SAO PAULO, Jan 29 (Reuters) - Banco Bradesco SA, Brazil’s second-largest private-sector bank, beat fourth-quarter earnings estimates on Thursday after taking advantage of climbing interest rates to reprice new loans.
Recurring net income, or profit before one-time charges, rose to a record 4.132 billion reais ($1.59 billion) in the quarter, up 4.6 percent and 29.2 percent on a quarterly and an annual bases, respectively, Bradesco said in a securities filing.
A Reuters poll of nine analysts predicted recurring profit of 3.971 billion reais. Recurring return on equity, a widely used gauge of profitability for banks, ended the quarter at 20.1 percent, above the poll’s estimate of 19.8 percent.
($1 = 2.5959 Brazilian reais)
Reporting by Guillermo Parra-Bernal