Banco Bradesco (BBDO) Q3 2026 Earnings Report

The call was broadly positive, characterized by double-digit loan and revenue growth, strong expansion in targeted secured and corporate portfolios, capital-strength improvement, resilient insurance and treasury contributions, and continued progress in digital transformation and efficiency. The main challenges were portfolio-mix pressure on NIM, higher credit costs and NPLs in specific portfolios, macroeconomic pressure, selected fee-income stagnation, and DCM market weakness. Management remained confident about fourth-quarter growth and the longer-term transformation plan.

Management said it will continue to grow NIM and that “in the fourth quarter, we'll see a higher NIM as well”; it expects “a higher” market in client NII in Q4 2026, while NII net of provisions has guidance of “BRL 42 billion-BRL 48 billion in the year,” is “in the lower range,” and has “a slightly better expectation for Q4 as regards our guidance.” Treasury is expected to be “around BRL 3 billion this year,” with “similar numbers in the fourth quarter,” and management said it is “still expecting about 40 points of efficiency” over “the next two to three years.” For FGI and FGO, management said the curve will “probably” decline “in the second quarter or in the third quarter,” while it will continue to grow its loan portfolio where it has risk appetite and “will continue to grow liability, we will grow fee and commissions.”