Banco do Brasil misses profit estimates as fee income tumbles

SAO PAULO Wed May 7, 2014 6:25am EDT

SAO PAULO May 7 (Reuters) - State-run Banco do Brasil SA missed first-quarter profit estimates on Wednesday after fee income, which declined sharply in the period, fell short of expectations.

Recurring net income, or a gauge of profit excluding one-time items, came in at 2.436 billion reais ($1.1 billion) in the quarter, according to a securities filing. The number came in below the 2.512 billion reais estimated in a Reuters poll of five analysts.

The bank's loan book reached 631.347 billion reais at the end of the quarter, below the poll's estimate of 634.428 billion reais.

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