While profits in the UK slipped by 13% in the first three months of the year, the bank beat estimates thanks largely to the Brazilian bank’s latest blockbuster result.
In the third quarter, Santander’s Brazilian business grew earnings by 20% year-over-year to reach R$3.1 billion and it is now the biggest individual contributor to Santander’s profits.
The rise of Santander Brasil is now well known. It can be traced to the appointment of its CEO Sergio Rial in September 2015 and Euromoney was one of the first to recognise Rial’s turnaround when we named the bank as the best bank in Brazil in July 2017.
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