Banco Santander Brasil S A : 1Q24 IFRS Financial Statements

BANCO SANTANDER (BRASIL) S.A.

CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

TABLE OF CONTENTS

Page

Consolidated Condensed Balance Sheet

5

Consolidated Condensed Statements of Income

7

Consolidated Condensed Statements of Comprehensive Income

8

Consolidated Condensed Statements of Changes in Stockholders' Equity

9

Consolidated Condensed Statement of Cash Flows

10

1.

Operating context, presentation of condensed consolidated financial statements and other information

11

2.

Basis for consolidation

13

3.

Financial assets

18

4.

Non-current assets held for sale

20

5.

Interests in associates and joint ventures

20

6.

Permanent assets

22

7.

Intangible assets - Goodwill

23

8.

Intangible assets - Other intangible assets

24

9.

Financial liabilities

24

10. Provision for judicial and administrative proceedings, commitments and other provisions

26

11. Stockholders' equity

30

12. Income Tax

32

13. Detailing of income accounts

32

14. Employee Benefit Plan

33

15. Operating segments

36

16. Transactions with related parties

37

17. Fair value of financial assets and liabilities

40

18. Other disclosures

44

19. Subsequent Events

51

APPENDIX I - Condensed Consolidated Statement of Added Value

52

Management Report

53

Composition of Management Bodies as of March 31, 2024

58

Declaration of directors on the financial statements

60

Directors' Statement on the Independent Auditors' Report

61

Independent Auditors'

Financial Statements

Explanatory Notes

Management Report

Composition of

Report

Management

*Values expresses in thousands, unless otherwise indicated.

Consolidated Condensed Balance Sheet

ASSETS

Note

03/31/2024

12/31/2023

Cash

21,136,129

23,122,550

Financial Assets Measured At Fair Value Through Profit Or Loss

3.a

219,461,125

208,921,896

Debt instruments

96,541,935

84,291,192

Equity instruments

4,026,933

3,422,154

Derivatives

18

29,235,955

29,269,652

Loans and advances to customers

3,791,827

3,040,712

Balances with the Brazilian Central Bank

85,864,475

88,898,186

Financial Assets Measured At Fair Value Through Other Comprehensive Income

3.a

58,147,833

59,052,090

Debt instruments

58,130,816

59,036,137

Equity instruments

17,017

15,953

Financial Assets Measured At Amortized Cost

3.a

732,737,878

723,710,121

Loans and amounts due from credit institutions

25,442,680

25,716,845

Loans and advances to customers

527,318,709

514,936,423

Debt instruments

95,870,626

101,087,321

Reserves at the Central Bank of Brazil

84,105,863

81,969,532

Hedging Derivatives

18

23,597

25,069

Non-Current Assets Held For Sale

4

895,539

914,072

Investments in Associates and Joint Ventures

5.a

1,469,008

1,609,780

Tax Assets

53,240,446

52,839,470

Current

8,602,881

9,393,766

Deferred

44,637,565

43,445,704

Other Assets

7,891,578

5,996,651

Tangible Assets

6.a

6,701,546

7,085,564

Intangible Assets

32,420,543

32,375,513

Goodwill

7

27,852,568

27,852,568

Other intangible assets

8

4,567,975

4,522,945

Total Assets

1,134,125,222

1,115,652,776

Independent Auditors'

Financial Statements

Explanatory Notes Management Report

Composition of

Report

Management

LIABILITIES AND STOCKHOLDERS' EQUITY

Note

03/31/2024

12/31/2023

Financial Liabilities Measured At Fair Value Through Profit Or Loss Held For Trading

9.a

66,064,288

49,581,441

Trading derivatives

18

25,380,609

23,763,857

Short positions

35,829,061

19,831,991

Other financial liabilities

94,963

-

Marketable debt securities

4,759,655

5,985,593

Financial Liabilities Measured at Amortized Cost

9.a

913,967,778

910,550,506

Deposits from Brazilian Central Bank and deposits from credit institutions

119,279,652

118,511,957

Customer deposits

573,796,557

583,220,576

Marketable debt securities

126,917,436

124,397,422

Debt instruments eligible to compose capital

20,394,912

19,626,967

Other financial liabilities

73,579,221

64,793,584

Hedging Derivatives

18

5,088

1,176,571

Provisions

10.a

12,001,998

11,473,781

Provisions for pension funds and similar obligations

2,569,842

2,543,504

Provisions for judicial and administrative proceedings, commitments and other provisions

