Profile. Highlights. Board s Message. Changes in Economic-Financial Performance and Capital Markets. Business Performance. Distribution Network
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1 Annual Report 2001
2 Imagination is malleable and has no limits to dream about a better world, more ethical and transparent, is a practice that wins people s heart and shapes the company s conscience. For that is the new world s essence which is renewable but doesn t change. Annual Report 2001 Banco do Brasil, 1854 Brasília, Strategy, Marketing and Communication ISSN Banco do Brasil - Periodical CDU (81) (05)
3 Banco do Brasil s Annual Report 2001 utilized recycled paper in order to obtain significant reduction of weight and cost, as well as to follow its creative concept and contribute to environmental preservation. Profile 2 Highlights 5 Board s Message 6 Changes in Economic-Financial Performance and Capital Markets 12 Business Performance 22 Distribution Network 36 Risk Management 39 Corporate Governance 42 People Management 44 Ratings 46 Ranking 47 Institutional Recognition 48 Outlook for Corporate Information 54
4 2 Profile Banco do Brasil is a government controlled corporation with shares traded in the stock market. The Institution s largest shareholder is the National Treasury which owns 72% of its capital stock, followed by Previ (BB employees pension fund) with 14%, and BNDESPar (the holding company of the Brazilian Development Bank [BNDES]) with 6% of stock; the remaining 8% is spread throughout the market. In order to maintain its ranking as Brazil s largest bank, BB has ensured its competitiveness by promoting activities essential to its banking business and also by becoming an important player in the development of companies. The Bank offers its services to 12.9 million retail customers and over 900,000 corporate customers. Its recognized customer service quality and presence in 2,642 Brazilian municipalities with more than 8,000 bank service points, as well as the Bank s large foreign branch network distributed in 19 countries also contributed to this position. Over 4 million users are registered in the Bank s Internet portal another important channel for business, relationship management, and communication.
5 The Banco do Brasil Conglomerate comprises more than ten companies, among which we mention BB Previdência, BB Leasing, BB Cartões, and BB DTVM. BB Banco de Investimentos, allows the Bank to indirectly participate in the ownership of companies such as Brasilcap, Brasilprev, Brasilsaúde, Aliança do Brasil, Brasilveículos, Visanet, and TecBan, as well as to serve as an adviser to local and foreign financial groups during privatization transactions. The Bank also stands out with respect to the transparency of internal relationship, people management and customer relationships. The Code of Ethics and the Professional Conduct Standards guide employees actions and fosters the continuous improvement of the conglomerate s service standards, always grounded in sound social values. In 2001, the Bank consolidated its leadership as the institution most active in the foreign trade area. The Bank advised 687 companies which gained access to export finance for the first time. Over 5,000 businessmen and technicians received foreign trade training from Bank employees to increase their ability to compete in global markets. As a result of its awareness of agribusiness importance to the Brazilian economy, the Bank, which has traditionally supported this area, increased the volume of funds lent: from R$7.7 billion in 2000 to R$9.8 billion. Additionally, the Bank disbursed loans to 1.2 million small businesses as part of its Programa Brasil Empreendedor (Brazilian Entrepreneurial Program), thus reinforcing its commitment to economic development. 3 At Banco do Brasil, results and social accountability interact to form the core of a profi table organization aware of the needs and demands of the communities where it operates. As a good corporate citizen it takes part in and encourages volunteer work carried out by its employees and their families. Our objective is to contribute to a society that can successfully resolve its problems.
