SAO PAULO, Brazil, May 8 /PRNewswire-FirstCall/ -- Unibanco (NYSE:UBB) (BOVESPA: UBBR11) announces consolidated financial results for 1Q08.
Unibanco's net income reached R$741 million in 1Q08, up 27.5% when compared to 1Q07. In the same period, operating income was R$1,133 million, up 21.3% from 1Q07.
Stockholders' equity was R$12.2 billion, and annualized return on average equity (ROAE) reached 27.0% in 1Q08.
Unibanco's total assets reached R$156.2 billion, up 35.6% when compared to March 31, 2007. It is worth mentioning the R$19.2 billion increase in total loans. Annualized return on average assets (ROAA) was 2.0% in 1Q08.
The loan portfolio reached R$66,153 million in March 2008, up 7.7% in the quarter and 40.7% in 12 months. Retail portfolio increased 49.0% in 12 months, with highlight for growth in auto loans, up 94.6%; SME loans, 49.6%; and own portfolio of payroll loans, 42.8%. Wholesale portfolio grew 29.3% in the last 12 months, as a result of an increasing demand from large companies for funds in the Brazilian market, mainly due to the lower liquidity in the international market.
Unibanco's risk management policy, along with the increase in lower risk portfolios, has provided a continuous asset quality improvement, reflected in the decreasing ratio of non performing loans (credits overdue by 60 days or longer that do not accrue interest), to 3.6% of total portfolio in March 2008 from 5.1% in March 2007.
The increase in Unibanco's total funding was 43.4% in the last 12 months, above the loan portfolio growth in the same period.
Unibanco's personnel and administrative expenses posted a 3.4% decrease in 1Q08 from 4Q07, mainly due to the seasonal effects in the period. Considering companies under Unibanco's direct management, these expenses increased 7.5% when compared to 1Q07, largely due to the Retail business expansion, and the wage increase. As a consequence of operational efficiency management, the efficiency ratio reached 45.3% in 1Q08 vis-a-vis 48.6% verified in 1Q07, a 330 b.p. improvement.
Unibanco remains satisfied and confident with the ongoing results and the continuous improvement of its performance.
The earnings conference call will take place tomorrow, May 9. For additional information and to download the complete documents, please access Unibanco's Investor Relations website.
Investor Relations http://www.ir.unibanco.com/ DATASOURCE: UNIBANCO - Uniao dos Bancos Brasileiros S.A.
CONTACT: Melyssa Almeida, Unibanco, +011-55-11-3905-1861 Web site: http://www.ir.unibanco.com/
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