São Paulo, May 11, 2011 – Banco Indusval S.A., financial institution focused on corporate lending, operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the first quarter of 2011 (1Q11).
Collective Mining | Corporate Presentation - April 2024
Earnings Release Report 1Q11
1. 1Q11 Results
New Partners, Capital Increase, Strenghthened
Management and Operating Agreement with
Sertrading
São Paulo, May 11, 2011 – Banco Indusval S.A., financial institution focused on corporate lending,
operating in the Brazilian market for over 40 years, listed at the Stock, Commodities and Futures
Exchange - BM&FBOVESPA under tickers IDVL3 and IDVL4, announces its financial results for the
first quarter of 2011 (1Q11).
Highlights of the Period
IDVL4: R$ 8.98 per share
Closing: 05/11/2011 Capital increase of R$ 201 million, subscribed by
Total shares: 41.212.984 Warburg Pincus, as well as the controlling
Market Cap: R$ 370.1 MM shareholders of Sertrading and of Indusval.
+ 21.892.709 Subscription receipts =
R$ 566.7 MM Market Cap
Acquisition of minority interest in Sertrading, with
the signing of an operating agreement for the
acquisition of its foreign trade receivables.
Conference Calls/ Webcasts:
05/12/2011 JP Morgan also participates in the deal through a
US$ 25 million loan for operational expansion, with
In English the right to acquire subscription warrants to
11h00 (Brasília) / 10h00 (US EST) preferred shares up to 2.5% of the Bank’s capital.
Connection USA:+1 786 924-6977
Connection Brazil:+55 11 4688-6361
Code: Banco Indusval
The Bank’s management is strengthened with the
election of new members to the Board of Directors
and Executive Board who will bring corporate and
In Portuguese financial expertise, as well as international
10h00 (Brasília) / 9h00 (US EST)
experience.
Phone: +55 11 4688-6361
Code: Banco Indusval
New Vision and Strategy: Innovation and
excellence in corporate lending, as well as
leadership in the fixed-income capital market.
Website: www.indusval.com.br/ir
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2. Summary
Nessage from the Management............................................................... 3
The Transaction................................................................................................ 3
Strengthned Management…………......................................................................... 5
First Quarter Results…………................................................................................ 6
Key Indicators…………............................................................................. 7
Operating Performance…........................................................................ 8
Credit Portfolio…….................................................................................. 10
Funding................................................................................................. 14
Liquidity............................................................................................... 15
Capital Adequacy................................................................................. . 15
Risk Ratings.......................................................................................... 16
Capital Market………............................................................................... 16
New Statutory Bodies Elected……………………............................................... 19
BALANCE SHEET…………........................................................................... 20
INCOME STATEMENT.……………………........................................................... 22
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3. Message from the Management
The first quarter of 2011 marks a new chapter in Indusval’s history. During 43 years of the Indusval
brand’s existence, we witnessed decisive moments in the evolution of our businesses: from
brokerage to bank in 1991; the merger with Multistock in 2003; the sale of the Direct Consumer
Credit operation in 2004; inauguration of the first branch offices outside São Paulo in 2006; the IPO
in 2007; the strategic rethink in 2010; and in 2011, the signing of the Agreements object of a
Material Fact disclosed on March 22, 2011, and adopted the new brand BANCO INDUSVAL &
PARTNERS to reflect this new phase.
More than merely increasing the capital structure to support the growth of our operations, the new
agreements represent a significant leap towards the adoption of a new vision to make us an
innovative bank that excels in corporate lending through a profound knowledge of our clients’
operations and the sectors in which they operate, and become a leader in the growing corporate
bonds market in Brazil in the medium and long terms.
This vision was developed in partnership with our new partners and managers who are adding their
entrepreneurship skills, expertise in the management of companies and financial institutions, their
foreign trade background and knowhow of the agribusiness dynamics and processes. In addition,
this operation will add Sertrading’s important and diversified client base that is complementary to
Indusval’s client portfolio, as well as its global relations and international experience.
The objective is clear: to return our historical growth levels through the generation of high quality
assets in the middle and upper middle markets, while reducing our credit risk through an in-depth
knowledge of our clients’ operations, besides expanding the offering of financial products, reinforcing
our generation of recurring revenue from services.
This transformation is already underway. The professionals working in the new product areas are
already structuring their teams, and concluded their short-, medium- and long-term strategic plan.
Our financial statements should soon show the initial signs. However, our value proposition should
materialize with greater consistency in the medium and long terms.
The Transaction:
• Expansion of the Capital Base: To strengthen and expand Banco Indusval’s capital base
with the aim of growing its assets with a stronger structure, the capital was increased by R$
201 million through the admission of new partners and a private subscription to new shares,
as follows:
- R$ 150 million – Warburg Pincus
- R$ 30 million – Controlling shareholders of Sertrading
- R$ 21 million – Controlling shareholders of Banco Indusval
This partial capital increase was approved by the Company’s Board of Directors on May 6,
2011 and is subject to approval of the Central Bank of Brazil.
• Important Strategic Partner: Warburg Pincus is one of the world’s largest private equity
funds. They have invested approximately US$37 billion in over 600 companies across 30
countries in its 40 years of history. One of its specialties is investing in finance companies
and it has already invested approximately US$ 8 billion in 66 financial services institutions
worldwide. It is currently a shareholder in more than 12 banking institutions in the United
States, Asia and Europe.
After subscribing and paying its stake in the Bank’s capital through WP X Fundo de
Investimento em Participações, Warburg Pincus signed a Shareholders’ Agreement that
includes the right to appoint a member to the Board of Directors. The fund appointed its CEO
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4. in Brazil, Mr. Alain Belda, former Chairman and CEO of Alcoa (USA) and current member of
the Board of Directors of Citibank (USA).
This is the first significant investment by a large international private equity fund in a
Brazilian credit bank, which opens up new long-term funding avenues for Brazil’s financial
sector.
• Capital Injection in Sertrading S.A. and Operating Agreement: On April 1, 2011, Banco
Indusval invested R$ 25 million by subscribing to the common shares as part of a capital
increase at Sertrading, one of the biggest logistics and foreign trade services companies in
Brazil. Founded in 2001, Sertrading's main shareholders are Alfredo De Goeye Junior, Jair
Ribeiro da Silva Neto and Mineração Santa Elina Indústria e Comércio S.A. With this
investment, the bank will hold a 17.7% minority interest in Sertrading.
