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Transcript of Investor Relations | page 1 Unibanco and Unibanco Holdings, S.A. Consolidated Results 3 rd Quarter...
Investor Relations | page 1
Unibanco and Unibanco Holdings, S.A.
Consolidated Results
3rd Quarter 2005
November 11, 2005
Investor Relations
Investor Relations | page 2
7.9
8.1
8.4
21.0%
17.8%
20.1%
3Q04 4Q04 1Q05
Annualized ROAE (%)
8.7
23.0%
2Q05
Stockholders’ Equity (R$ bln)
3Q05
9.0
23.3%
9M04 9M05
16.4%
21.3%
7.9
9.0
Net Income +46.4%
+51.1%
9M05 / 9M043Q05 9M05
R$ 1,329 million
R$ 2,158 million
R$ 475 million
R$ 763 millionOperating Income
Performance
Investor Relations | page 3
Highlights
Results
Loan Portfolio Growth
Fee Income
Cost Management
• 1.3% annual growth in Administrative Expenses (or 8.6%, excluding Credicard and Orbitall)
• In the quarter, a growth of 7.4% (or 4.3%, excluding the non-recurring Collective Wage Bargaining Agreement)
• 980 b.p. improvement in efficiency ratio: 51.4% in the 3Q05
• 9.6% growth in the quarter. Highlights: credit cards and capital markets operations
• 20.5% growth when compared to 3Q04 (excludes revenues from Credicard and Orbitall)
• 46.4% net income growth, 9M05 x 9M04
• 4.9% net income growth, 3Q05 x 2Q05
• Full absorption of the Annual Collective Wage Bargaining Agreement, in the total amount of R$44 million
• Individuals: 33.2%• SME’s: 38.4%• Corporate: 12.4%• Total loan portfolio: 24.0%
• Annual Growth
Investor Relations | page 4
Performance: 9M05 x 9M04
Loan Portfolio
Core Deposits
Financial Margin before Provision
Provision for Loan Losses
Fee Income* Adm. Expenses* OperatingIncome
Net Income
100
124
100 116
100111
100 109
100
128
100
151
100
138
100
146
9M059M04
Basis: 100
(*) Excludes Credicard/Orbitall
Investor Relations | page 5
R$ millions
Income Statement
3Q05 2Q05 3Q04 9M05 9M04
Profit from Financial Intermediation 1,589 1,529 1,377 4,607 3,673
(+) Fees from Services Rendered 870 794 829 2,430 2,390
(-) Personnel & Adm. Expenses (1,323) (1,232) (1,308) (3,741) (3,693)
(+/-) Other Operating Income/Expenses (373) (407) (342) (1,138) (942)
(=) Operating Income 763 684 556 2,158 1,428
(+/-) Non-Operating Income (6) 17 (5) 4 1
(+/-) Income Tax and Social Contribution (170) (129) (141) (464) (238)
(Effective Income Tax Rate) 25% 21% 28% 24% 19%
(-) Profit Sharing/Minotiry Interest (112) (119) (83) (369) (283)
Net Income 475 453 327 1,329 908
Investor Relations | page 6
Evolution
Financial Margin(before Provision for Loan Losses)
Earnings per Share (R$)
Total Assets (R$ millions) Loan Portfolio (R$ millions)
8.7%
9.2%
9.5%
10.2%10.5%
3Q04 4Q04 1Q05 2Q05 3Q05
0.23
0.270.29
0.320.34
3Q04 4Q04 1Q05 2Q05 3Q05
83,83279,350
82,10982,731
88,423
Sep-04 Dec-04 Mar-05 Jun-05 Sep-05
29,724
31,796
33,176
35,154
36,872
Sep-04 Dec-04 Mar-05 Jun-05 Sep-05
Investor Relations | page 7
Loan Portfolio Mix – Retail / Wholesale
WholesaleRetail
Dec-04Dec-99 Sep-04 Sep-05
52% 54%56%
48% 46% 44%
33%
67%
Investor Relations | page 8
Loan Portfolio Growth
R$ millions
WholesaleRetail
(*) Excludes Credicard and includes Hipercard.
44%
56%
35,154
16.0%
Jun-05
36,872
Sep-05
4.9%
56%
44%4.4%
5.3%
Sep-04 *
29,724
52%
48%
Dec-03 *
49%
27,721
51%
54%
31,796
Dec-04
46%
7.2%
24.0%
Investor Relations | page 9
Loan Portfolio Growth – Individuals / Corporate
Sep-04 Jun-05 Sep-05
Corporate
19,17122,81121,795
19.0%
4.7%
Individuals
33.2%
10,553
14,06113,359
5.3%
• Main Highlights over 12 months:
Fininvest: 37.6%
23.9%
42.8%
Branch Network
and Corp Site Branch:
Credit Cards:
• Main Highlights over 12 months:
SMEs: 38.4%
12.4%Large Corporate:
(R$ millions)
(R$ millions)
34.0%Auto Financing:
Sep-04 Jun-05 Sep-05
Investor Relations | page 10
Loan Portfolio Quality
Loan Portfolio E-H / Loan Portfolio
4.9%
4.3% 4.3%
Sep-04 Jun-05 Sep-05
Allowance for Loan Losses / Loan Portfolio E-H
95.8%
115.0% 112.1%
Sep-04 Jun-05 Sep-05
Non-Accrual Portfolio / Loan Portfolio
4.7%
3.9% 4.1%
Sep-04 Jun-05 Sep-05
Non-Accrual Portfolio Coverage Ratio
99.2%
125.7%117.2%
Sep-04 Jun-05 Sep-05
Investor Relations | page 11
Allowance for Loan Losses / Loan Portfolio
Loan Portfolio Coverage
Auto Financing
Unibanco Consolidated
Jun-05
Commercial Bank - Individuals
Sep-05
Consumer Finance Companies
Credit Cards
Wholesale
Sep-04
SMEs
Retail
8.1%
10.0%
5.2%
4.9%
3.9%
3.3%
7.6%
9.4%
4.5%
4.9%
4.6%
2.9%
8.0%
9.1%
4.5%
4.7%
3.7%
2.3%
4.2% 4.0% 4.3%
5.6% 5.2% 5.5%
Investor Relations | page 12
Funding and Assets under Management
R$ millions
Sep-05 Jun-05 Sep-04 %
Demand deposits 3,505 3,547 3,605 -1.2 -2.8
Saving deposits 5,524 5,635 5,900 -2.0 -6.4
SuperPoupe 2,628 2,350 1,030 11.8 155.1
Core Deposits 11,657 11,532 10,535 1.1 10.7
Time deposits 22,897 23,324 21,509 -1.8 6.5
Total Deposits (A) 34,554 34,856 32,044 -0.9 7.8
Assets under management (B) 35,700 35,119 32,654 1.7 9.3
Total Deposits + AUM (A+B) 70,254 69,975 64,698 0.4 8.6
Core Deposits / Total Deposits 33.7% 33.1% 32.9% 60 b.p. 80 b.p.
