Q3 FY2026
Filed Oct 23, 2026Filed under $BBDRecurring net income rose 14.6% year over year to R$7.1 bn as total revenue grew 8.4%, expenses remained controlled and credit risk costs increased.
Recurring net income, total revenue, fee income and market NII grew, while the cost-to-income ratio improved. The result was tempered by higher expanded loan-loss provisions, a 4.6% over-90-days delinquency ratio and management's cautious credit outlook.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total Revenue, 3Q26other | R$38B | 1.1% q/q | 8.4% y/y |
| Recurring Net Income, 3Q26other | R$7.11B | 0.8% | 14.6% |
| Book Net Income, 3Q26other | R$7.11B | 0.8% | 14.6% |
| Recurring Net Income, 9M26other | R$20.97B | – | 15.6% |
| Book Net Income, 9M26other | R$19.19B | – | 6.2% |
| Net Interest Income, 3Q26other | R$21.37B | 2.4% | 14.2% |
| Client NII, 3Q26other | R$20.50B | 1.5% | 10.1% |
| Market NII, 3Q26other | R$875M | 30.0% | – |
| Expenses with Expanded Loan Loss Provisions, 3Q26other | (R$10,642 million) | 6.6% | 24.3% |
| NII Net of Provisions, 3Q26other | R$10.73B | (1.4)% | 5.7% |
| Fee and Commission Income, 3Q26other | R$10.92B | 4.2% | 3.1% |
| Income from Insurance, Pension Plans and Capitalization Bonds, 3Q26other | R$5.59B | (8.6)% | (2.0)% |
| Operating Expenses, 3Q26other | (R$16,316 million) | (0.7)% | (1.0)% |
| Personnel + Administrative Expenses, 3Q26other | R$13.1B | 0.2% q/q | 1.8% y/y |
| Operating Income, 3Q26other | R$8.95B | 0.2% | 13.6% |
| Operating Efficiency Ratio, 3Q26other | 45.4% | (1.1) p.p. q/q | (4.7) p.p. y/y |
| ROAE, 3Q26other | 16.1% | – | – |
| ROAE excluding the capital increase, 3Q26other | 16.1% | – | – |
| Expanded Loan Portfolio, Sept26other | R$1.15T | 1.1% | 11.1% |
| Over 90 days ratio, 3Q26other | 4.6% | 0.3 p.p. q/q | 0.5 p.p. y/y |
| Total cost of risk, 3Q26other | 3.7% | – | – |
| Total Funds Raised and Managed, Sept26other | R$3.87T | 3.6% | 13.4% |
| Common Equity Ratio, Sept26other | 12.1% | – | – |
| Tier I Capital Ratio, Sept26other | 13.7% | – | – |
| Total Capital Ratio, Sept26other | 16.0% | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Individuals expanded loan portfolio, Sept26Vehicle financing increased 26.8% year over year and 5.8% quarter over quarter. | R$484.9B | 1.1% | 7.4% |
| Companies expanded loan portfolio, Sept26Growth was led by securities, rural loans, sureties and guarantees, and real estate financing. | R$664.7B | 1.2% | 14.1% |
| Bradesco Seguros net income, 3Q26Property & Casualty and Others net income increased 63.3% year over year, while Life and Pension Plans and Health also grew year over year. | R$2.89B | (1.9)% | 14.1% |
| Card Income, 3Q26The release cited the largest contribution from the High-Income segment. | R$4.83B | 7.5% | 4.5% |
| Asset Management fee income, 3Q26The release cited expansion of product offerings according to client needs and market opportunities. | R$1.07B | 8.6% | 6.6% |
| Consortia fee income, 3Q26The release cited increased sales in auto and real estate. | R$903M | 6.0% | 8.8% |
| Custody and Brokerage Services fee income, 3Q26Assets under custody increased 11.9% compared with Sept25. | R$582M | (5.7)% | 12.8% |
| Capital Market / Financial Advisory Services fee income, 3Q26The business advised on 126 operations totaling around R$117.3 billion in volume of transactions. | R$551M | 4.8% | 23.8% |
2026 outlook
- Operating expenses6% to 8%
- NoteExpanded Loan Portfolio: 8.5% to 10.5%
- NoteNII Net of Provisions (Net Interest Income - Expanded Loan Loss Provisions): R$42 bn to R$48 bn
- NoteFee and Commission Income: 3% to 5%
- NoteIncome from Insurance, Pension Plans and Capitalization Bonds: 6% to 8%
Capital returns
- R$4.1 billion in interest on capital allocated to shareholders in 3Q26.
- R$10 billion capital increase completed.
What drove it
- Market NII grew 30.0% quarter over quarter to R$875 million, supported by ALM efficiency and treasury-desk performance.
- Client NII increased 1.5% quarter over quarter, supported by higher average portfolio volume and the calendar effect.
- Fee and commission income rose 4.2% quarter over quarter, led by card fees, asset management, consortia and capital-market and financial-advisory services.
