GGAL Grupo Financiero Galicia SA

 

 

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of May, 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, 25^th 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-                    

 

 

 

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FORM 6-K

Commission File No. 0-30852

 

Month Filed		Event and Summary		Exhibit No.
May, 2015		Financial results of the Registrant for the first quarter ended March 31, 2015.		99.1

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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.

 

				GRUPO FINANCIERO GALICIA S.A. (Registrant)
Date: May 11, 2015				By:		/s/ Pedro Alberto Richards
						Name:		Pedro Alberto Richards
						Title:		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

QUARTER ENDED ON MARCH 31, 2015

Buenos Aires, Argentina, May 7, 2015 – Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia”; Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) announced its financial results for the quarter ended on March 31, 2015.

HIGHLIGHTS

 

•

Net income for the quarter ended March 31, 2015, amounted to Ps.958 million, 15.3% higher than the Ps.831 million profit recorded in the first quarter of fiscal year 2014. The profit per share for the quarter amounted to Ps.0.74, compared to Ps.0.64 per share for the same quarter of fiscal year 2014.

 

•

The result of the quarter was mainly attributable to the income derived from its interest in Banco de Galicia y Buenos Aires S.A. (“Banco Galicia” or the “Bank”) (Ps.881 million), in Sudamericana Holding S.A. (Ps.65 million), and in Galicia Administradora de Fondos S.A. (Ps.18 million) partially offset by administrative and financial expenses of Ps.27 million.

 

•

As of March 31, 2015, Grupo Financiero Galicia and its subsidiaries had a staff of 12,080 employees, a network of 654 branches and other points of contact with clients, managed 3.0 million deposit accounts and 12.2 million credit cards.

 

•

At the Shareholders’ Meeting held on April 29, 2015, the shareholders approved the payment of a cash dividend in the amount of Ps.100 million.

CONFERENCE CALL

 

On Friday, May 8, 2015 at 11:00 A.M. Eastern Standard Time (12:00 PM Buenos Aires Time), Grupo Financiero Galicia will host a conference call to review this results. The call-in number is: 719-325-2354 – Conference ID: 1320980.

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GRUPO FINANCIERO GALICIA S.A.

RESULTS FOR THE FIRST QUARTER

 

		In millions of pesos, except percentages
Table I: Net Income by Business		FY2015								FY2014								Variation (%)
		1st Q				4th Q				1st Q				1Q15 vs 4Q 14				1Q15 vs 1Q14
Income from Equity Investments in:
Banco de Galicia y Buenos Aires S.A.			881				834				771				5.6				14.3
Sudamericana Holding S.A.			65				49				53				32.7				22.6
Galicia Administradora de Fondos S.A. (1)			18				17				—				5.9				—
Other companies (2)			3				2				5				50.0				(40.0	)
Deferred tax adjustment (3)			21				8				17				162.5				23.5
Administrative Expenses			(7	)			(9	)			(11	)			(22.2	)			(36.4	)
Financial Results			(20	)			(19	)			(4	)			5.3				400.0
Other income and expenses			(3	)			1				—				—				—
Net Income			958				883				831				8.5				15.3

 

(1)	Equity Investment acquired in April 2014 to Banco Galicia.

(2)	Includes the results from our 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.

 

		In pesos, except stated otherwise and percentages
Table II:		FY2015								FY2014
Principal Indicators		1st Q				4th Q				1st Q
Earnings per Share
Average Shares Outstanding (in thousands)			1,300,265				1,300,265				1,300,265
Earnings per Share (1)			0.74				0.68				0.64
Book Value per Share(1)			8.62				7.88				5.98
Closing Price
Shares - Buenos Aires Stock Exchange			27.75				18.50				12.10
ADS - Nasdaq (in dollars)			23.15				15.89				12.31
Price/Book Value			3.22				2.35				2.02
Average Daily Volume (amounts, in thousands)
Buenos Aires Stock Exchange			904				985				1,098
Nasdaq (2)			5,012				4,237				4,170
Profitability (%)
Return on Average Assets (3)			3.88				3.78				4.13
Return on Average Shareholders´ Equity (3)			35.74				36.28				44.67

 

(1)	10 ordinary shares = 1 ADS.