The table presents Sertrading’s key financial data:
Growth
R$ Million 2010 2009
(%)
Foreign Trade Volume transacted R$ 1,600.0 R$ 1,100.0 45%
Net Income R$ 502.5 R$ 345.8 45%
Operating Profit R$ 30.4 R$ 15.1 101%
Net Profit R$ 12. 8 R$ 6.3 103%
EBITDA R$ 30.9 R$ 16.2 91%
On April 1, 2011, the Bank also executed:
- a Shareholders’ Agreement with the controlling shareholders of Sertrading regulating
(a) the Bank’s option to acquire the remaining capital of the company in the next 2
years; (b) the appointment of two (2) members to the Board of Directors; and (c)
veto rights on specific matters, including mergers and acquisitions and significant
indebtedness; and
- an Operating Agreement, valid for 5 years, with preemptive rights for the acquisition
of receivables generated by its foreign trade activities. Note that during its 10 years
of operations, Sertrading has never registered any default on its receivables, thanks
to the quality of its clients and its close monitoring of their operations.
The Bank plans to obtain several synergies from the Sertrading deal, especially (i) to expand
its operations in the foreign trade platform to gain access to bigger clients, thus broadening
its quality-asset generation base; (ii) to increase the visibility of its clients’ operational chain,
mitigating the risks of these operations and expanding the offering of corresponding financial
products; and (iii) cross-selling of the bank’s financial products to Sertrading’s client base.
• Acquisition of agricultural bond issuer: On April 15, 2011, the Bank acquired 100% of
the capital of Serglobal Comércio de Cereais Ltda, an issuer of agricultural bonds, as well as
the portfolio and team that invests in Sertrading’s Rural Product Certificates, for R$ 15
million. The transaction signifies the transfer of Sertrading’s expertise in the past 8 years to
the bank. The objective is to expand the bank’s operations to certain segments in the
agricultural sector in which the team absorbed from Sertrading has significant expertise.
• Agreement with J.P. Morgan: Through the agreements signed on March 22, 2011:
− J.P. Morgan will grant to the Bank a US$ 25 million loan, with a 2-year term and half-
yearly interest payments; and
− J.P. Morgan has committed to subscribe in the future to Banco Indusval’s preferred stock
warrants representing 2.5% of its capital. J.P. Morgan will neither join the controlling
block of shareholders nor participate in the management of Banco Indusval.
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5. Strengthened Management:
After duly approved by the Central Bank, Manoel Felix Cintra Neto will take office as Chairman of
the Board of Directors, while Luiz Masagão Ribeiro and Jair Ribeiro da Silva Neto take office as
Joint CEOs.
Jair Ribeiro da Silva Neto was one of the founders and served as the chairman of Banco
Patrimônio (1988-1999), chairman of Banco Chase Manhattan S.A. and executive officer at JP
Morgan Chase (NY) (2000-2003). More recently, he was a shareholder, the CEO and chairman of
CPM Braxis S.A. (2005-2010), one of Brazil’s largest IT services companies, whose control was sold
in October 2010 to an industry giant: the European Cap Gemini.
Jair Ribeiro will lead the commercial, funding, treasury, products and corporate finance areas,
while the co-CEO Luiz Masagão will focus on the credit, risk, compliance, IT, legal and
administrative areas. By dividing the areas between two executive officers and seasoned
shareholders, we seek to achieve excellence in all of the bank operations related to corporate loans
and financial services.
The following executives also joined the bank in April 2011:
− Francisco Cote Gil (Commercial Vice-President) was partner and executive officer at
BBA and Itaú BBA (1990 – 2009) and executive officer at Banco Crefisul de Investimento
(Citibank), where he worked for 18 years.
− Gilberto Faiwichow (Treasury Vice-President) worked as treasurer at ING (Brazil) (1989
– 1992), partner at Black River Asset Management (Cargill Group) (2005 – 2008) and co-
founder and treasurer of Banco Rendimento (1992 – 2000).
− André Mesquita (Products & Corporate Finance Vice-President) served as COO of Cotia
Trading (Argentina) (1996 – 2000), was co-founder of Sertrading (2001- 2011) and
former CFO of CPM Braxis (2005 – 2011).
Katia Moroni, currently executive officer at the bank, she will serve as Vice-President of Trade
Finance, Syndications, Funding and Investor Relations.
Gilmar Melo de Azevedo, current executive officer of the bank, will serve as Vice-President for
Special Credits, reporting to Mr. Manoel Cintra, and will be responsible to manage the credit
renegotiation and recovery for lower quality loans.
Eliezer L. Ribeiro da Silva, current executive officer, takes the responsibility for the Credit
Department for midsized companies.
With the aim of constantly improving our governance, Alain Belda (Warburg Pincus), Alfredo de
Goeye Junior (CEO of Sertrading), Guilherme Afonso Ferreira (Bahema) and Walter Iorio
(former KPMG) will serve as Independent Members of our Board of Directors, after duly approved by
the Central Bank of Brazil.
First Quarter Results
The 1Q11 results do not yet reflect the effects of this partnership, except for the expenses already
provisioned, resulting from the negotiation and restructuring process.
For the bank, the first quarter was a period of intense planning and negotiation of the operations
described above. Loan operations remained stable in relation to 4Q10, while increasing 14.4% from
1Q10.
The most important aspect in terms of results was the R$ 67 million increase in allowance for loan
losses and the increase in loans overdue more than 60 days, which generated expenses with
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6. allowance for loan losses of R$ 101.6 million, raising the balance for loan loss allowances to R$212.6
million, signifying 183% cover of the loans overdue more than 60 days.
The increased allowance, announced in the Material Fact notice dated March 22, 2011, aims to
safeguard the profitability of the bank’s future operations, segregating any credit problems resulting
from loans granted during the economic crisis. This decision provides greater comfort to the new
shareholders and management members so that they may focus their attention and efforts on
devising the new business strategy. Thus, it was a conservative and one-off measure adopted to
pave the way for periods of lower fluctuations in profitability and growth.
Also worth pointing out is the high liquidity of our balance sheet: cash of R$ 1.0 billion, equivalent to
58% of total deposits, reflecting the management’s conservative approach and the capital increase
carried out in late March, which brought Indusval one of the highest capital adequacy (Basel) ratios
in the market: 24%. This high liquidity is unique in the market and places the bank in a privileged
position for the new pace of growth defined by the new shareholders and strategy.
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7. Key Indicators
The financial and operating information presented in this report are based on consolidated financials prepared in millions of
Reais (local currency), according to Brazilian GAAP (BRGAAP).
