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OPERATING SEGMENTS | 12 Months Ended
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Dec. 31, 2024
Operating Segments |
OPERATING SEGMENTS |
| 38) | OPERATING SEGMENTS
The Company operates mainly in the banking and insurance segments. Our banking operations include operations in the retail, middle-market and corporate sectors, lease, international bank operations, investment bank operations and as a private bank. The Company also conducts banking segment operations through its branches located throughout the country, in branches abroad and through subsidiaries as well as by means of shareholding interests in other companies. Additionally, we are engaged in insurance, supplemental Pension Plans and capitalization bonds through our subsidiary, Bradesco Seguros S.A. and its subsidiaries. The following segment information was prepared based on reports made available to Management to evaluate performance and make decisions regarding the allocation of resources for investments and other purposes. Our Management uses accounting information prepared in accordance with the accounting practices adopted in Brazil applicable to institutions authorized to operate by Central Bank (BR GAAP) for the purposes of making decisions about allocation of resources to the segments and assessing their performance. The information of the segments shown in the following tables considers the specific procedures and other provisions of the Brazilian Financial Institutions Accounting Plan which includes the proportional consolidation of associates and joint ventures and the non-consolidation of exclusive funds. The main assumptions for the segmentation of income and expenses include (i) surplus cash invested by the entities operating in insurance, supplemental pension and capitalization bonds are included in this segment, resulting in an increase in net interest income; (ii) salaries and benefits and administrative costs included in the insurance, supplemental pension and capitalization bonds segment consist only of cost directly related to these operations, and (iii) costs incurred in the banking operations segment related to the infrastructure of the branch network and other general indirect expenses have not been allocated between segments. Our operations are substantially conducted in Brazil. Additionally, we have one branch in New York, one branch in Grand Cayman, and one branch in London, mainly to complement our banking services and assist in import and export operations for Brazilian customers. Moreover, we also have subsidiaries abroad, namely: Banco Bradesco Europa S.A. (Luxembourg), Bradesco Securities, Inc. (New York), Bradesco Securities UK Limited (London), Cidade Capital Markets Ltd. (Grand Cayman), Bradesco Securities Hong Kong Limited (Hong Kong), Bradesco Trade Services Limited (Hong Kong), Bradescard Mexico, Sociedad de Responsabilidad Limitada (Mexico) and Bradesco Bank. No revenue from transactions with a single customers or counterparty represented 10% of the Company’s revenue in the year ended on 2024 and 2023. All transactions between operating segments are conducted on an arm’s length basis, with intra-segment revenue and costs being eliminated in “Other operations, adjustments and eliminations”. Income and expenses directly associated with each segment are included in determining business-segment performance.
Schedule of operating segments |  |  |  |  |  |  |  |  |  |  |
| On December 31, 2024 - R$ thousands |  |
