BRADESCO: Recurring Net Income Grows 9.8% In 1Q18, To R$ 5.1 Billion

(RTTNews) - Bradesco's recurring net income, which excludes gains or losses on extraordinary items, grew 9.8% in the first quarter of 2018 over the same period of the previous year, to R$ 5,102 billion (US$ 1.46 billion). The result beat the R$ 4.738 billion recurring net income forecast by analysts.

The Brazilian bank's net income, which includes the positive and negative effects of non-recurring events, increased 9.7% on the same comparison basis, to R$ 4.467 billion, missing the market forecast, of R$ 4.759 billion.

Bradesco's expanded loan portfolio declined 3.2% at the end of the first quarter compared to the same period last year, reaching R$ 486.6 billion. Over the fourth quarter of 2017, there was a 1.3% decrease.

Meanwhile, allowance for doubtful accounts shrank 22% in the first quarter on an annual basis and decreased 15.1% in the quarterly comparison, totaling R$ 4.599 billion.

Bradesco's annualized average return on equity rose by 0.3 percentage points (pp) in the first quarter over the same period of the previous year, to 18.6%. The delinquency rate over 90 days was 4.4% of the loan portfolio, down 1.2 pp from a year earlier and 0.3 pp over the fourth quarter of 2017.