Investor Relations | 1 Unibanco and Unibanco Holdings, S.A.
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Transcript of Investor Relations | 1 Unibanco and Unibanco Holdings, S.A.
Investor Relations | 1
Unibanco and Unibanco Holdings, S.A.Unibanco and Unibanco Holdings, S.A.
Investor Relations | 2
Annualized ROAE (%) Stockholders’ Equity (R$ Bln)
+ 21%
+ 27%
2Q06/2Q052Q06
548
869
Performance
9.5
1Q06
8.7
2Q052Q04
7.7
9.8
2Q06
1H06
1,068
1,703
1H06/1H05
1H05 1H061H04
R$ Millions
+ 25%
+ 22%
8.7
7.7
9.821.4%
16.4%
23.6%
Net Income
Operating Income
24.0%
23.0%
17.3%
24.7%
Investor Relations | 3
Highlights
Results
Loan Portfolio
Units
UBBR11
Efficiency
25% net income growth, 1H06 versus 1H05
Financial margin (before provisions for loan losses) grew to 10.6% in 1H06, vis-a-vis 10.1% in 1H05 – despite declining interest rates
Growth of 5.7% in 2Q06 19.3% up in 12 months. Highlight to credit cards portfolio growth: 42.9%
Approximately 60% gain over the past 12 months
Higher weight in the Ibovespa index: 1.825% (1)
Stock Dividend (Bonificação de Ações) aimed at increasing liquidity
Efficiency ratio of 47.5%, a 530 b.p. improvement from 2Q05 (52.8%)
1.3% change in personnel and administrative expenses, 2Q06 versus 1Q06
Insurance
29.3% ROAE in 2Q06
93.9% combined ratio in 1H06, from 99.2% in 1H05
47.3% loss ratio in 2Q06, from 55.6% in 1Q06
(1) 1st Preview of the Theorical Portfolio Sep - Dec 2006.
Investor Relations | 4
Financial Indicators
Profit from Financial Intermediation
Total Assets Loan Portfolio
Earnings per Share (R$)
Jun-05 Sep-05 Dec-05 Mar-06
35,154
36,872
39,875 39,684
Jun-05 Sep-05 Dec-05 Mar-06Jun-06
41,929
Jun-06
2,0052,159
2,262
2,357
2Q05 3Q05 4Q05 1Q06
2,392
2Q06 2Q05 3Q05 4Q05 1Q06 2Q06
R$ Millions
82,884
88,423
91,83193,770
98,217
0.16
0.17
0.18
0.190.20
Investor Relations | 5
Income Statement
2Q06 1Q06 2Q05 1H06 1H05
R$ Millions
Profit from Financial Intermediation
(+) Fees from Services Rendered
(-) Personnel & Administrative Expenses
(+/-) Other Operating Income / Expenses
(=) Operating Income
(+/-) Non-Operating Income
(+/-) Income Tax and Social Contribution
(Effective Income Tax Rate)
(-) Profit Sharing / Minority Interest
Net Income
3,103
1,534
(2,420)
(818)
1,399
16
(295)
(266)
854
24%
1,724 1,715 1,570
901 863 783
(1,373) (1,355) (1,233)
(383) (389) (435)
869 834 685
(3) 22
(159) (147) (129)
(163) (164) (125)
548 520 453
21% 20% 21%
3,439
1,764
(2,728)
(772)
1,703
(2)
(306)
(327)
1,068
21%
1
Investor Relations | 6
100
100
100
108
100 101
100 102
100
100104
100105
2Q061Q06
104 104
106
Performance – 2Q06 versus 1Q06
Fee Income
Core Deposits
Loan Portfolio
Financial Margin before Provision
Provision for Loan Losses
Adm. Expenses Operating Income
Net Income
1Q06 = 100
Investor Relations | 7
100
100
Fee Income
100
Core Deposits
120
100
119
100
100
154
100
121
2Q062Q05
2Q05 = 100
Performance – 2Q06 versus 2Q05
115
127
119
Loan Portfolio
Financial Margin before Provision
Provision for Loan Losses
Adm. Expenses Operating Income
Net Income
100111
Investor Relations | 8
Loan Portfolio Quality
Loan Portfolio, by risk level
92.0% 93.1%
Jun-05 Mar-06 Jun-06
AA-C92.8%
+33%
Additional allowance for loan losses (R$ Millions)
8.0% 6.9% D-H7.2%
Jun-05 Mar-06 Jun-06
412
494
548
Investor Relations | 9
Loan Portfolio Coverage
Jun-06 Mar-06 Jun-05
Allowance for Loan Losses / Loan Portfolio
Consumer Finance Companies
Credit Cards
Commercial Bank - Individuals
Auto Financing
SMEs
Retail
Wholesale
Unibanco Consolidated
10.1%
7.7%
9.1%
4.4%
5.2%
6.7%
4.0%
5.6%
11.0%
8.5%
8.8%
4.8%
5.7%
7.2%
3.6%
5.6%
9.4%
4.5%
7.6%
2.8%
4.0%
5.2%
4.6%
4.9%
Investor Relations | 10
Financial Margin
