Banco BMG (BMGB4) reported recurring net income of R$ 141 million in 3Q26, compared with R$ 157 million in 2Q26, R$ 148 million in 3Q25 and R$ 116 million in 3Q24. ROAE (return on average equity) was 13.6% in the quarter, versus 15.5% in 2Q26, 16.6% in 3Q25 and 11.6% in 3Q24. In 9M26, net income totaled R$ 446 million, compared with R$ 388 million in 9M25, and ROAE was 14.4%.
Financial margin totaled R$ 1,559 million in 3Q26 (19.9% per year), compared with R$ 1,512 million in 2Q26 and R$ 1,345 million (16.5%) in 3Q25. Margin after cost of credit was R$ 878 million (10.9% per year), versus R$ 881 million (10.6%) a year earlier. Personnel, administrative and operating expenses totaled R$ 612 million, and the efficiency ratio was 46.8%, compared with 52.4% in 2Q26 and 57.8% in 3Q25.
The credit portfolio totaled R$ 23 billion in 3Q26, compared with R$ 24.1 billion in 2Q26 and R$ 23.5 billion in 3Q25. Private payroll loans reached R$ 1.6 billion, personal loans rose 31.3% over 12 months and payroll-deductible credit cards declined 14.4%, to R$ 11.2 billion. The bank cites the change in the portfolio mix and lower dependence on INSS payroll loans.
Net PDD (allowance for doubtful accounts) expense was 7.9% of the average portfolio in the quarter, compared with 4.0% in 3Q25. Delinquency over 90 days was 5.6%, compared with 4.2% in 2Q26, and Stage 3 was 8.0%, compared with 6.4%. The bank reports a coverage ratio of 144% and a decline in short-term delinquency (15-90 days) from 3.2% to 2.7% in the quarter.
The Basel ratio was 13.5%, compared with 13.3% in 2Q26, and Tier 1 was 10.2%. The LCR (short-term liquidity coverage ratio) was 464% and the NSFR (long-term liquidity ratio) was 125%. Funding totaled R$ 32.7 billion. The bank carried out a without-recourse assignment (no risk retention) of R$ 1.5 billion in payroll-deductible credit cards and a public issuance of Financial Bills (Letras Financeiras) in October 2026. New INSS payroll-deductible card originations have been suspended since the end of April 2026.
