Banco Indusval & Partners (BI&P) held a public meeting with analysts and investors on November 24, 2011 to discuss the bank's transformation into a new stage. BI&P outlined its 44-year history, new capital increase and partnerships with Warburg Pincus and Sertrading, and strengthened management team. The presentation highlighted BI&P's long-term vision over short-term results and comparisons to its peers in the national financial system.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
The 1Q11 presentation summarizes LPS Brasil's operational and financial results for the first quarter of 2011. It highlights that contracted sales totaled R$3.5 billion, up 37% from the same period in 2010. CrediPronto originated R$209 million in mortgage loans in the quarter. Net revenue was R$77.4 million, up 23% year-over-year, and EBITDA was R$28.4 million, a 32% increase. Net income reached R$18.7 million, representing a 15% rise. The presentation also provides an overview of LPS Brasil's diversified business lines and their quarterly performance across primary and secondary markets as well as mortgage origination
BI&P held its annual public meeting with analysts and investors on August 28, 2012. The presentation provided an overview of the company including its profile, capital structure, branch network, strategy, the credit market environment in Brazil, and its financial performance. BI&P aims to grow based on quality assets and recurring income by focusing on customers, products, and its people. It sees continued credit growth in Brazil of 17-20% and is prioritizing quality short term loans and fee income businesses.
The document provides a 1Q09 update from ProLogis including a forward looking statement and key takeaways. It discusses ProLogis' focus on preserving capital through actions like eliminating development starts and reducing dividends. It summarizes progress on simplifying operations, de-risking, and de-leveraging the balance sheet. The document reviews operating fundamentals, development portfolio leasing, industrial market conditions, and risks and opportunities.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
PDG Realty increases its stake in Goldfarb to 75% and acquires an option to purchase an additional 5% stake. PDG Realty will increase its capital investment in Goldfarb by R$100 million, raising its stake to 73.33%. Goldfarb's current shareholders will increase the capital of a holding company, which PDG Realty will incorporate by issuing new shares, raising its stake to 75%. PDG Realty also obtains an option to purchase an additional 5% stake in Goldfarb by December 31, 2008 for R$100 million, reaching a potential 80% stake.
Bharat Petroleum Corporation Ltd (BPCL), a government‐owned company operating in
the refining and marketing segment. The company has also diversified into the
petrochemical feedstock and exploration and production segments.
Based on a consolidated FY12 P/E multiple of 12, the fair value for the
company works out to Rs 691.
The 1Q11 presentation summarizes LPS Brasil's operational and financial results for the first quarter of 2011. It highlights that contracted sales totaled R$3.5 billion, up 37% from the same period in 2010. CrediPronto originated R$209 million in mortgage loans in the quarter. Net revenue was R$77.4 million, up 23% year-over-year, and EBITDA was R$28.4 million, a 32% increase. Net income reached R$18.7 million, representing a 15% rise. The presentation also provides an overview of LPS Brasil's diversified business lines and their quarterly performance across primary and secondary markets as well as mortgage origination
BI&P held its annual public meeting with analysts and investors on August 28, 2012. The presentation provided an overview of the company including its profile, capital structure, branch network, strategy, the credit market environment in Brazil, and its financial performance. BI&P aims to grow based on quality assets and recurring income by focusing on customers, products, and its people. It sees continued credit growth in Brazil of 17-20% and is prioritizing quality short term loans and fee income businesses.
The document provides a 1Q09 update from ProLogis including a forward looking statement and key takeaways. It discusses ProLogis' focus on preserving capital through actions like eliminating development starts and reducing dividends. It summarizes progress on simplifying operations, de-risking, and de-leveraging the balance sheet. The document reviews operating fundamentals, development portfolio leasing, industrial market conditions, and risks and opportunities.
Colgate Palmolive reported first quarter results for fiscal year 2011 with revenues growing 13% year-over-year to Rs. 528.8 crores, slightly below estimates. Earnings beat estimates due to a sharp rise in gross margins of 662 basis points year-over-year. Volume growth was 13% overall led by 14% growth in toothpaste and 19% growth in toothbrushes. The analyst maintains a "Reduce" rating due to the stock being highly expensive trading at 23.4 times estimated fiscal year 2012 earnings per share given muted earnings growth estimates.
PVR is expected to see strong performance in its exhibition business in the second and third quarters of FY2011, aided by a robust movie pipeline (both domestic and Hollywood films) and substantial screen additions over the last six months. Management expects 14-15 new 3D English movies to be released over the next 18-24 months. Additionally, PVR is looking to unlock value by selling and leasing back its Phoenix Mill property, which could generate around Rs. 80-100 crore in cash. PVR Pictures is also expected to see multi-fold revenue growth in FY2011 with more film productions lined up. Blu-O, PVR's bowling business, aims to have 150 lanes by FY2012 and
PDG Realty increases its stake in Goldfarb to 75% and acquires an option to purchase an additional 5% stake. PDG Realty will increase its capital investment in Goldfarb by R$100 million, raising its stake to 73.33%. Goldfarb's current shareholders will increase the capital of a holding company, which PDG Realty will incorporate by issuing new shares, raising its stake to 75%. PDG Realty also obtains an option to purchase an additional 5% stake in Goldfarb by December 31, 2008 for R$100 million, reaching a potential 80% stake.
This presentation summarizes LPS Brasil's 1Q11 results. Key highlights include:
- CrediPronto! received its first earn-out payment of R$30.9 million.
- Contracted sales totaled R$3.5 billion, up 37% from 1Q10.
- Net revenue was R$77.4 million, up 23% from 1Q10.
- EBITDA was R$28.4 million, up 32% from 1Q10, with a 37% margin.
- Net income reached R$18.7 million, up 15% from 1Q10.
The presentation provides additional details on operational results,
Polyplex Corporation reported higher-than-estimated quarterly and annual results. Net sales grew 19.4% year-over-year for the quarter and 9.1% for the full year. Quarterly net profit jumped 50.2% year-over-year due to a substantial increase in other income. For the full year, net profit declined 14.9% but was above estimates. The company trades at a discount to its peers and its Thailand subsidiary, despite an estimated 26% earnings CAGR over the next two years. The analyst maintains a "Buy" rating with a target price of Rs418.
Please, dial in 5 minutes before the scheduled time.
The presentation will be available on our website: www.lpsb.com.br
Thank you for your participation.
The document provides a recommendation to buy shares of Noida Toll Bridge Company Ltd (NTBCL). Some key points:
- NTBCL operates the Delhi-Noida toll bridge and has seen average daily traffic grow from 17,000 to over 104,000 vehicles. Traffic is expected to double by 2021.
- The company has a favorable business model requiring low capital expenditures and working capital with cash toll collections.
- Post debt restructuring in 2002 and a GDR listing in 2006, the company has a comfortable liquidity position.
- The concession agreement assures a 20% return on capital and increases the concession period if targets are not met, favoring the company.
Based
- Multiplus reported strong growth in 3Q11 vs 3Q10 with net revenue up 93.8% and net income up 63.8%
- Gross billings grew 94.3% to R$439 million driven by increases in points sold to both TAM and banks/retail partners
- Cost of points redeemed grew at a faster rate than revenue, reducing gross margin by 14.6 percentage points
- Operating expenses fell as a percentage of revenue, helping operating income rise 46.1% though operating margin declined
- Hedge gains contributed to an 18.9% rise in pre-tax income and net income margin was 17%
PDG completed its acquisition of AGRE in June 2010. It has since renegotiated and restructured AGRE's debt, reducing costs and extending maturities. Integration efforts between the two companies are underway and include payroll reductions, landbank optimization, and adopting PDG's financial and operational benchmarks. PDG has also increased its stake in a partnership with LN Empreendimentos, issued new receivables-backed securities, and seen its weight in the IBOVESPA index rise.
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
Anant Raj Industries' (ARIL) 4QFY2010 results were below expectations due to a delay in launching a premium residential project. Rental income grew 10.6% but profit fell 53.9% quarter-over-quarter. The analyst downgraded earnings estimates for FY2011-FY2012 to account for the delayed project launch. However, ARIL has a strong development pipeline and the analyst maintains a Buy rating due to ARIL's low-cost land bank and strong balance sheet.
Presentation – increase on Goldfarb’s stakePDG Realty
PDG Realty increases its stake in Goldfarb to 80% and acquires an option to purchase the remaining 20%, reaching full ownership. Key points of the deal include PDG Realty exercising an option to acquire an additional 5% of Goldfarb for $100 million. PDG Realty also entered an agreement with Goldfarb shareholders for annual options to purchase the remaining shares in 5% increments each year from 2009 onward. This positions PDG Realty as a leader in the low-income real estate segment in Brazil, with over 70% of its land bank and 42,000 units concentrated in properties valued under $250,000.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
Polyplex Corporation reported higher-than-estimated results for the first quarter of fiscal year 2011. Net sales grew 41.7% over the previous year to Rs427 crore, driven by higher capacity utilization and new plants. Operating margins expanded 247 basis points to 20.8% due to strong demand and higher prices. Net profit jumped 461% to Rs39 crore compared to Rs7 crore last year. The analyst maintains an 'Accumulate' rating on the stock, expecting the company to register 22% and 30% annual growth in revenues and profits respectively over the next two fiscal years, supported by capacity expansion. The stock currently trades at an inexpensive valuation and offers 30% earnings growth.
