Brazilian bank Bradesco boost provisions, shares slump [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
Brazilian bank Bradesco boost provisions, shares slump SAO PAULO (Reuters) - Brazilian lender Banco Bradesco SA ( BBDC4.SA ) is setting aside 2.7 billion reais ($506.1 million) for expected COVID 19-related loan losses and may provision more in the coming months amid what its chief executive called a more severe crisis than previous ones. “Our goal was to preserve the bank’s solidity to face future challenges,” Octavio de Lazari told journalists in a call on Thursday. “This crisis now is more severe than the ones Brazil faced in 2008 and 2016,” he added, referring to the financial crisis and a severe domestic recession triggered by a bust in commodities prices. 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 5.975 billion reais. Return on equity, meanwhile, dropped 9 percentage points from the previous quarter to 11.7% as a result of the higher provisions. Preferred shar
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