6 Sports and culture continue to deserve BB s special attention. In 2001, investments totaled R$42.8 million, the largest investment in sponsorships among domestic financial institutions. The Bank remains attentive to the needs of its customers and maintains its commitment to enhance and promote the continuous improvement of its products and services. A modern, competitive, and profitable BB reaffirms its commitment to the Country. 4
7 Highlights Main Indicators Results (R$ million) Net Financial Margin 3,733* 1,164* 7,559 7,847 Service fees 2,785 2,803 3,145 3,760 Net income ,082 Balance sheet (R$ million) Total assets 129, , , ,120 Stockholders equity 6,630 7,271 7,965 8,747 Credit operations 28,544 29,006 35,917 40,225 Deposits 61,039 72,214 69,070 73,436 Asset management (R$ billion) Shares Book value (R$/1,000) Net Income (R$/1,000) Dividends and interest on Shareholders equity (R$ million) Profitability and Productivity Return on Equity (ROE) Efficiency ratio (%) Coverage ratio (%) Personnel Expenses / Total employees - R$ 61,480 61,655 62,149 61,939 Other Indicators (thousand) Customers 10,384 11,106 12,697 13,844 Service points ATM s Credit cards 1,611 1,862 3,252 3,829 Debit cards 8,414 10,473 12,764 14,743 Number of employees * Gross Result from Financial Brokerage
8 6 Board s Message We ended 2001 certain that Banco do Brasil is in a position to ensure its sustained growth. We adopted measures which reinforce our commitment to transparency and best corporate governance practices. Equity adjustments arising from the Federal Financial Institutions Strengthening Program, the amendment of our By-laws, which increased the rights of minority shareholders, and the decentralization of management through a new organizational structure are some of the factors which served to prepare Banco do Brasil for the Novo Mercado (New Market) of the São Paulo Stock Exchange (Bovespa). The results in 2001 show that the measures implemented throughout the year were correct. Profits increased 11.1% (compared to 2000) to R$1.082 billion (ROE of 12.9% and net income of R$1.52 per thousand shares). We continued to occupy our position as the largest Brazilian retail bank, leader in assets that totaled R$165.1 billion, including
9 R$61.4 billion in managed funds and R$40.2 billion in loans. We also led in funding with a R$117 billion balance, an increase of 20.6% compared to Assets requiring a high provision on the part of BB were exchanged for National Treasury Bills, thus improving the quality of our portfolio and helping the Bank to end the year in compliance with the Basel ratio. The shift in the loan portfolio s profile which placed more emphasis on business and retail segments allowed us to increase financial brokerage spreads. Our focus has now been transferred to the efficiency ratio, which means to increase revenues while exercising greater control over costs and expenses. The updating of our By-laws, completed in August 2001, allowed us to comply with requirements for admission to the New Market s Level 1. Together with the National Treasury, we are currently studying the best way to place our shares and reach the 25% free float required by Bovespa. The new administrative structure has allowed us to increase our Executive Committee and avoid excessive centralization of decision-making processes. After reformulation, this Committee includes the president, seven vice presidents, and sixteen executive directors who are responsible for representing the Bank before the Central Bank, the Brazilian Securities Commission (CVM), and other regulatory bodies. Decisions previously discussed during the weekly meeting of the Management Board are now made at other levels with greater agility. This new structure is also supported by a management system that includes committees capable of making collective decisions relating specifically to their segments. 7 Under the new business model, we have begun to focus on four business pillars: Retail, Wholesale, Government, and Asset Management. By proceeding with segmentation, we further reinforced customer focus, thus reflecting our continued concern with customer satisfaction: we will be increasingly more competitive as we meet the specifi c needs of our customer base. At the retail level, we focus on serving individuals and small businesses. Alternative and non-traditional distribution channels will continue to deserve our special attention. For instance, alternative banking sites create business opportunities for commercial establishments, raise customer satisfaction, and as a consequence, help build customer loyalty.
