1Q14 Institutional Presentation

Transcription

1 1Q14 Institutional Presentation 1

2 Brazilian Credit Market Total Loans/ GDP and Credit Growth YoY Loans/ GDP By Type of Financial Institution 60% 50% 40% 30% 31.2% 35.5% 40.7% 43.9% 45.4% 49.1% 53.9% 56.4% 49.1% 8.5% 19.1% 53.8% 8.8% 19.2% 56.5% 8.8% 18.8% 20% 14.6% 21.4% 25.8% 28.9% 10% Credit/ GDP Growth Public Private National Foreign Credit Portfolio Growth Daycoval and Financial System (%) 113% 53% 42% 28% 31% 21% 12% 15% 1% 19% 18% 19% 15% 3% -1% Mar-14 Daycoval Sistema Financeiro 2% Source: Brazilian Central Bank (Banco Central do Brasil BCB) and Daycoval. 2

3 Historic Developments Begin building commercial banking portfolio Issuance of USD225mm in Eurobonds Upgrade to BBB- by Fitch Upgrade to Bovespa s Level 2 of Corporate Governance Second issuance of Letras Financeiras 1 Beginning of activities in Brazil through Daycoval DTVM Beginning of auto loan activities Issuance of USD300mm in Eurobonds Maison Bancaire is founded by Salim Dayan in Lebanon Inauguration of Daycoval s 1 st branch Creation of the Daycoval Asset Management Beginning of payroll-deduction activities I.P.O. Note: 1. Letras Financeiras are a type of local market Bonds issued exclusively by financial institutions. Issuance of BRL410mm in convertible bonds Upgrade to Baa3 by Moody s Issuance of USD300mm in Eurobonds Daycoval is the first bank to issue public Letras Financeiras 1 Issuance of USD500mm in bonds 3

4 Corporate Governance Board of Directors Board of Executive Officers Name / Title Years on Daycoval Salim Dayan, Executive Officer 20 Carlos Moche Dayan, Executive Officer 18 Morris Dayan, Executive Officer 19 Ricardo Gelbaum, Investor Relations Officer 2 Albert Rouben, Officer 20 Regina Maciel Nogueira, Officer 21 Nilo Cavarzan, Officer 9 Alexandre Rhein, Officer 8 Alexandre Teixeira, Officer 7 Capital Structure 1Q14 (%) 4

5 Key Figures 1Q14 Total Assets Expanded Loan Portfolio Funding Shareholders Equity R$ 16,345.3 million R$ 10,686.6 million R$ 11,506.6 million R$ 2,466.1 million Basel Index 17.0 % (Tier 1) Recurring 1Q13 4Q13 1Q14 Net Income R$ (mn) ROAE 12.3% 10.6% 11.6% ROAA 2.0% 1.7% 1.8% NIM-AR 12.6% 13.4% 13.4% Efficiency Ratio 36.5% 38.5% 34.7% 5

6 Additional Information Ranking Banco Central do Brasil December/2013 Ranking Daycoval Private Banks Public and Private Banks Net Income 15 th 22 nd Shareholders Equity 16 th 21 st Total Deposits 21 st 28 th Total Assets 21 st 26 th Number of branches 9 th 18 th Rating: Investment Grade by Moody s and Fitch Ratings. 6

7 Distribution: 206 points of Sale. 49 stores operating throughout Brazil. 38 Daypag Offices troughout São Paulo State. 37 Branches SÃO PAULO SP HD Av.Paulista * 1 new branch this quarter Lucas do Rio Verde/MT 82 exchange bureaus/exchange correspondents 7

8 Expanded Loan Portfolio : Significant growth of 24.8% over the past 12 months. Expanded Loan Portfolio - R$ Million Expanded Loan Portfolio (R$ mn) 1Q14 4Q13 Chg. % 1Q13 Chg. % Companies 4, , % 4, % Receivables Purchase 1, , % % Avals and Sureties % % Total Expanded Companies 6, , % 5, % Total Payroll Loans 3, , % 2, % Total Auto Loans % % Total DCC/Other % % Total Expanded Loan Portfolio 10, , % 8, % Breakdown Loan Portfolio 1Q14 Expanded Loan Portfolio (R$ mn) Expanded Loan Portfolio- (R$ mn) 8,564 8,869 9,380 10,412 10,687 1Q13 2Q13 3Q13 4Q13 1Q14 8

