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Brazilian Banks: 3Q18 Review, Volatility Fades

Sector Analysis: 15 Nov 2018, 8:40 PM ET - We summarize key takeaways from Brazilian banks' 3Q18 results. The uncertainty and volatility leading up to the election had limited impact on commercial banks, but pressured BTG Pactual's revenues. 

Bradesco 3Q18: Origination and Efficiency Pick Up

Earnings Note: 05 Nov 2018, 5:23 AM ET - Bradesco reported 3Q18 recurring net income of R$5.5 bn, an increase of 14% YoY.  The increase in earnings reflected higher insurance income and loan growth, and lower credit provisions. Digital banking investments have improved efficiency.

US Banks: Emerging Markets Exposure

Sector Analysis: 11 Sep 2018, 5:55 AM ET - We review the exposure of US banks to emerging economies as they experience a number of challenges ranging from geopolitical issues to trade-related concerns to rising current account deficits.

Brazilian Banks: 2Q18 Review, They're Used to This

Sector Analysis: 23 Aug 2018, 12:03 AM ET - We summarize key takeaways from Brazilian banks' 2Q18 results.  Despite a number of negative headlines in Brazil and emerging markets generally during 2Q18, profitability and asset quality remain largely in an improving trend.

Bradesco: 2Q18, Credit Quality a Tailwind

Earnings Note: 29 Jul 2018, 11:37 PM ET - Bradesco reported F2Q18 net income of R$4.5 bn, an increase of 1% sequentially and 16% YoY. Bradesco's credit quality metrics improved substantially, and it reduced its reserves for the 5th consecutive quarter. 

Brazilian Banks: 1Q18 Review, Consumer-led Growth

Sector Analysis: 17 May 2018, 5:47 AM ET - In this note we summarize key takeaways from Brazilian banks' 1Q18 results. The sector is returning to loan growth, led by retail borrowers, after years of contraction. Credit provisions were down significantly.

Bradesco 1Q18: Consumer Loans Return to Growth

Earnings Note: 29 Apr 2018, 9:56 PM ET - Bradesco reported 1Q18 earnings of R$4.5 bn, an increase of 18% sequentially and 10% YoY. Bradesco appears to have reached an inflection point for loan growth, led by consumer loans (commercial loan balances are yet to recover).

Brazilian Banks: Company Meetings & Sector Update

Sector Analysis: 16 Apr 2018, 9:56 AM ET - We recently met in Sao Paulo with the large Brazilian banks as well as bank regulators. Banks are returning to balance sheet growth in 2018 after several years of contraction, as the economy stabilizes. 

Brazilian Banks: Bradesco & Itau 4Q17 Results

Earnings Note: 07 Feb 2018, 11:55 PM ET - Results for Bradesco and Itau continued to benefit from improving credit quality and cost-cutting. Loan growth is moving towards positive territory but the significant decline in interest rates put a damper on net interest margin. 

Brazilian Banks 3Q17 Review: Rising Capital Tide

Sector Analysis: 14 Nov 2017, 9:55 PM ET - Results were mostly positive for the Brazilian banks in 3Q17 as credit profiles are generally still improving.  Key themes across results for Banco do Brasil, Itau, and Bradesco were higher capital levels, lower provisions, and lower NII. 

Brazilian Banks: 2Q17 Review, Resilient Brazilians

Sector Analysis: 16 Aug 2017, 10:07 AM ET -  Brazilian banks' 2Q17 indicated that credit quality continues to stabilize despite the weak operating environment. The banks in our coverage universe largely revised FY17 profitability and loan growth guidance downwards.  

EM Weekly: Brazil Takes A Tumble

Emerging Markets Weekly: 21 May 2017, 3:24 PM ET - EM credit was weaker last week, particularly Brazilian debt, which was hit by corruption allegations against the President. Some of the losses were pared back on Friday, but Brazilian debt was still down across the board over the week

Brazilian Banks 1Q17: NII Pressure, Credit Stable

Sector Analysis: 15 May 2017, 6:08 AM ET - Brazilian banks' 1Q17 indicated that credit quality continues to stabilize despite the weak operating environment. Net interest income is under pressure from the banks' loan repositioning and declining rates. 

Bradesco 4Q16: Provisions Weigh on Profitability

Earnings Note: 05 Feb 2017, 6:00 PM ET - Bradesco reported 4Q16 earnings which continue to be negatively impacted by provisions. Asset quality continues to deteriorate, but the company received some relief with regards to the delinquency rate in its large companies portfolio.

BdB & Bradesco 3Q16: Energy Provisions, HSBC Deal

Earnings Note: 13 Nov 2016, 11:46 PM ET - Banco do Brasil  and Banco Bradesco reported 3Q16 earnings that were up QoQ but down YoY.  Provisions continued to climb due to the weak macroeconomic environment and energy-related provisions. 

July 2016 Company Coverage Initiated

Company Coverage Initiated: 31 Jul 2016, 8:02 PM ET - Our monthly report provides executive summaries for the nineteen company on which we launched coverage in the US, Europe, and Asia during the month of July.

Bradesco: 2Q16, Resilient ROE Despite Provisions

Earnings Note: 31 Jul 2016, 7:53 PM ET - Bradesco's 2Q16 results reflected stable profitability (ROE of 17%) despite elevated provisions. Acquisition of HSBC Brasil closed on the first day of 3Q16. Bradesco ramped up contraction of its loan portfolio. 

Itau, Bradesco, & Banco do Brasil: Coverage Launch

Sector Analysis: 11 Jul 2016, 10:26 PM ET - In this note we launch coverage of three large Brazilian banks: Banco do Brasil, Itau Unibanco, and Banco Bradesco. We initiate with an Underperform for Banco do Brasil, Outperform for Itau Unibanco, and Market Perform for Bradesco. 

EM Spotlight: Taking a Closer Look at Brazil

Emerging Markets Spotlight: 20 Jun 2016, 11:12 PM ET - Brazilian Credit has had a roller-coaster ride over the past 12 months. In this piece we look at how sensitive the corporates are to the sovereign and how the slowdown has been hitting each of the sectors and corporates under our coverage.

Brazilian Banks: 1Q16 Review & Recent Developments

Sector Analysis: 09 Jun 2016, 6:00 AM ET - We review the Brazilian banks' 1Q16 performance amidst several economic and political headwinds. The banks remain solidly profitable due to increasing loan yields, despite a significant uptick in loan loss provisions.  

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