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Brazil's second largest private sector bank, Bradesco (NYSE: BBD), expects to grow its loan book by 15-19% this year, the bank's top management said.
Last year, Bradesco saw its lending grow 23% on the back of the country's booming economy, which expanded by 7.5%. Bradesco expects the economy to grow 3.8% this year.
The 2011 loan growth forecast is based on the expectation that the bank's lending to individuals will expand 13-17% and lending to companies 16-20%.
The bank reported recurring earnings of 2.74bn reais (US$1.75bn) in 1Q11, up 27.5% from 1Q10, on strong loan growth and stable asset quality.
The loan book amounted to 285bn reais at end-March, a 21% increase from 12 months prior and up 3.8% from three months ago.