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Banco Santander Brasil
(NYSE:BSBR)
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Rating:62Neutral
Price Target:
$6.00
▲(13.21% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by improving but still uneven financial performance (strong recent revenue/profitability, but volatile cash-flow conversion and only moderate ROE). Technicals are mixed with short-term strength but a weaker long-term trend. Valuation is a meaningful headwind due to a high P/E, while earnings-call signals are constructive on execution and efficiency but tempered by provisioning, NII pressure, and a longer-dated profitability/capital recovery path.
Positive Factors
Diversified revenue mix & top-line momentum
Sizable TTM revenue growth and healthy operating margins reflect a diversified business model across retail, cards, treasury and fees. Durable top-line breadth reduces reliance on any single product, supporting resilience to cyclical shocks and funding for strategic investments over 6–24 months.
Negative Factors
Elevated provisions and pocketed credit stress
Persistently high provisioning, including large one-offs and a multi‑billion provisioning run‑rate, erodes earnings power and regulatory capital over time. Continued stress in wholesale and certain retail cohorts can constrain lending appetite, raise funding costs, and prolong recovery of risk‑adjusted returns.
Read all positive and negative factors
Positive Factors
Negative Factors
Diversified revenue mix & top-line momentum
Sizable TTM revenue growth and healthy operating margins reflect a diversified business model across retail, cards, treasury and fees. Durable top-line breadth reduces reliance on any single product, supporting resilience to cyclical shocks and funding for strategic investments over 6–24 months.
Read all positive factors
Banco Santander Brasil (BSBR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.49B
Dividend Yield3.35%
Average Volume (3M)1.77M
Price to Earnings (P/E)29.8
Beta (1Y)0.61
Revenue Growth20.73%
EPS Growth27.11%
CountryUS
Employees49,661
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.79
Shares Outstanding3,818,695,000
10 Day Avg. Volume1,397,221
30 Day Avg. Volume1,767,268
Financial Highlights & Ratios
PEG Ratio0.24
Price to Book (P/B)1.02
Price to Sales (P/S)0.84
P/FCF Ratio95.26
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$5.60Price Target Upside5.66% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)0.79
Revenue Forecast (FY)$16.64B
Banco Santander Brasil Business Overview & Revenue Model
Company Description
Banco Santander (Brasil) S.A., together with its affiliated entities, operates as a prominent financial institution delivering an extensive array of banking and financial services. Its diverse client base includes individuals, small and medium-siz...
How the Company Makes Money
Banco Santander Brasil generates revenue primarily through net interest income and fee-based income. Net interest income comes from the spread between interest earned on interest-earning assets (such as consumer loans, credit card balances, payrol...
Banco Santander Brasil Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Neutral
The call conveyed a balanced but cautious tone: the bank shows clear execution on client growth, deposit mobilization, product-level expansion (cards, customer finance, home equity) and strong cost discipline plus rapid AI adoption. However, these positives are materially offset by elevated provisioning, NII/ spread pressure driven by deferred expenses and lower rates, DTAs pressuring tangible capital, and uncertainty around macro and regulatory scenarios that push meaningful recovery of risk‑adjusted profitability toward 2027. Management emphasizes deliberate, defensive balance-sheet management that sacrifices short-term revenue for longer‑term resilience.Positive Updates
Recurring Net Income and ROAE
Recurring net income of BRL 3.0 billion for the quarter and ROAE (ROE) of 12.5%, reflecting ongoing profitability despite macro challenges.
Negative Updates
Higher Cost of Risk and Elevated Provisions
Quarter was impacted by higher cost of risk; loan loss provisions included BRL 700 million of specific wholesale cases and write-off methodology adjustments. Earlier-quarter loan loss provision run-rate cited at BRL 7.7 billion as context for elevated provisioning.
Read all updates
Q2-2026 Updates
Positive
Negative
Recurring Net Income and ROAE
Recurring net income of BRL 3.0 billion for the quarter and ROAE (ROE) of 12.5%, reflecting ongoing profitability despite macro challenges.
