The performance of the portfolio of BNDESPAR contributed positively to the result in the first half of the year
Default rate lowered during the semester
The BNDES System’s assets grew with incomes and funds raising, totaling R$ 883.64 billion
The Brazilian Development Bank (BNDES) registered a net income of R$ 1.34 billion in the first quarter of 2017. There was recovery in relation to the same period in 2016, when BNDES had calculated a net loss of R$ 2.17 billion. The gross result with shareholdings – which went from a loss of R$ 4.92 billion between January and June 2016, to a R$ 1.42 billion gain in the same period of 2017 – positively influenced the balance.
The 92.7% reduction of the spending on investment losses and the higher return provided by the variable income portfolio in the form of dividends, equity accounting and disposals, were the main contributions of the result of the shareholdings, originating mostly from the subsidiary of BNDESPAR holdings.
Regarding the roles of JBS, BNDESPAR decided to perform the calculations for verification of the recoverable value (impairment test) in the second half of 2017 only, due to the great volatility in the value of the company’s shares in the recent period.
Credit portfolio – In the net credit operations and transfers portfolio, there was a reduction of 4.6% in the first half of 2017, equivalent to R$ 27.83 billion, due to the fact that the settlements of the operations exceeded the disbursements carried out in the period and also because of the R$ 4.16 billion increase of the provision for credit risk. With that, financial availability grew 58.2% in the first half of 2017.
The financial intermediation product showed a reduction of R$ 3.9 billion in the comparison between the first half of 2016 and the first half of 2017 mainly due to the reduction in the average profitability of the treasury portfolio, in addition to the effect of the fall in the volume of the average credit portfolio.
Provision was made for a R$ 1.4 billion supplementary credit risk at the minimum required by Resolution CMN 2,682/99, aiming at covering additional risks due to the uncertainty of the current economic scenario. Thus, the provision for credit risk in the first half of 2017 reached R$ 17.11 billion, the equivalent to 2.85% of the total portfolio. Defaults for a period greater than 30 days retreated from 2.81% in December 2016 to 2.45% on June 30 this year. The credit operations and transfers portfolio maintained good quality, with 96.2% of its scheduled operations between levels AA and C. This level is higher than the average of 89.6% recorded by the Brazilian Financial System.
Assets and equity – The BNDES system’s assets totaled R$ 883.64 billion in June 30, 2017, with a R$ 7.5 billion (0.9%) growth in the first half of the year, impacted by the income from the treasury and credit portfolios; FAT’s funds raising and emission of U$ 1 billion in green bonds in May.
In the first half of 2017, the net equity suffered a R$ 5 billion reduction, reflecting the negative equity valuation adjustment of portfolios of holdings in non-affiliated companies and of securities, which reached R$ 4.22 billion, and the payment of complementary dividends relating to the R$ 2.12 billion net profit of 2016. Thus, the total dividends paid to the Brazilian Treasury relating to 2016’s profit amounted to R$ 3.64 billion, reaching the limit of 60% foreseen in the new dividend policy of BNDES approved earlier this year.
The effects above considered, BNDES’s Net Equity totaled R$ 50.17 billion at the end of the first semester of 2017. The Reference Equity, a basis for the calculation of prudential limits established by the Brazilian Central Bank (BACEN), was R$ 126.59 billion in June 2017. The prudential limits of BNDES remained above the minimum required by the BACEN. BNDES’s Basel index in June 2017 reached 22.75%, above the 10.5% required by the BACEN.
The consolidated financial statements of BNDES for the first quarter of 2017 are available on the Bank’s website
( and on the Brazilian Securities and Exchange Commission’s website (CVM).
* The superintendent of BNDES’s Comptrollership Department, Vania Borgerth, will grant an interview through conference call on Monday, 14, at 3:00 pm. Those interested in participating should send the name and phone number of the journalist to the e-mail firstname.lastname@example.org
by 2:00 pm.