PINE Releases its 4Q10 and 2010 Results

Mar 21, 2011, 11:04 ET from PINE

SAO PAULO, March 21, 2011 /PRNewswire/ --PINE (BM&FBovespa: PINE4), a publicly-held multiple bank specialized in corporate banking, announces today its consolidated results for 4Q10 and 2010, 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).

  • 2010 Highlights – BR GAAP
    • Net Income: R$ 118.3 million, growth of 39.0%
    • Operating income: R$196.4 million, growth of 39.1%
    • Corporate Loan Portfolio: R$5.7 billion, growth of  39.5%
    • Non-performing loans: 0.2%, compared to 0.7%
    • Loan portfolio coverage: 2.45%, growth of 45 bps.
    • Total deposits + agribusiness letters of credit (LCA): R$3.7 billion, growth of  22.1%
    • BIS Ratio: 17.4%
    • ROAE: 14.0%
    • ROAE of the corporate business: 18.8%

  • 2010 Highlights - IFRS
    • Net income: R$162.1 million, growth of 22.3%.
    • Operating income: R$240.4 million, growth of 16.2%
    • ROAE: 19.9%
    • ROAE of the corporate business: 20.5%

  • Other Highlights
    • Subscription Agreement with DEG: German development bank investment on PINE, through a capital increase in the amount of the lower of R$47.3 million, equivalent to approximately 2.4 million preferred shares, on March 21st, 2011
    • US$106 million A/B Loan: syndication of an A/B Loan, globally coordinated by Inter-American Investment Corporation (IIC) in the "A" portion, with three international banks as co-leaders in the "B" portion, on January 2011
    • Compliance with minimum free float requirement: adequacy to 25% free float requirement of the BM&FBovespa's Level 1 of corporate governance, on December 2010

The full earnings release is available on PINE's IR website at

PINE will hold Conference Calls on 4Q10 Results tomorrow, March 22nd, 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