Banco Santander (Brasil) S.A.

Report azionario NYSE:BSBR

Capitalizzazione di mercato: US$19.7b

Banco Santander (Brasil) Crescita futura

Criteri Future verificati 3/6

Banco Santander (Brasil) prevede che gli utili e i ricavi cresceranno rispettivamente di 15.2% e 22.3% all'anno. Si prevede che l'EPS crescerà di 16.3% all'anno. Si prevede che il ritorno sul capitale proprio sarà di 17.9% in 3 anni.

Informazioni chiave

15.2%

Tasso di crescita degli utili

16.25%

Tasso di crescita dell'EPS

Banks crescita degli utili8.1%
Tasso di crescita dei ricavi22.3%
Rendimento futuro del capitale proprio17.90%
Copertura analitica

Good

Ultimo aggiornamento03 Jun 2026

Aggiornamenti recenti sulla crescita futura

Nessun aggiornamento

Recent updates

Seeking Alpha • Feb 05

Banco Santander (Brasil): Valuation Needs Optimism Around Credit Cycle, Exchange Rates

Summary Banco Santander (Brasil) is maintained at Hold due to the deteriorating credit cycle and less compelling risk/reward after recent appreciation. BSBR’s loan book growth lags nominal GDP, but riskier segments like SMEs, vehicles, and credit cards are expanding rapidly despite rising NPLs. Net interest income from lending rose 6.6% YoY, but overall NII fell 4% due to market securities losses; expense control partially offset margin pressures. Valuation remains optically cheap (P/E ~8x, P/B ~1x), but earnings and book value are exposed to BRL depreciation and worsening domestic credit conditions. Read the full article on Seeking Alpha
Seeking Alpha • Feb 11

Banco Santander (Brasil): Better Positioned For A Tightening Cycle

Summary Banco Santander (Brasil) S.A.'s Q4 2024 results show a 50% YoY net income surge, driven by lower delinquencies and a focus on higher-value credit segments. The bank's balance sheet grew 16% YoY, with cautious credit expansion and significant allocations to low-risk securities and interbank positions. Despite macro uncertainties, BSBR offers a 14% earnings yield and 6% dividend yield, with attractive valuation if investor sentiment towards Brazilian assets improves. BSBR risks include potential BRL depreciation and increased delinquencies, but the bank's strategic moves and earnings growth present a compelling investment opportunity. Read the full article on Seeking Alpha
Seeking Alpha • Nov 01

Banco Santander (Brasil) Q3: Good, But Not Good Enough For Me To Recommend Buying

Summary Santander Brasil released a good set of results, with good trends in revenue growth and cost control. Although the loan portfolio showed only decent growth, this growth was greater than the expansion of NPL, which is positive. Although ROAE has been improving every quarter, it is still below peers, which does not seem to be reflected in the valuation. Read the full article on Seeking Alpha
Seeking Alpha • Jul 26

Banco Santander (Brasil) Q2: Raising The Recommendation To Hold

Summary Banco Santander (Brasil) expanded loan portfolio in profitable segments with controlled NPL. The recent 15% drop in shares makes P/E more attractive but lacks a margin of safety compared to competitors. The bank needs stronger results, such as an ROE reaching 20%, for a recommendation upgrade. Read the full article on Seeking Alpha
Seeking Alpha • May 06

Banco Santander (Brasil): ROE Still Low And Competition Ahead

Summary The bank gradually moves from a conservative strategy to a more daring one, characterized by increased competition and delinquency. The company is taking steps to modernize, but I am skeptical about the bank's ability to compete in the new banking dynamics. The bank has worse financial indicators than its peers, but its multiple includes a premium. The valuation doesn't make sense to me. Read the full article on Seeking Alpha
Seeking Alpha • Feb 02

Santander Brasil Q4: A Buy Despite Recent Setbacks

Summary Santander Brasil's Q4 earnings fell short of market expectations, with a miss of R$ 650 million. However, this miss is largely driven by a one-timer and it masks the positive performance in Net Interest Margin. Santander Select has hit its milestone of 1 million customers and delinquencies in the 15 to 90 days period are already trending down. Sustained Net Interest Income growth YoY and QoQ coupled with lower interest rates make Santander Brasil a Buy. Read the full article on Seeking Alpha
Seeking Alpha • Oct 27

