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February 1, 2008 |
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BANCO PINE: Net Profits Up 139% to BRL150 Million in 2007 Banco Pine said in a statement that its net profits rose 139% to BRL150 million in 2007, from 2006. Business News Americas relates that Banco Pine's profits, excluding costs from March 2007 initial public offering, increased 165% to BRL166 million in 2007, compared to 2006. Meanwhile, the bank's return on equity rose to 29.2% from 23.0%. Banco Pine's lending grew 108% to BRL4.33 billion in 2007, from 2006, BNamericas states. Headquartered in Sao Paulo, Banco Pine was established in 1997 by the brothers Nelson and Noberto Pinheiro after the sale in 1996 of their participation in another family institution. A comprehensive corporate and operational restructuring was implemented and in the first half of 2005 Noberto Pinheiro became the bank's majority shareholder. In April 2007, Banco Pine went public by placing non-voting preferred shares at the Bovespa Level 1 on the New Brazilian Stock Market. These shares enjoy a tag-along privilege, giving minority shareholders 100% of the value of the block of controlling shares in the event of the sale of the institution. * * * As reported in the Troubled Company Reporter-Latin America on June 26, 2007, Standard & Poor's Ratings Services raised its long-term counterparty credit rating on Banco Pine S.A. to 'BB-' from 'B+'. The rating was removed from CreditWatch Positive where it was placed June 11, 2007. S&P said the outlook is stable. * * * As reported in the Troubled Company Reporter-Latin America on May 18, 2007, Fitch Ratings upgraded the National ratings of Banco Pine S.A. as: Long-term National rating to 'A-(bra)' from 'BBB(bra)'; Short-term National rating to 'F2(bra)' from 'F3(bra)'. Fitch also affirms the company's: Long-term Foreign Currency Issuer Default Rating 'B+'; Short-term Foreign Currency rating 'B'; Long-term Local Currency Issuer Default Rating 'B+'; Short- term Local Currency rating 'B'; Individual 'D'; and Support '5'. |
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