View
8
Download
0
Category
Preview:
Citation preview
4Q16 Earnings Release
Conference Call
February, 24th 2017
2/15 Investor Relations | 4Q16 |
Highlights
Liquid balance sheet with a cash position of R$1.2 bi, equivalent to 31% of time deposits.
Excess capital, with a BIS ratio of 15.4%, being 15.0% in Tier I Capital.
Loan portfolio coverage ratio of approximately 6% as a result of the significant increase in provisions in the previous periods.
Retraction of approximately 7% in personnel and administrative expenses in the accumulated of 12 months.
Continuous liability management with a diversified portfolio and adequate terms.
3/15 Investor Relations | 4Q16 |
7,409 6,859
Sept-15 Dec-15
Total Funding
-7.4%
7,691 6,933
Sept-15 Dec-15
Total Loan Portfolio1
-9.9%
1,181 1,163
Sept-15 Dec-15
Shareholders' Equity
-1.5%
3.5% 3.6%
3Q15 4Q15
ROAE
0.1 p.p
2.9% 3.2%
3Q15 4Q15
NIM Evolution
0.33 p.p.
10 10
3Q15 4Q15
Net Income
Financial Highlights
1 Includes Stand by LCs, Bank Guarantees, Credit Securities to be Received and Securities (bonds, CRIs, eurobonds and fund shares)
R$ million
The main performance indicators were within expectations in the period…
3.2%
2.0%
1.0%
4Q15 3Q16 4Q16
NIM
-220 bps.
-100 bps.
3.4%
1.7%
2015 2016
NIM Evolution
-170 bps
10
-7-9
4Q15 3Q16 4Q16
-190.0%
-37.2%41
-142015 2016
Net Income
-134.9%
3.6%
-2.3%
-3.1%
4Q15 3Q16 4Q16
ROAE
-670 bps.
-80 bps.
3.4%
-1.2%
2015 2016
ROAE
-460 bps
6,9336,238 6,445
Dec-15 Sept-16 Dec-16
Total Loan Portfolio1
3.3%
-7.0%
6,8595,908 5,692
Dec-15 Sept-16 Dec-16
Total Funding
-3.7%
-17.0%
1,163 1,152 1,148
Dec-15 Sept-16 Dec-16
Shareholders' Equity
-0.3%
-1.3%
4/15 Investor Relations | 4Q16 |
Revenue Mix
Participations by Business
Evolution of other business lines, such as FICC and Pine Investimentos.
Product and Revenue Diversification
...with contributions from all business lines.
Credit64.4%
FICC22.0%
Pine Investimentos
8.9%
Treasury4.7%
2016
Credit79.1%
FICC14.5%
Pine Investimentos
3.8%
Treasury2.6%
2015
5/15 Investor Relations | 4Q16 |
NIM and Efficiency Ratio
NIM
Expenses and Efficiency Ratio
Rigorous cost control.
2321 22
1917
18
60.0%
77.6%
111.1%
-100%
-50%
00%
50%
100%
150%
0
5
10
15
20
25
30
35
40
4Q15 3Q16 4Q16
8985
7467
47.9%
88.2%
-100%
-80%
-60%
-40%
-20%
00%
20%
40%
60%
80%
100%
0
20
40
60
80
100
120
140
2015 2016
PersonnelExpenses
Otheradministrativeexpenses
RecurringEfficiency Ratio(%)
3.2%
2.0%
1.0%
4Q15 3Q16 4Q16
NIM
-220 bps.
-100 bps.
3.4%
1.7%
2015 2016
NIM Evolution
-170 bps
6/15 Investor Relations | 4Q16 |
3,282 3,172 3,139 3,275 3,468
794747 659 520
437
2,3732,250
2,122 2,104 2,120
485
438351 339
419
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Trade finance: 6.5%
Bank Guarantees: 32.9%
BNDES Onlending : 6.8%
Working Capital: 53.8%
6,6086,271 6,238
6,933
6,445
1 Includes Stand by LC 2 Includes debentures, CRIs, Hedge Fund Shares, Eurobonds, Credit Portfolio acquired from financial institutions with recourse and Individuals
R$ million
Loan Portfolio
The portfolio amounted to R$6.4 billion...
