Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 46

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 46
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 agents, which in turn could have a negative effect on our operations.
 The ongoing military conflicts in eastern Europe, between Russia and Ukraine, and in the Middle East, between Israel and its regional rivals and local disputes in Syria, maintain constant pressure on the price of energy, oil and other commodities, causing instability and volatility in economies and markets in general. The continuity of these conflicts, coupled with a possible trade and tariff dispute between the United States and its main trading partners, is expected to put additional pressure on global inflation and the U.S. dollar. This scenario has the potential to exert a more significant negative impact on emerging countries, particularly the Brazilian economy, which can negatively affect our business, financial situations and operating results.
 The conflict between Russia and Ukraine has also intensified the search for alternative energy sources, such as solar and wind energy, as Europe’s energy dependence on Russian gas has become evident. The increase in demand raised the prices of the main components for the development of these energy sources (e.g., solar panels and wind turbines) and, since it is a global production chain, the increase in these prices may affect the Brazilian development of these energy sources.
 Although our direct exposure to Ukraine and Russia is limited, any of these factors may have an impact on the Brazilian economy and inflation levels, and on the global credit and capital markets, which may, in turn, adversely affect our business, financial condition and operating results.
 
3.D.20 Risks relating to us and the Brazilian banking industry
 As a result of the complexity of our business and the range of products and services offered to our clients in all segments of the market, we are exposed to various types of risks, either due to internal or external factors. Among the main types of risks, we highlight:
 

15 – Form 20-F 2024 | Bradesco
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3.D.20.01 Market risk
 This relates to the possibility of financial loss due to changes in prices and interest rates of our financial assets, as our asset and liability portfolios may have mismatches in amounts, maturities, currency and indexes.
 
3.D.20.01-01 Our trading activities and derivative transactions, as well as investments in financial assets at fair value through profit or loss and at fair value through other comprehensive income, are not predictable and may cause material financial loss, which could lead to a significant impact on our operating results.
 We are engaged in the trading of securities, and we buy debt and equity securities mainly to resell them and generate profits in the short-term