Banco Mercantil (BMEB3, BMEB4) posted net income of R$ 279.4 million in 3Q26, up 10% from 3Q25, when the result was R$ 254.3 million. It is the bank's 16th consecutive quarterly record. Over the last 12 months, excluding non-recurring effects from the PGFN settlement that impacted 4Q25, profit reached R$ 1.1 billion.
The loan portfolio totaled R$ 25.3 billion, up 17% in one year. Payroll-deductible loans reached R$ 18.6 billion, an increase of 27%. The INSS payroll loan portfolio rose to R$ 15.6 billion (+15%) and the private payroll loan portfolio to R$ 3.0 billion (+163%). About 82% of the portfolio is collateralized (secured). Loan origination was R$ 3.2 billion, down 28% from 3Q25.
Service revenue reached R$ 359 million, up 53%. Net interest income (NII) was R$ 1,445 million, an increase of 22%. The net interest margin (NIM) was 16.9%, versus 17.5% in 3Q25.
Delinquency over 90 days rose 1.3 p.p. year over year to 4.1%. Provision for loan losses (PDD) was R$ 305 million, equivalent to 4.8% of the annualized portfolio, versus R$ 116 million (2.2%) in 3Q25. The trailing 12-month ROAE (return on average equity) was 39.4%, down 5.6 p.p.
The Basel ratio closed at 18.5%, up 2.4 p.p. from 3Q25, and shareholders' equity totaled R$ 3,341 million. The funding balance reached R$ 33.8 billion, up 24%. The bank also obtained new coverage from Moody's, with an AA.br rating and a stable outlook. According to the bank, INSS payroll loan origination showed a recovery in September, which points to a safer environment for 4Q26.