1
2
-7.0%
3.3%
7/15 Investor Relations | 4Q16 |
39%36%40%40%39%
6%6%
6%5%5%
9%10%8%9%7%
10%13%14%14%15%
11%10%10%9%9%
12%12%12%14%
12%
13%13%10%9%13%
Dec-16Dec-15Dec-14Dec-13Dec-12
Energy
Real Estate
Agriculture
Sugar and Ethanol
Engineering
Transportationand Logistics
Others
Continuous Loan Portfolio Management
Sectors Rebalance
...with improved sector diversification.
The composition of the portfolio of the 20 largest clients changed by over 20% in the past twelve months;
The share of wallet of the 20 largest clients remained at around 30%, in line with market peers.
Energy13%
Real Estate12%
Agriculture11%
Sugar and Ethanol10%
Engineering9%
Transportation and Logistics
6%Telecom
5%
Foreign Trade4%
Specialized Services
4%
Retail3%
Metallurgy3%
Construction Material
2%
Mining2%
Vehicles and Parts2%
Meatpacking2%
Food Industry1%
Other10%
8/15 Investor Relations | 4Q16 |
9.3%
15.1%
13.7%
5.1%
6.1% 5.9%
00%
02%
04%
06%
08%
10%
12%
-01%
01%
03%
05%
07%
09%
11%
13%
15%
17%
Dec-15 Sept-16 Dec-16
D-H Portfolio Coverage of Total Portfolio
80%
193%
426%
50.0%
250.0%
450.0%
650.0%
Coverage of D-H Overdue Portfolio
December 31st, 2016
Contracts Overdue: total amount of the contracts overdue for more than 90 days / Loan Portfolio
excluding Bank Guarantees and Stand-by Letters of Credit.
1D-H Portfolio: D-H Portfolio / Loan Portfolio Res. 2,682 2Coverage of Total Portfolio: Provisions / Loan Portfolio Res. 2,682 3Coverage D-H Overdue Portfolio: Provisions / D-H Overdue Portfolio
Loan Portfolio Quality
86.3% of the loan portfolio is classified between AA-C ratings.
Loan Portfolio Quality – Res. 2,682
Credit Coverage
Non Performing Loans > 90 days (Total Contract)
Collaterals
1 2 3
Products Pledge
37%
Receivables14%
Properties Pledge
46%
Investments3%
1.1%
2.1%1.8%
1.2%1.7%
0.7%1.3% 1.5%
0.6%
Dec-14 Mar-15 Jun-15 Sept-15 Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
AA-A22.6%
B23.5%
C40.2%D-E
7.8%
F-H5.8%
9/15 Investor Relations | 4Q16 |
December 31st, 2016
Fixed income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar,
Australian Dollar
Commodities, Sugar, Soybean ( Grain, Meal and Oil), Corn,
Cotton, Metals, Energy
R$ million
FICC
Solid trackrecord.
Client Notional Derivatives by Market
Market Segments
Notional Value and MtM
Portfolio Profile
Scenario on December 31st, 2016:
Duration: 151 days
Mark-to-Market: R$103 million
Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM : R$119 million
4,941 4,845 2,968 3,833 3,979
479398
212166
103
160
(171 )
315
164 119
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Notional Amount
MtM
Stressed MtM
Commodities17%
Fixed Income9%
Currencies74%
10/15 Investor Relations | 4Q16 |
R$ million
Pine Investimentos
Fee Generation
Selected Transactions
Capital Markets: Structuring and Distribution of Fixed
Income Transactions.
Financial Advisory: Project & Structured Finance, M&A,
and hybrid capital transactions.
Research: Macro and Commodities.
4
6
3Q16 4Q16
12
16
2015 2016September, 2016
Structure CreditFacility
R$ 10,000,000
Lead Coordinator
September, 2016
Mortage Backed Securities
R$ 10,000,000
Lead Coordinator
September, 2016
Bond
R$ 469,000,000
October, 2016
NCE
R$ 30,000,000
Coordinator
October, 2016
Mortage Backed Securities
R$ 50,000,000
Lead Coordinator
November, 2016
Promissory Note
R$ 20,000,000
November, 2016
CRI
R$ 47,400,000
Lead Coordinator
December, 2016
Mortage Backed Securities
R$ 8,500,000
Lead Coordinator
December, 2016
CRI
R$ 50,000,000
Lead Coordinator
11/15 Investor Relations | 4Q16 |
R$ million
Funding
Diversified sources of funding...
