Santander Brasil has a profit of R$2.7 billion in the 3rd quarter, below expectations

[ad_1]

The default rate for credit operations overdue for more than 90 days fell from 3.3% to 3% last quarter. Santander Brasil bank branch facade REUTERS/Pilar Olivares Banco Santander SA announced this Wednesday (25) that it had recurring net profit of R$2.73 billion in the third quarter of 2023, below the R$3.1 billion announced in the same period last year. The result was below analysts’ expectations, who expected, on average, a profit of R$2.75 billion, according to data from Lseg. The bank reported profitability on average annualized equity (ROAE) of 13.1%, compared to market expectations of 13.2%. Expenses with provisions for bad debt totaled R$5.62 billion in the period, a drop of 6% compared to the second quarter. The bank did not report comparative figures for the third quarter of last year. Santander Brasil recorded a default rate for credit operations overdue for more than 90 days of 3% in the last quarter, below the 3.3% in the second quarter and stable compared to the release a year earlier for the period. The expanded credit portfolio reached R$625.49 billion at the end of September, a slight increase of 1.3% in the quarterly comparison and above the R$565.9 billion a year earlier.

[ad_2]

Source link