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1Q12 Earnings Conference Call
- 1. Earnings Conference Call 1Q12
- 2. 2/15 Investor Relations | 1Q12| Content 1Q12 Events and Highlights Page 3 1Q12 Key Figures Page 4 Product and Revenue Diversification Page 5 Credit Portfolio Page 6 Credit Portfolio Profile Page 7 Credit Portfolio Quality Page 8 Hedging Desk Page 9 PINE Investimentos Page 10 Funding Page 11 Asset & Liability Management Page 12 Capital Adequacy Ratio (BIS) Page 13 2012 Guidance Page 14
- 3. 3/15 Investor Relations | 1Q12| 1Q12 Events and Highlights In April, PINE carried out its first offering of financial bills known as Letras Financeiras, issuing R$313.2 million in two-year notes. Highly liquid balance sheet with a strong cash position of R$1.2 billion, which corresponds to 34% of time deposits. Positive liquidity gap between the credit and funding portfolios of 3 months: 14 months for credit and 17 months for funding. The Bank has maintained this positive gap for 24 months. Positive revenue contributions from all business lines in the quarter: 57.3% from Corporate Credit, 24.3% from Hedging Desk, 8.2% from Treasury, with the highlight for PINE Investimentos, which contributed 10.2%. Ranked by CETIP among the 14 largest banks in derivative transactions for clients and first in commodity NDFs for clients.
- 4. 4/15 Investor Relations | 1Q12| 1Q12 Key Figures The main indicators showed improvement in the period… 5,823 7,300 Mar - 11 Mar - 12 Expanded Corporate Credit Portfolio1 25.4 % 1 Includes guarantees and private securities 5,322 6,421 Mar - 11 Mar - 12 Total Funding 20.7% 879 1,029 Mar - 11 Mar - 12 Shareholders´ Equity 17.1 % 31 47 1Q11 1Q12 Net Income 51.6% 15.2% 19.5% 1Q11 1Q12 430 bps ROAE 2.7% 3,5% Mar - 11 Mar - 12 Corporate Credit Coverage 80 bps R$ Millions
- 5. 5/15 Investor Relations | 1Q12| Product and Revenue Diversification ...with contributions from all business lines, as a result of the strategy of complete service to clients. Clients with more than one Product Penetration Ratio – Clients with more than one Product Corporate Revenues Breakdown 2.5 2.7 3.0 Mar - 10 Mar - 11 Mar - 12 40% 44% 58% 60% 56% 42% Mar - 10 Mar - 11 Mar - 12 More than 1 product 1 product Corporate Credit69.0% Hedging Desk27.1% Treasury3.4% PINE Investimentos0.5% 1Q11Corporate Credit57.3% Hedging Desk24,3% Treasury8.2% PINE Investimentos10.2% 1Q12
- 6. Investor Relations | 1Q12| 6/15 Credit Portfolio The portfolio continued to grow, +5.3% QoQ and +25.4% YoY… ¹ Includes debentures, CRIs, and hedge fund shares R$ Millions 2,821 2,792 3,251 3,358 3,132 3,126 3,300 3,286 3,370 71 122 251 297 342 261 472 644 846 881 912 881 883 883 634 842 827 1.022 1.117 1.372 1.534 1.687 1.684 840 722 569 547 622 782 765 782 1.021 Mar - 10 Jun - 10 Sept - 10 Dec - 10 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Trade finance Guarantees BNDES Onlending Private Securities Working Capital 4,556 4,828 5,292 5,773 5,823 6,314 6,732 6,935 7,300 Expanded Corporate Credit Portfolio1
- 7. Investor Relations | 1Q12| 7/15 Credit Portfolio Profile Credit Portfolio by Industry Segments Geographic Distribution ... growing in a diversified manner… Southeast 76% South 7% Northeast 5% Midwest 10% North 2% Sugar and Ethanol 20% Construction 9% Agriculture 8% Infrastructure 8% Electric and Renewable Energy 8% Foreingn Trade 5% Transportation and Logistics 5% Food Industry 4% Specialized Services 4% Meatpacking 3% Metal and Mining 3% Beverages and Tobacco 3% Vehicles and Parts 3% Chemicals 2% Telecom 2% Financial Instituions Materials of 2% Constrution and Decoration 2% Others 9%
- 8. Investor Relations | 1Q12| 8/15 Credit Portfolio Quality Credit Portfolio Quality – March 2012 Total Credit Coverage Non Performing Loans > 90 days Collaterals ... with quality, collaterals, and adequate credit coverage. 2.7% 3.6% 3.5% Mar - 11 Dec - 11 Mar - 12 80 bps - 10 bps AA-A 52.7% B 32.7% C 11.1% D-E 1.5% F-H 2.0% Products Pledge 44% Receivables 31% Properties Pledge 20% Investments 3% Guarantees 2% 0.6% 0.5% 0.5% 0.7% 0.7% 0.3% 0.2% 0.3% 0.3% 0.2% Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Contracts Overdue Installments Overdue
