Santander Brasil has lower-than-expected earnings in the 4th quarter

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Net income was R$ 1.69 billion, down 46% compared to the previous quarter; In the whole of 2022, Santander Brasil’s net profit fell 21.1%, to R$ 12.9 billion. Santander TV Globo agency/Reproduction This Thursday, Santander Brasil released a net profit of R$1.69 billion for the fourth quarter of last year, down 46% from the previous quarter, as provisions for loan losses increased by 18.6% in the period. The final result fell short of expectations, as the average forecast for the bank’s profit in the period pointed to R$ 2.86 billion in the fourth quarter, according to data from Refinitiv. The financial vice president, Angel Santodomingo, said that the results of the last quarter occurred in the wake of an operational adjustment to better position itself in a more challenging macroeconomic scenario, with possible repercussions on the dynamics of credit. “We apply greater selectivity in granting and we have observed the materialization of the deterioration of credit conditions”, he said in a statement, noting that the bank’s margins were pressured by changes in the mix of products and higher interest rates – a trend that should persist throughout this year. In the whole of 2022, Santander Brasil’s net profit fell 21.1%, to R$ 12.9 billion. Brazil accounts for more than a quarter of the Santander Group’s revenues. The Spanish bank also released results on Thursday, showing an 18% jump in profit to a record 9.6 billion euros in 2022.

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