The Blackstone Group is investing Rs225cr in Jagran Media Network Private Ltd, which will hold a majority share in Jagran Prakashan Ltd. After Blackstone's investment, Independent News & Media is expected to completely exit its stake in Jagran Prakashan. Jagran is evaluating inorganic growth opportunities, including acquiring Mid-day. Despite recent underperformance, analysts maintain a 'Buy' rating on Jagran Prakashan due to its dominant position in the Hindi market and growth potential.
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006, transitioned to new leadership, and completed a restructuring program. Sales increased 4% to $5.5 billion and earnings per share increased to a record $1.61.
2) The company updated its growth targets, aiming for 8-10% annual sales growth and 11% EBIT margins by 2009. It also created new positions to increase business development and product innovation.
3) Looking ahead five years, Leggett expects its portfolio to include 30% new products, all businesses to be profitable, and to
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
- Godrej Consumer Products (GCPL) has acquired the remaining 51% stake in Godrej Sara Lee (GSL) for Rs1,050cr, valuing GSL at Rs2,065cr.
- The acquisition makes GCPL the second largest household insecticide player in Asia (outside Japan) and is expected to help GCPL become one of the strongest performers in the home and personal care space in India.
- The acquisition is priced attractively at 15x FY2010 earnings and 2.1x price-to-sales for GSL and is estimated to be earnings per share accretive for GCPL by 8-10%, despite being funded fully by equity dilution.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
South African Home Loans (SAHL) has originated residential home loans for six years, capturing approximately 4% of South Africa's mortgage market. SAHL also claims two-thirds of South Africa's mortgage securitization market. A recent management change replaced the co-founder CEO with an internal candidate, while maintaining the experienced management team. Financial results indicate SAHL is on track to be profitable in 2005 and cash flow positive by 2006. SAHL has grown its home loan book despite narrowing margins between interest rates offered to borrowers and banks' standard rates.
Bajaj Auto reported strong results for the first quarter of fiscal year 2011. The company's top line was marginally above expectations, driven by a 70% year-over-year increase in total volumes. EBITDA margins expanded slightly by 50 basis points year-over-year to 20%. Net profit increased 101% year-over-year to Rs590 crore, beating estimates, aided by higher other income and improved operating leverage. Overall, robust volume growth and margin expansion led to better-than-expected financial performance during the quarter.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
The document provides results and highlights for 3Q12 from a Brazilian bank. It summarizes that the bank's expanded credit portfolio grew 6.5% in 3Q12 driven by loan and financing operations. The quality of the credit portfolio also improved with 81% of loans rated AA to B. The corporate segment now represents 56% of the credit portfolio. Net profit increased 29% in 3Q12 despite interest rate cuts and focus on higher credit quality loans.
- Banco Indusval & Partners (BI&P) reported financial results for 2Q11 and 1H11, marking a new phase with a new vision, partnerships, and strategy.
- Loan portfolio grew 6% in 2Q11 compared to 1Q11, led by corporate clients. Overdue loans over 60 days were 6.8% of the portfolio but were covered 143.5% by loan loss provisions.
- Net income was R$5.1 million in 2Q11 compared to a net loss of R$54.5 million in 1Q11, as the new strategy's impact is not yet fully reflected in results. BI&P remains well capitalized with a Basel ratio
This presentation summarizes LPS Brasil's 1Q11 results. Key highlights include:
- CrediPronto! received its first earn-out payment of R$30.9 million.
- Contracted sales totaled R$3.5 billion, up 37% from 1Q10.
- Net revenue was R$77.4 million, up 23% from 1Q10.
- EBITDA was R$28.4 million, up 32% from 1Q10, with a 37% margin.
- Net income reached R$18.7 million, up 15% from 1Q10.
The presentation provides additional details on operational results,
Polyplex Corporation reported higher-than-estimated quarterly and annual results. Net sales grew 19.4% year-over-year for the quarter and 9.1% for the full year. Quarterly net profit jumped 50.2% year-over-year due to a substantial increase in other income. For the full year, net profit declined 14.9% but was above estimates. The company trades at a discount to its peers and its Thailand subsidiary, despite an estimated 26% earnings CAGR over the next two years. The analyst maintains a "Buy" rating with a target price of Rs418.
Please, dial in 5 minutes before the scheduled time.
The presentation will be available on our website: www.lpsb.com.br
Thank you for your participation.
The document provides a recommendation to buy shares of Noida Toll Bridge Company Ltd (NTBCL). Some key points:
- NTBCL operates the Delhi-Noida toll bridge and has seen average daily traffic grow from 17,000 to over 104,000 vehicles. Traffic is expected to double by 2021.
- The company has a favorable business model requiring low capital expenditures and working capital with cash toll collections.
- Post debt restructuring in 2002 and a GDR listing in 2006, the company has a comfortable liquidity position.
- The concession agreement assures a 20% return on capital and increases the concession period if targets are not met, favoring the company.
Based
- Multiplus reported strong growth in 3Q11 vs 3Q10 with net revenue up 93.8% and net income up 63.8%
- Gross billings grew 94.3% to R$439 million driven by increases in points sold to both TAM and banks/retail partners
- Cost of points redeemed grew at a faster rate than revenue, reducing gross margin by 14.6 percentage points
- Operating expenses fell as a percentage of revenue, helping operating income rise 46.1% though operating margin declined
- Hedge gains contributed to an 18.9% rise in pre-tax income and net income margin was 17%
PDG completed its acquisition of AGRE in June 2010. It has since renegotiated and restructured AGRE's debt, reducing costs and extending maturities. Integration efforts between the two companies are underway and include payroll reductions, landbank optimization, and adopting PDG's financial and operational benchmarks. PDG has also increased its stake in a partnership with LN Empreendimentos, issued new receivables-backed securities, and seen its weight in the IBOVESPA index rise.
Every year dedicated value investors from around the world make their way to Italy to exchange investment ideas.
It is a unique event in a great location far from the madding crowd.
Link to the event.
http://www.valueinvestingseminar.it/pages/eng/index.asp
This is the presentation I gave this year.
Anant Raj Industries' (ARIL) 4QFY2010 results were below expectations due to a delay in launching a premium residential project. Rental income grew 10.6% but profit fell 53.9% quarter-over-quarter. The analyst downgraded earnings estimates for FY2011-FY2012 to account for the delayed project launch. However, ARIL has a strong development pipeline and the analyst maintains a Buy rating due to ARIL's low-cost land bank and strong balance sheet.
Presentation – increase on Goldfarb’s stakePDG Realty
PDG Realty increases its stake in Goldfarb to 80% and acquires an option to purchase the remaining 20%, reaching full ownership. Key points of the deal include PDG Realty exercising an option to acquire an additional 5% of Goldfarb for $100 million. PDG Realty also entered an agreement with Goldfarb shareholders for annual options to purchase the remaining shares in 5% increments each year from 2009 onward. This positions PDG Realty as a leader in the low-income real estate segment in Brazil, with over 70% of its land bank and 42,000 units concentrated in properties valued under $250,000.
Pantaloon Retail reported a 25.3% year-over-year growth in net sales to Rs. 2,057.6 crore for the third quarter of fiscal year 2010, below expectations of 30.2% growth. Same store sales growth was 13.9% and 13.2% for value and lifestyle retailing respectively. Operating margins remained flat at 10.5% while net profit grew 62.7% to Rs. 55.9 crore due to sales growth and unchanged interest costs. The analyst maintains an accumulate rating and target price of Rs. 469 based on retail space expansion, revival in consumer sentiment, and organizational restructuring.
Polyplex Corporation reported higher-than-estimated results for the first quarter of fiscal year 2011. Net sales grew 41.7% over the previous year to Rs427 crore, driven by higher capacity utilization and new plants. Operating margins expanded 247 basis points to 20.8% due to strong demand and higher prices. Net profit jumped 461% to Rs39 crore compared to Rs7 crore last year. The analyst maintains an 'Accumulate' rating on the stock, expecting the company to register 22% and 30% annual growth in revenues and profits respectively over the next two fiscal years, supported by capacity expansion. The stock currently trades at an inexpensive valuation and offers 30% earnings growth.
The Blackstone Group is investing Rs225cr in Jagran Media Network Private Ltd, which will hold a majority share in Jagran Prakashan Ltd. After Blackstone's investment, Independent News & Media is expected to completely exit its stake in Jagran Prakashan. Jagran is evaluating inorganic growth opportunities, including acquiring Mid-day. Despite recent underperformance, analysts maintain a 'Buy' rating on Jagran Prakashan due to its dominant position in the Hindi market and growth potential.
This annual report summary provides an overview of Leggett & Platt's financial performance in 2006:
1) Leggett & Platt achieved record sales and earnings in 2006, transitioned to new leadership, and completed a restructuring program. Sales increased 4% to $5.5 billion and earnings per share increased to a record $1.61.