9 Companies Portfolio: Working Capital and Guarantee Account together represent 62% of the portfolio. Companies Portfolio - R$ Million Companies Portfolio - (R$ Mn) 6,165 6,021 5,282 5,365 5,584 5,109 4,643 4,009 4,481 4,585 1Q13 2Q13 3Q13 4Q13 1Q14 Total Portfolio Origination Breakdown Companies R$(mn) 1Q14 Var. %x 4Q13 Working Ca pita l 2, % Gua ra nteed Account 1, % Receiva bles Purcha s e 1, % Tra de Fina nce % Ava ls a nd Sureties Cross- Selling % BNDES % Total Companies 6, % Collateral Breakdown 1Q14 Geographic Distribution 1Q14 Breakdown Companies Portfolio R$ (mn) 9

10 Companies Portfolio: diversification the sectoral Breakdown. Sectors Breakdown 1Q14 Commerce 19.1% Food and Cereal Wholesaler 2.2% Food and Beverages 1.0% Tools and General Hardware 1.0% Pharmaceuticals, Perfume and Cosmetics Wholesaler 0.7% Furniture and Decorations 0.6% Others 13.6% Services 32.6% Highway Transportation 4.3% Air Passenger Transportation 2.9% Holding Company 2.7% Real Estate Development 2.4% Civil Construction 2.1% Others 18.2% Industrial 42.7% Sugar and Alcohol Mill 5.3% General Electronic Products 2.6% Small Vehicles 2.1% Inner Tubes 1.9% Auto parts and Accessories 1.8% Others 29.0% 10

11 Companies Portfolio : The 50 largest customers represented only 15.6% in 1Q14, attesting to the diversification of the risk. Concentration of Credit Mar-12 Mar-13 Mar-14 Largest debtor 2.7% 1.2% 1.5% 10 Largest debtor 10.1% 7.4% 7.0% 20 Largest debtor 13.4% 10.2% 10.1% 50 Largest debtor 19.7% 15.4% 15.6% Loan Portfolio Outstanding Operation (March/14) Monthly average number of operations Maturity of 48% over the next 90 days 11

12 Daycred Payroll Loans: balance of R $ 3,865 million. Total Payroll Loan (*) - R$ Million Breakdown of Payroll (*) R$ 3,865mn 1Q14 - % (*) Includes credit assignment in all of the quarters (R$ 9.7 million in 1Q14) Loan Payroll Outstanding Operation (March/14) Breakdown of the Net Origination of Payroll Loans R$ 595 mn - 1Q14-% Maturity of 88% over the next 3 years 12

13 Daycred Auto Loans: growth of 2% in the quarter. Carteira de Veículos (R$ MM) Carteira de Veículos (R$ MM) Total Auto Loans R$ Million Loans Auto - Outstanding Operation R$ Million Q13 4Q12 2Q13 1Q13 3Q13 2Q13 4Q13 3Q13 1Q14 4Q13 Auto Loan Portfolio Auto Loan Portfolio Origination Origination Maturity of 96% over the next 3 years Liquidity of Auto Loans Portfolio 1Q14 R$ Liquidity of the Auto Loans Portfolio - Oct-08 to Mar-14 R$ % Accum. PMTs received in advance 455,230, % 40% PMTs received on date of maturity 160,755, % 54% PMTs received with delay of 30 days 326,057, % 82% PMTs received with delay of 60 days 75,664, % 88% PMTs received with delay of 90 days 34,129, % 91% PMTs received with delay of 120 days 13,730, % 93% PMTs received over 120 days 23,692, % 95% PMT s overdue 61,975, % 100% Liquidity of the Auto Loans Portfolio 1,089,261, % Outstanding PMT s Total Amount 1,151,236, % Origination Auto Loans- 1Q14 (*) (*) We have not financed motorcycles since October

14 Funding : Growth of 12.0% in the quarter and 46.7% compared to 1Q13. Funding (R$ mn) 1Q14 4Q13 Chg. % 1Q13 Chg. % Depósitos 3, , % 3, % Letter of Credit - LCI + LCA % % Total Deposits + LCI + LCA 4, , % 3, % Local Bonds (Letras Financeiras) 2, , % 2, % Foreign Issuances 2, , % 1, % Foreign borrowings 1, , % % Domestic onlendings % % Borrowing and Onlending 1, , % 1, % Total 11, , % 7, % Diversified funding sources, with broad access to all available markets: Domestic and international Retail and institutional Bank and capital markets Focus on stable and recurring funding sources available in the market: Daycoval never used the government emergency credit line called DPGE, for instance Focus on unsecured funding without providing collateral or selling credit portfolio Funding R$ Million 14

