Banco Bradesco S.A. (BBDO): Analyse de Pestle [Jan-2025 Mise à jour]

Dans le paysage dynamique de la banque brésilienne, Banco Bradesco S.A. est une institution charnière naviguant des terrains politiques, économiques et technologiques complexes. Cette analyse complète du pilon dévoile les défis et les opportunités à multiples facettes qui façonnent l'écosystème stratégique de la banque, offrant un aperçu complexe de la façon dont les facteurs externes influencent l'une des puissances financières les plus importantes du Brésil. Des changements de politique gouvernementale aux innovations technologiques, le parcours de Bradesco reflète la danse complexe de l'adaptation et de la résilience dans un marché financier en évolution rapide.

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs politiques

Les politiques monétaires du gouvernement brésilien ont un impact sur les réglementations bancaires

Le taux d'intérêt de base de la Banque centrale brésilienne (SELIC) était de 9,75% en janvier 2024, influençant directement les opérations du secteur bancaire. Les coûts de conformité réglementaire de Bradesco ont été estimés à 1,2 milliard de rands en 2023.

Métrique de la conformité réglementaire	Valeur 2023
Dépenses de conformité totale	1,2 milliard de R
Effectif du personnel réglementaire	580 employés
Investissement technologique de conformité	320 millions de R $

Instabilité politique et réformes économiques

Le paysage politique du Brésil en 2024 continue de présenter des défis pour le secteur bancaire. Les indicateurs de risque politiques clés comprennent:

• Indice d'instabilité politique: 6.2 / 10
• Incertitude du changement de politique potentielle: 58%
• Impact de la réforme économique attendue: modéré à élevé

Interventions de la Banque centrale du Brésil

La Banque centrale du Brésil a mis en œuvre interventions stratégiques affectant les stratégies opérationnelles de Bradesco:

Zone d'intervention	2024 Impact
Ratio d'exigences en capital	11.5%
Ratio de couverture de liquidité	135%
Gestion des actifs pondérés en fonction des risques	680 milliards de R

Changements potentiels dans la législation sur la fiscalité et le secteur financier

Les changements législatifs prévus en 2024 comprennent:

• Ajustement potentiel du taux d'imposition des sociétés: 2-3%
• Modifications de l'impôt financier: probable
• Expansion du cadre réglementaire de la banque numérique

Les dépenses de conformité fiscale prévues de Bradesco pour 2024 sont estimées à 890 millions de R, reflétant des changements législatifs potentiels dans le secteur financier.

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs économiques

Le recouvrement économique du Brésil et l'impact de la croissance du PIB sur la rentabilité bancaire

Le taux de croissance du PIB du Brésil en 2023 était de 2,9%, avec une croissance prévue de 1,9% en 2024. Le bénéfice net de Banco Bradesco pour 2023 a atteint 27,9 milliards de rands, ce qui représente une augmentation de 23,4% par rapport à l'année précédente.

Indicateur économique	Valeur 2023	2024 projection
Taux de croissance du PIB	2.9%	1.9%
Bradesco Net Revit	27,9 milliards de R	N / A
Retour sur l'équité (ROE)	18.5%	Estimé 19,2%

Fluctuant des taux d'intérêt affectant les stratégies de prêt et d'investissement

Le taux séqueux de la banque centrale du Brésil en janvier 2024 était de 11,25%, en baisse par rapport à 13,75% en 2023. Le portefeuille de prêts de Bradesco a atteint 398,4 milliards de rands au quatrième trimestre 2023, avec un taux de croissance des prêts de 12,3%.

Métriques des taux d'intérêt	Valeur 2023	Valeur 2024
Tarif séque	13.75%	11.25%
Portefeuille de prêts Bradesco	356,2 milliards de R	398,4 milliards de R
Taux de croissance des prêts	10.5%	12.3%

Taux d'inflation et de change influençant les services financiers

Le taux d'inflation du Brésil (IPCA) en 2023 était de 4,62%, contre 5,79% en 2022. Le taux de change réel brésilien (BRL) contre l'USD était de 4,92 en janvier 2024.