53% 52% 50% 53% 31% Cash over Deposits
841 787 648 617 460
324 348261 376
384
1,570 1,662 1,939
2,600 2,980
336 218 156
13346
18 17 19
2917
806 759 668
530 454295 284 296
198 213751 761 734
259 247
279244
216 206 204
1,029777
680 665 416
113
6139 33
33
497
352
270 262239
6,859
6,270
5,925 5,9085,692
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Trade Finance: 4.2%
Private Placements: 0.6%
Multilateral Lines: 7.3%
International Capital Markets:3.6%
Financial Letter : 4.3%
Local Capital Markets: 3.7%
Onlending: 8%
Demand Deposits: 0.3%
Interbank Time Deposits: 0.8%
High Net Worth Individual TimeDeposits: 52.4%
Corporate Time Deposits: 6.7%
Institutional Time Deposits:8.1%
12/15 Investor Relations | 4Q16 |
45% 48% 51%64% 68%
55% 52% 49%36% 32%
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Total Deposits Others
Leverage: Expanded Loan Portfolio / Shareholders’ Equity
Expanded Loan Portfolio excluding Bank Guarantees and Stand-by Letters of Credit /
Shareholders’ Equity
Credit over Funding ratio: Loan Portfolio excluding Bank Guarantees and Stand-by Letters of
Credit / Total Funding
Asset & Liability Management
... matching assets’ and liabilities’ duration.
Leverage Credit over Funding Ratio
Total Deposits over Total Funding R$ million R$ billion
5,692 6,270 5,925 5,908 6,859
Asset and Liability Management (ALM)
66%69% 70% 70%
76%
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
6.0x5.6x 5.4x 5.4x 5.6x
3.9x 3.7x 3.6x 3.6x 3.8x
-
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.0 0
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Expanded loan Porfolio
Loan Portfolio excludingBank Guarantees
1.1
0.7
5.0
0.00.7
0.6
Assets
0.1
0.4
3.8
2.7
0.40.7
Liabilities
8.2 8.2
Coverage of 131%
Cash and cash equivalents
Assets financed through REPOs
Other assets
Credit Portfolio
Trading portfolio assets
Illiquid assets
Secured funding
Other liabilities
Unsecured funding
Demand deposits
Equity
REPO Financing
13/15 Investor Relations | 4Q16 |
Capital Adequacy Ratio (BIS), Basel III
BIS ratio of 15.4%, being 15.0% in Tier I Capital.
14.1% 14.7% 15.4% 15.3% 15.0%
0.9% 0.4%0.5% 0.5% 0.4%
Dec-15 Mar-16 Jun-16 Sept-16 Dec-16
Tier II Tier IMinimum Regulatory Capital (10.5%)
15.0% 15.1%15.9% 15.8% 15.4%
14/15 Investor Relations | 4Q16 |
Guidance 2017
GDP (E) 2017: 0.5%
2017
Expanded Loan Portfolio 10% to 15%
NIM 2% to 3%
Personnel and Administratve Expenses 0% to 5%
15/15 Investor Relations | 4Q16 |
This report may contain forward-looking statements concerning the business prospects, projections of operating and financial results and growth outlook of PINE. These are merely projections and as such
are based solely on management’s expectations regarding the future of the business. These statements depend substantially on market conditions, the performance of the sector and the Brazilian economy
(political and economic changes, volatility in interest and exchange rates, technological changes, inflation, financial disintermediation, competitive pressures on products and prices and changes in tax
legislation) and therefore are subject to change without prior notice.
Norberto Zaiet Junior
CEO
João Brito
CFO
Raquel Varela Bastos
Head of Investor Relations, Local Funding and Communication
Luiz Maximo
Investor Relations Coordinator
Kianne Paganini
Investor Relations Analyst
Phone: (55 11) 3372-5343
ir.pine.com
ir@pine.com
Investor Relations
Recommended