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).
Banco Indusval reported financial results for 2Q10 and 1H10. Credit portfolio growth was moderate at 2.5% in the quarter, and default rates fell due to economic recovery. Net profit was R$8.3 million in 2Q10, up 13.7% from last quarter. Management comments indicated initiatives to improve products and services should have medium-term benefits, while credit to mid-sized companies grew and default rates declined.
São Paulo, November 11, 2010 – Banco Indusval S.A., financial institution with activities primarily focused on middle market 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 third quarter 2010 (3Q10).
São Paulo, May 11, 2010 – Banco Indusval S.A., financial institution with activities focused on middle market enterprises 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 2010 (1Q10).
OGX reported highlights from its 2009 results and subsequent events:
- Completed five exploratory wells in the Campos Basin with estimated volumes between 2.1 to 4.7 billion barrels of oil equivalent.
- Acquired additional exploration blocks and increased participation in existing blocks.
- Independent assessment certified over 6.7 billion barrels of risked prospective resources across OGX's portfolio.
- Chartered its first FPSO and entered into a long-term production services agreement.
- Maintained a strong cash position of R$7.3 billion to fund its extensive exploratory commitments through 2013.
CapitaLand is embarking on the next phase of growth by focusing on organic growth in its core markets of China, Singapore, Australia, and Vietnam. It will balance its exposure across real estate business units and increase the scale of its businesses over time through disciplined and prudent capital management. Key strategies include growing its China and Vietnam businesses, extending its leadership in Pan-Asian shopping malls through the listing of CapitaMalls Asia, and seeking opportunities in Singapore residential and financial services.
Third Quarter 2007 results:
- Embraer delivered 47 jets in 3Q07 bringing total deliveries for the year to 108 jets.
- Net revenues increased to $1.4 billion in 3Q07, with a gross margin of 21.8%.
- Net income was $195 million in 3Q07, with a net margin of 13.6%.
- Backlog reached a record high of $17.2 billion at the end of 3Q07.
Embraer announced strong financial results for the second quarter of 2008, with net revenue increasing 21.9% and net income up 34.3% over the same period last year. The company also announced new executive jet models, received certifications, and signed new contracts. Looking forward, Embraer forecasts increased deliveries and continued growth, with planned investments in research and development as well as property, plant, and equipment.
Banco ABC - 3rd Quarter 2009 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil reported financial results for the third quarter of 2009. Some key highlights include:
- The credit portfolio reached BRL 7.4 billion, an increase of 12.5% over the previous quarter. Credit quality improved with the non-performing loan ratio falling to 0.6%.
- Net income totaled BRL 38.1 million, up 7.7% from the previous quarter. BRL 16.4 million in interest on equity was paid to shareholders.
- The return on average equity was 13.0% for the quarter, up from 12.0% in the prior quarter.
- The credit portfolio rating remained strong with 95% rated AA-C
Banco Indusval reported financial results for 2Q10 and 1H10. Credit portfolio growth was moderate at 2.5% in the quarter, and default rates fell due to economic recovery. Net profit was R$8.3 million in 2Q10, up 13.7% from last quarter. Management comments indicated initiatives to improve products and services should have medium-term benefits, while credit to mid-sized companies grew and default rates declined.
São Paulo, November 11, 2010 – Banco Indusval S.A., financial institution with activities primarily focused on middle market 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 third quarter 2010 (3Q10).
São Paulo, May 11, 2010 – Banco Indusval S.A., financial institution with activities focused on middle market enterprises 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 2010 (1Q10).
OGX reported highlights from its 2009 results and subsequent events:
- Completed five exploratory wells in the Campos Basin with estimated volumes between 2.1 to 4.7 billion barrels of oil equivalent.
- Acquired additional exploration blocks and increased participation in existing blocks.
- Independent assessment certified over 6.7 billion barrels of risked prospective resources across OGX's portfolio.
- Chartered its first FPSO and entered into a long-term production services agreement.
- Maintained a strong cash position of R$7.3 billion to fund its extensive exploratory commitments through 2013.
CapitaLand is embarking on the next phase of growth by focusing on organic growth in its core markets of China, Singapore, Australia, and Vietnam. It will balance its exposure across real estate business units and increase the scale of its businesses over time through disciplined and prudent capital management. Key strategies include growing its China and Vietnam businesses, extending its leadership in Pan-Asian shopping malls through the listing of CapitaMalls Asia, and seeking opportunities in Singapore residential and financial services.
Third Quarter 2007 results:
- Embraer delivered 47 jets in 3Q07 bringing total deliveries for the year to 108 jets.
- Net revenues increased to $1.4 billion in 3Q07, with a gross margin of 21.8%.
- Net income was $195 million in 3Q07, with a net margin of 13.6%.
- Backlog reached a record high of $17.2 billion at the end of 3Q07.
Embraer announced strong financial results for the second quarter of 2008, with net revenue increasing 21.9% and net income up 34.3% over the same period last year. The company also announced new executive jet models, received certifications, and signed new contracts. Looking forward, Embraer forecasts increased deliveries and continued growth, with planned investments in research and development as well as property, plant, and equipment.
Banco ABC - 3rd Quarter 2009 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil reported financial results for the third quarter of 2009. Some key highlights include:
- The credit portfolio reached BRL 7.4 billion, an increase of 12.5% over the previous quarter. Credit quality improved with the non-performing loan ratio falling to 0.6%.
- Net income totaled BRL 38.1 million, up 7.7% from the previous quarter. BRL 16.4 million in interest on equity was paid to shareholders.
- The return on average equity was 13.0% for the quarter, up from 12.0% in the prior quarter.
- The credit portfolio rating remained strong with 95% rated AA-C
OGX achieved first oil production from its Waimea field in the Campos Basin in January 2012, within a record time frame of less than 3 years from discovery. In its first month of production, the FPSO OSX-1 operated with an average efficiency of 95-99%, highlighting the company's efficient execution from exploration and appraisal drilling to initial oil production. However, the document also cautions that OGX's resources are not proven reserves and are subject to significant risks and uncertainties.
The document summarizes the bank's 3Q10 results presentation on its credit operations in Brazil. It discusses the following key points:
1) Total credit volume grew 14% year-over-year to R$1.61 trillion in 3Q10, with individual credit supported by payroll lending and real estate financing. Corporate credit saw growth in non-earmarked resources.
2) Default rates showed a steady decline for individuals to 4.7% and a small retreat for corporates to 3.5% in September 2010.
3) The bank's loan portfolio totaled R$1.42 billion in local currency loans, which maintained an 80% share. Trade finance grew 35.2%
This document summarizes Braskem's 4Q08 earnings conference call. It discusses the significant financial crisis and volatility in exchange rates, raw materials, and resin prices during the quarter. Braskem's net revenue was R$4.1 billion in 4Q08, down 18% from 3Q08. EBITDA was R$633 million, positively impacted by a R$74 million adjustment not related to the period. A R$1.9 billion real depreciation increased liabilities pegged to the US dollar. Braskem's priorities are focusing on financial strength and liquidity, accelerating synergies from acquisitions, maintaining profitability, recovering plant utilization rates, and assessing growth opportunities during the
SEB reported strong results in the second quarter of 2012, with continued growth in income and efficiency. Net interest income grew due to increased lending and deposit volumes. Fees also increased due to growth in advisory and fund management services. Cost control led to improved operating leverage. Asset quality remained high, with low credit losses. The balance sheet was further strengthened in the quarter through capital generation and liquidity management. Going forward, SEB expects the economic recovery to proceed slowly, but aims to benefit from its strong franchise and customer-centric strategy.
04 30 2009 I First Quarter Results 2009 UsgaapEmbraer RI
- The document provides financial results and performance metrics for Embraer's first quarter of 2009, including lower jet deliveries, revenue, income from operations, and net income compared to previous quarters
- Key events in Q1 2009 included FAA certification of the Lineage 1000 jet and several military aircraft sales
- Embraer's backlog remained strong at $19.7 billion despite lower orders, with a continued focus on the E-Jet family which saw over 500 deliveries to date
Annual financial performance 2010 mcb bank limitedshamsherkhan
For the year ended December 31, 2010:
- Total assets of the bank rose 11% to Rs. 568B while profits rose 13% to Rs. 26B
- Net interest income increased 3% to Rs. 36.8B and non-interest income rose 12% to Rs. 6.4B
- Provisions decreased 51% to Rs. 3.6B while administrative expenses rose 10% to Rs. 15.5B
The document provides an overview of a company's 4Q10 results presentation covering the following topics:
1) Credit growth in Brazil was driven by housing and auto loans, while corporate lending was stable. Default rates declined for individuals and were stable for corporations.
2) The company's loan portfolio grew 14.3% due to increases in local currency loans and trade finance. The portfolio is weighted towards upper middle market segments and diversified industries.
3) Funding remained primarily in local currency, with time deposits comprising the majority. Liquidity was maintained with free cash at 46% of deposits.
4) Financial results improved in 4Q10 and 2010, with higher revenues, stable expenses,
The Ministry of Finance plans to issue a total of 103.5 billion baht in government bonds in the third quarter of fiscal year 2011, which is close to the initial estimate. Key differences include the planned issuance of 30-40 billion baht in inflation-linked bonds. Demand for government bonds is expected to remain high due to high liquidity among savers, though foreign investor inflows into the bond market have slowed in recent months.
