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Earnings Call Summary | Banco Santander (Brasil)(BSBR.US) Q4 2023 Earnings Conference

Futu News ·  Feb 1 01:41  · Conference Call

The following is a summary of the Banco Santander, S.A. (BSBR) Q4 2023 Earnings Call Transcript:

Financial Performance:

  • Banco Santander reported an almost 5% YoY and 4.8% QoQ growth in net interest income (NII).

  • The growth in net interest income in Q4 was 12.3%.

  • The loan book saw an increase of 9% YoY with a significant expansion in retail for individuals, vehicles, and SMEs.

  • The bank recorded a Q4 net income of R$2.2 billion with total revenues growing by 11% and net income by 30% in comparison to Q4 2022.

  • Managerial profitability was 12.3%.

  • Asset quality improved with a downward trend in the total cost of credit, closing the year at 4% and a downward trend in the renegotiated portfolio, reaching 6.3% of the total portfolio.

Business Progress:

  • Banco Santander continues with its strategy of portfolio diversification, expanding its credit line and client base with 65 million customers.

  • The bank has been focusing on improving customer loyalty.

  • There is a strategic focus on the high-income segment with a target to achieve 2 million such customers and on the mass retail segment with simplified product offerings.

  • The bank has doubled its agribusiness portfolio and focuses on growing consumer finance operations.

  • The bank heavily invests in technological advancements with 95% operations running in the cloud and in Generative AI to encourage innovation.

  • The bank is planning to improve client satisfaction, reposition in the retail sector, and strengthen its digital capabilities for an enhanced customer experience in 2024.

  • Revenue expansion and client growth for 2024 are the top priorities of the bank, utilizing credit portfolio diversification to drive growth.

  • The bank also plans to increase the share of SME in the total portfolio, expand top-line growth, and digital footprint in 2024.

More details: Banco Santander (Brasil) IR

Tips: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.

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