UNITED STATES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Num ...

[Consolidated Financial Statements](index=4&type=section&id=Consolidated%20Financial%20Statements) [Statement of Financial Position](index=4&type=section&id=Statement%20of%20Financial%20Position) Total assets increased to **R$1,398.8 billion** in 2021, driven by loans and securities, with liabilities and equity also rising Consolidated Statement of Financial Position (R$ thousand) | Category | On December 31, 2021 | On December 31, 2020 | | :--- | :--- | :--- | | **Total Assets** | **1,398,797,955** | **1,342,534,904** | | - Financial instruments | 1,243,711,797 | 1,182,097,164 | | - Loans | 509,982,031 | 445,665,923 | | **Total Liabilities** | **1,251,666,270** | **1,198,827,307** | | - Deposits from customers | 573,321,954 | 548,238,035 | | **Total Equity** | **147,131,685** | **143,707,597** | | - Equity attributable to shareholders | 147,121,011 | 143,702,640 | [Income Statement](index=6&type=section&id=Income%20Statement) Net income attributable to shareholders increased **32.6%** to **R$21.95 billion** in 2021, driven by higher net financial intermediation revenue and reduced credit loss expenses Annual Income Statement Highlights (R$ thousand) | Metric | Year ended Dec 31, 2021 | Year ended Dec 31, 2020 | Change (%) | | :--- | :--- | :--- | :--- | | Revenue from financial intermediation | 111,027,074 | 86,079,893 | +29.0% | | Net revenue from financial intermediation | 61,564,608 | 27,874,102 | +120.8% | | Expected Credit Loss Expense | (15,453,199) | (25,228,742) | -38.7% | | Operating profit/(loss) | 27,086,863 | 1,639,720 | +1552.0% | | **Net income attributable to shareholders** | **21,945,688** | **16,546,577** | **+32.6%** | | Earnings per common share (R$) | 2.15 | 1.62 | +32.7% | [Statement of Comprehensive Income](index=7&type=section&id=Income%20Statement%20of%20Comprehensive%20Income) Total comprehensive income was **R$13.3 billion** in 2021, lower than net income due to **R$8.6 billion** in negative other comprehensive income, primarily from unrealized securities losses Comprehensive Income Summary (R$ thousand) | Item | Year ended Dec 31, 2021 | Year ended Dec 31, 2020 | | :--- | :--- | :--- | | Net income for the period | 21,968,135 | 16,563,945 | | **Other comprehensive income** | **(8,620,526)** | **(1,019,187)** | | - Securities available for sale | (8,275,592) | (942,992) | | - Cash flow hedge | (276,427) | (184,591) | | **Total comprehensive income** | **13,347,609** | **15,544,758** | [Statement of Changes in Shareholders' Equity](index=8&type=section&id=Statements%20of%20changes%20in%20shareholders'%20equity) Shareholders' equity increased to **R$147.1 billion** in 2021, driven by **R$21.9 billion** net income and a **R$4.0 billion** capital increase, partially offset by distributions and valuation adjustments Changes in Shareholders' Equity 2021 (R$ thousand) | Description | Amount | | :--- | :--- | | Balance on December 31, 2020 | 143,702,640 | | Capital increase with reserves | 4,000,000 | | Asset valuation adjustments | (8,620,526) | | Net income | 21,945,688 | | Interest on Shareholders' Equity Paid | (7,240,089) | | Dividends paid | (2,000,000) | | **Balance on December 31, 2021** | **147,121,011** | [Statement of Added Value](index=9&type=section&id=Statements%20of%20Added%20Value) Total added value for distribution more than doubled to **R$53.3 billion** in 2021, primarily from financial intermediation, with **41.2%** allocated to shareholders Distribution of Added Value (R$ thousand) | Category | 2021 | % of Total | 2020 | % of Total | | :--- | :--- | :--- | :--- | :--- | | **Added value to distribute** | **53,304,741** | **100.0%** | **26,034,100** | **100.0%** | | Personnel | 16,169,813 | 30.3% | 