15 Long Term Funding: Growth of 69.4% compared to 1Q13. Total Deposits x Long Term Funding R$ Million Total Deposits x Long Term Funding - (R$ MM) 6,104 6,098 7,157 4,667 4,662 4,718 4,377 3,609 4,010 3,966 4,201 4,685 4,225 3,618 3,774 3,667 4,179 4,350 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Total Deposits Long Term Funding Total Deposits Breakdown 1Q14 (%) Long Term Funding 1Q14 (%) 15

16 Long Term Funding: Highlight for funding of US$ 500 million in bonds. Summary of Terms and Conditions Issuer Issue/Format Ratings Size Banco Daycoval Senior Unsecured Notes under 144A / REG S "Baa3" (Moody's), "BB+" (Standard & Poor's) e "BBB-" (Fitch Ratings) US$ 500 million Maturity March, 2019 Copom 5.750% Yield 5.875% Joint Bookrunners Date of Transactions Maturity Amount (US$ mm) Syndicated Loan (IFC) June/2010 June/14 (due of last tranche) 165 Eurobond March/2010 March/ Syndicated Loan (IIC) November/2010 November/15 (due of last tranche) Eurobond January/2011 January/ Syndicated Loan (IFC) July/2013 July/2018 (due of last tranche) 275 Bonds March/2014 March/

17 Liquidity: Positive gap of 32 days and Cash of R$ 2.7 billion. Outstanding Operations (Loan Portfolio) 1Q14 - % Outstanding Operations (Funding) 1Q14 - % Maturity of 57% over the next 12 months Maturity of 53% over the next 12 months Loan Portfolio by Segment Average term to Maturity (1) days Companies 192 Trade Finance 157 Payroll Loans 758 Auto Loans 445 DCC + Other 204 BNDES 510 Total Loan Portfolio 464 (1) From March 31,2014 Funding Average term to Maturity (1) days Total Deposits 135 Interbank Deposits 248 Local Bonds (letras financeiras) 383 (LCA) Letter of Credit Agribusiness 111 LCI (Letter Home Mortgage) 216 Foreign Issuances 1,016 Borrowing and Onlending (2) 423 BNDES 515 Total Funding 496 (1) From March 31,2014 (2) Funding with not liquidity to criteria weighting 17

18 Service and product revenues: totaled R$ 22.3 million in 1Q14. Asset Management (R$ mn) Exchange Bureaus - Operations x Volume (R$ Mn) - Asset managing 40 funds; - Funds managed or administered totaling R$ 1,621.1 million. - Gross revenues from investment fund management of R$ 2.7 million in 1Q14. In the first quarter, approximately 94.5 pre-paid cards, cash and remittance operations expressed in different currencies, for a turnover of R$ million. 18

19 2Q08 3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Quality of Loan Portfolio (*) : Reduction of the provision/portfolio ratio of 0.4 p.p during the quarter. 1Q14 Provision Total Loan Portfolio Portfolio R$ mn % Provision R$ mn Total Provision / Loan (%) Companies portfolio (1) 5, % Payroll 3, % Auto Loans % CDC Retailers / Others (1) % Loan Portfolio 10, % Credit assignment up to 12/31/ % Total 10, % Total Provision / Loan Portfolio (%) Total Provision / Loan Portfolio(%) (1) Includes Receivables purchase (*) Unconsolidated 19

20 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 Quality of Loan Portfolio (*) : reduction of delinquency of 0.7p.p. in segment Companies. Evolution LLP / Portfolio by Segment (%) Total Middle Market Provision(%) Total Companies Portfolio Provision (1) (%) Total Payroll Total Payroll Provision(%) Total Auto Provision (%) Total Auto Provision (%) (1) Includes Receivables purchase (*) Unconsolidated 20

21 Quality of Loan Portfolio (*) : Reduction of the balance of provision by 6.4% compared to 4Q13. Establishment of Provision - R$ mn 1Q13 2Q13 3Q13 4Q13 1Q14 Companies Portfolio (1) Payroll Auto DCC + Other Total Balance and Establishment of of Provision - (R$- mn) R$ Million Q13 2Q13 3Q13 4Q13 1Q14 Balance of Provision Establishment of Provision (1) Includes Receivables purchase and does not consider avals and sureties (*) Unconsolidated 21

