Earnings Release Report 1Q12

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Earnings Release Report 1Q12

  1. 1. Results 1Q12 May 7, 2012 Expanded Credit Portfolio grows 8.9% Corporate segment share up to 35% of total loans, with important improvement in Credit Quality Highlights of the Period • Expanded Credit Portfolio grows 8.9% during 1Q12 and 38.4% in 12IDVL4: R$8.27 per share months, reaching R$2.8 billion.Closing: May 7, 2012 • Corporate segment already responds for 35% of Credit Portfolio, up 29.5% in the quarter, with a slight drop in the Middle Market share, stillOutstanding shares: 62,358,840 related to the exit of lower quality loans.Market Cap: R$515.7 million • Continuous improvement in credit quality: Loans rated from AA to B upPrice/ Book Value = 0.87 from 69.9% in 4Q11 to 75.3% in 1Q12 (vs. 62.3% in 1Q11). • Agro Bonds Portfolio (CPR, CDA/WA and CDCA) reaches R$230 million, Conference Calls / Webcasts up 77.6% in the quarter, and contributes to a more efficient funding mix through the issuance of Agribusiness Letters of Credit (LCAs). May 08, 2012 • Funding follows the credit portfolio growth adding up to R$2.7 billion. The higher volume of funds obtained through the issuance of LCAs and a marginal decline in cost of our time deposits (CDB) contributed to a In English reduction in funding costs in Reais of 0.9% of CDI during the quarter. 10:00 (US EST) / 11:00 (Brasília) Connections • Income from Services (Fees) grew by 90.1% compared to same quarter Brazil:+55 11 4688-6361 last year totaling R$6.6 million in the quarter, reflecting the trend to add USA:+1 786 924-6977 up higher value added products to our client offering. Code: BI&P • Net Profit in the quarter was R$5.0 million, against a loss of R$54.5 million in 1Q11 and positive R$10.3 million in 4Q11. This result is yet below the potential of the Bank but it is aligned to the Management’s In Portuguese forecast taking into consideration our leverage level, the seasonality of 9:00 (US EST) /10:00 (Brasília) the first quarter and the increased allowance for loan losses expenses of Number: +55 11 4688-6361 R$14.4 million in the period, still derived from loans originated before Code: BI&P 2011. The Efficiency Ratio and NIM followed the positive trend of the previous quarters. Website: • Our Basel Ratio at 18.1% (Tier 1) is still one of the highest in the www.bip.b.br/ir industry, allowing a high portfolio growth in 2012. • On March 1st, our shares started trading at Level 2 Corporate Governance at BM&FBOVESPA. 1/19
  2. 2. SummaryMessage from the Management ...................................................................................................................3Macroeconomic Environment .......................................................................................................................4Key Indicators.................................................................................................................................................5Operating Performance .................................................................................................................................6Credit Portfolio...............................................................................................................................................9Funding ........................................................................................................................................................13Liquidity........................................................................................................................................................14Capital Adequacy .........................................................................................................................................14Risk Ratings ..................................................................................................................................................14Capital Market .............................................................................................................................................15Balance Sheet...............................................................................................................................................17Income Statement .......................................................................................................................................19 2/19
  3. 3. Message from the ManagementIn March, we completed one year of the new phase at BI&P. During these twelve months we underwent major changes,attracting and retaining the best talents and implementing the best banking practices. As a result, we have a stronger,more agile and active bank operating in various markets and with well-structured foundations for a new period of growthand profitability.We know that we still have a long road ahead of us before we reach the goals that we set for ourselves one year ago.However, the results started to emerge. We would like to highlight the growth of our loan portfolio, which, includingagribusiness bonds (CPRs, CDCAs and CDA/WAs), private credit bonds (Debentures and PNs) and guarantees issued(guarantees, sureties and L/Cs), increased by around 9% in the quarter and 38% in 12 months, totaling R$2.8 billion. Thisincrease occurred particularly in March, increasing the share of the Corporate segment (companies with annual revenuesof between R$400 million and R$2.0 billion) in our credit portfolio to 35%, from 28% at the end of 2011. This increase,besides reflecting the new business model, comes particularly from the increase in BNDES onlending operations (12% in1Q12 and 85% in 12 months), guarantees issued (17% and 114%, respectively), agribusiness bonds (78% and 730%,respectively), in addition to acquisition of client receivables through assignments, thus justifying this growth in spite of theseasonality of the first quarter.Although the first quarter is traditionally of lower volumes, we originated R$646 million in the period, a record for the Bankin the season, with a 