Bradesco’s profit collapses with the Americanas case – 02/09/2023 – Market
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Bradesco announced this Thursday (9) that it made an extraordinary provision of R$4.9 billion to cover its total exposure to Americanas, which filed for bankruptcy last month.
The measure had a strong impact on the bank’s result in the fourth quarter, with recurring profit of BRL 1.595 billion, well below the average projection of analysts consulted by Refinitiv, of BRL 4.4 billion. In comparison with the same period of 2021, profit fell by 75.9%.
Bradesco’s total provision for bad debt was R$14.9 billion, more than double the amount set aside a year earlier.
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