Default Due to Covid-19 Drives Bradesco Bank to Worst Quarterly Results in 20 Years

"Peak coronavirus crisis will be worse than 2008 and 2016," alerts chairman Octavio de Lazari.

RIO DE JANEIRO, BRAZIL - Bradesco's first quarter balance served as a gauge of the impact that the coronavirus can have on the financial sector and, therefore, on the economy. The bank had its worst yield in 20 years, according to Bloomberg's historical series.

The reason? The expected losses from default.

Expenditures on the provision for bad debt (PDD) reached R$6.7 billion in the first quarter. The amount was 68.5 percent more than the fourth quarter 2019 figure, an additional R$2.7 billion. The percentage of what the bank expects to lose in the quarter . . .

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