- 9. Investor Relations | 1Q12| 9/15 Commodities 8% Fixed Income 30% Currency 62% Hedging Desk Client Notional Derivatives Portfolio by Market Market Segments Notional Value and (MtM) Portfolio Profile PINE is the 1st player in terms of commodities to clients¹. Notional: R$4.3 billion Scenario on March, 31st Duration: 198 days Mark-To-Market : R$126 million Stress Scenario (Dollar: +31% and Commodities Prices: -30%): Stressed MTM: R$354 million March 31st, 2012 *Source: Cetip Report, March 2012. Fixed Income: Fixed, Floating, Inflation, Libor Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn, Cotton, Metals, Energy R$ Millions 3,428 3,457 3,709 3,712 4,287 106 84 178 157 126 236 224 358 354 354 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Notional Value MtM MtM Stressed
- 10. Investor Relations | 1Q12| 10/15 0 1 16 1Q11 4Q11 1Q12 - 233 317 1Q11 4Q11 1Q12 PINE Investimentos Volume of Underwriting Transactions Revenues Creating new values to clients and optimizing the Bank's use of capital. Capital Markets: Structuring and Distribution of Fixed Income Transactions. Financial Advisory: Project Finance, M&A, and hybrid capital transactions. Assets under Management: Fixed Income, Credit Funds, Exclusive Mandates, and Portfolio Management. R$ Millions R$ Millions
- 11. Investor Relations | 1Q12| 11/15 Funding Diverse sources of funding… R$ Millions 1,566 1,646 1,654 1,592 1,720 1,845 1,965 2,130 2,128 1,064 1,124 1,463 1,530 1,114 1,287 1,253 85 1,196 1,186 175 198 214 218 212 228 250 281 248 201 224 320 272 210 165 106 161 50 36 46 42 41 53 66 112 31 242 453 626 829 867 898 867 867 868 - - - 21 33 247 256 281 291 276 203 194 194 201 220 237 246 233 239 227 200 160 282 267 310 353 276 87 151 166 158 172 102 86 250 125 448 405 413 377 435 596 814 753 841 Mar - 10 Jun - 10 Sept - 10 Dec - 10 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Funding Breakdown Trade Finance Private Placements Multilateral Lines International Capital Markets Local Capital Markets BNDES Demand Deposits Interbank Time Deposits High Net Worth Individual Time Deposits Corporate Time Deposits Institutional Time Deposits 5,182 4,622 4,304 5,437 5,322 5,936 6,248 6,544 6,421
- 12. 12/15 Investor Relations | 1Q12| 70% 63% 59% 30% 37% 41% Mar - 10 Mar - 11 Mar - 12 Others Deposits 5,322 4,304 6,421 Asset & Liability Management ... presenting a positive gap of 3 months between the credit and funding portfolios. ALM Deposits vs. Total Funding Matching of Transactions CREDIT FUNDING BNDES BNDES Trade Finance Trade Finance Deposits Working Capital, Private Securities* And Cash Letras Financeiras Offshore Funding * Includes debentures, CRIs, eurobonds, and hedge fund shares 88% 82% 80% 76% 81% Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Credit Exposure to Total Funding Ratio R$ Millions - 2,668 1,969 1,594 435 109 31 1,608 2,336 1,432 915 144 No maturity Up to 3 months (includes Cash) From 3 to 12 months From 1 to 3 years From 3 to 5 years More than 5 years Credit Funding R$ Millions
- 13. 13/15 Investor Relations | 1Q12| Capital Adequacy Ratio (BIS) BIS ratio ends the period at 16.4%. 14.4% 14.6% 14.8% 13.8% 13.4% 13.2% 15.1% 14.3% 13.3% 0.5% 3.9% 3.6% 3.6% 3.7% 3.4% 4.5% 4.2% 3.1% Mar - 10 Jun - 10 Sept - 10 Dec - 10 Mar - 11 Jun - 11 Sept - 11 Dec - 11 Mar - 12 Tier II Tier I 14.9% 18.5% 18.4% 17.4% 17.1% Minimum Regulatory Capital (11%) 16.6% 19.6% 18.5% 16.4% R $ million Bis R atio ( % ) Tier I 1,025 13.3% Tier II 237 3.1% Total 1,262 16.4%
- 14. 14/15 Investor Relations | 1Q12| Guidance 2012 PINE is ready to capture 2012's business opportunities, and reaffirms the guidance for 2012. Guidance Expanded Corporate Credit Portfolio 17% - 22% Personnel and Administrative Expenses 8% - 12% NIM 5.5% - 7.5% ROAE 17% - 20%
- 15. 15/15 Investor Relations | 1Q12| This presentation contains forward-looking statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of PINE. These are merely projections and, as such, are based exclusively on the expectations of PINE’s management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such forward-looking statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and risks disclosed in PINE’s filed disclosure documents and are, therefore, subject to change without prior notice. Investor Relations Norberto Zaiet Junior COO Susana Waldeck CFO Raquel Varela Head of Investor Relations Alejandra Hidalgo Investor Relations Manager Fone: +55-11-3372-5343 www.pine.com.br/ri ri@pine.com.br