Santander Brasil Net Profit Up 10.3% in 3rd Quarter on Financial-Services Revenue
October 26 2016 - 6:35AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--The Brazilian unit of Spain's Banco Santander SA
(SAN.MC) posted a net profit gain of 10.3% in the third quarter, as
the bank's increased financial-services revenue offset a rise in
provision charges.
Banco Santander Brasil SA (SANB11.BR) on Wednesday said net
profit totaled 1.88 billion reais ($607 million), up from BRL1.7
billion in the year-ago period.
Financial-services revenue, including tariffs, increased nearly
18% to BRL3.4 billion.
The bank's provisions to cover bad loans rose nearly 16% to
BRL2.8 billion in the period. The increase came as Brazil's
economic recession persisted and economists expected the country's
labor market to deteriorate further.
After contracting 3.8% last year, Brazil's economy is expected
to shrink 3.2% this year, according to economists.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
October 26, 2016 06:20 ET (10:20 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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