(2)	Expressed in equivalent shares.

(3)	Annualized.

In the first quarter of fiscal year 2015, Grupo Financiero Galicia recorded a Ps.958 million profit, which represented a 3.88% annualized return on average assets and a 35.74% return on average shareholder’s equity.

Said result is mainly due to profits from its interest in Banco Galicia, for Ps.881 million, which represents 91.96% of Grupo Financiero Galicia’s net income.

 

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Grupo Financiero Galicia S.A. – Selected Financial Information – Consolidated Data		In millions of pesos
		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Consolidated Balance Sheet
Cash and due from Banks			11,590				16,959				14,478				14,688				14,238
Government and Corporate Securities			15,128				10,010				10,974				10,323				6,769
Net Loans			72,139				66,608				61,579				58,846				55,958
Other Receivables Resulting from Financial Brokerage			9,802				6,798				6,970				6,473				6,502
Equity Investments in other Companies			52				52				51				57				94
Bank Premises and Equipment, Miscellaneous and Intangible Assets			3,904				3,759				3,464				3,307				3,177
Other Assets			3,698				3,128				3,129				2,727				2,926
Total Assets			116,313				107,314				100,645				96,421				89,664
Deposits			68,600				64,666				59,931				58,563				55,055
Other Liabilities Resulting from Financial Brokerage			28,899				25,401				24,650				23,392				20,788
Subordinated Notes			2,103				2,066				1,969				1,917				1,818
Other Liabilities			4,643				4,154				4,002				3,456				3,587
Minority Interest			863				781				729				660				638
Total Liabilities			105,108				97,068				91,281				87,988				81,886
Shareholders’ Equity			11,205				10,246				9,364				8,433				7,778
Consolidated Income Statement
Financial Income			5,569				4,976				4,884				4,945				5,055
Financial Expenses			(2,796	)			(2,763	)			(2,344	)			(2,741	)			(2,473	)
Gross Brokerage Margin			2,773				2,213				2,540				2,204				2,582
Provisions for Loan Losses			(591	)			(517	)			(646	)			(566	)			(682	)
Income from Services, Net			1,780				1,600				1,575				1,345				1,179
Income from Insurance Activities			392				369				302				302				265
Administrative Expenses			(2,768	)			(2,522	)			(2,356	)			(2,291	)			(2,052	)
Minority Interest			(82	)			(77	)			(70	)			(47	)			(36	)
Income from Equity Investments			26				50				112				23				28
Net Other Income			94				176				95				127				105
Income Tax			(666	)			(409	)			(621	)			(404	)			(558	)
Net Income			958				883				931				693				831

 

