International Conference Call BICBANCO Fourth Quarter 2013 Results February 21 st, 2014

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1 International Conference Call BICBANCO Fourth Quarter 2013 Results February 21 st, 2014 Operator: Good afternoon ladies and gentlemen, welcome to BICBANCO s conference call to discuss the fourth quarter and 2013 year results. At this time, all participants are in a listen-only mode. Later, we will conduct a question and answer session and instructions will be given at that time. Should you require assistance during the call, please press the star followed by zero. As a reminder, this conference is being recorded. The file will be available at the Bank s website at at the Investor Relations section. If you still do not have a copy of BICBANCO s earnings report release Thursday, February 20, before opening of BM&FBOVESPA s trading session, you may download it from the Bank s website - This conference call and the slide presentation are being transmitted via internet as well. You can access the webcast by logging on to the Bank s website, Before proceeding, let me mention that forward-looking statements are being made under the safe harbor of the Securities Litigation Reform Act of Actual performance could differ materially from that anticipated in any forwardlooking comments as a result of macroeconomic conditions, market risks and other factors. With us today in São Paulo are Mr. Milto Bardini, Executive Vice President and Investor Relations Officer, and his IR team. First, Mr. Bardini will proceed to the presentation and after that we will open for Questions and Answers session. It is now my pleasure to turn the call over to Mr. Bardini. Sir, you may now begin. Mr. Milto Bardini: Thank you. Good morning everybody, thank you for participating in our call during which we will talk about of the last quarter and the entire 2013 year. On page 2 of the document we sent to you we point out 4 topics that characterize the 4Q. Basically still loan portfolio under control in this sense of pressure coming from the caution we still have regarding the risks of the global environment of corporate in our country. The 4Q presented a 3.2% reduction compared to the third one. We maintained along this quarter a good level of liquid assets at around R$2.2 billion at the end 1

2 of the year, which is considered by us being in the good level and a good level for us means between R$1.5 and R$2.5 billion of available cash. The main fact that this for quarter pointed out is a significant improvement, a continuous one, in NPLs figures. We reached at the end of this 2013 year the same percentages and amounts of NPLs of the end of 2010 in the sense that three years of significant efforts in improving the portfolio seemed to have reached an end of cycle of efforts. And finally, we also emphasize that the adjusted results not considering the MTM effects that were negative along the entire year this adjusted results follow the trend to improvement. They were R$28 million in the second quarter, 35 at the third quarter and now 44 in this last 4Q. On page 3 the extended loan portfolio figures showed that quarter to quarter we registered a small reduction, but for whole the same structure of the credit portfolio maintaining a level at around R$2.7 billion. This portfolio, on page 4, has a breakdown in terms of maturities that is more or less the same as what we've seen along the last quarters, meaning a 37% of the total portfolio maturing under 90 days and 26% going over a year; basically, a short term credit portfolio. This portfolio is dispersed along several criteria and it is shown on page 5. The regional dispersion first where we took different regions in the country, the economic segments we channeled the credit to either industry or services for commercial and so on the instrument of credit that we use, the type of credit and, finally, a dispersion also attending the borrower themselves, the most important ones at the end of the year represented 1.4% of the total credit portfolio. The credit portfolio is also dispersed and we show it on page 6 by economic segments and sub segments as it is brought down on this stage. No major changes when compared to the last period. On page 7 the installments that are overdue over 14 days seem to have reached a certain stable level of at around 1.5 maximum at 2% of the total portfolio. On page 8 more than that we show the NPL trend either on 60 day major, or 90 days or at the end on this recent information on the 14 days and onwards installments overdue what is significant in this chart is the fact and it is similar to other Brazilian banks is the fact that after 2010 all of us had a very great effort in constituting provision, cleaning the portfolio, improving the quality of risks and since the middle of 2012 all of us came down to similar figures as the once we had at the beginning of the cycle. 2

