Banco do Brasil likely to beat loan book growth target: CEO

SAO PAULO (Reuters) – State-controlled lender Banco do Brasil SA is likely to surpass its 2020 loan book growth outlook, CEO Rubem Novaes said in an interview with local newspaper Valor Economico.

Novaes said corporate loans will drive loan book growth in 2020, as the bank is trying to address companies’ demand for credit amid the coronavirus pandemic.

In February, Banco do Brasil said its loan book would grow by between 5.5% and 8.5% in 2020.

Banco do Brasil did not immediately comment on the matter.

(Reporting by Carolina Mandl; editing by Jason Neely)