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Brazil Bradesco to book $1 bln profit from VisaNet

Tue Jun 30, 2009 6:46am EDT

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SAO PAULO, June 30 (Reuters) - Banco Bradesco (BBDC4.SA), Brazil's second-largest private bank, said on Tuesday that it would book about 2 billion reais ($1 billion) in pretax profit from the sale of a stake in credit card company VisaNet VNET3.SA.

Bradesco said in a regulatory filing that it would also set aside 1.3 billion reais for bad loans in the second quarter. Both items will affect second-quarter earnings, the Osasco, Brazil-based bank said.

Meanwhile, rival Banco do Brasil (BBAS3.SA) said it would receive 1.42 billion reais in pretax profit from the sale of a stake in VisaNet. The Brasilia-based lender will also provision 676 million reais for additional capital provisions in the second quarter, it said in a regulatory statement filed on Tuesday. (Reporting by Guillermo Parra-Bernal; Editing by Lisa Von Ahn)



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