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1Q17 Earnings Release
Conference Call
May, 09th 2017
2/17Investor Relations | 1Q17 |
Highlights
 Liquid balance sheet with a cash position of R$1.1 bi, equivalent to 26% of time deposits.
 Excess capital, with a BIS ratio of 15.1%, being 14.7% in Tier I Capital.
 Loan portfolio coverage ratio of approximately 6% as a result of the significant increase in provisions in the previous periods.
 Retraction of 2.1% in personnel and administrative expenses in the quarter.
 Continuous liability management with a diversified portfolio and adequate terms.
3/17Investor Relations | 1Q17 |
7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio
1
-9.9%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
6,608 6,445 6,465
Mar-16 Dec-16 Mar-17
Total Loan Portfolio1
+ 0.3%
-2.2%
6,270
5,692 5,697
Mar-16 Dec-16 Mar-17
Total Funding
+ 0.1%
-9.1%
1,174 1,148 1,154
Mar-16 Dec-16 Mar-17
Shareholders' Equity
+ 0.5%
-1.7%
8
(9)
1
1Q16 4Q16 1Q17
-92.1%
+107.2%
2.0%
1.0%
3.4%
1Q16 4Q16 1Q17
NIM
+ 140 bps.
+ 240 bps.
2.9%
(3.1%)
0.2%
1Q16 4Q16 1Q17
ROAE
-270 bps.
+ 330 bps.
4/17Investor Relations | 1Q17 |
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
66.3%
FICC
17.1%
Pine
Investimentos
8.0%
Treasury
8.6%
1Q17
Credit
73.7%
FICC
23.1%
Pine
Investimentos
3.2%
Treasury
0.0%
1Q16
5/17Investor Relations | 1Q17 |
NIM and Efficiency Ratio
NIM
Expenses and Efficiency Ratio
20
22
21
16
18 18
81.6%
111.1%
61.2%
-200%
-150%
-100%
-50%
00%
50%
100%
150%
0
5
10
15
20
25
30
35
40
1Q16 4Q16 1Q17
Personnel Expenses
Other administrative
expenses
Recurring Efficiency
Ratio (%)
2.0%
1.0%
3.4%
1Q16 4Q16 1Q17
NIM
+ 140 bps.
+ 240 bps.
6/17Investor Relations | 1Q17 |
3,172 3,139 3,275 3,468 3,673
747 659 520
437
370
2,250
2,122 2,104 2,120 2,022
438
351 339
419 399
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Trade finance: 6.2%
Bank Guarantees: 31.3%
BNDES Onlending : 5.7%
Working Capital: 56.8%
6,271 6,238 6,445
6,608
6,465
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$6.5 billion...
1
-2.2%
+ 0.3%
2
7/17Investor Relations | 1Q17 |
Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
 Diversified growth (lower tickets and increased number of clients).
 The composition of the portfolio of the 20 largest clients changed by over 25% 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
12%
Agriculture
11%
Energy
11%
Engineering
9%
Transportation
and Logistics
7%
Telecom
5%
Foreign Trade
4%
Retail
4%
Specialized
Services
3%
Metallurgy
2%
Construction
Material
2%
Mining
2%
Vehicles and Parts
2%
Meatpacking
2%
Food Industry
1%
Other
10%
38%37%39%40%39%
7%7%7%5%5%
9%10%8%8%7%
11%12%12%12%12%
11%10%10%10%8%
12%13%13%12%15%
12%12%12%13%11%
Mar-17Mar-16Mar-15Mar-14Mar-13
Real Estate
Sugar and Ethanol
Agriculture
Energy
Engineering
Transportation
and Logistics
Others
8/17Investor Relations | 1Q17 |
10.5%
13.7%
15.5%
4.9%
5.9% 5.9%
00%
02%
04%
06%
08%
10%
12%
00%
02%
04%
06%
08%
10%
12%
14%
16%
18%
Mar-16 Dec-16 Mar-17
D-H Portfolio Coverage of Total Portfolio
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682
2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682
March 31st, 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
AA-A
26.6%
B
24.0%
C
34.0%D-E
9.5%
F-H
6.0%
Tangible
Movable
Property
32%
Receivables
7%
Real State
56%
Financial
Assets
5%
0.7%0.6%
1.5%1.3%
0.7%
1.7%
1.2%
1.8%
2.1%
Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15Sept-15Jun-15Mar-15
9/17Investor Relations | 1Q17 |
March 31st, 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 March 31st, 2017:
 Duration: 179 days
 Mark-to-Market: R$55 million
 Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
 Stressed MtM : R$172 million
Commodities
15%
Fixed Income
5%
Currencies
80%
4,845 2,968 3,833 3,979 4,487
398
212
166
103
55(171 )
315
164
119
172
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Notional Amount
MtM
Stressed MtM
10/17Investor Relations | 1Q17 |
R$ 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.