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Grupo Financiero Galicia S.A. – Additional Information
		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Physical Data (Number of)
Employees			12,080				12,012				11,971				12,205				12,463
Banco Galicia			5,485				5,374				5,317				5,344				5,424
Regional Credit-Card Companies			5,174				5,232				5,346				5,447				5,563
Compañía Financiera Argentina			1,119				1,112				1,026				1,139				1,196
Sudamericana Holding			252				242				229				222				226
Galicia Administradora de Fondos			16				16				16				15				13
Other companies			34				36				37				38				41
Branches			528				527				526				526				524
Bank Branches			260				261				261				261				261
Regional Credit-Card Companies			209				207				206				206				204
Compañía Financiera Argentina			59				59				59				59				59
Other Points of Sale			126				126				126				126				127
Regional Credit-Card Companies			90				90				90				90				91
Compañía Financiera Argentina			36				36				36				36				36
Deposit Accounts (in thousands)			3,028				3,006				2,948				2,884				2,815
Credit Cards (in thousands)			12,181				11,933				11,631				11,223				10,988
Banco Galicia			2,970				2,882				2,800				2,692				2,587
Regional Credit-Card Companies			9,045				8,880				8,676				8,420				8,293
Compañía Financiera Argentina			166				171				155				111				108
Inflation and Exchange Rates
Retail Price Index (%) (1)			3.42				3.40				4.19				4.59				9.97
Wholesale Price Index (I.P.I.M.) (%) (1)			1.43				3.12				4.64				5.18				13.01
C.E.R. Coefficient (%) (1)			3.13				3.83				4.13				6.33				8.15
Exchange Rate (Pesos per US$) (2)			8.8197				8.5520				8.4643				8.1327				8.0098
Rates (quarterly averages(3))
Badlar (4)			20.59				19.95				21.17				24.66				24.45
Reference Interest Rate			26.83				26.66				26.81				N/A				N/A
Minimum Interest Rate on 30 to 44 days Time Deposits (5)			23.34				23.19				N/A				N/A				N/A
Maximum Interest Rate on Personal Loans:
Group I			38.90				38.65				38.87				N/A				N/A
Group II			48.29				47.98				48.26				N/A				N/A
Interest Rate on Credit Line for Investment Projects			19.00				19.50				19.50				17.50				17.50

 

(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 corresponds 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.

 

			4

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BANCO DE GALICIA Y BUENOS AIRES S.A.

HIGHLIGHTS

 

•

Net income for the first quarter amounted to Ps.881 million, compared to a Ps.774 million profit in the same quarter of fiscal year 2014.

 

•

The growth of results when compared to the first quarter of fiscal year 2014 was mainly due to the 21.9% growth in operating income(1) partially offset by the 34.4% increase in administrative expenses, as a consequence of a provision on account of future salary increases recorded during the quarter.

 

•

The credit exposure to the private sector reached Ps.84,201 million, up 25.2% during the last twelve months, and deposits reached Ps.68,697 million, up 22.9% during the same period. As of March 31, 2015, the Bank’s estimated market share of loans to the private sector was 9.07% while its estimated market share of deposits from the private sector was 8.72%.

 

•

In the framework of the Credit Line for Productive Investment Projects, as of March 31, 2015, the Bank exceeded the mandatory amount of the first three months of the year, equivalent to 30% of the first tranche of the 2015 quota. As of the end of the quarter, the outstanding amount of loans granted within the framework of this credit line reached Ps.8,355 million.

 

•

As of March 31, 2015, shareholders’ equity amounted to Ps.10,780 million, and the computable capital was Ps.10,654 million, representing a Ps.3,176 million excess capital (or 42.5%). The capital ratio was 15.87%.

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.

 

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RESULTS FOR THE FIRST QUARTER

 

		In millions of pesos, except percentages
Table III Evolution of Consolidated Results		FY2015								FY2014				Variation (%)
		1st Q				4th Q				1st Q				1Q15 vs 4Q14				1Q15 vs 1Q14
Net Financial Income			2,756				2,212				2,532				24.6				8.8
Net Income from Services			1,971				1,777				1,346				10.9				46.4
Provisions for Loan Losses			(591	)			(517	)			(682	)			14.3				(13.3	)
Administrative Expenses			(2,672	)			(2,418	)			(1,988	)			10.5				34.4
Operating Income			1,464				1,054				1,208				38.9				21.2
Net Other Income / (Loss)(*)			58				156				111				(62.8	)			(47.7	)
Income Tax			(641	)			(376	)			(545	)			70.5				17.6
Net Income			881				834				774				5.6				13.8

 

(*)	Includes income from equity investments and minority interest results.

