Banco do Brasil S A : Financial Statements

Financial

Statements

March 31, 2024

Financial Statements - March 31, 2024.

Índex
Financial Statements	3
Balance sheet	3
Statement of income	4
Statement of comprehensive income	5
Statement of changes in shareholders' equity	6
Statements of cash flows	8
Statement of value added	9
Notes to the Financial Statements	10
1 - The Bank and its operations	10
2 - Presentation of financial statements	11
3 - Description of significant accounting policies	16
4 - Significant Judgments and accounting estimates	22
5 - Acquisitions, disposals and corporate restructuring	25
6 - Information by segment	26
7 - Cash and due from banks	30
8 - Compulsory deposits with Bacen	31
9 - Interbank investments	32
10 - Securities	33
11 - Derivative financial instruments	40
12 - Loan portfolio	47
13 - Other assets	56
14 - Investments	58
15 - Property for use	63
16 - Intangible	64
17 - Customers resources	66
18 - Financial institutions resources	68
19 - Resources from issuance of debt securities	71
20 - Other liabilities	74
21 - Provisions and contingent liabilities	76
22 - Taxes	81
23 - Shareholder's equity	84
24 - Service fee income	90
25 - Personnel expenses	91
26 - Other administrative expenses	92
27 - Other income/expenses	93
28 - Related party transactions	94
29 - Employee benefits	99
30 - Risk and capital management	111
31 - Recurring and non-recurring net income	122
32 - Other information	123
33 - Subsequent events	126
Independent Auditor's Report	127
Declaration of the Executive Board members about the Financial Statements	129
Declaration of the Executive Board members about the Report of Independent Auditors	130
Members of Management	131

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	2

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Balance sheet

				Note		Banco do Brasil		Consolidated
						March 31, 2024		Dec 31, 2023		March 31, 2024		Dec 31, 2023
	Assets
	Cash and due from banks		7		21,130,064			14,022,703			23,837,850			17,327,745
	Financial assets				2,206,163,177			2,098,663,459			2,199,219,560			2,072,861,380
		Compulsory deposits with Bacen		8		111,781,951			101,805,900			111,781,951			101,805,900
		Interbank investments		9		520,929,985			484,532,603			475,794,769			432,160,990
		Securities		10		485,599,831			450,775,401			505,682,673			466,994,273
		Derivative financial instruments		11		4,170,404			1,974,580			4,182,456			1,973,686
		Loan portfolio		12		990,981,018			964,925,057			1,002,375,066			975,349,358
		Other financial assets		13		92,699,988			94,649,918			99,402,645			94,577,173
	Allowance for losses associated with credit risk				(60,475,538)		(59,227,890)		(60,945,667)		(59,672,969)
		Loan portfolio		12		(56,918,066)		(55,806,103)		(57,050,363)		(55,927,619)
		Other financial assets		13		(3,557,472)		(3,421,787)		(3,895,304)		(3,745,350)
	Tax assets				67,584,150			67,916,922			70,136,315			70,325,066
		Current tax assets				10,682,876			10,653,911			11,487,339			11,310,927
		Deferred tax assets (tax credit)		22		56,901,274			57,263,011			58,648,976			59,014,139
