Bradesco (BBDC4) has recurring profits of R$4.2 billion in the 1st quarter, an annual drop of 1.6%

Bradesco (BBDC4) recorded recurring net profit of R$4.2 billion in the first quarter of 2024, an increase of 46.3% compared to the previous quarter, but a drop of 1.6% on an annual basis, the bank reported this morning on Thursday (2). The result was above analyst projections compiled by LSEG, which indicated R$3.92 billion.

According to the report, the result was driven by lower expenses with Provision for Doubtful Debts (PDD), control of operating expenses and results from insurance operations, but still pressured by the financial margin with customers.

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Net accounting profit was R$4.211 billion in the period, a decrease of 1.6% compared to the result of a year before.

The bank’s margin with customers, which reflects gains in credit operations, fell 14.4% in one year, to R$14.522 billion.

Bradesco’s total financial margin fell 9% in the first quarter compared to the same period of the previous year, to R$15.152 billion.

The bank’s revenue from services increased by 1.3% in one year, to R$8.861 billion.

Provision expenses (PDD) fell 17.9% in one year, to R$7.341 billion.

Bradesco had an annualized return on equity (ROAE) of 10.2% in 1Q24.

Bradesco’s credit portfolio ended the quarter at R$889.918 billion, an increase of 1.2% in one year. It was supported by operations for individuals, which rose 2.0%, while the corporate portfolio increased 0.7%.

Know more:

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Default was 4.8%, based on the criterion of delays of more than 90 days, a drop of 0.3 percentage points (pp) in one year.