Oct 22, 2026 earnings call — Loan growth and NPL rise from guaranteed loans
Loan portfolio totaled BRL 1 trillion 150 billion, growing 11.1% year-over-year.
Revenue $7.0B (est $7.5B) · EPS $0.12 (est $0.13)
Analyst Q&A 9
interest rate sensitivity and accounting
Q (Guilherme Grespan): Analyst asked for an update on the bank's interest-rate exposure, how dynamic hedging and the insurance business affect the income statement, and the bank's sensitivity given Resolution 4966.
A: Management said sensitivity is dynamic and tied to Pillar 3 and ALM strategies. They noted the FGI/FGO composition is growing, the cost of credit is lower but still impacted by Resolution 4966, and the cure period up to 180, 185 days means the curve should decline by Q2 or Q3.
"The most important thing is that we see the evolution of our strategies, especially, with ALM, and everything has to do with the market account." — Cassiano Ricardo Scarpelli (CTO)
what if government loan programs shrink
Q (Antonio Hoefi · BofA): Analyst asked how the bank would react if FGI and FGO volumes are reduced next year — would growth slow, be replaced by other unsecured SME loans, or shift to collateralized SME loans — and whether any macroprudential measures for individuals are expected.
A: Management said FGI/FGO is one of the best government programs for micro, small and medium enterprises, offering longer-duration loans, lower rates and grace periods. If those resources disappear, the bank would seek alternatives and other revenue streams; on macroprudential measures they said they have not seen measures and do not expect hard measures from the Central Bank (their personal perception).
efficiency outlook and main drivers
Q (Beatriz Shinye): Analyst asked whether the OPEX improvement is sustainable and what the main drivers will be going forward.
A: Management deferred to the transformation office and said there are a number of projects under way. The transcript does not include a detailed, direct answer on specific efficiency targets or drivers.
investment banking (DCM) strategy
Q (Gustavo Schroden): Analyst asked why DCM has been weak, what distinguishes Bradesco's investment-banking strategy, and whether a fall in interest rates would materially improve results.
A: In this exchange management did not directly answer the question and instead deferred (they referred to the transformation office for a different question). No substantive reply about DCM strategy appears in this part of the transcript.
DCM dynamics and origination strategy
Q (Gustavo Schroden): Analyst asked again about the DCM slowdown, the bank's strategy and whether lower rates could boost investment-banking results.
A: Management said the team has done excellent work and the strategy is to stay close to clients and take a fair share, not necessarily lead the market. They explained they use short-duration transactions and operate an origination-for-distribution portfolio (OPB), which circulates and can cause quarter-to-quarter swings; a drop in rates does not automatically mean specific gains.
market NII sustainability
Q (Matheus Guimarães · XP): Analyst asked if the current strong market NII level is likely to be recurring and how management sees this line going forward.
A: Management said the treasury team is operating well and they expect recurrency in market NII, with a positive view for Q4 and beyond. They stated a specific figure: it will be around BRL 3 billion this year, and they expect 2027 to be promising.
retail transformation progress
Q (Eduardo Rosman): Analyst asked for an update on the retail-bank transformation: what has worked well and what has been challenging since the plan was designed.
A: Management said the client base grew this quarter and explained the Principal and Prime migrations: the last migration will complete in December and next year will focus on Prime, Business One and Business Two improvements. They reported concrete client counts and expected year-end numbers.
impact of faster Selic cut; NII inflection timing
Q (Eduardo Nishio): Analyst asked how the bank's lines would behave under an accelerated Selic cut and how NII (net of provisions) will evolve, including when an inflection point might occur.
A: Management said they have a slightly better expectation for Q4 on NII versus guidance but asked to wait and see. They did not give a precise timing for a full inflection point in NII net of provisions in this exchange.
client NII risk-adjusted and margin inflection
Q (Renato Meloni): Analyst asked whether client NII risk-adjusted will keep being pressured given mix shifts and cost of risk, what would allow margin growth next year, and when an inflection point might arrive.
A: The transcript does not contain a direct, substantive answer to this question. Management did not provide a clear response on the margin inflection point in the captured text.