BSBR Banco Santander Brasil

By Rogerio Jelmayer

SAO PAULO--The Brazilian unit of Spanish bank Banco Santander posted a net profit gain of nearly 24% in the fourth quarter, as the bank was able to charge clients more for financial services.

The bank Thursday reported a net profit of 1.9 billion reais ($631 million) in the fourth quarter, up from 1.6 billion reais a year ago.

Despite the country's deep economic recession, Santander was able to increase its financial-services revenue in the period. The bank's financial-services revenue increased 20.3% in the period, to 3.86 billion reais.

However, Brazilians appetite for new loans apparently took a hit during the period. Santander's loan portfolio dropped 2.5% to 322 billion reais at the end of the fourth quarter from a year earlier.

The lender's nonperforming-loan rate, covering loans that were more than 90 days overdue, ended the fourth quarter at 3.4%, up from 3.2% in the fourth quarter of 2015 but down from 3.5% in the third quarter of 2016.

The bank released its results under Brazil's generally accepted accounting principles.

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com

(END) Dow Jones Newswires

January 26, 2017 06:32 ET (11:32 GMT)

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