BANCO SANTANDER, SA
Otras Comunicaciones #27532 - 31/10/2008 11:41
Presentación relativa a Santander Brasil.
PDF Adjunto:
GRUPO
SANTANDER BRASIL
Integration for
leadership
São Paulo. 31 October 2008
Fabio Barbosa,
Grupo Santander Brasil
Disclaimer 2
Banco Santander, S.A. ("Santander") cautions that this presentation contains forward-looking statements within the meaning of the
US Private Securities Litigation Reform Act of 1995. These forward-looking statements are found in various places throughout this
presentation and include, without limitation, statements concerning our future business development and economic
performance. While these forward-looking statements represent our judgment and future expectations concerning the development
of our business, a number of risks, uncertainties and other important factors could cause actual developments and results to differ
materially from our expectations. These factors include, but are not limited to: (1) general market, macro-economic, governmental
and regulatory trends; (2) movements in local and international securities markets, currency exchange rates, and interest rates; (3)
competitive pressures; (4) technological developments; and (5) changes in the financial position or credit worthiness of our
customers, obligors and counterparties. The risk factors and other key factors that we have indicated in our past and future filings
and reports, including those with the Securities and Exchange Commission of the United States of America (the “SEC”), could
adversely affect our business and financial performance. Other unknown or unpredictable factors could cause actual results to differ
materially from those in the forward-looking statements.
The information contained in this presentation is subject to, and must be read in conjunction with, all other publicly available
information, including, where relevant any fuller disclosure document published by Santander. Any person at any time acquiring
securities must do so only on the basis of such person's own judgment as to the merits or the suitability of the securities for its
purpose and only on such information as is contained in such public information having taken all such professional or other advice
as it considers necessary or appropriate in the circumstances and not in reliance on the information contained in the presentation.
In making this presentation available, Santander gives no advice and makes no recommendation to buy, sell or otherwise deal in
shares in Santander or in any other securities or investments whatsoever.
No offering of Securities shall be made in the United States except pursuant to registration under the U.S. Securities Act of 1933, as
amended, or an exemption there from.
Nothing contained in this presentation is intended to constitute an invitation or inducement to engage in investment activity for the
purposes of the prohibition on financial promotion in the U.K. Financial Services and Markets Act 2000.
Note: Statements as to historical performance, historical share price or financial accretion are not intended to mean that future
performance, historical share price or future earnings (including earnings per share) for any period will necessarily match or exceed
those of any prior year. Nothing in this presentation should be construed as a profit forecast.
Note: The results information contained in this presentation has been prepared according to Spanish accounting criteria and
regulation in a manner applicable to all subsidiaries of the Santander Group and as a result it may differ from the one disclosed
locally.
Index 3
Strategic vision: to become the best retail
bank in Brazil
Brazil: growing economy with great potential for further growth and
bancarisation
Grupo Santander Brazil: Santander + Real, an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
Santander in Brazil: strategic vision 4
Brazil =
a country with great potential
Stable macroeconomic
fundamentals and growing
economy Defined
Investment-grade strategy Grupo
Grupo
Bancarisation Integration Santander
Santander
Brazil
Brazil
+
Santander + Real = The best
The best
Profitable retail bank
retail bank
excellent starting point commercial
growth
Critical mass
Complementary businesses
With room for growth First stage:
Business Plan
2008 – 2010
5
First stage: Business Plan 2008-2010
Targets 2008-2010
% growth in Brazilian Reales
Businesses: 15-20% CAGR
Customer ~
revenues: = 15% CAGR Attributable
Attributable
Expenses: < 0% in 2009 and 2010
profit: >25%
profit: >25%
CAGR 08-10
CAGR 08-10
Cost synergies*: R$ 2,400 mln.
Provisions: growing in line with the
lending portfolio and the
business mix
(*) Cost synergies in 2011
Index 6
Strategic vision: to become the best retail bank in Brazil
Brazil: growing economy with great potential
for further growth and bancarisation
Grupo Santander Brazil: Santander + Real, an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
Brazil a country with great economic potential ... 7
Inhabitants (mln.) GDP (ppp)
Population: 189 mln. US$ thousand per capita
Area: 5th largest country +18 mln. 207 +4.8% 12.9
189 CAGR
9.7
The world’s
The world’s
9th largest
9th largest 2007 2013 2007 2013
GDP*
GDP*
Eurozone 12 +7 mln. CAGR +3.4%
One of the largest food producers worldwide:
– 1st producer of coffee and sugar cane, 2nd of soy and 3rd of corn
– 1st exporter of beef
2nd largest producer of ethanol and 8th largest of steel. 1st exporter of iron ore
17th in oil reserves worldwide (with the new discoveries it could be 3rd)
Almost 75% of energy production in Brazil is hydroelectric
* 2007 in p.p.p.
