Banco do Brasil S A : 1Q24 Financial Statements - IFRS

Management

Report

2023

IFRS

Management Report | 2023

Dear reader,

In 2023, we recorded net profit of R$33.2 billion, an increase of 10.5% compared to 2022. We renewed our record of generating robust results, based on sustainability in generating business and relationships with our customers.

In addition to a strong result that remunerates shareholders and supports credit growth, we reached R$76.7 billion in value added to society, when we consider taxes, salaries, dividends, and other components, which represents an increase of 7.2% in a year.

The classified portfolio reached R$964.0 billion, because of the relationship we have with our customers and the quality of solutions offered in a personalized way for all segments. The sustainable business portfolio reached R$343.1 billion, an increase of 4.8% compared to December/2022.

This total represents 35.6% of our classified loan portfolio. Of these resources, R$66.1 billion is allocated to low-carbon agriculture and R$55.8 billion to Pronaf, which supports family farming.

In recognition of our contribution to a more sustainable economy, we are once again classified as the most sustainable bank on the planet in the ranking of the 100 Most Sustainable Corporations in the World 2024 - Global 100, by Corporate Knights. In 2024, in addition to its leadership position among banks, BB is the only Brazilian company classified. In the last decade, we were listed in eight editions, being recognized as the most sustainable bank in the world in five of them (2019, 2021, 2022, 2023 and 2024).

Management Report | 2023

We expanded our portfolio of products that bring positive social, environmental and climate externalities. Among them, we began to operate in the carbon market, combining financial viability with forest preservation. We launched the first ETF (Exchange Traded Fund) in Brazil with a Diversity theme, signed a protocol of intentions to materialize our first credit operation with clients

linked to environmental performance (sustainability-linked loan) and sought partnerships to operate in the value chain of bioeconomy in the Amazon region. Furthermore, we raise funds on the international market in order to finance the growth of sustainable credit operations.

We maintain our commitment to diversity, equity and inclusion and as a result, we were selected to be part of the first Latin American index that measures gender and race criteria in Brazilian companies listed on the stock exchange (iDiversa from B3), being in the best position between financial companies. This year, we increased the participation of female leaders in senior leadership positions, totaling 44% of the Board of Officers and 50% of the Board of Directors, which was recognized during the 2023 Sustainable Congress of the CEBDS (Brazilian Business Council for Sustainable Development).

We reaffirm our commitment to micro and small businesses. At Pronampe, we reached more than R$34.5 billion in portfolio balance in December/2023, with operations with around 322 thousand Micro and Small Enterprises (SME). We have advanced in offering digital solutions to SME with the PJ Panel, a multi-service online platform that unifies and presents, in an Open Finance view, all the relevant commercial and financial information of these clients. Another highlight was the growth of the Large Companies portfolio, which ended December/23 with a balance of R$213.7 billion, compared to R$197.8 billion in September/23.

We also increased our proximity to the public sector, totaling more than R$59.6 billion in credit for states and municipalities, growth of 11.9% compared to 2022.

In agribusiness and family farming, we maintained our historical position as the main financial agent in the country, contributing significantly to meeting the credit demand of the segment and its chain. With this, we reached a classified credit portfolio of R$320.2 billion. In July/2023 we announced the largest Harvest Plan in our history, allocating R$240 billion, of which R$120.1 billion has already been disbursed, an increase of 5.4% over the same period of the last harvest. Highlights include the hiring of the National Program for Strengthening Family Farming (Pronaf) and the National Support Program for Medium Rural Producers (Pronamp). There were 371 thousand operations contracted in the 2023/2024 Harvest Plan, in more than 4.9 thousand municipalities.

In the Individuals segment, we highlight the 9.8% growth in the payroll loan portfolio, which reached R$126.4 billion, reflecting the close and specialized service to our more than ten millioncustomers that receive their salaries with us.

With the aim of being increasingly connected with new generations, we celebrated the first year of BB Cash, our digital account for teenagers, which can now be used by customers aged 10 and over. We also made the "My Missions" solution available on the BB App, with which we support young people aged 18 to 25 on their financial journey through gamification, in addition to offering financial education via social networks to this audience.

We invested in digital acceleration to be an even closer, more complete and available bank for our more than 83 million customers. As a result, they have available, on our integrated channel platform, solutions suited to their profile and moment in life.

