Published: November 26, 2025 – All figures intraday and subject to change. This is not investment advice.
Banco Bradesco S.A. is closing out November with its stock still riding one of the strongest rallies in Brazil’s banking sector, even as the bank announces hundreds of branch closures and doubles down on a new carbon-credit certification venture.
On Wednesday, November 26, 2025, both the New York–listed ADR (ticker BBD) and the Brazilian preferred share BBDC4 are trading higher, extending gains built on improving profitability, aggressive cost-cutting and a shift toward lower-risk lending. [1]
Below is a rundown of how the stock is trading today, the key news hitting the tape specifically on November 26, 2025, and what it all means for investors watching Bradesco’s turnaround story.
How Banco Bradesco Stock Is Trading Today
BBD on the NYSE (ADR)
- Around midday in New York, Banco Bradesco’s ADR (BBD) is trading near $3.67, up roughly 3.7% on the day.
- Earlier trading shows an opening price around $3.59, with a session range so far between $3.59 and $3.66, and the previous close at $3.54. [2]
- Over the last 12 months, BBD has climbed by roughly 60%, with a 52‑week range of about $1.84 to $3.77, putting today’s quote close to the upper end of that band. [3]
- On a total-return basis, including dividends, year‑to‑date performance is now just over 100%, according to trailing return data. [4]
In other words, for global investors using the ADR, Bradesco has transitioned from “distressed value” to one of the standout emerging‑market bank trades of 2025.
BBDC4 on B3 (Brazilian preferred shares)
On the São Paulo stock exchange (B3), Bradesco’s preferred share BBDC4 is also in the green on Wednesday:
- Intraday, BBDC4 is quoted around R$19.51, up 2.96% on the day, with a trading range from R$18.98 to R$19.51 and an opening price of R$19.03. [5]
- The stock is hovering just below its recent 52‑week high of R$19.84, and the 12‑month performance stands near +50–52%, depending on the source and exact measurement window. [6]
- An InfoMoney review of third‑quarter results highlights that BBDC4 has surged about 76.95% in 2025, far outpacing Banco do Brasil and keeping pace with Itaú’s strong run. [7]
Fundamentally, Bradesco still trades at a price‑to‑earnings (P/E) multiple around 9.5–9.6x, a price‑to‑book near 1.16x, and offers a dividend yield of roughly 7%, positioning it at a discount to Itaú with a richer yield than many global peers. [8]
Fresh News on November 26, 2025
Today’s trading is happening against a backdrop of new headlines hitting on November 26, 2025, especially on cost-cutting and ESG initiatives.
1. Bradesco Confirms Closure of More Than 340 Branches
A major story today in Brazil is Bradesco’s confirmation of a large wave of branch closures, which is driving political and social debate even as investors focus on efficiency gains.
- Between June 2024 and June 2025, Bradesco closed 342 branches, 1,002 service posts and 127 business units across the country. [9]
- According to Brazil’s inter-union statistics department Dieese, this represents almost 38% of all bank branches shut in the country during that period. [10]
- The news, reported today at 12:30 local time, has triggered protests from bank unions, who argue the closures harm financial inclusion, especially in smaller cities where a significant portion of the population struggles with digital banking or lacks reliable internet access. In Bahia, for example, nearly half of municipalities (about 47.7%) now have no bank at all. [11]
For investors, this confirms that Bradesco’s physical “footprint adjustment” is aggressive and ongoing, more than just a cosmetic cost-cutting program. It’s part of a deeper strategic shift toward digital channels and higher-efficiency formats — but it also raises reputational and regulatory risks around access to financial services.
Notably, a separate analysis summarizing management commentary points out that Bradesco has already reduced its network by 1,603 branches and service points since September 2024, leaving 4,744 locations, and that management intends to slow the pace of closures over the next 12 months now that they are “ahead of plan.” [12]
2. Ecora: Bradesco’s New Brazilian Carbon-Credit Certifier Moves Forward
On the ESG front, Bradesco, BNDES and the Ecogreen Fund are taking the next step in their push into carbon markets.
