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Higher fee income buoys Banco do Brasil's Q1 adjusted net profit

Banco do Brasil SA saw a 20.3% rise in its adjusted net income for the first quarter as fee income went up, and loan-loss and administrative expenses shrank.

The government lender posted adjusted net income of about 3.03 billion reais for the first quarter, up from 2.52 billion reais a year earlier. Adjusted earnings per share rose to 1.09 reais from 90 centavos in the year-ago period.

When including a negative impact of 277 million reais from one-off items during the quarter, the bank's net profit improved 12.5% from a year ago to 2.75 billion reais. In the year-ago period, the bank had reported one-off items with a negative impact of 72 million reais.

The government-run bank posted net interest income of about 11.96 billion reais, 11.5% lower than the 13.52 billion reais in the year-ago period. Despite the drop, fee income inched higher to 6.55 billion reais from 6.21 billion reais a year earlier, while other operating income soared 162.7% to 249 million reais.

Net allowance for loan losses during the period fell 26.3% year over year to 4.24 billion reais from 5.76 billion reais. Administrative expenses slipped 0.2% to 7.76 billion reais.

The bank's net interest margin was at 4.4% in the quarter, up from 3.8% in the linked quarter and 4.2% in the year-ago period.

Banco do Brasil's held 675.6 billion reais in its expanded loan portfolio as of March 2018, compared to 688.7 billion reais as of March 2017, as loans to companies slid to 263.2 billion reais in the period from 280.8 billion reais a year earlier.

Nonperforming loans over 90 days past due as a ratio of the classified loan portfolio stood at 3.65% in the recent quarter, lower than the 3.74% in the linked quarter and 3.89% in the year-ago period.

The government-owned bank earlier said it expected its expanded organic domestic loan portfolio to grow 1% to 4% this year, taking into account the likelihood of increased competition.

Shareholders' return on equity was 14.4% in the quarter, up from 13.7% a year prior.

As of May 9, US$1 was equivalent to 3.60 Brazilian reais.