In the second quarter of 2024, Santander Brasil secured a managerial net profit of R$3.332 billion ($590.5 million).
This represents a 10.3% increase from the previous quarter and a significant 44.3% year-over-year surge.
Analysts had forecast a profit of R$3.240 billion ($572.5 million), which the bank notably exceeded.
From April to June, corporate profits reached R$3.247 billion ($574.6 million). This reflects a 10.6% quarterly rise and a notable 51.2% increase from the previous year.
As Brazil’s third-largest private bank, these figures underscore its escalating financial health.
Free. We send a confirmation link first — nothing arrives until you click it. Unsubscribe with one click in any edition. If you stop opening us for 30 days we stop sending by ourselves, as we assume the interest is no longer there. See our privacy policy. We never share your email.
The bank’s gross financial margin, although slightly down by 0.3% from the prior quarter, jumped by 10.6% year-over-year to R$14.751 billion ($2.62 billion). Such resilience showcases the strategic agility of its financial operations.
Provisions for doubtful debts fell to R$5.896 billion ($1.05 billion), showing a decrease of 2.4% from the previous quarter.
Additionally, this represents a 1.4% reduction from the prior year, indicating effective risk management.
Revenue from service fees and banking charges increased to R$5.182 billion ($920.3 million), a 6.1% rise this quarter and 17.5% over the past year.
Meanwhile, general expenses rose slightly by 0.3% to R$6.314 billion ($1.12 billion) this quarter, marking a 4.6% annual increase.
The bank’s return on equity, excluding goodwill, improved to 15.5%, up from 14.1% last quarter.
This was significantly higher than the 11.2% from the same quarter last year. The Basel index remained stable at 14.4%.
Customer operations margins slightly increased by 0.2% from the previous quarter to R$14.493 billion ($2.57 billion).
Over the past year, this rose by 3.0%. The product margin, notably, increased by 0.5% this quarter to R$13.883 billion ($2.46 billion).
This was driven by increased credit volumes, which compensated for falling interest rates.
Santander Brasil Nets R$3.3 Billion in Q2 2024
Moreover, market operations posted a positive margin of R$258 million ($46.1 million). This is a recovery from a negative margin in the previous year’s same quarter.
The net result of PDD expenses was R$5.896 billion ($1.05 billion), balanced by R$6.631 billion ($1.19 billion) in expenses and gains of R$735 million ($131.7 million) from credit recoveries.
The bank’s cost of credit reduced to 3.7%, and its coverage ratio improved, enhancing its financial stability.
In a strategic maneuver, Santander recorded a provision of R$1.930 billion ($344.8 million) from gains on partnerships and asset sales, bolstering its foundation for upcoming quarters.
More: Brazil news in English, every day from The Rio Times.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error
LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.