PINE Releases Its 3Q11 Results

Nov 03, 2011, 08:53 ET from PINE

SAO PAULO, Nov. 3, 2011 /PRNewswire/ -- PINE (BM&FBovespa: PINE4), a wholesale bank specialized in serving corporations, announces today its consolidated results for 3Q11. The Bank offers credit, including Working Capital, BNDES, Trade Finance, and Bank Guarantees, as well as hedging products (FICC), Capital Markets, Advisory and Investment Management services. PINE has operations throughout Brazil. See below PINE's highlights for the quarter.

  • Highlights de 3Q11 x 2Q11
    • Shareholders' Equity: R$981.8 million, 10.0% growth
    • Annualized ROAE: 17.3%, in line with last quarter
    • Corporate annualized ROAE: 20.1%, 110 bps growth
    • Net Income: R$38.1 million, 5.5% growth
    • Corporate Net Income: R$43.9 million, 11.7% growth
    • Corporate Credit: R$6.5 billion, 4.5% growth
    • Total Funding: R$6.0 billion, 5.9% growth

  • Other Highlights
    • Positive contributions from all business lines in the first nine months of the year. Revenues are distributed as follows: 66% from Corporate Credit, 25% from the Hedging Desk, 4% from PINE Investimentos and 5% from Treasury
    • Closing and completion of the capital increase transaction with DEG, Deutsche Investitions – Und Entwicklungsgesellschaft mbH, in September 2011, which now has a 2.94% interest in PINE's shareholders base.
    • High level of capitalization, with the BIS ratio at 19.6% at the end of the quarter.
    • High liquidity in the balance sheet, with cash position of R$1.4 billion, or 41% of time deposits.
    • Positive liquidity gap between credit and funding:  14 months for credit compared with 18 months for funding
    • In August 2011, Standard & Poor's upgraded PINE's rating in local currency to brA from brA- and affirmed the BB-/B rating in foreign currency. Additionally, it revised the Bank's outlook to positive.
    • In September 2011, the Board of Directors approved the buyback program of preferred shares issued by the Bank.
    • Ranked the 15th largest bank in Cetip's overall derivatives ranking, and the 2nd largest in commodities NDFs for clients.
    • In line with the best practices in corporate governance and transparency, PINE publishes its earnings under BR GAAP and IFRS simultaneously on a quarterly basis.

The earnings release is available on PINE's IR website at PINE will hold Conference Calls on 3Q11 Earnings tomorrow, November 4th, at 11:30 a.m. (US EDT) in English and at 1:00 p.m. (US EDT) in Portuguese.

For additional information, contact PINE's IR department:
Tel. +55 11 3372-5553