20

24

Index'

Condensed Balance Sheet

11

Condensed Income Statement

13

Condensed Statement of Comprehensive Income

14

Condensed Statement of Changes in Stockholders Equity - Bank

15

Condensed Statement of Changes in Stockholders Equity - Consolidated

16

Condensed Statement of Cash Flows

18

Condensed Statement of Added Value

20

1.

Operational Context

21

2.

Presentation of Financial Statements

21

3.

Main Accounting Policies

22

4.

Cash and Cash Equivalents

22

5.

Interbank Liquidity Investments

23

6.

Securities and Derivative Financial Instruments

24

7.

Credit Portfolio and Provision for Expected Losses Associated with Credit Risk

39

8.

Other Financial Assets

44

9.

Tax Assets and Liabilities

45

10.

Other Assets

51

11.

Information on Dependencies Abroad

52

12.

Interests of Subsidiaries and Affiliates

52

13.

Fixed Assets in Use

55

14.

Intangibles

56

15.

Funding

57

16.

Other Financial Liabilities

60

17.

Other Liabilities

61

18.

Provisions, Contingent Liabilities, Contingent Assets and Legal Obligations - Tax and Social Security

62

19.

Stockholders' Equity

67

20.

Related Parts

69

21.

Income from Services Rendered and Banking Fees

74

22.

Personnel Expenses

74

23.

Other Administrative Expenses

74

24.

Other Operating Income and Expenses

75

25.

Non-Operational Result

75

26.

Employee Benefits Plan

76

27.

Risk Management, Capital and Sensitivity Analysis

79

28.

Corporate Restructuring

83

29.

Other information

85

30.

Subsequent Events

88

Composition of Management Bodies as of March 31, 2024

89

Directors' Statement on the financial statements

91

Directors' Statement on the Independent Auditors' Report

92

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

Performance Comments

To the Shareholders:

We present the Management Report to the Condensed Individual and Consolidated Interim Financial Statements of Banco Santander (Brasil) S.A. (Banco Santander or Bank) for the period ended March 31, 2024, prepared in accordance with accounting practices adopted in Brazil, established by Corporation Law, in conjunction with the rules of the National Monetary Council (CMN), the Central Bank of Brazil (Bacen) and the document model provided for in the Accounting Plan of Institutions of the National Financial System (Cosif) and the Securities and Exchange Commission ( CVM), which do not conflict with the rules issued by Bacen.

The Condensed Consolidated Interim Financial Statements prepared based on the international accounting standard issued by the International Accounting Standards Board (IASB) for the period ended March 31, 2024 will be published on the website www.santander.com.br/ri.

1. Economic Situation

Economic performance was highlighted by the following themes:

In the international environment

  • Worsening inflationary environment around the globe, which prevented the materialization of interest rate cuts in advanced economies and increased uncertainty as to when these cuts will be implemented.

In the domestic environment

  • Lack of progress in regulating the tax reform approved at the end of 2023, accompanied by robust tax collection performance in the first months of the year.
    The exchange rate of the Brazilian currency against the US dollar fluctuated between R$4.85/US$ and R$5.03/US$ in the first quarter and ended the period quoted at R$4.99/US$, a level higher than the exchange rate of R$4.84/US$ verified at the end of 4Q23. The devaluation of the real resulted, in Banco Santander's view, from the lack of progress in implementing the tax reform approved in 2023, together with the negative reaction of the markets to the government's attempts to interfere in companies in which it holds a stake. The increase in uncertainty regarding the beginning of the monetary easing process in advanced economies also contributed, which limits the space for the Selic's downward cycle to continue. However, positive surprises with tax collection numbers resulting from the approval of fiscal measures in 2023 and the very robust performance of foreign trade helped to mitigate the pressure on the exchange rate. We assess that these factors will remain present for longer and, therefore, we project that the exchange rate will fluctuate around the level of R$5.00/US$ throughout 2024.
  • Positive perspectives surprises with the pace of economic activity in 1Q24 derived from resilience in the labor market and fiscal impulses.
    After ending the year 2023 with real growth of 2.9%, but with stable performance in 4Q23, we expected that the GDP Brazilian economy continued to follow the accommodation trajectory observed in second half of 2023. However, supported by the resilience of the job market and the payment of a significant amount of court orders by the federal government (approximately R$93 billion), economic activity data presented better results than initially expected by market agents, leading to upward revisions in the projection for GDP growth in 2024. At the end of 2023, the median of economic agents' projections regarding the performance of the Brazilian economy indicated Brazilian GDP growth of 1.5% in 2024 - practically half the observed expansion rate in the previous year. At the end of 1Q24, the median projections rose to 1.9%. Banco Santander also revised its projection from 1.2% to 1.8% in 2024.

