English - Bancos Desarrollo

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English - Bancos Desarrollo
Annual
Report 2008
A Different kind of Bank with Rural development
always in mind and in its actions
El amigo que te ayuda a crecer.
The Value of Living with Values
Flexibility
Promoting and adapting
me to changes is the only
way to progress.
Ethics
I am the same when
somebody is looking at
me and when nobody
sees me. I am like clear
water that hides nothing.
National Identity
We are made of the same
mixture of sky and mud, a little
bit of lake mixed with grass, we
are covered by the same air,
coated of incienso and flower
aromas and together we make
just one Guatemala.
00
Solidarity
Customer Service
To give for been able to
receive, to deliver for been
able to ask, to help to
deserve support. The
human nature finds its
balance in the harmony with
others.
My best reward is the
satisfaction of being
useful to others. That is
why it is not enough to
do things right, I always
have to make them
better.
Prudence
Social Responsibility
Social Responsibility: I do
not work just for myself, I
work for my fellow human
being and together we work
for our Guatemala.
Mistakes are as humans
as life itself. The only way
of avoiding them is
thinking more than once
all my decisions.
Teamwork
Respect
I begin by respecting others,
knowing that it is the only
way to deserve respect.
The path is not so long, if we
walk together, the load is not
so heavy if I help you to carry
it. All of us are one, searching
the same objective.
Annual Report 2008
Enthusiasm
Only enjoying what I make
everyday, loving my job
and valuing its importance,
I find a meaning for my
life.
Trust
I harvest right what I seed,
for that reason I do until
the impossible thing by
planting good seeds.
Originality
The paths will always be
the same; the way we walk
through them is what
makes us different.
CONTENTS
ANNUAL REPORT 2008
Mission and Vision
4
Board of Directors
Banrural Financial Group
Regional Managers and Businesses Coordinators
Executive President Report
5
6
7
11
Report of Corporative Social Responsibility
A Big Trademark at Service of the Guatemalan Society
13
14
14
15
15
Environment
Technology
Access to College Education: a Bet for the Future of Banrural Group
Re-insertion of gang members into the Productive Society through education,
incubation and access to micro-loans
Healthy schools
Education
Donation of computers
Corporative voluntary work
FHA Housing
Trusts
International
Foreign commerce
Money remittances
Loans
Agriculture and Livestock
Construction, Redesign or Extension of houses
Consumption
Local governments
Corporative Banking and Second-Tier Banking
Credit Card
Technology
Merchandising
Loan Portfolio
Portfolio Management
Collection
Operations
Taxes Collection
E- Banking
Another´s Account Collections
16
16
16
17
19
22
22
23
23
23
24
24
24
25
25
25
26
26
26
26
Medical and Funeral Services
Deposits
Growth of the Branches Network
29
30
30
30
UDEVIPO (Unit of Popular Housing.)
Service to Exporters and Importers
Expansion of presence at Universidad de San Carlos with
services to studends and personnel
Working with our Community
31
31
Non-interrumption service, 24 hours a day, 365 days a year.
Medical Services.
Medical Services Results.
Medical Care at Community level.
Coverage of Medical Care Events.
Margarita Tejeda Foundation and National League Against Cancer.
Alliance with Grameen Bank and Microloans to Women.
31
32
32
32
33
33
34
34
Payments of Conditional Money Remittances
Coverage of Towns
Support to Local Governments
RENAP (National Persons Registry.)
35
35
36
36
Financial Management
Economical and Financial Indicators
Banrural in figures
Corporative Balance
Comparative Earning Statements
External Audit Opinion
General Balance Sheet
Earnings Statement
Coverage Map
36
37
39
40
41
42
43
44
45
27
27
28
28
29
29
Annual Report 2008
0
OURMISSION
MISSION
OUR
We are a Guatemalan bank oriented to
the rural complete development of the country,
with private and multi-sectors capital, with
universal banking services and national
coverage, directed preferably to the micro,
little and medium businessmen, farmer and
craftsman.
VISION
VISION
To occupy in the country the position of
leader bank in the financing of the
development, through its branches of banking
services offering a group of products that
satisfy the needs of its clients with fair
profitability, always taking care of the social
responsibility
04
Annual Report 2008
Board of Directors of Banrural
Stand from Left to Right: Miss Rutilia Roquel, Lic. Antonio Zelaya, Lic. Julio Recinos, Lic. Fernando Farfán,
Lic. Rodolfo Orozco, Lic. César Tocón, Lic. Samuel de la Cruz, Lic. Edín Barrientos and Lic. Donaldo Mejía.
Seated from Left to Right: Lic. Julio Contreras, Miss Felipa Xico, Lic. Benjamin Son, Lic. José Angel López,
Ing. Fernando Peña, Licda. Carmen Rosa de León, Mr. Leonardo Delgado and Mr. Ulrich Gutner.
Annual Report 2008
05
Banrural Financial Group
Stand from left to right: Mr. Sergei Walter, Lic. Abner Fonseca, Lic. Gustavo Molina, Lic. Roberto Quevedo,
Lic. Juan José de la Roca, Ing. Héctor Ramírez, Mr. Efrain Herrera and Lic. Samuel Colocho.
Seated from left to right: Lic. Edgar Guzmán, Licda. Vilma Córdova, Ing. Maxd Florián,
Licda. Verónica Landaverry, Ing. Fernando Peña, Lic. Samuel de la Cruz, Licda. Erika Vargas,
Lic. Rudy Ovalle.
06
Annual Report 2008
Regional Managers and Businesses Coordinators
Metropolitan Region
Macro-Regional Manager
María Antonieta Ardón
Regional Managers
Debora Pineda
Patricia Nájera
Sergio Tello
Nery Portillo
Luis Gómez
Carlos Ruano
Marco Tulio Barrientos
Herick Hernández
Wilson Escobar
Tomás Saquic
Businesses
Coordinators
Edwin Pinto
Juan Luna
Miguel Castellanos
Jose Quiñonez
Annual Report 2008
07
Regional Managers and Businesses Coordinators
Central Region
Macro-Regional Manager
Hugo Duarte
Regional Managers
Oscar Alfaro
Fernando Zavala
Guillermo Soberanis
Helfego Girón
Oscar Acevedo
Marco Lemus
Businesses
Coordinators
Daniel Morales
08
Julio Suarez
Mario Lastor
Eddy Tojín
Carlos Aguilar
Annual Report 2008
Edgar Aleman
Eleazar Leal
Regional Managers and Businesses Coordinators
North-East Region
Macro-Regional Manager
Melvin Ramos
Regional Managers
Roxana Carranza
Félix Bran
Miguel Medrano
Mynor Winter
Víctor Tayún Maynor Recinos
Walter Gasparico
Businesses
Coordinators
Telma
Franco
Felix
Reyes
Francisco
Trinidad
Persy
Godoy
Eliseo
Hernández
Julio
Galvez
Annual Report 2008
Marco Tulio
Salazar
Marvin
Cardona
Juan
García
José
Mayen
09
Regional Managers and Businesses Coordinators
South-West Region
Macro-Regional Manager
Alirio López
Regional Managers
Yenny Valiente
Héctor Castellanos
Marlon Montejo
René Orozco
Bony Camas
Businesses
Coordinators
Juan Molina Rigoberto Díaz
10
Byron Dominguez Ottoniel Pappa
Marvin Castillo
Annual Report 2008
Abilio Bravo
Hipolito Ordoñez
Oliver López
Report from the Executive
President of Banrural
"Human kind does not walks just for the strong push of the
big men, but by the modest boosts of every responsible
man that gave to everybody who, direct or indirectly, was there.
And they needed him, even if they would not know..." Graham Green.
The Value of living with values…
I have the pleasure to introduce our Annual Report, which
represents the job of almost six thousand collaborators, who
now more than ever in a though economical and upheaval
context, are taking into real life our vision of development
banking of Banrural Financial Group, they intensified their job,
defining more ambitious projects, because they have realized
that this crisis is a big opportunity for this friend to help and
support, helping other Guatemalan who is waiting for his aid.
We would say that 2008 has been a year for the financial
group Banrural, the year for the big choice, contained in the
observance of the worst financial and economical practices
models, this methodology teaches us the accurate way of how
to break nations and companies, that have run over complete
families and their dreams, who even when they were doing the
right thing, lost their life equity. It seems that Fellini words
suddenly have sense when he says:
"There are moments in which everything has to change,
to be the same again."
