Lender Santander Brasil on Wednesday reported a fourth-quarter net income of 2.2 billion reais ($444.48 million), down 19.2% from the previous quarter and below the 2.87 billion expected by analysts polled by LSEG. The local unit of Spain's Santander saw provisions for loan losses rise 8.7% in the quarter to 6.11 billion reais, saying it was impacted by a "specific case in the wholesale segment," which it did not name. Santander Brasil has been trying for the past couple of years to be more selective in its lending as credit conditions deteriorated, but reported some poor results while implementing the strategy.
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