Results 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Financial Intermediation Income 118.1 115.9 114.4 1.9% 3.3%
Financial Interm. Expenses bef. ALL (77.8) (67.9) (67.7) 14.7% 14.9%
Result from Financial Int. before ALL 40.3 48.0 46.7 -16.2% -13.7%
1
ALL Expenses (101.6) (13.5) (11.5) 652.3% 787.6%
Result from Financial Intermediation (61.4) 34.5 35.2 -277.7% -274.2%
Recurring Operating Result (87.5) 6.4 11.2 -1459.2% -880.6%
Non-Recurring Operating Expenses (2.7) (0.3) (0.4) 788.6% 540.6%
Operating Result (90.3) 6.1 10.8 -1571.5% -936.5%
Net Profit (Loss) (54.5) 5.9 7.3 -1024.2% -841.5%
Assets & Liabilities 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Loan Portfolio 1,890.2 1,876.9 1,655.6 0.7% 14.2%
Loan Portfolio + Guarantees and L/Cs 1,966.6 1,941.2 1,719.0 1.3% 14.4%
Cash & Short Term Investments 567.1 51.7 377.3 996.3% 50.3%
Securities and Derivatives 1,825.9 1,261.3 979.4 44.8% 86.4%
Total Assets 4,346.8 3,276.1 3,048.6 32.7% 42.6%
Total Deposits 1,759.0 1,577.6 1,363.6 11.5% 29.0%
Open Market 1,312.8 538.6 605.7 143.7% 116.8%
Foreign Borrowings 350.7 325.3 408.4 7.8% -14.1%
Domestic On-lending 137.0 127.7 108.7 7.3% 26.0%
Shareholders’ Equity 563.7 426.4 430.7 32.2% 30.9%
Performance 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Free Cash 1,027.0 732.8 707.1 40.1% 45.2%
NPL 60 days/ Loan portfolio 6.1% 3.8% 3.5% 2.3 p.p. 2.6 p.p.
NPL 90 days/ Loan portfolio 4.6% 3.3% 2.8% 1.4 p.p. 1.8 p.p.
2
Basel Index 23.7% 17.6% 21.1% 6.1 p.p. 2.6 p.p.
ROAE -37.3% 5.6% 7.0% -42.9 p.p. -44.2 p.p.
Net Interest Margin (NIM) 4.6% 6.5% 7.0% -1.9 p.p. -2.5 p.p.
Adjusted Net Interest Margin (NIMa) 5.9% 7.9% 8.5% -2.0 p.p. -2.7 p.p.
3
Efficiency Ratio 80.9% 65.7% 61.0% 15.2 p.p. 19.9 p.p.
Efficiency Ratio (excl. non-recurring Expenses) 72.3% 64.3% 60.2% 8.0 p.p. 12.1 p.p.
Other Information 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Number of Corporate Clients 707 709 680 -0.3% 4.0%
Number of Employees 357 362 350 -1.4% 2.0%
Details in the respective sessions of this report
1
1Q11 additional Loan loss Allowances incl.
2
1T11 partial capitalization under reserves
3
non-recurring expenses included
Banco Indusval & Partners (BI&P) is a commercial bank with 43 years of experience in the financial markets, focusing
on local and foreign currency corporate loan products. The Bank relies on a network of 11 branches strategically
located in economically relevant Brazilian regions, including an offshore branch, and its brokerage firm operating 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.
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8. Operating Performance
Profitabilty
Financial Intermediation 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Financial Intermediation Revenues 118.1 115.9 114.4 1.9% 3.3%
Loan Operations 64.3 68.8 61.2 -6.5% 5.2%
Loans & Discounts Receivables 60.3 61.3 52.1 -1.7% 15.8%
Financing 3.6 4.5 6.5 -20.6% -44.8%
Other 0.4 2.9 2.6 -85.7% -83.8%
Securities 40.7 24.2 24.3 68.2% 67.7%
Derivative Financial Instruments 5.4 14.2 1.6 -61.8% 231.9%
FX Operations Result 7.7 8.7 27.3 -12.3% -72.0%
Financial Intermediation Expenses 179.5 81.4 79.2 120.5% 126.7%
Money Market Funding 72.0 60.1 38.8 19.8% 85.5%
Time Deposits 46.4 41.7 29.5 11.1% 57.2%
Repurchase Transactions 22.3 16.1 8.3 38.8% 168.3%
Interbank Deposits 3.3 2.3 1.0 46.9% 238.0%
Loans, Assign. & Onlending 5.9 7.8 28.9 -25.1% -79.7%
Foreign Borrowings 3.6 5.8 26.3 -37.0% -86.2%
Dom. Borrowings+Onlending 2.2 2.1 2.7 8.2% -16.0%
Allowance for Loan Losses 101.6 13.5 11.5 652.3% 787.6%
Financial Intermediation Result (61.4) 34.5 35.2 -277.7% -274.2%
Result from Financial Intermediation, detailed in notes 15.a and 15.b to the quarterly financial
statements, reflects the stability in the income from financial intermediation in the quarter. The
increase in funding expenses was mainly due to the higher funding volume and, consequently,
higher cash balance in the period, which resulted in higher income from securities operations.
The R$ 67 million increase in allowance for loan losses and the increase in loans overdue more than
60 days resulted in provisioning expenses of R$ 101.6 million for loan losses, raising the allowance
of loan losses to R$ 212.6 million, with a 183% cover of the loans overdue more than 60 days. The
increased allowance, announced in the Material Fact notice, aims to safeguard the profitability of the
bank’s future operations, segregating any credit problems resulting from loans granted during the
economic crisis. This decision provides greater comfort to the new shareholders and management
members so that they may focus their attention and efforts on devising the new business strategy.
Net Interest Margin
Net Interest Margin (*) 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
A. Result from Financial Int. before ALL 40.3 48.0 46.7 -16.2% -13.7%
A1'' Adjustment FX fluctuation *1 (1.5) (0.4) (0.0) 241.4% 70658.8%
A.a Adj. Financial Interm Result before ALL 38.8 47.6 46.7 -18.5% -16.8%
B. Average Interest bearing Assets 3,583.1 3,036.4 2,720.1 18.0% 31.7%
Zero remuneration average assets adjustment (881.2) (561.5) (484.6) 56.9% 81.8%
B.a Adj Average Interest bearing Assets 2,701.9 2,474.9 2,235.5 9.2% 20.9%
Net Interest Margin (NIM) (A/B) 4.6% 6.5% 7.0% -0.3 p.p. -0.4 p.p.
Adj.Net Interest Margin (NIMa) (Aa/Ba) 5.9% 7.9% 8.6% -2.0 p.p. -2.7 p.p.
(*) annualized
*1 FX changes from ADR deals deducted from other Operating Expenses
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9. Net interest margin (NIM) stood at 4.6%, mainly due to the higher carry-forward of cash. Adjusted
net interest margin (NIMa) stood at 5.9%, reflecting the foreign exchange effects on financial
intermediation and exclusion from the remunerable asset base the average balances of assets with a
balancing item of equal amount, interest rate and tenor in repo operations under liabilities.
