R d h P t tiRoadshow Presentation
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Disclaimer
La Superintendencia de Valores y Seguros no se pronuncia sobre la calidad de los valores ofrecidos como inversión.
La información contenida en este documento es de responsabilidad exclusiva del emisor y del o los intermediarios que
han participado en su elaboración. El inversionista deberá evaluar la conveniencia de la adquisición de estos valores,
teniendo presente que él o los únicos responsables del pago de los documentos son el emisor y quiénes resulten
obligados a ello. La circunstancia que la superintendencia de valores y seguros haya registrado la emisión no significa
que garantice su pago o la solvencia del emisor
La información contenida en este documento es una síntesis del prospecto, y la información íntegra que el Emisor
proporciona al mercado acerca de la respectiva emisión está disponible en el prospectoproporciona al mercado acerca de la respectiva emisión, está disponible en el prospecto
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Management presenters
Norberto Zaiet
Chief Operations Officer
Mr. Norberto Zaiet holds a bachelor's degree in Engineering and Economics from the Universidade de São Paulo and an MBA from Columbia Business School
Mr. Zaiet served in various financial institutions, as Derivatives Products Director, L ti A i M k t Di t E i M k t Di t d T Gl b lChief Operations Officer Latin America Markets Director, Emerging Markets Director and Treasury, Global Markets and Fixed Income Director
After working for eight years in New York, Mr. Zaiet returned to Brazil to serve as the Chief Financial Officer (CFO) of Pine. Nowadays, Mr. Zaiet is responsible for the Bank’s business areas
Angela Martins
Head of International Division
Mrs. Angela Martins is a Managing Director and Head of PINE’s International Division since 2011
Mrs. Martins holds a Master degree in Business Administration from Instituto Maua d T l iHead of International Division de Tecnologia
With more than 20 years of experience in the industry, Mrs. Martins is a Member of the International entity, Women Corporate Directors, the FEBRABAN International Affairs Committee, the Editorial Board Exporta Magazine and is a reference in Islamic Banking in Latin America, having written the first book to be published in Port g ese on the s bject
Fabiana Ferreira da Silva
International Division Senior Manager
Portuguese on the subject
Mrs. Fabiana Ferreira da Silva is an International Manager of PINE since 2007
Mrs. da Silva has more than 12 years of experience in developing relationships and business in the international markets with focus on Trade Finance and CapitalInternational Division Senior Manager business in the international markets, with focus on Trade Finance and Capital Markets
Mrs. da Silva holds a law degree from Faculdades Metropolitanas Unidas, graduate degree in Tax Law from PUC/SP (Pontificia Universidade Catolica), and a graduate degree in Financial and Capital Markets Taxation and International Investment from Fundação Getúlio Vargas
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ç g
Offering summary
Banco Pine S.A.Issuer
Offering Senior unsecured notes
Currency UF
Issuance size UF 1.5 million
Coupon 6.000%
Denominations 3 x 500,000
Tenor 5 years
Amortization Bullet
Use of proceeds General corporate purposes
Interest payment Semi-annual
Local issue ratings A- / A- (Feller / Fitch)
p p p p
Bookrunners
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Bookrunners
Agenda
Brazilian macroeconomic highlightsBusiness overview
PINE’s line of business
Funding and capital structure
Appendix: Summary of financials
