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APIMEC Presentation - 2011

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.

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Public Meeting with Analysts and Investors November 24, 2011 Free translation from the original in Portuguese
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
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
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
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
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
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
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
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
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
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
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
VALUES Ethics Excellence Ownership Attitude Teamwork Focus on Results Credibility Innovation 13
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
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$2,0 billion • Potential Market: 1.500 clients • Current Portfolio: 80 clients • Targeted account load: 20 clients/ relationship manager 15
PRODUCTS 16
DISTRIBUTION Branch Network: – Headquartered in São Paulo – 10 branches in the regions of greatest economic potential, providing national coverage – 1 offshore branch 385 Employees (Bank + Brokerage) – 40 interns 17
Results begin to reflect the effects of the New Strategy
CREDIT PORTFOLIO Resuming growth with quality assets 2,248 2,109 1,941 1,994 1,684 R$ million 3Q10 4Q10 1Q11 2Q11 3Q11 Loans in Reais Trade Finance Guarantees Agricultutal Notes Promissory Notes 19
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
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
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
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
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
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
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
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
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
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
EFFICIENCY Growth under controlled expenses have positive effects on efficiency 78.6% 75.8% 72.3% 71.2% 64.4% 60.0% Efficiency Recurring Efficiency 3Q10 4Q10 1Q11 2Q11 3Q11 Efficiency Ratio 2Q11 3Q11 3Q11/2Q11 9M10 9M11 9M11/9M10 Personnel Expenses + Profit-sharing 16.8 19.5 15.8% 47.8 52.3 9.4% Operating Expenses 16.4 20.4 24.4% 42.0 52.2 24.3% A1- Recurring Operating Expenses 33.2 39.9 20.2% 89.8 104.5 16.4% A2- Non-Recurring Op. Expenses 1 1.2 - - 0.4 3.9 - A- Total Operating Expenses 34.4 39.9 16.0% 90.2 108.4 20.2% Gross Income Fin. Intermediation (before ALL) 37.4 45.0 20.4% 142.6 121.3 -15.0% Income from Services Rendered 4.3 5.7 32.9% 9.4 13.7 49.6% Other Operating Income 2.1 5.4 162.4% 2.2 8.3 282.9% B- Total Operating Income 43.8 56.1 28.0% 154.2 143.2 -7.1% Recurring Efficiency Ratio(A1/B) 75.8% 71.2% -4.6 p.p. 58.2% 73.0% 14.7 p.p. Efficiency Ratio (A/B) 78.5% 71.2% -7.4 p.p. 58.5% 75.7% 17.2 p.p. 1 lay-off and hiring expenses, strategic consulting, lawyers and auditing firms 30
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
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
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
Credit and the National Financial System
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
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
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
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
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
LEVERAGE Low indicators stand future growth 2.000 6,0 1.800 5,0 1.600 1.400 4.1 4.1 4.1 4.2 4.1 4.1 4.2 4.1 3.9 3.9 3.8 3.9 3.8 4.0 4,0 In R$ billion 1.200 3.7 in % 1.000 3,0 800 2,0 600 400 1,0 200 0 0,0 Loans Credit X Shareholder's Equity 40
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
BI&P and Sustainability
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
SUSTAINABILITY AND THE COMMUNITY Education Culture Sports Community Environment Development Entrepreneuship and Income generation 44
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
APIMEC Presentation - 2011

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APIMEC Presentation - 2011

  • 1.
    Public Meeting with Analysts and Investors November 24, 2011 Free translation from the original in Portuguese
  • 2.
    Disclaimer This presentationmay 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 yearsof 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 ofTransformations 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 - BANCOINDUSVAL & 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 partnershipsadd 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 distribuídonosso 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 teamof 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 ofproven 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
  • 13.
    VALUES Ethics Excellence Ownership Attitude Teamwork Focus on Results Credibility Innovation 13
  • 14.
    STRATEGY Businessrepositioning: – 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$2,0 billion • Potential Market: 1.500 clients • Current Portfolio: 80 clients • Targeted account load: 20 clients/ relationship manager 15
  • 16.
  • 17.
    DISTRIBUTION Branch Network: – Headquartered in São Paulo – 10 branches in the regions of greatest economic potential, providing national coverage – 1 offshore branch 385 Employees (Bank + Brokerage) – 40 interns 17
  • 18.
    Results begin toreflect the effects of the New Strategy
  • 19.
    CREDIT PORTFOLIO Resuming growthwith quality assets 2,248 2,109 1,941 1,994 1,684 R$ million 3Q10 4Q10 1Q11 2Q11 3Q11 Loans in Reais Trade Finance Guarantees Agricultutal Notes Promissory Notes 19
  • 20.
    CREDIT PORTFOLIO Expansion inCorporate 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 productsintroduction 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 impacton 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 presenceof 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% ofloans 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 Provisionsimprove 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 Portfoliogrowth 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 toreduce 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 Depositsin 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
  • 30.
    EFFICIENCY Growth under controlledexpenses have positive effects on efficiency 78.6% 75.8% 72.3% 71.2% 64.4% 60.0% Efficiency Recurring Efficiency 3Q10 4Q10 1Q11 2Q11 3Q11 Efficiency Ratio 2Q11 3Q11 3Q11/2Q11 9M10 9M11 9M11/9M10 Personnel Expenses + Profit-sharing 16.8 19.5 15.8% 47.8 52.3 9.4% Operating Expenses 16.4 20.4 24.4% 42.0 52.2 24.3% A1- Recurring Operating Expenses 33.2 39.9 20.2% 89.8 104.5 16.4% A2- Non-Recurring Op. Expenses 1 1.2 - - 0.4 3.9 - A- Total Operating Expenses 34.4 39.9 16.0% 90.2 108.4 20.2% Gross Income Fin. Intermediation (before ALL) 37.4 45.0 20.4% 142.6 121.3 -15.0% Income from Services Rendered 4.3 5.7 32.9% 9.4 13.7 49.6% Other Operating Income 2.1 5.4 162.4% 2.2 8.3 282.9% B- Total Operating Income 43.8 56.1 28.0% 154.2 143.2 -7.1% Recurring Efficiency Ratio(A1/B) 75.8% 71.2% -4.6 p.p. 58.2% 73.0% 14.7 p.p. Efficiency Ratio (A/B) 78.5% 71.2% -7.4 p.p. 58.5% 75.7% 17.2 p.p. 1 lay-off and hiring expenses, strategic consulting, lawyers and auditing firms 30
  • 31.
    PROFITABILITY R$ 54.5 MMLoss 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 ofthe 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 Abilityto 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
  • 34.
    Credit and the NationalFinancial System
  • 35.
    CREDIT IN THEBRAZILIAN 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 ANDACCESS 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: WorkingCapital 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 Potentialdefault: 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 ConservativeProvisions 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
  • 40.
    LEVERAGE Low indicators standfuture growth 2.000 6,0 1.800 5,0 1.600 1.400 4.1 4.1 4.1 4.2 4.1 4.1 4.2 4.1 3.9 3.9 3.8 3.9 3.8 4.0 4,0 In R$ billion 1.200 3.7 in % 1.000 3,0 800 2,0 600 400 1,0 200 0 0,0 Loans Credit X Shareholder's Equity 40
  • 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
  • 42.
  • 43.
    BUSINESS SUSTAINABILITY Beingsustainable 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 THECOMMUNITY Education Culture Sports Community Environment Development Entrepreneuship and Income generation 44
  • 45.
    SUSTAINABILITY AND THEWORKFORCE 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