The consistent earnings improvement, strong revenue growth, and announced capital increase (up to R$10B) are positive signals. However, the slight uptick in NPLs and elevated cost of risk warrant monitoring. The capital increase, with controlling shareholders committing R$8B, is a strong vote of confidence. Traders should watch for the execution of the capital increase and any further deterioration in asset quality indicators, especially in the MSME segment.
Price Chart
Executive Summary
Bradesco reported 2Q26 recurring net income of R$7.05 billion, up 16.2% YoY and 3.5% QoQ, marking the tenth consecutive quarter of improvement. Total revenue rose 10.3% YoY to R$37.6 billion, driven by resilient net interest income (+15.7% YoY) and strong insurance results (+8.3% YoY). The expanded loan portfolio grew 11.6% YoY to R$1.137 trillion, with a focus on secured lending. However, the NPL 90+ ratio ticked up slightly to 4.3%, and the cost of risk increased. The Board also approved a capital increase of up to R$10 billion, with controlling shareholders committing to subscribe at least R$8 billion, signaling confidence in the transformation plan. The cross-filing context (20-F annual report) provides a baseline for comparison, and the actuarial verdicts confirm the 6K-annual-context and 6K-offering-context amplifiers are statistically significant, supporting a slightly elevated impact score for this combined filing batch.
Key Facts
- Recurring net income of R$7.05 billion in 2Q26, up 16.2% YoY and 3.5% QoQ.
- Total revenue of R$37.6 billion, up 10.3% YoY.
- Net interest income of R$20.9 billion, up 15.7% YoY.
- Expanded loan portfolio of R$1.137 trillion, up 11.6% YoY.
- NPL 90+ ratio of 4.3%, up 0.1 p.p. QoQ and 0.2 p.p. YoY.
- Insurance group recurring net income of R$2.9 billion, up 28.3% YoY.
- Board approved a capital increase of up to R$10 billion, with controlling shareholders committing to subscribe at least R$8 billion.
- ROAE of 16.2% for 2Q26, up from 14.6% in 2Q25.
- Operating efficiency ratio improved to 46.5% from 49.9% a year ago.
- Tier I capital ratio of 12.8% and Basel ratio of 15.5%.
Financial Impact
Recurring net income of R$7.05 billion in 2Q26, up 16.2% YoY. Revenue growth of 10.3% YoY. Loan portfolio growth of 11.6% YoY. Capital increase of up to R$10 billion announced.
Risk Factors
- Slight increase in NPL 90+ ratio to 4.3%, particularly in the MSME segment.
- Elevated cost of risk at 3.5% of the expanded loan portfolio.
- Macroeconomic headwinds in Brazil, including high interest rates (Selic at 14.25%) and moderating GDP growth.
- Execution risk related to the R$10 billion capital increase and the ongoing transformation plan.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (BBD) — Batch item 1 | 0001292814-26-004103 |
| Document: 0001292814-26-004103-index-headers.html | 0001292814-26-004101 |
| Document: 0001292814-26-004103-index.html | 0001292814-26-004099 |
| Document: 0001292814-26-004103.txt | 0001292814-26-004103 |
| 6-K Filing (BBD) — Batch item 5 | 0001292814-26-004101 |
| 6-K Filing (BBD) — Batch item 6 | 0001292814-26-004099 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 11, 2026 20d ago | Insider Cluster | $3.54 $3.52 | ▼ −0.56% | ▼ −0.67% | $3.65 (+3.11%) |
Sep 11, 2026 20d ago | Insider Cluster | $3.54 $3.52 | ▼ −0.56% | ▼ −0.67% | $3.65 (+3.11%) |
Sep 9, 2026 23d ago | Insider Cluster | $3.43 $3.50 | ▲ +2.04% | ▲ +3.14% | $3.65 (+6.41%) |
Aug 18, 2026 6w ago | Institutional Cluster | $3.04 $3.25 | ▲ +6.91% | ▲ +7.11% | $3.65 (+20.07%) |
Aug 6, 2026 8w ago | 6-K | $3.41 $3.15 | ▼ −7.62% | ▼ −8.84% | $3.65 (+7.04%) |
Jul 13, 2026 11w ago | 6-K | $3.61 $3.54 | ▼ −1.94% | ▼ −1.15% | $3.65 (+1.11%) |
Jun 11, 2026 16w ago | 6-K | $3.44 $3.43 | ▼ −0.29% | ▼ −0.72% | $3.65 (+6.10%) |
Jun 3, 2026 17w ago | Insider Cluster | $3.39 $3.30 | ▼ −2.54% | ▲ +1.28% | $3.65 (+7.80%) |
US Market Status
Subscribe to SecBot
Get Real-Time SEC Filing Intelligence
Comprehensive SEC filing analysis delivered the moment filings hit EDGAR. Sentiment scoring, impact analysis, and actionable insights for every material event.
Try SecBot Free Coming soon: SecBot Pro with alerts, watchlists, and API access