BB has a record profit of R$ 6.6 billion in the 1st quarter of 2022

BB has a record profit of R$ 6.6 billion in the 1st quarter of 2022

Banco do Brasil (BB) had a record adjusted net income of R$6.6 billion in the first quarter of 2022, an annual growth of 34.4% and 11.5% higher than that of the fourth quarter of 2021. released this Wednesday (11). BB has a record profit of R$ 6.6 billion in the 1st quarter of 2022

According to BB, the result for the period is explained by the growth in credit, with a positive performance in all segments, by the growth in the gross financial margin and by the good performance of service fees.

“The record profit for the fifth consecutive quarter demonstrates our commitment to the origination of robust businesses, cost control, proximity to our customers, acceleration of our digital transformation and generation of positive social and environmental impacts for the whole society”, says Fausto Ribeiro, president of the Bank of Brazil.

credit portfolio

The expanded loan portfolio reached BRL 883.5 billion in March 2022, an increase of 16.4% compared to March 2021 and 1% compared to December of last year.

The Individuals portfolio grew 14.9% in March this year compared to the same period last year. Payroll loans rose 12.1% and credit cards 54.1%. Personal loans grew 33%.

The agribusiness portfolio in March 2022 reached BRL 255 billion, up 28.2% compared to March 2021. The highlight was agricultural funding (+47.8%) and agricultural investment lines (+68.7 %).

income and expenses

Service fees totaled R$7.5 billion in the quarter, up 9.4% over the same period in 2021, influenced by the performance in fund management (+16.7%), insurance, pension plans and capitalization (+15.2%), consortia (+41.8%) and credit operations (+28.3%).

According to the bank, the gross financial margin grew 5.6% in the year and expenses with loan provisions fell by 27.2% in relation to the previous quarter. Administrative expenses grew 6% in one year, below inflation for the period.

“Our credit portfolio will continue to deliver sustainable growth throughout the year, with a more profitable mix balance, which will influence the performance of the gross financial margin, together with a strong treasury result, and a slower pace of growth in funding expenses” , highlighted Ribeiro.

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