{"id":1400,"date":"2026-08-17T17:31:03","date_gmt":"2026-08-17T17:31:03","guid":{"rendered":"https:\/\/andresouzainvestimentos.com\/?p=1400"},"modified":"2026-08-17T17:31:05","modified_gmt":"2026-08-17T17:31:05","slug":"banco-do-brasil-bbas3-a-acao-esta-barata-uma-analise-fundamentalista-em-2026","status":"publish","type":"post","link":"https:\/\/andresouzainvestimentos.com\/en\/banco-do-brasil-bbas3-a-acao-esta-barata-uma-analise-fundamentalista-em-2026\/","title":{"rendered":"Banco do Brasil (BBAS3): a a\u00e7\u00e3o est\u00e1 barata? Uma an\u00e1lise fundamentalista em 2026"},"content":{"rendered":"<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"Ainda vai investir em BANCO DO BRASIL(BBAS3)?\" width=\"640\" height=\"360\" src=\"https:\/\/www.youtube.com\/embed\/5q0O006Rmpc?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\">Introdu\u00e7\u00e3o<\/h2>\n\n\n\n<p>O Banco do Brasil (BBAS3) \u00e9 uma das institui\u00e7\u00f5es financeiras mais tradicionais do mercado brasileiro e tamb\u00e9m uma das maiores empresas listadas na B3. Por isso, suas a\u00e7\u00f5es costumam despertar o interesse de investidores que procuram empresas consolidadas, exposi\u00e7\u00e3o ao setor financeiro e potencial de distribui\u00e7\u00e3o de resultados aos acionistas.<\/p>\n\n\n\n<p>Mas uma pergunta importante permanece: <strong>BBAS3 est\u00e1 realmente barata ou o desconto observado pelo mercado reflete riscos relevantes?<\/strong><\/p>\n\n\n\n<p>A resposta exige mais do que observar apenas o pre\u00e7o da a\u00e7\u00e3o. Para avaliar um banco, \u00e9 necess\u00e1rio analisar indicadores como lucro l\u00edquido, retorno sobre o patrim\u00f4nio, qualidade da carteira de cr\u00e9dito, inadimpl\u00eancia, valuation e cen\u00e1rio econ\u00f4mico.<\/p>\n\n\n\n<p>Este artigo apresenta uma an\u00e1lise educacional desses fatores com base nas informa\u00e7\u00f5es mais recentes dispon\u00edveis para o segundo trimestre de 2026.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Aviso:<\/strong> este conte\u00fado possui finalidade exclusivamente educacional e informativa. N\u00e3o constitui recomenda\u00e7\u00e3o de compra ou venda de a\u00e7\u00f5es. O investimento em renda vari\u00e1vel envolve riscos, e cada investidor deve avaliar sua situa\u00e7\u00e3o financeira e seu perfil de risco.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">1. O que \u00e9 o Banco do Brasil?<\/h2>\n\n\n\n<p>O Banco do Brasil \u00e9 uma institui\u00e7\u00e3o financeira de grande porte, com atua\u00e7\u00e3o em segmentos como cr\u00e9dito, servi\u00e7os banc\u00e1rios, investimentos, seguros e financiamento do agroneg\u00f3cio.<\/p>\n\n\n\n<p>A companhia possui a\u00e7\u00f5es ordin\u00e1rias negociadas na B3 sob o c\u00f3digo <strong>BBAS3<\/strong>.<\/p>\n\n\n\n<p>Para investidores interessados em acompanhar os resultados diretamente da fonte, o Banco do Brasil mant\u00e9m uma \u00e1rea de Rela\u00e7\u00f5es com Investidores com informa\u00e7\u00f5es financeiras, comunicados ao mercado, hist\u00f3rico de remunera\u00e7\u00e3o aos acionistas e outros documentos corporativos.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. Como foi o resultado do Banco do Brasil no 2T26?<\/h2>\n\n\n\n<p>No segundo trimestre de 2026, o Banco do Brasil apresentou <strong>lucro l\u00edquido ajustado de aproximadamente R$ 3,9 bilh\u00f5es<\/strong>.<\/p>\n\n\n\n<p>O resultado representou crescimento em rela\u00e7\u00e3o ao mesmo per\u00edodo do ano anterior e avan\u00e7o em rela\u00e7\u00e3o ao primeiro trimestre de 2026. A margem financeira bruta chegou a aproximadamente R$ 27,5 bilh\u00f5es, enquanto a carteira de cr\u00e9dito expandida ultrapassou R$ 1,3 trilh\u00e3o.<\/p>\n\n\n\n<p>No primeiro semestre de 2026, o lucro l\u00edquido ajustado acumulado chegou a aproximadamente <strong>R$ 7,3 bilh\u00f5es<\/strong>.