Record profits for Brazilian bank
Banco do Brasil has announced record profits, according to new reports.
The state-owned Brazilian bank has posted net profits of $789.1 million (£385.6 million) for the third quarter of 2007, which is a 50 per cent increase on the same period in 2006, reports Brazilian-Arab news agency ANBA.
In a press release, the bank attributed its success to the restructuring of its health insurance plan, the anticipated retirement plan for long-term employees and its growing credit portfolio.
The bank’s record profits come as Brazilian shares are "soaring", due to a broad rise in the country’s economy.
Manager of BlackRock’s Latin America Fund, Will Landers, said: "Brazil has been a good place to be during the commodities super cycle that we’re still living through, and the export side continues to do well.
"What we’re seeing now is macroeconomic stability, with inflation and interest rates coming down. The domestic side of the economy is picking up nicely and is becoming an engine for growth."
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