116.8% increase compared to the R$298 million in 1Q11 (R$656 million in 4Q11, traditionally the bestquarter). The loan portfolio growth in the quarter was only possible due to the ability of the new commercial team tonurture and cultivate relationships as well as the new products area to expand and improve our offering, both aligned tothe credit and operational areas.Our strategy has had a positive impact on the quality of the loan portfolio, increasing the share of operations classified inthe best risk categories (AA – C) to 92% of the loan portfolio, with credits classified between AA and B today representing75% of the loan portfolio, compared to 62% in March 2011, especially as the result of the operations booked in the past 12months. Of the loans disbursed in the first quarter, 97% were classified from AA to B (70% as A). This improved loan qualityalready reflects in the default rate, but will be even more evident over time when the operations generated during the pre2008 crisis, still in the books, decay. The default rate of 2.7% for operations overdue more than 90 days was 2 p.p. downfrom December 2011, thanks to the better quality of the portfolio originated over the past 12 months but also as a result ofwrite-offs in the amount of R$55 million in the quarter.It is worth mentioning the contribution of fees from services derived from our Brokerage Firm and from structured deals.These fees grew 90% when compared to 1Q11 with a positive impact on our efficiency ratio (68%) down 3 p.p. towards4Q11 and 5.3 p.p. compared to 1Q11.Apart from growth combined with quality, our challenge is also to conceive market differentials, that is, new products,innovative client approach and more efficient processes, all of which make us more flexible and profitable.Our funding volume kept in step with credit portfolio growth, reaching R$2.7 billion, up 8% over the previous quarter and22% over March 2011. Deposits in Real, which correspond for 76% of total funding, saw a decline of 0.9% of the Interbankrate (CDI) in the total funding cost in Real during the quarter, caused both by the accessibility of our funding teams and theincreased volume of Agribusiness Letters of Credit (LCA) issued, whose share of total deposits rose to 14%, therebyreducing the share of higher-cost sources.We live and breathe our values every day and groom our management team in order to become one of the 100 bestcompanies to work for in Brazil, which is one of our most important goals, as only with great and motivated people can wereach the planned standard, with the profitability and quality of assets that we expect. 3/19
  4. 4. Macroeconomic EnvironmentThe Brazilian economy, especially the industrial segment, started 2012 with lackluster growth. The government, which hasset a growth target of 4.5% this year, once again took measures to stimulate economic activity. Expectations are that theeconomy resumes growth from April and reaches around 3.5% by the year-end, mainly influenced by monetary and taxincentives.With regard to foreign exchange, there was a heavy inflow of cash, mainly caused by the foreign issues of Braziliancompanies, which took advantage of the window of opportunity and the improved situation of markets at the beginning ofthe year. As a result of this and also due to the weak industrial growth, the government decided to take a few measures toweaken the Real. The Central Bank once again started purchasing dollars in the spot market and also through derivatives.As a result, the Real, which had been gaining strength, started to weaken at the end of the quarter.As for interest rates, the Monetary Policy Committee of the Central Bank followed up with the process of cutting the basicinterest rate (Selic), this time reducing it to 9.75% and thus concretizing in March the indications given at its meeting heldin January, that the interest rates in Brazil would move towards single digits.Credit supply in Brazil’s financial system grew 2% in the first quarter, for a total increase of 18% in 12 months. TheDebt/GDP ratio came to 49.3% in March, up 0.5 p.p. over December and 4.1 p.p. over March 2011. On the other hand, withdefault levels outgrowing expectations, banks began restricting consumer credit, particularly for vehicle loans. Defaults onindividual loans closed the quarter at an estimated 7.4%, the same level as in December 2011, though 0.2 p.p. up inJanuary and February 2012, according to BACEN. For corporate loans defaults in March stood at 4.1%, also 0.2 p.p. abovethe rate disclosed by BACEN in December. Macroeconomic Data 1Q12 4Q11 1Q11 2011 2012e 2013e Real GBP Growth (Q/Previous Q) 0.80% 0.34% 0.63% 2.74% 3.4% 4.0% Inflation (IPCA - IBGE) – quarterly change 1.44% 1.43% 2.34% 6.50% 5.2% 5.5% Inflation (IPCA - IBGE) – annual change 5.24% 6.50% 6.30% 6.50% 5.2% 5.5% FX (US$/R$) – quarterly change -2.86% 1.15% -2.25% 12.58% 5.0% 6.5% Interest Rate (Selic) 9.75% 11.00% 11.75% 11.00% 9.0% 10.0% 4/19
  5. 5. Key IndicatorsThe financial and operating information presented in this report are based on consolidated financials prepared in millions of Real (localcurrency), according to Brazilian GAAP (BRGAAP), except were otherwise stated.Results 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Result from Financial Int. before ALL 50.8 49.3 3.0% 38.8 30.9% 1ALL Expenses (14.4) (1.1) 1154.2% (101.6) -85.8%Result from Financial Intermediation 36.4 48.2 -24.4% (62.8) 158.0%Net Operating Expenses (27.2) (30.1) -9.7% (24.7) 9.8%Recurring Operating Result 9.3 18.1 -48.8% (87.5) 110.6%Non-Recurring Operating Expenses 0.0 (0.2) -100.0% (2.7) -100.0%Operating Result 9.3 17.9 -48.2% (90.3) 110.3%Net Profit (Loss) 5.0 10.3 -51.1% (54.5) 109.3%Assets & Liabilities 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Loan Portfolio 2,385.6 2,269.6 5.1% 1,890.2 26.2% 2Expanded Loan Portfolio 2,759.1 2,534.4 8.9% 1,994.3 38.4%Cash & Short Term Investments 642.3 351.3 82.8% 567.1 13.3%Securities and Derivatives 1,309.8 1,443.1 -9.2% 1,825.9 -28.3% 3Securities excl. Agro Sec. & Private Credit Bonds 1,100.1 