UPDATE 1-Brazilian bank Bradesco's profit slides as loan-loss provisions leap [Reuters]
Banco Bradesco Sa American Depositary Shares (each representing one Common Share) (BBDO)
US:NYSE Investor Relations:
bradescori.com.br/sitebradescori/default-en.aspx
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Source: Reuters
UPDATE 1-Brazilian bank Bradesco's profit slides as loan-loss provisions leap (Adds more details on results, context) By Carolina Mandl SAO PAULO, April 30 (Reuters) - Brazilian lender Banco Bradesco SA is setting aside 2.7 billion reais ($506.1 million) to cover expected loan losses caused by the COVID-19 pandemic, it said on Thursday after posting first-quarter profit short of analyst expectations. The bank’s loan-loss provisions soared 86% from a year earlier to 6.708 billion reais in expectation of higher loan delinquencies by consumers and companies struggling with the economic effects of the pandemic. Brazil’s second-largest private-sector lender also scrapped its 2020 results outlook because of the coronavirus-related uncertainties but said it now has a buffer of 5.1 billion reais to face an adverse economic scenario. Bradesco posted recurring net income, which excludes one-off items, of 3.753 billion reais, down nearly 40% from a year earlier and below a Refinitiv estimate of
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