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Pine profits plunge 57% in Q4

Bnamericas Published: Friday, February 13, 2009
Brazil's Banco Pine saw fourth quarter earnings last year drop 56.6% from 4Q07, down to 19.8mn reais (US$8.72mn), the midsized bank's latest earnings report showed. Not including 19.0mn reais in additional provisions during the quarter and other additional expenses in 4Q07, the results were only down 22.6% to 38.8mn reais. Pine's annual earnings came in at 133mn reais, an 11.3% decline on 2007. ROE based on the recurring net income figures for 4Q08 was 20.1%, lower than 27.9% in the same quarter in 2007. The loan book at Banco Pine fell to 4.26bn reais at end-2008, down 12.7% on the quarter and 1.41% on the year. The bank continued its two-year move towards a higher percentage of corporate loans, which made up 72% of its portfolio compared to 66% at end-2007 and 58% at end-2006. The bank's NPL ratio of loans overdue by more than 15 days increased to 1.3% in December from 0.8% at the same time in 2007, with corporate pushing the increase. The NPL ratio for this segment came in at 1.4% compared to 0.6% in December 2007. Pine put 14.9mn reais aside for loan loss provisions in 4Q08, down 3.82% on 4Q07. The Basel capital adequacy ratio was up to 19.3% in 2008 from 18.3% a year before. Pine's assets climbed 30.7% in 2008, totaling 6.20bn reais at year-end and shareholder equity was up 3.3% to 827mn reais. The Nogueira Pinheiro family controls all the bank's common shares and 18.2mn preferred shares for 75% of the bank's capital, while 25% is in free float as of February 12, the bank's financial statements said.

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