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Why Banco Santander Brasil SA (BSBR) Stock Is Surging Today

NEW YORK (TheStreet) -- Banco Santander Brasil SA (BSBR - Get Report) surged Tuesday after the bank beat analysts' profit estimates in the first quarter, and its parent company initiated a buyout offer.

Banco Santander reported net income, excluding items, of 1.427 billion reais, or $637 million, which slightly beat the 1.404 billion reais estimate from analysts polled by Thomson Reuters. The company's loan delinquencies measured by the 90-day default ratio increased to 3.8% of outstanding loans, in line with estimates.

Banco Santander's Spanish parent bank also initiated an offer to buy out the 25% of its Brazilian unit that it does not already own. Banco Santander Brasil CEO Jesus Zabalza told investors in an earnings conference call on Tuesday the buyout offer "reflects the great confidence the group has in the future of Brazil and its business in the country" and that the market is not evaluating the true value of Banco Santander Brasil and of Brazilian businesses in general, according to Reuters.

Zabalza said the deal could be worth as much as 4.7 billion euros, or $6.5 billion, and expects it to close by October.

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The stock was up 15.4% to $6.67 at 10:57 a.m. on Tuesday.

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BSBR Chart

BSBR data by YCharts

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