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Santander Brasil books 1.66B reais in Q1 net profit

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Santander Brasil books 1.66B reais in Q1 net profit

Banco Santander(Brasil) SA reported a first-quarter managerial net profit of about1.66 billion Brazilian reais, up 1.7% compared to 1.63 billion reais in the year-agoperiod.

Net interest income for the first quarter grew 6.4% year overyear to 7.60 billion reais from 7.14 billion reais. Fee and commission income, meanwhile,jumped 9.3% annually to 3.09 billion reais.

The bank's general expenses ticked 7.5% higher to 4.41 billionreais. The company recorded 2.42 billion reais in allowance for loan losses, up14.8% from 2.11 billion reais in the first quarter of 2015.

Santander Brasil's expanded credit portfolio fell 3.8% to reach312.02 billion reais at the end of the three-month period. The lender's 90-day delinquencyratio increased to 3.3% from 3.0% a year earlier.

Excluding goodwill, the bank's annualized return on average equityand annualized return on average assets came in at 12.6% and 1.0%, respectively,compared to 12.8% and 1.1% in the first quarter of 2015.

Santander Brasil is a unit of Spain's Banco Santander SA.

As of April 26, US$1 wasequivalent to 3.53 Brazilian reais.