SAO PAULO (Reuters) -Brazilian state-controlled lender Banco do Brasil SA on Wednesday increased its 2022 results forecasts after delivering better-than-expected second quarter earnings, boosted by higher net interest income and cost control measures.
The company said in a securities filing it now expects full-year adjusted net profit to reach between 27 billion reais and 30 billion reais ($5.30 billion-$5.89 billion), up from 23-26 billion reais in the previous forecast.
The move came even as Banco do Brasil projected higher provisions for bad credit, which are now seen reaching between 14 billion and 17 billion reais this year, from the 13-16 billion range previously estimated.
In the second quarter, Banco do Brasil reported a 38% net profit increase from a year earlier to 7.62 billion reais, beating expectations of 6.48 billion from analysts polled by Refinitiv.
($1 = 5.0947 reais)
(Reporting by Gabriel Araujo and Aluisio Alves; Editing by David Gregorio)