Want to see BSBR full AI Analyst Report?
Top Page
Banco Santander Brasil
(NYSE:BSBR)
Select Model
Select Model
Rating:59Neutral
Price Target:
$5.00
▼(-13.94% Downside)
Action:Reiterated
Date:10/28/26
The score is driven primarily by improving but still volatile financial performance (strong TTM revenue and profitability, but uneven cash flow) and weak technicals (below key moving averages with negative MACD). Valuation is a headwind due to a higher P/E despite a moderate dividend, while the earnings call adds modest support from a more positive 2027 outlook and efficiency gains, offset by ongoing credit and spread pressures.
Positive Factors
Broad-based growth
Strong TTM revenue growth alongside expansion in several lending segments indicates broad customer demand rather than reliance on one product. A diversified retail, SME and corporate platform can support recurring income and improve resilience across changing credit cycles.
Negative Factors
Credit quality pressure
Persistent weakness in agribusiness and vulnerable retail borrowers can keep credit costs elevated and constrain profitable loan growth. Higher provisioning reduces earnings capacity, while deterioration across multiple borrower groups increases the risk that losses remain structurally above target.
Read all positive and negative factors
Positive Factors
Negative Factors
Broad-based growth
Strong TTM revenue growth alongside expansion in several lending segments indicates broad customer demand rather than reliance on one product. A diversified retail, SME and corporate platform can support recurring income and improve resilience across changing credit cycles.
Read all positive factors
Banco Santander Brasil (BSBR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$17.07B
Dividend Yield3.25%
Average Volume (3M)3.92M
Price to Earnings (P/E)24.8
Beta (1Y)0.66
Revenue Growth20.73%
EPS Growth27.11%
CountryUS
Employees49,661
SectorFinancial
Sector Strength70
IndustryBanks - Regional
Share Statistics
EPS (TTM)3.13
Shares Outstanding3,818,695,000
10 Day Avg. Volume3,689,340
30 Day Avg. Volume3,921,394
Financial Highlights & Ratios
PEG Ratio-8.77
Price to Book (P/B)2.00
Price to Sales (P/S)1.65
P/FCF Ratio187.33
Enterprise Value/Market Cap4.70
Enterprise Value/Revenue0.22
Enterprise Value/Gross Profit0.80
Enterprise Value/Ebitda1.92
Forecast
1Y Price Target
$6.10Price Target Upside4.99% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)0.73
Revenue Forecast (FY)$16.47B
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 mainly from banking intermediation and fee-based services. A primary earnings driver is net interest income, which is the spread between interest earned on interest-bearing assets (such as consumer loans, c...
Banco Santander Brasil Earnings Call Summary
Earnings Call Date:Oct 28, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 03, 2027
Earnings Call Sentiment Neutral
The call was mixed but constructive. Santander reported solid client growth, targeted loan expansion, stronger transactional deposits, expense growth well below inflation, improved efficiency, and better performance in newer credit cohorts. However, recurring net income and ROE remain below target, client and market NII were under pressure, wholesale one-off provisions affected the quarter, and asset-quality challenges persisted in agribusiness and retail segments. Management's outlook for 2027 was more positive, but the near-term macroeconomic and credit environment remains challenging.Positive Updates
Client Base and Santander Rewards Growth
Santander ended the third quarter of 2026 with 76.9 million clients, a 6% increase over 12 months. Santander Rewards reached around 700,000 clients; participants increased their spending by more than 10% versus clients with a similar pattern, with a similar pattern in investments.
Negative Updates
Profitability Remains Below Target
Recurring net income was close to BRL 2.9 billion and ROE was 11.9%. Management said these figures remain below the profitability levels it is aiming for, with the quarter reflecting lower profitability.
Read all updates
Q3-2026 Updates
Positive
Negative
Client Base and Santander Rewards Growth
Santander ended the third quarter of 2026 with 76.9 million clients, a 6% increase over 12 months. Santander Rewards reached around 700,000 clients; participants increased their spending by more than 10% versus clients with a similar pattern, with a similar pattern in investments.
Read all positive updates
Company Guidance
Management said its expectation is that “things will improve in 2027,” with a “more positive” outlook for market NII, although there will be a “negative result in the agribusiness portfolio” that will be “better than what we had in 2026”; the hedged result is expected to be “significantly less than the loss that we posted in the first 9 months.” Management is “very optimistic in terms of NII growth in 2027,” but said, “I do not want to share any numbers.” The bank intends to grow in SMEs through transaction-linked credit and services-linked credit, with about 25% of the portfolio supported by Pronampe and FGO, depending on the environment and interest rates; changes in write-offs are expected to “normalize throughout 2027,” including secured consumer finance terms of “18 increasing to 21 months” and a mortgage exception of “455 days” versus “360 days” for the whole portfolio.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 Technical Analysis
Negative
5.81
Price Trends
5.64
Negative
5.47
Negative
5.70
Negative
Market Momentum
-0.20
Positive
23.61
Positive
3.65
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BSBR, the sentiment is Negative. The current price of 5.81 is above the 20-day moving average (MA) of 5.48, above the 50-day MA of 5.64, and above the 200-day MA of 5.70, indicating a bearish trend. The MACD of -0.20 indicates Positive momentum. The RSI at 23.61 is Positive, neither overbought nor oversold. The STOCH value of 3.65 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for BSBR.
