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Tuesday, November 29, 2022
HomeEconomyBradesco's profit drops 23% in the third quarter and surprises the market

Bradesco’s profit drops 23% in the third quarter and surprises the market

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Bradesco had a surprising drop in third-quarter profit. The result was impacted by the rapid deterioration of the loan portfolio, which led the institution to increase the projections of expected losses with default.

The second largest private bank in the country announced this Tuesday (8) that its recurring profit from July to September totaled BRL 5.22 billion, a drop of 22.8% compared to the same period in 2021.

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The number came far below the forecast of analysts consulted by Refinitiv, who predicted R$ 6.76 billion.

The delinquency rate over 90 days ended September at 3.9%, compared to 2.6% in the same month last year and 3.5% in June this year, according to balance sheet data.

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According to Bradesco’s president, Octavio Lazari Junior, the economic scenario, inflation and high interest rates affected customers’ ability to pay. The Executive says, however, that the default rate should stabilize and improve next year.

“We are convinced in our operational capacity to deliver a better level of return. We will pursue this goal and continue the necessary adjustments to resume the trajectory of profitability”, says Lazari.

Bradesco’s loan portfolio showed annual growth of 13.6%, reaching R$ 878.6 billion. Compared to the second quarter, the increase was 2.7%

Among individual customers, the loan portfolio reached R$ 352.7 billion, an increase of 16.2% in the annual comparison, and of 3.3% in the quarterly comparison.

In the second quarter, the bank recorded net income of R$ 7.041 billion, growth of 11.4% in the annual comparison.

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