Banking | Insurance, pension and capitalization bonds | Other Activities | Eliminations | Managerial Income Statement | Proportionately consolidated (1) | Consolidation adjustments (2) | Adjustments (3) | Consolidated in accordance with IFRS |  |
Revenue from financial intermediation | 169,745,125 | 37,327,260 | 318,644 | (408,624) | 206,982,405 | (1,550,303) | (2,959,039) | 10,746,673 | 213,219,736 |  |
Expenses from financial intermediation (4) | (98,810,413) | (30,050,169) | - | 412,038 | (128,448,544) | 607,296 | 5,490,039 | (21,927,944) | (144,279,153) |  |
Financial margin | 70,934,712 | 7,277,091 | 318,644 | 3,414 | 78,533,861 | (943,007) | 2,531,000 | (11,181,271) | 68,940,583 |  |
Expected credit loss associated with credit risk | (33,123,621) | - | - | - | (33,123,621) | - | - | 5,597,688 | (27,525,933) |  |
Gross income from financial intermediation | 37,811,091 | 7,277,091 | 318,644 | 3,414 | 45,410,240 | (943,007) | 2,531,000 | (5,583,583) | 41,414,650 |  |
Other income from insurance, pension plans and capitalization bonds | - | 11,520,350 | - | 27,238 | 11,547,588 | - | - | (1,788,424) | 9,759,164 |  |
Fee and commission income and income from banking fees | 36,213,830 | 1,923,437 | 81,549 | (68,529) | 38,150,287 | (6,170,251) | (2,325,142) | (1,318,407) | 28,336,487 |  |
Personnel expenses | (23,027,137) | (2,451,779) | (34,214) | - | (25,513,130) | 1,155,516 | - | 2,080,304 | (22,277,310) |  |
Other administrative expenses (5) | (21,498,490) | (2,119,793) | (37,087) | 393,183 | (23,262,187) | 1,073,032 | (276,322) | (488,585) | (22,954,062) |  |
Tax expenses | (6,313,204) | (1,391,406) | (18,380) | - | (7,722,990) | 848,030 | - | - | (6,874,960) |  |
Share of profit (loss) of associates and jointly controlled entities | 121,511 | 243,403 | 843 | - | 365,757 | 1,164,800 | - | 1,028 | 1,531,585 |  |
IR/CSI and Other income/expenses | (13,425,161) | (5,945,008) | (164,642) | (355,306) | (19,890,117) | 2,871,880 | 70,464 | 5,554,372 | (11,393,401) |  |
Net Income for the year ended on December 31, 2024 | 9,882,440 | 9,056,295 | 146,713 | - | 19,085,448 | - | - | (1,543,295) | 17,542,153 |  |
Total assets | 1,811,529,557 | 451,777,909 | 2,712,775 | (138,098,385) | 2,127,921,856 | (14,081,367) | (60,714,873) | 16,358,746 | 2,069,484,362 |  |
Investments in associates and joint ventures | 79,828,981 | 4,727,047 | 1,413 | (79,218,884) | 5,338,557 | 5,756,348 | - | (65,893) | 11,029,012 |  |
Total liabilities | 1,607,412,734 | 416,694,321 | 33,384 | (58,879,501) | 1,965,260,938 | (14,081,367) | (60,714,873) | 10,077,172 | 1,900,541,870 |  |
(1) |  | Refers to: adjustments to exclude the effects of consolidation, originating from proportionally consolidated companies (Grupo Cielo, Grupo EloPar, Crediare, etc.);
(2) |  | Consolidation adjustments originating from the “non-consolidation” of exclusive funds;
(3) |  | Adjustments due to the differences of the accounting standards used in the management reports and in the financial statements of the Company that were prepared in accordance with IFRS. The main adjustments refer to the expected loss for financial assets, business models, effective interest rates, business combinations and insurance contracts;
(4) |  | Includes, in the Consolidated Financial Statements, the balances referring to “Net gains / (losses) on financial assets and liabilities at fair value through profit or loss”, “Net gains / (losses) on financial assets at fair value through other comprehensive income” and “Net gains / (losses) from operations in foreign currency”; and
(5) |  | Includes, in the Consolidated Financial Statements, the balances referring to depreciation and amortization.
