Business Context and Reporting Period
Company: Banco Bradesco S.A. (Bank Bradesco)
Filing Type: Form 6-K (Report of Foreign Private Issuer)
Reporting Period: Six months ended June 30, 2026 (1H26)
Accounting Standards: International Financial Reporting Standards (IFRS)
Bradesco reported consolidated financial results for the first half of 2026 against a backdrop of moderate Brazilian economic activity. The Central Bank of Brazil maintained the Selic rate at 14.25% at the end of the period. The bank highlighted the consummation of the incorporation of Bradesco Gestão de Saúde S.A. (BGS) into Bradsaúde S.A., resulting in a 91.35% ownership stake. The organization continues to drive its "AI Empowered Banking" strategy, with over 800 AI use cases deployed.
Key Financial Metrics
| Metric (R$ thousands) | Six Months Ended June 30, 2026 | Six Months Ended June 30, 2025 |
|---|---|---|
| Net Income (Consolidated) | 12,476,353 | 11,814,927 |
| Net Income (Attributable to Parent) | 12,317,787 | 11,671,550 |
| Net Interest Income | 37,700,845 | 38,854,127 |
| Net Fee and Commission Income | 15,789,954 | 15,034,068 |
| Insurance Services Result | 6,166,157 | 5,943,538 |
| Expected Credit Losses (Loans) | (15,776,105) | (15,147,784) |
| Total Assets | 2,468,826,550 | 2,330,327,216 |
| Shareholders' Equity (Parent) | 181,281,460 | 178,415,153 |
| Book Value Per Share (Common) | R$17.15 | N/A |
| Earnings Per Share (Common) | R$1.11 | R$1.05 |
| Earnings Per Share (Preferred) | R$1.22 | R$1.16 |
Balance Sheet Highlights (June 30, 2026 vs. June 30, 2025)
- Total Deposits: R$782.5 billion (+21.9%)
- Securities Portfolio: R$961.1 billion (+18.9%)
- Expanded Loan Portfolio: R$1,136.6 billion (+11.6%)
- Allowance for Expanded Loans: R$58.1 billion (+2.5%)
- Tier I Capital Ratio: 12.8%
Material Changes vs. Prior Period
- Profitability Growth: Net income attributable to shareholders increased by approximately 5.6% year-over-year, driven by growth in fee income and insurance results, partially offset by a decline in net interest income.
- Deposit Mix Shift: While total deposits grew significantly, demand deposits ("À Vista") decreased by 26.2% and savings accounts ("Poupança") decreased by 3.1%, while time deposits ("A Prazo") increased by 8.8%.
- Loan Portfolio Expansion: The loan portfolio grew 11.6%, with corporate loans growing faster (14.1%) than individual loans (8.4%).
- Corporate Restructuring: The bank completed the incorporation of BGS into Bradsaúde, consolidating its healthcare segment under a single entity.
Guidance, Outlook, and Risks
Management Commentary: Management emphasized the resilience of the labor market and the success of the AI Empowered Banking strategy, which reduced development lead times by 48% compared to 2024. The bank projects GDP growth of 2.0% for 2026, lower than the 2.3% observed in 2025.
Capital and Dividends:
- The Board approved a capital increase of up to R$10 billion, with controlling shareholders committing to a minimum of R$8 billion.
- Interest on Shareholders' Equity (JCP) for the first half of 2026 was approved at R$3.5 billion (R$0.315 per common share).
- A supplementary JCP payment of R$6.5 billion was approved for September 2026 to facilitate the capital increase subscription.
Risks and Contingencies:
- Legal Provisions: The bank maintains provisions for labor (R$4.4 billion), civil (R$7.0 billion), and tax (R$5.9 billion) lawsuits. Contingent liabilities classified as possible losses total R$51.8 billion, primarily related to tax proceedings.
- Macroeconomic Risks: Risks include inflationary pressures from the Middle East conflict, climate factors, and the conduct of monetary policy in the US and Europe.
- Tax Reform: The implementation of the new Consumption Tax (IBS/CBS) is ongoing, with rates for financial services set to increase progressively from 2027. The bank states it cannot yet reliably estimate the full impact.
Investor Verification Checklist
- Capital Increase Execution: Verify the final subscription amount and timing of the R$10 billion capital increase approved in July 2026.
- Healthcare Segment Integration: Monitor the operational and financial synergies resulting from the Bradsaúde consolidation.
- Tax Reform Impact: Track regulatory updates regarding the IBS/CBS tax reform and its specific impact on Bradesco's fee income and net margins starting in 2027.
- Credit Quality: Review the evolution of the allowance for expected credit losses (ECL) given the high interest rate environment and economic moderation.
- Dividend Policy: Confirm the payment schedule for the approved R$3.5 billion JCP and the supplementary R$6.5 billion payment.