We began the year betting to uncertainty, in front of
the economical and financial disaster that hit the world
economics and with a more vague horizon than the one of
the thirties, we did not hear the financial logic and the
defeat forecasts to hear the voice from our heart and to
plan the growth and objective for this new challenge.
Today, pleasantly we have the reward of having exceeded
the objectives and expectations that we have planned this
year.
We pleasantly inform that we grew 11.5% the number
of agencies and 15.9% the client's portfolio, for which we
adapted new technology that allowed us to mitigate risks,
implementing very important decentralized processes that
are translated into agility and consumer service, with
parameters of prudence, which assure us to remain in time.
We activate the participation of our Managerial team
in quality committees, processes management and services,
that allowed us to keep fresh products and services, proper
for our customers needs and the special context in the
global economy.
Annual Report 2008
11
The credit technology continued with the segregation of functions
in all the commercial units that, working with the inter-related
autonomies and the operative and managerial units went
forward successfully.
Sometimes we had problems; we came across tiredness
and boredom. Even though, we got lessons from defeats and
we are nourished from victories; we have never lost faith and
courage to continue working.
The main competitive market decisions were taken in committees
that worked in a decentralized way in the different regions of
the country. These decisions were more appropriate and agile
in the granting of answers oriented to our customers' needs.
I am very sure of something, the fuel for dreams, has
been the love for Guatemala. The ingredient that makes us
to find time and energy, when running is as necessary as
eating, the same ingredient that made us to be willing to
work without schedule limits and with no distance. We wish
2009 to be the new opportunity to write in the preface of
progress and development of Guatemala, Latin America and
the world, where we can continue writing the future we want
for the new generations, where everybody can give their best
for the end of poverty and its consequences.
In the just finished year, we knew the deep pride of reporting
profits in our Grameen project, which with the Credits for
Trust methodology (Yunus, Nobel Prize), we touched the life
of 10 thousand 500 rural women with a portfolio of 8 millions
credits granted.
Step by step we were attracted by others dreams, conquering
the path. Everything was a symphony of spontaneous notes
that built the melody called Banrural, the development business.
Just like the bases of a construction, we built our minds
everyday; with strength and energy to learn more about
dedication, honest work, dignity, respect and the joy that have
all the big changes generated by little actions and among all
the learning's we forgot to write on the training plan, but they
finally were the biggest and most valuable lessons of this ended
year.
12
In the meantime, Banrural as a little piece of this giant
gear will continue working and generating little achievements
that get us closer to a future with new and best opportunities
of life.
Annual Report 2008
Fernando Peña
Executive President of
Banrural Financial Group
Report of Corporative
Social Corporative
We include the Corporative Social Responsibility as a strategic
element in our management, with a double objective: To cover all
the commitments the Group has with interest sectors that is related
to, and to strengthen our mission of Development Bank.
Our commitment as a responsable company to Guatemalan society
begins with the work oriented at making from the Banrural Financial
Group, a company well-managed, efficient, that gets fair profitability,
which allows the creation of quality jobs, satisfaction for our clients
expectations, profits to our shareholders and the taxes payment that
contributes to Guatemala development.
The role of Corporative Social Responsibility is not just to reach
all Guatemalans with financial quality services, but to support the
growth and development of our community.
Annual Report 2008
13
A Big Trademark at service
of the Guatemalan Society
Banrural is the Financial Group (Bank, Insurer, Financial
Company and Credit Card) with the best coverage and
presence in all the country. Our corporative culture is
based upon values, such as ethics, innovation and
leadership, all united by the soundness of our big
trademark.
The preference from our clients makes us to keep our
vision of Development Bank with efficiency and to continue
creating value for our shareholders, always taking the
responsibility of making Guatemala a better country.
During 2008, we focused our strategy of SOCIAL
RESPONSIBILITY in several aspects, such as:
We work together with the community, in the same
way we work with our clients, because naturally, every
client belongs to a community.
The relationships we build when serving our clients,
many times, give us the opportunity to help their
community. Before deciding where to invest, we take into
account first the persons who know it much better: the
ones that live and work there, our team members.
Listening carefully, asking the right questions and making
the right connections, they discover where we can make
an important difference.
When we work together, we can make our community
a better place to live and work. This is good for our clients.
Good for our team members. Good for our community.
Our Environment
The environmental conservation and improvement is
a consistent concern to Banrural Financial Group.
We planned that the construction of our branches
were a model in environmental concept, always taking
care that our designs, materials and architectural
development were in harmony with the commercial activity
a n d e c o l o g i c a l f a c t o r s i n e v e r y c o m m u n i t y.
14
Annual Report 2008
Technology
The Banrural Model has in technology one of its best
strengths, which is a very important factor for our financial
management, for the quality improvement and the growth
of our business, besides the fulfillment of our commitments
in RSC because it allows us important improvements in the
relationship systems with our interest groups.
Besides that, our Model optimizes the relationship with
our suppliers and makes more clear and quick the participation
for our shareholders.
Access to College: A bet for the
future of Banrural Financial Group
This access to college represents an important effort on
which Banrural Group has trusted in, with investments of
social responsibility.
As part of our program of Corporative Social Responsibility,
we created the program Banrural-University, which is the
biggest agreement at national scale between a private
company and the superior education; during 2008 the
program finished with 146 College Technicians in Banking
and Businesses and more than 800 potential professionals
with academic degree of Licenciatura for 2009.
We believe that education is the key of sustained
development of a country, because educating the citizens
we work with, we improve their life conditions, while improving
also, our services quality.
In 2007-2008, seventy five percent of our collaborators
have participated in our formation program and we have
invested 1.3% of salaries; we are making our training center
a base for increasing our intellectual capital.
Annual Report 2008
15
Re-insertion of former gang members into
productive society through education,
incubation and access to micro-loan
Banrural is aware of the commitment as a development
bank and, as a company worried about the millennium
goals to eradicate poverty, decided to address its efforts
to serve a group of 114 young gang members to reinsert them into the productive society with a pilot project,
which began at San Juan Sacatepéquez, managed through
our CRECE Foundation (in formation), it first began getting
closer to the community with an offer of psycologycal
attention, alphabetization and then, training with the
support of INTECAP; this program has been productive
, because we found jobs for former gang members, who
having an attitude committed and a more consistent
one with the values and principles we are strenghtening,
during most of the time since we began our program,
they have the right to applicate for jobs in friendly
companies that have opened their doors in the areas
of bakery, carpentry and computers repairs technicians.
For next year, we hope to have an office for the
Foundation, where we can begin our silkscreen printing
workshop, where 80 former gang members will be reinserted into society; this workshop will supply Banrural
Group with supplies regarding this job.
16
Healthy Schools
The actions of solidarity make silences, sights, pauses,
images, feelings that exceed the descriptive word and in
that, there is always a delicious game with the magic that
makes us feel really lucky for the privilege of giving and
to witness how we can increase in others, the opportunities
and dignity.
Also, we support the education through the program
"Healthy Schools", granting a percentage from our budget
of social responsibility, for the improvement of schools at
the rural area, which is divided in financing for:
Drinking water.
Classrooms construction.
Donation of desks.
Toilets.
Drainages and septic tanks.
Floors and classrooms
concrete.
Education: A bet to the future…
The social role is not just to reach all Guatemalans with
quality financial services, but repaying to community and
to support its development from any initiative. For that,
we made several activities:
Annual Report 2008
Computers donation.
Commitments with the community.
Voluntary work.
Computers Donation
As a part of the social commitment in supporting education
and culture, Banrural Financial Group is developing since two
years ago, a systematic program for giving computers to
different social help institutions and public schools.
Commitment with the community: Savings and
consciousness of rational use of energy and nonrenewable products: a commitment for all
Guatemalans
So far, Banrural Financial Group has distributed through
this program more than 300 computers. Almost 80% of these
computers, have been delivered to the Foundation Misionera
Somascas; a prívate non-profit foundation, which is dependent
on donations to support more than 500 orphans and abandoned
children from 0 to 18 years old, whom it provides a home,
food, dress, health and education; and Banrural has found in
it, very similar objectives aimed to give Guatemalans new
and best life opportunities.
Commitments with Community: Savings and
consciousness of rational use of energy and non-renewable
products, a commitment for all Guatemalans.
Doing so, Banrural Financial Group collaborates with the
objective of the Foundation of the missionaries Daughters of
San Jerónimo Emiliani, which is to decrease the digital gap
in the country, giving to the poverty sectors, the possibility
to access new information and communication technologies.
