Banco Bradesco's Stable Adjusted Earnings Are Offset by Weakening Loan Performance
In Banco Bradesco’s third quarter, the narrow-moat Brazilian bank posted adjusted net income of BRL 4.462 billion. While adjusted net income rebounded in the quarter, growing 7.2% sequentially, income was still 1.6% below the previous year. Furthermore, we would like to point out the significant gap between adjusted earnings and book income. Unadjusted net income was BRL 3.236 billion, more than 27% below the bank’s adjusted figure. Using the unadjusted numbers income fell 21.7% during the quart...
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