Banco Bradesco S.A. (BBDO): Análise de Pestle [Jan-2025 Atualizado]

No cenário dinâmico do setor bancário brasileiro, o Banco Bradesco S.A. se destaca como uma instituição fundamental que navega em terrenos políticos, econômicos e tecnológicos complexos. Essa análise abrangente de pestles revela os desafios e oportunidades multifacetados que moldam o ecossistema estratégico do banco, oferecendo um intrincado vislumbre de como os fatores externos influenciam uma das potências financeiras mais significativas do Brasil. Das mudanças de política do governo para inovações tecnológicas, a jornada de Bradesco reflete a intrincada dança de adaptação e resiliência em um mercado financeiro em rápida evolução.

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores Políticos

As políticas monetárias do governo brasileiro impactam nos regulamentos bancários

A taxa de juros base do Brasil Brasil (SELIC) foi de 9,75% em janeiro de 2024, influenciando diretamente as operações do setor bancário. Os custos de conformidade regulatória da Bradesco foram estimados em R $ 1,2 bilhão em 2023.

Métrica de conformidade regulatória	2023 valor
Gasto total de conformidade	R $ 1,2 bilhão
Funcionário da equipe regulatória	580 funcionários
Investimento em tecnologia de conformidade	R $ 320 milhões

Instabilidade política e reformas econômicas

O cenário político do Brasil em 2024 continua a apresentar desafios para o setor bancário. Os principais indicadores de risco político incluem:

• Índice de instabilidade política: 6.2/10
• Mudança de política potencial incerteza: 58%
• Impacto de reforma econômica esperada: moderada a alta

Banco Central de Intervenções do Brasil

O banco central do Brasil implementou intervenções estratégicas afetando as estratégias operacionais da Bradesco:

Área de intervenção	2024 Impacto
Índice de requisitos de capital	11.5%
Índice de cobertura de liquidez	135%
Gerenciamento de ativos ponderados por risco	R $ 680 bilhões

Mudanças potenciais na legislação tributária e do setor financeiro

As mudanças legislativas antecipadas em 2024 incluem:

• Ajuste potencial da taxa de imposto corporativo: 2-3%
• Modificações de imposto de transação financeira: provavelmente
• Expansão da estrutura regulatória bancária digital

A despesa de conformidade tributária projetada da Bradesco para 2024 é estimada em R $ 890 milhões, refletindo possíveis mudanças legislativas no setor financeiro.

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores econômicos

Recuperação econômica do Brasil e impacto no crescimento do PIB na lucratividade bancária

A taxa de crescimento do PIB do Brasil em 2023 foi de 2,9%, com crescimento projetado de 1,9% em 2024. O lucro líquido do Banco Bradesco em 2023 atingiu R $ 27,9 bilhões, representando um aumento de 23,4% em relação ao ano anterior.

Indicador econômico	2023 valor	2024 Projeção
Taxa de crescimento do PIB	2.9%	1.9%
Receio líquido da Bradesco	R $ 27,9 bilhões	N / D
Retorno sobre o patrimônio (ROE)	18.5%	Estimado 19,2%

Taxas de juros flutuantes que afetam estratégias de empréstimos e investimentos

A taxa seleta do banco central do Brasil em janeiro de 2024 era de 11,25%, abaixo de 13,75%em 2023. A carteira de empréstimos da Bradesco atingiu R $ 398,4 bilhões no quarto trimestre 2023, com uma taxa de crescimento de 12,3%.

Métricas de taxa de juros	2023 valor	2024 Valor
Taxa Selic	13.75%	11.25%
Portfólio de empréstimos da Bradesco	R $ 356,2 bilhões	R $ 398,4 bilhões
Taxa de crescimento de empréstimos	10.5%	12.3%

Taxas de câmbio de inflação e moeda que influenciam os serviços financeiros

A taxa de inflação do Brasil (IPCA) em 2023 foi de 4,62%, em comparação com 5,79% em 2022. A taxa de câmbio brasileira (BRL) contra USD foi de 4,92 em janeiro de 2024.