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. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
This document is a disclaimer for an investment presentation by Profarma. It states that the presentation does not constitute an offering or form the basis of any contract. The information provided should not be relied upon for investment decisions and contains forward-looking statements that are subject to risks. The document contains summary information that is not intended to be complete without additional context.
- The document is IBK's 2Q11 earnings release which reports financial results such as net income, total assets, and other key metrics.
- Net income for 2Q11 was KRW 480.9 billion, a 6.1% decrease from 1Q11. Total assets increased to KRW 188.5 trillion as of 2Q11.
- Non-interest income decreased 45.9% from 1Q11 to KRW 135.9 billion in 2Q11 mainly due to lower securities gains, while net interest income rose 3.1% and net provisioning fell 55%.
This document provides an executive summary and key figures from the annual accounts of SEB for 2008. It summarizes that SEB had higher operating income but lower commission income. Operating profit was lower due to mark-to-market valuation losses of SEK 1 billion and redundancy costs of SEK 1 billion. Credit loss provisions increased, mainly driven by developments in the Baltic region. Key figures show returns and capital ratios remained strong despite the challenges in 2008.
Bank of Baroda reported a 9% quarter-on-quarter decline in adjusted net profit. Net interest income grew 19% year-over-year and 9% quarter-on-quarter. Loan growth was 22% year-over-year while deposit growth outpaced loans at 25%. Asset quality deteriorated sequentially with gross NPAs rising 6% quarter-on-quarter, but the coverage ratio remained adequate. The bank maintained a buy rating based on comfortable capital levels, best-in-class returns, and minimal concerns over asset quality.
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.
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 provides highlights and financial results from Itaú Unibanco's 2nd quarter 2014 earnings review conference call. Some key points:
- Financial margins increased both quarter-over-quarter and year-over-year across various business lines such as clients, market, commissions and fees.
- Loan loss provision expenses increased slightly quarter-over-quarter but decreased year-over-year.
- Efficiency ratios improved both quarter-over-quarter and year-over-year.
- Recurring net income increased nearly 10% quarter-over-quarter and over 33% year-over-year.
Itaú Unibanco reported its 4th quarter 2011 earnings results. Recurring net income reached R$3.7 billion in Q4 2011 and R$14.6 billion for the full year 2011. The loan portfolio grew 3.9% in Q4 2011 and 19.1% over 2010 to a total of R$397 billion. Non-interest expenses grew 1.7% in Q4 2011 and 9.5% for the full year. Total assets grew 4.6% in Q4 2011 to R$851.3 billion while stockholders' equity increased 8% to R$71.3 billion.
This document presents the pro forma consolidated results for CCR for 2010. Key highlights include:
- Net revenue increased 22.2% to R$3.775,9 billion while net income grew 17.5% to R$745,4 million.
- Traffic grew 24% in 2010, with a 12.1% increase without acquisitions. Electronic payment tags increased 38.2%.
- Management proposes distributing R$100,775 thousand in dividends for 2010, resulting in a 126.7% payout ratio.
- In October 2010, CCR acquired SPVias for R$1.3 billion to expand its road network.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Estácio Participações reported financial results for the fourth quarter and full year of 2010. Key highlights included:
- Revenue was in line with guidance at R$252.5 million for 4Q10 and R$1.016 billion for 2010.
- Recurring EBITDA margin was 10.7% for 4Q10 and 12.5% for 2010, meeting guidance.
- Net income increased 107.5% to R$22.2 million for 4Q10 and 27.1% to R$80.6 million for 2010.
- The distance learning segment grew significantly, reaching 26,200 students in just 18 months.
The document summarizes the financial performance of ABC Brasil for 4th quarter and full year 2011. Key highlights include:
- Net income for 2011 was BRL 236.0 million, with BRL 60.6 million in 4Q11.
- Annualized ROAE was 16.6% for 2011 and 16.4% for 4Q11.
- The credit portfolio reached BRL 12,854.8 million by end of 2011, up from BRL 11,588.4 million in 2010.
- The number of clients increased to 1,879 in 2011 from 1,626 in 2010.
OGX achieved first oil production from its Waimea field in the Campos Basin in January 2012, within a record time frame of less than 3 years from discovery. In its first month of production, the FPSO OSX-1 operated with an average efficiency of 95-99%, highlighting the company's efficient execution from exploration and appraisal drilling to initial oil production. However, the document also cautions that OGX's resources are not proven reserves and are subject to significant risks and uncertainties.
The document summarizes the bank's 3Q10 results presentation on its credit operations in Brazil. It discusses the following key points:
1) Total credit volume grew 14% year-over-year to R$1.61 trillion in 3Q10, with individual credit supported by payroll lending and real estate financing. Corporate credit saw growth in non-earmarked resources.
2) Default rates showed a steady decline for individuals to 4.7% and a small retreat for corporates to 3.5% in September 2010.
3) The bank's loan portfolio totaled R$1.42 billion in local currency loans, which maintained an 80% share. Trade finance grew 35.2%
This document summarizes Braskem's 4Q08 earnings conference call. It discusses the significant financial crisis and volatility in exchange rates, raw materials, and resin prices during the quarter. Braskem's net revenue was R$4.1 billion in 4Q08, down 18% from 3Q08. EBITDA was R$633 million, positively impacted by a R$74 million adjustment not related to the period. A R$1.9 billion real depreciation increased liabilities pegged to the US dollar. Braskem's priorities are focusing on financial strength and liquidity, accelerating synergies from acquisitions, maintaining profitability, recovering plant utilization rates, and assessing growth opportunities during the
SEB reported strong results in the second quarter of 2012, with continued growth in income and efficiency. Net interest income grew due to increased lending and deposit volumes. Fees also increased due to growth in advisory and fund management services. Cost control led to improved operating leverage. Asset quality remained high, with low credit losses. The balance sheet was further strengthened in the quarter through capital generation and liquidity management. Going forward, SEB expects the economic recovery to proceed slowly, but aims to benefit from its strong franchise and customer-centric strategy.
04 30 2009 I First Quarter Results 2009 UsgaapEmbraer RI
- The document provides financial results and performance metrics for Embraer's first quarter of 2009, including lower jet deliveries, revenue, income from operations, and net income compared to previous quarters
- Key events in Q1 2009 included FAA certification of the Lineage 1000 jet and several military aircraft sales
- Embraer's backlog remained strong at $19.7 billion despite lower orders, with a continued focus on the E-Jet family which saw over 500 deliveries to date
Annual financial performance 2010 mcb bank limitedshamsherkhan
For the year ended December 31, 2010:
- Total assets of the bank rose 11% to Rs. 568B while profits rose 13% to Rs. 26B
- Net interest income increased 3% to Rs. 36.8B and non-interest income rose 12% to Rs. 6.4B
- Provisions decreased 51% to Rs. 3.6B while administrative expenses rose 10% to Rs. 15.5B
The document provides an overview of a company's 4Q10 results presentation covering the following topics:
1) Credit growth in Brazil was driven by housing and auto loans, while corporate lending was stable. Default rates declined for individuals and were stable for corporations.
2) The company's loan portfolio grew 14.3% due to increases in local currency loans and trade finance. The portfolio is weighted towards upper middle market segments and diversified industries.
3) Funding remained primarily in local currency, with time deposits comprising the majority. Liquidity was maintained with free cash at 46% of deposits.
4) Financial results improved in 4Q10 and 2010, with higher revenues, stable expenses,
The Ministry of Finance plans to issue a total of 103.5 billion baht in government bonds in the third quarter of fiscal year 2011, which is close to the initial estimate. Key differences include the planned issuance of 30-40 billion baht in inflation-linked bonds. Demand for government bonds is expected to remain high due to high liquidity among savers, though foreign investor inflows into the bond market have slowed in recent months.
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. Sales increased 4% to $5.5 billion while earnings per share grew 23.8% to $1.61. Acquisitions contributed 5% to sales growth.
2) The company transitioned to a new CEO and COO in 2006 and completed a restructuring program aimed at improving margins. New growth and margin targets were established, including 8-10% annual sales growth and an 11% EBIT margin by 2009.
3) The company continues to generate strong cash flow and maintain a healthy balance sheet.
This document is a disclaimer for an investment presentation by Profarma. It states that the presentation does not constitute an offering or form the basis of any contract. The information provided should not be relied upon for investment decisions and contains forward-looking statements that are subject to risks. The document contains summary information that is not intended to be complete without additional context.
- The document is IBK's 2Q11 earnings release which reports financial results such as net income, total assets, and other key metrics.
- Net income for 2Q11 was KRW 480.9 billion, a 6.1% decrease from 1Q11. Total assets increased to KRW 188.5 trillion as of 2Q11.
- Non-interest income decreased 45.9% from 1Q11 to KRW 135.9 billion in 2Q11 mainly due to lower securities gains, while net interest income rose 3.1% and net provisioning fell 55%.
This document provides an executive summary and key figures from the annual accounts of SEB for 2008. It summarizes that SEB had higher operating income but lower commission income. Operating profit was lower due to mark-to-market valuation losses of SEK 1 billion and redundancy costs of SEK 1 billion. Credit loss provisions increased, mainly driven by developments in the Baltic region. Key figures show returns and capital ratios remained strong despite the challenges in 2008.
