Banco Santander (Brasil) (SANB4) investor relations material

Executive summary

• Net profit for Q1 2026 was R$3.8 billion, down 7.3% quarter-on-quarter and 1.9% year-on-year, with ROE at 16.0% (down 1.6 p.p. QoQ and 1.5 p.p. YoY).

• Profit before taxes reached R$4.6 billion, up 5.4% sequentially but down 3.5% year-over-year.

• Total revenues grew 0.8% QoQ and 0.9% YoY to R$21.2 billion; net interest income rose 3.1% QoQ but fell 0.7% YoY.

• Customer base expanded 6% YoY to 75.2 million, with 34.2 million active customers (+3% YoY).

• Expenses remained stable QoQ and rose 0.9% YoY, below inflation, reflecting strict cost control.

Financial highlights

• Net interest income totaled R$15.8 billion, up 3.1% QoQ but down 0.7% YoY.

• Fee income was R$5.4 billion, down 5.5% QoQ but up 5.8% YoY, led by cards (+9.8%) and insurance (+12.2%).

• Efficiency ratio improved to 37.7%, down 1.1 p.p. QoQ and up 0.5 p.p. YoY.

• Cost of risk remained stable at 3.73% both sequentially and year-over-year.

• CET1 ratio at 11.2% and BIS ratio at 15.2%, reflecting a strong capital position.

Outlook and guidance

• Focus on sustainable long-term growth, customer experience, and disciplined capital allocation.

• Continued investment in technology, automation, and digital channels to enhance efficiency and customer journeys.

• Emphasis on expanding high-income and SME segments, with ongoing derisking of low-income portfolios.

• Expectation to absorb all DTAs by 2027–2028, depending on commercial activity.

• Cost of risk expected to remain stable, with potential for reduction as portfolio quality improves.