Image source: The Motley Fool. Bank Bradesco SA (NYSE: BBD)Q2 2021 Earnings CallAug 4, 2021, 12:30 p.m. ETContents: Prepared Remarks Questions and Answers Call Participants Prepared Remarks: OperatorGood morning, ladies and gentlemen, and thank you for waiting.
Shares in Brazil's second-biggest lender, Banco Bradesco SA, were down almost 3% on Wednesday morning as the bank's insurance unit took a hit from COVID-19 related claims in the second quarter. Chief Executive Octavio de Lazari told journalists that the shock is temporary as vaccination roll-out is speeding up in Latin America's largest economy, but analysts wrote notes to clients they were unsure about future performance. "It is hard to estimate how fast insurance numbers will react," analysts at Banco BTG Pactual said.
Brazil's second-biggest lender, Banco Bradesco SA, on Tuesday reported a 63.2% rise in its second-quarter profit on lower loan-loss provisions, despite a hit in its insurance unit by the pandemic. Despite the higher profits, the bank's insurance business, which includes life and health insurance plans, was hurt by Brazil's brutal second wave of COVID-19 in the second quarter. Bradesco's full-year outlook for its loan portfolio, fee income and loans losses were unchanged.