Bradesco's Preferred Shares Down 3.6% After Weak 3Q Results

By Jeffrey T. Lewis

SÃO PAULO--Banco Bradesco's preferred shares fell 3.6% after the Brazilian bank reported weak earnings and a higher non-performing loan ratio, for the third quarter.

The shares reached 14.71 reais, the equivalent of $2.99, and were up less than 1% from the end of last year through Thursday's close. Brazil's benchmark Ibovespa stocks index was up 0.6% in early trading.

Bradesco said its ratio of loans with payments overdue by more than 90 days jumped to 6.1% in the third quarter from 3.9% a year earlier, and rose slightly from 5.9% in the second quarter of 2023. Excluding the impact of a single large corporate client on the ratio, the ratio would have been 5.6% in the third quarter, Bradesco said.

Bradesco set aside BRL9.2 billion in the quarter as provisions for loan losses, after having provisioned BRL7.3 billion in the same quarter a year earlier.

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

(END) Dow Jones Newswires

November 10, 2023 08:47 ET (13:47 GMT)

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