The actions of Bradesco (BBDC4) are down more than 3.5% at the start of this Thursday’s session (30), following the release of the bank’s results for the third quarter of 2025 (3Q25). The move comes despite a nearly 19% increase in recurring net profit in the year-over-year comparison, to R$6.2 billion.
Around 10:30 am (Brasilia time), the BBDC4 shares fell by 3.77%, trading at R$18.12, leading Ibovespa’s losses, followed by Bradesco’s ordinary shares, trading under the ticker BBDC3. The negative performance reflects the frustration of some investors, who expected numbers higher than analysts’ projections.
The reaction comes after a sequence of constant appreciation throughout 2025, in which the bank’s shares accumulated a rise of around 60% until Wednesday’s close (29).
Bradesco (BBDC4) had a good 3Q, but it wasn’t a surprise
The bank reported recurring net profit of R$6.2 billion in 3Q25, an increase of 18.8% compared to the same period last year. Anyway, Bradesco shares reacted negatively, reflecting a sense that the numbers were not surprising.
Total financial margin grew by 16.9% to R$18.7 billion, driven by the 19% expansion of margin with customers to R$18.6 billion.
Net margin increased 14.4% and return on equity (ROAE) reached 14.7%, slightly above XP’s forecast of 14.5%.
Net interest income (NII) numbers rose 17% from a year earlier, beating XP’s expectations by 2%. The increase was supported by stronger spreads and the improvement in the quality of the credit portfolio.
Service revenues grew 7% year-on-year, while the insurance segment maintained profitability above 20% ROE. Defaults beyond 90 days remained stable at 4.1%, and operating expenses increased moderately, keeping the efficiency ratio close to 50%.
According to a report published by JPMorgan, optimistic investors expected the bank to report an even higher profit of between R$6.4 billion and R$6.5 billion.
The North American bank has classified the numbers of the Bradesco (BBDC4) as “good, but within expectations”, noting that part of the pressure came from higher-than-expected spending and the replenishment of reserves.
Source: Terra
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