SAO PAULO, May 16, 2011 /PRNewswire/ -- PINE (BM&FBovespa: PINE4), a publicly-held multiple bank specialized in corporate banking, announces today its consolidated results for 1Q11, in accordance to the generally accepted accounting practices in Brazil, BR GAAP, and to the International Financial Reporting Standards, IFRS.
PINE is a bank focused on establishing long-term relationships with companies. It has a broad network of relationships with companies in various sectors, such as sugar and ethanol, infrastructure, renewable energy and construction, among others. In addition to several Corporate credit products (working capital, BNDES onlending, Trade Finance, among others) clients are also served by the Sales Desk with alternatives for mitigating market risks on their balance sheets, bringing predictability and also by PINE Investimentos (DCM, asset management and corporate finance).
- 1Q11 Highlights – BR GAAP
- Net Income: R$ 31.5 million
- Financial margin: 6.4%
- Corporate Loan Portfolio: R$ 5.8 billion
- Total deposits: R$ 3.4 billion
- Annualized ROAE: 15.2%
- Annualized ROAE of the corporate business: 17.2%
- 1Q11 Highlights - IFRS
- Net Income: R$ 33.9 million
- Operating income: R$ 46.8 million
- ROAE: 16.7%
- ROAE of the corporate business: 17.2%
- Other Highlights
- The subscription announcement of the capital increase agreed with the German development Bank DEG on March 21 is expected to take place during the second quarter. The transaction is expected to be fully completed in 3Q11. This capital increase will provide for around 70 bps in Tier I capital
- On April 6, PINE concluded the distribution of R$207 million in senior quotas of its first corporate credit FIDC transaction. The senior quotas are rated AA+ by S&P and were mostly distributed to institutional investors. PINE participated with R$93 million in subordinated quotas, for a total transaction of R$300 million
- Positive gap: 471 days for credit compared with 551 days for funding
- On January 2011, PINE syndicated USD106 million in an A/B Loan transaction, globally coordinated by Inter-American Investment Corporation (IIC) in the "A" portion, with three international banks as co-leaders in the "B" portion
The full earnings release is available on PINE's IR website at www.bancopine.com.br/ir
PINE will hold Conference Calls on 1Q11 Results tomorrow, May 17, at 11:00 a.m. (US EST) in English and at 9:00 a.m. (US EST) in Portuguese.
For additional information, contact PINE's IR department:
Tel. +55 11 3372-5553
[email protected]
SOURCE PINE
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