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In addition to boosting profits last year, Brazil's three largest private banks also increased share of profits paid to shareholders. Together, Bradesco, Itaú and Santander paid dividends and interest in the amount of 32.858 billion rubles in 2018, 43% more than the $ 23.042 billion in revenue distributed in 2017, according to data from the Economatica financial information company.
Banks' profit for shareholders comes just as Jair Bolsonaro's government is considering taxing dividend income in exchange for a reduction in the corporate tax burden. Today, dividends are exempt from income tax, while interest on capital is subject to a 15% shareholder tax.
Itaú doubled the dividend
Itaú was at the origin of the leap forward in the distribution of profits of banks to shareholders other last year, the bank achieved a record profit among the Brazilian establishments, which amounted to 24.9 billion Rands, exceeding 4.2% the 23.9 billion Rands obtained in 2017.
The amount of dividends and interest already the paid-up capital has almost doubled from 10.728 billion rubles in 2017 to 20.24 billion pesos in 2018, or 81% of the profit of the previous year.
The distribution of Itaú in 2018 was also 60.6% higher than the previous year. than those paid by competitors Bradesco and Santander. The dividends paid by Bradesco totaled 6.483 billion rand last year, which corresponds to the amount of 6 398 billion rand distributed the previous year. Santander distributed proceeds of R $ 6,126 billion in 2018, slightly higher than R $ 5,916 billion credited in 2017.
Economic data includes actual dividends paid by banks in 2017 and 2018. Figures do not include product reported by banks. institutions in 2018, but will still be paid in 2019.
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