Bank of Baroda reported a 9% quarter-on-quarter decline in adjusted net profit. Net interest income grew 19% year-over-year and 9% quarter-on-quarter. Loan growth was 22% year-over-year while deposit growth outpaced loans at 25%. Asset quality deteriorated sequentially with gross NPAs rising 6% quarter-on-quarter, but the coverage ratio remained adequate. The bank maintained a buy rating based on comfortable capital levels, best-in-class returns, and minimal concerns over asset quality.
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.
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 provides highlights and financial results from Itaú Unibanco's 2nd quarter 2014 earnings review conference call. Some key points:
- Financial margins increased both quarter-over-quarter and year-over-year across various business lines such as clients, market, commissions and fees.
- Loan loss provision expenses increased slightly quarter-over-quarter but decreased year-over-year.
- Efficiency ratios improved both quarter-over-quarter and year-over-year.
- Recurring net income increased nearly 10% quarter-over-quarter and over 33% year-over-year.
Itaú Unibanco reported its 4th quarter 2011 earnings results. Recurring net income reached R$3.7 billion in Q4 2011 and R$14.6 billion for the full year 2011. The loan portfolio grew 3.9% in Q4 2011 and 19.1% over 2010 to a total of R$397 billion. Non-interest expenses grew 1.7% in Q4 2011 and 9.5% for the full year. Total assets grew 4.6% in Q4 2011 to R$851.3 billion while stockholders' equity increased 8% to R$71.3 billion.
This document presents the pro forma consolidated results for CCR for 2010. Key highlights include:
- Net revenue increased 22.2% to R$3.775,9 billion while net income grew 17.5% to R$745,4 million.
- Traffic grew 24% in 2010, with a 12.1% increase without acquisitions. Electronic payment tags increased 38.2%.
- Management proposes distributing R$100,775 thousand in dividends for 2010, resulting in a 126.7% payout ratio.
- In October 2010, CCR acquired SPVias for R$1.3 billion to expand its road network.
Banco Sabadell reported results for fiscal year 2010. Net interest income declined 8.8% due to a higher cost of funding, though capital ratios improved. Commercial activity generated an important GAP and liquidity remained comfortable without reliance on ECB funding. Loan growth continued alongside sustained increases in customers and deposits. Cost management was good and Banco Guipuzcoano was efficiently integrated.
Estácio Participações reported financial results for the fourth quarter and full year of 2010. Key highlights included:
- Revenue was in line with guidance at R$252.5 million for 4Q10 and R$1.016 billion for 2010.
- Recurring EBITDA margin was 10.7% for 4Q10 and 12.5% for 2010, meeting guidance.
- Net income increased 107.5% to R$22.2 million for 4Q10 and 27.1% to R$80.6 million for 2010.
- The distance learning segment grew significantly, reaching 26,200 students in just 18 months.
The document summarizes the financial performance of ABC Brasil for 4th quarter and full year 2011. Key highlights include:
- Net income for 2011 was BRL 236.0 million, with BRL 60.6 million in 4Q11.
- Annualized ROAE was 16.6% for 2011 and 16.4% for 4Q11.
- The credit portfolio reached BRL 12,854.8 million by end of 2011, up from BRL 11,588.4 million in 2010.
- The number of clients increased to 1,879 in 2011 from 1,626 in 2010.
- Net income for the third quarter of 2011 totaled BRL 58.5 million, with an annualized return on equity of 16.2%. The credit portfolio reached BRL 12,539.0 million.
- The quality of the credit portfolio remained high, with 98% of loans rated between AA and C. Loan loss reserves were 0.71% of the portfolio.
- The net interest margin was 5.7% and efficiency ratio was 36.4%, showing strong profitability and cost control.
Banco ABC - 2nd Quarter 2009 Earnings PresentationBanco ABC Brasil
1) Banco ABC Brasil reported a 47.7% increase in net income for 2Q09 compared to 1Q09, totaling BRL 35.4 million. It paid BRL 17.5 million in interest on equity to shareholders.
2) The credit portfolio grew 2.5% compared to 1Q09, reaching BRL 6,598.1 million. The middle market portfolio increased 22.1% to BRL 877 million.
3) Non-performing loans over 90 days were 0.9% of the total portfolio, an improvement over 1Q09's 1.2%. The majority of loans were rated AA-C (93.9%).
The document provides a summary of CCR's 4Q09 results and upcoming events. Key highlights include:
- Traffic grew 19.5% in 4Q09 and 17.1% in 2009, excluding new assets. EBITDA increased 10% in 4Q09.
- Management proposes an additional dividend of R$101.5 million for 2009, totaling an 89.7% payout ratio.
- A capital increase of R$1.276 billion through the issue of new shares was completed.
- Capex is projected to be R$483 million for AutoBAn and R$308.2 million for NovaDutra in 2010.
- Profarma saw a 12.3% growth in consolidated gross revenue compared to the same period last year, reaching R$784 million, with strong growth in hospitals and vaccines.
- Operating expenses decreased 12.5% compared to the previous quarter, reaching their best level since 2004 at 7% of net revenue.
- Cash cycle was reduced by about six days, generating R$40 million in working capital reduction.
- 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.
Profarma reported financial results for the first quarter of 2011, highlighting a 1.7% rise in consolidated gross revenues to R$778.8 million. The health and beauty products category saw strong sales growth of 78.0%. Operational efficiencies led to a 31.4% drop in logistics errors. However, net profit declined significantly to R$2.2 million due to higher operating expenses and financial costs. Cash flow from operations turned negative due to a large increase in working capital requirements.
- Profarma celebrated its 50th anniversary in May 2011 and reported a 1.7% rise in consolidated gross revenues compared to the previous year.
- The health and beauty products category saw strong sales growth of 78% year-over-year, while errors per million shipped units declined 31.4% from the prior year quarter.
- While most product categories saw revenue declines compared to the previous quarter, net profit decreased significantly from the prior quarter, dropping from R$10.5 million to R$2.2 million.
Banco ABC - 4th Quarter 2007 Earnings PresentationBanco ABC Brasil
Banco ABC Brasil had a successful year in 2007. The credit portfolio grew 71% to R$4,992 million while maintaining high quality with 99.5% of loans rated AA-C. Net income increased 154.6% in 4Q07 and 93.8% for the full year 2007. The middle market credit portfolio grew 89.9% with a focus on Sao Paulo clients and an average ticket size of R$1.9 million.
The document summarizes Paraná Banco's financial results for the first quarter of 2011. Some key highlights include:
- Net income increased 50.0% year-over-year to R$33.5 million.
- Insurance operations accounted for 48.8% of consolidated results, driven by good performance from subsidiaries.
- The loan portfolio grew 4.8% compared to the previous quarter and 21.5% year-over-year.
- Total deposits increased 12.0% compared to the previous quarter and 37.2% year-over-year.
The document summarizes Profarma's financial and operational highlights for 3Q08. Key points include:
- 12.3% growth in gross revenue compared to 3Q07, reaching R$784 million, driven by strong hospital and vaccine sales.
- Reduced cash cycle by 6 days, generating R$40 million in working capital savings.
- Lower operating expenses of 7.0% of net revenue, the best since 2004, through a 12.5% reduction versus prior quarter.
- Market share reached 12.1%, up from 11.8% in 3Q07, demonstrating continued growth since the 2006 IPO.
The document summarizes the key financial highlights of a company's 2nd quarter 2011 conference call. It notes that net income totaled BRL 60.2 million in 2Q11, with an annualized return on equity of 17.2%. The credit portfolio reached BRL 12,234.8 million by the end of June 2011 and remained of high quality. The quality and performance of the corporate and middle market business segments are also discussed.
This document summarizes a conference call about the 4th quarter 2010 earnings results of Banco ABC Brasil S.A. Key highlights include:
- Net income for 2010 totaled BRL 202.2 million and BRL 54.0 million for Q4.
- Annualized return on equity reached 16.3% for Q42010.
- The credit portfolio reached BRL 11,588.4 million including guarantees issued.
- Income from services grew 81.3% for the year and 52.0% for the quarter.
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.
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.
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%
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.
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$56.0 million in 2014, up 94.4% from 2013 mainly from investment banking revenues.
- Guide Investimentos, the bank's investment arm, had assets under management of R$
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
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.
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.
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.
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.
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.
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.
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.
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$9,9 milhões, especialmente impactado pelo efeito da descontinuidade da designação de hedge accounting e pelo fato dos investimentos realizados
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1. 4Q10 Earnings Release
R$ 29 million Net Profit in 2010
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).
Highlights
IDVL4: R$ 8.18 per share
Closing: 23/02/2011
The loan portfolio, including guarantees and letters of
Total Shares: 41,212,984 credit, closed 4Q10 at R$ 1.9 billion, up 14.2% from
Market Cap: R$ 337.1 MM December 2010.
Allowance for loan losses totaled R$ 119 million,
Conference Call/ Webcasts:
covering 6.4% of the loan portfolio and 196% of Non-
February 24, 2011 Performing Loans (overdue above 90 days).
In English Total funding reached R$ 2.0 billion, with remaining
Webcast
average tenors close to 500 days.
At: 10 am (US EST)/ 12 noon
(Brasília)
Webcast will be available on: Cash free of current obligations of R$ 733 million,
www.indusval.com.br/ir
equivalent to 46.5% of total deposits.
In Portuguese
Conference Call and Webcast
Net profit of R$ 5.9 million in the quarter and R$ 29
At: 9 am (US EST) / 11 am (Brasília) million in the year, an increase of 32.6% and 127% in
Phone: (55 11) 4688-6361 comparison with the same periods in the previous
Code: Banco Indusval year.
