1Q09 Presentation

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1Q09 Presentation

  1. 1. 1Q09 Results Presentation
  2. 2.  Disclaimer All financial information presented herein is consolidated, including the financial statements of the Bank, its subsidiaries, of Credit Receivables Investment Fund Paraná Banco I, Credit Receivables Investment Fund Paraná Banco II (FIDCs), the insurers JMalucelli Seguradora, JMalucelli Seguradora de Crédito (waiting for SUSEP´s approval), JMalucelli Re., JMalucelli Agenciamento, and Paraná Administradora de Consórcio. All information, except when otherwise indicated, is presented in the Brazilian currency (in thousands of Reais) and was prepared based on the accounting practices pursuant to the Brazilian Corporate Law, associated with the regulations and instructions issued by the National Monetary Council (“CMN”), the Brazilian Central Bank (“BACEN”), the Brazilian Securities and Exchange Commission ("CVM"), the National Council of Private Insurance (“CNSP”), the Brazilian Private Insurance Authority (“SUSEP”) and the Accounting Standards Committee (“CPC”), whenever applicable. Information contained herein regarding future events is exposed to risks and uncertainties and is subject to change, resulting from, among other factors: market behavior, Brazil‟s economical and political situation, and changes in legislation and regulations. Information presented herein is entirely based on the expectations of the Bank‟s Administration regarding its future performance, and does not constitute a guarantee of performance. 2
  3. 3.  Main Highlights Net income in 1Q09: • growth of 27% over 4Q08 R$ 20.3 million Interest on equity (IOE) paid in 1Q09: • 29.1% of net income R$ 5.9 million ROAE of 10.4%, • efficiency and profitability ROAA of 3.9% • net interest margin above the NIM of 13.3% industry's average 3
  4. 4.  Main Highlights Loan Operations: • decline of 0.4% for the quarter R$ 1,105.8 Delinquency index (H level): 2.4% • stable portfolio quality Consolidated Portfolio + assignments of co-obligations Basel Index: 55.1% • decline of 1.6 p.p. for the quarter JMalucelli Seguradora: • Profitable operation with a large ROAE of 37.8% customer portfolio 4
  5. 5.  Structure 100 % 100 % J Malucelli Part. Seg J Malucelli Ag e e Resseguros Serviços 100 % 100 % 100 % J Malucelli J Malucelli Vida e J Malucelli Re Seguradora Previdência** 5
  6. 6.  Segmentation Paraná Banco Loan (Portfolio) Insurance (Written Premiums) 6,5% 0,2% 0,9% 1,7% Payroll-Deductible Loans Credit Card 61,571 Surety Bonds 90,7% Middle Market 85,259 Reinsurance Storeowner Consumer Credit 6
  7. 7. Diversification - Credit PME (SMALL AND MEDIUM SIZED COMPANIES) • Started in 3Q07; • 2 structured products: • Working Capital • Guaranteed Account • Balance of the PME credit portfolio: R$ 71.6 million (6.5% of the Bank’s total portfolio) • Platforms Curitiba and São Paulo CDC LOJISTA (STOREOWNER CONSUMER CREDIT) • Rolled out in October 2008; • 3 structured products : • Paraná Banco Credit – Check • Paraná Banco Credit - Payment Book • Paraná Banco Credit – Payroll-Deductible Credit • Portfolio: R$ 2.5 million.
  8. 8. Distribution Channels 54% Beginning of operations with franchises 49% 33% 41% 46% 31% 30% 28% 21% 21% 7% 10% Franchise Own Stores Brokers 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 OWN STORES FRANCHISE BROKERS • Located in large centers • Unique and innovative distribution channel • Highly scalable model • Regional offices • Most traditional channel • Exclusivity • Own teams • The Broker´s Portal • Increased control 6 stores 82 stores 8
  9. 9. Payroll-Deductible Loan Payroll-Deductible Loan Origination 131,158 10% 17% INSS 72,819 20% States Municipalities 80.1% Other Entities 53% 4Q08 1Q09 9
  10. 10. Loan Portfolio The total balance of the credit portfolio, including the portfolio of credit assignments with co-obligation, amounted to R$1,336.3 million in 1Q09 Loan Portfolio Risk Classification* 1,402.7 H 1,342.2 1,336.3 H H 1.6% 31.3 2.3% 2.4% 292.2 D-G 230.5 2.3% D-G D-G 3.1% 3.1% 1,310.9 1,110.5 AA-C 1,105.8 96.1% AA-C AA-C 94.6% 94.5% 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 Loans Assignments of co-obligations * Percentage over consolidated portfolio + assignments of co-obligations At the end of 1Q09 the Bank had a portfolio of R$1,105.8 million in balance, and R$230.5 million in the balance of credit assignments with co-obligation 10
  11. 11. Assets and Net Worth (R$ „000) Total Assets Net Worth 2,201,633 2,225,508 2,131,762 815,867 809,730 807,365 1.1 % -0,3 % 4.4% -1,0 % 1Q08 4Q08 1Q09 1Q08 4Q08 1Q09 11
  12. 12. Market Funding Operations (R$ „000) Total Funding Funding Sources 877,744 769,534 737,640 FIDCs 13% 24% Institutional Investors -4.1% 19% Related Parties Individuals 28% -16.0% 16% Other Companies 1Q08 4Q08 1Q09 In 1Q09, the free cash flow of the individual Bank was R$312.8 million 42% of total deposits. 12
