November 10, 2016 / 7:42 AM / 2 years ago

Brazil's Bradesco beats profit estimates, adjusts annual targets

SAO PAULO, Nov 10 (Reuters) - Banco Bradesco SA beat third-quarter profit estimates on Thursday as the integration of HSBC Holdings Plc’s local unit helped Brazil’s No. 3 listed bank grow revenue faster than loan-loss provisions and other expenses.

Recurring net income at Osasco, Brazil-based Bradesco totaled 4.462 billion reais ($1.38 billion) last quarter, up 8 percent from the prior three months. Profit beat an average consensus estimate of 4.038 billion reais compiled by Thomson Reuters.

Bradesco also changed operational targets for this year following the absorption of HSBC Bank Brasil Banco Múltiplo SA last quarter. The new estimates were delivered in a pro forma basis, including HSBC Bank Brasil since Jan. 2015.

$1 = 3.2351 reais Reporting by Guillermo Parra-Bernal

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