Provision for Loan Losses/Financial Margin
2Q05
21.7%
1Q06
27.2%
2Q06
27.9%
10.7%
10.5%
10.9%10.6%
10.1%
8.1%
1H05 1H06
19.4% 27.6%
8.1% 7.9%7.6% 7.6%
Post Provision Financial Margin Financial Margin
Investor Relations | 11
Loan Portfolio Mix
Retail
Wholesale
Jun-06Jun-05
50%
Jun-04Dec-99
33%
67% 50%44%
56%
44%
56%
44%
56%
Investor Relations | 12
Loan Portfolio Growth
19.3%
Mar-06 Jun-06
5.7%
2.8%
Jun-05
35,154
39,684
23,281
16,403
41,929
9.7%
23,934
20,100
17,99515,054
R$ Millions
Retail(1)
Wholesale
(1) It includes acquired credit of individuals, cosigned by the financial institutions that sold the credits.
Investor Relations | 13
Loan Portfolio Growth – Individuals and Corporate
Corporate
Individuals(1)
Jun-05 Mar-06
1.6%
13,686
15,793
Jun-06
16,048
17.3%
20.6%
21,468
8.3%
23,891
Main Highligths
25,881
-2.1%
3.3%
5.3%
9.7%
Quarter
14.0%
42.9%
22.9%
19.5%
Year
Jun-05 Mar-06 Jun-06
R$ Millions
R$ Millions
Branch Network
Credit Cards
Auto Financing
Consumer Finance Companies
SMEs
Large Corporate
-1.7%14.4%
4.9%8.1%
(1) It includes acquired credit of individuals, cosigned by the financial institutions that sold the credits.
Investor Relations | 14
Deposits and Assets under Management
4,405 3,958 3,546
5,187 5,248 5,635
4,201 3,604 2,350
13,793 12,810 11,531
24,984 23,905 23,324
Jun-06 Mar-06 Jun-05
Demand Deposits
Saving Deposits
TDCs - Core Deposits
Core Deposits
Time Deposits
Assets Under Management (B)
Total Deposits + Debentures + AUM (A+B)
Total Deposits + Debentures (A)
R$ Millions
Debentures 5,065 4,820 1,381
43,842 41,535 36,236
84,923 81,459 71,355
41,081 39,924 35,119
35%36% 33%Core Deposits / Total Deposits
Investor Relations | 15
Working on the Fundamentals
Core Deposits1 Source: Brazilian Central Bank, preliminary data
19.6%
7.3%SFN 1
Core Deposits Evolution
Jun 06vs
Jun 05
TDCs Core Deposits
Jun 06vs
Mar 06
7.7%
0.2%
R$ Millions
403
2,350
Jun-04 Jun-05
4,201
Jun-06
Jun 06vs
Jun 04
47.9%
17.2%
Nacional Financial System Unibanco
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06
Credit Core Deposits Core/Credit
106
47%38%
128
132
34%
33%
132
Dec-04=100 Dec-04=100
Dec-04 Mar-05 Jun-05 Sep-05 Dec-05 Mar-06 Jun-06
Investor Relations | 16
Fee Income
1Q06
2Q05
453
246
84
Total 783
491
282
90
863
2Q06
525
294
82
901
Fee Income/ Personnel and Administrative Expenses
R$ Millions
Banking fees
Credit Cards
Assets under management
1H061H05
890
476
168
1,534
1,016
576
172
1,764
63.5%63.7%
65.6%
2Q05 1Q06 2Q06
63.4%
64.7%
1H05 1H06
Investor Relations | 17
Personnel and Administrative Expenses
1Q06
888
467
Total 1,355
2Q05
795
438
1,233
2Q06
893
480
1,373
1,567
853
2,420
1,781
947
2,728
2H051H05 1H06
R$ Millions
Commercial Bank
Subsidiaries
Other Administrative Expenses
Personnel Expenses
1,718
954
2,672
766
467
2Q05
829
544
2Q06
813
542
1Q06
1,233
1,3731,355
1.3%
1,507
913
1H05
1,642
1,086
1H06
1,674
998
2H05
2,420
2,7282,672
2.1%
Investor Relations | 18
Working on the Fundamentals
Efficiency Ratio Evolution R$ Millions
RevenuesEfficiency Ratio Expenses
48.1%
52.8%
63.4%
2Q04 2Q05 1Q06
47.5%
2Q06
1,9612,337
2,815
1,242 1,2331,355
2,891
1,373
Investor Relations | 19
Insurance and Private Pension Plans
84
92
97
2Q05 1Q06 2Q06
15.5%
2Q05 1Q06 2Q06
4,848 5,628 5,864
1,4241,676 1,7296,272
7,5937,304
21.1%
Jun-05 Mar-06 Jun-06
Technical ReservesNet IncomeR$ Millions
Combined Ratio Loss Ratio
Private Pension Plans
Insurance
47.3%
55.6%
53.3%94.0%93.7%
100.0%
2Q05 1Q06 2Q06
Investor Relations | 20
Stock Dividend (Bonificação de Ações)
To increase the liquidity of Unibanco’s and Unibanco Holdings’ shares in the Brazilian stock market by means of having a quotation value accessible to small investors.
