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Real estate exchange will bolster Q2 earnings, Banco do Brasil says

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Real estate exchange will bolster Q2 earnings, Banco do Brasil says

State-owned Banco do Brasil SA said that its second-quarter earnings will be bolstered by about 73 million reais, after tax, thanks to a real estate exchange with Brazil's government.

Under the deal, the bank received land worth about 162 million reais from the Secretariat of the Patrimony of the Union, a department linked to Brazil's ministry of planning, development and management.

In exchange, Banco do Brasil transferred to the secretariat properties located in the Brazilian cities of Brasília, Campo Grande, Porto Alegre and Rio de Janeiro.

As of June 15, US$1 was equivalent to 3.78 Brazilian reais.