Banco Bradesco SA (NYSE:BBD) Q2 2022 Earnings Conference Call August 5, 2022 12:30 PM ET Company Participants Carlos Firetti - Business Controller & Market Relations Director Leandro Miranda - Managing Executive Director & IR Director Octavio de Lazari - CEO Conference Call Participants Thiago Batista - UBS Daer Labarta - Goldman Sachs Group Carlos Gomez - HSBC Operator Good afternoon, ladies and gentlemen, and thank you for waiting. We would like to welcome everyone to Bradesco's Second Quarter 2022 Earnin ...

Banco Bradesco S.A. (NYSE:BBD) Q1 2022 Earnings Conference Call May 6, 2022 12:30 PM ET Company Participants Carlos Firetti - Business Controller and Market Relations Director Octavio de Lazari - Chief Executive Officer André Cano - Executive Vice President and Chief Financial Officer 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 Zimm ...

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 ...