Profits soared 24 percent in the first quarter for Brazil's Bradesco as the nation's largest private-sector bank continued to benefit from an extended economic boom and droves of businesses and individuals took out loans.
Bradesco SA earned 2.1 billion reals ($1.2 billion) in the quarter that ended March 31, compared with 1.7 billion reals ($1 billion) during the same period a year ago.
On a per share basis, Bradesco earned 0.62 reals ($0.34) per share, up from 0.57 reals ($0.33) per share in the first quarter of 2007.
Revenue jumped 22 percent to 11.7 billion reals ($6.9 billion) in the first quarter, up from 9.6 billion ($5.6 billion).
The results were in line of the expectations of analysts who still see strong upside ahead for Brazil's economy and banking profits.
The nation's currency is strong, its exports of in-demand commodities are booming and its foreign debt is gone. The economy is growing at more than 5 percent a year and millions of people with new access to credit are buying homes and cars.
Bradesco's credit portfolio rose 39 percent to 169 billion reals ($99.4 billion).
Though Bradesco is Brazil's largest private sector bank, it is smaller than state-owned banks Banco do Brasil SA and Caixa Economica Federal.
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