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Brazil macroeconomic overviewImprovements in the Brazilian social economic standards are creating an opportunity for
4 4 4 414%on
credit expansion…
International reserves (% GDP) Unemployment rate (%) Real wage YoY growth (%) 1
2.0
4.4
3.63.9
2.8
4.4
3.0
6%
8%
10%
12%
ical
ly a
ctiv
e po
pula
tio
0.5
2004 2005 2006 2007 2008 2009 2010 20110%
2%
4%
Jan-
04
Aug
-04
Mar
-05
Oct
-05
May
-06
Dec
-06
Jul-0
7
Feb-
08
Sep
-08
Apr
-09
Nov
-09
Jun-
10
Jan-
11
Aug
-11
Mar
-12
Oct
-12% o
f eco
nom
i
Sept
-08
Class A/B Class C Class D/E 28 1
Evolution of social economic classes (% population) 1 Absolute poverty (% population) 1
Source: IBGESource: IBGE
38.1 38.6 37.6 39.741.8 44.9
46.949.2 50.5 53.6 55.153.6 53.1 54.9 52.6 49.9 45.7
43.440.4 38.9
34.4 33.2
C ass / C ass C C ass /
hepo
pula
tion
28.1
22.8
19.3219.3
18.3 16.0of p
opul
atio
n9.9 10.0 9.3 7.9 8.1 6.7 6.1 10.4 10.6 12.0 11.8
33.2
2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
In %
of t 15.3 13.7
2004 2005 2006 2007 2008 2009 2010 2011
In %
o
Source: FGV/CPS Source: FGV/CPS
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Source: FGV/CPS1 Dec 2011
Source: FGV/CPS
Brazil macroeconomic overview… that has not yet been fully explored
Interest rate (Selic) Inflation (IPCA)
Inflation¹ and interest rate² evolutionReal GDP growth (%)
(%)U S A EU Brazil
13.25
11.25
13.75
8.7510.75 11.00
7.25
Interest rate (Selic) Inflation (IPCA)
2.0%1.8%
2.4%3.0%
0 3% 0 5%
6.1% 5.2%
0 3%
7.6%
2.7%
U.S.A. EU Brazil
5.206.505.915.90
4.503.10
4.31
2006 2007 2008 2009 2010 2011 3Q2012
0.1%1.9%
-0.3%
-3.1%
-0.2%0.2%
-4.4%
1.9% 1.5%0.3% 0.8% 0.5%-0.3%
2007 2008 2009 2010 2011 1Q2012 2Q2012
Inflation ¹ and Interest Rate²Loan / GDP (%) 3
Source: Bloomberg Source: Brazilian Central Bank as of August 31st, 2012
Loans / GDP (%) and Portfolio Evolution (R$ trillion)
28 3% 30 9% 35.2%40.5% 43.7% 45.2% 49.1% 50.6%0.61 0.73 0.94 1.23 1.41 1.71
2.03 2.17
28.3% 30.9%
2005 2006 2007 2008 2009 2010 2011 1H'12 Arg
entin
a
Mex
ico
Turk
ey
Col
ombi
a
Rus
sia
Braz
il
Pol
and
Bul
gary
Indi
a
Chi
le
Sou
th A
fric
a
Thai
land
Ital
y
Japa
n
Mal
aysi
a
Ger
man
y
Fran
ce
Swed
en
Chi
na
New
Zea
land
Por
tuga
l
ited
Kin
gdom
Sou
th K
orea
Spai
n
USA
Loans/GDP (%) Portfolio Evolution (R$ trillion)
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Un
Source: Brazilian Central Bank as of August 30, 2012 1 12 month period2 Selic interest rate target – End of period
Source: Brazilian Central Bank, Ecowin3 Dec 2011
Loans/GDP (%) Portfolio Evolution (R$ trillion)
Agenda
Brazilian macroeconomic highlights
Business overviewPINE’s line of business
Funding and capital structure
Appendix
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History of PINEBanco PINE has an extensive knowledge of Brazil’s corporate credit cycleBanco PINE has an extensive knowledge of Brazil s corporate credit cycle
1939Pinheiro Family
August, 2012 Subscription of PINE’s capital by DEG, Proparco,
controlling shareholder and management
November, 2012Opening of broker dealer in New York, PINE
Securities USA LLC
867
1,015
1,216 founds
Banco Central do Nordeste
End of 2007Focus on expanding the Corporate Banking franchiseDiscontinuation of the payroll-deductible loan business
October, 2011Subscription of PINE’s capital by DEG
801 827 825
867
1975Noberto Pinheiro
May, 2007Creation of PINE Investimentos product line and
opening of Cayman branch
October, 2007Creation of the Hedging Desk
6,033
7,063 7,444
335
Noberto Pinheiro becomes one of
BMC’s controlling shareholders
Corporate Credit Portfolio (R$ Millions)
opening of Cayman branch
2005Noberto Pinheiro becomes PINE’s sole
