Business

Bradesco (BBDC4) increases profit by 4.7% in 1Q22, to R$6.8 billion

Bradesco
(Image: Renan Dantas/Money Times)

THE Bradesco (BBDC4) recorded recurring net income of R$ 6.821 billion in the first quarter of this year, an increase of 4.7% on an annual basis, according to a balance sheet released this Thursday (5).

The result was slightly higher than expected by the market, as the expectation was for a profit of R$ 6.737 billion, according to data gathered by Bloomberg.

“This result is a demonstration of our ability to capture opportunities, even in a scenario of uncertainty – with high inflation, rising interest rates and geopolitical tensions”, said Bradesco in an earnings release.

Bad debt at Bradesco

Bradesco informed that the result of bad debts (PDD) increased by 23.8%, R$ 4.836 billion. Within this line, allowance for loan losses increased by 42.9%, to R$7 billion.

The 90-day default rate increased 0.7 percentage point, to 3.2%, and the 60-day default rate increased 0.7 percentage point, to 4%.

Total financial margin was R$17.061 billion, up 9.5%, while annualized return on average equity (ROAE) dropped 0.7 percentage point to 18%.

Among the big banks, the Santander Brazil (SANB11) has also released its balance sheet for the first quarter. the bank had net profit management revenue of R$ 4.005 billion, a growth of 1.3% and below expectations.

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