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BID - Dampened profit growth due to provision expense surge - Earnings Flash

BID’s Q3 financial statement continued to show the heavy burden of provision expense on the bottom line. 9M PBT reached 76.9% of our forecast, but provision expense is trailing our forecast at 73.3%. With the expectation that BID will increase provisioning in Q4 to meet the compulsory provision for VAMC bonds, we view that 9M results are in line with our forecasts and would like to reiterate a MARKETPERFORM rating for BID.