The profits of Brazil’s five largest banks — Banco do Brasil, Bradesco, Caixa, Itaú, and Santander — are already suffering the impacts of the Covid-19 pandemic, dropping by 28 percent in Q1 2020. In comparison to the same period last year, total profits fell to BRL 16.8 billion (USD 3.04 billion) from BRL 23.2 billion. For some of the banks, the losses topped 40 percent, as it was in the case of Itaú (47 percent) and Bradesco (42 percent). Spanish bank Santander was the only bank that did not experience a negative quarter — with profits growing by 10 percent since last year.
Back in April, The Brazilian Report’s Brenno Grillo explained how the Brazilian government was trying to protect Brazilian companies — including banks from the economic impacts of the pandemic.Support this coverage →