Revenue growth remains inconsistent, evidenced by a 2026Q1 net interest income of 16.1 billion BRL that struggles to sustain the 41.0% growth momentum observed in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'03 |
|---|
| Net Interest Income | 118.57B | 57.63B | 56.68B | 46.88B | 47.5B | 51.32B | 44.44B | 44.32B | 41.92B | 34.95B | 30.59B | 31.34B | 27.23B | 28.48B | 31.59B | 27.8B | 24.1B | 22.17B | 11.44B | 6.2B | 2.95B | 0 |
| NII Growth % | 432.65% | 1.69% | 20.89% | -1.3% | -7.43% | 15.47% | 0.27% | 5.72% | 19.96% | 14.25% | -2.4% | 15.09% | -4.39% | -9.84% | 13.64% | 15.36% | 8.7% | 93.8% | 84.62% | 109.94% | - | - |
| Net Interest Margin % | 9.16% | 4.54% | 4.58% | 4.2% | 4.82% | 5.51% | 4.76% | 5.83% | 5.79% | 5.41% | 4.82% | 5.18% | 5.23% | 6.29% | 7.47% | 6.94% | 6.43% | 7.02% | 3.89% | 5.34% | 2.89% | 0% |
| Interest Income | 337.34B | 162.49B | 137.18B | 128.28B | 115.23B | 77.99B | 62.77B | 72.84B | 70.48B | 71.42B | 77.15B | 69.87B | 58.92B | 51.22B | 52.64B | 51.72B | 40.91B | 39.34B | 23.77B | 13.2B | 7.31B | 0 |
| Interest Expense | 218.77B | 104.86B | 80.5B | 81.4B | 67.72B | 26.67B | 18.33B | 28.52B | 28.56B | 36.47B | 46.56B | 38.53B | 31.7B | 22.74B | 21.06B | 23.92B | 16.81B | 17.18B | 12.33B | 7B | 4.36B | 0 |
| Loan Loss Provision | 37.73B | 4.98B | 4.6B | 4.42B | 1.22B | 2.18B | 1.66B | 3.68B | 2B | 3.31B | 2.72B | 4B | 2.04B | 2.69B | 2.06B | 2.99B | 1.97B | 3.48B | 1.23B | 1.2B | 0 | 0 |
| Non-Interest Income | 17.5B | -10.95B | -8.16B | -6.92B | -4.33B | -2.64B | -11.89B | 2.63B | -3.58B | 2.94B | 6.22B | -13.36B | -2.84B | -6.12B | -8.55B | -1.37B | 988.64M | -1.18B | 284.27M | 2.97B | 2.1B | 7.17B |
| Non-Interest Income % | 4.93% | -7.23% | -6.32% | -5.7% | -3.9% | -3.51% | -23.37% | 3.48% | -5.35% | 3.95% | 7.46% | -23.64% | -5.06% | -13.56% | -19.38% | -2.73% | 2.36% | -3.09% | 1.18% | 18.37% | 22.31% | 100% |
| Total Revenue | 354.84B | 151.54B | 129.02B | 121.36B | 110.9B | 75.34B | 50.88B | 75.47B | 66.9B | 74.36B | 83.36B | 56.51B | 56.09B | 45.1B | 44.1B | 50.34B | 41.9B | 38.16B | 24.05B | 16.17B | 9.41B | 7.17B |
| Revenue Growth % | 655.73% | 17.45% | 6.31% | 9.44% | 47.19% | 48.07% | -32.57% | 12.81% | -10.03% | -10.8% | 47.52% | 0.76% | 24.35% | 2.28% | -12.41% | 20.16% | 9.78% | 58.67% | 48.77% | 71.9% | 31.17% | - |
| Non-Interest Expense | 60.68B | 24.97B | 24.73B | 23.62B | 22.38B | 21.74B | 21.23B | 20.99B | 20.43B | 20.06B | 17.69B | 17.19B | 15.91B | 15.65B | 15.51B | 14.67B | 13.11B | 9.37B | 7.94B | 5.28B | 4.04B | 867.69M |
| Efficiency Ratio | 17.1% | 16.48% | 19.17% | 19.46% | 20.18% | 28.86% | 41.73% | 27.82% | 30.54% | 26.98% | 21.23% | 30.42% | 28.37% | 34.71% | 35.17% | 29.13% | 31.3% | 24.55% | 33.02% | 32.67% | 43% | 12.1% |
| Operating Income | 37.66B | 16.73B | 19.19B | 11.92B | 19.57B | 24.75B | 9.66B | 22.27B | 15.91B | 14.51B | 16.38B | -3.22B | 6.44B | 4.02B | 5.47B | 8.77B | 10B | 8.14B | 2.55B | 2.69B | 1B | 1.56B |
| Operating Margin % | 10.61% | 11.04% | 14.87% | 9.82% | 17.65% | 32.85% | 18.99% | 29.51% | 23.78% | 19.52% | 19.65% | -5.69% | 11.49% | 8.91% | 12.42% | 17.43% | 23.86% | 21.32% | 10.6% | 16.62% | 10.68% | 21.76% |
