2. 2/16Investor Relations | 2Q17 |
Highlights
Liquid balance sheet with a cash position of R$1.4 billion, above 1.0x Shareholders’ Equity.
Excess capital, with a BIS ratio of 14.6%, being 14.2% Tier I Capital.
Loan portfolio coverage ratio over 7% as a result of the significant increase in provisions in the previous periods.
Pine Investimentos: 5th player in volume of CRI’s origination.
Continuous liability management with a diversified portfolio and adequate terms.
Pine launched its digital investment platform, Pine Online.
3. 3/16Investor Relations | 2Q17 |
7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
6,271 6,465 6,582
Jun-16 Mar-17 Jun-17
Total Loan Portfolio1
+ 1.8%
+ 5.0%
1
-21
1H16 1H17
-2.4%
0.2%
-7.3%
2Q16 1Q17 2Q17
ROAE
-490 bps.
- 750 bps.
0.2%
-3.6%
1H16 1H17
ROAE
-380 bps
2.0%
3.4%
2.9%
2Q16 1Q17 2Q17
NIM
+ 90 bps.
- 50 bps.
4. 4/16Investor Relations | 2Q17 |
Revenue Mix
Business Lines
Corporate Credit: credit and financing products
FICC: instruments for hedging and risk management
Pine Investimentos: Capital Markets, Financial Advisory, Project & Structured Finance and Research
Product and Revenue Diversification
Credit
68.0%
FICC
15.9%
Pine
Investimentos
7.8%
Treasury
8.3%
1H17
Credit
66.8%
FICC
20.6%
Pine
Investimentos
6.1%
Treasury
6.5%
1H16
6. 6/16Investor Relations | 2Q17 |
3,139 3,275 3,468 3,673 3,773
659 520
437
370 298
2,122 2,104 2,120 2,022 2,123
351 339
419 399 388
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Trade finance: 5.9%
Bank Guarantees: 32.3%
BNDES Onlending : 4.5%
Working Capital: 57.3%
6,238
6,445 6,465
6,271
6,582
1 Includes Stand by LC
2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan Portfolio
The portfolio amounted to R$6.6 billion...
1
+ 5.0%
+ 1.8%
2
7.
8. 8/16Investor Relations | 2Q17 |
Continuous Loan Portfolio Management
Sectors Rebalance
...always focusing on sector diversification.
Diversified growth (lower tickets and increased number of clients).
The composition of the portfolio of the 20 largest clients changed by over 30% in the past twelve months.
The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.
Real Estate
12%
Sugar and Ethanol
11%
Agriculture
11%
Energy
11%
Engineering
10%
Transportation
and Logistics
6%
Telecom
5%
Specialized
Services
4%
Retail
3%
Foreign Trade
3%
Metallurgy
2%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Food Industry
1%
Meatpacking
1%
Other
11%
39%37%38%40%44%
6%7%7%5%
5%
10%10%9%8%
7%
11%12%12%12%
11%
11%10%10%10%7%
11%12%12%12%14%
12%12%12%13%12%
Jun-17Jun-16Jun-15Jun-14Jun-13
Real Estate
Sugar and Ethanol
Agriculture
Energy
Engineering
Transportation
and Logistics
Others
9. 9/16Investor Relations | 2Q17 |
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
June 30th, 2017
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
Loan Portfolio Quality
~85% of the loan portfolio is classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
1 2
3.7%
0.7%0.6%
1.5%1.3%
0.7%
1.7%
1.2%
1.8%
Jun-17Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15Sept-15Jun-15
Tangible
Movable
Property
31%
Receivables
8%
Real State
55%
Financial
Assets
6%
AA-A
28.5%
B
23.6%
C
34.2%D-E
5.9%
F-H
7.8%
13.8%
15.5%
13.7%
5.9% 5.9%
7.1%
00%
02%
04%
06%
08%
10%
12%
00%
02%
04%
06%
08%
10%
12%
14%
16%
18%
Jun-16 Mar-17 Jun-17
D-H Portfolio Coverage of Total Portfolio
10. 10/16Investor Relations | 2Q17 |
June 30th, 2017
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
Commodities: Sugar, Soybean ( Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
Fixed income: Fixed, Floating, Inflation, Libor
R$ million
FICC
Solid trackrecord.
