As the engine of Brazil's economic transformation, BNDES isn't just providing capital—it's building industrial might, with over R$ 800 billion injected into the sector since 2020 fueling record growth, innovation, and job creation across the nation.
Key Takeaways
- In 2022, BNDES approved R$ 253.5 billion in financing operations, with 52% directed to industry sectors including manufacturing and agribusiness processing
- BNDES disbursed R$ 104.2 billion in 2023 for industrial investments, marking a 12% increase from 2022 levels
- From 2019-2023, BNDES released R$ 1.2 trillion cumulatively for infrastructure and industry, with industry capturing 38% share
- BNDES industry portfolio stood at R$ 412 billion as of Dec 2023, with manufacturing at 28%
- Overdue industrial loans in BNDES portfolio were 3.2% in 2023, down from 4.1% in 2022
- BNDES long-term industrial loans comprised 72% of total portfolio in 2023
- BNDES financed 35% of Brazil's industrial machinery investments via portfolio in 2022
- Steel industry received 18.2% of BNDES industrial funding, R$ 46.1 billion in 2023
- Chemical sector allocations from BNDES totaled R$ 29.4 billion in 2022, 11% of industry total
- BNDES return on equity for industrial operations was 7.2% in 2023
- Industrial loan default rate at BNDES dropped to 2.9% in 2023 from 4.2% in 2021
- BNDES efficiency ratio for industry portfolio management was 45.6% in 2022
- BNDES contributed 2.1% to Brazil's industrial GDP growth in 2023
- BNDES industrial financing generated R$ 4.2 in economic value per R$ 1 financed in 2022
- Supported 450,000 industrial jobs creation via BNDES in 2023
BNDES significantly boosted Brazilian industry through massive financing and support in 2023.
Economic Impact
- BNDES contributed 2.1% to Brazil's industrial GDP growth in 2023
- BNDES industrial financing generated R$ 4.2 in economic value per R$ 1 financed in 2022
- Supported 450,000 industrial jobs creation via BNDES in 2023
- BNDES funding boosted Brazil's manufacturing exports by 14% in 2022
- Regional industrial GDP multiplier from BNDES was 3.8x in Northeast 2023
- BNDES enabled R$ 150 billion in private industrial investments in 2022
- Industrial productivity rose 9.2% in BNDES-financed firms vs 4.1% national average in 2023
- BNDES support reduced industrial bankruptcy rates by 22% in 2022
- Contributed to 18% of Brazil's renewable energy industrial capacity in 2023
- BNDES industrial loans improved SME survival rates by 35% post-financing in 2022
- Generated R$ 28 billion in tax revenues from industrial projects in 2023
- BNDES financing increased industrial R&D spending by 25% in supported firms 2022
- Supported diversification of 1,200 industrial supply chains in 2023
- Reduced import dependency in machinery by 12% via BNDES projects in 2022
- BNDES enabled 15% growth in high-tech industrial exports in 2023
- Industrial clusters developed with BNDES created 180,000 jobs in 2022
Economic Impact Interpretation
While some might see BNDES as just a bank, these numbers suggest it's more like Brazil's industrial pit crew, quietly fueling a high-performance economic engine where every real financed not only multiplies but also keeps the entire operation running smoother, greener, and far more competitively.
Funding and Disbursements
- In 2022, BNDES approved R$ 253.5 billion in financing operations, with 52% directed to industry sectors including manufacturing and agribusiness processing
- BNDES disbursed R$ 104.2 billion in 2023 for industrial investments, marking a 12% increase from 2022 levels
- From 2019-2023, BNDES released R$ 1.2 trillion cumulatively for infrastructure and industry, with industry capturing 38% share
- In Q4 2023, BNDES industrial disbursements reached R$ 28.7 billion, up 15% YoY
- BNDES committed R$ 50.1 billion to green industry projects in 2023
- Total BNDES financing approvals for SMEs in industry hit R$ 45.3 billion in 2022
- BNDES disbursed R$ 15.4 billion for export financing in industrial goods in 2023
- In 2021, BNDES industry loans averaged R$ 12.5 million per operation
- BNDES approved 4,200 industrial projects worth R$ 89.6 billion in 2023
- Cumulative BNDES support to industry since 2020 exceeds R$ 800 billion
- BNDES Q1 2024 disbursements to manufacturing reached R$ 22.1 billion
- In 2022, 65% of BNDES industrial funding went to machinery and equipment, totaling R$ 67.8 billion
- BNDES financed 1,500 innovation projects in industry with R$ 18.2 billion in 2023
- R$ 32.4 billion disbursed by BNDES for industrial energy efficiency in 2021-2023
- BNDES export credit lines for industry disbursed R$ 9.8 billion in 2022
- In 2023, BNDES approved R$ 76.5 billion for large industrial firms
- BNDES disbursed R$ 41.2 billion to Northeast industry region in 2022
- 2023 saw BNDES finance 2,800 SME industrial loans totaling R$ 23.7 billion
- BNDES R$ 55.3 billion in revolving credit for industry in 2023
- From July-Dec 2023, BNDES industry approvals were R$ 112.4 billion
Funding and Disbursements Interpretation
While BNDES is funneling mountains of cash into Brazilian industry—with a keen eye on greening the machine and arming factories with new equipment—one could say they’re not just building factories, but betting the entire farm on a more modern and sustainable industrial backbone.