1,318.2 -16.5% 1,798.2 -38.8%Total Assets 4,583.0 4,278.3 7.1% 4,346.8 5.4%Total Deposits 2,087.8 1,851.2 12.8% 1,759.0 18.7%Open Market 1,058.4 867.9 21.9% 1,312.8 -19.4%Foreign Borrowings 407.8 463.8 -12.1% 350.7 16.3%Domestic On-lending 240.2 218.2 10.1% 137.0 75.3%Shareholders’ Equity 590.5 577.1 2.3% 563.7 4.7%Performance 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Free Cash 853.3 887.3 -3.8% 1,027.0 -16.9%NPL 60 days/ Loan portfolio 3.2% 5.0% -1.9 p.p. 6.1% -3.0 p.p.NPL 90 days/ Loan portfolio 2.7% 4.7% -2.0 p.p. 4.6% -1.9 p.p. 4Basel Index 18.1% 18.2% -0.1 p.p. 23.7% -5.6 p.p.ROAE 3.5% 7.3% -3.8 p.p. -37.3% 40.8 p.p.Adjusted Net Interest Margin (NIMa) 6.6% 6.7% 0.0 p.p. 6.0% 0.7 p.p. 5Adjusted Efficiency Ratio 68.0% 70.9% -3.0 p.p. 73.3% -5.3 p.p.Other Information 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Number of Corporate Clients 775 734 5.6% 707 9.6%Number of Employees 426 421 1.2% 357 19.3%Details in the respective sessions of this report1 Additional Loan loss Allowances included.2 Guarantees issued, Private Credit Bonds (PNs and Debentures) and agro securities (CDCAs, CDA/WAs and CPRs) included.3 Agro Securities (CPRs and CDA/WA) and Private Credit Bonds (PNs and debentures) excluded.4 Capital increase of R$201 million in March 2011.5 Adjusted Efficiency Ratio: (i) excludes non-recurring expenses; (ii) excludes operating income and expenses derived from the agro commodities purchase and saleactivities; and (iii) adjusts pro rata temporis the personnel and profit sharing expenses, as detailed ahead in this report.BI&P - Banco Indusval & Partners is a commercial bank listed at Level 2 Corporate Governance of the BM&FBOVESPA, withover 40 years of experience in the financial market, focusing on local and foreign currency corporate loan products. BI&Prelies on a network of 11 branches strategically located in economically relevant Brazilian regions, including an offshorebranch in Cayman Islands, its brokerage firm operating at the São Paulo Stock, Commodities and Futures Exchange -BM&FBOVESPA and Serglobal Cereais, acquired in April 2011, which originates agricultural bonds. 5/19
  6. 6. Operating Performance Financial Intermediation Result Net Profit before Allowance for Loan Losses 50.8 49.3 10.3 45.0 7.3 5.1 5.1 38.8 n 37.4 R$ million o i l i 1Q11 2Q11 3Q11 4Q11 1Q12 m $ R -54.5 1Q11 2Q11 3Q11 4Q11 1Q12 Expanded Credit Portfolio Funding 2.8 2.5 2.7 2.1 2.2 2.4 2.5 2.0 2.2 2.2 R$ Billion n o i l l i B $ R 1Q11 2Q11 3Q11 4Q11 1Q12 1Q11 2Q11 3Q11 4Q11 1Q12 Loans & Financing in Reais Trade Finance Local Currency Foreign Currency Guarantees isssued Agro Bonds (CPRS, CDA/WA and CDCA) Private Credit Bonds (NPs e Debêntures)ProfitabilityFinancial Intermediation 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Financial Intermediation Revenues 161.8 175.8 -8.0% 116.7 38.7%Loan Operations 70.2 80.7 -13.0% 64.3 9.2% Loans & Discounts Receivables 62.9 63.6 -1.2% 60.3 4.3% Financing 6.4 7.9 -19.9% 3.6 76.3% Other 0.9 9.1 -89.6% 0.4 129.0%Securities 68.6 57.7 18.9% 40.0 71.4%Derivative Financial Instruments (3.7) (6.3) -40.6% 4.7 -180.4%FX Operations Result 26.7 43.7 -38.9% 7.7 248.8%Financial Intermediation Expenses 111.0 126.5 -12.3% 77.8 42.5%Money Market Funding 85.3 79.2 7.8% 72.0 18.5% Time Deposits 51.7 46.9 10.2% 46.4 11.4% Repurchase Transactions 30.5 30.2 1.1% 22.3 36.9% Interbank Deposits 3.1 2.1 48.2% 3.3 -5.5%Loans, Assign. & Onlending 25.6 47.3 -45.8% 5.9 337.2% Foreign Borrowings 22.2 44.2 -49.8% 3.6 510.9% Domestic Borrowings & Onlending 3.5 3.2 10.0% 2.2 55.1%Gross Result from Financial Inter. before ALL 50.8 49.3 3.0% 38.8 30.9%Allowance for Loan Losses (ALL) (14.4) (1.1) 1154.2% (101.6) -85.8%Gross Result from Financial Intermediation 36.4 48.2 -24.4% (62.8) 158.0%Result from Financial Intermediation before expenses with the allowance for loan losses reached R$50.8 million 1Q12, up3.0% in the quarter and 30.9% in 12 months, reflecting the increase in the revenue generated by the securities portfolio,which includes the treasurys directional portfolio, Rural Product Certificates (CPRs) and Warrants (CDA/WAs). 6/19
  7. 7. The main effects on revenue from loan operations are related to the: (i) reduction in the basic interest rate, with anequivalent impact on funding expenses, and (ii) depreciation of the Real, affecting both revenue from foreign currencyfinancing and foreign exchange operations, and expenses with foreign borrowings. In addition, revenues resulting fromloan portfolio growth are not yet reflected in these results as largest volumes were book at the end of the quarter. Also, asignificant portion of the portfolio growth comes from guarantees and sureties, whose commissions are booked in revenuefrom services rendered in the other operating revenue accounting group, Agribusiness Bonds (CPRs and CDA/WAs) andPrivate Credit Bonds (PNs and debentures), whose revenue is booked as revenue from Securities operations, which alsoreflects the result of the Bank’s directional portfolio. Revenue from Securities is offset by funding expenses.Note that the result from derivative financial instruments includes income from swaps, forwards, futures and options usedto hedge exchange and interest rate exposure on foreign loans not related to the Trade Finance portfolio, hedges of coffeeprices derived from CPRs and indexers of government bonds held in the securities portfolio; and in the treasury’s portfolio.Thus, the result of derivative financial instruments is offset by financial intermediation revenue and expenses.As with expenses with domestic onlending (BNDES), the increase in open market funding expenses in the quarter reflectsthe growth in the average volume of funding in time deposits (CDB and CDI), LCAs and Financial Notes of 13% in the period,increasing from R$1,646.9 million in 4Q11 to R$1,863.9 million in 1Q12. Apart from the reduction in the basic interest rateduring the quarter, our funding cost fell by the equivalent of 0.9% of the CDI rate, thanks to the positive impact of (i) thehigher share of funding through LCA, with