SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of February, 2015
Commission File Number: 0-30852
GRUPO
FINANCIERO GALICIA S.A.
(the “Registrant”)
Galicia Financial Group S.A.
(translation of Registrant’s name into English)
Tte. Gral. Juan D. Perón 430, 25th Floor
(CP1038AAJ) Buenos Aires, Argentina
(address of principal executive offices)
Indicate by check mark whether
the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
Indicate by check mark whether by furnishing the information contained in this form, the Registrant is also thereby furnishing the information to the
Securities and Exchange Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ¨ No x
If “Yes” is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b):
82-
FORM 6-K
Commission File No. 0-30852
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| Month Filed |
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Event and Summary |
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Exhibit No. |
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| February, 2015 |
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Financial results of the Registrant for the fourth quarter and fiscal year ended December 31, 2014. |
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99.1 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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GRUPO FINANCIERO GALICIA S.A. |
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(Registrant) |
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| Date: February 13, 2015 |
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By: |
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/s/ Pedro Alberto Richards |
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Name: |
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Pedro Alberto Richards |
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Title: |
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Chief Executive Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information contact:
Pedro A. Richards
Chief Executive Officer
Telefax: (5411) 4343-7528
investors@gfgsa.com
www.gfgsa.com
GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR ITS FOURTH QUARTER AND FISCAL YEAR ENDED DECEMBER 31, 2014
Buenos Aires, Argentina, February 12, 2015 – Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia”; “GFG”) (Buenos Aires
Stock Exchange: GGAL /NASDAQ: GGAL) announced its consolidated financial results for the fourth quarter and the fiscal year ended on December 31, 2014.
Beginning in this quarter the report of Grupo Financiero Galicia S.A. has incorporated detailed information from Banco de Galicia y Buenos Aires S.A.
(“Banco Galicia”, “the Bank”).
HIGHLIGHTS
| • |
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Net income for the fiscal year ended on December 31, 2014, amounted to Ps.3,338 million or Ps. Ps.2.57 per share. |
| • |
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Net income from Banco Galicia for the fiscal year ended on December 31, 2014, amounted to Ps.3,158 million. |
| • |
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Net income for the fourth quarter of fiscal year 2014 amounted to Ps.883 million, or Ps. Ps.0.68 per share. |
| • |
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The result of the quarter was mainly attributable to the income derived from GFG’s interest in Banco Galicia, for Ps.834 million, in Sudamericana Holding S.A., for Ps.49 million, and in Galicia Administradora de
Fondos S.A., for Ps.17 million, partially offset by administrative and financial expenses of Ps.27 million. |
| • |
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As of December 31, 2014, Grupo Financiero Galicia and its subsidiaries had a staff of 12,012 employees, a network of 653 branches and other points of contact with clients, managed 3.0 million deposit accounts
and 11.9 million credit cards. |
CONFERENCE CALL
On Friday, February 13, 2015 at 11:00 A.M.
Eastern Standard Time (01:00 PM Buenos Aires Time), GFG will host a conference call to review this results. The call-in number is: 719-325-2323 – Conference ID: 7582297.
GRUPO FINANCIERO GALICIA S.A.
RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
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In millions of pesos, except percentages |
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| Table I:
Results by Business |
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FY2014 |
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FY2013 |
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Variation (%) |
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| Income from Equity Investments in: |
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| Banco de Galicia y Buenos Aires S.A. |
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3,129 |
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1,780 |
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75.8 |
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| Sudamericana Holding S.A. |
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205 |
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156 |
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31.4 |
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| Galicia Administradora de Fondos S.A. (1) |
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38 |
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— |
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— |
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| Other companies (2) |
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15 |
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12 |
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25.0 |
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| Deferred tax adjustment (3) |
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54 |
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37 |
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45.9 |
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| Administrative Expenses |
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(32 |
) |
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(38 |
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(15.8 |
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| Financial Results |
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(68 |
) |
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(119 |
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(42.9 |
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| Other income and expenses |
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(3 |
) |
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(4 |
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(25.0 |
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| Net Income |
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3,338 |
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1,824 |
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83.0 |
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| (1) |
Equity Investment acquired in April, 2014 by Banco Galicia. |
| (2) |
Includes the results from GFG’s interests in Compañía Financiera Argentina S.A. (3%), Galicia Warrants S.A. (87.5%) and Net Investment S.A. (87.5%). |
| (3) |
Income tax charge determined by Banco Galicia´s subsidiaries in accordance with the deferred tax method. |
Net income for fiscal year ended December 31, 2014, amounted to Ps.3,338 million, 83% higher than the profit for fiscal year 2013.
This result was mainly due to profits from its interest in Banco Galicia, for Ps.3,129 million, and in Sudamericana Holding S.A., for Ps.205 million.
RESULTS FOR THE FOURTH QUARTER
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In millions of pesos, except percentages |
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| Table II:
Net Income by Business |
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FY2014 |
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FY2013 |
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Variation (%) |
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4th Q |
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3rd Q |
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4th Q |
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4Q14 vs
3Q 14 |
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4Q14 vs
4Q13 |
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| Income from Equity Investments in: |
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| Banco de Galicia y Buenos Aires S.A. |
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834 |
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877 |
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612 |
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(4.9 |
) |
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36.3 |
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| Sudamericana Holding S.A. |
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49 |
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52 |
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42 |
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(5.8 |
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16.7 |
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| Galicia Administradora de Fondos S.A. (1) |
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17 |
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13 |
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— |
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30.8 |
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— |
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| Other companies (2) |
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2 |
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5 |
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2 |
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(60.0 |
) |
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— |
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| Deferred tax adjustment (3) |
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8 |
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14 |
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(9 |
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(42.9 |
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— |
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| Administrative Expenses |
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(9 |
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(6 |
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(11 |
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50.0 |
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(18.2 |
) |
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| Financial Results |
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(19 |
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(22 |
) |
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(8 |
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(13.6 |
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137.5 |
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| Other income and expenses |
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1 |
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(2 |
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(1 |
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— |
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— |
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| Net Income |
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883 |
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931 |
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627 |
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(5.2 |
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40.8 |
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| (1) |
Equity Investment acquired in April, 2014 by Banco Galicia. |
| (2) |
Includes the results from GFG’s interests in Compañía Financiera Argentina S.A. (3%), Galicia Warrants S.A. (87.5%) and Net Investment S.A. (87.5%). |
| (3) |
Income tax charge determined by Banco Galicia´s subsidiaries in accordance with the deferred tax method. |
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2 |
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| |
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In pesos, except stated otherwise or if percentages |
|
| Table III: |
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FY2014 |
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FY2013 |
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Twelve Month Ended |
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| Principal Indicators |
|
4th Q |
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4th Q |
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12/31/14 |
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12/31/13 |
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| Earnings per Share |
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| Average Shares Outstanding (in thousands) |
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1,300,265 |
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1,300,265 |
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1,300,265 |
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1,300,265 |
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| Earnings per Share (1) |
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0.68 |
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0.48 |
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2.57 |
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1.40 |
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| Book Value per Share(1) |
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7.88 |
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5.34 |
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7.88 |
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5.34 |
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| Closing Price |
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| Shares - Buenos Aires Stock Exchange |
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18.50 |
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9.33 |
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| ADS - Nasdaq (in dollars) |
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15.89 |
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10.45 |
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| Price/Book Value |
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2.35 |
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1.75 |
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| Average Daily Volume (amounts, in thousands) |
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|
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|
|
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| Buenos Aires Stock Exchange |
|
|
985 |
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|
|
1,786 |
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|
1,229 |
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|
1,646 |
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| Nasdaq (2) |
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|
4,237 |
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|
|
6,244 |
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|
|
5,529 |
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|
|
3,043 |
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| Profitability (%) |
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| Return on Average Assets (3) |
|
|
3.78 |
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|
|
3.43 |
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|
|
3.85 |
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|
|
2.91 |
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| Return on Average Shareholders’ Equity (3) |
|
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36.28 |
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|
39.50 |
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|
39.07 |
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|
32.47 |
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|
| (1) |
10 ordinary shares = 1 ADS. |
| (2) |
Expressed in equivalent shares. |
In the fourth quarter of fiscal year 2014, Grupo Financiero Galicia recorded a Ps.883
million profit, which represented a 3.78% annualized return on average assets and a 36.28% return on average shareholder’s equity.
Said result is
mainly due to profits from its interest in Banco Galicia, for Ps.834 million, which represents 94.45% from Grupo Financiero Galicia’s net income.
