Bradesco, one of Brazil's largest private banks, posted recurring profit of R$7.1 billion (about US$1.4 billion) in the third quarter, up 14.6% year on year and 0.8% from the second quarter, in line with analyst expectations. The bank said tight cost control offset slower lending income. However, loans more than 90 days overdue rose to 4.6% of the loan book from 4.3% in June, and provisions for expected losses reached R$10.6 billion (US$2.1 billion), up 24.3% from a year earlier and growing much faster than profit. Chief executive Marcelo Noronha said the credit market is more restricted, with high interest rates and a slowing economy. Bradesco also raised about R$10 billion (US$2 billion) from new shares to fund technology, sales efficiency and growth.
Summary written by Upside AI from the original article. Read the source for full details.
Original headline: Brazil Bradesco Profit Up 14 . 6 % to US$1 . 4B
Read the original on riotimesonline.com ↗
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