9,432,156

8,930,277

Tax Liabilities

7,982,344

8,999,893

Current

4,336,794

5,300,461

Deferred

3,645,550

3,699,432

Other Liabilities

18,272,551

19,014,230

Total Liabilities

1,018,294,047

1,000,796,422

Stockholders' Equity

120,210,768

118,421,219

Share Capital

11.a

55,000,000

55,000,000

Reserves

11.c

455,211

607,677

Treasury shares

11.d

(853,275)

(1,106,783)

Dividends

11.b

65,608,832

63,920,325

Other Comprehensive Income

(4,651,283)

(3,968,215)

Stockholders' Equity Attributable to the Parent

115,559,485

114,453,004

Non - Controlling Interests

271,690

403,350

Total Stockholders' Equity

115,831,175

114,856,354

Total Liabilities and Stockholders' Equity

1,134,125,222

1,115,652,776

The explanatory notes are an integral part of the condensed consolidated financial statements.

Independent Auditors'

Financial Statements

Explanatory Notes

Management Report

Composition of

Report

Management

*Values expresses in thousands, unless otherwise indicated.

Consolidated Condensed Statements of Income

01/01 to

01/01 to

Notes

03/31/2024

03/31/2023

Interest and similar income

32,603,990

32,149,175

Interest expense and similar charges

(19,217,062)

(19,590,183)

Net Interest Income

13,386,928

12,558,992

Income from equity instruments

2,013

4,284

Income from companies accounted by the equity method

5.a

63,599

57,727

Fee and commission income

5,615,334

5,754,553

Fee and commission expense

(1,685,464)

(1,758,140)

Gains (losses) on financial assets and liabilities (net)

1,292,214

444,072

Financial assets measured at fair value through profit or loss

1,458,511

879,661

Financial instruments not measured at fair value through profit or loss

(389,051)

(272,989)

Other

222,754

(162,600)

Exchange differences (net)

(284,099)

394,081

Other operating expense

(211,614)

(229,865)

Total Income

18,178,911

17,225,704

Administrative expenses

(4,982,138)

(4,767,126)

Personnel expenses

13.a

(2,926,815)

(2,666,034)

Other administrative expenses

13.b

(2,055,323)

(2,101,092)

Depreciation and amortization

(681,787)

(688,377)

Tangible assets

6.a

(423,193)

(473,697)

Intangible assets

8

(258,594)

(214,680)

Provisions (net)

(1,115,142)

(1,035,974)

Impairment losses on financial assets (net)

(6,799,369)

(8,052,337)

Financial instruments measured at amortized cost

3.b.2

(6,799,369)

(8,052,337)

Impairment losses on other assets (net)

(47,724)

(31,407)

Other intangible assets

8

-

(2,749)

Other assets

(47,724)

(28,658)

Gains (losses) on disposal of assets not classified as non-current assets held for sale

(148,588)

53,601

Gains (losses) on non-current assets held for sale not classified as discontinued operations

12,743

18,286

Operating Income Before Tax

4,416,906

2,722,370

Income taxes

12

(1,355,978)

325,101

Net income for the semester

3,060,928

3,047,471

Profit attributable to the Parent

3,052,046

3,040,027

Profit attributable to non-controlling interests

8,882

7,444

The accompanying notes from Management are an integral part of these financial statements.

Independent Auditors'

Financial Statements

Explanatory Notes

Management Report

Composition of

Report

Management

*Values expresses in thousands, unless otherwise indicated.

Consolidated Condensed Statements of Comprehensive Income

01/01 a

01/01 a

03/31/2024

03/31/2023

Profit for the Period

3,060,928

3,047,471

Other Comprehensive Income that will be subsequently reclassified for profit or loss when specific

conditions are met:

.

(421,457)

256,072

Financial assets measured at fair value through other comprehensive income

.

(335,592)

91,093

Financial assets measured at fair value through other comprehensive income

.

(508,895)

320,518

Taxes

.

173,303

(229,425)

Cash flow hedges

(85,865)

164,979

Valuation adjustments

(163,733)

314,590

Taxes

77,868

(149,611)

Other Comprehensive Income that won't be reclassified for Net income:

(261,611)

(17,580)

Defined benefits plan

-

(17,580)

Defined benefits plan

-

-

Taxes

-

(17,580)

Others

(261,611)

-

IFRS 17 adjustments

(20,341)

-

Goodwill in acquisitions of subsidiaries

(257,008)

-

Others

7,602

-

Taxes

8,136

-

Total Comprehensive Income

2,377,860

3,285,963

Attributable to the parent

2,368,978

3,278,519

Attributable to non-controlling interests

8,882

7,444

Total

2,377,860

3,285,963

Independent Auditors'