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|
3 |
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| Grupo Financiero Galicia S.A. – Selected Financial Information – Consolidated Data |
|
In millions of pesos |
|
| |
|
FY2014 |
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|
FY2013 |
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| |
|
4th Q |
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|
3rd Q |
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|
2nd Q |
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|
1st Q |
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|
4th Q |
|
| Consolidated Balance Sheet |
|
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|
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|
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|
|
|
|
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| Cash and due from Banks |
|
|
16,959 |
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|
14,478 |
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|
14,688 |
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|
14,238 |
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|
12,560 |
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| Government and Corporate Securities |
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|
10,010 |
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|
10,974 |
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|
10,323 |
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|
6,769 |
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|
|
3,987 |
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| Net Loans |
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|
66,608 |
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|
61,579 |
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|
|
58,846 |
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|
55,958 |
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|
55,265 |
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| Other Receivables Resulting from Financial Brokerage |
|
|
6,798 |
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|
6,970 |
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|
6,473 |
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|
6,502 |
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|
|
5,696 |
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| Equity Investments in other Companies |
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|
52 |
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|
|
51 |
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|
57 |
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|
|
94 |
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|
|
90 |
|
| Bank Premises and Equipment, Miscellaneous and Intangible Assets |
|
|
3,759 |
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|
|
3,464 |
|
|
|
3,307 |
|
|
|
3,177 |
|
|
|
3,062 |
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| Other Assets |
|
|
3,128 |
|
|
|
3,129 |
|
|
|
2,727 |
|
|
|
2,926 |
|
|
|
2,496 |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
107,314 |
|
|
|
100,645 |
|
|
|
96,421 |
|
|
|
89,664 |
|
|
|
83,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| Deposits |
|
|
64,666 |
|
|
|
59,931 |
|
|
|
58,563 |
|
|
|
55,055 |
|
|
|
51,395 |
|
| Other Liabilities Resulting from Financial Brokerage |
|
|
25,401 |
|
|
|
24,650 |
|
|
|
23,392 |
|
|
|
20,788 |
|
|
|
19,333 |
|
| Subordinated Negotiable Obligations |
|
|
2,066 |
|
|
|
1,969 |
|
|
|
1,917 |
|
|
|
1,818 |
|
|
|
1,656 |
|
| Other Liabilities |
|
|
4,154 |
|
|
|
4,002 |
|
|
|
3,456 |
|
|
|
3,587 |
|
|
|
3,223 |
|
| Minority Interest |
|
|
781 |
|
|
|
729 |
|
|
|
660 |
|
|
|
638 |
|
|
|
602 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
97,068 |
|
|
|
91,281 |
|
|
|
87,988 |
|
|
|
81,886 |
|
|
|
76,209 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ Equity |
|
|
10,246 |
|
|
|
9,364 |
|
|
|
8,433 |
|
|
|
7,778 |
|
|
|
6,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Consolidated Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Financial Income |
|
|
4,976 |
|
|
|
4,884 |
|
|
|
4,945 |
|
|
|
5,055 |
|
|
|
3,971 |
|
| Financial Expenses |
|
|
(2,763 |
) |
|
|
(2,344 |
) |
|
|
(2,741 |
) |
|
|
(2,473 |
) |
|
|
(1,907 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Gross Brokerage Margin |
|
|
2,213 |
|
|
|
2,540 |
|
|
|
2,204 |
|
|
|
2,582 |
|
|
|
2,064 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions for Loan Losses |
|
|
(517 |
) |
|
|
(646 |
) |
|
|
(566 |
) |
|
|
(682 |
) |
|
|
(508 |
) |
| Income from Services, Net |
|
|
1,600 |
|
|
|
1,575 |
|
|
|
1,345 |
|
|
|
1,179 |
|
|
|
1,169 |
|
| Income from Insurance Activities |
|
|
369 |
|
|
|
302 |
|
|
|
302 |
|
|
|
265 |
|
|
|
228 |
|
| Administrative Expenses |
|
|
(2,522 |
) |
|
|
(2,356 |
) |
|
|
(2,291 |
) |
|
|
(2,052 |
) |
|
|
(1,981 |
) |
| Minority Interest |
|
|
(77 |
) |
|
|
(70 |
) |
|
|
(47 |
) |
|
|
(36 |
) |
|
|
(40 |
) |
| Income from Equity Investments |
|
|
50 |
|
|
|
112 |
|
|
|
23 |
|
|
|
28 |
|
|
|
27 |
|
| Net Other Income |
|
|
176 |
|
|
|
95 |
|
|
|
127 |
|
|
|
105 |
|
|
|
96 |
|
| Income Tax |
|
|
(409 |
) |
|
|
(621 |
) |
|
|
(404 |
) |
|
|
(558 |
) |
|
|
(428 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
883 |
|
|
|
931 |
|
|
|
693 |
|
|
|
831 |
|
|
|
627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grupo Financiero Galicia S.A. - Selected Financial Information – Consolidated Data |
|
In millions of pesos |
|
| |
|
FY2014 |
|
|
FY2013 |
|
| Consolidated Income Statement |
|
|
|
|
|
|
|
|
| Financial Income |
|
|
19,860 |
|
|
|
13,076 |
|
| Financial Expenses |
|
|
(10,321 |
) |
|
|
(6,170 |
) |
|
|
|
|
|
|
|
|
|
| Gross Brokerage Margin |
|
|
9,539 |
|
|
|
6,906 |
|
|
|
|
|
|
|
|
|
|
| Provisions for Loan Losses |
|
|
(2,411 |
) |
|
|
(1,776 |
) |
| Income from Services, Net |
|
|
5,699 |
|
|
|
4,239 |
|
| Income from Insurance Activities |
|
|
1,238 |
|
|
|
905 |
|
| Administrative Expenses |
|
|
(9,221 |
) |
|
|
(7,428 |
) |
| Minority Interest |
|
|
(230 |
) |
|
|
(209 |
) |
| Income from Equity Investments |
|
|
213 |
|
|
|
124 |
|
| Net Other Income |
|
|
503 |
|
|
|
295 |
|
| Income Tax |
|
|
(1,992 |
) |
|
|
(1,232 |
) |
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
3,338 |
|
|
|
1,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Grupo Financiero Galicia S.A. – Additional Information |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
FY2014 |
|
|
FY2013 |
|
| |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Physical Data (Number of) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Employees |
|
|
12,012 |
|
|
|
11,971 |
|
|
|
12,205 |
|
|
|
12,463 |
|
|
|
12,603 |
|
| Banco Galicia |
|
|
5,374 |
|
|
|
5,317 |
|
|
|
5,344 |
|
|
|
5,424 |
|
|
|
5,487 |
|
| Regional Credit-Card Companies |
|
|
5,232 |
|
|
|
5,346 |
|
|
|
5,447 |
|
|
|
5,563 |
|
|
|
5,668 |
|
| Compañía Financiera Argentina |
|
|
1,112 |
|
|
|
1,026 |
|
|
|
1,139 |
|
|
|
1,196 |
|
|
|
1,170 |
|
| Sudamericana Holding |
|
|
242 |
|
|
|
229 |
|
|
|
222 |
|
|
|
226 |
|
|
|
224 |
|
| Galicia Administradora de Fondos |
|
|
16 |
|
|
|
16 |
|
|
|
15 |
|
|
|
13 |
|
|
|
13 |
|
| Other companies |
|
|
36 |
|
|
|
37 |
|
|
|
38 |
|
|
|
41 |
|
|
|
41 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Branches |
|
|
527 |
|
|
|
526 |
|
|
|
526 |
|
|
|
524 |
|
|
|
524 |
|
| Bank Branches |
|
|
261 |
|
|
|
261 |
|
|
|
261 |
|
|
|
261 |
|
|
|
261 |
|
| Regional Credit-Card Companies |
|
|
207 |
|
|
|
206 |
|
|
|
206 |
|
|
|
204 |
|
|
|
204 |
|
| Compañía Financiera Argentina |
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Points of Sale |
|
|
126 |
|
|
|
126 |
|
|
|
126 |
|
|
|
127 |
|
|
|
127 |
|
| Regional Credit-Card Companies |
|
|
90 |
|
|
|
90 |
|
|
|
90 |
|
|
|
91 |
|
|
|
91 |
|
| Compañía Financiera Argentina |
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposit Accounts (in thousands) |
|
|
3,006 |
|
|
|
2,948 |
|
|
|
2,884 |
|
|
|
2,815 |
|
|
|
2,768 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Credit Cards (in thousands) |
|
|
11,933 |
|
|
|
11,631 |
|
|
|
11,223 |
|
|
|
10.988 |
|
|
|
10,891 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Banco Galicia |
|
|
2,882 |
|
|
|
2,800 |
|
|
|
2,692 |
|
|
|
2,587 |
|
|
|
2,520 |
|
| Regional Credit-Card Companies |
|
|
8,880 |
|
|
|
8,676 |
|
|
|
8,420 |
|
|
|
8,293 |
|
|
|
8,270 |
|
| Compañía Financiera Argentina |
|
|
171 |
|
|
|
155 |
|
|
|
111 |
|
|
|
108 |
|
|
|
101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Inflation and Exchange Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Retail Price Index (%) (1) |
|
|
3.40 |
|
|
|
4.20 |
|
|
|
4.58 |
|
|
|
9.98 |
|
|
|
3.27 |
|
| Wholesale Price Index (I.P.I.M.) (%) (1) |
|
|
3.12 |
|
|
|
4.66 |
|
|
|
5.18 |
|
|
|
13.01 |
|
|
|
3.90 |
|
| C.E.R. Coefficient (%) (1) |
|
|
3.83 |
|
|
|
4.13 |
|
|
|
6.33 |
|
|
|
8.15 |
|
|
|
2.65 |
|
| Exchange Rate (Pesos per US$) (2) |
|
|
8.5520 |
|
|
|
8.4643 |
|
|
|
8.1327 |
|
|
|
8.0098 |
|
|
|
6.5180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Rates (quarterly averages(3)) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Badlar (4) |
|
|
19.95 |
|
|
|
21.17 |
|
|
|
24.66 |
|
|
|
24.45 |
|
|
|
19.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Reference Interest Rate |
|
|
26.66 |
|
|
|
26.81 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Minimum Interest Rate on 30 to 44 days Time Deposits (5) |
|
|
23.19 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Maximum Interest Rate on Personal Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Group I |
|
|
38.65 |
|
|
|
38.87 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
| Group II |
|
|
47.98 |
|
|
|
48.26 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest Rate on Credit Line for Investment Projects |
|
|
19.50 |
|
|
|
19.50 |
|
|
|
17.50 |
|
|
|
17.50 |
|
|
|
15.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (1) |
Variation within the quarter. |
| (2) |
Reference foreign currency exchange rate in accordance to Communiqué “A” 3500 from the Argentine Central Bank, as of the last working day of the quarter. |
| (3) |
Except for Credit Line for Investment Projects, which correspond to the interest rate established by regulations for each period. |
| (4) |
Private banks’ 30-day time deposits rate for amounts over Ps.1 million. |
| (5) |
Minimum interest rate on time deposits for individuals, for amounts up to Ps.350,000. |
|
|
|
|
|
|
|
|
|
5 |
BANCO DE GALICIA Y BUENOS AIRES S.A.
HIGHLIGHTS
| • |
|
Net income for the fourth quarter amounted to Ps.834 million, accumulating a Ps.3,158 million profit in fiscal year 2014, compared to a Ps.1,837 million profit in fiscal year 2013. |
| • |
|
The growth of results when compared to fiscal year 2013 was mainly due to the 35.1% growth in operating income(1) which was higher than the 23.5% increase in
administrative expenses, and, as a consequence, there was an improvement in the efficiency ratio. |
| • |
|
The credit exposure to the private sector reached Ps.79.016 million, up 20.1% during the last twelve months, and deposits reached Ps.64,932 million, up 24.7% during the same period. As of December 31, 2014, the
Bank’s estimated market share of loans to the private sector was 8.78% while its estimated market share of deposits from the private sector was 8.79%. |
| • |
|
During the fourth quarter the portfolio quality recorded a positive development, with non-performing loans to the private sector reaching 3.57% of total loans to the private sector, a similar level to that of the year
before. In addition, the coverage of non-performing loans with allowances for loan losses reached 105.78%, compared to 103.80% as of the end of December 31, 2013. |
| • |
|
In the framework of the Credit Line for Productive Investment Projects, as of December 31, the Bank completed the placement of the second tranche of the 2014 quota. Since the establishment of this credit line, the
amount granted reached Ps.9,744 million, Ps. 6,867 million of which were outstanding as of the end of fiscal year 2014. |
| • |
|
As of the end of the quarter, shareholders’ equity amounted to Ps.9,899 million, and the computable capital was Ps.10,133 million, representing a Ps.3,056 million excess capital. The capital ratio was 15.91%.
|
INFORMATION DISCLOSURE
The data shown
in the tables below and the consolidated financial statements correspond to Banco de Galicia y Buenos Aires S.A., consolidated with the subsidiaries under its direct or indirect control, except where otherwise noted.
The Bank’s consolidated financial statements and the figures included in the different tables of this report correspond to Banco de Galicia y Buenos
Aires S.A., Banco Galicia Uruguay S.A. (in liquidation), Galicia Cayman S.A. (until September 30, 2014, as on October 1 it was merged with Banco Galicia), Tarjetas Regionales S.A. and its subsidiaries, Tarjetas del Mar S.A., Galicia
Valores S.A. Sociedad de Bolsa, Galicia Administradora de Fondos S.A. (until March 31, 2014, as in April it was sold to Grupo Financiero Galicia S.A.), Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.
| (1) |
Net financial income plus net income from services. |
|
|
|
|
|
|
|
|
|
6 |
RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table IV
Evolution of Consolidated Results |
|
FY2014 |
|
|
FY2013 |
|
|
Variation
(%) |
|
| Net Financial Income |
|
|
9,451 |
|
|
|
6,916 |
|
|
|
36.7 |
|
| Net Income from Services |
|
|
6,335 |
|
|
|
4,766 |
|
|
|
32.9 |
|
| Provisions for Loan Losses |
|
|
(2,411 |
) |
|
|
(1,776 |
) |
|
|
35.8 |
|
| Administrative Expenses |
|
|
(8,890 |
) |
|
|
(7,197 |
) |
|
|
23.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
4,485 |
|
|
|
2,709 |
|
|
|
65.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Other Income / (Loss)
(*) |
|
|
575 |
|
|
|
306 |
|
|
|
87.9 |
|
| Income Tax |
|
|
(1,902 |
) |
|
|
(1,178 |
) |
|
|
61.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
3,158 |
|
|
|
1,837 |
|
|
|
71.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes income from equity investments and minority interest results. |
Net income for fiscal year 2014
amounted to Ps.3,158 million, compared to a Ps.1,837 million profit for fiscal year 2013.
This result represented a 3.64% return on average assets and a
37.89% return on average shareholder’s equity, compared to 2.85% and 32.08%, respectively, recorded in fiscal year 2013.
The higher net income was
mainly due to a Ps.4,104 million increase in the operating income, partially offset by increases of Ps.1,693 million in administrative expenses, of Ps.635 million in provisions for loan losses and of Ps.724 million in income tax.
The operating income for fiscal year 2014 totaled Ps.15,786 million, up 35.1% from the Ps.11,682 million recorded in the prior year. This positive development
was due both to a Ps.2,535 million (36.7%) higher net financial income and a Ps.1,569 million (32.9%) higher net income from services.
The
improvement in the net financial income was due to the increase in the volume of activity of the private sector together with a higher financial margin in the fiscal year.
