Company: BBD
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001292814-25-001244
Chunk: 225

Company: BANK BRADESCO
Filing Date: 2025-03-31
Form: 20-F
Item: Item 5
Chunk 225
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                                             5,077,509      5,089,859
Other amounts (1)                                                            2,480,148      2,852,557
Income tax and social contribution benefit for the period                      641,639      4,294,414
Effective rate                                                                    3.8%          42.1%
 (1) Primarily, includes: (i) the equalization of the effective rate of financial companies except banks, insurance companies and non-financial companies, in relation to that shown; and (ii) the incentivized deductions.
 
The decrease in our income tax and social contribution benefit is largely related to the increase in income before income tax and social contribution (taxable base), as well as the reduction of the benefits of non-taxable revenues, such as dividends and earnings (losses) of associates and joint ventures. For more information on Income tax and social contribution, see Note 37 of our Consolidated Financial Statements in “Item 18. Financial Statements”.
 

Ø   Net Income
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 As a result of the above, our net income increased by 21.0%, to R$17,542 million in the year ended December 31, 2024 from R$14,503 million in the year ended December 31, 2023.
 See “"FORM 20-F 2023 - Item 5.A. Operating Income – 5.A.20 Results by operational segment” of our annual report for the year ended December 31, 2023 for a comparative discussion of our operating results for the years ended December 31, 2023 and 2022.
  
142 – Form 20-F 2024 | Bradesco
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For segment reporting purposes, the following sections explain of material changes to certain material line items of our income statement prepared in accordance with BR GAAP, as well as explanations of significant differences between the aggregated amounts reported for our operating segments and the equivalent amounts in our consolidated statement of income:
 
5.A.20.01-01 Financial Margin
 Our financial margin is equivalent to the aggregate of the following IFRS Accounting Standards captions: net interest income; net profit/(loss) on financial assets/liabilities at fair value through profit or loss; net profit/(loss) on financial assets at fair value through other comprehensive income and net profit/(loss) on foreign currency transactions. It reflects the net income of our financial intermediation activities before the expenses of expected losses on loans and advances.
 The following