	Investments				41,365,288			37,044,909			21,939,835			21,081,796
		Investments in subsidiaries, associates and joint		14		41,397,930			37,077,565			21,950,595			21,093,695
		ventures
		Other investments				2,117			2,103			2,677			2,656
		Impairment losses				(34,759)		(34,759)		(13,437)		(14,555)
	Property for use		15		9,897,892			9,870,462			10,094,643			10,072,293
		Property and equipment				23,742,661			23,409,291			24,149,949			23,814,084
		Accumulated depreciation				(13,831,647)		(13,525,707)		(14,031,883)		(13,718,368)
		Impairment losses				(13,122)		(13,122)		(23,423)		(23,423)
	Intangible		16		10,443,583			10,762,606			10,479,796			10,800,779
		Intangible assets				19,182,373			18,897,719			19,696,405			19,414,590
		Accumulated amortization				(8,374,668)		(7,765,810)		(8,822,596)		(8,214,617)
		Impairment losses				(364,122)		(369,303)		(394,013)		(399,194)
	Other non-financial assets		13		29,521,038			29,000,463			30,269,021			29,683,893
	Total assets				2,325,629,654			2,208,053,634			2,305,031,353			2,172,479,983
	Liabilities
	Financial liabilities				2,082,703,502			1,969,191,687			2,040,391,178			1,911,665,321
		Customers resources		17		773,525,721			787,539,469			799,602,620			811,943,803
		Financial institutions resources		18		830,189,733			732,656,495			761,098,025			651,190,724
		Resources from issuance of debt securities		19		282,305,353			281,287,311			285,433,802			284,156,307
		Derivative financial instruments		11		4,254,728			2,507,258			4,255,774			2,509,742
		Other financial liabilities		20		192,427,967			165,201,154			190,000,957			161,864,745
	Provisions		21		26,885,005			25,869,509			27,792,824			26,748,479
		Provisions for civil, tax and labor claims				19,449,443			18,471,031			19,709,043			18,725,677
		Other provisions				7,435,562			7,398,478			8,083,781			8,022,802
	Tax liabilities				11,437,653			14,821,119			13,693,319			19,028,667
		Current tax liabilities				1,912,473			3,768,292			3,964,766			7,719,945
		Deferred tax liabilities		22		9,525,180			11,052,827			9,728,553			11,308,722
	Other non-financial liabilities		20		36,057,455			34,533,093			44,133,339			41,961,430
	Total liabilities				2,157,083,615			2,044,415,408			2,126,010,660			1,999,403,897
	Shareholders' equity
		Capital		23.b		120,000,000			120,000,000			120,000,000			120,000,000
		Instruments qualifying to common equity tier 1 capital		23.c		--			--			6,100,000			6,100,000
		Capital reserves		23.d		1,411,002			1,406,118			1,412,479			1,407,902
		Profit reserves		23.d		57,742,594			61,526,683			57,306,668			61,154,159
		Other comprehensive income		23.h		(19,129,638)		(19,028,104)		(19,129,638)		(19,028,104)
		Treasury shares		23.l		(262,122)		(266,471)		(263,599)		(268,255)
		Retained earnings/accumulated losses				8,784,203			--			8,784,203			--
		Non-controlling interest		23.i		--			--			4,810,580			3,710,384
	Total shareholders' equity		23		168,546,039			163,638,226			179,020,693			173,076,086
	Total liabilities and equity				2,325,629,654			2,208,053,634			2,305,031,353			2,172,479,983

