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Banco ABC Brasil cuts 2019 loan growth forecast

Banco ABC Brasil SA revised its expanded credit portfolio growth guidance for 2019 to between 6% and 10%, well below its previous estimate of 11% to 15%.

The Brazilian lender's expanded loan portfolio reached 27.06 billion reais in the second quarter, up 6.9% year over year, the bank said in its earnings statement for the period. Adding to its first-quarter result, the bank's expanded loan book for the first half of the year hit 53.56 billion reais, up 6.7% annually.

The bank's large corporate portfolio, which accounted for 54% of the total, ticked 0.3% yearly to 14.67 billion reais in the second quarter.

Banco ABC Brasil said it booked net income of 132.7 million reais in the second quarter, up 18.9% from the year-ago quarter.

As of Aug. 2, US$1 was equivalent to 3.89 Brazilian reais.