General

Banco do Brasil reports record profit of BRL 31.8 billion in 2022

In the fourth quarter alone, the institution gained BRL 9 billion

Wellton Máximo

Published on 14/02/2023 - 11:00

Agência Brasil - Brasília

Edifício sede do Banco do Brasil, em Brasília. — © Marcelo Camargo/Agência Brasil

Banco do Brasil (BB) had a record net profit of BRL 31.8 billion in 2022, registering a growth of 51.3 percent in relation to 2021. According to the balance sheet released on Monday (Feb. 13), in the fourth quarter alone, the profit totaled BRL 9 billion, an increase of 52.4 percent over the same period of the previous year.

According to BB, the increase in profit can be explained by the growth in credit concession with controlled defaults and the diversification of revenues and cost management discipline.

Banco do Brasil informed that 40 percent of the profit will be distributed to shareholders in the form of dividends and interest on capital, which corresponds to BRL 11.8 billion.

The bank also disclosed its projections for 2023. For this year, the institution forecasts adjusted net income between BRL 33 billion and BRL 37 billion, an expansion of 8 to 12 percent in the loan portfolio and a growth of 7 to 11 percent in both service revenues and administrative expenses.