Banco Bradesco S.A. (BBD) Q1 2022 Earnings Call Transcript
Prepared Remarks
Questions and Answers
Call Participants
Prepared Remarks:
Operator
Good afternoon, ladies and gentlemen and thank you for waiting. We would like to welcome everyone to Bradesco First Quarter 2022 Earnings Conference Call. This call is being broadcasted simultaneously through the Internet in the Investor Relations website, bradescori.com.br/en. In that address, you can also find the presentation available for download. We inform that all participants will only be able to listen to the conference call during the company’s presentation. [Operator Instructions]
Before proceeding, let me mention that forward-looking statements are based on the beliefs and assumptions of Banco Bradesco’s management and on the information currently available to the company. They involve risks, uncertainties and assumptions because they relate to future events and, therefore, depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of Banco Bradesco and could cause the results to differ materially from those expressed in such forward-looking statements.
Now I will turn the conference over to Mr. Carlos Firetti, Business Controller and Market Relations Director. Please proceed.
Carlos Firetti
Hello, everybody. Welcome to our conference call for the discussion of our first Q 2022 results. We have today with us our CEO, Octavio de Lazari, Jr.; our Executive Vice President and CFO, André Cano; Leandro Miranda, Executive Director and Investor Relations Officer; Oswaldo Fernandes, Executive Director; Ivan Gontijo, Bradesco Seguros Chief Executive Officer; Renato Ejnisman, Banco next Chief Executive Officer; Curt Zimmermann, Bitz Chief Executive Officer; and Carlos Giovane Neves, Banco Digio’s Chief Executive Officer.
I turn the floor now to Leandro.
Leandro Miranda
Thank you, Firetti. Good morning, everyone. Thank you for joining us in our first Q ‘22 earnings conference call. The economic landscape in the first quarter made a slight advance with GDP forecast picking up a bit and the creation of additional jobs. Inflation remains a worry global phenomenon. It’s a significant challenge for all economies, including Brazil. The war in Ukraine created pressure on the oil and other commodities prices, and there are low expectations of any restrain in price trends over the near term.
The Central Bank of Brazil has moved forward with its monetary policies, and we expect to see a slowdown in inflation during the year. However, interest rates are likely to remain high for a long period, which should impact GDP growth. Given the scenario, Bradesco performed well this quarter, with a net income of BRL6.8 billion and this represents an ROE of 18% and an increase of 3.1% in relation to our previous quarter.