{"editorial":{"content_id":"3621a617-eab9-4a17-b598-2dbac92c3544","slug":"bradesco-20261024-56439f","content_type":"news","title":"Bradesco三季度净利润71亿雷亚尔，环比仅增0.8%","summary":"巴西银行Bradesco第三季度净利润71亿雷亚尔，环比仅增0.8%，信贷增速放缓、逾期率上升，市场认为业绩疲弱。","body":"巴西银行Bradesco公布第三季度业绩，净利润为71亿雷亚尔，环比仅增长0.8%，同比增长14.6%。这一数字虽与市场共识一致，但一名卖方分析师称这是“一个糟糕的共识”。ROE为15.6%，剔除近期100亿雷亚尔增资后为16.1%，低于第二季度的16.2%。\n\n信贷组合增速较前几个季度放缓，环比增长1.1%，同比增长11.1%。面对宏观风险，信贷扩张集中在担保较多的品种，这类贷款占Bradesco总贷款的比例升至61.2%，去年同期为59.5%。此类贷款通常盈利能力较低，导致客户利润率低于预期：环比增长1.5%，同比增长10.1%。拨备后信贷业务利润率降至4.2%。\n\n90天以上总逾期率升至4.6%，6月为4.3%，2025年9月为4.1%。个人贷款逾期率升至5.8%，上一季度为5.5%，一年前为5.4%。中小企业逾期率达4.9%，9月为4.4%，6月为3.7%。银行表示，部分增幅来自FGI和FGO担保基金相关贷款的逾期——担保在贷款被认定为逾期后120至180天释放，在此之前未偿金额计入逾期指标；此外农村贷款组合也出现问题，对个人客户造成影响。Bradesco还再次增加拨备，环比增7%，同比增24%。\n\nCEO马塞洛·诺罗尼亚周五上午表示：“我们身处巴西市场，不良和信贷成本存在普遍压力。”但他称“我们的组合与几年前不同，贷款组合更有保护、更受控制”。诺罗尼亚称，若经济出现“顺风”，贷款组合今年可增长20%，对净利润的影响可达5亿雷亚尔。\n\n财报中的积极面是费用控制——运营费用环比下降0.7%，同比下降1%——以及服务收入增长，环比增4.2%，同比增3.1%。效率比率改善至45%。增资后核心资本充足率从11.3%升至12.1%。一名分析师称：“资本化应有助于日后改善银行利润，但目前Bradesco是最依赖选举结果向好的公司之一。”\n\n保险子公司业绩也较弱。保险、养老和资本化业务结果（保费减赔付）第三季度合计56亿雷亚尔，环比下降9%，同比下降2%。净利润为28亿雷亚尔，环比下降2%，但同比增长14%。保险子公司ROE为22%，上一季度为22.8%。Bradseg CEO内伊·迪亚斯表示，本季度多条业务线赔付率因季节性问题上升，财务结果也因IPCA较低而承压——部分负债投资于与通胀挂钩的资产。他说：“最好看九个月的趋势。我们很平静。”1月至9月，该结果增长9%至180亿雷亚尔，利润增长18%至86亿雷亚尔。","why_it_matters":null,"cbi_observation":null,"direction_tag":"巴西","primary_category":"科技平台","secondary_topics":["金融","企业动态","行业趋势","br-tech"],"content_level":"编辑整理","event_type":"公司动态","audience_tags":[],"event_location":null,"verification_status":"unverified","published_at":"2026-10-24T11:07:39.556Z","display_date":"2026-10-24","source_published_at":null,"source_url":"https://braziljournal.com/macro-pesa-e-bradesco-perde-folego-no-3-tri","source_name":"Brazil Journal","source_language":"pt","author_name":"编辑部","risk_level":"low","risk_flags":["political_risk","credit_risk"],"opportunity_flags":["investment_signal"],"trend_signals":["credit_quality_deterioration","credit_growth_slowdown"]},"intelligence":{"intel_id":"4417aff5-1c6b-4eae-8997-d5821e2522f3","version":1,"event_type":"市场数据更新","event_date":null,"main_entities":[{"name":"Bradesco","role":"发布第三季度业绩的巴西银行","type":"company","country":"巴西","normalized_name":null},{"name":"马塞洛·诺罗尼亚","role":"Bradesco首席执行官","type":"person","country":"巴西","normalized_name":null},{"name":"Bradseg","role":"Bradesco保险子公司","type":"company","country":"巴西","normalized_name":null},{"name":"FGI/FGO担保基金","role":"与部分逾期贷款相关的巴西担保基金","type":"government_body","country":"巴西","normalized_name":null}],"main_action":"Bradesco公布三季度净利润71亿雷亚尔，环比仅增0.8%，信贷放缓且逾期率上升","key_numbers":[{"unit":"亿雷亚尔","label":"第三季度净利润","value":"71"},{"unit":"%","label":"净利润环比增速","value":"0.8"},{"unit":"%","label":"净利润同比增速","value":"14.6"},{"unit":"%","label":"ROE","value":"15.6"},{"unit":"%","label":"信贷组合环比增速","value":"1.1"},{"unit":"%","label":"信贷组合同比增速","value":"11.1"},{"unit":"%","label":"担保较多贷款占总贷款比例","value":"61.2"},{"unit":"%","label":"拨备后信贷业务利润率","value":"4.2"},{"unit":"%","label":"90天以上总逾期率","value":"4.6"},{"unit":"%","label":"个人贷款逾期率","value":"5.8"},{"unit":"%","label":"中小企业逾期率","value":"4.9"},{"unit":"%","label":"拨备环比增速","value":"7"},{"unit":"%","label":"拨备同比增速","value":"24"},{"unit":"%","label":"运营费用环比增速","value":"-0.7"},{"unit":"%","label":"运营费用同比增速","value":"-1"},{"unit":"%","label":"服务收入环比增速","value":"4.2"},{"unit":"%","label":"服务收入同比增速","value":"3.1"},{"unit":"%","label":"效率比率","value":"45"},{"unit":"%","label":"增资后核心资本充足率","value":"12.1"},{"unit":"亿雷亚尔","label":"保险、养老和资本化业务结果","value":"56"},{"unit":"亿雷亚尔","label":"保险业务净利润","value":"28"},{"unit":"%","label":"保险子公司ROE","value":"22"},{"unit":"亿雷亚尔","label":"1月至9月保险业务结果","value":"180"},{"unit":"亿雷亚尔","label":"1月至9月保险业务利润","value":"86"}],"facts":[{"verified":false,"statement":"Bradesco第三季度净利润为71亿雷亚尔，环比增长0.8%，同比增长14.6%。","source_excerpt":null},{"verified":false,"statement":"Bradesco第三季度ROE为15.6%，剔除近期100亿雷亚尔增资后为16.1%，低于第二季度的16.2%。","source_excerpt":null},{"verified":false,"statement":"Bradesco信贷组合环比增长1.1%，同比增长11.1%；担保较多的贷款占总贷款比例升至61.2%，去年同期为59.5%。","source_excerpt":null},{"verified":false,"statement":"Bradesco拨备后信贷业务利润率降至4.2%。","source_excerpt":null},{"verified":false,"statement":"Bradesco 90天以上总逾期率升至4.6%，个人贷款逾期率升至5.8%，中小企业逾期率达4.9%。","source_excerpt":null},{"verified":false,"statement":"Bradesco第三季度拨备环比增长7%，同比增长24%。","source_excerpt":null},{"verified":false,"statement":"Bradesco运营费用环比下降0.7%，同比下降1%；服务收入环比增长4.2%，同比增长3.1%；效率比率改善至45%。","source_excerpt":null},{"verified":false,"statement":"Bradesco增资后核心资本充足率从11.3%升至12.1%。","source_excerpt":null},{"verified":false,"statement":"Bradesco保险、养老和资本化业务第三季度结果合计56亿雷亚尔，环比下降9%，同比下降2%；净利润为28亿雷亚尔，环比下降2%，同比增长14%。","source_excerpt":null},{"verified":false,"statement":"Bradesco保险业务1月至9月结果增长9%至180亿雷亚尔，利润增长18%至86亿雷亚尔。","source_excerpt":null}],"assessments":[{"statement":"Bradesco第三季度业绩疲弱主要受信贷增速放缓、逾期率上升和拨备增加拖累。","confidence":"high","basis_fact_index":null},{"statement":"担保较多贷款占比上升虽可能降低风险敞口，但会压低客户利润率，削弱盈利能力。","confidence":"medium","basis_fact_index":null},{"statement":"资本充足率提升有助于日后改善银行利润，但短期业绩仍高度依赖巴西宏观与选举结果。","confidence":"medium","basis_fact_index":null},{"statement":"保险业务短期受赔付率季节性和IPCA较低影响承压，但九个月累计趋势仍保持增长。","confidence":"medium","basis_fact_index":null}],"actions":[{"target":"both","priority":"high","description":"持续跟踪Bradesco下一季度逾期率、拨备和信贷组合结构变化。"},{"target":"user","priority":"normal","description":"关注巴西选举与宏观经济走势对Bradesco信贷扩张和资产质量的影响。"},{"target":"user","priority":"normal","description":"跟进保险子公司赔付率、IPCA走势及财务结果对集团利润的贡献。"}],"affected_audience":["Bradesco投资者","巴西银行业","Bradesco信贷客户","Bradesco保险业务客户"],"risk_flags":["political_risk","credit_risk"],"opportunity_flags":["investment_signal"],"trend_signals":["credit_quality_deterioration","credit_growth_slowdown"],"follow_up_needed":true,"follow_up_questions":["Bradesco逾期率上升是短期季节性还是持续性资产质量恶化？","FGI/FGO担保释放规则和农村贷款问题对后续逾期指标影响多大？","巴西选举结果将如何影响Bradesco信贷增长目标和净利润预期？","保险业务赔付率上升是否会在下一季度延续？"],"related_topics":["巴西银行业","Bradesco财报","信贷资产质量","逾期率","拨备","保险业务","巴西选举风险","核心资本充足率"],"verification_status":"unverified","confidence_score":0.7,"generated_at":"2026-10-24T11:08:00.251Z"},"meta":{"canonical_url":"https://chinabrazilinsight.com/news/bradesco-20261024-56439f","api_url":"https://chinabrazilinsight.com/api/public/content/bradesco-20261024-56439f","markdown_url":"https://chinabrazilinsight.com/api/public/content/bradesco-20261024-56439f?view=markdown","json_url":"https://chinabrazilinsight.com/api/public/content/bradesco-20261024-56439f?view=json","last_updated":"2026-10-24T11:08:00.405Z","platform":"China Brazil Insight","platform_url":"https://chinabrazilinsight.com"}}