We highlight that this year our customer satisfaction increased, which was reflected in our

Banco do Brasil S.A. | Management Report	2

Management Report | 2023

best position in the ranking of complaints at the Central Bank in December.

We advanced in cultural transformation. We have evolved in the operational working model of our teams, which has become increasingly agile. We hired more than 800 IT professionals and invested in training focused on digital skills. We have grown in our internal innovation practices with

experimentation laboratories for new technologies. Also, we developed data and

analytics solutions, in addition to partnerships with fintechs and startups that co-create with us.

In the year 2024, we renew our commitment to continue delivering sustainable results for our shareholders, adding value to society and fulfilling our purpose of being close and relevant in people's lives, at all times, thus contributing to the development of Brazil. We invite you to learn more about our initiatives on the following pages.

Good reading!

Consolidated Financial Statements Results

Net Income	Added Value
R$33.2 billion	R$76.7 billion
Growth of 10.5%	Growth of 7,2%
compared to 2022	compared to 2022

The net profit of R$33.2 billion in 2023 was a reflection of the good commercial performance in the various lines of business, especially in the offer of credit with quality, the diversification of products and services and the discipline in cost management.

Our classified credit portfolio reached R$964.0 billion, growth of 9.2% compared to December/22.

The Individuals loan book, disregarding rural producers, grew 7.9% with emphasis on payroll loans. The Corporate portfolio, without agricultural companies, grew 9.7%, with emphasis on the balance with Large Corporate clients, which increased R$117.2 billion. Credit operations with producers and agricultural companies grew by 12% in the same period.

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Management Report | 2023

The Basel Index reached 15.47% and the Core Capital Index ended December at 12.12%.

To find out more details about the profit and loss and balance sheet items for the period, please see the Explanatory Notes contained in the Financial Statements and the MD&A Report.

Earnings (R$ million)

2023

2022

Net Income

Net Interest Income

Net Revenue from Fees and Commissions

Administrative and Personnel Expenses

33,166

88,749

25,000

(35,591)

30,001

74,347

24,645

(33,344)

Equity (R$ million)

Dec/23

Dec/22

Assets

Classified Loan Portfolio

Customer Resources

Shareholders Equity

2,153,878

964,043

811,944

173,570

2,008,169

883,126

753,263

163,518

Shareholders

We have a base of more than one million shareholders, 98.6% of which are individuals and 1.2% legal entities. At the end of December, our shareholding composition was distributed between 50% of shares held by the Federal Union, 49.6% in circulation (free float) and 0.4% held in treasury. Local investors held 73.7% of the shares, and foreigners held 26.3%. Our shares (BBAS3) represented 3.440% of the Ibovespa in the last four months. Banco do Brasil shares ended the last trading session of 2023 at their historic high, quoted at R$55.39, a growth of 59.44% in the year.

Shareholder Remuneration

The Shareholder Remuneration Policy seeks to guarantee due shareholder appreciation, combined with the Bank's longevity and financial

sustainability in the short, medium and long term, with the premise of flexibility and financial solidity that ensure the sustainability of the business.

For the 2023 financial year, the distribution of dividends and/or Interest on Equity (IOC) corresponding to 40% of net profit was approved, adjusted as provided in letters "a" and "b" of item I of article 202 of the Law 6,404/76, based on the Bank's results, its financial condition, cash needs, the Capital Plan and its goals and respective projections, the Declaration of Appetite and Risk Tolerance, perspectives of present and potential markets, existing investment opportunities and the maintenance and expansion of operational capacity. The total amount allocated to shareholders in 2023 was R$13.0 billion and the value per share was R$4.566.

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Management Report | 2023

Corporate Strategy

Our Corporate Strategy (ECBB) has a time horizon of five years and is reviewed every year, through a structured, participatory process and using consolidated methodologies.

The latest review, focusing on the period 2024- 2028, was approved in September 2023, establishing the following strategic objectives: (a) provide the best experience to customers at all times; (b) create value and generate sustainable results; (c) be a protagonist in sustainability and in the promotion of business and ESG practices; (d) evolve our way of working to accelerate digital transformation and innovation; and (e) have people engaged with BB's values and promoting collaboration, respect and inclusion.

The construction of ECBB 2024-2028 featured an innovative dynamics, with this edition being the most collaborative so far. The beginning of the process was built with the direct participation of employees from across the country. The contributions were significant. Our SWOT matrix, for example, was formulated based on more than seven thousand interactions received, with employees' perceptions about our Company, the challenges, opportunities and trends for the future.

