The filing confirms stable credit fundamentals and adequate capital for the preferred dividend. Monitor the evolution of credit costs and fee income growth in subsequent quarters to gauge the trajectory of NII Net of Provisions. The guidance implies a slight deceleration, but no immediate catalyst for the preferred shares.
Price Chart
Executive Summary
Bradesco filed its 2025 Reference Form (annual report) on Form 6-K, reporting net income of R$23.673 billion, ROAE of 13.7%, and a Basel ratio of 15.8%. Loan portfolio grew 9.9% to R$791.5 billion, with credit costs rising 7.7%. Guidance for 2026 forecasts NII Net of Provisions of R$42-48 billion, implying moderate growth but slower fee and insurance income expansion. For preferred shareholders, the filing is routine with no credit-material changes.
Key Facts
- Net income attributable to controlling shareholders: R$23.673 billion in 2025
- ROAE of 13.7% and ROAA of 1.1% for 2025
- Basel ratio of 15.8%, above regulatory requirement of 11.5%
- Expanded loan portfolio growth of 11.0% in 2025; guidance for 2026: 8.5%-10.5%
- Expected loss on loans and advances increased 7.7% to R$50.093 billion
- Guidance for 2026: NII Net of Provisions R$42-48 billion; fee income +3-5%; operating expenses +6-8%; insurance income +6-8%
Financial Impact
Routine annual report with no material unexpected items. Net income of R$23.673B, consistent with prior trends.
Risk Factors
- Higher-than-expected credit costs could pressure earnings coverage of preferred dividends
- Slower fee income growth may signal competitive pressures in banking services
- Regulatory changes in Brazil (tax reform, CSLL increase) may impact profitability
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 4 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001292814-26-003237 |
| Document: 0001292814-26-003237-index-headers.html | 0001292814-26-003237 |
| Document: 0001292814-26-003237-index.html | 0001292814-26-003237 |
| Document: 0001292814-26-003237.txt | 0001292814-26-003237 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | $2.97 $3.17 | ▲ +6.73% | ▲ +2.34% | $3.20 (+7.91%) |
May 29, 2026 18w ago | 6-K | $3.13 $3.20 | ▲ +2.36% | ▲ +1.18% | $3.20 (+2.52%) |
May 13, 2026 20w ago | 6-K | $3.16 $3.15 | ▼ −0.32% | ▼ −4.75% | $3.20 (+1.42%) |
May 7, 2026 21w ago | 6-K | $3.33 $3.28 | ▼ −1.50% | ▼ −5.33% | $3.20 (−3.75%) |
May 7, 2026 21w ago | 6-K | $3.33 $3.28 | ▲ +1.50% | ▲ +5.33% | $3.20 (+3.75%) |
May 7, 2026 21w ago | 6-K | $3.33 $3.28 | ▼ −1.50% | ▼ −5.33% | $3.20 (−3.75%) |
Apr 10, 2026 24w ago | 6-K | $3.68 $3.00 | ▼ −18.41% | ▼ −27.33% | $3.20 (−12.83%) |
Mar 30, 2026 26w ago | 6-K | $3.23 $2.98 | ▼ −7.83% | ▼ −20.21% | $3.20 (−0.87%) |
US Market Status
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