Banco Santander (Brasil) S.A. (BSBR) Earnings
Banco Santander (Brasil) S.A. is expected to report next earnings on July 22, 2026 (in NaN days), with a consensus EPS estimate of $0.22. BSBR has beaten EPS estimates in 3 of its last 12 reported quarters (average surprise +43.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 29, 2026 | $0.21 | $0.20 | -3.3% | $4.3B | -0.8% |
| Feb 4, 2026 | $0.20 | $0.20 | +1.9% | $4.0B | -5.5% |
| Jul 30, 2025 | $0.18 | $0.26 | +43.4% | $34.6B | +782.3% |
| Apr 30, 2025 | $0.18 | $0.42 | +131.2% | $35.9B | +847.9% |
| Feb 5, 2025 | $0.18 | $0.02 | -91.4% | $35.3B | +893.1% |
| Jul 24, 2024 | $0.16 | $0.08 | -50.0% | $29.2B | +4740.8% |
| Apr 30, 2024 | $0.13 | $0.08 | -38.5% | $30.7B | +4298.2% |
| Jan 31, 2024 | $0.15 | $0.06 | -60.0% | $31.7B | +703.5% |
| Oct 25, 2023 | $0.15 | $0.08 | -46.7% | $30.8B | +726.5% |
| Jul 26, 2023 | $0.15 | $0.06 | -60.0% | $29.9B | +686.5% |
| Feb 2, 2023 | $0.14 | $0.04 | -71.4% | $30.3B | +758.8% |
| Oct 26, 2022 | $0.20 | $0.08 | -60.0% | $29.1B | +716.4% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q4 FY2023 · January 31, 2024
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
- **Margin and Revenue**: Another quarter of margin growth, revenue recovery apart from NII, with growth in market and client NII. - **Portfolio Diversification**: Focus on balance sheet solidity, portfolio diversification in assets, commissions, and credit lines. - **Customer Centrality**: Emphasis on NPS improvement, growth in Select segment (1.2 million clients, target 2 million), progress in Mass Retail with simplification of offerings. - **Investment Agendas**: Strong performance in AAA, Toro digital brokerage firm, and private segment growth. - **Strategic Agenda**: Progress in payroll deductible loans, agribusiness, consumer finance, cards, Esfera, and SMEs. - **Technology and Innovation**: 95% of operations in cloud, investing in Generative AI, banking as a service, and business domains consolidation.
Guidance
- Positive expectations for 2024 revenues. - Continued focus on portfolio diversification, liabilities, and fees business. - Pursuit of client principality as the key strategy for 2024. - Repositioning in retail with deliveries in Q1-Q2 2024, growth in Select, cards, consumer finance, and companies segment.
Segment performance
**NII**: Posted NII growth of almost 5% year-on-year. Q4 saw 4.8% quarter-on-quarter growth. Market NII showed progressive evolution. **Loan Book**: Expanded portfolio grew 9% over the year, with growth in retail for individuals, vehicles, and SMEs. Cards for individuals had strong Q4 performance. Payroll deductible loans, mortgages, and farm loans showed consistent results. **Funding**: Achieved solid funding performance, growing 15% full year and 2.6% quarter-on-quarter, loans to deposits ratio at 92%. **Fees**: Grew 7% in Q4, with positive dynamics in business lines. **Asset Quality**: Cost of credit closed at 4% with a downward trend, NPL formation slightly increased due to renegotiated portfolio.
Risks & headwinds
- Impact of Selic rate reduction on funding costs. - Competition from digital players affecting market share. - Pressure on rates for payroll loans and potential challenges in cost of credit if portfolio growth isn't balanced.
Analyst Q&A
Q: How do you see origination in the Santander portfolio, considering concentration in segments?
A: We've been selective in portfolios, focusing on all income brackets. We're starting 2024 with maintaining growth in existing portfolios and consolidating new growth from late 2023, aiming for diversification with different products.
Q: What is your view towards 2024 regarding cost of credit and provisions?
A: Cost of credit has been improving and we expect further improvements. Allowance for loan losses is influenced by cost of credit, but we hope for lower costs. No relevant one-off cases expected in corporate world in 2024.
Q: How should we think about the income ratio and which line should contribute more?
A: We aim to expand revenues, with potential increase in expenses but expecting revenues to grow more than expenses. Deflation process in 2024 will benefit efficiency, with focus on expanding top line to gain traction in efficiency.
Q: View on payroll loans, competition, and portability?
A: Pressure on rates for INSS loans, we're rebalancing pricing and investing in internal channels. Competition from digital banks is monitored, but we focus on client principality and multi-channel approach.
Q: How prepared are you to face competitive environment in credit business?
A: We've been monitoring competition, focusing on client centricity and principality. We started managing portfolios earlier and have an advantage, aiming to be the main bank for clients with a balanced and profitable agenda.
Q: Thoughts on installment payment products like Divide o Pix?
A: We've been growing in consumer credit products like Divide o Pix, focusing on client engagement. The product is evolving with PIX and central bank evolutions, expecting growth with personal credit agenda