In the first half of 2024, the Brazilian National Bank for Economic and Social Development (BNDES) experienced a remarkable surge in net profits, soaring by 94.6% to reach 7.2 billion reais. This noteworthy growth was primarily fueled by the expansion of the bank’s core activities, particularly in financial intermediation and credit operations.
BNDES’s credit portfolio also saw a substantial increase, reaching 530.2 billion reais, up 10.7% from the previous year. Moreover, the bank’s total equity closed at 160 billion reais, marking a 13.8% growth year-over-year by June’s end.
Highlighted in its operational results, BNDES reported record credit approvals exceeding totals from the past six years, amounting to 64.9 billion reais, showcasing a significant 79% rise from the same period in 2023. Additionally, the bank disbursed 49.3 billion reais, reflecting a 21% increase year-over-year.
Key Innovations and Development Initiatives
BNDES President Aloizio Mercadante emphasized the bank’s pivotal role in Brazil’s development, citing innovations in resource mobilization such as the Climate Fund and Development Credit Letter. These initiatives reflect BNDES’s commitment to enhancing economic opportunities and sustainable growth nationwide.
BNDES’s resurgence and strong performance underscore its critical position in Brazil’s economic landscape, contributing to the country’s financial stability and growth prospects.