In the past week, the effect on the coronavirus pandemic became clear on Spanish and Latin American banks, the latest financial institutions to announce their results. It was a mixed bag of messages.

Brazilian financial services platform XP reported net revenues of BRL1.7 billion (US$300m) for Q1, an 866% rise on the first quarter of 2019. The company's subsidiary, XP Investimentos, is still the most prolific distributor in Brazil with 103 products valuing R$1.46 billion compared to 63 products at R$1.27 billion in the fourth quarter of 2019. It also reported a substantial rise (81%) in clients to 2.39 million. Banco Santander subsidiary Santander Brasil sailed through the first quarter of

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