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NEW YORK (TheStreet) -- Shares of Banco Bradesco (BBD) - Get Banco Bradesco Sa American Depositary Shares Report are rising by 5.71% to $5.74 in early afternoon trading on Wednesday, as Brazil's highest interest rates in nine years are boosting returns on government bonds, which is helping the banking company navigate through the country's economic crisis, Bloomberg reports.

Banco Bradesco is a Sao Paulo-based commercial bank offering a range of banking and financial products and services in Brazil.

"Banks' biggest holdings are government bonds, which generate higher returns when interest rates rise. And there is the liquidity effect as credit demand is slowing. Banks are piling up more cash in government bonds as loans mature," Rodrigo Martin, an analyst at Quantitas told Bloomberg.

For the first half of this year banking industry revenue from proprietary trading and asset liability, which includes gains from government bonds, popped by 30%, Bloomberg noted.

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