Oct 22, 2026 earnings call — Loan growth, portfolio quality and transformation update
Completed capital increase of BRL 10 billion.
Revenue $89.7B (est $37.8B) · EPS $0.12
Key quotes
"We didn't have any one-off events. This is an ongoing process we have been working on since 2024. So this has translated into structural improvements, and the footprint is one."
Analyst Q&A 8
Interest-rate sensitivity
Q (Guilherme Grespan): He asked how the bank is exposed to interest-rate moves and which items hit the income statement, given dynamic hedging and insurance results.
A: Management said the sensitivity comes from Pillar 3 and that exposure is very dynamic. They said the treasury and ALM teams use market strategies to minimize or maximize moves and that the position floats around BRL 900-BRL 1 million.
"As we have been saying, our sensitivity is from Pillar 3, I would say." — Cassiano Ricardo Scarpelli (CTO)
If FGI/FGO volume falls
Q (Antonio Hoefi · BofA): He asked what Bradesco would do if FGI and FGO volume is reduced — would growth slow, be replaced by other unsecured or collateralized SME loans — and whether any macroprudential measures for individuals are expected.
A: Management said FGI/FGO is a very good government program for SMEs and that if those resources vanish they will look for alternative revenue streams. They said the portfolio is relationship-driven and long duration, and on macroprudential measures they said they have not seen any and do not expect hard measures.
Efficiency and OPEX outlook
Q (Beatriz Shinye): She asked whether the OPEX improvement this quarter is sustainable and what the main drivers will be going forward.
A: Management did not give detailed drivers in this answer. They said they would let the person in charge of the transformation office answer because there are many projects in progress.
Investment banking / DCM strategy
Q (Gustavo Schroden): He asked why Bradesco's DCM and investment banking dynamics differ from peers and whether a fall in rates would boost results.
A: Management said the team has done excellent work and the strategy is to be close to clients and take a fair share, not necessarily to lead the market. They also said DCM is sluggish now but could leap depending on market conditions, and that many wholesale transactions are short or for distribution so quarter-to-quarter results can swing.
Market NII outlook
Q (Gustavo Schroden · XP): He asked whether the strong market NII seen year-to-date is likely to recur and how management sees that line going forward.
A: Management said the treasury is well organized and the team has delivered good results, so they expect positive results and recurrence in market NII. They said they expect similar numbers in the fourth quarter and that their treasury strategy positions them well.
Retail transformation update
Q (Matheus Guimarães): He asked for an update on the retail bank transformation: what has worked, what has been challenging, and progress on client migrations and segments like Prime.
A: Management said client base grew and that they worked on client life cycle and migrations between digital retail, Prime, and Principal. They said the final migration will complete in December, Prime will get a new value proposition and front end, they ended the quarter with 4.5 million clients and expect around 4.6 million by year end, and they expect Prime to pick up after deployment.
Selic cut and NII net of provisions
Q (Eduardo Rosman): He asked how the bank would behave under an accelerated Selic reduction and asked when NII net of provisions will inflect, given client NII rising but NII net of provisions falling.
A: Management did not give a detailed scenario answer in this excerpt. They said another executive (André) was correct and that, looking at NII, they have a slightly better expectation for Q4 guidance but told listeners to wait and see; they did not provide a timing for an inflection point in NII net of provisions in this reply.
Client NII margin outlook
Q (Eduardo Nishio): He asked about client NII risk-adjusted, whether margins will be pressured next year given lower spreads and reasonable cost of risk, and what would drive an inflection point.
A: Management did not answer this question directly in the transcript. The only management comment in the same exchange was a short note that they have a slightly better expectation for Q4 NII guidance and that they prefer to wait and see; no concrete drivers or timing for a margin inflection were provided.