BSBR

Research · Sep 3, 2026

[BSBR] Santander Brasil Thesis 2026: Return on Equity Leads Regional Banks Into Loan Cycle

Banco Santander Brasil FY25 (Dec 31, 2025; BRL) at R$151.54B revenue (+17%). NI R$12.77B (-4%); EPS R$1.63 (+87%). Customer base + loan portfolio growth + credit quality. Dividend R$6.5B (+16%). Subsidiary of Santander Spain. Brazilian retail + commercial + wholesale. Reports in BRL; ADR BSBR.