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    Thiago Renzo

    Research Analyst at Goldman Sachs

    Thiago Renzo is an Equity Analyst at Goldman Sachs, specializing in Latin American financial institutions. His recent coverage includes Banco Santander Brasil SA, where he has participated in corporate earnings discussions. Renzo began his analyst career at Goldman Sachs, focusing on banking sector research, and has demonstrated industry engagement through earnings calls. While detailed performance metrics and professional credentials are not publicly available, his coverage indicates early but direct involvement with major financial companies in the region.

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

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

    Question

    Thiago Renzo of Goldman Sachs asked for the outlook on fee income, specifically regarding the potential for improvement in insurance and capital markets, and the sustainability of double-digit growth in cards.

    Answer

    CEO Mario Roberto Opice Leão expressed confidence in fee growth. He expects card revenues to continue growing strongly as a strategic pillar. He anticipates insurance will resume growth in Q3, driven by new products and a strengthened sales force. He also sees a stronger pipeline for capital markets in the second half of the year, particularly in debt, which should contribute to overall fee income improvement.

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