Bradesco 3Q Profit Declined on Lower Interest Income, Bad Loan Provisions
By Jeffrey T. Lewis
SÃO PAULO--Banco Bradesco's profit declined in the third quarter after the Brazilian lender's net interest income declined and it increased provisions for bad loans.
The bank reported book net income of 4.6 billion Brazilian reais, equivalent to $932 million, from BRL5.2 billion a year earlier. Recurring net income, which leaves out one-time items, also declined to BRL4.6 billion from BRL5.2 billion, the bank said.
Net interest income fell to BRL15.9 billion from BRL16.3 billion. Bradesco set aside BRL9.2 billion in the quarter as provisions for loan losses, after setting aside BRL7.3 billion in the same quarter a year earlier.
Brazilian lenders have been allocating more money as provisions for non-performing loans. Bradesco's 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.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
November 09, 2023 17:27 ET (22:27 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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