BNDES profit grows 25% and reaches R$9.2 billion in the first half of the year

The recurring result excludes extraordinary factors, which should not be repeated. Over the last 12 months, recurring profit reached R$17.1 billion, a historic record for the institution.

The recurring ROE (Return on Equity), an indicator of profitability, was 19.2%, an increase of 0.4 percentage points compared to the first half of 2025. Total credit approvals and guaranteed operations increased 19% compared to the first half of 2025, with a credit injection of R$154 billion, of which R$43.4 billion in guarantees.

On the same comparative basis, credit inquiries increased by 72% and reached R$237.7 billion. Consultations are the first step in the bank's financing flow. Of this total, R$110.6 billion were approved, an increase of 52% in the period.

The biggest growth in approvals was observed in infrastructure credit, with an increase of 91%, and agriculture, which increased by 46%, totaling R$46 billion and R$24.8 billion, respectively. Credits to commerce and services were R$17.3 billion (an increase of 27%), and to industry R$22.5 billion (an increase of 24%).

Credit to micro, small and medium-sized companies (MSMEs) reached the level of R$108.2 billion in the first six months of this year, the highest value in history for the period, with an increase of 22% year-on-year.

Of this amount, R$43.4 billion represents approval of guarantees provided by guarantee funds in operations carried out by financial agents, and another R$64.8 billion are credit approvals.

The volume of BNDES disbursements reached R$74.8 billion in the semester, an increase of 37% compared to the same period in 2025. Consultations increased 72% compared to the first half of 2025, totaling R$237.7 billion.

BNDES also announced a default of 0.05% (90 days), a result that represents an increase of 0.02 percentage points compared to the first half of 2025.

The president of BNDES, Aloizio Mercadante, said that the institution will pay attention to "future-bearing" sectors, such as eVtols (electric vertical take-off and landing vehicles, also called flying cars), bioeconomy and critical minerals.

"If Brazil wants to be well in the future, it needs the BNDES and it needs the boldness of the BNDES. We are looking at the flying car, we are looking at bioeconomy, bio-inputs for agriculture, we are analyzing critical minerals, we are going to go strong in rare earths, lithium, in everything that represents clean mobility", he said.

Also according to the bank, the total assets of the BNDES System totaled just over R$1.058 trillion on June 30, 2026, an increase of 10% compared to December 2025. The increase was driven especially by the increase of R$76.5 billion from the Treasury and R$20.5 billion from the expanded credit portfolio.

Credit financing, onlending, debentures and other credit granting assets, which make up the expanded credit portfolio, reached the amount of R$684 billion on June 30, an increase of 3.1% compared to December 2025. This was the highest value since the end of the 1st half of 2016.

Luciana Costa, director of Infrastructure, Energy Transition and Climate Change at BNDES, told journalists that the debenture "is an extremely important instrument for financing infrastructure in Brazil".

"We make financing possible for large projects. The R$10 billion, R$15 billion project is big in Brazil and is big anywhere in the world. We won't do it alone, the market won't take the risk alone. That's why this instrument is super important for the sector", he stated.

The equity portfolio reached R$85.4 billion, with income of R$57.4 billion since 2023, resulting from appreciation and dividends, minus purchases and sales. The main invested companies in terms of total portfolio are Petrobras, JBS, Eletrobras and Copel.

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