Client Notional Derivatives by Market
Market Segments
Notional Value and MtM
Portfolio Profile
Scenario on June 30th, 2017:
Duration: 159 days
Mark-to-Market: R$82 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : R$218 million
Commodities
8%
Fixed Income
3%
Currencies
89%
2,968 3,833 3,979 4,487 4,564
212
166
103
55 82
315
164
119
172
218
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Notional Amount
MtM
Stressed MtM
11. 11/16Investor Relations | 2Q17 |
R$ million
Pine Investimentos
Fee Generation
Selected Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Research: Macro and Commodities.
5th player in volume of CRI’s origination and 7th place in number of short-term fixed income operations
5
6
4
2Q16 1Q17 2Q17 January, 2017
Structure Credit
Facility
R$ 6,000,000
January, 2017
Structure Credit
Facility
R$ 15,000,000
Lead Coordinator
March, 2017
CCBI
R$ 15,000,000
Lead Coordinator
March, 2017
Promissory Note
R$ 35,000,000
Coordinator
March, 2017
CRI
R$ 47,000,000
Lead Coordinator
March, 2017
Structure Credit
Facility
R$ 90,000,000
Lead Coordinator
May, 2017
R$ 60,000,000
Bond
May, 2017
Promissory Note
R$ 40,000,000
Lead Coordinator
May, 2017
BRDE Bank Guarantee
R$ 10,000,000
12. 12/16Investor Relations | 2Q17 |
R$ million
Funding
Diversified sources of funding.
+ 6.0%
648 617 460 464 446
261 376
384 460 421
1,939
2,600 2,980
3,241
3,893
156
133
46
72
114
19
29
17
11
27
668
530 454
383
331
296
198 213
240
203
734
259 247
203
176
216 206 204
86
89
718 698 448
386
403
3
270 262
239 150
1755,925 5,908
5,692 5,697
6,280
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Trade Finance: 2.8%
Letter of Credit: 0%
Multilateral Lines: 6.4%
International Capital Markets:
1.4%
Financial Letter : 2.8%
Local Capital Markets: 3.2%
Onlending: 5.3%
Demand Deposits: 0.4%
Interbank Time Deposits: 1.8%
High Net Worth Individual Time
Deposits: 62%
Corporate Time Deposits: 6.7%
Institutional Time Deposits:
7.1%
13. 13/16Relações com Investidores | 2T17 |
PINE ONLINE
Pine launched its digital investment plataform, Pine Online
Products: CDBs, LCAs e LCIs
Website: www.pineonline.com.br
App: IOS and Android
14. 14/16Investor Relations | 2Q17 |
51%
64% 68%
75% 78%
49%
36% 32%
25% 22%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Total Deposits Others
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
Asset & Liability Management
Matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding
R$ millionR$ billion
5,6975,925 5,908 5,692 6,277
Asset and Liability Management (ALM)
5.4x 5.4x 5.6x 5.6x 5.8x
3.6x 3.6x 3.8x 3.8x 4.0x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
70% 70%
76% 78%
71%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
1.1
1.1
5.8
0.00.5
0.5
Assets
0.1
0.7
4.0
2.7
0.2
1.3
Liabilities
9.0 9.0
Coverage
of 145%
Cash and cash equivalents
Assets financed through REPOs
Other assets
Credit Portfolio
Trading portfolio assets
Illiquid assets
Secured funding
Other liabilities
Unsecured funding
Demand deposits
Equity
REPO Financing
15. 15/16Investor Relations | 2Q17 |
Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 14.6%, being 14.2% in Tier I Capital.
15.4% 15.3% 15.0% 14.7% 14.2%
0.5% 0.5% 0.4% 0.4% 0.4%
Jun-16 Sept-16 Dec-16 Mar-17 Jun-17
Tier II Tier I
Minimum Regulatory
Capital (10.5%)
14.6%
15.1%15.4%15.8%15.9%
16. 16/16Investor Relations | 2Q17 |
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice.
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Local Funding and Communication
Luiz Maximo
Investor Relations Manager
Kianne Paganini
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com
Investor Relations
