Banco Santander Brasil 2Q Net Profit Increases 7.8%
July 27 2016 - 7:50AM
Dow Jones News
By Rogerio Jemayer
SAO PAULO--Banco Santander Brasil SA (BSBR, SANB11.BR) on
Wednesday said its net profit increased 7.8% in the second quarter,
as it was able to increase financial-services revenues despite the
reduction of loans in the period.
The Brazilian unit of Spanish bank Banco Santander SA said net
profit totaled 1.8 billion reais ($550 million), up from BRL1.67
billion a year ago.
The bank's financial service revenues increased 14.3% in the
period, to BRL3.3 billion.
The bank's credit portfolio fell 4% in the period to BRL308
billion.
Private-sector banks in Brazil have been more cautious amid the
country's deep and prolonged economic recession. After contracting
3.8% last year, Brazil's economy is expected to shrink around 3.3%
this year, according to economists.
Meanwhile, Santander's non-performing loan rate was at 3.2% in
the second quarter, the same level as a year ago.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
July 27, 2016 07:35 ET (11:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
Banco Santander (NYSE:SAN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Banco Santander (NYSE:SAN)
Historical Stock Chart
From Apr 2023 to Apr 2024
