Since initiating the restructuring of Bradesco two years ago, Marcelo Noronha has repeatedly stated that this is a step-by-step process. He believes the recovery in performance will occur without haste, accompanied by investments to modernize the bank, which has been criticized for lagging behind its peers in the area of digitalization.
In the fourth quarter, the bank once again demonstrated that its strategy is paying off. Profit grew for the eighth consecutive quarter, reaching R$ 6.5 billion, a 20.6% increase year-on-year.
The amount exceeded the average expectations of analysts consulted by Bloomberg , which pointed to a positive balance of R$ 6.3 billion. For the year, net profit totaled R$ 24.6 billion, a 26.1% increase compared to 2024.
The highlight of the period was the return on average equity (ROAE). The indicator reached 15.2% in the last three months of last year, in line with expectations, a value that exceeds the cost of capital, currently at 15%.
Despite this, the market reacted negatively to the announcement. Around 11:22 AM, Bradesco's preferred shares were down 4.49%, at R$ 20.20.
The assessment is that the guidance released is conservative, even considering the bank's demonstrated progress and indications that investments in technology are putting pressure on expenses. Projected figures for lines such as net interest margin, service revenue, and expenses point to a profit of R$ 27.5 billion and a ROAE between 15.4% and 15.5%, according to analysts' calculations.
"Looking ahead, our analysis of the projections, which fell short of our expectations, indicates a gradual improvement in profitability, but at a clearly slower pace than expected, which disappointed us," wrote Citi bank analysts in a report.
Despite this, and the impact on Bradesco's shares, Noronha is unapologetic , stating that the strategy remains, with "disciplined execution," with the horizon focused on 2028.
"The market demands more than the bosses, than my board; it raises the bar every quarter. But let's not forget about competitiveness, we won't do that. We said that throughout the period it will be step by step ," said the CEO of Bradesco.
"We will not give up investments to increase competitiveness for anything," he added on the morning of Friday, February 6, in a press conference.
According to Noronha, Bradesco remains grounded, even if it means frustrating market expectations, which led to the bank's shares accumulating a 61% increase in 12 months. "Most likely the market will give something back," he acknowledged.
Bradesco's CEO highlighted that the strategy has been producing results, ensuring that the bank will not deliver a lower ROAE than that recorded in 2025 and that it will continue to expand its profit.
“The level of confidence today is much higher than what we had at the beginning of the plan. As we deliver things, we show the ability to do them, we show credibility,” he said. “If we go with the flow [of market expectations], we won’t deliver, we’ll lose sleep.”
Maintaining course will also occur in the credit area, keeping the pace of lending to ensure asset quality and keep delinquency under control, even with the upward trend in the system.
In the fourth quarter, total net interest income rose 13.2% year-on-year to R$19.2 billion, with the expanded loan portfolio increasing 11% to R$1.1 trillion.
Delinquency rates exceeding 90 days remained stable on a quarterly basis and decreased by 0.3 percentage points compared to the end of 2024, to 4.1%. Expenses for provisions for doubtful accounts (PDD) increased by 18.3% year-on-year, to R$ 8.8 billion.
Noronha said the idea is to leverage some of the bank's strengths, such as payroll loans, where it holds a 14% market share, even with the tightening of INSS ( Brazilian Social Security Institute) rules, vehicle financing, government lines of credit, mortgage loans, secured loans, and loans to small and medium-sized enterprises.
He highlighted that investments in technology, which increased by 22% in 2025, should remain at high levels, with the bank seeking to gain efficiency in other expense areas. In 2025, operating expenses grew by 8.5%, with administrative and personnel expenses rising by 5% due to the effect of the 5.68% collective bargaining agreement with employees.
“We’ve adopted a conservative approach with increasingly better models,” said Noronha. “We are delivering models that result in lower default rates and greater market penetration. We have room to grow.”