lower costs due to income tax exemption for individual clients, and (ii) themarginal reduction in our CDB funding costs resulted from the improved perception of the Banks credit risk, as well as theefforts made by the funding teams in diversifying depositors.The reduction in funding expenses for foreign borrowings are basically derived from the impacts of the foreign exchangevariation on these liabilities, as already mentioned.After the expenses with the allowance for loan losses amounting to R$14.4 million, the Income from FinancialIntermediation fell by 24.4% in comparison with the previous quarter, since these expenses were not affected by thepositive impact of the significant recovery of loans in 4Q11.Net Interest Margin 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11A. Result from Financial Int. before ALL 50.8 49.3 3.0% 38.8 30.9%B. Average Interest bearing Assets 4,234.5 4,192.4 1.0% 3,474.3 21.9% 1Adjustment for non-remunerated average assets (1,096.9) (1,155.8) -5.1% (819.9) 33.8%B.a Adj. Average Interest bearing Assets 3,137.6 3,036.6 3.3% 2,654.4 18.2%Net Interest Margin (NIM) (A/B) 4.9% 4.8% 0.1 p.p. 4.5% 0.3 p.p.Adj. Net Interest Margin (NIMa) (Aa/Ba) 6.6% 6.7% 0.0 p.p. 6.0% 0.7 p.p.1 Repos with equivalent volumes, tenors and rates both in assets and liabilities.The adjusted net financial margin remained practically stable in relation to the previous quarter, given the growing share ofthe Corporate loan portfolio, but mainly because the growth in operations in the last month of the quarter adds up averagebalances however with the related revenues are not yet accrued in the quarter.Efficiency RatioOur efficiency ratio recovered by 3 p.p. in the quarter and 5 p.p.in 12 months. Although in a recovery trend, this ratio is stillhigh for the low leverage and as the fee income has not yet reached the level expected for the next quarters.As disclosed in the previous quarter, for comparison purposes, we are disclosing the normalized efficiency ratio,eliminating the following effects, particularly for 1Q11 and 4Q11: • Non-recurring events related to the corporate and organizational restructuring, mainly expenses with employee termination, strategic consulting services, attorneys, audit firms and legal disclosure; 7/19
  8. 8. • Accumulated impact of the collective bargaining agreement on 4Q11 results. The wage increase for bank employees, decided at the end of October 2011, was 9%, resulting in an increase of approximately R$0.8 million/month in payroll expenses (salaries + benefits). In 4Q11, personnel expenses included the wage increase in September, which was retroactively paid during 4Q11 and hence, excludes the seasonal effect; • The impact of the Executive Officers’ variable compensation, amounting to R$1.6 million and booked under ‘Contributions and Profit-sharing’, which, unlike employees’ variable compensation, was not provisioned during the year and hence its impact was concentrated in 4Q11; • Moreover, purchases and sales of agricultural commodities and the price variations of inventory held by the wholly-owned subsidiary acquired from Sertrading increased other operating expenses and revenues, especially between September and December, with the coffee harvest. These revenues and expenses are not related to the efficiency of the financial operations and hence should be excluded.Standardized Efficiency Ratio 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Personnel Expenses 22,738.0 21,377.0 6.4% 16,139.0 40.9%(-) non-recurring charges and indemnities 0.0 -228.9 n.m. -1,389.7 n.m.(-) Non-recurring labor liabilities 0.0 0.0 n.m. -828.6 n.m.(+/-) Annual salary adjustment ref. September 0.0 -750.0 n.m. 0.0 n.m.ADJUSTED PERSONNEL EXPENSES 22,738.0 20,398.1 11.5% 13,920.7 63.3%Contributions and Profit-sharing 2,139.0 3,635.0 -41.2% 2,111.0 1.3%(+/-) Management variable compensation adjusted pro rata temporis 0.0 -1,221.0 n.m. 407.0 n.m.ADJUSTED CONTRIBUTIONS AND PROFIT-SHARING EXPENSES 2,139.0 2,414.0 -11.4% 2,518.0 -15.1%Administrative Expenses 13,123.0 14,179.0 -7.4% 11,383.0 15.3%(-) Non-recurring restructuring expenses 0.0 0.0 n.m. -504.4 n.m.ADJUSTED ADMINISTRATIVE EXPENSES 13,123.0 14,179.0 -7.4% 10,878.6 20.6%TAXES 3,705.0 3,074.0 20.5% 3,549.0 4.4%Other Operating Expenses 889.0 8,582.0 -89.6% 900.0 -1.2%(-) Cost of goods - commodities -196.7 -7,535.3 -97.4% 0.0 n.m.OTHER ADJUSTED OPERATING EXPENSES 692.3 1,046.7 -33.9% 900.0 -23.1%A - ADJUSTED OPERATING EXPENSES 42,397.3 41,111.8 3.1% 31,766.3 33.5%GROSS INCOME FINANCIAL INTERM. (before Allowance for 50,828.0 49,331.0 3.0% 38,830.0 30.9%Losses)INCOME FROM SERVICES RENDERED 6,590.0 6,891.0 -4.4% 3,466.0 90.1%INCOME FROM BANKING TARIFFS 199.0 177.0 12.4% 237.0 -16.0%Other Operating Income 4,971.0 9,145.0 -45.6% 823.0 504.0%(-) Income from sale of commodities -193.7 -7,593.0 -97.4% 0.0 n.m.OTHER ADJUSTED OPERATING INCOME 4,777.3 1,552.0 207.8% 823.0 480.5%B - ADJUSTED OPERATING INCOME 62,394.3 57,951.0 7.7% 43,356.0 43.9%Standardized Efficiency Ratio (A/B) 68.0% 70.9% -3.0 p.p. 73.3% -5.3 p.p.Comparing the 1Q12 result with 1Q11, apart from the inflation during the period, the efficiency ratio was impacted byrecurring expenses resulting from the Bank’s restructuring process, but whose effect on revenues is not yet fully evident.The main variations are: • The increase in personnel expenses due to the strengthening of Management and the renewal and expansion of staff by circa 70 people (+20%) both the business and support and control areas. • The increase in other administrative expenses arising from (i) the relocation of the Company’s headquarters to a region closer to our key business partners, improving the quality of relations in more modern and functional facilities; (ii) improved data processing systems and a higher volume of transactions; and (iii) expenses with events and publications resulting from more transparent communication with the market and the internal audience aligning the vision, values and business strategy.Note that the administrative expenses should stabilize in the upcoming quarters. We do not plan any significant increase inour headcount, which is structured to drive the growth expected over the upcoming years. Considering our still lowleverage and fee income, the current administrative expenses will be diluted in the upcoming quarters, thus improving ourefficiency ratio. 8/19
