Banco Bradesco SA (BBD) Q3 2022 Earnings Call Transcript

For the period ending September 30, 2022

November 9, 2022 11:30 a.m. ET

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's Third Quarter 2022 Earnings Conference Call. This call is being broadcast simultaneously through the internet Investor Relations website, bradescori.com.br/en. In that address, you can also find the presentation available for download. We informed that all participants will only be able to listen to the conference called during the company's presentation. After the presentation, there will be a question-and-answer session when further instructions will be given. [Operator Instructions]

Before proceeding, let me mentioned that forward looking statements are based on the beliefs and assumptions of Bradesco's management and on 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 their future results of a Banco Bradesco and could cause results to differ materially from those expressed in such forward looking statements.

Now, I'll turn the conference over to Carlos Firetti, Business Controller and Market Relations Director. Please go ahead, sir.

Carlos Firetti

Thank you. Good afternoon, everyone. Welcome to our conference call for the discussion of our third quarter 2022 results. We have today with us in the conference call our CEO, Octavio de Lazari Jr; Andre Rodrigues Cano, Executive Vice President and CFO, Casionis Carteli, [ph] Executive Vice President; Eurico Fabry [ph], Executive Vice President and [Indiscernible], Executive Vice President of Bradesco.

Also we have with us, Osvaldo Fernandez, Executive Director; Ivan Gontijo, Bradesco Seguros Chief Executive Officer; Curt Zimmermann, Banco Next and Bitz, Chief Executive Officer and Carlos Giovannis Navis [ph] Banco [indiscernible] Chief Executive Officer.

I turn now the floor to Leandro Miranda, Executive Director and IR of Bradesco.

Leandro Miranda

Thank you, Firetti. Thank you all once again for taking part in our earnings conference call. The third Q earnings reflect the current economic moments in a market that goes through cycles. We have to reverse at various points in the credit cycle.

When the pandemic began bringing longer known threats and expectation of a worsening economy, we made significant credit provisions. As the economy improved in 2021 and the beginning of 2022, we were able to release part of the excess provisions, especially in the medium large companies industry. Right now, we are moving to a cycle of increasing provisions that is expected to continue throughout 2023 due to the loans that have been granted in the mass market.