Source: IMF and World Bank.
... growing well above developed countries ... 8
GDP % year-on-year growth
5.7% ... and will
... and will
5.4% 5.3% continue to do
continue to do
Brazil so
so
4.3%
3.6% 3.8%
3.5%
3.2% 2.8%
USA 2.6%
2.3%
2.9% 2.8% 1.6%
Eurozone
2.1% 2.0% 2.2%
1.6% 0.2%
1.3%
0.1%
2004 2005 2006 2007 2008(e) 2009 (e) 2013 (e)
Source: IMF. World Economic Outlook Report (October 2008)
Moreover, it is a healthy growth (without macroeconomic 9
imbalances) which contributes to improve towards...
International Reserves and External Debt Commercial balance – (US$ Bill.)
US$ Bill.
Imports 195
201 External debt
194 205.1 Exports 161
169 172 203 138
180.3 118 166
97
85.8 121
52.9 53.8 91
Int’l. 63 74
Reserves
2004 2005 2006 2007 Aug-08 2004 2005 2006 2007 Sep-08
Public debt (% of GDP) Country risk (EMBI+)
Basic points
67% 2500
65% 65% 64%
59% 2000 … investment
… investment
1500
grade standards
grade standards
47% 47% 45% 43% 1000
40%
500
Net debt Gross debt
0
Oct-01 Oct-02 Oct-03 Oct-04 Oct-05 Oct-06 Oct-07 Oct-08
2004 2005 2006 2007 Aug-08
Source: Brazil Central Bank and Ministerio do Desenvolvimento Indústria e Comércio (MDIC)
10
Economic growth and better income distribution ...
Unemployment and salary Gini* index (%)
10.0% 0.572
0.566
9.8% 9.3% 990 (e)
0.552
960
932
7.7% Worse 0.534
869
Better
2005 2006 2007 2008E 2001 2002 2003 2004 2005 2006 2007
Source: IBGE/PNAD
(*) varies from 0 to 1, corresponding to equal distribution and
Source: IBGE/PNAD Average real salary in R$ absolute income concentration respectively.
... spur the bancarisation process 11
Bancarisation on the rise ... ... providing sustained growth of the
financial system ...
Var. +60% +145% Loans
+44%
6 years 28% Savings¹
93 26%
21% 21% 23%
82
77 17% 15%-20%
Stock
(mill.)
Current Savings Cards
accounts 2006 2007 2008 (e) 2009 / 2010 (e)
… and there is still considerable room for improvement
Deposits / GDP* Mortgage loans / GDP
112%
39%
54%
26% 30% 15%
9%
2%
Mexico Brazil Chile Eurozone Brazil Mexico Chile Eurozone
* Source: IMF (2007 data), Brazil Central Bank (aug/08 data).
¹ Deposits + Assets under management
Index 12
Strategic vision: to become the best retail bank in Brazil
Brazil: growing economy with great potential for further growth and
bancarisation
Grupo Santander Brazil: Santander + Real,
an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
Grupo Santander Brazil: with critical mass in a sizeable 13
Financial System
Financial System - June / 2008 Grupo Santander Brazil
Market share – Jun/08 (%)
Assets (R$ Bn.) 2,574 11.3
Loans¹ (R$ Bn.) 1,068 11.8 Market
Market
share
share
Savings (R$ Bn.) 2,052 10.2
> 10%
> 10%
- Branches 16,372 12.4
- Employees 545,253 10.0
Top 3
Top 3
- ATMs² 166,773 10.5
Attrib. profit (R$ Bn.) 26 6.4
BIS (%) 14%
Source: Banco Central do Brazil. ¹ Market share of unrestricted loans (does not includes rural
loans, mortgage loans and BNDES loans). ² 2007 data from Febraban. Taking into account
the public banks, we rank 5th by assets. Using the same criteria for loans, we rank 4th.
