Joint profit of the largest private banks will fall by almost 10% in 2023, survey shows

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Itaú Unibanco, Bradesco, Santander and BTG Pactual had net profits of R$67.1 billion last year. Itaú Unibanco branch facade Disclosure The consolidated net profit of the four largest Brazilian private banks fell by 9.4% in 2023. The survey was carried out by Einar Rivero, from Elos Ayta, with data released by and available on the Com Dinheiro platform. In total, Itaú Unibanco, Bradesco, Santander and BTG Pactual had a net profit of R$67.1 billion last year, compared to R$74.1 billion in 2022 — a nominal record year in the survey. Of the four, Itaú Unibanco and BTG Pactual had an annual increase, while Bradesco and Santander reduced their gains. It is also the first time that BTG has made a greater profit than Santander. See below. Itaú Unibanco: R$33.8 billion (+26.6%); BTG Pactual: R$9.9 billion (+10.2%); Bradesco: R$14.5 billion (-31.6%); Santander: R$8.8 billion (-38.2%). “It is interesting to note that both Itaú Unibanco and BTG have shown constant growth since 2000, while Santander and Bradesco have been experiencing a continuous decline since 2021”, says Einar Rivero.

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