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). The result exceeded the average expectation of R$2.89 billion obtained from sector analysts, according to data from Lseg.
Santander’s return on equity (ROAE) rose 3.5 percentage points in one year, to 14.1%.
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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.
In customer margins, the result was R$14.457 billion, growth of 3.2% year-on-year and 4.1% in three months. In this line, results from credit operations are recorded.
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General expenses reached R$6.297 billion in 1Q24, an increase of 5% on an annual basis.
Provision expenses (PDD) fell 10.7% in one year, to R$6.043 billion.
The default rate of more than 90 days reached 3.2% in March this year, remaining stable year-on-year.
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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