Strong distribution capacity ... 14
2,042 branches with focus on
South/Southeast (74% GDP) Additional channels
North: 4% GDP Northeast: 13% GDP 1,509 banking points in companies (PABs)
Market share: 5% Market share: 7%
17,978 ATMs
2,511 electronic service points (outside
branches) (PAEs)
Internet (85 million transactions / month)
Contact Centers (18 million calls / month)
Center-West: 9% GDP
Market share: 6%
Specialised networks
Southeast: 57% GDP
Consumer Finance
Market share: 16%
High income
South: 17% GDP
Market share: 10%
Data on branches as of September 2008 PABs: Banking service points (basically at firms)
15
... to offer banking services to a large customer base
Account-holders (Correntistas) / Corporate clients
ASSET
RETAIL COMPANIES GB&M PRIVATE
MANAGEMENT
>8 million active > 3,500 active > 5 thousand > 460 thousand
> 1,200 groups
account holder groups customers customers
Credit portfolio of R$ 23 billion in
Credit portfolio of R$ 47 billion R$ 85 billion in
R$ 79 billion assets under
managed funds
management
Account-holders / Non account-holders
CARDS FINANCING INSURANCE MORTGAGE
> 7 million > 2.1 million > 7.0 million > 50 thousand
accounts active customers policies customers
Loan portfolio of Loan portfolio of Issued premiums Loan portfolio
R$ 6 billion R$ 27 billion R$ 750 million R$ 6 billion
September 2008
The new Bank has a more balanced business portfolio 16
Loans: R$ 133 Bn. Savings – R$ 208 Bn.
Sep08 - R$ Bn. Sep08 - R$ Bn.
58.8 90.2
85.4
46.6
35.3 53.2
39.5 19.1
20.1
7.5 32.5
14.8 27.5 50.1 20.2
19.3 3.9 37.0
5.3 3.6 12.3
Individuals SMEs Corporates Real Estate Mutual funds Time Deposits Demand Dep &
& other Savings
Grupo Santander - Loans Grupo Santander - Savings
PF Loans Mutual
6% funds
SMEs Business 16%
44% 41% Time
35% deposits
Corporates
43%
Demand
15% Real Estate & Dep. +
Others Savings
The new Bank has a low risk profile 17
Independent credit risk management...
...with improved risk processes...
Specific experience in some businesses:
SAN-Cards; Real-External channel vehicles Loan portfolio profile
Admission Advanced decision models Medium / Low ...
High automation level: Real’s corporate
valuation example
Other
Advanced alert system for Santander’s 8%
Mgmt. & Corporate segment to be used also by Real GB&M Secured
monitoring Commercial proximity: Risk “promontorios” Loans loans
18% 42%
Preventive action on collections
Collections Viewing collections as a business unit
Take advantage of Real’s IT systems Short term 32%
loans
...and the IT systems
Technological renewal Santander benefits Real – GARRA
Technological improvements: Data Warehouse – MIS and
companies pre-classification system
The new Bank has a low risk profile 18
Management of interest rate risk Management of forex risk
- Hedging of expected results
Without interest rates Carry Trade
– In 2008: Santander is hedged in
Management of net interest income with Brazil against US$; Banco Real is
ALCO portfolios solely consisting of hedged by the parent company
government bonds
– (Moreover the parent company in
81% of the public securities portfolio is Spain hedges EUR / USD)
used to cover regulatory requirements Without forex Carry Trade
The new Bank has a low risk profile 19
Grupo Santander Brazil: a “liquid” balance sheet
R$ billion – Sep 08
- Sound
Balance
Sheet
Loans + Similars
113 120 Deposits
Compulsory + Restricted Debts + onlendings
Securities 45 20
Shareholders equity
30 + Tier II Capital
Non-interest earning Other non-interest
assets 68 60 bearing liabilities
Institutional Compulsory
4 Institutional* CDB
Securities / Repo 20
36 Repo
17
ASSETS LIABILITIES
Assets under Management: R$ 85 billion
* Customer deposits with greater flexibility
20
In short, an excellent starting point
GRUPO SANTANDER Brazil
Critical mass
Distribution network Offer
strong and
Customer base
profitable
Balanced businesses growth
potential
Low risk profile: good
management of risks and
liquidity
Index 21
Strategic vision: to become the best retail bank in Brazil
Brazil: growing economy with great potential for further growth and
bancarisation
Grupo Santander Brazil: Santander + Real, an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
The integration process is already underway. 22
Key aspects
1st Stage 2nd Stage 3rd Stage
Costs reduction Integration I Integration II
I
Efficiency good practice
II
Technological integration
III
Operational Integration
IV
Central Services Integration
V
Complete Integration
/ Unified networks
Technology as the basic pillar of integration 23
IT model focused on the customer and adjusted to the Group’s model:
converging towards a single technological and operational platform
Experience of Auto
Branches Call Center Internet ALHAMBRA:
Multichannel Service
• Service quality
customer
• CRM based on
customer
MULTICHANNEL ARCHITECTURE preferences
• ”Lean” channels
The customer
Customer DB ALTAIR:
is at the centre
of the model • Group’s model for
applications
implemented in Latin
Complete America.