  9. 9. Net ProfitOperating income came to R$9.3 million, which added to (i) non-operating income of R$2.9 million relating to the profitfrom the sale of properties and idle assets, after deducting (ii) taxes and contributions of R$5.0 million, and (iii) profit-sharing of R$2.1 million, resulted in net profit of R$5.0 million, down 51.1% in the quarter, mainly due to the increasedexpense with the allowance for loan losses (R$14.4 million), as no significant loan recovery was made in the period.Credit PortfolioExpanded Credit PortfolioThe Expanded Credit Portfolio totaled R$2.8 billion at the end of 1Q12, up 8.9% in the quarter and 38.4% in 12 months.This portfolio, in addition to loan operations in Brazilian Real and Trade Finance operations, includes: (i) guarantees,sureties and letters of credit issued by the Bank; (ii) agricultural bonds (CPRs and CDA/WAs), booked under MarketableSecurities as per the Brazilian Central Bank regulations; and, (iii) also booked as Marketable Securities, the Private CreditBonds (promissory notes and debentures issued by clients).Expanded Credit Portfolio by Product Group 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Loans & Financing in Real 1,897.2 1,797.1 5.6% 1,504.4 26.1%Trade Finance (ACC/ACE/IMPFIN) 442.8 457.6 -3.2% 385.9 14.8%Guarantees Issued (LGs & L/Cs) 163.8 139.8 17.2% 76.4 114.5%Agro Bonds (Securities: CPRs & CDA/WAs; Credit: CDCAs) 229.7 129.4 77.6% 27.7 729.7%Private Credit Bonds (Securities: PNs & Debentures) 25.5 10.4 144.5% 0.0 n.m.TOTAL 2,759.1 2,534.4 8.9% 1,994.3 38.4%As mentioned above the agricultural and private credit bonds, although entailing credit exposure, they are classified underMarketable Securities in the balance sheet in accordance with Brazilian Central Bank regulations on account of theirnegotiability characteristics. These agricultural and private credit bonds accounted for 7.6% of the expanded creditportfolio, up 60.8% in the quarter.The guarantees issued - sureties, guarantees and import letters of credit - represent 5.9% of the Expanded Credit Portfolio,up 17.2% in the quarter.The Loans and Financing in Real, including loans, discount of receivables, acquisition of receivables and BNDES onlending,account for 68,8% of the Expanded Portfolio. The Trade Finance book responds for 16% and includes import financing(financing in foreign currency in the amount of R$120.7 million) and mainly export financing (ACC/ACE) in the amount ofR$322.1 million. The reduction in the balance of this portfolio converted into Brazilian Real is related to the Real’s 2.86%drop in the quarter. In U.S. dollar terms, the import and export financing portfolio remained stable at US$243 million.With a growing relevance in our Expanded Credit Portfolio, the agricultural bonds activity, both by means of instrumentsclassified as marketable securities or in the credit portfolio, shows the following evolution:Agro Bonds Portfolio 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Booked under Securities 184.1 114.5 60.8% 27.7 565.1% Warrants - CDA/WA 7.2 0.0 n.m. 0.0 n.m. Agro Product Certificate - CPR 176.9 114.5 54.5% 27.7 538.9%Booked under Credit Portfolio - Loans & Financing 45.6 14.9 206.7% 0.0 n.m. Agro Credit Rights Certificate (CDCA) 45.6 14.9 206.7% 0.0 n.m.TOTAL AGRO BONDS 229.7 129.4 77.6% 27.7 729.7% 9/19
  10. 10. Credit PortfolioThe classic credit portfolio, which excludes off-balance sheet items (guarantees issued) and loans classified as MarketableSecurities, totaled R$2.4 billion, up 5.1% in the quarter, of which R$1.9 billion were from operations in Real and R$442.8million were trade finance operations.Credit Portfolio by Currency 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Credit Portfolio in Real 1,942.8 1,812.0 7.2% 1,504.4 29.1%Credit Portfolio in Foreign Currency 442.8 457.6 -3.2% 385.9 14.8%TOTAL 2,385.6 2,269.6 5.1% 1,890.2 26.2%The Middle Market segment (companies with annual revenue of between R$40 million and R$400 million) represented63% of the Credit Portfolio, down 4.5% and 3.4% in relation to 4Q11 and 1Q11, respectively. The Corporate segment(companies with annual revenue of over R$400 million) increased its share from 28% to 35% in the quarter, up 29.5% in thequarter and 210.9% in 12 months, evidencing the alignment of the Banks strategy and performance. Note that the CPRportfolio not considered in the classic classification of the loan portfolio is predominately derived from operations with themiddle market companies operating in agribusiness.Credit Portfolio By Client Segment 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Middle Market 1,500.8 1,571.8 -4.5% 1,554.5 -3.4%Local Currency - Real 1,211.3 1,292.5 -6.3% 1,241.3 -2.4% Loans & Discounted Receivables 1,051.7 1,136.9 -7.5% 1,118.6 -6.0% Financing 0.0 0.4 n.m. 10.2 n.m. BNDES / FINAME 159.6 155.2 2.8% 112.4 41.9%Foreign Currency 289.6 279.3 3.7% 313.1 -7.5%Corporate 830.6 641.3 29.5% 267.2 210.9%Local Currency - Real 677.3 463.0 46.3% 194.5 248.3% Loans & Discounted Receivables 518.8 411.2 26.1% 182.3 184.6% BNDES / FINAME 71.5 51.8 38.0% 12.2 487.8% Acquired Receivables 87.1 0.0 n.m. 0.0 n.m.Foreign Currency 153.3 178.3 -14.0% 72.7 110.8%Other 54.2 56.5 -4.0% 68.6 -21.0% Consumer Credit – used vehicles 3.0 4.3 -30.2% 11.7 -74.2% Acquired Loans & Financing 18.3 35.9 -48.9% 47.7 -61.6% Non-Operating Asset Sales Financing 32.9 16.3 102.0% 9.2 256.1%CREDIT PORTFOLIO 2,385.6 2,269.6 5.1% 1,890.2 26.2%The previously disclosed strategy of maintaining the Corporate / Middle Market credit portfolio mix at 45% / 55% until theend of 2012 is maintained. 10/19