Inflação & Métricas de troca	2022 Valor	2023 valor
Taxa de inflação (IPCA)	5.79%	4.62%
Taxa de câmbio USD/BRL	5.21	4.92

Desafios econômicos nos mercados latino -americanos

As operações internacionais da Bradesco geraram R $ 3,2 bilhões em receita em 2023, representando 7,5% da receita bancária total. A instabilidade econômica da América Latina continua a impactar o desempenho do setor bancário.

Operações Internacionais	2023 valor
Receita internacional	R $ 3,2 bilhões
Porcentagem da receita total	7.5%

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores sociais

Aumentando a adoção bancária digital entre os consumidores brasileiros

A partir de 2024, 87.3% dos consumidores bancários brasileiros usam plataformas bancárias digitais. Banco Bradesco informou 45,2 milhões de usuários de bancos digitais ativos em seu relatório financeiro mais recente.

Métrica bancária digital	2024 dados
Usuários bancários móveis	38,6 milhões
Transações bancárias online	1,2 bilhão por ano
Taxa de abertura da conta digital	72.5%

Mudanças demográficas para clientes bancários mais jovens, com experiência em tecnologia

Demografia da população brasileira mostra 58.4% dos clientes bancários têm menos de 40 anos. A base de clientes do Banco Bradesco reflete essa tendência com 62% dos usuários bancários digitais de 18 a 39 anos.

Faixa etária	Porcentagem de usuários bancários digitais
18-29 anos	34.6%
30-39 anos	27.4%
40-49 anos	21.3%
Mais de 50 anos	16.7%

Crescente demanda por serviços financeiros personalizados

Serviços bancários personalizados aumentaram em 43.7% na preferência do cliente. O Banco Bradesco oferece 17 diferentes linhas de produtos financeiros personalizados.

Serviço de personalização	Taxa de adoção do cliente
Recomendações financeiras orientadas pela IA	29.6%
Portfólios de investimento personalizados	22.4%
Ofertas de crédito personalizadas	35.2%

Desigualdade social e desafios de inclusão financeira no Brasil

O coeficiente de Gini do Brasil é 0.534. Banco Bradesco implementou 36 programas de inclusão financeira direcionando populações carentes.

Métrica de inclusão financeira	2024 dados
População não bancária	24,6 milhões
Titulares de contas de baixa renda	6,3 milhões
Portfólio de empréstimos de microfinanças	R $ 3,2 bilhões

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores tecnológicos

Investimento significativo em plataformas bancárias digitais e aplicativos móveis

O Banco Bradesco investiu R $ 4,8 bilhões em infraestrutura de tecnologia em 2023. A plataforma digital do banco processou 6,2 bilhões de transações digitais em 2022, representando um aumento de 42% em relação ao ano anterior.

Métricas de plataforma digital	2022 dados	2023 Projeção
Volume de transação digital	6,2 bilhões	7,5 bilhões
Usuários bancários móveis	35,7 milhões	40,2 milhões
Abertura da conta digital	1,8 milhão	2,5 milhões

Inteligência artificial e aprendizado de máquina no atendimento ao cliente

A Bradesco implantou 2.500 chatbots de AI em 2023, lidando com aproximadamente 65% das interações de atendimento ao cliente. Os algoritmos de aprendizado de máquina do banco processam mais de 3,4 milhões de pontos de dados do cliente diariamente.

Métricas de atendimento ao cliente da IA	2022 Performance	2023 desempenho
Ai chatbots implantados	1,800	2,500
As interações do cliente tratadas	55%	65%
Pontos de dados diários processados	2,9 milhões	3,4 milhões

Tecnologias de segurança cibernética e proteção de dados

A Bradesco alocou R $ 672 milhões para investimentos em segurança cibernética em 2023. O banco implementou sistemas avançados de detecção de ameaças que monitoram 4,6 milhões de eventos de segurança em potencial por hora.

