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Stock impact report

Santander Brasil feels pandemic's initial impact yet beats profit estimates [Reuters]

Banco Santander Brasil SA American Depositary Shares, each representing one unit (BSBR) 
Last banco santander brasil sa american depositary shares, each representing one unit earnings: 11/1 04:01 pm Check Earnings Report
Company Research Source: Reuters
Santander Brasil feels pandemic's initial impact yet beats profit estimates SAO PAULO (Reuters) - Banco Santander Brasil SA ( SANB11.SA ) on Tuesday posted higher-than-expected first-quarter net income, driven by another period of rapid loan book growth, but said it has felt the initial impact from the public health crisis caused by the novel coronavirus. Santander Brasil said in a statement the number of deals closed with clients at brick-and-mortar branches has fallen 26% since March 16, when the pandemic started gaining momentum in Brazil. The health crisis also hit its fee income, as revenues dropped 6.7% from the previous quarter, to 4.482 billion reais, partially due to changes in consumer habits amid social isolation measures, mainly on cards. The lender also highlighted that cost-reduction is crucial at the moment to whether the storm. Profit came in at 3.853 billion reais ($681.6 million), 9.2% higher than forecast by Refinitiv analysts, and also up 10.5% from the same quar Show less Read more
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