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Evolution of the BNDES's annual disbursements
Annual disbursements of financial resources have increased, according to the following chart.
A return to investments is underway in Brazil and is expected to remain strong in the coming years. This forecast is consistent with data on the BNDES’ Performance in 2009, when disbursements, approvals, eligibilities and consultations reached unprecedented levels in the history of the Bank
Consultations and eligibilities, which indicate the investments to be carried out in the country, reached R$ 223.9 billion and R$ 190.1 billion, respectively. This represents growth of 27% and 22% in relation to 2008. The performance of these two indicators surpassed the BNDES' initial estimate, disclosed at the end of 2009. The BNDES’ disbursements closed the year at R$ 137.4 billion, an increase of 49% in relation to 2008, while approvals, at R$ 170.2 billion, rose 40%.
The BNDES’ performance shows the strength of the Brazilian economy and reflects the success of the steps taken by the government to face the international financial crisis. One of the high points was the Investment Maintenance Program (BNDES-PSI). Within only six months (from July to December), the program’s portfolio reached R$ 37.1 billion. The BNDES-PSI was created by the federal government to ensure the maintenance of investments and to mitigate the effects of the international financial crisis on the Brazilian economy, focusing on specific sectors, such as capital goods, exports and innovation.
In 2009, over 80% of the investments made within the scope of the PSI was contracted, which shows a steady demand for the program’s funds. From the PSI’s total portfolio in 2009, R$ 28.1 billion corresponds to buses and trucks and other capital goods, while R$ 8.7 billion went to financing exports and R$ 300 million to innovation.
The BNDES Card had disbursements of R$ 2.47 billion, a 193% rise compared to 2008. The number of operations (174,000) increased 189%, enabling investments to an expressive number of micro, small and medium-sized companies, thus consolidating the Bank's purpose of expanding access to its funds.
The year’s regional highlight was the expansion of disbursements to investment projects in the North and Northeast regions, which exceeded R$ 33 billion. The growth rate compared to 2008 was 126% to the North and 189% to the Northeast. The regions accounted for 8% and 16% of total disbursements, respectively, which is higher than their participation in Brazil’s GDP. Hence, the Bank's disbursements contribute to decreasing regional inequalities.
In 2009, the industrial sector accounted for 46% of the BNDES’ total disbursements, at R$ 63.5 billion –a 62.8% rise compared to 2008. Infrastructure, absorbing 36% of the total, received R$ 48.7 billion, representing a 38.6% increase over 2008. Trade and services borrowed R$ 17.3 billion, up 55%.
In infrastructure, one of the areas with significant growth was the electric power segment, with disbursements of R$ 14.1 billion, a 64% rise compared to 2008. Disbursements to highway transport totaled R$ 13.6 billion. The construction industry, with disbursements of R$ 2 billion, expanded 444% in the year.
In the industry sector, the leading field was chemicals and petrochemicals, with R$ 25.6 billion in disbursements, followed by transport material (R$ 8.8 billion), food and beverage (R$ 8.8 billion) and metalworking (R$ 5.3 billion).
Financing for Brazilian exports also broke a record in 2009. Disbursements totaled US$ 8.3 billion, representing a 26% rise over 2008.
Evolution of the BNDES's annual net profit
The BNDES recorded a net profit of R$ 6.7 billion in 2009, up 26.8% compared to the R$ 5.3 billion posted in the previous
year. Three positive factors have contributed to this performance: income from financial
intermediation, declared dividends from BNDESPAR investments and reversal of provisions for civil
lawsuits.
The main positive impact on the profit was gross financial
intermediation, which rose from R$ 3.9 billion in 2008 to R$ 5.8 billion in 2009. This is the outcome of the expressive growth in portfolios handling credits and
bonds, as well as securities. Another positive factor was the
reversal, in 2009, of provisions for lawsuits as a result of an appellate court decision in favor of the BNDES.
Therefore, amounts that had been provisioned as losses were then accounted as part of the positive
result.
Shareholders’ equity totaled R$ 27.6 billion representing a reference equity of R$ 54
billion, up from the R$ 42.5 billion posted on December 31, 2007. The reference equity is the standard employed by the Central Bank when setting cautionary limits to be followed by all financial
institutions. The higher the Bank’s reference equity, the greater its capacity to grant
loans.
Total assets amounted to R$ 386.6 billion in 2009, representing growth of 39.4% compared to 2008. Profitability on average shareholders’ equity hit 25.47% in December 2009 (23.95% in December 2008).
See:
Operational Statistics
(*)
Financial
Statements
(*) PDF file. Acrobat Reader is necessary to view a PDF file. The program may be obtained free of charge in
Adobe's website.
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