Watch for continued pressure on NPLs in the MSME segment and working capital lines backed by Federal Government guarantees, which accounted for almost half of the delinquency increase. Monitor the impact of the deteriorating macro environment on credit quality and the pace of the transformation plan.
Price Chart
Executive Summary
Bradesco reported 3Q26 recurring net income of R$7.1 billion, up 14.6% YoY, driven by 8.4% total revenue growth and tight expense control. The loan portfolio grew 11.1% YoY with a moderate risk appetite, while NPLs over 90 days ticked up to 4.6%. The bank completed a R$10 billion capital increase, strengthening capital ratios well above regulatory minimums. The macro environment remains challenging with high interest rates and slowing economic activity.
Key Facts
- Recurring net income of R$7,109 million in 3Q26, up 14.6% YoY
- Total revenue of R$38,039 million, up 8.4% YoY
- Expanded loan portfolio of R$1,149,547 million, up 11.1% YoY
- NPL over 90 days ratio of 4.6%, up 0.3 p.p. QoQ and 0.5 p.p. YoY
- Operating efficiency ratio of 45.4%, down 4.7 p.p. YoY
- R$10 billion capital increase completed
- ROAE of 16.1% (excluding capital increase) or 15.8% (including capital increase)
- Insurance Group net income of R$2,889 million, up 14.1% YoY
- Fee and commission income of R$10,924 million, up 3.1% YoY
- Expenses with expanded loan loss provisions of R$10,642 million, up 24.3% YoY
- Total funds raised and managed of R$3,873,844 million, up 13.4% YoY
- Market capitalization of R$183,912 million as of Sept 26
Financial Impact
Recurring net income increased 14.6% YoY to R$7.1 billion, driven by 8.4% revenue growth and controlled expenses. Loan portfolio grew 11.1% YoY with NPLs up 0.3 p.p. Capital increase of R$10 billion strengthened capital ratios.
Risk Factors
- Deteriorating macroeconomic environment with high interest rates and slowing economy
- Rising NPLs, particularly in MSME working capital lines backed by Federal Government guarantees
- Cost of risk increased slightly due to reassessment of older vintages
- Coverage of Stage 3 movements stood slightly below 100%
- Slowdown in credit-related revenues expected due to cautious credit mix
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-004992 |
| Document: 0001292814-26-004992-index-headers.html | 0001292814-26-004992 |
| Document: 0001292814-26-004992-index.html | 0001292814-26-004992 |
| Document: 0001292814-26-004992.txt | 0001292814-26-004992 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 6-K | $4.07 | awaiting T+20 | — | $2.93 (−28.01%) |
Oct 23, 2026 3d ago | 6-K | $4.07 | awaiting T+20 | — | $2.93 (−28.01%) |
Oct 23, 2026 3d ago | 6-K | $4.07 | awaiting T+20 | — | $2.93 (−28.01%) |
Oct 22, 2026 4d ago | 6-K | $4.07 | awaiting T+20 | — | $2.93 (−28.01%) |
Oct 15, 2026 11d ago | 6-K | $4.03 | awaiting T+20 | — | $2.93 (−27.30%) |
Oct 15, 2026 11d ago | Insider Cluster | $4.03 | awaiting T+20 | — | $2.93 (−27.30%) |
Oct 13, 2026 13d ago | 6-K | $4.14 | awaiting T+20 | — | $2.93 (−29.23%) |
Oct 8, 2026 18d ago | 6-K | $4.22 | awaiting T+20 | — | $2.93 (−30.64%) |
Oct 5, 2026 21d ago | Insider Cluster | $4.25 | awaiting T+20 | — | $2.93 (−31.12%) |
Oct 5, 2026 21d ago | Insider Cluster | $4.25 | awaiting T+20 | — | $2.93 (−31.12%) |
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.
Create a free account Live analysis, Telegram alerts, watchlists and the MCP server for subscribers