BSBR - Banco Santander (Brasil) S.A. (BSBR) Q1 2025 Earnings Call Transcript
2025-05-01 12:31:21 ET
Banco Santander (Brasil) S.A. (BSBR)
Q1 2025 Earnings Conference Call
April 30, 2025, 09:00 AM ET
Company Participants
Camila Toledo - Head of IR and Market Intelligence
Mario Leão - CEO
Gustavo Alejo Viviani - EVP and CFO
Conference Call Participants
Daniel Vaz - Safra Bank
Yuri Fernandes - JPMorgan
Gustavo Schroden - Citibank
Pedro Leduc - Itaú BBA
Marcelo Mizrahi - Bradesco BBI
Thiago Batista - UBS
Eduardo Rosman - BTG Pactual
Antonio Ruette - Bank of America
Presentation
Camila Toledo
Good morning, everyone, and thank you for joining us once again for our video conference on the results for the first quarter of 2025. We are live from our headquarters in Sao Paulo, and we will split this event into three parts. First, our CEO, Mario Leão, will talk about the main highlights of the quarter and the directions for growth in the coming periods. Next, our CFO, Gustavo Alejo, will provide a detailed analysis of our performance. And finally, we'll have a Q&A session.
Well, I will now proceed with some instructions. [Operator Instructions]. The presentation that we are about to give is now available for download on our IR website.
And with that, I'll now hand over to Mario to begin the presentation.
Mario Leão
Thank you, Camila. Good morning, everyone. It's a great pleasure for me to be here at 10:02, we are streaming live, presenting our -- the results for the first quarter of 2025. It's the beginning of the year, but it's the continuation of a journey. Here, I have the main highlights. I think you probably saw all of that.
Starting on the left-hand side, we have consolidated numbers where we delivered net income of BRL3.861 billion or BRL3.9 billion. This is net income almost the same as the fourth quarter of last year, slightly above an important evolution year-on-year, and it's important to deliver that because this shows the consolidation of an improvement conducted throughout last year, where we are very much focused on our strategy.
Our profitability is slightly lower at the same level of the fourth quarter last year, 17.4%, a major evolution of over 300 basis points. Today, we will give you more details about how we arrived at these results. This is quite important. Certainly, there are some relevant and accounting evolutions related to 4966. We are the first listed bank to tell you more about how this affects the financial institution.
There are several lines that were impacted by that 4966 resolution. We have -- we made progress in our NII of 0.4% that involves market NII. And I think you already looked at that. There was a reduction, which was already expected, but the number is still positive. And there was also a positive evolution in the client NII made up of assets and liabilities.
The impact in the first quarter was quite relevant. We never mentioned business days impact, but this quarter, business days had a relevant impact, and this led to a reduction in the NII of a few hundred million. But NII, I would say it's flat with some dynamics that I will further explain. And there are several positive impacts.
On commission, on the fee side, we have a difference between the fourth and the third quarters. Well, there are some dynamics that are positive and some others that throughout the year, we will focus on continuous growth. But in terms of fees, we still have more things to do. And all the strategic agenda is geared towards transactionality to create greater volume and also cheap deposits....
Banco Santander (Brasil) S.A. (BSBR) Q1 2025 Earnings Call Transcript