<\/p>\n\n\n\n<p>Esses n\u00fameros mostram que o banco continua altamente lucrativo, mas n\u00e3o contam toda a hist\u00f3ria.<\/p>\n\n\n\n<p>O principal ponto de aten\u00e7\u00e3o est\u00e1 na qualidade da carteira de cr\u00e9dito.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Inadimpl\u00eancia \u00e9 o principal risco para BBAS3<\/h2>\n\n\n\n<p>Um dos indicadores mais importantes para analisar um banco \u00e9 a inadimpl\u00eancia.<\/p>\n\n\n\n<p>No segundo trimestre de 2026, a inadimpl\u00eancia acima de 90 dias do Banco do Brasil chegou a <strong>5,61%<\/strong>. No agroneg\u00f3cio, o \u00edndice ficou em aproximadamente <strong>6,27%<\/strong>, enquanto a inadimpl\u00eancia entre pessoas f\u00edsicas tamb\u00e9m permaneceu elevada.<\/p>\n\n\n\n<p>Esse cen\u00e1rio ajuda a explicar por que uma a\u00e7\u00e3o pode apresentar m\u00faltiplos aparentemente baixos e, ainda assim, n\u00e3o ser considerada uma oportunidade \u00f3bvia.<\/p>\n\n\n\n<p>Quando a inadimpl\u00eancia aumenta, o banco normalmente precisa elevar suas provis\u00f5es para poss\u00edveis perdas de cr\u00e9dito. Isso pode reduzir o lucro e, consequentemente, o retorno sobre o patrim\u00f4nio.<\/p>\n\n\n\n<p>Por isso, quem acompanha BBAS3 deve observar n\u00e3o apenas o lucro divulgado, mas tamb\u00e9m <strong>a qualidade desse lucro e a evolu\u00e7\u00e3o das provis\u00f5es<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. O agroneg\u00f3cio merece aten\u00e7\u00e3o especial<\/h2>\n\n\n\n<p>O agroneg\u00f3cio \u00e9 particularmente importante para o Banco do Brasil.<\/p>\n\n\n\n<p>Em junho de 2026, a carteira de cr\u00e9dito relacionada ao agroneg\u00f3cio estava em aproximadamente <strong>R$ 421,6 bilh\u00f5es<\/strong>, com inadimpl\u00eancia de cerca de 6,27%.<\/p>\n\n\n\n<p>Problemas clim\u00e1ticos, perdas de produ\u00e7\u00e3o, pre\u00e7os das commodities, endividamento dos produtores e renegocia\u00e7\u00f5es de d\u00edvidas podem afetar o resultado do banco.<\/p>\n\n\n\n<p>O mercado tamb\u00e9m acompanha as medidas governamentais destinadas \u00e0 renegocia\u00e7\u00e3o de d\u00edvidas rurais, pois elas podem influenciar a velocidade de recupera\u00e7\u00e3o de cr\u00e9ditos e o n\u00edvel futuro das provis\u00f5es.<\/p>\n\n\n\n<p>Isso significa que o desempenho de BBAS3 n\u00e3o depende apenas da gest\u00e3o do banco. Tamb\u00e9m existe uma forte influ\u00eancia de fatores macroecon\u00f4micos e das condi\u00e7\u00f5es do setor agr\u00edcola brasileiro.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. ROE: um indicador essencial para avaliar bancos<\/h2>\n\n\n\n<p>O <strong>ROE<\/strong>, ou retorno sobre o patrim\u00f4nio l\u00edquido, mostra quanto lucro uma empresa consegue gerar em rela\u00e7\u00e3o ao capital pr\u00f3prio.<\/p>\n\n\n\n<p>Para bancos, esse indicador \u00e9 especialmente importante.<\/p>\n\n\n\n<p>No segundo trimestre de 2026, o Banco do Brasil apresentou retorno sobre o patrim\u00f4nio l\u00edquido de aproximadamente <strong>8,3%<\/strong>.<\/p>\n\n\n\n<p>O n\u00famero representa uma recupera\u00e7\u00e3o em rela\u00e7\u00e3o aos per\u00edodos anteriores, mas ainda est\u00e1 abaixo dos n\u00edveis de rentabilidade apresentados por alguns dos principais concorrentes privados brasileiros.<\/p>\n\n\n\n<p>Isso ajuda a explicar parte do desconto atribu\u00eddo \u00e0s a\u00e7\u00f5es do Banco do Brasil.<\/p>\n\n\n\n<p>Um banco negociado a um P\/VP baixo pode ser uma oportunidade quando possui capacidade de gerar retornos elevados sobre seu patrim\u00f4nio. Por\u00e9m, quando o ROE est\u00e1 baixo, o mercado pode estar sinalizando que aquele patrim\u00f4nio n\u00e3o est\u00e1 sendo utilizado para gerar lucros suficientemente altos.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. P\/L e P\/VP: BBAS3 parece barata?