- Today, APIMEC Brasil highlighted the formal announcement of Ecora, a new Brazilian carbon-credit certification company backed by Bradesco, development bank BNDES and the Fundo Ecogreen. [13]
- Ecora’s technical partner is Aecom, a U.S. engineering and environmental consultancy. The goal is to reduce Brazilian dependence on foreign certifiers such as Verra and tailor methodologies to local realities, especially complex land‑title issues. [14]
- Ecora will initially focus on reforestation, conservation and agricultural-land management projects, with operations expected to start around mid‑2026. [15]
For Bradesco shareholders, Ecora is more than a branding exercise: it positions the bank at the center of Brazil’s emerging domestic carbon market infrastructure, potentially generating fee income, deal flow and reputational benefits as the country prepares to scale up climate finance ahead of COP‑related milestones. [16]
3. Turnaround Validated: Strong Q3 2025 Earnings Still in Focus
While not new today, Q3 2025 results remain the backbone of the 2025 rally and are widely referenced in today’s commentary:
- Bradesco delivered recurring net income of about R$6.2 billion in Q3 2025, up roughly 19% year‑on‑year, with return on equity rising to 14.7%. [17]
- The loan portfolio grew about 9.6%, reaching roughly R$1.03 trillion, with particular strength in SMEs and retail loans with collateral. [18]
- Net interest income with clients increased around 19% to R$18.6 billion, and insurance revenues jumped more than 20%, while 90‑day+ NPLs fell to about 5.4%, even though provisions rose 20% to roughly R$8.5 billion. [19]
- Over the first nine months of 2025, net income is up about 28% versus the same period of 2024, reflecting the cumulative impact of cost cuts and a gradual improvement in asset quality. [20]
In interviews quoted by local media, CEO Marcelo Noronha has said he expects full‑year results to land toward the upper end of the bank’s guidance range, supported by tighter cost control and a shift to safer lending lines. [21]
That said, analysts also warn that the pace of improvement may now be slowing as ROE normalizes, credit costs remain elevated in wholesale banking and the easiest efficiency gains from branch closures have already been harvested. [22]
4. Market Context Today: Banks Up With Ibovespa on Rate-Cut Hopes
The broader Brazilian market backdrop on November 26 is supportive:
- The Ibovespa opened higher around 157,000 points this morning as global risk appetite improved on the back of weaker U.S. macro data that strengthened expectations for a Federal Reserve rate cut in December. [23]
- Futures markets now price in about an 80% probability of a 25 bps cut at the December 10 Fed meeting, up from around 50% a week ago. [24]
- Locally, Brazil’s IPCA‑15 inflation gauge for November came in at +0.20%, slightly above consensus (0.18%), but not enough to alter the broader disinflation narrative. [25]
- Within the financial sector, all major private banks opened in positive territory: Banco do Brasil, Itaú and Bradesco all started the day higher, with Bradesco’s BBDC4 up about 0.26% at the open before extending its gains as trading progressed. [26]
This mix — global rate‑cut hopes, still‑contained local inflation and strong year‑to‑date performance — creates a constructive backdrop for Brazilian bank stocks in general and Bradesco in particular.
Valuation, Technical Levels and Analyst Tone
Valuation snapshot
Based on current pricing and recent fundamental screens:
- BBDC4
- P/E: ~9.6x
- Price-to-book: ~1.16x
- Dividend yield: ~7.1%
- 12‑month total return: ~52%; 2025 year‑to‑date gain: ~77%. [27]
This leaves Bradesco trading at a discount to Itaú on valuation multiples, which many Brazilian analysts interpret as residual “risk premium” for its weaker profitability track record and higher credit costs over the last cycle — but also as potential upside if the turnaround continues to deliver. [28]
On the ADR side, BBD’s roughly 60% one‑year gain and ~100% YTD total return have pushed the stock closer to fair‑value estimates in several international bank screens, but still below levels seen before its earnings disappointments in 2022–23. [29]
Technical levels to watch (BBDC4)
Technical analysis published last week and still closely followed by traders highlights the following levels for BBDC4: [30]
- Key support zones
- Short term: R$18.69, R$17.88, R$16.58
- Medium term: R$17.88, R$15.87, R$15.00
- Key resistance zones
- Short term: R$19.09, R$19.84, R$20.80
- Medium term: R$19.84, R$20.80, R$21.08
With today’s price around R$19.51, the stock is trading between first and second resistance levels; bulls will be watching for a clean break above R$19.84–R$20.80, while any pullback toward R$18.69–R$17.88 will test the strength of the uptrend that’s been in place since early 2025.
What Today’s News Means for Investors
Putting it all together, here are the main takeaways from November 26, 2025 for anyone following Banco Bradesco stock:
- The 2025 rally is intact but maturing
- Both BBD and BBDC4 are up again today, sitting near their recent highs after a very strong year in which the ADR has more than doubled and the local share has gained around 77% year‑to‑date. [31]
- A lot of the “easy” turnaround story — from depressed valuation to “normalised” profitability — is already in the price.
- Cost-cutting and digitalisation are real, not just buzzwords
- Today’s confirmation of over 340 branch closures (and roughly 1,600 reductions across the network since late 2024) underlines how far Bradesco is willing to go on physical footprint rationalisation. [32]
- This enhances efficiency and supports earnings but also brings social and political pushback, particularly in under‑banked regions.
- ESG and carbon markets are becoming part of the equity story
- The Ecora initiative, highlighted again today, gives Bradesco a strategic foothold in the infrastructure of Brazil’s carbon-credit market, an area that may become a meaningful profit and fee pool over time. [33]
- Fundamentals justify the re‑rating — for now
- Q3 2025 numbers show double‑digit earnings growth, rising ROE and improving NPL trends, matched by a healthier loan mix and strong insurance revenues. [34]
- Analysts still see further room for performance if ROE can move sustainably toward the mid‑teens to high‑teens, but several warn that the recent share‑price surge leaves less margin for error in execution. [35]
- Macro tailwinds are currently supportive
- Today’s session is helped by global rate‑cut expectations and a risk‑on tone in Brazil’s equity market, with Ibovespa making new highs and banks participating in the move. [36]
Bottom Line
On November 26, 2025, Banco Bradesco’s stock is trading higher on both B3 and the NYSE, underpinned by solid recent earnings, a deep cost‑cutting drive and an increasingly visible ESG angle via Ecora, even as the bank faces criticism for the social impact of its branch closures.
For investors, Bradesco is no longer the deeply discounted, high‑uncertainty story it was a year ago. Instead, it has become a re‑rated recovery play where future returns will depend on:
- Maintaining and improving ROE without another spike in credit costs;
- Managing reputational and regulatory risks around network reductions; and
- Converting its early moves in carbon markets and digital banking into durable, high‑quality revenue.
As always, anyone considering an investment in BBD or BBDC4 should weigh these factors against their own risk tolerance, time horizon and portfolio needs. This article is for informational purposes only and does not constitute investment advice or a recommendation to buy or sell any security.
References
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