| On December 31, 2023 - R$ thousands |  |
Banking | Insurance, pension and capitalization bonds | Other Activities | Eliminations | Managerial Income Statement | Proportionately consolidated (1) | Consolidation adjustments (2) | Adjustments (3) | Consolidated in accordance with IFRS |  |
Revenue from financial intermediation | 164,122,043 | 39,941,507 | 481,208 | (670,653) | 203,874,105 | (2,864,178) | (4,249,260) | 27,697,126 | 224,457,793 |  |
Expenses from financial intermediation (4) | (97,495,630) | (32,892,243) | (18) | 685,410 | (129,702,481) | 552,467 | 6,914,030 | (34,140,071) | (156,376,055) |  |
Financial margin | 66,626,413 | 7,049,264 | 481,190 | 14,757 | 74,171,624 | (2,311,711) | 2,664,770 | (6,442,945) | 68,081,738 |  |
Expected credit loss associated with credit risk | (37,110,675) | - | - | - | (37,110,675) | - | - | 4,993,651 | (32,117,024) |  |
Gross income from financial intermediation | 29,515,738 | 7,049,264 | 481,190 | 14,757 | 37,060,949 | (2,311,711) | 2,664,770 | (1,449,294) | 35,964,714 |  |
Other income from insurance, pension plans and capitalization bonds | - | 9,800,620 | - | 32,469 | 9,833,089 | - | - | (3,788,649) | 6,044,440 |  |
Fee and commission income and income from banking fees | 34,269,254 | 1,164,685 | 4,899 | (33,100) | 35,405,738 | (5,340,755) | (1,879,319) | (1,228,901) | 26,956,763 |  |
Personnel expenses | (21,256,640) | (2,651,786) | (30,957) | - | (23,939,383) | 909,076 | - | 2,215,849 | (20,814,458) |  |
Other administrative expenses (5) | (20,866,134) | (2,065,805) | (15,531) | 423,907 | (22,523,563) | 996,835 | (618,004) | (166,772) | (22,311,504) |  |
Tax expenses | (6,582,213) | (1,436,686) | (22,734) | - | (8,041,633) | 697,784 | - | 0 | (7,343,849) |  |
Share of profit (loss) of associates and jointly controlled entities | 151,414 | 421,723 | - | - | 573,137 | 1,527,554 | - | 990 | 2,101,681 |  |
IR/CSI and Other income/expenses | (9,198,676) | (3,468,750) | (141,073) | (438,033) | (13,246,532) | 3,521,217 | (167,447) | 3,797,740 | (6,095,022) |  |
Net Income for the year ended on December 31, 2023 | 6,032,743 | 8,813,265 | 275,794 | - | 15,121,802 | - | - | (619,037) | 14,502,765 |  |
Total assets | 1,661,529,233 | 409,370,722 | 3,277,809 | (110,126,067) | 1,964,051,697 | (10,074,444) | (38,502,618) | 12,048,614 | 1,927,523,249 |  |
Investments in associates and joint ventures | 73,163,988 | 3,028,413 | 1,105 | (72,298,485) | 3,895,021 | 5,792,357 | - | (70,538) | 9,616,840 |  |
Total liabilities | 1,468,271,968 | 370,561,631 | 68,561 | (37,827,582) | 1,801,074,578 | (10,074,444) | (38,502,618) | 8,011,609 | 1,760,509,125 |  |
(1) |  | Refers to: consolidation adjustments, originating from proportionally consolidated companies (Grupo Cielo, Grupo EloPar, Crediare, etc.);
(2) |  | Consolidation adjustments originating from the “non-consolidation” of exclusive funds;
(3) |  | Adjustments due to differences in accounting standards used in management reports and in the financial statements of the Company that were prepared in IFRS. The main adjustments refer to the expected loss of financial assets, business models, effective interest rates, business combinations and insurance contracts;
(4) |  | Includes, in the Consolidated Financial Statements, the balances referring to “Net gains / (losses) on financial assets and liabilities at fair value through profit or loss”, “Net gains / (losses) on financial assets at fair value through other comprehensive income” and “Net gains / (losses) from operations in foreign currency”; and
(5) |  | Includes, in the Consolidated Financial Statements, the balances referring to depreciation and amortization.
