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SAO PAULO, Feb 10 (Reuters) - Shares in Brazil's Banco Bradesco SA (BBDC4.SA) fell to their lowest level in almost two years on Friday after the bank reported fourth-quarter net income equivalent to less than half that of analysts' estimates. Bradesco reported a 75% drop in net income and sharply increased its provisions for loan losses to around $3 billion. The bank's preferred shares were down 6.6% in early trading in Sao Paulo to 12.89 reais, paring losses that reached 8.7% after the open. Bradesco set aside 4.9 billion reais in provisions in the fourth quarter to cover its loans to retailer Americanas SA (AMER3.SA), which has asked for bankruptcy protection. Reporting by Aluisio Alves, writing by Tatiana Bautzer; editing by Jason Neely and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Americanas accounting scandal was a 'fraud,' says CEO of Brazil's Itau
▼ + stars: | 2023-02-08 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Feb 8 (Reuters) - The chief executive of Brazil's biggest private lender Itau Unibanco (ITUB4.SA) said on Wednesday that the accounting inconsistencies that led retailer Americanas SA (AMER3.SA) to request bankruptcy protection represent a case of 'fraud'. Milton Maluhy Filho's remarks came after Itau, which had a multi-million-dollar exposure to Americanas, had to set aside more cash for bad loans in the fourth quarter. Maluhy added that Itau has not identified any case similar to that of Americanas, which reported around $8 billion in debt after disclosing "inconsistencies" in its accounting. Reporting by Aluisio Alves; Editing by Steven GrattanOur Standards: The Thomson Reuters Trust Principles.

☆ Large Brazilian banks may set aside around $890 mln for Americanas losses in Q4
▼ + stars: | 2023-02-01 | by ( Aluisio Alves | ) www.reuters.com time to read: +1 min

SAO PAULO, Feb 1 (Reuters) - Brazilian banks may start setting aside provisions for losses with retailer Americanas already in the fourth quarter of 2022, analysts say. Banks such as BTG Pactual , Bradesco (BBDC4.SA), Santander Brasil , Itaú Unibanco Holding (ITUB4.SA) and Banco do Brasil (BBAS3.SA) have around 15 billion reais in loans with Americanas, according to analyst reports. Analysts estimate the banks may provision around 30% of their loans in the fourth quarter, which would be equivalent to 4.5 billion reais ($890 million), even with bankruptcy protection taking place in January, as a precautionary measure allowed by the Brazilian central bank. The first Brazilian bank to release fourth quarter earnings, on Thursday, is Banco Santander Brasil. ($1 = 5.0544 reais)Reporting by Aluisio Alves; Writing by Tatiana Bautzerd; Editing by Jonathan OatisOur Standards: The Thomson Reuters Trust Principles.

SAO PAULO, Jan 12 (Reuters) - Shares in Brazilian retailer Americanas SA (AMER3.SA) fell more than 75% on Thursday after its chief executive officer resigned citing the discovery of "accounting inconsistencies" totaling 20 billion reais ($3.9 billion). Rial attributed the inconsistencies to differences in accounting for the financial cost of bank loans and debt with suppliers. The outgoing CEO said Americanas would likely need a capital increase, though noted he didn't expect a short-term impact from the inconsistencies on its cash position. Analysts at Santander and JPMorgan, who rated Americanas "Neutral" and "Underweight" respectively, also forecast a major negative reaction to the news. PwC, Americanas' auditor, declined to comment on the accounting inconsistencies referred to by Rial.

☆ Buffett-backed Nubank's revenue surges on robust customer growth
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

Nov 14 (Reuters) - Nu Holdings Ltd (NUN.MX) posted a near three-fold jump in third-quarter revenue on Monday, as the Warren Buffett-backed digital banking firm saw rapid customer growth in its key domestic Latin American market. "Our customer base grew to over 70 million with a record high activity rate of 82%," said founder and Chief Executive David Vélez in a statement. Total revenue of the company, popularly known as Nubank, surged 171% to a record $1.3 billion on a FX-neutral basis for the quarter ended Sept 30. On a FX-neutral basis, gross profit climbed 90% to a record high of $427 million in the reported quarter. Nubank's customers grew by 5.1 million in the quarter, or 46%, over last year, to 70.4 million in Brazil, Mexico and Colombia.

