Brazilian banks reported divergent results in the first quarter of 2026, with Caixa Econômica Federal recording a 34.4% drop in profit and Nubank expanding its credit portfolio by 40% in the period. The numbers, released Thursday (14), reflect the effects of new Central Bank rules for credit provisions — Resolution 4.966/2021, which came into effect at the beginning of 2025 and requires provisioning for expected losses, not just losses actually recorded. ✓
Press quotes (2)
"A Caixa Econômica Federal registrou lucro líquido recorrente de R$ 3,5 bilhões no primeiro trimestre de 2026, queda de 34,4% em relação ao mesmo período do ano passado"
"A carteira de crédito total expandiu 40% YoY e 7% QoQ para US$ 37,2 bilhões"
Caixa reported recurring net profit of R$ 3.5 billion in the quarter, compared to R$ 5.3 billion in the same period of 2025. According to the state bank, loss provisions jumped 225% in 12 months, reaching R$ 6.5 billion, due to the regulatory transition that raised reserves for possible defaults. Delinquency rose to 3.71%, an increase of 1.22 percentage points compared to the first quarter of the previous year. ✓
Press quotes (2)
"Provisão para perdas: R$ 6,5 bilhões (+225% em 12 meses)"
"Segundo o banco, as provisões passaram a considerar perdas esperadas nas operações de crédito, e não apenas perdas efetivamente registradas"
Nubank followed the opposite trajectory, recording net profit of US$ 871 million (41% year-over-year growth) and expanding its credit portfolio to US$ 37.2 billion. CFO Guilherme Lago said the bank's provisions grew 33% in the quarter because "we grew more and gained more market share" than the market expected. Nubank's provisions totaled US$ 1.79 billion, above the analyst consensus that projected growth of only 7%. ✓
Press quotes (2)
"O lucro líquido alcançou US$ 871 milhões no trimestre, um aumento de 41% YoY"
"as provisões do Nubank cresceram 33% em relação ao quarto tri, para US$ 1,79 bilhão"
In retail, GPA expanded losses to R$ 1.347 billion in the quarter, compared to losses of R$ 93 million in the same period of 2025. The company, which filed an extrajudicial recovery plan approved by creditors on May 5, attributed R$ 1.014 billion of the result to non-recurring effects with no cash impact. Excluding these effects, the adjusted loss would have been R$ 333 million. ✓
Press quotes (2)
"O GPA (PCAR3) reportou prejuízo líquido continuado de R$ 1,347 bilhão no primeiro trimestre de 2026"
"Em comunicado divulgado em 5 de maio, o GPA protocolou plano de recuperação extrajudicial aprovado pela maioria dos credores"
Central Bank Resolution 4.966/2021 changed criteria for expected loss provisions
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (2)
GPA had R$ 1.014 billion in non-recurring effects with no cash impact
Nubank reached breakeven in Mexico for the first time
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How did the new BC rules affect other major Brazilian banks besides Caixa?
Why it's still unknown: Only Caixa and Nubank results were reported by outlets in the reference period
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What is the quantified impact of Resolution 4.966/2021 on the banking sector as a whole?
Why it's still unknown: Sources explain the rule mechanism but don't provide aggregated sectoral data
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When will the judicial approval of GPA's extrajudicial recovery plan occur?
Why it's still unknown: Company only informed that it filed the plan on May 5, without judicial timeline