Bank Bradesco Files 20-F for Fiscal Year 2023

TL;DR

<b>Bank Bradesco has submitted its annual 20-F report detailing financial performance and equity structure for the fiscal year 2023.</b>

AI Summary

BANK BRADESCO (BBDO) filed a Foreign Annual Report (20-F) with the SEC on April 29, 2024. Bank Bradesco filed its 20-F report for the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The report includes financial data for the years 2023, 2022, and 2021. Key financial statement components such as Issued Capital, Treasury Shares, and Retained Earnings are detailed for multiple periods. The company's principal executive offices are located at CIDADE DE DEUS S/N VILA YARA, OSASCO, SP, BRAZIL.

Why It Matters

For investors and stakeholders tracking BANK BRADESCO, this filing contains several important signals. This filing provides a comprehensive overview of Bank Bradesco's financial health and operational structure for the past fiscal year, crucial for investors assessing its stability and growth prospects. The detailed breakdown of equity components and comparative financial data across multiple years allows for trend analysis and informed investment decisions regarding the company.

Risk Assessment

Risk Level: medium — BANK BRADESCO shows moderate risk based on this filing. The filing is a standard annual report, but the financial sector is inherently subject to regulatory and market risks that could impact the company's performance.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 20-F to understand Bank Bradesco's current financial position and future outlook.

Key Numbers

• 2023 — Fiscal Year (FY 2023)
• 2023-12-31 — Period End Date (Conformed Period of Report)
• 2024-04-29 — Filing Date (Filed as of Date)

Key Players & Entities

• BANK BRADESCO (company) — Filer name
• 0001292814-24-001682 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240429 (date) — Filed as of Date
• CIDADE DE DEUS S/N VILA YARA (address) — Business Address Street 1
• OSASCO (city) — Business Address City
• SP (state) — Business Address State
• BRAZIL (country) — Business Address Country

FAQ

Industry Context

Bank Bradesco operates within the Brazilian banking sector, a significant and dynamic financial market in Latin America.

Regulatory Implications

As a foreign private issuer, Bank Bradesco is subject to SEC regulations, including the requirement to file annual reports on Form 20-F.

What Investors Should Do

1. Review the detailed financial statements and notes in the 20-F for a thorough understanding of Bank Bradesco's financial performance.
2. Analyze the equity structure and changes over the past three fiscal years (2021-2023) to identify trends.
3. Assess any disclosed risk factors that may impact the company's future operations and profitability.

Key Dates

• 2023-12-31: Fiscal Year End — End of reporting period for financial data.
• 2024-04-29: Filing Date — Date the 20-F report was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the annual disclosure for 2023, providing updated financial information compared to previous filings.

Filing Documents

• bbdform20f_2023.htm (20-F) — 9968KB
• ex01-1.htm (EX-1.01) — 81KB
• ex02-4.htm (EX-2.4) — 155KB
• ex08-1.htm (EX-8.1) — 18KB
• ex11-2.htm (EX-11.2) — 73KB
• ex12-1.htm (EX-12.1) — 8KB
• ex12-2.htm (EX-12.2) — 8KB
• ex13-1.htm (EX-13.1) — 2KB
• ex13-2.htm (EX-13.2) — 2KB
• ex97.htm (EX-97.0) — 30KB
• image_002.jpg (GRAPHIC) — 39KB
• image_003.jpg (GRAPHIC) — 46KB
• image_004.jpg (GRAPHIC) — 45KB
• image_005.jpg (GRAPHIC) — 55KB
• ex01-1_001.jpg (GRAPHIC) — 3KB
• ex11-2_001.jpg (GRAPHIC) — 46KB
• ex97_001.jpg (GRAPHIC) — 18KB
• 0001292814-24-001682.txt (&nbsp;) — 40668KB
• bbd-20231231.xsd (EX-101.SCH) — 392KB
• bbd-20231231_cal.xml (EX-101.CAL) — 138KB
• bbd-20231231_def.xml (EX-101.DEF) — 653KB
• bbd-20231231_lab.xml (EX-101.LAB) — 1289KB
• bbd-20231231_pre.xml (EX-101.PRE) — 1080KB
• bbdform20f_2023_htm.xml (XML) — 10776KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 5 PART I 6

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS 6

OFFER STATISTICS AND EXPECTED TIMETABLE

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE 6

KEY INFORMATION

ITEM 3. KEY INFORMATION 6 3.A. [Reserved] 6 3.B. Capitalization and Indebtedness 6 3.C. Reasons for the Offer and Use of Proceeds 6 3.D. Risk Factors 6

INFORMATION ON THE COMPANY

ITEM 4. INFORMATION ON THE COMPANY 37 4.A. History and Development of the Company 37 4.B. Business Overview 39 4.C. Organizational Structure 135 4.D. Property, Plant and Equipment 136

A. UNRESOLVED STAFF COMMENTS

ITEM 4.A. UNRESOLVED STAFF COMMENTS 136

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 136 5.A. Operating Results 136 5.B. Liquidity and Capital Resources 151 5.C. Research and Development, Patents and Licenses 165 5.D. Trend Information 165 5.E. Critical Accounting Estimates 166

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES 166 6.A. Board of Directors and Board of Executive Officers 166 6.B. Compensation 184 6.C. Board Practices 185 6.D. Employees 188 6.E. Share Ownership 190 6.F. Disclosure of a registrant's action to recover erroneously awarded compensation 190

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS 191 7.A. Major Shareholders 191 7.B. Related Party Transactions 194 7.C. Interests of Experts and Counsel 195

