Banco Santander Brasil (BSBR), a unit of Spain's Banco Santander (SAN), reported Q1 net profit Wednesday of 3.86 billion Brazilian reais ($686.9 million), up from 3.02 billion reais a year earlier.

Analysts surveyed by FactSet expected 3.70 billion reais.

Revenue for the quarter, expressed as the sum of net interest income and fees, was 21.06 billion reais, up from 19.68 billion reais a year.

Four analysts polled by FactSet expected 20.85 billion reais.