Brazil's Bradesco posts in-line recurring profit for the third quarter

Brazilian lender Banco Bradesco <BBDC4.SA> on Wednesday reported a recurring net profit that matched analysts' expectations for the third quarter, with a 18.8% rise year-over-year.

Bradesco's recurring net profit came at 6.2 billion reais ($1.15 billion) for the quarter through the end of September, in line with analysts' expectations in an LSEG poll.

The annualized return on equity (ROAE) for the lender, which has been undergoing a restructuring process in the last few years, rose 2.3 percentage points from a year earlier to 14.7%. When compared to the second quarter, it was up 0.1 percentage point.

"In the third quarter of the year, we took another step in boosting our profitability," Bradesco said. "We continue with the same commercial traction, while keeping delinquency indicators under control, prioritizing risk-adjusted returns."

Its credit book reached 1.03 trillion reais, increasing 9.6% year-on-year, while its over-90-day delinquency rate came in at 4.1%, a 0.1 p.p. decline from a year earlier.

Bradesco maintained its full-year projections.

($1 = 5.4039 reais)