桑坦德巴西二季度利润环比下滑且管理层指引恢复延后至2027年

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Introduction & Market Context
Banco Santander (Brasil) S.A. presented its second-quarter 2026 results on July 29, revealing a challenging period marked by deliberate portfolio repositioning that weighed on near-term profitability. The bank’s recurring net profit fell 20.4% quarter-over-quarter to R$ 3.0 billion, while return on average equity declined to 12.5%, down 3.4 percentage points from the prior quarter.
The market reacted negatively to the results, with shares falling 6.02% to $5.15, approaching the lower end of the stock’s 52-week range of $4.62 to $7.32. The presentation underscored management’s strategic choice to prioritize risk-adjusted returns and long-term stability over short-term market share gains, even as this approach pressured revenue and margins in the current period.
Quarterly Performance Highlights
The following chart illustrates the bank’s key performance metrics for the second quarter, showing broad-based declines in profitability indicators:
Net interest income declined 3.0% quarter-over-quarter to R$ 15.3 billion, reflecting spread compression and a shift toward lower-yielding but higher-quality assets. The bank’s spread compressed to 10.03% on an annualized basis, down 39 basis points from the prior quarter and 53 basis points year-over-year.
Fee income totaled R$ 5.3 billion, down 1.9% sequentially but up 2.5% year-over-year, with particular strength in cards, asset management, and consortium products. The efficiency ratio deteriorated to 39.3%, up 1.5 percentage points from the first quarter, as revenue pressure outpaced expense reductions.
Cost of risk edged up slightly to 3.81%, an increase of 10 basis points quarter-over-quarter, though management noted that loan-loss provisions included approximately R$ 700 million in one-off items related to wholesale cases and methodology changes.
Strategic Portfolio Repositioning
Santander Brasil’s presentation emphasized a deliberate transformation of its loan portfolio toward higher-quality, more secured lending. The bank grew its customer base to 76.2 million, up 6% year-over-year, while active customers reached 34.4 million, reflecting a 3% annual increase.
The total loan portfolio reached R$ 714.8 billion, growing 1.3% quarter-over-quarter and 5.8% year-over-year. Growth was concentrated in secured and collateralized products, with mortgages up 10.6% annually, consumer finance up 15.3%, and credit cards up 13.0%. Notably, the high-income segment increased its share of the individual portfolio by 4 percentage points over the past year.
Management highlighted several strategic shifts within the portfolio: 79% of the mortgage book is now concentrated in the high-income segment, home equity origination market share increased by 10 percentage points over 12 months, and the bank doubled contracts originated for electric and hybrid vehicles. The presentation also noted increased collateralization of the SME portfolio and a focus on transactional relationships with corporate clients.
Revenue and Margin Pressure
The bank’s net interest income faced headwinds from multiple sources, as illustrated in the detailed breakdown of funding and spread trends:
Client net interest income fell 3.2% quarter-over-quarter to R$ 16.1 billion, with product NII declining 2.3% to R$ 15.1 billion. The spread compression of 39 basis points reflected the impact of shifting toward lower-spread but higher-quality products, as well as funding mix changes and deferred banking correspondence expenses.
The presentation showed a notable shift in funding composition, with the individual segment’s share declining from 56% in June 2024 to 51% in June 2026, while the corporate segment increased from 44% to 49%. The Select high-income segment stood out with 30% growth over two years, though this came at the cost of higher funding costs.
In the mass market segment, the bank demonstrated a clear de-risking strategy: while the loan portfolio grew 25% over two years (base 100 in June 2024 to 125 in June 2026), deposit volumes declined 11% over the same period. Management also noted a 13 percentage point increase in collateralization of the personal loan portfolio, particularly in the mass market segment.
Fee Income Performance
Despite overall revenue pressure, several fee categories showed resilience, as detailed in the bank’s fee analysis:
Card fees grew 10.5% year-over-year to R$ 1.6 billion, supported by 15% growth in credit card turnover and 27% growth in average spending over two years. The bank emphasized improving profitability through transactionality, with average revenue per active card (ARPAC) up 49% over the same period.
Asset management fees surged 26.4% year-over-year to R$ 581 million, while consortium fees jumped 23.8% to R$ 348 million. The bank launched "Beyond Wealth," a global Family Office brand designed to connect expertise and provide customized wealth solutions for high-net-worth clients.
Insurance fees grew 6.4% annually to R$ 1.1 billion, with non-credit-linked insurance up 18% year-over-year. Management noted that 41% of insurance revenues now come from the high-income segment, and highlighted the use of AI and data analytics to drive more targeted offers.
