Santander Brasil beats profit estimates as provisions slump
SAO PAULO Feb 3 (Reuters) - Banco Santander Brasil SA posted on Tuesday fourth-quarter profit that surpassed expectations after a tumble in defaults allowed Brazil's largest foreign lender to scale down loan-loss provisions.
Recurring net income, or profit before one-time items, totaled 1.521 billion reais ($558 million) in the quarter, up 7.9 percent and 3.9 percent on an annual and quarterly bases, respectively, according to a securities filing.
A Reuters poll had predicted recurring profit of 1.411 billion reais for Santander Brasil, which is the local unit of Spain's Banco Santander SA. (Reporting by Guillermo Parra-Bernal)
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