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Banco do Brasil Cuts Earnings Forecast Amid Rising Costs
14 May
Summary
- Bank seeks stronger collateral for new loans, revises collection processes.
- Legal actions to recover assets have doubled compared to the previous year.
- Full-year earnings guidance is reduced due to increasing credit costs.
Banco do Brasil SA has reduced its outlook for full-year earnings, citing a rise in credit costs. The financial institution is proactively strengthening its position by demanding more robust collateral for prospective loans.
Furthermore, the bank is refining its asset collection processes. It has already doubled the number of legal actions initiated for asset recovery when compared to the entire previous year. This intensified legal approach underscores the bank's commitment to reclaiming its assets amidst challenging financial conditions.
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