Santander (SANB11) reported managerial net profit of R$3.021 billion in the first quarter of 2024 (1Q24), an amount 41.2% higher than that reported in the same period in 2023, the bank reported this Tuesday morning (30).
Santander’s return on equity (ROAE) rose 3.5 percentage points in one year, to 14.1%.
The bank’s gross financial margin, which reflects gains from interest-bearing operations, was R$14.790 billion, an increase of 14.5% in one year, thanks to the positive dynamics of the margin with customers.
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In customer margins, the result was R$14.457 billion, growth of 3.2% in the annual comparison and 4.1% in three months. In this line, results from credit operations are recorded.
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Provision expenses (PDD) fell 10.7% in one year, to R$6.043 billion.
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The expanded credit portfolio totaled R$654.020 billion in March 2024, an increase of 8.1% compared to the same stage last year.
Meanwhile, total assets totaled R$1.169 trillion in March 2024, an increase of 11.5% on an annual basis.
Tags: Santander SANB11 profits R3 .02 billion quarter annual increase
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