Banco do Brasil Cuts Full-Year Guidance as Credit Costs Go Up

Banco do Brasil SA cut its guidance for its full-year earnings as credit costs rose in the first quarter, fueled by both individual consumers and agriculture businesses.

The state-controlled company now expects to post adjusted net income in the range of 18 billion reais ($3.6 billion) to 22 billion reais for the full year, Banco do Brasil said in a statement Wednesday. That’s down from earlier guidance of 22 billion to 26 billion reais.