Banco Pine Releases its 1Q10 Results
SAO PAULO, May 12 /PRNewswire-FirstCall/ -- Banco Pine (Bovespa: PINE4) specializes in the corporate segment, offering its clients a complete range of credit products in both local and foreign currency. It also offers financial and strategic advisory services, treasury and risk management products, investments, and onlending transactions. Banco PINE thoroughly understands the needs as well as the strategies of companies in order to provide them with customized services efficiently and quickly.
Highlights:
-- Banco PINE's net income in the 1st quarter 2010 reached R$30.2 million, up 42.7% when compared to the previous quarter and 50.3% when compared to the same period of last year.
-- Thus, annualized ROAE reached 15.3% in the period, posting a growth of 460 basis points (bps) above the 4th quarter and 520 bps over the 1st quarter of 2009.
-- On March 31, 2010, Corporate loans, Banco PINE's main business, posted an expansion of 8.3% over December, reaching R$4.5 billion, including guarantees.
-- The quality of the loan portfolio also improved. In March 2010, 98.2% of the loan portfolio was rated between AA and C, in accordance with Brazilian Central Bank Resolution 2,682. The D-H portfolio coverage of 95.8%, maintained one of the best ratios among mid-sized banks traded at Bovespa, while the overdue coverage stood at 225.2%.
-- In March 2010, Banco PINE's total funding reached R$4.6 billion, a 2.2% growth in relation to December and a 27.8% when compared to March 2009.
-- The Capital Adequacy Ratio stood at 18.7%, including the subordinated notes issued in February 2010 (waiting for authorization of the Brazilian Central Bank to be incorporated into Banco PINE's Tier II).
-- All Banco PINE's businesses (Corporate loan, Clients' dealing desk and PINE Investimentos) contributed positively for the result, continuing the strategy implemented by the Bank of increasing products and services cross-selling.
The full earnings release for 1Q10 is available on Banco Pine's IR website at www.bancopine.com.br/ir
Banco Pine will hold Conference Calls on 1Q10 Results tomorrow, May 13, at 10:30 a.m. (US ET) in English and at 9:00 a.m. (US ET) in Portuguese.
For further information, please contact Banco Pine's IR Area
Phone: (+55 11) 3372-5553
SOURCE Banco Pine
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article