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 |
|---|---|---|---|---|---|---|---|
85 Outperform | $28.91B | 13.59 | 19.58% | 4.02% | 23.90% | 27.55% | |
72 Outperform | $15.02B | 13.54 | 22.03% | 4.68% | 7.69% | 9.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $19.68B | 16.02 | 21.27% | 5.67% | 3.94% | 3.40% | |
64 Neutral | $4.51B | 15.03 | 7.73% | 8.10% | 4.03% | -24.70% | |
63 Neutral | $29.30B | 5.51 | 14.24% | 11.24% | 29.04% | 34.36% | |
59 Neutral | $17.07B | 24.85 | 11.81% | 3.25% | 20.73% | 27.11% |
* Financial Sector Average
BSBR
Banco Santander Brasil
4.54
-0.79
-14.77%
BBD
Banco Bradesco SA
2.73
-0.60
-18.02%
BCH
Banco De Chile
38.60
5.45
16.43%
BMA
Banco Macro SA
60.21
-21.48
-26.29%
BSAC
Banco Santander Chile
31.64
4.33
15.87%
BAP
Credicorp
364.08
112.77
44.88%
Banco Santander Brasil Corporate Events
Banco Santander Brasil Files October 2026 Form 6-K with U.S. SEC
Oct 28, 2026
Banco Santander (Brasil) S.A. filed a Form 6-K report with the U.S. Securities and Exchange Commission for October 2026, confirming its status as a foreign private issuer that reports annually on Form 20-F. The document, signed in São Paulo o...
Banco Santander Brasil Files October 2026 Form 6-K with U.S. SEC
Oct 28, 2026
On October 28, 2026, Banco Santander (Brasil) S.A. filed a Form 6-K with the U.S. Securities and Exchange Commission for the month of October 2026 as a foreign private issuer. The filing, signed by executive officers Reginaldo Antonio Ribeiro and ...
Santander Brasil Board Approves R$1.5 Billion Interest on Equity for 2026
Oct 9, 2026
On October 9, 2026, Banco Santander (Brasil)’s board of directors met by conference call and approved the declaration of R$1.5 billion in interest on equity for the 2026 fiscal year, equivalent to specific gross amounts per common share, pre...
Banco Santander Brasil Announces R$1.5 Billion Interest on Equity Distribution for 2026
Oct 9, 2026
On October 9, 2026, Banco Santander Brasil’s board approved a proposal to distribute R$1.5 billion in interest on equity for the 2026 fiscal year, subject to ratification by the ordinary shareholders’ meeting in 2027. The net amount af...
Banco Santander Brasil Board Accepts Director’s Resignation in Governance Shift
Oct 2, 2026
On September 25, 2026, Banco Santander Brasil’s Board of Directors met by videoconference in São Paulo with full attendance, dispensing with a formal call notice. The meeting, chaired by Deborah Stern Vieitas with Bruno Carneiro as secr...
Banco Santander Brasil Advances Exchange Offer Process With Key CVM and SEC Filings
Sep 22, 2026
On September 21, 2026, Banco Santander (Brasil) S.A. reported that its parent Banco Santander, S.A. advanced the planned voluntary exchange offers for Santander Brasil securities in Brazil and the U.S. by submitting a series of key regulatory fili...
Banco Santander Brasil Files Interim 2026 Results Amid Volatile Global Backdrop
Sep 1, 2026
Banco Santander (Brasil) S.A. released its condensed consolidated financial statements for the semester ended June 30, 2026, prepared under IAS 34 and to be published on July 29, 2026. The disclosure includes detailed balance sheet, income, cash f...
Banco Santander Brasil Reshapes Remuneration Committee After Board Meeting in Late August 2026
Aug 26, 2026
On August 25, 2026, Banco Santander (Brasil) S.A.’s board of directors met by conference call in São Paulo and unanimously accepted the resignation of Luiz Fernando Sanzogo Giorgi from the bank’s Remuneration Committee. The board ...
Santander Brasil Bolsters Tier II Capital with BRL 600 Million Subordinated Issue
Aug 19, 2026
On August 19, 2026, Santander Brasil announced it had issued subordinated financial bills totaling BRL 600.3 million in a private placement to investors. The securities carry a 10-year maturity with a repurchase option from 2031, and are structure...
Banco Santander Brasil Publishes Detailed Voting Results from August Extraordinary General Meeting
Aug 19, 2026
Banco Santander Brasil has released the final detailed voting map from its Extraordinary General Meeting held on August 18, 2026, in São Paulo, consolidating both remote and in-person ballots in line with Brazilian securities regulator CVM Re...
Santander Brasil Expands Board to Thirteen Directors After August EGM
Aug 18, 2026
On August 18, 2026, Banco Santander Brasil held an extraordinary general meeting at its São Paulo headquarters, with shareholders representing 95.85% of voting capital participating in person and via remote ballots. The meeting followed prope...
Banco Santander Brasil Publishes Remote Voting Map Ahead of August 18 Extraordinary Meeting
Aug 17, 2026
On August 17, 2026, Banco Santander Brasil released a consolidated remote voting map ahead of an Extraordinary General Meeting scheduled for August 18, 2026, detailing shareholder instructions on key corporate governance items. The publication sho...
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...
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.