During 2008 we made this work and several activities, among
them, the delivering of computers in Zaragoza, Chimaltenango,
helping with the digital alphabetization, through technological
solutions for education and social enterprising, that give
access opportunities and use of information technologies and
communication to sectors that through other way, could not
reach them.
Banrural Financial Group has been a pioneer institution
that began a campaign and took into practice several actions
of responsible consumption. To be aware of the commitment
is to listen to this entire crowd that invites us to discover
coexistence much more respectful and in harmony with the
planet; all this makes us responsible of taking actions. At
Banrural we know that this is the time to choose because
we do not want tomorrow to be an accident, but a part of
civilized a proper actions today.
¡Let´s live the wonderful tickles of feeling! The treasure
of being more than ever, fragile human beings! Let´s smile
but with the eyes of soul. Hope is not what we lose at last,
but the strength that opens the doors of the dreams to
come true! Let´s have the wish to be better, the same
wish that moves us not to feel fear to challenge; let´s
remember that only the true wish defeats fear.
Annual Report 2008
17
We think that if we can dream it, it is possible!.
Chance is as big as our will. We know Guatemalans are not
people who see things as they are and tell the reason why; we
see things that still do not exist and ask ourselves why not?
18
This year, efforts were complemented with the
construction of prototype branches, based on the main
principles of energetic efficiency, which will be new models
to be copied in the best saving practices within and outside
Banrural Group.
We are becoming ourselves into the strength of Guatemala,
men and women building a nation day after day, based on
development. As a little light of sunshine that can and must
reach everybody. We live for today and tomorrow; this is our
tender goodbye for an ending cycle. We know well that from
January 2009 we will come back to the never-ending "see you
later" with new challenges, new opportunities and as civilized
being, we learned from experience and from the memory who
grew without magnificence, we will manage with wisdom the
future. We will not forget that we cannot buy fate; it is built
with effort, honesty, God and common sense.
Implemented Actions:
We are pretty sure that the most incredible part about
miracles is to believe in them and Banrural during its 11 years
of life, has the annual file in this work memories of thousand
of miracles of development and we only will thank for being a
bridge and making ours the phrase of the British novelist Graham
Greene, "human kind does not walks just for the strong push
of the big men, but by the modest boosts of every responsible
man that gave to everybody who, direct or indirectly, was
there. And they needed him, even if they would not know."
Re-programming of air-conditioning in the hours that it is
needed most (between 8:00 and 17:00 hours).
The initiatives that Banrural has implemented have
become into the increase of energy savings, product of the
group effort and specific actions, such as:
Switchers to turn off the electrical signal (except the ones
essential for security reasons) and illuminated facades in
more than 500 branches.
Decrease of schedule of elevators in low transit hours.
Construction of spaces that take advantage of natural light.
Changes of more than 400 incandescent lamps for fluorescent
(high-efficiency lamps).
Annual Report 2008
Technological renovation in all the equipment of energy
distribution in Banrural Tower.
Encouragement of turning off all the equipments that are
not useful (photocopiers, printers and faxes).
Promotion of efficient use of electrical energy and water
through an internal campaign with savings posters common
areas and electricity switchers.
This activity is just a part of the historical commitment
that Banrural has within its social role: That during more
than 10 years has focused its corporative mission in the
opening of access paths to financial services for all
Guatemalans and from this year on, we serve in Maya
language, promoting from the traditional family saving with
the piggybank "Mingo" for children, to the shared dream of
the intelligent money remittances, aimed for children studies,
productive housing and so many other genuine desires that
are at heart of all Guatemalan families.
That is why, during 2006-2007 and 2008, Banrural joined
to this initiative many other collaborators, who made
teamworks willing to recollect toys and food and deliver
them in a very personal way in homes and communities that
are choosed by themselves and doing so, they enjoy this
initiative.
At Christimas 2008 we visited with toys and dinner:
Orphanage San Jerónimo Emiliani
Nursery for poor children of Priest González Pedraz
The different communities of San Juan Sacatepéquez
The oncological pediatric of Hospital San Juan de Dios
Corporative Volunteer Work
Christmas Campaign
When Christmas, every year we promote iniciatives that
allow us to share the highest human being values, such as
solidarity.
Annual Report 2008
19
El Petén and the nearest towns
Zacapa and its towns
Towns in Chiquimula
Help in Natural Disasters
The hurricans season which is from June to November
in the Latin America region and the Caribbean has been
especially destructive in 2008 for Guatemala. Several
hurricanes, storms and tropical depressions, among them
Fay, Gustav, Hanna, Ike and Paloma have damaged several
countries in the region, among them Guatemala has been
one of the most affected and the country is still suffering
these consecquences.
The country has been affected by at least 16 tropical
depressions and just, during the last one of them, 180,000
persons were affected. The most affected towns are the
poorest of the country.
During the year the branches of Banrural make in an
independent way, activities of helping homes, towns, villages
and communities that need social help because of natural
disasters, through which making help groups, the collaborators
of Banrural have transported food, clothes and persons and
in a very efficient way, health and medical aid teams, serving
the communities with medical assistance and medicines,
through our program "Salud a su Alcance."
The communities that during 2008 were benefitted with this
initiative are:
20
Support for the Food Bank of Iglesia Casa de Dios
During 2008 we began the program to support the
Food Bank of Iglesia Casa de Dios through which Banrural
makes a determined discount from payroll to the
collaborators interested in helping the program, and doing
so, they help with the purchase of food that are recollected
during a special Sunday in the church facilities to be
distributed then, to several institutions.
Annual Report 2008
Opportunity for everybody, program of social inclusion
At Banrural we believe that all Guatemalans have the
legitímate right to access to a decent life and because we
know work is the seed of human dignity, since its birth,
Banrural has hired persons regardless their gender and
from all mayas races; but we wanted to expand the
inclusion, so that is why we hired persons with different
capacities, such as:
Down syndrome
Deafness
Decrease of mental capacity or border intelligence
Elderly
Proudly, we can report that 50% of our porters are
persons considered elder, who work responsibly and thanks
to that chance, have coverage of Social Welfare and are
economically independent; and also it has been equally
satisfactory the experience with persons with different
capacities, who have shown
enthusiasm and responsibility
doing their job and at their
departments they have added
a nice environment of
solidarity and that is why we
can say: All of us have won!!!
Annual Report 2008
21
YEAR
FHA Housing
2003
2004
2005
2006
2007
2008
At Banrural popular housing is a priority area, especially
outside the capital city. This is because there is a big
housing deficit and the limited offer at urban and rural
areas in other parts of the country.
To achieve this, we have created and streghtened our
internal structure of housing loan and we have, also,
created a strong Alliance with the Instituto de Fomento
de Hipotecas Aseguradas* (FHA in Spanish); this system
has demonstrated a big potential as a base for a construction
boom outside the metropolitan area and being an adequate
vehicule to channel investments.
As a product of these efforts, during 2008 we deserved
the Tikal de Oro Award, which is granted by the FHA, for
reaching the biggest growth in assured ammount. Also,
two of three finalists and the winner of the Avant-Garde
of the Year are housing promoters supported and financed
by Banrural. It is important to mention that the winner
project is outside the Department of Guatemala.
During the year 2008, we served 1,087 cases for 353.6
millions of quetzales in FHA portfolio.
46
344
449
703
2,265
3,251
BALANCE IN
MILLIONS
OF Q.
9.0
44.9
77.3
141.4
479.8
785.4
Trusts
Banrural has always been a very dynamic and active
bank at the trusts area, in which we are known as leaders.
This year we aggregate 7 new trusts to make a total of
63. In the credit trusts we granted during the year 73,556
loans, from which 85.24% are for ammounts up to Q.5
thousand and an additional 8.38% up to Q.20 thousand.
The most important amounts are:
Amounts in Millions of Quetzales
AMOUNT AMOUNT
DIFFERENCES
2008
2007
263.7
Authorized Capital
3,741.5
4,005.2
279.7
New contributions 2008
2,954.2
3,233.9
18.3
Other Contributions 2008
113.9
132.2
199.3
Paid Capital
1,909.9
2,109.2
12.4
Temporary Investments
901.7
914.1
CONCEPT
*Insured Mortgages Institute.
22
CASES
Annual Report 2008
BALANCE OF LOANS DIVIDED
BY USE WITH TRUSTS FUNDS
On the contrary of what is happening at the financial
international markets, the trust of foreign correspondents had
a growth in loan lines of USD90.3 millions. Additionally, the
Government of the United States gave us a loan line for USD60
millions for the program of Credit Commodity Corporation; this
is the biggest line of that kind granted for Guatemala.
