Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 43

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 3
Chunk 43
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 in the following factors:
 
·   Reduction in the level of economic activity;
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·   Currency devaluation and volatility;
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·   Increase in the fiscal deficit and reduced capacity of the Brazilian government to make investments and
                              payments and to contract services or acquire goods;                          
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·   Decrease in the liquidity available in the international and/or Brazilian market; and
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·   Delays in judicial, arbitral and/or administrative proceedings in Brazil, especially in those which are
                                                not electronic.                                            
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 The occurrence of any of these events may have a materially adverse effect on the global and/or Brazilian economy, as well as impact the liquidity and market value of our shares and ADSs. In addition, they may also lead to long-term socioeconomic impacts, including a possible decrease in Brazilian GDP and an increase in demand for public spending in fundamental sectors, a scenario in which legislative amendments may be used in order to impose, even if only temporarily, a more onerous tax treatment of our business activities, which may adversely affect our business and operating results.
 We cannot ensure the future impacts or measures that might be adopted if there is a pandemic or other outbreak of other communicable diseases, nor the accuracy of our evaluation of the actual and potential impacts of, or of the extent of losses resulting from, such pandemics or other communicable diseases, which could impact our operations and financial condition. Further, our operations may be adversely impacted by the emergence of novel strains of COVID-19 and setbacks in the rollout of vaccination programs or measures necessary to contain it or other communicable diseases.

13 – Form 20-F 2024 | Bradesco
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We cannot guarantee that other regional and/or global outbreaks of communicable diseases will not occur, and if they do occur, we cannot assure that we will be able to prevent a negative impact on our business and financial income.
 
3.D.10.02 External Environment
 
3.D.10.02-01 Currency exchange rate variations may have an adverse effect on the Brazilian economy and on our results and financial condition.
 Fluctuations in the value of the real may impact our business. After an extended period of appreciation, interrupted only in late 2008 as a reflection of the global crisis, the Brazilian real started to weaken in mid-2011, a trend which continued until mid-2016. After a brief period of stable exchange rates, the real once again devalued against the U.S. dollar, which was intensified in 2020 and