FINANCIAL INFORMATION

ITEM 8. FINANCIAL INFORMATION 195 8.A. Consolidated Statements and other Financial Information 195 8.B. Significant Changes 197

THE OFFER AND LISTING

ITEM 9. THE OFFER AND LISTING 197 9.A. Offer and Listing Details 197 9.B. Plan of Distribution 198 9.C. Markets 198 9.D. Selling Shareholders 200 2 – Form 20-F 2023 | Bradesco 9.E. Dilution 200 9.F. Expenses of the Issue 200

ADDITIONAL INFORMATION

ITEM 10. ADDITIONAL INFORMATION 201 10.A. Share Capital 201 10.B. Memorandum and Articles of Association 201 10.C. Material contracts 211 10.D. Exchange controls 211 10.E. Taxation 212 10.F. Dividends and Paying Agents 220 10.G. Statement by Experts 220 10.H. Documents on Display 220 10.I. Subsidiary Information 220 10.J. Annual Report to Security Holders 220

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 221

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

ITEM 12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES 225 12.A. Debt Securities 225 12.B. Warrants and Rights 225 12.C. Other Securities 225 12.D. American Depositary Shares 225 PART II 226

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES 226

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS 226

CONTROLS AND PROCEDURES

ITEM 15. CONTROLS AND PROCEDURES 226

[RESERVED]

ITEM 16. [RESERVED] 227 16.A. Qualified Member of the Audit Committee 227 16.B. Code of Ethical Conduct 227 16.C. Principal Accountant Fees and Services 228 16.D. Exemptions from the listing standards for Audit Committees 228 16.E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 229 16.F. Change in Registrant's Certifying Accountant 230 16.G. Corporate Governance 230 16.H. Mining Safety Disclosure 233 16.I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 233 16.J. Insider Trading Policies 234 16.K. Cybersecurity 234 PART III 244

FINANCIAL STATEMENTS

ITEM 17. FINANCIAL STATEMENTS 244

FINANCIAL STATEMENTS

ITEM 18. FINANCIAL STATEMENTS 244

EXHIBITS

ITEM 19. EXHIBITS 244

SIGNATURES

SIGNATURES 245 3 – Form 20-F 2023 | Bradesco Table of Contents PRESENTATION OF FINANCIAL AND OTHER INFORMATION In this annual report, the terms "Bradesco", the "Company", the "Bank", the "Bradesco Group", "we", the "Group", "our" and "us" refer to Banco Bradesco S.A. and, unless otherwise indicated, we are referring to its consolidated subsidiaries. All references herein to "real", "reais" or "R

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This annual report contains forward-looking statements as defined in Section 27A of the Securities Act of 1933, as amended, or the "Securities Act", and Section 21E of the Securities Exchange Act of 1934, as amended, or the "Exchange Act". These statements are based mainly on our current expectations and projections of future events and financial trends that affect or might affect our business. In addition to the items discussed in other sections of this annual report, many significant factors that could cause our financial condition and operating results to differ materially from those set out in our forward-looking statements, including, but not limited to, the following: the current instability in Brazilian macroeconomic conditions, together with the related political, economic and business uncertainties; global economic conditions and any disruptions and volatility in the global financial markets, including as a result of the military conflict between Russia and Ukraine, as well as the conflict between Israel and Hamas and their respective impacts on the global economy; inflation, depreciation or appreciation of the real, and/or interest rate fluctuations, which may adversely affect our margins; risks of lending, credit, investments and our activities; our level of capitalization; cost and availability of funding; increases in defaults by borrowers and other loan delinquencies, which result in increases in loan loss allowances; customer losses or losses of other sources of revenues; our ability to execute our investment strategies and capital expenditure plans and to maintain and improve our operating performance; fluctuations in our revenues from new products and businesses; unfavorable decisions on legal or regulatory disputes or proceedings; the effectiveness of our risk management policies; increases in compulsory deposits and reserve requirements; incorrect pricing methodologies for insurance, pension plan and capit

IDENTITY OF DIRECTORS,

ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS Not applicable.

OFFER STATISTICS

ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE Not applicable.

KEY INFORMATION

ITEM 3. KEY INFORMATION 3.A. [Reserved] 3.B. Capitalization and Indebtedness Not applicable. 3.C. Reasons for the Offer and Use of Proceeds Not applicable. 3.D. Risk Factors In light of the complexity of our business and the range of products and services offered to our clients in all segments of the market, we are exposed to various types of risks. In this section, we present the material risks that may affect our activities or our shares and ADSs. 6 – Form 20-F 2023 | Bradesco Table of Contents Summary of risk factors This section is intended to be a summary of more detailed discussions contained elsewhere in this annual report. The risks described below are not the only ones we face. Our business, operating results or financial condition could be harmed if any of these risks materialize. Summary of risks relating to Brazil The Brazilian government exercises influence over the Brazilian economy, and Brazilian political and economic conditions have a direct impact on our business. Persistent high inflation can affect our revenues and our ability to access foreign financial markets. Changes in the base interest rate (SELIC) by the Central Bank of Brazil may materially and/or adversely affect our margins and operating results. The low growth rate of the Brazilian economy may adversely affect us. Developments and the perception of risk in Brazil and other countries, especially emerging market countries, may adversely affect the market price of Brazilian securities, including our shares and ADSs. Our investments in debt securities issued by the Brazilian government expose us to additional risks associated with Brazil. Changes in taxes and other fiscal assessments may adversely affect us. Our financial and operating performance may be adversely affected by epidemics, natural disasters and other catastrophes, such as the COVID-19 pandemic, which had a significant impact on our 2021 and 2020 results. Currency exchange rate variations may have

View Full Filing

View this 20-F filing on SEC EDGAR