Efficiency Ratio
Efficiency Ratio 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Personnel Expenses 14.7 15.4 12.4 -4.2% 18.7%
Contributions and Profit-sharing 2.1 1.2 2.5 82.1% -14.9%
Administrative Expenses 11.4 11.3 8.9 1.1% 27.8%
Taxes 3.5 4.2 3.2 -16.2% 11.3%
Other Operating Expenses 4.8 3.0 3.5 57.1% 36.0%
A1'- Recurring Operating Expenses 36.6 35.1 30.5 4.2% 19.9%
A1'' Adjustment FX fluctuation *1 (1.5) (0.4) (0.0) 241.4% n.m.
A1- Adj. Recurring Operating Exp. 35.1 34.7 30.5 1.3% 15.1%
Personnel Expenses*2 1.4 0.3 0.0 353.6% n.m.
Administrative Expenses*3 0.0 0.0 0.4 n.m. n.m.
Other Operating Expenses*4 1.3 0.0 0.0 n.m. n.m.
A2- Total Adjusted Op. Expenses 2.7 0.3 0.4 788.6% 540.6%
A- Operating Expenses Total 37.8 35.0 30.9 8.2% 22.3%
Gross Income Fin. Interm. (w/o ALL) 40.3 48.0 46.7 -16.2% -13.7%
Income from Services Rendered 3.5 4.0 2.8 -14.2% 22.4%
Income from Banking Tariffs 0.2 0.3 0.2 -10.6% 21.5%
Other Operating Income 4.6 1.5 1.0 200.5% 361.6%
B- Operating Income Total 48.6 53.9 50.7 -9.9% -4.2%
Recurring Efficiency Ratio (A1/B) 72.3% 64.3% 60.2% 8.0 p.p. 12.1 p.p.
Efficiency Ratio (A/B) 77.9% 64.9% 61.0% 13.0 p.p. 16.9 p.p.
*1 FX expenses from ADR deals accounted under Other operating expenses deducted
*2 Taxes and indemnifications- dismissals
*3 Consultancy expenses
*4 Investment Agreement Expenses- Lawyers, Auditors, etc.
The efficiency ratio in 1Q11 was impacted by non-recurring expenses of R$ 2.7 million (R$ 0.3
million in 4Q10 and R$ 0.4 million in 1Q10) in other operating expenses. These expenses are related
to amounts and charges provisioned and/or paid as severance pay to employees terminated (R$ 1.4
million), additional labor contingency provisions (R$ 0.8 million) and expenses related to the
Investment Agreement (R$ 0.5 million paid to auditors, lawyers, etc.). The efficiency ratio adjusted
for non-recurring expenses came to 72.3% in the quarter, versus 64.3% in 4Q10 and 60.2% in
1Q10. We understand that this ratio is still high and shall be normalized with the gradual asset
growth and cash reduction.
Net Profit
The results of the quarter reflect the expenses pursuant to the Management’s decision in line with
the negotiations under the Investment Agreement, preparing the Bank for its new phase. The main
impact results from expenses with allowance for loan losses, amounting to R$ 101.6 million,
including the constitution of additional allowance of R$ 67 million, and non-recurring expenses of R$
2.7 million related to severance pay, labor contingencies and costs related to the structuring of the
investment agreement, as detailed above.
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10. Credit Portfolio
On March 31, 2011, the Credit Portfolio, which includes guarantees, sureties and letters of credit,
detailed in Note 6 to the Financial Statements, totaled around R$ 2.0 billion, up 14.4% from 1Q10.
Credit Portfolio by Product 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Loan Operations 1,527.2 1,550.9 1,348.2 -1.5% 13.3%
Loans & Discounted Receivables 1,348.0 1,353.5 1,158.9 -0.4% 16.3%
BNDES/ Finame 124.6 112.6 85.0 10.6% 46.6%
Direct Consumer Credit – used vehicles 4.8 6.2 12.7 -22.2% -61.8%
Financing in Foreign Currency 32.0 51.9 32.4 -38.3% -1.1%
Other Financing 10.2 14.2 22.8 -27.8% -55.1%
Assignment with Co-obligation 7.5 12.4 36.5 -39.7% -79.5%
Advances on Foreign Exchange Contracts 353.8 316.2 300.3 11.9% 17.8%
Other Loans 9.2 9.8 7.1 -5.7% 30.9%
DISBURSED CREDIT OPERATIONS 1,890.2 1,876.9 1,655.6 0.7% 14.2%
Guarantees Issued (L/Gs and L/Cs) 76.4 64.3 63.4 18.9% 20.6%
TOTAL 1,966.6 1,941.2 1,719.0 1.3% 14.4%
Allowance for Loan Losses (212.6) (119.6) (110.7) 77.7% 92.0%
Credit Portfolio by Currency 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Local Currency - Real 1,504.4 1,508.7 1,322.9 -0.3% 13.7%
Foreign Currency 385.9 368.2 332.7 4.8% 16.0%
TOTAL 1,890.2 1,876.9 1,655.6 0.7% 14.2%
Working capital loans and discounts of receivables to the middle market companies accounted for
the bulk (88%) of the total loans in the period.
Trade finance operations, which include foreign currency loans (R$ 32.0 million) and advances on
foreign exchange contracts (R$ 353.8 million), totaled R$ 385.9 million, representing 20% of the
loan portfolio, up 5% in the quarter and 16% in 12 months, despite the 2.04% and 8.98%
appreciation of the Brazilian real in the respective periods. In U.S. dollar terms, the trade finance
portfolio grew 7.01% in the quarter and 26.7% in 12 months, to US$ 236.7 million, from US$ 221.1
million on December 31, 2010 and US$ 186.8 million on March 31, 2010.
The Loan Portfolio also includes BNDES/FINAME onlendings, which increased 11% and 47% in the
comparison periods, respectively; the run off balance from the Direct Consumer Credit – Used
Vehicles 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). It is
worth mentioning that the used vehicle financing and credit assignments outstanding balances
represent only R$ 12.3 million, less than 1% of the loan portfolio.
As shown below, the middle market segment accounts for 82% of the Loan Portfolio, while the Large
Companies platform (companies with revenues of over R$ 400 million), which was structured in July
2010, represents 14% of the portfolio, up 4% in the quarter.
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11. Credit Portfolio By Cliente Segment 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Middle Market 1,554.5 1,538.5 1,557.5 1.0% -0.2%
Local Currency - Real 1,241.3 1,253.5 1,224.8 -1.0% 1.3%
Loans & Discounted Receivables 1,118.6 1,139.3 1,139.8 -1.8% -1.9%
Financing 10.2 14.2 - -27.8% n.m.
