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Brazilian banking sector profits fall 20 percent in 2016

Staff Writer |
Profits for leading banks in Brazil decreased almost 20 percent year-on-year, according to a report by Economatica.

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The net profits of the country's four largest listed banks. Itaú Unibanco, Banco de Brasil, Bradesco and Santander - reached a combined 50.29 billion reais ($16.19 billion) in 2016, a drop of 18.8 percent from 2015.

The combined results from the nine banks to publish their results to date show a larger drop of 20 percent year-on-year.

Itaú did the best out of the four, ranking in 6.65 billion U.S. dollars, dropping by just 7 percent.

However, Bradesco brought in 17 percent less, Santander saw its profits dwindle by 21 percent and Banco de Brasil was the worst-hit, with its profits down by a whopping 44.2 percent at 2.58 billion U.S. dollars.

In 2016, Itaú became the largest bank in Brazil in terms of assets, surpassing the state-owned Banco de Brasil.

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