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Despite the value being lower than that of 2021 for the period, the comparison of the accumulated of 2022 with last year is already 30%
By Jovem Pan 11/11/2022 7:19 am
Archive / Brazil Agency
Economic development bank recorded a 17% increase compared to 2019 results
National Bank for Economic and Social Development accumulates R$ 34.2 billion in profit throughout the year
The National Bank for Economic and Social Development (BNDES) posted net income of R$9.6 billion in the third quarter of 2022, bringing the accumulated result for the year to R$34.2 billion. The quarterly result was influenced by Petrobras' dividend income, which totaled R$7 billion, as BNDES is a shareholder in the state oil company. Despite the amount, the result was lower than that obtained in the third quarter of 2021, when the institution recorded a profit of just over R$ 11 billion. In comparison with the same period last year, from January to September, however, the BNDES recorded an accumulated increase of 30%. Petrobras' dividend income alone in the first nine months of 2022 yielded R$14.9 billion. Disbursements for the third quarter of 2022 amounted to R$29.4 billion. The bank's loans are expected to end 2022 above BRL 90 billion, returning to 2016 levels. Forecasts point to a disbursement potential of BRL 108 billion in 2023 and BRL 128 billion in 2024. In the last four years, the sale of assets reached R$ 88.5 billion and the return of funds to the National Treasury together with the payment of dividends amounted to approximately R$ 340 billion.
The president of BNDES, Gustavo Montezano, who is ending his term at the head of the institution, talks about the legacy he leaves for the new management, under the new government: “We postponed to December 2024 a goal of R$ 600 to R$ 800 million daily VAR, which is an aggressive total VAR to equity position compared to international benchmarks. It is up to the next management to decide whether to continue this or not. The best international standards of risk management and benchmarking with public and private institutions show that even BNDES is one of the most aggressive banks in the world in speculative positions on the stock exchange”. Recently, BNDES signed an agreement with the Ministry of Economy to return around R$ 69 billion that was loaned by the Treasury in past governments. The estimate is that BRL 45 billion will be paid this year and the rest in 2023. However, early dividends of BRL 15 billion that were expected to be paid this year will only be paid in 2023.


Mr. Alessandro Jacob speaking about Brazilian Law on "International Bar Association" conference

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