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.
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