The federal government has defined that it will raise the Social Contribution on Net Income (CSLL) of banks from 20% to 21%. The other financial institutions will collect 16% instead of 15%. Even so, shares of financial institutions rise in the trading session of this Friday (30). One of the biggest rises is that of Brasdesco (BBDC4), whose share is up 0.99% at 1:17 pm (Brasília time), quoted at R$ 18.40.
Understand why this happens and what to do with bank shares, according to experts consulted by the UOL.
Why do bank stocks rise even with tax increases?
“Simply because the market expected this increase in contribution to be greater, something around 3 to 5 percentage points. When it came from just one point, there was relief”, says Marcio Loréga, an analyst at PagBank.
According to Provisional Measure (MP) published by the government last Thursday (28), the increase will be in effect until the end of the year and the collection will start after 90 days (from August 1st). The government claims that the MP aims to maintain the Union’s budgetary-financial balance, and will generate an estimated increase in collection of R$ 244.1 million this year.
Febraban (Brazilian Federation of Banks) did not approve the measure and said that the increase will raise interest rates for consumers and companies.
Results next week
Next Thursday (5), after the market closes, Bradesco will disclose its results for the first quarter of this year. Safra believes that the bank should deliver a positive result, expecting a good performance in net interest income from customers. The market expects steady earnings, or a slight increase of 1% from the fourth quarter and 2% year-on-year.
And what to do with the shares?
It is a good buy, according to Safra, which has a target price of R$30 for the BBDC4 share. BTG estimates a target price of BRL 29, also recommending that investors buy the stock.
XP Investimentos, on the other hand, declares that the share may appreciate, but the risk is high. That’s why the recommendation is neutral – that is, it indicates that investors do not buy or sell the papers at the current moment.