shareholder
2,854
4,254 4,804
18 62
121 126 140 136 152 171 209
1997N b t d
Corporate Credit Portfolio (R$ Millions)
Shareholders' Equity (R$ Millions)
155 184 222 341 521 620 755 663 761 1,214
Dec
-97
Dec
-98
Dec
-99
Dec
-00
Dec
-01
Dec
-02
Dec
-03
Dec
-04
Dec
-05
Dec
-06
Dec
-07
Dec
-08
Dec
-09
Dec
-10
Dec
-11
Sept
-12
Noberto and Nelson Pinheiro sell their stake in BMC and found
PINE
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Devaluationof the real
Nasdaq Sep. 11 Brazilian Elections
(Lula)
SubprimeAsian Crisis
Russian Crisis
European Community
May, 201215 years
March, 2007IPO
Capital increaseBrazilian Central Bank approved the capital increase announced in August 2012Brazilian Central Bank approved the capital increase announced in August 2012
The capital increase resulted in the issuance of 6,558,123 common shares in the amount of R$93,649,996.44, and 3,220,203 preferredshares, in the amount of R$45,984,498.84, at a unit price of R$14.28
SSummary
Total of R$139.6 million
Total Shares Subscribed: 6,558,123 common shares and 3,220,203 preferred shares:
2,100,839 by DEG;
519,577 by Management;
587,732 by minorities; and
12,055 left overs subscribed by minority shareholders.
With the approval of the Central Bank, the shareholders’ structure is as follows:
Common Preferred Total %
Controlling Shareholder 58,444,889 15,595,863 74,040,752 68.2%
Management - 5,923,784 5,923,784 5.5%
Free Float - 28,271,724 28,271,724 26.0%
Individuals - 2,734,411 2,734,411 2.5%
Institutional Investors - 11,330,025 11,330,025 10.4%
DEG - 5,005,067 5,005,067 4.6%
Foreign Investors - 9,202,221 9,202,221 8.5%
Treasury - 394,840 394,840 0.4%
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Total 58,444,889 50,186,211 108,631,100 100.0%
For managerial purposes, minority shareholders were considered individuals.
Ownership structure and management structureFlat organizational structure allows PINE to react quickly to market changes
Management structure
Flat organizational structure allows PINE to react quickly to market changes
Ownership structureSeptember 30th, 2012
Treasury0.4%
Noberto Pinheiro Chairman
Noberto N. Pinheiro JuniorVice-Chairman
Maurizio MauroIndependent Director
Mailson da NóbregaIndependent Director
Sep e be 30 , 0BOARD
Free float26.0%
Gustavo JunqueiraExternal Director
Internal AuditorsTikara Yoneya
Internal AuditorsTikara Yoneya
External AuditorsPwC
External AuditorsPwC Audit CommitteeAudit CommitteeCompensation CommitteeCompensation Committee
Controlling shareholder
Management5.5%
CEONoberto N. Pinheiro Junior
CEONoberto N. Pinheiro Junior
Human ResourcesSidney Vilhena
Human ResourcesSidney Vilhenashareholder
68.2%
CROGabriela Chiste
CROGabriela Chiste
COONorberto Zaiet
COONorberto Zaiet
CFOSusana Waldeck
CFOSusana Waldeck
CAOUlisses Alcantarilla
CAOUlisses Alcantarilla
Sidney VilhenaSidney Vilhena
OriginationInvestment BankingSales & TradingResearch Macro / CommoditiesInternational
Asset & Liabilities Back OfficeLegalCollaterals ManagementSpecial SituationMiddle Office
ControllingAccountingTax PlanningITAccounts PayableOffice Management
Credit and F.I. ResearchCompliance & InternalControlsCredit, Market and Liquidity Risks
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gMarketingInvestor Relations
3Q12 financial highlightsThe main performance indicators continued to show positive development in the periodThe main performance indicators continued to show positive development in the period…
R$(mm)Total Credit Risk¹ Total Funding Shareholders’ Equity
R$(mm)R$(mm)
6,875 7,4446,248 6,725
9821,216
Sept-11 Sept-12 Sept-11 Sept-12 Sept-11 Sept-12
Net Income ROAE Fee IncomeR$(mm)
