By Jeffrey T. Lewis
SÃO PAULO--Banco Bradesco SA said its net income jumped in the third quarter from a year earlier after the Brazilian lender again reduced the amount of money it set aside for bad loans.
Bradesco said book net income rose 58.5% in the three months through September from a year earlier to 6.6 billion Brazilian reais, equivalent to $1.2 billion. Recurring net income, which leaves out one-time items, rose 34.5% to 6.8 billion reais, the bank said Thursday. Net interest income increased 2.7% to 15.7 billion reais.
Bradesco and other Brazilian banks boosted provisions last year to prepare for a possible increase in bad loans coming from the economic slump and rise in employment caused by the coronavirus pandemic.
The bank set aside 3.4 billion reais in the third quarter as allowance for loan and lease losses, down from 5.6 billion reais in the same period a year earlier.
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(END) Dow Jones Newswires
November 04, 2021 17:33 ET (21:33 GMT)Copyright (c) 2021 Dow Jones & Company, Inc.