SAO PAULO, Jan 25, 2026, 08:15 BRT — The market has closed.

Banco Bradesco S.A.’s American depositary shares (NYSE: BBD) climbed 2.5% to close at $3.95 on Friday, hitting a session peak of $3.97 earlier in the day.

The late-week rally followed a new shareholder-payments update from the Brazilian lender. This came amid ongoing chatter about yield and the bigger issue: the timing of Brazil’s rate cycle shift.

Timing is crucial here. Bradesco distributes monthly payments to shareholders through “interest on shareholders’ equity,” which works like a dividend. Even slight shifts in these net payouts can sway valuation models, especially as the market is actively recalculating cash returns.

In a Form 6-K…