The following is a summary of the Banco Bradesco S.A. (BBD) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Banco Bradesco reported Q4 '23 recurring net income of KRW2.9 billion, due to enforcement on scarce cases in the wholesale bank.

• An increase was seen in the wholesale ALL and a reduction in ALL mass retail buoyed financials.

• There was a recovery in market net interest income (NII) and a growth of 3.4% quarter on quarter in fee and commission income.

• The bank reported a significant growth of 21.1% in insurance revenue over 2022 and expects the insurance group to grow by 4% to 8% in 2024.

• Operating expenses were within the expected guidance and are expected to grow between 5% to 9% in 2024.

Business Progress:

• The bank is embarking on a strategic transformation to improve its value proposition, reduce the operating efficiency ratio, and enhance its business model.

• Plans are in place to hire 3,000 to 4,000 employees for its technology department over the next few years.

• Structural changes include creating new business units for digital businesses and changes in leadership.

• The bank is focused on growing the customer base and improving its value proposition for high-net-worth clients.

• There's a major focus on credit growth capitalizing on the substantial market growth projected until 2028.

• The bank plans on accelerating its growth throughout the year with an expected growth between 7 to 11% in the loan portfolio.

• Efforts to enhance services for SMEs, including the opening of 122 platforms in 2024, and plans to expand these platforms throughout major cities of Brazil.

• A key strategic initiative is the integration of NEXT into Bradesco's core business and the launch of its marketplace, Beonbank.

More details: Bank Bradesco SA(prefer share ADS) IR

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