2) The company updated its growth targets, aiming for 8-10% annual sales growth and 11% EBIT margins by 2009. It also created new positions to increase business development and product innovation.
3) Looking ahead five years, Leggett expects its portfolio to include 30% new products, all businesses to be profitable, and to
Leggett & Platt's 2006 annual report outlines its goals for the future. It aims to achieve annual sales growth of 8-10% through 3-5% internal growth and 5% from acquisitions. It also targets an 11% EBIT margin by 2009, up from around 8.5%, by introducing new products, increasing sales, entering new markets, and improving efficiency. To reach these goals, Leggett & Platt will reinvigorate product development, establish a council of senior researchers, and develop new market opportunities through innovation and entering new industries.
- Godrej Consumer Products (GCPL) has acquired the remaining 51% stake in Godrej Sara Lee (GSL) for Rs1,050cr, valuing GSL at Rs2,065cr.
- The acquisition makes GCPL the second largest household insecticide player in Asia (outside Japan) and is expected to help GCPL become one of the strongest performers in the home and personal care space in India.
- The acquisition is priced attractively at 15x FY2010 earnings and 2.1x price-to-sales for GSL and is estimated to be earnings per share accretive for GCPL by 8-10%, despite being funded fully by equity dilution.
The presentation provides an overview of LPS Brasil's operational and financial results for the second quarter of 2011, highlighting record contracted sales of R$5 billion, net revenue of R$127 million (up 59% year-over-year), and net income of R$39.7 million. CrediPronto also achieved strong growth in mortgage originations and financed volume.
Textron delivered consistent growth in 1998 through leveraging existing strengths, building on past accomplishments, and focusing on a clear future vision. Key highlights included 12% revenue growth, 22% earnings per share growth, and strong financial discipline. Looking ahead, Textron is well-positioned for continued growth with a balanced mix of market-leading businesses, commitment to acquisitions and innovation, and a strong leadership team.
South African Home Loans (SAHL) has originated residential home loans for six years, capturing approximately 4% of South Africa's mortgage market. SAHL also claims two-thirds of South Africa's mortgage securitization market. A recent management change replaced the co-founder CEO with an internal candidate, while maintaining the experienced management team. Financial results indicate SAHL is on track to be profitable in 2005 and cash flow positive by 2006. SAHL has grown its home loan book despite narrowing margins between interest rates offered to borrowers and banks' standard rates.
Bajaj Auto reported strong results for the first quarter of fiscal year 2011. The company's top line was marginally above expectations, driven by a 70% year-over-year increase in total volumes. EBITDA margins expanded slightly by 50 basis points year-over-year to 20%. Net profit increased 101% year-over-year to Rs590 crore, beating estimates, aided by higher other income and improved operating leverage. Overall, robust volume growth and margin expansion led to better-than-expected financial performance during the quarter.
This corporate presentation discusses the company's competitive advantages and growth opportunities. It summarizes that the company has a diversified portfolio of residential real estate brands targeting different income segments. It has a track record of strong growth and value-creating transactions. There is significant potential demand estimated at around R$170 billion per year for residential real estate across income segments in Brazil.
The document provides results and highlights for 3Q12 from a Brazilian bank. It summarizes that the bank's expanded credit portfolio grew 6.5% in 3Q12 driven by loan and financing operations. The quality of the credit portfolio also improved with 81% of loans rated AA to B. The corporate segment now represents 56% of the credit portfolio. Net profit increased 29% in 3Q12 despite interest rate cuts and focus on higher credit quality loans.
- Banco Indusval & Partners (BI&P) reported financial results for 2Q11 and 1H11, marking a new phase with a new vision, partnerships, and strategy.
- Loan portfolio grew 6% in 2Q11 compared to 1Q11, led by corporate clients. Overdue loans over 60 days were 6.8% of the portfolio but were covered 143.5% by loan loss provisions.
- Net income was R$5.1 million in 2Q11 compared to a net loss of R$54.5 million in 1Q11, as the new strategy's impact is not yet fully reflected in results. BI&P remains well capitalized with a Basel ratio
This document provides a summary of BI&P's results for the 2nd quarter of 2012. Key highlights include:
- Loan portfolio grew 1.7% in the quarter and 33.1% over 12 months, reaching R$2.8 billion, with continued focus on corporate clients.
- Credit quality improved, with higher rated loans increasing to 79% of the portfolio. Non-performing loans fell to 2.6% of the portfolio.
- Net interest margin increased to 5.3% and efficiency ratio improved to 65.1%, though net profits were still impacted by legacy loans.
- Capital and liquidity remained strong with a Tier 1 Basel ratio of 17% and leverage of 4.
São Paulo, February 23, 2011 – Banco Indusval S.A., financial institution with activities primarily focused on corporate lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the forth quarter 2010 (4Q10) and fiscal year 2010 (2010).
The document provides an earnings release for Banco Indusval & Partners (BI&P) for the second quarter of 2014. Some key highlights include:
- The expanded credit portfolio totaled R$3.9 billion, remaining stable in the quarter but up 21.4% year-over-year.
- Income from services rendered and tariffs totaled R$15.7 million in 2Q14, up 42% quarter-over-quarter and 120.8% year-over-year.
- The managerial expense with allowance for loan losses was 0.66% of the expanded credit portfolio in 2Q14, underscoring the quality of the loan portfolio.
- Banco Indusval S.A. announces its 3Q11 financial results, reflecting the early impacts of its new strategy
- Credit portfolio grew 6.6% in the quarter and 27% year-over-year, with improved quality and margins due to new strategic focus and team
- Corporate clients now represent 21% of the portfolio, up from 16% last quarter, as the bank targets larger companies
- Overdue loans over 60 days fell while provisions remained adequate, and funding costs improved despite the challenging economic environment
- Management acknowledges progress but sees opportunity for continued improvement in efficiency, margins, and profitability as the transformation remains underway
This document provides a summary of BI&P's results for the third quarter of 2014. Some key highlights include:
- The expanded credit portfolio totaled R$4.0 billion, a 1.8% increase over the quarter and 19% increase over September 2013.
- 99% of new loans in the quarter were rated between AA and B, reflecting a focus on credit quality.
- Fee income from investment banking operations totaled R$5.4 million in the quarter.
- The quarterly result was R$1.7 million, though full revenue potential has not yet been achieved due to the need for scale and a negative contribution from the investment branch.
This presentation summarizes BI&P's results for the fourth quarter of 2014. Some key highlights include:
- The expanded credit portfolio totaled R$4.1 billion, growing 3.6% in the quarter and 6.9% year-over-year.
- Loans originated in 4Q14 totaled R$1.4 billion. Nearly all new loans were rated between AA and B.
- Funding totaled R$4.4 billion, up 4.8% in the quarter and 12.6% year-over-year through diversification.
- Income from fees was R$14 million in 4Q14 and R$56 million in 2014, up 94.4%
The document summarizes BI&P's 1Q13 results presentation. It states that BI&P completed a cycle of changes started in 2011 with a new management team, including strengthening loan loss reserves in 1Q13 to cover future risks. This resulted in a loss for the quarter, but maintains capital levels. The portfolio has shifted to focus on larger, lower risk companies and developing new product areas, while maintaining a short-term maturity profile and improving credit quality.
Banco BI&P reported financial results for the first quarter of 2014. While the expanded credit portfolio grew 1.5% over the quarter and 28.8% over the prior year, the quarterly result was a loss of R$9.9 million due to the discontinuation of hedge accounting and investments made during restructuring that have not yet reached scale. Income from services increased 29.7% over the previous quarter and 94.1% over the prior year. The allowance for loan losses was 1.10% of the expanded credit portfolio, in line with the bank's conservative lending policy.
Banco BI&P acquired Voga Empreendimentos e Participações Ltda. in 2013 to strengthen its investment banking activities. Voga had experience advising clients on over 50 transactions totaling R$5 billion. The acquisition allows BI&P to expand complex financial services and originate, structure, and distribute fixed income products and financing for acquisitions and asset sales. Services now offered through BI&P leverage the partners' expertise in areas like mergers and acquisitions, capital raising, debt restructuring, and initial public offerings.
BI&P Banco reported its 4th quarter 2014 earnings. Key highlights include:
- Expanded credit portfolio totaled R$4.1 billion, up 3.6% in the quarter and 6.9% year-over-year.
- Funding totaled R$4.4 billion, increasing 4.8% in the quarter and 12.6% year-over-year.
- Income from services rendered and tariffs was R$14.0 million in 4Q14 and R$56.0 million in 2014, up 94.4% from 2013 mainly from investment banking revenues.
- Guide Investimentos, the bank's investment arm, had assets under management of R$
Mood boards are collages used by designers to convey design concepts and themes to clients. They can include photos, sketches, colors, fabrics, and other materials. Mood boards help designers explore aesthetics like photography style, color palettes, patterns and overall look. They allow designers to present broad concepts to clients and get feedback before fully developing a design in the wrong direction.
