Brazilian Banks "Private company: BV - meeting with management" Batista

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Brazilian Banks "Private company: BV - meeting with management" Batista

Global Research

17 June 2026ab

Brazilian Banks Equities

Latin AmericaPrivate company: BV - meeting with

management Banks

Thiago Batista, CFA

Analyst

thiago.batista@ubs.com

Large structural opportunity, but profitability still constrained +55-11-3513 6518

We recently hosted a meeting with BV's management (Mr. Ronaldo Helpe - CFO and Beatriz Shinye

Mr. Henrique Franco - IR). BV ended 1Q26 with a credit portfolio of R$ 102 bn (US Associate Analyst

$ 20 bn), focusing primarily on secured lending products, including auto finance, beatriz.shinye@ubs.com

wholesale banking and vehicle-backed lending (auto-equity). The bank ranked as +55-11-2767 6569

the 11th largest financial institution in Brazil by credit portfolio as of March 2026.

Despite the recent concern with Brazilian asset quality, management continues to

see a sizable medium-term growth opportunity in Brazil, supported by a still low

household loans to GDP ratio (35%) and meaningful room for deeper customer

engagement and product penetration. Vehicle ownership per capita also remains

below levels observed in developed markets, supporting a favourable long-term

outlook for the segment. Within this context, management believes BV benefits

from attractive economics in its core franchises, combining a leading position in

used-vehicle financing with highly efficient operating model. Management

highlighted that average revenue per active customer remains substantially above

that of newer entrants, while operation costs compare favourably with traditional

incumbents. As the bank continues to broaden its product offering and deeper

customer relationships, management sees additional opportunities to enhance