Banco do Brasil tumbles to 2023 low as market reprice profit estimates

About this update from Banco Do Brasil Sa

Shares in Brazilian state-run lender Banco do Brasil BMFBOVESPA:BBAS3 tumbled some 7% on Friday, closing at their lowest level since mid-2023 as the market repriced profit expectations** Based on May central bank data, Citi analysts said in a note to clients they forecast a second-quarter net income of about 3.4 billion reais ($613.6 million) for the bank** The forecast is below the 5.3 billion real net income consensus estimate in an LSEG poll for the period** The bank's shares plunged in late trading to settle 6.9% lower at 18.35 reais, their lowest closing price since June 1, 2023** Banco do Brasil was the top loser on Brazil's Bovespa stock index BMFBOVESPA:IBOV, which settled down some 0.5% ** In a late Thursday report, BTG Pactual analysts including Eduardo Rosman cut their estimates for Banco do Brasil results in 2025 and 2026** Banco do Brasil is set to release second-quarter results on August 14, following a first-quarter miss that led the bank to suspend some yearly outlooks($1 = 5.5413 reais)

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