Banco Bradesco S.A. (NYSE:BBD) Q4 2023 Results Conference Call February 7, 2024 8:30 AM ET

Company Participants

Marcelo Noronha - CEO

Andre Rodrigues Cano - Executive Vice President at Banco Bradesco

Cassiano Scarpelli - Director Vice President

Carlos Firetti - IRO

Conference Call Participants

Thiago Bovolenta Batista - UBS

Daniel Vaz - Santander

Bernardo Guttmann - XP

Mario Pierry - Bank of America

Tito Labarta - Goldman Sachs

Jorge Kuri - Morgan Stanley

Eduardo Nishio - Genial Investimentos

Rafael Frade - Citi

Arnon Shirazi - Santander

Yuri Fernandes - JPMorgan

Pedro Leduc - Itau

Paulo Gomes - HSBC

Marcelo Noronha

Good morning, I am Marcelo Noronha, and I'm here live speaking from Cidade de Deus, it’s 10:32 AM to present the numbers for the full year of 2023 and of Q4 2023. After that, we will have a second topic. Our guidance for 2024. You probably read our book in our guidance for 2024. To us, 2023 was a challenging year.

It's not the result we would have loved to deliver to you. And the guidance of 2024 falls short a bit. But to us, 2024 will be a year of transition of transformation at Bradesco. And lastly, the third topic is our strategic plan, of course, here bringing the executive summary of the plan that we put together in the last 60 days. I will present that to all of you.

And then we'll be able to debate that during the Q&A. And I will be available to all investors for us to talk later. We already have some meetings scheduled for buy-side and sell-side investors so we can speak about our clients for the next five years in more detail from 2024 to 2028. So now I have the challenge of presenting at the same time that we present an income statement of Q4 '23 to speak about full-year results, the guidance, and the strategic plan in an executive summary, as I mentioned. So I'll try to do this as quickly as possible so we can have our Q&A.

Let's start with our numbers. Our results. As you can see, we have an additional number in lighter color was the end of the quarter with KRW4.3 billion. Here, we had an ALL enforcement for two cases in the wholesale bank. We were a little more conservative in these two cases.

We reduced the ratings, that's why our recurring net income was KRW2.9 billion. In addition, we had two major nonrecurring events. As you can see here in this last topic here on the right of the screen. The provision for the restructuring that we had and the contingent liabilities. I think you should comment on some positive aspects of our income statement.