Inflation & Échange de mesures	Valeur 2022	Valeur 2023
Taux d'inflation (IPCA)	5.79%	4.62%
Taux de change USD / BRL	5.21	4.92

Défis économiques sur les marchés latino-américains

Les opérations internationales de Bradesco ont généré 3,2 milliards de rands de rands de revenus en 2023, ce qui représente 7,5% du total des revenus bancaires. L'instabilité économique latino-américaine continue d'avoir un impact sur les performances du secteur bancaire.

Opérations internationales	Valeur 2023
Revenus internationaux	3,2 milliards de R
Pourcentage du total des revenus	7.5%

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs sociaux

Augmentation de l'adoption des banques numériques chez les consommateurs brésiliens

En 2024, 87.3% des consommateurs bancaires brésiliens utilisent des plateformes bancaires numériques. Banco Bradesco a rapporté 45,2 millions d'utilisateurs de banque numérique active Dans leur dernier rapport financier.

Métrique bancaire numérique	2024 données
Utilisateurs de la banque mobile	38,6 millions
Transactions bancaires en ligne	1,2 milliard par an
Taux d'ouverture du compte numérique	72.5%

Des changements démographiques vers les clients bancaires plus jeunes et avertis de la technologie

Spectacle démographique de la population brésilienne 58.4% des clients bancaires ont moins de 40 ans. La clientèle de Banco Bradesco reflète cette tendance avec 62% des utilisateurs bancaires numériques âgés de 18 à 39 ans.

Groupe d'âge	Pourcentage d'utilisateurs de banque numérique
18-29 ans	34.6%
30-39 ans	27.4%
40-49 ans	21.3%
Plus de 50 ans	16.7%

Demande croissante de services financiers personnalisés

Les services bancaires personnalisés ont augmenté 43.7% dans la préférence du client. Banco Bradesco Offres 17 Différentes gammes de produits financiers personnalisés.

Service de personnalisation	Taux d'adoption des clients
Recommandations financières axées sur l'IA	29.6%
Portefeuilles d'investissement personnalisés	22.4%
Offres de crédit personnalisés	35.2%

Inégalité sociale et défis d'inclusion financière au Brésil

Le coefficient de gini du Brésil est 0.534. Banco Bradesco a mis en œuvre 36 programmes d'inclusion financière ciblant les populations mal desservies.

Métrique d'inclusion financière	2024 données
Population non bancarisée	24,6 millions
Titulaires de comptes à faible revenu	6,3 millions
Portefeuille de prêts en microfinance	3,2 milliards de R

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs technologiques

Investissement important dans les plates-formes bancaires numériques et les applications mobiles

Banco Bradesco a investi 4,8 milliards de dollars dans l'infrastructure technologique en 2023. La plate-forme numérique de la banque a traité 6,2 milliards de transactions numériques en 2022, ce qui représente une augmentation de 42% par rapport à l'année précédente.

Métriques de plate-forme numérique	2022 données	2023 projection
Volume de transaction numérique	6,2 milliards	7,5 milliards
Utilisateurs de la banque mobile	35,7 millions	40,2 millions
Ouverture du compte numérique	1,8 million	2,5 millions

Intelligence artificielle et apprentissage automatique dans le service client

Bradesco a déployé 2 500 chatbots alimentés en AI en 2023, gérant environ 65% des interactions du service client. Les algorithmes d'apprentissage automatique de la banque traitent plus de 3,4 millions de points de données clients par jour.

Métriques du service client IA	2022 Performance	Performance de 2023
CHATBOTS AI déployé	1,800	2,500
Interactions du client gérées	55%	65%
Points de données quotidiens traités	2,9 millions	3,4 millions

Technologies de cybersécurité et de protection des données

Bradesco a alloué 672 millions de R $ à des investissements en cybersécurité en 2023. La Banque a mis en œuvre des systèmes de détection de menaces avancés surveillant 4,6 millions d'événements de sécurité potentiels par heure.