15,194,013 | 58.4% | | Tax, fees and contributions | 12,800,020 | 24.0% | (8,120,247) | (31.2%) | | Remuneration for providers of capital | 2,366,773 | 4.4% | 2,396,389 | 9.2% | | Added Value distributed to shareholders | 21,968,135 | 41.2% | 16,563,945 | 63.6% | [Statement of Cash Flows](index=10&type=section&id=Statements%20of%20Cash%20Flow) The company experienced a net cash outflow of **R$87.3 billion** from operating activities in 2021, a reversal from 2020, resulting in a **R$119.4 billion** net decrease in cash and equivalents Consolidated Statement of Cash Flows (R$ thousand) | Cash Flow Category | Year ended Dec 31, 2021 | Year ended Dec 31, 2020 | | :--- | :--- | :--- | | Net cash provided by/(used in) operating activities | (87,294,021) | 149,026,046 | | Net cash provided by/(used in) investing activities | (32,415,660) | 18,722,591 | | Net cash provided by/(used in) financing activities | 271,269 | (41,505,780) | | **Net increase/(decrease) in cash and cash equivalents** | **(119,438,411)** | **126,242,857** | | Cash and cash equivalents - at the end of the period | 70,695,332 | 189,954,270 | [Notes to Financial Statements](index=11&type=section&id=Notes%20to%20Financial%20Statements) [General Information and Accounting Policies (Notes 1-4)](index=12&type=section&id=1-4)%20General%20Information%20and%20Accounting%20Policies) This section outlines the company's universal banking operations, financial statement preparation under Brazilian Central Bank rules (similar to IFRS), and key accounting estimates for loan losses and fair value - Banco Bradesco S.A. is a universal bank operating directly and through subsidiaries in various financial sectors, including leasing, investment banking, insurance, and credit cards[21](index=21&type=chunk) - The financial statements are prepared according to Brazilian Central Bank rules, which aim for similarity with International Financial Reporting Standards (IFRS)[22](index=22&type=chunk) - The preparation of financial statements requires significant management estimates and judgments, particularly for the allowance for credit losses, fair value of financial instruments, impairment of assets, taxes, and contingent provisions[54](index=54&type=chunk)[55](index=55&type=chunk) [Financial Instruments (Notes 8-10)](index=26&type=section&id=8-10)%20Financial%20Instruments) Total securities reached **R$392.1 billion** in 2021, with **57.6%** available-for-sale, and the loan portfolio grew **14.4%** to **R$510.0 billion**, with derivatives showing a net positive fair value Securities Breakdown (R$ thousand) | Category | On Dec 31, 2021 | % of Total | On Dec 31, 2020 | % of Total | | :--- | :--- | :--- | :--- | :--- | | Trading securities | 109,215,563 | 27.9% | 54,486,599 | 16.6% | | Available-for-sale securities | 225,955,035 | 57.6% | 208,948,127 | 63.5% | | Held-to-maturity securities | 56,939,643 | 14.5% | 65,269,589 | 19.9% | | **Total** | **392,110,241** | **100.0%** | **328,704,315** | **100.0%** | Loan Portfolio by Type (R$ thousand) | Loan Type | On Dec 31, 2021 | On Dec 31, 2020 | | :--- | :--- | :--- | | Discounted trade receivables and loans | 287,155,646 | 245,753,248 | | Financing and on-lending | 199,312,644 | 179,849,642 | | Agricultural and agribusiness loans | 23,513,741 | 20,063,033 | | **Total Loan Subtotal** | **509,982,031** | **445,665,923** | - The allowance for expected credit losses stood at **R$45.11 billion** as of December 31, 2021, slightly down from **R$45.20 billion** at the end of 2020[129](index=129&type=chunk) [Liabilities and Equity (Notes 16-24)](index=52&type=section&id=16-24)%20Liabilities%20and%20Equity) Customer deposits, a key funding source, increased to **R$573.3 billion** in 2021, while subordinated debt remained stable, and