Banco PINE Releases its 2Q10 Results

SAO PAULO, Aug. 11 /PRNewswire-FirstCall/ -- Banco PINE (BM&FBOVESPA: PINE4), a publicly-held multiple bank specializing in the corporate segment, announces today its net income of R$35.6 million in the second quarter of 2010, compared to R$21.8 million in the second quarter of 2009. Operating income reached R$60.4 million in 2Q10, up 75.2% over last 12 months, which boils down to a 17.9% annualized ROAE.  

Banco PINE offers a complete range of credit and onlending products in domestic and foreign currencies. It also offers financial and strategic advisory services, treasury and investment products.

• Income grew year-on-year and quarter-on-quarter
  • Positive contribution of all business lines: Corporate Loans, Sales Desk and PINE Investimentos
  • 7.5% Corporate credit growth in the quarter and 56.3% over last 12 months, reaching R$4.8 billion
  • Robust loan portfolio quality: 98.3% of transactions classified between AA and C; 0.7% NPL; 214.7% provisioning of overdue portfolio
  • Strong capital structure: Capital Adequacy Ratio (BIS) of 18.5%

• Other highlights:
  • Banco PINE is one of the 15 largest banks in the country in Corporate credit
  • Fitch increased Banco PINE's credit rating in May of 2010. According to the agency, the ratings actions reflect, among other, the consistent performance of PINE's main business lines throughout the financial crisis, the appropriate credit quality, agility in adapting to economic volatility and the adequate risk management and balance sheet adjustment strategies.
  • Banco PINE was considered the Best Commercial Bank in Brazil by World Finance Banking Awards in August 2010

Noberto N. Pinheiro Junior, Banco PINE's CEO, commented on the results: "The positive numbers from the second quarter reflect our strategy of offering complete corporate financial services, expanded cross-sell of product and services, and selective growth of the credit portfolio. According to this road map, we have presented gradual and consistent income growth in the last quarters, with the positive contribution of our core business lines: Corporate Loans, Sales Desk and PINE Investimentos."

The full earnings release is available on Banco PINE's IR website at www.bancopine.com.br/ir

Banco PINE will hold Conference Calls on 2Q10 Results tomorrow, August 12, at 9:00 a.m. (US ET) in English and at 10:30 a.m. (US ET) in Portuguese.

SOURCE Banco PINE

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