If there’s one thing we’ve learned from the rise of the social Web, it’s that all sites have communities whether they realize it or not. Sites that do realize this, however, tend to do a whole lot better than sites that don’t. The success (or failure) of your site has everything to do with how and why the community around it forms.
Fortunately, we’ve learned a lot about the mechanics of how and why community happens, which go well beyond just the interaction and visual design of your site. In this workshop, Leslie, Lane, and Thor, who have years of experience at the intersection of user experience, design, and community, walked workshop attendees through examples and exercises designed to answer the questions you need to ask about organizational goals, community management style, internal team structure, and the design choices you need to make in order to bring all those together.
Some of what was covered included:
Mapping community design to organizational vision
Different types of online communities, and which one is right for your organization
How interaction and visual design affect community expectation and behavior
Structuring your design and community teams
Using design to deal with trolls, griefers, and other permanently unhappy individuals
Connecting your community to the rest of the Web
Led by: Lane Becker,Thor Muller and Leslie Chicoine
Megan Stewart provides her contact information and resume. The document then summarizes four pieces from her collection:
1. Midnight Grace was inspired by Swan Lake and aims to make the wearer feel like a ballerina, conveying love, want, search and vengeance through textiles, color and design.
2. Pyrite takes inspiration from the colors and structures of pyrite rocks, focusing on their sharp and ridged outlines.
3. Bottoms Up reimagines a men's two-piece suit by using only the pants to drape a new women's piece, drawing on the pin stripes and folds.
4. Fame imagines a love child of glam rock and
The document discusses two main categories of fashion: Haute Couture and Prêt-a-Porter. Haute Couture refers to high-quality, custom-made clothing produced in limited quantities. Prêt-a-Porter, also called ready-to-wear, refers to mass-produced, standardized clothing intended for wide distribution. Prêt-a-Porter collections can be designer/creator lines or lower-quality confection lines. The document also classifies fashion into categories like style, classics, fads, trends, and discusses fashion forecasting.
This document discusses the ePortfolio and its role as a tool for individuals. An ePortfolio is a collection of an individual's work and achievements that can be used to demonstrate skills and competencies. ePortfolios provide tools and spaces for people to develop their work over time by overcoming obstacles, articulating their experiences, and engaging in dialogue. They also allow for collaboration and connection with others to support lifelong learning.
This document provides highlights from BI&P's 1Q 2015 results presentation. Key points include:
- The expanded credit portfolio totaled R$3.9 billion, down 6.8% from the previous quarter due to a more conservative lending policy.
- Funding totaled R$4.1 billion, down 7.2% from the previous quarter.
- Net income was a loss of R$6.7 million, up from a R$5.1 million loss in 1Q 2014. Expenses continue to be controlled while the bank works to achieve economies of scale.
Mehtab's Fashion portfolio documents various themes for a clothing collection including Indian Traditional, Western, Summer, Flower Power, Winter, Black and White, True Blue, Animal Prints, and Miscellaneous. It includes mood boards, collections, sketches, flats, and swatches of fabrics like cotton, silk, polyester, viscose, linen, nylon, rayon, taffeta, chiffon, georgette, velvet, corduroy, fur, and different weaves. The portfolio provides visual research and inspiration for a diverse line of clothing.
The document summarizes a public meeting held by Banco Indusval Multistock on August 19, 2010.
Banco Indusval Multistock is a mid-sized Brazilian bank with over 40 years of experience in the financial market, focusing on lending to mid-market companies. The bank has a loan portfolio of R$1.8 billion, total assets of R$3 billion, and equity of R$430 million.
The meeting covered the bank's loan portfolio performance, funding and liquidity, results, brokerage business, capital markets activities, and sustainability efforts. Key topics included the bank's growth strategy, credit trends in Brazil, quality of the loan portfolio, and sources of funding
São Paulo, May 11, 2011 – Banco Indusval S.A., financial institution focused on corporate lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the first quarter of 2011 (1Q11).
The document provides an interim financial report for ABC Holdings for the six months ended 30 June 2011. Some key highlights include:
- Pre-tax profits increased 84% to BWP63 million compared to the prior year.
- Attributable profits to shareholders increased 33% to BWP37 million.
- The balance sheet surpassed BWP7.4 billion (US$1.1 billion) for the first time.
- Most subsidiaries reported strong growth in revenues, loans, and deposits.
The document summarizes Banco Indusval & Partners' 1Q11 results presentation. Key points include:
- The bank raised an additional R$201 million in equity capital from new partners including Warburg Pincus.
- A new management team with extensive experience was brought in to lead the bank into a new strategic focus on corporate lending and Brazil's domestic bond market.
- The bank's total credit portfolio grew 12.4% to R$1.97 billion in 1Q11, with 80% in local currency loans.
- Total funding increased 19.5% to R$2.25 billion in 1Q11, with 84% in local currency and longer term time deposits comprising 78% of
Colgate achieved record financial results in 2001, with sales growth of 0.7%, earnings per share growth of 11%, and return on capital reaching a new high of 29.7%. Every operating division contributed to strong 5% volume growth. Colgate continues to focus on speeding innovative new products to market globally in order to drive growth, with a record 39% of sales coming from products launched in the past five years. Speed and efficiency in new product development and global rollout is a key competitive advantage for Colgate.
Energias do Brasil reported its results for the first semester of 2005. It completed a restructuring process that simplified its corporate structure and established a long-term partnership with capital markets. This included an IPO on the Bovespa stock exchange that raised over $1 billion and attracted over 1,000 investors. Energias do Brasil operates power generation, distribution, and commercialization across four Brazilian states with 530MW of installed capacity. It achieved a 24% EBITDA margin in the first semester of 2005.
The document is the transcript of a conference call discussing Itaú Unibanco's 2017 earnings. Key points include:
- Itaú Unibanco completed the merger with CorpBanca in April 2016 and now owns the combined bank Itaú CorpBanca.
- Pro forma historical data is presented to allow comparison between periods before and after the merger.
- Recurring net income increased 13.5% in 2017 compared to 2016, while recurring ROE was 21.9%. Financial margin with clients increased 160 bps in 2017.
Paraná Banco reported its financial results for 4Q08 and full year 2008. Key highlights include:
- Net income of R$84.1 million in 2008, with the insurance sector contributing 27.2%
- Total assets of R$1.9 billion, growing 5.1%
- Origination of payroll-deductible
India's economic fundamentals have deteriorated in the near term leaving the country with weaker growth. The country is grappling with problems of rising inflation and booming fiscal and current account deficits. Global macro-economic environment seems equally gloomy. European debt crisis has been escalating with more and more countries finding it difficult to re-finance their government debt without the assistance of third parties. China's growth has also moderated along with other Asian countries. Against the backdrop of weak global growth and high global commodity prices, the Indian economy has taken a severe beating due to weak domestic political climate. Indian government has failed to reduce the fiscal deficit and to device structural reforms to open supply-side bottlenecks. Rising subsidy bills, slow decision making on behalf of the government due to scandals and back-tracking on reforms due to influence of regional political parties have curtailed the growth potential. Any significant economic reform or any serious effort to curtail the fiscal deficit seems unlikely in the face of general elections due in May 2014.
The weakness in the Indian economy is reflected in the Indian equity market as well. Over the last two years, the equity market has given a negative return of nearly 4% while in the last year, it gave a negative return of nearly 8%. Thus, investment in the equity market has been quite difficult. We expect the market to consolidate in a broad range in the remaining part of the year, giving us the opportunity to accumulate stocks at reasonable prices. Thus, we have attempted to create a model portfolio to generate superior returns over the market. Given the weak domestic and global economic environment, we prefer to keep more than 70% of out portfolio in liquid funds. The funds would be deployed as and when the time will be ripe.
Carfinco Financial Group Inc. is a uniquely positioned auto finance company that has delivered consistent 20% annual growth. It provides financing to "non-prime" credit customers through over 1,600 dealer partnerships across Canada. Carfinco has refined credit risk management practices and vertically integrated operations that have supported strong and growing financial returns, including impressive annual returns on equity of over 50%. The leadership team emphasizes continued growth and maintaining dividend payments.
The document summarizes corporate governance and social responsibility initiatives of four Brazilian companies - BR Malls, Energisa, Eternit, and Gerdau. It provides an overview of each company's board structure, shareholder rights, and examples of citizenship programs. Key highlights include BR Malls' environmental initiatives through its malls, Energisa's investments in renewable energy and distance learning programs, Eternit's attention to managing its image around asbestos use, and Gerdau's recycling and employee volunteering efforts.
CPFL Energia is a leading private electricity company in Brazil. In the first nine months of 2004, it had net revenues of over R$5 billion and EBITDA of R$1.1 billion. It operates in distribution, commercialization, and generation of electricity, with distribution making up the largest portion of its EBITDA. CPFL Energia is focusing on reducing debt levels and increasing investments in generation projects to drive future growth.
This document provides an overview of BBVA Group's performance in the first quarter of 2016, including:
1) Highlights of BBVA's global presence with operations in over 30 countries across Europe, North America, Asia, and South America serving over 66 million customers.