See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	3

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Statement of income

			Banco do Brasil		Consolidated
	Note
		1st quarter/2024		1st quarter/2023		1st quarter/2024		1st quarter/2023

Income from financial intermediation		64,576,794	58,415,566	68,918,456	60,317,990
Loan portfolio	12.b	36,365,475	31,786,842	38,435,134	31,665,482
Interbank investments	9.b	13,997,703	15,687,170	13,902,738	15,090,717
Securities	10.b	12,053,357	9,165,996	14,244,678	11,717,992
Derivative financial instruments	11.b	1,155,119	395,273	1,236,237	379,730
Reserve requirement	8.b	1,632,115	1,834,336	1,632,115	1,834,336
Other financial assets	13.e	(626,975)	(454,051)	(532,446)	(370,267)
Expenses from financial intermediation		(41,845,596)	(41,180,192)	(43,122,655)	(40,581,626)
Financial institutions resources	18.d	(22,515,558)	(21,746,472)	(22,104,956)	(18,789,482)
Customers resources	17.c	(12,543,159)	(13,651,916)	(14,108,236)	(15,908,561)
Resources from issuance of debt securities	19.d	(6,072,492)	(5,385,841)	(6,259,040)	(5,547,674)
Other funding expenses	20.c	(714,387)	(395,963)	(650,423)	(335,909)
Allowance for losses associated with credit risk		(10,104,169)	(4,087,152)	(10,149,894)	(4,138,520)
Loan portfolio	12.f	(9,968,837)	(4,116,313)	(10,000,314)	(4,148,323)
Other financial assets	13.c	(135,332)	29,161	(149,580)	9,803
Net Income from financial intermediation		12,627,029	13,148,222	15,645,907	15,597,844
Other operating income/expenses		(1,410,140)	(971,287)	(2,149,407)	(1,413,381)
Service fee income	24	5,056,039	5,119,319	8,344,382	8,131,702
Personnel expenses	25	(5,406,530)	(5,103,351)	(5,880,293)	(5,617,693)
Other administrative expenses	26	(3,634,910)	(3,419,292)	(3,474,063)	(3,313,578)
Tax expenses	22.c	(1,427,019)	(1,235,828)	(2,101,852)	(1,884,772)
Net gains from equity method investments	14.a	4,512,606	3,584,694	1,841,961	1,656,682
Other income/expenses	27	(510,326)	83,171	(879,542)	(385,722)
Provisions	21.d	(2,419,155)	(1,905,157)	(2,432,457)	(1,936,394)
Provisions for civil, tax and labor claims		(2,395,161)	(1,995,913)	(2,406,152)	(2,027,035)
Other		(23,994)	90,756	(26,305)	90,641
Operating income		8,797,734	10,271,778	11,064,043	12,248,069
Net non-operating Income		(13,710)	42,779	47,589	106,861
Profit before taxation and profit sharing		8,784,024	10,314,557	11,111,632	12,354,930
Income tax and social contribution	22.a	1,117,568	(1,151,260)	(229,354)	(2,283,758)
Employee and directors profit sharing		(1,119,953)	(1,046,397)	(1,124,415)	(1,050,297)
Non-controlling interest	23.i	--	--	(975,662)	(814,283)
Net income		8,781,639	8,116,900	8,782,201	8,206,592
Net income attributable to shareholders
Shareholders of the bank		8,781,639	8,116,900	8,782,201	8,206,592
Non-controlling interests		--	--	975,662	814,283
Earnings per share	23.e
Weighted average number of shares - basic		5,708,392,262	5,707,985,480
Weighted average number of shares - diluted		5,707,623,882	5,707,195,672
Basic and diluted earnings per share (R$)		1.54	1.42
See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	4

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Statement of comprehensive income

			Banco do Brasil		Consolidated
			1st quarter/2024		1st quarter/2023		1st quarter/2024		1st quarter/2023
	Net income attributable to controlling interests		8,781,639			8,116,900			8,782,201			8,206,592
	Net income attributable to non-controlling interests		--			--			975,662			814,283
	Net income attributable to shareholders		8,781,639			8,116,900			9,757,863			9,020,875
	Items that may be subsequently reclassified to the Statement
	of Income
	Financial assets available for sale		(49,499)		390,888			(173,449)		599,683
	Unrealized gains/(losses) on financial assets available for sale		17,309			(524,189)		(46,393)		(60,076)
	Realized (gains)/losses on financial assets available for sale -		28,137			767,710			(60,815)		660,940
	reclassified to profit or loss
	Tax effect		(94,945)		147,367			(66,241)		(1,181)
	Share in the comprehensive income of subsidiaries, associates		30,453			103,997			217,755			(47,476)
	and joint ventures
	Unrealized gains/(losses) on financial assets available for sale		505,696			156,373			960,580			(158,674)
	Unrealized gains/(losses) on cash flow hedge		4,222			(84,013)		4,222			(84,013)
	Unrealized gains/(losses) on other comprehensive income		(306,958)		104,441			(454,952)		158,477
	Tax effect		(172,507)		(72,804)		(292,095)		36,734
	Hedge of net investment abroad		(20,696)		13,281			(20,696)		13,281
	Unrealized gains/(losses) on hedge of net investment abroad		(39,466)		25,323			(39,466)		25,323
	Tax effect		18,770			(12,042)		18,770			(12,042)
	Foreign currency exchange adjustments		(61,792)		(683,928)		(83,000)		(842,108)
	Other comprehensive income net of tax effects		(101,534)		(175,762)		(59,390)		(276,620)
	Comprehensive income		8,680,105			7,941,138			9,698,473			8,744,255
	Comprehensive income attributable to controlling interests		8,680,105			7,941,138			8,680,667			8,030,830
	Comprehensive income attributable to non-controlling interests		--			--			1,017,806			713,425
	See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	5

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Statement of changes in shareholders' equity

