The following is a summary of the Banco Do Brasil S.A. (BDORY) Q4 2023 Earnings Call Transcript:
Financial Performance:
Banco do Brasil recorded an adjusted net income of R$35.6 billion in 2023, a rise of 11% year-over-year, and Q4 net income of R$9.4 billion, up by 7.5% quarter-over-quarter.
The bank generated R$86 billion in added value to the society.
The bank displayed disciplined cost management with a 7.5% increase in costs over the year.
They had an impressive return on equity of 21.6%, highest among Brazilian banks.
The bank's share price augmented by 89% in 2023.
Business Progress:
Throughout 2023, the bank disbursed more than R$0.5 trillion in credit across various sectors in Brazil.
The bank's loan portfolio reached R$1.1 trillion, up 10.3% year-over-year.
They entered numerous partnerships including launching the Educa+ Mulher bond with National Treasury and promoting diversity through a committee.
They plan to hire 3000 new IT and cybersecurity staff before 2025 ends.
In terms of digital advancements, the bank had over 1 billion customer interactions using artificial intelligence and analytics.
Provisions have been made for managing potential climate-related risks and non-performing loans (NPLs) in 2024.
The bank plans to grow its sustainable loan portfolio by between 5% and 9% by 2024.
They expect a 2024 net income between R$37 billion and R$40 billion, with total credit portfolio growth expected to lie between 8% and 12%.
More details: Banco do Brasil IR
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