<\/h2>\n\n\n\n<p>Do ponto de vista de valuation, BBAS3 chama aten\u00e7\u00e3o.<\/p>\n\n\n\n<p>O <strong>P\/L<\/strong>, que relaciona o pre\u00e7o da a\u00e7\u00e3o ao lucro por a\u00e7\u00e3o, estava na regi\u00e3o de 9 vezes nas informa\u00e7\u00f5es consultadas.<\/p>\n\n\n\n<p>O <strong>P\/VP<\/strong>, que compara o valor de mercado com o patrim\u00f4nio l\u00edquido, estava pr\u00f3ximo de 0,6 vez.<\/p>\n\n\n\n<p>Um P\/VP abaixo de 1 significa que o mercado est\u00e1 atribuindo \u00e0s a\u00e7\u00f5es um valor inferior ao patrim\u00f4nio cont\u00e1bil por a\u00e7\u00e3o.<\/p>\n\n\n\n<p>Isso pode representar uma oportunidade, mas n\u00e3o deve ser interpretado isoladamente.<\/p>\n\n\n\n<p>Para um banco, uma combina\u00e7\u00e3o como:<\/p>\n\n\n\n<p><strong>P\/VP baixo + ROE elevado<\/strong><\/p>\n\n\n\n<p>pode ser bastante interessante.<\/p>\n\n\n\n<p>J\u00e1:<\/p>\n\n\n\n<p><strong>P\/VP baixo + ROE baixo + inadimpl\u00eancia elevada<\/strong><\/p>\n\n\n\n<p>exige uma investiga\u00e7\u00e3o muito maior.<\/p>\n\n\n\n<p>No caso do Banco do Brasil, estamos mais pr\u00f3ximos da segunda situa\u00e7\u00e3o neste momento.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. EBITDA \u00e9 importante para BBAS3?<\/h2>\n\n\n\n<p>N\u00e3o.<\/p>\n\n\n\n<p>Esse \u00e9 um ponto que pode gerar confus\u00e3o para investidores que utilizam a mesma metodologia para empresas de diferentes setores.<\/p>\n\n\n\n<p>O <strong>EBITDA<\/strong> \u00e9 bastante utilizado na an\u00e1lise de empresas industriais, comerciais e de servi\u00e7os. Para bancos, por\u00e9m, ele n\u00e3o \u00e9 uma das m\u00e9tricas mais adequadas.<\/p>\n\n\n\n<p>Isso ocorre porque juros, receitas financeiras e despesas financeiras fazem parte do pr\u00f3prio funcionamento da institui\u00e7\u00e3o financeira.<\/p>\n\n\n\n<p>Para avaliar BBAS3, \u00e9 mais interessante acompanhar:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>lucro l\u00edquido;<\/li>\n\n\n\n<li>ROE;<\/li>\n\n\n\n<li>margem financeira;<\/li>\n\n\n\n<li>custo de cr\u00e9dito;<\/li>\n\n\n\n<li>provis\u00f5es;<\/li>\n\n\n\n<li>inadimpl\u00eancia;<\/li>\n\n\n\n<li>carteira de cr\u00e9dito;<\/li>\n\n\n\n<li>\u00edndice de efici\u00eancia;<\/li>\n\n\n\n<li>capital regulat\u00f3rio;<\/li>\n\n\n\n<li>P\/L;<\/li>\n\n\n\n<li>P\/VP;<\/li>\n\n\n\n<li>distribui\u00e7\u00e3o de dividendos e JCP.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">8. E o fluxo de caixa operacional?<\/h2>\n\n\n\n<p>O fluxo de caixa operacional tamb\u00e9m precisa ser interpretado de maneira diferente quando analisamos um banco.<\/p>\n\n\n\n<p>Em empresas tradicionais, o fluxo de caixa operacional \u00e9 uma ferramenta importante para verificar a capacidade de transformar lucro em gera\u00e7\u00e3o de caixa.<\/p>\n\n\n\n<p>Nos bancos, por\u00e9m, movimenta\u00e7\u00f5es relacionadas a dep\u00f3sitos, concess\u00e3o de cr\u00e9dito e outras opera\u00e7\u00f5es financeiras podem produzir grandes varia\u00e7\u00f5es de caixa que n\u00e3o possuem a mesma interpreta\u00e7\u00e3o encontrada em uma ind\u00fastria ou empresa de servi\u00e7os.<\/p>\n\n\n\n<p>Por isso, para BBAS3, o investidor deveria dar maior peso \u00e0 <strong>qualidade dos ativos, rentabilidade, capital, inadimpl\u00eancia e capacidade de gera\u00e7\u00e3o de resultados<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. Cinco fatores para acompanhar antes de investir em BBAS3<\/h2>\n\n\n\n<p>Para uma an\u00e1lise fundamentalista simples, podemos resumir a avalia\u00e7\u00e3o do Banco do Brasil em cinco fatores.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Lucro<\/h3>\n\n\n\n<p>O lucro deve apresentar capacidade de recupera\u00e7\u00e3o e crescimento ao longo do tempo.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. ROE<\/h3>\n\n\n\n<p>O banco precisa demonstrar capacidade de gerar retorno adequado sobre seu patrim\u00f4nio.