	Banco do Brasil		Note

Balances at Dec 31, 2022
Accumulated other comprehensive income of financial instruments, net of taxes	23.h
Foreign exchange variation of investments abroad	23.h
Cash flow hedge	23.h
Hedge of net investment abroad	23.h
Change in participation in the capital of associates/subsidiaries
Other comprehensive income	23.h
Share-based payment transactions
Expired dividends and interest on own capital
Net income		23.g
Allocation:	- Dividends	23.f
	- Interest on own capital	23.f
Balances at March 31, 2023
Changes in the period
Balances at Dec 31, 2023
Accumulated other comprehensive income of financial instruments, net of taxes	23.h
Foreign exchange variation of investments abroad	23.h
Cash flow hedge	23.h
Hedge of net investment abroad	23.h
Accumulated other comprehensive income - benefit plans of nonconsolidated entities,	23.h
net of taxes

Capital		Capital reserves
90,000,023		1,402,523
--		--
--		--
--		--
--		--
--		--
--		--
--		3,595
--		--
--		--
--		--
--		--
90,000,023		1,406,118
--		3,595
120,000,000		1,406,118
--		--
--		--
--		--
--		--
--		--

Profit reserves
Legal reserve	Statutory
reserves
11,777,636	58,732,780
--	--
--	--
--	--
--	--
--	--
--	--
--	--
--	--
--	--
--	(351,037)
--	(2,872,136)
11,777,636	55,509,607
--	(3,223,173)
13,458,379	48,068,304
--	--
--	--
--	--
--	--
--	--

	Other					Retained
	comprehensive		Treasury shares		earnings/accumul		Total
	income					ated losses
	(8,095,198)		(270,840)		282,540			153,829,464
	434,922			--			--			434,922
	(683,928)		--			--			(683,928)
	(46,207)		--			--			(46,207)
	13,281			--			--			13,281
	(418)		--			(288)		(706)
	106,588			--			--			106,588
	--			4,369			--			7,964
	--			--			4,563			4,563
	--			--			8,116,900			8,116,900
	--			--			--			(351,037)
	--			--			--			(2,872,136)
	(8,270,960)		(266,471)		8,403,715			158,559,668
	(175,762)		4,369			8,121,175			4,730,204
	(19,028,104)		(266,471)		--			163,638,226
	286,822			--			--			286,822
	(61,792)		--			--			(61,792)
	2,322			--			--			2,322
	(20,696)		--			--			(20,696)
	(2)		--			--			(2)

	Change in participation in the capital of associates/subsidiaries		23.h
	Other comprehensive income		23.h
	Share-based payment transactions
	Expired dividends and interest on own capital
	Net income				23.g
	Allocation:			- Dividends		23.f
				- Interest on own capital		23.f
Balances at March 31, 2024
Changes in the period

--		--
--		--
--		4,884
--		--
--		--
--		--
--		--
120,000,000		1,411,002
--		4,884

	--			--			(166,424)		--			--			(166,424)
	--			--			(141,764)		--			--			(141,764)
	--			--			--			4,349			--			9,233
	--			--			--			--			2,564			2,564
	--			--			--			--			8,781,639			8,781,639
	--			(940,587)		--			--			--			(940,587)
	--			(2,843,502)		--			--			--			(2,843,502)
	13,458,379			44,284,215			(19,129,638)		(262,122)		8,784,203			168,546,039
	--			(3,784,089)		(101,534)		4,349			8,784,203			4,907,813

See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	6

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

BB Consolidated

Balances at Dec 31, 2022

Accumulated other comprehensive income of financial instruments, net of taxes Foreign exchange variation of investments abroad

Cash flow hedge

Hedge of net investment abroad

Change in participation in the capital of associates/subsidiaries Other comprehensive income

Share-based payment transactions

Expired dividends and interest on own capital

Change in noncontrolling interest

Net income

Interest on instruments qualifying to common equity

Unrealized gains

Allocation: - Dividends

- Interest on own capital

Balances at March 31, 2023

Changes in the period

Balances at Dec 31, 2023

Accumulated other comprehensive income of financial instruments, net of taxes

Foreign exchange variation of investments abroad

Cash flow hedge

Hedge of net investment abroad

Accumulated other comprehensive income - benefit plans of nonconsolidated entities, net of taxes

Change in participation in the capital of associates/subsidiaries Other comprehensive income

