The National Bank for Economic and Social Development (BNDES) had a net profit of R$ 5 billion in the first half of 2020. The result was presented together with the balance of emergency measures to deal with the crisis arising from the covid-19 pandemic. According to the BNDES, until August 13, these actions totaled R$ 59.3 billion and helped 171 thousand companies where 5.2 million people work. Most of the operations (99.7%) were aimed at micro, small or medium-sized companies.

According to the institution, the second quarter of 2020 was impacted by the crisis scenario, leading to a recurring result, which excludes the volatility of the variable income portfolio and the adjustments in the provision for credit risk, of R$ 1.32 billion and the an accounting loss of R$ 582 million. “The loss was motivated by negative equity adjustments in investee companies and by provisioning for credit risk to cover possible losses arising from the covid-19 pandemic scenario. In the semester, the recurring profit was R$ 3.77 billion ”, he informed.

Shareholding 

The result of BNDES in the semester was favored by the sales of equity interests that contributed positively with R$ 8 billion, with emphasis on the public offering of Petrobras shares, in February.

Equity expense in the semester totaled R$ 1.29 billion, mainly influenced by the loss recorded by JBS. "It is worth mentioning that, despite this negative result, JBS contributed positively to the BNDES 'equity by recording foreign exchange gains with foreign subsidiaries directly in its shareholders' equity," noted the bank.

Expenses 

Administrative and personnel expenses fell by 8.3%, from R$ 1.214 million in the first half of 2019 to R$ 1.113 million in the first half of 2020.

Funding sources 

On June 30, 2020, the Workers' Support Fund (FAT) and the National Treasury represented 40.6% and 28.2%, respectively, of the bank's sources of funds. The amount owed by BNDES to the National Treasury reached R $ 211.1 billion on the same date, which means an increase of 5.7% in relation to December 31, 2019. The reason was the inflow of resources from the National Treasury within the scope of Emergency Employment Support Program (PESE). According to the BNDES, ordinary payments to the Treasury totaled R $ 7.6 billion and there were no early payments in the semester.

Covid-19 

The BNDES 'emergency measures to combat the pandemic seek to preserve the economic activities of companies during this period and enable investments in the health sector. Among the main measures, announced since March 22, are the working capital line for micro, small and medium-sized companies that has already approved R$ 6.4 billion - surpassing the initial forecast of R$ 5 billion - and supporting 19.6 thousand companies.

In May, BNDES completed the transfer of R$ 20 billion from the PIS / Pasep fund to the FGTS, which allowed extraordinary withdrawals by workers. The suspension of financing payments totaled R$ 12.4 billion. This benefited 28,500 micro and small companies and 430 large companies.

Approvals for the Coronavirus Pandemic Combat Emergency Support Program reached R$ 293 million for the purchase of equipment used in intensive care units (ICUs) and diagnostic kits.

Triennial Plan 

Together with the emergency actions, the bank sought to fulfill the goals established in the 2020-2022 Triennial Plan. The main highlights of the first semester were the health sectors, with the construction / modernization of units of the Unified Health System (SUS) in 25 of the 27 units of the federation; of energy, promoting the generation of 0.42 GW, enough to serve more than 980 thousand households; and logistics, with the auction of 1,300 km of highways in São Paulo. Between January and June 2020, BNDES disbursements for the implementation of fixed investments guaranteed 367.6 thousand jobs.