Banco Bradesco SA is prepared to weather an expected wave of corporate defaults and debt restructurings in Brazil, executives said on Friday, expecting strict risk assessment and provision policies to protect the loan book of Brazil's No. 2 private sector lender.While more "credit events" could take place this year, they are unlikely to "significantly impact Bradesco's asset quality or force the bank to raise provision levels," Chief Financial Officer Luiz Carlos Angelotti said on a conference call to discuss fourth-quarter earnings.Worries about the impact of Moody's Investors Service's decision to cut the debt rating of state-controlled oil producer Petroleo Brasileiro SA are hurting confidence in Brazilian banks. Petrobras, as the oil giant is known, is Brazil's biggest corporate borrower and relies on all major lenders to obtain funding.The Petrobras downgrade was a main theme on the call, overshadowing Bradesco's otherwise strong quarterly results. The lender reported record recurring net income on Thursday that beat analysts' estimates.
Banco Bradesco S/A (the Bank) is a Brazil-based bank. Shares of BBD fell by 5.21% or $-0.695/share to $12.64. In the past year, the shares have traded as low as $10.23 and as high as $18.67. On average, 8958300 shares of BBD exchange hands on a given day and today's volume is recorded at 1170796.
Shares of BBDO remained unchanged at $12.83. In the past year, the shares have traded as low as $11.07 and as high as $18.25. On average, 1613 shares of BBDO exchange hands on a given day and today's volume is recorded at 0.
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