Bank of Brazil posts booming profits
People considering buying property in Brazil could be interested to hear that one of its major banks has posted booming profits, which might suggest the Latin American nation is in a period of affluence.
The Bank of Brazil yesterday announced a net profit of $1.3 billion (£650 million) for the first three months of 2008, showing growth of two thirds (66 per cent) from the same period last year.
It also revealed an expansion of 92.9 per cent compared to the fourth quarter of 2007.
ANBA reports that in the light of this news, the bank’s shares on the national Financial System increased by 0.3 per cent and it still remains the leading credit-granting institution in the country.
Discussing the report with Bloomberg, Daniel Gorayeb, chief analyst at Sao Paulo-based brokers Spinelli, said: "Banco do Brazil has an extraordinary base of clients to work with to take advantage of the positive environment for credit.
"It’s the kind of bank that might give us good surprises in coming quarters."
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