SAO PAULO, April 29 (Reuters) - Banco Bradesco SA , Brazil’s second-largest private-sector bank, slightly beat first-quarter earnings estimates on Wednesday after taking advantage of climbing interest rates to reprice new loans.
Recurring net income, or profit before one-time charges, rose to 4.274 billion reais ($1.45 billion) in the quarter, up 3.4 percent and 23.1 percent on a quarterly and an annual bases, respectively, according to a securities filing.
A Reuters poll of five analysts predicted recurring profit of 4.261 billion reais. Recurring return on equity, a widely followed gauge of profitability for banks, ended the quarter at 22.3 percent, above the poll’s estimate of 20.8 percent.
$1 = 2.945 Brazilian reais Reporting by Guillermo Parra-Bernal