Amounts in Millions of Quetzales
DESCRIPTION
2007
Consumption, Transfers and other
uses.
Agriculture, Livestock, Forestry,
Hunting and Fishing.
Mining and open-cut mining.
Manufacturers industries, foodstuffs
and beverages.
Electricity, gas and water.
Construction.
Commerce.
Transportation and storage.
Financial Commerces, real estate
and profesional services.
Community, social and personal
services.
2008
963.6
1,133.1
348.7
365.2
0.8
0.8
24.3
22.5
16.0
102.8
60.8
15.2
95.8
55.7
2.0
1.4
27.1
35.4
0.8
Foreign Exchange Desk
Thanks to the trust from our clients, in foreign exchange
trading, we negotiated USD2,679 millions, that represent a growth
of 29.4% compared to the previous year, serving the different
economical sectors of the country, with the best exchanges rates.
Money Remittances
The Money remittances continue being an important base for
the Guatemalan economy, and in this area Banrural has been
the leader in remittances payment because of its big branches
network at national level and strategic alliances with money
remittances companies, which has allow us to have a market
share of 51.8% and a growth compared to the previous year of
19.89%.
0.8
INTERNATIONAL
Foreign Commerce
During 2008 the bank has grown up in foreign
commerce operations, which is a complement of the
productive loan activity, which is our main businesses
field. We grew 185.7% in operations of credit letters
and 56.27% in financing operations.
Another aspect to highlight is the acceptance and grown that
we have had in remittances with credit into accounts, which is
48.23%compared to 2007; this gives us an indicator of the loyalty
from our clients toward our institution.
Annual Report 2008
23
Loans
Continuing with a healthy politics of improvement and constant updating, this year
we reinforced the Loans Committee for the previous analysis of the records for
approval of the Board of Directors, which is formed by Internal Audit, Legal Consultancy,
Loans Department and three (3) members of the Board of Directors. Also, we
emphasize the area of field analysis, in charged of making evaluation visits to important
clients at national level according to stablished regions.
It is important to mention that the analysis and approval of corporative processes
were modified to facilitate their decentralization and make that this kind of loan
reaches directly our clients in their investment area, breaking paradigms of service
and attention, taking the bank to the client.
Agriculture and Livestock
Loans to agriculture are made with emphasis in the vegetables worked by little
and medium farmers; regarding livestock we emphasize the breeding, fattening up
and production of milk. In these two sectors, we serve 10,959 loans with Q.455
millions.
Construction, Redesign or Extension of Houses
The need to have a decent house is felt terribly at the interior of the country, that
is why there is a strong demand of economical resources to build houses, redesign
them and extends them, so during 2008 we served 11,881 loans with Q.567 millions.
24
Annual Report 2008
Consumption
We have client's requirements to satisfy personal needs
such as medical expenses, purchase of vehicles, furniture,
debts consolidation, etc. During 2008 we granted in this
area 20,475 loans with Q.421 millions.
mini-vegetables producers, ornamentals, grains, etc.), the
construction and development of housing projects (through
bridge loans), health sector (financing the buy of assets,
pharmacies, hospitals and laboratories), the loans for the
industrial sector continue its development to the textile,
lithography and drinks.
Also, we served important sectors, such as the Gremio
Magisterial that had 16,562 loans with Q.611 millions.
All previously described, is shown as follows:
Local Governments
The need of making projects of social benefit by the
Local Governments (gobiernos municipales) allowed us to
grant 139 loans for Q.827.0 millions, from which, during
2008 we granted 84 loans for Q.428 millions. This financing
is for drinking water projects, the construction of roads
and streets improvement; drainages and markets
construction, etc.
CORPORATIVE CREDITS IN US$ - YEAR 2008
GRANTED AMOUNTS
28,886,367.92
100
Total of
Portfolio
Loans
Balance
160,147,679.06
515
CORPORATIVE AND SECOND TIER CREDITS IN QUETZALES - YEAR 2008
GRANTED AMOUNTS
788,375,980.82
Corporative Banking and
Second-Tier Banking
The participation of Banrural at the market of corporative
banking has been consolidated during 2008. Among the
specific activities made during this year, we can mention
the import of consumption and productive products
(electrical household appliances, technology, machinery
and equipment, etc.), agricultural industry (sugar, oils,
forest, etc.), agricultural and livestock (exporters and
New
Loans
New
Loans
Portfolio
Balance
Total of
Loans
295
2,231,433,172.54
876
During 2007 the total corporative portfolio up to December
(US$, Q. and Second Tier) was Q.2,971 millions (serving 1,162
loans) and up to December 2008 the portfolio balance is
Q.3,461 millions (serving 1,391 loans), showing a percentage
growth of 16%, compared to 2007 balances and 20% related
to the number of operations.
Annual Report 2008
25
Through the second-tier banking program, during 2008, the portfolio with banking
resources showed an increase of 18%, with a balance of Q.47 millions, increasing
the financing through the sub-loans, supporting several activities such as commerce,
agricultural production, livestock and crafts.
Credit Card
Technology
In July 2008, we finished the process of migration to a new platform of control and
management for the Credit Card, which makes us being in a better position of service
and competence.
Marketing
In November we launched the points Exchange program that the Loyalty Program
"The Crop" was accumulating during all year 2008. It can be money exchanges that
are credited to the credit card (cashback type). The exchanged products are delivered
to the client´s door and we have exchange points in all the country through our
branches network.
Portfolio
During the last three years we have strongly increased our cards base, going from
3 thousand to 78 thousand, which has generated a portfolio that today is Q.338 millions.
26
Annual Report 2008
Volume of Credit Card Portfolio
In Millions of Quetzales
Everything described before, allows us to be in default
levels under the industry averages, as we can see in the
lateness behavior of the loans portfolio during 2008.
2008
2007
Percentage of Total Portfolio Lateness
2006
2005
1.20%
0
50
100
150
200
250
300
350
Portfolio Management
1.02%
1.00%
0.84%
1.05%
1.03%
1.00%
1.03% 1.02%
1.06%
1.12%
1.11%
0.97%
0.86%
0.80%
0.60%
During 2008 we managed 421 thousand loans to benefit
5.5 millions of Guatemalans, with an amount of Q.15,259.8
millions. Their uses cover widely all the spectrum of
economical classification.
0.40%
0.20%
0.00%
January
February March
April
May
June
July
August
September October
November December
Collections
The main emphasis during the year was the processes
modification and the automation to increase the control
on the collection centralized and decentralized processes
that allow us to be prepared before anypossibility around
the environment.
Annual Report 2008
27
Operations
ATM, POS PURCHASES
Debit Card
310
The debit card has become a technological element of
essential convenience and service for our clients, especially
outside the metropolitan area. During this year our cardholders grew in 35%, operations in 38%, the operations
amount in 46% and the Banrural ATM´s in 16%.
300
290
280
270
260
250
240
230
2008
2007
Card holders
Tax Collection
900,000
800,000
700,000
We continue being the bank that serves clients who do
not use internet to pay taxes, that is why we made 2.97
millions of taxes collection operations (39% increase), that
represent Q.3,065 millions.
600,000
500,000
400,000
300,000
200,000
100,000
0
2007
Tax Collection
2008
Operations with Debit Card
In Millions of Quetzales
3,100
In Millions of Quetzales
5,000
3,000
4,500
2,900
4,000
3,500
2,800
3,000
2,500
2,000
1,500
2,700
ATM, POS PURCHASES
2,600
2,500
1,000
500
2,400
0
2007
28
ATM´s
2007
2008
Annual Report 2008
2008
E-Banking
Another´s Account Collections
In Millions of Quetzales
10,000
With the increase of communications and the easy
internet access, our clients in the E-Banking grow and grow.
This year the number of clients was increased in 30% and
the Banca SAT users in 18%.
9,000
8,000
7,000
6,000
5,000
E-Banking
4,000
3,000
60,000
2,000
50,000
1,000
0
40,000
2007
2008
30,000
Medical and Funeral Services
20,000
10,000
From the big success of the medical and funeral
services we created to serve our clients, we decided to
market them, with good results. This year we increased
the medical services selling in 50% and funeral services
in 34%.
Funeral and Medical Services
0
2007
Clients
2008
Banca SAT users
Another's Account Collections
45,000
40,000
35,000
This year we have an important increase of 70% in the
operations amount in another´s account collections, from
a deeper analysis of the collection services by our group of
clients, taking advantage from our infrastructure and economy
of scale.
