The sharp profit decline combined with rising credit costs and NPLs signals deteriorating fundamentals. Monitor the next quarter for further NPL formation trends and whether loan loss provisions stabilize; the elevated cost of risk (3.81%) and one-off wholesale provisions suggest near-term earnings pressure persists.
Price Chart
Executive Summary
Banco Santander Brasil reported 2Q26 recurring managerial net profit of R$3.0 billion, down 20.4% QoQ and 17.6% YoY, with ROAE falling to 12.5% from 16.0% QoQ. Total revenue was flat YoY (+0.4%) but declined 2.7% QoQ, while the result from loan losses surged 20.6% QoQ and 11.5% YoY to R$7.7 billion, reflecting a still-challenging credit environment and one-off provisions. The CET1 ratio slipped to 11.2% and the over-90-day NPL ratio rose to 3.3% from 2.6% a year ago, signaling deteriorating asset quality that overshadows modest loan portfolio growth of 5.8% YoY.
Key Facts
- Recurring managerial net profit of R$3.0 billion, down 20.4% QoQ and 17.6% YoY.
- Recurring ROAE fell to 12.5% from 16.0% QoQ and 16.4% YoY.
- Result from loan losses rose 20.6% QoQ and 11.5% YoY to R$7.7 billion.
- Over-90-day NPL ratio increased to 3.3% from 2.6% YoY.
- CET1 ratio declined to 11.2% from 11.6% YoY.
- Total revenue was flat YoY (+0.4%) but down 2.7% QoQ at R$20.7 billion.
- Expanded loan portfolio grew 5.8% YoY and 1.3% QoQ to R$714.8 billion.
- Funding from clients increased 6.9% YoY and 3.7% QoQ to R$688.5 billion.
Financial Impact
Recurring net profit declined ~R$645M QoQ and ~R$645M YoY; loan loss provisions increased ~R$1.3B QoQ and ~R$792M YoY.
Risk Factors
- Further deterioration in asset quality if the challenging macroeconomic environment persists.
- Continued spread compression from the shift away from the mass-market segment.
- Potential for additional one-off provisions or write-off adjustments.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (BSBR) — Batch item 1 | 0001292814-26-003956 |
| Document: 0001292814-26-003956-index-headers.html | 0001292814-26-003956 |
| Document: 0001292814-26-003956-index.html | 0001292814-26-003956 |
| Document: 0001292814-26-003956.txt | 0001292814-26-003956 |
| 6-K Filing (BSBR) — Batch item 5 | 0001292814-26-003956 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 2, 2026 4w ago | Insider Cluster | $5.89 $5.57 | ▼ −5.43% | ▼ −5.10% | $5.40 (−8.32%) |
Sep 1, 2026 4w ago | Insider Cluster | $5.72 $5.57 | ▼ −2.62% | ▼ −2.73% | $5.40 (−5.59%) |
Aug 28, 2026 4w ago | Insider Cluster | $5.75 $5.68 | ▼ −1.22% | ▼ −1.03% | $5.40 (−6.09%) |
Aug 27, 2026 5w ago | Insider Cluster | $5.73 $5.71 | ▼ −0.35% | ▲ +0.16% | $5.40 (−5.76%) |
Aug 19, 2026 6w ago | 6-K | $5.57 $5.75 | ▲ +3.23% | ▲ +3.23% | $5.40 (−3.05%) |
Aug 19, 2026 6w ago | 6-K | $5.57 $5.75 | ▲ +3.23% | ▲ +3.23% | $5.40 (−3.05%) |
Aug 18, 2026 6w ago | Insider Cluster | $5.57 $5.95 | ▲ +6.82% | ▲ +8.77% | $5.40 (−3.05%) |
Aug 17, 2026 6w ago | 6-K | $5.60 $5.81 | ▲ +3.75% | ▲ +5.06% | $5.40 (−3.57%) |
Aug 14, 2026 6w ago | 425 | $5.71 $5.86 | ▲ +2.63% | ▲ +4.60% | $5.40 (−5.43%) |
Aug 14, 2026 6w ago | 425 | $5.71 $5.86 | ▲ +2.63% | ▲ +4.60% | $5.40 (−5.43%) |
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