This document summarizes the key financial information and highlights from Banco Pine's 1Q11 earnings conference call. The corporate credit portfolio grew 29.8% year-over-year. Total funding increased 17.5% and the BIS capital adequacy ratio remained at a comfortable level of 17.1%. The guidance for 2011 was maintained with targets for corporate credit portfolio growth of 20-25% and corporate ROAE of 17-20%.
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
2022 Navigate Uncertainty with the Right Asset AllocationQuantum Mutual Fund
Through this deck, find how to navigate uncertainty with prudent asset allocation by dividing investments across equity, debt and gold asset classes to help achieve your goals and minimize downside risks
www.quantumamc.com
- The subsidy arbitrage that many companies had relied upon to generate their generous margins is gone for good and the environment will continue to be challenging, and indefinitely so.
- The case for consolidation across several sectors is overwhelming but activity remains low. Managers are in denial and holding out for miracles.
- The closing window for regional economies to reduce their dependence on oil (highlighted in the Countdown to Midnight, November 14th, 2016) has been validated by the rapidly rising forecasts for the electrification of the global passenger vehicle fleet, which accounts for over a quarter of global oil demand.
- Reform is not a magic wand and hope is not a strategy. To transform the economy from its dependency on oil and subsidies requires pain, sacrifice and perhaps a decade of disruption to the status quo.
2022 Navigate Uncertainty with the Right Asset AllocationQuantum Mutual Fund
Through this deck, find how to navigate uncertainty with prudent asset allocation by dividing investments across equity, debt and gold asset classes to help achieve your goals and minimize downside risks
www.quantumamc.com
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
The European Unemployment Puzzle: implications from population agingGRAPE
We study the link between the evolving age structure of the working population and unemployment. We build a large new Keynesian OLG model with a realistic age structure, labor market frictions, sticky prices, and aggregate shocks. Once calibrated to the European economy, we quantify the extent to which demographic changes over the last three decades have contributed to the decline of the unemployment rate. Our findings yield important implications for the future evolution of unemployment given the anticipated further aging of the working population in Europe. We also quantify the implications for optimal monetary policy: lowering inflation volatility becomes less costly in terms of GDP and unemployment volatility, which hints that optimal monetary policy may be more hawkish in an aging society. Finally, our results also propose a partial reversal of the European-US unemployment puzzle due to the fact that the share of young workers is expected to remain robust in the US.
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
4. 1Q11 Highlights
All main indicators showed improvement in the period...
Corporate Credit Portfolio*
4,462
5,792
(R$ Million)
29.8%
4,634
5,447
Total Funding
(R$ Million)
17.5%
Operating Income (R$ Milllion)
0.6%
47.9 48.2
1Q10 1Q11
Mar-10 Mar-11
Mar-10 Mar-11
(*) Includes private securities
Net Income (R$ Million)
4.3%
30.1 31.5
1Q10 1Q11
ROAE
-10 bps
15.3% 15.2%
1Q10 1Q11
NIM before Provision
6.4% 6.4%
1Q10 1Q11
Investor Relations| 1Q11 | 4/16
5. 1Q11 Highlights - Corporate
... with highlight for the Corporate business earnings.
Corporate business consistent performance
Close relationship with companies in various sectors, such as sugar and alcohol, infrastructure, renewable
energy and construction, among others
Positive contribution of all business lines: Corporate Credit, Sales Desk and PINE Investimentos
Net Income of R$35.4 million
ROAE of 17.2%
Corporate Income Breakdown
Corporate
Credit
77.7%
PINE
Investimentos
2.3%
Treasury
6.9%
Sales Desk
13.1%
1Q10
Corporate
Credit
69.0%
PINE
Investimentos
0.5%
Treasury
3.4%
Sales Desk
27.1%
1Q11
Investor Relations| 1Q11 | 5/16
7. Credit Portfolio Profile - Corporate
... growing in a diversified manner, both in sectors and products.
Credit Portfolio by Sector
Geographic Distribution
Electric and
Renewable
Energy
9%
Agriculture
9%
Construction
8%
Transportation
and Logistics
7%
Financial
Institutions
4% Meat packing
4%
Foreign Trade
4%
Telecom
3%
Southeast
Mid-West
14%
Northeast
6%
North
2%
South 69%
9%
Credit Portfolio by Product
Sugar and
Ethanol
17%
Infrastructure
10%
Specialized
Services
3%
Vehicles and
Parts
3%
Pharmaceutical
and Cosmetic
2%
Metal and
Mining
2%
Construction
Materials
2%
Other
13%
Working
Capital
54.7%
Trade
finance
10.3%
Resolution
BNDES
Guarantees
2770
Onlendings
15.2%
Bank
19.5%
0.2%
Investor Relations| 1Q11 | 7/16
8. Credit Portfolio Quality
…with a solid credit portfolio, in a more restrictive scenario.
