SAO PAULO, April 27 (Reuters) - Banco Bradesco SA beat first-quarter profit estimates on Thursday as Brazil’s No. 3 listed bank cut loan-loss provisions by more than expected, offsetting large impairments and lackluster fee and interest income performance.
In a securities filing, Bradesco said net income excluding one-off items, commonly known as recurring profit, totaled 4.648 billion reais ($1.47 billion) last quarter, up 6 percent from the prior three months.
Analysts expected a consensus forecast of 4.391 billion reais for first-quarter recurring profit. Recurring return on equity came in at 18.3 percent, beating a 17.6 percent forecast.
$1 = 3.1722 reais Reporting by Guillermo Parra-Bernal; editing by Richard Lough