{"id":22651,"date":"2023-04-25T10:52:28","date_gmt":"2023-04-25T10:52:28","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/santander-brasil-posts-q1\/"},"modified":"2023-04-25T10:53:23","modified_gmt":"2023-04-25T10:53:23","slug":"santander-brasil-posts-q1","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/santander-brasil-posts-q1\/","title":{"rendered":"Santander Brasil posts Q1 net profit down 46.6%"},"content":{"rendered":"

SAO PAULO (Reuters) – Banco Santander Brasil SA on Tuesday reported a first quarter net profit of 2.14 billion reais ($425.09 million), down 46.6% from a year earlier but still above analysts’ forecasts of 1.83 billion in a Refinitiv poll.<\/p>\n

The Brazilian unit of Spain’s Banco Santander SA has been trying to be more selective in lending for more than a year now, as credit conditions deteriorated, but in the meantime posted some weak quarterly results.<\/p>\n

The lender’s chief executive, Mario Leao, said in a statement that Santander started 2023 with a focus on strengthening its balance sheet, but even so managed to increase its portfolio in some strategic businesses such as auto, payroll and real estate loans.<\/p>\n

Santander Brasil’s loan portfolio totaled 500.3 billion reais in the quarter, up roughly 10% from a year earlier, while loan-loss provisions jumped 46.7% to 6.76 billion reais – although slowing down 8% on a sequential basis.<\/p>\n

“Allowance for loan losses and the rise in the cost of credit are appropriate for current circumstances, as they continue to be influenced by prior vintages,” Leao said, while highlighting a one-off event that generated revenue from the reversal of tax provisions in the quarter.<\/p>\n

Quarterly return on average equity (ROAE), a gauge of profitability, recovered to 10.6% after plummeting to single-digit levels in late 2022, but remained well below the 20.7% seen a year ago, Santander Brasil said.<\/p>\n

Its Spanish parent firm, which has in Brazil its main market, reported results earlier in the day, beating forecasts with a 1% rise in net profit but saying weaker trade in Latin America’s largest economy offset a strong performance in Europe.<\/p>\n

($1 = 5.0342 reais)<\/p>\n

\n

(Reporting by Gabriel Araujo Editing by Louise Heavens and Mark Potter)<\/p>\n

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SAO PAULO (Reuters) – Banco Santander Brasil SA on Tuesday reported a first quarter net profit of 2.14 billion reais ($425.09 million), down 46.6% from a year earlier but still above analysts’ forecasts of 1.83 billion in a Refinitiv poll. The Brazilian unit of Spain’s Banco Santander SA has been trying to be more selective […]<\/p>\n","protected":false},"author":8,"featured_media":22652,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-22651","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3O0DY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22651","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=22651"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22651\/revisions"}],"predecessor-version":[{"id":22653,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/22651\/revisions\/22653"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/22652"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=22651"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=22651"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=22651"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}