Sao Paulo, June 25, 2026 — Banco Bradesco S.A. (BVMF:BBDC4) closed Thursday at R$17.65, unchanged from the previous session, even as the broader Ibovespa index rose 0.94%. The stock traded heavily, with volume reaching 43.97 million shares, about 42% above its three-month average, and hit an intraday high of R$18.07 before paring gains.
The bank’s board approved an intermediate interest on equity (JCP) payment totaling R$3.5 billion, or R$0.315359035 per common share and R$0.346894939 per preferred share. Shareholders of record as of July 3 will qualify, with shares trading ex-rights on July 6. The payout is scheduled for January 29, 2027, and after a 17.5% withholding tax, preferred shareholders will receive R$0.286188324 per share.
Based on Thursday’s closing price, the preferred stock offers a gross yield of 1.97% and a net yield of 1.62%. However, the lengthy timeline to payment reduces its appeal as a quick dividend play. The real focus for investors remains whether Bradesco can sustain earnings growth and manage credit costs effectively.
The JCP amount represents a 16.7% increase from the June 2025 interim JCP of R$0.297161402 but remains 12.2% below the June 2024 payout of R$0.395055485, according to the bank’s shareholder remuneration schedule. This places the current payout between the prior-year level and the June 2024 cash distribution, reflecting a cautious recovery.
Bradesco reported first-quarter recurring net income of R$6.811 billion, up 16.1% year-over-year, with a return on average equity (ROAE) of 15.8%. However, loan-loss provisions surged 26.5% compared to the same period last year, underscoring the challenge of maintaining profitability amid a higher-risk environment.
CEO Marcelo Noronha, during the May earnings call, emphasized a shift to a more conservative risk posture. “This doesn’t mean we’re reducing the appetite for growing loans,” he said. “We will continue to grow and maintain the pace.” The market is watching closely to see if the bank can balance growth with credit quality.
The JCP payout helps meet income investor expectations and provides a clear carry timeline for institutional funds. But it does not address the core question: Can Bradesco lift returns by expanding revenue without provisions eroding gains?
Investors appeared hesitant to bid up the stock solely for the dividend, leaving shares flat at the close. The heavy trading volume suggests active debate among market participants about the bank’s outlook. The stock opened at R$17.79 and gave back early session gains as the day progressed.
