Release de Resultados

Transcription

1 São Paulo, November 13 th, 2015 Banco Sofisa S.A. (SFSA4), a multiple bank specializing in originating credit o small and medium enterprises, announces today its results for the third quarter of 2015 (3Q15). Except where stated otherwise, all operating and financial information is in Brazilian real and presented on a consolidated basis, in accordance with Brazilian Corporate Law. Highlights Net Income in 9M15 to R$64.3 mn, 176% higher compared to 9M14; Porfitability (ROAE) in 9M15 to 12,6% pa, versus 4.6% pa, in the 9M14; Closing the period with Shareholders Equity R$ mn and Basel Ratio (100% Tier 1) of 19.9%, demonstrating low leverage and high level of capital; The preference for liquid assets raised our cash (R$ 1,525.8mn) to 58.6% of deposits; The funding reached a balance of R$ 3,347.0 mn, an increase of 23.8% in 12 months; Message from the CEO Needless to say that we are experiencing a challenging macroeconomic scenario with unprecedented negative prospects. This environment translates into high credit risk and, therefore, we will continue to consistently follow our strategy of protecting the quality of the Bank's assets without seeking to increase its business volume. Our credit portfolio continues to maintain its good quality and, until the close of the third quarter, the Bank s strict asset management combined with a disciplined cost control resulted in accumulated net income of R$64.3 million. The healthy result was achieved despite the low leverage, reflected in a high Basel Ratio of approximately 20%. Alexandre Burmaian Chief Executive Officer 3Q15 Earnings Conference Call November 17 th, 2015 PORTUGUESE 8:00 a.m. (NY) / 11:00 a.m. (Brasilia) Dial-in: +55 (11) Code: Banco Sofisa Investor Relations +55 (11) / 5834 ri@sofisa.com.br Plinio de Lucca Junior Executive Board of Corporate Governance, Risks and IR Márcio do N. Miguel IR Manager 1

2 Main Indicators Balance Sheet 3Q15 2Q15 3Q14 R$ millions (except where indicated) Free Cash (1) 1, , % 87.9% Loan Operations (2) (A) 1, , , % -1.6% Funding (B) 3, , , % 23.8% Total Deposits 2, , , % 16.7% Loan Operations / Funding Index (A/B) 56.5% 63.9% 71.0% -7.4 p.p p.p. Shareholders' Equity (C) % 3.7% Leverage (A/C) % -5.1% Results 3Q15 2Q15 3Q14 Result from Financial Intermediation % -5.6% Income from Services Provided % 30.9% Personnel Expenses (14.1) (14.0) (13.6) 1.1% 3.6% Other Administrative Expenses (12.8) (14.9) (13.2) -13.7% -3.0% Employees profit sharing (3.6) (1.8) (2.1) 99.1% 72.6% Net Income % 165.8% Shares 3Q15 2Q15 3Q14 Net Income per Share (R$) % 165.8% Number of Shares Outstanding (thousands) 137, , , Asset Value per Share (R$) % 3.7% Market Value % -22.9% Eficiency / Profitability (%) 3Q15 2Q15 3Q14 ROAE (p.a.) 17.5% 7.6% 6.8% 9.9 p.p p.p. ROAA (p.a.) 1.7% 1.3% 1.2% 0.4 p.p. 0.5 p.p. Net Interest Margin (3) 7.3% 7.9% 6.8% -0.6 p.p. 0.5 p.p. Efficiency (3) 43.7% 44.7% 40.8% -1.0 p.p. 2.9 p.p. Basel Ratio 19.9% 23.2% 15.4% -3.3 p.p. 4.5 p.p. Credit Portfolio Quality (%) 3Q15 2Q15 3Q14 Provision for Loan Losses / Loan Operations (2) 3.9% 3.9% 3.6% 0.0 p.p. 0.3 p.p. Delinquency Cred. w/more than 90 days (4) / Loan Oper. (2) 1.3% 1.0% 0.8% 0.3 p.p. 0.5 p.p. (1) Cash and cash equivalents + short-term investments + securities - open market funding. (2) Excludes provisions for NPL. 2

3 Operating Highlights Total Loan Portfolio (R$mn) Due to the strong economic slowdown in the period, it was continued the caution in lending. In this scenario, the loan operation totaled R$ 1,889.7 mn at the end of 3Q15, representing the increase of 3.3% in relation to 2Q15 and decrease of 1.6% over the same period last year. 1, , , Q15 2Q15 3Q14 The credits demonstrate satisfactory dilution, and the largest debtor represented only 1.6% of Credit Operations and the largest sectoral participation represented 18.1% at the end of 3Q15. About the distribution operations by maturities, the predominance of operations remained in the short term, with 87.0% of the operations has a term of up to 1 year. R$ millions Portfolio Breakdown (R$mn) 3Q15 2Q15 3Q14 Overdraft-Secured Account % -42.1% Working Capital (2) 1, , % 58.1% Others (1) % -6.6% Subtotal 1, , , % -1.4% Acquired Financings (2) % -83.1% Total 1, , , % -1.6% (1) Includes: discounted bonds, import financing, export financing, advances to depositors, corporate check, leasing operations and other credits and exchange. Removed the details of the information related to retail given the low representation of this segment in the total portfolio, due to the focus on bank credit to SMEs (99.98% of the total portfolio in 3Q15). 3

