Banco Bradesco SA (BBD) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

August 5, 2022 12:30 p.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 Second Quarter 2022 Earnings Conference Call. This call is being broadcast simultaneously through the internet in the Investor Relations website at bradescori.com.br/en. In that address, you can also find the presentation available for download. [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 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 results to differ materially from those expressed in such forward-looking statements.

Now I'll turn the conference over to Mr. Carlos Firetti, Business Controller and Market Relations Director.

Carlos Firetti

Good afternoon, everybody. Welcome to our conference call for the discussion of our second quarter results. We have today with us our Chief Executive Officer, Octavio de Lazari Jr.; our Executive Vice President and CFO, Andre Cano; the Executive Director and IRO, Leandro Miranda; Osvaldo Fernandez, Executive Director; Ivan Gontijo, Bradesco Seguros CEO; Renato Ejnisman, Banco Next's Chief Executive Officer; Curt Zimmermann, Bitz Chief Executive Officer; and Carlos [indiscernible] Navis, Banco [indiscernible], Chief Executive Officer.

Now for starting the presentation, I'll turn the floor to Leandro Miranda.

Leandro Miranda

Thank you very much, Firetti. Good afternoon, everyone. Thank you for taking part in our second Q '22 earnings conference call. The scenario has remained quite complex in this quarter with persistent high inflation and the need for monetary tightening in major global economies. Initial concerns turned into risk of global recession at the end of the quarter.

In Brazil, high inflation, the consequent impact on income were part of the dynamics that affect the economy during the period, including generating new physical pressures. Despite this outlook, the Brazilian economy is a bit better, which led us to increase our GDP growth expectation to 2.3% in 2022. The cycle of rising interest rate in Brazil has already advanced rapidly. This has led us to report a less optimistic view for 2023 with a 0 gross projection for GDP.