Brazil: Private banks make US$3.6 billion in profit in the first quarter

RIO DE JANEIRO, BRAZIL – The recurring net income of the three largest private banks in the country -Bradesco, Itaú, and Santander Brasil- totaled R$18.2 billion (US$3.6 billion) in the first quarter of 2022. The amount represents a growth of 7.8% in comparison with the same period last year.

The biggest increase was from Itaú Unibanco, which had a net profit of R$7.36 billion in the period. It rose 15% compared to the first quarter of 2021. The bank was also the one that registered the highest gain from January to March. Bradesco had a net profit of R$6.82 billion, and Santander, of R$ 4 billion.

The banks’ profit also rose 5.9% compared to the 4th quarter of 2021.

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