Santander Brasil slightly beats profit forecast in first quarter

SAO PAULO, April 29 Tue Apr 29, 2014 7:00am EDT

SAO PAULO, April 29 (Reuters) - Banco Santander Brasil SA posted on Tuesday recurring net income of 1.427 billion reais ($637 million) in the first quarter, slightly above analyst estimates.

Recurring profit, or a measure of net income excluding one-time items, was expected at 1.404 billion reais in the quarter, according to a Reuters poll with five analysts.

Santander Brasil's loan delinquencies, as measured by the 90-day default ratio, rose to 3.8 percent of outstanding loans in the first quarter, in line with the poll estimates.

($1 = 2.24 Brazilian reais) (Reporting by Guillermo Parra-Bernal)

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