4th player in volume of CRI’s origination and 5th in number of securitization transactions.
December, 2016
Mortage Backed
Securities
R$ 8,500,000
Lead Coordinator
December, 2016
CRI
R$ 50,000,000
Lead Coordinator
January, 2017
NCE
R$ 25,000,000
Lead Coordinator
January, 2017
Structure Credit
Facility
R$ 6,000,000
January, 2017
Structure Credit
Facility
R$ 15,000,000
Lead Coordinator 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
1
6 6
1Q16 4Q16 1Q17
11/17Investor Relations | 1Q17 |
787 648 617 460 464
348
261 376
384 460
1,662 1,939
2,600 2,980
3,241
218 156
133
46
72
17 19
29 17
11
759 668
530
454
383
284 296
198 213
240
761 734
259 247
203244
216 206 204
86
838
718 698 448
386
352
270 262
239 150
6,270
5,925 5,908
5,692 5,697
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Trade Finance: 2.6%
Multilateral Lines: 6.8%
International Capital Markets:
1.5%
Financial Letter : 3.6%
Local Capital Markets: 4.2%
Onlending: 6.7%
Demand Deposits: 0.2%
Interbank Time Deposits: 1.3%
High Net Worth Individual Time
Deposits: 56.9%
Corporate Time Deposits: 8.1%
Institutional Time Deposits:
8.1%
R$ million
Funding
Diversified sources of funding...
12/17Investor Relations | 1Q17 |
48% 51%
64% 68%
75%
52% 49%
36% 32%
25%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-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
5,6926,270 5,925 5,908 5,697
Asset and Liability Management (ALM)
1.2
1.2
5.2
0.0
0.5
0.6
Assets
0.1
0.5
4.0
3.2
0.4
0.6
Liabilities
8.7 8.7
Coverage
of 130%
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
5.6x 5.4x 5.4x 5.6x 5.6x
3.7x 3.6x 3.6x 3.8x 3.8x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Expanded loan Porfolio
Loan Portfolio excluding
Bank Guarantees
69% 70% 70%
76% 78%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
13/17Investor Relations | 1Q17 |
Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 15.1%, being 14.7% in Tier I Capital.
14.7% 15.4% 15.3% 15.0% 14.7%
0.4%
0.5% 0.5% 0.4% 0.4%
Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
Tier II Tier I
Minimum Regulatory
Capital (10.5%)
15.1%15.4%
15.8%15.9%
15.1%
14/17Investor Relations | 1Q17 |
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

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Cc 1Q17_eng

  • 1. 1Q17 Earnings Release Conference Call May, 09th 2017
  • 2. 2/17Investor Relations | 1Q17 | Highlights  Liquid balance sheet with a cash position of R$1.1 bi, equivalent to 26% of time deposits.  Excess capital, with a BIS ratio of 15.1%, being 14.7% in Tier I Capital.  Loan portfolio coverage ratio of approximately 6% as a result of the significant increase in provisions in the previous periods.  Retraction of 2.1% in personnel and administrative expenses in the quarter.  Continuous liability management with a diversified portfolio and adequate terms.