  13. 13. Summary of Financial Indicators and Highlights 1Q09 x 1Q09 x 1Q09 4Q08 1Q08 4Q08 1Q08 Income from financial operations 79,961 120,046 (33.4%) 86,458 7.5% Expenses from financial operations (37,517) (48,025) (21.9%) (34,286) 9.4% Financial operations result 42,444 72,021 (41.1%) 52,172 (18.6%) ROAE 10.4% 8.1% 2.3 p.p. 12.4% (2.0 p.p.) ROAA 3.9% 3.0% 0.9 p.p. 4.5% (0.6 p.p.) NIM 13.3% 19.8% (6.5 p.p.) 15.0% (1.7 p.p.) Income from financial operations was 18.6% lower versus 1Q08, mainly due to the decrease in credit operations in the period. 13
  14. 14. Operating Income (Expenses) 1Q09 4Q08 1Q09 x 4Q08 1Q08 1Q09 x 1Q08 Other operating income (expenses) (13,788) (53,812) (74.4%) (19,109) (27.8%) Personnel Expenses (8,728) (9,567) (8.8%) (6,144) 42.1% Other Administrative Expenses (37,303) (60,479) (38.3%) (33,881) 10.1% Insurance premiums 96,065 99,933 (3.9%) 48,521 98.0% (11.786) 9% Operating expenses totaled R$13.8 million, a decrease of 27.8% versus 1Q08. Strong performance recorded by JMalucelli Seguradora and JMalucelli Resseguradora. 14
  15. 15. Surety Bonds Premiums Written 494,857 339,534 205,368 194,664 167,642 43% 98,213 51% 30% 37% 42% 51% 2004 2005 2006 2007 2008 Feb-09 JMALUCELLI SEGURADORA S/A Other Insurance Companies 28% 24% 34% 30% 37% 42% 50% 27% Leadership in the surety bond market with a ...JMalucelli Seguradora reaches annual ROE 51.3% market share, according to data by the over average Shareholders‟ Equity of 37.8% SUSEP up to February 2009... in 1Q09. 15
  16. 16. Surety Bonds Claims and Claims Ratio Evolution - JMalucelli Seguradora vs. Market Claim Ratio Insurance Claims 50% 76,155 76,004 40% 30% 29.2% 38,273 20% 29,950 28,650 10% 16,146 9,056 6,457 4,025 2,372 0% 1.0% 253 485 2004 2005 2006 2007 2008 Feb-09 2004 2005 2006 2007 2008 Feb-09 Insurance Claims Market Insurance Claims J Malucelli Seg Market JMalucelli Seguradora Claims ratio indicators show a healthy Accurate risk appraisal is evidenced situation in relation to the market by low claims ratio • Source: SUSEP up to February 2009 16
  17. 17. Reinsurance • Reinsurance market inaugurated in May 2008 • Operations as a Local Reinsurer started in June 2008 • Took advantage of the Market reserve • 100% reinsurance of JM Seguradora’s premiums JMalucelli Resseguradora achieved in 1Q09: • R$ 61.6 million worth in written premiums • R$ 3.6 million Net Income • 20.0% ROAE • Partnership with International Reinsurance Companies 17
  18. 18. Corporate Governance At the Annual General Meeting held on March 16, 2009, and the Board of Directors’ Meeting held on March 19, 2009, officers and members of the Board of Directors were elected for a two-year term of office. On March 31, 2009, the Board of Directors approved the payment of Interest on Equity in the total amount of R$ 5.9 million, equivalent to R$ 0.06 per share, corresponding to pay-out of 29% and dividend yield of 1.3%. On April 1, 2009, the Board of Directors approved the cancellation of 3,331,800 preferred shares acquired in the 3rd buyback program. Thus, the Company’s capital stock will be made up of: 99,573,632 shares, being 56,724,976 common shares, and 42,848,656 preferred shares. 18
  19. 19. PRBC4 - Stock Performance 140,00 18.000 DAILY TRADING VOLUME (R$ Thousands) 16.000 120,00 14.000 100,00 SHARE PRICE (base 100) 12.000 80,00 10.000 60,00 8.000 6.000 40,00 4.000 20,00 2.000 0,00 - 19
  20. 20. IR Contacts Cristiano Malucelli Mauricio N. G. Fanganiello Investor Relations Officer IR Coordinator Phone: (55 41) 3351-9950 Phone: (55 41) 3351-9765 Marianne Baggio e-mail: ri@paranabanco.com.br IR Analyst IR Website: www.paranabanco.com.br/ir Tel: (55 41) 3351-9645 This presentation may include estimates and forward-looking statements. These estimates and forward-looking statements are to a large extent based on current expectations and projections regarding future events and financial trends that affect or may come to affect our business. Many important factors may adversely affect the results of Paraná Banco as described in our estimates and forward-looking statements. These factors include, but are not limited to, the following: the Brazilian and international economic situation, fiscal, foreign-exchange and monetary policies, higher competition in the payroll- deductible loan segment, the ability of Paraná Banco to obtain funding for its operations, and amendments to Central Bank regulations. The words “believe”, “may”, “could”, “seek”, “estimate”, “continue”, “anticipate”, “plan”, “expect” and other similar words are intended to identify estimates and projections. The considerations involving estimates and forward-looking statements include information related to results and projections, strategies, competitive positioning, the industry environment, growth opportunities, the effects of future regulations, and the impact from competitors. Said estimates and projections refer only to the date on which they were expressed, and we do not assume any obligation to publicly update or revise any of these estimates arising from the occurrence of new information, future events, or any other factors. In view of the risks and uncertainties described above, the estimates and forward-looking statements contained herein may not materialize. Given these limitations, shareholders and investors should not make any decisions based on the estimates, projections and forward-looking statements contained herein. 20

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