Current account service fees declined 12.2% year-over-year to R$ 825 million, reflecting competitive pressure and the bank’s strategic shift toward relationship-based rather than transaction-based pricing.
Asset Quality Trends
The presentation provided a comprehensive view of asset quality metrics, showing stable NPL formation but gradual deterioration in coverage ratios:
NPL formation remained steady at 1.00% of the loan portfolio in the second quarter, consistent with recent quarters. However, over-90-day NPLs for the individual segment increased to 5.1% from 4.0% a year earlier, while total over-90-day NPLs rose to 3.3% from 2.6%.
The result from loan losses totaled R$ 7.7 billion in the quarter, up 20.6% from the prior quarter, with the cost of risk at 3.81%. Management attributed the elevated provisions to one-off items totaling R$ 700 million, including wholesale cases and changes in write-off methodology.
For corporate and SME segments, over-90-day NPLs improved slightly to 1.6% from 1.8% in the prior quarter, though this remained elevated compared to 1.2% a year earlier. The 15-to-90-day NPL ratio for this segment stood at 1.5%, down from 1.6% in the first quarter.
Efficiency and Technology Investments
The bank continued to invest in technology and operational efficiency, even as the efficiency ratio deteriorated in the near term:
Total expenses declined 0.8% quarter-over-quarter to R$ 6.6 billion, with personnel costs down 1.8% and administrative expenses up just 0.6%. However, with revenue falling faster than expenses, the efficiency ratio rose to 39.3% from 37.7% in the prior quarter.
The presentation emphasized significant productivity gains: the number of physical stores declined from 2,507 in the second quarter of 2024 to 1,589 in the second quarter of 2026, a reduction of more than one-third. Over the same period, active customers per employee increased from 579 to 726, a 25% improvement.
Management highlighted that expenses for expansion and technology grew 10% over two years, while recurring expenses increased just 1%. The bank achieved a 41% year-over-year reduction in product simplification efforts and made AI tools available to 100% of employees. Cost-to-serve metrics improved significantly, with a 20% reduction in the Select segment and a 33% reduction in the mass income segment over two years.
The bank’s AI initiatives expanded rapidly, with deployment of AI solutions at global scale and a doubling of AI-related initiatives over the past year. Specific applications include client propensity and retention models that use predictive intelligence to personalize commercial actions, and enhanced card fraud detection with AI-supported case analysis.
Financial Results and Capital Position
The comprehensive financial results showed the full impact of the quarter’s challenges:
Total revenues declined 2.7% quarter-over-quarter to R$ 20.7 billion, with net interest income down 3.0% and fees down 1.9%. After accounting for loan losses of R$ 7.7 billion and general expenses of R$ 6.6 billion, profit before taxes fell 44.6% to R$ 2.5 billion.
Other operating income and expenses totaled a negative R$ 2.5 billion, up 10.2% from the prior quarter and 31.4% year-over-year. Tax expenses remained flat at R$ 1.5 billion, resulting in recurring net profit of R$ 3.0 billion, down 20.4% quarter-over-quarter and 17.6% year-over-year. Accounting net profit, which includes goodwill amortization, totaled R$ 2.7 billion.
The bank’s capital position remained solid, with a BIS ratio of 15.3%, up 20 basis points from the prior quarter, and a Common Equity Tier 1 (CET1) ratio of 11.2%, down 10 basis points sequentially but well above regulatory minimums.
Forward-Looking Statements
According to the earnings call transcript, management provided cautious guidance for the remainder of 2026 and into 2027. The bank expects low single-digit revenue growth for full-year 2026, with meaningful recovery likely extending into 2027 as the portfolio repositioning continues.
CFO Carlos Muñiz emphasized the deliberate nature of the strategy: "We are rebalancing our product and customer mix, always striving to achieve a better risk-return ratio. This shift may have short-term impacts on revenue, but it is essential for building a more balanced, resilient, and predictable operation."
Management projected that return on equity would remain in the 12% to 15% range through 2026 before improving more materially in 2027. The bank expects banking correspondence expenses to fade by year-end, and spread compression of approximately 20 basis points year-to-date may partially normalize. However, loan-loss provisions are unlikely to improve meaningfully in 2026.
The dividend payout policy remains at 50% of earnings, though the second-quarter payout was slightly above that level due to earnings pressure. The bank has maintained dividend payments for 18 consecutive years, with a current dividend yield of approximately 5.0%.
Strategic priorities for the coming quarters include expansion of the Santander Rewards program, which management said is already improving customer satisfaction and spending behavior; continued growth in secured lending, home equity, and vehicle finance; and more selective origination in lower-income and riskier segments to improve the overall risk-return profile of the portfolio.
Full presentation:
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