Bank Bradesco Lowers Guidance; CEO to Face Charges Over Corruption
Bank Bradesco continues to struggle in Brazil’s recessionary environment. The company has revised its guidance downward, and we will be reviewing our assumptions, which may result in a decreased fair value estimate. We do not expect to change our narrow moat rating. While the Brazilian lender reported adjusted net income of BRL 4.161 billion, a slight increase from the previous quarter, earnings did fall 7.6% from the previous year. The second quarter’s provision for loan losses decreased to BR...
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