Banco do Brasil SA (BBAS3.SA) has offered extensions on 11.6% of its portfolio, while Banco Bradesco SA (BBDC4.SA) has done so on 12.75%. Executives have declined to make firm predictions for future losses. They have said defaults may be smaller than initially feared, pointing to preliminary signs the Brazilian economy could recover. Still, bank CEOs speaking in conference calls over the past two weeks were unanimous in predicting that 90-day default ratios would spike by year-end or the beginning of 2021, when the forbearance periods end. The ratio stands at around 3% for the country's biggest lenders. They were divided over how bad things could get, with Itau's CEO Candido Bracher expecting default ratios to reach all-time highs, while Bradesco's CEO Octavio de Lazari said in an interview it is likely to be around 3.7%. "Loan delinquency rates are likely to be worse than in previous crises, but recovery should also be faster," said Goldman Sachs' equity analyst Tito Labarta.