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Inadimpl\u00eancia<\/h3>\n\n\n\n<p>A evolu\u00e7\u00e3o da inadimpl\u00eancia \u00e9 fundamental para entender o risco da carteira.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Valuation<\/h3>\n\n\n\n<p>P\/L e P\/VP ajudam a determinar se o pre\u00e7o pago pelo investidor parece razo\u00e1vel em rela\u00e7\u00e3o aos resultados e ao patrim\u00f4nio.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Cen\u00e1rio macroecon\u00f4mico e agroneg\u00f3cio<\/h3>\n\n\n\n<p>Juros, atividade econ\u00f4mica, emprego, infla\u00e7\u00e3o, condi\u00e7\u00f5es clim\u00e1ticas e situa\u00e7\u00e3o financeira dos produtores rurais podem afetar diretamente os resultados.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10. Afinal, BBAS3 est\u00e1 barata?<\/h2>\n\n\n\n<p>A resposta depende do horizonte e das premissas do investidor.<\/p>\n\n\n\n<p>Pelos m\u00faltiplos de valuation, <strong>BBAS3 parece descontada<\/strong>, principalmente quando observamos o P\/VP pr\u00f3ximo de 0,6 vez.<\/p>\n\n\n\n<p>Entretanto, existe uma raz\u00e3o para esse desconto.<\/p>\n\n\n\n<p>O banco enfrenta uma fase de maior press\u00e3o sobre a qualidade da carteira de cr\u00e9dito, especialmente no agroneg\u00f3cio, enquanto o ROE ainda est\u00e1 abaixo do que seria desej\u00e1vel para justificar uma valoriza\u00e7\u00e3o maior do m\u00faltiplo.<\/p>\n\n\n\n<p>O segundo trimestre de 2026 apresentou sinais positivos, com lucro ajustado de R$ 3,9 bilh\u00f5es e ROE de 8,3%, mas a inadimpl\u00eancia continua sendo um dos principais obst\u00e1culos para uma recupera\u00e7\u00e3o mais forte da rentabilidade.<\/p>\n\n\n\n<p>Portanto, uma poss\u00edvel tese de investimento em BBAS3 depende menos de simplesmente perguntar <strong>&#8220;a a\u00e7\u00e3o est\u00e1 barata?&#8221;<\/strong> e mais de perguntar:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>&#8220;O Banco do Brasil conseguir\u00e1 recuperar sua rentabilidade e reduzir o custo do cr\u00e9dito?&#8221;<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>Se a resposta for positiva, o desconto atual pode se tornar uma oportunidade interessante.<\/p>\n\n\n\n<p>Se a deteriora\u00e7\u00e3o da carteira continuar, a a\u00e7\u00e3o pode permanecer barata por um per\u00edodo prolongado.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclus\u00e3o<\/h2>\n\n\n\n<p>O Banco do Brasil apresenta caracter\u00edsticas que podem atrair investidores fundamentalistas: grande escala, forte presen\u00e7a no mercado brasileiro, patrim\u00f4nio elevado e m\u00faltiplos de valuation relativamente baixos.<\/p>\n\n\n\n<p>Ao mesmo tempo, existem riscos que n\u00e3o devem ser ignorados.<\/p>\n\n\n\n<p>O principal deles \u00e9 a qualidade da carteira de cr\u00e9dito, especialmente a exposi\u00e7\u00e3o ao agroneg\u00f3cio. A inadimpl\u00eancia elevada pode aumentar as provis\u00f5es e limitar a recupera\u00e7\u00e3o do ROE.<\/p>\n\n\n\n<p>Por isso, <strong>BBAS3 pode ser considerada uma a\u00e7\u00e3o de valuation interessante, mas que exige acompanhamento dos indicadores de cr\u00e9dito e rentabilidade<\/strong>.<\/p>\n\n\n\n<p>Para o investidor de longo prazo, os pr\u00f3ximos resultados ser\u00e3o importantes para verificar se a recupera\u00e7\u00e3o observada no segundo trimestre de 2026 representa o in\u00edcio de uma tend\u00eancia ou apenas uma melhora pontual.<\/p>\n\n\n\n<p>As informa\u00e7\u00f5es trimestrais oficiais do segundo trimestre de 2026 est\u00e3o dispon\u00edveis na \u00e1rea de Rela\u00e7\u00f5es com Investidores do Banco do Brasil.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity\"\/>\n\n\n\n<h1 class=\"wp-block-heading\">Banco do Brasil (BBAS3): Is the Stock Cheap? A Fundamental Analysis in 2026<\/h1>\n\n\n\n<h2 class=\"wp-block-heading\">Introduction<\/h2>\n\n\n\n<p>Banco do Brasil (BBAS3) is one of Brazil&#8217;s largest and oldest financial institutions and one of the major banking companies listed on B3, Brazil&#8217;s stock exchange.