- Operating expenses declined 0.7% quarter over quarter and 1.0% year over year despite transformation investments.
- The secured loan portfolio reached 61.2%, with growth of 1.7 p.p. in the last 12 months.
- Insurance Group ROAE was 22.0% in 3Q26.
Concerns
- Expenses with expanded loan-loss provisions increased 6.6% quarter over quarter and 24.3% year over year to R$10,642 million.
- The over-90-days ratio reached 4.6%, increasing 0.3 p.p. quarter over quarter and 0.5 p.p. year over year.
- Management cited increased delinquencies in MSME working-capital loans backed by Federal Government guarantees, seasonal delays in John Deere Bank operations and pressure on retail operations.
- Client NII net of provisions declined 3.5% quarter over quarter and 2.0% year over year to R$9,855 million.
- Income from Insurance, Pension Plans and Capitalization Bonds declined 8.6% quarter over quarter and 2.0% year over year to R$5,590 million.
- Management stated that the macroeconomic environment continues to deteriorate, interest rates remain high, the economy is slowing and financial conditions are tight.
What to watch
- Whether loan growth remains within the 2026 Expanded Loan Portfolio guidance range of 8.5% to 10.5%.
- NII net of provisions relative to 2026 guidance of R$42 bn to R$48 bn as loan-loss provisions and delinquency trends evolve.
- The over-90-days ratio, Stage 3 coverage and the performance of MSME government-guaranteed working-capital loans.
- Delivery of 2026 fee and commission income guidance of 3% to 5% and operating-expense guidance of 6% to 8%.
- Sustainability of market NII performance from client market-risk desks and ALM.
- Capital ratios following the completed R$10 billion capital increase.
Balance sheet and cash flow
- Total Funds Raised and Managed: R$3,873,844 million in Sept26, up 3.6% quarter over quarter and 13.4% year over year.
- Funds raised: R$2,298,911 million in Sept26, up 3.4% quarter over quarter and 12.6% year over year.
- Funds and Managed Portfolios: R$1,574,933 million in Sept26, up 4.0% quarter over quarter and 14.5% year over year.
- Total Funding: R$1,199,940 million in Sept26, up 1.1% quarter over quarter and 13.6% year over year.
- Expanded Loan Portfolio excluding sureties and guarantees: R$1,011,231 million in Sept26, up 0.7% quarter over quarter and 10.5% year over year.
- B / A: 84.3% in Sept26, versus 84.6% in June26 and 86.6% in Sept25.
- Regulatory Capital: R$194,300 million in Sept26.
- Risk-Weighted Assets: R$1,216,972 million in Sept26.
Analysis
Bradesco reported a solid third quarter, with recurring net income of R$7,109 million, up 14.6% year over year and 0.8% quarter over quarter. Total revenue was R$38.0 bn, increasing 8.4% year over year and 1.1% quarter over quarter. Net interest income rose 14.2% year over year to R$21,372 million, while fee and commission income advanced 3.1% year over year to R$10,924 million. The operating efficiency ratio improved to 45.4%, down 4.7 p.p. year over year and 1.1 p.p. quarter over quarter.
Revenue mix favored market-sensitive and fee businesses. Market NII rose 30.0% quarter over quarter to R$875 million, while client NII increased 1.5% to R$20,497 million. Card income reached R$4,830 million and asset-management fee income reached R$1,069 million. Insurance remained a meaningful earnings contributor, with Insurance Group net income of R$2,889 million and ROAE of 22.0%, although consolidated income from insurance, pension plans and capitalization bonds declined to R$5,590 million from both the prior quarter and prior year.
Credit growth remained moderate and concentrated in secured and corporate-related products. The expanded loan portfolio totaled R$1,149,547 million, up 11.1% year over year and 1.1% quarter over quarter. The secured portfolio reached 61.2%. Companies lending rose 14.1% year over year, compared with 7.4% for individuals. However, credit costs rose as expenses with expanded loan-loss provisions reached R$10,642 million, up 24.3% year over year, and the over-90-days ratio increased to 4.6%.
Cost discipline and capital actions supported the period. Operating expenses fell 1.0% year over year to R$16,316 million despite investments in technology and the transformation plan. The bank allocated R$4.1 billion in interest on capital to shareholders and completed its R$10 billion capital increase. The Common Equity Ratio increased to 12.1%, Tier I Capital Ratio to 13.7% and Total Capital Ratio to 16.0%. Management retained its 2026 guidance, including 8.5% to 10.5% expanded loan-portfolio growth, R$42 bn to R$48 bn of NII net of provisions, and 6% to 8% operating-expense growth.
Not in the filing
stated, not guessed- Period-end date
- GAAP or IFRS accounting basis explicitly stated in the filing text
- GAAP EPS and non-GAAP EPS
- Gross margin
- Operating cash flow
- Free cash flow
- Cash balance
- Total debt balance
- Dividend declaration or payment
- Previous-release outlook for comparison
- Named executive earnings quotes
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.