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Banco do Nordeste do Brasil 2017 profit down 6.9% in 2017 on higher expenses

Banco do Nordeste do Brasil SA posted net income of 681.7 million Brazilian reais in 2017, 6.9% lower compared to 2016 as personnel and other administrative expenses went up.

BNB reported an operating profit of 1.1 billion reais in 2017, up 160% from 442.4 million reais in the year-ago period.

The bank disbursed credits worth 26.4 billion reais in 2017, up 19.3% from 2016. This included a 15.97 billion reais contribution from the regional financing fund FNE, representing the largest ever annual release of credit from the fund.

According to a report by Valor Econômico, gross income from financial intermediation reportedly rose by 23.4% to 1.63 billion reais. Revenue from services increased by 0.1% to 2.25 billion reais, but personnel expenses increased 5.3% to 1.9 billion reais, and other administrative expenses ticked 7.9% higher.

Loan loss provisions reportedly sank by 39.1% and BNB's return on average equity was 19.8% in 2017.

As of Feb. 23, US$1 was equivalent to 3.24 Brazilian reais.