Major Brazilian banks record profits of more than US$18.5 billion in 2022

The main banks operating in Brazil profited more than R$96 billion (US$18.5 billion) in 2022.

The amount corresponds to a nominal increase of about 6% in relation to the previous year.

In 2022, the sum corresponded to R$90 billion.

Banco do Brasil (BB), Bradesco, Itaú, and Santander are among the institutions.

In first place was BB. The financial institution profited about R$32 billion, which represents a growth of 51% compared to 2021.

Right behind comes Itaú, with almost R$31 billion – a 14% increase.

In contrast, the banks Bradesco and Santander registered equal drops of 21% in their profits compared to the same period in 2021.

The earnings of the four large institutions had the lowest increase in two years.

NEGATIVE NUMBERS IN THE FOURTH QUARTER

The profits of the four banks in the fourth quarter of 2022 totaled R$20 billion – a 15% drop compared to the same period last year when the figure came to just over R$23 billion.

Part of the problems registered by the banks is a reflection of Americanas retailer’s debt.

Bradesco is one of the company’s creditors currently facing judicial recovery.

Because of this, the bank had to increase its expenses with provisions for doubtful debts (PDD) by almost R$5 billion.

With information from Revista Oeste