The net income of BRL 11.7 billion obtained by the National Bank for Economic and Social Development (BNDES) in the second quarter of 2022 is 120.7% higher than that recorded in the same period in 2021. The institution’s new financial results report was presented today (11).
According to the BNDES, the performance was boosted by revenue of R$3.8 billion from dividends paid by Petrobras and by the collection of R$1 billion from the sale of Eletrobras shares. Also contributing to the positive result was the reversal of the provision for credit risk, as a result of the debt settlement of Grupo Oi, which paid the institution R$4.6 billion using proceeds from the sale of Oi Móvel to operators Claro, Tim and Vivo.
BNDES currently has R$ 68.6 billion in equity interests, 44% of which involves Petrobras shares. “There was a slight drop when compared to the previous quarter. It is a result of the reduction of our participation in Eletrobras and the devaluation of the price of the two main shares of our portfolio: Petrobras and JBS”, said Lourenço Tigre, finance director of BNDES.
The recurring result, which excludes divestment operations from the equity portfolio and provisions for credit risk, was R$9 billion. The amount represents a growth of 279.7% compared to the same period in 2021. The institution’s equity ended the period totaling R$ 129.3 billion.
According to the president of BNDES, Gustavo Montezano, a record was recorded by adding the numbers of the first two quarters of the year. The net result in the first six months of 2022 is BRL 24.6 billion. “It is the most profitable first semester in terms of nominal profits in the history of BNDES”, he said.
projects
The conclusion of Eletrobras’ privatization process, with a turnover of R$ 33.68 billion, was considered the main project of the period conducted by BNDES. In addition, the auction of highways in Rio Grande do Sul and Minas Gerais, the concession of state parks, the modernization and expansion of airport infrastructure in the Northeast and Midwest, the expansion of wind and solar parks, among other initiatives.
Disbursements grew by 46% compared to the same period in 2021. There were BRL 18.4 billion, of which BRL 9 billion for infrastructure projects, representing 48.8% of the total. According to the bank, R$3.7 billion was allocated to activities related to the green economy and R$7.3 billion to social development. Operations with micro, small and medium-sized companies, totaling R$ 6.8 billion, represented 37.2% of disbursements.
According to Montezano, the BNDES has been undergoing restructuring, as is the case in several countries. “Other development banks in the world are also migrating to an action closer to acting in the market with a focus on the climate agenda”. He said he was still satisfied, because he considers that the institution is leading this movement and being able to penetrate different sectors.
“If you operate as a monopolist that distributes subsidies, you are more subject to risk, you do not innovate and you do not have a customer view. When you put this bank operating with funding closer to the market, it will have a greater need of innovation and to modernize its tools and will have to manage risks in a more active way”, he pointed out.
Debts with the Union
BNDES has been making efforts to pay off a debt related to contributions made by the Union between 2008 and 2014. There is a payment schedule agreed with the Federal Audit Court (TCU). According to a new report, R$ 17 billion were transferred to the National Treasury between April and June 2022. Of this total, R$ 3.7 billion involve ordinary commitments and another R$ 13.3 billion refer to early debt settlement.
Thus, liabilities at the end of the second quarter amounted to R$ 103.6 billion, 15.4% less than the amount recorded at the end of the first quarter. A further R$ 13.7 billion is expected to be paid by December this year, of which R$ 11.2 billion will involve amounts included in the agreement with the TCU.
