Bradesco Sees 20% Rise in Credit Costs Tied to Wholesale Clients

Banco Bradesco SA reported its credit costs surged 20.1% in the third quarter compared to a year ago, primarily related to specific wholesale clients, the bank said in an earnings statement Wednesday.

• Bradesco’s loan loss provision expenses surged to 8.56 billion reais ($1.6 billion) in the third quarter
• Loan loss provisions for wholesale clients increased five-fold to around 500 million reais compared to a year ago
• The bank didn’t disclose the amounts provisioned by clients
  • Bradesco is among the top bank lenders to Ambipar Participacoes e Empreendimentos SA, which filed for bankruptcy in October, holding 390 million reais of ...