Banco do Brasil´s Net Rises

Banco do Brasil, Latin America’s biggest bank, said second-quarter profit jumped 25 percent year-on-year to $427 million. Brazilian banks including Banco do Brasil, which is about 70 percent owned by the government, are reporting a surge in profits as a growing economy fuels demand for credit while interest rates, at their highest since October 2003, boost returns on loans. Brazil’s central bank raised its benchmark rate by 3.75 percentage points over the nine months through May in a bid to stem inflation. Banco do Brasil´s assets under management were $95 billion at the end of the quarter, up 3 percent year-on-year.