Bradesco: 3 Key Takeaways for Long-Term Investors

On its third-quarter 2026 earnings call, held on Oct. 22, 2026, Bradesco (NYSE:BBD) announced a completed capital increase of 10 billion Brazilian reais alongside double-digit year-over-year loan growth. For long-term investors, the bank's shift toward collateralized credit and digital automation shows how management aims to defend profitability while controlling credit risk in a high interest rate environment.

Three takeaways from management's comments stand out.

1. Credit Growth Follows Selective Risk Appetite Across Segments

Bradesco expanded its loan book while steering capital away from unsecured personal loans toward payroll-deductible loans, where loan payments are automatically deducted from paychecks. Management targeted corporate borrowers and guaranteed credit lines to defend asset quality while maintaining overall top-line expansion.

The first conclusion is that we continue to have traction, but we have traction where we have risk appetite.
-- Marcelo Noronha, Chief Executive Officer

2. Government-Backed Loans Drive Non-Performing Claims But Limit Loss Exposure

Nonperforming loans, or loans with payments overdue by more than 90 days, rose due to loans backed by FGI and FGO, which are Brazilian government guarantee funds for small and medium enterprises. While these guaranteed programs increase delinquency metrics during credit expansion, sovereign collateral protects the bank from severe credit losses.

Where is this coming from? It is coming from FGI and FGO. FGI and FGO guarantees, but the expected loss here is lower because we have very good guarantees. Half of the growth is coming from here.
-- Marcelo Noronha, Chief Executive Officer

3. Artificial Intelligence and Agent Tools Support Operational Efficiency

By deploying artificial intelligence (AI), software that automates complex tasks, and remote agent tools, the bank increased its technology delivery capacity fourfold without adding staff. Digital workflows now handle 45 million remote clients, reducing branch administration costs across the service network.

We are using more agents. We are using AI, and more than that, we are improving all of the bank's processing capability because that benefits all our batch processing and our online.
-- Cassiano Ricardo Scarpelli, Chief Technology Officer

Looking Ahead

Revenue across core verticals is expanding, backed by corporate relationships and Bradesco Saúde, its health insurance subsidiary. Management is tracking credit costs while leaning on digital scale to protect margins.

More business in wholesale adds value to our organization. Secondly, operations with large corporates pull revenues in other areas.
-- André Carvalho, Head of Investor Relations

As credit conditions evolve, the bank plans to complete its digital transformation while maintaining strict underwriting standards.

We will continue to grow. We will grow liability, we will grow fee and commissions, and we will grow our loan portfolio where we do have a risk appetite, regardless of the macro landscape.
-- Marcelo Noronha, Chief Executive Officer

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