Bradesco (BBDC4) reports profit of R $ 16.5 billion in 2020, down 26.7%

Charlie Taylor

Banco Bradesco (BBDC4) reported on Wednesday (3) that it recorded net book income of R $ 16.546 billion in 2020, down 26.7% compared to 2019 (R $ 22.582 billion).
In the fourth quarter, the bank recorded net income of R $ 5.464 billion, which represents an increase of 11.9% in relation to the same period last year (R $ 4.883 billion).
Bradesco Bitz announces purchase of fintech 4ward

private bank

The country's second largest private bank had recurring net income (which excludes extraordinary effects) of R $ 19.458 billion in 2020 and R $ 6.801 billion in the fourth quarter – 24.8% lower compared to 2019 and 2.3% higher compared to to the same quarter last year.
The number for the fourth quarter came well above the average forecast of analysts consulted by Refinitiv, of a profit of R $ 5.546 billion for the period.Alter 2
"We are very satisfied with the results for the fourth quarter of the year and, of course, for the entire fiscal year 2020", said Bradesco's executive president, Octavio de Lazari, in a note sent to the press.
Bradesco (BBDC4) reports profit of R $ 16.5 billion in 2020, down 26.7%

Expenses

Operating expenses fell 5.3% in relation to 2019 (from R $ 49 billion to R $ 46.42 billion) and 9.3% in relation to the 4th quarter of 2019 (from R $ 12.66 billion to R $ 11 , 48 billion).
Expenses with provisions for losses on bad debts (PDD) totaled R $ 25.754 billion last year, an increase of 78.7% in relation to 2019. In the fourth quarter, the amount was R $ 4.568 billion, an increase of 14, 7% compared to the same period last year.
"The conservatism of our provisions policy was essential to strengthen us, in order to prepare Bradesco for the new challenges ahead," said Lazari.Alter 2
The return on equity was 14.8% in 2020, a decrease of 5.8 percentage points compared to that observed in 2019 (20.6%).

Loan and default portfolio

The bank showed a 10.3% growth in its expanded credit portfolio in 2020, from R $ 604.9 billion to R $ 687 billion. The expansion came from the individual segment, which rose 11.7% in one year, totaling R $ 260 billion.
The delinquency rate over 90 days ended the fourth quarter at 2.2%, below the 3.3% recorded in the same period in 2019 and slightly below the 2.3% recorded in the previous three months.

Other banks

Also yesterday, Santander reported having posted a net profit of R $ 13.469 billion, down 5% compared to 2019 (R $ 14.181 billion).Alter 2
On Monday, Itaú reported that it ended 2020 with a net profit of R $ 18.9 billion, down 28.9% compared to the previous year (R $ 26.583 billion).

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