Métriques de cybersécurité	2022 données	2023 données
Investissement en cybersécurité	520 millions de R	672 millions de R
Événements de sécurité surveillés / heure	3,9 millions	4,6 millions
Empêché les cyberattaques	98.7%	99.2%

Intégration de l'innovation blockchain et fintech

Bradesco a investi 215 millions de rands de R dans des innovations blockchain et fintech, développant 12 solutions basées sur la blockchain en partenariat avec 7 startups technologiques.

Blockchain Innovation Metrics	2022 Performance	Performance de 2023
Investissement de blockchain	165 millions de rands	215 millions de R
Solutions de blockchain développées	8	12
Partenariats de startup	5	7

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs juridiques

Règlements bancaires stricts par les autorités financières brésiliennes

La Banque centrale brésilienne (Banco Central Do Brasil) impose un cadre réglementaire strict avec Exigences de capital Bâle III. En 2024, Banco Bradesco doit maintenir:

Exigence de capital	Pourcentage
Ratio de capital minimum	11%
Ratio de capital de niveau 1	8.5%
Ratio de couverture de liquidité (LCR)	100%

Règlement sur la conformité aux réglementations anti-blanchiment (AML)

Banco Bradesco adhère à la loi 9.613 / 1998 et aux modifications ultérieures. Les mesures de conformité comprennent:

• Budget de conformité annuel: 250 millions de R $
• Personnel de conformité dédié: 1 200 employés
• Systèmes de surveillance des transactions couvrant 100% des opérations financières

Lois sur la protection des consommateurs dans les services financiers

Métrique de protection des consommateurs	Norme de conformité
Temps de résolution des plaintes	Maximum 10 jours ouvrables
Transparence de la divulgation des frais	Documentation 100% numérique et imprimée
Formation des droits des consommateurs	Formation annuelle obligatoire pour 95% du personnel

Exigences de gouvernance d'entreprise et de transparence

Conformité aux réglementations brésiliennes de la Securities and Exchange Commission (CVM):

• Membres indépendants du conseil d'administration: 30% de la composition totale du conseil d'administration
• Transparence des rapports financiers trimestriels
• Dépenses d'audit externe: 12,5 millions de dollars par an

Banco Bradesco S.A. (BBDO) - Analyse du pilon: facteurs environnementaux

Initiatives de durabilité dans les opérations bancaires

Banco Bradesco a engagé 100% de sa propre consommation d'énergie à des sources renouvelables en 2022. La Banque a investi 1,5 milliard de RS dans des améliorations durables d'infrastructures et de technologies vertes pour ses installations opérationnelles.

Métrique de la durabilité	2022 Performance
Consommation d'énergie renouvelable	100%
Investissement en infrastructure	1,5 milliard de R
Branches neutres en carbone	287

Produits de financement vert et d'investissement environnemental

Bradesco a alloué 22,4 milliards de RS de financement durable en 2022, en mettant spécifiquement l'accent sur les énergies renouvelables et les projets de conservation.

Catégorie de financement vert	Montant d'investissement (R $)
Projets d'énergie renouvelable	12,6 milliards
Initiatives de conservation	6,8 milliards
Agriculture durable	3 milliards

Stratégies de réduction de l'empreinte carbone

Bradesco a réduit ses émissions de carbone de 35% par rapport à la ligne de base 2019, avec un objectif de 50% de réduction d'ici 2025.

Métrique de réduction du carbone	Performance
Réduction des émissions (2019-2022)	35%
Réduction de la cible d'ici 2025	50%
Décalage annuel du carbone	124 000 tonnes métriques

Programmes de responsabilité sociale des entreprises

Bradesco a investi 350 millions de R $ dans les programmes de conservation de l'environnement et d'éducation à la durabilité en 2022.

Programme RSE	Investissement (R $)
Conservation de l'environnement	210 millions
Éducation à la durabilité	140 millions
Projets d'engagement communautaire	85 millions

Banco Bradesco S.A. (BBDO) - PESTLE Analysis: Social factors

Rapid digital adoption means customers prefer app-based banking over physical branches.

