Banco do Brasil (BBAS3) posted adjusted net income of R$ 8.6 bi in the first nine months of 2026, down 42.4% from 9M25. In the third quarter of 2026 (3Q26), the result was R$ 1.3 bi, down 67.5% from 2Q26 and 66.5% from 3Q25. The period was marked by higher cost of credit, mainly because of delinquency in the agribusiness portfolio.
Cost of credit totaled R$ 21.2 bi in 3Q26, up 14.9% from the previous quarter and 18.4% from 3Q25. Over the nine months, it reached R$ 58.6 bi. Delinquency is concentrated among medium and large soybean, corn and cattle producers, mainly in the Center-West. The over-90-day delinquency ratio ended September at 6.08%, compared with 5.61% in June 2026 and 4.51% in September 2025.
Gross financial margin was R$ 26 bi in 3Q26, down 5.5% in the quarter and 1.5% over 12 months. Year to date, it totaled R$ 80.9 bi, up 7.4%. Service fee revenue totaled R$ 9.3 bi in the quarter, up 1.6% from 2Q26 and 4.6% from 3Q25. Year to date, it reached R$ 27.2 bi, up 4.8%. Administrative expenses were R$ 10.3 bi in the quarter, up 2.0% from the previous quarter. The 12-month efficiency ratio was 28.5%.
The expanded loan portfolio ended September 2026 at R$ 1.3 tri, down 0.5% in the quarter and up 2.2% over 12 months. Individuals totaled R$ 357.7 bi, businesses R$ 464.4 bi and agribusiness R$ 403.6 bi, down 4.3% in the quarter. The sustainable portfolio reached R$ 431.5 bi. The Common Equity Tier 1 ratio was 10.80%, compared with 11.27% in June, and the Basel Ratio was 13.45%.
To strengthen capital, the bank reduced the payout to 25%, the mandatory minimum, and there will be no interim announcements on November 11 and 19, 2026. R$ 1.99 bi has already been distributed in interest on equity (JCP), equivalent to R$ 0.35 per share. The remainder will be announced on February 17, 2027, with payment on March 10, 2027.
The bank revised its 2026 guidance: adjusted net income between R$ 9 bi and R$ 11 bi (previously R$ 18 bi to R$ 22 bi); gross financial margin between 2.5% and 4.5% (previously 7% to 11%); and cost of credit between R$ 80 bi and R$ 83 bi (previously R$ 65 bi to R$ 70 bi). The loan portfolio guidance changed to between -2.0% and 0.0% (previously 0.5% to 4.5%). Guidance for service revenue, administrative expenses and the sustainable portfolio was maintained.
Is BBAS3 worth investing in?
- Price
- R$ 17.10
- as of 11/10/2026
- Dividend yield
- 4.04 %
- P/L
- 7.99
- P/VPA
- 0.51
