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Bradesco Net Income Rises on Declining Bad Loans Provisions
Adjusted net income, which excludes one-time items, climbed to 3.08 billion reais ($1.42 billion) from 2.89 billion reais, a year earlier, the Osasco, Brazil-based lender said today in a statement. That compares with the 3.09 billion-real median estimate of eight analysts surveyed by Bloomberg.
Bradesco, led by Chief Executive Officer Luiz Carlos Trabuco Cappi, 62, reduced provisions as the nation’s unemployment rate fell to a eight-month low of 5.3 percent in August. Bradesco had provisions of 2.88 billion reais in the third quarter, down 13 percent from a year earlier, while its portfolio of loans expanded 11 percent to 412.6 billion reais. Debt payments overdue more than 90 days slowed to 3.6 percent in the third quarter from 3.7 percent at the end of June and 4.1 percent a year earlier.
Bradesco rose 3.4 percent this year, compared with a 9 percent decline for the Ibovespa benchmark index.