Earnings per share (1) "Caracas Stock Exchange: MVZ A & MVZ B Level 1 ADR: MSFZY y MSFJY" Year Ended Closing Price Class A share Class B share Market price/ Earnings per share (1) Class A share Class B share Book value per share (2) Market price / book value (2) Class A share Class B share Number of outstanding shares Class A share Class B share Daily Average Traded Volume (Shares) Class A share Class B share Paid Dividends In stock (new shares for each share held) In cash (Bs per share) Cash dividends for the year / Market price (%) Class A share Class B share Mercantil’s Stock Performance 4 Annual Report 2011 2011 US$ (3) 5.80 8.88 8.91 25.02 0,70 2011 bolivars 24.89 38.10 38.20 1.5 1.5 107.38 0.4 0.4 59,405,780 42,818,328 9,544 4,319 - 3.00 7.9 7.9 2010 bolivars 21.82 29.50 29.50 Market Quote for Mercantil Class A and B Shares vs. Caracas Stock Exchange (CSE) Index 1.4 1.4 83.17 0.4 0.4 59,496,176 42,860,312 9,159 5,899 - 1.50 5.1 5.1 2009 bolivars 7.95 18.50 18.50 2.3 2.3 47.50 0.4 0.4 59,733,553 42,992,256 26,289 32,049 - 1.36 7.4 7.4 2008 bolivars 9.53 17.53 17.53 1.8 1.8 39.56 0.4 0.4 60,092,098 43,275,460 (1) Calculated based on weighted average shares issued minus repurchased shares adjusted by stock dividends. (2) Calculated based on outstanding shares issued minus repurchased shares adjusted by stock dividends. (3) Dollar figures are given as reference only and are converted at the controlled exchange rate at the end of the period (Bs 4.2893/US$ 1), except for earnings per share which are converted at the average exchange rate (Bs 4.2893/US$ 1). Exchange control has been in place in Venezuela since February 2003. (1) No significant stock exchange activities at this time. 50 45 40 35 30 25 20 15 10 5 0 Dec. 99 Jun. 00 Dec. 00 Jun. 01 Dec. 01 Jun. 02 (1) Dec. 02 Jun. 03 Dec. 03 Jun. 04 Dec. 04 Jun. 05 Dec. 05 Jun. 06 Dec. 06 Jun. 07 Dec. 07 Jun. 08 Dec. 08 Jun. 09 Dec. 09 Jun. 10 Dec. 10 Jun. 11 Dec. 11 16,095 6,476 - 1.02 5.8 5.8 Price MVZ/A Adjusted CSEI Price MVZ/B 2007 bolivars 7.96 31.00 33.00 3.9 4.1 32.77 0.9 1.0 60,335,793 43,645,654 43,299 6,792 2 for each 5 0.78 2.5 2.4
Financial Highligths Earnings Consolidated (In thousands of Bs and millons of US$, except percentages and Other Indicators) Year Ended Balance Sheet (1) Total Assets Loan Portfolio (Net) Deposits Shareholders’ Equity Income Statement (2) Net Interest Income Commissions and Other Income Operating Expenses Net Income Profitability Indicators (%) Net Interest Income / Average Financial Assets (NIM) Commissions and Other Income / Total Income Net Earnings for the Year / Average Equity (ROE) Net Earnings for the Year / Average Assets (ROA) Capital Adequacy Indicators (%) Equity / Risk-Weighted Assets (regulatory minimum 8%) (3) Equity / Risk-Weighted Assets (BIS) (4) Equity / Assets Loan Portfolio Quality Indicators (%) Past-Due and Non-Performing Loans / Gross Loan Portfolio Allowances for Loan Losses / Past-Due + Non-Performing Loans Allowances for Loan Losses / Gross Loan Portfolio Efficiency Indicators (%) Operating Expenses / Average Total Assets Operating Expenses / Total Income Liquidity Indicators (%) Cash and Due from Banks / Deposits Cash and Due from Banks and Investment Portfolio / Deposits Other Indicators (%) Gross Loans / Deposits Financial Assets / Total Assets Financial Assets / Deposits Number of Employees Employees in Venezuela Employees Abroad Banking Distribution Network Branches in Venezuela (5) Branches Abroad Representative Offices Automatic Teller Machines (ATM) Point of Sale Terminals (POS) (6) 2011 US$ (1) 23,943 14,075 19,078 2,560 1,067 643 1,268 576 5 Mercantil Servicios Financieros 2011 bolivars 102,696,327 60,371,801 81,834,145 10,977,160 4,581,383 2,762,903 5,440,219 2,472,168 7.8% 38.1% 26.7% 2.8% 18.7% 18.7% 10.7% 1.7% 199.6% 3.4% 5.3% 50.6% 16.7% 47.3% 76.4% 84.2% 105.7% 8,533 848 304 24 5 1,334 42,720 2010 bolivars 79,382,962 42,928,106 62,366,913 8,513,300 2,810,196 3,229,233 3,950,853 2,176,313 7.1% 49.2% 31.8% 3.2% 20.4% 20.4% 10.7% 2.9% 110.8% 3.2% 5.2% 46.7% 19.0% 53.6% 71.1% 81.5% 103.7% 8,206 828 306 22 6 1,344 40,427 2009 bolivars 53,074,810 27,137,723 42,847,704 