Tuesday , May 17 2022

Delays in Venezuela and Cuba have had an impact on the defaults, not the profits, BNDES


Delays in RIO – Venezuela and Cuba debt payments affected the default rate of BNDES in the third quarter of 2018, but did not have much impact on the results of the period. 14, Director of Strategy and Digital Transformation of the development agency, Ricardo Ramos.

Tuesday night, View Forum Posts Delays in debt payments with BNDES announced by Venezuela, Cuba and Mozambique are RMB 1.8 billion. The BNDES financial statement, announced on Wednesday in the third quarter, indicates that the default rate of over 90 days is 2.94% in the second quarter compared to 1.45%. However, the provisions on credit risk resulted in a negative negative result of R $ 1.6 billion in the third quarter and a total R $ 1.681 billion in January-September.

Carlos Frederico Rangel, Head of BNDES Honesty, Supervisory and Risk Management, said the default rate rose from the second to the third quarter due to the deterioration in the default rate. (third quarter). "

When asked whether delays in exports and exports of goods and services were affected by the increase in crime rates and third-quarter regulations, Ramos said: "They have affected, but the bank's result was still very little affected." According to the executive, the provisions on the debts of the countries were compensated by the reversal of other provisions, because "loans provided have come back".

Ramos refused to mention grant amounts, but stressed that loans to countries were secured by the National Guarantee Fund through the Export Guarantee Fund (FGE) and reinforced their belief that future debt would be honored. "These countries, in a very similar way to the federation states, are not demolished. Countries are undergoing an economic cycle," said BNDES director.

Quarterly result

BNDES registered Net income of R $ 1,603 billion in the third quarter, 13.7% decrease Compared to the same period of 2017. In the first half of the year, net income was $ 6.363 billion, up by 98.7 percent in the first nine months of the previous year.

"We did the outcome of a year in nine months," said Ricardo Ramos, BNDES 'Director of Strategy and Digital Transformation.

In a note, BNDES stated that the decrease in equity interest rates and provision expenses increased the profit accumulated between January and September. In the third quarter, the results obtained by the shareholders' equity increased by R $ 5.692 billion as of January-September, to R $ 1,661 billion. The expense for credit risk was R $ 1,681 billion for R $ 5.683 billion in the first nine months of 2017.

Results showed that total BNDES assets amounted to R $ 791.5 billion and R $ 80.6 billion in shareholders' equity. Thus, the Basel Index was 29.1% at the end of the second quarter and 29.1% at the end of the second quarter.

Ramos also expressed optimism about the growth in the BNDES loan demand by the end of the year. "We are spending a little higher than in 2017," the director said. Said. He said the bank had released R $ 70.8 billion in 2017.

Sale of assets

BNDES continued its strategy of selling its shares in the third quarter. Between July and September, the company's shares were sold in a $ 600 million clearing company, Vale's shares. The BNDES stock portfolio closed the third quarter at R $ 99.7 billion.

Vale's share sales and the company's total BNDES share was 7.35% – last year, it was 7.60% in December. Mining also contributed to the dividend payment of R $ 594 million in the third quarter.

Petrobras paid $ 55 million in profit. In the first half, the sale of the shares of Petrobras remained extraordinary, but in the third quarter BNDES did not sell the shares explicitly. The total share of the Bank in the state-owned company is 15.24% of the capital, including 8.37% on BNDESPar.

In total, in the third quarter, while the shareholders' equity amounted to R $ 1,661 billion, in January-September period this amounted to R $ 5,762 billion.

Ricardo Ramos, Director of Strategy and Digital Transformation at BNDES, confirmed that the strategy was to sell its shares in a profit. . If a fair price is above the fair price, we can enter a sales process,, he said. He held a press conference to discuss the third-quarter results at Rio's headquarters in BNDES.

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