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Banco do Brasil complains of 'bias' despite record profits

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Banco do Brasil used an event with investors on Thursday to criticize financial market analysts. According to the bank’s managers, despite record profits and profitability, the repurchase of bonds abroad, and increasing dividends, the bank’s shares still trade at a very high discount compared to private-sector peers. They also highlighted that despite initial skepticism towards the new management board appointed by the Lula administration in early 2023, the bank has experienced growth and maintains a robust governance structure, with technical decisions made collaboratively.CEO Tarciana Medeiros emphasized the possibility of balancing the bank’s commercial objectives with its social responsibilities. Accordingly, the bank will adhere to the guidelines established for 2024 while continuing to "create value for society." Ms. Medeiros highlighted that sound management practices yield positive outcomes, citing the highest profit in history achieved in 2023, and predicted another record-breaking year in 2024.Ms. Medeiros recalled that her appointment as the CEO by President Lula was initially met with "skepticism" from the market, which she considers a "typical" reaction. She emphasized her longstanding career at BB and reiterated her dedication to implementing the company’s strategy with disciplined execution and robust governance since her first day in office."It was clear to me that the market and society respond to solid results and concrete actions. And that’s what we’ve done from day one," he said. "That’s what the market can continue to expect from us."BB’s chief financial officer, Geovanne Tobias, said there is no economic reason to justify the bank’s current pricing and that the market needs to "remove the lens of prejudice" when analyzing the lender. "BB is cheap, that’s the reality."Mr. Tobias emphasized that the bank has delivered strong results, with diversified revenues, improved returns, enhanced efficiency, and transparency. Additionally, he...

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