The consolidated data on the BNDES’ performance show a return to investments in the country in 2009, when disbursements, approvals, eligibilities and consultations reached unprecedented levels in the Bank’s history.
Consultations and eligibilities, which indicated the investments to be carried out in the country, reached, respectively, R$ 223.9 billion and R$ 190.1 billion. This represents growth of 27% and 22% compared to the amounts in 2008. The performance in the two indicators surpassed the initial estimates of the BNDES, released at the end of 2009. The BNDES’ disbursements reached R$ 137.4 billion, up 49% on the amount posted in 2008, while approvals totaled R$ 170.2 billion, a 40% increase.
The BNDES’ performance illustrates the strength of the Brazilian economy and reflects the success of the measures adopted by the government to tackle the international financial crisis. One of the highlights was the Investment Maintenance Program (BNDES-PSI). In only six months (between July and December), the program’s portfolio reached R$ 37.1 billion. The BNDES-PSI was developed by the federal government to guarantee the maintenance of the investments and mitigate the effects of the international financial crisis on the Brazilian economy, focused on capital goods, exports and innovation.
In 2009, more than 80% of the investments within the scope of PSI was already contracted, revealing the strong demand for resources in the program. Of the total in the PSI portfolio in 2009, R$ 28.1 billion corresponds to buses and trucks and other capital goods, while R$ 8.7 billion was for export financing and R$ 300 million for innovation.
The BNDES Card posted disbursements of R$ 2.47 billion, up 193% in comparison with 2008. The number of operations (174,000) rose 189%, offering investments to an expressive number of micro, small and medium-sized companied, besides achieving the Bank’s goal to increase access to its resources.
In regional terms, the highlight of the year was the expansion of amounts released for investment projects in the North and Northeast regions, which exceeded R$ 33 billion. The growth rate in 2008 was 126% for the North and 189% for the Northeast. The regions represented, respectively, some 8% and 16% of the total of disbursements of the BNDES, well above their participation in the national GDP. With this, the Bank’s disbursements contribute to reducing regional inequalities.
In 2009, the industrial sector accounted for 46% of the BNDES’ total disbursements, with R$ 63.5 billion and growth of 62.8% in comparison with 2008. Infrastructure, with a 36% stake, received R$ 48.7 billion in disbursements, representing an increase of 38.6% on 2008’s results. Trade and services received R$ 17.3 billion, up 55%.
In infrastructure, one of the highest increases posted was in the electric energy segment, with a release of R$ 14.1 billion, a rise of 64% in comparison with 2008. Disbursements in road transportation reached R$ 13.6 billion. The construction segment, with a release of R$ 2 billion, registered an expansion of 444% in the year.
In industry, the chemical and petrochemical segment took the lead, with disbursements of R$ 25.6 billion, followed by transportation material (R$ 8.8 billion), foodstuff and beverages (R$ 8.8 billion) and metallurgy (R$ 5.3 billion).
The BNDES’ financing for Brazilian exports also broke a record in 2009. Releases totaled US$ 8.3 billion, an increase of 26% related to 2008.
The BNDES System recorded a profit of R$ 6.7 billion in the 2009 fiscal year, representing an increase of 26.8% compared to the R$ 5.3 billion in the previous year. Three positive factors contributed to this performance: the result from financial brokering, the dividends stated by BNDESPAR investments and the reversion of the provision for civil law contingencies.
The main positive impact on profit was the gross result of financial brokering, which grew from R$ 3.9 billion in 2008 to R$ 5.8 billion in 2009, a result of expressive growth in credit operation portfolios, as well as bonds and securities. Another positive factor was the reversion, in 2009, of the civil law provision resulting from a legal ruling in favor of the BNDES. With this, values that had been provisioned as losses could be accounted as a positive result.
Net equity totaled R$ 27.6 billion, corresponding to a reference equity of R$ 54 billion, up on the R$ 42.5 billion obtained on December 31, 2008. The reference equity is the base used by the Central Bank to establish prudential limits that must be followed by all financial institutions. The higher the reference equity of the BNDES, the higher the capacity to grant credit.
The total assets of the BNDES System amounted to R$ 386.6 billion in 2009, representing 39.4% growth compared to the 2008 fiscal year. Profitability on the average Net Equity reached 25.47% in December 2009 (23.95% in December 2008).