10 Middle market companies and large corporations remain under the responsibility of the Wholesale area. In addition to the 55 business branches we already have, the Bank has 12 branches specifi cally for the corporate segment, and we expect to increase this number to 17 by the end of Specialized personnel ensure agile service and account management for companies whose annual fee revenues exceed R$5 million. With respect to the Government area, we are focusing on the expansion of business at federal, state, and municipal level. The privatization of state banks has created opportunities for Banco do Brasil to use its experience as a public sector service bank and financial agent to fill the gaps left by the former state-owned banks. 8 The Asset Management area has been restructured as a consequence of the segregation between own funds and third-party funds, resulting in increased management independence for BB Administração de Ativos. This will reinforce agility and competitiveness, and as a consequence, the growth in the volume of funds managed and the maintenance of market leadership. We will also evaluate the insertion of the Bank into specifi c niches such as high-income customers. The association with Deutsche Bank through the financial advisory company MaxBlue has created this possibility. The partnership will permit us to combine the competitive edges peculiar to each bank to define sound strategies and win over new customers. We have begun 2002 with a new face and we are ready to improve customer service, further enhance our products and services, and increase profitability. Our goal is that effi ciency allied with quality be BB s differential. As a good corporate citizen aware of our responsibilities, we reaffirm our commitment to Brazilian society. The Management
11 Changes in 2001 The results of Banco do Brasil in the second half of 2001 reflect the restructuring implemented by the Federal Government through the Federal Financial Institutions Strengthening Program. This program permitted the adjustment of assets and liabilities, as well as to meet capitalization requirements of the Brazilian Central Bank. The Basel Ratio that measures the ratio between equity and risk-weighted assets ended the year at 12.7%, compared to 8.8% in December (The Central Bank requires a minimum percentage of 11%.) This ratio allowed us to end the year with a leverage margin of R$14.5 billion. Basel Ratio (%) Dec./98 Dec./99 Dec./00 Mar./01 June/01 Sept./01 Dec./01
12 10 Adjustments implemented based on the restructuring program and which resulted in an improved loan portfolio profile and an increase in liquidity assets supply the conditions necessary for the sustained growth of BB. The Bank had held US$3.1 billion in foreign-debt securities accounted for in foreign branches. In June, these securities were swapped for Federal Government securities comprising R$6.4 billion in Financial Treasury Bills (LFT) and R$2.5 billion in National Treasury Notes (NTN-D) booked in Brazil. This improved the Bank s liquidity and reduced the need to use hedge instruments. In addition, the substitution of securities increased our tax base, since Bradies were recorded abroad and income from exchange devaluation recorded in Brazil on the equity basis was not considered for taxation purposes. The change in the loan portfolio structure, previously consisting mostly of rural credit, also helped to improve results. The restructuring program entailed a decrease of approximately R$6 billion in rural credit transactions. In addition, the Bank expanded its retail and business portfolios, focusing on mass and automated transactions backed by receivables. BB held R$3.8 billion in Special Program for Assets Recovery (PESA) transactions concentrated in rural loans exceeding R$200,000. The contracts risks demanded a high provision, since they were guaranteed by 20-year National Treasury securities valued at their present value, and as a consequence, at deep discounts. This risk was assumed by the National Treasury, which also transferred marked-to market LFT s to Banco do Brasil.
13 In brief, the exchange of foreign-debt securities (Bradies) and rural credit transactions for government securities and the assumption of the risk for securitized credit transactions, as well as other measures, improved the profile of the Bank s liquidity assets and contributed to eliminate factors which generated instability for income. 11 On April 2, 2001, BB became a full-service bank (banco múltiplo), thus authorized to operate commercial, financial, and leasing portfolios. BB Financeira S/A was absorbed in a merger during the first half of In November, debit and credit card related operations operated by BB Administradora de Cartões de Crédito S/A were also merged into the Bank. This realignment increased business effi ciency and simplifi ed the corporate structure of the conglomerate. In the asset management segment, the name of BB DTVM was changed to BB Administração de Ativos - Distribuidora de Títulos e Valores Mobiliários S/A. This company started to operate under an independent management to meet segregation requirements for third-party asset management. The administration of R$61.4 billion in funds was streamlined while the company maintained its market leadership.
14 12 Economic-Financial Performance And Capital Markets Changes in expectations as to the main economic variables represented a great challenge in Initially, economic projections showed a promising scenario with real growth of 4% to 5% for the Brazilian economy. A combination of adverse factors in the domestic and international markets contributed to the downturn of the Brazilian economy. According to data from the Brazilian Institute for Geography and Statistics (IBGE), Gross Domestic Product (GDP) increased 1.51% in This result was much lower than initially estimated by the government and analysts. At the end of 2001, the trade balance reported a signifi cant surplus of US$2.6 billion. The rationing of electricity in the first half and the increase in the Special System for Securities Settlement and Custody (Selic) interest rate from 15.25% to 19% during the year were the main factors that contributed to the downturn in domestic market activity. Internationally, the worsening of the Argentine crisis and the downturn in the United States economy, mainly after the terrorist attacks of September 11 in New York and Washington, increased concerns as to their influence on emerging markets.
