April 30, 2020 / 9:22 AM / 3 months ago

Brazil's Bradesco sets aside $506 mln for COVID-19 loan losses, profit slides

SAO PAULO, April 30 (Reuters) - Brazil’s second largest private-sector lender Banco Bradesco SA said on Thursday it was setting aside 2.7 billion reais ($506.11 million) to cover expected loan losses caused by the COVID-19 pandemic, after it posted a first-quarter profit that missed analysts’ estimates.

Bradesco posted a recurring net income, which excludes one-off items, of 3.753 billion reais, down nearly 40% from a year earlier and below an estimate of 5.975 billion reais by Refinitiv.

$1 = 5.3348 reais Reporting by Carolina Mandl Editing by Gareth Jones

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