You can't fight the tide of digital adoption; you have to ride it, and Brazil is a mobile-first market. For Bradesco, this means the physical footprint is shrinking fast as customers move to their phones. As of the third quarter of 2025, the bank reported having more than 14 million fully digital customers. That's a huge segment, and it's why the bank is aggressively adjusting its physical presence-the so-called 'Footprint Adjustment.' They've already closed 1,269 points this year, with a plan to adjust 1,600 points in 12 months. Honestly, a physical branch is becoming a high-cost exception, not the rule.

Here's the quick math: nearly all transactions are now digital. As of late 2024, 99% of Bradesco's total transactions were digital, with 95% conducted specifically via mobile apps or internet banking. That leaves very little room for the traditional branch model. Your strategy must be about optimizing the remaining branches for complex sales and advisory services, not for simple cash withdrawals or balance checks.

Financial inclusion efforts are shifting millions into formal banking, but mainly via digital wallets.

The good news is that financial inclusion in Brazil is nearly complete. Post-pandemic, about 84% of Brazilians are now banked, and overall financial penetration is around 96% for the population over 15. But what this estimate hides is that a lot of that inclusion happened through low-cost digital accounts and e-wallets, not necessarily traditional banks like Bradesco.

The neobanking market is the primary vehicle for this shift, and it's experiencing explosive growth. The market size was USD 4.20 Billion in 2024 and is projected to reach USD 118.05 Billion by 2033, reflecting a Compound Annual Growth Rate (CAGR) of 44.80% from 2025. The Central Bank of Brazil is helping this along, simplifying the onboarding process for digital services, which is great for underserved populations. So, while the pie is bigger, the slice for traditional players is under intense pressure.

Strong competition from neobanks is eroding market share among younger, tech-savvy customers.

The competition from neobanks is a clear and present danger, especially among the younger, tech-savvy demographic that doesn't carry the same institutional loyalty as older generations. They want zero-fee, seamless mobile experiences. Nubank, for example, is a massive competitor with 67 million users, and PicPay has another 42 million users. These are huge numbers that directly challenge Bradesco's mass-market base of 111 million customers.

We see the impact in the credit card segment. In Q3 2025, Bradesco saw a strong 38.3% year-over-year growth in the high-income customer segment, which is great. But, simultaneously, there was a 4.0% decline in the lower-income segments. That's where neobanks are winning with simpler, more accessible products. Your stable loan market share of approximately 14% is a testament to your corporate and secured lending strength, but the retail battle is brutal.

Metric	Value (Q3 2025 or Latest)	Implication for Bradesco
Fully Digital Customers	>14 million	Digital channel investment is paying off, but a large portion of the 111 million total customer base remains less digital.
Digital Transaction Volume	99% of total transactions	Physical branch network is functionally obsolete for routine operations.
Physical Points Closed (YTD)	1,269 points	Aggressive cost-cutting and shift away from traditional distribution.
Brazil Neobanking Market CAGR (2025-2033)	44.80%	Competition for mass-market customers will intensify significantly.

Changing workforce demographics demand tailored retirement and investment products.

As the Brazilian workforce matures and the middle class seeks more sophisticated financial planning, the demand for retirement and investment products is shifting. This is a massive opportunity for Bradesco, particularly through its insurance and pension arm, Bradesco Seguros, which is a key diversifier for the bank.

The numbers here are compelling. The insurance segment alone generated BRL 30 billion in premiums in Q2 2025, which was a massive 32.7% year-over-year surge. The bank's confidence in this area is clear, with its revised 2025 guidance projecting 9%-13% growth in insurance and pension income. Furthermore, the rise of ESG (Environmental, Social, and Governance) investing is influencing product design, with Bradesco Vida e Previdência already offering ESG Pension Products. The focus needs to be on:

• Developing personalized digital investment advice for Millennials and Gen Z.
• Integrating ESG criteria into more retirement plan options.
• Offering flexible, variable contribution pension plans to match modern career paths.

Trust in traditional institutions is still high, but requires defintely better digital service.

While neobanks are popular, the bedrock of trust still favors established institutions, but that trust is conditional on digital performance and security. The Central Bank of Brazil (BCB) is actively involved in maintaining this trust, especially as digital fraud rises, notably within the popular Pix instant payment system.