Banco Santander (Brasil) Q3: The Worst Is Behind, But Still Pricey

Summary Santander Brasil's Q3 results showed notable improvements in asset quality, credit origination, and a gradual focus on enhancing profitability. Despite the positive trends, the bank's ROE of 13.1% remains weaker than historical performance and that of some competitors. The credit portfolio exhibited modest growth, with a specific focus on less risky segments, leading to a controlled net interest margin. Although the bank's dividend payout remains strong, an overvaluation of approximately 18% relative to the current share price indicates a cautious stance for now. Read the full article on Seeking Alpha
Seeking Alpha • Oct 06

Banco Santander (Brasil): Recovery Mode, But Overvaluation Persists

Summary Santander Brasil's recent focus on loan defaults and credit availability has influenced the broader Brazilian banking sector. While the bank has shown some improvements in its financial results, challenges remain, and its higher valuation compared to peers raises caution among investors. Regulatory changes and an uncertain economic environment make some hesitant about buying Santander Brasil shares despite a recent drop in stock price. Read the full article on Seeking Alpha
Seeking Alpha • Aug 01

Santander Wants To Ride Brazil's Next Wave

Summary Brazil's economy is showing signs of recovery, with banks expected to benefit from an anticipated interest rate cut and a state-sponsored debt renegotiation program. The performance of Brazilian banks over a 10-year period indicates that the sector could be entering a new growth phase, with Santander being a key player. I expect that Santander will be more benefitted than other banks by the interest rate cut, fueling its Net Income, ROE and Dividends through a decrease in funding costs. Santander stock is a good buy opportunity not just for its capital appreciation, but also due to its expected Dividend Yield close to 10%. Read the full article on Seeking Alpha
Seeking Alpha • Jun 22

Banco Santander (Brasil) Stock: Lackluster Performance, Not Warranting A Buy

Summary Santander Brasil's latest results show weak performance and lower confidence in dividends returning to previous levels. The bank faces challenges in efficiency, legal security risks, increased provisions for doubtful debts, and competition from digital banks and fintechs. Santander Brasil's valuation is considered unattractive compared to its main peers, with better options available in the Brazilian banking industry. Read the full article on Seeking Alpha
Seeking Alpha • Dec 13

