Banco Santander (Brasil) S.A. (BSBR): Business Model Canvas [Dec-2025 Updated]

You're digging into how a giant like Banco Santander (Brasil) S.A. (BSBR) actually makes its money in this tricky market, and honestly, the story is about aggressive digital transformation meeting sheer scale. After twenty years watching these operations, I see a bank managing the pressure of higher funding costs while pouring capital into its One app, aiming to keep that efficiency ratio tight-they hit 37.5% in Q3 2025, which is sharp. They are simultaneously growing specialized credit, like consumer finance up 16%, while leaning on their parent group for stability. This canvas breaks down exactly how they blend that massive R$ 688.8 billion loan portfolio with a future-focused tech backbone. Keep reading; this is how a major player stays ahead.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Key Partnerships

You're looking at the foundation that supports Banco Santander (Brasil) S.A. (BSBR)'s operations, especially how it interacts with the broader financial and corporate ecosystem as of late 2025. The partnerships are key to maintaining scale and driving digital adoption.

Santander Group provides the essential capital backing and global infrastructure. This relationship is critical for stability, especially when the bank is actively reinforcing its capital base. For instance, in a recent move, Banco Santander (Brasil) S.A. (BSBR) issued R$2.363 billion in subordinated financial bills, fully acquired by the Spanish parent, Banco Santander, to reinforce its reference equity.

The global scale is evident in sustainability targets; the Santander Group met its global goal of facilitating 120 billion euros in green financing by 2025, 18 months early, a framework Banco Santander (Brasil) S.A. (BSBR) participates in.

Here's a look at the bank's recent performance, which reflects the strength derived from this backing:

For Fintechs, the strategy involves collaboration in payments and embedded finance, even if specific 2025 transaction volumes with Stone Pagamentos or Cielo aren't public. StoneCo, for example, reported reaching 4 million clients in Q3 2024, showing the scale of potential partners in the ecosystem. The focus for Banco Santander (Brasil) S.A. (BSBR) is on integrating these solutions to serve entrepreneurs.

Regarding Technology firms, the internal push for digital superiority is quantified by the One App launch, a global platform developed with local teams. The bank also established a new Chief Data AI Office to deepen AI integration. This focus supports strong growth in key lending areas:

• Consumer Finance Loan Book Growth (Q2 2025): 16%
• SME Loan Book Growth (Q2 2025): 11%
• Prospera Microcredit Grants (Cumulative): Over BRL 28 billion

Corporate clients agreements, such as the Strategic Alliance with Petrobras and Vale focused on decarbonization and product supply, tie into the bank's corporate segment focus. Petrobras's 2025-2029 business plan alone forecasts total investments of USD 111 billion, indicating the size of the corporate financing opportunities Banco Santander (Brasil) S.A. (BSBR) targets.

The Real Estate partnership with Quintoandar supports the bank's focus on consumer finance, which is a robust segment. The bank's overall credit quality metrics show a Non-Performing Loan (NPL) ratio of 2.99% as of Q1 2025, demonstrating conservative risk management across its portfolios, including those tied to property financing.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Key Activities

You're looking at the core engine of Banco Santander (Brasil) S.A. (BSBR) operations as of late 2025. These are the main things the bank is actively doing to generate value right now.

Digital transformation: Investing heavily in AI and the One app platform

Banco Santander (Brasil) S.A. (BSBR) is making technology a central part of its strategy, with Brazil being a protagonist for the group's global solutions. The bank is actively testing generative AI applications internally across coding, legal, and document analysis, while also using an enhanced chatbot for customer service. The bank aims to have 100% of its developers using GitHub's copilot in partnership with Microsoft in Brazil. The One app platform is a key focus for enhancing customer interaction. Investment in technology was highlighted as crucial, with a 30% increase in technological investments compared to previous years in Q2 2025. Globally, Santander intends to invest 50mn euros (US$53mn) this year in AI, seeing Brazil as a key hub. The launch of the new Santander app is a tangible result of this focus.