Share-based payment transactions

Expired dividends and interest on own capital

Change in noncontrolling interest

Net income

Interest on instruments qualifying to common equity

Unrealized gains

Allocation: - Dividends

- Interest on own capital

Balances at March 31, 2024

Changes in the period

Note Capital

	90,000,023
23.h	--
23.h	--
23.h	--
23.h	--
23.h	--
23.h	--
	--
	--
	--
23.g	--
	--
	--
23.f	--
23.f	--

	90,000,023
	--
	120,000,000
23.h	--
23.h	--
23.h	--
23.h	--
23.h	--
23.h	--
23.h	--
	--
	--
	--
23.g	--
	--
	--
23.f	--
23.f	--
	120,000,000
	--

	Instruments					Profit reserves								Retained
	qualifying to		Capital								Other		Treasury		earnings/accu
	common						Statutory		comprehensiv
		reserves		Legal reserve				shares		mulated
	equity tier 1					e income
				reserves
											losses
	capital
	7,100,000			1,404,253			11,777,636			58,364,537			(8,095,198)		(272,570)		282,540
	--			--			--			--			434,922			--			--
	--			--			--			--			(683,928)		--			--
	--			--			--			--			(46,207)		--			--
	--			--			--			--			13,281			--			--
	--			--			--			--			(418)		--			(288)
	--			--			--			--			106,588			--			--
	--			3,649			--			--			--			4,315			--
	--			--			--			--			--			--			4,563
	--			--			--			--			--			--			--
	--			--			--			--			--			--			8,206,592
	--			--			--			--			--			--			(60,063)
	--			--			--			29,629			--			--			(29,629)
	--			--			--			(351,037)		--			--			--
	--			--			--			(2,872,136)		--			--			--
	7,100,000			1,407,902			11,777,636			55,170,993			(8,270,960)		(268,255)		8,403,715
	--			3,649			--			(3,193,544)		(175,762)		4,315			8,121,175
	6,100,000			1,407,902			13,458,379			47,695,780			(19,028,104)		(268,255)		--
	--			--			--			--			286,822			--			--
	--			--			--			--			(61,792)		--			--
	--			--			--			--			2,322			--			--
	--			--			--			--			(20,696)		--			--

--	--	--	--	(2)	--	--
--	--	--	--	(141,764)	--	--
--	--	--	--	(166,424)	--	--
--	4,577	--	--	--	4,656	--
--	--	--	--	--	--	2,564
--	--	--	--	--	--	--
--	--	--	--	--	--	8,782,201
--	--	--	--	--	--	(63,964)
--	--	--	(63,402)	--	--	63,402
--	--	--	(940,587)	--	--	--
--	--	--	(2,843,502)	--	--	--

6,100,000		1,412,479		13,458,379		43,848,289		(19,129,638)		(263,599)		8,784,203
--		4,577		--		(3,847,491)		(101,534)		4,656		8,784,203

Non-

controlling Total interest

3,452,764 164,013,985

3,286 438,208

(158,180) (842,108)

• (46,207)
• 13,281
• (706)
  54,036 160,624

• 274 8,238

• 4,563
  45,114 45,114

814,283 9,020,875

• (60,063)
• --
• (351,037)
• (2,872,136)

4,211,577	169,532,631
758,813	5,518,646
3,710,384	173,076,086
210,114	496,936
(21,208)	(83,000)
--	2,322
--	(20,696)
--	(2)
(78,388)	(220,152)
(68,374)	(234,798)
--	9,233
4	2,568
82,386	82,386
975,662	9,757,863
--	(63,964)
--	--
--	(940,587)
--	(2,843,502)
4,810,580	179,020,693
1,100,196	5,944,607

