Santander Brasil has a profit of R$ 3.6 billion in the third quarter

Santander Brasil recorded net income of R$ 3.608 billion in the third quarter of this year, a 5.8% increase over the previous three months, when the gain had stood at R$ 3.41 billion. Management profit, which excludes extraordinary factors, stood at R$ 3.705 billion. In the accumulated year, equity net income was R$ 10.433 billion – an increase of 18.1% in 12 months. Total revenues totaled R$ 48.336 billion in the first nine months of 2019, an increase of 6.5% in twelve months. Total expenses totaled R$ 15.561 billion in the year- to be accumulated, an increase of 5.6% compared to the same period last year, "explained largely by the higher expenses with data processing and specialized technical services and third parties , which accompany the growth of the business", explains the bank in a statement. Total revenues totaled R$ 48.336 billion in the first nine months of 2019, an increase of 6.5% in twelve months. Total expenses totaled R$ 15.561 billion in the year- to be accumulated, an increase of 5.6% compared to the same period last year, "explained largely by the higher expenses with data processing and specialized technical services and third parties , which accompany the growth of the business", explains the bank in a statement. The credit portfolio, in turn, grew 11.1%, and reached R$ 331.601 billion at the end of September 2019. "The trend continues with the segments of individuals and financing to consumption with a performance higher than that of the total credit portfolio, with growth of 18.0% and 16.6% in twelve months, respectively," says the bank. As a result, Santander Brasil's share in the national credit market reached 9.9% in September 2019, an increase of 0.5 p.p. compared to the same period a year earlier. In three months, the total credit portfolio increased 4.4%. According to the bank, the number of total active customers reached 25.9 million in September, an increase of 11% compared to the same month last year. Overall result Despite Brazil's strong results, Spanish controller Banco Santander posted a 75% decline in third-quarter profit, hit by one-off charges in the UK. According to France Presse, there was a 75% drop in profit in the third quarter, resulting from a depreciation of 1.491 billion euros in its British subsidiary. The profit allocated in the period was 501 million euros, 46% from it from Latin America. Brazil is Santander's largest market and accounted for 29% of profit in the third quarter. Brazil's contribution overcomes spain's (15%) or Uk, which was once Santander's largest market and now accounts for 10% of profit, affected by brexit uncertainty. Europe's whole accounted for 46% of the group's profit. Depreciation in the UK, announced in September, reflects the "negative effects" of Uk regulation, which forces banks to separate their retail activity (current accounts, deposits, etc.) from investment banking operations, and also the impact of uncertainty about the growth of the UK. Without this operation, the profit allocated would have been 2.135 billion euros, Santander said.