4 Collateral Breakdown (R$ mn) R$ millions 3Q15 % of Total 2Q15 % of Total Trade Notes Receivable 1, % 1, % Rent and Property Receivables % % Pledge on Real Estate, Vehicles and Equipments % % Investments % % Warrants and Lien % % Post-dated Checks % % Joint Obligations from other Financial Institutions % % Agreements and Blocked Accounts % % Overseas Companies Withdrawals % % Othes % % Subtotal 1, % 1, % Promissory Notes % % Total 1, % 1, % Loan Operations Delinquency and Provisions for Losses The pulverization linked with our selectivity in lending, resulted in maintaining the level of our reserves at 3.9% of the total operations even in this scenario of greater insolvency of companies. 3Q15 2Q15 Own Portfolio Provision % of Total Own Portfolio Provision % of Total Credits "AA - C" 1, % 1, % Credits "D - H" % % Total 1, % 1, % Provision (2) /Credit Portfolio (2) - 3.9% % - Provision D-H (2) /Credit Portfolio (2) - 2.4% % - Overdue More Than 90 Days (1) /Credit Portfolio (2) - 1.3% % - Shareholders Equity The Bank s Shareholders Equity stood at R$ mn in 3Q15, as the following table shows: R$ millions Position as of MTM Adjustments Results of the period 29.9 Position as of

5 Funding Funding totaled R$3.3 bn in 3Q15, representing the increasing of 16.9% and 23.8% relative to 2Q15 and 3Q14, respectively. R$ millions Funding 3Q15 2Q15 3Q14 Demand Deposits % -20.0% Time Deposits + Agribusiness and Financial Real Estate Letters of Cre 1, , , % 6.8% Up to 1 year % 1.9% More than 1 year % 18.3% Interbank Deposits % 136.5% Open Market Funding % 10.7% Foreign Borrowings and Onlending Obligations (1) % 103.1% BNDES / FINAME Onlendings % % Time Deposit with Special Guarantee ("DPGE") % 40.4% Total 3, , , % 23.8% Ratings The credit-rating agencies maintained the ratings assigned to Banco Sofisa, reflecting the excellent quality of its assets, the conservative policy adopted by its Management, its vast expertise in the SME segment, as well as its healthy liquidity and capitalization. Aa3.br/Br-1 (domestic) A-(bra): Long Term F2(bra): Short Term Low Risk: Mid Term Disclosure: Excellent September 2015 August 2015 October

6 Annex I Consolidated Balance Sheet ASSETS 3Q15 2Q15 3Q14 R$ thousands Cash and cash equivalents 32, , , % -69.6% Interbank investments 431,468 97,392 27, % % Securities and derivatives 420, , , % 277.6% Interbank accounts 50,005 57,777 51, % -2.9% Lending operations 1,517,218 1,463,258 1,546, % -1.9% Leasing operations , % -74.5% Other credits 202, , , % -21.0% Other assets 9,365 6,162 5, % 78.7% Current Assets 2,664,134 2,166,231 2,107, % 26.4% Interbank investments 349, , % - Securities and derivatives 653, , , % -30.0% Lending operations 235, , , % 23.8% Leasing operations % 59.4% Other credits 349, , , % 13.1% Other assets 20,277 22,418 33, % -39.8% Long-Term Assets 1,609,040 1,621,853 1,465, % 9.8% Investiments % 0.0% Property and equipment 35,974 36,762 73, % -51.3% Deferred % -34.9% Permanent Assets 36,963 37,763 74, % -50.7% Total Assets 4,310,137 3,825,847 3,648, % 18.1% LIABILITIES AND SHAREHOLDERS' EQUITY 3Q15 2Q15 3Q14 Deposits 1,149,350 1,249,852 1,284, % -10.5% Money market funding 260, , , % 10.7% Funds from acceptance and issuance of securities 491, , , % 156.3% Interbank and Interdepartmental accounts 57,990 69,991 11, % 417.2% Borrowings 96,909 46, , % -21.9% Onlendings 11,889 59,295 21, % -44.3% Derivatives 2, % 185.9% Other payables 147,590 86, , % -19.3% Current Liabilities 2,218,627 2,036,338 2,052, % 8.1% Deposits 1,221, , , % 57.7% Money market funding - 13, % 0.0% Funds from acceptance 61,425 62,799 28, % 118.3% Borrowings - 56,530 6, % % Onlendings 59,583-61, % -3.3% Other payables 63, ,931 61, % 4.2% Long-term Liabilities 1,405,704 1,108, , % 50.9% Deferred income % 48.5% Shareholders' Equity 685, , , % 3.7% Minority shareholders' Equity (54) 289 2, % % Total liabilities and Shareholders' Equity 4,310,137 3,825,847 3,648, % 18.1% Annex II Consolidated Income Statement 6