See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	7

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Statements of cash flows

				Note		Banco do Brasil		Consolidated
						1st quarter/2024		1st quarter/2023		1st quarter/2024		1st quarter/2023
	Cash flows from operating activities
	Net income				8,781,639			8,116,900		8,782,201			8,206,592
	Adjustments to net income				8,448,503			3,745,330		13,083,512			7,164,721
		Allowance for losses associated with credit risk		12		10,104,169			4,087,152		10,149,894			4,138,520
		Depreciation and amortization				1,016,637			958,712		1,029,621			974,267
		Exchange (gain) loss on the conversion of assets and liabilities into				2,160,609			(795,671)		1,921,912			(1,717,680)
		foreign currency
		(Reversal) expenses from impairment				(5,181)		--		(5,181)		--
		Share of (earnings) losses of subsidiaries, associates and joint ventures		14		(4,512,606)		(3,584,694)		(1,841,961)		(1,656,682)
		(Gain) loss on the disposal of assets				564			(17,295)		206			(18,337)
		Capital (gain) loss				9,587			(21,798)		(52,124)		(83,964)
		Civil, tax and labor claims and other provisions		21.d		2,419,155			1,905,157		2,432,457			1,936,394
		Adjustment of actuarial assets/liabilities and surplus allocation funds		29.d.4/f		(577,584)		(897,234)		(577,584)		(897,235)
		Effect of changes in foreign exchange rates in cash and cash equivalents				(1,088,907)		894,105		(992,666)		1,775,655
		Non-controlling interests				--			--		975,662			814,283
		Income tax and social contribution				(1,117,568)		1,151,260		229,354			2,283,758
		Other adjustments				39,628			65,636		(186,078)		(384,258)
	Adjusted net income				17,230,142			11,862,230		21,865,713			15,371,313
	Changes in assets and liabilities				31,644,138			(28,876,332)		30,673,810			(28,507,862)
		(Increase) decrease in Central Bank compulsory reserves				(9,976,051)		124,439		(9,976,051)		124,439
		(Increase) decrease in short-term interbank investments				(19,364,530)		(56,550,348)		(30,059,709)		(62,060,689)
		(Increase) decrease in trading securities				(260,986)		(947,169)		(181,427)		(518,769)
		(Increase) decrease in derivatives				(469,051)		(565,916)		(483,435)		(246,404)
		(Increase) decrease in loans, net of provision				(33,931,793)		(31,581,686)		(33,747,536)		(32,504,735)
		(Increase) decrease in other financial assets				2,819,103			624,617		(3,840,542)		(5,381,807)
		(Increase) decrease in other assets				(6,066,387)		(4,839,784)		(208,949)		(352,408)
		Income tax and social contribution paid				(1,910,525)		(1,078,184)		(5,090,459)		(4,421,997)
		(Decrease) increase in customer resources				(14,082,950)		(5,290,794)		(12,410,385)		(2,090,422)
		(Decrease) increase in financial institution resources				96,045,340			70,881,159		107,294,818			77,461,784
		(Decrease) increase in funds from issuance of securities				612,809			19,599,972		789,798			18,492,747
		(Decrease) increase in other financial liabilities				18,409,251			(21,866,212)		17,599,700			(22,045,488)
		(Decrease) increase in other liabilities				(180,092)		2,613,574		987,987			5,035,887
	CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES				48,874,280			(17,014,102)		52,539,523			(13,136,549)
	Cash flows from investing activities
	Purchase of securities available for sale				(90,419,777)		(30,057,878)		(93,641,370)		(39,539,564)
	Disposal of securities available for sale				63,856,459			47,752,655		69,174,984			52,484,252
	Purchase of securities held to maturity				(3,904,228)		(647,182)		(8,124,361)		(812,160)
	Redemption of securities held to maturity				2,998,658			340,810		2,998,658			340,810
	Dividends received from associates and joint ventures				6,290,122			4,387,184		1,612,827			1,093,860
	Purchase of property and equipment				(523,517)		(261,566)		(527,163)		(254,075)
	Disposal of property and equipment				87,083			--		84,975			1,104
	Purchase of intangible assets				(281,694)		(213,891)		(278,296)		(215,368)
	Capital investment on Broto S.A.				--			(31,200)		--			(31,200)
	Capital (investment)/redemption in controlled interests abroad				--			(52,871)		--			--
	CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES				(21,896,894)		21,216,061		(28,699,746)		13,067,659
	Cash flows from financing activities
	(Decrease) increase in subordinated debts				(2,933,688)		(6,928,467)		(2,933,688)		(6,917,540)
	(Decrease) increase in equity and debt hybrid securities				2,559,108			(315,403)		2,559,108			(333,834)
	Dividends paid to non-controlling shareholders				--			--		(822,190)		(1,261,893)
	Interest on own capital paid				(3,551,500)		(3,313,185)		(3,551,500)		(3,313,185)
	CASH USED IN FINANCING ACTIVITIES				(3,926,080)		(10,557,055)		(4,748,270)		(11,826,452)
	Net variation of cash and cash equivalents				23,051,306			(6,355,096)		19,091,507			(11,895,342)
	At the beginning of the period				58,177,698			67,891,204		54,999,815			68,826,279
	Effect of changes in foreign exchange rates in cash and cash equivalents				1,088,907			(894,105)		992,666			(1,775,655)
	At the end of the period				82,317,911			60,642,003		75,083,988			55,155,282
	Increase (decrease) in cash and cash equivalents				23,051,306			(6,355,096)		19,091,507			(11,895,342)

