By Contributing Reporter
RIO DE JANEIRO, BRASIL – Banco do Brasil earned R$4 (US$1) billion in net taxable profits during the first quarter. This result represents a 45.7 percent increase in comparison to the first three months of the previous year when the institution earned R$2.7 billion.
In comparison to the results of the first quarter of last year, the profit was 5.3 percent higher.
In turn, the bank’s adjusted net profit, which excludes extraordinary items, totaled R$4.2 billion from January through March, 40.3 percent higher in comparison to the same period of 2018.
“This was the best nominal result during a quarter in the BB history,” stated the bank.
The statement says that this result was driven by raising net interest, reduced expenses with credit provision, increasing income from bank fees and lower costs.
BB has also announced that R$1.6 billion will be distributed to shareholders during the quarter, which represents a 93.2 percent increase in comparison to the first quarter of 2018.
What about the Competition?
Among the biggest banks in the country, Itaú had the highest profits during the first quarter, reporting gains of R$6.71 billion, a 6.8 percent increase in comparison to the same period of the previous year.
Bradesco earned R$5.82 billion in net taxable profits, a 30.3 percent increase in relation to the same period of the previous year.
Santander Brasil, in turn, earned R$3.415 billion, which represents a 21.1 percent increase in comparison to the same period of the previous year.