SAO PAULO, April 27 (Reuters) - Banco Santander Brasil SA, the country’s largest foreign-owned lender, beat first-quarter profit estimates on Wednesday, as steps to renegotiate more problematic credits helped stifle defaults and opened room for lower loan-loss provisions.
In a statement, São Paulo-based Santander Brasil said recurring net income, or profit before one-time items, totaled 1.660 billion reais ($471 million) last quarter, up 3.3 percent from the prior quarter. The result topped the average consensus estimate of 1.100 billion reais compiled by Thomson Reuters.
Management will discuss results at a conference call with investors later in the day.
$1 = 3.5256 Brazilian reais Reporting by Guillermo Parra-Bernal; Additional reporting by Erick Noin in São Paulo