| Operating Income Growth % | - | -12.83% | 60.97% | -39.1% | -20.91% | 156.11% | -56.61% | 40% | 9.62% | -11.42% | 609.49% | -149.91% | 60.35% | -26.61% | -37.6% | -12.23% | 22.85% | 219.25% | -5.15% | 167.43% | -35.59% | - |
| Pretax Income | 37.66B | 16.73B | 19.19B | 11.92B | 19.57B | 24.75B | 9.66B | 22.27B | 15.91B | 14.51B | 16.38B | -3.22B | 6.44B | 4.02B | 5.47B | 8.77B | 10B | 8.14B | 2.55B | 2.69B | 1B | 1.76B |
| Pretax Margin % | 10.61% | 11.04% | 14.87% | 9.82% | 17.65% | 32.85% | 18.99% | 29.51% | 23.78% | 19.52% | 19.65% | -5.69% | 11.49% | 8.91% | 12.42% | 17.43% | 23.86% | 21.32% | 10.6% | 16.62% | 10.68% | 24.58% |
| Income Tax | 8.8B | 3.76B | 5.78B | 2.42B | 5.24B | 9.19B | -3.79B | 5.64B | 3.11B | 5.38B | 8.92B | -13.05B | 735.55M | 233.6M | 37.01M | 1.1B | 2.61B | 2.63B | 170.21M | 784.14M | 53.19M | 91.28M |
| Effective Tax Rate % | 23.37% | 22.5% | 30.1% | 20.32% | 26.74% | 37.13% | -39.18% | 25.33% | 19.55% | 37.04% | 54.44% | 405.8% | 11.42% | 5.81% | 0.68% | 12.55% | 26.15% | 32.31% | 6.68% | 29.18% | 5.29% | 5.18% |
| Net Income | 29.04B | 12.77B | 13.37B | 9.45B | 14.29B | 15.53B | 13.42B | 16.41B | 12.58B | 8.92B | 7.33B | 9.78B | 5.63B | 5.72B | 5.48B | 7.74B | 7.38B | 5.51B | 2.38B | 1.9B | 803.62M | 1.62B |
| Net Margin % | 8.18% | 8.42% | 10.36% | 7.79% | 12.88% | 20.61% | 26.37% | 21.74% | 18.81% | 12% | 8.8% | 17.31% | 10.04% | 12.69% | 12.43% | 15.37% | 17.62% | 14.43% | 9.89% | 11.77% | 8.54% | 22.66% |
| Net Income Growth % | 116.38% | -4.49% | 41.44% | -33.86% | -7.99% | 15.72% | -18.21% | 30.4% | 40.99% | 21.67% | -25.03% | 73.78% | -1.63% | 4.39% | -29.16% | 4.84% | 34.03% | 131.57% | 24.98% | 136.8% | -50.54% | - |
| Net Income (Continuing) | 28.86B | 12.97B | 13.41B | 9.5B | 14.34B | 15.56B | 13.45B | 16.63B | 12.8B | 9.14B | 7.46B | 9.83B | 5.71B | 3.78B | 5.44B | 7.67B | 7.38B | 5.51B | 2.38B | 1.9B | 945.75M | 1.67B |
| EPS (Diluted) | 3.88 | 1.63 | 0.87 | 0.62 | 1.90 | 2.08 | 1.80 | 2.20 | 1.68 | 1.13 | 0.93 | 1.24 | 0.74 | 0.79 | 0.72 | 1.02 | 0.99 | 0.84 | 0.64 | 0.77 | 0.33 | 0.00 |
| EPS Growth % | 202.27% | 87.36% | 40.32% | -67.37% | -8.65% | 15.56% | -18.18% | 30.95% | 48.67% | 21.51% | -25% | 67.57% | -6.33% | 9.72% | -29.41% | 3.03% | 17.86% | 31.25% | -16.88% | 133.33% | - | - |
| EPS (Basic) | - | 1.63 | 0.87 | 0.62 | 1.92 | 2.08 | 1.80 | 2.20 | 1.68 | 1.13 | 0.93 | 1.24 | 0.74 | 0.79 | 0.72 | 1.02 | 0.99 | 0.84 | 0.64 | 0.77 | 0.33 | 0.00 |
| Diluted Shares Outstanding | 7.49B | 3.8B | 7.46B | 7.45B | 7.51B | 7.47B | 7.46B | 7.47B | 7.49B | 7.51B | 7.53B | 7.55B | 7.57B | 7.24B | 7.24B | 7.26B | 7.26B | 6.25B | 3.57B | 2.36B | 2.47B | 0 |
Credit quality and SELIC volatility
As reported in recent financial statements, BSBR's net interest income reached 16.1 billion BRL in 2026Q1, reflecting an 8.7% growth rate that appears to be struggling to maintain the momentum observed in previous quarters, particularly when contrasted against the significant 41.0% surge recorded during 2024Q2.
The inconsistency in NII growth suggests that the bank is highly sensitive to the shifting SELIC rate environment and the resulting impact on loan demand. Investors should monitor whether the current trajectory indicates a structural ceiling in interest-earning asset expansion or merely a temporary pause in credit cycle acceleration.