4,879,810 2,019,894 1,380,584 2,833,762 795,692 7.3% 37.8% 17.8% 1.6% 18.3% 18.3% 9.2% 3.3% 96.5% 3.2% 5.4% 58.4% 22.1% 54.9% 65.4% 78.1% 96.7% 8,961 872 329 21 6 1,379 41,027 2008 bolivars 46,829,877 22,219,115 36,211,367 4,089,040 2,202,576 1,211,818 2,545,578 958,987 7.9% 35.7% 24.9% 2.2% 18.5% 18.5% 8.7% 2.5% 110.6% 2.7% 5.6% 57.7% 21.4% 61.6% 63.1% 79.4% 102.6% (1) Figures in US$ converted at the exchange rate at the close of December 31, 2011: Bs 4.2893/US$ 1 (controlled). (2) Figures in US$ converted at the average exchange rate for the period: Bs 4.2893/US$ 1. (3) In accordance with the standards of the National Securities Superintendency (SNV - for its abbreviation in spanish). (4) Calculated using Consolidated Financial Statements adjusted for inflation up to 1999, in accordance with International Accounting Standard Nº 29 (IAS-29) and following the standards of the Basel Committee on Banking Supervision of the Bank for International Settlements. (5) Excludes internal branch for employees. (6) Physical Points of Sale (POS). 9,215 965 356 20 6 1,435 37,655 2007 bolivars 39,049,552 19,338,492 31,287,613 3,407,614 1,786,025 1,021,098 2,019,535 783,333 6.5% 38.5% 27.4% 2.2% 16.7% 16.7% 8.7% 0.6% 285.7% 1.8% 5.4% 61.3% 19.6% 56.3% 62.9% 79.5% 99.2% 9,114 1,018 351 20 6 1,436 32,278
- Page 1 and 2: AnnualReport 2011
- Page 3 and 4: AnnualReport 2 0 1 1 CONTENTS Merca
- Page 5: Mercantil is Venezuela’s in equit
- Page 9 and 10: Notice of Ordinary General Sharehol
- Page 11 and 12: * Dollar figures are given for refe
- 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
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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
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In 2011, options or service functio
- Page 70 and 71:
Alberto Brandt Untitled, around 195
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Harry Abend Relieve, 1964 Bronze 1/
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Credit Risk Breakdown of Credit Ris
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Market Risk A financial institution
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Price Risk Positions of Interest Ra
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Maruja Rolando Untitled, 1960 Oil o
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(1) Dollar figures are given for re
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Mercantil Commercebank Florida BanC
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Other subsidiaries of Mercantil Ser
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Humberto Jaimes Sánchez Stage of b
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Prevention and Control of Money Lau
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Evaluation Special PCLC/FT - AML/TF
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94 Annual Report 2011
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Social Development and Healthcare P
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Elsa Gramcko R-32, 1960 Acrylic, go
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Another very significant aspect of
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Board of Directors’ Compensation
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Internal Audit Manager In accordanc
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Ángel Hurtado Noche transfigurada.
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Awards and Acknowledgements The wor
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Alberto Brandt Fantasía, undated O
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Víctor J. Sierra A. Member of the
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Nerio Rosales Rengifo Member of the
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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
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Manuel Mérida (Carabobo, 1939) Pai
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Alberto Brandt Untitled, around 195
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Avenida Andrés Bello Nº 1, Edific