  • 3. 3/17Investor Relations | 1Q17 | 7,409 6,859 Sept-15 Dec-15 Total Funding -7.4% 7,691 6,933 Sept-15 Dec-15 Total Loan Portfolio 1 -9.9% 1,181 1,163 Sept-15 Dec-15 Shareholders' Equity -1.5% 3.5% 3.6% 3Q15 4Q15 ROAE 0.1 p.p 2.9% 3.2% 3Q15 4Q15 NIM Evolution 0.33 p.p. 10 10 3Q15 4Q15 Net Income Financial Highlights 1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares) R$ million 6,608 6,445 6,465 Mar-16 Dec-16 Mar-17 Total Loan Portfolio1 + 0.3% -2.2% 6,270 5,692 5,697 Mar-16 Dec-16 Mar-17 Total Funding + 0.1% -9.1% 1,174 1,148 1,154 Mar-16 Dec-16 Mar-17 Shareholders' Equity + 0.5% -1.7% 8 (9) 1 1Q16 4Q16 1Q17 -92.1% +107.2% 2.0% 1.0% 3.4% 1Q16 4Q16 1Q17 NIM + 140 bps. + 240 bps. 2.9% (3.1%) 0.2% 1Q16 4Q16 1Q17 ROAE -270 bps. + 330 bps.
  • 4. 4/17Investor Relations | 1Q17 | 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 66.3% FICC 17.1% Pine Investimentos 8.0% Treasury 8.6% 1Q17 Credit 73.7% FICC 23.1% Pine Investimentos 3.2% Treasury 0.0% 1Q16
  • 5. 5/17Investor Relations | 1Q17 | NIM and Efficiency Ratio NIM Expenses and Efficiency Ratio 20 22 21 16 18 18 81.6% 111.1% 61.2% -200% -150% -100% -50% 00% 50% 100% 150% 0 5 10 15 20 25 30 35 40 1Q16 4Q16 1Q17 Personnel Expenses Other administrative expenses Recurring Efficiency Ratio (%) 2.0% 1.0% 3.4% 1Q16 4Q16 1Q17 NIM + 140 bps. + 240 bps.
  • 6. 6/17Investor Relations | 1Q17 | 3,172 3,139 3,275 3,468 3,673 747 659 520 437 370 2,250 2,122 2,104 2,120 2,022 438 351 339 419 399 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Trade finance: 6.2% Bank Guarantees: 31.3% BNDES Onlending : 5.7% Working Capital: 56.8% 6,271 6,238 6,445 6,608 6,465 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$6.5 billion... 1 -2.2% + 0.3% 2
  • 7. 7/17Investor Relations | 1Q17 | Continuous Loan Portfolio Management Sectors Rebalance ...with improved sector diversification.  Diversified growth (lower tickets and increased number of clients).  The composition of the portfolio of the 20 largest clients changed by over 25% 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 12% Agriculture 11% Energy 11% Engineering 9% Transportation and Logistics 7% Telecom 5% Foreign Trade 4% Retail 4% Specialized Services 3% Metallurgy 2% Construction Material 2% Mining 2% Vehicles and Parts 2% Meatpacking 2% Food Industry 1% Other 10% 38%37%39%40%39% 7%7%7%5%5% 9%10%8%8%7% 11%12%12%12%12% 11%10%10%10%8% 12%13%13%12%15% 12%12%12%13%11% Mar-17Mar-16Mar-15Mar-14Mar-13 Real Estate Sugar and Ethanol Agriculture Energy Engineering Transportation and Logistics Others
  • 8. 8/17Investor Relations | 1Q17 | 10.5% 13.7% 15.5% 4.9% 5.9% 5.9% 00% 02% 04% 06% 08% 10% 12% 00% 02% 04% 06% 08% 10% 12% 14% 16% 18% Mar-16 Dec-16 Mar-17 D-H Portfolio Coverage of Total Portfolio 1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682 2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682 March 31st, 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 AA-A 26.6% B 24.0% C 34.0%D-E 9.5% F-H 6.0% Tangible Movable Property 32% Receivables 7% Real State 56% Financial Assets 5% 0.7%0.6% 1.5%1.3% 0.7% 1.7% 1.2% 1.8% 2.1% Mar-17Dec-16Sept-16Jun-16Mar-16Dec-15Sept-15Jun-15Mar-15