 

		Percentages
Table IV		FY2015								FY2014
Profitability and Efficiency		1st Q				4th Q				1st Q
Return on Average Assets (*)			3,59				3,52				3,85
Return on Average Shareholders’ Equity (*)			34,09				35,35				42,26
Financial Margin (*) (1)			13,46				11,61				15,83
Net Income from Services as a % of Operating Income (2)			41,70				44,55				34,71
Net Income from Services as a % of Administrative Expenses			73,76				73,49				67,69
Administrative Expenses as a % of Operating Income (2)			56,53				60,62				51,28

 

(*)	Annualized.

(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 first quarter of fiscal year 2015, the Bank recorded a Ps.881 million profit, Ps.107 million (or 13.8%) higher than the Ps.774 million profit for the same quarter of the previous year.

The variation in net income was mainly a consequence of the Ps.849 million increase in operating income, which was offset mainly by the Ps.684 million increase in administrative expenses.

The operating income for the first quarter of fiscal year 2015 totaled Ps.4,727 million, up 21.9% from the Ps.3,878 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.625 million or 46.4%) and a higher net financial income (up Ps.224 million or 8.8%).

The net financial income for the quarter included a Ps.4 million gain from foreign-currency quotation differences (including the results from foreign-currency forward transactions), compared to a Ps.738 million profit in the first quarter of the previous fiscal year, due to the devaluation recorded in January 2014. The quarter’s profit was composed of a Ps.60 million gain from FX brokerage and of a Ps.56 million loss from the valuation of the foreign-currency net position and the results from foreign-currency forward transactions, compared to profits of Ps.61 million and Ps.677 million, respectively, in the first quarter of fiscal year 2014.

 

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The quarter’s net financial income before foreign-currency quotation differences amounted to Ps.2,752 million, with a Ps.957 million (or 53.3%) increase as compared to the Ps.1,795 million income of the same quarter of fiscal year 2014, as a consequence of the increase in the portfolio of loans to the private sector and of government securities, together with a higher spread.

 

		Average balances in millions of pesos. Yields and rates in annualized nominal %
Table V Average Balances, Yield and Rates(*)		FY2015																																FY2014
		1st Q								4th Q								3rd Q								2nd Q								1st Q
		Av. B.				Int.				Av. B.				Int.				Av. B.				Int.				Av. B.				Int.				Av. B.				Int.
Interest-Earning Assets			81,902				26.40				76,184				25.30				71,639				27.25				69,662				27.50				64,000				25.32
Government Securities			11,351				26.25				9,697				13.00				10,000				29.45				9,919				25.89				5,425				11.82
Loans			68,469				26.48				64,269				27.16				59,056				27.28				57,145				27.89				55,905				26.06
Financial Trusts Securities			823				24.70				846				27.06				876				9.80				903				28.54				867				71.94
Other Interest-Earning Assets			1,259				24.62				1,372				24.47				1,707				22.27				1,695				23.05				1,803				20.59
Interest-Bearing Liabilities			57,275				15.94				54,388				15.40				52,497				15.72				52,289				18.55				47,654				16.26
Saving Accounts			12,690				0.18				11,298				0.21				10,670				0.18				9,375				0.20				9,401				0.18
Time Deposits			33,301				21.28				31,048				20.63				30,041				21.45				31,650				23.85				28,180				21.20
Debt Securities			9,368				16.43				9,334				15.93				8,729				16.18				8,312				16.65				7,697				16.13
Other Interest-Bearing Liabilities			1,916				25.24				2,708				16.95				3,057				12.43				2,952				25.43				2,376				21.60

 

(*)	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.17,902 million (28.0%) as compared to the first quarter of the previous fiscal year, as a consequence of the Ps.12,564 million increase in the average portfolio of loans to the private sector and of the Ps.5,926 million growth in the average balance of government securities, primarily Lebac. Interest-bearing liabilities increased Ps.9,621 million (20.2%) during the same period, mainly due to the increase of the average balances of interest-bearing deposits.