3 I think all the banks (and this bank in particular) finished a significant effort in this sense and more less reached a stable level of percentages or absolute values of its overdue. At the same time and it's shown on page 9 the PLL expenses went up during this three year period and came down in 2013 at the level also similar to the one of The parallelism between the two charts is quite clear. On the next page, 10, we show the evolution of the loan portfolio in these figures only the credit themselves under the rule of 2682 that reached R$ million at the end of December, the cost during the year of the net LLP expenses and, again, looking at the comparison between the fourth quarter of 2013 and the same period of 2012 the comparisons between R$ million are very eloquent. Relationship between these total provisions against the NPL the coverage index reached a very comfortable level of over 109%. The total amount of provisions for credits is at around R$420 million, which means 4% of the total portfolio. On page 11 liquidity, as we mentioned in the beginning, we reached at the end of the year R$2.2 billion of available cash, which we consider quite reasonable and good considering the cash flow of our assets and liabilities figures. This funding and credit duration is shown on page 12. Rate for the funding 768 days whereas in the loan portfolio the same duration calculation reached 362, which means a very comfortable comparison and matching between the two sides of the balance sheet. The funding showed on page 13 remains quite stable along this fourth quarter when compared to the third one with the same basis of sources when compare the local currency and the foreign one. Time deposits still remain the most important instrument, almost 50% of the funding and these time deposits are shown on page 14, and on page 14 basically they show a small increase, a 2.3% increase between the third and fourth quarters. On page 15 the personnel and administrative expenses show a slight increase due to the correction of wages that in the Brazilian banking system occurs usually at the final quarter of the year and it affected because there are several of these expenses that cover the entire year of 13 and that were booked only at the 4Q that's why the amount of the expenses went up during the 4Q. On page 16 the adjusted cost-to-income ratio on the right side of this page when we compare the two entire years there is, yes, an improvement, it's quite clear, but more than it; looking to the left side of the same page the last quarters third and fourth quarter presented better percentages than the total average of the year and this is very positive. 3

4 On NIM, the adjusted NIM on page 17 same reasoning whereas on the right side of this page the percentages for the entire year are improving, which is good, for that there is the consideration that the two last quarters presented better value than the average one. On page 18 despite the comparison with the last year, is hard to remain we still remember that we improved from 2012 to a large portion in the net income and, once again, looking to the two last quarters the adjusted net income came up from R$35 million to R$45 million, which is the trend that we hope we will be maintaining along this year. Capitalization ratio on page 19 shows that we presented a small increase and improvement despite the new rules of BIS III that were adopted in Brazil since October last year. On page 20 the ratings that are allocated to our bank and finally on page 21 st some considerations for the entire First of all, we still in the last environment with very strong cautious in our portfolio administration and we consider that macroeconomic scenario tend to hamper the upside of this loan portfolio growth. Secondly, the annual expenses for PLL are not expected to outrace the amount registered in We pretend maintain a stability of liquid assets at around what I mentioned being a satisfactory range between R$1.5 and R$2.5 billion. The adjusted results are slightly to show some growth and the accounting results will have lower levels of impacts from MTM along this We, by the way, had during 2013, R$85 million in net results against the results due to the MTM. This MTM process on the hedge is in our view coming to a certain exhaustion. And finally don't forget that our bank is in transition; the control was sold at the end of October and the final approval of the regulators on this operation will change certainly the outlook for growth and for earnings that we can mention for the year On this specific matter of final authorization of the authorities may I add some topics also: To confirm that the process itself that follows the signing at the end of October is following the script in the sense that the business plan was presented to Central Bank at the beginning of this year, the authorizations of the trust authorities in Brazil was given, the authorization of Cayman Island authorities was given, the phases (the bureaucratic phases) of restructuration of the different societies involved in the deal is in a very good phase and step and, finally what is not easy to forecast is the presidential decree that at the end of this process will come out to finally authorize the entire operation. And because this final decision is not easily foreseen it is uneasy for any agent of the bank to provide any guidance for 2014 because certainly this business 4