<\/p>\n\n\n\n<p>Because of its size, market presence and exposure to Brazil&#8217;s financial system, the stock is frequently monitored by investors looking for established companies and potential shareholder returns.<\/p>\n\n\n\n<p>But an important question remains:<\/p>\n\n\n\n<p><strong>Is BBAS3 actually cheap, or is the market discount reflecting significant risks?<\/strong><\/p>\n\n\n\n<p>Answering that question requires more than simply looking at the share price. Bank analysis should consider net income, return on equity, credit quality, delinquency, valuation and the broader economic environment.<\/p>\n\n\n\n<p>This article provides an educational analysis based on the latest information available for the second quarter of 2026.<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>Disclaimer:<\/strong> This article is provided for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy or sell securities. Investing in stocks involves risk, and investors should consider their own financial situation and risk tolerance.<\/p>\n<\/blockquote>\n\n\n\n<h2 class=\"wp-block-heading\">1. What is Banco do Brasil?<\/h2>\n\n\n\n<p>Banco do Brasil is a major Brazilian financial institution with operations covering banking services, lending, investments, insurance and agricultural financing.<\/p>\n\n\n\n<p>Its common shares trade on B3 under the ticker <strong>BBAS3<\/strong>.<\/p>\n\n\n\n<p>The bank maintains an Investor Relations website where investors can access financial statements, market announcements, shareholder remuneration information and other corporate documents.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">2. How did Banco do Brasil perform in 2Q26?<\/h2>\n\n\n\n<p>In the second quarter of 2026, Banco do Brasil reported <strong>adjusted net income of approximately R$3.9 billion<\/strong>.<\/p>\n\n\n\n<p>The result increased compared with the same period of the previous year and also improved compared with the first quarter of 2026. Gross financial margin reached approximately R$27.5 billion, while the expanded loan portfolio surpassed R$1.3 trillion.<\/p>\n\n\n\n<p>Adjusted net income for the first half of 2026 reached approximately <strong>R$7.3 billion<\/strong>.<\/p>\n\n\n\n<p>These figures demonstrate that the bank remains highly profitable. However, they do not tell the whole story.<\/p>\n\n\n\n<p>The main concern is credit quality.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">3. Delinquency is a key risk<\/h2>\n\n\n\n<p>One of the most important indicators for bank investors is loan delinquency.<\/p>\n\n\n\n<p>In the second quarter of 2026, Banco do Brasil&#8217;s non-performing loan ratio above 90 days reached <strong>5.61%<\/strong>. In agricultural lending, the ratio was approximately <strong>6.27%<\/strong>. Delinquency among individuals also remained elevated.<\/p>\n\n\n\n<p>This helps explain why a stock can trade at apparently low valuation multiples and still not be an obvious investment opportunity.<\/p>\n\n\n\n<p>When delinquency increases, banks generally need to increase provisions for expected credit losses. This can reduce earnings and, consequently, return on equity.<\/p>\n\n\n\n<p>For this reason, investors should monitor not only reported earnings but also <strong>the quality and sustainability of those earnings<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">4. Agricultural lending deserves special attention<\/h2>\n\n\n\n<p>Agriculture is particularly important to Banco do Brasil.<\/p>\n\n\n\n<p>As of June 2026, the bank&#8217;s agricultural credit portfolio stood at approximately <strong>R$421.6 billion<\/strong>, with delinquency at around 6.27%.