In the refinement stage, members of the Executive Board, presidents of entities linked to BB, executives and a group of superintendents debated and jointly constructed the definition of indicators and key results for five perspectives: Customers, Financial, Sustainability, Transformation Digital and Processes and, People and Culture. In September, the ECBB was approved collectively, both by the Board of Officers and the Board of Directors.

Our purpose is "To be close and relevant in people's lives at all times". That is why we exist, to always be together, support and maintain close relationships with people, regardless of the channel. We are

relevant because our greatest aspiration is to generate value and be essential in the lives of the people with whom we interact. We want this purpose to be present in our relationships at all times, as we offer complete solutions so that people can count on us during all phases of their

personal and professional lives.

Aligned with our purpose and reinforcing the Company's organizational identity, we improved our values to make even clearer the unique principles that guide our operations and inspire our team's deliveries, with emphasis on the new value included: diversity. Thus, our values are: Proximity, Innovation, Integrity, Efficiency, Commitment to Society and Diversity.

The Strategic Map, composed of the Strategic Objectives and the Master Plan, outlines the strategic guidelines, indicators and respective goals for the next five years, distributed across the five perspectives. The customer is at the center of our operations and decisions at all organizational levels, receiving complete solutions and an appropriate experience. We are a competitive, profitable, efficient, innovative bank, a reference in sustainability and ESG business. All of this is the result of excellence in optimized capital allocation, high operational efficiency, a rational

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Management Report | 2023

organizational structure, the development of new businesses and diversified revenue sources.

We accelerate digital transformation and innovation, using analytical intelligence and at the

same time maintaining focus on improving models, processes, products and channels, with the aim of making them simpler, more agile and responsive, and thus creating a bank for each customer.

Clients

We look at our customers in a broad way, breaking traditional segmentation barriers and getting to know their interests, consumption habits, lifestyle, values and affinities. With the efficient use of data, we know and value what is important to each customer, promoting a close relationship that goes beyond core banking.

Applied analytical intelligence allows us to further personalize the relationship, generating good experiences and relevance, so that customers have

access to a highly specialized Bank, with products, services and advice suited to their needs.

In recent years, there has been a significant evolution in the migration of transactions to digital channels. At the same time, human contact remains relevant, whether physically or remotely, for advice, conducting business and more complex demands. Complementarity is necessary for the experience to be fluid, both in digital self-service and in-person or remote service.

Relatório da Administração | 2023

Active listening and understanding the needs of our customers are at the center of our actions. After each service provided, we send an evaluation survey to the customer and the grade received is linked to the evaluation of the employees' half- yearly performance, to ensure that the quality of service and customer satisfaction are a common objective for everyone. The consequence of constant monitoring of customer needs and satisfaction is reflected in the reduction of complaints to SAC (Customers Service), the BB Ombudsman and the better positioning in the Central Bank ranking.

Seeking to deliver a unique, integrated experience aligned with customers' goals and moments in life, in 2023 we acquired a market tool to improve the management of your CRM. With this, we open a range of new forms of relationships and engagement. We build smarter communication journeys, using Artificial Intelligence. We adopt more data-based decisions and exploration of the customer base to generate new business opportunities. The tool provides a 360º view of customers and allows a new level of data and information integration to generate value for them, in an omnichannel vision.

Still in 2023, we made changes to our internal structures with the aim of evolving our relationship model and delivering a better value proposition to our client. We are focused on hyper- personalization and retail transformation.

We continue to advance in migrating the service structure to lighter, more efficient and specialized

models. As a result, we can offer a comprehensive experience across channels, expanding our reach and ensuring the best convenience for customers.

1. enabled business and innovations to always be close and available to customers, whether they are in branches, on the App, on social networks or in the metaverse.

Our initiatives to improve the customer experience have shown positive results in terms of satisfaction, which has been reflected in our Net Promoter Score (NPS), which throughout 2023 showed an increase of more than 10% in the index compared to 4Q22.

We were among the three institutions with the lowest rate of complaints in the Central Bank Ranking in 4Q23 and became the first bank, among the four largest banks in the Country, to reduce the number of valid complaints to less than 500 in a quarter. Considering banks with more than 60 million customers, we had the lowest complaint rate in the period.

