BNDES has record net income of R$ 34 billion in 2021

The BNDES recorded in 2021 a record net profit of R$ 34.1 billion, a result 65% higher than that recorded in 2020, the development bank reported this Friday (25).

The 2021 result was driven by gains from equity interests, in the region of R$30.6 billion, and financial intermediation, of R$19.9 billion.

“It was a solid, robust and consistent result. These results show how the bank is prepared, modernizing and reinventing itself for the world of the future. We live in times when unexpected events have become recurrent and the only certainty is change”, said the president of BNDES, Gustavo Montezano, at a press conference.

“It was the biggest accounting profit of a financial institution in the history of Brazil and we are still the biggest project organizer in the world”, he added.

The annual net income of R$ 34.1 billion was also leveraged by the sale of shares in Vale, Klabin and JBS, which totaled R$ 8 billion.

“We are divesting from mature companies and speculative positions to allocate this to the country’s infrastructure and development”, highlighted the bank’s president.

Revenue from dividends and interest on own capital accumulated last year 7.3 billion reais, net of taxes, with emphasis on Petrobras, Copel and Eletrobras.

“The positive equity result, which totaled BRL 4.3 billion in the year – basically from JBS – also contributed to the good performance, as well as the reversal of the provision for losses on investments in Petrobras (net effect of BRL 3.5 billion ) and the sale of debentures from Vale (R$ 2.1 billion)”, informed the development bank.

Recurring income, which mainly excludes divestment operations from the equity portfolio and provisions for credit risk, was BRL 15.8 billion in 2021 compared to BRL 8 billion in 2020.