Santander Brazil: Resilient Operating Trends Lead To Undervaluation

Summary Santander Brazil has strong fundamentals, but macroeconomic headwinds are impacting its financial performance. Underlying trends continue to be strong, especially regarding customer growth and engagement, boding well for a recovery during 2023. Its current valuation is quite cheap and also offers a very interesting dividend yield. Banco Santander Brazil (BSBR) has strong fundamentals and has reported relatively good results despite the current tough economic background, while its shares have been weak and the bank now has a low valuation. Background As I’ve analyzed in previous articles, I like Santander Brazil as a long-term play within the Brazilian banking industry due to its quality profile, but in my last article I changed my stance to ‘neutral’ as the macroeconomic environment is challenging and this could lead to higher loan losses in the near future, reducing the bank’s ability to return excess capital to shareholders. For investors who aren’t much aware of Santander Brazil’s profile, the bank is part of the Spanish financial group Banco Santander (SAN). This is the bank’s largest shareholder with a stake of about 90%, while the rest trades as free-float. Santander Brazil has been listed since 2009, as the group’s strategy is for local units to have some sort of financial autonomy, which means that they don’t rely solely on funding from central operations. Santander Brazil’s operations are mainly focused on retail and commercial banking, being one of the largest private banks in Brazil. The bank’s loan credit portfolio amounted to some $95 billion at the end of last September, which was well covered by its $91 billion in deposits, being well diversified across loan segments. It has more exposure to individuals rather than corporates, even though it has significant exposure to more cyclical loans, such as credit cards or payroll loans. Loan portfolio (Santander Brazil) Since my last article on Santander Brazil, the bank has reported its most recent quarterly earnings, which were positive considering the weaker economic environment Brazil has experienced in the past few months. Earnings Analysis Santander Brazil has reported its Q3 2022 earnings at the end of October, which showed a growth slowdown compared to the previous quarters. During the first nine months of 2022, Santander Brazil’s net interest income declined by 5% YoY to $7.57 billion, due to lower market NII, while fees increased by 2% YoY to $2.73 billion. Total revenues amounted to $10.3 billion, a decline of 3.3% YoY. NII (Santander Brazil) While Santander Brazil has a very good growth history over the past few years, especially in the individuals segment, the bank has anticipated to some extent the current economic cycle and has reduced its risk appetite in the past few quarters, expecting some pressure on individuals due to higher interest rates and high levels of inflation, which are factors that reduce the disposable income of individuals. Therefore, while Santander Brazil’s strategy was to push consumer loans over the past few years, this strategy changed in recent months with a focus on maintaining sound asset quality. Nevertheless, the bank expects the Selic rate to come down and some consumption recovery during 2023, and then it will again push its business toward sustainable growth. Despite slower growth, the bank sees its business improving given that Santander Brazil has been able to increase business diversification, achieve higher customer loyalty, and increased cross-selling. Moreover, in the corporate segment it expects to report the best year in its history, with business being supported from SMEs to large corporates. Regarding costs, the bank’s goal is to remain one of the most efficient banks in Brazil, aiming to reduce its operational costs and maintain good levels of efficiency. Despite that, during the first nine months of the year, its total expenses amounted to $3.2 billion, an increase of 6.8% YoY. Due to the combination of lower revenues and higher costs, the bank’s efficiency deteriorated, but still remains at very good levels. Indeed, its cost-to-income ratio, a key measure of efficiency in the banking sector, was 35.7%, which is still among the best in the banking industry across the globe. Due to slower economic activity and anticipated credit deterioration, Santander Brazil’s allowance for loan losses increased by 63% YoY during the first nine months of 2022, to $3.19 billion. Despite this increase in provisions, the bank’s non-performing loan (NPL) ratio was quite stable at 4.2-4.3% during the past few quarters, showing that loan defaults are still at a moderate pace. However, investors should take into account that credit defaults usually have a time lag of about six to twelve months from the start of an economic downturn, thus a potential higher NPL ratio is a critical factor to follow in the near future. NPL ratio (Santander Brazil) Despite a challenging operating backdrop, with the bank being pressured from lower NII, higher costs and increasing loan loss provisions, its profitability remained at very good levels. Its net income was $2.16 billion in 9M 2022, a decrease of 10% YoY, but its ROE was 19% during this period, down by 2.5 percentage points compared to the same period of last year. This decline is mainly justified by cyclical factors rather than fundamental issues, considering that Santander Brazil continues to increase its customer base at a healthy pace (to 57.7 million at the end of September, +11% YoY), the number of loyal customers, and also the penetration within its existing customers, as shown in the next graph. Customers (Santander Brazil) Therefore, this enlarged customer base and product expansion should be strong supports for higher revenues in the coming quarters, particularly on commissions while on NII new credit volumes should remain somewhat muted through 2023. Regarding asset quality, the bank’s efforts to move its new loans to customers with higher credit ratings in recent months have led to lower delinquencies in the most recent loan vintages, boding well for credit quality in the coming quarters. While it’s expected that higher provisions will continue to be a drag on the bank’s earnings and profitability for a few more quarters, especially if the Brazilian economy enters into recession, the bank is well prepared to resume growth when economic conditions improve. While at this stage it's probably too soon to predict where is the bottom of the current down cycle, Santander Brazil seems confident that business conditions will improve during 2023, most likely in the second half of the year. The street seems to agree with this view given that, according to analysts’ estimates, Santander Brazil is expected to report a slight improvement in revenue and earnings next year compared to 2022, and resume growth from 2024 onwards. Indeed, its revenue is expected to be about $18.5 billion by 2025 (vs. $14 billion in 2022), and its net income should reach $3.7 billion (vs. $2.8 billion this year). This growth should come mainly from organic sources, namely customer growth and higher engagement, even though small acquisitions are not completely ruled out if they fit the bank’s strategy.
Seeking Alpha • Oct 27

Banco Santander (Brasil) S.A. reports Q3 results

Banco Santander (Brasil) S.A. (NYSE:BSBR): Q3 net interest income of R$11.04B Net profit of R$3.43B Press release
Seeking Alpha • Sep 14

