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Bank Bradesco SA ADR - Stock Quote BBD

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Morningstar's Bank Bradesco SA ADR Stock Analysis

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A Solid Start to 2022 for Banco Bradesco as Good Cost Management and Loan Growth Drive Results

Michael Miller Equity Analyst

Analyst Note

| Michael Miller |

No-moat-rated Banco Bradesco reported strong first-quarter earnings that continued the loan growth momentum from the fourth quarter but without the high operating expense growth seen in fourth-quarter 2021. The bank recorded recurring net income of BRL 6.8 billion, 4.7% higher than last year. This translates to a return on equity of 18%, while strong cost management brought the bank’s efficiency ratio down to 43.5%, some of the best numbers in the bank’s history. While there are lingering macroeconomic concerns in Brazil, this quarter’s results highlight a strong start to the year. As we incorporate these results, we are increasing our fair value estimate to $4.30 per ADR shares. The increase is primarily due to higher estimated net interest income as Bank Bradesco enjoys both the effects of rising interest rates and better loan growth then we had initially expected.

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Bank Bradesco SA ADR's Company Profile

Business Description

Banco Bradesco is Brazil's second largest private bank, with about 15% of deposits, and the largest insurance provider in Brazil, with roughly 20%-25% market share. The bank is majority controlled by the Bradesco foundation--a private non-profit institution focused on education. Banking provides roughly 70% of profits, while the insurance segment contributes the remaining 30%. The bank is also a major asset manager with high-single-digit market share. In 2016, Bradesco acquired the Brazilian operations of HSBC.

Cidade de Deus S/N, Vila Yara
Osasco, SP, 06029‑900, Brazil
T +55 1136844011
Sector Financial Services
Industry Banks - Regional
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type
Employees 87,274

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