Bradesco Posts Downbeat Q2 Profit

Brazil's Banco Bradesco BBD reported a weaker-than-expected profit in the second quarter. Bradesco's quarterly net income gained 1.7% y/y to 2.833 billion reais ($1.40 billion), versus analysts' estimates of 2.923 billion reais. Its recurring net income climbed 1.5% to 2.867 billion reais, versus analysts' estimates of 2.921 billion reais. Bradesco's loan book rose 14.1% to 364.963 billion reais in the quarter. Bradesco shares closed at $15.10 on Friday.