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Banco do Brasil misses profit estimates on write-offs, declining income

SAO PAULO May 11 State-controlled Banco do Brasil SA missed first-quarter profit estimates on Thursday, reflecting soaring bad loan write-offs and a surprising decline in interest and fee income.

Recurring net income, which excludes one-time items, came in at 2.515 billion reais ($794 million) last quarter, below the consensus estimate of 2.928 billion reais.

Return on equity, a measure of profitability, reached 10.4 percent in the period, missing a 12.1 percent estimate but striking a double-digit number for the first quarter in five.

Management will discuss results at an event later on Thursday.

($1 = 3.1663 reais) (Reporting by Guillermo Parra-Bernal; editing by Jason Neely)

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