Shares in Pan were among the worst performers on Ibovespa on Tuesday after the National Social Security Council (CNPS) cut the top interest rate on payroll loans to INSS beneficiaries the day before.
The collegiate defined the new limit at 1.70% per month, which represents a decrease of 0.44 percentage points of the index authorized by financial companies to carry out operations with domiciliation in payroll which contemplates over 37 million citizens, including pensioners and retirees.
The change was proposed by the government of President Luiz Inácio Lula da Silva, according to the statement on the website of the Ministry of Social Security. A limit of 2.62% was also approved for the credit card in the pay slip, against the 3.06% of the then current percentage value.
On the São Paulo Stock Exchange, around 11:40 am, Pan shares fell by 1.19%, to 4.99 reais, reducing losses, after reaching 4.78 reais (-5.35%), while Ibovespa was up 0.67%.
For Bradesco BBI analysts, the news is negative for the sector, above all because the cost of funding should remain high, given that the Selic rate remains at high levels. They calculate a negative effect of around 3% on average on estimated earnings for the banks they cover in 2023.
“…but with a range from 20.9% to 0.9%,” reflected Gustavo Schroden and team in a report to clients, assessing that Pan should be the most affected (20.9%), followed by Banrisul (20.6%), Itaú Unibanco (4.4%), Santander Brasil (2.7%) and Banco do Brasil (0.9%).
They added that this type of decision could trigger further discussions on the level of interest rates charged by banks in Brazil, mainly on revolving credit cards.
In the sector, Banrisul lost 0.88%, Itaú showed a positive change of 0.08%, Santander Brasil was up 0.72%, Banco do Brasil returned 0.11% and Bradesco gained 0 .3%.
Source: Terra
Rose James is a Gossipify movie and series reviewer known for her in-depth analysis and unique perspective on the latest releases. With a background in film studies, she provides engaging and informative reviews, and keeps readers up to date with industry trends and emerging talents.
