Banco Santander, S.A. (NYSE:SAN) Q2 2023 Earnings Call Transcript

Jose Garcia-Cantera : So, hi, Ignacio. We Believe interest rates in Brazil will start coming down in August. They are at 13.75 our central scenario is for rates during the year at around 12, twelve and a quarter and then probably below 10 by the end of next year. So NII, when you look at sequentially quarter-on-quarter, NII probably will be flattish in the third, but it should increase in the fourth and more so into next year and the exact sensitivity, I mentioned the sensitivity to higher rates, but the sensitivity in Brazil to a 100 basis point. But it is a parallel shift I insist the parallel shift, which is not what will happen probably because we are what we will see is lower rates in the short end of the curve, but flattish in the long end of the curve. But through a parallel shift, a drop in 100 basis points will generate €140 million higher revenue in Brazil. Thank you Ignacio.

Begona Morenes : Thank you, Ignacio. I believe there are no further the questions. So thank you everybody, for your attendance and the Investor Relations team is at your disposal for any other questions that you may have. Thank you very much.