By Brazil Stock Guide – Brazil’s state-owned development bank BNDES reported recurring profit of R$ 9.2 billion in the first half of 2026, up 25.5% from R$ 7.3 billion a year earlier, as credit activity accelerated and asset quality remained strong.
Recurring earnings for the 12 months through June reached a record R$ 17.1 billion, according to the bank.
Under IFRS, consolidated net income rose 24% to R$ 11.15 billion from R$ 8.96 billion. The gross financial intermediation result increased 63% to R$ 13.75 billion, supported by higher credit revenue and a sharp reduction in credit-loss charges.
Revenue from loans and pass-through financing advanced 33% to R$ 28.87 billion. Credit-loss provisions declined to R$ 232 million from R$ 1.95 billion a year earlier, partially offsetting lower income from dividends and interest on equity.
“It is rare to see this combination: consistent and rapid credit growth alongside profitability that ranks second in Brazil’s financial system,” BNDES President Aloizio Mercadante said. “A fully state-owned institution can be very well managed, with efficiency and productivity.”
Credit consultations surged 72% to R$ 237.7 billion, approvals climbed 52% to R$ 110.6 billion and disbursements rose 37% to R$ 74.8 billion.
Infrastructure recorded the strongest growth in approvals, which jumped 91% to R$ 46 billion. Approvals for agriculture increased 46% to R$ 24.8 billion, while industry rose 24% to R$ 22.5 billion and commerce and services advanced 27% to R$ 17.3 billion.
Including R$ 43.4 billion of loans backed by guarantee funds and originated by commercial banks, total credit support reached R$ 154 billion. Support for micro, small and midsize companies totaled R$ 108.2 billion, up 22%.
The gap between approvals and disbursements points to a larger financing pipeline that could support future loan-book growth, although approved projects may be released gradually. Approvals over the latest 12 months were equivalent to 2.1% of Brazil’s GDP, while disbursements reached 1.4%, compared with 1% three years earlier.
BNDES’s expanded credit portfolio — including loans, pass-through financing, debentures and receivables — reached R$ 684 billion, up approximately 14% from a year earlier and 3.1% since December. The debenture portfolio increased 11% in six months to R$ 59.1 billion.
Total assets rose 10% from December to R$ 1.058 trillion. IFRS equity increased 4.7% to R$ 189.3 billion.
Asset quality remained robust. Loans more than 90 days past due represented 0.05% of the portfolio, down from 0.06% in December. BNDES compared that with a 4.68% delinquency rate for Brazil’s broader financial system and 0.66% for large-company lending.
The renegotiated-loan ratio rose to 1.43% from 0.80% at the end of 2025, representing R$ 9.1 billion. It nevertheless declined from 1.65% in March.
BNDES’s equity portfolio totaled R$ 85.4 billion. The main first-half divestments involved Petrobras, Copel, Axia Energia and Copasa. The bank reported R$ 3.9 billion in gains from share sales, including R$ 2.8 billion related to Petrobras and R$ 800 million from Copel.
IFRS disclosures show that BNDES’s four largest listed holdings were worth approximately R$ 66 billion at the end of June: R$ 33.2 billion in Petrobras, R$ 12.3 billion in JBS NV, R$ 12.3 billion in Axia Energia and R$ 8.3 billion in Copel.
The statements also disclosed positions in Simpar, Movida and Vamos worth a combined R$ 865 million, with no corresponding balances in the December portfolio table.
BNDES ended June with a Basel capital ratio of 25.4%, slightly above the 25.2% recorded in December and well above the 10.5% regulatory minimum.
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