shareholders' equity saw a **R$4.0 billion** capital increase and **R$9.2 billion** in distributions Deposits from Customers (R$ thousand) | Deposit Type | On Dec 31, 2021 | On Dec 31, 2020 | | :--- | :--- | :--- | | Demand deposits | 56,769,951 | 50,909,043 | | Savings deposits | 139,341,042 | 136,698,248 | | Time deposits | 377,210,961 | 360,630,744 | | **Total** | **573,321,954** | **548,238,035** | Subordinated Debt Movement 2021 (R$ thousand) | Description | Amount | | :--- | :--- | | Opening Balance | 53,255,401 | | Issuance | 9,130,200 | | Settlement and interest payments | (11,165,628) | | **Closing Balance** | **54,459,518** | - A capital increase of **R$4.0 billion** was approved in March 2021 through the capitalization of profit reserves, with a bonus share distribution of 1 new share for every 10 held[183](index=183&type=chunk) [Other Disclosures (Notes 33, 34, 35, 36, 37)](index=66&type=section&id=33-37)%20Other%20Disclosures) This section covers risk and capital management, including a **15.8%** Basel III ratio, **R$81.2 billion** in deferred tax assets, COVID-19 impacts, and the acquisition of Banco Digio S.A Basel Ratio | Ratio | On Dec 31, 2021 | On Dec 31, 2020 | | :--- | :--- | :--- | | Basel ratio | 15.8% | 15.8% | | Tier I capital | 13.7% | 13.8% | | Tier II capital | 2.1% | 2.0% | - The COVID-19 pandemic is noted as a significant risk, potentially impacting loans, funding costs, and the valuation of financial instruments. The company has established protocols and is actively monitoring the situation[264](index=264&type=chunk)[265](index=265&type=chunk) - In October 2021, Bradesco agreed to acquire the remaining **49.99%** of Banco Digio S.A. for **R$625 million**, making it a wholly-owned subsidiary to enhance its digital strategy. The transaction was approved by BACEN in February 2022[266](index=266&type=chunk) [Independent Auditor's Report](index=90&type=section&id=Independent%20Auditor's%20Report) [Opinion and Basis for Opinion](index=90&type=section&id=Opinion%20and%20Basis%20for%20Opinion) KPMG issued an unqualified opinion, affirming that Banco Bradesco S.A.'s consolidated financial statements as of December 31, 2021, are presented fairly in all material respects - The auditor issued an unqualified opinion, concluding that the financial statements present fairly, in all material respects, the consolidated financial position of the company[267](index=267&type=chunk) - The financial statements were prepared to meet the specific requirements of Resolution 4280/13 of the National Monetary Council (CMN) and may not be suitable for other purposes[267](index=267&type=chunk) [Key Audit Matters](index=90&type=section&id=Key%20Audit%20Matters) Key audit matters included the measurement of allowance for loan losses, valuation of private issuer securities, provisions for contingencies, recoverability of deferred tax assets, intangible asset impairment, and IT controls - Key audit matters included: * **Allowance for loan losses:** Due to significant judgment in classifying loans and determining the supplementary provision * **Valuation of private issuer securities:** Due to judgment in methods and assumptions for securities with unobservable market prices (Level 2 and 3) * **Provisions for legal contingencies:** Uncertainty in measuring provisions for tax, civil, and labor lawsuits * **Recoverability of deferred tax assets:** Judgment required to evaluate projections of future taxable profits * **Impairment of intangible assets:** High degree of subjectivity in determining assumptions for impairment tests * **IT Controls:** High dependence on technology systems and the importance of access and change management controls[268](index=268&type=chunk)[269](index=269&type=chunk)[272](index=272&type=chunk)