Read all positive updates
Company Guidance
Management guided that Santander Brasil closed Q2 with recurring net income of BRL 3.0 billion and ROAE/ROE of 12.5%, serving 76.2 million clients (+6% YoY), with 15% of eligible customers enrolled in Santander Rewards and a 30% increase in registered PIX keys; transactional deposits grew 18% YoY. Portfolio moves: cards +13% YoY, consumer finance +15%, SME loans +11.5%, home‑equity mortgages +40% YoY while the sub‑BRL 4,000 income segment fell ~30% YoY; client NII was roughly flat YTD but declined in the quarter, with management attributing ~10 bps of the quarterly (≈20 bps YTD) spread compression to deferred correspondent expenses and lower average CDI that should fade by year‑end. Provisions were hit by BRL 700m of one‑offs (wholesale cases and a new write‑off method) on top of Q1 loan‑loss provisions of BRL 7.7 billion; efficiency ratio was 39.3%, 100% of employees now have AI tools, and low‑income cost‑to‑serve is down >30% over two years. Guidance: payout policy unchanged at ~50%, DTAs turnaround expected in 2027–28, and management expects risk‑adjusted NII and ROE to recover over the medium term (Camila suggested improvement by next year; Carlos was more conservative toward 2027).Banco Santander Brasil Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 359.17B | 151.54B | 129.02B | 121.36B | 110.90B | 75.34B |
| Gross Profit | 99.93B | 41.70B | 43.92B | 35.54B | 41.96B | 46.50B |
| EBITDA | 41.69B | 19.35B | 21.92B | 14.66B | 22.16B | 27.18B |
| Net Income | 30.01B | 12.77B | 13.37B | 9.45B | 14.29B | 15.53B |
Balance Sheet | ||||||
| Total Assets | 1.29T | 1.27T | 1.24T | 1.12T | 985.45B | 931.21B |
| Cash, Cash Equivalents and Short-Term Investments | 282.73B | 271.43B | 296.96B | 253.04B | 289.90B | 273.39B |
| Total Debt | 149.28B | 129.96B | 135.37B | 135.80B | 126.66B | 98.68B |
| Total Liabilities | 1.16T | 1.14T | 1.12T | 1.00T | 874.77B | 825.23B |
| Stockholders Equity | 127.27B | 125.17B | 119.49B | 114.45B | 110.18B | 105.64B |
Cash Flow | ||||||
| Free Cash Flow | 36.17B | 1.34B | -23.74B | 33.26B | 3.98B | 4.44B |
| Operating Cash Flow | 40.73B | 4.99B | -21.13B | 36.61B | 6.85B | 6.81B |
| Investing Cash Flow | -5.59B | -3.32B | -2.02B | -2.58B | -2.71B | -1.93B |
| Financing Cash Flow | -3.34B | 4.40B | 930.18M | 5.82B | 12.75B | -658.51M |
Banco Santander Brasil Risk Analysis
Banco Santander Brasil disclosed 81 risk factors in its most recent earnings report. Banco Santander Brasil reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Banco Santander Brasil Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
89 Outperform | $30.77B | 14.25 | 19.66% | 3.77% | 22.61% | 34.04% | |
72 Outperform | $16.51B | 13.96 | 20.90% | 4.43% | -3.09% | 2.72% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $20.83B | 15.73 | 21.49% | 5.37% | 3.94% | 3.40% | |
62 Neutral | $21.49B | 29.85 | 11.81% | 5.10% | 20.73% | 27.11% | |
60 Neutral | $5.63B | 23.29 | 7.28% | 5.47% | 6.98% | 6551.65% | |
56 Neutral | $35.49B | 9.11 | 13.55% | 7.75% | 32.37% | 27.68% |
* Financial Sector Average
BSBR
Banco Santander Brasil
5.76
0.96
20.10%
BBD
Banco Bradesco SA
3.33
0.47
16.60%
BCH
Banco De Chile
41.49
13.46
48.01%
BMA
Banco Macro SA
84.19
15.56
22.68%
BSAC
Banco Santander Chile
35.48
12.15
52.07%
BAP
Credicorp
382.21
142.69
59.57%
Banco Santander Brasil Corporate Events
Santander Brasil Reshapes Innovation and Technology Committee Leadership
Jul 31, 2026
On July 31, 2026, Banco Santander Brasil’s board of directors met by conference call and approved changes to its Innovation and Technology Committee, underscoring governance attention to its digital strategy. The board recorded the minutes i...
Banco Santander Brasil Board Removes Vice-President Executive Officer on July 31, 2026
Jul 31, 2026
On July 31, 2026, Banco Santander (Brasil) S.A.’s board of directors met by conference call in São Paulo with full attendance and waived formal notice due to all members being present. The meeting was chaired by Deborah Stern Vieitas, w...
Banco Santander Moves to Acquire Remaining Stake in Santander Brazil with Premium Exchange Offer
Jul 31, 2026
Banco Santander (Brasil) S.A. disclosed on July 30, 2026 that it was informed by its controlling shareholder, Banco Santander, S.A., of an intention to launch concurrent voluntary exchange offers in Brazil and the United States for all outstanding...