The average yield on interest-earning assets for the first quarter of fiscal year 2015 was 26.40%, with a 108 basis points (“b.p.”) increase compared to the same quarter of the prior year, mainly due to the increases in interest rates on the net position of government securities and, but to a much lesser extent, on the portfolio of loans to the private sector. Likewise, the average cost of interest-bearing liabilities was 15.94%, with a 32 b.p. decrease compared to the first quarter of the prior year, mainly due to an improvement in the funding structure, as a consequence of a 35.0% increase in the average balance of saving accounts, the average cost of which was only 0.18%.

 

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		In millions of pesos
Table VI		FY2015																FY2014
Income from Services, Net		1st Q				4th Q				3rd Q				2nd Q				1st Q
National Cards			687				656				580				513				470
Regional Credit Cards			1,004				1,012				911				856				773
CFA			69				65				51				38				32
Deposit Accounts			447				383				372				311				275
Insurance			101				94				88				82				76
Financial Fees			35				26				29				21				21
Credit-Related Fees			80				67				61				54				45
Foreign Trade			46				48				49				44				39
Collections			64				52				51				44				35
Utility-Bills Collection Services			36				34				36				30				26
Mutual Funds			6				6				4				3				3
Other			131				131				126				94				120
Total Income			2,706				2,574				2,358				2,090				1,915
Total Expenditures			(735	)			(797	)			(635	)			(601	)			(569	)
Income from Services, Net			1,971				1,777				1,723				1,489				1,346

Net income from services amounted to Ps.1,971 million, up 46.4% from the Ps.1,346 million recorded in the first quarter of the previous fiscal year. The increases of fees which stood out were those related to national and regional credit cards (36.0%), to deposit accounts (62.5%), to credit (77.8%), to collections (82.9%) and to insurance (32.9%).

Provisions for loan losses for the first quarter of fiscal year 2015 amounted to Ps.591 million, 13.3% lower than the Ps.682 million recorded in the same quarter of the prior year.

Administrative expenses for the quarter totaled Ps.2,672 million, up 34.4% from the same quarter of the previous year. Personnel expenses amounted to Ps.1,527 million, growing 31.6%, mainly due to a provision recorded during the quarter on account of future salary increases. The remaining administrative expenses, excluding the amortization of organization and development expenses, amounted to Ps.1,010 million, with a Ps.253 million (33.4%) increase as compared to Ps.757 million from the first quarter of fiscal year 2014, due to the increase of expenses related to services provided to the Bank. Likewise, the amortization of organization and development expenses amounted to Ps.135 million, with a 90.1% increase, as in December 2014 the Bank began to amortize its investment in the SAP Core Banking System.

Net other income for the first quarter amounted to Ps.97 million, a decrease of 6.7% as compared to the Ps.104 million profit for the same quarter of the prior year, mainly due to higher net other provisions (for Ps.43 million) partially offset by credits recovered and higher punitive interests (for Ps.35 million).

The income tax charge was Ps.641 million, Ps.96 million higher than in the first quarter of fiscal year 2014.

 

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LEVEL OF ACTIVITY

 

		In millions of pesos
Table VII Exposure to the Private Sector		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Loans			75,120				69,208				64,218				61,416				58,318
Financial Leases			1,058				1,066				1,055				1,104				1,119
Corporate Securities			773				724				628				550				971
Other Financing (*)			7,148				7,877				6,626				6,842				6,663
Subtotal			84,099				78,875				72,527				69,912				67,071
Securitized Assets (**)			102				141				164				172				173
Total Credit			84,201				79,016				72,691				70,084				67,244

 

(*)	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 March 31, 2015, the Bank’s total exposure to the private sector reached Ps.84,201 million, with an increase of 25.2% from a year before and of 6.6% during the quarter.

Total loans include Ps.16,963 million corresponding to the regional credit card companies, which registered a 32.2% increase during the last twelve months and a 5.3% increase in the quarter. They also include Ps.3,201 million from CFA (including the financial trust CFA Trust I), which were down 5.0% during year, and up 1.4% in the quarter.