Santander Brazil: Beware Of Macroeconomic Headwinds

Summary Santander Brazil has strong fundamentals and a resilient business model, but macroeconomic headwinds may impact its financial performance in the short term. Its capitalization has decreased significantly in recent months, making its distributions less sustainable. While its valuation is reasonable and the bank has good fundamentals, I’m now neutral on its shares due to potential credit quality issues. Banco Santander Brazil (NYSE:BSBR) has a good business profile and a very good level of profitability, which are important factors to manage economic downturns, but credit quality may deteriorate in the coming quarters and impact negatively its earnings, capital position and ability to return excess capital to shareholders. Background As I’ve analyzed in previous articles, I’m bullish on Santander Brazil over the long term as I like its business profile as a quality bank within the Brazilian banking system. The bank is part of the Spanish financial group Banco Santander (SAN), which is its largest shareholder with a stake of about 90% while the rest trades as free-float. Santander Brazil has been listed since 2009, due to Santander’s strategy of its local units having financial autonomy, which means that they don’t rely solely on funding from central operations, and is traded in the U.S. on the New York Stock Exchange through its ADR program. Santander Brazil’s operations are mainly focused on retail banking, being one of the largest private banks in the country. Its credit portfolio amounts to some $90 billion, with more exposure to individuals than corporates, and is well diversified by loan category within the individuals segment, as shown in the next graph. Individual loans (Santander Brazil) Since my last article on Santander Brazil, the bank has maintained its growth strategy of growing organically its business, a strategy that is progressing well as the bank maintained a solid growth path regarding the total number of customers, revenue and earnings growth. Recent Earnings & Growth Santander Brazil’s growth has been quite positive over the past year, as the bank continues to improve its customer offering and service, of which digitalization is a key factor. Santander Brazil has made an effort to move the vast majority of its operations to the cloud, which leads to a simplified offer and processes, and a better customer service through faster delivery times. This strategy is positive both for customer growth and cost reductions, and is one important factor supporting sustainable customer growth and higher engagement with existing customers. As shown in the next graph, while the total number of customers increased by 12% YoY to more than 56 million by the end of last June, the number of customers with six or more products increased by 19% YoY. This shows that a better customer service leads to higher engagement, which is positive for revenue and earnings growth over the long term. Customers (Santander Brazil) During the first six months of 2022, Santander Brazil’s revenues amounted to close to $7 billion, up by 0.8% YoY, as the bank increased fees by 4.8% YoY, but net interest income ('NII') declined by 0.5% YoY due to lower revenue in markets as NII's sensitivity to upward yield curve movements is negative. Regarding costs, Santander Brazil has historically been good at cost control, but inflationary pressures led to wage increases and general expenses increased by 8.4% YoY in the last six months, a higher rate than revenue growth. This leads to a lower efficiency ratio, but nevertheless the bank continues to report a fantastic efficiency, measured by its cost-to-income ratio of only 34.9% in the first semester, among the best in the banking sector globally. Indeed, even though the Santander Group as a good efficiency, its Brazilian unit is clearly superior on this metric considering that the group’s cost-to-income ratio was close to 53% in the first six months of 2022. This is important because a superior level of efficiency is a key factor for Santander Brazil to have a superior profitability level within the banking sector, which seems to be sustainable over the long term as the bank’s track record on cost control has been quite good. On the other hand, a negative factor for the bank’s earnings and profitability in recent quarters have been higher provisions, justified by a global economic slowdown and the prospects of a recession in the near future, plus some deterioration in its consumer business. As the bank is usually conservative in its risk models, provisions increased to nearly $2 billion in H1 2022, an increase of 59.7% YoY. Despite that, its non-performing loans ratio was stable in the last quarter at 2.9% of gross loans, a sign that credit quality remains good for the time being. However, investors should note that credit defaults usually have a time lag of about six to twelve months from the start of an economic downturn, thus this is a critical factor to follow in the next few quarters. Due to much higher provisions, Santander Brazil’s net income was close to $1.6 billion in H1 2022, down by 0.5% YoY, while its profitability level remained at a very good level, measured by the return on equity (ROE) ratio, of 20.7% in the first semester of the year. Going forward, Santander Brazil is expected to maintain a positive operating momentum, especially in its top-line which is expected, according to analysts’ estimates, to grow to about $14 billion in 2022 (+37% YoY), and increase by double-digit in the following two years. However, earnings growth should be slower as the market is expecting provisions and credit quality to be a headwind over the next couple of years, even though the impact on profitability should be manageable and ROE is only expected to drop to 19% by 2024. Despite these headwinds, Santander Brazil’s strategy is not expected to change much, remaining focused on organic growth, even though small bolt-on acquisition may not be ruled out in the future. Its strategy to streamline its operations and invest in technology should also remain key to offering better customer service, which is a key factor to gain customers and increase engagement with its current client base over the long term. Capital & Dividends Regarding its capitalization, Santander Brazil has a good capital situation, given that its core equity tier 1 (CET1) ratio was 11.1% at the end of June, but declined significantly compared to its position on June 2021, due to higher risk weighted assets in market securities justified by higher volatility on capital markets and higher credit risk in its loan portfolio. Capital (Santander Brazil) Even though this is still an adequate capitalization and the bank has a strong balance sheet due to a comfortable funding and liquidity position, the decline in its capital ratio means that its excess capital position has decreased and the bank’s buffer to distribute capital to shareholders is now lower than it was some months ago.
Seeking Alpha • Feb 23

