Santander’s positivity is an outlier in Brazil

The bank reports record profits, loan growth and no advance provisioning while Bradesco and Itaú focus on risks ahead.

A Santander office gleaming in the São Paulo sunshine

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As the first of Brazil’s big banks to report first-quarter earnings, there was more focus than usual on Santander Brasil at the end of April as people searched for clues about the likely financial impact of the coronavirus.

The bank’s commentary on the results was always going to be more important than the results themselves as the coronavirus only began to impact Brazil’s economy in the last couple of weeks of the quarter.

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