Q-o-Q % Y-o-Y
Investor Relations | page 13
Financial Margin
Financial MarginFinancial Margin after Provision Provision for loan losses/Financial Margin
7.2%
3Q04
8.7%
16.6%
7.9%
2Q05
10.2%
22.1%
7.9%
3Q05
10.5%
24.0%
6.7%
9M04
8.4%
19.8%
7.6%
9M05
9.7%
21.3%
Investor Relations | page 14
Fees from Services Rendered
R$ millions
Banking fees and other fees and commissions 479 408 1,363 1,217
Credit Cards 286 214 762 593
Assets under management 105 100 305 287
Subtotal 870 722 2,430 2,097
Credicard and Orbitall - 107 293
Total Fees from Services Rendered 870 829 2,430 2,390
3Q05 2Q05 3Q04 9M05 9M04
448
246
100
794
794
- -
Investor Relations | page 15
Administrative Expenses
R$ millions
Personnel Expenses 518 504 1,431 1,399
Other Administrative Expenses 805 714 2,310 2,047
Subtotal 1,323 1,218 3,741 3,446
Credicard and Orbitall - 90 247
Total 1,323 1,308 3,741 3,693
467
765
1,232
1,232
- -
Fees from Services Rendered / Adm. Expenses 66% 59% 65% 61%64%
3Q05 2Q05 3Q04 9M05 9M04
Investor Relations | page 16
Efficiency Ratio
R$ millions
3Q04 2Q05 3Q05 9M04 9M05
52.8%
1,232
2,334
Expenses Revenues
2,136 6,017
3,693
61.4%
1,308
61.2%
3,741
7,118
52.6%
1,323
2,575
51.4%
18.3%
1.3%
%
Investor Relations | page 17
Insurance and Private Pension Plans
Technical Reserves
Combined Ratio Extended Combined Ratio
Net Premiums Written
99.4%
100.0% 99.5%
3Q04 2Q05 3Q05
87.7%
86.4%
86.3%
3Q04 2Q05 3Q05
4,0394,848 4,975
1,067
1,424 1,703
3Q04 2Q05 3Q05
Private Pension Insurance
5,106
6,2726,678
30.8%
695
784
803
3Q04 2Q05 3Q05
Investor Relations | page 18
Global Public Offering of Units and GDSs
Selling Shareholder:
Total Offering including Greenshoe: 86,149,216 Units
Final Price: R$ 20.49 for Unit and US$ 44.00 for GDS
Financial Volume: R$1,765 million
Demand: 3.0x Book
Investors’ Allocation:
Brazil 26%
International 74%
Unit Evolution – Sep-13 to Nov-10
R$ 20.49
9/13 9/20 9/27 10/4 10/11 18/11 10/25 11/1
GDS Evolution– Sep-13 to Nov-10
US$ 44.00
R$ 25.15
11/10
US$ 57.39
Offering PricePreço da Oferta
9/13 9/20 9/27 10/4 10/11 18/11 10/25 11/1 11/10
Investor Relations | page 19
2005 Outlook
2004 2005(E)
GDP Growth 4.9% 3.3%
FX Rate R$ / US$ (end-of-year) 2.654 2.350
SELIC (end-of-year) 17.75% 18.00%
IPC-A 7.6% 5.4%
Trade Balance Surplus (US$) 33.7 bi 44.0 bi
Investor Relations | page 20
Loan Portfolio
CorporateLarge corporate
SMEs
IndividualsCommercial bank and other companies
Consumer Finance
Administrative Expenses
Growth9M05
16.0%
12.8%
10.0%
20.1%
21.5%
24.6%
15.6%
1.3%
Revisedguidance
< 2%
20-25%
10-15%
25-30%
30-35%
25-30%
15-20%
27-32%
2005 Perspectiveson August 12, 2005
Credit Card 19.0% 20-25%
2005 Growth Perspectives
< 5%
18-23%
7-12%
25-30%
30-35%
25-30%
10-15%
25-30%
15-20%
Investor Relations | page 21
Events
New Investor Relations Web Site – Second half of November
November 14, 2005 (Monday)
New York
Panel 7 – Banking Industry - ROOM 1
4:30 pm - 6 pm
> New content
> New user-friendly navigation
> New tools
> New layout
Agenda
Investor Relations | page 22
For further information contact our Investor Relations Area at
phone: 5511-3097-1980fax: 5511-3813-6182
email: [email protected]: 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.