BNDES - Brazilian Development Bank

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Performance in 2015

The Evolution of the BNDES’ Disbursements

R$ billion

The Brazilian Development Bank (BNDES) disbursed R$ 136 billion for investment projects in 2015. The Infrastructure sector received the largest disbursement with R$ 54.9 billion or 40.4% of the total, followed by Industry – to which the BNDES disbursed R$ 36.9 billion (27.1%) –, Trade and Services (R$ 30.4 billion or 22.4%) as well as Agriculture and Cattle Raising (R$ 13.7 billion or 10.1%).

In comparison with the previous year, there was a 28% drop in disbursements. Approvals reached R$ 109.5 billion and inquires reached R$ 124.6 billion. Both indicators fell 47% compared to 2014. This performance is in keeping with the slowdown in the demand for new investments and was affected by the tax adjustment policy implemented by the federal government. This led to two changes: more restrictive conditions in the equalized programs, and end of the National Treasury’s loan policy to the BNDES.

Priority sectors – With this scenario, the BNDES adjusted its Operating Policy, maintaining higher levels of participation, lower rates and longer terms for priority sectors and concepts. As a result, and even with this slowdown, the Bank managed to maintain consistent levels of support in important areas. Highlights include electric energy projects, which received R$ 21.9 billion (15% up) and transport logistics, which increased 8% with approximately R$ 20 billion disbursed.

The most relevant leap in financing operations to energy areas was in wind projects, which grew 85% with disbursements jumping from R$ 3.3 billion to R$ 61 billion. In the logistics area, an important breakthrough occurred following releases to urban mobility projects, which reached R$ 8.5 billion, some 30% above the R$ 6 billion disbursed in 2014. For subway transport alone, including building and expanding subway systems in São Paulo, Rio de Janeiro, Salvador and Fortaleza, the BNDES released R$ 6 billion in 2015 against R$ 4.6 billion in 2014.

Disbursements from the BNDES to projects in the so-called Green Economy also stood apart, reaching R$ 31.3 billion in 2015, an increase of 11%. The Green Economy comprises projects such as energy efficiency, renewable energy, management of water, sewer and solid waste, agricultural improvements, adaptation to weather changes, reforestation and public transport (subways and trains), among others.

In Innovation, the Bank managed to maintain a high level of support with disbursements of R$ 6 billion, the same record achieved in 2014. Some of the highlights were support projects for engineering efforts in the aeronautical and microelectronics sectors, as well as support to develop advanced biotechnology in areas such as biopharmaceuticals, biofuels and biochemicals.

The BNDES Card, exclusively for micro, small and medium-sized companies ended the year relatively stable with releases of R$ 11.2 billion and 746,000 operations performed against the R$ 11.5 billion in 2014. An important credit instrument, the Card contributed to disbursements to smaller companies, for which the BNDES released R$ 37.3 billion last year, with 926,000 operations performed.

The Evolution of the BNDES’ Net Profit

R$ billion


The Brazilian Development Bank (BNDES) posted net earnings of R$ 6.199 billion in 2015. The main positive factor was the increase in the earnings from financial intermediation, which reached R$ 18.691 billion, up 39.6% on amounts registered in 2014. Another positive indicator was the steady and low default rate, at 0.06%, well below the average for the National Financial System, which was 3.4%. This reflects the high quality of the Bank’s credit portfolio.

The rise in earnings from financial intermediation reflects the growing credit portfolio, the revision of spreads over the last few years, as well as the management of the treasury, which is compatible with the number of operations at the Bank.

On one hand, the earnings in the BNDES System from corporate shares (stakes) was a determining factor in the 29.7% drop in net earnings in relation to the R$ 8.594 billion registered in 2014, due to the strong decline in the capitals market. Earnings from corporate shares were down R$ 5.4 billion, compared to the positive R$ 2.865 billion in 2014, which is a slump of R$ 8.272 billion in a year-on-year comparison.

Most responsible for the aforementioned fall was the investment in Petrobras. Besides no pay-outs in dividends or interest on own capital in 2015, compared to the R$ 1.842 billion contribution in 2014, the share price slump led the BNDES to register impairment losses to the tune of R$ 7.35 billion (R$ 4.49 billion net after tax) in 2015.

Not considering the impairment loss for Petrobras, the BNDES’ profit would be R$ 10.684 billion in 2015, the highest ever. Profitability on equity would then rise from 15.37% in the same period to 23.6%, against 21.2% in 2014.

It is worth mentioning that the impairment losses are solely for accounting purposes – as no assets were actually sold – and they represent the mere transfer of the negative result posted in a specific account for net equity in the earnings for the period. This result, therefore, did not have any impact on the BNDES’ cash flow or on its equity position, since the losses were already recorded in its assets and net worth. With the imminent rise in the value of Petrobras’ shares, accounting gains will be incorporated into the BNDES’ net worth.  

For the BNDES, it is of the utmost importance that the quality of its credit portfolio be high, owing to the fact that, apart from being a public bank, return on its operations represents the main source of funding to grant financing to new investment projects. In 2015, return on the Bank’s operations accounted for 92% of the resources disbursed throughout the year.

Financial position – The BNDES’ net worth totaled R$ 31.0 billion in December 2015, which is stable in relation to the R$ 30.7 billion in December 2014. The equity reference (the regulatory basis that determines the financing capacity) reached R$ 95.0 billion in December 2015, a fall of 2.9% compared to the R$ 97.9 billion in 2014. The Basel index reached 14.7% on December 31, 2015, which is comfortable when considering the 11.0% minimum required by Brazil’s Central Bank.

BNDESPAR – BNDESPAR posted losses of R$ 7.6 billion in 2015, as opposed to profits of R$ 2.905 billion in 2014. This performance was directly affected by the impairment losses in the value of Petrobras’ shares, totaling R$ 8.333 billion. Not considering the impairment losses, BNDESPAR would post profits of R$ 692 million. Besides the impairment losses, other factors also contributed to the outcome: (i) the R$ 2.063 billion fall in revenue from dividends and interest on own capital, and (ii) the positive result of R$ 1.437 billion from share sales.

It is important to point out that the impairment losses in Petrobras’ shares did not have any impact on its cash flow, since the shares were not sold, nor did it affect it equity position, as the losses were recorded in its assets and its net worth. Recording the impairment losses represent the mere accounting transfer of the negative result posted in a specific account for net equity in the earnings for the period.

Historically, BNDESPAR has been responsible for a significant part of the BNDES’ consolidated earnings. Between 2010 and 2014, it accumulated net earnings of R$ 12.8 billion, which is an expressive amount especially when faced with the volatility of the capitals market in the period.

Financial Position – Total assets reached R$ 67.3 billion in December 2015, below the R$ 77.2 billion posted in December 2014, as a reflection of the fall in the corporate shares portfolio. The latter totaled R$ 46.3 billion in December 2015, which is a decline in relation to the R$ 56.0 billion in December 2014, provoked by the fall in share prices that make up this portfolio, especially Petrobras stock. BNDESPAR’s net worth totaled R$ 61.4 billion in December 2015, below the R$ 66.1 billion in December 2014 due to the R$ 7.6 billion loss in 2015.

BNDES Transparent – Financial statements are available at the following links:

As of today, the BNDES will also make all financial information available as of 2002. To access this, visit here.

The spreadsheet presents data on the financial position, earnings, return indicators, regulatory credit and capital portfolio since 2002, compiled and organized in a simple and objective layout. Users can work with the data, making it easy to analyze the BNDES’ performance.


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