19.0%2
15
28 38
47 17.3% 17.7%
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3Q11 3Q12 3Q11 3Q12 3Q11 3Q121 Includes Letters of credit to be used, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, DRIs, eurobonds and fund shares)2 Excludes the capital increase of R$139.6 million incorporated into shareholders’ equity
Product and revenue diversification … with contributions from all business lines, fruits of the strategy of complete service to clients
Revenue mix9M11 9M12
Treasury4 9%
PINE Investimentos
3.9%
PINE Investimentos
11 0%
FICC25.3%
4.9%
Treasury11.2%
11.0%
1
Corporate Credit65.9%
25.3%
Corporate Credit60.2%FICC
17.6%1
2 9More than 1 product 1 product
Clients with more than one product Penetration Ratio – clients with more then one product
2.8
2.9
2.8
41% 40% 37%
59% 60% 63%
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Sept-10 Sept-11 Sept-12Sept-10 Sept-11 Sept-121 FICC stands for Fixed Income, Commodities and Currencies
Rating upgradesMarket recognition and positive evaluation by rating agenciesMarket recognition and positive evaluation by rating agencies
On December 7th, 2011:PINE’s rating in global scale, to BB+
from BB- (two notches)PINE’ ti i ti l l t b AA
On May 14th, 2012Foreign and Local Currency Long-Term IDR to 'BB' from 'BB'-N ti l L T R ti t
On August 23rd, 2012:PINE’s outlook upgraded to Positive
PINE’s rating in national scale, to brAAfrom brA (three notches)
On August 23rd, 2011:Local currency rating, to brA from brA-
National Long-Term Rating to'A+(bra)' from 'A(bra)'Viability rating upgraded to 'bb' from'bb-'Banco Pine S.A. USD 125 millionSubordinated notes to 'B+' from 'B'Reaffirmed the Rating in foreign
currency in BB-Revision from PINE’s outlook to positive
Subordinated notes to B+ from B
Fitch attributed this upgrade to the diversification
of PINE's funding profile and its good assets and
liabilities management, provided by the adequate
match of the credit and funding books. In
addition, the Agency considered that the positive
li idit lli d ith th d h iti
The agency based its ratings on the strong asset-
quality, adequate liquidity, capital, and earnings.
S&P also emphasizes the gradual funding
di ifi ti th h f i i
Moody's explained that the positive outlook
reflects PINE’s profitability through a well-
executed strategy, and which has ensured
i Th ti ti lliquidity gap allied with the good cash position
evidences the Bank's overall solid financial
strength. According to the Agency, the Bank’s
continued increase in fee income, mainly due to
higher product penetration is a good indicator of
diversification, through foreign issuances,
securitizations, and the recent capital increase
subscribed by DEG.
earnings recurrence. The rating action also
captures the bank's improved funding
diversification, well managed asset quality
metrics and its good liquidity and capital
management
14/27PINE | Roadshow Presentation|
higher product penetration, is a good indicator of
the successful maintenance of profitability levels.
management.
Agenda
Brazilian macroeconomic highlights
Business overview
PINE’s line of businessFunding and capital structure
Appendix
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Loan portfolio1
The portfolio has maintained its product distributionThe portfolio has maintained its product distribution…
(R$mm)
Loan portfolio distribution
1 0211,154 942124
100 81
64 47 Retail
6 545
6,8757,063
7,4267,641 7,444
1,534 1,687 1,684 1,599 1,699533 622
772
756 782
1,021 942
336
269 230
190 124
Trade Finance5,613
6,033 6,057
6,545
4 279 325 386 670 783644846 881 912
881 883 883822 800827
1,022 1,1171,372555
Guarantees
Onlending BNDES