22 Quality of Loan Portfolio (*) : Reduction the rate of overdue more than 90 days at 0.8 p.p compared to 4Q13. Overdue Loans 1Q14 4Q13 Chg. % 1Q13 Chg. % Overdue Loans more than 90 days past due- R$mn % % Companies Portfolio % % Payroll % % Auto % % DCC + Other % % LLP Balance / Overdue Loans > 90 days (%) 302.9% 219.4% 241.4% Overdue Loans > 90 days/loan Portfolio 1.4% 2.2% 2.0% Companies Portfolio (1) 2.1% 3.4% 2.8% Payroll 0.3% 0.3% 0.4% Auto 1.5% 1.5% 2.1% Past due operations more than 90 days (%) (1) Includes Receivables purchase (*) Unconsolidated 22

23 Quality of Loan Portfolio (*) : Recovery credit of R $ 30.3 million in the quarter. Loan Portfolio E-H - R$ Mn 1Q13 4Q13 1Q14 Companies (1) Payroll Auto DCC + Other (1) Total LLP Balance / Portfolio E-H - R$ mn 1Q13 4Q13 1Q14 Companies (1) 88.3% 101.4% 95.4% Payroll 103.9% 109.6% 112.7% Auto 90.4% 94.1% 94.7% DCC + Other (1) 83.8% 89.8% 89.0% Total 91.7% 101.6% 97.8% Recovered Loans - R$ Mn 1Q13 4Q13 1Q14 Companies Retail Total Write-offs - R$ Mn 1Q13 4Q13 1Q14 Companies (52.6) (75.6) (125.7) Retail (23.6) (33.3) (31.7) Total (76.2) (108.9) (157.4) (1) Includes Receivables purchase (*) Unconsolidated 23

24 Recurring Efficiency Ratio : reduction of Personnel and Administrative expense by 13.5% compared to 4Q13. Recurring Efficiency Ratio (R$ mn) 1Q14 4Q13 Var. % 1Q13 Var. % Total Personnel Expenses (exclude IFP) (43.3) (51.6) -16.1% (40.4) 7.2% Administrative Expenses (exclude IFP) (47.2) (53.0) -10.9% (43.3) 9.0% Total Personnel and Administrative Expenses (90.5) (104.6) -13.5% (83.7) 8.1% Total Personnel Expenses IFP (3.7) (3.8) -2.6% (2.6) 42.3% Administrative Expenses IFP (2.3) (2.5) -8.0% (2.4) -4.2% Personnel and Administrative Expenses IFP (6.0) (6.3) -4.8% (5.0) 20.0% Commission Expenses (total) (57.1) (51.6) 10.7% (38.0) 50.3% Total (153.6) (162.5) -5.5% (126.7) 21.2% Recurring Efficiency Ratio (%) 34.7% 38.5% -3.8 p.p 36.5% -1.8 p.p Recurring Efficiency Ratio (considering Profit Sharing) (%) 36.8% 42.3% -5.5 p.p 39.4% -2.6 p.p Índice de Eficiência Recorrente% Recurring Efficiency Ratio % Q13 2Q13 3Q13 4Q13 1Q14 24

25 Capital Structure: Low leverage in 3.8 times. Basel Index III % (1) Tier I Shareholder s Equity (R$ mn) Shareholder's Equity (R$ mn) 2,447 2,423 2,365 2,440 2,466 1Q13 2Q13 3Q13 4Q13 1Q14 Changes Shareholder s Equity Current net equity (March/14) 2,466.1 Capital (March/14) (2) 2,442.8 Capital Increase (exercising the warrants) 23.3 Basel III 17.0% (1) Basel Index 3 minimum 10.5% required by the Central Bank. (2) does not include capital increase of R $ 23.3 million occurred in Mar/14. 25