Net income from services amounted to Ps.6,335 million, up 32.9% from fiscal year 2013 as a consequence of higher fees, mainly in those related to national and
regional credit cards (32.4%) and to deposit accounts (52.7%).
Provisions for loan losses amounted to Ps.2,411 million, Ps.635 million higher than
in fiscal year 2013, due to the evolution of both consumer and commercial portfolios.
Administrative expenses totaled Ps.8,890, 23.5% higher than in the
previous fiscal year. Personnel expenses amounted to Ps.5,067 million, growing 20.7% from the previous fiscal year, mainly as a consequence of the salary increase agreement with the unions. The remaining administrative expenses increased to Ps.3,823
million, Ps.823 million (27.4%) higher than in fiscal year 2013, as a consequence of the increase of expenses related to services provided to the Bank.
Income from equity investments for the fiscal year amounted to Ps.255 million, compared to Ps.150 million of fiscal year 2013. This increase was mainly
related to: (i) the profit from the transfer of the Bank’s equity investment in Banelco S.A. to Visa Argentina S.A., within the framework of the project for the integration of these companies; (ii) the sale of the Bank’s interest
in Galicia Administrdora de Fondos S.A. to Grupo Financiero Galicia; (iii) the collection of dividends from Visa S.A.; and (iv) higher profits from Sudamericana Holding S.A.
|
|
|
|
|
|
|
|
|
7 |
Net other income for the fiscal year amounted to Ps.505 million, growing Ps.206 million as compared to the Ps.299
million profit for the prior year, mainly due to higher punitive interests (for Ps.97 million) and lower net other provisions (for Ps.56 million).
The
income tax charge was Ps.1,902 million, Ps.724 million higher than in fiscal year 2013.
RESULTS FOR THE FOURTH QUARTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| |
|
FY2014 |
|
|
FY2013 |
|
|
Variation (%) |
|
| Table V
Evolution of Consolidated Results |
|
4th Q |
|
|
3rd Q |
|
|
4th Q |
|
|
4Q14 vs
3Q14 |
|
|
4Q14 vs
4Q13 |
|
| Net Financial Income |
|
|
2,212 |
|
|
|
2,521 |
|
|
|
2,037 |
|
|
|
(12.3 |
) |
|
|
8.6 |
|
| Net Income from Services |
|
|
1,777 |
|
|
|
1,723 |
|
|
|
1,295 |
|
|
|
3.1 |
|
|
|
37.2 |
|
| Provisions for Loan Losses |
|
|
(517 |
) |
|
|
(646 |
) |
|
|
(508 |
) |
|
|
(20.0 |
) |
|
|
1.8 |
|
| Administrative Expenses |
|
|
(2,418 |
) |
|
|
(2,273 |
) |
|
|
(1,911 |
) |
|
|
6.4 |
|
|
|
26.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
1,054 |
|
|
|
1,325 |
|
|
|
913 |
|
|
|
(20.5 |
) |
|
|
15.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Other Income /
(Loss)(*) |
|
|
156 |
|
|
|
150 |
|
|
|
81 |
|
|
|
4.0 |
|
|
|
92.6 |
|
| Income Tax |
|
|
(376 |
) |
|
|
(598 |
) |
|
|
(388 |
) |
|
|
(37.1 |
) |
|
|
(3.1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
834 |
|
|
|
877 |
|
|
|
606 |
|
|
|
(4.9 |
) |
|
|
37.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes income from equity investments and minority interest results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table VI |
|
FY2014 |
|
|
FY2013 |
|
|
Twelve Months Ended |
|
| Profitability and Efficiency |
|
4th Q |
|
|
4th Q |
|
|
12/31/14 |
|
|
12/31/13 |
|
| Return on Average Assets
(*) |
|
|
3.52 |
|
|
|
3.38 |
|
|
|
3.64 |
|
|
|
2.85 |
|
| Return on Average Shareholders’ Equity (*) |
|
|
35.35 |
|
|
|
37.59 |
|
|
|
37.89 |
|
|
|
32.08 |
|
| Financial Margin (*) (1) |
|
|
11.61 |
|
|
|
13.55 |
|
|
|
13.43 |
|
|
|
12.76 |
|
| Net Income from Services as a % of Operating Income (2) |
|
|
44.55 |
|
|
|
38.86 |
|
|
|
40.13 |
|
|
|
40.80 |
|
| Net Income from Services as a % of Administrative Expenses |
|
|
73.49 |
|
|
|
67.76 |
|
|
|
71.26 |
|
|
|
66.23 |
|
| Administrative Expenses as a % of Operating Income (2) |
|
|
60.62 |
|
|
|
57.35 |
|
|
|
56.32 |
|
|
|
61.60 |
|
| (1) |
Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
| (2) |
Operating Income: Net Financial Income plus Net Income from Services. |
In the fourth quarter of fiscal
year 2014, the Bank recorded a Ps.834 million profit, as compared to the Ps.606 million profit for the same quarter of the previous year.
The variation
in net income was a consequence of the Ps.657 million increase in operating income, which was offset mainly by the Ps.507 million increase in administrative expenses.
The operating income for the fourth quarter of fiscal year 2014 totaled Ps.3,989 million, up 19.7% from the Ps.3,332 million recorded in the same quarter of
the prior year. This positive development was due both to a higher net income from services (up Ps.482 million or 37.2%) and a higher net financial income (up Ps.175 million or 8.6%).
Net financial income for the fourth quarter of fiscal year 2014 amounted to Ps.2,212 million, up Ps.175 million from the same quarter of the previous fiscal
year.
The net financial income for the quarter includes a Ps.175 million loss from foreign-currency quotation differences (including the results from
foreign-currency forward transactions), compared to a Ps.285
|
|
|
|
|
|
|
|
|
8 |
million profit in the fourth quarter of fiscal year 2013. The quarter’s profit was composed of a Ps.61 million gain from FX brokerage and of a Ps.236 million loss from the valuation of the
foreign-currency net position and the results from foreign-currency forward transactions, compared to profits of Ps.49 million and Ps.236 million, respectively, in the fourth quarter of fiscal year 2013.
The quarter’s net financial income before foreign-currency quotation differences amounted to Ps.2,387 million, with a Ps.635 million increase as compared
to the Ps.1,752 million income of the same quarter of fiscal year 2013, as a consequence of the increase in the volume of activity with the private sector and in the spread of these transactions.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Average balances in millions of pesos. Yields and rates in annualized nominal % |
|
| |
|
FY2014 |
|
|
FY2013 |
|
| Table VII |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Average Balances, Yield and Rates(*) |
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
| Interest-Earning Assets |
|
|
76,184 |
|
|
|
25.30 |
|
|
|
71,639 |
|
|
|
27.25 |
|
|
|
69,662 |
|
|
|
27.50 |
|
|
|
64,000 |
|
|
|
25.32 |
|
|
|
60,143 |
|
|
|
23.16 |
|
| Government Securities |
|
|
9,697 |
|
|
|
13.00 |
|
|
|
10,000 |
|
|
|
29.45 |
|
|
|
9,919 |
|
|
|
25.89 |
|
|
|
5,425 |
|
|
|
11.82 |
|
|
|
5,127 |
|
|
|
14.59 |
|
| Loans |
|
|
64,269 |
|
|
|
27.16 |
|
|
|
59,056 |
|
|
|
27.28 |
|
|
|
57,145 |
|
|
|
27.89 |
|
|
|
55,905 |
|
|
|
26.06 |
|
|
|
52,816 |
|
|
|
24.34 |
|
| Financial Trusts Securities |
|
|
846 |
|
|
|
27.06 |
|
|
|
876 |
|
|
|
9.80 |
|
|
|
903 |
|
|
|
28.54 |
|
|
|
867 |
|
|
|
71.94 |
|
|
|
903 |
|
|
|
7.54 |
|
| Other Interest-Earning Assets |
|
|
1,372 |
|
|
|
24.47 |
|
|
|
1,707 |
|
|
|
22.27 |
|
|
|
1,695 |
|
|
|
23.05 |
|
|
|
1,803 |
|
|
|
20.59 |
|
|
|
1,297 |
|
|
|
19.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing Liabilities |
|
|
54,388 |
|
|
|
15.40 |
|
|
|
52,497 |
|
|
|
15.72 |
|
|
|
52,289 |
|
|
|
18.55 |
|
|
|
47,654 |
|
|
|
16.26 |
|
|
|
43,861 |
|
|
|
14.00 |
|
| Saving Accounts |
|
|
11,298 |
|
|
|
0.21 |
|
|
|
10,670 |
|
|
|
0.18 |
|
|
|
9,375 |
|
|
|
0.20 |
|
|
|
9,401 |
|
|
|
0.18 |
|
|
|
8,722 |
|
|
|
0.18 |
|
| Time Deposits |
|
|
31,048 |
|
|
|
20.63 |
|
|
|
30,041 |
|
|
|
21.45 |
|
|
|
31,650 |
|
|
|
23.85 |
|
|
|
28,180 |
|
|
|
21.20 |
|
|
|
26,036 |
|
|
|
18.21 |
|
| Debt Securities |
|
|
9,334 |
|
|
|
15.93 |
|
|
|
8,729 |
|
|
|
16.18 |
|
|
|
8,312 |
|
|
|
16.65 |
|
|
|
7,697 |
|
|
|
16.13 |
|
|
|
6,683 |
|
|
|
14.23 |
|
| Other Interest-Bearing Liabilities |
|
|
2,708 |
|
|
|
16.95 |
|
|
|
3,057 |
|
|
|
12.43 |
|
|
|
2,952 |
|
|
|
25.43 |
|
|
|
2,376 |
|
|
|
21.60 |
|
|
|
2,420 |
|
|
|
17.76 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Does not include foreign-currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator. |
The average interest-earning assets grew Ps.16,041 million (26.7%) as compared to the fourth quarter of the previous fiscal year, mainly as a consequence
of the Ps.11,453 million increase in the average portfolio of loans to the private sector and of the Ps.4,570 million growth in the average balance of government securities, primarily Lebac and Nobac. Interest-bearing liabilities increased Ps.10,527
million (24.0%) during the same period, due to the increase of the average balances of debt securities and interest-bearing deposits.
The average
yield on interest-earning assets for the fourth quarter of fiscal year 2014 was 25.30%, with a 214 basis points (“b.p.”) increase compared to the same quarter of the prior year, mainly due to the increase in interest rates on the portfolio
of loans to the private sector (282 b.p.), offset by the decrease in those related to government securities (159 b.p.). Likewise, the average cost of interest-bearing liabilities was 15.40%, with a 140 b.p. increase compared to the fourth quarter of
the prior year, mainly due to increases in the cost of time deposits (242 b.p.).
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table VIII |
|
FY2014 |
|
|
FY2013 |
|
| Income from Services, Net |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| National Cards |
|
|
656 |
|
|
|
580 |
|
|
|
513 |
|
|
|
470 |
|
|
|
481 |
|
| Regional Credit Cards |
|
|
1,012 |
|
|
|
911 |
|
|
|
856 |
|
|
|
773 |
|
|
|
755 |
|
| CFA |
|
|
65 |
|
|
|
51 |
|
|
|
38 |
|
|
|
32 |
|
|
|
29 |
|
| Deposit Accounts |
|
|
383 |
|
|
|
372 |
|
|
|
311 |
|
|
|
275 |
|
|
|
233 |
|
| Insurance |
|
|
94 |
|
|
|
88 |
|
|
|
82 |
|
|
|
76 |
|
|
|
72 |
|
| Financial Fees |
|
|
26 |
|
|
|
29 |
|
|
|
21 |
|
|
|
21 |
|
|
|
20 |
|
| Credit-Related Fees |
|
|
67 |
|
|
|
61 |
|
|
|
54 |
|
|
|
45 |
|
|
|
61 |
|
| Foreign Trade |
|
|
48 |
|
|
|
49 |
|
|
|
44 |
|
|
|
39 |
|
|
|
37 |
|
| Collections |
|
|
52 |
|
|
|
51 |
|
|
|
44 |
|
|
|
35 |
|
|
|
29 |
|
| Utility-Bills Collection Services |
|
|
34 |
|
|
|
36 |
|
|
|
30 |
|
|
|
26 |
|
|
|
25 |
|
| Mutual Funds |
|
|
6 |
|
|
|
4 |
|
|
|
3 |
|
|
|
3 |
|
|
|
3 |
|
| Other |
|
|
131 |
|
|
|
126 |
|
|
|
94 |
|
|
|
120 |
|
|
|
114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Income |
|
|
2,574 |
|
|
|
2,358 |
|
|
|
2,090 |
|
|
|
1,915 |
|
|
|
1,859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Expenditures |
|
|
(797 |
) |
|
|
(635 |
) |
|
|
(601 |
) |
|
|
(569 |
) |
|
|
(564 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income from Services, Net |
|
|
1,777 |
|
|
|
1,723 |
|
|
|
1,489 |
|
|
|
1,346 |
|
|
|
1,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services amounted to Ps.1,777 million, up 37.2% from the Ps.1,295 million recorded in the fourth quarter of
the previous fiscal year. The increase of fees which stood out were those related to national and regional credit cards fees (35.0%) and to deposit accounts (64.4%).
