Wednesday, February 05, 2020

Bradesco has a profit of R$ 22.6 billion in 2019

Bradesco had net accounting income of R$ 22.582 billion in 2019 and R$ 4.883 billion in the fourth quarter of 2019. Compared to 2018 (R$ 19.085 billion), profit rose 18.32%. Compared to the third quarter of 2019 (R$ 5.837 billion), the drop was 16.34%, and compared to the same period in 2018 (R$ 5.080 billion), fell 3.87%. The second largest private bank in the country had recurring net income (which disregards extraordinary effects) of R$ 25.887 billion in 2019 and R$ 6.645 billion in the fourth quarter - 20.04% higher than in 2018, 1.6% higher than the third quarter and 14% higher than in the same quarter of 2018. The bank grew 13.8% in the expanded credit portfolio in 2019, from R$ 531.6 billion to R$ 604.9 billion. The expansion came from the segment of individuals, which rose 19.2% in one year, totaling R$ 232.2 billion. On the other hand, expenses with provisions for losses with default (PDD) totaled R$ 14.408 billion in 2019, down 2.4% compared to 2018 (R$ 14.755 billion). In the fourth quarter, the amount was R$ 3.981 billion, up 19.3% compared to the third quarter and 5.2% compared to the same period in 2018. The default rate above 90 days was 3.3% in the fourth quarter and in 2019, down 0.2 percentage points compared to 2018 and 0.3 percentage point compared to the third quarter. According to Bradesco, the default rate of individuals remained virtually stable in the quarter and 12 months. The drop in the total index is justified by the improvement in the default of large companies and micro, small and medium-sized enterprises, the bank said. The default rate of individuals went from 4.3% in September to 4.4% in December. In the large business segment, however, it fell from 1.9% to 0.8%, and in micro, small and medium-sized enterprises, from 4.3% to 3.7%. Operating expenses increased 7.2% compared to 2018 (from R$ 40.27 billion to R$ 43.17 billion) and 6.2% compared to q4 2018 (from R$ 10.62 billion to R$ 11.28 billion), with a boost of higher personnel spending (an increase of 8.9% in 12 months). Revenues from the provision of services increased by 3% compared to 2018, to R$ 33.60 billion, and 4.7% between the 4th quarter of 2018 and the same period in 2019 (from R$ 8.43 billion to 8.83 billion), with the positive performance of revenues with consortium management (increase of 12.7%), current account (7.4%), whose customer base reached 30.1 million accounts (1.8 million more in the year), custody and brokerage (15.4%) and underwriting/financial advice (91.2%). Bradesco's annualized profitability on equity reached 20.6%, 1.6 percentage point higher than in 2018 (19%). According to Bradesco's balance sheet, at the end of 2019, the bank's market value reached R$ 282.1 billion, equivalent to 2.1 times shareholders' equity, with growth of 16.3% compared to 2018 and 7.8% in the quarter.
G1 - 05/02/2020 News Item translated automatically
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