SAO PAULO, July 31 (Reuters) - Banco Bradesco SA, Brazil’s second-largest private-sector lender, beat second-quarter profit estimates by a large margin on Wednesday after managing to incorporate the impact of higher borrowing costs into earnings.
The Osasco, Brazil-based bank earned recurring net income, or profit after one-time items, of 3.804 billion reais ($1.69 billion) in the quarter, up 9.7 percent from the prior three months, according to a securities filing. A Reuters poll of eight analysts had forecast recurring profit of 3.590 billion reais.
Bradesco kept forecasts for growth in lending, fee income, expenses and other items unchanged from February, when it first unveiled operational guidance for this year.
$1 = 2.247 Brazilian reais Reporting by Guillermo Parra-Bernal