Credit Portfolio Quality – March 2011 Non-Performing Loans
1.5%
1.3%
0.7%
0.6%
0.5%
Total Contract
Overdue
Installments
0.1%
0.7%
0.5%
0.4%
0.3%
0.1%
0.1%
More than 15
days
More than 30
days
More than 60
days
More than 90
days
More than
120 days
More than
180 days
AA-A
65.1%
B
25.6%
C
5.8%
D-E
1.4%
F-H
2.1%
Total Credit Coverage Collaterals
1.74%
90 bps
20 bps
2.45%
2.66%
Mar-10 Dec-10 Mar-11
Receivables
36%
Products
Pledge
42%
Property
Pledge
18%
Investments
4%
Investor Relations| 1Q11 | 8/16
9. Payroll-Deductible Loans Portfolio
Reduced impact coming from the retail business expected for 2011, due to the retail credit portfolio
run-off.
890
730
594
475
378
286
225
177
148
Payroll-Deductible Loans Portfolio
(R$ Million)
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Payroll Deductible Loan Run-off Forecast -
126
74
*
Retail
(R$ Million)
31
11 3
Mar-11 Dec-11 Dec-12 Dec-13 Dec-14
*Portfolio assigned with recourse
Investor Relations| 1Q11 | 9/16
11. Funding and Credit Portfolio Maturities
... posting an 80 days positive gap between credit and funding.
R$ million
1,985
1,855
1,880
1,185
1,299
1,737
Credit
Funding
Average Maturity
Credit: 471 days
Funding: 551 days
98
780
404
From 3 to 5
years
More than 5
years
(*) Does not consider Shareholders' equity
-
398
42
No Maturity Up to 3
months
(includes Cash)
From 3 to 12
months
From 1 to 3
years
Investor Relations| 1Q11 | 11/16
12. Capital Adequacy Ratio (BIS)
BIS ratio remained at a comfortable level.
Public Offering
US$125 Million
Subordinated Notes
17.8% 18.7%
16.7%
BIS Ratio Tier II Tier I
11% - Minimum
Regulatoty Capital
15.1% 14.4% 14.6% 14.8% 13.8% 13.4%
0.8%
0.6%
0.5%
0.5% 0.5% 3.9% 3.6%
3.6% 3.7%
18,6% 19,3%
17,2%
15,6% 14,9%
18,5%
18,4%
17,4%
17,1%
February/2010
R$ Thousand BIS Ratio (%)
866,124
238,492
1,104,616
Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11
Tier I 13.4%
Tier I I 3.7%
Total 17.1%
Investor Relations| 1Q11 | 12/16
14. 2011 Guidance – BR GAAP
Maintenance of the guidance released in 4Q10.
Guidance
Corporate Credit Portfolio 20% - 25%
Administrative and Personnel Expenses 5% - 10%
NIM 5.5% - 7.5%
Corporate ROAE 17% - 20%
Investor Relations| 1Q11 | 14/16
15. 1Q11 Events and Highlights
Market Recognition.
PINE is ranked the 13th largest bank in Cetip’s overall derivatives ranking and the 3rd largest in
commodities hedge for clients
On April 6th, PINE’s corporate credit FIDC transaction was successfully completed. The amount
of the transaction was R$ 300 million, with a AA+ rating attributed by S&P
PINE was considered, for the second consecutive year, the best commercial bank in Brazil in the
World Finance Banking Awards. The award was created by British magazine World Finance.
Some of the most important criteria were: solutions for clients and optimization of
relationships, innovation and flexibility, and staying ahead of the competition
Investor Relations| 1Q11 | 15/16
16. Investor Relations
Norberto Zaiet Junior
CFO
Nira Bessler
Head of Investor Relations
Alexandre Cavalcanti
Investor Relations Manager
Alejandra Hidalgo
Investor Relations Analyst
Phone: +55-11-3372-5553 / 5552
www.bancopine.com.br/ir
ir@bancopine.com.br
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 Banco Pine. These are
merely projections and, as such, are based exclusively on the expectations of Banco 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 Banco Pine’s filed disclosure documents and are, therefore, subject to change without prior notice.
Investor Relations| 1Q11 | 16/16