Santander: The Highest Banking Upside In All Of Europe

In today's article, I'm taking a bit of a step to the left (in Europe and Brazil) and moving into Spain. I'm looking at Santander. Banco Santander is a global banking institution with presence in all major financial centers on the planet. It's the 16th-largest on earth. It's a systemically important bank. It's the 37th on the Forbes list of 2000 biggest public companies on earth, and Spain's largest bank with history going back almost 165 years.
Seeking Alpha • Sep 08

Santander Brazil: Diversify Your Income Stream With This Quality Bank Stock

Santander Brazil has strong fundamentals and a resilient business model. Its very high profitability and good level of capitalization allow it to have an interesting capital return policy. Its valuation is attractive considering its profile, but the recent increase in quarterly distributions makes it now a good income play.

Previsioni di crescita degli utili e dei ricavi

NYSE:BSBR - Stime future degli analisti e dati finanziari passati (BRL Millions )
DataRicaviUtiliFlusso di cassa liberoLiquidità dell'operazioneAvg. Numero di analisti
12/31/2028101,59620,792N/AN/A8
12/31/202795,18321,878N/AN/A9
12/31/202688,25421,240N/AN/A9
3/31/202645,72212,8758,92011,938N/A
12/31/202545,66912,7662,1804,992N/A
9/30/202544,37211,924-20,857-18,154N/A
6/30/202544,51611,7334,7317,319N/A
3/31/202547,89613,42230,66633,029N/A
12/31/202447,18513,366-23,500-21,131N/A
9/30/202445,73112,3526,1288,561N/A
6/30/202443,50311,48637,41540,064N/A
3/31/202440,8989,46111,05313,847N/A
12/31/202338,9009,44933,44736,615N/A
9/30/202338,91910,29346,47449,424N/A
6/30/202338,39510,976-12,167-8,741N/A
3/31/202339,11713,526-6,568-3,260N/A
12/31/202241,77714,2874,1286,847N/A
9/30/202234,70015,7347,84312,162N/A
6/30/202238,25616,552-1,993560N/A
3/31/202248,06115,275-4541,838N/A
12/31/202146,84615,5284,4426,807N/A
9/30/202160,70514,9014,7605,124N/A
6/30/202157,62114,42814,24515,669N/A
3/31/202142,67613,61438,44440,195N/A
12/31/202031,10013,41940,31242,318N/A
9/30/202027,83615,16347,51150,886N/A
6/30/202027,18715,27148,10551,188N/A
3/31/202033,60116,65533,35136,561N/A
12/31/201945,42016,407N/A24,872N/A
9/30/201944,27614,648N/A5,777N/A
6/30/201944,61113,926N/A7,350N/A
3/31/201937,71613,366N/A13,917N/A
12/31/201836,95012,582N/A8,277N/A
9/30/201832,89711,314N/A28,131N/A
6/30/201834,15710,452N/A27,499N/A
3/31/201836,6199,789N/A32,470N/A
12/31/201736,0628,924N/A50,291N/A
9/30/201733,3607,966N/A42,865N/A
6/30/201730,0337,901N/A37,903N/A
3/31/201734,1237,492N/A22,808N/A
12/31/201635,6267,335N/A6,749N/A
9/30/201637,1027,394N/A977N/A
6/30/201629,1976,825N/A3,872N/A
3/31/201627,3869,976N/A12,549N/A
12/31/201518,5359,784N/A4,026N/A
9/30/201517,2229,774N/A-5,881N/A
6/30/201522,4129,330N/A13,924N/A