 

		Percentages
Table VIII Market Share (*)		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Total Loans			8.35				8.07				8.04				7.98				7.94
Loans to the Private Sector			9.07				8.76				8.74				8.64				8.67

 

(*)	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 March 31, 2015, without considering those granted by the regional credit card companies, was 9.07%, compared to an 8.76% from December 31, 2014, and to an 8.76% from March 31, 2014.

 

		In millions of pesos
Table IX Loans by Type of Borrower		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Large Corporations			9,657				8,590				10,416				9,290				6,877
SMEs			22,171				20,514				18,414				17,377				18,726
Individuals			42,228				39,649				34,920				33,796				32,201
Financial Sector			1,063				455				468				953				514
Total Loans			75,119				69,208				64,218				61,416				58,318
Allowances			2,996				2,615				2,653				2,519				2,372
Total Loans, Net			72,123				66,593				61,565				58,897				55,946

 

			9

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		In millions of pesos
Table X Loans by Sector of Activity		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Financial Sector			1,063				455				468				953				514
Services			3,821				3,468				3,716				3,448				3,362
Agriculture and Livestock			8,875				8,178				7,013				6,594				7,626
Consumer			42,481				39,747				34,865				33,706				32,015
Retail and Wholesale Trade			6,873				5,936				6,216				5,594				5,294
Construction			787				709				823				626				674
Manufacturing			9,246				9,256				9,861				9,718				8,208
Other			1,973				1,459				1,256				777				625
Total Loans			75,119				69,208				64,218				61,416				58,318
Allowances			2,996				2,615				2,653				2,519				2,372
Total Loans, Net			72,123				66,593				61,565				58,897				55,946

During the year, loans to the private sector registered growth, mainly in those granted to large corporations (40.4%), individuals (31.1%) and SMEs (18.4%). By sector of activity, the higher growth was recorded in the consumer sector (32.7%), the retail and wholesale trade sector (29.8%), the agriculture and livestock sector (16.4%) and in the manufacturing sector (12.6%).

 

		In millions of pesos
Table XI Exposure to the Argentine Public Sector (*)		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Government Securities’ Net Position			14,682				10,101				11,225				9,447				7,473
Held for Trading			14,682				10,101				11,125				9,170				7,175
Lebac / Nobac			11,790				7,563				8,223				6,764				5,131
Other			2,892				2,538				2,902				2,406				2,044
Bonar 2015 Bonds			—				—				100				277				298
Other Receivables Resulting from Financial Brokerage			821				867				881				886				892
Trust Certificates of Participation and Securities			784				830				831				880				886
Other			37				37				50				6				6
Total Exposure			15,503				10,968				12,106				10,333				8,365

 

(*)	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 March 31, 2015, the Bank’s exposure to the public sector amounted to Ps.15,503 million. Excluding debt securities issued by the Argentine Central Bank said exposure reached Ps.3,713 million (3.2% of total assets), while as of March 31, 2014, it amounted to Ps.3,234 million (3.6% of total assets). This increase during the last twelve months was due to the acquisition of government securities, as Bonar 2016 and Bonar 2017.

 

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		In millions of pesos
Table XII Deposits (*)		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
In Pesos			64,105				60,091				55,789				54,808				51,782
Current Accounts			15,971				15,985				15,040				14,521				12,152
Saving Accounts			13,893				14,090				11,597				10,839				9,032
Time Deposits			33,122				29,081				28,181				28,390				29,647
Other			1,119				935				971				1,058				951
In Foreign Currency			4,592				4,841				4,251				4,099				4,110
Total Deposits			68,697				64,932				60,040				58,907				55,892

 

(*)	Includes CFA.

As of March 31, 2015, the Bank’s deposits amounted to Ps.68,697 million, representing a 22.9% increase during the last twelve months and a 5.8% increase during the quarter.