The Customer Council is a meeting dedicated to active listening in which representatives of Banco do Brasil Management and customers from all relationship models participate. The objective is to amplify the customer's voice at different levels of the Bank and bring it to the center of decision- making, to ensure continuous improvement of the relationship and better delivery of the Value Proposition for different customer profiles. In these initiatives, customers have the opportunity to share their perceptions, experiences and desires about Banco do Brasil's services and solutions.

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Management Report | 2023

Technology and Inovation

We are attentive to market movements and innovations, we monitor emerging trends and technologies, to improve our operations and accelerate our digital transformation.

We work with enabling platforms, through which we build Banco do Brasil's products and services. There are more than 20 platforms, including Analytics, Mobile, Artificial Intelligence, LowCode and Cloud. This management model allows us to accelerate and scale new technologies, standardize and provide greater quality to deliveries, positively impacting our ability to respond more quickly to market changes and to our customers' needs. With the Mobile Platform, for example, we reduced the delivery time for solutions on this track by 54% in the last two years.

This strategy is complementary to the continuous escalation of a more integrated work model between all areas of BB, which continues to expand, supported by our cultural transformation. In 2023, we welcomed more than 800 IT employees, from external selection, and we will continue to increase our number of technology

professionals, reinforcing our commitment to being increasingly agile and focused on delivering more value to our customers and society.

We have one of the largest technology parks in Latin America and have invested in automation and expansion of our processing capacity, working to deliver an increasingly resilient environment. In 2023, we executed almost 4 trillion IT transactions that enabled major movements, such as Pix and Open Finance.

We adopt a hybrid multi-Cloud strategy, with market-leading providers, in addition to our private cloud. We increased the number of applications and services on this platform by 47% in the last year, resulting in greater flexibility and speed in delivering solutions to the customer and in the expansion of processing capacity without loss of performance and greater availability of resources. Solutions such as Pix, Open Finance, Chatbots and Fraud Monitoring are being implemented in this type of architecture.

Management Report | 2023

There are more than 5,000 applications and services executing millions of operations per day.

We realize the value of data as a strategic asset and understand that the use of Analytical Intelligence contributes to deeper knowledge about the customer, to the development of new businesses and to the improvement and expansion of existing products and services.

Our analytical solutions form a robust ecosystem, adapting tools to user demands and incorporating the best market practices. In 2023, there were 333 billion customer interactions captured on digital channels, covering more than 25 million customers, with data processed in real time, a growth of 73% compared to 2022.

The use of Artificial Intelligence has been a reality at Banco do Brasil for some years, being part of the business, service and security processes. The chatbot on Whatsapp, "Minhas Finanças" and Crop Monitoring are some examples of tools that, using AI, guarantee the best experience for our customers and employees and contribute to operational efficiency. Furthermore, BB already has several internal Generative AI initiatives underway, being tested and evaluated, with the aim of leveraging the use of this technology.

We reached a record number of 22.9 million users on the App, which remains one of the best rated in

the financial market (rating of 4.6 on Google Play, performed by more than 6.18 million users, and 4.7 on the App Store (Apple), with 2.95 million reviews), on a scale with a maximum score of five stars.

In December 2023, we surpassed 29.5 million active customers on digital platforms. Transactions carried out in these channels represented 93.0% of our customers' operations in 4Q23. On Whatsapp, there are 19.6 million users and in 2023 more than R$200 million in CDC disbursements were made on this channel. Furthermore, 30.9% of service operations (such as investment, card application, account opening and business with capitalization, insurance and consortiums) were carried out through digital platforms.

We continue to be in a prominent position as one of the most relevant actors in Open Finance in Brazil and abroad. We were the most awarded institution for the second consecutive year at the Open Summit Awards 2023, considered the biggest Open Finance event in Brazil.

In 4Q23, we reached the mark of R$3.4 billion in increases in credit limits for individuals based on information shared via Open Finance, an increase of 50% compared to the previous quarter. With new use cases for data shared with Banco do Brasil, new customers joining Open Finance continued at an accelerated pace. At the end of 2023, we had 11.1 million unique customers sharing data and more than three million consents.

In November/2023, BB Digital Week - BBDW was held - a technology, innovation, business and sustainability event that took place at the Ulysses Guimarães Convention Center, in Brasília. During the 3 days of the event, there were more than 13 thousand participants, of which 5,000 were from an audience outside BB, 70 lectures, 42 panels and 20 environments made up the event, which was positively evaluated with a score of 4.7, on a scale

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