Banco Bradesco, Brazil’s largest privately-owned bank,
reported third quarter net income of BRL1.910 billion ($892
million), up 3.2 percent on the same period last year.

The bank, which has 3,160 branches in Brazil and 52 million
customer accounts, has registered 40.8 percent growth in its loan
operations, increasing its market share to around 13.1 percent. Its
results also showed it had increased market share in its branch
network over the last 12 months, with a share of 17.4 percent, up
0.6 percentage points.

In an interview with RBI earlier this year (see RBI
597), a spokesman said its insurance and small and medium
business segments were seen as key areas of growth. Its most
profitable retail banking products have been its payroll deductable
loans, mortgages, auto-financing and leasing, credit cards and
insurance.

Banco Itaú, Bradesco’s main commercial rival in Brazil, reported
a quarterly profit of BRL1.8 billion. Both banks said they would
continue to take advantage of the current financial market turmoil
by buying up loan portfolios from rivals with less scale. There has
been some concern the Brazilian economy might be affected by
downgrades to the credit rating of its neighbour, Argentina.