BNDES / FINAME 112.4 99.9 85.0 12.5% 32.3%
Foreign Currency 313.1 285.1 332.7 9.8% -5.9%
Large Companies 267.2 256.5 - 4.2% n.m.
Local Currency - Real 194.5 173.4 - 12.1% n.m.
Loans & Discounted Receivables 182.3 160.7 - 13.4% n.m.
BNDES / FINAME 12.2 12.7 - -4.2% n.m.
Foreign Currency 72.7 83.1 - -12.5% n.m.
Other 68.6 81.9 98.1 -16.3% -30.1%
Consumer Credit – used vehicles 11.7 15.2 28.2 -23.2% -58.6%
Acquired Loans & Financing 47.7 56.9 62.9 -16.2% -24.2%
Other Loans 9.2 9.8 7.1 -5.7% 30.9%
Disbursed Credit Operations 1,890.2 1,876.9 1,655.6 0.7% 14.2%
Guarantees Issued 76.4 64.3 63.4 18.9% 20.6%
TOTAL 1,966.6 1,941.2 1,719.0 1.3% 14.4%
Allowance for Loan Losses (212.6) (119.6) (110.7) 77.7% 92.0%
Industry %
Agribusiness 17.56%
Food & Beverage and Tobacco 17.52%
Civil Construction 10.01%
Chemical & Pharmaceutical 4.96%
Automotive 4.51%
Transportation & Logistics 4.47%
Financial Institutions 4.44%
Textile, Apparel and Leather 3.93%
Education 3.42%
Metal Industry 2.91%
Power Generation & Distribution 2.84%
Individuals 2.72%
Oil and Biofuel 2.63%
Financial Services 2.20%
Pulp & Paper 2.19%
Wood & Furniture 1.81%
Retail & Wholesale 1.37%
Other Industries (*) 10.51%
TOTAL 100.00%
(*) Individual participation of less than 1.3% of credit portfolio
11/22
12. By Economic Activity By Segment
Other Upper
Services Individuals
Middle
23% 7%
14%
Financial Middle Retail and
Cos Market other
3% 82% 4%
Commerce
11% Industry
56%
By Product By Client Concentration
10 largest
Other
20%
Other 24%
1%
BNDES / Loans &
FINAME Discounts
8% 91%
61 - 160 11. - 60.
24% 32%
By Maturity By Guarantee
181 to
91 to 180 360 Vehicles Securities
19% 15% Real State 1% 3%
Aval PN
10%
26%
Pledge /
Lien
2% Others
Pledge 4%
Above Monitored
Up to 90 360 days 6%
days 30% Receivables
36% 48%
Loan Portfolio Quality
Rating AA A B C D E F G H Prov /
Comp. TOTAL Cred %
Required Provision % 0% 0.5% 1% 3% 10% 30% 50% 70% 100%
O/S Loans 35.4 666.1 476.4 430.8 87.5 91.7 22.2 10.1 69.9 - 1,890.2
1Q11
11.2%
Allowance for Loan Losses 0.0 3.3 4.8 12.9 8.8 27.5 11.1 7.1 69.9 67.2 212.6
O/S Loans 47.8 664.4 480.7 417.1 107.9 65.5 37.8 20.2 35.5 - 1,876.9
4Q10
6.4%
Allowance for Loan Losses 0.0 3.3 4.8 12.5 10.8 19.6 18.9 14.1 35.5 0.0 119.6
O/S Loans 0.0 488.8 471.2 494.3 63.6 26.3 20.2 6.2 0.0 - 1,570.5
1Q10
4.3%
Allowance for Loan Losses 0.0 2.4 4.7 14.8 6.4 7.9 10.1 4.4 0.0 17.3 68.0
12/22
13. On March 31, 2011, allowance for loan losses totaled R$ 212.6 million and consisted of: (a)
regulatory provisions of R$ 145.4 million; and (b) complementary provisions of 3.5% of the loan
portfolio in the amount of R$ 67.2 million. Complementary provisions are constituted to meet
potential difficulties in the payment of renegotiated loans and the aging of loans overdue more than
60 days (non-performing loans – NPL), classified between D and H, thus increasing the cover to
75.5%, from 44.8% in 4Q10 and 49.3% in 1Q10.
As explained earlier, despite the impact on immediate results, the increase in allowance for loan
losses aims to safeguard the future operations of the bank, segregating problematic loans resulting
from the economic crisis and providing more comfort to new shareholders and management
members to focus their attention and efforts on devising the new business strategy.
On March 31, 2011, the Loan Portfolio comprised loans renegotiated with clients in the amount of
R$242.6 million, mostly classified between D and H, even when they are not overdue. Loans
classified between D and H totaled R$ 281.5 million, equivalent to 14.9% of the loan portfolio, of
which 59% were performing loans.
The balance of loans with installments overdue more than 60 days totaled R$ 115.9 million,
equivalent to 6.1% of the loan portfolio. The balance of loans with installments overdue more than
90 days, comparable to Central Bank data, totaled R$ 87.6 million, equivalent to 4.6% of the loan
portfolio (NPL 90 days). According to the Central Bank, default rates (more than 90 days) for
corporate loans have remained stable at around 3.6% since March 2010.
> 60 days > 90 days
Default by segment 1Q11 4Q10
1Q11 4Q10 1Q11 4Q10
Total Credit Portfolio NPL %T NPL %T NPL %T NPL %T
Middle Market 1,554.5 1,538.5 112.1 7.2% 67.2 4.4% 84.2 5.4% 56.6 3.7%
Large Companies 267.2 256.50 - - - -
- - - -
Other 68.6 81.9 3.8 5.5% 5.1 6.2% 3.4 4.9% 4.5 5.5%
TOTAL 1,890.2 1,876.9 115.9 6.1% 72.2 3.8% 87.6 4.6% 61.2 3.3%
Allowance Loan Losses (ALL) 212.6 119.6
ALL / NPL - 183.4% 165.6% 242.76% 195.6%
ALL/ Loan Portfolio 11.2% 6.4% - - - -
The table above shows that the allowance for loan losses corresponds to 11.2% of the loan portfolio,
up 4.8 p.p. from 4Q10, covering 183.4% (+17.8 p.p.) of the loans overdue more than 60 days and
2.4 times the loans overdue more than 90 days (+47.1 p.p.).
In 1Q11, loans amounting to R$ 8.7 million (R$ 6.0 million in 4Q10), classified as H for 180 days
and hence were 100% provisioned, were written off. Recovery of overdue loans totaled R$ 0.4
million in the quarter (R$ 3.0 million in 4Q10).