Financial Statements

Explanatory Notes Management Report

Composition of

Report

Management

Financial

Assets

Measured At

Gains and

Fair Value

Translation

losses -

Through Other

Defined adjustments

Other Equity

Cash flow

Non-

Total

Share

Capital

Profit

Treasury

Retained Comprehensive

Benefits

investment Adjustments

Valuation

hedge and

controlling Stockholders´

Note

Capital

Reserve

Reserve

Shares

earnings

Income

plan

abroad

IFRS 17 Adjustments Investment

Total

Interests

Equity

Balance on December 31, 2022

55,000,000

445,778 60,442,814

(1,219,316)

-

(755,009) (2,895,520)

859,370

-

-

(1,695,283)110,182,834

497,342 110,680,176

Total comprehensive income

-

-

-

-

9,449,313

537,438

(620,233)

-

(27,931)

-

628,953

9,967,540

49,499

10,017,039

Net profit attributable to the Parent Company

-

-

-

-

9,449,313

-

-

-

-

-

-

9,449,313

49,499

9,498,812

Other comprehensive income

-

-

-

-

-

537,438

(620,233)

-

(27,931)

-

628,953

518,227

-

518,227

Financial assets measured at fair value through other comprehensive income

-

-

-

-

-

537,438

-

-

-

-

-

537,438

-

537,438

Pension plans

-

-

-

-

-

-

(620,233)

-

-

-

-

(620,233)

-

(620,233)

Adjustments IFRS 17

-

-

-

-

-

-

-

-

(27,931)

-

-

(27,931)

-

(27,931)

Gain and loss - Cash flow and investment hedge

-

-

-

-

-

-

-

-

-

-

628,953

628,953

-

628,953

Dividends and interest on capital

11.b

-

-

-

-

(6,200,000)

-

-

-

-

-

-

(6,200,000)

-

(6,200,000)

Share-based compensation

11.d

-

161,899

-

-

-

-

-

-

-

-

-

161,899

-

161,899

Treasury shares

11.d

-

-

112,533

-

-

-

-

-

-

-

112,533

-

112,533

Prescribed dividends

-

-

56,858

-

-

-

-

-

-

-

-

56,858

-

56,858

Unrealized profit

-

-

171,340

-

-

-

-

-

-

-

-

171,340

-

171,340

Other

-

-

-

-

-

-

-

-

-

-

-

-

(143,491)

(143,491)

Destinations:

-

-

-

-

-

-

-

-

-

-

-

-

-

-

Legal reserve

-

-

472,466

-

(472,466)

-

-

-

-

-

-

-

-

-

Dividend equalization reserve

-

-

2,776,847

-

(2,776,847)

-

-

-

-

-

-

-

-

-

Balance on December 31, 2023

55,000,000

607,677 63,920,325

(1,106,783)

-

(217,571) (3,515,753)

859,370

(27,931)

-

(1,066,330)114,453,004

403,350 114,856,354

Balance on December 31, 2023

55,000,000

607,677 63,920,325

(1,106,783)

-

(217,571) (3,515,753)

859,370

(27,931)

-

(1,066,330)114,453,004

403,350 114,856,354

Total comprehensive income

-

-

-

-

3,052,046

(335,592)

-

-

(12,205)

(249,406)

(85,865)

2,368,978

8,882

2,377,860

Net profit attributable to the Parent Company

-

-

-

-

3,052,046

-

-

-

-

-

-

3,052,046

8,882

3,060,928

Other comprehensive income

-

-

-

-

-

(335,592)

-

-

(12,205)

(249,406)

(85,865)

(683,068)

-

(683,068)

Financial assets measured at fair value through other comprehensive income

-

-

-

-

-

(335,592)

-

-

-

-

-

(335,592)

-

(335,592)

Adjustments IFRS 17

-

-

-

-

-

-

-

-

(12,205)

-

-

(12,205)

-

(12,205)

Gain and loss - Cash flow and investment hedge

-

-

-

-

-

-

-

-

-

-

(85,865)

(85,865)

-

(85,865)

Other equity valuation adjustments - goodwill in acquisitions of subsidiaries

-

-

-

-

-

-

-

-

-

(257,008)

-

(257,008)

-

(257,008)

Other equity valuation adjustments - others

-

-

-

-

-

-

-

-

-

7,602

-

7,602

-

7,602

Dividends and interest on capital

11.b

-

-

-

-

(1,500,000)

-

-

-

-

-

-

(1,500,000)

-

(1,500,000)

Share-based compensation

11.d

-

(152,466)

