Bradesco shares fell to the lowest level in nearly three years after the country’s second-largest private bank reported fourth-quarter earnings well below analysts’ expectations.
At 12:06 pm (Brasília time), Bradesco’s preferred shares fell 7.1%, to R$ 12.82. At the opening, the share lost up to 8.7%, at R$ 12.60, the lowest intraday level since May 15, 2020.
Already the common shares of the bank retreated 5.51%, to R$ 11.61. The shares were among the biggest drops of the day on the Ibovespa, which had a negative variation of 0.18%.
Bradesco announced a recurring profit from October to December 2022 of BRL 1.6 billion on the eve, a drop of 75.9% over a year earlier and well below the average projection of analysts consulted by Refinitiv, of BRL 4.4 billion .
Among other factors, the institution was affected by an extra provision of R$4.9 billion related to the Americanas case.
Source: CNN Brasil
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