  11. 11. Credit Portfolio Breakdown(excluding guarantees issued, agricultural and private credit bonds classified under Marketable Securities) By Economic Activity By Customer Segment By Product Financial Int. Other Commerce 4% 2% BNDES / 15% Other Services Loans & FINAME 21% Middle Discounts 10% Market 69% Corporate Other Individuals 63% 35% 2%Industry 4% Trade 56% Finance 19% By Customer Concentration By Maturity By Collateral Pro perty Other 10 largest +360 days 8% 17% Aval PN 25% 26% Up to 90 P ledge / Lien 43% days 8% 40% M o nito red P ledge 4% 61 - 160 11 - 60 181 to 360 Vehicles 26% 32% 3% 16% Rec eivables Securities 91 to 180 32% 2% 18% Industry % Agribusiness 17.6% Construction 14.7% Food & Beverage 13.9% Automotive 5.5% Pulp & Paper 4.7% Textile, Apparel and Leather 4.2% Transportation & Logistics 3.9% Chemical & Pharmaceutical 3.8% Metal Industry 3.5% Power Generation & Distribution 3.3% Financial Institutions 3.2% Education 2.9% Oil and Biofuel 2.6% Financial Services 2.1% Advertising and Publishing 1.9% Retail & Wholesale 1.5% Individual 1.4% Non-Financial Holdings 1.2% Other Industries (*) 8.2% TOTAL 100.0% (*) Other industries with individual share lower than 1% 11/19
  12. 12. Quality of Credit Portfolio Rating AA A B C D E F G H Prov. / Comp. TOTAL Cred. Required Provision % 0% 0.5% 1% 3% 10% 30% 50% 70% 100% % O/S Loans 94.9 921.4 776.9 397.8 38.8 97.8 19.9 11.7 26.4 - 2,385.61Q12 4.3% Allowance for Loan Losses 0.0 4.6 7.8 11.9 3.9 29.4 10.0 8.2 26.4 0.0 102.0 O/S Loans 48.3 901.5 636.5 450.1 54.1 77.9 14.7 14.0 72.4 - 2,269.64Q11 6.3% Allowance for Loan Losses 0.0 4.5 6.4 13.5 5.4 23.4 7.4 9.8 72.4 0.0 142.8 O/S Loans 35.4 666.1 476.4 430.8 87.5 91.7 22.2 10.1 69.9 - 1,890.21Q11 11.2% Allowance for Loan Losses 0.0 3.3 4.8 12.9 8.8 27.5 11.1 7.1 69.9 67.2 212.6Proving the disciplined implementation of the commercial strategy focused on improved credit quality and backed by morerestrictive credit analysis criteria, the balance of operations classified in lower risk levels (AA to C) rose to 92% of the totalcredit operations on March 31, 2012, 75% being classified between AA and B. The higher share of loans in the better ratinglevels has been consolidating in recent quarters, being 97% of the new loans disbursed in 1Q12 rated between AA and B.Credit classified as H fell by 63.6% in the quarter due to the write-off of R$55.1 million in loan operations from previousyears, which had already been provisioned for in 1Q11. 92% 1Q12 4% 39% 32% 17% 8% 90% 4Q11 2% 40% 28% 20% 10% 85% 1Q11 2% 35% 25% 23% 15% AA A B C D-HLoans classified between D and H, amounting to R$194.6 million (R$233.2 million in 4Q11), include R$119.5 million that arenot overdue, equivalent to 61% of the operations classified in this risk level. The other 39% correspond to delinquentoperations, as detailed below: > 60 days > 90 days Default by Segment 1Q12 4Q11 1Q12 4Q11 1Q12 4Q11 Credit Portfolio NPL %T NPL %T NPL %T NPL %T Middle Market 1,500.8 1.571,8 72.2 4.8% 112.9 7.2% 64.1 4.3% 106.0 6.7% Corporate 830.6 641,3 1.8 0.2% - - - - - - Other 54.2 56,5 1.2 2.2% 1.4 2.5% 1.1 2.1% 1.2 2.2% TOTAL 2,385.6 2.269,6 75.2 3.2% 114.3 5.0% 65.2 2.7% 107.3 4.7% Allowance Loan Losses (ALL) 102.0 150,9 ALL / NPL - 135.8% 132.1% 156.4% 140.7% ALL / Credit Portfolio 4.3% 6.7% - - - -The default rate for loans overdue by more than 60 days (NPL 60 days) and by more than 90 days (NPL 90 days) fell by 1.8and 2.0 p.p., respectively, from December 2011 to close the quarter at 3.2% and 2.7%. The improvement in these ratios isalready the result of the strategy adopted last year, of expanding the loan portfolio through better quality loans, but alsoreflects the fully provisioned loan write-offs mentioned above.The allowance for loan losses, amounting to R$102.0 million, provides coverage to 135.8% of the loans overdue more than60 days and 156.4% of the loans overdue by more than 90 days. 12/19
  13. 13. FundingTotal funding volume stood at R$2.7 billion, up 8% in the quarter and 21.8% in 12 months, of which 76% correspond tofunding through deposits, which recorded a reduction in the funding cost equivalent to 0.9% of the CDI rate due to thehigher share of funding from Agribusiness Letters of Credit (LCA), which entail lower costs as they are exempt from incometax for placements by individuals, and the improvement in the market’s risk perception of the Bank, as evident from thethree-notch raise in the rating by Standard & Poor’s (BB/stable/brA+) in December 2011.Note that funding through LCAs rose 35.9% in the quarterly closing balance and 209.2% in 12 months, thanks to the growthof the CPR portfolio during the periods in question.Total Funding 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11Total Deposits 2,087.8 1,851.2 12.8% 1,759.0 18.7% Time Deposits 816.2 743.0 9.9% 680.5 19.9% Insured Time Deposits (DPGE) 799.7 748.1 6.9% 830.0 -3.7% Agribusiness & Bank Notes 296.5 218.2 35.9% 95.9 209.2% Interbank Deposits 127.4 88.5 44.0% 113.5 12.3% Demand Deposits and Other 48.0 53.4 -10.2% 39.1 22.5%Domestic Onlending 240.2 218.2 10.1% 137.0 75.3%Foreign Borrowings 407.8 463.8 -12.1% 350.7 16.3% Trade Finance 362.3 417.1 -13.1% 331.9 9.2% Other Foreign Borrowings 45.4 46.7 -2.7% 18.8 141.3%TOTAL 2,735.7 2,533.2 8.0% 2,246.7 21.8%Funding in foreign currency is specially allocated to Trade Finance operations and its balance is impacted by foreignexchange variations.The average term of deposits stood at 623 days from issuance and 404 days from maturity, down 60 days when comparedwith the end of December 2011. Average Term in days 1 Type of Deposit from issuance to maturity¹ Time Deposits 428 281 Interbank 251 147 Time Deposits Special Guarantee (DPGE) 1,039 679 Agribusiness & Bank Notes 156 88 2 Portfolio of Deposits 623 404 1 From March 30, 2011 2 Volume weighted average Deposits By Type By Investor By Maturity Corporates Demand T ime 22% Deposit Individuals 2% Demand Brokers 40% 4% 13% Up to 90 2% +360 days Interbank days 30% 6% Fin. Inst . 39% 10% LCA Ot her Insured 14% 5% 90 to T ime Inst .Inv. 1 to 80 180 Deposit 46% (DPGE) 360 15% 38% 14% 13/19
