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What were the key takeaways from Banco Santander (Brasil)’s earnings call?

- **Revenue Resilience**: Q3 net profit of BRL 4 billion, up 10% QoQ, driven by client NII growth and disciplined pricing.
- **Customer Obsession**: 73 million customers, record NPS scores, and 4x higher digital conversion rates via AI.
- **Cost Efficiency**: 0.2% OpEx growth QoQ, 0.5% YoY, with efficiency ratio improving 140bps YoY.
- **Strategic Initiatives**: 'One App' adoption surging, with 2.3 million users and full rollout by year-end.
- **Growth Drivers**: SMEs and consumer finance leading 10%+ annual growth, offsetting mass retail contraction.
- **Risk Management**: Provisions improved 140bps YoY, with Stage 3 loans reduced through portfolio derisking.

**【CEO Summary Section】**
- Q3 net profit reached BRL 4 billion, up 10% QoQ and 12% YoY, marking a return to pre-pandemic levels.
- Client NII grew 2.7% QoQ and 11.1% YoY, driven by disciplined pricing and portfolio diversification.
- Customer base expanded to 73 million, with a record 61-point individual NPS and 52-point company NPS.
- AI-driven initiatives boosted digital interactions, with 4x higher conversion rates in salary portability and 3x in card openings.
- Launched the 'One App' for seamless customer experience, with 2.3 million users and full rollout expected by year-end.

**【CFO Financial Commentary】**
- GAAP net income of BRL 4 billion, with Non-GAAP EPS exceeding expectations due to fee growth (6.7% QoQ) and cost control (0.2% OpEx growth).
- Market NII decline due to higher Selic rates and inverted yield curve, but client NII offset this with 11.1% YoY growth.
- Provisions improved 140bps YoY to 3.4%, reflecting better portfolio quality and risk management.
- Efficiency ratio improved 140bps YoY to 37.5%, with expenses growing below inflation (0.5% YoY).

**【Q&A Highlights】**
- **One App Impact**: Focus on customer experience and cross-selling, with 80% of users rating the app 'excellent'.
- **Regulatory Changes**: Positive outlook for real estate credit and home equity loans, despite FGTS policy changes.
- **Portfolio Growth**: Disciplined expansion in high-margin segments (SMEs, consumer finance) with 10%+ annual growth targets.
- **PIX in Installments**: Seeking regulatory clarity to maintain integrated customer journeys, with PIX credit card adoption accelerating.
- **Funding Mix**: Shifting to retail deposits (DDA growth 14.5% YoY), reducing wholesale funding costs by 100bps YoY.
- **Tax Rate**: Low Q3 rate (4%) due to interest on own capital; expect normalization as PBT grows sustainably.

Banco Santander (Brasil) S.A. (BSBR) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

BSBR

BSBR fundamentals

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