July 28, 2017 / 11:00 AM / a year ago

Santander Brasil posts record profit despite higher provisions

SAO PAULO, July 28 (Reuters) - Banco Santander Brasil SA posted record net profit in the second quarter, beating analyst expectations as rising fee and interest income offset an increase in loan-loss provisions, a securities filing showed on Friday.

Net profit rose 2 percent from the prior three months to 2.34 billion reais ($742 million) when adjusted for one-off items, above a consensus estimate of 2.15 billion reais compiled by Thomson Reuters.

Recurring return on equity (ROE), a gauge of profitability, totaled 15.8 percent for the quarter, below a consensus estimate of 16.3 percent. Santander Brasil, which is controlled by Spain’s Banco Santander, has a target for ROE of 15.6 percent by year-end 2018.

$1 = 3.15 reais Reporting by Bruno Federowski and Aluisio Alves; editing by Jason Neely

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