5 plan will have its dynamics, but we do not know when it will exactly start being implemented. I myself pretend again that the final decision is about to come between six and 12 months after the signature, meaning after the end of October, but because of this latitude of time it's hard to anticipate or to provide any guidance regarding volumes for the entire year of Finally, the purchaser in the seller are in talks, intense talks, meetings and works that will provide for the new controllers to be aware of the situation, to be aware of the market, to be aware of the practices of the market in the sense of having the maximum better conditions operationally speaking when they will assume the control effectively the control of the bank. We are all, besides, working on it in a very positive way and we pretend that we will be able to smoothly have this change and transition all along the year sometime during this That's what I would like to emphasize at the first stage. My team and myself will be glad if we can clarify any of your questions. Thank you. Q&A Session Operator: Ladies and gentlemen, we will now begin the Question and Answer session for investors and analysts. If you have a question, please press the star (*) key, followed by the one (1) key on your touch-tone phone now. If at any time you would like to remove yourself from the questioning queue, press the star (*) key, followed by the two (2) key. Please, restrict your questions to two at a time. If you would like to pose a question, please, press start one. Our first question comes from Mr. Cristovam Oyarzun, Larrain Vial. Mr. Oyarzun: Hi, good afternoon. Thanks for the call. I just have two quick questions. Could you explain how the higher SELIC affects only the financial operation income and not the financial operational expenses given that you are reducing your loan operation, but you are increasing your margins taking into account also that you are giving credits to lower risks that implies lower rates, if I am understanding correct? Mr. Bardini: Yes you understand correctly Sir, but taken into consideration that basically all the credit activities that we have in the bank are based on floating rate all of our funding is also based on floating rate basis, which means that if SELIC is 7.5, if it is 10.5, it doesn't affect the margins and what accounts for us are the margins. 5

6 Except regarding the available cash. The available cash that we have will be remunerated today at 10.5% instead of 7.5% a few months ago. So the higher the SELIC the batter remuneration you will have on your available cash, but on the portfolio itself suppose that it is financed and funded on a floating rate and the rate is the SELIC or the CDI the effects are almost inexistent. So for us SELIC does not affect, it's almost neutral. It affects, on the other side, those banks that have different mix of portfolios. It affects positively or negatively, I'm not telling that it will be negative, but the ones that have prefixed credits and funded on top-fixed or the reversal will have some mismatch and will be affected positively or negatively. It's not the case of our bank. Mr. Oyarzun: Okay, thank you. And the other question is regarding your loan portfolio diversification. Could you, I don't know if you can, tell me which companies or the most important companies in the sugar and mills that you are lending? Mr. Bardini: You are soliciting names and I'm not able to tell you any name of the portfolio. I'm sorry. I would be against all the rules if I only tell you any name, existing or nonexistent in the portfolio. I'm sorry. Mr. Oyarzun: Okay. I'm sorry, in the same sense, I saw an increase also in the largest risk of your portfolio that is the highest since 2010 I think; is this like an isolated event or we can see a change of the trend? Mr. Bardini: Sorry, could you please repeat. I didn't get your question. Mr. Oyarzun: Yes, the 10 largest risks of your loan portfolio Mr. Bardini: Oh, ok! I understood now. Look, two movements that can explain this result; the first one is the decline of the portfolio itself along with the increase of large corporate in it. So if you have stronger proportion of large corporates in your portfolio and the portfolio got down, normally the 10 largest companies will represent a larger proportion in it. But it is only because of that and at the trend you can expect along the time that we will, yes, increase the proportion of large corporate. Large corporate for us means the ones that sell more than R$500 million a year to be quite clear. If these customers will have large proportion in our portfolio when they will, you mentioned before you can expect lower spread, you have already pointed out you are to a certain extend right, yes, and you will have some more proportion in the 10 or 20 largest clients in the portfolio, certainly yes. Mr. Oyarzun: Okay, thank you very much. Mr. Bardini: Thank you. 6

7 Operator: Excuse me ladies and gentlemen, if you would like to pose a question, please, press start one. If you would like to pose a question, please, press start one. This concludes today's question-and-answer session. Mr. Bardini at this time you may proceed with your closing statements. Mr. Bardini: Thank you. Thank you all for participating and have a good day. Thank you. Operator: That does conclude BICBANCO s fourth quarter earnings conference for today. Thank you very much for your participation. Have a good day. 7

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