Banco Bradesco SA, Brazil’s second-
largest bank by market value, said fourth-quarter profit rose 36
percent after increasing loans to consumers and companies.
Net income jumped to 2.18 billion reais ($1.17 billion)
from 1.6 billion reais a year earlier, the Osasco, Brazil-based
bank said today in a statement published on its Web page.
Bradesco’s loan portfolio expanded 6.8 percent to 228.1
billion reais, while total assets increased 11 percent to 506.2
billion reais. Bradesco expects its loan portfolio will grow as
much as 25 percent this year and estimates Brazil’s economy will
expand 6 percent.
“The end of the year was very good for retail banking,”
Persio Nogueira, an analyst at Planner Corretora in Sao Paulo,
said in a phone interview before Bradesco results were
announced. “Default rates were falling and they managed to
increase their portfolio relatively well.”
Nogueira is reviewing his rating of Bradesco shares. The
analyst expects Brazilian bank shares to perform in line or
“slightly above” the Bovespa stock index this year.
Bradesco rose 1.7 percent to 31.76 reais in Sao Paulo
trading, while the Bovespa rose 0.8 percent.
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