Santander Brasil 2Q26 Conference Call Highlights

研报英文原文证据摘录

Santander Brasil 2Q26 Conference Call Highlights

J P M O R G A N Latin America Equity Research

29 July 2026

Santander Brasil

2Q26 Conference Call Highlights

SANB hosted its 2Q26 conference call this morning; please see the main highlights Latin American Financials

ACbelow. Yuri R Fernandes

(1-212) 622-3400

Profitability yuri.r.fernandes@jpmorgan.com

J.P. Morgan Securities LLC

• ROEs should remain depressed during 2026, recovering to more reasonable Guilherme Grespan

levels in 2027. (55-11) 4950-3058

• The main profitability drivers should be non-interest income (i.e. fees), lower guilherme.grespan@jpmorgan.comBanco J.P. Morgan S.A.

costs, and a normalization in provisions and client NII.

Fernanda Sayao

NII (55-11) 4950-6588

fernanda.sayao@jpmchase.com

• Believe they will deliver low-single-digit revenue growth given the bank’s Banco J.P. Morgan S.A.

more conservative risk appetite and greater selectivity in origination. Diego Marquez Antonio

(52-55) 5339-94899

• Mix was the main detractor behind the -40bps NIM compression, as the bank diego.marquez@jpmorgan.com

has been reducing exposure in high-risk, high-return portfolios. Also J.P. Morgan Casa de Bolsa, S.A. de C.V., J.P.

mentioned renegotiation of portfolio and select MTM of securities. Morgan Grupo Financiero

• ~10bps out of the ~40bps was driven by funding and market operations,

meaning derisking and others accounted for the remaining ~30bps. SANB11.SA, SANB11 BZ

• Derisking is not a new topic, but SANB is being even more selective and active Overweight

on it (i.e. mentioned how the bank is reducing “unsustainable” renegotiations, Price (28 Jul 26): R$27.67

among others).

BSBR, BSBR US

Asset Quality

Overweight

• Further provisions could be expected given potential model updates from more Price (28 Jul 26): $5.48