13/22
14. Funding
Funding increased 10.6% from the previous quarter to reach R$ 2.2 million, 84.4% in reais and
15.6% in foreign currency.
Total Funding 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Total Deposits 1,759.0 1,577.6 1,363.6 11.5% 29.0%
Time Deposits 680.5 739.9 698.5 -8.0% -2.6%
Insured Time Deposits (DPGE)* 830.0 591.0 572.0 40.4% 45.1%
Agribusiness & Bank Notes 95.9 82.0 8.7 16.9% 1006.6%
Interbank Deposits 113.5 116.5 42.5 -2.6% 166.9%
Demand Deposits and Other 39.1 48.2 42.0 -18.7% -6.7%
Domestic Onlending 137.0 127.7 108.7 7.3% 26.0%
Foreign Borrowings 350.7 325.3 408.4 7.8% -14.1%
Trade Finance 331.9 307.0 296.8 8.1% 11.8%
IFC A/B Loan 18.8 18.3 111.6 2.8% -83.1%
TOTAL 2,246.7 2,030.6 1,880.7 10.6% 19.5%
Funding in reais mainly consists of deposits (78% of total funding), mainly through the issue of Bank
Deposit Certificates (CDB) (30.3%) and Time Deposits with Special Guarantee (DPGE) (36.9%). The
increase in the balance of DPGEs over the previous quarter reflects the 2- and 3 year-funding
operations, before the capital increase date was confirmed, anticipating the demand for longer-term
assets. Therefore, the average term of deposits was 806 days from issue (+49 days) and 532 days
from the close of the quarter (+36 days), as follows:
Avg term from Avg term
Type of Deposit
issuance to maturity
Time Deposits 572 341
Interbank 228 125
DPGE 1,141 790
Agribusiness & Bank Notes 203 132
Portfolio of Deposits 806 532
(*) from March 31, 2011
Deposits
By Type By Investor By Maturity
A LC+B N Other
Time 5% Interbk 5%
Individual +360
Depo sit 6%
13% days up to 90
(DP GE)
Demand 46% days
48% Financial Institucio
2% Inst 33%
nal
6% 55%
Enterpris 91to 180
Time 1 to
81
e days
Depo sit 360 days
21% 13%
39% 8%
14/22
15. Foreign borrowings reflect basically the growth of the Trade Finance portfolio financed through lines
granted by foreign correspondent banks. The balance of IFC’s A loan, amounting to R$ 18.8 million
and maturing in September, is totally hedged against exchange and interest rate fluctuations since
its disbursement in October 2008.
Liquidity
On March 31, 2011, cash totaled R$ 2,339.8
million and, excluding Money Market Free Cash – R$ MM
Funding (R$ 1,312.8 million), resulted in
free cash of R$ 1,027.0 million, equivalent 1,027
to 58.4% of total deposits, including R$
197.7 million subscribed and paid till March 733
707
31, 2010, held in reserve for capitalization
until approved by the Central Bank of Brazil.
Bear in mind that the period for subscription
of the preemptive rights by the
shareholders of Banco Indusval S.A. ended
on April 25, 2011, and the period for
subscription of the remaining reserved and 1Q10 4Q10 1Q11
apportioned shares ended on May 2, 2011.
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 S.A.’s position in relation to the minimum capital
requirements of the Central Bank:
Basel Index 1Q11 4Q10 1Q10 1Q11/ 4Q10 1Q11/1Q10
Total Capital 563.7 426.4 443.1 32.2% 27.2%
Required Capital 261.8 266.6 231.4 -1.8% 13.2%
Margin over Required Capital 301.9 159.8 211.7 89.0% 42.6%
Basel Index 23.7% 17.6% 21.1% 609.3% 262.0%
As mentioned in the previous item, the reference equity already includes the amounts subscribed up
to March 31, 2011, held for capital increase, and absorbs the negative net result of R$ 54.5 million,
mainly due to the additional allowance.
15/22
16. Risk Ratings
Financial
Agency Classification Obs. Last Report
Statements
B+/Positive/B Global
Standard & Poors Dec. 28, 2010 Sept. 30, 2010
brBBB+/ Positive/ brA-3 National Brasil
Financial Strenghth: D- Stable
Global
Moody's Ba3/Stable/ Not Prime Nov. 25, 2010 Sept. 30, 2010
National Brasil
A2br/ Stable/ BR-2
10.02 Riskbank Index
RiskBank April 20, 2011 Dec. 31, 2010
Ranking: 56 Low Risk Short Term
FitchRatings BBB/ Stable/ F3 National Brasil Dec. 21, 2011 Sept. 30, 2010
Capital Market
Total shares
On March 31, 2011, 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 746,853 held in
treasury. The shares from the capital increase will be issued only after the Central Bank’s approval,
in accordance with legislation.
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. Until March 31, 2011, a total of 772,453 preferred shares (IDVL4)
had been acquired under this program.
Free Float
Number of Shares as of 31.03.2011
Corporate Controlling
Type Management Treasury Free Float %
Capital Group
Common 27,000,000 (17,116,985) (2,574,269) - 7,309,558 27.1%
Preferred 14,212,984 (610,981) (159,570) (746,853) 12,299,964 86.5%
TOTAL 41,212,984 (17,727,966) (2,733,839) (746,853) 19,609,522 47.6%
The 7,309,458 common shares in free float are owned by the Ribeiro and Ciampolini families, who
are not part of the controlling group. Thus, the preferred shares regularly traded on the stock
exchange total 12,299,964, equivalent to 29.8% of the total capital.
Stock Option Plan
The following Stock Option Plans were approved for the Company’s executive officers and managers,
as well as individuals who provide services to the Company or its subsidiaries:
• Stock Option Plan I approved at the Extraordinary Shareholders’ Meeting of March 26, 2008.
• Stock Option Plan II approved at the Extraordinary Shareholders’ Meeting of April 29, 2011.
• Stock Option Plan III approved at the Extraordinary Shareholders’ Meeting of April 29, 2011.
16/22
17. The above-mentioned Stock Option Plans are filed in the IPE System of the Securities and Exchange
Commission of Brazil (CVM) and are also available for consultation on the Company’s IR website.
The table below shows the options granted by Banco Indusval S.A. under the Stock Option Plan I:
Quantity
Data da Term for Exercise
Grace period Granted Exercised Extinct Not Exercised
outorga exercise Price R$
07/22/08 3 years 5 years 10.07 161,896 - - 161,896
02/10/09 3 years 5 years 5.06 229,067 25,600 10 203,457
02/22/10 3 years 5 years 8.56 525,585 - 15,263 510,322
08/06/10 3 years 5 years 7.72 261,960 - 2,524 259,436
02/09/11 3 years 5 years 8.01 243,241 - - 243,241
1,421,749 25,600 17,797 1,378,352
No option was granted till date under the Stock Option Plans II and III.