Here are some technology focus areas:

• Investment in technology increased by 30% in Q2 2025.
• Santander plans to invest €50 million (US$53 million) in AI in 2025.
• The bank is using OpenAI's ChatGPT and Google's Gemini on its platform.

Core lending: Active management of the R$ 688.8 billion loan portfolio

The bank is actively managing its credit book, focusing on measured expansion. As of the third quarter of 2025, the expanded loan portfolio stood at R$ 688.801 billion. This growth was primarily driven by the SME and corporate segments. The bank is prioritizing profitability over rapid loan growth, which is a cautious stance given the prevailing credit cycle conditions in Brazil. Funding from clients also grew, reaching R$ 659.479 billion by the end of Q3 2025.

Key lending metrics for Q3 2025:

Asset quality control: Prioritizing profitability and managing the cost of risk

Asset quality management involves balancing profitability with necessary provisioning. For Q3 2025, the cost of risk was reported at 3.86%, which was stable quarter-over-quarter. The bank is actively managing the stock of non-performing loans (NPLs) through write-offs, even as new formations shift. The 15-90 day NPL ratio improved slightly to 3.9%, though the over-90 day NPL ratio rose to 3.4%.

Asset Quality Snapshot (Q3 2025):

• Cost of Risk: 3.86%.
• 15-90 day NPL Ratio: 3.9%.
• Over-90 day NPL Ratio: 3.4%.

Sustainable finance: Facilitating over €120 billion in green financing by 2025

Banco Santander (Brasil) S.A. (BSBR) contributes to the broader Grupo Santander commitment to sustainability. The Group achieved its global target to raise or facilitate €120 billion in green finance by 2025, hitting this goal 18 months ahead of schedule. This activity includes financing renewable energy projects and engaging in public policies like the 'Eco Invest Brazil Program' to attract capital for low-carbon transition projects.

Transaction processing: Handling high volumes, with 92% of transactions now digital

The bank operates as a digital bank with a physical presence, meaning a vast majority of customer interactions are now digital. As of 2024, 92% of transactions were conducted through digital channels. This high digital adoption supports the bank's efficiency ratio, which was 37.5% in Q3 2025, reflecting disciplined cost management.

Digitalization Metrics:

• Percentage of transactions via digital channels (2024): 92%.
• Efficiency Ratio (Q3 2025): 37.5%.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Key Resources

You're looking at the core assets Banco Santander (Brasil) S.A. (BSBR) relies on to execute its strategy as of late 2025. These aren't just line items; they are the engines driving the business.

Financial capital is certainly a bedrock, supported by the backing of the parent Santander Group. This strength was evident in the Q2 2025 performance, where the bank posted a net income of R$ 3.7 billion. Furthermore, the Return on Average Equity (ROAE) held steady at 16.4% for that quarter, and the bank maintained a CET1 ratio of 11.6%, showing a solid capital position.

The commitment to Technology infrastructure is clear through aggressive spending. You should note the reported 30% increase in technological investments compared to previous years, focusing on strategies like the 'One Transformation' program and the Gravity cloud platform migration.

For Human capital, the scale is significant. As of late 2024, the total employee count stood at 55,646, which supports the current operational footprint. This large workforce is essential for managing the extensive client base and physical network.

The Distribution network remains a dual-pronged asset. Banco Santander (Brasil) S.A. relies on its physical brick-and-mortar branches alongside its growing remote and digital channels, such as the new Santander app, to serve customers where they need help.

The Customer base is expanding into valuable territory. In Q2 2025, the bank reported a 7% year-over-year expansion in its total customer base, which reached almost 72 million customers. The focus is clearly on high-value segments, including growing the base of active customers, which is almost 34 million.

Here's a quick look at some of the hard numbers underpinning these resources:

You see the emphasis on digital transformation reflected in the focus on technology investment and the growth in digital engagement platforms. The combination of a large established physical presence and a rapidly modernizing digital front is what sets Banco Santander (Brasil) S.A. apart in the competitive Brazilian ecosystem.

The key elements supporting the operational capacity include:

• Support from the global Santander Group.
• A strong focus on consumer finance and SMEs.
• The launch of the new Santander app.
• A Chief Data AI Office role established for integration.

