Bradesco Delivers Strong 2025 and Sets 2026 Targets as Multiplan Profit Eases on Higher Interest

Overview

• Bradesco reported recurring net income of R$6.516 billion in Q4 and R$24.652 billion for 2025, with credit up 11% year over year to R$1.089 trillion and service fees and net interest both higher.
• The bank guided for 2026 credit growth of 8.5% to 10.5%, net interest margin between R$42 billion and R$48 billion, operating expense growth of 6% to 8%, and service-fee growth of 3% to 5%.
• Shares fell in early trading after analysts judged the guidance below expectations, while CEO Marcelo Noronha said the bank will keep investing in technology to strengthen competitiveness.
• Shopping-center owner Multiplan posted Q4 net income of R$421.5 million, down 17.7% year over year, as higher financial expenses and a tough comparison with 2024 asset sales offset 6.1% EBITDA growth to R$707 million.
• Elsewhere in the sector, Bradesco Seguros’ recurring profit rose to R$2.8 billion in Q4 and R$10.1 billion in 2025, ABC Brasil earned R$275.5 million in Q4 and guided for 2026 loan growth of 6% to 10%, and BR Partners’ Q4 profit rose 5.7% with full-year down 9.6%.