Upload
parana-banco
View
190
Download
0
Embed Size (px)
DESCRIPTION
Citation preview
1Q09 Results Presentation
2
All financial information presented herein is consolidated, including the financialstatements of the Bank, its subsidiaries, of Credit Receivables Investment Fund ParanáBanco I, Credit Receivables Investment Fund Paraná Banco II (FIDCs), the insurersJMalucelli Seguradora, JMalucelli Seguradora de Crédito (waiting for SUSEP´s approval),JMalucelli Re., JMalucelli Agenciamento, and Paraná Administradora de Consórcio. Allinformation, except when otherwise indicated, is presented in the Brazilian currency (inthousands of Reais) and was prepared based on the accounting practices pursuant to theBrazilian Corporate Law, associated with the regulations and instructions issued by theNational Monetary Council (“CMN”), the Brazilian Central Bank (“BACEN”), the BrazilianSecurities and Exchange Commission ("CVM"), the National Council of Private Insurance(“CNSP”), the Brazilian Private Insurance Authority (“SUSEP”) and the AccountingStandards Committee (“CPC”), whenever applicable.
Information contained herein regarding future events is exposed to risks anduncertainties and is subject to change, resulting from, among other factors: marketbehavior, Brazil‟s economical and political situation, and changes in legislation andregulations. Information presented herein is entirely based on the expectations of theBank‟s Administration regarding its future performance, and does not constitute aguarantee of performance.
Disclaimer
3
• growth of 27% over 4Q08 Net income in 1Q09:
R$ 20.3 million
• 29.1% of net incomeInterest on equity (IOE)
paid in 1Q09: R$ 5.9 million
• efficiency and profitabilityROAE of 10.4%,
ROAA of 3.9%
• net interest margin above the industry's averageNIM of 13.3%
Main Highlights
4
• decline of 0.4% for the quarterLoan Operations:
R$ 1,105.8
• stable portfolio quality
Delinquency index
(H level): 2.4% Consolidated Portfolio + assignments of co-obligations
• decline of 1.6 p.p. for the quarterBasel Index: 55.1%
• Profitable operation with a large customer portfolio
JMalucelli Seguradora: ROAE of 37.8%
Main Highlights
5
J Malucelli
Seguradora
J Malucelli Vida e
Previdência**
J Malucelli Ag e Serviços
J Malucelli Part. Sege Resseguros
J Malucelli Re
100 %
100 %
100 %
100 % 100 %
Structure
Segmentation
6
Loan (Portfolio) Insurance (Written Premiums)
Paraná Banco
85,259
61,571 Surety Bonds
Reinsurance90,7%
1,7%
6,5% 0,2%0,9%
Payroll-Deductible Loans
Credit Card
Middle Market
Storeowner Consumer Credit
CDC LOJISTA (STOREOWNER CONSUMER CREDIT)
• Rolled out in October 2008;
• 3 structured products :
• Paraná Banco Credit – Check
• Paraná Banco Credit - Payment Book
• Paraná Banco Credit – Payroll-Deductible Credit
• Portfolio: R$ 2.5 million.
PME (SMALL AND MEDIUM SIZED COMPANIES)
• Started in 3Q07;
• 2 structured products:
• Working Capital
• Guaranteed Account
• Balance of the PME credit portfolio: R$ 71.6 million (6.5% of the Bank’s total portfolio)
• Platforms Curitiba and São Paulo
Diversification - Credit
Distribution Channels
OWN STORES FRANCHISE BROKERS
• Located in large centers
• Regional offices
• Own teams
6 stores
• Unique and innovative distribution channel
• Exclusivity
• Increased control
82 stores
• Highly scalable model
• Most traditional channel
• The Broker´s Portal
Beg
inni
ng o
f ope
ratio
ns w
ith fr
anch
ises
8
7% 10%
21%
28%
31%
30%
41%
49%
54%
1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09
33%
21%
46%
Franchise
Own Stores
Brokers
9
Payroll-Deductible Loan Origination
72,819
131,158
4Q08 1Q09
80.1%
Payroll-Deductible Loan
17%
53%
20%
10%
INSS
States
Municipalities
Other Entities
The total balance of the credit portfolio, including the portfolio of credit assignments
with co-obligation, amounted to R$1,336.3 million in 1Q09
10
Loan Portfolio
Loan Portfolio Risk Classification*
AA-C96.1% AA-C
94.6%AA-C94.5%
D-G2.3% D-G
3.1%D-G3.1%
H1.6%
H2.3%
H2.4%
1Q08 4Q08 1Q09
1,310.9
1,110.5 1,105.8
31.3
292.2 230.5
1Q08 4Q08 1Q09
Loans Assignments of co-obligations
1,342.21,402.7
1,336.3
At the end of 1Q09 the Bank had a portfolio of R$1,105.8 million in balance, and R$230.5 million in the balance of credit assignments with co-obligation
* Percentage over consolidated portfolio + assignments of co-obligations
11
Total Assets Net Worth
2,131,762 2,201,633 2,225,508
1Q08 4Q08 1Q09
1.1 %
4.4%
815,867809,730 807,365
1Q08 4Q08 1Q09
-0,3 %
-1,0 %
Assets and Net Worth(R$ „000)
12
877,744
769,534 737,640
1Q08 4Q08 1Q09
-4.1%
-16.0%
Total Funding Funding Sources
13%
19%
16%
28%
24%
FIDCs
Institutional Investors
Related Parties
Individuals
Other Companies
In 1Q09, the free cash flow of the individual Bank was R$312.8 million42% of total deposits.