Provisions for loan losses for the fourth quarter of fiscal year 2014 amounted to Ps.517 million, slightly above the Ps.508 million recorded in the same
quarter of the prior year, the increase recorded is mainly due to the consumer loan portfolio.
Administrative expenses for the quarter totaled Ps.2,418
million, up 26.5% from the same quarter of the previous year. Personnel expenses amounted to Ps.1,344 million, growing 18.8%, mainly due to the salary increase agreements with the unions. The remaining administrative expenses amounted to Ps.1,074
million, with a Ps.294 million increase (37.7%) as compared to Ps.780 million from the fourth quarter of fiscal year 2013, due to the increase of expenses related to services provided to the Bank.
Net other income for the fourth quarter amounted to Ps.173 million, growing 78.4% as compared to the Ps.97 million profit for the same quarter of the prior
year, mainly due to lower net other provisions (for Ps.51 million) and higher punitive interests (for Ps.17 million).
The income tax charge was Ps.376
million, Ps.12 million lower than in the fourth quarter of fiscal year 2013.
|
|
|
|
|
|
|
|
|
10 |
LEVEL OF ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table IX |
|
FY2014 |
|
|
FY2013 |
|
| Exposure to the Private Sector |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Loans |
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
|
|
57,408 |
|
| Financial Leases |
|
|
1,066 |
|
|
|
1,055 |
|
|
|
1,104 |
|
|
|
1,119 |
|
|
|
1,150 |
|
| Corporate Securities |
|
|
724 |
|
|
|
628 |
|
|
|
550 |
|
|
|
971 |
|
|
|
888 |
|
| Other Financing (*) |
|
|
7,877 |
|
|
|
6,626 |
|
|
|
6,842 |
|
|
|
6,663 |
|
|
|
6,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Subtotal |
|
|
78,875 |
|
|
|
72,527 |
|
|
|
69,912 |
|
|
|
67,071 |
|
|
|
65,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securitized Assets (**) |
|
|
141 |
|
|
|
164 |
|
|
|
172 |
|
|
|
173 |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Credit |
|
|
79,016 |
|
|
|
72,691 |
|
|
|
70,084 |
|
|
|
67,244 |
|
|
|
65,801 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes certain accounts under the balance sheet heading Other Receivables from Financial Brokerage, Guarantees Granted and Unused Balances of Loans Granted. |
| (**) |
Financial trust CFA Trust I. |
As of December 31, 2014, the Bank’s total exposure to the
private sector reached Ps.79,016 million, with an increase of 20.1 % from the year before and of 8.7% during the quarter.
Total loans include
Ps.16,104 million corresponding to the regional credit card companies, which registered a 29.4% increase during the last twelve months and a 11.4% increase in the quarter. They also include Ps.3,157 million from CFA (including the financial trust
CFA Trust I), which were down 2.2% during year, and 1.5% in the quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table X |
|
FY2014 |
|
|
FY2013 |
|
| Market Share (*) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Total Loans |
|
|
8.08 |
|
|
|
8.04 |
|
|
|
7.98 |
|
|
|
7.94 |
|
|
|
8.07 |
|
| Loans to the Private Sector |
|
|
8.78 |
|
|
|
8.73 |
|
|
|
8.63 |
|
|
|
8.67 |
|
|
|
8.78 |
|
| (*) |
Banco de Galicia and CFA, within the Argentine financial system, according to the daily information on loans published by the Argentine Central Bank. Loans include only principal. The regional credit-card
companies’ data is not included. |
The Bank’s market share of loans to the private sector as of December 31, 2014, without
considering those granted by the regional credit card companies, was 8.78%, compared to 8.73% from September 30, 2014, and similar to that for December 31, 2013.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XI |
|
FY2014 |
|
|
FY2013 |
|
| Loans by Type of Borrower |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Large Corporations |
|
|
8,590 |
|
|
|
10,416 |
|
|
|
9,290 |
|
|
|
6,877 |
|
|
|
6,508 |
|
| SMEs |
|
|
20,514 |
|
|
|
18,414 |
|
|
|
17,377 |
|
|
|
18,726 |
|
|
|
18,064 |
|
| Individuals |
|
|
39,649 |
|
|
|
34,920 |
|
|
|
33,796 |
|
|
|
32,201 |
|
|
|
31,988 |
|
| Financial Sector |
|
|
455 |
|
|
|
468 |
|
|
|
953 |
|
|
|
514 |
|
|
|
848 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Loans |
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
|
|
57,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowances |
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Loans, Net |
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
|
|
55,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XII |
|
FY2014 |
|
|
FY2013 |
|
| Loans by Sector of Activity |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Financial Sector |
|
|
455 |
|
|
|
468 |
|
|
|
953 |
|
|
|
514 |
|
|
|
848 |
|
| Services |
|
|
3,468 |
|
|
|
3,716 |
|
|
|
3,448 |
|
|
|
3,362 |
|
|
|
3,373 |
|
| Agriculture and Livestock |
|
|
8,178 |
|
|
|
7,013 |
|
|
|
6,594 |
|
|
|
7,626 |
|
|
|
7,160 |
|
| Consumer |
|
|
39,747 |
|
|
|
34,865 |
|
|
|
33,706 |
|
|
|
32,015 |
|
|
|
31,720 |
|
| Retail and Wholesale Trade |
|
|
5,936 |
|
|
|
6,216 |
|
|
|
5,594 |
|
|
|
5,294 |
|
|
|
5,401 |
|
| Construction |
|
|
709 |
|
|
|
823 |
|
|
|
626 |
|
|
|
674 |
|
|
|
707 |
|
| Manufacturing |
|
|
9,256 |
|
|
|
9,861 |
|
|
|
9,718 |
|
|
|
8,208 |
|
|
|
7,721 |
|
| Other |
|
|
1,459 |
|
|
|
1,256 |
|
|
|
777 |
|
|
|
625 |
|
|
|
478 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Loans |
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
|
|
57,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowances |
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Loans, Net |
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
|
|
55,279 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year, loans to the private sector registered growth, mainly in those granted to large corporations (32.0%),
individuals (23.9%) and SMEs (13.6%). By sector of activity, the higher growth was recorded in the consumer sector (25.3%), in the manufacturing sector (19.9%) and in the agriculture and livestock sector (14.2%).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XIII |
|
FY2014 |
|
|
FY2013 |
|
| Exposure to the Argentine Public Sector (*) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Government Securities’ Net Position |
|
|
10,101 |
|
|
|
11,225 |
|
|
|
9,447 |
|
|
|
7,473 |
|
|
|
4,216 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Held for Trading |
|
|
10,101 |
|
|
|
11,125 |
|
|
|
9,170 |
|
|
|
7,175 |
|
|
|
3,824 |
|
| Lebac / Nobac |
|
|
7,563 |
|
|
|
8,223 |
|
|
|
6,764 |
|
|
|
5,131 |
|
|
|
2,555 |
|
| Other |
|
|
2,538 |
|
|
|
2,902 |
|
|
|
2,406 |
|
|
|
2,044 |
|
|
|
1,269 |
|
| Bonar 2015 Bonds |
|
|
— |
|
|
|
100 |
|
|
|
277 |
|
|
|
298 |
|
|
|
392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other Receivables Resulting from Financial Brokerage |
|
|
867 |
|
|
|
881 |
|
|
|
886 |
|
|
|
892 |
|
|
|
1,105 |
|
| Trust Certificates of Participation and Securities |
|
|
830 |
|
|
|
831 |
|
|
|
880 |
|
|
|
886 |
|
|
|
1,079 |
|
| Other |
|
|
37 |
|
|
|
50 |
|
|
|
6 |
|
|
|
6 |
|
|
|
26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Exposure |
|
|
10,968 |
|
|
|
12,106 |
|
|
|
10,333 |
|
|
|
8,365 |
|
|
|
5,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with the Argentine Central Bank’s minimum cash requirement. |
As of December 31, 2014, the Bank’s exposure to the public sector amounted to Ps.10,968 million. Excluding debt securities issued by the Argentine
Central Bank, said exposure reached Ps.3,405 million (3.2% of total assets), while as of December 31, 2013, it amounted to Ps.2,766 million (3.4% of total assets). This increase during the last twelve months was due to the acquisition of
government securities, as Bonar 2016 and Bonar 2017, and provincial treasury bills and debt securities.
|
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XIV |
|
FY2014 |
|
|
FY2013 |
|
| Deposits (*) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| In Pesos |
|
|
60,091 |
|
|
|
55,789 |
|
|
|
54,808 |
|
|
|
51,782 |
|
|
|
48,382 |
|
| Current Accounts |
|
|
15,985 |
|
|
|
15,040 |
|
|
|
14,521 |
|
|
|
12,152 |
|
|
|
12,487 |
|
| Saving Accounts |
|
|
14,090 |
|
|
|
11,597 |
|
|
|
10,839 |
|
|
|
9,032 |
|
|
|
10,038 |
|
| Time Deposits |
|
|
29,081 |
|
|
|
28,181 |
|
|
|
28,390 |
|
|
|
29,647 |
|
|
|
25,050 |
|
| Other |
|
|
935 |
|
|
|
971 |
|
|
|
1,058 |
|
|
|
951 |
|
|
|
807 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| In Foreign Currency |
|
|
4,841 |
|
|
|
4,251 |
|
|
|
4,099 |
|
|
|
4,110 |
|
|
|
3,674 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Deposits |
|
|
64,932 |
|
|
|
60,040 |
|
|
|
58,907 |
|
|
|
55,892 |
|
|
|
52,056 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014, the Bank’s deposits amounted to Ps.64,932 million,
representing a 24.7% increase during the last twelve months and an 8.1% increase during the quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table XV |
|
FY2014 |
|
|
FY2013 |
|
| Market Share (*) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Total Deposits |
|
|
6.64 |
|
|
|
6.89 |
|
|
|
7.07 |
|
|
|
7.08 |
|
|
|
6.92 |
|
| Private Sector Deposits |
|
|
8.79 |
|
|
|
8.78 |
|
|
|
8.94 |
|
|
|
9.31 |
|
|
|
9.20 |
|
| (*) |
Banco Galicia and CFA, within the Argentine financial system, according to the daily information on deposits published by the Argentine Central Bank. Deposits and Loans include only principal. |
As of December 31, 2014, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 8.79%, compared to 8.78%
for the prior quarter and 9.20% for the year before.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XVI |
|
FY2014 |
|
|
FY2013 |
|
| Other Financial Liabilities |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Domestic Financial Institutions and Credit Entities |
|
|
1,100 |
|
|
|
1,341 |
|
|
|
1,350 |
|
|
|
1,474 |
|
|
|
1,443 |
|
| Foreign Financial Institutions and Credit Entities |
|
|
807 |
|
|
|
1,695 |
|
|
|
1,634 |
|
|
|
755 |
|
|
|
753 |
|
| Negotiable
Obligations(*) |
|
|
9,532 |
|
|
|
9,033 |
|
|
|
8,608 |
|
|
|
8,054 |
|
|
|
7,160 |
|
| Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions |
|
|
388 |
|
|
|
1,304 |
|
|
|
1,768 |
|
|
|
876 |
|
|
|
448 |
|
| Obligations in Connection with Debts with Merchants due to Credit-Card Activities |
|
|
10,893 |
|
|
|
8,844 |
|
|
|
8,455 |
|
|
|
7,996 |
|
|
|
8,019 |
|
| Other |
|
|
4,413 |
|
|
|
4,094 |
|
|
|
3,198 |
|
|
|
3,116 |
|
|
|
2,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total |
|
|
27,133 |
|
|
|
26,311 |
|
|
|
25,013 |
|
|
|
22,271 |
|
|
|
20,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes subordinated negotiable obligations. |
As of December 31, 2014, other financial
liabilities amounted to Ps.27,133 million, Ps.6,364 million or 30.6% higher than the Ps.20,769 million recorded a year before. This growth was mainly due to the increase of financing from merchants in connection with credit card activities, for
Ps.2,874 (35.8%) and of negotiable obligations, for Ps.2,372 million (33.1%). The increase of the balance of negotiable obligations was related to transactions of Tarjeta Naranja S.A., Tarjetas Cuyanas S.A. and CFA S.A., and to the evolution of
the exchange rate during the period.
|
|
|
|
|
|
|
|
|
13 |
As of December 31, 2014, the Bank had 3.0 million deposit accounts, which represent an increase of
approximately 238 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 11.9 million, 1.0 million more than those managed a year before.