3 251 3,358 3 132 3 126 3 300 3 286 3,370 3 332 3 174
475 172
279 Onlending BNDES
Private securities
3,251 3,358 3,132 3,126 3,300 3,286 3,370 3,332 3,174
Working capital
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Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
1 Includes Letters of credit to be used, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, DRIs, eurobonds and fund shares)
Loan portfolio profilein a diversified manner
Loan portfolio by industry segments Geographic distribution
... in a diversified manner…
September 30th, 2012 September 30th, 2012
Midwest12%
North2%
Sugar & Ethanol, 16%
Financial Institutions, 2%
Construction Material, 2%
Others, 9%
Northeast7%
Beverages and Tobacco, 3%
Food Industry, 3%Telecom, 2%
Chemicals, 2%
South8%
Construction, 12%
Eletric and Specialized
Metal and Mining, 4%
Vehicles and Parts, 4%
Southeast71%
Renewable Energy, 10%
Agriculture, 9%Infrastructure, 6%
Transportation and Logistics, 6%
Foreign Trade, 6%
Specialized Services, 4%
g ,
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Loan portfolio qualitywith quality collaterals and adequate credit coverage
Loan portfolio quality Non performing loans > 90 days... with quality, collaterals, and adequate credit coverage
September 30th, 2012
D-E F-H0.8%
Contracts overdue Installments overdue
AA-A 43.7%
C 11.7%
D E 2.5% 1.6%
0.5%
0.6%
0.7%
0.6%
0.4%
B 40.5%
0.2% 0.2% 0.2% 0.2%
Credit coverage Collaterals
Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
September 30th, 2012
Products pledge47%
Properties pledge22%
Investments3%
Guarantees2%3.7
3.5
2.747%
Receivables26%
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26% Sept-11 Jun-12 Sept-12
FICC1
PINE is the 2nd player in commodity derivatives2
4 875
Notional MtM Stressed MtMFixed Income22%
Client notional derivatives portfolio by market Notional and MtMPINE is the 2nd player in commodity derivatives
September 30th, 2012 (R$mm)
3,709 3,712
4,2874,720 4,875
358 354 354
597629
178 157126
256 238
Currencies56%
Commodities22%
Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
Market segment Portfolio profile
Scenario on September 30thFixed Income: Fixed Floating Inflation Libor Scenario on September, 30
Duration: 210 days
Mark-to-Market : R$238 million
Fixed Income: Fixed, Floating, Inflation, Libor
Currencies: Dollar, Euro, Yen, Pound, Canadian Dollar, Australian Dollar
Commodities: Sugar Soybean (Grain Meal and Oil) Corn Stress Scenario (Dollar: +31% and Commodities Prices: -30%):
Stressed MtM: R$629 million
Commodities: Sugar, Soybean (Grain, Meal and Oil), Corn, Cotton, Metals, Energy
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1 Fixed Income, Commodities and Currencies2 Source: Cetip Report, September 2012
PINE InvestimentosConsolidation of the Investment Banking franchise
Capital Markets: Structuring and Distribution of Fixed
TransactionsConsolidation of the Investment Banking franchise
Income Transactions
Financial Advisory: Project & Structured Finance, M&A,
R$ 90,400,000Debentures
R$ 36,000,000Debentures
R$ 90,000,000Debentures
and hybrid capital transactions
Assets under Management: Fixed Income, Credit Funds,
E l i M d t
CoordinatorLead CoordinatorCoordinator
Exclusive Mandates
880(R$mm) (R$mm)
Volume of underwriting transactions Revenues
September, 2012August, 2012July, 2012
52
623
880
1814
242 217
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2
3Q11 3Q12 9M11 9M123Q11 3Q12 9M11 9M12
Agenda
Brazilian macroeconomic highlights
Business overview
PINE’s line of business
Funding and capital structureAppendix: Summary of financials
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FundingDiversified sources of funding...