26 Profitability: Net Interest Margin Adjusted and Recurring (NIM-AR) 13.4%. Net Income (R$ mn) Net Income (R$ mn) Net Income Recurring (R$ mn) Net Income Adjusted and Recurring (RS mn) Q13 2Q13 3Q13 4Q13 1Q14 1Q13 2Q13 3Q13 4Q13 1Q14 Return on Average Assets Recurring p.a.) (ROAA) - % Retorno s/ Ativos Médios (ROAA) Ajustado e Recorrente (% Return Return on on Average Average Equity Equity Recurring Recurring (ROAE) (ROAE) -% (% p.a.) Adjusted and Net Interest Margin Recurring (NIM-AR) (*) - % Adjusted Net Interest Margin and Recurring (NIM-AR) (% p.a.) Q13 2Q13 3Q13 4Q13 1Q14 1Q13 2Q13 3Q13 4Q13 1Q14 1Q13 2Q13 3Q13 4Q13 1Q14 (*) Methodology includes exchange-rate variations on liability operations, receivables purchase and excludes the result of property protection operations, DAYC4 swaps, portfolio transfers to other banks and matched operations repurchase agreements-tri-party repos outstanding. 26

27 Banco Daycoval: Credit Highlights Growth capability with reduced costs Recognized as one of the best Brazilian Middle Market Banks Conservative profile and solid capital structure Experienced management team compromised with corporate governance Strict credit policy Access to diversified funding sources Low leverage level 27

28 Peer Analysis (1) 1Q14 Shareholders Equity (R$ Million) Expanded Expanded Loan Loan Loan Portfolio / Shareholders Equity / Shareholders' Equity - times times - times 9.2 2,466 1,949 1, , Daycoval Bic Banco ABC Pine Indusval Sofisa Basel Index (%) Daycoval Bic Banco ABC Pine Indusval Sofisa Basel Index (%) Daycoval Bic Banco ABC Pine Indusval Sofisa Itaú Bradesco TIER I TIER II (1) Source: Bank s reports as of March

29 Peer Analysis (1) 1Q14 Expanded Loan Portfolio (R$ Million) Loan Portfolio (R$ Million) 18,330 10,686 56% 12,792 10,090 44% 3,926 1,731 Daycoval Bic Banco ABC Pine Indusval Sofisa Retail Loan for Companies Loan Loss Provision / Credit Portfolio (%) Loan Loss Provisions / Credit Portfolio (%) Growth of Total Credit Portfolio YoY- (%) Daycoval Bic Banco ABC Pine Indusval Sofisa Itaú Bradesco Daycoval Bic Banco ABC Pine Indusval Sofisa Itaú Bradesco (1) Source: Bank s reports as of March 2014 (10.3) 29

30 Peer Analysis (1) 1Q14 1Q14 Net Income (R$ (R$ million) Million) (2) Daycoval Bic Banco ABC Pine (9.9) Indusval Sofisa Net Income / Loan Portfolio - (%) 1Q14 Net Income / Loan Porfolio - (%) 0.7% 0.4% 0.3% 0.0% 0.1% Daycoval Bic Banco ABC Pine -0.3% Indusval Sofisa (1) Source: Bank s reports as of March 2014 (2) NIM-AR: Methodology includes exchange-rate change on passive operations, receivables purchase and excludes the result of property protection operations, DAYC4 swaps, portfolio transfers to other banks and matched operations repurchase agreements-tri-party repos outstanding. 30

31 Peer Analysis (1) 1Q14 Net Interest Margin (NIM) (%) Efficiency Ratio - (%) (2) (2) Return on Average Assets (ROAA) - (%) Return on Average Equity (ROAE) - (%) (2) (2) (1) Source: Bank s reports as of March 2014 (2) NIM-AR: Methodology includes exchange-rate change on passive operations, receivables purchase and excludes the result of property protection operations, DAYC4 swaps, portfolio transfers to other banks and matched operations repurchase agreements-tri-party repos outstanding. 31

32 Capital Markets Stock Buy-back 2014 Stock Buy Back Opening Date Closing Date Shares 2013 Total Buy Back 31,021,300 1 st Program 1/22/2014 Opening 6,359,800 Total Buy Back until 03/31/2014 4,027,400 Dividend + ISE Date of Payment Interest on Shareholders' Equity Value Value per Share (in R$) 04/15/2014 ISE 29,109, Total ,109,

