 41.522 billion reais (US$ 25 billion) to medium- and large-sized companies, 56.524 billion reais (US$ 34 billion) to the agribusiness sector and 10.499 billion reais (US$ 6.3 billion) to foreign institutions.

In the face of the new results, the bank increased its share in the National Financial System from 16%, in the previous quarter, to 16.3%, and remains the leading credit-granting institution in the country. With regard to insolvency, the index stood at 2.8% during the period, lower than the index in the previous quarter (3.3%).

ABr

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