2) A brief history and summary of BBVA's main figures such as total assets of €741 billion and net attributable profit of €709 million for 1Q16.
3) Information on BBVA's vision, organizational structure, and business lines.
An analysis of the Hilton hotels buyout by BlackstoneFrancesco Romeo
This presentation is about the Hilton hotels buyout. We analyze the case with different methods and our conclusion is that it was good deal for both Hilton and Blackstone.
- First Bank Group reported a 28.8% increase in gross earnings for the 9 months ended December 2009 compared to the same period in 2008. However, gross earnings declined 10.65% for the quarter ended March 2010 compared to the prior year quarter.
- Profit before tax declined sharply for the 9 months ended December 2009 at -72.6% but increased for the quarter ended March 2010 compared to the previous quarter.
- Capital adequacy and liquidity ratios remained strong but the loan to deposit ratio increased from 81.3% to 89.7%, indicating higher lending activity.
First Bank Group reported results for the 9 months ended December 31, 2009 and quarter ended March 31, 2010. For the 9 months ended December 31, 2009, gross earnings increased 28.8% to N196.4 billion compared to the same period in 2008. However, profit before tax declined 72.6% to N11.6 billion. In the quarter ended March 31, 2010, gross earnings declined 10.65% to N62.4 billion compared to the same quarter in 2009, while profit before tax increased significantly to N15.4 billion. First Bank remains well capitalized with a capital adequacy ratio of 17.67% as of March 31, 2010 and continues its strategy of growing earnings while improving asset
The document discusses Engro Corporation Limited's annual report for 2009, which saw the completion of Engro Chemical Pakistan Limited's conversion into a holding company structure called Engro Corporation Limited. Key highlights from 2009 included record revenue, continued progress on expansion projects, and the establishment of new subsidiaries. The annual report provides financial and operational details on Engro Corporation Limited and its various subsidiaries for the fiscal year ending December 31, 2009.
Morgan Stanley: Barclays Financial Services Conferenceinvestorrelation
Morgan Stanley's Co-President James Gorman and CFO Colm Kelleher presented at the Barclays Financial Services Conference. They discussed Morgan Stanley's strategic priorities which include optimizing Institutional Securities, successfully integrating the Morgan Stanley Smith Barney joint venture, restructuring Asset Management, and developing a strategic alliance with MUFG. They provided an update on the integration of Morgan Stanley Smith Barney, noting that cost synergies exceeded $1.1 billion and revenue synergies were $275 million. Gorman stated that Morgan Stanley Smith Barney is positioned to achieve industry-leading margins of over 20% by 2011.
First Bank Group reported its financial results for the first half of 2010. [1] Net earnings declined by 6.37% compared to the same period in 2009, driven by a 7.1% fall in net interest income. [2] However, credit losses saw a net recovery of $0.95 billion compared to a $39.8 billion provision in the first half of 2009. [3] Total assets grew by 4.1% while deposits increased by 6.5% over the same period.
1) O banco apresentou redução de 6,8% na carteira de crédito expandida no trimestre devido à política de crédito mais conservadora diante do cenário macroeconômico. 2) A Guide Investimentos anunciou uma importante parceria que deve elevar os ativos sob gestão para R$4 bilhões. 3) O resultado líquido foi negativo em R$6,7 milhões no trimestre, impactado pela necessidade de ganhos de escala e pela contribuição ainda negativa da Guide.
O documento resume os resultados do 4T14 do banco. Destaca o crescimento da carteira de crédito, a diversificação da captação e a melhoria da qualidade do crédito. Apresenta também as parcerias estratégicas firmadas e os investimentos em tecnologia que permitiram redução de custos. O resultado líquido do trimestre foi positivo, porém abaixo do potencial do banco.
O BI&P divulgou seus resultados do 4o trimestre de 2014. Sua carteira de crédito expandida totalizou R$4,1 bilhões, um incremento de 3,6% no trimestre. A captação totalizou R$4,4 bilhões, um aumento de 4,8% no trimestre. As receitas de prestação de serviços e tarifas somaram R$14 milhões no trimestre, um aumento de 94,4% em relação a 2013 devido às receitas de investment banking. A Guide Investimentos tem R$1,9 bilhão em
O documento resume os resultados do terceiro trimestre de 2014 de um banco brasileiro. Destaca o crescimento da carteira de crédito em 1,8% no trimestre e 19% em um ano, com foco em ativos de alta qualidade. Também ressalta o aumento das receitas de tarifas, principalmente de investment banking, e o controle de custos.
BI&P is a commercial bank in Brazil with over 45 years of experience. In the third quarter of 2014:
- The expanded credit portfolio totaled R$4.0 billion, up 1.8% in the quarter and 19.0% year-over-year.
- Funding totaled R$4.2 billion, up 1.2% in the quarter and 35.8% year-over-year.
- Income from services rendered and tariffs totaled R$15.3 million in 3Q14 and R$42.1 million in 9M14, growing 79.2% and 101.7% from the same periods in 2013, mainly driven by revenue
Carteira de Crédito Expandida somou R$4,0 bi, incremento de 1,8% no trimestre e 19,0% em 12 meses. Captação totalizou R$4,2 bi, aumento de 1,2% no trimestre e 35,8% em 12 meses. Receitas de Prestação de Serviços e Tarifas somaram R$15,3 mm no 3T14 e R$42,1 mm nos 9M14, incrementos de 79,2% e 101,7% em relação aos mesmos períodos de 2013, em especial devido às receitas da ativ
The document summarizes BI&P's results for the second quarter of 2014. Key highlights include:
- The expanded credit portfolio totaled R$3.9 billion, remaining stable in the quarter but up 21.4% from June 2013. Loans rated AA-B corresponded to 91% of the portfolio.
- Income from services and tariffs totaled R$15.7 million in 2Q14, up 42.3% from the previous quarter. Investment banking now accounts for 50% of this revenue.
- The quarterly result was R$1.1 million, impacted by non-cash accounting effects and investments in new business areas not yet at scale.
- Credit quality remained high,
Este documento fornece um resumo dos resultados do segundo trimestre de 2014 de um banco brasileiro. A carteira de crédito totalizou R$3,9 bilhões, estável no trimestre, mas cresceu 21,4% em um ano. As despesas com provisões para devedores duvidosos gerenciais foram de 0,66% da carteira de crédito, refletindo a qualidade dos empréstimos. As receitas de tarifas e serviços aumentaram 42,3% no trimestre.
Carteira de Crédito Expandida totalizou R$3,9 bilhões, estável no trimestre mas com crescimento de 21,4% em um ano. Receitas de Prestação de Serviços e Tarifas somaram R$15,7 milhões no trimestre, um aumento de 42,3% no trimestre e 117% em relação ao mesmo período do ano anterior. A Despesa de PDD Gerencial foi de 0,66% da carteira de crédito expandida, indicando a qualidade da carteira de crédito.
O relatório descreve a história, estrutura e estratégias do Banco BI&P. Em 2013, o banco concluiu sua reestruturação estratégica iniciada em 2011, adquiriu novas empresas, lançou projetos de transformação e continuou a crescer de forma sustentável.
The document summarizes BI&P's results for the first quarter of 2014. Key highlights include:
- Expanded credit portfolio grew 1.5% in the quarter and 28.8% year-over-year to R$3.9 billion.
- 99% of new loans in the quarter were rated between AA and B, reflecting a focus on higher quality assets.
- Income from services increased 29.7% over the previous quarter and 94.1% year-over-year.
- The quarterly result was a loss of R$9.9 million mainly due to discontinuing hedge accounting and investments not yet achieving scale from credit portfolio growth.
O documento apresenta os resultados do 1T14 do Banco BI&P, destacando: (1) o crescimento de 1,5% da carteira de crédito no trimestre e 28,8% em 12 meses; (2) a qualidade da carteira, com 90% dos créditos classificados entre AA e B; (3) o prejuízo de R$9,9 milhões no trimestre, impactado pela descontinuidade da designação de hedge accounting e investimentos ainda não no ponto de equilíbrio.
Carteira de Crédito Expandida somou R$3,9 bilhões, com crescimento de 1,5% no trimestre e 28,8% em relação a março de 2013. Receitas de Prestação de Serviços e Tarifas somaram R$12,9 milhões no trimestre, apresentando crescimento de 29,7% no trimestre e 94% em doze meses. Resultado do trimestre foi negativo em R$9,9 milhões, especialmente impactado pelo efeito da descontinuidade da designação de hedge accounting e pelo fato dos investimentos realizados
Clients New Credit Policy
Clients New Credit Policy
This document provides an overview of Banco BI&P's results for the fourth quarter of 2013. Some key points:
1) BI&P concluded the second phase of its strategic restructuring program launched in 2011 through joint ventures, acquisitions, and a capital increase.
2) The expanded credit portfolio grew 26.1% year-over-year to R$3.9 billion, with higher quality assets rated AA to B comprising 87.1% of the portfolio.
