Brazil's Bradesco misses estimates as provisions jump

jueves 28 de abril de 2016 05:39 GYT

SAO PAULO, April 28 (Reuters) - Banco Bradesco SA missed first-quarter profit estimates on Thursday, after a harsh recession and rising defaults forced Brazil's third-largest listed bank to raise loan-loss provisions and step up renegotiations with some large corporate borrowers.

Recurring net income at Osasco, Brazil-based Bradesco totaled 4.113 billion reais ($1.17 billion) in the first quarter, missing an average consensus estimate of 4.292 billion reais compiled by Thomson Reuters.

The indicator, a gauge of profit excluding one-time items, fell 3.8 percent and 9.8 percent on an annual and quarterly bases, according to a statement.

($1 = 3.5234 Brazilian reais) (Reporting by Guillermo Parra-Bernal)