30,000
25,000
Funeral
15,000
10,000
5,000
0
Annual Report 2008
Medical
20,000
2007
2008
29
Deposits
strategically in 28 points of service at the capital city; this
growth allowed us to reach a total number of Branches of
582. These network confirms Banrural leadership withing the
national banking systems as the bank with the best national
coverage.
Our clients trust is showed mainly in the constitution
of deposits of any kind that means that they give us their
money to take care of it. During 2008 we grew betwen
14% and 30% the number of deposit accounts (depending
on the type of deposit) and between 10% and 29% in
the deposit amounts, to make a general total of 22% and
23%, respectively.
Non-Interrupted Service, 24 hours
during 365 days a Year
Monetary Portfolio, Saving and FT
In Millions of Quetzales
1,600
1,400
1,200
1,000
800
2007
600
2008
400
Banrural supported the Judiciary in its project to serve
Guatemalan citizens in special courts permanently in shift,
located in Mixco and Escuintla. In our branches located within
the courts, we receive the payment of judicial deposits that
are derived from cases that took place at any hour of the day
or night; this allows persons to resolve their legal situation
immediately. This service allows us to say that we are the
only bank in Guatemala that opens 24 hours/365 days a year.
200
0
Monetary
Savings
Fixed Term
Growth of the Branches Network
Banrural had a growth with no precedents in the
Guatemalan banking system because we opened 88 new
Branches, giving coverage in formal banking services to
59 communities at the interior of the country, and being
30
Also, this year we won the Public Bidding to grant financial
services to the Dirección General de Aeronáutica Civil,
specially at La Aurora Airport, which allows us to serve the
airport services in non-interrupted schedule of 24 hours during
the 365 days a year. This bidding also includes services at
the Mundo Maya Airport in Santa Elena Petén and in the rest
of airports where Aeronática Civil is in control and has the
management.
Annual Report 2008
UDEVIPO
The Unidad de Vivienda Popular that among its functions, has the management
of the housing portfolio related to the programs of exBanvi, hired Banrural services
to take advantage from the use of the biggest network of banking branches in the
country, this decision now benefits more than 17,000 users, who before that, they
had to make their loan payments at the capital city and who today, can use 582
branches spreaded through the country.
Services to Exporters and Importers
Besides we are the only bank with presence in all customs in the country, we
began the e-collection of the services that Portuaria Puerto Quetzal grants to users
and we aggregate, in an exclusive way in the website of e-Banking, the service of
e-payments for shipping companies; with that action, they can, from their offices
and saving time and resources, pay and access to their information in an immediate
way. This service is being implemented at the Portuaria Santo Tomás de Castilla .
Extending the presence at Universidad de
San Carlos, granting services to students
and management personnel
Banrural and the Universidad de San Carlos agreed the
expansion of the
services and that is why we opened a new branch at Ciudad Universitaria to grant
the service to these university students and we began the online payments in our
e-Banking. We help in the issuing of the ID card for the first admission students.
Annual Report 2008
31
Working with our Community
Since its creation, Banrural has had the vocation of being
close to our communities. ¡Every client belongs to a
community and so do we! That is why many of our products
and activities are specially aimed at covering important
needs for the economical and community life of all
Guatemalans. This is a little summary of the main areas
we serve in our community:
Medical Services
The access to high quality medical services is tough to
get for Guatemalans, specially out the metropolitan area.
For the micro-businessman is specially difficult because he
depends on his daily job, and an health emergency can
cause an important unbalance. So, Banrural and our EPSS
allies have created a network
with 1,185 physicians
throughout the Republic, that provides preventive medical
services (medical consulting) to our clients and their
families.
This service covers the medical consulting, in an unlimited
way, with the pediatrician, the Gynecologist and the general
physician. Besides that, it makes important discounts in
the diagnosis procedures.
It is important to emphasize that in the family health
life, woman puts herself at the end of the line. She prefers
to give priority to her children and husband, so she remains
totally unprotected. The best part of this service is that
it has allowed women to have access without decreasing
their family protection. It has generated an important
increase in women visits (who maybe have never gone to
visit the gynecologist) and, of course, an important increase
in the prevention of illnesses, such as women cancers.
Results of the Medical Services
YEAR
Number of
Members
2006 148,835
2007 204,880
2008 285,584
32
Annual Report 2008
Women
Visits
Children
Visits
Men
Visits
Medical
Advisory
by phone
Total of
Visits
62,595
87,633
126,551
44,858
61,007
89,426
24,865
36,055
51,149
6,354
9,213
12,517
138,672
193,908
279,643
Coverage of Medical Care Events
-Consultings-
In some cases, this service is complemented with diagnosis
procedures, we granted 27,609 of them.
It is important to mention that 809 families were benefitted
with funeral services related to this service.
279,643 Medical Consultings
27,609 Diagnosis Procedures
809 Funeral Services
Alta Verapaz
Sololá
Baja Verapaz
Quetzaltenango
El Petén
Huehuetenango
Izabal
El Quiché
Chiquimula
Jutiapa
Jalapa
Suchitepéquez-Retalhuleu
Guatemala (no Ciudad Capital)
Totonicapán
Sacatepéquez
Zacapa
454
3,168
Medical care at community level
1,210
2,790
The bank keeps a permanent program of medical care
events, which are aimed at the population of communities in
general and that mainly are made at little town's level. In
those events we provide with ophthalmologist and dental
services, besides other services of preventive and diagnosis
medicine.
12,728
8,140
During the year we have done 195 medical care events in
which we served 56,929 medical consulting.
3,488
2,618
4,890
1,536
2,073
1,116
2,899
4,739
3,998
1,082
Guatemala (Not the Capital City)
Annual Report 2008
33
Margarita Tejada Foundation and
Liga Nacional Contra el Cáncer
The Bank, worried about health problems of wide extent, has stablished alliances
with organizations that fights against the affecting directly our communities.
Among them, the Margarita Tejada Foundation, which is dedicated to work with
children and young people who suffer Down´s syndrome. We began supporting
activities of fundraising and are working in the design of products that generate a
voluntary donation from our clients to their sustenance. Additionally, we have an
employment program with young people with this and other sufferings.
Because of the educational deficiencies in a big part of our rural population,
cancer has become a catastrophe, especially among women, because they do not
visit physicians regularly. Because of that, we have stablished an Alliance with the
Liga Nacional Contra el Cancer, to generate educational and preventive campaigns,
besides the financing for treatments.
Alliance with Grameen Bank and Microloan for Women
With the objective of achieve a better extent of microcredit and to serve segments
in extreme poverty, specifically women, we have signed an agreement in December
2007 between Banrural and Dr. Muhammad Yunus, Nobel Peace Prize 2006 and his
Grammen Bank. Through this agreement we have united the strengths of both
institutions and we have been working in a very successful program limited to eight
rural towns, previous to its generalization throughout the Republic. The program
is oriented to the organization of women and their motivation to begin productive
activities, making them subject of credit and being their company during the process.
34
Annual Report 2008
10,500 women users
of loan with an
investment of Q.8 millions
Payment of Conditioned
Money Remittances
Coverage of Counties
One of the most important activities in the fight against
extreme poverty by the Government of Guatemala is the
Program "Mi Familia Progresa."* Through this program, the
Government has distributed assignations of cash money to
poor and very poor families in exchange of their children
attendance to schools and medical visits. Priority has been
given to towns with the highest level of extreme poverty.
This program has been enthusiastically supported by
Banrural because we have the coverage and the resources to
make it true. Our personnel is in charge of making the
payments.
Conditioned Money Remittances
Total paid amount
Events
Delivered Payments
Paid Beneficiaries
Covered rural towns
Consistent with the objective of covering all our country
with the net of branches, Banrural has reached a 70% of
counties covered with, at least, one office. It is important
to highlight the opening of branches in little towns, because
we are even closer to our clients, specially the most
unprotected.
Counties with Branches
Alta Verapaz
Escuintla
Retalhuleu
Baja Verapaz
Guatemala
Sacatepéquez
Chimaltenango
Huehuetenango
San Marcos
Chiquimula
Izabal
Santa Rosa
El Petén
Jalapa
Sololá
El Progreso
Jutiapa
Suchitepéquez
El Quiché
Quetzaltenango
Totonicapán
Q.91,724,550.00
119
300,618
249,397
91
Zacapa
6
10
3
16
7
13
14
11
9
16
10
6
9
17
5
*"My Family Progresses."
