SAO PAULO, Aug. 11, 2011 /PRNewswire/ -- PINE (BM&FBovespa: PINE4), a multiple-service bank specialized in corporate banking, announces today its consolidated results for 2Q11.
PINE is a bank focused on establishing long-term relationships with companies. It has a broad network of relationships with companies in various sectors. 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 (tailor made solutions for its clients in capital markets, investment management and Corporate Finance).
Highlights de 2Q11 x 1Q11
- Net Income: R$ 36.1 million, 14.7% growth
- Operating Income: R$ 60.8 million, 26.1% growth
- Corporate Credit: R$ 6.2 billion, 7.9% growth
- Time Deposits + Agribusiness letters of credit: R$ 3.3 billion, 9.5% growth
- Annualized ROAE: 17.3%, 210 bps growth
- Corporate annualized ROAE: 19.0%, 180 bps growth
Other Highlights
- Positive contributions from all business lines in the first half of the year, including 63.5% from Corporate Credit, 27.7% from the Hedging Desk (FICC), 5.5% from PINE Investimentos and 3.3% from Treasury
- PINE Investimentos underwrote R$681 million of securities in the first half of the year
- Highly liquid balance sheet, with cash position of R$1.4 billion, or 42% of time deposits. Positive gap between credit and funding: 15 months for credit compared with 19 months for funding
- Ranked the 14th largest bank in Brazil in corporate credit and among the 12 largest banks in credit for large corporations, according to the Maiores e Melhores (Biggest & Best) ranking compiled by Exame magazine.
- In July, Austin upgraded PINE's long-term rating to 'A+' from 'A'
- PINE was considered by the IFC, a member of the World Bank, "The Most Green Bank" in Latin America and the Caribbean
The earnings release is available on PINE's IR website at www.bancopine.com.br/ir.
PINE will hold Conference Calls on 2Q11 Results tomorrow, August 12, 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
[email protected]
SOURCE PINE
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