The New York Times-20080129-Brazil- Bank-s Lending and Profit Rise- -Brief-

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Brazil: Bank's Lending and Profit Rise; [Brief]

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Banco Bradesco, the Brazilian bank, reported a 29 percent increase in fourth-quarter net income on higher lending and one-time gains. Net income climbed to 2.19 billion reais ($1.23 billion) from 1.7 billion reais a year earlier, Bradesco said. Recurring profit, similar to profit from continuing operations, advanced 14 percent to 1.85 billion reais from a year ago, it said. Bank lending in Brazil has increased every month since February 2004 as interest rates fell to record lows and employment rose. The total loan portfolio, including receivables from credit cards, grew 39 percent to 161.4 billion reais, from 116.2 billion in December 2006. Net income was helped by a one-time 227-million-reais gain from the sale of a stake in Bolsa de Mercadorias & Futuros, Latin America's largest derivatives market, and 178 million reais of profit from the sale of shares in Bovespa Holding, owner of Sao Paulo's stock exchange.