Largest banks in Brazil 2023, by total assets

In 2023, Itaú Unibanco was the leading bank in Brazil based on total assets, with total assets exceeding 555.7 billion U.S. dollars. Banco do Brasil ranked second, with assets amounting to approximately 447.7 billion U.S. dollars. The total value of assets of Brazilian banks added up to over 2.3 trillion U.S. dollars in 2022, a figure that has been consistently increasing since 2002. 

Brazilian banking network

Brazil was the country with the highest number of bank branches in Latin America, with more than 17,216 branches in 2022. However, in terms of accessibility, the South American country lags some regional counterparts. In 2022, the density of bank branches in Brazil reached only 10 per 1,000 adults; in comparison to 12 bank branches per 1,000 adults in Mexico.

Neobanks in Brazil

With the use of financial technology increasing around the world, online banking is becoming ever more popular, and the Brazilian market is no exception. In fact, Brazil is home to one of the leading neobanks worldwide, Nubank. Nubank's active users increased sharply in 2023, while its operating revenue almost doubled in 2023, exceeding eight billion U.S. dollars.