15 The positive development of domestic macroeconomic fundamentals throughout the year (mainly due to austere fiscal and monetary policies) partially reversed the initial pessimism in relation to the performance of the Brazilian economy. This trend was also reflected in the increased trust of domestic players and foreign investors that limited inflationary impacts arising from the currency devaluation: the Broad Consumer Price Index (IPCA) ended 2001 rising 7.7%, which was higher than the Central Bank s inflation target. The inflow of direct foreign investment and the trade balance surplus also enhanced the structure of the Brazilian balance of payments. GDP Growth (year on year - %) 8.0 Agribusiness Industry Services Total Source: Brazilian Institute of Geography and Statistics (IBGE) Balance of Payments (US$ billion) Trade Balance (6.6) (1.2) (0.7) 2.6 Current Transactions (33.4) (25.4) (24.7) (23.2) Foreign Direct Investment Source: Brazilian Central Bank
16 Inflation Indices (%) IGP-DI(2) IGP-M(2) (1) Source: Brazilian Institute of Geography and Statistics (IBGE) (2) Source: Getúlio Vargas Foundation (FGV) (3) Source: Instituto de Pesquisas Econômicas Foundation (FIPE) (4) Source: Brazilian Central Bank (BACEN) IPC-FIPE(3) IPCA(1) Forex (Nominal Variation) (4) Current Account & Investments (US$ billion) , Foreign Direct Investment Current Account Deficit Source: Brazilian Central Bank
17 Banco do Brasil ended 2001 with a net income of R$1.082 billion, 11.1% higher than net income for the previous year. This result represents a 12.9% return on average equity (12.8% in 2000) and a net income of R$1.52 per thousand shares. In the second half, the Bank s performance resulted in a 19.2% ROE, the best in ten years, due to business expansion and adjustments arising from the Federal Financial Institutions Strengthening Program. The Bank recorded an increase in its customer base, and in asset management and loan portfolios, thus strengthening its position as the largest retail bank in Brazil, with total assets of R$165.1 billion, a 19.3% increase when compared to the prior year. Service fees increased 17.9% compared to 2000, to R$3.8 billion. Personnel expenses dropped 0.9%, from R$5.623 billion in 2000 to R$5.575 billion. The effi ciency ratio which corresponds to the ratio of administrative expenses to operating revenues decreased from 74.1% in the last quarter of 2000 to 67.7% in the same period in Lending increased 12% to R$40.2 billion from R$35.9 billion. The increases of 36.2% for Direct Consumer Credit (CDC), 44.4% for BB Giro Rápido (a working capital providing credit line for small businesses), and 58.1% for transactions backed by receivables propelled growth in loan revenues, which increased 30.8%. The performance of the commercial and retail portfolios deserves special note. A comparison between the closing balances in 2000 and 2001 shows an increase from 41.5% to 54% in the share of the commercial and retail portfolios, while the share of rural loans dropped from 41.8% to 28.4% as a result of the Federal Financial Institutions Strengthening Program.
18 Credit Portfolio (*) % Commercial 41.8% Agribusiness 29.4% Commercial 28.4% Agribusiness 20.2% Retail 12.2% International 4.5% Other 2.9% Other 14.6% International 24.6% Retail ( * ) Full-service Bank and domestic subsidiaries. 16 Banco do Brasil s classification system for its loan portfolio established in conformity with Resolution 2,682/1999 of the National Monetary Council confirms the improvement in the credit portfolio quality. While in December 2000 transactions classified with AA, A, and B risk ratings represented 81.7% of the loan portfolio, in 2001 the share of these categories reached 86.4% of the total. This percentage exceeds the National Financial System (SFN) average of 80.1%. Risk levels AA A B C D E F G H Total Volume 13,383 21,523 8,185 2,656 1, ,726 49,894 BB Provision ,726 2,583 % Source: BACEN - Press release - January 29, 2002 on the Loan portfolio of the National Financial System. R$ million SFN %
19 Quality of Loan Portfolio Banco do Brasil National Financial System 86.4% AA, A & B 80.1% AA, A & B 5.7% E, F, G & H 7.9% C & D 7.2% E, F, G & H 12.8% C & D The R$1.4 billion volume earned as exchange gains on foreign investments recorded in Equity Income from subsidiary and affiliated companies did not have a signifi cant impact on the Bank s net income. Furthermore, as part of its management of assets and liabilities, the Bank has been using hedge instruments to annul foreign exchange exposure, which has resulted in a net income for the year that was essentially derived from banking activities. 17 Net income for the year already reflects the Bank s decision to realize the tax credit carried on its books in the amount of R$12.2 billion. Starting in January 2000, Banco do Brasil adopted a policy of not recognizing in its books tax credits on temporary differences and tax losses carry forwards, establishing as a maximum limit the accounting balance at the end of the prior six-month period. Rights of this kind that exceed the above-mentioned limit total R$236.7 million and they are maintained off-book for follow-up purposes.
