• Telefonica Brasil S.A average return on tangible equity for 2023 was 24.78, a 43.24% decline from 2022.
• Telefonica Brasil S.A average return on tangible equity for 2022 was 17.3, a 4.03% increase from 2021.
• Telefonica Brasil S.A average return on tangible equity for 2021 was 16.63, a 4.79% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.