SAO PAULO, March 26, 2026, 18:23 BRT
Shares of Banco Bradesco traded in the U.S. dropped 11.5 cents Thursday to close at $3.54, pulling back after Wednesday’s 3.1% climb. Investors were digesting news of a fresh R$3 billion payout, along with the latest annual-report filings from the Brazilian bank. The stock had finished the previous session at $3.66.
Bradesco’s timing here stands out. The bank is rolling out fresh details on cash returns to shareholders, aiming to keep its profit recovery narrative on track. Its board signed off on interim interest on shareholders’ equity—a payout unique to Brazil—amounting to R$3 billion. The record date is set for April 6, with April 7 as the ex-rights date; those buying stock after that point won’t be eligible for the distribution. Payment is scheduled by Oct. 30.
On Wednesday, Bradesco announced it had submitted its 2025 annual report on Form 20-F to the U.S. Securities and Exchange Commission. A day later, an amended version revealed net income under international accounting standards rose to 23.9 billion reais for 2025, up from 17.5 billion reais the prior year.
The numbers on the balance sheet outpaced the moves in the shares. Deposits climbed 12.2% to 728.0 billion reais, while the bank’s expanded loan portfolio hit 1.089 trillion reais, up 11.0%. Tier 1 capital, the main buffer, landed at 13.2%.
Bradesco’s preferred shares wrapped up Wednesday at 19.28 reais, marking a 1.8% gain, figures from the bank’s investor relations website show. The payout, detailed in Bradesco’s filing, comes in at about 15.7 times higher than its standard monthly interest payments.
Pressure wasn’t isolated on Thursday. Itaú Unibanco’s ADRs slipped to $7.96 in late trading, while Santander Brasil’s dropped to $5.65—both down for the day. The iShares MSCI Brazil ETF also fell, landing at $36.80.
Bullish arguments remain anchored in Bradesco’s February numbers. The bank’s fourth-quarter release showed recurring net income up 26.1% in 2025, hitting 24.7 billion reais. Return on average equity climbed to 15.2%, a key profitability metric. XP Investimentos viewed the quarter as evidence of structural recovery. Artur Horta at The Link Investimentos pointed out that returns have now cleared the cost of capital.
Still, the risks haven’t gone away. XP pointed to loan-loss provisions—funds reserved for possible bad loans—as a concern after the quarter. Horta acknowledged Bradesco may trail Itaú on asset quality. Bradesco’s own projections for 2026 include fee-income growth of 3% to 5% and operating expenses rising 6% to 8%, which doesn’t leave much margin for surprises if credit costs or interest rates deteriorate.
The stock sits at a crossroads: bigger cash returns on one side, but the market wants cleaner execution. Thursday’s action pushed that tension further—resolution remains out of reach.