Métricas de segurança cibernética	2022 dados	2023 dados
Investimento de segurança cibernética	R $ 520 milhões	R $ 672 milhões
Eventos de segurança monitorados/hora	3,9 milhões	4,6 milhões
Pavalteu ataques cibernéticos	98.7%	99.2%

Integração de inovação em blockchain e fintech

A Bradesco investiu R $ 215 milhões em inovações em blockchain e fintech, desenvolvendo 12 soluções baseadas em blockchain em parceria com 7 startups de tecnologia.

Métricas de inovação em blockchain	2022 Performance	2023 desempenho
Investimento em blockchain	R $ 165 milhões	R $ 215 milhões
Soluções blockchain desenvolvidas	8	12
Parcerias de startups	5	7

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores Legais

Regulamentos bancários rigorosos pelas autoridades financeiras brasileiras

O Banco Central Brasileiro (Banco Central Do Brasil) impõe rigorosa estrutura regulatória com Requisitos de capital Basileia III. A partir de 2024, o Banco Bradesco deve manter:

Requisito de capital	Percentagem
Índice de capital mínimo	11%
Índice de capital de camada 1	8.5%
Índice de cobertura de liquidez (LCR)	100%

Conformidade com os regulamentos de lavagem de dinheiro (AML)

O Banco Bradesco adere à Lei 9.613/1998 e modificações subsequentes. As métricas de conformidade incluem:

• Orçamento anual de conformidade: R $ 250 milhões
• Pessoal de conformidade dedicado: 1.200 funcionários
• Sistemas de monitoramento de transações que cobrem 100% das operações financeiras

Leis de proteção ao consumidor em serviços financeiros

Métrica de proteção ao consumidor	Padrão de conformidade
Tempo de resolução de reclamação	Máximo 10 dias úteis
Transparência na divulgação de taxas	Documentação 100% digital e impressa
Treinamento dos direitos do consumidor	Treinamento obrigatório anual para 95% da equipe

Requisitos de governança corporativa e transparência

Conformidade com os regulamentos da Comissão de Valores Mobiliários Brasileiros (CVM):

• Membros independentes do conselho: 30% da composição total do conselho
• Transparência trimestral de relatórios financeiros
• Despesas de auditoria externa: R $ 12,5 milhões anualmente

Banco Bradesco S.A. (BBDO) - Análise de Pestle: Fatores Ambientais

Iniciativas de sustentabilidade em operações bancárias

O Banco Bradesco cometeu 100% de seu próprio consumo de energia com fontes renováveis ​​em 2022. O banco investiu R $ 1,5 bilhão em infraestrutura sustentável e atualizações de tecnologia verde para suas instalações operacionais.

Métrica de sustentabilidade	2022 Performance
Uso de energia renovável	100%
Investimento de infraestrutura	R $ 1,5 bilhão
Ramos neutros em carbono	287

Financiamento verde e produtos de investimento ambiental

A Bradesco alocou R $ 22,4 bilhões em financiamento sustentável em 2022, com foco específico em projetos de energia e conservação renováveis.

Categoria de financiamento verde	Valor do investimento (R $)
Projetos de energia renovável	12,6 bilhões
Iniciativas de conservação	6,8 bilhões
Agricultura sustentável	3 bilhões

Estratégias de redução de pegada de carbono

A Bradesco reduziu suas emissões de carbono em 35% em comparação com a linha de base de 2019, com uma meta de redução de 50% até 2025.

Métrica de redução de carbono	Desempenho
Redução de emissões (2019-2022)	35%
Redução de alvo até 2025	50%
Offset anual de carbono	124.000 toneladas métricas

Programas de responsabilidade social corporativa

A Bradesco investiu R $ 350 milhões em programas de educação em conservação e sustentabilidade ambientais em 2022.

Programa de RSE	Investimento (r $)
Conservação Ambiental	210 milhões
Educação de Sustentabilidade	140 milhões
Projetos de envolvimento da comunidade	85 milhões

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.