Bradesco has a profit of R$ 5.8 billion in the third quarter

Bradesco had net accounting income of R$ 5.837 billion in the third quarter, 16.5% higher than the same period in 2018 (R$ 5.009 billion) and 3.48% lower than the second quarter of this year (R$ 6.042 billion). In the nine months of the year, the bank's profit was R$ 17.7 billion, 26.4% higher than in the same period in 2018 (R$ 14,004 billion). The second largest private bank in the country had recurring net income (which disregards extraordinary effects) of R$ 6.542 billion between July and September, up 19.6% compared to the same period last year, benefited by the largest financial margins , growth in revenues from the provision of services, contribution of insurance operations, pension and capitalization and less expenses with provisions for losses with default, which offset the growth of operating expenses. The bank grew 10.5% in the expanded credit portfolio to R$ 523.4 billion to R$ 578.3 billion. The expansion came from the segment of individuals, which rose 19% in one year, totaling R$ 221.4 billion. On the other hand, expenses with provisions for losses with default (PDD) totaled R$ 3.336 billion, down 5.84% compared to the third quarter of 2018. The default rate above 90 days stood at 3.6% in September, the same rate last year. The default of individuals fell to 4.3% in September. In the large business segment, however, it rose to 1.9%, and that of micro, small and medium-sized enterprises, fell to 4.3%. Administrative expenses increased 10.1% against the third quarter of 2018 to R$ 11.12 billion, with a boost of higher personnel spending (an increase of 13%). Revenues from the provision of services increased from 3.7% compared to 2018, to R$ 8.42 billion, with emphasis on the growth of current account revenues, driven by the increase in the account base and the good performance of revenues with management of consortia and custody and brokerage services. Bradesco's annualized profitability on equity reached 20.2%, down 0.4 point over the previous quarter and an increase of 1.2 points compared to the same quarter of 2018.