See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	8

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

Statement of value added

	Note				Banco do Brasil				Consolidated
			1st quarter/2024			1st quarter/2023		1st quarter/2024		1st quarter/2023
Income			57,418,019					58,343,058				64,680,726				62,764,371
Income from financial intermediation			64,576,794				58,415,566				68,918,456				60,317,990
Service fee income			5,056,039				5,119,319				8,344,382				8,131,702

Allowance for losses associated with		(10,104,169)		(4,087,152)		(10,149,894)		(4,138,520)
credit risk
Capital gains		2,344		43,636		64,510		105,802
Other income/(expenses)		(2,112,989)		(1,148,311)		(2,496,728)		(1,652,603)
Expenses from financial intermediation		(41,845,596)		(41,180,192)		(43,122,655)		(40,581,626)
Inputs purchased from third parties		(2,135,745)		(1,970,490)		(1,946,973)		(1,832,286)
Materials, water, electric and gas	26	(140,105)		(122,681)		(144,337)		(130,640)
Expenses with outsourced services	26	(243,721)		(250,219)		(223,116)		(233,024)
Communications	26	(122,486)		(119,405)		(137,596)		(135,080)
Data processing	26	(432,856)		(353,322)		(292,950)		(214,556)
Transport	26	(18,977)		(14,914)		(31,772)		(29,186)
Security services	26	(331,122)		(307,184)		(336,299)		(316,002)
Financial system services	26	(121,361)		(174,420)		(144,811)		(198,883)
Advertising and marketing	26	(121,054)		(89,878)		(126,868)		(94,647)
Maintenance and upkeep	26	(332,766)		(311,711)		(192,480)		(198,800)
Impairment losses		5,181		--		5,181		--
Other		(276,478)		(226,756)		(321,925)		(281,468)
Gross added value		13,436,678		15,192,376		19,611,098		20,350,459
Depreciation and amortization		(1,016,637)		(958,712)		(1,029,621)		(974,267)
Value added produced by entity		12,420,041		14,233,664		18,581,477		19,376,192
Value added received through transfer		4,512,606		3,584,694		1,841,961		1,656,682
Net gains from equity method		4,512,606		3,584,694		1,841,961		1,656,682
investments
Added value to distribute		16,932,647	100.00%	17,818,358	100.00%	20,423,438	100.00%	21,032,874	100.00%
Value added distributed		16,932,647	100.00%	17,818,358	100.00%	20,423,438	100.00%	21,032,874	100.00%
Personnel		6,852,741	40.47%	6,358,053	35.68%	7,304,167	35.76%	6,846,246	32.55%
Salaries and fees		3,267,351		3,091,983		3,612,146		3,474,624
Employee and directors profit sharing		1,119,953		1,046,397		1,124,415		1,050,297
Benefits and staff training		973,782		907,150		1,022,240		953,281
FGTS (Government severance indemnity		196,160		184,215		204,020		191,412
fund for employees)
Other charges		1,295,495		1,128,308		1,341,346		1,176,632
Taxes, rates and contributions		966,776	5.71%	3,003,993	16.86%	3,014,976	14.76%	4,809,410	22.87%
Federal		676,833		2,721,473		2,383,228		4,168,676
State		443		430		443		430
Municipal		289,500		282,090		631,305		640,304
Interest on third parties' capital		331,491	1.96%	339,412	1.90%	346,432	1.70%	356,343	1.69%
Rent	26	331,491		339,412		346,432		356,343
Interest on own capital		8,781,639	51.86%	8,116,900	45.56%	9,757,863	47.78%	9,020,875	42.89%
Federal government's interest on own		1,421,751		1,436,068		1,421,751		1,436,068
capital

