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Banco do Brasil sees higher demand YOY for income tax-based credit line

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Banco do Brasil sees higher demand YOY for income tax-based credit line

Banco do BrasilS.A. said it has disbursed 455 million Brazilian reais through a creditline it launched in March that anticipates income tax refunds for individuals.

The credit line is expected to reach 520 million reais beforeit closes in September, which would represent a 6% increase compared to 2015, thebank said in a news release.

According to the bank's director of loans and financing, EdmarCasalatina, 65% of consumers use the credit for to pay off debts and loans.

As of July 13, US$1 wasequivalent to 3.29 Brazilian reais.