Investor Presentaiton
1H22 BRSA CONSOLIDATED EARNINGS PRESENTATION 18
STRONGER THAN EXPECTED PERFORMANCE & ECONOMIC ACTIVITY
CALLED FOR A GUIDANCE REVISION
2022 Initial
Guidance
vs. 1H22 Actual
TL Loans (YoY)
>25%
36% YtD
FC Loans (in US$, YoY)
Shrinkage
-5% YtD
Net Cost of Risk
(excluding currency risk)
<150bps
102bps
NIM Incl. CPI & Swap Cost
+50-75bps
+297bps YoY 1
Core NIM
Flattish
+172bps YoY 1
(NIM Incl. Swap excl. CPI)
Fee Growth (YoY)
>25%
68% YoY
OPEX Growth (YoY)
-avg. CPI
67% YoY
ROAE
>20%
43%
1 Calculated based on bank only MIS data, using daily averages
Expected trend in 2H
Revised guidance
Lending growth to slow-down
due to tightening biased
regulatory changes
Net Provisioning may go up
due to model update in 4Q
CPI linkers' support expected to be
more visible in 4Q, yet macro
prudential measures pressure
funding cost
Fee growth to cut pace due to
expected slowdown in
economic activity
Inflation adjustments in salaries
will be more visible in 2H
>50%
Shrinkage
<150bps
> +400bps*
+175bps
> 60%
< avg. CPI
>45%
*Depends on October CPI readingView entire presentation