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |3

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

  • Slowdown in the disinflation process, mainly in services, raising doubts about the terminal level of the current cycle of interest cuts throughout 2024.
    Although the interannual variation of the IPCA continued on a downward trend in 1Q24 - it had already dropped to 4.6% in 4Q23 compared to the level of 5.2% observed at the end of September 2023 - some underlying inflation measures showed deterioration throughout the year. period, mainly those related to services. In this way, the prospect of inflation convergence towards the 3.0% target was compromised, resulting in the maintenance of inflation expectations for 2024 and for the years ahead at a level higher than that pursued by the Central Bank of Brazil. As a result, even though the Selic rate reduction process was not interrupted - the Selic rate fell from 11.75% p.a. at the end of 2023 to 10.75% p.a. at the end of 1Q24 - the Central Bank signaled that the next movements will depend on the improvement in inflationary dynamics, which was read by economic agents as an indication that the terminal level of the current cycle of cuts could be higher than 9.00% p.a. indicated by the median of the estimates. As Banco Santander assesses that the inflationary dynamics in services should improve over the next few months, the institution continues to foresee a longer cycle of cuts in the Selic and, therefore, the bank projects that the Selic rate will reach 9.00% p.a. at the end of 2024.

2. Consolidated Performance

R$ Million

03/31/2024

Net profit

2,936

ROE

13.64%

03/31/2024

Total Assets

1,169,476

Credit Portfolio

440,324

Resources

857,861

Basel

14.47%

The components of our consolidated results are:

03/31/2023 Variation

2,063

10.19%

12/31/2023 Variation

1,153,196

427,599

849,335

14.51%

ACCOUNTING INCOME STATEMENT

YTD

YTD

Var. %

(R$ million)

2024

2023

YoY

Financial Intermediation Revenue

41,807

26,994

55%

Financial Intermediation Expenses

(32,810)

(24,701)

33%

Gross Result of Financial Intermediation

8,997

2,293

292%

Other Operating Revenues (Expenses)

(4,967)

(238)

1,990%

Operational result

4,030

2,055

96%

Non-Operating Income

23

81

(71)%

Result before Taxation on Profit and Participations

4,053

2,136

90%

Income Tax and Social Contribution

(484)

513

(194)%

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |4

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

Profit Sharing

(599)

(559)

7%

Minority Shareholders' Interests

(34)

(27)

24%

Net profit

2,936

2,063

42%

The results presented above reflect the most challenging macro moment, resulting from higher interest rates accumulated in 2024 compared to the previous year, which impacted families, resulting in a drop in profits in the period and in the quality of assets, thus demanding a higher level of credit provisioning. We highlight a specific case in the wholesale segment that impacted the volume of provisions.

Given this scenario, Banco Santander began a process of adjusting its portfolio, with greater selectivity in granting credit to customers with better ratings and lines with guarantees.

The following factors stand out in the data presented in the table above:

  • Profitability (ROE) was 13.64% and Consolidated Net Profit was R$2,936 million, representing an increase of 42% compared to 2023, reflecting the strategy of anticipating innovative credit cycles in previous periods, combined with specific effects on credit provisions. doubtful debt associated with an adverse event in the Wholesale segment.
  • Credit portfolio reached R$440,324 million, representing a growth of 2.98% compared to the 4th Q23 and was highlighted by the growth in Individuals, of 3.15%, presented mainly in the Payroll Credit and Financing and Leasing products. Vehicles (highlight for partnerships made and good dynamics observed in new credit concessions).
    In view of the expanded credit portfolio, it shows growth of 22.8% compared to the same period of the previous year, with emphasis on Guarantees and Guarantees, CPR and Debentures products.
  • Intermediation results it was R$8,997 million, impacted mainly by Margin with Markets, driven by the positive effect of the interest curve. Customer Margin shows growth of 3.2% compared to the last quarter, with emphasis on the Credit lines associated with the positive performance in the Individual and Consumer Finance segments.
    The funding margin shows a drop mainly related to the reduction in the CDI, despite continued growth in volume, mainly due to our strategy of increasing liabilities through AAA and the increase in the customer base (highlight in the quarter for Deposit products Term, LCI and LCA).
  • Growth of 14.16% in total service revenues, mainly due to positive dynamics in practically all business lines, with emphasis on Insurance, Credit Operations, Capital Markets and Cards.