Shareholder Remuneration
On April 7, 2011, the Bank paid Interest on Equity in the amount of R$ 4.2 million related to 1Q11,
as advance payment of the minimum mandatory dividend for 2011. This amount corresponds to R$
0.10477 per share or R$ 0.08905 net of withholding income tax.
Share Performance
The shares of Banco Indusval (IDVL4) closed 1Q11 at R$ 9.02, for market cap of R$ 365.0 million,
including the shares on March 31, 2011 and excluding treasury stock. The price of IDVL4 shares
appreciated 13.46% in 1Q11 and 5.5% in 12 months, while the Ibovespa index dropped 1.04% and
2.54%, respectively.
Share Price Evolution in the last 12 months
130
120
110
100
90
80 IBOVESPA IDVL4
70
5/ 010
10
10
1/ 011
3/ 011
11
10
0
10
6/ 010
0
8/ 010
0
0
0
2/ 011
1
12 1
1
12 201
01
01
01
11 201
01
01
01
20
20
20
20
20
2
/2
/2
/2
/2
/2
2
/2
/2
2
/2
/2
4/
3/
3/
7/
6/
4/
2/
3/
2/
/
27
16
26
15
24
/3
22
11
23
5/
7/
9/
1/
3/
5/
/1
/2
/1
11
7/
9/
4/
10
Liquidity and Trading Volume
The preferred shares of Banco Indusval (IDVL4) were traded in 98% of the sessions in 1Q11 and in
the past 12 months. In 1Q11, a total of 3.7 million IDVL4 shares were traded over 1,272
17/22
18. transactions on the spot market, for total volume of R$ 32 million. In the past 12 months, the
volume traded on the spot market was R$ 90.7 million, representing approximately 11.1 million
preferred shares over 3,990 trades.
Shareholder Base
Detailed distribution of preferred capital:
March 31/ 2011 Dec.31/ 2010
# %
Type of Shareholder Qty PN % PN # Inv. Qty PN % PN % Total
Inv. Total
Controlling Group 4 1,062,453 7.48% 44.11% 4 1,026,653 7.20% 44.00%
Management 10 159,570 1.12% 6.63% 10 159,570 1.10% 6.60%
Families 14 539,931 3.80% 19.05% 12 515,931 3.60% 19.00%
National Institutional Investors 57 7,273,467 51.17% 17.65% 47 7,332,667 51.60% 17.90%
Foreign Investors 11 2,818,399 19.83% 6.84% 12 2,842,625 20.00% 6.90%
Corporates 11 26,100 0.18% 0.06% 9 17,400 0.10% 0.00%
Individuals 437 1,586,211 11.16% 3.85% 514 1,571,341 11.10% 3.80%
Treasury 0 746,853 5.25% 1.81% - 746,797 5.20% 1.80%
TOTAL 544 14,212,984 100% 100% 608 14,212,984 100% 100%
Subscription of Shares
On March 23, 2011, the Board of Directors approved a capital increase, within the authorized
capital, through a private subscription to new shares, at the issue price of R$ 9.20 per common and
preferred share, under the same conditions as the shares existing on that date.
As announced in the Notice to Shareholders dated March 24, 2011, the period for subscription of the
preemptive rights and for reservation of unsubscribed shares ended on April 25, 2011. In the period,
a total of 9,585,090 common shares and 11,947,060 were subscribed for a total amount of R$
198,095,780.00. In the same period, a firm order was placed for subscription of the 360,559
unsubscribed common shares amounting to R$ 3,317,142.80, guaranteeing a minimum capital
increase of R$ 201,412,922.80.
As announced in the Notice to Shareholders on April 27, 2011, since the reservations for
subscriptions of unsubscribed shares were fewer than the unsubscribed shares available, all the
reservation orders were approved for exercise between April 28, 2011 and May 2, 2011.
After the subscription of the preemptive rights and apportionment of unsubscribed shares, a total of
9,945,649 common shares and 11,947,060 preferred shares were subscribed and paid, which were
represented by subscription receipts amounting to R$ 201,412,922.80, deposited at the Central
Bank of Brazil until its ratification, when they will be substituted by shares in the shareholders’
custody. The subscription receipts are available for trading on the Bovespa under the tickers IDVL9
and IDVL10.
18/22
19. Elected Statutory Bodies
Board of Directors: (elected at the AGM held on April 29, 2011 and subject to the approval of the Central
Bank of Brazil)
Manoel Felix Cintra Neto – Executive Chairman
Antonio Geraldo da Rocha
Carlos Ciampolini
Jair Ribeiro da Silva Neto
Luiz Masagão Ribeiro
Alain JP Belda – Independent member
Alfredo de Goeye Junior – Independent member
Guilherme Afonso Ferreira – Independent member
Walter Iorio – Independent member
Executive Office: elected at the Board of Directors meeting held on May 06, 2011 subject to the approval of
the Central Bank of Brazil)
Jair Ribeiro da Silva Neto – Co-CEO
Luiz Masagão Ribeiro – Co-CEO
André Mesquita – Vice-President - Products & Corporate FInance
Francisco Paulo Cote Gil – Vice-President - Commercial
Gilberto Faiwichow – Vice-President - Treasury
Gilmar Melo de Azevedo – Vice-President – Special Loans
Katia Ap Rocha Moroni – Vice-President - Trade Finance, Syndications, Funding & IR
Eliezer L Ribeiro da Silva – Officer – Middle Market Credit Dept.
