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Bank Bradesco SA ADR BBD

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Morningstar’s Analysis

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Profitability Recovers Strongly as Bank Bradesco Posts Good Q4 Results

Eric Compton, CFA Senior Equity Analyst

Analyst Note

| Eric Compton, CFA |

No-moat-rated Bank Bradesco’s recurring net income recovered to its pre-COVID-19 levels in the fourth quarter and was reported at BRL 6.8 billion, up 35.2% sequentially and 2.3% on a year-over-year basis. The bank posted an impressive quarterly return on average equity of 20% in a challenging macroeconomic environment.  Solid revenue generation, improving efficiency, manageable asset quality, and adequate reserves hold the bank in good stead for the upcoming year. As we more fully incorporate these results, we don't expect a large change to our fair value estimate of $3.90 per ADR share, although due to updated exchange rates we would expect an increase of roughly 8%, all else equal.

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Company Profile

Business Description

Banco Bradesco is Brazil's fourth- largest bank, with about 15% of deposits, and the largest insurance provider in Brazil, with roughly 25% market share. The bank provides services through a network of more than 4,600 branches, the largest footprint of all privately controlled banks in Brazil. Banking provides roughly 70% of profits, while the insurance segment contributes the remaining 30%. In 2016, Bradesco acquired the Brazilian operations of HSBC.

Cidade de Deus S/N, Vila Yara
Osasco, SP, 06029‑900, Brazil
T +55 1136844011
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Jun 30, 2008
Fiscal Year End Dec 31, 2020
Stock Type
Employees 97,329