3. Rating Strategy and Agencies

For information regarding the Bank's strategy and classification in rating agencies, see the Results Report available at the website www.santander.com.br/ri.

4. Corporate Governance

The Governance structure of Banco Santander Brasil is integrated by the Executive Board and its Executive Committee made up of the Chief Executive Officers, Senior Executive Vice-Presidents and Executive Vice-Presidents, and by the Board of Directors and its Advisory Committees, they are: Audit, Risks and Compliance, Sustainability, Remuneration and Appointment and Governance.

For more information on the corporate governance practices adopted by Banco Santander Brasil and the deliberations of the Board of Directors, see the website www.santander.com.br/ri.

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |5

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

5. Internal Audit

Internal Audit reports directly to the Board of Directors, with the Audit Committee responsible for its supervision.

Internal Audit is a permanent function independent of any other function or unit, whose mission is to provide the Board of Directors and senior management with independent assurance on the quality and effectiveness of internal control and risk management processes and systems (current or emerging) and government, thus contributing to protecting the value of the organization, its solvency and reputation. Internal Audit has a quality certificate issued by the Institute of Internal Auditors (IIA).

To fulfill its functions and coverage risks inherent to Banco Santander's activity, Internal Audit has a set of tools developed internally and which are updated when necessary. Among them, the risk matrix stands out, used as a planning tool, prioritizing the risk level of the auditable universe considering, among others, its inherent risks, the latest audit rating, the degree of compliance with recommendations and their size. The work programs, which describe the audit tests to be carried out, are reviewed periodically.

The Audit Committee and the Board of Directors favorably analyzed and approved the Internal Audit work plan for the year 2024.

6. People

Banco Santander continues to strengthen its horizontal culture based on protagonism, autonomy and diversity, stimulating an environment of innovation that drives our digital transformation and improves the experience of our employees and customers, having once again been elected one of the Best Companies to Work For in Brazil by GPTW, occupying 10th place in the national ranking of companies with more than 10 thousand employees and 2nd place in the Sector Ranking of Large Banks.

We are 55,210 employees, considering the entire ecosystem, obsessed with building a company in which everyone is a business and working to transform Santander into the main bank for each of our customers.

Banco Santander values a diverse environment, where people feel valued and can develop. Diversity leads us to a wider range of experiences, knowledge, skills and values and can be achieved by considering aspects such as educational and professional training, age, gender and geographic origin, among others. We promote diversity and inclusion based on 5 pillars: Female Leadership; Racial Equity; Disabled people; Generational Diversity and LGBTQIA+.

7. Sustainability

Banco Santander's purpose is to contribute to the progress of people and businesses by supporting the construction of a fairer and more sustainable Brazil.

Environmental:

Commitment to the environment, promoting sustainable business and committed to being Net Zero by 2050

  • We support our clients in the transition to a low-carbon economy by promoting the bioeconomy, having evolved in offering products with a positive social or environmental impact, in accordance with Santander's taxonomy, reaching R$27.5 billion in portfolio.
  • We held the event "Connections for Net Zero Agribusiness", in partnership with WayCarbon, to discuss challenges and solutions for the decarbonization of the agribusiness chain. Santander Brasil has been leading the charge for agriculture in the Group's global commitment, supporting customers in the transition to a low- carbon economy. The event was attended by clients, academia, partners and international experts on the subject, as well as employees and members of the Bank's Board of Directors.

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |6

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

Social:

For more than 20 years

contributing to the

construction of a more

inclusive society, with access to education and financial products.

    • Santander will offer up to R$1 billion for rural producers to invest in decarbonization practices. A project designed in partnership with Agoro Carbon Alliance Brasil for more productive and resilient agriculture.
    • We entered into a partnership with BYD in order to offer more favorable financing conditions for app drivers
    • We joined B20 Brazil in the Energy Transition, Digital Transformation, Financing and Infrastructure and Employment and Education Task Forces. With this, we have the opportunity to work with other global partners, aligned with Grupo Santander's priorities.
  • In 1Q24, Prospera Santander Microfinanças, our productive microcredit program, generated a portfolio of R$3.0 billion.
  • We started the "Educate to Prosper" project, which trained around 150 supervisors from Prospera Santander Microfinanças to carry out financial education actions in the communities where we are present. The estimate is that more than 12 thousand people will participate in the actions by the end of 2024.
  • We launched the notices for the Amigo de Valor and Parceiro do Idoso Programs, and invited more than 2 thousand municipalities to participate in the initiatives whose objective is to contribute to guaranteeing the rights of children, adolescents and elderly people in situations of violence and vulnerability.
  • Through the Chama Indica and Prepara Futuro notices, we benefited more than 2 thousand people in productive inclusion, generating stable income, increased jobs and formalization.