Based on the provided quarterly data, BSBR's net interest margin has remained stubbornly anchored between 1.1% and 1.2% over the last ten quarters, suggesting that the bank is currently unable to expand its spread despite the volatile interest rate environment characterizing the Brazilian financial landscape.
This persistent margin compression implies that funding costs are rising in lockstep with asset yields, likely driven by intense competition for deposits and the high cost of liquidity in the local market. The lack of margin expansion warrants further investigation into the bank's ability to reprice its loan book effectively.
According to the bank's historical filings, the efficiency ratio has exhibited significant volatility, ranging from a low of 12.9% in 2024Q2 to a high of 25.6% in 2024Q4, which indicates that the bank's operating leverage is currently inconsistent and potentially vulnerable to rising administrative overhead costs.
The inability to maintain a stable efficiency ratio suggests that the bank's digital transformation efforts may not yet be yielding the expected operating leverage. This volatility may indicate that the bank is forced to incur recurring, non-linear expenses to defend its market share against aggressive digital-native competitors.
As evidenced by the quarterly income statements, provision expenses for loan losses have fluctuated significantly, peaking at 34.1 billion BRL in 2025Q3, which suggests that the bank is navigating a challenging credit environment that may be impacting its overall profitability and capital allocation flexibility.
The sharp spikes in provision expenses appear to correlate with periods of heightened economic uncertainty, implying that the bank's retail and auto-loan portfolios remain sensitive to consumer debt service capacity. Analysts should monitor whether these provisioning levels are sufficient to cover potential defaults in a high-interest-rate scenario.
Based on the reported figures, BSBR's non-interest income has frequently turned negative, with a notable deficit of 4.1 billion BRL in 2026Q1, highlighting a persistent struggle to generate consistent fee-based revenue in an increasingly competitive and regulated Brazilian banking ecosystem.
The recurring negative fee income suggests that the bank's transactional and advisory business lines are being eroded by regulatory caps and the rise of zero-fee digital payment alternatives. This trend may indicate a long-term structural decline in the bank's ability to diversify its revenue base away from interest income.
Quick answers to the most common questions about buying BSBR stock.
Banco Santander (Brasil) S.A. (BSBR) is profitable, generating $12.77B in net income for the fiscal year ending 2025 with a net profit margin of 8.4%.
Banco Santander (Brasil) S.A. (BSBR) reported an operating income of $16.73B, resulting in an operating profit margin of 11.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Banco Santander (Brasil) S.A. (BSBR) generated $41.70B in gross profit for the year, representing a gross profit margin of 27.5%. This demonstrates the company's core pricing power and production efficiency.