33 Reccuring Key Figures Recurring Key Figures (R$ mn) 1Q13 2Q13 3Q13 4Q13 1Q Net Income Hedge/MTM (11.8) 2.1 (18.1) 3.1 (4.0) (24.6) Swap DAYC (6.4) (24.1) Adjusted Net Income Shareholders Equity 2, , , , , , , ,345.3 Total Assets 13, , , , , , , ,854.1 Adjusted ROAA (%) 2.0% 2.0% 1.7% 1.7% 1.8% 3.1% 2.4% 1.8% Adjusted ROAE (%) 12.3% 10.9% 9.9% 10.6% 11.6% 17.6% 15.4% 10.8% Adjusted Eficiency Ratio (%) 36.5% 34.4% 36.2% 38.5% 34.7% 30.6% 30.6% 36.4% Recurring Adjusted Net Interest Margin (NIM-AR) (R$ mn) 1Q13 2Q13 3Q13 4Q13 1Q Income from Financial Intermediation adjusted by Loan Loss Provision and Exchange Rate Variation (1) , ,408.9 Hedge/MTM (19.6) 3.5 (30.0) 5.2 (6.7) (41.0) Swap DAYC (10.7) (40.2) Adjusted Income from Financial Intermediation (A) , ,441.6 Average Remunerated Assets (1) 11, , , , , , , ,550.0 (-) Expenses of financial intermediation add back provisions (1,364.3) (1,142.9) (940.2) (845.0) (944.0) (1,043.5) (1,136.0) (1,073.1) Average Remunerated Assets (B) 10, , , , , , , ,476.9 Recurring Adjusted Net Interest Margin (NIM-AR) (%p.a.) (A/B) 12.6% 14.1% 12.6% 13.4% 13.4% 11.3% 12.2% 12.6% (1) Includes Receivables purchase from

34 Net Income and ROAE (R$ mn) 34

35 Quality of Loan Portfolio (*) : establishment of Provision R$ (mn) 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q Companies (1) Payroll Auto Loans DCC + Other (1) Establishment of Provision LLP/Loan Portfolio Establishment of Provision/Loan Portfolio(%) Establishment of Provision (R$ mn) (1) Includes Receivables purchase from 2012 (*) Unconsolidated 35

36 Quality of Loan Portfolio (1) : Past due operations more than 60 days. Past due operations > 60 days / Loan Portfolio (%) (1) Unconsolidated Includes Receivables purchase from

37 Quality of Loan Portfolio (1) : Past due operations more than 90 days (1) Unconsolidated Includes Receivables purchase from

38 Quality of Loan Portfolio (*) : Loan Loss Provision LLP/Loan Portfolio LLP/Loan Portfolio 7.1% 7.9% 7.8% 5.6% 4.6% 3.5% 3.2% 3.1%3.0% 3.0% 2.5% 2.6% 3.1% 3.6% 4.1% 4.6% 4.9% 5.4% 5.2% 4.8% 4.4% (*) Unconsolidated 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 38

39 Balance Sheet Assets 1Q14 4Q13 1Q13 Current Assets Cash and Cash Equivalents 9,732, ,593 9,001,553 91,368 8,698,147 74,266 Interbank Investments 2,549,716 2,021,232 2,518,261 Securities and Derivatives 340, , ,314 Interbank Accounts 183, , ,179 Lending Operations 4,632,980 4,477,748 3,950,176 Other Receivables 1,752,283 1,750,888 1,199,008 Other Assets 164, , ,943 Long-Term Assets 6,581,078 5,918,160 4,071,895 Securities and Derivatives 1,365,274 1,119, ,211 Lending Operations 3,803,931 3,566,392 2,745,515 Other Receivables 1,198,879 1,063, ,175 Other Assets 212, , ,994 Permanent 32,200 30,235 11,217 Investments Property and Equipment in Use 31,379 29,415 10,405 Intangible Total Assets 16,345,345 14,949,948 12,781,259 Liabilities 1Q14 4Q13 1Q13 Current Liabilities 7,488,696 6,542,675 5,993,107 Deposits 2,938,100 2,666,069 2,670,529 Money Market Funding 850, ,644 1,184,519 Funds from Acceptance and Issuance of Securities 2,452,361 1,836, ,931 Interbank Accounts 15, ,074 Interbranch Accounts 17,758 22,190 6,529 Borrowings and Onlendings 876, , ,835 Derivatives 818 3,271 2,104 Provisions of Insurance and Pension Plans 31,944 29,107 29,246 Other payables 305, , ,340 Long-term Liabilities 6,378,127 5,952,587 4,331,501 Deposits 894,353 1,042, ,441 Funds from Acceptance and Issuance of Securities 3,405,595 2,938,558 2,589,041 Borrowings and Onlendings 939, , ,321 Derivatives 23, Other Payables 1,115, , ,698 Deferred Income 11,734 13,672 8,772 Minority Interest Shareholders Equity 2,466,057 2,440,276 2,447,192 Capital of Brazilian Residents 1,868,862 1,797,652 1,425,726 Capital Increase 23,281 71, ,683 Capital Reserves ,311 Revaluation Reserves 1,006 1,058 1,135 Profit Reserves 623, , ,070 Securities and Derivatives Available for Sale (20,332) (17,080) 4,364 ( - ) Treasury Stocks (31,416) (7,493) (10,097) Total Liabilities 16,345,345 14,949,948 12,781,259 Amounts in R$