New regulations introduced by the BCB in May 2025 are designed to strengthen consumer protection by requiring clear disclosure of fees, interest rates, and terms for all financial products. This regulatory push for transparency, coupled with enhanced anti-fraud measures and stricter authentication protocols, means Bradesco must prioritize a seamless, secure digital experience. If your app is clunky or feels less secure than a competitor's, that institutional trust advantage evaporates fast. Security and user experience are now inseparable components of the social contract with the customer.

Banco Bradesco S.A. (BBDO) - PESTLE Analysis: Technological factors

The technological landscape for Banco Bradesco S.A. in 2025 is defined by a fierce race between mandatory regulatory changes and internal modernization efforts. Simply put, the bank must aggressively adopt Artificial Intelligence (AI) to offset the revenue hit from commoditized payments and the competitive pressure from Open Finance.

Open Finance implementation is forcing data sharing, increasing competition for customer relationships

Brazil's Open Finance initiative, mandated by the Central Bank of Brazil (Banco Central do Brasil), fundamentally changes the competitive dynamic. It requires institutions to share customer data-with customer consent-which effectively commoditizes the account relationship and forces banks to compete on superior product and service quality, not just data exclusivity. Bradesco is actively using this to its advantage through its digital platforms.

For example, the bank's 'Meus Bancos' aggregator allows you to view your finances from Bradesco and other institutions in one place, which is a direct response to the data sharing requirement. The new phase, Open Investment, is already a reality, letting investors share their investment data to get more personalized offers. This is a clear strategic move to use shared data to drive product uptake, such as offering more competitive, personalized credit benefits or a higher credit card limit.

PIX, the instant payment system, has commoditized transactions, cutting fee revenue

The Central Bank's PIX system, which offers instant, free-of-charge transfers, has been a massive success for consumers but a significant headwind for traditional bank fee income. PIX has effectively commoditized basic transaction services, a major revenue source for large banks like Bradesco. In May 2025, Bradesco was processing nearly 1 billion PIX transactions per month. The sheer volume is staggering, but much of it generates minimal to no fee revenue for the bank.

To be fair, the bank is mitigating this by increasing transaction volume and focusing on other fee-generating services, which is why the bank revised its 2025 fee and commission income projections upwards in the third quarter of 2025. Still, the pressure on traditional transaction fee income is defintely permanent.

Significant investment in Artificial Intelligence (AI) for credit scoring and fraud detection is crucial

Bradesco is making substantial, targeted investments in AI, which is now a crucial factor for both efficiency and security. The bank's use of the FICO Platform for fraud detection is a concrete example of this investment, yielding immediate, measurable results as of May 2025.

Here's the quick math on the AI impact:

• Reduce fraud-related customer friction by 89%.
• Cut transactions held for further review by 50%.
• Increase real-time account openings by 11%.

Beyond security, Bradesco is leveraging Generative AI (Gen AI) to improve customer experience and internal operations. Its Gen AI chatbot resolves customer problems without human intervention in 90% of cases, serving millions of customers daily. This kind of automation is the only way to scale customer service while simultaneously reducing operating expenses.

Legacy IT infrastructure remains a major cost and speed bottleneck against agile fintechs

Despite the high-profile AI successes, the underlying legacy IT infrastructure remains a major challenge, slowing down the bank's agility against nimble fintech competitors. The cost of maintaining and modernizing this infrastructure is immense. As of December 2024, Bradesco's telecom and IT contracts stood at R$12.6 billion and R$5.32 billion, respectively, a significant increase from the prior year. This spending reflects the sheer scale of the technology required to run a bank of Bradesco's size, but also the cost of supporting older systems.

The bank is actively working to consolidate its fragmented digital presence. By June 2025, Bradesco is expected to integrate its separate digital platforms, Digio and Next, into its main application. This consolidation is a necessary step to simplify the technology stack and improve the customer experience, but it's a multi-year effort. The CEO stated the bank will 'deliver 50% more in technology than it did in 2024,' which shows the urgency of this digital overhaul. This table shows the scale of the technology challenge:

IT/Telecom Expense Metric	Amount (December 2024)	Context/Implication
Telecom Contracts Value	R$12.6 billion	High ongoing operational expenditure for network and communication.
IT Contracts Value	R$5.32 billion	Significant recurring cost for software, hardware, and maintenance, including legacy systems.
Targeted Tech Increase (2025)	50% more than 2024 spend	Aggressive capital allocation to accelerate modernization and digital transformation.