Website: www.indusval.com.br/ir The Central Bank and the National Treasury accredited
BIM to operate as its open market dealer for the 1st
half of 2011.
1/18
2. The financial and operating information presented in this report are based on consolidated financials prepared in local currency
(Real), according to Brazilian GAAP (BRGAAP).
Key Indicators – R$ MM
Results
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09 2010 2009 2010/2009
Income from Financial Intermediation 34.5 39.1 27.4 -11.6% 26.2% 141.9 94.3 50.5%
Operating Results 6.1 12.6 4.2 -51.2% 45.9% 41.6 1.1 3666.2%
Net Profit 5.9 7.5 4.4 -21.5% 32.6% 29.0 12.8 127.0%
Balance Sheet
Resultados Trimestrais
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Loan Portfolio 1,876.9 1,707.3 1,635.9 9.9% 14.7%
Loan Portfolio + Guarantees and L/Cs 1,941.2 1,769.1 1,698.7 9.7% 14.3%
Cash & Short Term Investments 51.7 54.0 357.2 -4.3% -85.5%
Securities and Derivatives 1,261.3 1,404.5 725.0 -10.2% 74.0%
Total Assets 3,276.1 3,230.2 2,730.2 1.4% 20.0%
Total Deposits 1,577.6 1,471.2 1,273.2 7.2% 23.9%
Open Market 538.6 739.0 365.8 -27.1% 47.2%
Foreign Borrowings 325.3 323.5 377.4 0.6% -13.8%
Domestic On-lending 127.7 108.0 142.6 18.2% -10.5%
Shareholders’ Equity 426.4 432.4 432.7 -1.4% -1.4%
Performance
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Free Cash 732.8 679.7 695.9 7.8% 5.3%
NPL 60 days/ Loan portfolio 3.8% 3.7% 5.9% 0.2 p.p. -2.1 p.p.
NPL 90 days/ Loan portfolio 3.3% 2.5% 5.4% 0.7 p.p. -2.2 p.p.
Basel Index 17.6% 19.9% 22.5% -2.3 p.p. -4.9 p.p.
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09 2010 2009 2010/2009
ROAE 5.6% 7.2% 4.1% -1.5 p.p. 1.5 p.p. 6.8% 2.9% 3.9 p.p.
Net Interest Margin (NIM) 6.5% 7.0% 6.7% -0.5 p.p. -0.2 p.p. 6.7% 7.9% -1.3 p.p.
Net Interest Margin (NIMa) 7.9% 8.5% 8.0% -0.6 p.p. -0.1 p.p. 8.2% 9.3% -1.2 p.p.
Efficiency Ratio 65.7% 61.6% 63.2% 4.1 p.p. 2.5 p.p. 60.9% 52.3% 8.6 p.p.
Other Information
4Q10 3Q10 4Q09
Number of Clients - Corporate Borrowers 709 703 660
Number of Employees 362 354 333
Banco Indusval Multistock (BIM) is a commercial bank with 43 years of experience in the financial markets, focusing on
local and foreign currency corporate loan products. Operating with agility and quality in its services, BIM has a wide
range of products designed to meet the specific needs of this market, including structured deals. To guarantee such a
level of service, the Bank relies on a network of 11 branches strategically located in economically relevant Brazilian
regions, including an offshore branch, and its subsidiary Indusval Multistock Corretora de Valores, the brokerage arm
that operates at the São Paulo Stock, Commodities and Futures Exchange - BM&FBOVESPA. The Bank is a publicly-held
financial institution listed at Level 1 Corporate Governance of the BM&FBOVESPA since July 2007 and voluntarily adopts
additional practices specific to companies listed in the Novo Mercado special trading segment.
2/18
3. Management Comments
Since the end of 2009, we have been looking for opportunities arising from the paradigm shift in the
global economy for a bank focused on midsized companies. We analyzed our strengths and
weaknesses and, in the first half of 2010, decided to diversify our revenue sources by creating a
client platform targeted at the specific needs of our corporate clients with revenue of over R$ 400
million (‘Upper Middle’ companies), whom we refer to internally as ‘Large Companies’. We also
strengthened our Structured Finance Operations department to increase revenues from operations
in the debt market and provide customized solutions for loan operations of large companies and
debt restructuring for midsized companies. These initiatives were concluded in the second half of
the year and have already started contributing to volumes and results.
The year 2010 was more positive than 2009. However, the recovery and growth of midsized
companies were slower than expected and corporate loan default rates, which seemed to start
declining at the end of 2009 following the trend in individual loans, stagnated during the year. One
of the positive aspects was the continuation of medium- and long-term funding sources, which
enabled an increasing volume of funding at stable costs throughout the year. However, since the
beginning of 2011, these costs were pressured by both macroprudential measures to curb consumer
credit and the consequent inflation, as well as the greater competition for funding due to the lower
availability of loan assignments for banks operating in the consumer financing segment.
Thanks to the characteristics intrinsic to our business, Banco Indusval Multistock’s capital structure
was not impacted by the increase in reserve requirements and capital allocation to long-term
consumer financing. We consider competition from large banks in the middle market segment
healthy, particularly after the credit contraction period, given that midsized companies borrow from
several banks in view of the limited volume of credit lines granted. The presence of strong partners
may guarantee higher liquidity in this segment.
Macroeconomic Environment
4Q10 3Q10 4Q09 4Q10/3Q10 4Q10 4Q09 2010 2009 2010/ 2009 2011 *1 2012*1
GDP Variation (IBGE- Q on Q) n.a. *3 0.5% 2.1% 2,30 p.p. 0,70 p.p. 7.8% *3 -0.2% 8.00 p.p. 4.6% 4.5%
Inflation Rate (IPCA – IBGE) 2.2% *2 0.5% 1.6% -0,50 p.p. -1,60 p.p. 5.9% *2 4.3% 1,65 p.p. 5.5% 4.6%
-
FX Rate Variation (US$/ R$) -0.89% -5.96%
2.15%
5,07 p.p. 1,25 p.p. -3.30% -25.30% 21,95 p.p. 4.79% 2.85%
Interest Base Rate Var.(Selic) 2.56% 2.62% 2.10% -0,06 p.p. 0,46 p.p. 9.78% 9.90% -0,12 p.p. 13.95% -11.36%
Individuals Default Rate (BACEN) 5.7% *3 6.0% 7.7% -0,30 p.p. -2,00 p.p. 5.7% *3 7.7% -2,00 p.p. - -
Corporate Default Rate (BACEN) 3.6% *3 3.5% 3.8% 0,10 p.p. -0,20 p.p. 3.6% *3 3.8% -0,20 p.p. - -
Deafult Rate (BACEN) 4.6% *3 4.7% 5.5% -0.10 p.p. -0.90 p.p. 4.6% *3 5.5% -0.90 p.p. 4.5% 4.5%
*1 Estimated at FEBRABAN Research – 07 to 11/02/2011 *2 Source: IBGE *3 Central Bank of Brazil estimates or preliminary figures
3/18
4. Credit in Brazil
Credit Operations in the Financial System
Individuals Corporates
Resources Resources Total Credit/GDP
Balances in R$ Million
Non Total Non Total R$ million %
Earmarked Earmarked
earmarked earmarked
2008 Dec 394 287 138 019 532 306 476 890 218 098 694 988 1 227 294 40.5
Mar 410 968 142 109 553 077 465 180 224 634 689 814 1 242 891 40.7
Jun 434 331 147 255 581 587 464 467 230 787 695 254 1 276 841 41.5
2009
Sep 451 453 158 623 610 076 470 422 267 578 738 000 1 348 076 43.6
Dec 469 863 166 076 635 939 484 661 293 704 778 365 1 414 304 44.4
Mar 486 526 176 239 662 765 483 722 305 459 789 181 1 451 946 44.0
Jun 505 906 186 393 692 299 510 186 326 402 836 588 1 528 887 44.6
2010
Sep 528 885 201 437 730 322 532 676 350 776 883 452 1 613 774 45.4
Dec* 558 267 217 035 775 302 559 306 369 144 928 450 1 703 752 46.6
Variation %
In the month 1.8 2.7 2.1 1.1 1.1 1.1 1.6 0.3 p.p.
In the quarter 5.6 7.7 6.2 5.0 5.2 5.1 5.6 1.2 p.p.
In the year 18.8 30.7 21.9 15.4 25.7 19.3 20.5 2.2 p.p.
In 12 months 18.8 30.7 21.9 15.4 25.7 19.3 20.5 2.2 p.p.
* BACEN estimates Source: BACEN
Preliminary data from the Brazilian Central Bank for December 2010 show the total loan operations
in the country’s financial system at R$ 1.7 trillion, with a 5.6% growth in the quarter and 20.5% in
the year, with a credit/GDP ratio estimated at 46.6%. This growth was driven by earmarked credit
both in loans to individuals via housing loans, as well as for corporates, through the Brazilian
National Economic and Social Development Bank (BNDES) lending.
Operations contracted with free credit accounted for 65.6% of the total credit. Free Credit loans
amounted to R$ 1.1 trillion, increasing by 5.3% in the quarter (4.7% in 3Q10) and 17.1% in 12
months. Meanwhile, earmarked loans totaled R$ 0.6 trillion, increasing by 6.1% and 27.5%,
respectively. The earmarked credit grew by 0.2 percentage points over September and 1.9
percentage points on December 2009, reaching 34.4% of total credit in the financial system in
December 2010. Government-controlled banks maintained their 42% share of total loans.
