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Banco Bradesco delivered its ninth consecutive quarter of recurring net income growth, with R$6.8 billion in Q1 2026 representing a 16.1% year-over-year increase and ROAE expanding to 15.8%. Total revenues surged 14.0% year-over-year to R$36.9 billion, driven by broad-based NII, fee income, and insurance strength.
Performance Highlights
Banco Bradesco reported recurring net income of R$6.8 billion in Q1 2026, up 16.1% year-over-year and 4.5% quarter-over-quarter, with consolidated ROAE reaching 15.8% — a 1.4 p.p. improvement versus Q1 2025. Total revenues grew 14.0% year-over-year to R$36.9 billion, beating expectations across net interest income, fee income, and insurance premiums.
Net interest income rose 16.4% year-over-year to R$20.1 billion, anchored by client NII growth of 16.3% as average loan volumes expanded and spreads widened, with gross NIM reaching 9.1%. Insurance income grew 20.4% year-over-year to R$6.4 billion, the expanded loan portfolio reached R$1.09 trillion (+8.4% year-over-year), and the cost-to-income ratio improved 2.6 p.p. year-over-year to 49.2%.
Management Outlook and Forward Catalysts
Management reaffirmed its commitment to gradual and sustained net income growth, citing the accelerated transformation plan, GenAI-driven productivity gains, and the Bradsaúde consolidation — which added a 2.5 p.p. benefit to the Basel ratio — as structural tailwinds positioning the bank for continued ROAE expansion. The fully digital client base reached 28 million and is targeted to exceed 40 million by year-end.
The central investor debate heading into Q2 2026 centres on whether the cost of risk — which rose to 3.5% in Q1, driven by specific wholesale cases and legacy agribusiness exposures — will stabilise or broaden, and whether revenue momentum can sustain the efficiency gains needed to push ROAE durably above 16%.
Adjusted EPS vs. consensus breakdown — primary performance driver, segment revenue contribution, and gross margin trajectory relative to prior guidance...
Segment-by-segment revenue analysis, margin profile, and management commentary on demand trajectory vs. consensus range expectations...
Forward guidance implications for the sector, supply chain read-throughs, and investment implications for the broader competitive landscape...
