São Paulo, July 12, 2026, 15:09 (BRT)
Banco Bradesco S.A. BVMF:BBDC4 investors with preferred shares on July 3 who held through Friday got a nominal gross return of around 5.3%. That’s the share move plus the payout, compared to the straight price gain of 3.4% from close-to-close. The stock closed at R$18.86 on July 10, up from R$18.24. Holders picked up R$0.346894939 a share in interest on shareholders’ equity, or JCP, Bradesco’s cash return to holders. Net JCP after 17.5% withholding is R$0.286188324, putting the net total return near 5.0%. Bradesco said it will pay by Jan. 29, 2027.
The gap is in focus now that the stock went ex-right Monday. Buyers as of July 6 are out of the running for the JCP. Still, Bradesco closed above its pre-ex price. Shares jumped 4.78% Friday, trading 48.06 million shares, 57% over the 30.52 million average.
The payout shifts how Bradesco stacks up against peers. On price alone, Bradesco just passed Itaú Unibanco Holding S.A. preferred shares BVMF:ITUB4 and Banco do Brasil S.A. common shares BVMF:BBAS3. When the gross JCP is added in, Bradesco opens up about a two-point lead. Peer rows below track price returns only, not total returns.
| Asset and return basis | July 3 value | July 10 value used | Weekly return |
|---|---|---|---|
| Bradesco preferred, price only | R$18.24 | R$18.86 | +3.4% |
| Bradesco preferred, price and gross JCP | R$18.24 | R$18.86 + R$0.3469 | +5.3% |
| Itaú preferred, price only | R$42.87 | R$44.30 | +3.3% |
| Banco do Brasil common, price only | R$20.00 | R$20.63 | +3.2% |
| Ibovespa, price only | 174,070 | 177,866 | +2.2% |
Brazil’s lower inflation print drove markets Friday. The IPCA consumer-price index was up 0.16% in June, easing from a 0.58% rise in May, with annual inflation slowing to 4.64%. Traders saw more room for a Selic rate cut. The benchmark index and bank stocks jumped.
| Asset | July 10 move |
|---|---|
| Banco Santander (Brasil) S.A. units (BVMF:SANB11) | up 5.22% |
| Bradesco preferred | rose 4.78% |
| Itaú preferred | added 4.02% |
| Banco do Brasil common | gained 2.90% |
| Ibovespa | climbed 2.97% |
The coordinated cut sets up the next move. Lower rate expectations can help borrowers and boost credit demand but may also reduce the yield banks get on some assets. Friday’s leaderboard shows investors focused on the credit and growth upside, at least for the day.
Bradesco’s numbers show a credit challenge remains. Recurring net income for the first quarter was up 16.1% from last year to R$6.81 billion. But loan-loss provisions climbed 26.5%, hitting R$9.67 billion. Loans overdue by over 90 days stood at 4.2%.
No Bradesco events are lined up this week. The central bank is set to put out May IBC-Br numbers, its monthly activity gauge, on Friday, July 17. Bradesco’s quiet period ahead of earnings begins July 22. The bank reports Q2 results Aug. 5 and plans a video call Aug. 6.
But traders’ rate cut bets could unwind fast. Gabriel Pestana, senior economist at Genial Investimentos, called the June inflation number “relevant and relatively unusual,” saying it makes it more likely the Selic closes 2026 below 14%. Claudia Moreno at C6 Bank flagged risks from a tight labor market and weaker real, warning those could keep second-half inflation sticky. André Braz at FGV Ibre pointed to El Niño as a threat for power and food. Hotter inflation could hit bank shares and keep Bradesco’s provision costs high. Also, the 5.3% number is just a nominal gross return, and investors still have to wait to get paid. www1.folha.uol.com.br