BIM focuses on corporate lending, primarily with the utilization of free resources, with credit
agreements mainly in the R$10,000 to R$100 million range. The Central Bank estimates point to a
7.7% growth (including earmarked loans) in the three months through November and by 20.5% in
the 11 months of 2010 (24% in 12 months).
9.0
Default
Central Bank data depict stability 7.0
in default rates in corporate loans
in the last 4 quarters. In the same % 5.7
5.0
period, individual loan default 4.6
dropped by 200 bps. The Central 3.6
3.0
Bank’s percentages refer to the
Corporates Individuals Total
total balance of loans overdue
1.0
more than 90 days. Dec Dec Dec Sep Oct No v Dec Jan Feb M ar A pr M ay Jun Jul A ug Sep Oct Nov Dec
2006 2007 2008 2009 2010
S o urce : B A C E N
4/18
5. Operating Performance
Profitability
Results from Financial Intermediation – R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09 2010 2009 2010/2009
Income from Financial Intermediation 115.9 123.4 93.3 -6.1% 24.3% 454.5 407.5 11.5%
Loan Operations 68.8 72.0 60.7 -4.5% 13.3% 267.5 264.4 1.2%
Loans & Discounts Receivables 61.3 63.1 51.0 -2.8% 20.2% 236.3 224.3 5.4%
Financing 4.5 7.9 6.0 -42.2% -24.5% 23.3 35.4 -34.2%
Other 2.9 1.1 3.7 175.0% -21.4% 7.9 4.7 67.6%
Securities 24.2 44.9 24.9 -46.1% -2.9% 112.3 101.4 10.7%
Derivative Financial Instruments 14.2 0.0 0.0 n.m. n.m. 13.0 0.0 n.m.
FX Operations Result 8.7 6.6 7.6 33.3% 14.6% 61.7 41.7 47.8%
Financial Intermediation Expenses 81.4 84.4 65.9 -3.5% 23.5% 312.6 313.2 -0.2%
Money Market Funding 60.1 55.2 37.8 8.8% 58.8% 200.0 142.6 40.2%
Time Deposits 41.7 37.9 27.4 10.3% 52.6% 143.3 95.4 50.2%
Repurchase Transactions 16.1 15.8 9.2 1.3% 74.6% 50.8 35.7 42.2%
Interbank Deposits 2.3 1.5 1.3 48.7% 77.7% 5.9 11.5 -48.4%
Loans, Assign. & Onlending 7.8 8.1 6.4 -3.4% 22.1% 63.5 23.0 175.7%
Foreign Borrowings 5.8 1.6 2.2 262.8% 166.1% 50.4 6.7 657.8%
Dom. Borrowings + Onlending 2.1 6.5 4.2 -68.3% -51.4% 13.1 16.4 -20.0%
Derivative Financial Instruments 0.0 9.7 5.3 -100.0% -100.0% 0.0 36.3 -100.0%
Allowance for Loan Losses 13.5 11.4 16.4 18.7% -17.7% 49.0 111.3 -56.0%
Result from Financial Intermediation 34.5 39.1 27.4 -11.6% 26.2% 141.9 94.3 50.5%
Income from Financial Intermediation, detailed in note 15(a) to the annual financial statements
and summarized above, decreased by 6.1% in the quarter but grew 24.3% over 4Q09. Income from
loan operations accounted for 59% of total income from financial intermediation, followed by
income from securities (21%), derivative financial instruments (12%) and foreign exchange
operations (8%).
Income from loan operations fell 4.5% in the quarter, mainly due to the drop in income from
financings, in particular import financing and BNDES-Exim onlendings, both for the lower average
outstanding balances and the lesser impact of exchange rate fluctuations, compared to the previous
quarter. In case of average financing outstanding balances, it is worth to mention that around R$
10 million were paid during the quarter with the final balance being recovered only by the end of
December. Regarding foreign exchange variation, the Brazilian real appreciated by approximately
6% against the U.S. dollar in 3Q10, but only 0.9% in 4Q10, which is also reflected in the expenses
with loans and onlendings in the country.
The decline in Income from Securities Operations in the quarter was due to fluctuations in the
market interest rates compared with the fixed rates of government bonds. However, a part of the
revenues from derivative financial instruments is related to swaps and interbank rate futures (DI
Futuro) to hedge against interest rate risks both on securities and funding in indicators other than
the CDI rate and hence it also compounds the result for such deals.
The growth in income from foreign exchange operations comes from the increase in average
balances of export financing operations in the quarter, offset by the increase in expenses with
foreign borrowings.
5/18
6. Income from financial intermediation totaled R$ 454.5 million in the year, up 11.5% from 2009, and
consisted of income from loan operations (58.9%), income from securities (24.7%), income from
derivative financial instruments (2.8%) and income from foreign exchange operations (13.6%).
Expenses from Financial Intermediation, detailed in note 15(b) to the financial statements,
were equivalent to 70% of the income from financial intermediation in 4Q10 (68% in 3Q10 and
71% in 4Q09), down 3.5% from 3Q10 and up 23.5% over 4Q09, as detailed below.
Money Market Funding Expenses increased, primarily due to the growth in the average funding
volume and also because a portion of the time deposits was raised based on indicators other than
the CDI overnight rate. Note that these indicators were hedged and hence these expenses are
partly offset by the income from derivative financial instruments, as explained above.
Expenses with Loans, Assignments and Onlending dropped 3.4% in the quarter, but were 22.1%
higher than in 4Q09, reflecting the 31.3% decrease in onlending expenses, the reduction in average
balances of BNDES onlendings and the foreign exchange effect on the BNDES-Exim operations
mentioned above. This drop was partially offset by the increase in expenses with foreign borrowings
for the higher average balances contracted from correspondent banks to meet the 8% growth of the
Trade Finance portfolio.
The Allowance for Loan Losses of R$ 13.5 million in the quarter (equivalent to 11.6% of income
from financial intermediation) raised the total allowance to R$ 119.6 million on December 31, 2010,
providing a coverage deemed adequate by Management.
Comparing the years ended December 31, the expenses with financial intermediation remained
stable with an 11.5% growth in income from intermediation, that increased gross income from
financial intermediation by 50.5% to R$ 141.9 million, as against R$ 94.3 million in 2009.
Net Interest Margin
Income from Financial Intermediation was R$ 34.5
million in the quarter, 11.6% lower than in 3Q10 but
26.2% higher than the R$ 27.4 million in 4Q09. Net
Interest Margin (NIM) stood at 6.5%, versus 6.7% in 7.9%
4Q09. However, adjusting gross income from financial 6.5%
intermediation for the foreign exchange effects on
4.6%
securities (booked under other operating income and
expenses), and the average interest-bearing assets by
the balances of repurchase operations of equal
amount, interest rate and tenor both in assets and
1Q09 2Q09 3Q09 4Q09 1 0
Q1 2Q10 3Q10 4Q10
liabilities (null result), the adjusted net interest margin
is 7.9% in 4Q10 (8.0% in 4Q09). N IM N IM ( a) GIM
(Gross Income from Financial Intermediation + ALL expenses
NIM(a): + Net Foreign Exchange Variation on Securities)
( Average interest-bearing assets - Repo operations)
Income from financial intermediation came to R$ 141.9 million in the year (R$ 94.3 million in
2009), for NIM of 6.7% (7.9% in 2009) and adjusted NIM of 8.1% (9.3% in 2009).
6/18
7. Efficiency Ratio
Efficiency Ratio – R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09 2010 2009 2010/2009
Personnel Expenses 15.7 14.0 13.8 12.0% 14.1% 56.5 51.2 10.2%
Contributions and Profit-sharing 1.2 2.6 1.8 -55.9% -36.6% 8.1 5.7 43.7%
Administrative Expenses 11.3 9.9 9.4 14.2% 20.2% 39.4 41.9 -6.0%
Taxes 4.2 5.3 2.4 -20.4% 75.8% 15.3 11.2 37.1%
Other Operating Expenses 3.0 2.3 4.9 30.5% -37.8% 9.4 7.0 33.8%
A- Operating Expenses Total 35.4 34.2 32.2 3.6% 9.7% 128.7 117.0 10.0%
Gross Income Fin. Interm. (w/o ALL) 48.0 50.5 43.8 -4.8% 9.8% 190.9 205.6 -7.1%
Income from Services Rendered 4.0 3.2 2.8 24.9% 43.8% 12.8 11.5 10.9%
Income from Banking Tariffs 0.3 0.3 0.2 -2.6% 22.7% 1.0 0.7 33.2%
Other Operating Income 1.5 1.5 4.2 1.7% -64.1% 6.6 5.9 10.6%
B- Operating Income Total 53.9 55.5 51.0 -2.9% 5.6% 211.2 223.7 -5.6%
Efficiency Ratio (A/B) 65.7% 61.6% 63.2% 4.1 p.p. 2.5 p.p. 60.9% 52.3% 8.6 p.p.
The efficiency ratio in 4Q10 was impacted by a combination of lower income from financial
intermediation, explained above, and the increase in operating expenses, mainly relating to:
− personnel expenses, due to the slight increase in the headcount, and the retrospective effect
from Sepetember of the wage increases from the union agreement signed in October thus 4Q10
expenses include wage increases related to 4 months;
− administrative expenses, especially third-party services, which represented 45.7% of total
administrative expenses in the quarter.