| On December 31, 2022 - R$ thousands |  |
Banking | Insurance, pension and capitalization bonds | Other Activities | Eliminations | Managerial Income Statement | Proportionately consolidated (1) | Consolidation adjustments (2) | Adjustments (3) | Consolidated in accordance with IFRS |  |
Revenue from financial intermediation | 151,198,428 | 36,250,128 | 400,777 | (1,121,214) | 186,728,119 | (2,624,549) | (2,167,017) | 23,976,721 | 205,913,274 |  |
Expenses from financial intermediation (4) | (81,330,918) | (29,163,334) | (22) | 1,121,214 | (109,373,060) | 484,249 | 4,765,294 | (26,678,396) | (130,801,913) |  |
Financial margin | 69,867,510 | 7,086,794 | 400,755 | - | 77,355,059 | (2,140,300) | 2,598,277 | (2,701,675) | 75,111,361 |  |
Expected credit loss associated with credit risk | (31,525,873) | - | - | - | (31,525,873) | 43,142 | - | 7,715,896 | (23,766,835) |  |
Gross income from financial intermediation | 38,341,637 | 7,086,794 | 400,755 | - | 45,829,186 | (2,097,158) | 2,598,277 | 5,014,221 | 51,344,526 |  |
Other income from insurance, pension plans and capitalization bonds | - | 7,425,337 | - | 35,507 | 7,460,844 | - | - | (2,570,784) | 4,890,060 |  |
Fee and commission income and income from banking fees | 33,802,362 | 1,701,005 | 7,274 | (36,169) | 35,474,472 | (4,977,457) | (1,976,003) | (1,396,892) | 27,124,120 |  |
Personnel expenses | (20,321,773) | (2,377,250) | (4,284) | - | (22,703,307) | 763,928 | - | 2,050,327 | (19,889,052) |  |
Other administrative expenses (5) | (20,949,621) | (1,635,857) | (7,895) | 530,420 | (22,062,953) | 1,035,520 | (594,059) | (259,560) | (21,881,052) |  |
Tax expenses | (6,880,656) | (1,188,335) | (18,530) | - | (8,087,521) | 521,838 | - | - | (7,565,683) |  |
Share of profit (loss) of associates and jointly controlled entities | 107,424 | 125,038 | - | - | 232,462 | 1,170,081 | - | (46,617) | 1,355,926 |  |
IR/CSI and Other income/expenses | (10,144,532) | (4,621,808) | (114,913) | (529,758) | (15,411,011) | 3,583,248 | (28,215) | (2,066,097) | (13,922,075) |  |
Net Income for the year ended on December 31, 2022 | 13,954,841 | 6,514,924 | 262,407 | - | 20,732,172 | - | - | 724,598 | 21,456,770 |  |
Total assets | 1,571,006,747 | 371,322,607 | 3,871,114 | (115,953,851) | 1,830,246,617 | (10,617,211) | (40,304,939) | 12,964,325 | 1,792,288,792 |  |
Investments in associates and joint ventures | 68,419,475 | 2,950,880 | 1,191 | (67,811,381) | 3,560,165 | 5,481,876 | - | (71,528) | 8,970,513 |  |
Total liabilities | 1,384,018,647 | 338,204,857 | 154,249 | (48,142,468) | 1,674,235,285 | (10,617,211) | (40,304,939) | 8,964,820 | 1,632,277,955 |  |
(1) |  | Refers to: consolidation adjustments, originating from proportionally consolidated companies (Grupo Cielo, Grupo EloPar, Crediare, etc.);
(2) |  | Consolidation adjustments originating from the “non-consolidation” of exclusive funds;
(3) |  | Adjustments due to differences in accounting standards used in management reports and in the Group's financial statements that were prepared in IFRS. The main adjustments refer to the expected loss of financial assets, business models, effective interest rate, business combination and insurance contracts;
(4) |  | Includes, in the Consolidated Financial Statements, the balances referring to “Net gains/(losses) on financial assets and liabilities at fair value through profit or loss”, “Net gains / (losses) on financial assets at fair value through other comprehensive income” and “Net gains/(losses) from operations in foreign currency”; and
(5) |  | Includes, in the Consolidated Financial Statements, the balances referring to depreciation and amortization.
As shown in the table and note (2) above, the adjustments arising from the differences between the criteria, procedures and rules used to prepare the operating segments in accordance with the accounting practices adopted in Brazil applicable to institutions authorized to operate by Bacen and the international accounting standard, in accordance with the pronouncements issued by the IASB. The main adjustments to equity and statements of income respectively are: (i) expected losses of financial assets – R$(1,823) million (2023 – R$151 million) – R$(1,974) million (2023 – R$1,268 million); (ii) business models/effective interest rate/others – R$3,103 million (2023 – R$1,691 million) – R$8 million (2023 – R$(616) million); (iii) insurance contracts – R$1,835 million (2023 – R$(1,347) million) – R$(20) million (2023 – R$(1,746) million); and (iv) business combination - R$4,807 million (2023 – R$4,654 million) – R$153 million (2023 – R$223 million).

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