State-controlled lender Banco do Brasil sees 2020 profit up 10per cent: CFO

State-controlled lender Banco do Brasil sees 2020 profit up 10per cent: CFO

Brazilian state-controlled lender Banco do Brasil SA sees its profits likely to grow 10per cent in 2020 from this year, its Chief Financial Officer Carlos Hamilton Araujo said on Thursday in a meeting with analysts.

A man walks in front of the Banco do Brasil headquarters building in Brasilia
FILE PHOTO: A man walks in front of the Banco do Brasil headquarters building in Brasilia, Brazil October 29, 2019.REUTERS/Adriano Machado

SAO PAULO: Brazilian state-controlled lender Banco do Brasil SA sees its profits likely to grow 10per cent in 2020 from this year, its Chief Financial Officer Carlos Hamilton Araujo said on Thursday in a meeting with analysts.

Next year, net income will be boosted by consumer lending and lower loan loss provision expenses, Chief Executive Rubem Novaes said. Still, its total loan book is likely to present sluggish growth as corporate loan book should decline.

(Reporting by Carolina Mandl; editing by Diane Craft)

Source: Reuters

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