Santander Brasil 4th-Quarter Profit Rises as Revenue Increases
26 Janeiro 2017 - 9:47AM
Dow Jones News
By Rogerio Jelmayer
SAO PAULO--The Brazilian unit of Spanish bank Banco Santander
posted a net profit gain of nearly 24% in the fourth quarter, as
the bank was able to charge clients more for financial
services.
The bank Thursday reported a net profit of 1.9 billion reais
($631 million) in the fourth quarter, up from 1.6 billion reais a
year ago.
Despite the country's deep economic recession, Santander was
able to increase its financial-services revenue in the period. The
bank's financial-services revenue increased 20.3% in the period, to
3.86 billion reais.
However, Brazilians appetite for new loans apparently took a hit
during the period. Santander's loan portfolio dropped 2.5% to 322
billion reais at the end of the fourth quarter from a year
earlier.
The lender's nonperforming-loan rate, covering loans that were
more than 90 days overdue, ended the fourth quarter at 3.4%, up
from 3.2% in the fourth quarter of 2015 but down from 3.5% in the
third quarter of 2016.
The bank released its results under Brazil's generally accepted
accounting principles.
Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com
(END) Dow Jones Newswires
January 26, 2017 06:32 ET (11:32 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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