9
15
12
10
7
Annual Report 2008
5
22
35
Financial Management
Support to Local Governments
For most local governments in Guatemala, Banrural has
been a strategic banking allied that supports its financial
management in many cases, through a branch within the
facilities of the city halls (including the City Hall of Guatemala
City). This service adds value of control and transparency
in the resources management that citizens give to every
county. Besides that, we are the bank that grants financing
for the local governments works to be finished on time.
RENAP
Banrural, with a very successful management of financial
intermediation, has reached the first places at national
banking system that allows it at the same time, to get
profitability that makes it the first place within the most
important Banks in the Guatemalan Banking System.
Additionally, the obtained results have been favoured by a
diversity of businesses and strategic alliances with very
recognized companies at national and international level.
Structure of the Gathering of Deposits
Taking advantage of the distribution of our banking
branches, both at the capital city and the interior of the
country, we have put them to work with RENAP (Registro
Nacional de Personas)* , so every payment for services
such as the issue of birth and death certificates, birth
registrations and in the future, the payment for the DPI
(Documento Personal de Identificación) can be made in
our more than 2,500 counters. With this service, Banrural
confirms that it is the adequate banking support for people
from all Guatemalan communities.
The trust Guatemalans have given us, is demonstrated.
The deposits increased during 2008 in the amount of
Q.3,475.4 millions whichis the 20.95%; besides that the
number of accounts was increased in 424,186 that is 23.50%
Thanks to the trust from our clients, Banrural was the Bank
that grew the most regarding to the total of gathering of
deposits in the system, what commits ourselves to continue
supporting, through the loan granting, the poorest
communities and at fair prices.
*National Persons Registry.
36
Annual Report 2008
Structure of the Gathering
of Deposits during 2008
Number of Accounts
Monetary
Savings
At Term
Mortgage Bonds
Total
Average (Q.)
783,833
1,417,619
27,881
61
2,229,394
11,776.40
3,859.43
172,561.52
7,397,950.82
7,586,148.17
8,955.08
Total Average
Economical and Financial Indicators
Regarding the most important financial indicators, such as the Return on
Assets and Return on Investment, Banrural is at first place, compared against
the most important Banks of the Guatemalan banking system; besides that, in
the return on investment for the shareholders, without forgetting its equity
soundness, allowing with it, the possibility of continue growing in a consistent
way.
Financial Indicators
2007
ROE
2008
29.97% 28.02%
ROA
2.95%
2.99%
Lateness rate
0.87%
0.97%
5,374
5,686
495
582
Other Indicators
Number of Collaborators
Number of Branches
Annual Report 2008
37
Distribution of Deposits
Within the distribution of accounts at Banrural, we can see that 87%, that represents to 1,943,119 accounts,
is related to clients whose maximum amount is Q.5,000.00, which represents a high volumen of attention
to deposits clients and represents also, a low risk of volatility.
Deposits by Amount
In Quetzales
4% 2%
1%
1% 1% 1% 1% 1%
1%
0%
5,000
10,000
15,000
20,000
25,000
30,000
40,000
50,000
100,000
500,000
500,000
87%
38
Annual Report 2008
Banrural in Amounts
DESCRIPTION
Year
2004
Year
2005
Year
2006
Year
2007
495
Year
2008
582
413
305
323
Number of Branches
163,936
408,900
421,492
113,116
141,768
Number of Loans
4,349,876
4,795,419
5,558,282
3,916,440
Clients in Portfolio
2,280.820
1.19%
0.87%
0.97%
2.18%
1.34%
Lateness Portfolio
1,700,399
1,805,208
2,229,394
977,528
1,178,989
Deposits (No. of Accounts)
Amounts in Thousands of Quetzales (Q.)
Total Assets
7,911,291.5 10,406,744.0 17,014,853.3 19,657,808.4 24,477,467.9
7,448,029.4 9,696,471.3 15,932,714.5 17,559,606.5 21,696,561.3
Liabilities
949,396.9 1,936,273.2 2,613,469.9
618,923.8
388,867.1
Net Equity
465,025.9
690,111.6
866,482.7
157,921.6
276,624.0
Profit Before Taxes
Investments in Loans and Discounts
3,376,149.3 5,238,204.2 7,965,978.6 13,505,896.8 15,259,800.2
Amount in Granted Loans for Year
4,678,069.6 8,269,016.9 6,317,322.3
3,033,450.1
3,651,501.1
Gathering of Deposits
Amounts in Quetzales (Q.)
Average Value of Loans
Average Value of Savings Accounts
7,101,362.8
9,301,073.7 15,337,322.0 16,585,300.6 20,060,666.7
26,819.90
3,094.60
25,756.90
7,834.34
28,535.90
8,885.44
30,652.10
4,510.76
34,873.62
3,859.43
Average Value of Certificates at Term
128,290.40
114,836.87
139,693.57
173,017.08
172,561.50
Annual Report 2008
39
Comparative Balance
Amounts in Thousands of Quetzales (Q.)
ASSETS
2005
2006
Cash assets
1,220,326.9
1,340,557.8
3,082,222.5
2,654,738.5
3,804,369.6
Investments
2,889,359.6
3,365,615.0
5,563,679.7
2,876,388.2
4,594,803.5
Loans and Discounts
3,376,149.3
5,238,204.2
7,965,978.6
13,505,896.8
15,259,800.2
40,295.3
111,949.1
220,891.7
247,521.4
284,683.6
3,335,854.1
5,126,255.2
7,745,086.9
13,258,375.4
14,975,116.6
Other Accounts Receivable
225,411.4
298,224.8
267,523.0
367,499.6
324,608.8
Fixed Assets
134,796.7
158,997.7
194,833.9
295,730.1
482,666.1
Other Assets
105,542.9
117,093.5
161,507.4
205,076.6
295,903.3
Total Assets
7,911,291.5
10,406,744.0
17,014,853.3
19,657,808.4
24,477,467.9
LIABILITIES
2004
2005
2006
2007
2008
7,209,868.2
9,393,362.7
15,459,190.6
16,585,300.6
20,060,666.7
238,161.2
303,108.5
473,523.9
974,305.9
1,635,894.6
7,448,029.4
9,696,471.2
15,932,714.5
17,559,606.5
21,696,561.3
74,395.0
91,349.0
132,741.8
161,928.8
167,436.6
Equity
388,867.1
618,923.8
949,396.9
1,936,273.2
2,613,469.9
Primary Capital
228,914.2
346,463.5
554,074.8
872,921.8
1,483,255.6
46,018.9
77,548.9
68,314.2
483,052.0
397,925.8
113,934.0
194,911.4
327,007.9
580,299.4
732,288.4
7,911,291.5
10,406,744.0
17,014,853.3
19,657,808.4
24,477,467.9
Reserves for Loans of Doubtful
Recovery
Net Loans and Discounts
Deposits and Financial
Obligations
Other Accounts Payable
Total Liabilities
Other Credit Accounts
Complementary Capital
Result of the Period
Total of Liabilities and Capital
40
2007
2004
Annual Report 2008
2008
Comparative Earnings Statement
Amounts in Thousands of Quetzales (Q.)
2004
2005
2006
Financial Incomes
620,876.5
902,737.5
1,236,376.7
Financial Expenses
232,661.5
302,104.9
401,464.3
Financial Results
388,215.0
600,632.6
834,912.4
28,454.2
75,371.4
111,551.7
Net Financial Result
359,760.8
525,261.1
723,360.7
Other Incomes
114,175.4
163,318.7
228,566.4
390,857.3
337,520.6
82,987.2
113,955.5
127,677.2
135,030.4
146,068.1
238,379.7
303,017.3
385,793.2
726,782.3
917,874.3
5,352.3
5,016.9
26,569.2
23,205.0
(3,257.9)
Profit Before Tax
157,921.6
276,624.0
465,025.9
690,111.6
866,482.7
Income tax -ISR-
43,987.6
81,712.6
138,018.0
109,812.2
134,194.3
113,934.0
194,911.4
327,007.9
580,299.4
732,288.4
Expenses by Accounts of
Doubtful Recovery
Expenses Executives and Employees
Other Management Expenses
Extraordinary Incomes
Profit After Tax
Annual Report 2008
2007
2008
1,809,729.0 2,401,713.1
561,494.3
749,850.8
1,248,234.6 1,651,862.3
110,372.7
55,699.9
1,137,861.9 1,596,162.4
41
Opinion from the External Audit
REPORT OF INDEPENDENT CERTIFIED
PUBLIC ACCOUNTANTS
To the Shareholders of
Banco de Desarrollo Rural, S. A.
