BNDES has record profit of R$ 34 billion

The BNDES (National Bank for Economic and Social Development) announced, this Friday (25), a record profit of R$ 34.1 billion last year, an increase of almost 65% in relation to the previous year.

“This is the largest accounting profit ever recorded by a financial institution in the country,” said Gustavo Montezano, president of the bank.

According to him, the result is explained by a combination of factors: reduced expenses, reallocation of resources in other companies, and sale of shares and other assets in his investment portfolio.

“Divest from positions [ações de empresas] mature and speculative positions was fundamental for this change”, said Montezano. “It is a resource that now goes to sectors that really contribute to the country’s development.”

Among these companies are Vale, Petrobras and JBS. In 2021 alone, there were BRL 16 billion with these transactions.

“They’ve already developed. They don’t need the bank anymore,” Montezano said. “Maintaining a position on the stock exchange with shares of these companies is speculation. It is necessary to reallocate these resources for the development of the country.”

The target of the bank’s next round of investment, according to Montenzano, will be micro, small and medium-sized companies (MEI), which he calls “national heroes”.

“Much of this capital [obtido com o resultado do banco] will be relocated to the MEIs,” said Montezano.

In the pandemic, these companies, which account for most of the jobs generated in the country, received less than necessary, according to representatives of Sebrae (Brazilian Support Service for Micro, Small and Medium Enterprises).

Despite accounting for more than half of BNDES disbursements in 2020 — a share that dropped to 46% in 2021 — these companies only managed to get BRL 1.1 billion from BNDES-led funds that made resources available to this group.

It is also part of the BNDES’ strategy to finance projects linked to the climate agenda, such as the incentive for alternative sources of renewable energy and carbon credit.

Another source of income for the bank was the structuring of concession and privatization projects.

According to the director of the area, Fábio Abrahão, the BNDES became the leader in this market, concentrating R$ 24.4 billion in structured projects in its portfolio.

According to the ranking, prepared by the consultancy Infralogic, Ernest Young is in second place, with a portfolio of R$ 14.4 billion.

Abrahão highlighted that this result is due to the partnership with the PPI (Partnership and Investment Project) and with the Ministry of Infrastructure, which concentrated almost 100 projects out of a total of 148 in progress at the bank, among them Eletrobras.

“To date, 19 projects have been auctioned, guaranteeing R$ 109 billion in contracted investments,” said Abrahão. “With the 148 projects that we have mandates [para estruturação]there will be R$ 274 billion in mobilized capital.”

With the profit obtained, the BNDES will have cash to transfer R$ 17.2 billion this year to the National Treasury. The bank is still discussing with the TCU (Union Court of Auditors) the need to advance R$ 13.3 billion in hybrid debt and equity instruments for the Union.

So far, BNDES has returned R$99.8 billion to the Treasury, leaving R$85.4 billion.

The resistance to raising the volume of returns was one of the reasons for the government’s dissatisfaction with Joaquim Levy, the first president of BNDES after Jair Bolsonaro took office, who lasted just over six months in office.

Upon taking over, his replacement, Gustavo Montezano, listed the return as one of the goals of his management, alongside the reduction of BNDESPar’s equity portfolio and the opening of the so-called “black box” of the institution.