Finance: draft 13-week cash view by Friday.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Value Propositions

You're looking at the core value Banco Santander (Brasil) S.A. (BSBR) delivers to its customers as of late 2025. It's about offering a complete financial ecosystem, blending digital speed with human presence.

Comprehensive banking: Full suite of loans, investments, and credit facilities

Banco Santander (Brasil) S.A. (BSBR) provides a full spectrum of financial tools, from basic transactional accounts to complex investment vehicles. The scale of their operations supports this breadth, as seen in their Q3 2025 performance metrics.

The expanded loan portfolio reached R$ 688.801 billion as of the end of Q3 2025, showing measured credit expansion. Furthermore, fee income, which diversifies revenue streams beyond pure lending, totaled R$ 5.552 billion in that quarter alone, marking a 6.7% increase quarter-over-quarter. The bank is clearly focused on driving value through client activity and service fees. Overall, the bank attracted more customers, exceeding 73 million total clients in October 2025, a 7% year-on-year growth.

Digital-physical blend: Seamless experience via the One app and physical branches

Banco Santander (Brasil) S.A. (BSBR) positions itself as both a digital leader and a bank with a genuine physical footprint. This blend is central to their strategy to be the customer's bank of choice in a market where customers hold an average of between five and six current accounts. The goal is convenience and trust at every touchpoint. You see this commitment in their transaction habits; in 2024, 92% of transactions were already conducted through digital channels. The bank is actively pushing this integration with the launch of the new Santander app, the OneApp, which was aimed at consolidating various services by Q3 2025.

The value proposition here is not just digital access, but the combination:

• The One app for transactional ease and hyper-personalization.
• Physical branches and remote channels for complex needs and trust-building.
• Focus on flawless PIX and payment experiences, including PIX via credit card.
• Individual Net Promoter Score (NPS) reached a record level of 61 points, suggesting digital and service improvements are resonating.

Specialized credit: Strong growth in consumer finance (up 16%) and SME lending (up 11%)

Banco Santander (Brasil) S.A. (BSBR) is strategically increasing exposure to higher-yield segments, even as the overall loan book growth is managed carefully. This focus on specialized credit is a key driver for fee growth and higher spreads, though it comes with a monitored increase in risk mix.

The growth figures in these areas are quite telling of the near-term strategy. Consumer finance has seen a year-on-year increase of 16%, and SME lending has grown by 11% year-on-year, according to Q2 2025 data. The cards business, a component of consumer finance, posted a 16% annual increase in Q4 2024. The bank is prioritizing wealth, SMEs, and auto/consumer finance through technology and service.

Financial inclusion: Microfinance through Prospera Santander Microfinance

Financial inclusion is a tangible value proposition through the Prospera Santander Microfinance program. This initiative supports micro-entrepreneurs often invisible to the traditional system. This is about more than just credit; it includes training and support for sustainable local economic growth.

The scale of Prospera demonstrates this commitment:

• Loan portfolio size reached R$ 3.3 billion as of 2024/early 2025.
• Served over 1.1 million active clients as of 2024.
• The bank has a goal to financially empower 5 million people between 2023 and 2026.
• The program operates in over 1,700 municipalities, with a strong presence in underserved regions like the north and northeast.

Global access: Leveraging the international network of the parent company

As part of the global Grupo Santander, Banco Santander (Brasil) S.A. (BSBR) offers its clients the benefit of an international network. This connectivity is leveraged to strengthen positioning in core markets and foster collaboration between the bank's global businesses, such as Global Banking and Global Transactional Banking (GTB). This structure allows for the offering of solutions that benefit from global expertise and reach.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Customer Relationships

You're looking at how Banco Santander (Brasil) S.A. (BSBR) keeps its customers engaged, which is critical given the competitive landscape where Brazilian customers hold an average of between five to six current accounts and three active credit cards as of late 2025. The bank's strategy balances high-tech automation with high-touch relationship management.

