Brazil's Banco Bradesco Reports First-Quarter Adjusted Net Income Rose 13%

By Luciana Magalhaes Features Dow Jones Newswires

Brazil's Banco Bradesco SA (BBD, BBDO, BBDC4.BR) on Thursday reported an 13% increase in first-quarter adjusted net income, after the bank reduced provisions for possible loan losses.

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Brazil's fourth-largest bank by assets in securities filings reported a net adjusted profit of 4.65 billion Brazilian reais ($1.46 billion) in the quarter, from 4.11 billion reais a year earlier.

Bradesco said that in the first quarter allowances for loan losses expenses were cut by 10.8% from the same prior-year period due to the reinforcement of credit granting policies and improvement of credit recovery processes.

Write to Luciana Magalhaes at Luciana.Magalhaes@wsj.com

(END) Dow Jones Newswires

April 27, 2017 07:50 ET (11:50 GMT)