Net Profit
Banco Indusval Multistock registered net profit of R$ 5.9 million in 4Q10, Improved
down 21.5% from 3Q10 but 32.6% higher than in 4Q09. Recurring
Net profit in the year was R$ 29.0 million, up 127.0% from the R$ 12.8 Results
million recorded in the previous year, led by recurring revenues. Net profit
in 2009 included non-operating revenue, net of taxes, from the sale of
BM&FBovespa and CETIP stock amounting to R$ 5.0 million.
7/18
8. Loan Portfolio
The Loan Portfolio, as detailed in Explanatory Note 6 to the Financial Statements, grew 9.9% in the
quarter and 14.7% in the year, led by working capital loans and discount of receivables operations
to corporate borrowers. The trade finance transactions (Financing in Foreign Currency – Import
Financing and Advances on FX Contracts – Export Financing) maintained their 20% share of the
total loan portfolio. Additionally, the credit portfolio also bears BNDES onlendings and FINAME
operations; the remaining outstanding balance of the car loan portfolio discontinued in October
2008; and the portion of middle market loans and car financings assigned to other financial
institutions under our credit risk coverage (co-obligation).
Loan Portfolio by Product– R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Loan Operations 1,550.9 1,401.4 1,365.6 10.7% 13.6%
Loans & Discounted Receivables 1,353.5 1,227.6 1,141.3 10.3% 18.6%
BNDES/ Finame 112.6 91.1 116.2 23.7% -3.0%
Direct Consumer Credit – used vehicles 6.2 7.8 16.2 -20.2% -61.7%
Financing in Foreign Currency 51.9 42.1 23.1 23.4% 124.9%
Other Financing 14.2 17.3 25.5 -18.1% -44.2%
Assignment with Co-obligation 12.4 15.5 43.4 -20.1% -71.5%
Advances on Foreign Exchange Contracts 316.2 297.7 270.2 6.2% 17.0%
Other Loans 9.8 8.2 0.0 19.2% n.m.
DISBURSED CREDIT OPERATIONS 1,876.9 1,707.3 1,635.9 9.9% 14.7%
Guarantees Issued (Guarantees. L/Gs and L/Cs) 64.3 61.8 62.9 4.0% 2.2%
TOTAL 1,941.2 1,769.1 1,698.7 9.7% 14.3%
Allowance for Loan Losses (119.6) (112.2) (133.4) 6.6% -10.3%
Loan Portfolio by Currency – R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Local Currency - Real 1,508.7 1,367.5 1,342.5 10.3% 12.4%
Foreign Currency 368.2 339.8 293.3 8.4% 25.5%
TOTAL 1,876.9 1,707.3 1,635.9 9.9% 14.7%
Loan operations in reais, which correspond to 80% of the total loan volume, grew 10.3%, while
foreign currency (Trade Finance) operations grew 8.4%. The trade finance portfolio in U.S. dollars
expanded by 10% in the period, from US$ 200.8 million in September to US$ 221.0 million in
December, up 31% on the US$ 168.3 million on December 31, 2009.
Middle market operations accounted for 82% of the loan portfolio. The so called “Large Companies”
platform, which began its activities in July 2010 and serves companies with annual revenue of over
R$ 400 million, represented 14% of the loan portfolio. Other loans, including the remaining balance
of the ‘Consumer Credit – Used Vehicles’ account, which was discontinued in October 2008,
corresponded to 4% of the portfolio.
8/18
9. Loan Portfolio by Client Segment – R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Middle Market 1,538.5 1,524.2 1,529.7 0.9% 0.6%
Local Currency - Real 1,253.5 1,240.8 1,236.4 1.0% 1.4%
Loans & Discounted Receivables 1,139.3 1,150.6 1,120.2 -1.0% 1.7%
Financing 14.2 1.4 0.0 935.6% n.m.
BNDES / FINAME 99.9 88.9 116.2 12.5% -14.0%
Foreign Currency 285.1 283.4 293.3 0.6% -2.8%
Large Companies 256.5 110.0 - 133.1% -
Local Currency - Real 173.4 53.6 - 223.5% -
Loans & Discounted Receivables 160.7 51.4 - 212.7% -
BNDES / FINAME 12.7 2.2 - 472.7% -
Foreign Currency 83.1 56.4 - 47.3% -
Other 81.9 73.1 106.2 12.0% -22.9%
Consumer Credit – used vehicles 15.2 18.9 33.8 -19.8% -55.0%
Acquired Loans & Financing 56.9 46.0 72.4 23.8% -21.4%
Other Loans 9.8 8.2 0.0 19.2% 57464.7%
Disbursed Credit Operations 1,876.9 1,707.3 1,635.9 9.9% 14.7%
Guarantees Issued 64.3 61.8 62.9 4.0% 2.2%
TOTAL 1,941.2 1,769.1 1,698.7 9.7% 14.3%
Allowance for Loan Losses (119.6) (112.2) (133.4) 6.6% -10.3%
Loan Portfolio by Industry
Industry Participation
Food & Beverage 18.3%
Agribusiness 16.6%
Civil Construction 9.4%
Financial Institutions 5.6%
Chemical & Pharmaceutical 5.3%
Transportation & Logistics 4.6%
Automotive 4.5%
Textile, Apparel and Leather 4.0%
Education 3.3%
Energy Generation & Distribution 3.2%
Metal Industry 2.9%
Oil and Biofuel 2.6%
Financial Services 2.3%
Wholesale and retail trade 2.3%
Individuals 2.2%
Paper and Pulp 1.8%
Other industries (*) 11.0%
TOTAL 100.0%
(*) Individual participation of less than 1.2% of credit portfolio
9/18
10. By Economic Activity By Segment
Individuals
Other
7%
Services
Upper
23%
Middle 14%
Financial
Middle
Interm. 3% Retail and
Market 82%
Other 4%
Commerce Industry
11% 56%
By Product By Client Concentration
Trade Guarantees Other 25%
Finance Issued
BNDES
19% 3%
Onlendings
6% Other
2% 61 - 160 10 largest
24% 20%
Loans &
Discounts
70%
11 - 60
31%
By Maturity By Guarantee
above 360 Vehicles
29% 3% Aval PN
23%
Real State
181 to 360 9%
Other 4%
13%
Pledge/
Lien 4% Receivables
Monitored 46%
Pledge 8%
91 to 180 up to 90 Securities
18% days 3%
40%
Quality of Loan Portfolio – R$ MM
4Q10 3Q10 4Q09
% Required Loan Allowance for Loan Allowance for Loan Allowance for
Rating
Provision Portfolio Loan Losses Portfolio Loan Losses Portfolio Loan Losses
AA 0.0% 47.8 0.0 0.0 0.0 0.0 0.0
A 0.5% 664.4 3.3 584.9 2.9 488.8 2.4
B 1.0% 480.7 4.8 460.6 4.6 471.2 4.7
C 3.0% 417.1 12.5 408.5 12.3 494.3 14.8
D 10.0% 107.9 10.8 116.3 11.6 63.6 6.4
E 30.0% 65.5 19.6 75.9 22.8 26.3 7.9
F 50.0% 37.8 18.9 20.1 10.0 20.2 10.1
G 70.0% 20.2 14.1 5.0 3.5 6.2 4.4
H 100.0% 35.5 35.5 36.0 36.0 65.4 65.4
Compl. Allowance - - 0.0 - 8.5 - 17.3
TOTAL - 1,876.9 119.6 1,707.3 112.2 1,635.9 133.4
10/18
11. The Loan Portfolio balance includes loans negotiated with clients in the amount of R$ 241.3 million
(R$ 165.2 million on December 31, 2009), which are mostly classified between D and H credit
ratings, even when they are not overdue. Ratings are usually reclassified based on a credit review,
after an analysis of the economic and financial fundamentals of the debtor or an increase in the
collaterals that justifies such reclassification.
In September, loans classified between D and H totaled R$ 266.9 million, equivalent to 14.2% of
the loan portfolio, of which 73% were performing loans. The balance of agreements with
installments overdue more than 60 days totaled R$ 72.2 million on December 31, 2010,
corresponding to 3.8% of the loan portfolio making up the default ratio (NPL 60 days). The balance
of agreements with installments overdue more than 90 days (Central Bank of Brazil standard)
totaled R$ 61.2 million, equivalent to 3.3% of the loan portfolio (NPL 90 days), compared to the
Central Bank’s estimate of 3.6% for corporate loans.
Default by Segment – R$ MM
Overdue Contracts Outstanding (NPL)
Outstanding
> 60 days > 60 days
4Q10 3Q10 4Q10 3Q10 4Q10 3Q10
Middle Market 1,538.5 1,524.2 67.2 4.4% 56.1 3.7% 56.6 3.7% 37.1 2.4%
Large Companies 256.5 110.02 - - - 0.0% - - - 0.0%
Other 81.9 73.1 5.1 6.2% 6.4 8.8% 4.5 5.5% 5.8 7.9%
TOTAL 1,876.9 1,707.3 72.2 3.8% 62.6 3.7% 61.2 3.3% 42.9 2.5%
Allowance for Loan Losses (ALL) 119.6 112.2 - - - -
Allowance for Loan Losses / NPL - - 165.6% 179.2% 195.6% 261.8%
ALL/ Loan Portfolio 6.4% 6.6% - - - -
Note that the above table shows that allowance for loan losses on December 31, 2010 corresponded
to 6.4% of the loan portfolio, covering 165% of the agreements with any installment overdue more
than 60 days. The Management believes that the allowances constituted provide sufficient cover for
the overdue loans.
