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Humberto Jaimes Sánchez Personaje mural, 1958 Oil on cardboard 45 x 32.5 cm
* Dollar figures are given for reference only. The balance sheet is converted at the exchange rate at the end of the period (Bs 4.2893/US$ 1) and the income statement at the average exchange rate for the period (Bs 4.2893/US$ 1). Exchange control has been in place in Venezuela since February 2003. Board of Directors’ Report Caracas, February 16, 2012 Dear Shareholders, We are pleased to submit Mercantil Servicios Financieros’ consolidated results and main activities for the second half of 2011 as well as for the whole year. The Financial Statements of Mercantil Servicios Financieros included in this report consolidate the activities of its subsidiaries and were prepared in accordance with the standards of the National Securities Superintendency. They are also presented in inflation-adjusted values as supplemental information. They have been examined by the Company’s external auditors Espiñeira, Sheldon y Asociados, whose report is attached hereto. Financial Results Mercantil reported Bs 2,472 million (US$ 576 million*) in net income, of which Bs 790 million corresponds to the first half of the year and Bs 1,682 million to the second. The main contributors to these profits were Mercantil C.A., Banco Universal with Bs 1,804 million; Mercantil Seguros, C.A. with Bs 476 million; Mercantil Commercebank Florida Bancorp with Bs 85 million; Mercantil Merinvest, C.A. with Bs 12 million; and Mercantil itself plus other subsidiaries with Bs 95 million. Mercantil Commercebank N.A. registered US$ 11.2 million in semi-annual earnings and US$ 16.2 million in annual earnings, after loan portfolio provisions of US$ 21.9 million for the second of the half year and US$ 49.8 million for the year, in keeping with Mercantil's policies on the matter, to guarantee adequate reserves. This result is reflected in that of its shareholder Mercantil Florida Bancorp as indicated above and reflects a sustained improvement in the Bank's performance. Mercantil Commercebank, N.A. is positioned as one of Florida’s five largest banks. It should be noted that in accordance with the provisions regulating banking activity, the Mercantil Banco Universal subsidiary has made various contributions to government agencies totaling Bs 1,062 million and accounting for 25.5 % of the Bank's expenses. These, combined with Corporate Income Tax, amount to Bs 1,201 million and represent 28.8 % of its expenses in that area. 9 Mercantil Servicios Financieros
Page 1 and 2: AnnualReport 2011
Page 3 and 4: AnnualReport 2 0 1 1 CONTENTS Merca
Page 5 and 6: Mercantil is Venezuela’s in equit
Page 7 and 8: Financial Highligths Earnings Conso
Page 9: Notice of Ordinary General Sharehol
Page 13 and 14: The Stock Repurchase Program initia
Page 15 and 16: Inflation closed at 6.9% (6.5% in 2
Page 17 and 18: Mercantil Personal and Commercial O
Page 19 and 20: It also launched the Gold and Plati
Page 21 and 22: Special mention should be made of M
Page 23 and 24: Statutory Auditors’ Report ��
Page 25 and 26: Financial Statements (In accordance
Page 27 and 28: Consolidated Balance Sheet (In thou
Page 30 and 31: Fernando Irazábal Bestia 10, aroun
Page 32 and 33: Latin America During 2011 the regio
Page 34 and 35: Francisco Hung Materias flotantes,
Page 36 and 37: In the insurance business in Venezu
Page 38 and 39: Investments Portfolio by Issuer Bs
Page 40 and 41: Loan Portfolio by Business Segment
Page 42 and 43: Deposits by Business Segment Bs 81,
Page 44 and 45: Loan Portfolio Evolution Million Bo
Page 46 and 47: Operating Expenses Net Income Year
Page 48 and 49: Summary of the Accounting Principle
Page 50 and 51: Humberto Jaimes Sánchez Exterior 1
Page 52 and 53: Personal Banking Deposits Year 2011
Page 54 and 55: At the close of 2011, Commercial Ba
Page 56 and 57: Corporate Banking During 2011, the
Page 58 and 59: Corporate Products The Deposit Prod
Page 60 and 61:
In the Venezuelan money market, the
Page 62 and 63:
Portfolio of Investments Available
Page 64 and 65:
Private Banking and Wealth Manageme
Page 66 and 67:
José Ramón Sánchez Las tres aleg
Page 68 and 69:
In 2011, options or service functio
Page 70 and 71:
Alberto Brandt Untitled, around 195
Page 72 and 73:
Harry Abend Relieve, 1964 Bronze 1/
Page 74 and 75:
Credit Risk Breakdown of Credit Ris
Page 76 and 77:
Market Risk A financial institution
Page 78 and 79:
Price Risk Positions of Interest Ra
Page 80 and 81:
Maruja Rolando Untitled, 1960 Oil o
Page 82 and 83:
(1) Dollar figures are given for re
Page 84 and 85:
Mercantil Commercebank Florida BanC
Page 86 and 87:
Other subsidiaries of Mercantil Ser
Page 88 and 89:
Humberto Jaimes Sánchez Stage of b
Page 91 and 92:
Prevention and Control of Money Lau
Page 93 and 94:
Evaluation Special PCLC/FT - AML/TF
Page 96 and 97:
94 Annual Report 2011
Page 98 and 99:
Social Development and Healthcare P
Page 100 and 101:
Elsa Gramcko R-32, 1960 Acrylic, go
Page 102 and 103:
Another very significant aspect of
Page 104 and 105:
Board of Directors’ Compensation
Page 106 and 107:
Internal Audit Manager In accordanc
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Ángel Hurtado Noche transfigurada.
Page 110 and 111:
Awards and Acknowledgements The wor
Page 112 and 113:
Alberto Brandt Fantasía, undated O
Page 114 and 115:
Víctor J. Sierra A. Member of the
Page 116 and 117:
Nerio Rosales Rengifo Member of the
Page 118:
Alberto Benshimol M. Manager of Ins
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MERCANTIL, C.A. BANCO UNIVERSAL Ave
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I n f o r m a l i s m i n V e n e z
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Carlos Sosa (Caracas, 1950) Sosa is
Page 127 and 128:
Manuel Mérida (Carabobo, 1939) Pai
Page 129 and 130:
Alberto Brandt Untitled, around 195
Page 131:
Avenida Andrés Bello Nº 1, Edific
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Annualreport

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