By Jeffrey T. Lewis
SÃO PAULO--Banco Bradesco's preferred shares fell 3.6% after the Brazilian bank reported weak earnings and a higher non-performing loan ratio, for the third quarter.
The shares reached 14.71 reais, the equivalent of $2.99, and were up less than 1% from the end of last year through Thursday's close. Brazil's benchmark Ibovespa stocks index was up 0.6% in early trading.
Bradesco said its ratio of loans with payments overdue by more than 90 days jumped to 6.1% in the third quarter from 3.9% a year earlier, and rose slightly from 5.9% in the second quarter of 2023. Excluding the impact of a single large corporate client on the ratio, the ratio would have been 5.6% in the third quarter, Bradesco said.
Bradesco set aside BRL9.2 billion in the quarter as provisions for loan losses, after having provisioned BRL7.3 billion in the same quarter a year earlier.
Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com
(END) Dow Jones Newswires
11-10-23 0847ET