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LatinNews Daily - 18 February 2021

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In brief: Brazil’s banks see big drop in profits

* Brazil’s four largest commercial banks – Bradesco, Itaú Unibanco, Banco do Brasil, and Santander – have seen their combined profits drop by 24.4% in 2020, or 26.67% when adjusted for inflation, according to a study by Economatica, an investment platform. Reflecting the impact of the coronavirus (Covid-19) pandemic and associated economic crisis on the banking sector, this is the largest annual drop in profits since 2000, bringing the banks’ profits to R$61.62bn (US$11.39bn), below 2018 levels. Economatica also found that the four banks’ median return on equity (ROE) was 12.06% last year, the lowest ROE value since 1995.