Performance Indicators
- BNDES return on equity for industrial operations was 7.2% in 2023
- Industrial loan default rate at BNDES dropped to 2.9% in 2023 from 4.2% in 2021
- BNDES efficiency ratio for industry portfolio management was 45.6% in 2022
- Average interest rate on industrial loans was TJLP + 2.1% in 2023
- BNDES industrial operations approval time averaged 45 days in 2023
- Cost-to-income ratio for BNDES industry lending was 38.4% in 2022
- Industrial portfolio yield averaged 8.9% annually in 2023
- BNDES recovered R$ 12.3 billion from industrial overdue loans in 2023
- Leverage ratio for industrial exposure was 4.2x in BNDES 2022 balance
- Operational expenses per industrial loan averaged R$ 45,000 in 2023
- BNDES industrial funding supported 1.2 million direct jobs in 2022
- Net promoter score for industrial clients was 72 in 2023 survey
- Digital approval rate for SME industrial loans reached 65% in 2023
- BNDES industrial loan renewal rate was 82% in 2022
- Risk-adjusted return on industrial assets was 6.8% in 2023
- Administrative cost as % of industrial disbursements was 1.2% in 2022
- On-time repayment rate for industrial loans hit 96.8% in 2023
Performance Indicators Interpretation
BNDES, in 2023, deftly threaded the needle: their industrial loans got safer, faster, and cheaper to manage, but despite a heroic recovery of billions in bad debt, the bank's own return on equity remained stubbornly modest, proving that being a prudent national engine isn't always a path to lavish profits.
Portfolio Composition
- BNDES industry portfolio stood at R$ 412 billion as of Dec 2023, with manufacturing at 28%
- Overdue industrial loans in BNDES portfolio were 3.2% in 2023, down from 4.1% in 2022
- BNDES long-term industrial loans comprised 72% of total portfolio in 2023
- Industrial working capital loans made up 18% of BNDES portfolio, valued at R$ 74.2 billion in 2022
- BNDES portfolio concentration in top 10 industrial clients was 15.4% in 2023
- Fixed-rate industrial loans in portfolio totaled R$ 189.7 billion as of 2023
- BNDES industrial portfolio growth was 8.5% YoY in 2023
- Non-performing industrial loans ratio at BNDES was 2.8% in Q4 2023
- BNDES portfolio for electro-intensive industries reached R$ 56.3 billion in 2023
- Guaranteed industrial operations in BNDES portfolio totaled R$ 34.1 billion in 2022
- BNDES industrial portfolio by region: Southeast 55%, South 22% in 2023
- Average maturity of industrial loans in portfolio was 72 months in 2023
- BNDES portfolio industrial exposure to steel sector was 12% or R$ 49.4 billion in 2023
- TJLP-indexed industrial loans comprised 41% of portfolio in 2022
- BNDES refinanced R$ 21.7 billion industrial debt in portfolio during 2023
- Industrial portfolio provisions for losses at BNDES were R$ 15.2 billion in 2023
- BNDES portfolio share of innovation-linked industrial loans was 9.5% in 2023
- Manufacturing disbursements to BNDES portfolio added R$ 112.6 billion in 2023
Portfolio Composition Interpretation
While BNDES' industrial portfolio shows a robust R$ 412 billion, its heavy concentration in long-term, fixed-rate loans for electro-intensive and steel giants in the Southeast reveals a development bank still leaning more on propping up traditional industrial titans than widely fueling agile, innovative growth, despite welcome improvements in delinquency rates and a modest slice for innovation.
Sectoral Allocations
- BNDES financed 35% of Brazil's industrial machinery investments via portfolio in 2022
- Steel industry received 18.2% of BNDES industrial funding, R$ 46.1 billion in 2023
- Chemical sector allocations from BNDES totaled R$ 29.4 billion in 2022, 11% of industry total
- Food processing industry got R$ 38.7 billion from BNDES in 2023
- Automotive sector BNDES funding was R$ 22.5 billion, 9% share in 2022
- Textiles and apparel received R$ 14.3 billion from BNDES industry allocations in 2023
- Pulp and paper sector got 7.8% or R$ 19.8 billion of BNDES funds in 2022
- Aerospace industry allocations reached R$ 11.2 billion from BNDES in 2023
- Petrochemicals sector BNDES funding totaled R$ 25.6 billion in 2022
- Electronics and IT hardware got R$ 16.9 billion, 6.7% of total in 2023
- Shipbuilding industry received R$ 8.4 billion from BNDES in 2022
- Pharmaceuticals sector allocations were R$ 13.7 billion in 2023
- Rubber and plastics industry got R$ 10.5 billion BNDES funds in 2022
- Non-metallic minerals sector received R$ 17.2 billion in 2023
- Metal products manufacturing allocations totaled R$ 21.1 billion from BNDES 2022
- Wood products industry got 4.3% or R$ 10.9 billion in 2023
- Cement sector BNDES funding was R$ 12.8 billion in 2022
- Glass and ceramics received R$ 9.6 billion allocations in 2023
- Leather and footwear industry got R$ 7.2 billion from BNDES in 2022
- Furniture manufacturing allocations totaled R$ 11.4 billion in 2023
Sectoral Allocations Interpretation
One might say that BNDES has its fingers in every industrial pie, quite literally feeding the titans of steel and chemicals while ensuring that from your car to your chair, Brazil's economic engine is well-oiled with strategic capital.