-

-

-

-

-

-

-

-

-

(152,466)

-

(152,466)

Treasury shares

11.d

-

-

-

253,508

-

-

-

-

-

-

-

253,508

-

253,508

Prescribed dividends

-

-

6,164

-

-

-

-

-

-

-

-

6,164

-

6,164

Unrealized profit

-

-

136,013

-

-

-

-

-

-

-

-

136,013

-

136,013

Other

-

-

(5,716)

-

-

-

-

-

-

-

-

(5,716)

(140,542)

(146,258)

Destinations:

-

-

-

-

-

Dividend equalization reserve

-

-

1,552,046

-

(1,552,046)

-

-

-

-

-

-

-

-

-

Balances as of March 31, 2024

55,000,000

455,211 65,608,832

(853,275)

-

(553,163) (3,515,753)

859,370

(40,136)

(249,406)(1,152,195)115,559,485

271,690 115,831,175

Changes in the Period

-

(152,466)

1,688,507

253,508

-

(335,592)

-

-

(12,205)

(249,406)

(85,865)

1,106,481

(131,660)

974,821

Independent Auditors'

Financial Statements

Explanatory Notes Management Report

Composition of

Report

Management

01/01 to

01/01 to

Note

03/31/2024

03/31/2023

1. Cash Flows From Operating Activities

Net income for the period

3,060,928

3,047,471

Adjustments to profit

31,997,186

44,271,845

Depreciation of tangible assets

6.a

423,193

473,697

Amortization of intangible assets

8

258,594

214,680

Impairment losses on other assets (net)

47,724

31,407

Provisions and Impairment losses on financial assets (net)

7,914,511

9,088,311

Net Gains (losses) on disposal of tangible assets, investments and non-current assets held for sale

135,648

(71,887)

Income from companies accounted by the equity method

5.a

(63,599)

(57,727)

Deferred tax assets and liabilities

(929,388)

(2,298,365)

Monetary Adjustment of Escrow Deposits

(165,175)

(165,764)

Recoverable Taxes

(102,882)

(136,194)

Effects of Changes in Foreign Exchange Rates on Cash and Cash Equivalents

1,472

469

Effects of Changes in Foreign Exchange Rates on Assets and Liabilities

24,645,037

36,464,563

Other

(167,949)

728,655

Net (increase) decrease in operating assets

(67,687,986)

(60,556,469)

Financial Assets Measured At Fair Value Through Profit Or Loss

(30,676,331)

(40,762,946)

Financial Assets Measured at Fair Value through Other Comprehensive Income

45,283

5,243,920

Financial Assets Measured At Amortized Cost

(36,062,138)

(28,590,871)

Other assets

(994,800)

3,553,428

Net increase (decrease) in operating liabilities

13,275,281

16,539,298

Financial Liabilities Measured At Fair Value Through Profit Or Loss Held For Trading

16,387,884

6,799,325

Financial liabilities at amortized cost

(1,898,973)

10,445,973

Other liabilities

(1,213,630)

(706,000)

Tax paid

12

(2,149,036)

(2,037,522)

Total net cash flows from operating activities (1)

(21,503,627)

1,264,623

2. Cash Flows From Investing Activities

Investments

(579,007)

(1,006,155)

Subsidiary acquisition, less net cash on acquisition

-

(407)

Tangible assets

(119,225)

(529,341)

Intangible assets

(333,319)

(366,980)

Non-collective assets for sale

(126,463)

(109,427)

Disposal

275,555

333,428

Tangible assets

79,607

190,125

Intangible assets

29,695

99,894

Non-Current Assets Held For Sale

166,253

43,409

Dividends and interest on capital received

336,117

86,132

Total net cash flows from investing activities (2)

32,665

(586,595)

3. Cash Flows From Financing Activities

Acquisition of own shares

11.d

253,508

142,615

Issuance of other long-term liabilities

2,510,268

24,962,465

Dividends and interest on capital paid

(1,575,482)

(1,480,866)

Payments of other long-term liabilities

(1,962,101)

(16,412,644)

Net increase in non-controlling interests

(135,679)

-

Total net cash flows from financing activities (3)

(909,486)

7,211,570

Exchange variation on Cash and Cash Equivalents (4)

(1,472)

(469)

Net Increase in Cash and cash equivalents (1+2+3)

(22,381,920)

7,889,129

Cash and cash equivalents at the beginning of the period

89,417,760

49,565,334

Cash and cash equivalents at the end of the period

67,035,840

57,454,463

The explanatory notes are an integral part of the condensed consolidated financial statements.