BNDES has net profit of R$ 1.7 billion in the first quarter, down 28%

The National Bank for Economic and Social Development (BNDES) recorded net income of BRL 1.7 billion in the first quarter, a decrease of 28.4% compared to the same period of 2022. Compared to the last quarter of 2022, the decrease was 51%. The data were released on Tuesday (16).

The bank’s disbursements in the first quarter of the year totaled BRL 19.1 billion, 29% higher than that recorded in the same period last year, but 44.8% lower than the last three months of 2022, reported Agência Brasil. The industry sector received the most disbursements from the bank, a total of R$ 6.1 billion, followed by infrastructure, R$ 5.5 billion; commerce and services, R$ 3.8 billion; and agriculture, R$ 3.7 billion.

According to the BNDES, the decline in the bank’s profit was mainly due to the early return, in November 2022, of BRL 45 billion from the institution’s cash to the National Treasury. “Last year, in November, the BNDES returned BRL 45 billion in advance to the Treasury, that is, it returned it before receiving these funds from customers. This caused a mismatch. When you take BRL 45 billion from a bank’s cashier , you lose a very expressive income from profitability”, highlighted the director of the financial area of ​​the BNDES, Alexandre Abreu.

The director also ruled out the hypothesis that the lower profit in the first quarter of 2023 was related to the change in the bank’s management, due to the new elected government. “Main [para a queda no lucro] is the decrease in BNDES cash. You no longer have R$45 billion in cash, you lose revenue in a significant volume, ”she pointed out.

The directors reaffirmed the bank’s projection to double disbursements by 2026 and reach around 2% of the Gross Domestic Product (GDP) – currently this number is approximately 1% of GDP or R$ 100 billion per year. Bad debt – debts not paid for more than 90 days – remained at a low level, ranging from 0.13%, on December 31, 2022, to 0.06%, on March 31, 2023, lower than default on the National Financial System (3.33% general and 0.53% for large companies, both on the same date).