NEW YORK (TheStreet) -- Among the major Brazil American depositary receipts, Banco Bradesco (BBD) and Vivo Participacoes (VIV), the two companies to have announced their results, surpassed analysts' estimates.
Second-quarter profits of Banco Bradesco, the second-largest private sector bank, reached 2.46 billion reais ($1.39 billion) from 1.99 billion reais a year earlier. The quarterly profits came above the 2.26 billion reais consensus estimates of analysts polled by Bloomberg.
"The decline in bad debt provisions was a big factor helping to boost results," said Chief Financial Officer Domingos Abreu during the conference call Wednesday. The bank maintained its guidance for credit portfolio growth at 25% for 2010. As noted in the smart investment guide to Brazil, Brazil banks will benefit from improving credit quality and delinquency rates in both individual and commercial loans.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV