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8.14.08
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BNDES income reaches R$4.1 billion in the first quarter
In the first semester of 2008, BNDES recorded a net income of R$4.1 billion. This performance was influenced by positive contributions of shareholding interest results, which achieved R$4.8 billion, reflecting an increase of 111.7% as compared with the first semester of 2007. The result of biannual shareholding interest is of R$2.3 billion.
The income recorded from January to June 2008 - the second largest in BNDES history throughout a semester - was obtained despite the reduction of spreads, provided in BNDES new operational policy last semester. Basic rates charged in BNDES loans ranging from 0% to 3%, decreased to 0% to 1.8%.
The result observed in the first two months of 2008 is aligned with the one recorded for the same period of 2007, R$4.4 billion, when BNDES had an outstanding performance benefited by non-recurrent events. That is, unexpected facts that leveraged the results which did not happen again in the following months.
Performance in the 2007 fist semester was positively affected by settlement in advance of financings to export (R$649 million) and by the extraordinary reversion to provision of credit risk, amounting R$1.2 billion (in comparison with R$415 million during the same period of 2008).
Credit Portfolio - One of the most outstanding results was the high quality of BNDES facility portfolio, with 97.5% of credits ranked in AA and C levels, considered as low risk credit. The rate is high, assuming that the Brazilian Financing System average, in this category, is 92.1%.
BNDES portfolio quality can also be seen in the small level of defaults up to June of this year, corresponding to 0.02% of total loans granted. The balance of the Allowance for Credit Risk totaled R$ 3.9 bi, corresponding to 103.79 times the portfolio, pointing out that the amount allocated is quite enough to cover any losses with defaulting credits.
BNDES credit operations grew R$ 15 bi in 6 months, reaching R$ 181.7 bi in June 2008. This growth is aligned to the best loan disbursements in the period - R$ 72 bi - from July 2007 to June 2008. In December 2007, credit operations totaled R$ 168.8 bi.
BNDESPAR shareholding interest portfolio grew 11.1% as compared to December 2007, reaching R$ 21 bi on June 30, 2008. In the first semester, the market value of this portfolio reached R$ 86.7 bi, exceeding by 313.4% its book value.
Balance - BNDES shareholders’ equity at the end of the six months of 2008 totaled R$ 28.8 bi. Such result, according to the rules of the Central Bank, increases BNDES reference capital for R$ 47.8 bi (R$ 41.5 bi in 2007).
The reference capital is critical, as it is the basis used by the Central Bank to set up preventive limits that must be followed by all financial institutions. Due to this reason, BNDES depends on this value to calculate its operation limits with the public sector, foreign exchange exposure, permanent investments and even loan limits.
That is, the higher is the Bank’s reference capital, the higher will be loans disbursements. In 2002, BNDES reference capital was R$ 18.5 bi, reached R$ 23.5 bi in 2005 until it increased by two-fold in June 2008.
Profitability on average shareholders’ equity reached 15.4% between January and June 2008, below 20.8% obtained in the same months of 2007. Such decrease is mainly due to the positive increase in the shareholders’ equity, which serves as a denominator for this calculation.
Assets and liabilities – Total BNDES assets totaled R$ 222.8 bi on June 30, 2008, reflecting a 9.9% growth as compared to the bottom line as of December 31, 2007. From the total assets, 79.8% is represented by the net portfolio of loans and disbursements, which is lower than the 81.2% recorded at the end of last year. In terms of long-term credit portfolio volume, BNDES is still the leader among the Brazilian financial institutions.
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