Banco Bradesco S.A. (NYSE:BBD) Q4 2021 Earnings Conference Call February 9, 2022 11:30 AM ET Company Participants Carlos Firetti - Business Controller & Market Relations Director Leandro Miranda - Executive Director & Investor Relations Officer Octavio de Lazari Jr. - Chief Executive Officer Renato Ejnisman - Bank Next Chief Executive Officer Conference Call Participants Jorge Kuri - Morgan Stanley Jason Mollin - Scotiabank Tito Labarta - Goldman Sachs Thiago Batista - UBS Mario Pierry - Bank of America Geo ...

Banco Bradesco SA Brands, Inc. (NYSE:BBD) Q3 2021 Earnings Conference Call November 4, 2021 12:30 PM ET Company Participants Carlos Firetti - Business Controller & Market Relations Director Leandro de Miranda - Deputy Executive Director, Deputy Officer & IR Officer Renato Ejnisman - CEO, Digital Bank Next Conference Call Participants Tiago Binsfeld - Goldman Sachs Group Jason Mollin - Scotiabank Mario Pierry - Bank of America Merrill Lynch Marcelo Telles - Crédit Suisse Pedro Leduc - Itaú Carlos Gomez-Lopez ...

Financial Performance - Recurring Net Income reached R$6319 million in 2Q21, a 632% increase compared to 2Q20[12] - Accumulated ROAE was 141%[8] - The Operating Efficiency Ratio (ER) for the accumulated 12 months was 457%[8] - Total Revenues increased by 59% from 1H19 to 1H21, reaching R$71030 million[14] - Total Expenses decreased by 73% from 1H19 to 1H21, amounting to R$22194 million[14] Loan Portfolio & Credit Risk - Expanded Loan Portfolio totaled R$726453 billion, with a 30% increase quarter-over-quarter and a 99% increase year-over-year[8, 25] - Loans to Companies accounted for 607% of the total expanded loan portfolio in Jun/21, with Large Corporates comprising 403% and Micro, Small and Medium-Sized Enterprises 204%[25] - Loans to Individuals represented 393% of the total expanded loan portfolio in Jun/21[25] - The bank's Allowance For Loan Losses (ALL) exhibited a coverage ratio of 117% over 90 days + renegotiated[31] Digitalization & Customer Base - Digital Clients increased by 14% from Jun-19 to Jun-20 and by 13% from Jun-20 to Jun-21, reaching 225 million[95] - Mobile Financial Transactions saw a significant increase, with 5996 million in 1H21[95] - Total Clients Organization reached 712 million in 2Q21[57]

Banco Bradesco S.A. (NYSE:BBD) Q2 2021 Earnings Conference Call August 4, 2021 12:30 PM ET Company Participants Carlos Firetti - Business Controller and Market Relations Director Octavio de Lazari Jr. - CEO André Cano - Executive Vice President Leandro Miranda - Executive Director and IRO Oswaldo Fernandes - CFO Ivan Gontijo - CEO, Bradesco Seguros Renato Ejnisman - CEO, Banco Next Conference Call Participants Mario Pierry - Bank of America Operator Good morning, ladies and gentlemen, and thank you for wa ...

Banco Bradesco S.A. (NYSE:BBD) Q1 2021 Earnings Conference Call May 5, 2021 12:30 PM ET Company Participants Carlos Firetti - Business Controller and Market Relations, Director Leandro Miranda - Executive Director, Investor Relations Octavio de Lazari - Chief Executive Officer Conference Call Participants Jorge Kuri - Morgan Stanley Mario Pierry - Bank of America Jason Mollin - Scotia Bank Tito Labarta - Goldman Sachs Thiago Batista - UBS Carlos Gomez - HSBC Operator Good morning, ladies and gentlemen and t ...

Common Shares New York Stock Exchange* " Not for trading, but only in connection with the registration of ADSs pursuant to the requirements of the SEC. Securities registered or to be registered pursuant to Section 12(g) of the Act: None. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F 区 □ □ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For ...