20 This decision takes into consideration the materiality of these interest-free assets, as well as their weight in relation to the computation of operational limits mandated for the financial system. Notwithstanding, some studies point to the attainment of conditions for the future realization of these tax credits. The Federal Financial Institutions Strengthening Program established measures destined to allow the redimensioning and strengthening of the Bank s capital, which generated positive tax results beginning in the fourth quarter of During the year, the Bank adopted other measures aimed at generating positive tax results, especially its transformation into a full-service bank after the merger of its wholly-owned subsidiary (BB-Financeira S/A, Crédito, Financiamento e Investimento); the merger of credit and debit card operations; and reapportionment of capital invested in foreign branches. 18 Simultaneously, beginning in the fourth quarter of 2001, the Bank started to write off tax credits at an amount equal to at least the effective Income Tax and Social Contribution on Net Income (CSLL) rates levied on corporate income before taxation. Accordingly, the Bank carried R$171 million as reduction in tax credits as of December. Fund transfers and the processing and settlement of payments to individuals, businesses, the government, Central Bank, and financial institutions are carried out using the Brazilian Payment/Clearing System. Banco do Brasil has been working for over two years to adapt to the new Brazilian Payment/Clearing System (SPB) which will be deployed on April 22, As part of preparations, a team of technicians was assigned to study international generally accepted principles and Brazilian Central Bank regulations, as well as to get acquainted with other countries payment/clearing systems. Subsequently, this team coordinated BB s process of adaptation to the new rules based on their experience. The new SPB makes changes in the guidelines and strategies of financial institutions necessary. Accordingly, BB has adapted its processes, products, and services,
21 as well as developed training programs to train its staff on how to assist customers with respect to the alternatives and changes resulting from the new Brazilian Payment/ Clearing System. The amount of R$15 million was budgeted for technological adjustments involving the development and adaptation of 53 computer systems at Banco do Brasil. Banco do Brasil actively participated in the composition and adaptation of the private clearing houses for payments, assets, foreign exchange, and derivatives, and continued to manage clearing services for checks and other securities in the National Financial System. In addition to participating in a restructuring which reduces the risks faced by the Brazilian society and which transforms the national fi nancial system into one of the most modern and effi cient in the world, Banco do Brasil created new products and services that are now offered to our customers, increasing the security and velocity of their businesses. 19 Banco do Brasil shares showed signifi cant appreciation in value in Common shares (ON) increased 84.1% and preferred shares (PN) 77.5%, respectively, the second and the third highest gains among shares traded on the São Paulo Stock Exchange. The São Paulo Stock Exchange Index (Ibovespa), on the other hand, dropped 11% during the year. ON shares closed at R$10.59 per thousand shares and PN at R$12.39 on the last trading day of the year. Share performance also reflected events such as the Federal Financial Institutions Strengthening Program announced in June and which changed the basic valuation of the Bank s shares and the exercise of A bonds from March 31 to June 30, which resulted in a capital increase of R$305.5 thousand. Reserves in the amount of R$1.8 billion were added to this increase, as approved in November. As a result, the capital stock of BB in 2001 increased 33.1%, ending the year at R$7.4 billion.
22 Net income for the second half resulted in the distribution of R$188 million in dividends, adding to the R$77 million already paid in the first half and resulting in a total of R$265 million distributed to shareholders. Dividends and Interest on Shareholdrs Equity (R$ million) The Bank is a major factor in the strengthening of Brazilian Capital Markets, and it has coordinated and participated in projects to encourage the Brazilian population to invest in the stock of large companies. One of the main projects was the sale of Petrobras shares in June 2001, which involved approximately 4,000 individual investors. BB closed 2,500 deals and distributed R$41.5 million - ranking first among the financial institutions contracted for this operation. The Bank also entered the home broker business (web-based stock trades). Despite the fact that there was no advertising, 2,225 new web investors registered with the service and 1,100 customers closed deals via home broker totaling roughly R$32 million in trades in only seven months.