		Other shareholders' interest on own			1,421,751				1,436,068				1,421,751				1,436,068
		capital
		Federal government dividends			470,294				175,519				470,294				175,519
		Dividends for other shareholders'			470,293				175,518				470,293				175,518
		dividends
		Interest on the instrument eligible to the
		federal government's common equity tier			--				--				63,964				60,063
		1 capital
		Retained earnings			4,997,550				4,893,727				4,934,148				4,923,356
		Non-controlling interest in retained			--				--				975,662				814,283
		earnings

See the accompanying notes to the financial statements.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	9

Financial Statements - March 31, 2024.

In thousands of Reais, unless otherwise stated

1 - The Bank and its operations

Banco do Brasil S.A. (Banco do Brasil or the Bank) is a publicly-traded company, which explores economic activity pursuant to art. 173 of the Brazilian Federal Constitution, subject to the rules of Brazilian Corporate Law, and is governed by Laws 4,595/1964, 13,303/2016 and the respective ruling Decree. The Brazilian Federal Government controls the Bank. Its headquarters and domicile are located at Setor de Autarquias Norte, Quadra 5, Lote B, Edifício Banco do Brasil, Brasília, Federal District, Brazil.

The Bank has its shares traded in the segment known as Novo Mercado of B3 S.A. - Brasil, Bolsa, Balcão (B3), under the ticker "BBAS3" and its American Depositary Receipts (ADRs) on the over-the-counter market in the United States under the ticker "BDORY". The Bank's shareholders, managers and members of the Fiscal Council are subject to the provisions of B3's Novo Mercado Regulation. The provisions of Novo Mercado will prevail over the statutory provisions, in case of prejudice to the rights of the recipients of the public offers provided for in the Bylaws.

The Bank is a multiple bank with operations throughout the national territory also develops activities in important global financial centers. The Bank's and its subsidiaries' business activities include the following:

• all active, passive and ancillary banking operations;
• banking and financial services, including foreign exchange transactions and other services such as insurance, pension plans, capitalization bonds, securities brokerage, credit/debit card management, consortium management, investment funds and managed portfolios; and
• all other types of transactions available to banks within Brazil's National Financial System.

The Bank also acts as an agent for execution of the Brazilian Federal Government's credit and financial policies, Brazilian Law requires the Bank to perform functions, specifically those under art. 19 of Law 4,595/1964:

• act as financial agent for the National Treasury;
• provide banking services on behalf of the Federal Government and other governmental agencies;
• provide clearing services for checks and other documents;
• buy and sell foreign currencies as determined by the National Monetary Council (CMN) for the Bank's own account and for the account of the Brazilian Central Bank (Bacen);
• provide receipt and payment services for Bacen, in addition to other services;
• finance the purchase and development of small and medium-sized farms; and
• disseminate and provide credit; among others.

With a history of 215 years, the Bank operates in a responsible manner to promote social inclusion through the generation of jobs and income.

The Bank finances the production and commercialization of agricultural goods; foster rural investments such as storage, processing, industrialization of agricultural products and modernization of machinery and implements; and adjust rural properties to environmental law. Thus, the Bank supports the Brazilian agribusiness in all stages of the production chain.

The Bank offers to micro and small companies working capital, financings for investments, and foreign trade solutions, in addition to several other options related to cash flow, insurance and related, and services. The Bank provides financing alternatives and business models that promote the transition to an inclusive economy to several companies, including Individual Microentrepreneurs (Microempreendedores Individuais - MEI).

In foreign trade financing, the Bank operates government policy instruments regarding productive development, entrepreneurship, social and financial inclusion, including the Income Generation Program (Programa de Geração e Renda - Exportação - Proger) and the Export Financing Program (Programa de Financiamento às Exportações - Proex).

Banco do Brasil also acts as a Financial Market System Operating Institution (IOSMF) executing check clearing services through the Check Clearing Centralizer (Compe), Financial Market Infrastructure (IMF), part of the Brazilian Payment System (SPB), in accordance with BCB Resolutions nº 304 and 314/2023.

More information about the subsidiaries is included in Note 2, while Note 6 contains a description of the Bank's business segments.

Banco do Brasil S.A. | Individual and Consolidated Financial Statements	10