Economic and Financial Performance - Consolidated
ASSETS AND LIABILITIES
Total consolidated assets recorded R$ 9.6 billion. Current assets reached R$ 5.8 Billion (60.1% of the total assets, compared to 55.0% in December 2018) and short-term liabilities totaled R$ 2.6 billion, representing 44.8% of the current assets.
Inter-financial liquidity investments and investments in securities and exchange reached R$ 2.9 billions. Securities classified as held to maturity total R$ 11.3 million (R$15.1 million, consolidated), for which the Bank has both the intention and the financial capacity to hold through maturity, pursuant to Bacen Circular Letter # 3.068/2001.
Loan operations stood at R$ 5.3 billions. Operations classified in the lower credit risk ranges, from “AA” to “C”, represent 80.3% of the total credit portfolio (78.9% in December and 76.7 in June 2018). The allowance for loan operations risk stood at 11.8% (12.1% in December and 12.3% in June 2018). More detailed information can be obtained in Explanatory note No. 07.
FUNDING OF RESOURCES
The existing resources were raised both in the domestic and in the external markets, totaling R$ 7.9 billion, R$ 6.0 billion of which originated from time deposits.
Regarding resources raised abroad, R$ 539.1 million are registered as Subordinated Debt (raised in 2010, with maturity in 2020), R$ 80.3 million of which used in the composition of the Level II Reference Assets for the purposes of capitalization, as allowed by CMN Resolution No. 4.192/2013.
Raising through Financial Letters reached R$ 347.6 million. Of that total, R$ 313.0 million, due in the period between 2023 and 2026, are recorded in the Liabilities title “Debt Instruments Eligible for Capital” mentioned by CMN Resolution No. 4.192/2013, of which R$ 259.3 million are used in the composition of Reference Equity Level II; R$ 17.5 million are perpetual debt bonds, eligible for complementary capital (Level I), provided that R$ 10.4 million are being used as Complementary Capital.
SHAREHOLDERS’ EQUITY AND RESULTS
Equity was set at R$ 850.2 million. Managed Equity is of R$ 896.3 million and Reference Equity is R$ 1.0 billion. In the semester, were not declared dividends or interests on equity, pursuant to the legal rules and statutory provisions in force.
The Financial Brokerage Revenues stood at R$ 1,144.0 million (R$ 1,213.9 million in June 2018, a 5.8% decrease).
Financial Intermediation Expenses totaled R$ 469.3 million (reduction of 24.1%). Represented 41.0% of Financial Intermediation Revenues (50.9% of June 2018). In expenses with Operations for Funding Capital in the Market, there was a 25.8% reduction.
Expenses with Allowance for Loan Operations Risk stood at R$ 230.4 million, a 19.8% reduction, representing 20.1% of Financial Brokerage Revenues (23.7% in June 2018).
The Gross Income from Financial Intermediation kept the growth trajectory, having reached R$ 674.7 million, a 13.3% growth. Rendering of Services Revenues totaled R$ 133.8 million (R$ 134.6 million in June 2018).
Personnel Expenses totaled R$ 213.3 million (R$ 192.3 million for June 2018, a nominal evolution of 10.9% in the first twelve months). Both items with the highest relevance, employee wages and social charges, recorded a 5.4% increase.
Administrative Expenses totaled R$ 297.5 million (R$ 271.4 million in June 2018), a nominal evolution of 9.6%. The Operating income reached an expressive increase of 34.3%. Net Income recorded R$ 52.1 million, presenting a 89.2% growth over the same period last year.