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.
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)