Previsioni di crescita futura degli analisti

Guadagni vs tasso di risparmio: La crescita prevista degli utili di BSBR ( 15.2% all'anno) è superiore al tasso di risparmio ( 3.5% ).

Guadagni vs Mercato: Si prevede che gli utili di BSBR ( 15.2% all'anno) cresceranno più lentamente rispetto al mercato US ( 17.9% all'anno).

Guadagni ad alta crescita: Si prevede che gli utili di BSBR cresceranno, ma non in modo significativo.

Ricavi vs Mercato: Si prevede che il fatturato di BSBR ( 22.3% all'anno) crescerà più rapidamente del mercato US ( 12.5% all'anno).

Ricavi ad alta crescita: Si prevede che il fatturato di BSBR ( 22.3% all'anno) crescerà più rapidamente di 20% all'anno.

Previsioni di crescita dell'utile per azione

Rendimento futuro del capitale proprio

ROE futuro: Si prevede che il Return on Equity di BSBR sarà basso tra 3 anni ( 17.9 %).

Scoprire le aziende in crescita

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Analisi aziendale e situazione dei dati finanziari

DatiUltimo aggiornamento (ora UTC)
Analisi dell'azienda2026/06/10 14:50
Prezzo dell'azione a fine giornata2026/06/10 00:00
Utili2026/03/31
Utili annuali2025/12/31

Fonti dei dati

I dati utilizzati nella nostra analisi aziendale provengono da S&P Global Market Intelligence LLC. I seguenti dati sono utilizzati nel nostro modello di analisi per generare questo report. I dati sono normalizzati, il che può comportare un ritardo nella disponibilità della fonte.

PacchettoDatiTempisticaEsempio Fonte USA *
Dati finanziari della società10 anni
  • Conto economico
  • Rendiconto finanziario
  • Bilancio
Stime di consenso degli analisti+3 anni
  • Previsioni finanziarie
  • Obiettivi di prezzo degli analisti
Prezzi di mercato30 anni
  • Prezzi delle azioni
  • Dividendi, scissioni e azioni
Proprietà10 anni
  • Top azionisti
  • Insider trading
Gestione10 anni
  • Team di leadership
  • Consiglio di amministrazione
Sviluppi principali10 anni
  • Annunci aziendali

* Esempio per i titoli statunitensi, per i titoli non statunitensi si utilizzano forme e fonti normative equivalenti.

Se non specificato, tutti i dati finanziari si basano su un periodo annuale ma vengono aggiornati trimestralmente. Si tratta dei cosiddetti dati TTM (Trailing Twelve Month) o LTM (Last Twelve Month). Per saperne di più.

Modello di analisi e Snowflake

I dettagli del modello di analisi utilizzato per generare questo report sono disponibili sulla nostra pagina Github; abbiamo anche guide su come utilizzare i nostri report e tutorial su Youtube.

Scoprite il team di livello mondiale che ha progettato e realizzato il modello di analisi Simply Wall St.

Metriche di settore e industriali

Le nostre metriche di settore e di sezione sono calcolate ogni 6 ore da Simply Wall St; i dettagli del nostro processo sono disponibili su Github.

Fonti analitiche

Banco Santander (Brasil) S.A. è coperta da 20 analisti. 12 di questi analisti ha fornito le stime di fatturato o di utile utilizzate come input per il nostro report. Le stime degli analisti vengono aggiornate nel corso della giornata.

AnalistaIstituzione
Roberto de Aguiar AttuchBarclays
Rafael ReisBB Banco de Investimento S.A.
Mario Lucio PierryBofA Global Research