Banco do Brasil reported adjusted net income of R$1.3 billion for the third quarter of 2026, a year-on-year fall of roughly 65%, and lowered its full-year profit outlook to R$9 billion–R$11 billion from R$18 billion–R$22 billion. The result fell short of market expectations and came as credit costs reached R$21.2 billion.¹

Both accounts identify worsening conditions in the agricultural loan book as central to the deterioration. The bank said overdue debt was concentrated among medium and large producers, while the share of agribusiness borrowers paying instalments on their due date fell from about 80% through August to 66% in October. There were also 189 new judicial-restructuring requests during the quarter, involving R$1.3 billion.¹

The first account presents the pressure largely as a credit-cycle and sector problem. It notes that producers have faced successive weather-related production losses, weaker grain prices and high interest rates. At the same time, finance and investor-relations vice-president Geovanne Tobias argued that some borrowers with the capacity to pay were delaying payments in anticipation of more favourable renegotiation terms: “A part of this agribusiness sector effectively does not want to pay Banco do Brasil.”¹

The second account accepts the same headline explanation—agricultural delinquency and higher provisions—but places the numbers in a political comparison. It notes that the 90-day delinquency ratio reached 6.08% and contrasts the current quarter with Banco do Brasil’s profit of more than R$8 billion in the third quarter of 2022. It says the decline has revived criticism about political influence and administrative decisions at state-controlled companies.²

In response, the bank cut its 2026 dividend payout to the legal minimum of 25%, cancelled planned interim dividend announcements and said it would be more selective in rural lending, while prioritising lower-risk credit lines.¹