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Banco do Brasil raises profit distribution to up to 40% for 2018

Banco do Brasil SA said it will distribute for fiscal year 2018 dividends or interest on own capital corresponding to between 30% and 40% of its net profit in the year, higher than the company's previous mandatory minimum dividend equivalent to 25% of its annual result.

In a statement, the bank said the amount to be distributed will consider capital targets, appetite and risk tolerance, market outlook and investment opportunities.

In addition, Banco do Brasil said it will pay additional interest on own capital worth about 21.40 Brazilian centavos. Payment will be made May 30 with a record date of May 21. Shares will be traded as ex-interest on own capital beginning May 22.

The bank noted that it paid interest on own capital worth about 227.6 million reais on March 29.

Meanwhile, Banco do Brasil CEO Paulo Caffarelli said the bank will distribute to shareholders 40% of its net income this year, Valor Econômico reported.

Banco do Brasil saw a 20.3% rise in its adjusted net income for the first quarter, reaching about 3.03 billion reais.

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