3) A loss of R$10 million was reported for the quarter due to a more conservative lending approach and additional loan loss provisions related to prior loans
O documento resume os resultados do quarto trimestre de 2013 do Banco BI&P. Destaca o crescimento da carteira de crédito, a melhoria da qualidade do portfólio com foco em ativos de menor risco, e a diversificação dos produtos e setores de atuação. Apresenta também os principais indicadores operacionais do trimestre, como margem financeira líquida e despesas com provisões, assim como a evolução dos níveis de inadimplência.
- Banco BI&P's expanded credit portfolio grew 15.3% in 4Q13 to R$3.9 billion, with organic growth of 9%.
- 87.1% of the expanded portfolio was rated AA-B, reflecting the conservative lending policy.
- Funding totaled R$3.9 billion, growing 26.3% from last quarter, reaching a historic high.
- Net loss was R$10 million due to conservative lending, discontinuing hedge accounting, and consolidation of Intercap's ALL expense.
- O Banco BI&P expandiu sua carteira de crédito para R$3,9 bilhões no 4T13, um crescimento de 15,3% no trimestre.
- 99% dos novos créditos concedidos no período estavam classificados entre AA e B, demonstrando a qualidade do portfólio.
- A despesa com provisão para créditos de liquidação duvidosa foi de 0,95% da carteira, abaixo do esperado pela administração.
The document provides highlights and key information from Banco BI&P's 3Q13 results presentation. Some of the key points include:
- The expanded credit portfolio totaled R$3.6 billion, an increase of 21.5% year-over-year. Loans rated AA to B represented 84.5% of the portfolio.
- Adjusted revenue from credit operations increased 12.7% quarter-over-quarter and 32.7% year-over-year.
- A new asset management platform called "guide investimentos" was launched in November to provide services to high-net-worth individuals.
- The acquisition of Banco Intercap was completed in November, increasing the expanded credit
Este documento resume os resultados do 3T13 do Banco BI&P. Destaca o crescimento da carteira de crédito expandida em 12,2% em um ano, com foco em ativos de maior qualidade. Também ressalta o lançamento da plataforma de investimentos "guide investimentos" e a aquisição do Banco Intercap.
This earnings release summarizes Banco BI&P's financial results for the 3rd quarter of 2013. Key highlights include:
1) The bank launched a new investment platform called "guide investimentos" to provide asset management services and broaden its brokerage business.
2) It completed the acquisition of Banco Intercap and announced a capital increase of R$107 million to be subscribed by Intercap shareholders.
3) The bank's commercial team originated R$3.4 billion in loans in the quarter, up 3.9% from the previous quarter. Its credit portfolio grew 12.2% year-over-year.
More from BI&P - Banco Indusval & Partners - Investor Relations (20)
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Confirmation of Payee (CoP) is a vital security measure adopted by financial institutions and payment service providers. Its core purpose is to confirm that the recipient’s name matches the information provided by the sender during a banking transaction, ensuring that funds are transferred to the correct payment account.
Confirmation of Payee was built to tackle the increasing numbers of APP Fraud and in the landscape of UK banking, the spectre of APP fraud looms large. In 2022, over £1.2 billion was stolen by fraudsters through authorised and unauthorised fraud, equivalent to more than £2,300 every minute. This statistic emphasises the urgent need for robust security measures like CoP. While over £1.2 billion was stolen through fraud in 2022, there was an eight per cent reduction compared to 2021 which highlights the positive outcomes obtained from the implementation of Confirmation of Payee. The number of fraud cases across the UK also decreased by four per cent to nearly three million cases during the same period; latest statistics from UK Finance.
In essence, Confirmation of Payee plays a pivotal role in digital banking, guaranteeing the flawless execution of banking transactions. It stands as a guardian against fraud and misallocation, demonstrating the commitment of financial institutions to safeguard their clients’ assets. The next time you engage in a banking transaction, remember the invaluable role of CoP in ensuring the security of your financial interests.
For more details, you can visit https://technoxander.com.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
University of North Carolina at Charlotte degree offer diploma Transcripttscdzuip
办理美国UNCC毕业证书制作北卡大学夏洛特分校假文凭定制Q微168899991做UNCC留信网教留服认证海牙认证改UNCC成绩单GPA做UNCC假学位证假文凭高仿毕业证GRE代考如何申请北卡罗莱纳大学夏洛特分校University of North Carolina at Charlotte degree offer diploma Transcript
Optimizing Net Interest Margin (NIM) in the Financial Sector (With Examples).pdfshruti1menon2
NIM is calculated as the difference between interest income earned and interest expenses paid, divided by interest-earning assets.
Importance: NIM serves as a critical measure of a financial institution's profitability and operational efficiency. It reflects how effectively the institution is utilizing its interest-earning assets to generate income while managing interest costs.
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
The Rise and Fall of Ponzi Schemes in America.pptxDiana Rose
Ponzi schemes, a notorious form of financial fraud, have plagued America’s investment landscape for decades. Named after Charles Ponzi, who orchestrated one of the most infamous schemes in the early 20th century, these fraudulent operations promise high returns with little or no risk, only to collapse and leave investors with significant losses. This article explores the nature of Ponzi schemes, notable cases in American history, their impact on victims, and measures to prevent falling prey to such scams.
Understanding Ponzi Schemes
A Ponzi scheme is an investment scam where returns are paid to earlier investors using the capital from newer investors, rather than from legitimate profit earned. The scheme relies on a constant influx of new investments to continue paying the promised returns. Eventually, when the flow of new money slows down or stops, the scheme collapses, leaving the majority of investors with substantial financial losses.
Historical Context: Charles Ponzi and His Legacy
Charles Ponzi is the namesake of this deceptive practice. In the 1920s, Ponzi promised investors in Boston a 50% return within 45 days or 100% return in 90 days through arbitrage of international reply coupons. Initially, he paid returns as promised, not from profits, but from the investments of new participants. When his scheme unraveled, it resulted in losses exceeding $20 million (equivalent to about $270 million today).
Notable American Ponzi Schemes
1. Bernie Madoff: Perhaps the most notorious Ponzi scheme in recent history, Bernie Madoff’s fraud involved $65 billion. Madoff, a well-respected figure in the financial industry, promised steady, high returns through a secretive investment strategy. His scheme lasted for decades before collapsing in 2008, devastating thousands of investors, including individuals, charities, and institutional clients.
2. Allen Stanford: Through his company, Stanford Financial Group, Allen Stanford orchestrated a $7 billion Ponzi scheme, luring investors with fraudulent certificates of deposit issued by his offshore bank. Stanford promised high returns and lavish lifestyle benefits to his investors, which ultimately led to a 110-year prison sentence for the financier in 2012.
3. Tom Petters: In a scheme that lasted more than a decade, Tom Petters ran a $3.65 billion Ponzi scheme, using his company, Petters Group Worldwide. He claimed to buy and sell consumer electronics, but in reality, he used new investments to pay off old debts and fund his extravagant lifestyle. Petters was convicted in 2009 and sentenced to 50 years in prison.
4. Eric Dalius and Saivian: Eric Dalius, a prominent figure behind Saivian, a cashback program promising high returns, is under scrutiny for allegedly orchestrating a Ponzi scheme. Saivian enticed investors with promises of up to 20% cash back on everyday purchases. However, investigations suggest that the returns were paid using new investments rather than legitimate profits. The collapse of Saivian l
The Rise and Fall of Ponzi Schemes in America.pptx
APIMEC Presentation - 2011
1. Public Meeting with
Analysts and Investors
November 24, 2011
Free translation from the original in Portuguese
2. Disclaimer
This presentation may contain references and statements representing future
expectations, plans of growth and future strategies of BI&P.
These references and statements are based on the Bank’s assumptions and analysis
and reflect the management’s beliefs, according to their experience, to the economic
environment and to predictable market conditions.
As there may be various factors out of the Bank’s control, there may be significant
differences between the real results and the expectations and declarations herewith
eventually anticipated. Those risks and uncertainties include, but are not limited
to, our ability to perceive the dimension of the Brazilian and global economic
aspect, banking development, financial market conditions, competitive, government
and technological aspects that may influence both the operations of BI&P, as the
market and its products.
Therefore, we recommend the reading of the documents and financial statements
available at the CVM website (www.cvm.gov.br) and at our Investor Relations page in
the internet (www.indusval.com.br/ir) and the making of your own appraisal.
2
3. Agenda
• 44 years of transformation and partnerships
• BI&P - Banco Indusval & Partners, a new stage
• Short Term Results X Long Term Project
• BI&P and Peers
• Credit and the National Financial System
• Sustainability
3
4. HISTORY
44 years of Transformations and Partnerships
1967 2003
Brokerage firm Merger with Banco
founded Multistock, creating
1991
Banco Indusval Banco Indusval Multistock 2004
starts operations Sale of the
Consumer Credit
Operation and
2006 Capital increase
Expansion to 2010
other regions Strategic review together
in Brazil with McKinsey
2007 2011
IPO and opening of BI&P – Banco
6 new branches Indusval & Partners
New partners and
management strengthening
4
5. BI&P - BANCO INDUSVAL & PARTNERS
BI&P was born in March 2011
• R$ 201 million (tier I) capital increase, on 03.30.2011, raising Basel Ratio
to 24%.