<\/p>\n\n\n\n<p>Weather conditions, crop losses, commodity prices, producer indebtedness and debt restructuring can all affect the bank&#8217;s results.<\/p>\n\n\n\n<p>Government measures aimed at restructuring rural debt are also important because they can influence credit recovery and future provisioning requirements.<\/p>\n\n\n\n<p>Therefore, BBAS3&#8217;s performance depends not only on management decisions. Macroeconomic conditions and the health of Brazil&#8217;s agricultural sector also play an important role.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">5. ROE is essential when evaluating banks<\/h2>\n\n\n\n<p><strong>ROE<\/strong>, or return on equity, measures how efficiently a company generates earnings from shareholders&#8217; equity.<\/p>\n\n\n\n<p>For banks, it is one of the most important profitability indicators.<\/p>\n\n\n\n<p>Banco do Brasil reported an ROE of approximately <strong>8.3% in 2Q26<\/strong>.<\/p>\n\n\n\n<p>Although this represents an improvement, it remains below the profitability levels achieved by some major private Brazilian banks.<\/p>\n\n\n\n<p>That helps explain part of the valuation discount applied to BBAS3.<\/p>\n\n\n\n<p>A bank trading at a low price-to-book ratio can be attractive when it generates strong returns on equity. However, when ROE is low, the market may be signaling that the bank&#8217;s equity base is not currently generating sufficient earnings.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">6. P\/E and P\/B: Is BBAS3 cheap?<\/h2>\n\n\n\n<p>From a valuation perspective, BBAS3 stands out.<\/p>\n\n\n\n<p>The <strong>price-to-earnings ratio (P\/E)<\/strong> was around 9 times based on the figures considered in this analysis.<\/p>\n\n\n\n<p>The <strong>price-to-book ratio (P\/B)<\/strong> was close to 0.6 times.<\/p>\n\n\n\n<p>A P\/B below 1 means the market is valuing the shares below their accounting book value.<\/p>\n\n\n\n<p>That can represent an opportunity, but the indicator should not be analyzed in isolation.<\/p>\n\n\n\n<p>For banks, the combination of:<\/p>\n\n\n\n<p><strong>Low P\/B + high ROE<\/strong><\/p>\n\n\n\n<p>can be particularly attractive.<\/p>\n\n\n\n<p>On the other hand:<\/p>\n\n\n\n<p><strong>Low P\/B + low ROE + high delinquency<\/strong><\/p>\n\n\n\n<p>requires much more caution.<\/p>\n\n\n\n<p>Banco do Brasil currently looks closer to the second scenario.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">7. Is EBITDA useful for BBAS3?<\/h2>\n\n\n\n<p>Not particularly.<\/p>\n\n\n\n<p>This is important because investors sometimes use the same valuation methodology for companies in completely different industries.<\/p>\n\n\n\n<p><strong>EBITDA<\/strong> is widely used for industrial, retail and service companies. For banks, however, it is not one of the most useful indicators.<\/p>\n\n\n\n<p>Interest income and interest expenses are fundamental components of a bank&#8217;s business model.<\/p>\n\n\n\n<p>For BBAS3, investors should focus more on:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>net income;<\/li>\n\n\n\n<li>ROE;<\/li>\n\n\n\n<li>net interest income;<\/li>\n\n\n\n<li>credit costs;<\/li>\n\n\n\n<li>provisions;<\/li>\n\n\n\n<li>delinquency;<\/li>\n\n\n\n<li>loan growth;<\/li>\n\n\n\n<li>efficiency;<\/li>\n\n\n\n<li>regulatory capital;<\/li>\n\n\n\n<li>P\/E;<\/li>\n\n\n\n<li>P\/B;<\/li>\n\n\n\n<li>dividends and interest on equity.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">8. What about operating cash flow?<\/h2>\n\n\n\n<p>Operating cash flow also needs to be interpreted differently for banks.<\/p>\n\n\n\n<p>For traditional companies, operating cash flow can help investors determine whether accounting earnings are being converted into cash generation.