Banco do Brasil (BBAS3) recorded adjusted net income of R$ 7.8 billion in the second quarter of 2022 (2Q22), a growth of 54.8% compared to the same period in 2021, the state-owned financial institution said on Wednesday ( 10). The result came above the Refinitiv consensus, which projected a profit of R$ 6.48 billion.
The bank’s net financial margin grew 23.1% to R$11.472 billion.
Banco do Brasil’s expanded loan portfolio totaled R$919.5 billion in June, up 19.9% from a year earlier.
In the same range, the bank’s default rate, taking into account operations overdue for more than 90 days, went from 1.86% to 2%. While the coverage ratio went from 325.9% to 271%.
The bank’s total revenue amounted to R$28.906 billion in 2Q22, an increase of 22.8% compared to 2Q21.
Revenue from the provision of services was BRL 7.847 billion between April and June of this year, an amount 8.9% higher than that reported in the same stage of 2021.
The bank also raised its 2022 net income guidance to between R$27 and R$30 billion. It also estimates a growth of between 13% and 17% in the gross financial margin. For the loan portfolio, the forecast is for an increase between 12% and 16% in 2022.
More than BRL 2 billion in earnings
After the release of the balance sheet, Banco do Brasil announced, in a material fact, the distribution of R$ 571.25 million in dividends to shareholders. In addition, the bank will pay R$ 1.63 billion in interest on equity.
Payment will be made on August 31st and will be based on the shareholding position on the 22nd. Therefore, the shares will be traded “ex” as of August 23rd.
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