Automated service: High reliance on digital self-service channels

The push toward digital is defintely strong here. Banco Santander (Brasil) S.A. reported that in 2024, 92% of its transactions were completed through digital channels. This reliance on self-service channels supports the bank's efficiency ratio, which stood at 37.5% in Q3 2025. This digital-first approach helps manage costs while serving a massive user base.

The ecosystem is rapidly evolving with new instant payment features, which you should track closely:

• Pix por Aproximação (Contactless Pix) launched on February 28, 2025.
• Pix Automático (Automatic Pix) is set for official launch in June of 2025.
• Innovations like Pix via credit card are aimed at improving transactionality.

Dedicated relationship managers: For high-value and corporate clients

While digital handles the volume, personalized service remains key for the most valuable clients. The bank's focus on its Corporate & SME segment, which drove loan portfolio growth, means dedicated managers are essential relationship anchors. The expanded loan portfolio reached R$688.8 billion by the end of Q3 2025. This segment relies on the high-value advice that digital platforms can't fully replicate, ensuring that the bank remains a strategic partner beyond simple transactions.

Community focus: Social programs like the Amigo de Valor Program

Banco Santander (Brasil) S.A. uses its community involvement to build deeper, values-based relationships with employees and customers. The Amigo de Valor Program, which supports child and adolescent protection projects, shows concrete results. In 2024, this program mobilized over R$ 25 million, supporting 65 projects across 64 municipalities. In a specific prior action, the mobilization reached R$ 25.2 million, sourced 42% from Santander (Brasil) S.A. itself, 29% from employees, and 29% from customers. To date, the program has benefited approximately 1.6 million children and adolescents.

Digital engagement: Improving NPS via new payment experiences like PIX

The bank is actively using technological advancements to drive customer satisfaction metrics. Banco Santander (Brasil) S.A. noted that its Net Promoter Score (NPS) has grown consistently over the past 12-18 months in both retail and corporate banking, directly linking this to new product launches and digital improvements. The broader market context shows high digital penetration, with over 94% of Brazilian adults having access to a bank account as of May 2025.

Here's a quick look at the scale of digital adoption and transaction activity influencing these relationships:

The bank's Q3 2025 managerial net profit was R$ 4.0 billion, with a Return on Equity (ROAE) of 17.5%, showing that these customer-centric digital and relationship strategies are translating to solid financial performance.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Channels

You're looking for the hard numbers on how Banco Santander (Brasil) S.A. reaches its customers as of late 2025. Here's the breakdown based on the latest available figures, focusing purely on the channel statistics.

Digital platforms: Mobile banking via the One app and internet banking.

The digital channel is a core focus, with the new One App being rolled out globally, originating from Brazilian development teams. The public beta for this new platform saw initial adoption numbers.

• Public beta users for the new One App: more than 100,000 users.
• Total customer base as of October 2025: exceeded 73 million.
• Active customer base growth: 7% up year-on-year as of October 2025.

Physical network: Traditional branches and service points across Brazil.

Despite the digital push, the physical footprint remains a key component of the distribution strategy, providing a genuine presence across the country.

Here is a snapshot of the physical infrastructure as reported at the end of the 2024 fiscal year, which serves as the most granular data point found for the network size:

ATMs: Proprietary and shared network access.

Access to cash and basic transactions is supported by a mix of proprietary and shared ATM infrastructure.

Sales force: Direct sales for corporate and investment products.

The bank supports its Commercial Banking and Global Wholesale Banking segments with a dedicated workforce. The total employee count provides a measure of the scale supporting all channels.

• Total employees for Banco Santander (Brasil) S.A. as of October 31, 2025: 51,747.
• Trailing Twelve Month Revenue as of September 30, 2025: $8.27B.

The strength of the franchise is measured by client Net Interest Income (NII) and fees, which saw a year-on-year increase of 11.1% and growth of 6.7% quarter-on-quarter in fees for Q3 2025, respectively.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Customer Segments

You're looking at the client base of Banco Santander (Brasil) S.A. (BSBR) as of late 2025. The bank has a broad reach, with its total customer base hitting 72.8 million in the third quarter of 2025, marking a 7% year-over-year increase, with some reports noting over 73 million clients. Of that total, 33.7 million customers are considered active, meaning they effectively use the bank's products.

