By Jeffrey T. Lewis
SÃO PAULO–Banco do Brasil SA’s revenue rose within the fourth quarter from a 12 months earlier because the lender lowered the quantity of provisions it put aside for dangerous loans.
The state-controlled financial institution reported web revenue of 5.4 billion reais, the equal of $1 billion, within the interval, from 3.2 billion reais within the fourth quarter of 2020, whereas adjusted web revenue elevated to five.9 billion reais from 3.7 billion reais a 12 months earlier. Internet curiosity revenue rose to 14.8 billion reais from 14.2 billion reais.
Banco do Brasil and different Brazilian banks elevated provisions after the beginning of the coronavirus pandemic, to arrange for any improve in delinquent loans associated to the drop in financial progress and the closing down of many companies.
The financial institution provisioned a complete of three.8 billion reais for allowances for mortgage and lease losses within the fourth quarter, down from 5.2 billion reais a 12 months earlier.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com