Governance:

Promoting ESG in our culture,

connecting all of our

businesses.

  • Throughout the year, we seek to incorporate ESG issues into our culture, through internal training.
  • Our Board of Directors remained diverse and independent, with 36% female members and 55% independent members, as of March 2024.
  • In 2023, we had a significant improvement in our CDP score, the largest database on business practices related to climate change, emissions, water and forests. We went from B to A-, the second best grade in the index.

8. Independent audit

The operating policy of Banco Santander, including its controlled companies, in contracting services not related to the audit of the Financial Statements by its independent auditors, is based on Brazilian and international auditing standards, which preserve the independence of the auditor. This rationale provides for the following: (i) the auditor should not audit his own work, (ii) the auditor should not perform managerial functions for his client, (iii) the auditor should not promote the interests of his client, and (iv ) need for approval of any services by the Bank's Audit Committee.

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |7

Performance Report

Independent Auditors'

Financial

Explanatory Notes

Executive's

Report

Statements

Report

In compliance with Securities and Exchange Commission Instruction 162/2022, Banco Santander informs that in the period ended March 31, 2024, no services unrelated to the independent audit of the Financial Statements of Banco Santander and controlled companies were provided by PricewaterhouseCoopers. Furthermore, the Bank confirms that PricewaterhouseCoopers has procedures, policies and controls to ensure its independence, which include the evaluation of the work provided, covering any service that is not independent auditing of the Financial Statements of Banco Santander and controlled companies greater than 5% of the total fees relating to independent audit services. This assessment is based on applicable regulations and accepted principles that preserve the auditor's independence.

9. Acknowledgement

We would like to thank our customers, shareholders and employees for the trust and support that got us here, and that enabled the continuity of our story of evolution and transformation, on the path to building the Best Consumer Company in Brazil.

(Approved at the Board of Directors Meeting on April 29, 2024).

Condensed Individual and Consolidated Interim Financial Statements | march 31, 2024 |8

Report on review of consolidated condensed interim financial statements

To the Board of Directors and Stockholders

Banco Santander (Brasil) S.A.

Introduction

We have reviewed the accompanying condensed balance sheet of Banco Santander (Brasil) S.A. ("Bank") as at March 31, 2024, and the related condensed statements of income, comprehensive income, changes in stockholders' equity and cash flows for the quarter then ended, as well as the accompanying consolidated condensed balance sheet of Banco Santander (Brasil) S.A. and its subsidiaries ("Consolidated") as at March 31, 2024, and the related consolidated condensed statements of income, comprehensive income, changes in stockholders' equity and cash flows for the quarter then ended, and notes, comprising significant accounting policies and other explanatory information.

Management is responsible for the preparation and presentation of these parent company and consolidated condensed interim financial statements in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN). Our responsibility is to express a conclusion on these condensed interim financial statements based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" and ISRE 2410 - "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated condensed interim financial statements referred to above do not present fairly, in all material respects, the financial position of Banco Santander (Brasil) S.A. and Banco Santander (Brasil) S.A. and its subsidiaries as at March 31, 2024, and the parent company financial performance and

its cash flows for the quarter then ended, as well as the consolidated financial performance and the consolidated cash flows for the quarter then ended in accordance with accounting practices adopted in Brazil, applicable to institutions authorized to operate by the Brazilian Central Bank (BACEN).

Other matters

Statements of value added

The condensed interim financial statements referred to above include the parent company and consolidated condensed statements of value added for the three-month period ended March 31, 2024, prepared under the responsibility of the Bank's management and presented as supplementary information for purposes of the Brazilian Central Bank. These statements have been subjected to review procedures performed together with the review of the condensed interim financial statements for the purpose of concluding whether they are reconciled with the condensed interim financial statements and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated condensed interim financial statements taken as a whole.

São Paulo, April 30, 2024

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Banco Santander (Brasil) SA published this content on 30 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 April 2024 11:27:06 UTC.