23 The Bank invested R$600 million to meet the new demands of the market and maintain its competitiveness. These investments mainly aimed at streamlining service, increasing the customer base, and fostering the use of Internet as a secure business channel. Resources were earmarked for essential banking activities: 35% was invested in new branch construction and facility modernization; 27% in service infrastructure; 25% in IT and teleprocessing assets; 7% in property maintenance; and 6% in chattel, vehicles, machinery, and equipment. Fixed Asset Investments (R$ million) Branch construction Branch modernization Maintenance of operating infrastructure Building construction Maintenance and adaptation of chattel, vehicles, machinery, and equipment Maintenance and adaptation of IT and teleprocessing assets Property maintenance
24 22 Business Performance The number of retail customers of Banco do Brasil increased 9.3% to 12.9 million customers in Eight million customers have overdraft accounts, representing a 31% increase compared to December The progress of the Segmentation Program allowed us to focus products and services and to provide differentiated services according to the profile and level of requirements of each customer. Based on the segmentation levels, we created the Relationship Manager position which is filled by an employee specialized in servicing different retail customer profiles. This resulted in an increase in customer satisfaction and the consolidation of long-term relationships through loyalty-building programs. According to a Finance Industry Panel prepared by a company associated with the University of São Paulo, 83% of our customers are satisfied or very satisfied with the services provided by Banco do Brasil.
25 The retail portfolio totaled R$10 billion (increase of 33.2%). Direct Consumer Credit (CDC) was the highlight of the year with a volume of R$6.4 billion (increase of 36.2%). The BB Credit Package launched in November 2001 focused on customers who receive their salaries through the Bank and who have a credit limit of at least R$1,500. This generated 89,152 new deals up to December 2001, and is one of the priority areas for increasing profitability in Customers by Relationship Level Service to Individual Customers % Exclusive Preferred Individual Individual Customers (million) Retail Credit Portfolio (R$ billion) Total CDC
26 The firm action of Banco do Brasil to increase its bank card business consolidated its leadership position with 3.8 million credit cards and 14.5 million debit cards. The reinforcement of distribution channels, such as Call Centers and the Internet, boosted this expansion; over 550,000 cards were sold in The implementation of the electronic post-dated payment function, the inclusion of debit functions in the cards for the receipt of Federal, state, and municipal Government benefit payments, and the launching of the Ourocard Business (corporate card) further diversified the Bank s card portfolio. In the Public Sector, BB started to distribute Federal Government Corporate Cards to agencies such as the National Treasury, the National Health Foundation, and the Supreme Electoral Court. 24 Number of Cards (million) Credit Debit
27 Credit Card Revenues (US$ billion) Banco do Brasil, together with Bradesco, ABN Amro Real, and Visa signed a letter of intent for the creation of a company in the benefit-voucher segment to deal in products, such as meal and transportation vouchers, fuel and toll coupons, etc. Paper vouchers and coupons will be replaced by a card with a magnetic-strip or a smart card (with a chip) to reduce operating costs and eliminate the risk of fraud Corporate checking accounts increased 4.2% compared to 2000, totaling 908,000. This growth was fostered by segmentation and differentiated services provided in accordance with the company s profile, as well as customer loyalty-building measures. The small business portfolios started to be managed by the Bank s retail segment. Service to middle market and large corporations was transferred to the Wholesale segment. These customers are serviced by account managers and they are offered products and services which meet their specifi c needs. Twelve specialized branches and an offi ce was created to exclusively serve the Corporate segment. Customers by Level Of Relationship Service to Corporate Customers Large corporations Middle market Small businesses %
33/81/ 139 240/196/ 128/128/ 128 70/133/ 210 245/218/ 101 1st Quarter 157/190/ 2013 231 249/231/ 157 218/231/ 246
1 st Quarter 2013 1 Disclaimer This presentation may include references and statements, planned synergies, estimates, projections of results, and future strategy for Banco do Brasil, it s Associated and
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