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Bano Pine records drop in Q1 net income

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Bano Pine records drop in Q1 net income

Banco PineSA reported first-quarter 2016 net income of 8 million Brazilianreais, down from 10 million reais earned in the year-ago period, even as itspretax result swung back to profit from a year-ago loss.

Earnings per share for the first quarter came to 7 centavos,compared to 8 centavos a year earlier.

The result came as the company booked 16 million reais inincome tax and social contribution costs, which compares to a 54 million reaisgain in the year ago period. Excluding that and profit sharing, Banco Pine'squarterly income totaled 30 million reais, swinging from a 32 million reaisloss a year earlier.

Gross income from financial intermediation totaled 45million reais, compared to a 1 million reais loss a year ago. Revenues fromfinancial intermediation sank to 132 million reais in the three-month periodfrom 598 million reais a year ago, while financial intermediation expensesplunged to 87 million reais from 600 million reais.

The bank recorded other operating expenses of 24 millionreais in the quarter, down from 34 million reais in the year-ago period.

In a May 10 earnings release, the bank said that itsexpanded loan portfolio decreased 31.6% year over year to reach 6.61 billionreais. The bank noted that it has maintained a conservative strategy in creditgranting and capital preservation. Banco Pine's 90-day nonperforming loan ratiodecreased to 0.7% in the first quarter of 2016 from 2.1% a year earlier.

The company's annualized return on average equity alsodeclined to 2.9% from 3.3%, while its annualized return on averagerisk-weighted assets ticked up to 0.5% from 0.4%.

During the first quarter, the lender distributed a totalamount of 19.0 million reais as interest on own capital, corresponding to 16centavos per share.

As of May 10, US$1 wasequivalent to 3.48 Brazilian reais.