Supervisory Board:
As per the A.G.M. of April 29, 2011, the Supervisory Board will be operative during FY 2011 with the
members that acted during 2010 reelected, to mention:
Francisco de Paula dos Reis Jr - Accountant
Jairo da Rocha Soares – Accountant, Auditoe and Economist
Luiz Alberto de Castro Falleiros – Economist
19/22
20. BALANCE SHEET
Consolidated R$ '000
Assets 3/31/2010 12/31/2010 3/31/2011
Current 2,516,462 2,672,676 3,818,699
Cash 2,949 7,081 3,897
Short-term interbank investments 374,362 44,648 563,227
Open market investments 311,163 22,507 540,959
Interbank deposits 63,199 22,141 22,268
Securities and derivative financial instruments 975,295 1,255,106 1,819,265
Own portfolio 443,867 586,517 658,024
Subject to repurchase agreements 398,223 540,385 781,924
Linked to guarantees 93,303 92,751 134,012
Subject to the Central Bank 198,683
Derivative financial instruments 39,902 35,453 46,622
Interbank accounts 4,235 1,553 2,106
Payment and receipts pending settlement 940 - 1,092
Restricted credits - Deposits with the Brazilian Central Bank 3,295 1,553 1,014
Loans 782,771 920,861 842,536
Loans - private sector 789,212 933,827 890,506
Loans - public sector 21,767 9,137 4,247
(-) Allowance for loan losses (28,208) (22,103) (52,217)
Other receivables 337,075 400,319 539,599
Foreign exchange portfolio 324,835 325,586 397,698
Income receivables 642 85 13
Negotiation and intermediation of securities 17,033 75,341 63,055
Sundry 3,708 4,756 97,269
(-) Allowance for loan losses (9,143) (5,449) (18,436)
Other assets 39,775 43,108 48,069
Other assets 40,499 43,538 49,447
(-) Provision for losses (1,420) (1,915) (2,505)
Prepaid expenses 696 1,485 1,127
Long term 518,989 590,638 515,696
Marketable securities and derivative financial instruments 4,083 6,151 6,614
Linked to guarantees 36 31 31
Derivative financial instruments 4,047 6,120 6,583
31
Interbank Accounts 10,681 7,352 7,140
Pledged Deposits - Caixa Economica Federal 10,681 7,352 7,140
Loans 427,513 503,536 484,806
Loans - private sector 497,331 595,564 624,937
Loans - public sector 3,479 - -
(-) Allowance for loan losses (73,297) (92,028) (140,131)
Other receivables 75,332 72,703 16,469
Trading and Intermediation of Securities 74 244 243
Sundry 75,323 72,503 17,994
(-) Allowance for loan losses (65) (44) (1,768)
Other rights 1,380 896 667
Prepaid Expenses 1,380 896 667
Permanent Assets 13,104 12,828 12,410
Investments 1,686 1,686 1,686
Other investments 1,686 1,686 1,686
Property and equipment 11,418 11,142 10,724
Property and equipment in use 2,179 2,192 2,192
Revaluation of property in use 3,538 3,538 3,538
Other property and equipment 12,379 12,515 12,511
(-) Accumulated depreciation (6,970) (7,103) (7,517)
Leasehold Improvements 292
300 - -
-
TOTAL ASSETS 3,048,555 3,276,142 4,346,805
20/22
21. Consolidated R$ '000
Liabilities 3/31/2010 12/31/2010 3/31/2011
Current 1,895,649 2,074,519 2,780,139
Deposits 725,274 820,679 761,590
Cash deposits 41,707 47,682 38,240
Interbank deposits 42,510 105,393 105,087
Time deposits 640,801 667,133 617,356
Other 256 471 907
Funds obtained in the open market 605,650 538,580 1,312,773
Own portfolio 395,980 538,580 776,286
Third party portfolio 209,670 462,999
Free cash portfolio 73,488
Funds from securities issued or accepted 8,665 74,648 88,319
Agribusiness Letter of Credit & Bank Notes 8,665 74,648 88,319
Interbank accounts 476 - 475
Receipts and payment pending settlement 476 - 475
Interdepartamental accounts 9,947 5,898 9,004
Third party funds in transit 9,947 5,898 9,004
Borrowings 389,450 324,800 350,689
Foreign borrowings 389,450 324,800 350,689
Onlendings 42,074 43,297 44,025
BNDES 19,569 18,087 16,131
FINAME 22,505 25,210 27,894
Other liabilities 114,113 266,617 213,264
Collection and payment of taxes and similar charges 818 571 650
Foreign exchange portfolio 22,164 22,002 62,996
Taxes and social security contributions 2,932 4,474 9,590
Social and statutory liabilities 2,352 3,661 5,534
Negotiation and intermediation securities 24,155 195,316 77,938
Derivative financial instruments 55,228 34,184 45,398
Sundry 6,464 6,409 11,158
Long Term 721,751 774,736 1,002,235
Deposits 629,625 674,941 901,534
-
Interbank Deposits - 11,088 8,392
Time deposits 629,625 663,853 893,142
Funds from securities issued or accepted - 7,345 7,571
Agribusiness Letter of Credit & Bank Notes - 7,345 7,571
Loan obligations 18,984 549 -
Foreign loans 18,984 549 -
Onlending operations - Governmental Bureaus 66,663 84,354 92,984
Federal Treasure 19,299 - 12,694
BNDES 3,161 28,154 30,445
FINAME 39,621 39,856 47,852
Other Institutions 4,582 16,344 1,993
Other liabilities 6,479 7,547 146
Taxes and social security contributions 5,815 5,647 117
Derivative financial instrument 482 - 29
Sundry 182 1,900 -
Future results 423 462 701
Shareholders' Equity 430,732 426,425 563,730
Capital 370,983 370,983 568,665
Capital Reserve 1,016 2,212 2,540
Revaluation reserve 1,978 1,928 1,911
Profit reserve 63,322 55,812 55,812
(-) Treasury stock (6,898) (5,957) (5,958)
Asset valuation Adjustment 331 1,447 (553)
Accumulated Profit / (Loss) - - (58,687)
TOTAL LIABILITIES 3,048,555 3,276,142 4,346,805
21/22
22. INCOME STATEMENT
R$ '000
Consolidated 1Q10 4Q10 1Q11
Income from Financial Intermediation 114,386 115,930 118,123
Loan operations 61,153 68,758 64,312
Income from securities 24,272 24,198 40,713
Income from derivative financial instruments 1,638 14,239 5,437
Income from foreign exchange transactions 27,323 8,735 7,661
Expenses from Financial Intermediaton 79,167 81,396 179,487
Money market funding 38,792 60,052 71,972
Loans, assignments and onlendings 28,923 7,833 5,866
Income from derivative financial instruments - - -
Allowance for loan losses 11,452 13,511 101,649
Gross Profit from Financial Instruments 35,219 34,534 (61,364)
Other Operating Income (Expense) (24,429) (28,400) (28,900)
Income from services rendered 2,831 4,041 3,466
Income from tariffs 195 265 237
Personnel expenses (12,422) (15,700) (16,139)
Other administrative expenses (9,331) (11,258) (11,383)
Taxes (3,188) (4,234) (3,549)
Other operating income 990 1,521 4,570
Other operating expense (3,504) (3,035) (6,102)
Operating Profit 10,790 6,134 (90,264)
Non-Operating Profit (16) 1,417 (483)
Earnings before taxes ad profit-sharing 10,774 7,551 (90,747)
Income tax and social contribution (947) (499) 38,394
Income tax 162 154 (461)
Social contribution 97 183 (277)
Deferred fiscal assets (1,206) (836) 39,132
Contributions and Equity (2,482) (1,159) (2,111)
Net Profit for the Period 7,345 5,893 (54,464)
22/22