Bradesco has net income of R$ 4.5 billion in the 2nd quarter, down 36%

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Analysts had expected, on average, a profit of R$4.47 billion. Result is in relation to the same period of 2022. Bradesco App Disclosure Bradesco recorded recurring net income of BRL 4.52 billion in the second quarter, a drop of 35.8% compared to the same period of 2022, according to the balance sheet published in this Thursday (3). Accounting net income was at the same level as recurring income. But, given the slight change in the basis of comparison, the annual drop was 36.1%. Analysts on average had expected net income of 4.47 billion reais, based on data collected by Refinitiv. Bradesco, the second largest private bank in the country, registered a default rate of over 90 days of 5.9%. The result represents an increase compared to the 5.1% of the first quarter of 2023 and the 3.5% of the same period of 2022. The institution’s expanded credit portfolio advanced 1.6% in the second quarter compared to the same period of the last year, to R$ 868.7 billion. The total financial margin rose 1.2% in the period, to R$ 16.6 billion, while revenues from services rendered dropped 2.5%, to R$ 8.8 billion. Bradesco recorded an expanded provision for bad debts (reserve against defaults) of R$10.3 billion. A year earlier, the value was R$ 5.3 billion and, in the first quarter of this year, R$ 9.5 billion. The institution was the second among the major Brazilian banks to disclose results, after Santander Brasil, at the end of July, recorded a drop of almost 45% in net income for the second quarter compared to the same period of the previous year. Projections The bank also revised projections for 2023, including a reduction in the expected growth of the expanded loan portfolio to a range of 1% to 5%, against a previous estimate of 6.5% to 9.5%. In addition, the expectation of raising the total financial margin was reduced to 2% to 6%, from 7% to 11% previously. On the other hand, however, the prospect of growth in operating expenses also dropped to 7% to 11% from the previous estimate of 9% to 13%. The projection for growth in the result of insurance, pension plan and capitalization operations jumped to 21% to 25%, against previous expectations of an increase of 6% to 10%.

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