We have audited the accompanying balance sheets of
Banco de Desarrollo Rural, S. A. ("The Bank") as of December
31, 2008 and 2007 and the related statements of income,
changes in capital accounts and cash flows for the years
then ended. These financial statements are the responsibility
of the Bank's Management. Our responsibility is to express
an opinion on these financial statements based on our
audits.
We conducted our audits accordance with international
audit standards. Those standards require that we plan and
perform the audit to obtain reasonable assurance about
whether the financial statements are free of material
misstatements. An audit includes examining on a test basis,
evidence supporting the amounts and disclosures in the
financial statements, assessing the accounting principles
used and the significant estimates made by Management,
as well as evaluating the overall financial statements
presentation. We believe that our audits provide a reasonable
basis for our opinion.
As described in Note 3 to the financial statements,
for the preparation and presentation of its financial statements
the Bank used the provisions of the Monetary Board and
42
the accounting policies and practices contained in the Manual
of Accounting Instructions for Entities Subject to Vigilance
and Inspection of the Superintendence of Banks.
In our opinion, the financial statements referred to above
present fairly, in all material respects, the financial position
of Banco de Desarrollo Rural, S. A. as of December 31,
2008 and 2007 and the results of its operations and its cash
flows for the years then ended, in conformity with the basis
of accounting described in Note 3 to the financial statements.
Grant Thornton, Pineda, Tezó y Asociados
Annual Report 2008
Guatemala, C.A.
January 3, 2009.
BALANCE SHEET
Condensed to December 31, 2008
Exchange Rate U.S. $1.00 x 7.78159 (Amounts in Quetzales)
ASSETS
LIQUID ASSETS
CAJA
CENTRAL BANK
COUNTRY BANKS
FOREING BANKS
CHECKS AND TRANSFERS OF MONEY TO CLEARING
FOREING TRANSFERS
INVESTMENTS
SECURITIES FOR NEGOTIATION
SECURITIES FOR SELL
SECURITIES FOR MATURITY
OPERATIONS OF REPORTO
PARTICIPATION CERTIFICATES
INTERESTS PAID IN PURCHASE OF VALUES
SUM
(-)ESTIMATIONS FOR VALUATION
LOANS PORTFOLIO
CURRENT
LATE
TOTAL
3,804,369,574.24
4,496,100,018.38
14,975,116,622.67
NATIONAL
CURRENCY
3,582,800,963.07
766,540,613.60
2,583,972,569.98
2,160,241.13
0.00
230,127,538.36
0.00
4,191,975,993.59
0.00
2,961,347,979.89
1,106,885,213.04
129,000,000.00
0.00
1,628,013.70
4,198,861,206.63
6,885,213.04
13,358,699,497.70
13,468,337,107.59
142,328,843.65
13,610,665,951.24
251,966,453.54
SUM
(-) ESTIMATIONS FOR VALUATION
FINANCIAL PRODUCTS RECEIVABLE
218,137,654.25
198,694,987.30
ACCOUNTS RECEIVABLE
(-) ESTIMATIONS FOR VALUATION
106,471,165.50
150,710,742.80
54,659,294.59
MARKETABLE GOODS
(-) ESTIMATIONS FOR VALUATION
66,769,913.95
77,470,095.27
11,942,063.17
PERMANENT INVESTMENTS
(-) ESTIMATIONS FOR VALUATION
98,703,488.39
98,703,488.39
0.00
OTHER INVESTMENTS
(-) ESTIMATIONS FOR VALUATION
50,344,438.05
50,344,438.05
0.00
BRANCHES, HEADQUARTERS AND
DEPARTMENTS ASSOCIATED
0.00
0.00
0.00
REAL ESTATE AND FURNITURE
(-) ACCUMULATED DEPRECIATION
482,666,074.09
586,721,460.13
104,055,386.04
DEFERRED CHARGES
(-) ACCUMULATED AMORTIZATION
178,788,907.87
233,939,882.99
55,150,975.12
SUM OF ASSETS
24,477,467,857.39
FOREIGN CURRENCY
(IN QUETZALES)
LIABILITIES OTHER CREDITOR ACCOUNTS AND CAPITAL
221,568,611.17 DEPOSIT OBLIGATIONS
MONETARY DEPOSITS
85,566,157.12
87,404,227.43
SAVINGS DEPOSITS
TERM DEPOSITS
0.00
32,440,433.22 ORDER DEPOSIT
6,581,793.72 DEPOSITS WITH RESTRICTIONS
9,575,999.68
OBTAINED LOANS
FROM CENTRAL BANK
304,124,024.79
FROM NATIONAL FINANCIAL INSTITUTIONS
0.00
304,087,670.29 FROM FOREIGN FINANCIAL INSTITUTIONS
FROM INTERNATIONAL BODIES
0.00
0.00
0.00
36,354.50 FINANCIAL INSTITUTIONS
BONDS
304,124,024.79
FINANCIAL RPOMISSORY NOTES
0.00
FINANCIAL OBLIGATIONS AT ORDER
1,616,417,124.97
FINANCIAL OBLIGATIONS WITH RESTRICTIONS
1,644,152,998.51
4,981,252.78 PAYABLE FINANCIAL EXPENSES
PAYABLE ACCOUNTS
1,649,134,251.29 PROVISIONS
32,717,126.32 BRANCHES, HEADQUARTERS AND DEPARTMENTS ASSOCIATED
OTHER OBLIGATIONS
DEFERRED CREDITS
19,442,666.95
SUM OF LIABILITIES
10,419,717.29 OTHER CREDITOR ACCOUNTS
0.00
SUM OF LIABILITIES AND OTHER CREDITOR ACCOUNTS
1,241,881.85
0.00 ACCOUNTING CAPITAL
NATIONAL
CURRENCY
18,954,940,827.06
8,935,150,028.42
5,349,636,712.72
4,574,402,377.06
49,695,911.89
46,055,796.97
FOREIGN CURRENCY
(IN QUETZALES)
654,450,901.16
295,580,981.93
121,563,800.47
236,785,346.82
373,391.27
147,380.67
1,146,372,885.76
20,606,788.55
0.00
14,333,333.35
6,273,455.20
0.00
1,125,766,097.21
0.00
0.00
1,125,766,097.21
0.00
451,275,000.00
451,275,000.00
451,275,000.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
75,267,391.39
349,841,542.27
49,054,494.43
0.00
0.00
15,358,307.68
21,696,561,349.75
66,679,626.79
302,525,664.04
49,054,494.43
0.00
0.00
15,358,307.68
8,587,764.60
47,315,878.23
167,436,649.37
155,211,564.49
12,225,084.88
TOTAL
19,609,391,728.22
21,863,997,999.12
0.00 PAID CAPITAL
0.00 AUTHORIZED CAPITAL
NON-PAID CAPITAL (-)
0.00 HEADQUARTERS, ASSIGNED CAPITAL
0.00
782,467,000.00
0.00 PERMANENT CONTRIBUTIONS
0.00 CAPITAL RESERVES
RESERVE FOR EXTRAORDINARIES ASSETS
0.00 REVALUATION OF ASSETS
0.00 SUBORDINATED OBLIGATIONS
EARNINGS AND LOSSES FOR FUSION (+) (-)
0.00 VALUATION OF ASSETS OF DOUBTFUL RECOVERY (-)
0.00 PROVISION OF BENEFITS TO EMPLOYEES (-)
CONTRIBUTION TO IRS
EARNINGS OR LOSSES FOR CHANGES IN THE VALUE OF
INVESTMENTS MARKET (+) (-)
RESULTS FROM PREVIOUS PERIODS (+) (-)
RESULTS OF THE PERIOD (+) (-)
SUM OF THE ACCOUNTING CAPITAL
26,932,760.00
673,855,844.68
3,000.00
32,204,068.82
392,863,600.00
26,932,760.00
673,855,844.68
3,000.00
32,204,068.82
392,863,600.00
0.00
0.00
0.00
0.00
0.00
0.00
-27,223,187.13
78,346.37
732,288,425.53
2,613,469,858.27
-27,223,187.13
78,346.37
732,288,425.53
SUM OF LIABILITIES, OTHER CREDITOR ACCOUNT S AND CAPITAL
1,500,000,000.00
717,533,000.00
0.00
24,477,467,857.39
The figures in foreign currency are expressed at the Exchange rate of reference of 7.78159 for US$1.00, published by the Banco de Guatemala to December 31, 2008.
