For those investing in Brazil, ITUB is the largest one that trades on the NYSE. However, it was the country's largest bank, Banco do Brasil, that recorded in 2009 a book profit of R$10.148B (USD $5.3B), the country's largest ever bank profit. BB only trades on the Pink sheets, under symbols PINK:BDORY - yet. However, ITUB serves as a good proxy.
Profits were up 15.3% compared to the same period last year. The result surpasses the gain of the ITUB was R$10.06B (see table at bottom of page).
The return on average equity in 2009 was 30.7%, below the 32.5% recorded in 2008. The total assets of the BB reached the end of December from $ 708.549 billion, an increase of 36%. This volume of assets confirms the federal bank as the largest financial institution in the country.
The loan portfolio of the federal bank at the end of December was R $ 300.829 billion, indicating a growth of 33.8% over the volume of loans in December 2008. In the fourth quarter of 2009, the bank recorded a net profit from recurring $ 1.819 billion, indicating a growth of 11.9% compared to the same period of 2008. Contributing to this result was the largest volume of loans and revenue from services.
Considering the recurring profit, return on average equity was 22.5% in the fourth quarter, down from 24.5% in the same period of 2008.
Thursday, February 25, 2010
Banco do Brasil Profit is Highest In History For Any Brazilian Bank
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