ASSET QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XVII |
|
FY2014 |
|
|
FY2013 |
|
| Loan Portfolio Quality |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Non-Accrual Loans (*) |
|
|
2,472 |
|
|
|
2,505 |
|
|
|
2,476 |
|
|
|
2,211 |
|
|
|
2,051 |
|
| With Preferred Guarantees |
|
|
50 |
|
|
|
69 |
|
|
|
69 |
|
|
|
42 |
|
|
|
39 |
|
| With Other Guarantees |
|
|
59 |
|
|
|
84 |
|
|
|
71 |
|
|
|
66 |
|
|
|
58 |
|
| Without Guarantees |
|
|
2,363 |
|
|
|
2,352 |
|
|
|
2,336 |
|
|
|
2,103 |
|
|
|
1,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses |
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-Accrual Loans to Private-Sector Loans (%) |
|
|
3.57 |
|
|
|
3.90 |
|
|
|
4.03 |
|
|
|
3.79 |
|
|
|
3.57 |
|
| Allowance for Loan Losses to Private-Sector Loans (%) |
|
|
3.78 |
|
|
|
4.13 |
|
|
|
4.10 |
|
|
|
4.07 |
|
|
|
3.71 |
|
| Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
105.78 |
|
|
|
105.91 |
|
|
|
101.74 |
|
|
|
107.28 |
|
|
|
103.80 |
|
| Non-Accrual Loans with Guarantees to Non-Accrual Loans (%) |
|
|
4.41 |
|
|
|
6.11 |
|
|
|
5.65 |
|
|
|
4.88 |
|
|
|
4.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and
Uncollectible due to Technical Reasons. |
The Bank’s non-accrual loan portfolio amounted to Ps.2,472 million as of December 31,
2014, representing 3.57% of total loans to the private-sector, similar to the ratio of a year before.
The coverage of the non-accrual loan portfolio with
allowances for loan losses reached 105.78% as of the end of the fourth quarter of 2014, as compared to 103.80% as of December 31, 2013.
In terms of
total Credit -defined as loans, certain accounts included in “Other Receivables Resulting from Financial Brokerage” representing credit transactions, assets under financial leases, guarantees granted and unused balances of loans granted-
the Bank’s non-accrual portfolio represented 3.18% of total credit to the private-sector, and its coverage with allowances for loan losses reached 106.79%, compared to 3.17% and 104.17% of a year before, respectively.
On an individual basis Banco Galicia’s non-accrual loan portfolio amounted to Ps.910 million as of December 31, 2014, representing 1.81% of total
loans to the private-sector, compared to the 1.93% ratio recorded the year before. The coverage with allowances for loan losses reached 146.06%, compared to 124.66% as of December 31, 2013.
|
|
|
|
|
|
|
|
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| Table XVIII |
|
FY2014 |
|
|
FY2013 |
|
| Consolidated Analysis of Loan Loss Experience |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Allowance for Loan Losses at the Beginning of the Quarter |
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
2,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Changes in the Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions Charged to Income |
|
|
496 |
|
|
|
624 |
|
|
|
542 |
|
|
|
664 |
|
|
|
484 |
|
| Provisions Reversed |
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
| Charge Offs |
|
|
(534 |
) |
|
|
(490 |
) |
|
|
(394 |
) |
|
|
(421 |
) |
|
|
(524 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allowance for Loan Losses at Quarter End |
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Charge to the Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
| Provisions Charged to Income |
|
|
(496 |
) |
|
|
(624 |
) |
|
|
(554 |
) |
|
|
(664 |
) |
|
|
(484 |
) |
| Direct Charge Offs |
|
|
(14 |
) |
|
|
(12 |
) |
|
|
(11 |
) |
|
|
(10 |
) |
|
|
(19 |
) |
| Bad Debts Recovered |
|
|
69 |
|
|
|
60 |
|
|
|
57 |
|
|
|
42 |
|
|
|
81 |
|
| Provisions Reversed (*) |
|
|
— |
|
|
|
— |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Charge to the Income Statement |
|
|
(441 |
) |
|
|
(576 |
) |
|
|
(507 |
|
|
|
(632 |
) |
|
|
(422 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Recorded under “Net Other Income/(Loss)”. |
During the quarter, Ps.534 million were charged
off against the allowance for loan losses and direct charges to the income statement for Ps.14 million were made.
CAPITALIZATION AND LIQUIDITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except ratios |
|
| Table XIX |
|
FY2014 |
|
|
FY2013 |
|
| Consolidated Regulatory Capital |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Minimum Capital Required (A) |
|
|
7,077 |
|
|
|
6,578 |
|
|
|
6,595 |
|
|
|
6,336 |
|
|
|
5,691 |
|
| Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector |
|
|
5,098 |
|
|
|
4,673 |
|
|
|
4,855 |
|
|
|
4,722 |
|
|
|
4,328 |
|
| Allocated to Market Risk |
|
|
200 |
|
|
|
245 |
|
|
|
201 |
|
|
|
170 |
|
|
|
58 |
|
| Allocated to Operational Risk |
|
|
1,779 |
|
|
|
1,660 |
|
|
|
1,539 |
|
|
|
1,444 |
|
|
|
1,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Computable Capital (B) |
|
|
10,133 |
|
|
|
9,366 |
|
|
|
8,698 |
|
|
|
7,887 |
|
|
|
7,513 |
|
| Tier I |
|
|
8,041 |
|
|
|
7,354 |
|
|
|
6,682 |
|
|
|
5,985 |
|
|
|
5,478 |
|
| Tier II |
|
|
2,020 |
|
|
|
1,938 |
|
|
|
1,912 |
|
|
|
1,805 |
|
|
|
1,805 |
|
| Additional Capital – Market Variation |
|
|
72 |
|
|
|
74 |
|
|
|
104 |
|
|
|
97 |
|
|
|
230 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Excess over Required Capital (B) - (A) |
|
|
3,056 |
|
|
|
2,788 |
|
|
|
2,103 |
|
|
|
1,551 |
|
|
|
1,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Capital Ratio (%) |
|
|
15.91 |
|
|
|
15.83 |
|
|
|
14.39 |
|
|
|
13.40 |
|
|
|
14.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2014, the Bank’s consolidated computable capital was Ps.3,056 million (43.2%) higher than
the Ps.7,077 million capital requirement. As of December 31, 2013, this excess amounted to Ps.1,822 million or 32.0%.
The minimum capital
requirement increased Ps.1,386 million as compared to December 31, 2013, mainly as a result of higher requirements of: (i) Ps.770 million due to the growth of the private-sector loan portfolio; and (ii) Ps.474 million for operational
risk.
Computable capital increased Ps.2,620 million as compared to December 31, 2013, mainly a consequence of: (i) a higher Tier I capital, for
Ps.2,563 million, mainly due to the higher net income, offset by higher deductions, resulting from organization and development expenses; and (ii) a Ps.215 million increase in Tier II capital.
|
|
|
|
|
|
|
|
|
15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table XX |
|
FY2014 |
|
|
FY2013 |
|
| Liquidity (unconsolidated) |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Liquid Assets (*) as a percentage of Transactional Deposits |
|
|
75.32 |
|
|
|
79.13 |
|
|
|
84.82 |
|
|
|
82.91 |
|
|
|
64.75 |
|
| Liquid Assets (*) as a percentage of Total Deposits |
|
|
38.60 |
|
|
|
38.53 |
|
|
|
40.11 |
|
|
|
35.24 |
|
|
|
30.78 |
|
| (*) |
Liquid assets include cash and due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac and Nobac (Argentine Central
Bank’s bills and notes, respectively), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market. |
As of December 31, 2014, the Bank’s liquid assets represented 75.32% of the Bank’s transactional deposits and 38.60% of its total deposits, as
compared to 64.75% and 30.78%, respectively, as of December 31, 2013.
|
|
|
|
|
|
|
|
|
16 |
BANCO DE GALICIA Y BUENOS AIRES S.A.
SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA
(*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| |
|
FY2014 |
|
|
FY2013 |
|
| |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| Cash and Due from Banks |
|
|
16,951 |
|
|
|
14,470 |
|
|
|
14,683 |
|
|
|
14,234 |
|
|
|
12,557 |
|
| Government and Corporate Securities |
|
|
9,732 |
|
|
|
10,789 |
|
|
|
10,215 |
|
|
|
6,672 |
|
|
|
3,905 |
|
| Net Loans |
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
|
|
55,279 |
|
| Other Receivables Resulting from Financial Brokerage |
|
|
6,461 |
|
|
|
6,592 |
|
|
|
6,104 |
|
|
|
6,056 |
|
|
|
5,331 |
|
| Equity Investments in Other Companies |
|
|
93 |
|
|
|
85 |
|
|
|
100 |
|
|
|
130 |
|
|
|
118 |
|
| Bank Premises and Equipment, Miscellaneous and Intangible Assets |
|
|
3,696 |
|
|
|
3,407 |
|
|
|
3,243 |
|
|
|
3,132 |
|
|
|
3,015 |
|
| Other Assets |
|
|
2,436 |
|
|
|
2,480 |
|
|
|
2,145 |
|
|
|
2,384 |
|
|
|
2,012 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets |
|
|
105,962 |
|
|
|
99,388 |
|
|
|
95,387 |
|
|
|
88,554 |
|
|
|
82,217 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Deposits |
|
|
64,708 |
|
|
|
59,989 |
|
|
|
58,701 |
|
|
|
55,122 |
|
|
|
51,410 |
|
| Other Liabilities Resulting from Financial Brokerage |
|
|
25,067 |
|
|
|
24,342 |
|
|
|
23,096 |
|
|
|
20,453 |
|
|
|
19,113 |
|
| Subordinated Negotiable Obligations |
|
|
2,066 |
|
|
|
1,969 |
|
|
|
1,917 |
|
|
|
1,818 |
|
|
|
1,656 |
|
| Other |
|
|
3,478 |
|
|
|
3,329 |
|
|
|
2,857 |
|
|
|
3,062 |
|
|
|
2,742 |
|
| Minority Interests |
|
|
744 |
|
|
|
694 |
|
|
|
628 |
|
|
|
585 |
|
|
|
555 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
96,063 |
|
|
|
90,323 |
|
|
|
87,199 |
|
|
|
81,040 |
|
|
|
75,476 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ Equity |
|
|
9,899 |
|
|
|
9,065 |
|
|
|
8,188 |
|
|
|
7,514 |
|
|
|
6,741 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign-Currency Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets |
|
|
12,812 |
|
|
|
13,885 |
|
|
|
12,438 |
|
|
|
11,302 |
|
|
|
9,628 |
|
| Liabilities |
|
|
13,300 |
|
|
|
13,620 |
|
|
|
12,947 |
|
|
|
12,173 |
|
|
|
10,530 |
|
| Net Forward Purchases/(Sales) of Foreign Currency (1) |
|
|
2,658 |
|
|
|
4,000 |
|
|
|
1,673 |
|
|
|
1,099 |
|
|
|
7,390 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33 - Law No. 19,550). |
| (1) |
Recorded off-balance sheet. |
|
|
|
|
|
|
|
|
|
17 |
BANCO DE GALICIA Y BUENOS AIRES S.A.:
SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA
(*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| |
|
FY2014 |
|
|
FY2013 |
|
| |
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
4th Q |
|
| FINANCIAL INCOME |
|
|
4,932 |
|
|
|
4,849 |
|
|
|
4,911 |
|
|
|
5,029 |
|
|
|
3,951 |
|
| Interest on Loans to the Financial Sector |
|
|
30 |
|
|
|
44 |
|
|
|
47 |
|
|
|
43 |
|
|
|
33 |
|
| Interest on Overdrafts |
|
|
402 |
|
|
|
471 |
|
|
|
385 |
|
|
|
319 |
|
|
|
268 |
|
| Interest on Promissory Notes |
|
|
1,116 |
|
|
|
891 |
|
|
|
885 |
|
|
|
866 |
|
|
|
772 |
|
| Interest on Mortgage Loans |
|
|
78 |
|
|
|
81 |
|
|
|
82 |
|
|
|
80 |
|
|
|
64 |
|
| Interest on Pledge Loans |
|
|
21 |
|
|
|
20 |
|
|
|
22 |
|
|
|
20 |
|
|
|
18 |
|
| Interest on Credit-Card Loans |
|
|
1,900 |
|
|
|
1,647 |
|
|
|
1,609 |
|
|
|
1,411 |
|
|
|
1,213 |
|
| Interest on Financial Leases |
|
|
52 |
|
|
|
54 |
|
|
|
57 |
|
|
|
56 |
|
|
|
52 |
|
| Interest on Other Loans |
|
|
788 |
|
|
|
852 |
|
|
|
931 |
|
|
|
879 |
|
|
|
828 |
|
| Net Income from Government and Corporate Securities |
|
|
451 |
|
|
|
775 |
|
|
|
759 |
|
|
|
376 |
|
|
|
286 |
|
| Interest on Other Receivables Resulting from Financial Brokerage |
|
|
19 |
|
|
|
30 |
|
|
|
44 |
|
|
|
36 |
|
|
|
25 |
|
| Other |
|
|
75 |
|
|
|
(16 |
) |
|
|
90 |
|
|
|
943 |
|
|
|
392 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL EXPENSES |
|
|
(2,720 |
) |
|
|
(2,328 |
) |
|
|
(2,725 |
) |
|
|
(2,497 |
) |
|
|
(1,914 |
) |
| Interest on Saving Accounts Deposits |
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
|
|
— |
|
|
|
(1 |
) |
| Interest on Time Deposits |
|
|
(1,590 |
) |
|
|
(1,560 |
) |
|
|
(1,868 |
) |
|
|
(1,490 |
) |
|
|
(1,182 |
) |
| Interest on Subordinated Obligations |
|
|
(81 |
) |
|
|
(80 |
) |
|
|
(75 |
) |
|
|
(74 |
) |
|
|
(44 |
) |
| Other Interest |
|
|
(21 |
) |
|
|
(29 |
) |
|
|
(22 |
) |
|
|
(9 |
) |
|
|
(7 |
) |
| Interest on Interbank Loans Received (Call Money Loans) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
|
|
(6 |
) |
| Interest on Other Financing from Financial Entities |
|
|
(24 |
) |
|
|
(33 |
) |
|
|
(40 |
) |
|
|
(31 |
) |
|
|
(27 |
) |
| Interest on Other Liabilities Resulting from Financial Brokerage |
|
|
(371 |
) |
|
|
(324 |
) |
|
|
(406 |
) |
|
|
(322 |
) |
|
|
(264 |
) |
| Contributions to the Deposit Insurance Fund |
|
|
(79 |
) |
|
|
(25 |
) |
|
|
(24 |
) |
|
|
(23 |
) |
|
|
(21 |
) |
| Quotation Differences on Gold and Foreign Currency |
|
|
40 |
|
|
|
67 |
|
|
|
41 |
|
|
|
(179 |
) |
|
|
(91 |
) |
| Other |
|
|
(590 |
) |
|
|
(339 |
) |
|
|
(325 |
) |
|
|
(361 |
) |
|
|
(271 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| GROSS FINANCIAL MARGIN |
|
|
2,212 |
|
|
|
2,521 |
|
|
|
2,186 |
|
|
|
2,532 |
|
|
|
2,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PROVISIONS FOR LOAN LOSSES |
|
|
(517 |
) |
|
|
(646 |
) |
|
|
(566 |
) |
|
|
(682 |
) |
|
|
(508 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME FROM SERVICES, NET |
|
|
1,777 |
|
|
|
1,723 |
|
|
|
1,489 |
|
|
|
1,346 |
|
|
|
1,295 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ADMINISTRATIVE EXPENSES |
|
|
(2,418 |
) |
|
|
(2,273 |
) |
|
|
(2,211 |
) |
|
|
(1,988 |
) |
|
|
(1,911 |
) |
| Personnel Expenses |
|
|
(1,344 |
) |
|
|
(1,293 |
) |
|
|
(1,270 |
) |
|
|
(1,160 |
) |
|
|
(1,131 |
) |
| Directors’ and Syndics’ Fees |
|
|
(22 |
) |
|
|
(19 |
) |
|
|
(21 |
) |
|
|
(17 |
) |
|
|
(17 |
) |
| Other Fees |
|
|
(65 |
) |
|
|
(57 |
) |
|
|
(48 |
) |
|
|
(39 |
) |
|
|
(33 |
) |
| Advertising and Publicity |
|
|
(103 |
) |
|
|
(105 |
) |
|
|
(116 |
) |
|
|
(83 |
) |
|
|
(88 |
) |
| Taxes |
|
|
(210 |
) |
|
|
(202 |
) |
|
|
(185 |
) |
|
|
(164 |
) |
|
|
(148 |
) |
| Depreciation of Premises and Equipment |
|
|
(45 |
) |
|
|
(44 |
) |
|
|
(41 |
) |
|
|
(40 |
) |
|
|
(39 |
) |
| Amortization of Organization Expenses |
|
|
(100 |
) |
|
|
(83 |
) |
|
|
(77 |
) |
|
|
(71 |
) |
|
|
(62 |
) |
| Other Operating Expenses |
|
|
(315 |
) |
|
|
(273 |
) |
|
|
(275 |
) |
|
|
(259 |
) |
|
|
(240 |
) |
| Other |
|
|
(214 |
) |
|
|
(197 |
) |
|
|
(178 |
) |
|
|
(155 |
) |
|
|
(153 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MINORITY INTEREST RESULTS |
|
|
(50 |
) |
|
|
(66 |
) |
|
|
(39 |
) |
|
|
(30 |
) |
|
|
(49 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME FROM EQUITY INVESTMENTS |
|
|
33 |
|
|
|
119 |
|
|
|
66 |
|
|
|
37 |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET OTHER INCOME / (LOSS) |
|
|
173 |
|
|
|
97 |
|
|
|
131 |
|
|
|
104 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| INCOME TAX |
|
|
(376 |
) |
|
|
(598 |
) |
|
|
(383 |
) |
|
|
(545 |
) |
|
|
(388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NET INCOME / (LOSS) |
|
|
834 |
|
|
|
877 |
|
|
|
673 |
|
|
|
774 |
|
|
|
606 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 – Law No. 19,550). |
|
|
|
|
|
|
|
|
|
18 |
BANCO DE GALICIA Y BUENOS AIRES S.A.:
SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA
(*)
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos |
|
| |
|
FY2014 |
|
|
FY2013 |
|
| FINANCIAL INCOME |
|
|
19,721 |
|
|
|
13,074 |
|
| Interest on Loans to the Financial Sector |
|
|
164 |
|
|
|
102 |
|
| Interest on Overdrafts |
|
|
1,577 |
|
|
|
923 |
|
| Interest on Promissory Notes |
|
|
3,758 |
|
|
|
2,500 |
|
| Interest on Mortgage Loans |
|
|
321 |
|
|
|
209 |
|
| Interest on Pledge Loans |
|
|
83 |
|
|
|
60 |
|
| Interest on Credit-Card Loans |
|
|
6,567 |
|
|
|
4,309 |
|
| Interest on Financial Leases |
|
|
219 |
|
|
|
187 |
|
| Interest on Other Loans |
|
|
3,450 |
|
|
|
3,100 |
|
| Net Income from Government and Corporate Securities |
|
|
2,361 |
|
|
|
952 |
|
| Interest on Other Receivables Resulting from Financial Brokerage |
|
|
129 |
|
|
|
63 |
|
| Other |
|
|
1,092 |
|
|
|
669 |
|
|
|
|
|
|
|
|
|
|
| FINANCIAL EXPENSES |
|
|
(10,270 |
) |
|
|
(6,158 |
) |
| Interest on Savings-Accounts Deposits |
|
|
(2 |
) |
|
|
(5 |
) |
| Interest on Time Deposits |
|
|
(6,508 |
) |
|
|
(3,751 |
) |
| Interest on Subordinated Obligations |
|
|
(310 |
) |
|
|
(156 |
) |
| Other Interest |
|
|
(81 |
) |
|
|
(28 |
) |
| Interest on Interbank Loans Received (Call Money Loans) |
|
|
(21 |
) |
|
|
(16 |
) |
| Interest on Other Financing from Financial Entities |
|
|
(128 |
) |
|
|
(90 |
) |
|
|
|
— |
|
|
|
(3 |
) |
| Interest on Other Liabilities Resulting from Financial Brokerage |
|
|
(1,423 |
) |
|
|
(893 |
) |
| Contributions to the Deposit Insurance Fund |
|
|
(151 |
) |
|
|
(75 |
) |
| Quotation Differences on Gold and Foreign Currency |
|
|
(31 |
) |
|
|
(192 |
) |
| Other |
|
|
(1,615 |
) |
|
|
(949 |
) |
|
|
|
|
|
|
|
|
|
| GROSS FINANCIAL MARGIN |
|
|
9,451 |
|
|
|
6,916 |
|
|
|
|
|
|
|
|
|
|
| PROVISIONS FOR LOAN LOSSES |
|
|
(2,411 |
) |
|
|
(1,776 |
) |
|
|
|
|
|
|
|
|
|
| INCOME FROM SERVICES, NET |
|
|
6,335 |
|
|
|
4,766 |
|
|
|
|
|
|
|
|
|
|
| ADMINISTRATIVE EXPENSES |
|
|
(8,890 |
) |
|
|
(7,197 |
) |
| Personnel Expenses |
|
|
(5,067 |
) |
|
|
(4,197 |
) |
| Directors’ and Syndics’ Fees |
|
|
(79 |
) |
|
|
(61 |
) |
| Other Fees |
|
|
(209 |
) |
|
|
(191 |
) |
| Advertising and Publicity |
|
|
(407 |
) |
|
|
(382 |
) |
| Taxes |
|
|
(761 |
) |
|
|
(536 |
) |
| Depreciation of Premises and Equipment |
|
|
(170 |
) |
|
|
(151 |
) |
| Amortization of Organization Expenses |
|
|
(331 |
) |
|
|
(246 |
) |
| Other Operating Expenses |
|
|
(1,122 |
) |
|
|
(894 |
) |
| Other |
|
|
(744 |
) |
|
|
(539 |
) |
|
|
|
|
|
|
|
|
|
| MINORITY INTEREST RESULTS |
|
|
(185 |
) |
|
|
(143 |
) |
|
|
|
|
|
|
|
|
|
| INCOME FROM EQUITY INVESTMENTS |
|
|
255 |
|
|
|
150 |
|
|
|
|
|
|
|
|
|
|
| NET OTHER INCOME / (LOSS) |
|
|
505 |
|
|
|
299 |
|
|
|
|
|
|
|
|
|
|
| INCOME TAX |
|
|
(1,902 |
) |
|
|
(1,178 |
) |
|
|
|
|
|
|
|
|
|
| NET INCOME / (LOSS) |
|
|
3,158 |
|
|
|
1,837 |
|
|
|
|
|
|
|
|
|
|
| (*) |
Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 – Law No. 19,550). |
|
|
|
|
|
|
|
|
|
19 |
CONSUMER FINANCE BUSINESS – ADITIONAL INFORMATION
TARJETAS REGIONALES S.A.