product • Efficiency
catalogue • Agility
differentiated
• Operational control
by customer
Main milestones of the integration 24
The technological and operational integration plan of the business and
support areas is perfectly defined
2008 2009 2010
Q3
3T Q4
4T Q1
1T Q2
2T Q3
3T Q4
4T Q1
1T Q2
2T Q3
3T Q4
4T
Organisational merger
Fusión Organizacional
HHRR y Contabilidad
RRHH and Accounting
Legal merger
Fusión Jurídica
Private Banking
Asset Management
Credit de Crédito
TarjetaCards
Aymoré
Customer integration
Integración Clientes
GB&M
Markets
Mercados
Foreign trade
Comercio Exterior
Cash Management
Call Center
Retail
Varejo
CRM
Cash Management
Corp. – Customer integration
Empresas – Integración Cliente
Commercial model - Call Centre
Modelo Comercial Call Center
Internet Banking
Integration Plan at Central Services 25
Back-office reduction will allow us to increase sales personnel at
the branches (more revenues) and reduce costs
Personnel distribution Streamlining Premises
+5,000 2008 2011
dedicated to
sales
Central 24%
15% 15 BUILDINGS¹ 3 BUILDINGS
services • 7 owned (103 th m²) • 2 owned (108 mil m²)
• 8 rented (85 th m²) • 1 rented (10mil m²)
Commercial 85%
76%
network 188 thousand 118 thousand
m² occupied m² occupied
2008 2010
Potential gains > R$ 250 million
¹ Not including Nasbe nor Torre JK (vacant as of today)
At the end of the integration process: single brand 26
and network
During the process: … converging … ending with a
two independent toward an single brand and
networks … optimised model … network
2008 2009-2010 End integration
integration project
Technology
Systems
Organisation Operations
We will obtain R$ 2,700 million of synergies from the 27
whole process
R$2,400 million in costs and R$300 million in revenues
Our synergies – R$ million
300 2,700
150 2,400
350
1,100 This new
estimate is
25% higher
than the one
announced at
350
the time of the
300 purchase
150
Good Technology Operations Operational Sourcing Premises Subtotal Revenues Total
practice integration synergies
Costs synergies
Moreover, the initiatives and attainment periods are defined
Initiatives to obtain cost synergies 28
Cost synergies: R$ 2,400 million
Macroprojects Synergies R$ mln) Initiatives
Best practices (i.e. branches fitting, documentation ... )
Best practice 150 Processes reengineering
Use of SAN global models (i.e. forex, derivatives ...)
Altair implementation
Technology 300 Consolidation of data centres, servers, call centres, internet...
Optimization of telecommunications, IP in branches ...
