Big banks’ profits have the biggest drop in 21 years

The four big banks in the country had a combined profit of R$61.6 billion ($11.4 bn) in 2020, a drop of 24.4% compared to the previous year. The reduction in earnings is the biggest since 2000. The banks were coming from their best aggregate result in the entire historical series, measured since the introduction of the real in 1994. In 2019, the combined profit was R$81.5 billion ($15 bn)in nominal values. With monetary correction, the figure rises to R$85.1 billion ($15.8 bn) and extends the 2020 drop to 26.6%.

Source: G1 Economia