The strategy clearly targets growth across the spectrum, from the everyday user to large institutions. Here's how the segments stack up based on recent financial activity:

• Individual retail clients form the largest part of the loan book.
• Small and Medium-sized Enterprises (SMEs) are a key growth area, showing strong loan portfolio expansion.
• Corporate and Institutional clients are served through the Corporate & Investment Banking (CIB) division.
• Microentrepreneurs are specifically targeted through the Prospera microfinance unit for financial inclusion.

The bank's overall expanded loan portfolio reached R$ 688.8 billion by the end of Q3 2025.

Individual Retail and High-Value Personal Clients

This segment represents the bank's largest lending exposure. The portfolio for pessoas físicas (individuals) stood at R$ 249.025 billion annually. Within this, the consumer finance area is a significant driver, with its loan financing growing 12.6% year-on-year to reach R$ 89.008 billion. The focus here is on digital engagement, as the bank saw a 43% year-on-year growth in Consumer Finance fees, achieving a high Net Promoter Score (NPS) of 90 in that area.

Small and Medium-sized Enterprises (SMEs)

SMEs are explicitly a key growth segment, and the numbers show it. The loan portfolio dedicated to SMEs increased by 13% year-on-year, totaling R$ 81.675 billion in Q3 2025. To be fair, the delinquency rate for legal entities (Pessoa Jurídica) did tick up to 2.1% (90-day NPL), driven by smaller companies where the rate hit 5.1%. Still, Santander was recognized as the 'Best Bank for SMEs' in Latin America.

Corporate and Institutional Clients

This segment is handled by the Corporate & Investment Banking (CIB) business, which offers global products to corporate and institutional customers. While specific lending figures for only the largest corporations aren't isolated from the SME data, the overall loan book growth reflects activity across commercial banking. The bank is a top 3 player in Brazil for lending, deposits, and mutual funds.

Microentrepreneurs (Prospera Unit)

The Prospera Microcrédito programme focuses on financial inclusion for microentrepreneurs. As of a recent report, Prospera maintained an active portfolio of over R$ 3.3 billion, serving 1.1 million active clients. The program has a wide footprint, operating in over 1,700 municipalities. Historically, 68% of the programme's portfolio comprised loans to women.

Here's a quick look at the loan book composition as of Q3 2025:

Finance: draft the next section on Value Propositions by Tuesday.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Banco Santander (Brasil) S.A.'s operations as of late 2025. These are the necessary outflows to keep the lights on and the digital engines running.

Loan Loss Provisions: The macroeconomic climate in Brazil has kept credit costs elevated, even with selective lending. Managerial provisions for loan losses totaled R$ 6,524 million in the third quarter of 2025. While this represented a slight quarterly decrease of 4.9%, the year-over-year comparison showed an increase of 10.9%, directly attributed to the macroeconomic scenario and regulatory implementation of CMN Resolution No. 4,966/21. The cost of risk for the period settled at 3.86%, which was virtually stable quarter-over-quarter but marked an increase of 0.2 p.p. year-over-year. Asset quality signals were mixed, with the over-90 day Non-Performing Loan (NPL) ratio rising to 3.4%.

Personnel and administrative costs: Expense management remains a key focus area for Banco Santander (Brasil) S.A. The disciplined approach to costs resulted in an efficiency ratio of 37.5% in Q3 2025. This performance reflects an improvement of about 140 basis points year-over-year, showing that operational leverage is being gained despite inflationary pressures. Keeping administrative overhead tight helps offset other rising costs.

Technology investment: The push for digital transformation, especially through the One app and AI integration, requires significant, often fixed, capital outlay. For instance, a Master Agreement signed in August 2025 for IT services, including network infrastructure management, was valued at R$163,458,335 for the full year 2025. This follows a reported 30% increase in technological investments compared to previous years, underscoring the commitment to building out digital and AI infrastructure. This investment is strategic for improving efficiency and customer engagement.

