Santander Brasil's Q3 net income up 18% from previous quarter (updated)

Banco Santander Brasil SA

25/10/2023 11:09

(Adds remarks, other metrics in paragraphs 3-4)
       SAO PAULO, Oct 25 (Reuters) - Santander Brasil
 SANB3.SA  on Wednesday reported a third-quarter net income of
2.73 billion reais ($547 million), up 18.2% from the previous
quarter.
    Analysts polled by LSEG had expected 2.75 billion reais in
profit.
    The bank said in a securities filing it managed to improve
its asset quality in the quarter, reaching the lowest cost of
credit since early 2022, as it continues to be more selective in
lending amid deteriorating credit conditions.
    Santander's provisions for loan losses fell 6%
quarter-on-quarter to 5.62 billion reais.
    
    ($1 = 4.9924 reais)

 (Reporting by Gabriel Araujo; editing by Jason Neely and Steven
Grattan)
 ((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))