Banco Santander Brasil SA ADR (BSBR) Net Profit Surges 9.8%

Banco Santander Brasil SA ADR (NYSE:BSBR) is one of the best low-priced stocks to buy right now. On July 30, the company delivered impressive second-quarter results, characterized by a 9.8% increase in net profit that reached $656.6 million.

Banco Santander Brasil SA ADR (BSBR) Net Profit Surges 9.8%

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Net interest income increased 4.4% to 15.4 billion reais, as the return on average equity reached 16.4%, up from 15.5% a year ago. Nevertheless, loan losses remain a big challenge, as the allowance increased to 16.4% on a yearly basis to 6.86 billion reais.

“Non-performing loan ratios are still challenged by the macro environment, but are already showing improvement this quarter,” said CEO Mario Leao. The CEO pledged to keep a “disciplined approach to capital allocation”.

Banco Santander Brasil SA ADR (NYSE:BSBR) is a Brazilian bank offering a wide range of financial services to individuals, SMEs, and large corporations. It provides traditional banking services, including checking and savings accounts, loans, credit cards, and payroll loans, to individuals and businesses.

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Disclosure: None. This article is originally published at Insider Monkey.