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Brazil’s Bradesco beats profit estimates as provisions fall

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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.