Market Funding Operations(R$ „000)
13
1Q09 4Q081Q09 x 4Q08
1Q081Q09 x 1Q08
Income from financial operations 79,961 120,046 (33.4%) 86,458 7.5%
Expenses from financial operations (37,517) (48,025) (21.9%) (34,286) 9.4%
Financial operations result 42,444 72,021 (41.1%) 52,172 (18.6%)
ROAE 10.4% 8.1% 2.3 p.p. 12.4% (2.0 p.p.)
ROAA 3.9% 3.0% 0.9 p.p. 4.5% (0.6 p.p.)
NIM 13.3% 19.8% (6.5 p.p.) 15.0% (1.7 p.p.)
Income from financial operations was 18.6% lower versus 1Q08, mainly due to the decrease in credit operations in the period.
Summary of Financial Indicators
and Highlights
14
(11.786) 9%
1Q09 4Q08 1Q09 x 4Q08 1Q08 1Q09 x 1Q08
Other operating income (expenses) (13,788) (53,812) (74.4%) (19,109) (27.8%)
Personnel Expenses (8,728) (9,567) (8.8%) (6,144) 42.1%
Other Administrative Expenses (37,303) (60,479) (38.3%) (33,881) 10.1%
Insurance premiums 96,065 99,933 (3.9%) 48,521 98.0%
Operating expenses totaled R$13.8 million, a decrease of 27.8% versus 1Q08.
Strong performance recorded by JMalucelli Seguradora and JMalucelli Resseguradora.
Operating Income (Expenses)
50%42%37%24% 34% 30%28%27%
15
...JMalucelli Seguradora reaches annual ROE over average Shareholders‟ Equity of 37.8%
in 1Q09.
Premiums Written
30% 37% 42%
51%43%
51%
205,368
167,642
194,664
339,534
494,857
98,213
2004 2005 2006 2007 2008 Feb-09
JMALUCELLI SEGURADORA S/A Other Insurance Companies
Surety Bonds
Leadership in the surety bond market with a 51.3% market share, according to data by the SUSEP up to February 2009...
16
29.2%
1.0%0%
10%
20%
30%
40%
50%
2004 2005 2006 2007 2008 Feb-09
Market JMalucelli Seguradora
Surety Bonds
Claims and Claims Ratio Evolution - JMalucelli Seguradora vs. Market
Claim Ratio Insurance Claims
Claims ratio indicators show a healthy
situation in relation to the market
Accurate risk appraisal is evidenced
by low claims ratio
38,273
76,155
29,950
16,146
76,004
28,650
253
4,025 2,372
6,457 9,056
485
2004 2005 2006 2007 2008 Feb-09
Insurance Claims Market Insurance Claims J Malucelli Seg
• Source: SUSEP up to February 2009
• Reinsurance market inaugurated in May 2008
• Operations as a Local Reinsurer started in June 2008
• Took advantage of the Market reserve
• 100% reinsurance of JM Seguradora’s premiums
17
JMalucelli Resseguradora achieved in 1Q09:
• R$ 61.6 million worth in written premiums
• R$ 3.6 million Net Income
• 20.0% ROAE
• Partnership with International Reinsurance Companies
Reinsurance
At the Annual General Meeting held on March 16, 2009, and the Board ofDirectors’ Meeting held on March 19, 2009, officers and members of theBoard of Directors were elected for a two-year term of office.
On March 31, 2009, the Board of Directors approved the payment ofInterest on Equity in the total amount of R$ 5.9 million, equivalent to R$ 0.06per share, corresponding to pay-out of 29% and dividend yield of 1.3%.
On April 1, 2009, the Board of Directors approved the cancellation of3,331,800 preferred shares acquired in the 3rd buyback program. Thus, theCompany’s capital stock will be made up of: 99,573,632 shares, being56,724,976 common shares, and 42,848,656 preferred shares.
18
Corporate Governance
19
PRBC4 - Stock Performance
-
2.000
4.000
6.000
8.000
10.000
12.000
14.000
16.000
18.000
0,00
20,00
40,00
60,00
80,00
100,00
120,00
140,00
DA
ILY
TR
AD
ING
VO
LUM
E (R
$ T
ho
usa
nd
s)
SHA
RE
PR
ICE
(bas
e 1
00
)
Cristiano Malucelli Mauricio N. G. FanganielloInvestor Relations Officer IR Coordinator
Phone: (55 41) 3351-9950 Phone: (55 41) 3351-9765
Marianne BaggioIR Analyst
Tel: (55 41) 3351-9645
IR Contacts
20
This presentation may include estimates and forward-looking statements. These estimates and forward-looking statements are to a large extent based oncurrent expectations and projections regarding future events and financial trends that affect or may come to affect our business. Many important factorsmay adversely affect the results of Paraná Banco as described in our estimates and forward-looking statements. These factors include, but are not limited to,the following: the Brazilian and international economic situation, fiscal, foreign-exchange and monetary policies, higher competition in the payroll-deductible loan segment, the ability of Paraná Banco to obtain funding for its operations, and amendments to Central Bank regulations. The words“believe”, “may”, “could”, “seek”, “estimate”, “continue”, “anticipate”, “plan”, “expect” and other similar words are intended to identify estimates andprojections. The considerations involving estimates and forward-looking statements include information related to results and projections, strategies,competitive positioning, the industry environment, growth opportunities, the effects of future regulations, and the impact from competitors.
Said estimates and projections refer only to the date on which they were expressed, and we do not assume any obligation to publicly update or revise any ofthese estimates arising from the occurrence of new information, future events, or any other factors. In view of the risks and uncertainties described above,the estimates and forward-looking statements contained herein may not materialize. Given these limitations, shareholders and investors should not makeany decisions based on the estimates, projections and forward-looking statements contained herein.
e-mail: [email protected]
IR Website: www.paranabanco.com.br/ir