Rationalization of banking operations
Operations 350 Back Office optimization
Adaptation / unification of models and operational policies
Workforce optimization
Operational integr. 1,100 Personnel transfer from Central Services (back office)
to branches
Negotiation of contracts based on larger volumes
Sourcing 350 Unification of contracts
Usage of Santander’s global purchasing capabilities
Fewer administrative buildings
Premises 150 Optimization of buildings usage, based on global
banking models
Total 2,400
Initiatives to obtain revenue synergies 29
Revenues synergies: R$ 300 million
Initiatives
Pricing Policies (overdraft account and funds)
Cross sell of additional
Quick - wins Sale of Personal Loans at services to cards customers
complementary channels Increase insurance penetration
linked to banking products
Share best Strong relationship with Strong Retail banking,
large companies specially in SMEs business
practices and high income
Synergies with Credit Cards Asset Management
Global Units Insurance GB&M
Synergies and restructuring costs calendar 30
During the first year we will obtain synergies of R$ 900 million
Expected synergies Expected restructuring costs
R$ million R$ million
2,700
1,700
1,440 1,500
2,400
Total 900
877
Revenues
1,500
Expenses 800 289
2009 2010 2011 2008 2009 2010 2011
Index 31
Strategic vision: to become the best retail bank in Brazil
Brazil: growing economy with great potential for further growth and
bancarisation
Grupo Santander Brazil: Santander + Real, an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
Basic target of Santander Brazil 32
Combine integration and growth
1st Stage 2nd Stage 3rd Stage
Costs reduction Integration I Integration II
High costs synergies
Integration
I
Efficiency good practice
II
Technological integration More efficiency and
III productivity
Operational Integration
(tools)
IV
Central Services Integration
V
Greater sales capacity
Complete Integration
/ Unified networks
Basic leverages
1. Retail
Growth
Customers 2. Corporations Differentiated
3. GBM strategies and
Products targets
Channels / Networks
33
Customer strategy
1 Retail banking has a well defined segmentation, guaranteeing
differentiated value proposals for the customer ...
Individual customers
• Business and corporations
•
Monthly income/ net wealth for Private Banking Annual turnover
> R$ 3 million Private
• •
High
• R$ 5 MM – R$ 30 MM
•
Business 2
> R$ 4,000
•
income
R$ 1,200 –
•
Medium
•
R$ 4,000
•
income
R$ 0.5 MM – R$ 5 MM
•
Business 1
R$ < 1,200
• Low income
•
Up to R$ 0.5 MM
•
Corp. +
shareholders
… toward single management models in 2010 for both individual
customers and business and corporations
Customer strategy 34
1
Retail Banking. Value proposals adjusted to the segment
Millions of actives account-holder customers for individuals and thousands for business
1.5 Medium income 3.1 3.2
High income Low income
Differentiated places
Individuals
(branches and Van Efficient processes (focus Simpler processes
Gogh) on remote channels)
Remote channels
Pro-active offer Personal attention for
specific customer groups Specific products
Preferential manager
31 170 Businesses 270
Business 2 Business 1
+ owners
Business
Personalised relationship Integrated relationship
model Relationship model model businesses +
Manager + product Offers based on CRM owners
specialist Integrated offers
More Retail customers.... + 6% active account holder (CAGR 2008-10)
...and greater linkage 1,2x until 2010 in basic net margin per active account holder
Customer strategy 35
2 Corporations: service throughout the whole country by means of
regional platforms and with support from global units (synergies)
Well segmented customer base
Number of active customers (thousands)
More customers ...
Active customer base
Turnover > R$ 150MM
•
0.7 (thousands) CAGR
8%
3.9 4.5
R$ 30MM > Turnover >
•
2008 2010
R$ 150MM
... and greater linkage
Agro business / Mortgage
•
Basic net margin per account-holder
Specific knowledge of the sector.
•
3.2
Example: rural loans and structuring of
mortgage transactions x 1.1
• Multinational companies
Knowledge of products such as trade
•
finance, forex and SGC / Derivatives
2008 2010
Customer strategy 36
3
GB&M, global business specialised in the largest industries
Customers
Value proposal/Coverage
Leverage by SAN GBM global
489 Industry vision / sector business potential
– Services & TMT
Global – Energy Five axis of specialised products
– Infrastructure & Agro business GTB
(Turnover >US$500M Rates
– Resources & FIG ...
excluding Multinat. CIB
auto business) Team based in São Paulo Equity
Credit Markets
529
Regional Regional coverage with limited
sector specialisation Greater customer net
(companies of Teams distributed in platforms revenues
domestic capital with
turnover of
according to scale conditions Commercial margin net of provisions
US$ 200-500M)
CAGR
236 ~ 15%
SAN Global Relationship Model =
– Global manager
Multinational – Country managers
(Multinat. auto.; – Product specialists team
foreign capital US$ 2008 2010
Size according to each
200-500M; SAN global
customer 7,000 assistants
2,442 > 18 million calls / month
400
Internet Banking
2,042 > 1.5 mm users
> 85 million transactions / month
2008 2011
ATMs
> 17,500
> 55 million transactions / month
In short, Santander aims to grow above the market in 40
revenues and below it in costs...