  • 9. 9/17Investor Relations | 1Q17 | March 31st, 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 March 31st, 2017:  Duration: 179 days  Mark-to-Market: R$55 million  Stress Scenario (Dollar: +31% and Commodities Prices: -30%):  Stressed MtM : R$172 million Commodities 15% Fixed Income 5% Currencies 80% 4,845 2,968 3,833 3,979 4,487 398 212 166 103 55(171 ) 315 164 119 172 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Notional Amount MtM Stressed MtM
  • 10. 10/17Investor Relations | 1Q17 | R$ 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. 4th player in volume of CRI’s origination and 5th in number of securitization transactions. December, 2016 Mortage Backed Securities R$ 8,500,000 Lead Coordinator December, 2016 CRI R$ 50,000,000 Lead Coordinator January, 2017 NCE R$ 25,000,000 Lead Coordinator January, 2017 Structure Credit Facility R$ 6,000,000 January, 2017 Structure Credit Facility R$ 15,000,000 Lead Coordinator 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 1 6 6 1Q16 4Q16 1Q17
  • 11. 11/17Investor Relations | 1Q17 | 787 648 617 460 464 348 261 376 384 460 1,662 1,939 2,600 2,980 3,241 218 156 133 46 72 17 19 29 17 11 759 668 530 454 383 284 296 198 213 240 761 734 259 247 203244 216 206 204 86 838 718 698 448 386 352 270 262 239 150 6,270 5,925 5,908 5,692 5,697 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Trade Finance: 2.6% Multilateral Lines: 6.8% International Capital Markets: 1.5% Financial Letter : 3.6% Local Capital Markets: 4.2% Onlending: 6.7% Demand Deposits: 0.2% Interbank Time Deposits: 1.3% High Net Worth Individual Time Deposits: 56.9% Corporate Time Deposits: 8.1% Institutional Time Deposits: 8.1% R$ million Funding Diversified sources of funding...
  • 12. 12/17Investor Relations | 1Q17 | 48% 51% 64% 68% 75% 52% 49% 36% 32% 25% Mar-16 Jun-16 Sept-16 Dec-16 Mar-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 5,6926,270 5,925 5,908 5,697 Asset and Liability Management (ALM) 1.2 1.2 5.2 0.0 0.5 0.6 Assets 0.1 0.5 4.0 3.2 0.4 0.6 Liabilities 8.7 8.7 Coverage of 130% 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 5.6x 5.4x 5.4x 5.6x 5.6x 3.7x 3.6x 3.6x 3.8x 3.8x - 1.00 2.00 3.00 4.00 5.00 6.00 7.00 8.00 9.00 10.00 Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Expanded loan Porfolio Loan Portfolio excluding Bank Guarantees 69% 70% 70% 76% 78% Mar-16 Jun-16 Sept-16 Dec-16 Mar-17
  • 13. 13/17Investor Relations | 1Q17 | Capital Adequacy Ratio (BIS), Basel III BIS ratio of 15.1%, being 14.7% in Tier I Capital. 14.7% 15.4% 15.3% 15.0% 14.7% 0.4% 0.5% 0.5% 0.4% 0.4% Mar-16 Jun-16 Sept-16 Dec-16 Mar-17 Tier II Tier I Minimum Regulatory Capital (10.5%) 15.1%15.4% 15.8%15.9% 15.1%
  • 14. 14/17Investor Relations | 1Q17 | 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