The following is a summary of the Banco Santander (Brasil) S.A. (BSBR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Banco Santander (Brasil) S.A. reported a growth in its Net Interest Income (NII) by 14%.

• A profit slightly above BRL3 billion was posted, indicating a quality turnaround in growth.

• The Return on Equity (ROE) slightly exceeded its cost of equity.

• A positive growth in net interest income (NII) of 14.5% compared to the previous year and 7.3% over the last quarter was reported.

• The bank's loan portfolio grew by 5%, with emphasis on auto loans and SMEs.

• Noted was a 10% growth in terms of liabilities over the past 12 months, mainly driven by time deposits and real estate LCI and agribusiness LCA credit notes.

• Despite a slight contraction in quarterly fees due to seasonal factors, an overall year-on-year expansion of 12.8% was observed.

• The net income for the bank was reported at BRL 3 billion, up 41% in 12 months with a year-on-year total revenue increase of 14%.

Business Progress:

• Banco Santander is undergoing a major transformation that includes a redesigned store model and a unique service for Small and Medium Enterprises (SMEs).

• Positive results in customer loyalty and satisfaction were observed via an increased Net Promoter Score (NPS) across all channels, products, and segments.

• With a focus on mass retail, a repositioning strategy was launched to better communicate and establish relationships with clients.

• Over 90% of their clients use their app, indicating an acceleration in their digital-first strategies.

• The bank launched a comprehensive relaunch of its value proposition for a brand repositioning for mass retail with an aim of being more present in its client's lives.

• There are projections of a consistent revenue growth for 2024 due to portfolio diversification, with strategies focused on gradually resuming business dynamics.

• With an aim to improve customer relationships, a new positioning integrative of physical stores into its multi-channel approach was launched.

• An improvement in cost of credit and business growth in select sectors is expected, aiming for a more profitable portfolio.

• To maintain cost control, efforts in optimizing its footprint and cost-to-serve ratio will be maintained.

• There is confidence in their redesigned strategies, particularly in the Select segment where growth is anticipated.

• An improvement in the quality and mix of their portfolio and renegotiating written-off loans to reduce the renegotiated portfolio is expected.

• Banco Santander Brazil expects to have a solid growth of 5% in portfolio year-over-year.

• They are comfortable with the direction they are taking, focusing on quality portfolios and looking to accelerate focus on cards.

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