• New partners: Warburg Pincus & Sertrading Controllers.
• Acquisition of 17.7% in Sertrading’s capital and 5-year operational
agreement, with first right of refusal for the purchase of receivables
originated by Sertrading.
• Acquisition of Serglobal Cereais, agricultural notes originator.
• Credit line granted by J.P. Morgan and possibility of a future preferred
share acquisition equivalent to 2.5% of the Bank’s capital.
• Strong additions to the management team.
5
6. NEW PARTNERSHIPS
Strategic partnerships add expertise and relationships
• Global leading private equity firm founded in • Leading Brazilian import-export service
1966 company, with business with more than 90
countries
• Invested more than $35 billion in equity in over
650 companies in 30+ countries • Founded in 2001 by former controlling
shareholders of Cotia Trading
• Current portfolio includes 110 companies
• R$ 1.7 billion transacted during 2010, 45%
• Extensive expertise in the financial sector, having annual growth in the past 5 years, R$ 30 million
invested approximately US$ 8.0 billion in over 70 EBITDA and R$ 13 million Net Income.
financial institutions • Branches in São Paulo, several Brazilian ports and
China
• Granted a US$ 25 MM 2-year credit facility to the bank
JP Morgan • Agreed to purchase 5-year warrants for subscription of new non-voting shares
(equity) of the Company corresponding to 2.5% of the Company’s corporate capital.
6
7. CAPITAL STRUCTURE
CONTROLLING GROUP FREE FLOAT JP Morgan
Subscription rights
Manoel Warburg Pincus Other for 2.5% of the
Luiz Masagão Jair Ribeiro ON = 13% ON = 31% bank’s capital in
Cintra
PN = 43% PN = 51% preferred shares
Total = 26% Total = 39%
Carlos Antonio G. da Treasury shares
ON = 56% ON= 44%
Ciampolini Rocha PN = 3% PN= 94% PN = 3%
Total = 34% Total= 65% Total = 1%
17.7% 100.0% 100.0%
Serglobal
82.3%
Cereais
Alfredo de Goeye, Jair Ribeiro
MSE Ind. e Com. + Other
7
8. Como está distribuído nosso capital?
CAPITAL DISTRIBUTION
Number of Controlling Free Float
Class Management Treasury
shares Group # Shares %
Common 36.945.649 (20.743.334) (277.317) - 15.924.999 43.1%
Preferred 26.160.044 (737.326) (60.125) (746.853) 24.615.740 94.1%
TOTAL 63.105.693 (21.480.659) (337.442) (746.853) 40.540.739 64.2%
Management +
Treasury Institutional
2% Investors
Controlling 14%
Group
34%
Foreign Investors
30%
Individuals &
Corporates
20%
8
9. CORPORATE GOVERNANCE
Experienced team of leaders
Board of Directors
Manoel Felix Cintra Neto
Antonio Geraldo da Rocha
Carlos Ciampolini
Jair Ribeiro da Silva Neto
Luiz Masagão Ribeiro
Alain J.P. Belda (former CEO Alcoa Co.)
Alfredo de Goeye Junior (CEO Sertrading)
Guilherme Afonso Ferreira (CEO Bahema Part.)
Walter Iório (former partner KPMG)
9
10. CORPORATE GOVERNANCE
Professionals of proven competence strengthen the Bank’s management
Executive Board
Co-CEO - co-founder and former CEO of Banco Patrimônio (JV with Salomon
Jair Ribeiro Brothers); former CEO of Chase Manhattan (Brazil) and MD of J.P. Morgan
(N.Y.); co-founder and CEO of CPM-Braxis (Brazil’s largest IT service company).
Co-CEO – former Chairman of Banco Indusval and BM&F. and member of the
Luiz Masagão
Executive Board of ANBIMA
Commercial Area VP – former partner and MD at BBA and Itaú BBA (18 years);
Francisco Cote Gil
former MD of Banco Crefisul/Citibank.
Treasury VP – former Treasurer of ING (Brazil); partner of Blackriver Asset Mgt
Gil Faiwichow
(Cargill); co-founder and Treasurer of Banco Rendimento
Products & Corporate Finance VP – former COO of Cotia Trading (Argentina);
André Mesquita
co-founder of Sertrading; former CFO of CPM Braxis
Trade Finance, Funding, Syndications & IR VP – former MD of Banco
Katia Moroni
Santander, Banco Multiplic e Barclays.
Local Funding Officer – managed the local funding areas of Multiplic, BCN
Jair Balma
Barclays, Multistock and Indusval.
Corporate Credit Officer – former credit officer at BankBoston, ING, WestLB
Claudio Cusin
and Banco Standard de Investimentos
Middle Market Credit Officer – former Sudameris and BMG, 17 years with
Eliezer Ribeiro
Indusval.
10
11. ORGANIZATIONAL STRUCTURE
Chairman
Manoel Felix Cintra Neto
Special Credits
EXECUTIVE OFFICE
CEO CEO
Jair Ribeiro Luiz Masagão Ribeiro
Trade Finance Commercial Credit Risk Management
Francisco Cote Gil
Middle Market Corporate
Funding Eliezer R. da Silva Claudio Cusin
Products &
Structured Finance Compliance &
Syndications André Mesquita Accounting & Controlling
Internal Controls
Administrative Legal
Investor Relations Treasury
Gil Faiwichow Information Technology Human Resources
Kátia Moroni
11
12. VISION
To be an innovative bank, with excellence in
corporate credit and deep understanding of our
clients’ businesses, seeking also to become one
of the leading players of the high-
growth, domestic corporate bond market.
12
14. STRATEGY
Business repositioning:
– Middle Market
– Corporate
Commercial area strengthening;
Multi-product offering;
Franchise value creation in certain production chains;
Improved management of goals and results.
14
15. TARGET CUSTOMERS
Middle Market: annual revenues from R$40 to R$400 million
• Potential Market: 15.000 companies
• Current Portfolio: 783 clients
• Targeted account load: 25 clients/ relationship manager
Corporate: annual revenues above R$400 million up to R$2,0 billion
• Potential Market: 1.500 clients
• Current Portfolio: 80 clients
• Targeted account load: 20 clients/ relationship manager
15
17. DISTRIBUTION
Branch Network:
– Headquartered in São Paulo
– 10 branches in the regions of greatest
economic potential, providing national
coverage
– 1 offshore branch
385 Employees (Bank + Brokerage)
– 40 interns
17
20. CREDIT PORTFOLIO
Expansion in Corporate Clients
Middle 3Q11
Market
76% Middle Market : volume maintained despite
quitting lower quality credit.
Corporate: already account for 21% of the
Corporate loan portifolio with 35% volume growth in the
Others
3%
21% quarter.
Middle 2Q11
Market New Loans with adequate quality and
80%
margins, both by the new team strategy and
the lower peers’ appetite for their higher
leverage.
Others Corporate
4% 16%
20
21. CREDIT PORTFOLIO
New products introduction from 2Q11
Loans and
15 new products approved in the past six Discounts
months, with emphasis on: 64%
– Customer receivable acquisition through
assignment agreements;
Others
– Full range of BNDES Onlending products; 1% BNDES
Agro and 8%
Promissory
Trade
– Agricultural products operations for Notes Guarantees
Finance
(CPRs/NPs) issued
physical and financial settlement. 2% 5% 20%
21
22. CREDIT PORTFOLIO
Low impact on Customer Exposure and Tenors
Other 10 largest
22% 19%
Concentration in the 60 largest borrowers dropped
by 2 p.p. during the quarter.
Average exposure by customer:
11 - 60
61 - 160
32% – Middle Market = R$ 2.4 million;
27%
– Corporate = R$ 5.6 million.
+360 days 70% of the loan portfolio to mature up to 360 days.
30%
Up to 90
days The industrial segment responds for 56% of the loans
33% granted, while service providers account for 23% and
commercial companies 12%.
181 to 360
15%
91 to 180
22%
22
23. CREDIT PORTFOLIO
Significant presence of Agribusiness and Food related activities
8% Agribussiness
1% Food & Beverage
1% 18%
2% Civil Construction
2% Automotive
2% Financial Institutions
3% Transportation & Logistics
Textile, Apparel and Leather
3% Chemical & Pharmaceutical
Power Generation & Distribution
3%
Education
16% Oil & Biofuel
3%
Metal Industry
3% Pulp & Paper
Financial Services
3% Individuals
Advertising & Publishing
4% Retail & Wholesale
Wood & Furniture
4% 14% Other Industries
5%
5%
23
24. CREDIT PORTFOLIO
94% of loans in normal payment flow
C
20.7% D-H 6.8% Normal Loans rated between D and H include
13.1% Payments
renegotiated loans, even in normal
AA
3.5% payment performance, and are
equivalent to 6.8% of total portfolio;
B
A
29.7%
33.0%
Non performing loans 60+ days
represent 6.3% of total portfolio; and
Pledge /
Receivables Lien
44% 6%
Monitored
90+ days overdue loans account for 4.1%
Pledge
7%
of the portfolio.