  14. 14. Liquidity Free Cash 1.027On March 31, 2012, cash totaled R$1,911.7 million and, excluding money 887 853market funding (R$1,058.4 million), resulted in free cash of R$853.3 million. R$ millionThe gradual reduction in free cash will improve net margin by reducingonerous carry over. 1Q11 4Q11 1Q12Capital AdequacyThe Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the risk in their operations. Inthis context, the Central Bank of Brazil has stipulated that banks operating in the country should maintain a minimumpercentage of 11%, calculated according to the Basel II Accord regulations, which provides greater security to Brazil’s financialsystem against oscillations in economic conditions.The following table shows BI&P’s position in relation to the Central Bank’s minimum capital requirements: Basel Index 1Q12 4Q11 1Q12/4Q11 1Q11 1Q12/1Q11 Total Capital 588.1 574.7 2.3% 563.7 4.7% Tier I 576.6 569.1 1.3% 562.4 2.5% Tier II 14.0 8.0 73.8% 1.4 928.4% Deductions (2.4) (2.4) 0.0% - n.m. Required Capital 357.0 347.5 2.8% 261.8 36.4% Credit Risk allocation 326.8 303.9 7.5% 240.0 36.1% Market Risk Allocation 22.1 34.3 -35.5% 6.6 234.8% Operating Risk Allocation 8.2 9.3 -12.2% 15.2 -46.3% Excess over Required Capital 231.1 227.3 1.7% 301.9 -23.5% Basel Index 18.1% 18.2% -0.1 p.p. 23.7% -5.6 p.p.Risk Ratings Agency Classification Observation Last Report Financial Data BB/ Stable /B Global Scale Standard & Poor’s Dec. 13, 2011 June 30, 2011 brA+/ Stable /brA-1 Local Scale - Brazil Ba3/ Stable /Not Prime Global Scale Moodys Nov. 28, 2011 Sept. 30, 2011 A2.br/ Stable /BR-2 Local Scale - Brazil FitchRatings BBB/ Stable /F3 Local Scale - Brazil Dec. 26, 2011 Sept. 30, 2011 10.08 Riskbank Index RiskBank Apr. 16, 2012 Dec. 31, 2011 Ranking: 55 Low Risk Short Term 14/19
  15. 15. Capital MarketTotal Shares and Free Float Number of shares as of March 31, 2012 Corporate Controlling Type Management Treasury Free Float % Capital Group Common 36,945,649 20,743,333 277,307 - 15,925,009 43.1% Preferred 26,160,044 630,626 60,125 734,515 24,734,778 94.6% TOTAL 63,105,693 21,373,959 337,432 734,515 40,659,787 64.4%Preferred Shares Warrant SubscriptionAs per the Notices to Shareholders disclosed on November 8 and December 19, 2011 and January 20, February 9 and 15,2012, the private placement of warrants to subscribe preferred shares was concluded with the issuance of 19,779 warrantsat a unitary price of R$14.39, with up to 5-year exercise period for subscription of 100 preferred shares per warrant at theshare book value by the time the warrant is exercised.Migration to BM&FBovespa Level 2 Special Segment ListingUpon the proposal of the Board of Directors of December 6, 2011, submitted to and approved by the ExtraordinaryShareholders Meeting of December 22, 2011, and after homologation, on February 7, by the Brazilian Central Bank, of theamendments to the Bank’s Bylaws to adapt to the Level 2 Special Segment Listing requirements, all the formalities with the stSão Paulo Stock Exchange were complied with and, from March 1 , 2012, our shares are being traded at Level 2 segment ofBM&FBOVESPA, under tickers IDVL3 and IDVL4.Share Buyback ProgramOn October 19, 2011, the Board of Directors approved the 5th Share Buyback Program, effective until October 18, 2012, forthe acquisition of up to 1,720,734 preferred shares. Until March 31, 2012, no share had been repurchased under theprogram, in which Indusval S.A. CTVM acts as the intermediary.Stock Option PlanThe following Stock Options Plans, approved to be extended to the Company’s executive officers and managers, as well asindividuals who provide services to the Company or its subsidiaries, present, as of March 31, 2012 the following balances: QuantityStock Option Date of Grace Term for Granted Exercised Extinct Not Exercised Plan Approval period Exercise I 03.26.2008 Three years Five years 2,039,944 25,600 127,154 1,887,190 II 04.29.2011 Three years Five years 1,703,854 - 126,212 1,577,642 III 04.29.2011 Five years Seven years 1,850,786 - - 1,850,786 5,594,584 25,600 253,366 5,315,618The aforementioned Stock Options Plans are filed with the CVM and are also available in the Company’s IR website. 15/19
  16. 16. Share PerformanceBI&P’s preferred shares (IDVL4) closed 1Q12 at R$8.60, for market cap of R$536.3 million, considering shares as of March31, 2012 and excluding treasury stock. The price of IDVL4 shares rose 27.4% in 1Q12 and declined 3.2% (0.81% adjusted forearnings) in the 12-month period ended in March. The Bovespa index (Ibovespa) rose 13.7% in 1Q12 but dropped 5.9%when compared to 1Q11. At the end of the quarter, the price/book value (P/BV) was 0.91. Share Price Evolution in the last 12 months 110 100 90 80 70 IBOVESPA IDVL4 IDVL4 adjusted for earnings 60Liquidity and Trading VolumeBI&P’s preferred shares (IDVL4) were traded in 100% of the sessions in 1Q12 and in 94.4% of the 250 sessions from April2011 until March 2012. In 1Q12, a total of 1.3 million IDVL4 shares were traded in 1,065 transactions on the spot market,for total volume of R$9.7 million. In the 12 months ended March 2012, the financial volume traded on the spot marketstood at R$51.6 million, totaling around 6.3 million preferred shares in 3,201 trades.Shareholder Base Position as of March 31, 2012 Qtd TYPE OF SHAREHOLDER IDVL3 % IDVL4 % TOTAL % 6 Controlling Group 20,743,333 56.1% 630,626 2.41% 21,373,959 33.87% 6 Management 277,307 0.8% 60,125 0.23% 337,432 0.53% - Treasury - 0.0% 734,515 2.81% 734,515 1.16% 42 National Investors 1,201,090 3.3% 7,932,286 30.32% 9,133,376 14.47% 13 Foreign Investors 4,891,304 13.2% 13,947,744 53.32% 18,839,048 29.85% 10 Corporates - 0.0% 22,634 0.09% 22,634 0.04% 361 Individuals 9,832,615 26.6% 2,832,114 10.8% 12,664,729 20.1% 438 TOTAL 36,945,649 100.0% 26,160,044 100.0% 63,105,693 100.0% 16/19
