Management attributes the decline mainly to the lower receipt of earnings from invested companies – especially Petrobras
The BNDES (National Bank for Economic and Social Development) recorded an accounting profit of R$17.2 billion in , a drop of 9% compared to the same period of the previous year. The board attributed the decline mainly to the lower receipt of dividends from invested companies – especially Petrobras –, despite the improvement in operational indicators.
“Given the impact of tariffs, it is an extraordinary result”said the president of the state development bank, Aloizio Mercadante, during the presentation of the data this Friday (14.nov.2025). “The drop in total profit is practically entirely explained by the reduction in dividends. If dividends had been maintained, we would not have recorded a drop”.
According to Mercadante, the difference in payment of earnings was R$1.9 billion, while the drop in total net profit amounted to approximately R$1.7 billion. “It means a 50% drop compared to earnings from the same period last year”, declared.
Even with the decline in accounting profit, recurring profit – which excludes extraordinary effects – reached R$ 11.2 billion, an increase of 14% in the annual comparison.
“The recurring result shows a more efficient bank, with sustainable credit growth and no deterioration in the portfolio”, said BNDES director Alexandre Abreu.
Net equity ended September at R$168.5 billion, stable compared to the previous year. The expanded credit portfolio reached R$615.9 billion, an increase of 12%, the highest level in nine years. Default over 90 days remained at 0.008%, considered “virtually null” by the board.
The recurring ROE (return on equity) rose to 10.4%, while the Basel index fell to 25.8%, but remained 15.3 percentage points above the regulatory floor.
“This drop is normal. The bank’s assets are growing, and the Central Bank has been adjusting the weighting factors. We continue with a huge margin to continue expanding”declared Abreu.
During the presentation, management also contextualized BNDES’s role in responding to climate disasters. “We are being called upon more and more. We made R$29 billion in Rio Grande do Sul after the floods, and now we are coordinating the state’s resilient reconstruction study”, stated Mercadante.
According to the state development bank, the national reconstruction and adaptation plan should total R$100 million in studies and will be delivered by October 2026.
“Extreme events will be more frequent. We need to structure permanent prevention and response policies”, said the president of BNDES.
