Solid operational performance with double-digit revenue and net income growth with improving efficiency, but NPLs creeping up slightly. The R$10 billion capital increase strengthens the balance sheet. Monitor next quarter for credit quality trends and cost of risk trajectory given the deteriorating macro environment noted by management.
Price Chart
Executive Summary
Bradesco reported 3Q26 results with recurring net income of R$7.1 billion (+14.6% y/y), total revenue of R$38.0 billion (+8.4% y/y), and net interest income of R$21.4 billion (+14.2% y/y). The loan portfolio grew 11.1% y/y to R$1,150 billion, while the NPL over 90 days ratio increased slightly to 4.6% (+0.3 p.p. q/q, +0.5 p.p. y/y). The company completed a R$10 billion capital increase, boosting capital ratios. Management maintained guidance for 2026: expanded loan portfolio growth of 8.5%-10.5%, NII net of provisions of R$42-R$48 billion, fee income growth of 3%-5%, and operating expense growth of 6%-8%.
Key Facts
- Recurring net income R$7.1 billion in 3Q26, +14.6% y/y and +0.8% q/q
- Total revenue R$38.0 billion, +8.4% y/y and +1.1% q/q
- Net interest income R$21.4 billion, +14.2% y/y and +2.4% q/q
- Expanded loan portfolio R$1,150 billion, +11.1% y/y and +1.1% q/q
- NPL over 90 days ratio 4.6%, +0.3 p.p. q/q and +0.5 p.p. y/y
- Expenses with expanded loan loss provisions R$10.6 billion, +24.3% y/y and +6.6% q/q
- Operating efficiency ratio 45.4%, -4.7 p.p. y/y and -1.1 p.p. q/q
- Completed R$10 billion capital increase; Basel total ratio 16.0%, Tier I 13.7%, Common Equity 12.1%
- Insurance Group ROAE 22.0% in 3Q26, net income R$2.9 billion (+14.1% y/y)
- Fee and commission income R$10.9 billion, +3.1% y/y and +4.2% q/q
- Personnel + administrative expenses R$13.1 billion, +1.8% y/y and +0.2% q/q
- 2026 guidance maintained: loan growth 8.5%-10.5%, NII net of provisions R$42-R$48 bn, fee income +3%-5%, operating expenses +6%-8%
Financial Impact
Recurring net income of R$7.1 billion, up 14.6% y/y; total revenue of R$38.0 billion, up 8.4% y/y; net interest income up 14.2% y/y; loan loss provisions up 24.3% y/y
Risk Factors
- Macroeconomic deterioration in Brazil with high interest rates and slowing economy
- NPL over 90 days ratio increasing to 4.6% with pressure on MSME working capital and rural loans
- Cost of risk increased to 3.7% from 3.7% in 3Q26
- Expenses with expanded loan loss provisions up 24.3% y/y
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-004994 |
| Document: 0001292814-26-004994-index-headers.html | 0001292814-26-004994 |
| Document: 0001292814-26-004994-index.html | 0001292814-26-004994 |
| Document: 0001292814-26-004994.txt | 0001292814-26-004994 |
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%) |
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