The data shown in the following tables
correspond to Tarjetas Regionales S.A. consolidated with its subsidiaries (Tarjeta Naranja S.A., Tarjetas Cuyanas S.A., Procesadora Regional S.A. and Cobranzas Regionales S.A.). Figures are stated according to Argentine Central Bank accounting
standards.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXI
Evolution of Consolidated Results |
|
FY2014 |
|
|
FY2013 |
|
|
Variation
(%) |
|
| Net Financial Income |
|
|
1,649 |
|
|
|
1,419 |
|
|
|
16.2 |
|
| Net Income from Services |
|
|
3,134 |
|
|
|
2,559 |
|
|
|
22.5 |
|
| Provisions for Loan Losses |
|
|
(722 |
) |
|
|
(669 |
) |
|
|
7.9 |
|
| Administrative Expenses |
|
|
(3,081 |
) |
|
|
(2,502 |
) |
|
|
23.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
980 |
|
|
|
807 |
|
|
|
21.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Other Income / (Loss)
(*) |
|
|
278 |
|
|
|
188 |
|
|
|
47.9 |
|
| Income Tax |
|
|
(496 |
) |
|
|
(390 |
) |
|
|
27.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
762 |
|
|
|
605 |
|
|
|
26.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes income from equity investments and minority interest results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| |
|
FY2014 |
|
|
FY2013 |
|
|
Variation (%) |
|
| Table XXII
Selected Information |
|
4th Q |
|
|
3rd Q |
|
|
4th Q |
|
|
4Q14 vs
3Q14 |
|
|
4Q14 vs
4Q13 |
|
| Total Assets |
|
|
17,185 |
|
|
|
15,260 |
|
|
|
13,181 |
|
|
|
12.6 |
|
|
|
30.4 |
|
| Cash and Due from Banks |
|
|
449 |
|
|
|
215 |
|
|
|
292 |
|
|
|
108.8 |
|
|
|
53.8 |
|
| Loans |
|
|
14,449 |
|
|
|
12,858 |
|
|
|
11,111 |
|
|
|
12.4 |
|
|
|
30.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
14,272 |
|
|
|
12,546 |
|
|
|
10,901 |
|
|
|
13.8 |
|
|
|
30.9 |
|
| Negotiable Obligations |
|
|
4,124 |
|
|
|
3,799 |
|
|
|
2,909 |
|
|
|
8.6 |
|
|
|
41.8 |
|
| Financial Entities |
|
|
1,138 |
|
|
|
1,241 |
|
|
|
1,241 |
|
|
|
(8.3 |
) |
|
|
(8.3 |
) |
| Merchants |
|
|
7,375 |
|
|
|
6,203 |
|
|
|
5,862 |
|
|
|
18. 9 |
|
|
|
25.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ Equity |
|
|
2,913 |
|
|
|
2,714 |
|
|
|
2,280 |
|
|
|
7.3 |
|
|
|
27.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
198 |
|
|
|
272 |
|
|
|
209 |
|
|
|
(27.2 |
) |
|
|
(5.3 |
) |
| Net Financial Income |
|
|
351 |
|
|
|
503 |
|
|
|
392 |
|
|
|
(30.2 |
) |
|
|
(10.5 |
) |
| Net Income from Services |
|
|
891 |
|
|
|
801 |
|
|
|
696 |
|
|
|
11.2 |
|
|
|
28.0 |
|
| Provisions for Loan Losses |
|
|
(175 |
) |
|
|
(152 |
) |
|
|
(188 |
) |
|
|
15.1 |
|
|
|
(6.9 |
) |
| Administrative Expenses |
|
|
(866 |
) |
|
|
(792 |
) |
|
|
(658 |
) |
|
|
9.3 |
|
|
|
31.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan Portfolio Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation (b.p.) |
|
| Non-Accrual Loans to Total Loans (%) |
|
|
6.55 |
|
|
|
7.32 |
|
|
|
7.07 |
|
|
|
(77 |
) |
|
|
(52 |
) |
| Allowance for Loan Losses to Total Loans (%) |
|
|
6.05 |
|
|
|
6.93 |
|
|
|
7.28 |
|
|
|
(88 |
) |
|
|
(123 |
) |
| Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
92.26 |
|
|
|
94.76 |
|
|
|
102.95 |
|
|
|
(250 |
) |
|
|
(1,069 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table XXIII |
|
FY2014 |
|
|
FY2013 |
|
|
Twelve Months Ended |
|
| Profitability and Efficiency |
|
4th Q |
|
|
4th Q |
|
|
12/31/14 |
|
|
12/31/13 |
|
| Return on Average Assets
(*) |
|
|
4.95 |
|
|
|
6.95 |
|
|
|
5.32 |
|
|
|
5.62 |
|
| Return on Average Shareholders’ Equity (*) |
|
|
26.58 |
|
|
|
38.72 |
|
|
|
29.17 |
|
|
|
31.04 |
|
| Financial Margin (*) (1) |
|
|
9.05 |
|
|
|
13.42 |
|
|
|
11.69 |
|
|
|
13.47 |
|
| Net Income from Services as a % of Operating Income (2) |
|
|
71.74 |
|
|
|
63.97 |
|
|
|
65.52 |
|
|
|
64.33 |
|
| Net Income from Services as a % of Administrative Expenses |
|
|
102.89 |
|
|
|
105.78 |
|
|
|
101.72 |
|
|
|
102.28 |
|
| Administrative Expenses as a % of Operating Income (2) |
|
|
69.73 |
|
|
|
60.48 |
|
|
|
64.42 |
|
|
|
62.90 |
|
| (1) |
Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
| (2) |
Operating Income: Net Financial Income plus Net Income from Services. |
COMPAÑÍA
FINANCIERA ARGENTINA S.A.
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXIV
Evolution of Consolidated Results |
|
FY2014 |
|
|
FY2013 |
|
|
Variation
(%) |
|
| Net Financial Income |
|
|
1,100 |
|
|
|
945 |
|
|
|
16.4 |
|
| Net Income from Services |
|
|
73 |
|
|
|
75 |
|
|
|
(2.7 |
) |
| Provisions for Loan Losses |
|
|
(370 |
) |
|
|
(253 |
) |
|
|
46.3 |
|
| Administrative Expenses |
|
|
(718 |
) |
|
|
(627 |
) |
|
|
14.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Operating Income |
|
|
85 |
|
|
|
140 |
|
|
|
(39.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Other Income / (Loss)
(*) |
|
|
103 |
|
|
|
89 |
|
|
|
15.7 |
|
| Income Tax |
|
|
(75 |
) |
|
|
(90 |
) |
|
|
(16.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
113 |
|
|
|
139 |
|
|
|
(18.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| (*) |
Includes income from equity investments. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| |
|
FY2014 |
|
|
FY2013 |
|
|
Variation (%) |
|
| Table XXV
Selected Information |
|
4th Q |
|
|
3rd Q |
|
|
4th Q |
|
|
4Q14 vs
3Q14 |
|
|
4Q14 vs
4Q13 |
|
| Total Assets |
|
|
3,713 |
|
|
|
3,762 |
|
|
|
3,642 |
|
|
|
(1.3 |
) |
|
|
1.9 |
|
| Cash and Due from Banks |
|
|
315 |
|
|
|
194 |
|
|
|
294 |
|
|
|
62.4 |
|
|
|
7.1 |
|
| Loans |
|
|
2,726 |
|
|
|
2,754 |
|
|
|
3,020 |
|
|
|
(1.0 |
) |
|
|
(9.7 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Liabilities |
|
|
2,590 |
|
|
|
2,664 |
|
|
|
2,632 |
|
|
|
(2.8 |
) |
|
|
(1.6 |
) |
| Deposits |
|
|
1,158 |
|
|
|
1,101 |
|
|
|
1,165 |
|
|
|
5.2 |
|
|
|
(0.6 |
) |
| Negotiable Obligations |
|
|
777 |
|
|
|
726 |
|
|
|
642 |
|
|
|
7.0 |
|
|
|
21.0 |
|
| Financial Entities |
|
|
274 |
|
|
|
365 |
|
|
|
500 |
|
|
|
(24.9 |
) |
|
|
(45.2 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ Equity |
|
|
1,123 |
|
|
|
1,098 |
|
|
|
1,010 |
|
|
|
2.3 |
|
|
|
11.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
25 |
|
|
|
22 |
|
|
|
12 |
|
|
|
13.6 |
|
|
|
108.3 |
|
| Net Financial Income |
|
|
279 |
|
|
|
278 |
|
|
|
270 |
|
|
|
0.46 |
|
|
|
3.3 |
|
| Net Income from Services |
|
|
35 |
|
|
|
20 |
|
|
|
3 |
|
|
|
75.0 |
|
|
|
1,066.7 |
|
| Provisions for Loan Losses |
|
|
109 |
|
|
|
87 |
|
|
|
76 |
|
|
|
25.3 |
|
|
|
43.4 |
|
| Administrative Expenses |
|
|
195 |
|
|
|
193 |
|
|
|
186 |
|
|
|
1.0 |
|
|
|
4.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Loan Portfolio Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation (b.p.) |
|
| Non-Accrual Loans to Total Loans (%) |
|
|
16.33 |
|
|
|
15.86 |
|
|
|
10.90 |
|
|
|
47 |
|
|
|
543 |
|
| Allowance for Loan Losses to Total Loans (%) |
|
|
10.03 |
|
|
|
9.41 |
|
|
|
6.44 |
|
|
|
62 |
|
|
|
359 |
|
| Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
61.41 |
|
|
|
59.34 |
|
|
|
59.09 |
|
|
|
207 |
|
|
|
232 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table XXVI |
|
FY2014 |
|
|
FY2013 |
|
|
Twelve Months Ended |
|
| Profitability and Efficiency |
|
4th Q |
|
|
4th Q |
|
|
12/31/14 |
|
|
12/31/13 |
|
| Return on Average Assets
(*) |
|
|
2.72 |
|
|
|
1.35 |
|
|
|
3.09 |
|
|
|
4.16 |
|
| Return on Average Shareholders’ Equity (*) |
|
|
8.73 |
|
|
|
4.57 |
|
|
|
9.67 |
|
|
|
13.67 |
|
| Financial Margin (*) (1) |
|
|
34.07 |
|
|
|
34.12 |
|
|
|
33.91 |
|
|
|
32.30 |
|
| Net Income from Services as a % of Operating Income (2) |
|
|
11.15 |
|
|
|
1.10 |
|
|
|
6.22 |
|
|
|
7.35 |
|
| Net Income from Services as a % of Administrative Expenses |
|
|
17.95 |
|
|
|
1.61 |
|
|
|
10.17 |
|
|
|
11.96 |
|
| Administrative Expenses as a % of Operating Income (2) |
|
|
62.10 |
|
|
|
68.13 |
|
|
|
61.21 |
|
|
|
61.47 |
|
| (1) |
Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
| (2) |
Operating Income: Net Financial Income plus Net Income from Services. |
|
|
|
|
|
|
|
|
|
22 |
SUDAMERICANA HOLDING S.A.
