Strong Growth Unlikely to Persist for Bradesco, Shares Do Not Discount Political Turmoil
While political uncertainty remains a constant in Brazil, no-moat Banco Bradesco posted strong results in fourth-quarter 2018, with ROAE and earnings growth reaching multiyear highs. For the fourth quarter, recurring net income grew 6.6% on a sequential basis to BRL 5.83 billion, up 19.9% year over year. Net interest income also grew on both a sequential and yearly basis, up 6.6% from the previous quarter to BRL 16.78 billion. By our calculation, annualized loan losses were 2.8% of total loans, ...
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