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Santander Brasil's net profit down 28% in third quarter

By Reuters News

SAO PAULO, Oct 28 (Reuters) - Banco Santander Brasil SANB3.SA on Wednesday reported third-quarter net income of 2.89 billion reais ($540.02 million), a 28% year-on-year drop, as loan-loss provisions rose amid deteriorating macroeconomic conditions.

  • Return on average equity (ROAE), a key profitability measure, fell 5.6 percentage points to 11.9%, Santander Brasil said

  • Provisions for loan losses were up 9.4% from a year earlier to 8.2 billion reais

  • Brazil's central bank warned this week that banks were set to face weaker profits amid elevated credit risk and slower loan portfolio growth

  • Santander Brasil's expanded loan portfolio rose 4.7% year-on-year in the third quarter to 721 billion reais

  • Latin America's largest economy is a key market for Spanish parent Banco Santander SAN.MC, which reported its own results earlier in the day citing weakness in Brazil


($1 = 5.3517 reais)

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