  17. 17. Balance Sheet Consolidated R$ Thousands Assets 3/31/2011 12/30/2011 3/31/2012 Current 3.818.699 3.226.561 3.811.194 Cash 3.897 45.455 25.215 Short-term interbank investments 563.227 305.833 617.066 Open market investments 540.959 229.694 559.764 Interbank deposits 22.268 76.139 57.302 Securities and derivative financial instruments 1.819.265 1.111.272 1.281.882 Own portfolio 658.024 364.656 615.536 Subject to repurchase agreements 781.924 544.740 524.128 Linked to guarantees 134.012 184.866 129.701 Subject to the Central Bank 198.683 - - Derivative financial instruments 46.622 17.010 12.517 Interbank accounts 2.106 1.600 3.337 Loans 842.536 1.234.820 1.294.343 Loans - private sector 890.506 1.255.136 1.316.621 Loans - public sector 4.247 - - (-) Allowance for loan losses (52.217) (20.316) (22.278) Other receivables 539.599 464.465 538.250 Foreign exchange portfolio 397.698 442.822 408.036 Income receivables 13 45 1.136 Negotiation and intermediation of securities 63.055 20.238 34.381 Sundry 97.269 8.200 100.282 (-) Allowance for loan losses (18.436) (6.840) (5.585) Other assets 48.069 63.116 51.101 Other assets 49.447 66.049 52.183 (-) Provision for losses (2.505) (4.748) (2.780) Prepaid expenses 1.127 1.815 1.698 Other - - - Long term 515.696 999.609 719.321 Marketable securities and derivative financial instruments 6.614 331.872 27.918 Own portfolio - 97.396 52 Subject to repurchase agreements - 212.240 - Linked to guarantees 31 - - Derivative financial instruments 6.583 22.236 27.866 Interbank Accounts 7.140 5.564 4.784 Loans 484.806 533.949 556.306 Loans - private sector 624.937 649.164 625.260 Loans - public sector - - - (-) Allowance for loan losses (140.131) (115.215) (68.954) Other receivables 16.469 127.636 129.823 Trading and Intermediation of Securities 243 504 536 Sundry 17.994 127.514 134.501 (-) Allowance for loan losses (1.768) (382) (5.214) Other rights 667 588 490 Permanent Assets 12.410 52.107 52.498 Investments 1.686 24.528 24.578 Subsidiaries and Affiliates - 22.842 22.892 Other investments 1.686 1.842 1.842 (-) Loss Allowances - (156) (156) Property and equipment 10.724 13.071 13.739 Property and equipment in use 2.192 1.210 1.210 Revaluation of property in use 3.538 2.634 2.634 Other property and equipment 12.511 17.333 18.440 (-) Accumulated depreciation (7.517) (8.106) (8.545) Intangible - 14.508 14.181 Goodwill - 2.391 2.391 Other intangible assets - 13.100 13.100 (-) Accumulated amortization - (983) (1.310) TOTAL ASSETS 4.346.805 4.278.277 4.583.013 17/19
  18. 18. Consolidated R$ ThousandsLiabilities 3/31/2011 12/30/2011 3/31/2012Current 2.780.139 2.665.276 2.984.718 Deposits 761.590 791.158 982.842 Cash deposits 38.240 53.435 47.964 Interbank deposits 105.087 85.675 126.365 Time deposits 617.356 652.048 808.513 Other 907 - - Funds obtained in the open market 1.312.773 867.896 1.058.390 Own portfolio 776.286 747.830 520.776 Third party portfolio 462.999 - 175.021 Unrestricted Portfolio 73.488 120.066 362.593 Funds from securities issued or accepted 88.319 218.217 296.488 Agribusiness Letters of Credit & Bank Notes 88.319 218.217 296.488 Interbank accounts 475 - 327 Receipts and payment pending settlement 475 - 327 Interdepartamental accounts 9.004 24.963 19.724 Third party funds in transit 9.004 24.963 19.724 Borrowings 350.689 417.275 362.521 Foreign borrowings 350.689 417.275 362.521 Onlendings 44.025 81.411 95.761 BNDES 16.131 46.221 58.487 FINAME 27.894 35.190 37.274 Other liabilities 213.264 264.356 168.665 Collection and payment of taxes and similar charges 650 244 835 Foreign exchange portfolio 62.996 61.744 72.021 Taxes and social security contributions 9.590 4.895 3.563 Social and statutory liabilities 5.534 15.038 1.750 Negotiation and intermediation securities 77.938 150.978 63.956 Derivative financial instruments 45.398 24.611 18.050 Sundry 11.158 6.846 8.490Long Term 1.002.235 1.034.363 1.006.412 Deposits 901.534 841.794 808.429 Interbank Deposits 8.392 2.804 1.080 Time deposits 893.142 838.990 807.349 Funds from securities issued or accepted 7.571 - - Agribusiness Letters of Credit & Bank Notes 7.571 - - Loan obligations - 46.504 45.230 Foreign loans - 46.504 45.230 Onlending operations - Governmental Bureaus 92.984 136.816 144.477 Federal Treasure 12.694 10.766 9.980 BNDES 30.445 57.320 61.639 FINAME 47.852 66.785 71.873 Other Institutions 1.993 1.945 985 Other liabilities 146 9.249 8.276 Taxes and social security contributions 117 7.663 6.297 Derivative financial instrument 29 15 213 Sundry - 1.571 1.766Future Results 701 1.503 1.378Shareholders Equity 563.730 577.135 590.505 Capital 568.665 572.396 572.396 Capital Reserve 2.540 5.899 8.248 Revaluation reserve 1.911 1.389 1.377 Profit reserve 55.812 - - (-) Treasury stock (5.958) (5.958) (5.859) Asset valuation Adjustment (553) 6.642 12.578 Accumulated Profit / (Loss) (58.687) (3.233) 1.765 TOTAL LIABILITIES 4.346.805 4.278.277 4.583.013 18/19
  19. 19. Income StatementConsolidated R$ Thousands 1Q11 4Q11 1Q12Income from Financial Intermediation 116.667 175.835 161.778 Loan operations 64.312 80.692 70.197 Income from securities 40.033 57.719 68.606 Income from derivative financial instruments 4.661 (6.310) (3.746) Income from foreign exchange transactions 7.661 43.734 26.721Expenses from Financial Intermediaton 179.487 127.652 125.348 Money market funding 71.972 79.167 85.303 Loans, assignments and onlendings 5.866 47.337 25.647 Allowance for loan losses 101.649 1.148 14.398Gross Profit from Financial Instruments (62.820) 48.183 36.430Other Operating Income (Expense) (27.444) (30.285) (27.151) Income from services rendered 3.466 6.891 6.590 Income from tariffs 237 177 199 Personnel expenses (16.139) (21.377) (22.738) Other administrative expenses (11.383) (14.179) (13.123) Taxes (3.549) (3.074) (3.705) Result from affiliated companies - 714 1.544 Other operating income 822 9.145 4.971 Other operating expense (898) (8.582) (889)Operating Profit (90.264) 17.898 9.279Non-Operating Profit (483) (2.610) 2.884Earnings before taxes ad profit-sharing (90.747) 15.288 12.163Income tax and social contribution 38.394 (1.331) (4.979)Income tax (461) 629 579Social contribution (277) 353 415Deferred fiscal assets 39.132 (2.313) (5.973)Statutory Contributions & Profit Sharing (2.111) (3.635) (2.139)Net Profit for the Period (54.464) 10.322 5.045 19/19

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