Banco Bradesco S.A. Q3 2026 Earnings Recap

Bradesco shares fell 2.4% after earnings, a roughly flat reaction that suggests investors saw a mixed picture rather than a clear catalyst. Loan growth and revenue sources were positive, but the 90-day NPL ratio rose to 4.6%, with management attributing about half of the quarterly increase to guaranteed SME lending.

Key Takeaways

• The loan portfolio reached BRL 1.15 trillion, up 11.1% year over year and 1.1% quarter over quarter; growth was 14.1% in companies and 7.4% in individuals.
• Growth was concentrated in selected products: private payroll loans rose 102% year over year, vehicle lending nearly 27%, and real estate lending 15.2%. Bradesco said it was reducing unsecured personal loans and unsecured SME working capital.
• Management said portfolio mix—particularly growth of more than BRL 50 billion in large corporates—held down NIM; without that growth, it estimated NIM would have been 9.3% rather than 9%.
• The over-90-day NPL ratio increased from 4.3% to 4.6% quarter over quarter. Management said roughly half of the increase came from FGI/FGO-guaranteed lending, where it expects lower losses than on unsecured personal loans.
• Bradesco completed a BRL 10 billion capital increase.