The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookiesbefore using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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

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.

While it reported a return on equity of 22.3% and an 11% increase in net profits, it was the lack of forward-looking action that perplexed analysts.

Facing an economy in crisis, the third-largest privately held bank in the country increased provisions at a lower rate than the increase in the total loan portfolio (19% and 20% respectively).

Angel Santodomingo-160x186

Angel Santodomingo,
Santander Brasil

In fact, in his opening presentation to the earnings conference call, Angel Santodomingo, Santander Brasil’s chief financial officer, made two points in relation to the coronavirus that were positive: it was driving digital growth (greater efficiencies for the bank) and it had led to a “clear flight to quality movement, thus benefiting on balance funding instruments”.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?