Banco Bradesco (BBDC4) Q3 2025 earnings summary

Executive summary

• Recurring net income reached R$6.2 billion in 3Q25, up 2.3% quarter-over-quarter and 18.8% year-over-year, with net income for 9M25 at R$17.4 billion, up 30.4% year-over-year.

• Profitability improved, with ROAE at 14.7% in 3Q25, up 2.3 p.p. year-over-year, and EPS of R$1.54 for common shares and R$1.70 for preferred shares.

• Revenues and client net interest income grew strongly, while operating expenses remained controlled.

• Delinquency rates were stable, with a reduction in the restructured portfolio and growth in the secured portfolio.

• Transformation and digital initiatives, including AI and technology investments, drove efficiency and competitiveness.

Financial highlights

• Total revenue for 3Q25 was R$35.0 billion, up 3.0% quarter-over-quarter and 13.1% year-over-year.

• Net interest income reached R$18.7 billion in 3Q25, up 3.7% quarter-over-quarter and 16.9% year-over-year; for 9M25, NII was R$54.9 billion.

• Fee and commission income totaled R$10.6 billion in 3Q25 and R$23.0 billion in 9M25, both showing year-over-year growth.

• Insurance, pension, and capitalization bond revenues were R$5.7 billion in 3Q25, with insurance net income at R$2.5 billion.

• Operating expenses were R$16.5 billion in 3Q25, up 3.7% quarter-over-quarter and 9.6% year-over-year.

Outlook and guidance

• 2025 guidance: expanded loan portfolio growth of 4% to 8%, NII net of provisions between R$37–41 billion, fee and commission income and operating expenses both expected to grow 5% to 9%, and insurance-related income to grow 9% to 13%.

• GDP growth for Brazil projected at 2.0% for 2025, with Selic rate cuts expected in early 2026.

• Economic activity is expected to moderate, with inflation slowing and global uncertainties persisting.