Income, Net Income, Dividends and Shareholders’ Equity
Income from Lending Operations grew 20.5% compared to the total calculated as on June 30, 2007.
Expenses Raising and Loan Operations, Assignments and Onlendings totaled R$ 164.8 million accumulated for the six month period ended June 2008, 18.4% lower than that recorded for the same period last year.
Allowance for Loan Losses Expenses of R$ 93.1 million were 9.1% less than the amount of R$ 102.5 million reported in June 2007, reflecting the growth in quality of the lending operations and shown by the progress of the percentage of operations classified in risk levels “AA” to “C”.
Income from Services stood at R$ 25.4 million in June 2008 against R$ 26.2 million in June 2007, thus showing a decrease of 3.0% between the periods compared.
Income from Bank Fees totaled R$ 33.8 million on June 30, 2008 and is 13.1% higher than the amount computed during the same period in 2007.
Personnel Expenses were R$ 153.6 million, 15.4% above the amount recorded for the same period in 2007 and includes labor indemnities and provisions as well as efforts to reposition the branch bank network.
Administrative Expenses totaled R$ 147.8 million, depicting growth of 6.9% when compared to those recorded in the first half of 2007, including expenses related to closing down branches in the first half of 2008.
Net Income
Banco Mercantil do Brasil S.A. (Bank) net income for June 2008 was R$ 31.6 million, corresponding to R$ 1.06 per share. This result corresponds to 12.4% annualized return on Shareholders’ Equity on June 30, 2008 and 83.9% up to that of June 30, 2007.
Dividends
Shareholders’ dividends in the form of interest on own capital were declared in the amount of R$ 9.9 million for the first half of 2008, corresponding to R$ 8.4 million after income tax, making R$ 5.6 per common share and R$ 2.8 per preferred share. In the semester, the Interest on Own Capital per share was R$0.274566 for common shares and R$0.302023 for preferred shares, after income tax.
Shareholders’ Equity
Shareholders’ Equity of the Bank reached the amount of R$ 523.7 million (R$ 585.5 million Managed), corresponding to R$ 17.59 per share with a growth of 6.8% against June 2007, and 4.2% in the first six months of 2008.
Regulatory Shareholders’ Equity of R$ 747.2 million includes the Consolidated Shareholders’ Equity from financial companies of Mercantil do Brasil’s group and Tier II Capital relating to Subordinated Debt in the amount of R$ 206.6 million, pursuant to CMN Resolution No. 3.444/2007.
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