Brazilian banks and PetroReconcavo report Q3 2026 financial results

Major Brazilian financial institutions reported diverse third-quarter 2026 results. Itaú Unibanco recorded a recurring net profit of R$ 37.3 billion for the first nine months, with a quarterly profit of R$ 12.6 billion. Despite these gains, labor unions reported that the bank eliminated 3,259 jobs and closed 334 branches over the past year. Similarly, Santander Brazil reported a profit of R$ 9.6 billion for the first nine months, while also closing 134 branches and cutting nearly 6,000 jobs over a 12-month period.

In the energy sector, PetroReconcavo reported a 94% increase in net profit for the third quarter, reaching R$ 236 million. This growth was driven by debt swap accounting effects and strong cash generation, despite a 10% annual decline in average daily production. The company also noted the acquisition of new exploratory blocks in the Potiguar and Recôncavo basins.

Other notable financial results include Banco Mercantil, which reported a 10% increase in quarterly net profit to R$ 279.4 million, marking its 16th consecutive quarter of record profits.