INFORMATION DISCLOSURE
The data shown in the tables of
this report and the consolidated financial statements correspond to Sudamericana Holding S.A. (“Sudamericana Holding”) consolidated with the subsidiaries under its direct or indirect control (Galicia Seguros S.A., Galicia Retiro
Compañía de Seguros S.A. and Galicia Broker Asesores de Seguros S.A.).
RESULTS FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXVII: |
|
Twelve months ended: |
|
|
Variation (%) |
|
| Selected Information |
|
12/31/14 |
|
|
12/31/13 |
|
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Premiums Receivable |
|
|
295 |
|
|
|
193 |
|
|
|
52.8 |
|
| Reinsurance Recoverables |
|
|
3 |
|
|
|
6 |
|
|
|
(50.0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
| Debt with Insureds |
|
|
118 |
|
|
|
85 |
|
|
|
38.8 |
|
| Debt with Reinsurers |
|
|
8 |
|
|
|
7 |
|
|
|
14.3 |
|
| Debt with Agents and Brokers |
|
|
58 |
|
|
|
51 |
|
|
|
13.7 |
|
| Insurance Contract Liabilities |
|
|
185 |
|
|
|
153 |
|
|
|
20.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shareholders’ Equity |
|
|
387 |
|
|
|
288 |
|
|
|
34.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
234 |
|
|
|
178 |
|
|
|
31.5 |
|
| Earned Premiums |
|
|
1,688 |
|
|
|
1,271 |
|
|
|
32.8 |
|
| Incurred Claims |
|
|
(235 |
) |
|
|
(164 |
) |
|
|
43.3 |
|
| Net Investment Income |
|
|
112 |
|
|
|
74 |
|
|
|
51.4 |
|
| Commissions and Other |
|
|
(658 |
) |
|
|
(526 |
) |
|
|
25.1 |
|
| Operating Expenses |
|
|
(408 |
) |
|
|
(266 |
) |
|
|
53.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized Sales |
|
|
509 |
|
|
|
396 |
|
|
|
28.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During 2014 Galicia Seguros S.A., Sudamericana Holding’s main asset, has continued its pace of expansion in the marketing
of property and life insurance products, reaching a gross premium written of Ps.1,761 million, with a 33.2% annual increase.
In fiscal year 2014, the
loss ratio was 13.9%, similar to levels of those in the previous year.
Commercial management of Galicia Seguros S.A. was aimed at further growth in
turnover and increasing sales, which during 2014 increased by 28.5% from the previous year, reaching Ps.509 million in annualized premiums. With respect thereto, it is worth mentioning that 93% consists of insurance sales with a regular premium and
the remaining 7% sales of a single premium.
Within the Argentine insurance market Galicia Seguros S.A. is a leader in home and theft insurance products,
the third in personal accident insurance products and the fifth in group life insurance products.
|
|
|
|
|
|
|
|
|
23 |
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXVIII: |
|
Quarters ended: |
|
|
Variation (%) |
|
| Evolution of Results |
|
12/31/14 |
|
|
09/30/14 |
|
|
12/31/13 |
|
|
Quarter |
|
|
Annual |
|
| Net Income |
|
|
57 |
|
|
|
59 |
|
|
|
48 |
|
|
|
(3.4 |
) |
|
|
18.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Earned Premiums |
|
|
492 |
|
|
|
419 |
|
|
|
353 |
|
|
|
17.4 |
|
|
|
39.4 |
|
| Incurred Claims |
|
|
(61 |
) |
|
|
(59 |
) |
|
|
(47 |
) |
|
|
3.4 |
|
|
|
29.8 |
|
| Net Investment Income |
|
|
13 |
|
|
|
31 |
|
|
|
25 |
|
|
|
(58.1 |
) |
|
|
(48.0 |
) |
| Commissions and Other |
|
|
(186 |
) |
|
|
(155 |
) |
|
|
(148 |
) |
|
|
20.0 |
|
|
|
25.7 |
|
| Operating Expenses |
|
|
(133 |
) |
|
|
(112 |
) |
|
|
(76 |
) |
|
|
18.8 |
|
|
|
75.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Annualized Sales |
|
|
141 |
|
|
|
135 |
|
|
|
122 |
|
|
|
4.4 |
|
|
|
15.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Percentages |
|
| Table XXIX: |
|
Quarters ended: |
|
|
Twelve months ended: |
|
| Profitability |
|
12/31/14 |
|
|
12/31/13 |
|
|
12/31/14 |
|
|
12/31/13 |
|
| Return on Average Assets (*) |
|
|
22.9 |
|
|
|
25.6 |
|
|
|
26.5 |
|
|
|
27.0 |
|
| Return on Average Shareholders’ Equity (*) |
|
|
61.4 |
|
|
|
70.9 |
|
|
|
65.0 |
|
|
|
70.5 |
|
|
|
|
|
|
|
|
|
|
24 |
GALICIA ADMINISTRADORA DE FONDOS S.A.
RESULTS FOR THE FISCAL YEAR ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXX: |
|
|
|
|
|
|
|
|
|
| Selected Information |
|
FY2014 |
|
|
FY2013 |
|
|
Variation (%) |
|
| Shareholders’ Equity |
|
|
54 |
|
|
|
24 |
|
|
|
125.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income |
|
|
50 |
|
|
|
16 |
|
|
|
212.5 |
|
| Fees and Commissions |
|
|
93 |
|
|
|
35 |
|
|
|
165.7 |
|
| Administrative Expenses |
|
|
(19 |
) |
|
|
(12 |
) |
|
|
58.3 |
|
| Commercial Expenses |
|
|
(5 |
) |
|
|
(2 |
) |
|
|
150.0 |
|
RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| |
|
FY2014 |
|
|
FY2013 |
|
|
Variation (%) |
|
| Table XXXI:
Selected Information |
|
4th Q |
|
|
3rd Q |
|
|
4th Q |
|
|
4Q14 vs
3Q14 |
|
|
4Q14 vs
4Q13 |
|
| Net Income |
|
|
17 |
|
|
|
14 |
|
|
|
8 |
|
|
|
21.4 |
|
|
|
112.5 |
|
| Fees and Commissions |
|
|
32 |
|
|
|
25 |
|
|
|
16 |
|
|
|
28.0 |
|
|
|
100.0 |
|
| Administrative Expenses |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(5 |
) |
|
|
50.0 |
|
|
|
20.0 |
|
| Commercial Expenses |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
— |
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
In millions of pesos, except percentages |
|
| Table XXXII: |
|
Assets Under Management as of: |
|
|
Variation |
|
| Mutual Funds |
|
12/31/14 |
|
|
12/31/13 |
|
|
Ps. |
|
|
% |
|
| Fima Premium |
|
|
3,049 |
|
|
|
2,165 |
|
|
|
884 |
|
|
|
40.8 |
|
| Fima Ahorro Pesos |
|
|
3,257 |
|
|
|
1,474 |
|
|
|
1,783 |
|
|
|
121.0 |
|
| Fima Ahorro Plus |
|
|
3,862 |
|
|
|
1,077 |
|
|
|
2,785 |
|
|
|
258.6 |
|
| Fima Capital Plus |
|
|
1,335 |
|
|
|
1,774 |
|
|
|
(439 |
) |
|
|
(24.8 |
) |
| Fima Renta en Pesos |
|
|
30 |
|
|
|
18 |
|
|
|
12 |
|
|
|
66.7 |
|
| Fima Renta Plus |
|
|
43 |
|
|
|
27 |
|
|
|
16 |
|
|
|
59.3 |
|
| Fima Abierto Pymes |
|
|
84 |
|
|
|
11 |
|
|
|
73 |
|
|
|
663.6 |
|
| Fima Acciones |
|
|
59 |
|
|
|
29 |
|
|
|
30 |
|
|
|
103.5 |
|
| Fima PB Acciones |
|
|
166 |
|
|
|
56 |
|
|
|
110 |
|
|
|
196.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total Assets Under Management |
|
|
11,885 |
|
|
|
6,631 |
|
|
|
5,254 |
|
|
|
79.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
RECENT DEVELOPMENTS
BANCO GALICIA
CORPORATE
BANKING CENTERS
During October, the Bank opened its Corporate Banking Center Gran Buenos Aires Norte, in San Isidro, (a
corporate banking center located in outskirts of the City of Buenos Aires), to provide tailor-made solutions and specialized advisory by a team of professionals to corporate customers from all the economic sectors in said region. Through its 19
corporate banking centers, the Bank seeks to make a contribution to the regional economies, with specific products and services according to the characteristics of each productive region.
SUBSIDIARIES - GALICIA CAYMAN
Shareholders at the Extraordinary Shareholders’ Meeting held in November 2014 approved the merger by incorporation of Galicia Cayman SA, effective on
October 1, 2014, as agreed in the preliminary merger agreement between both companies. The merger by incorporation of the assets of Banco Galicia Cayman S.A., involved the dissolution without liquidation of the latter in accordance with the
provisions of Article 82 of the Corporations Law.
REGULATORY CHANGES
CREDIT LINE FOR PRODUCTIVE INVESTMENT PROJECTS
Through its Communiqué “A” 5681, issued on December 16, the Argentine Central Bank established a new amount to be granted under the
Credit Line for Productive Investment Projects, aiming to finance Micro SMEs investment projects and working capital with specific purposes and with certain credit lines. The first tranche of the 2015 quota, should be agreed before June 30,
2015 and its amount should be equivalent to 6.5% of the average of the daily balance of deposits held as of the end of November 2014 (Banco Galicia: Ps.3,427 million). In order to determine the amount to be allocated to this credit line, the
regulation establishes certain coefficients according to the economic size (from 1.0 to 1.2) and the geographical location (from 1.0 to 1.5) of the Micro SMEs. The line has a 19.0% annual interest rate, with a minimum term of 3 years after which the
rate could turn into floating rate without exceeding 150 basis points over the BADLAR rate.
As of the end of the fourth quarter of fiscal year 2014, the
Bank had granted the total amount of the second tranche of the 2014 quota. Since the establishment of this credit line, the Bank has granted Ps.9,744 million within this program.
PROTECTION TO USERS OF FINANCIAL SERVICES
On December 23, the Argentine Central Bank issued its Communiqué “A” 5685, which established that all the increase or creation of new
fees and commissions to be implemented by financial entities must have prior approval of the Argentine Central Bank.
|
|
|
|
|
|
|
|
|
26 |
MINIMUM CAPITAL REQUIREMENTS
On January 8, 2015, through its Communiqué “A” 5694, the Argentine Central Bank established an additional minimum capital requirement for
financial entities considered “systemically important”. In this framework, the Argentine Central Bank informed the Bank that it was considered among this group. The additional requirement is equivalent to 1% of risk-weighted assets and
should be integrated exclusively with Level I Ordinary Capital. The regulation also established a schedule for the implementation of said requirement, which begins with the application of a coefficient of 0.075 since the first quarter of 2016 and
reaches 1.00 in January 2019.
In addition, on January 23, the monetary authority issued its Communiqué “A” 5700, which established,
among other things, the obligation to deduct from stockholders’ equity the holdings in companies whose corporate purpose is the development of activities of financial assistance through leasing and factoring, temporary purchase of shares in
companies that issue credit cards, debit cards and similar. To this end, the regulation also established a schedule that begins with the deduction of 25% since June 2015, reaching 100% from June 2018 onwards.
ACCOUNTING TREATMENT OF SANCTIONS
On January 8, 2015, through its Communiqué “A” 5689, the Argentine Central Bank established that financial entities must provide the
amounts related to all administrative and/or disciplinary sanctions, and criminal sanctions with judgment of first instance, which were applied or initiated by different control agencies, as well as the legal proceedings initiated by the Argentine
Central Bank, even if there is a legal action which had suspended the payment.
This report is a summary analysis of Grupo Financiero Galicia’s
financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with Grupo Financiero Galicia’s financial statements, as well as with all other material
periodically filed with the National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsabcba.com.ar) and the Nasdaq (www.nasdaq.com). In
addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which the Bank has published information.
Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of
interpretation should be referred to the original version in Spanish.
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27 |
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