Banco do Brasil Posts Upbeat Q2 Profit

Banco do Brasil

reported a drop in its second-quarter net income. The bank's quarterly net income fell to 3.008 billion reais ($1.49 billion), from 3.357 billion reais, in the year-ago period. However, analysts were expecting a net income of 2.86 billion reais. Excluding one-time items, the bank's profit came in at 2.986 billion reais. However, analysts were expecting recurring profit of 2.78 billion reais. Banco do Brasil shares fell 3.36% to close at $11.79 yesterday.