Banco do Brasil (BB) once again set a half-year profit record. From January to June, the financial institution had adjusted net income of R$ 14.4 billion, growth of 44.9% in relation to the same period last year.
In a note, BB informed that the improvement in profits was due to the increase in the gross financial margin, the diversification of revenues (mainly from services) and the growth below inflation of expenses.
In the second quarter alone, adjusted net income reached R$7.8 billion, a result 18% above the first quarter of 2022 and 54.8% above the second quarter of 2021. The return on equity (RSPL) for the second quarter reached to 20.6%, which, according to BB, represents an index similar to that of private banks.
According to BB, part of the improvement stems from the growth of credit with the maintenance of the default rate below the average of the National Financial System. The expanded loan portfolio ended June at R$919.5 billion, 19.9% higher than in June 2021 and 4.1% higher than at the end of the first quarter.
Indicator used to measure financial strength, the Basel Ratio reached 17.54%, of which 12.49% is principal capital. For every BRL 100 borrowed, the institution keeps BRL 17.54 in cash, of which BRL 12.49 corresponds to the principal capital. These levels are one of the highest among Brazilian banks.
segments
In the distribution by credit segments, the expanded individual portfolio grew 14.1% in relation to June of last year and 2.1% in relation to March of this year. The highlights were payroll loans (+2.3% in the quarter and +10.5% in the year), personal loans (+3.5% in the quarter and +29.3% in the year) and credit cards (+5 % in the quarter and +51.7% in the year).
In relation to corporate loans, the corporate loan portfolio expanded 19.1% in 12 months and 4.9% in the quarter. The best performances were recorded in receivables (+9.5% in the quarter and +59.1% in the year), private securities and guarantees (+4.5% in the quarter and +59% in the year) and capital turnover (+5.1% in the quarter and +6.5% in the year). Pronampe, a credit line for micro and small companies, totals more than R$ 6.5 billion, benefiting more than 62 thousand businesses.
Credit to agribusiness ended June at R$262 billion, up 27.3% from June last year and 2.9% from March 2022. The highlights were the agribusiness credit rights certificate (+34 .8% in the quarter and +463.4% in the year), from the rural product note and guarantees (+28.8% in the quarter and +74.4% in the year) and investment (+4.7% in the quarter and +62% in the year).
Sustainable credit operations, which respect social and environmental parameters, reached R$ 292.2 billion at the end of the first half, up 13.3% in 12 months. In the agribusiness segment alone, BB reports that 46% of credit operations are considered sustainable.
income and expenses
Income from services rendered totaled R$ 15.4 billion in the first half, an increase of 9.1% in 12 months. In the second quarter, they reached R$ 7.8 billion, up 4.3%. The quarterly growth was influenced by the commercial performance in the credit operations (+26%) and fund administration segments (+8.7%).
Administrative expenses reached R$ 16.5 billion in the first six months of the year, up 5.8% compared to the first half of 2021. In the second quarter, they totaled R$ 8.3 billion, 1.3% above the quarter previous. According to BB, the bank managed to make spending rise less than inflation in the period.
projections
Banco do Brasil also revised its projections for 2022. The adjusted profit estimate jumped from a range between R$23 billion and R$26 billion to a range between R$27 billion and R$30 billion. The forecast for growth in the volume of credit this year was high, from 8% to 12% to a range between 12% and 16%. Service revenue growth, which was between 4% and 8%, was raised to 6% to 9%. The forecast for administrative expenses was maintained, with an increase of 4% to 8% this year.