Banco Bradesco S.A. (BBDO) - PESTLE Analysis: Legal factors

Full compliance with the General Data Protection Law (LGPD) is mandatory, increasing operational risk.

The Lei Geral de Proteção de Dados (LGPD), Brazil's General Data Protection Law, is a non-negotiable compliance pillar for Banco Bradesco S.A. in 2025. This isn't just about data security; it's about a complete overhaul of data governance and Know Your Customer (KYC) processes, which adds significant operational complexity and cost. The Brazilian Data Protection Authority (ANPD) is actively enforcing the law, and the financial penalties are substantial.

The maximum fine for a single violation can reach 2% of the net turnover of the economic group in Brazil, capped at BRL 50 million (approximately USD 10.5 million). We've already seen regulatory action highlighting the risk: in November 2023, Banco Bradesco S.A. was fined R$2.6 million (around $530,143) for a privacy violation related to the Minas Gerais Telemarketing Blocking System, showing that data-related non-compliance is a current and costly issue. Plus, new telemarketing rules requiring the 0303 prefix for high-volume calls became effective in March 2025, adding another layer of compliance for customer outreach. [cite: 18 in previous step]

Central Bank regulations on capital requirements (Basel III) demand continuous balance sheet optimization.

The Central Bank of Brazil (Banco Central do Brasil - BCB) continues the final phases of Basel III implementation, which requires constant balance sheet management to maintain a robust capital buffer. The BCB and the National Monetary Council (CMN) are prioritizing the introduction of new capital requirements for market risk and a review of the leverage ratio in 2025. [cite: 3 in previous step]

For Banco Bradesco S.A., maintaining a strong capital base is key to investor confidence, and the bank is executing well against these requirements. The Common Equity Tier 1 (CET1) ratio, a core measure of capital strength, saw a growth of 0.4 percentage points in the third quarter of 2025, demonstrating ongoing capital generation. However, the regulatory landscape is shifting: the BCB announced a new methodology for calculating the minimum capital limit in November 2025 (Joint Resolution No. 14/2025), which starts its transition on July 1, 2026, and will be fully implemented by January 1, 2028. [cite: 7 in previous step] This new approach aligns with the principle of 'same activity, same risk, same regulation,' meaning the bank must continually model the capital impact of every business line.

New rules on interchange fees for credit cards could squeeze a major source of revenue.

A significant near-term risk to Banco Bradesco S.A.'s fee income is the potential regulation of credit card interchange fees (post-paid payment schemes). The Central Bank of Brazil has explicitly listed 'Assessing the structures that affect participants in post-paid payment schemes, especially regarding the fees charged by the payment scheme settlor and interchange fee structures' as a regulatory priority for 2025 and 2026.

This assessment is a big deal because credit card fee income is a high-growth area for the bank, showing an increase of almost 14% year-on-year in Q3 2025. A cap on these fees, similar to the existing 0.5% cap for debit cards and 0.7% cap for prepaid cards (effective since April 2023), would directly compress this revenue stream. [cite: 8 in previous step, 9 in previous step] Also, the new government decree in May 2025 significantly increased the tax on credit transactions (IOF-credit), with the maximum rate for fixed-term credit rising to 3.95% from the previous 1.88% limit, which directly impacts the cost of credit for consumers and the bank's pricing power. [cite: 9 in previous step]

Regulatory sandbox initiatives encourage innovation but require careful legal navigation.

The BCB's regulatory sandbox and broader innovation agenda are creating both opportunities and legal hurdles. These initiatives aim to foster competition through less stringent rules for testing new financial and payment products. [cite: 5 in previous step] Banco Bradesco S.A. must participate to stay competitive, but this requires careful legal navigation to ensure new products transition smoothly into the full regulatory regime.