Cost of funding: The prevailing high Selic interest rate environment continues to pressure the cost of funds. As of July 2025, the Selic rate was at 15%, which directly impacts funding costs and overall financial operations. This pressure was evident in the Net Interest Income (NII) figures, which saw a decline in the market NII component due to the carryover cost associated with these higher rates. However, the bank managed to widen spreads, with Client NII growing to R$ 16.556 billion in Q3 2025, up 11.1% year-over-year, as the funding mix shifted positively toward the individual segment, suggesting a more balanced and cost-effective structure overall.

Here's a quick look at some of the key cost and efficiency metrics from the Q3 2025 reporting period:

You'll note the tension between managing administrative costs tightly and the necessary, high fixed costs for technology modernization. It's a balancing act that defines much of the bank's current expense strategy.

• Cost control improved efficiency by 140 basis points YoY.
• Provisions increased 10.9% YoY due to macro factors.
• The Selic rate environment directly impacted market NII carryover costs.
• Technology investment for 2025 is anchored by a specific agreement of over R$163 million.

Finance: draft 13-week cash view by Friday.

Banco Santander (Brasil) S.A. (BSBR) - Canvas Business Model: Revenue Streams

You're looking at how Banco Santander (Brasil) S.A. (BSBR) actually brings in the money as of late 2025. It's all about the spread between what they pay for funds and what they earn on loans, plus the fees that keep rolling in, even when the macro picture is a bit bumpy.

Net Interest Income (NII): Primary revenue source from lending activities.

The core engine here is the Net Interest Income, but you've got to look past the headline total. Total NII for the third quarter of 2025 was R$ 15.208 billion, which was actually down a hair, about 0.1% year-over-year. But that total masks a real story of strength in the core business. Client NII-that's the good stuff from your actual lending book-climbed to R$ 16.556 billion, showing a solid 11.1% jump year-over-year, helped by wider spreads. That's the franchise working right. The drag, as you can see, came from the market side of things.

Here's a quick look at the main interest and fee drivers from Q3 2025:

Fee and Commission Income: Resilient growth, reaching R$ 5.5 billion in Q3 2025.

Fee income is definitely showing resilience. For Q3 2025, it hit R$ 5.552 billion. That's a 6.7% increase from the previous quarter and a 4.1% increase compared to the same time last year. They noted a very good diversification across the different fee line items, so no single area is carrying all the weight. It's a healthy sign of transaction volumes picking up across the customer base.

Credit products: Interest and fees from cards, consumer finance, and real estate loans.

The growth in the loan book is what fuels that strong Client NII. The expanded loan portfolio reached R$ 688.801 billion by the end of Q3 2025, up 3.8% year-on-year. You can see where that growth is concentrated, which is important for understanding future risk and return profiles. The key drivers in the loan book growth year-on-year were:

• Cards: 14.5% growth.
• Financing to consumption: 12.6% growth.
• SMEs: 12.4% growth.

Also, on the fee side specifically related to credit, Consumer Finance fees saw a massive 43% year-on-year growth. That's a big number to watch.

Insurance and Asset Management: Fees from selling third-party and proprietary products.

Banco Santander (Brasil) S.A. (BSBR) definitely generates revenue from its insurance and asset management arms, collecting fees for distributing both proprietary funds and products from third parties. While the overall fee income is strong, the specific breakdown for Q3 2025 for this segment isn't explicitly detailed in the top-line disclosures I have access to, but it contributes to the overall fee pool.

Treasury and Market Operations: Income from trading and market-making.

This is the part that can be volatile, and in Q3 2025, it was a headwind. Income from Treasury and Market Operations, specifically the Market NII component, was negative at -R$ 1.348 billion. This negative result is what pulled the Total NII down slightly, even as the core Client NII was up significantly. It shows the bank is managing market exposure, but that segment didn't contribute positively to the overall revenue this quarter.

Finance: Draft a sensitivity analysis on the impact of a 50 basis point shift in the Selic rate on Client NII for Q4 2025 by next Tuesday.