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Banco Santander Brasil
(NYSE:BSBR)
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Rating:60Neutral
Price Target:
$6.00
â–²(3.27% Upside)
Action:Reiterated
Date:10/06/26
BSBR scores moderately: improving TTM profitability and controlled leverage are the main positives, but inconsistent cash-flow conversion and earnings volatility cap the financial-performance score. Valuation is a clear headwind (high P/E with a low yield). Technicals are neutral-to-soft (negative MACD, otherwise range-bound). The latest earnings call reinforces a cautious outlook, with strong execution and cost discipline offset by provisioning and NII/spread pressure and a longer path to recovery.
Positive Factors
Client and deposit growth
A growing customer base and faster transactional-deposit expansion strengthen Santander Brasil’s recurring funding franchise. Greater client engagement can support cross-selling, improve funding composition, and provide a durable platform for lending and fee growth over coming quarters.
Negative Factors
Elevated credit provisions
High provisioning is absorbing a substantial portion of operating progress and directly constrains recurring profitability. Specific wholesale cases, methodology changes, and elevated credit costs indicate that earnings recovery remains exposed to asset-quality pressure across several borrower segments.
Read all positive and negative factors
Positive Factors
Negative Factors
Client and deposit growth
A growing customer base and faster transactional-deposit expansion strengthen Santander Brasil’s recurring funding franchise. Greater client engagement can support cross-selling, improve funding composition, and provide a durable platform for lending and fee growth over coming quarters.
Read all positive factors
Banco Santander Brasil (BSBR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.05B
Dividend Yield2.6%
Average Volume (3M)3.56M
Price to Earnings (P/E)28.7
Beta (1Y)0.67
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. Volume3,183,594
30 Day Avg. Volume3,560,219
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 Cap3.81
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)$16.48B
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: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 Technical Analysis
Negative
5.81
Price Trends
5.70
Negative
5.48
Positive
5.72
Negative
Market Momentum
-0.04
Positive
43.77
Neutral
20.65
Neutral
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 5.62, above the 50-day MA of 5.70, and above the 200-day MA of 5.72, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 43.77 is Neutral, neither overbought nor oversold. The STOCH value of 20.65 is Neutral, 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 | $30.84B | 14.43 | 19.58% | 3.77% | 23.90% | 27.55% | |
72 Outperform | $15.63B | 13.86 | 22.63% | 4.49% | 7.69% | 9.88% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $20.11B | 16.16 | 21.49% | 5.52% | 3.94% | 3.40% | |
64 Neutral | $4.69B | 15.83 | 7.73% | 7.58% | 4.03% | -24.70% | |
60 Neutral | $21.05B | 28.70 | 11.81% | 2.60% | 20.73% | 27.11% | |
59 Neutral | $43.24B | 8.08 | 13.60% | 5.81% | 32.37% | 27.68% |
* Financial Sector Average
BSBR
Banco Santander Brasil
5.50
0.42
8.29%
BBD
Banco Bradesco SA
3.95
0.78
24.64%
BCH
Banco De Chile
38.53
6.60
20.67%
BMA
Banco Macro SA
62.95
7.29
13.09%
BSAC
Banco Santander Chile
31.96
4.58
16.71%
BAP
Credicorp
371.05
124.93
50.76%
Banco Santander Brasil Corporate Events
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...
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...
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.