Current(closing on August 10th )
Before(closing on July 17th )
After(opening on July 18th)
Unit Price (R$) 26.30 13.15
Outstanding Shares (millions) 1,398.9 2,797.8
Market Cap (R$ Billions) 18.4 18.4
GDS Price (US$) 59.91 59.91
Ratio (Units per GDS) 5 : 1 10 : 1
15.50
2,797.8
21.7
71.97
10 : 1
Investor Relations | 21
Summary: Loan Portfolio
R$ Millions
Jun-05 Sep-05 Dec-05 Mar-06 Jun-06
35,154
36,872
39,87539,684
41,929
+19.3%
Investor Relations | 22
Summary: Core Deposits
R$ Millions
11,531
11,657
12,45112,810
13,793
+19.6%
Jun-05 Sep-05 Dec-05 Mar-06 Jun-06
Investor Relations | 23
Summary: Financial Margin
2Q05 3Q05 4Q05 1Q06 2Q06
Before ProvisionsAfter Provisions
10.7%
10.9%
10.5%
8.1% 7.9% 7.6%
10.8%10.8%
8.2%7.6%
+20 b.p.
-50 b.p.
Investor Relations | 24
Summary: Provisions / Financial Margin
2Q05 3Q05 4Q05 1Q06 2Q06
21.7%23.3%
29.0%27.2% 27.9%
+620 b.p.
Investor Relations | 25
Summary: Efficiency Ratio
52.8%
51.3%
49.2%
48.1%47.5%
-530 b.p.
2Q05 3Q05 4Q05 1Q06 2Q06
Investor Relations | 26
Summary: Net Income
2Q05 3Q05 4Q05 1Q06 2Q06
R$ Millions
+21.0%
453
475
509
520
548
Investor Relations | 27
Summary: Annualized ROAE
2Q05 3Q05 4Q05 1Q06 2Q06
23.0%
23.3%
24.2% 24.0%
24.7%
+170 b.p.
Investor Relations | 28
Save the date
APIMEC Meetings 2006
Rio de Janeiro
Sofitel Hotel
August 17th
06:00 PM
Brasília
Blue Tree Park Hotel
October 17th
06:00 PM
Belo Horizonte
Ouro Minas Palace Hotel
September 21th
06:00 PM
São Paulo
Unique Hotel
November 23rd
03:30 PM
Investor Relations | 29
Investor Relationsphone: 5511-3097-1980
fax: 5511-3097-1585email: [email protected]
site: www.ir.unibanco.com
This presentation contains forward-looking statements regarding Unibanco, its subsidiaries and affiliates - anticipated synergies, growth plans, projected results and future strategies. Although these forward-looking statements reflect management’s good faith beliefs, they involve known and unknown risks and uncertainties that may cause the Company’s actual results or outcomes to be materially different from those anticipated and discussed herein. These risks and uncertainties include, but are not limited to. our ability to realize the amount of the projected synergies and the timetable projected, as well as economic. Competitive, governmental and technological factors affecting Unibanco’s operations, markets, products and prices, and other factors detailed in Unibanco’s filings with the Securities and Exchange Commission which readers are urged to read carefully in assessing the forward-looking statements contained herein. Unibanco undertakes no duty to update any of the projections contained herein.