BNDES has a profit of R$ 12.5 billion in 2022 and intends to double its size by 2026

The National Bank for Economic and Social Development (BNDES) recorded a recurring net profit of BRL 12.5 billion in 2022, according to a balance sheet presented this Tuesday (14) by the institution’s board of directors. Net income for extraordinary reasons, such as reclassification of investments, disposals of shares and dividend income, reaches a record volume of BRL 41.7 billion in the period, an increase of 22.29% compared to 2021.

Among these extraordinary reasons are the reclassification of the investment in JBS (R$ 5.8 billion), from associate to non-affiliate, the sale of shares of R$ 2.3 billion, with emphasis on Eletrobras and JBS, in addition to income from dividends of R$ 18.4 billion, with emphasis on Petrobras (R$ 17.2 billion).

Alexandre Abreu, financial director of the BNDES, said that the bank followed the trend of reducing assets that has been occurring since 2015. In the last eight years, the Bank’s assets fell from R$ 1.4 trillion, at the end of 2014, to $684 billion, in 2022, an actual 51% drop over the period. “The BNDES today is the same size as it was in 2008. It is a worrying factor, since the main revenue-generating asset has been falling, if it continues, we will have problems in terms of results”, warned the director.

Aloizio Mercadante pointed out that the BNDES transferred to the National Treasury an amount of R$ 873 billion in nominal values, since 2015, in contractual and advance payments of Union financing, FAT, dividends and federal taxes.

“The BNDES transferred R$254 billion more than the subsidy it received, of R$414 billion, between 2008 and 2014. Five times net income, twenty times recurring. It is not the role of the BNDES to finance the Treasury at this speed,” he said.

He also stated that the objective of his management at the head of the bank is to “return to the historic level of BNDES disbursements since the beginning of the implementation of the Real, which is 2% of GDP. For this, we want to double the size of the BNDES by 2026 so that it can fulfill its role in economic and social development”, he added.