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Posted on 02/25/2022 17:52
BNDES records record net income in 2021 and now has the largest portfolio of infrastructure concessions in the world
The recurring result, which excludes divestment operations from the equity portfolio and provisions for credit risk, among others, was R$15.8 billion in 2021 - Photo: BNDES
The National Development Bank (BNDES) posted a record net income of R$34.1 billion in 2021, a volume 65% higher than in 2020, a result strongly marked by gains from equity interests (R$30.6 billion) and from intermediation financial (R$ 19.9 billion). The Bank ended 2021 with 167 projects in its portfolio, of which 19 have already been auctioned, totaling planned investments of around BRL 383 billion – BRL 109 billion referring to projects already auctioned. The results were presented this Friday (25/02), by President Gustavo Montesano and other members of the BNDES board.
The recurring result, which excludes divestment operations from the equity portfolio and provisions for credit risk, among others, was R$15.8 billion in 2021. The indicator increased by 96.9% when compared to 2020 (R $8.0 billion), reflecting the higher income from dividends/JCP and the increase in the product of financial intermediation, which also demonstrates the consistency of the bank's credit portfolio.
At the end of 2021, 53.5% of BNDES credit operations (considering direct and indirect non-automatic operations) were linked to projects that supported the green economy and social development. In the year, disbursements for initiatives of this nature totaled R$7.8 billion and R$10.0 billion, respectively.
About 83% of disbursements (R$ 53.5 billion) in the year contributed to the Sustainable Development Goals, established by the UN, totaling almost 180 thousand operations. In all, the generation of 1,730 MW of wind energy was made possible – enough to supply 3.3 million homes – 3,197 km of the natural gas distribution network were implemented and 2,142 cisterns were built in rural public schools, among other deliveries to society.
The recognition of BNDES by Infralogic as the largest structure of PPPs, concessions, and privatizations in infrastructure in the world, among its peers, is the result of the work implemented by Fábrica de Projetos. Currently, the portfolio has 148 projects under structuring and 19 projects auctioned, totaling planned investments of around R$ 383 billion. It has been increasing the attraction of private capital for the viability of projects that would have difficulty being funded solely by public resources and is part of the current strategy of acting in the development of the national economy as a multi-product bank.
Quarterly financial result
In the last quarter of 2021, BNDES recorded a net profit of R$ 7.7 billion. The performance was strongly influenced by the result with equity interests, mainly income from dividends/JCP (R$ 3.2 billion, net of taxes).
In 2021, the financial intermediation product reached R$ 19.9 billion, an increase of 55.2% compared to 2020, impacted by the result from the sale of debentures, by the increase in the average balance of cash and cash equivalents, resulting from the partial monetization of the equity portfolio (investment disposals) and the increase in the SELIC rate, which remunerates cash, including the effect of interest rate derivatives.
The assets of the BNDES System totaled R$737.2 billion on December 31, 2021, a decrease of 5.3% compared to December 31, 2020, mainly due to early settlements of R$63.0 billion National treasure.
The loan and on a lending portfolio, net of provisions, totaled R$439.5 billion, representing 59.6% of total assets on December 31, 2021, and remained at the same level as in 2020 (a decrease of 1.7%). . The effect of the appropriation of exchange variation and interest was offset by the net return of the portfolio in the year. Total disbursements, including debentures, other credit assets, variable income, and non-refundable transactions, amounted to R$64.3 billion in 2021.
Default (+90 days) remained low, 0.19% on December 31, 2021, lower than the default rate of the National Financial System (2.30% on the same date). The good quality of the loan and lending portfolio was maintained, as 91.3% of operations were classified at the lowest risk levels (between AA and C) as of December 31, 2019.