The BCB's regulatory agenda for 2025/2026 includes:

• Finalizing regulations for Banking as a Service (BaaS) by the end of 2025.
• Monitoring the use of Artificial Intelligence (AI) in the National Financial System.
• Expanding Pix's functionalities, which continues to displace traditional card transactions.

To be fair, the BCB has also introduced new rules that benefit incumbents like Bradesco by raising the bar for new competitors. BCB Resolution 494, published in September 2025, now requires all new payment institutions to obtain mandatory prior authorization before commencing activities, effectively closing the legacy 'start-first, authorize-later' pathway. This creates a higher legal barrier to entry for fintechs, offering a degree of protection to established, fully regulated banks.

Banco Bradesco S.A. (BBDO) - PESTLE Analysis: Environmental factors

Mandatory ESG reporting is increasing, requiring transparent disclosure of climate-related risks.

You're seeing the global push for transparency land squarely on the balance sheet, and Brazil is defintely at the forefront. The regulatory environment is shifting from voluntary guidance to mandatory disclosure, which means more work for the finance team, but also a clearer risk picture for investors.

The Brazilian Securities and Exchange Commission (CVM) Resolution 193 mandates that publicly-held companies, including Banco Bradesco S.A., must disclose sustainability and climate-related financial information starting January 1, 2026. This is based on the International Sustainability Standards Board (ISSB) IFRS S1 and S2 standards, which translate climate risk into financial terms. For the 2025 fiscal year, companies are encouraged to adopt these standards voluntarily, but the CVM requires an independent auditor to provide at least a limited assurance on the sustainability reports.

This isn't just a compliance exercise; it's about capital allocation. Investors now demand to see how climate risk affects your credit portfolio.

• Mandatory disclosure starts: January 2026.
• Required reporting standard: ISSB IFRS S1 and S2.
• Assurance requirement for 2025: Limited assurance by an independent auditor.

Pressure to grow the sustainable loan portfolio, moving away from high-emission sectors.

The market is pushing capital toward a low-carbon economy, so Bradesco has been aggressive in setting and raising its sustainable finance targets. The initial goal of directing R$250 billion to sectors with socio-environmental benefits by 2025 was actually achieved early, in the first half of 2024.

Because of this early success, the bank has since raised its commitment twice. The current, firm commitment is to direct R$350 billion to sectors and activities with positive social and environmental benefits by the end of 2025. This includes credit for renewable energy, sustainable transportation, and low-carbon agriculture. The pressure now is not just to hit the number, but to show the impact of that capital and to continue reducing exposure to high-emission sectors like coal and power generation, where the bank has set specific Net Zero targets.

Sustainable Finance Commitment	Target Amount (R$)	Target Deadline	Status/Note (as of 2025)
Original Goal	R$250 billion	End of 2025	Achieved early (H1 2024)
Current Commitment	R$350 billion	End of 2025	Increased in May 2025.

Physical risks from climate change can impact collateral values and insurance costs.

Physical risks-the direct impact of weather events-are no longer a long-term problem; they are a near-term credit risk. Bradesco, which also has a large insurance arm (Bradesco Seguros), is directly exposed to both the credit and underwriting sides of this risk.

Here's the quick math: The catastrophic floods in Rio Grande do Sul in May 2024 caused an estimated R$90 billion in economic damage, with insurance claim requests reaching R$6.0 billion by September 2024. This event alone was expected to raise full-year claims in Brazil by 10% to 15%. For the bank, this translates into higher loan losses and lower asset quality, as the value of collateral (like real estate and vehicles) in affected regions deteriorates.

Bradesco's risk management team assesses four material climate-related physical risks for its operations and financed assets: Extreme Heat, River Flooding, Extreme Rainfall Flooding, and Water Stress/Drought. They use the AdaptaBrasil system to assess geographic and sector risk and incorporate these physical risks into their credit models and stress testing, specifically for short-term (2025) and medium-term (2030) horizons. The Central Bank of Brazil even had to grant a 90-day grace period for loans in the flood-affected areas, which is a direct intervention to mitigate the immediate credit risk for the banking system.