Banco Bradesco: Q4 Earnings, Ugly With Prolonged Recovery Ahead [Seeking Alpha]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
Company Research
Source: Seeking Alpha
The bank acknowledged the need for structural changes and presented a strategic plan to restore profitability. Despite the discouraging results, there is optimism that the worst is behind Bradesco, but caution is advised during the strategic restructuring process. Bradesco's current trading below 1x its P/B ratio reflects market pessimism, exacerbated by shares trading below $3. Following my quarterly Banco Bradesco ( NYSE: BBD ) coverage, the private Brazilian bank reported considerably poor Q4 results, exacerbating its struggle to regain efficiency with a notably low ("ROE"). The bank's management has acknowledged the need for structural changes in the coming years. Two quarters ago, my initial thesis on Bradesco was bearish, considering it the Brazilian player with the worst efficiency among its peers and the highest default rates due to flawed risk management and a misguided lending strategy. Bradesco was particularly affected by toxic loan provisioning related to the Loj
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