<\/p>\n\n\n\n<p>For banks, however, changes in deposits, lending and other financial operations can produce large cash-flow variations that do not have the same meaning as they do for an industrial or service company.<\/p>\n\n\n\n<p>Therefore, for BBAS3, investors should give greater weight to <strong>asset quality, profitability, capital strength, delinquency and sustainable earnings generation<\/strong>.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">9. Five factors to monitor before investing in BBAS3<\/h2>\n\n\n\n<p>A fundamental analysis of Banco do Brasil can be summarized into five major factors.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">1. Earnings<\/h3>\n\n\n\n<p>The bank needs to demonstrate the ability to recover and grow earnings over time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">2. ROE<\/h3>\n\n\n\n<p>The bank should generate an adequate return on shareholders&#8217; equity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">3. Delinquency<\/h3>\n\n\n\n<p>The evolution of delinquency is essential to understand credit risk.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">4. Valuation<\/h3>\n\n\n\n<p>P\/E and P\/B can help determine whether the price paid for the stock appears reasonable relative to earnings and book value.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">5. Macroeconomic conditions and agriculture<\/h3>\n\n\n\n<p>Interest rates, economic activity, employment, inflation, weather conditions and agricultural credit conditions can directly affect the bank&#8217;s results.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">10. So, is BBAS3 cheap?<\/h2>\n\n\n\n<p>The answer depends on the investor&#8217;s assumptions and investment horizon.<\/p>\n\n\n\n<p>Based on valuation multiples, <strong>BBAS3 appears discounted<\/strong>, particularly because its P\/B ratio is close to 0.6.<\/p>\n\n\n\n<p>However, there is a reason for that discount.<\/p>\n\n\n\n<p>The bank is facing pressure on credit quality, especially in agricultural lending, while ROE remains below levels that would normally support a higher valuation multiple.<\/p>\n\n\n\n<p>The second quarter of 2026 showed positive signs, including adjusted net income of R$3.9 billion and ROE of 8.3%, but delinquency remains one of the major obstacles to a stronger recovery in profitability.<\/p>\n\n\n\n<p>Therefore, the key investment question is not simply:<\/p>\n\n\n\n<p><strong>&#8220;Is BBAS3 cheap?&#8221;<\/strong><\/p>\n\n\n\n<p>It is:<\/p>\n\n\n\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p><strong>&#8220;Can Banco do Brasil recover profitability and reduce credit costs?&#8221;<\/strong><\/p>\n<\/blockquote>\n\n\n\n<p>If the answer is yes, the current valuation discount could represent an interesting opportunity.<\/p>\n\n\n\n<p>If credit deterioration continues, the stock could remain cheap for a long period.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Conclusion<\/h2>\n\n\n\n<p>Banco do Brasil has characteristics that may appeal to fundamental investors: large scale, a strong position in the Brazilian financial system, a substantial equity base and relatively low valuation multiples.<\/p>\n\n\n\n<p>At the same time, investors should not ignore the risks.<\/p>\n\n\n\n<p>Credit quality is the main issue, particularly because of the bank&#8217;s significant exposure to agricultural lending. High delinquency can increase provisions and limit ROE recovery.<\/p>\n\n\n\n<p>Therefore, <strong>BBAS3 can be viewed as a potentially interesting value stock, but one that requires close monitoring of credit quality and profitability indicators<\/strong>.<\/p>\n\n\n\n<p>Future quarterly results will be important to determine whether the improvement seen in the second quarter of 2026 represents the beginning of a sustainable recovery or only a temporary improvement.