Banco Santander Brasil 2Q Net Profit Increases 7.8%

   By Rogerio Jemayer 
 

SAO PAULO--Banco Santander Brasil SA (BSBR, SANB11.BR) on Wednesday said its net profit increased 7.8% in the second quarter, as it was able to increase financial-services revenues despite the reduction of loans in the period.

The Brazilian unit of Spanish bank Banco Santander SA said net profit totaled 1.8 billion reais ($550 million), up from BRL1.67 billion a year ago.

The bank's financial service revenues increased 14.3% in the period, to BRL3.3 billion.

The bank's credit portfolio fell 4% in the period to BRL308 billion.

Private-sector banks in Brazil have been more cautious amid the country's deep and prolonged economic recession. After contracting 3.8% last year, Brazil's economy is expected to shrink around 3.3% this year, according to economists.

Meanwhile, Santander's non-performing loan rate was at 3.2% in the second quarter, the same level as a year ago.

Write to Rogerio Jelmayer at [e-mail]

(END) Dow Jones Newswires

July 27, 2016 07:35 ET (11:35 GMT)

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