Credit approval by the National Bank for Economic and Social Development (BNDES) reached R$66.5 billion in the first half of this year, an increase of 83% compared to the same period last year. Compared to the first half of 2022, growth reached 107%.
The data was released this Tuesday (13).
The segment with the highest growth in credit approval when comparing the first half of 2023 with the first 6 months of this year was infrastructure (146%), which reached a volume of R$26.3 billion.
“It’s not just the volume. It’s the quality of the projects. In the case of [Via] Dutra, we have developed an innovative model. And it is the largest highway financing project in the history of Brazil and the largest debenture in the history of Brazil. It is a R$16 billion project, in which BNDES contributes more than R$10 billion,” said BNDES president Aloizio Mercadante, citing the project that will involve new lighting, lane widening, viaducts and marginal roads on the highway that connects the cities of São Paulo and Rio de Janeiro.
There were also increases in credit approvals for industry (81%), commerce and services (70%) and agriculture (31%).
“These approvals are distributed across all sectors of the economy. We have here a 204% increase in agriculture [em relação ao primeiro semestre de 2022]reflecting the importance that BNDES has for the sector, reaching R$ 14.2 billion in credit approvals for agriculture. We have noticed that the resumption of credit approvals is a strong reality in all sectors in which we work”, informed the bank’s financial director, Alexandre Abreu.
He highlighted that, of the total approved, R$29.3 billion went to micro, small and medium-sized companies, 53% more than the previous year, and R$10.7 billion went through cooperative banks and credit unions (128% more than the previous year).
Regarding disbursements, that is, the money actually transferred by BNDES to projects, the total volume in the first half of this year reached R$49.3 billion, that is, 21% more than the same period last year and 47% higher than the first half of 2022.
According to BNDES, the expectation is to end 2024 with disbursements representing 1.3% of the Gross Domestic Product (GDP, sum of goods and services produced in the country), that is, greater than the 1.1% in 2023.
The BNDES credit portfolio totals R$530.2 billion, 11% higher than that recorded in the first half of 2023, of R$479.1 billion. The default rate is around 0.07%, below market values, which was 0.41%, according to the institution.
Rio Grande do Sul
BNDES also released information regarding aid to Rio Grande do Sul, a state impacted by heavy rains in the second quarter of this year. According to the bank, support measures reached R$9.7 billion, including emergency credits, solidarity credits and payment suspension.
The New Climate Fund, which disbursed R$800 million in 2023, is expected to invest R$5 billion this year, R$12.5 billion in 2025 and R$14.6 billion in 2026.
Financial result
Regarding financial results, BNDES reported having obtained recurring net profit of R$7.2 billion in the first half of this year, almost double (94%) the amount recorded in the same period last year (R$3.7 billion). Most of the growth was driven by financial intermediation.
Accounting profit, which also includes dividends from companies in which BNDES has equity interests, such as Petrobras, JBS and Eletrobras, reached R$13.3 billion. The bank’s net equity totals R$160 billion.
The forecast is that BNDES will contribute R$21.06 billion to the National Treasury’s primary result this year.
