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Economic and Financial Performance - Consolidated


  • Assets and liabilities

Total assets and Loan operations

Total consolidated total assets amounted to R$ 10.1 billion. Current assets totaled R$ 5.8 billion, 86.5% above short-term liabilities.

Short-term interbank investments and investments in securities totaled R$ 2.4 billion and are equivalent to 23.7% of total assets. Securities classified as held to maturity, totaling R$ 6.6 million, for which the Bank has the intention and financial ability to hold to maturity.

Loan operations were positioned at R$ 6.1 billion, compared to R$ 6.5 billion in December 2016. The operations classified in the lowest risk levels, from “AA” to “C”, accounted for 76.1% of the total loan portfolio, in comparison with 76.3% in December 2016. The allowance for loan losses expense was 11.4%, before 11.8% in December of the prior year. More detailed information can be obtained in Note 07.
  • Funding

The existing funds were obtained both in the domestic and foreign markets, totaling R$ 8.6 billion, of which R$ 6.3 billion are from time deposits.

Regarding funds obtained abroad, R$ 541.5 million is recorded as Subordinated Debt (obtained in 2010, with maturity in 2020), i.e., capital for capitalization level purposes, as allowed by o CMN Resolution No. 4.192/2013.

Fundings through Financial Bills totaled R$ 342.7 million and include subordinated Financial Bills accounted for in the caption of Liabilities "Debt Instrument Eligible for Capital" addressed by CMN Resolution No. 4.192/2013, in the amount of R$ 134.4 million, maturing in 2023 and 2024.

Dividends, Shareholders' Equity and profit or loss

Shareholders’ equity was R$ 705.8 million. The Managed Shareholders’ Equity totals R$ 749.2 million and the Reference Shareholders’ Equity is R$ 999.4 billion. The net income attained R$ 10.1 million. During the half annual, neither dividend interest on capital was declared, in compliance with the legal standards and statutory provisions in effect.

Income from Financial Intermediation reached R$ 1.4 billion, a decrease by 11.7%. The Income from Loan Operations stood out, which includes revenue from Sales Transactions or Transfer of Financial Assets (credit assignment), totaling R$ 1.3 billion, an 13.9% retraction.

Financial Intermediation Expenses amounted to R$ 836.0 million, drop of 17.9%. Account for 57.6% of the Income from Financial Intermediation, against 61.9% in the same period of 2016. Funding Expenses, including Selling Expenses or Transfer of Financial Assets (credit grants with recourse), amounted to R$ 482.5 million, retraction of 18.6%.

Expenses with Allowance for Loan Losses Expenses amounted to R$ 352.8 million, against 422.0 million of the first half annual of 2016, decrease of 16.4%. Account for 24.3% of the Income from Financial Intermediation, against 25.7% in the same period of the prior year.

Gross Income from Financial Intermediation amounted to R$ 616.2 million, against R$ 625.9 million in the same period of 2016. Accounts for 42.4% of the Income from Financial Intermediation, against 38.1% in the same period of 2016, and it is worth emphasizing a significant gain in gross margin in the last 12 months.
Service income reached R$ 132.8 million, against R$ 114.7 million in 2016, accounting for a significant growth by R$ 18.1 million, resulting from the efforts for repricing the services in the last 12 months.

Personnel Expenses were R$206.1 million, in view of R$197.6 million in 2016, a nominal growth of 4.3% in the last 12 months. We point out two major items, payroll and related charges totaling R$ 134.1 million, against R$ 130.9 million in the prior year, had nominal growth of 2.4%, the same as the adjustment of 8.0% bank category in the same period, evidencing the gain of productivity.

Administrative Expenses amounted to R$ 301.1 million, compared to R$ 272.3 million in 2016, a growth by 10.6%. Excluding the payroll-deductible loan origination expenses of R$ 74.2 million (R$ 49.1 million in June 2016), there was a 1.7% increase in other administrative expenses in the last twelve, lower than the inflation of 3% in the same period.

It is worth highlighting the following administrative expenses: water, power and gas; lease of assets; communications; advertising and publicity; publications; and financial system and transportation services, totaling cost reductions of R$ 7.4 million. Indeed, the huge set of measures adopted to rationalize expenses became a rationale in the Institution and has presented favorable results.