7 3Q15 2Q15 3Q14 % Change 9M15 9M14 R$ thousands 9M15/9M14 Lending operations 110,973 90, % 83, % 304, , % Leasing operations 504 1, % 10, % 4,517 42, % Securities operations 43,011 39, % 21, % 117,717 79, % Derivatives 39,457 (4,730) % 2, % 44,919 3, % Foreign-exchange operations 38,477 11, % 15, % 72,745 25, % Sales operations or transfer of financial assets % % 254 1, % Income from financial intermediation 232, , % 133, % 544, , % Funding operations (85,692) (78,210) 9.6% (61,479) 39.4% (241,561) (185,819) 30.0% Borrowing and onlending operations (110,281) 11, % (25,507) 332.4% (159,448) (29,589) 438.9% Leasing operations (432) (1,276) -66.1% (10,444) -95.9% (4,246) (41,176) -89.7% Sales operations or transfer of financial assets (7) % Foreign exchange operations - (10,842) % (10,842) - 0.0% Allowance for loan losses (6,638) (9,183) -27.7% (4,538) 46.3% (16,462) (17,475) -5.8% Expenses on financial intermediation (203,043) (87,897) 131.0% (101,968) 99.1% (432,559) (274,066) 57.8% Gross profit from financial intermediation 29,430 49, % 31, % 111, , % Income from services provided 4,814 3, % 3, % 12,382 9, % Personnel expenses (14,125) (13,965) 1.1% (13,636) 3.6% (40,779) (37,479) 8.8% Other administrative expenses (12,846) (14,887) -13.7% (13,243) -3.0% (41,282) (41,317) -0.1% Tax expenses (3,778) (5,350) -29.4% (4,297) -12.1% (13,171) (13,893) -5.2% Other operating income 23,287 7, % 19, % 49,584 24, % Other operating expenses (2,489) (6,196) -59.8% (4,650) -46.5% (7,985) (9,102) -12.3% Other operating income (expenses) (5,137) (28,675) -82.1% (12,678) -59.5% (41,251) (67,903) -39.3% Income from operations 24,293 21, % 18, % 70,726 52, % Non-operating result (476) (1,928) -75.3% (701) -32.1% (2,754) (2,157) 27.7% Income before taxes and minority interest 23,817 19, % 17, % 67,972 50, % Income and social contribution taxes 9,441 (5,516) % (4,395) % 1,612 (18,565) % Provision for Income and social contribution taxes (3,209) (6,818) -52.9% (5,871) -45.3% (13,858) (13,838) 0.1% Deferred taxes 12,650 1, % 1, % 15,470 (4,727) % Employees profit sharing (3,574) (1,795) 99.1% (2,071) 72.6% (9,249) (9,363) -1.2% Minority interest in controlled companies 217 1, % (65) % 3, % Net income 29,901 12, % 11, % 64,318 23, % Annex III Consolidated Cash Flow Statement 7

8 R$ thousands 3Q15 2Q Adjusted Net Income Net Income Provision for Loan Losses Deferred tax Depreciation and Amortization Changes in Assets and Obligations ( ) ( ) ( ) (Increase) Decrease in Short-Term Interbank Investments ( ) (55.992) (Increase) Decrease in Securities and Derivatives Financial Instruments (41.131) ( ) (Increase) Decrease in Interbank Accounts (4.229) (1.768) (8.951) (Increase) Decrease in Credit, Leasing and Other Credit Operations (57.443) ( ) (56.134) (Increase) Decrease in Other Credit and Other Assets (97.351) (2.601) (4.106) (85.930) Income tax and social contribution paid (3.187) (4.039) Increase (Decrease) in Deposits ( ) Increase (Decrease) in Money Market Funding (75.744) (38.304) Increase (Decrease) in Resources from Securities Issued (44.803) Increase (Decrease) in Borrowing and Onlending Obligations (45.687) ( ) (57.451) Increase (Decrease) in Derivative Financial Instruments (330) (1.223) (4.532) Increase (Decrease) in Other Obligations (30.455) (10.699) (90.334) Increase (Decrease) in Deferred Income 59 (37) (176) (659) Interest on Equity - - (6.000) (6.000) Dividends Payments - - (24.000) (69.558) Minority interest in controlled companies (343) (7) (5.108) (403) Capital Decrease - - (50.000) - OPERATING ACTIVITIES - Net Cash Generated (Used) ( ) (23.763) ( ) Investments PP&E Disposal Deferred INVESTMENT ACTIVITIES - Net Cash Generated (Used) CASH AND CASH EQUIVALENTS INCREASE (DECREASE) ( ) ( ) Cash and Cash Equivalents at the Beginning of the Period Cash and Cash Equivalents at the End of the Period CASH AND CASH EQUIVALENTS NET INCREASE (DECREASE) ( ) ( ) 8