SAO PAULO, June 25, 2026, 17:10 (BRT)
- Bradesco PN ended unchanged at R$17.65. Ibovespa put on 0.94%.
- The new JCP gives a 1.97% gross yield on the preferred share’s close.
- The preferred-share payout is 16.7% higher than the June 2025 mid-year JCP, but it’s 12.2% lower than June 2024.
Banco Bradesco S.A. (BVMF:BBDC4) closed unchanged at R$17.65 on Thursday, with volume at 43.97 million shares, running about 42% higher than its three-month average. Shares reached R$18.07 during the session. The Ibovespa climbed 0.94%.
The shares moved in the gap between the main cash session and after-market at the time of filing. B3’s cash market runs 10:00 to 16:55, with a closing call up to 17:00 and after-market from 17:30 to 18:00.
Bradesco is paying a big dividend. The bank’s board cleared R$3.5 billion in intermediate interest on equity, or JCP, set at R$0.315359035 for each common share and R$0.346894939 on each preferred share. Anyone holding on July 3 will qualify. Shares go ex-right on July 6. Payment comes by Jan. 29, 2027. After a 17.5% withholding tax, preferred shareholders will get R$0.286188324 per share.
Bradesco’s preferred stock closed Thursday with a 1.97% gross yield and a 1.62% net yield. But timing matters here. The cash payout won’t hit until late January, making this less of a quick dividend play. The real question is if Bradesco can keep growing earnings and hold credit costs steady.
The shift in Bradesco’s mid-year cash payout tells more. The preferred-share gross JCP is up 16.7% from the June 2025 interim JCP of R$0.297161402, but that number is still 12.2% under the June 2024 figure of R$0.395055485, according to Bradesco’s shareholder remuneration chart.
So the new payout lands between last year and the June 2024 cash level. Bradesco is handing out more than it did a year ago—then, investors were still looking for real signs of a rebound. Even after a better first quarter, though, it hasn’t matched the June 2024 cash payout.
Investors held back on paying up just for the dividend, leaving shares flat at the close. Trading wasn’t dull. Volume came in well over the three-month average, with the stock losing earlier gains after starting the session at R$17.79.
The bank posted first-quarter recurring net income of R$6.811 billion, up 16.1% from last year, and ROAE hit 15.8%. Loan-loss provisions jumped 26.5% on the year. Investors saw a case for more cash.
Bradesco CEO Marcelo Noronha said on the May earnings call that the bank was moving to a more conservative risk approach. Noronha told investors, “this doesn’t mean we’re reducing the appetite” for growing loans. “We will continue to grow and maintain the pace,” he said.
This is what makes the payout key for the stock. JCP helps meet income needs and sets a clear carry timeline for funds. But it doesn’t answer the bigger issue: if Bradesco can lift returns by growing revenue, without provisions eating up too much of the upside.