Banco Santander Brasil Q2 2026 Profit Falls as Credit Costs Rise Amid Loan Growth
Jul 29, 2026
Banco Santander Brasil reported second-quarter 2026 results showing continued expansion of its diversified business model amid a still challenging credit environment in Brazil. The expanded loan portfolio reached R$714.8 billion, up 5.8% year on y...
Banco Santander Brasil Files July 2026 Form 6-K with U.S. SEC
Jul 29, 2026
On July 29, 2026, Banco Santander (Brasil) S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission for the month of July 2026, maintaining its status as a foreign private issuer reporting under Form 20-F. The filing, signed by offic...
Banco Santander Brasil Plans Board Restructuring After Director Resignation
Jul 17, 2026
On July 16, 2026, Banco Santander Brasil’s board met by videoconference and recorded the resignation of director Nitin Prabhu, effective July 28, 2026. The directors formally thanked Prabhu for his contributions during his tenure, signaling ...
Banco Santander Brasil Calls August 18 EGM to Reshape Board of Directors
Jul 17, 2026
On July 16, 2026, Banco Santander Brasil convened an Extraordinary General Meeting for August 18, 2026, at its São Paulo headquarters to reshape its board leadership. Shareholders will decide the size of the Board of Directors, elect two new ...
Banco Santander Brasil Calls August 18 Extraordinary Meeting to Reshape Board
Jul 17, 2026
Banco Santander Brasil has called an Extraordinary General Meeting (EGM) for August 18, 2026, at its São Paulo headquarters, inviting shareholders to deliberate on changes to its Board of Directors. The agenda includes setting the number of b...
Banco Santander Brasil Calls August 18 EGM to Reshape Board and Reinforce Governance
Jul 17, 2026
Banco Santander Brasil has convened an Extraordinary General Meeting for August 18, 2026, at its São Paulo headquarters to address changes in its Board of Directors and related governance matters. The bank is positioning the meeting as a key ...
Santander Brasil Boosts Tier 2 Capital with R$1.39 Billion in Subordinated Issuances
Jul 7, 2026
In a notice to the market dated July 6, 2026, Banco Santander Brasil disclosed that over the past couple of months it issued subordinated financial bills totaling R$1.3866 billion in private placements. The instruments carry ten-year maturities wi...
Banco Santander Brasil Publishes Remote Voting Map Ahead of July 2 Extraordinary Meeting
Jul 1, 2026
On July 1, 2026, Banco Santander (Brasil) S.A. released a consolidated synthetic remote voting map ahead of an Extraordinary General Meeting scheduled for July 2, 2026, at 3:00 p.m. The filing, made under Brazilian securities rules, aggregates ins...
Santander Brasil Board Confirms CEO Transition Effective July 1, 2026
Jun 30, 2026
On June 30, 2026, Banco Santander Brasil’s Board of Directors met by conference call in São Paulo and approved a key leadership change as part of a succession plan announced on March 19, 2026. The board unanimously resolved to remove Ma...
Banco Santander Brasil Shareholders Approve Merger of Esfera Fidelidade at Extraordinary Meeting
Jun 30, 2026
On June 30, 2026, Banco Santander Brasil held an extraordinary general meeting in São Paulo with shareholders representing 95.02% of its voting capital, largely using remote voting mechanisms under Brazilian securities regulations. The meetin...
Banco Santander Brasil Publishes Detailed Voting Results from June 30 Extraordinary Meeting
Jun 30, 2026
Banco Santander (Brasil) S.A. disclosed the final detailed voting map for its Extraordinary General Meeting held on June 30, 2026, in São Paulo. The document consolidates in-person and remote votes, listing partial taxpayer registration numbe...
Banco Santander Brasil Shareholders Back Merger of Esfera Fidelidade Ahead of June 30 EGM
Jun 29, 2026
Banco Santander (Brasil) S.A. released in late June 2026 a consolidated synthetic remote voting map ahead of an Extraordinary General Meeting scheduled for June 30, 2026. The disclosure, made under Brazilian securities rules, details shareholder i...
Banco Santander Brasil Sets July 29 Date for Q2 2026 Results and Clarifies Reporting Differences
Jun 26, 2026
Banco Santander (Brasil) S.A. announced on June 26, 2026, that it will release its financial information for the period ended June 30, 2026, on July 29, 2026, while its controlling shareholder, Banco Santander, S.A., will publish its consolidated ...
Banco Santander Brasil Board Approves Executive Officer’s Exoneration Effective June 29, 2026
Jun 22, 2026
On June 22, 2026, the board of directors of Banco Santander (Brasil) S.A. met by conference call in São Paulo with full attendance to address a change in its executive ranks. The meeting was chaired by Deborah Stern Vieitas, with secretary Br...
