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Brazilian Banks: 3Q18 Review, Volatility Fades

Sector Analysis: 15 Nov 2018, 8:40 PM ET - We summarize key takeaways from Brazilian banks' 3Q18 results. The uncertainty and volatility leading up to the election had limited impact on commercial banks, but pressured BTG Pactual's revenues. 

Banco do Brasil: 3Q18, Commercial Credit Upswing

Earnings Note: 12 Nov 2018, 5:51 AM ET - Banco do Brasil reported adjusted 3Q18 earnings of R$3.4 bn, an increase of 26% YoY and 5% QoQ. Compared to the previous year quarter, results benefited from 5% higher fee income and a 22% decline in credit provisions. 

Banco do Brasil: New CEO Appointed

Worth Watching: 28 Oct 2018, 9:06 AM ET - Banco do Brasil (Ba3/BB-) announced that CEO Paulo Caffarellli will be resigning effective Nov. 1, and be replaced by current vice president of retail business, Marcelo Labuto. We note that Banco do Brasil is majority owned by the Brazilian go ..

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Brazilian Banks: 2Q18 Review, They're Used to This

Sector Analysis: 23 Aug 2018, 12:03 AM ET - We summarize key takeaways from Brazilian banks' 2Q18 results.  Despite a number of negative headlines in Brazil and emerging markets generally during 2Q18, profitability and asset quality remain largely in an improving trend.

Banco do Brasil: Solid 2Q, Provisions Guided Down

Worth Watching: 14 Aug 2018, 4:17 AM ET - Banco do Brasil reported adjusted 2Q18 earnings of R$3.2 bn, an increase of 22% YoY and 7% QoQ. Compared to the previous year quarter, results benefited from 6% higher fee income and a 23% decline in credit provisions, partially offset by 5% lo ..

Brazilian Banks: 1Q18 Review, Consumer-led Growth

Sector Analysis: 17 May 2018, 5:47 AM ET - In this note we summarize key takeaways from Brazilian banks' 1Q18 results. The sector is returning to loan growth, led by retail borrowers, after years of contraction. Credit provisions were down significantly.

Banco do Brasil 1Q18: Credit Better, Capital Lags

Earnings Note: 13 May 2018, 10:18 PM ET - Banco do Brasil reported 1Q18 earnings of R$3.0 bn, up 20% from 1Q17. The significant improvement year-over-year mainly reflected lower credit provisions, fee income, and cost cutting. Capital levels remain lower than peers'. 

Brazilian Banks: Company Meetings & Sector Update

Sector Analysis: 16 Apr 2018, 9:56 AM ET - We recently met in Sao Paulo with the large Brazilian banks as well as bank regulators. Banks are returning to balance sheet growth in 2018 after several years of contraction, as the economy stabilizes. 

Banco do Brasil: In the Market with 5Y Senior

IG Note: 12 Apr 2018, 11:24 AM ET - Banco do Brasil is in the market with a fixed rate 5-year note. IPT in the low 5% area indicates a significant spread pickup over the company's outstanding 2022 senior notes. We would be buyers around the 4.75% level or higher. 

Banco do Brasil 4Q17: Credit & Capital Improving

Earnings Note: 26 Feb 2018, 9:27 PM ET - Banco do Brasil reported adjusted 4Q17 earnings that increased 83% YoY. Similar to its Brazilian bank peers, results benefited from improving credit quality and cost-cutting. BdB announced a long-term target to raise CET1 capital to 11%. 

Brazilian Banks 3Q17 Review: Rising Capital Tide

Sector Analysis: 14 Nov 2017, 9:55 PM ET - Results were mostly positive for the Brazilian banks in 3Q17 as credit profiles are generally still improving.  Key themes across results for Banco do Brasil, Itau, and Bradesco were higher capital levels, lower provisions, and lower NII. 

Banco do Brasil: In the Market with 7Y US$ Senior

HY Note: 18 Oct 2017, 12:15 PM ET - Banco do Brasil is in the U.S. market with a private placement offering of 7-year benchmark senior unsecured notes.

Brazilian Banks: 2Q17 Review, Resilient Brazilians

Sector Analysis: 16 Aug 2017, 10:07 AM ET -  Brazilian banks' 2Q17 indicated that credit quality continues to stabilize despite the weak operating environment. The banks in our coverage universe largely revised FY17 profitability and loan growth guidance downwards.  

EM Weekly: Brazil Takes A Tumble

Emerging Markets Weekly: 21 May 2017, 3:24 PM ET - EM credit was weaker last week, particularly Brazilian debt, which was hit by corruption allegations against the President. Some of the losses were pared back on Friday, but Brazilian debt was still down across the board over the week

Brazilian Banks 1Q17: NII Pressure, Credit Stable

Sector Analysis: 15 May 2017, 6:08 AM ET - Brazilian banks' 1Q17 indicated that credit quality continues to stabilize despite the weak operating environment. Net interest income is under pressure from the banks' loan repositioning and declining rates. 

EM Weekly: Mexican Credits Push Forward

Emerging Markets Weekly: 26 Feb 2017, 5:54 PM ET - EM credit softened in excess return terms, but total returns were strong. Mexican credits and the peso outperformed sharply last week after the Banxico announced that it would start offering forwards in an effort to stem volatility.

Banco do Brasil 4Q16: Closing the Gap, Still U/P

Earnings Note: 20 Feb 2017, 8:29 PM ET - Banco do Brasil reported 4Q16 adjusted earnings of R$1.7 bn, down QoQ and YoY as provisions weighed on profitability.  Banco do Brasil's capital metrics are trending in the right direction as it lowers risk-weighted assets and improves ROE.

BdB & Bradesco 3Q16: Energy Provisions, HSBC Deal

Earnings Note: 13 Nov 2016, 11:46 PM ET - Banco do Brasil  and Banco Bradesco reported 3Q16 earnings that were up QoQ but down YoY.  Provisions continued to climb due to the weak macroeconomic environment and energy-related provisions. 

Banco do Brasil: 2Q16, Continues to Lag Peers

Earnings Note: 14 Aug 2016, 8:44 PM ET - Banco do Brasil reported 2Q16 earnings of R1.8 bn, down significantly YoY as provisions continue to weigh on results.  Banco do Brasil's profitability (7.7% ROE) remains considerably lower than its private-sector peers Itau and Bradesco. 

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