Uma análise comparativa de indicadores financeiros do BNDES e de bancos de desenvolvimento internacionais entre 2015 e 2019

Abstract

Accounting information, produced using indicators and calculated based on financial statements, is the main data source to analyze an entity’s performance. The objective of this article is to present a comparative analysis of the evolution of the main indicators of profitability, efficiency and credit portfolio of BNDES and of some international development banks, considering the period from 2015 to 2019 and based on data extracted from the annual reports of the selected institutions. Five development banks were chosen: Brazilian Development Bank (BNDES), China Development Bank (CDB); KfW Bankengruppe (KfW); Korea Development Bank (KDB) and Banque Publique D’Investissement (Bpifrance). The results show that BNDES was the only one in a downward trend in total assets from 2015 to 2019, mainly due to the decrease in the demand for disbursements and early returns to the National Treasury. Regarding equity, BNDES showed the highest growth in the period analyzed and was the only bank to show expressive growth in net income in 2019, mainly due to the greater volume of shares sold, strengthening the trend of sale of shares foreseen in the 2020-2022 Triennial Plan. Regarding the profitability indicators (ROE and ROA), BNDES presented the highest values for 2019 among the banks analyzed. Credit and on-lending operations were found as the most relevant assets in most of the banks analyzed. Regarding cost efficiency indicators, these were significantly better at BNDES when compared to the other banks analyzed