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Investing.com -- Banco do Brasil is experiencing unprecedented default levels in its agribusiness loan portfolio, according to CEO Tarciana Medeiros who spoke during an analyst call on Friday.
Medeiros stated that the deterioration in loan quality had not been anticipated "even in the most pessimistic forecasts." The defaults primarily come from soybean, corn, and cattle producers located in Brazil’s center-west and southern regions.
The state-run bank reported second-quarter results on Thursday that fell short of market expectations. Along with the disappointing earnings, the bank announced a significant reduction to its full-year outlook.
This follows an already difficult first quarter for Banco do Brasil, which has been struggling with high delinquency rates in the agribusiness segment, a key area for the bank’s lending operations.
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