6,933
g
Funding distribution(R$mm)
23425012
118180596
814
753841
1,0891,083
5,437 5 322
5,902
6,2486,544 6,421
6,725
Trade finance
Private placements
829 898 867 867 868 813829
2133
247 256281 291 553
561
194
194185
205 237246 233
295260
200
160282
267 310353 276
234156
166158
155
8486
125 180
413377
435
5965,182
5,322Multilateral lines
International capital markets
Local capital markets
1 2531,196 1,186 1,228
1,177
198 214218
212 228 250 281 223213224 320
272210 165 106 161 194
17646 42
4153 66 112 31 33
33626
829
867898 867 829
BNDES
Demand deposits
2 130 2 128 2 153 2 056
1,463 1,530 1,1141,287 1,253 1,177
Interbank time deposits
High net worth individual time deposits
Corporate time deposit
1,654 1,592 1,720 1,845 1,965 2,130 2,128 2,153 2,056
Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
p p
Institutional time deposit
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Assets and liabilities management... presenting a positive gap between credit and funding
Matching of transactions
LOAN PORTFOLIO FUNDING
Loans to total funding index
80% 81%
BNDES BNDES
Trade finance Trade finance
80%76% 76% 73%
Deposits
Working Capital, PrivateSecurities1 and Cash Financial Bills
International Funding
ALM Deposits vs. Total funding
1Includes debentures, CRIs, eurobonds and funds shares
(R$mm)(R$mm)
Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
2,947
2,165
1 739
2,155
Loan Portfolio Funding
41% 45% 46%
Total Deposits Others
6,248 6,933 6,725
-
1,363
494
11833
1,739 1,679
957
162
59% 55% 54%
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No maturity Up to 3 months
From 3 to 12 months
From 1 to 3 years
From 3 to 5 years
More than 5 years
Sept-11 Jun-12 Sept-12
Capital adequacy ratio (BIS)BIS ratio reached 17 0%BIS ratio reached 17.0%
Tier II Tier I
Minimum capital requirement (11%)
3.6%%
4.5%4.2%
18.4%17.4% 17.1% 16.6%
19.6%18.5%
16.4%15.9%
17.0%
3.6% 3.7% 3.4% 3.1%3.3%
3.0%
14.8% 13.8% 13.4% 13.2%15.1% 14.3% 13.3% 12.6%
14.0%
Sept-10 Dec-10 Mar-11 Jun-11 Sept-11 Dec-11 Mar-12 Jun-12 Sept-12
R$ million BIS Ratio (%)Tier I 1,210 14.0%
Tier II 256 3.0%
Total 1,466 17.0%
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ota , 66 0%
Agenda
Brazilian macroeconomic highlights
Business overview
PINE’s line of business
Funding and capital structure
Appendix: Summary of financials
25/27PINE | Roadshow Presentation|
Financial highlights(R$ million, unless noted) 2009 2010 2011 3Q11 3Q12
Earnings and ReturnsFinancial income 1,008 1,055 1,401 561 265
Financial expenses (712) (711) (1,067) (479) (177)
Gross profit 296 344 333 82 88Gross profit 296 344 333 82 88
Net income 85 118 161 38 47
Annualized financial margin before provisions 7.8% 7.4% 6.4% 6.0% 6.0%
Annualized financial margin after provisions 6.7% 6.1% 5.1% 5.2% 4.7%
Annualized ROAE 10.3% 14.0% 17.2% 17.3% 17.7%
Annualized ROAAw1 1.9% 2.3% 2.6% 2.5% 2.5%
Balance Sheet Total assets 6,984 9,151 11,144 10,173 10,175
T l li bili i 6 1 9 8 283 10 128 9 191 8 9 9Total liabilities 6,159 8,283 10,128 9,191 8,959
Total credit2 4,804 6,033 7,063 6,875 7,444
Risk weighted assets 4,682 5,473 6,914 6,215 7,745
Total deposits3 3,029 3,698 3,794 3,677 3,655
Funding 4 112 5 437 6 544 6 248 6 725Funding 4,112 5,437 6,544 6,248 6,725
Shareholders’ equity 825 867 1,015 982 1,216
Key ratiosNon performing loans – 90 days 0.6% 0.1% 0.3% 0.2% 0.4%
Loan coverage 2.0% 2.5% 3.6% 2.7% 3.5%
BIS ratio 15.6% 17.4% 18.5% 19.6% 17.0%
Efficiency ratio 34.6% 32.4% 37.2% 37.9% 35.7%
Earnings per share (R$)4 1.02 1.41 1.87 0.44 0.43
Book value per share (R$)4 9 90 10 33 11 72 11 34 11 19
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Book value per share (R$) 9.90 10.33 11.72 11.34 11.191 Risk weighted assets2 Includes Letters of credit to be used, Bank Guarantees, Credit Securities to be Received and Private Securities (bonds, DRIs, eurobonds and fund shares)3 Includes Agribusiness and Real Estate Letters of Credit4 It considers 108,631,100 stocks for 3Q12 and 9M12, 98,852,774 shares for 2Q12 and 86,577,870 shares for 3Q11
Thank you27/27PINE | Roadshow Presentation|
Thank you