Santander Brasil Calls July Extraordinary Meeting to Reshape Board of Directors
Jun 2, 2026
On June 2, 2026, Banco Santander (Brasil) S.A.’s board of directors met by videoconference in São Paulo and unanimously approved management’s proposal to convene an extraordinary general meeting for July 2, 2026. The meeting will ...
Banco Santander Brasil Calls July 2026 EGM to Reshape Board
Jun 2, 2026
Banco Santander Brasil has called an Extraordinary General Meeting (EGM) for July 2, 2026, at its São Paulo headquarters to decide on the size of its Board of Directors and elect two new board members. Following these elections, shareholders ...
Banco Santander Brasil Calls July 2, 2026 EGM to Reshape Board of Directors
Jun 2, 2026
Banco Santander Brasil has convened an Extraordinary General Meeting (EGM) for July 2, 2026, at its São Paulo headquarters, calling shareholders to decide on the size of the board of directors, elect two new board members and formally confirm...
Banco Santander Brasil Calls July Extraordinary Meeting to Reshape Board
Jun 2, 2026
Banco Santander (Brasil) S.A. has called an Extraordinary General Meeting for July 2, 2026, at its São Paulo headquarters to decide on changes to its board of directors. Shareholders will set the number of directors, elect two new board membe...
Banco Santander Brasil Moves to Fully Absorb Loyalty Arm Esfera Fidelidade
May 29, 2026
On May 28, 2026, Banco Santander (Brasil) S.A. announced that its board approved a proposal to merge Esfera Fidelidade S.A., its wholly owned loyalty-program subsidiary, into the bank, with the transaction to be submitted to shareholders at an ext...
Santander Brasil Board Clears Esfera Merger Plan, Sets June Shareholder Vote
May 29, 2026
On May 28, 2026, Banco Santander (Brasil) S.A.’s board of directors met by conference call and approved management’s proposal to merge its loyalty company Esfera Fidelidade S.A. into the bank. The board endorsed the protocol and justif...
Banco Santander Brasil Calls June 30 EGM to Approve Esfera Loyalty Platform Merger
May 29, 2026
Banco Santander (Brasil) S.A. has called an Extraordinary General Meeting (EGM) for June 30, 2026, at its São Paulo headquarters, inviting shareholders to vote on a proposed merger of its loyalty company Esfera Fidelidade S.A. into the bank. ...
Banco Santander Brasil Calls June 30 EGM to Approve Esfera Merger
May 29, 2026
Banco Santander Brasil has called an Extraordinary General Meeting (EGM) for June 30, 2026, at its São Paulo headquarters, inviting shareholders to deliberate on a planned corporate reorganization involving Esfera Fidelidade S.A. The agenda c...
Banco Santander Brasil Calls June 30 EGM to Approve Merger of Esfera Fidelidade
May 29, 2026
Banco Santander (Brasil) S.A. has called an Extraordinary General Meeting for June 30, 2026, at its São Paulo headquarters to decide on the appraisal and merger of its loyalty-platform subsidiary Esfera Fidelidade S.A. into the bank. Sharehol...
Banco Santander Brasil Board Confirms Resignation of Vice-President Executive Officer
May 20, 2026
On May 20, 2026, the board of directors of Banco Santander (Brasil) S.A. met by conference call in São Paulo and formally acknowledged the resignation of Christian George Egan from his role as Vice-President Executive Officer. The decision wa...
Banco Santander Brasil Board Elects Gilson Finkelzstain as Next CEO
May 8, 2026
On May 8, 2026, Banco Santander (Brasil) S.A.’s board of directors met by videoconference in São Paulo and unanimously approved the election of Gilson Finkelzstain as the bank’s new chief executive officer. The move follows a succ...
Santander Brasil Renews Audit and Innovation Committees in May 7 Board Meeting
May 7, 2026
On May 7, 2026, Banco Santander (Brasil) S.A.’s board of directors met by conference call and unanimously approved new one‑year mandates for the members of its Audit Committee, whose terms will run until successors are installed after ...
Santander Brasil Publishes Detailed Voting Map from April 29, 2026 Shareholders’ Meeting
May 5, 2026
Banco Santander (Brasil) S.A. has released the final detailed voting map from its Ordinary General Meeting held on April 29, 2026, in São Paulo, consolidating both in-person and distance votes. The disclosure, made in accordance with CVM Reso...
Banco Santander Brasil Files Q1 2026 IFRS Statements Amid Oil-Driven Macro Volatility
May 1, 2026
Banco Santander (Brasil) S.A. released its condensed consolidated financial statements for the quarter ended March 31, 2026, prepared under IFRS and scheduled for publication on April 29, 2026, outlining balance sheet, income, cash flow and segmen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.