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    Thiago Bovolenta

    Research Analyst at Goldman Sachs

    Thiago Bovolenta is an analyst at Goldman Sachs, specializing in Latin American financial institutions research with a focus on leading banks. He has covered companies such as Banco Santander Brasil SA and has participated in earnings calls and research reports within this sector, contributing insights and analysis to institutional investors. Bovolenta began his equity research career covering Latin American banks and previously held research positions at UBS, where he served as a team leader and senior analyst before joining Goldman Sachs. He holds relevant financial industry credentials and is experienced in producing investment research for global financial markets.

    Thiago Bovolenta's questions to Banco Santander (Brasil) (BSBR) leadership

    Thiago Bovolenta's questions to Banco Santander (Brasil) (BSBR) leadership • Q2 2025

    Question

    Thiago Bovolenta of Goldman Sachs asked for the outlook on fee income, specifically questioning the potential for improvement in insurance and capital markets, and whether double-digit growth in cards is sustainable.

    Answer

    CEO Mario Roberto Opice Leão expressed confidence in continued growth. He expects the insurance segment to resume growth in Q3, driven by new products and a stronger sales force. He also sees a stronger pipeline for capital markets in the second half. For cards, he affirmed the goal is to continue expanding the business, which remains a strategic pillar, suggesting continued strong performance is expected.

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