ACB released consolidated earnings results for 2012 on Feb 19th. There was a big miss in earnings as the bank’s gold trading segment incurred huge losses. Furthermore, there was no growth in credit, the deposit base shrank, and NPLs continue to rise rapidly. ACB is now traded at PBR of 1.3x vs. peers’ 1.5x. We currently do not rate this stock but it is clear the numbers do not look good. A restructuring plan is in the works with details to be unveiled in the upcoming AGM.