The National Bank for Economic and Social Development (BNDES) posted record net income of R$34.1 billion in 2021, a volume 65% higher than that recorded in 2020, a result marked by gains from equity interests (R$30.6 billion) and with financial intermediation (R$ 19.9 billion).
Annual net income of R$34.1 billion was also impacted by the sale of shares in Vale, Klabin and JBS – which contributed with net income of R$6 billion, R$1 billion and R$1 billion, respectively – and revenue with dividends/JCP, accumulating R$ 7.3 billion (net of taxes) – especially Petrobras, Copel and Eletrobras.
According to the bank, the positive equity result, which totaled R$4.3 billion in the year – basically from JBS -, the reversal of the provision for losses on investments in Petrobras (net effect of R$ 3.5 billion) and the sale of debentures from Vale (R$ 2.1 billion).
The development bank ended 2021 with 167 projects in its portfolio, of which 19 have already been auctioned, totaling planned investments of around BRL 383 billion – BRL 109 billion referring to projects already auctioned.
“The recurring result, which excludes divestment operations from the equity portfolio and provisions for credit risk, among others, was R$15.8 billion in 2021. The indicator increased by 96.9% when compared to 2020 ( R$ 8 billion), reflecting the higher revenue from dividends/JCP and the increase in the product of financial intermediation, which also demonstrates the consistency of the bank’s credit portfolio”, said the BNDES.
The data were presented this Friday (25), in a virtual conference, by the president of BNDES, Gustavo Montezano, who highlighted the “robust, solid and consistent” result, especially this year, when the bank will complete 70 years. According to the executive, the results illustrate how the bank has been modernizing and reinventing itself for the future.
“More important than the pure and simple information of being the biggest accounting profit in the history of Brazil and the biggest project structurer in the world, is the quality behind these results. It is what each of these numbers and attributes means. This record profit is the result, on the one hand, of expenses under control, of disciplined management of the use of resources, and on the other hand, of the repositioning of our stock portfolio, of our capital recycling strategy”, said Montezano.
Sustainability
At the end of 2021, 53.5% of BNDES credit operations (considering direct and indirect non-automatic operations) were linked to projects that supported the green economy and social development. In the year, disbursements for initiatives of this nature totaled R$7.8 billion and R$10 billion, respectively.
According to the bank, around 83% of disbursements (R$ 53.5 billion) in the year contributed to the Sustainable Development Goals, established by the UN, totaling almost 180 thousand operations.
In all, the generation of 1,730 MW of wind energy was made possible – enough to supply 3.3 million homes – 3,197 km of natural gas distribution network were implemented and 2,142 cisterns were built in rural public schools, among other deliveries to society.
Active
The assets of the BNDES System totaled BRL 737.2 billion on December 31, 2021, a decrease of 5.3% compared to December 31, 2020, mainly due to early settlements of BRL 63 billion to the National Treasury .
Portfolio
According to the development bank, the loan and onlending portfolio, net of provisions, totaled R$439.5 billion, representing 59.6% of total assets on December 31, 2021 and remained at the same level as in 2020 (a decrease of 1.7%). “The effect of the appropriation of exchange variation and interest was offset by the net return of the portfolio in the year. Total disbursements, including debentures, other credit assets, variable income and non-reimbursable operations, amounted to R$64.3 billion in 2021,” said the BNDES.
Resource sources
As of December 31, 2021, the Fundo de Amparo ao Trabalhador (FAT) and the National Treasury accounted for 51.9% and 18.6%, respectively, of BNDES funding sources.
The amount owed by BNDES to the National Treasury totaled BRL 124.4 billion on December 31, 2021, representing a 36.3% reduction in relation to the position on December 31, 2020. The decrease was due to early settlements, in the amount of R$63 billion, in addition to ordinary payments of R$12.8 billion.
FAT remained the BNDES’ main creditor. In 2021, BRL 22.2 billion of resources entered, and the balance of the fund with the bank was BRL 347.4 billion on December 31, 2021.
Liabilities with external funding totaled R$33.4 billion on December 31, 2021, a decrease of 5.7% compared to the balance on December 31, 2020, mainly due to contractual amortizations.
Net worth
Shareholders’ equity reached BRL 127 billion on December 31, 2021, an increase of 12.4% compared to the balance on December 31, 2020. “Net income of BRL 34.1 billion was mitigated by the equity valuation adjustment negative, net of taxes, of R$ 11.4 billion, in addition to the payment of intermediate dividends/JCP of R$ 8.7 billion”, said the bank.
“Also at the end of the year, the bank was appointed by the data provider Infralogic as the largest structurer of PPPs, Concessions and Privatizations in infrastructure for concessions among its peers, displacing the IFC (World Bank), the European Investment Bank (EIB) and the European Bank for Reconstruction and Development (ERDB), among others”, said the BNDES.
