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Banco Safra S.A Consolidated Financial Statements of the Prudential Conglomerate | Banco Safra S.A. Consolidated Financial Statements for the period ended September 30, 2020 Banco Safra S.A. CNPJ 58.160.789/0001-28 Avenida Paulista, 2.100 - Bela Vista, São Paulo, SP José Manuel da Costa Gomes Accountant – CRC nº 1SP219892/O-0 Independent Auditors’ Report Deloitte Touche Tohmatsu Auditores Independente (A free translation of the original report in Portuguese as published in Brazil) 1 Consolidated Financial Statements | Banco Safra S.A. CONTENTS CONSOLIDATED FINANCIAL STATEMENTS STATEMENT OF FINANCIAL POSITION _______________________________________________________________________________ 2 STATEMENT OF INCOME AND COMPREHENSIVE INCOME FOR THE PERIOD__________________________________________________3 STATEMENT OF CHANGES IN EQUITY ______________________________________________________________________________4 STATEMENT OF CASH FLOWS ____________________________________________________________________________________ 5 NOTES TO THE FINANCIAL STATEMENTS 1. OPERATIONS _________________________________________________________________________________________________ 6 2. PRESENTATION OF THE FINANCIAL STATEMENTS______________________________________________________________________ 6 3. SIGNIFICANT ACCOUNTING POLICIES _______________________________________________________________________________ 7 4. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS __________________________________________________________________13 5. CASH AND CASH EQUIVALENTS ___________________________________________________________________________________14 6. INTERBANK INVESTMENTS AND CENTRAL BANK COMPULSORY DEPOSITS ___________________________________________________14 7. OPEN MARKET INVESTMENTS AND FUNDING - GOVERNMENT SECURITIES __________________________________________________15 8. FINANCIAL ASSETS _____________________________________________________________________________________________16 9. CREDIT PORTFOLIO ____________________________________________________________________________________________25 10. FINANCIAL LIABILITIES AND MANAGED ASSETS _______________________________________________________________________29 11. INSURANCE, REINSURANCE AND PRIVATE PENSION OPERATIONS _________________________________________________________33 12. OTHER FINANCIAL ASSETS AND LIABILITIES AND REVENUE, EXPENSES AND INCOME FROM OPERATIONS ___________________________38 13. OTHER ASSET, LIABILITY, AND INCOME ACCOUNTS ____________________________________________________________________40 14. CONTINGENT ASSETS AND LIABILITIES AND LEGAL OBLIGATIONS – TAX AND SOCIAL SECURITY ___________________________________41 15. TAXES ______________________________________________________________________________________________________42 16. PROPERTY AND EQUIPMENT AND INTANGIBLE ASSETS _________________________________________________________________44 17. EQUITY _____________________________________________________________________________________________________45 18. RISK AND CAPITAL MANAGEMENT _________________________________________________________________________________46 19. RELATED-PARTY TRANSACTIONS __________________________________________________________________________________57 20. OTHER INFORMATION __________________________________________________________________________________________58 INDEPENDENT AUDITOR’S REPORT ON CONSOLIDATED FINANCIAL STATEMENTS ___________________________________________________59 BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF FINANCIAL POSITION - NOTE 2(a) ALL AMOUNTS IN THOUSANDS OF REAIS CONSOLIDATED CONSOLIDATED ASSETS Notes 09.30.2020 12.31.2019 LIABILITIES Notes 09.30.2020 12.31.2019 Cash 3(a) and 5 1,920,254 1,312,970 Financial liabilities 3(b-I and II) and 10 142,597,990 119,981,415 Funding 117,618,807 99,383,705 Interbank investments and Central Bank compulsory deposits 3(b) and 6 23,472,993 19,059,650 Borrowings and onlending 14,301,982 12,524,348 Subordinated debt 10,677,201 8,073,362 Financial assets 35,171,013 23,175,896 Marketable securities 3(b-I and II) and 8(a) 30,769,628 21,432,590 Derivative financial instruments 3(b-III) and 8(b) 4,401,385 1,743,306 Derivative financial instruments 3(b-III) and 8(b) 4,450,638 1,705,766 Investments linked to open market operations - Government securities 3(b-I and II) and 7(a) 22,886,672 28,472,607 Open market funding - Government securities 3(b-I and II) and 7(b) 22,774,091 28,208,651 Insurance, reinsurance and private pension operations 19,631,677 18,519,543 Insurance and private pension operations 11(c) 19,403,404 18,389,590 Funds guaranteeing technical reserves 11(a) 19,397,971 18,389,404 Technical reserves 3(g-III) 19,391,926 18,373,139 Receivables from