Banco Santander Brasil (SANB11) posted recurring managerial net income of R$ 2.885 billion in the third quarter of 2026 (3Q26), down 4.3% compared to 2Q26 and 28.0% versus 3Q25. Recurring managerial return on average equity (ROAE), excluding annualized goodwill, was 11.9% in the period. Accounting net income totaled R$ 2.833 billion in the quarter.
The financial margin reached R$ 14.958 billion in 3Q26, a decrease of 2.5% in three months and 1.6% in 12 months. The margin with clients was R$ 15.853 billion, down 1.3% in the quarter and 4.2% in one year, mainly influenced by the credit mix effect, with a smaller share of the low-income segment. The market margin showed a negative result of R$ 895 million, a deterioration of 24.7% versus 2Q26, but an improvement of 33.6% year over year.
Fees and commissions totaled R$ 5.417 billion in 3Q26, an increase of 1.6% over the previous quarter and a decline of 2.4% compared to 3Q25. Card and insurance revenues grew in the period, while brokerage and securities placement declined amid lower capital markets activity. Provision expenses for doubtful accounts (loan loss provisions) were a negative R$ 7.460 billion, a 2.5% decrease in the quarter and a 14.4% increase in one year, in a still challenging credit environment.
General expenses totaled R$ 6.383 billion in 3Q26, down 3.0% compared to 2Q26 and 0.6% versus 3Q25, with reductions in both personnel and administrative expenses. The efficiency ratio stood at 38.8%, an improvement of 0.4 percentage point (p.p.) in the quarter and a deterioration of 1.3 p.p. in 12 months. The 12‑month annualized cost of credit reached 3.89%, a slight increase of 0.1 p.p. on a quarterly comparison and practically stable year over year.
The expanded loan portfolio closed September 2026 at R$ 721.264 billion, growth of 0.9% in the quarter and 4.7% in 12 months, driven by large corporates, SMEs and consumer finance. Customer funding reached R$ 701.316 billion, an increase of 1.9% versus June and 6.3% in one year. The nonperforming loan ratio over 90 days reached 3.4% in 3Q26, up 0.1 p.p. in three months and 0.6 p.p. in 12 months, while the Basel ratio was 15.1% and core capital (CET1) 10.9%.