“Jaws” performance
Gross revenues¹ Expenses
>15 p.p. ~ 15%
SAN = <0%
4 p.p.
Market2 14% 10%
2008 2010
SAN “jaws” Consensus “jaws”
¹ Gross revenues: Margin + Commissions
² Market consensus (Summer 2008 analysis)
... which will allow us to close the gap with our 41
competitors ...
After the integration, the new Bank will be one of the main players in the
Financial System, with an initial profitability Gap
June’08. Local criteria
Account-holders Total Assets Net profit
(million)¹ (R$ billion) (R$ billion)
Bank 1 21.2 416.5 4.0
Bank 2 18.1 403.2 4.1
Bank 3 9.6 343.8 4.0
2x
GRUPO
SANTANDER 9.3 296.9 1.9
Brazil
Bank 5 4.9 264.3 2.5
¹ Customers under Banco Central’s criteria. Total Assets and Net Profit according to published
balance sheets
42
... and achieve the targets of the 2008-2010 plan
Targets 2008-2010
% growth in Brazilian Reales
Businesses: 15-20% CAGR
Customer
~
revenues: =15% CAGR
Attributable
Attributable
Expenses: < 0% in 2009 and 2010 profit: >25%
profit: >25%
Cost synergies*: R$ 2,400 mln. CAGR 08-10
CAGR 08-10
Provisions: growing in line with the
lending portfolio and the
business mix
(*) Cost synergies in 2011
We expect a R$ 7.9bn net profit (for both banks
combined) in 2010
Index 43
Strategic vision: to become the best retail bank in Brazil
Brazil: growing economy with great potential for further growth and
bancarisation
Grupo Santander Brazil: Santander + Real, an excellent starting point
A well defined strategy for success:
– Integration Plan: underway …
– … compatible with Profitable Commercial Growth
Conclusions: Business Plan 2008 – 2010
Conclusions 44
Brazil is a growing country
– Maintaining a growth differential compared with other economies
– With solid macroeconomic fundamentals
The new Grupo Santander is well positioned
– Market share within the Group’s standards
– Present throughout the country with potential for development
– Distribution capacity
– Diversified portfolio with strong capital and liquidity
Execution plan defined to obtain good results
– Synergies and management structure are defined
– Implementation timing defined and underway
– Towards a single brand and network
The organisation is prepared, defined and structured to make
Grupo Santander Brazil ...
Conclusions 45
• Market leader in Market leader in
•
REVENUES and QUALITY: more satisfied
PROFITABILITY customers and more linkage
… the BEST
bank in
Brazil
• Leader in employment : • Market leader in
the best place to WORK BRAND recognition
and attractiveness
Results. Spanish GAAP 47
+
R$ MM 9M08 9M07 Y-o-Y (%)
Net interest income 14,246 11,956 19%
Net fees 4,857 4,496 8%
Insurance Activity 191 244 -53%
Gain (losses) on financial transactions 1,631 2,169 -25%
Gross operating income 20,925 18,864 11%
Other operating income (189) (102) 85%
Operating expenses (8,527) (7,793) 9%
Personnel (4,352) (3,901) 12%
Other administrative expenses (4,175) (3,892) 7%
Amortization (622) (533) 17%
Net operating incomel 11,588 10,437 11%
Provision (4,719) (3,463) 36%
Other income (1,145) (847) 35%
Profit before taxes 5,725 6,127 -7%
Tax on profit (1,916) (2,103) -9%
Net profit 3,809 4,024 -5%
Net profit (USD) 2,262 2,013 12%
Balance Sheet. Spanish GAAP 48
+
R$ MM 30.09.08 30.09.07 Y-o-Y (%)
Cash 55,653 47,127 18%
Gross loans 133,409 108,550 23%
Provision (6,638) (4,435) 50%
Securities and derivatives 43,185 37,519 15%
Permanent assets 6,012 3,949 52%
Other assets 37,980 47,575 -20%
Total Assets 269,601 240,285 12%
Deposits 122,785 93,514 31%
Savings 13,472 12,986 4%
Demand 19,109 15,240 25%
Time 90,204 65,288 38%
Financial Intermediate 58,554 47,858 22%
Insurance liabilities 2,712 2,642 3%
Other payables 61,181 72,704 -16%
Stockholders’ equity 24,369 23,567 3%
Total Liabilities and stockholder’s 269,601 240,285 12%
Fuente: CNMV