<\/p>\n\n\n\n<p>The official second-quarter 2026 financial information is available through Banco do Brasil&#8217;s Investor Relations website.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Fontes oficiais e refer\u00eancias<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/ri.bb.com.br\/?utm_source=chatgpt.com\">Banco do Brasil \u2014 Rela\u00e7\u00f5es com Investidores<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ri.bb.com.br\/evento\/informacoes-trimestrais-referentes-ao-2o-trimestre-de-2026\/?utm_source=chatgpt.com\">Banco do Brasil \u2014 Informa\u00e7\u00f5es Trimestrais do 2\u00ba trimestre de 2026<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/ri.bb.com.br\/evento\/apresentacao-publica-sobre-divulgacao-de-resultados-referentes-ao-2o-trimestre-2026\/?utm_source=chatgpt.com\">Banco do Brasil \u2014 Apresenta\u00e7\u00e3o dos resultados do 2T26<\/a><\/li>\n<\/ul>","protected":false},"excerpt":{"rendered":"<p>Introdu\u00e7\u00e3o O Banco do Brasil (BBAS3) \u00e9 uma das institui\u00e7\u00f5es financeiras mais tradicionais do mercado<\/p>","protected":false},"author":1,"featured_media":1401,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"googlesitekit_rrm_CAowvJaiDA:productID":"","om_disable_all_campaigns":false,"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[356,33,34],"tags":[324,287,248,314],"class_list":["post-1400","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-assessor-de-investimentos","category-bolsa-de-valores","category-btg-pactual","tag-assessor-de-investimentos","tag-bolsa-de-valores","tag-btg-pactual","tag-investimentos"],"aioseo_notices":[],"uagb_featured_image_src":{"full":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1.png",1280,720,false],"thumbnail":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-150x150.png",150,150,true],"medium":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-300x169.png",300,169,true],"medium_large":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-768x432.png",640,360,true],"large":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-1024x576.png",640,360,true],"1536x1536":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1.png",1280,720,false],"2048x2048":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1.png",1280,720,false],"trp-custom-language-flag":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-18x10.png",18,10,true],"cream-magazine-thumbnail-2":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-800x450.png",800,450,true],"cream-magazine-thumbnail-3":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-720x540.png",720,540,true],"cream-magazine-thumbnail-4":["https:\/\/andresouzainvestimentos.com\/wp-content\/uploads\/2026\/08\/Copia-de-TODA-ESTATAL-REALMENTE-PRECISA-DAR-LUCRO-1-450x600.png",450,600,true]},"uagb_author_info":{"display_name":"andrevilabrisa@gmail.com","author_link":"https:\/\/andresouzainvestimentos.com\/en\/author\/andrevilabrisagmail-com\/"},"uagb_comment_info":0,"uagb_excerpt":"Introdu\u00e7\u00e3o O Banco do Brasil (BBAS3) \u00e9 uma das institui\u00e7\u00f5es financeiras mais tradicionais do mercado","_links":{"self":[{"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/posts\/1400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/comments?post=1400"}],"version-history":[{"count":1,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/posts\/1400\/revisions"}],"predecessor-version":[{"id":1402,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/posts\/1400\/revisions\/1402"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/media\/1401"}],"wp:attachment":[{"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/media?parent=1400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/categories?post=1400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/andresouzainvestimentos.com\/en\/wp-json\/wp\/v2\/tags?post=1400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}