Company: BBD
Filing Date: 2025-05-30
Form Type: 6-K
Source: 0001292814-25-002283
Chunk: 148

Company: BANK BRADESCO
Filing Date: 2025-05-30
Form: 6-K
Chunk 148
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 amended, the manner in which laws and regulations are enforced or interpreted could change, and new laws or regulations could be adopted.
Such changes could materially adversely affect our operations and our revenues.

In particular,
the government has historically enacted regulations affecting financial institutions in an effort to implement its economic policies.
These regulations are intended to control the availability of credit and reduce or increase consumption in Brazil. Regulations issued
by the Central Bank of Brazil are not subject to a legislative process. The regulations issued by the Central Bank of Brazil do not go
through the legislative process, so they can be enacted and implemented in a very short period of time, which could impact our operations.
In addition, any changes in loan availability may affect us negatively.

Changes in regulations regarding reserve and compulsory deposit requirements may reduce operating margins.

The
Central Bank of Brazil has periodically changed the level of compulsory deposits that financial institutions in Brazil, including us,
are required to abide by.

Compulsory
deposits generally yield lower returns than our other investments and deposits because:

| · | a portion of our compulsory deposits with the Central Bank of Brazil do not bear interest; and |

| · | while another portion is paid at the SELIC rate or rate of remuneration of the savings account. |

Our
compulsory reserves for demand deposits, savings deposits, time deposits, and additional compulsory reserves amounted to R$109.8 billion
on December 31, 2024. The compulsory reserve requirement has been utilized by the Central Bank of Brazil as a means to control liquidity
as part of monetary policy in the past, and we have no control over these impositions. Any increase in the compulsory reserve requirements
may diminish our ability to extend loans and engage in other investments, consequently having a negative impact on our financial condition
and results of operations.

| 121 – Reference Form – 2024 |

| 4. Risk factors |

Changes in taxes and other fiscal assessments may adversely affect us.

The
Brazilian government regularly enacts reforms to the tax and other assessment regimes to which we and our clients are subject. Such reforms
include changes in the tax rates and, occasionally, the enactment of temporary taxes, the proceeds of which are earmarked for specific
designated governmental purposes. The effects of these changes and any other changes that result from the enactment of tax reforms have
not been, and cannot be, quantified. There can be no assurance that these reforms will not, once implemented, have an adverse effect upon
our business.

In times
of