By Jeffrey T. LewisSÃO PAULO-- Banco Bradesco's profit dropped in the second quarter after the Brazilian lender increased the amount of money it set aside for bad loans. The bank reported net income of 4.5 billion Brazilian reais, equivalent to $915 million, from BRL7.1 billion a year earlier. Recurring net income, which leaves out one-time items, declined to BRL4.5 billion from BRL7.0 billion, the bank said. Bradesco set aside BRL10.3 billion in the quarter as provisions for loan losses, after provisioning BRL5.3 billion in the same quarter a year earlier. Bradesco and some other Brazilian lenders are setting aside more money as provisions for bad loans as more borrowers are having trouble repaying them.

Source: Wall Street Journal August 04, 2023 04:28 UTC