In 4Q10, loans amounting to R$ 6.1 million were written off, bringing the total write-offs in 2010 to
R$ 62.8 million (R$ 48.2 million in 2009). These loans were classified as H for over 180 days and
hence were fully provisioned. Recovery of overdue loans totaled R$ 3.0 million in the quarter and
R$ 7.9 million in the year (R$ 4.2 million in 2009).
Funding
Funding volume increased 6.7% from the previous quarter to R$ 2.0 billion, with funding in reais
accounting for 84% of the total volume.
Total Funding – R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Total Deposits 1,577.6 1,471.2 1,273.2 7.2% 23.9%
Time Deposits (CDs) 739.9 753.1 666.0 -1.7% 11.1%
Time Deposits with Special Guarantee (DPGE)* 591.0 543.1 505.8 8.8% 16.9%
Agribusiness Letters of Credit (ALC) & Bank Notes 82.0 69.6 10.6 17.8% 676.5%
Interbank Deposits 116.5 67.7 51.1 72.0% 127.9%
Demand Deposits and Other 48.2 37.7 39.7 27.8% 21.2%
Domestic Onlending 127.7 108.0 142.6 18.2% -10.5%
Foreign Borrowings 325.3 323.5 377.4 0.6% -13.8%
Trade Finance 307.0 286.0 267.9 7.3% 14.6%
IFC A/B Loan 18.3 37.5 109.5 -51.1% -83.3%
TOTAL 2,030.6 1,902.7 1,793.2 6.7% 13.2%
* Time Deposits bearing the Guarantee of the Credit Insurance Fund
11/18
12. Deposits represented 78% of total funding in reais, mainly through the issue of Bank Deposit
Certificates (CDBs) (36.4%) and Time Deposits with Special Guarantee (DPGE) (29.1%). The
average term for deposits was 757 days from issue and 496 days from the close of the quarter until
their maturity, as follows:
Type of Deposit Average term from issuance Average term to maturity (*)
CDB 560 347
Interbank 218 175
DPGE 1,181 795
ALC & Bank Notes 200 120
Portfolio of Deposits 757 526
(*) from Dec. 31, 2010
Deposits
By Type By Investor By Maturity
Interbank Demand Other
7% 3% Individuals 4% 181 to 360
Institutional 91 to 180 11%
15%
ALC 51% 26%
5%
+360 days
Time 38%
Deposits Financial
Time (CDs) Inst. 9%
Deposits 48% up to 90
(DPGEs) days
37% Enterprises 25%
22%
Foreign borrowings increased slightly due to the expansion of the Trade Finance portfolio and the
reduction in the IFC loan balance for the payment of the installment maturing in the quarter.
Liquidity
Free Cash – R$ MM Assets and Liabilities Management (GAPS) – R$ MM
696 733 791
680 734
Assets Liabilities
603
521 492
348
248 244
90 180 360 > 360 days
4Q09 3Q10 4Q10
On December 31, 2010, Cash totaled R$ 1,271.4 million and, excluding Money Market Funding (R$
538.5 million), resulted in free cash of R$ 732.8 million, equivalent to 46.5% of total deposits and
171.9% of shareholders’ equity.
Assets and liabilities are managed in order to guarantee both liquidity and sound health to the
Bank, and this includes maintenance of a longer profile of liabilities, considering that 71% of the
loan portfolio matures within 360 days.
12/18
13. Capital Adequacy
The Basel Accord requires banks to maintain a minimum percentage of the capital weighted by the
risk in their operations. In this context, the Central Bank of Brazil has stipulated that banks operating
in the country should maintain a minimum percentage of 11.0%, calculated according to the Basel
Accord regulations, which provides greater security to Brazil’s financial system against oscillations in
economic conditions.
The following table shows Banco Indusval Multistock’s position in relation to the minimum capital
requirements of the Central Bank:
Capital Adequacy– R$ MM
4Q10 3Q10 4Q09 4Q10/ 3Q10 4Q10/ 4Q09
Total Capital 426.4 432.4 451.0 -1.4% -5.4%
Required Capital 266.6 238.6 220.2 11.7% 21.1%
Margin over Required Capital 159.8 193.8 230.8 -17.5% -30.8%
Basel Index 17.6% 19.9% 22.5% -2.3 p.p. -4.9 p.p.
Risk Ratings
Agency Classification Observation Last Report Financial Data
B+/Positive/B Global Scale
Standard & Poors Dec. 28, 2010 Sept. 30, 2010
brBBB+/Positive/brA-3 Local Scale - Brazil
Financial Strength: D- Stable
Moody's Ba3/Estable/Not Prime Global Scale Nov. 25, 2010 Sept. 30, 2010
A2.br/Estable/BR-2 Local Scale - Brazil
9,93 Riskbank Index
RiskBank Jan. 13, 2011 Sept. 30, 2010
Ranking: 57 Low Risk Short Term
FitchRatings BBB/Stable/F3 Local Scale - Brazil Jan. 21, 2011 Sept. 30, 2010
Capital Market
Total Shares
On December 31, 2010, Banco Indusval S.A. had a total of 41,212,984 shares, of which 27,000,000
were common shares (IDVL3) and 14,212,984 were preferred shares (IDVL4), with 746,797
preferred shares maintained in treasury.
Share Buyback Program
The 4th Share Buyback Program for the acquisition of up to 1,301.536 preferred shares, approved
by the Board of Directors on August 10, 2010, is effective till August 9, 2011. Indusval S.A. CTVM is
the intermediary for this program, through which a total of 772,397 preferred shares (IDVL4) had
been acquired till December 31, 2010.
Free Float
Number of Shares as of Dec. 31, 2010
Type Paid-up Capital Controlling Group Management Treasury Free Float (%)
Common 27,000,000 (17,116,173) (2,574,269) - 7,309,558 27.1%
Preferred 14,212,984 (1,026,653) (159,570) (746,797) 12,279,964 86.4%
Total 41,212,984 (18,142,826) (2,733,839) (746,797) 19,589,522 47.5%
13/18
14. The 7,309,458 outstanding common shares are owned by members of the Ribeiro and Ciampolini
families, who are not part of the Controlling Group. Thus, the preferred shares regularly traded on
the stock exchange total 12,279,964, equivalent to 29.8% of the total capital.
Stock Option Plan
Following is the position of the Stock Option Plan of Banco Indusval S.A., created on March 26,
2008, with the aim of aligning the interests of executive officers and managers:
Quantities
Date Term for Strike Price Rights
Grace Period Granted Exercised Not Exercised
Granted Exercise R$ Expired
07.22.08 Three years Five years 10.07 161,869 - - 161,869
02.10.09 Three years Five years 5.06 229,067 25,600 10 203,457
02.22.10 Three years Five years 8.56 525,585 - 15,263 510,322
08.06.10 Three years Five years 7.72 261,960 - 2,524 259,436
1,178,481 25,600 17,797 1,135,111
In the quarter, 6,963 options expired for the resignation of its original holders.
Shareholder Remuneration
On December 29, 2010, the Bank paid Interest on Equity in the amount of R$ 6.2 million related to
4Q10, as advanced payment of the minimum mandatory dividend for 2010. This amount
corresponds to R$ 0.15439 per share or R$ 0.13123 net of withholding tax.
In 2010, total shareholder remuneration paid in advance under the minimum mandatory dividend
for the fiscal year was R$ 25.1 million, corresponding to R$ 0.60983 per share (R$ 0.51836 net of
withholding tax), resulting in a dividend yield of 7.36% and an 85% payout.
27,009
25,470 25,114
6,693
6,369 6,249
15,857 6,622
6,512 6,319
6,082
10,167
6,876
2,220 6,550 6,289
2,426 5,134
R$ 000’s
2,730 2,320 6,817
6,039 6,258
2,791 2,322
2006 2007 2008 2009 2010
1Q 2Q 3Q 4Q
Shares Performance
The shares of Banco Indusval Multistock (IDVL4) closed 4Q10 at R$ 7.95, for market cap of R$
327.6 million and Shareholders’ Equity of R$ 426.4 million, resulting in a Market Value/ Book Value
ratio of 0.77. The price of IDVL4 shares dropped by 0.62% in 4Q10 and 4.10% in the year.
14/18
15. However, prices adjusted to earnings show an appreciation of 3.52% in 2010. The Ibovespa index
dropped by 0.18% in the quarter and appreciated 1.04% in the year.
Base 100 em 31.12.2009
130
120
110
100
90
80
IBOVESPA IDVL4 IDVL4 adjusted to earnings
70
09 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10 10
20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20 20
0 / 14 / 29 / 13 / 28 / 15 / 30 / 14 / 29 / 14 / 29 / 13 / 28 / 13 / 28 / 12 / 27 / 11 / 26 / 11 / 26 / 10 / 25 / 10 / 25 /
/3 / / / / / / / / / / / / / / / / / / / / / / / /
12 01 01 02 02 03 03 04 04 05 05 06 06 07 07 08 08 09 09 10 10 11 11 12 12
At the closing of February 23, 2011, IDVL4 shares were traded at R$ 8.18, with an appreciation of
2.89% year to date.