Securities
2%
Real State
8%
Aval PN Vehicles
30% 3%
24
25. CREDIT PORTFOLIO
Stronger Provisions improve default coverage
6.3%
Higher default levels related to transactions 4.6% 4.1%
3.3%
with medium-sized companies booked in 2.5%
previous years.
Additional Provisioning of R$67.2 million in 3Q10 4Q10 1Q11 2Q11 3Q11
March 2011 to cope with those operations.
212.6 196.6
169.5
Provisions cover 8% of the credit portfolio and 119.6
112.2
2 times 90+ days overdue loans.
R$ Million
Special Credit VP, subordinated to the
Chairman, was created to renegotiate loans 3Q10 4Q10 1Q11 2Q11 3Q11
and recover deficit credits.
Executive management focused on business 2.6x 2.4x
growth with higher credit quality and increased 2.0x
1.6x
2.0x
profitability for better efficiency.
3Q10 4Q10 1Q11 2Q11 3Q11
25
26. FUNDING
Follows Loan Portfolio growth and ensures Liquidity
2,420
2,247 2,230
2,031
1,903
R$ million
3Q10 4Q10 1Q11 2Q11 3Q11
Time Deposits (CDBs) Insured Time Deposit (DPGE) Agro & Financial Notes
Onlendings Other Deposits & Borrowings Trade Finance
Foreign Borrowings
26
27. FUNDING
Sources diversification to reduce costs
Local Funding responds for 80% of total sources.
Gradual change in the funding mix and expansion
Onlendings
8% of depositor base allows the reduction of local
Time
Deposits funding costs despite deteriorated scenario.
Foreign (CDBs)
Borrowings 29% – Time Deposits (DPGE and CBDs) reduced to
20%
60% of total funding compared to 62% in
June/11 and 67% in March.
Interbank
Deposits
3% Trade Finance funding responds for 87% of foreign
Demand
Deposits Insured Time borrowings.
2% Agro & Deposits
Financial (DPGE) External lines contracted and costlier for the Euro
Notes 31%
7%
zone crisis deepening.
27
28. LIQUIDITY
53% of Deposits in cash, Funding with extended tenors
1,027
923 914 Assets Liabilities 1,046
733
680 746 763
662
483
264 290 285
R$ million
R$ million
3Q10 4Q10 1Q11 2Q11 3Q11 90 days 180 days 360 days above 360 days
28
29. PROFITABILITY
Net Interest Margin
8.5%
7.9%
6.8%
6.5% 6.3%
5.9%
5.2%
4.6% 4.6%
NIM NIM(a) 3.7%
3Q10 4Q10 1Q11 2Q11 3Q11
Net Interest Margin 2Q11 3Q11 3Q11/ 2Q11 9M10 9M11 9M11/ 9M10
A. Result from Financial Int. before ALL 37.4 45.0 20.4% 142.6 121.3 -15.0%
B. Average Interest bearing Assets 4,084.3 3,971.7 -2.8% 2,813.6 3,879.7 37.9%
Adjustment for non-remunerated average
(1,161.4) (1,058.9) -8.8% (518.4) (1,044.7) 101.5%
Assets1
B.a Adjusted Average Interest bearing Assets 2,923.0 2,912.8 -0.3% 2,295.2 2,835.0 23.5%
Net Interest Margin (NIM) (A/B) 3.7% 4.6% 0.9 p.p. 10.4% 4.2% -6 p.p.
Adusted Net Interest Margin (NIMa) (A/Ba) 5.2% 6.3% 1.1 p.p. 8.4% 5.7% -2.7 p.p.
1
Repos with amounts, maturities and rates equivalent both in assets and liabilities
29
31. PROFITABILITY
R$ 54.5 MM Loss in 1Q11 with increased provisions improving coverage
7.5 7.3
5.9
R$ million
5.1
3Q10 4Q10 1Q11 2Q11 3Q11
7.2 1.0
5.6 5.2 0.7 0.7
0.5
3.6 in %
in %
3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11
31
32. CAPITAL STRUCTURE
One of the best capitalized banks in the Brazilian Financial System.
Low leverage allows healthy growth
23.7
21.6 21.1 4.6x
19.9 4.1x 3.9x
3.5x 3.7x
17.6
in times
in %
3Q10 4Q10 1Q11 2Q11 3Q11 3Q10 4Q10 1Q11 2Q11 3Q11
32
33. BI&P AND PEERS
Ability to grow with quality and without significant fixed costs increase will
have positive effect on NIM and Efficiency
21.2%
Credit Portfolio Growth* 2011 Basel Index
19.6%
29.7%
20.5%
15.8% 17.5% 17.6%
8.1% 16.6%
15.8%
-3.7% -11.8%
BI&P BIC ABC Daycoval Pine Sofisa BI&P BIC ABC Daycoval Pine Sofisa
ALL/ Credit Portfolio* Leverage
7.7% (Credit*/ Shareholders ‘ Equity)
8.6 x
7.0 x 6.7 x
4.4%
3.9% 3.8 x 4.1 x
3.1 x
2.3% 2.2%
1.1%
BI&P BIC ABC Daycoval Pine Sofisa BI&P BIC ABC Daycoval Pine Sofisa
* Expanded portifolio, including guarantees and other credits, based on data published by the Banks as of 09.30.2011
33
35. CREDIT IN THE BRAZILIAN FINANCIAL SYSTEM
Economic development accelerates credit growth in the system
2.400
48.4% 50%
46.4%
44.4%
2.200 45%
40.5% 1,929
2.000
40%
1.800 35.2% 1,706
35%
1.600 30.9%
28.3% 1,414
1.400 30%
25.7% 1,227
1.200 25%
1.000 936
20%
800 733
in R$ billion
607 15%
600 499
10%
400
200 5%
0 0%
2004 2005 2006 2007 2008 2009 2010 Sep-11
Total Loans Credit X GDP
Source: Central Bank of Brazil
35
36. INCOME INCREASE AND ACCESS TO CREDIT
Faster growth in credit to individuals
1,929
1,706
1,414
1,227
54%
936
733
607 CAGR 20%
in R$ billion
in R$ billion
499
59% 46%
41% CAGR 23%
41%
2004 2005 2006 2007 2008 2009 2010 set/11
Individual Corporate
Source: Central Bank of Brazil
36
37. CORPORATE CREDIT
Prevalence: Working Capital and Earmarked Resources (BNDES)
1200
1000
800
in R$ billion
600
400
200
0
Overdarfts + Hot Money Real State
Durables Vendor
Leasing Rural
Other Pre-Export Fin.
Foreign Onlendings Import Financing
Source: Central Bank of Brazil Working Capital & Discounts Earmarked Resources (mostly BNDES)
37
38. CREDIT QUALITY INDICATORS
Potential default: delay between 15 and 90 days
12
10
7.9
8 7.7
6.4
in %
6
4 4.6
2 2.1
0
Total Individuals Total Corporate Personal Loans Asset Acquisition Vehicles
Source: Central Bank of Brazil
38
39. DEFAULT AND PROVISIONS
Conservative Provisions in relation to Total Default: +90 days delay
9
8
7 6.8
6
5 5.3
in %
4 3.8
3
2
1
0
Total Provisions Corporate Default Individual Default Total Default
Source: Central Bank of Brazil
39
41. PERSPECTIVES
National Financial System
Moderation in credit growth due to the macroeconomic environment.
Asset quality reflects its cyclical nature and pressures in specific segments.
Comfortable Reserves and Capital to withstand losses in stressful
situations.
Stable Local Funding and adequate Liquidity.
External funding impaired by the worsening of the Euro zone crisis.
41
43. BUSINESS SUSTAINABILITY
Being sustainable from our core business
Policy of Social and Environmental Responsibility
Encouraging the adoption of responsible attitudes towards:
Social development, citizenship rescue and Environmental Respect
Clients
Goals: Credit restriction to companies: Expectation:
To expand social and Using child labor, slavery or
environmental performance of alike; To contribute for the awareness
our customers; of people and enterprises about
With activities related to the importance of the rational
To development of social and gambling and prostitution; utilization of natural resources
environmental products - ABC
Operating in the production or and of the respect towards the
Program - BNDES already
marketing of substances social environment and
deployed;
threatening health and safety of citizenship
Quality in business relationships. people, animals and plants.
Social & Environmental Policy applied to credit
43
44. SUSTAINABILITY AND THE COMMUNITY
Education
Culture Sports
Community
Environment Development
Entrepreneuship
and Income
generation
44
45. SUSTAINABILITY AND THE WORKFORCE
Social and
Code of Ethics Environmental
Policy
Fair Benefits: Training ad
Compensation Safety, Health and Capabilities
Policy Life Quality Development
Professional
Social Inclusion Job opportunities for Intern and trainee
Training for Disabled
Initiatives youngsters programs
employees
Social &
Knowledge Leadership Volunteer
Environmental Sports Incentive
Dissemination Development Program
awareness
45