Lower Provisions Boost Banco Bradesco's Bottom Line
Narrow-moat-rated Banco Bradesco reported adjusted net income of BRL 4.648 billion, sequential growth of 6% and year-over-year growth of 13%. Much of the benefit came from lower provision expense as net interest income fell 0.3% sequentially and grew only 4.9% over the last year. Loan loss provisions declined 12% from the previous quarter. Strangely, non-performing loans as a percentage of total loans increased 20 basis points to 6.7%. However, decreasing provisions may be the result of a contra...
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