A diversificação das receitas bancárias: seu impacto sobre o risco e o retorno dos bancos brasileiros

Abstract

Revenue diversification has been a trend adopted by banks from different countries. This research shows that with Brazilian banks it has been no different. In 2003, the share of noninterest income accounted for 17.80% of the operating income of the analyzed banks. Already in 2014, this share was 27.40%. In order to understand the impact of this strategy, many studies have been done on this subject, especially in the United States, Europe and Asia. On the other hand, in Brazil this issue is still incipient. Thus, this study aimed to determine the impact of banking revenue diversification on the risk and return of Brazilian banks. The main analyzed sample period was from 2003 to 2014. The sample was also divided into 2 periods, 2003 to 2008 and 2009 to 2014. The data was organized in panels and were analyzed in an econometric multivariate model. In addition to the main variables of diversification, risk, return and risk-adjusted return, this study also used macroeconomic and bank specific variables. The results showed a very important impact of the noninterest income on the performance of banks in the first sampling period and in the total period. In these periods, noninterest income had a positive relationship with the return, negative with risk and positive with risk-adjusted return for the analyzed banks. However, in the second sampling period, the variables of revenue diversification showed a much lower statistical significance. By analyzing the composition of financial intermediation activities, Credit revenue showed consistently better results than the securities Trading activities. It is important to highlight the variables Real Interest Rate, Bank Size, Capital and Bank Growth, that showed relevant impact to determine the performance of banks. The results obtained in this work show the importance of banking revenue diversification on the performance of banks. According to the hypotheses proposed, noninterest income have generally a positive impact on the risk/return ratio of banks. It can be said that these results justify banks strategy to increase the diversification of its revenues.