Feb. 14 (Bloomberg) -- Banco do Estado do Rio Grande do Sul SA, Brazil’s worst-performing financial stock last year, fell to a one-month low after reporting fourth-quarter earnings that missed analysts’ forecasts.
Banrisul, as the bank is known, declined 2.8 percent to 16.25 reais at the close of trading in Sao Paulo, the lowest since Jan. 9. The decline was the biggest on the MSCI Brazil/Financials Index, which fell 0.4 percent. The benchmark Bovespa index retreated 0.6 percent.
The Porto Alegre, Brazil-based lender posted adjusted net income of 191.5 million reais ($97.8 million) in the fourth quarter, compared with the average analyst forecast of 204.5 million reais, according to data compiled by Bloomberg. Banrisul said in a regulatory filing its delinquency rate for debt overdue more than 90 days was 2.93 percent in December, up from 2.38 percent a year earlier.
“Banrisul reported weak figures,” Carlos Firetti, an analyst with Banco Bradesco SA, wrote in a research note to clients published today. He cited an increase in unpaid loans by farmers that followed a drought in Banrisul’s home state of Rio Grande do Sul.
Banrisul has climbed 4.8 percent this year after tumbling 22 percent in 2012.
To contact the reporter on this story: Ney Hayashi in Sao Paulo at email@example.com
To contact the editor responsible for this story: David Papadopoulos at firstname.lastname@example.org