40 Income Statement Income Statement 1Q14 4Q13 Var. % 1Q13 Var. % Income from Financial Intermediation 477, , % 427, % Lending Operation 514, , % 386, % Securities Operations 91,329 97, % 60, % Derivatives (143,422) 77,723 n.a (38,654) n.a. Foreign Exchange Operations 14,809-48, % 19, % Expenses of Financial Intermediation (372,213) (486,570) -23.5% (284,010) 31.1% Funding Expenses (231,166) (272,281) -15.1% (167,307) 38.2% Borrowing and Onlendings (14,361) (74,314) -80.7% (18,102) -20.7% Operations Sale or Transfer of Financial Assets - (14,575) n.a. (6,991) % Loan Losses Provisions (126,686)- (125,400)- 1.0% (91,610)- 38.3% Gross Profit from Financial Intermediation 105, , % 143, % Other Operating Income (Expenses) 5,897 - (117,239) % (39,129) % Income from Services Provided 22,288 22, % 25, % Personnel Expenses (46,978) (55,354) -15.1% (43,037) 9.2% Other Administrative Expenses (106,613) (107,064) -0.4% (83,671) 27.4% Tax Expenses (22,741) (21,970) 3.5% (21,369) 6.4% Other Operating Income 207,638 69,614 n.a. 102, % Other Operating Expenses (47,697) (25,013) 90.7% (18,746) 154.4% Income from Operation 111, , % 104, % Non-operating Expenses (3,237)- (833)- n.a (1,810)- n.a Income before Taxes and Minority Interest 107, , % 102, % Income and Social Contribution Taxes (32,091) (28,274) 13.5% (27,283) 17.6% Provision for Income Tax (47,332) (16,809) 181.6% (32,424) 46.0% Provision for Social Contribution Tax (28,262) (11,424) 147.4% (19,198) 47.2% Deferred Taxes 43,503 (41) n.a. 24, % Profit-Sharing (9,247) (16,224) -43.0% (9,879) -6.4% Minority Interest (14)- (11)- 27.3% (12)- 16.7% 0.0% Net Income 66,587 65, % 65, % Interest on Shareholders Equity (29,109) (26,285) 10.7% (24,486) 18.9% Earnings per Share n.a n.a. Number of Shares 250,447, ,309,937 n.a. 255,004,293 n.a. Amounts in R$

41 1Q14 Institutional Presentation Investor Relations Ricardo Gelbaum +55 (11) Erich Romani +55 (11) Natalie Ramalhoso +55 (11) Susie Cardoso +55 (11) "This material may include estimates and forward-looking statements. These estimates and forward-looking statements are to a large extent based on current expectations and projections about future events and financial trends that affect or may come to affect the Bank's business. Many important factors may adversely affect the results of Banco Daycoval as described in management's estimates and forward-looking statements. These factors include, but are not limited to, the following: the performance of the Brazilian and international economies; fiscal, foreign-exchange and monetary policies; increasing competition in the companies segment; Banco Daycoval's ability to obtain funding for its operations; and changes to Central Bank rules and regulations. The words "believe," "may," "could," "seek," "estimate," "continue," "anticipate," "plan," "expect" and other similar words are used to identify estimates and projections. Considerations involving estimates and forward-looking statements include information relating to results and projections, strategies, competitive positioning, the industry environment, growth opportunities, the effects of future regulation, and the effects of competition. Such estimates and projections are valid only at the time of writing. Daycoval does not undertake to publish updates or review any of these estimates in response to new information, future events or other factors. In light of the risks and uncertainties involved, the estimates and forward-looking statements contained herein may not materialize. Given these limitations, shareholders and investors should not make decisions based on the estimates, projections and forward-looking statements contained in this material." 41