Santander Brasil beats first-quarter estimates but defaults soar
SAO PAULO, April 25 (Reuters) - Banco Santander Brasil SA , the nation's largest foreign lender, posted first-quarter earnings on Thursday that beat analysts' expectations.
Recurring profit, or net income excluding one-off items, plunged 14.2 percent to 1.518 billion reais ($755 million) from the prior three months, the bank said in a securities filing. Santander Brasil was expected to earn 1.33 billion reais in the quarter, according to an estimate of 10 analysts in a Thomson Reuters survey.
The profit came despite a surge in bad loan provisions and defaults and a decline in interest income. Late on Wednesday, the lender announced that it had appointed Jesús Zabalza as chief executive officer, replacing Marcial Portela Álvarez.
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