SAO PAULO, Feb 5 (Reuters) -

Brazilian lender Banco Bradesco ( BBD ) said on Thursday

it expects a slower growth in its credit portfolio this year,

citing macroeconomic uncertainties and a more moderate appetite

for risk.

Bradesco's loan ‌portfolio is expected to grow between

8.5% and 10.5% in 2026, it said in a ​securities filing, down

from the 11% increase seen last year, when ‍the portfolio reached

1.09 trillion reais ($206.74 billion) by December-end.

The ⁠2025 figure came ⁠above the lender's guidance of an

increase between 4% and 8%.

"We maintain a moderate ‌appetite for risk, because the

macro scenario ​still presents challenges and uncertainties, but

we have found good opportunities and are optimistic about our

business," Chief Executive ⁠Marcelo Noronha said in a ‍statement

following the ​release.

Bradesco reported a recurring net income of 6.52 billion

reais in the fourth quarter, up 20.6% year-on-year and roughly

in line ‍with the average estimate of 6.46 billion reais in a

LSEG poll.

Loan-loss provisions rose 18.3% to 8.83 billion reais.

Return on average equity, a gauge of profitability, was up 2.5

percentage points to 15.2%.

"Our expectation is that profits will continue to

increase gradually and steadily, ​step ‍by step, in each of the

coming quarters," Noronha said.

Among its projections for 2026, Bradesco estimated its

net interest income net ​of provisions, a metric of earnings on

loans minus deposit costs, to reach between 42 billion reais and

48 billion reais this year, up from 40 billion reais in 2025.

The insurance sector is forecast to improve between 6%

and 8%, while fee and commission income would grow 3% to ​5%,

both below the increases of 16.1% and 8.9% seen last year,

respectively.

Operating expenses would rise 6% to 8% in 2026, Bradesco

said, following an 8.5% rise in the ‍previous year.

($1 = 5.2723 reais)

(Reporting by Fernando Cardoso, Editing by Natalia Siniwski)