Liquidity and Trading Volume
The preferred shares of Banco Indusval Multistock (IDVL4) were traded in 98% of the 247 sessions
carried out at Bovespa in 2010. In 4Q10, a total of 2.9 million IDVL4 shares were traded over 1,016
transactions on the spot market, for total volume of R$ 22.8 million. In 2010, the volume traded on
the spot market was R$ 78.8 million, representing approximately 9.7 million preferred shares over
5,029 trades.
Shareholding Dispersion
Distribution of Preferred Shares by type of investor:
12.31.2010 10.31.2010
# % # %
TYPE OF INVESTOR Preferred % PN Preferred % PN
Inv. Total Inv. Total
Controlling Shareholders 4 1,026,653 7.2% 44.0% 4 1,026,653 7.2% 44.0%
Management 10 159,570 1.1% 6.6% 10 159,570 1.1% 6.6%
Family Members 12 515,931 3.6% 19.0% 12 515,931 3.6% 19.0%
Brazilian Inst. Inv. 47 7,332,667 51.6% 17.9% 85 7,209,367 50.7% 17.6%
Foreign Investors 12 2,842,625 20.0% 6.9% 12 3,047,225 21.5% 7.4%
Brazilian Corporates 9 17,400 0.1% 0.0% 8 42,800 0.3% 0.1%
Individuals 514 1,571,341 11.1% 3.8% 544 1,536,440 10.8% 3.7%
Treasury - 746,797 5.2% 1.8% - 674,998 4.8% 1.6%
TOTAL 608 14,212,984 100% 100% 675 14,212,984 100% 100%
15/18
16. BALANCE SHEET
Consolidated R$ '000
Assets 12/31/2009 09/30/2010 12/31/2010
Current 2,243,031 2,683,574 2,672,676
Cash 4,051 9,518 7,081
Short-term interbank investments 353,143 44,526 44,648
Open market investments 292,897 17,500 22,507
Interbank deposits 60,246 27,026 22,141
Securities and derivative financial instruments 724,906 1,399,765 1,255,106
Own portfolio 553,778 532,614 586,517
Subject to repurchase agreements 108,200 726,223 540,385
Linked to guarantees 42,478 105,751 92,751
Derivative financial instruments 20,450 35,177 35,453
Interbank accounts 1,818 3,504 1,553
Payment and receipts pending settlement - 2,417 1,553
Restricted credits - Deposits with the Brazilian Central Bank 1,818 1,087 -
Loans 809,685 833,693 920,861
Loans - private sector 817,661 844,624 933,827
Loans - public sector 24,559 13,660 9,137
(-) Allowance for loan losses (32,535) (24,591) (22,103)
Other receivables 300,286 358,454 400,319
Foreign exchange portfolio 294,273 318,393 325,586
Income receivables 90 73 85
Negotiation and intermediation of securities 4,401 41,014 75,341
Sundry 14,741 6,065 4,756
(-) Allowance for loan losses (13,219) (7,091) (5,449)
Other assets 49,142 34,114 43,108
Other assets 49,318 35,013 43,538
(-) Provision for losses (998) (1,908) (1,915)
Prepaid expenses 822 1,009 1,485
Long term 473,952 533,553 590,638
Marketable securities and derivative financial instruments 69 4,697 6,151
Linked to guarantees 34 30 31
Derivative financial instruments 35 4,667 6,120
Interbank Accounts 11,207 8,557 7,352
Pledged Deposits - Caixa Economica Federal 11,207 8,557 7,352
Loans 396,617 447,191 503,536
Loans - private sector 472,449 527,627 595,564
Loans - public sector 7,538 - -
(-) Allowance for loan losses (83,370) (80,436) (92,028)
Other receivables 64,437 72,007 72,703
Trading and Intermediation of Securities 40 162 244
Sundry 68,667 71,910 72,503
(-) Allowance for loan losses (4,270) (65) (44)
Other rights 1,622 1,101 896
Prepaid Expenses 1,622 1,101 896
Permanent 13,219 13,042 12,828
Investments 1,686 1,686 1,686
Other investments 1,686 1,686 1,686
Property and equipment 11,533 11,356 11,142
Property and equipment in use 2,173 2,192 2,192
Revaluation of property in use 3,538 3,538 3,538
Other property and equipment 12,290 12,073 12,515
(-) Accumulated depreciation (6,768) (6,729) (7,103)
Leasehold Improvements -
300 282 -
TOTAL ASSETS 2,730,202 3,230,169 3,276,142
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17. Consolidated R$ '000
Liabilities 12/31/2009 09/30/2010 12/31/2010
Current 1,642,127 2,073,562 2,074,519
Deposits 709,240 775,912 820,679
Cash deposits 39,409 37,045 47,682
Interbank deposits 51,101 67,722 105,393
Time deposits 618,395 670,508 667,133
Other 335 637 471
Funds obtained in the open market 365,804 738,999 538,580
Own portfolio 107,885 722,696 538,580
Third party portfolio 257,919 16,303
Funds from securities issued or accepted 10,559 69,627 74,648
Agribusiness Letter of Credit & Bank Notes 10,559 69,627 74,648
Interbank accounts - 661 -
Receipts and payment pending settlement - 661 -
Interdepartamental accounts 15,906 9,715 5,898
Third party funds in transit 15,906 9,715 5,898
Borrowings 356,879 305,021 324,800
Domestic Borrowings - - -
Foreign borrowings 356,879 305,021 324,800
Onlendings 65,248 34,599 43,297
BNDES 43,127 10,737 18,087
FINAME 22,121 23,862 25,210
Other liabilities 118,491 139,028 266,617
Social and statutory liabilities 391 2,501 571
Collection and payment of taxes and similar charges 25,671 902 22,002
Foreign exchange portfolio 19,174 35,255 4,474
Taxes and social security contributions 3,070 3,226 3,661
Negotiation and intermediation securities 29,073 56,587 195,316
Derivative financial instruments 34,946 32,667 34,184
Sundry 6,166 7,890 6,409
Long Term 655,097 723,485 774,736
Deposits 553,392 625,666 674,941
- -
Interbank Deposits - - 11,088
Time deposits 553,392 625,666 663,853
Funds from securities issued or accepted - - 7,345
Agribusiness Letter of Credit & Bank Notes - - 7,345
Loan obligations 20,546 18,474 549
Foreign loans 20,546 18,474 549
Onlending operations - Governmental Bureaus 77,328 73,369 84,354
Federal Treasure - 15,032 -
BNDES 6,911 18,800 28,154
FINAME 44,101 36,712 39,856
Other Institutions 26,316 2,825 16,344
Other liabilities 3,831 5,976 7,547
Taxes and social security contributions 2,904 5,794 5,647
Derivative financial instrument 745 - -
Sundry 182 182 1,900
Future results 284 719 462
Shareholders' Equity 432,694 432,403 426,425
Capital 370,983 370,983 370,983
Capital Reserve 779 1,893 2,212
Revaluation reserve 1,995 1,945 1,928
Profit reserve 62,217 56,150 55,812
Asset valuation Adjustment 100 2,321 1,447
(-) Treasury stock (3,380) (889) (5,957)
TOTAL LIABILITIES 2,730,202 3,230,169 3,276,142
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18. INCOME STATEMENT
Consolidated R$ '000
4T09 3T10 4T10 2009 2010
Income from Financial Intermediation 93,254 123,445 106,270 407,523 454,460
Loan operations 60,703 71,994 68,758 264,392 267,535
Income from securities 24,926 44,898 24,198 101,409 112,273
Income from derivative financial instruments - - 4,579 - 12,967
Income from foreign exchange transactions 7,625 6,553 8,735 41,722 61,685
Expenses from Financial Intermediaton 65,897 84,364 71,736 313,247 312,567
Money market funding 37,823 55,214 60,052 142,645 200,017
Loans, assignments and onlendings 6,414 8,107 7,833 23,045 63,542
Income from derivative financial instruments 5,251 9,660 (9,660) 36,280 -
Allowance for loan losses 16,409 11,383 13,511 111,277 49,008
Gross Profit from Financial Instruments 27,357 39,081 34,534 94,276 141,893
Other Operating Income (Expense) (23,152) (26,523) (28,400) (93,171) (100,277)
Income from services rendered 2,811 3,236 4,041 11,503 12,754
Income from tariffs 216 272 265 737 982
Personnel expenses (13,756) (14,023) (15,700) (51,245) (56,478)
Other administrative expenses (9,369) (9,861) (11,258) (41,913) (39,399)
Taxes (2,409) (5,317) (4,234) (11,171) (15,319)
Other operating income 4,237 1,495 1,521 5,924 6,554
Other operating expense (4,882) (2,325) (3,035) (7,006) (9,371)
Operating Profit 4,205 12,558 6,134 1,105 41,616
Non-Operating Profit 168 (9) 1,417 8,032 577
Earnings before taxes ad profit-sharing 4,373 12,549 7,551 9,137 42,193
Income tax and social contribution 1,901 (2,410) (499) 9,306 (5,041)
Income tax 3,219 200 154 (11,835) 441
Social contribution 1,763 120 183 (7,267) 355
Deferred fiscal assets (3,081) (2,730) (836) 28,408 (5,837)
Contributions and Equity (1,829) (2,631) (1,159) (5,665) (8,143)
Net Profit for the Period 4,445 7,508 5,893 12,778 29,009
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