insurance and reinsurance operations 3(g-I) and 11(b) 233,706 130,139 Payables for insurance and reinsurance operations 3(g-I) 11,478 16,451 Credit portfolio 3(c) and 9 98,818,777 90,668,515 Credit portfolio 102,221,460 93,796,391 (Allowance for credit risks) (3,402,683) (3,127,876) Other financial assets 12(a) 6,285,249 5,535,630 Other financial liabilities 12(a) 7,205,687 6,389,575 Provisions for contingent liabilities 3(h) and 14(c) 1,795,806 1,884,481 Tax assets 15(b-I) 3,947,582 2,838,218 Tax liabilities 15(b-I) 1,154,017 1,285,394 Other assets 13(a) 600,106 420,243 Other liabilities 13(b) 1,091,936 1,055,125 Investments 3(d) 5,347 5,347 Property and equipment and intangible assets 3(e) and 16 796,956 775,753 CONSOLIDATED EQUITY 17 13,063,057 11,884,375 TOTAL ASSETS 213,536,626 190,784,372 TOTAL LIABILITIES 213,536,626 190,784,372 The accompanying notes are an integral part of these financial statements. 2 BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF INCOME FOR THE PERIODS ENDED SEPTEMBER 30 - NOTE 2(a) ALL AMOUNTS IN THOUSANDS OF REAIS CONSOLIDATED Notes 2020 2019 INCOME FROM FINANCIAL INTERMEDIATION 12(b-I) 9,219,230 11,065,593 Financial assets 1,990,564 3,494,333 Expanded credit portfolio operations 7,216,257 7,560,559 Other finance income 12,409 10,701 EXPENSES OF FINANCIAL INTERMEDIATION 12(b-II) (4,274,173) (6,596,231) Financial liabilities (3,274,036) (4,905,506) Open market funding - Government securities (885,783) (1,572,923) Other finance expenses 14(c) (114,354) (117,802) FINANCIAL INSTRUMENTS, NET 12(b-III) and 18(c-II(2)) (1,525,034) (157,363) FINANCE INCOME FROM INSURANCE AND PRIVATE PENSION OPERATIONS 11(e) 10,710 13,290 GROSS INCOME FROM FINANCIAL INTERMEDIATION BEFORE CREDIT RISK 3,430,733 4,325,289 RESULTS WITH CREDIT RISK 3(c) (851,465) (429,671) Expenses of allowance for credit risks 9(a-III) (1,116,593) (576,171) Income from recovery of credits written-off as loss 9(d) 265,128 146,500 NET INCOME ON FINANCIAL INTERMEDIATION 2,579,268 3,895,618 OTHER INCOME FROM OPERATIONS 1,744,710 1,534,646 Revenue from service, bank fees and foreign exchange transactions 12(b-IV) 1,529,055 1,339,198 Insurance, reinsurance and private pension operations 3(g) and 12(b-V) 215,655 195,448 TAX EXPENSES OF OPERATIONS 3(j), 15(a-II) and 18(c-II(2)) (351,106) (395,325) NET INCOME FROM OPERATIONS 18(c-II(2)) 3,972,872 5,034,939 OTHER OPERATING INCOME (EXPENSES) (3,149,093) (3,126,963) Personnel expenses 13(c) (2,203,045) (2,126,561) Administrative expenses 13(d) (837,939) (831,627) Other operating income (expenses) 14(c) (108,109) (168,775) INCOME BEFORE TAXES 823,779 1,907,976 INCOME TAX AND SOCIAL CONTRIBUTION 3(j), 15(a-I) and 18(c-II(2)) 550,742 (324,099) Current tax (419,575) (505,736) Deferred tax 970,317 181,637 NET INCOME 1,374,521 1,583,877 Basic and diluted earnings per share - Quantity of shares 15,300 (15,300 at 09.30.2019) 17(a) 89.84 103.52 STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30 ALL AMOUNTS IN THOUSANDS Notes 2020 2019 NET INCOME 1,374,521 1,583,877 Available-for-sale financial assets 17(d) 4,287 (3,049) Net change in unrealized gains / (losses) 11,816 607 Change in fair value in the period 26,030 859 Tax effect (14,214) (252) Realized gains transferred to income for the period (7,529) (3,656) Profit /(loss) on sale of securities (16,586) (5,178) Tax effect 9,057 1,522 COMPREHENSIVE INCOME 1,378,808 1,580,828 Comprehensive income - Basic and diluted earnings per share - Number of shares: 15,300 (15,300 at 09.30.2019) 17(a) 90.12 103.32 The accompanying notes are an integral part of these financial statements. 3 BANCO SAFRA S.A. AND SUBSIDIARIES ("SAFRA CONSOLIDATED") STATEMENT OF CHANGES IN EQUITY FOR THE PERIODS ENDED - NOTE 17 ALL AMOUNTS IN THOUSANDS OF REAIS Paid-up Revenue Carrying value Retained capital reserves adjustment earnings Total AT JANUARY 1, 2019 10,716,042 1,069,185 6,433 - 11,791,660 Capital increase 757,479 (757,479) - - - Carrying value adjustments - Available-for-sale securities - - (3,049) - (3,049) Net income for the period - - - 1,583,877 1,583,877 Allocation: Legal reserve - 79,194 - (79,194) - Special reserve - 937,809 - (937,809) - Interest on capital - - - (566,874) (566,874) AT SEPTEMBER 30, 2019 11,473,521 1,328,709 3,384 - 12,805,614 AT JANUARY 1, 2020 11,473,521 408,301 2,553 - 11,884,375 Carrying value adjustments - Available-for-sale securities - - 4,287 - 4,287 Net income for the period - - - 1,374,521 1,374,521 Allocation: Legal reserve - 68,726 - (68,726) - Special reserve - 1,105,669 - (1,105,669) - Interest on capital - - - (200,126) (200,126) AT SEPTEMBER 30, 2020 11,473,521 1,582,696 6,840 - 13,063,057 The accompanying notes are an integral part of these financial statements. 4 BANCO SAFRA S.A. E CONTROLADAS ("SAFRA CONSOLIDADO")
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