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The National Bank for Economic and Social Development (BNDES) announced on this Tuesday (11) its results for the first quarter of 2023.
According to the report, the bank recorded a recurring net income of R$1.7 billion for the period, representing a decrease of 28.4% compared to the same period last year.
The accounting profit, which includes non-recurring results, amounted to R$4 billion in the quarter, primarily driven by dividends received from Petrobras.
Regarding credit, BNDES’s expanded portfolio reached R$479 billion, showing an increase of 8.2% compared to Q1 2022. Total disbursements reached R$19.1 billion, representing a growth of 29.1% on the same basis of comparison.
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A new Brazilian shopping center worth R$ 400 million will be built in an area equivalent to more than 4 football fields, featuring 90 stores, 5 cinemas, a supermarket, a college, and parking for 1,700 cars, potentially generating 3,000 jobs.
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Larger than entire cities in Brazil: BYD is building a 4.6 km² complex in Bahia with a capacity for 600,000 vehicles per year, but the discovery of 163 workers in conditions analogous to slavery has shaken the entire project.
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With an investment of R$ 612 million, a capacity to process 1.2 million liters of milk per day, Piracanjuba inaugurates a mega cheese factory that increases national production, reduces dependence on imports, and repositions Brazil on the global dairy map.
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Brazilian city gains industrial hub for 85 companies that is equivalent to 55 football fields.
One positive point presented in the report was the reduction in BNDES’s delinquency over 90 days, which fell to 0.06% in Q1 2023.
In the last quarter of 2022, the index was at 0.13%, while in the first quarter of the previous year it was 0.21%.
However, the return on recurring equity (ROE) was 5.3% from January to March of this year, representing a decrease of 2.7 percentage points compared to the previous year, and 5.3 percentage points on a quarterly basis.
Even with the decline in recurring profit, BNDES remains committed to its mission of promoting the economic and social development of the country. The institution reported that it is working on new long-term financial solutions to help Brazilian companies overcome the challenges of the current economic situation.
BNDES Results – 1st Quarter of 2023
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