2023-05-16 10:00:45
Banco do Brasil has recurring net income of R$ 8.550 billion in the 1st quarter
Banco do Brasil (BVMF:) ended the first quarter of this year with an adjusted net profit of R$8.550 billion, an increase of 28.9% over the same period last year. In three months, there was a decrease of 5.4%.
In the first result of the management of Tarciana Medeiro, the first woman to chair BB in 214 years, the public bank states that, in comparison with the same period of 2022, the evolution is explained by the growth in the gross financial margin, service revenues and income from interests in subsidiaries, affiliates and joint ventures. On the other hand, there was a partial impact of the increase in expenses with provisions.
In the quarter, BB reaped R$ 21.161 billion in financial margin, which measures the result with interest-bearing operations. It is an increase of 38.0% in one year driven by the increases in Revenue from Credit Operations (35.1%) and Treasury Result (72.1%), which, in turn, were driven by growth in volumes and rates on the loan and securities portfolio, partially offset by the (52.2%) increase in Commercial Funding Expenses.
Financial income from credit operations was R$32.304 billion, also 4.6% higher in three months. The treasury result, in turn, was R$ 10.086 billion, down 7.8% in a quarter. Unlike peers in the private sector, BB’s investment portfolio is mostly post-fixed, which has guaranteed significant gains in treasury. Public bank commercial funding expenses, in turn, totaled R$ 18.073 billion, up 3.1% in a quarter.
At the end of the third quarter, BB had BRL 2.114 trillion in assets, an increase of 3.8% compared to the same period last year, and an increase of 4.2% in three months.
The bank’s shareholders’ equity stood at R$169.533 billion, up 10.8% in one year. The adjusted return on equity (ROE), called RPSL by BB, was 20.8%, up 2.9 pp on an annual basis, and down 1.8 pp in three months.
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