Thu Jan 29, 2015 5:15am EST
(Recasts to add details, comments throughout)
By Guillermo Parra-Bernal
SAO PAULO Jan 29 (Reuters) - Banco Bradesco SA, Brazil's second-biggest private sector bank, on Thursday forecast lower lending growth for this year than it estimated for 2014, highlighting the economic headwinds facing Latin America's largest economy.
In a securities filing, Bradesco said its loan book could grow 5 percent to 9 percent in 2015, compared with the 6.5 percent growth achieved last year. The lender had predicted 7 percent to 11 percent credit growth for 2014.
The forecast highlights increased caution as Brazil's economic imbalances and growing skepticism over President Dilma Rousseff's ability to jumpstart activity dampen demand for credit. Last year, banks extended loans to Brazilian consumers and companies at the slowest pace since 2007, central bank data showed this week.
Most economists and companies warn that Brazil is faced with a second straight year of stagnation and persistently high inflation in 2015, with additional threats to activity including falling commodity prices and potential U.S. interest-rate hikes. Nowadays, Brazil depends heavily on commodity exports and foreign capital inflows to fund its record current account shortfall.
"This makes it imperative for Brazil to commit to implementing sustainable policies," the filing said. "Efforts in that direction are a necessary condition to enhance predictability and instill public confidence."
In spite of the challenging outlook, Bradesco beat fourth-quarter estimates on the back of prudent loan disbursements, rising interest rates on loans and a decline in defaults that enabled management to trim loan-loss provisions.
Bradesco posted record recurring net income, or profit before one-time charges, of 4.132 billion reais ($1.59 billion), up 4.6 percent and 29.2 percent on quarterly and annual bases, respectively. A Reuters poll expected recurring profit at 3.971 billion reais.
Return on equity, a gauge of profitability for banks, totaled 20.1 percent, above the poll's estimate of 19.8 percent.
Higher rates helped boost interest income for a third consecutive quarter. Loan-loss provisions fell 1.2 percent to 3.307 billion reais, well below estimates, even after delinquencies in some corporate loans climbed.
Rising fee and insurance income helped offset rising non-interest expenses, the filing showed.
"Despite subdued loan growth, Bradesco is generating strong net interest income growth as loan repricing continues while maintaining very good cost control and asset quality," said Philip Finch, a strategist with UBS Securities in London.
Management will discuss results at a conference call later in the day.
($1 = 2.5959 Brazilian reais) (Editing by Mark Potter)
- Link this
- Share this
- Digg this
- Reprints
Anda sedang membaca artikel tentang
UPDATE 2-Brazil's Bradesco sets lower loan book growth forecast
Dengan url
http://sarapannasiudak.blogspot.com/2015/01/update-2-brazils-bradesco-sets-lower.html
Anda boleh menyebar luaskannya atau mengcopy paste-nya
UPDATE 2-Brazil's Bradesco sets lower loan book growth forecast
namun jangan lupa untuk meletakkan link
UPDATE 2-Brazil's Bradesco sets lower loan book growth forecast
sebagai sumbernya
0 komentar:
Posting Komentar