☆ Brazil's Rumo profit soars on higher volumes, tariffs
▼ + stars: | 2022-11-11 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Nov 10 (Reuters) - Brazilian railroad operator Rumo SA (RAIL3.SA) reported on Thursday a six-fold jump in third-quarter profit, benefiting mainly from higher agribusiness cargo volumes in Brazil's Midwest plus higher tariffs. Rumo's net profit came in at 309 million reais, compared to gains of 51 million reais during the same period a year ago. Net revenues meanwhile totaled 2.95 billion reais, up by half versus the same three-month period last year, reflecting a nearly 24% rise in the volumes it transported, especially corn, and a 23% increase in tariffs. "Price dynamics for the second half of the year remain more favorable and freight prices showed an important correction throughout 2022," Rumo said in its quarterly report. Reporting by Aluisio AlvesOur Standards: The Thomson Reuters Trust Principles.

☆ Latam's MercadoLibre's net profit rises 36%, fueled by fintech
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +2 min

SAO PAULO, Nov 3 (Reuters) - South American e-commerce giant MercadoLibre Inc (MELI.O) on Thursday reported a third-quarter net income up 36% from a year earlier, as it nearly doubled its fintech revenues, helping offset a relative slowdown in online shopping. The Argentina-based company, which operates in countries across Latin America, posted a quarterly net income of $129 million. The company's loan portfolio meanwhile reached $2.8 billion in the quarter, up 4% from the previous quarter, as it expanded its credit business. Over the quarter MercadoLibre said it added 4 million new users, bringing its active use base up 12% to 88 million. This helped net revenues leap 61% in constant currency (45% in dollars) to reach $2.7 billion - in line with Refinitiv estimates.

☆ Brazil's Assai posts 47.8% drop in Q3 net profit
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: 1 min

SAO PAULO, Oct 20 (Reuters) - Brazilian cash-and-carry chain Assai (ASAI3.SA) reported a 47.8% decrease in third-quarter net profit, compared to the same period last year, to reach 281 million reais ($53.85 million), the company said on Thursday. Net revenue grew 29.2% to total 13.8 billion reais during the three-month period ending in September. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) rose 20.6% to 1.01 billion reais. ($1 = 5.2180 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Aluisio AlvesOur Standards: The Thomson Reuters Trust Principles.

☆ JPMorgan-backed digital bank C6 to open Brazil branch network
▼ + stars: | 2022-10-19 | by ( Aluisio Alves | ) www.reuters.com time to read: +2 min

SÃO PAULO, Oct 19 (Reuters) - Brazilian lender C6 Bank is set to open its first five brick-and-mortar branches in the country in the next few weeks, an executive has revealed, enhancing the competition between the JPMorgan-backed digital bank and large retail lenders for high income clients in Latin America's largest economy. Similar units in Brazilian large cap lenders include Banco Bradesco SA's Prime (BBDC4.SA) and Banco Santander Brasil SA's Van Gogh . With the physical branches initiative, C6 aims to increase its share in the high income market, which it expects to cover some 5 million people in the country. In 2021, the purchase of a 40% stake in C6 marked JPMorgan Chase & Co's (JPM.N) debut in Brazil's retail banking. C6 was founded by former partners at Banco BTG Pactual SA , Latin America's largest independent investment bank.

☆ Mercadolibre, Brazilian airline Gol announce logistics partnership
▼ + stars: | 2022-04-19 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn aircraft of Gol Linhas Aereas Inteligentes SA prepares to depart from Congonhas airport in Sao Paulo, Brazil September 11, 2017. REUTERS/Paulo Whitaker/File PhotoSAO PAULO, April 19 (Reuters) - Mercadolibre Inc (MELI.O) and Brazilian airline Gol Linhas Aereas Inteligentes SA (GOLL4.SA) on Tuesday announced a 10-year logistics partnership for cargo transportation in the South American country. Register now for FREE unlimited access to Reuters.com RegisterWith the deal, Gol said it expects its logistics unit GOLLOG to add 100 million reais ($21.43 million) in revenue in 2022 and 1 billion reais over a five-year period. The airline also said it will save about 25 million reais in 2022 and 75 million reais in 2023 thanks to the partnership, as it updates its aircraft fleet. ($1 = 4.6654 reais)Register now for FREE unlimited access to Reuters.com RegisterReporting by Aluisio Alves; writing by Gabriel Araujo; editing by Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

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