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Banco do Brasil now expects its 2022 profit to reach between 30.5 billion and 32.5 billion reais ($5.9-$6.3 billion), up from a previous range of 27 billion to 30 billion reais.
It also predicted that its loan book should grow some 15%-17% this year, from a previous forecast of 12%-16%. Over the third quarter, its loan book grew 19% for the same period last year to 969.2 billion reais.
The lender’s quarterly adjusted net income meanwhile surged 63% from a year earlier, reaching 8.36 billion reais and surpassing the 7.36 billion estimate of analysts polled by Refinitiv.
Its net interest income (NII), a measure of earnings it makes on loans while stripping out the deposit costs, rose 25% from to 19.56 billion reais, it said, citing expanded credit operations.
Some of Brazil’s biggest private lenders, Bradesco and Santander (BME:SAN) Brasil, had earlier reported shrinking quarterly profits, as a steep rise in interest rates caused more customers to default on loans.
Banco do Brasil set aside 4.52 billion reais in provisions for possible loan defaults, up 15.1% from a year earlier.
($1 = 5.1864 reais)