GUATEMALA,December 31st. 2008
General Accountant
General Manager
CONTINGENCIES, COMMITMENTS AND OTHER RESPONSIBILITIES
CONTINGENCIES AND COMMITMENTS
MERCHANDISE IN DEPOSIT
ORDER ACCOUNTS
VALUES AND GOODS GRANTES IN GUARANTEE
GUARANTEE LOANS PORTFOLIO
CLASSIFICATION OF INVESTMENTS, LOANS PORTFOLIO AND OTHERS
MARGINS TO DRAW
OTHER´S MANAGEMENTS
OWN DOCUMENTS AND VALUES
AUTHORIZED ISSUES OF FINANCIAL OBLIGATIONS
FINANCIAL OBLIGATIONS
AMORTIZED FINANCIAL OBLIGATIONS
TITLES ON DEPOSIT MERCHANDISES
INSURANCES AND BONDS POLICIES
REPORTO OPERATIONS
OTHER ORDER ACCOUNTS
In our opinion, the Balance Sheet shows reasonably,
in all important aspects, the financial situation of Banco
de Desarrollo Rural, S. A. to December 31, 2008,
according to the stablished accounting bases issued by
the Superintendencia de Bancos de Guatemala.
983,186,787.57
0.00
0.00
21,007,164,473.69
15,025,053,564.36
517,575,130.88
2,701,179,364.76
15.00
451,275,000.00
0.00
0.00
0.00
0.00
8,602,662.60
1,073,790,949.40
0.00
0.00
0.00
Internal Auditor
Grant Thornton, Pineda, Tezó y Asociados
Chairman of the Board of Directors
Guatemala, C.A.
January 3rd. 2009.
Annual Report 2008
43
EARNINGS STATEMENT
Condensed from January 1st. to December 31st. 2008 (Figures in Quetzales)
FINANCIAL PRODUCTS
Interests
Commissions
Securities Negotiation
Prices differences in Reporto Operations
2,393,265,153.18
8,447,955.65
0.00
0.00
FINANCIAL EXPENSES
Interests
Commissions
Additional Benefits
Securities Negotiation
FOPA fee
Non-collected products
Prices differences in Reporto Operations
675,606,509.28
33,057,796.86
183,849.21
1,790,188.28
25,474,839.61
0.00
13,737,602.13
2,401,713,108.83
749,850,785.37
We have audited the Earnings Statements of Banco de Desarrollo Rural, S. A. of the year ended
to December 31st., 2008. This financial statement has been prepared according to the established
accounting bases issued by the Superintendencia de Bancos and they are responsibility of the Bank
Management. Our responsibility is to express an opinion about the financial state based upon our audit.
1,651,862,323.46
INVESTMENTS MARGIN
PRODUCTS FOR SERVICES
Different Services Commissions
Leasings
Storage
Appraisals and Inspections
Account operation
Others
218,459,275.17
95,594.55
231,500,040.65
5,580,355.04
7,364,275.89
540.00
EXPENSES FOR SERVICES
Commissions for services
85,663,938.95
85,663,938.95
145,836,101.70
MARGIN FOR SERVICES
OTHER PRODUCTS AND OPERATION EXPENSES
PRODUCTS
Earnings for Market Value of Securities
Variations and Exchange Earnings in Foreign Currency
Products for Shares Investments
Products for Companies Promotion
We made our audit according to the generally accepted auditing rules in Guatemala. These
regulations need a planned audit to get reasonable certainty that the financial statement does not have
important errors. An audit includes the exam, on a selective base, of the evidence that supports the
quantities and revelations showed in the financial statement, the evaluation of the used principles of
accounting and the important estimations made by the Management, and an evaluation of the general
presentation of the financial statement. We consider that our audit gives a reasonable base for our
opinion.
106,020,596.45
106,020,596.45
EXPENSES
Loss for Value of Securities Market
Variations and Exchange Losses in Foreign Currency
Bad debt and doubtful recovery
Expenses for Companies Promotion
35,829,314 .72
55,699,924.20
The Bank, for the preparation and presentation of its financial statement, used the regulations
issued by the Junta Monetaria and the politics and accounting practices contained in the Manual de
Instrucciones Contables para Entidades Sujetas a la Vigilancia e Inspección de la Superintendencia de
Bancos.
91,529,238.92
14,491,357.53
MARGIN OF OTHER PRODUCTS AND OPERATION EXPENSES
1,812,189,782.69
GROSS OPERATIONAL MARGIN
942,449,225.96
MANAGEMENT EXPRENSES
869,740,556.73
NET OPERATIONAL MARGIN
EXTRAORDINARY PRODUCTS AND EXPENSES
Extraordinary Products
Extraordinary Expenses
10,192,141.35
11,921,060.92
PRODUCTS AND EXPENSES OF PREVIOUS FISCAL YEARS
Products of Previous Fiscal Years
Expenses of Previous Fiscal Years
742,048.75
2,271,000.10
-1,728,919.57
-1,528,951.35
In our opinion, the financial statement previously mentioned shows reasonably, in all its important
aspects, the results of the operations of Banco de Desarrollo Rural, S. A. to the year ended at December
31st, 2008, according to the accounting bases established by the Superintendencia de Bancos de
Guatemala.
Grant Thornton, Pineda, Tezó and Associates
866,482,685.81
GROOS EARNINGS (LOSS)
134,194,260.28
INCOME TAX
732,288,425.53
NET EARNING (LOSS)
GUATEMALA, December 31, 2009
General Accountant
General Manager
44
Internal Auditor
Guatemala, C.A.
January 3rd. 2009.
Chairman of the Board of Directors
Annual Report 2008
Coverage Map
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PRIMER NIVEL, EDIFICIO MUNICIPAL SANTIAGO ATITLAN CANTON XECHIVOY SAT SOLOLA DENTRO DEL EDIFICIO DE LA SAT SOLOLA 7A. AVENIDA 6-40 ZONA 2 SUCHITEPEQUEZ CENTENARIO MAZATENANGO 1A. Y 2A. AVENIDA 1-79 PROLONGACION ZONA 2 CALZADA CENTENARIO CHICACAO 2A. CALLE 4-11 ZONA 1 CORPICO KM. 166 CARRETERA AL PACIFICO CUYOTENANGO
DESPENSACUYOTENANGO2DA CALLE Y 2DA AVE ZONA 1 CUYOTENAGO LA MAQUINA CALLE PRINCIPAL FRENTE AL MONUMENTO MAZATENANGO 4TA. AVENIDA 3ERA. CALLE ESQUINA MAZATENANGO 7A CALLE ZONA 2 7A CALLE PROLONGACION 1-15 ZONA 2 EDIFICIO SAN BARTOLOME MAZATENANGO MAZATENANGO PLAZA AMERICA 3A CALLE 3-40 Y 3-44 LOTIFICACION EL
COMPROMISO, ZONA 3 PATULUL HOSPITAL IGSS PATULUL SAMAYAC 3 AV. 5-010 FRENTE AL PARQUE MUNICIPAL ZONA 1 SAN ANTONIO SUCHITEPEQUEZ 4A CALLE Y 4A AVENIDA ESQUINA SAT MAZATENANGO 7A. AVENIDA 7-01 ZONA 1 TOTONICAPAN C.D.R.O PARAJE TIERRA BLANCA, ASOC. C.D.R.O. MOMOSTENANGO 1 AVENIDA 1-11 ZONA 2 SAN FRANCISCO EL ALTO 1ERA AVE
3-13 ZONA 2 EDIF AVE MARIA SAN FRANCISCO EL ALTO TOTONICAPAN4TA. CALLE 11-05 ZONA 2 ZACAPA AGENCIA SAT ZACAPA 3A. CALLE 16-30 ZONA 1 BARRIO LAS FLORES CABAÑAS EDIFICIO MUNICIPAL DE CABAÑAS ESTANZUELA2A CALLE B 2-58, ZONA 1 GUALAN BARRIO EL CENTRO, EDIFICIO MUNICIPAL HUITEBARRIO EL CENTRO, EDIFICIO MUNICIPAL DE HUITE LA UNION
BARRIO EL CENTRO LA UNION RIO HONDO 3A. CALLE 2-07 ZONA 1 FRENTE A PARQUE CENTRAL SAN DIEGO EDIFICIO MUNICIPAL DE SAN DIEGO TECULUTANBARRIO EL CENTRO, A UN COSTADO DE LA MUNICIPALIDAD USUMATLAN A UN COSTADO DEL EDIFICIO MUNICIPAL ZACAPA 4 CALLE 14-36 ZONA 1 ZACAPA TERMINAL BARRIO CEMENTERIO NUEVO
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Annual Report 2008
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