 

		Percentages
Table XIII Market Share (*)		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Total Deposits			6.71				6.63				6.89				7.07				7.08
Private Sector Deposits			8.72				8.79				8.78				8.94				9.31

 

(*)	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 March 31, 2015, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 8.72%, compared to 8.79% of the prior quarter and to 9.31% of a year before. This decrease was due, in part, to the Bank’s decision to adjust the taking of wholesale time deposits to the evolution of credit demand.

 

		In millions of pesos
Table XIV Other Financial Liabilities		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Domestic Financial Institutions and Credit Entities			1,457				1,100				1,341				1,350				1,474
Foreign Financial Institutions and Credit Entities			1,591				807				1,695				1,634				755
Notes(*)			9,563				9,532				9,033				8,608				8,054
Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions			3,937				388				1,304				1,768				876
Obligations in Connection with Debts with Merchants due to Credit-Card Activities			10,515				10,893				8,844				8,455				7,996
Other			3,611				4,413				4,094				3,198				3,116
Total			30,674				27,133				26,311				25,013				22,271

 

(*)	Includes subordinated notes.

As of March 31, 2015, other financial liabilities amounted to Ps.30,674 million, Ps.8,403 million or 37.7% higher than the Ps.22,271 million recorded a year before. This growth was mainly due to the increase of: (i) spot transactions pending settlement and repurchase agreement transactions of government securities and foreign currency, for Ps. 3,061 million; (ii) financing from merchants in connection with credit card activities, for Ps.2,519 (31.5%); and (iii) of notes, for Ps.1,509 million (18.7%). The increase of

 

			11

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the balance of notes 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, partially offset by the payment of the first amortization installment (for US$67 million) of the Notes Cass XIII issued by Tarjeta Naranja.

As of March 31, 2015, the Bank had 3.0 million deposit accounts, which represent an increase of approximately 213 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 12.2 million, 1.2 million more than those managed a year before.

ASSET QUALITY

 

		In millions of pesos, except percentages
Table XV Loan Portfolio Quality		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Non-Accrual Loans (*)			2,795				2,472				2,505				2,476				2,211
With Preferred Guarantees			53				50				69				69				42
With Other Guarantees			71				59				84				71				66
Without Guarantees			2,671				2,363				2,352				2,336				2,103
Allowance for Loan Losses			2,996				2,615				2,653				2,519				2,372
Non-Accrual Loans to Private-Sector Loans (%)			3.72				3.57				3.90				4.03				3.79
Allowance for Loan Losses to Private-Sector Loans (%)			3.99				3.78				4.13				4.10				4.07
Allowance for Loan Losses to Non-Accrual Loans (%)			107.19				105.78				105.91				101.74				107.28
Non-Accrual Loans with Guarantees to Non-Accrual Loans (%)			4.44				4.41				6.11				5.65				4.88

(*)	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.2,795 million as of March 31, 2015, representing 3.72% of total loans to the private-sector, slightly below the 3.79% ratio of a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 107.19% as of March 31, 2015, similar level of a year before.

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 3.37% of total credit to the private-sector, and its coverage with allowances for loan losses reached 108.05%, compared to 3.34% and 108.00% of a year before, respectively.

On an individual basis Banco Galicia’s non-accrual loan portfolio amounted to Ps.1,093 million as of March 31, 2015, representing 1.98% of total loans to the private-sector, compared to the 1.94% ratio recorded a year before. The coverage with allowances for loan losses reached 142.45%, compared to 137.27% as of March 31, 2014.

 

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		In millions of pesos
Table XVI		FY2015																FY2014
Consolidated Analysis of Loan Loss Experience			1st Q				4th Q				3rd Q				2nd Q				1st Q
Allowance for Loan Losses at the Beginning of the Quarter			2,615				2,653				2,519				2,372				2,129
Changes in the Allowance for Loan Losses
Provisions Charged to Income			573				496				624				542				664
Provisions Reversed			—				—				—				(1	)			—
Charge Offs			(192	)			(534	)			(490	)			(394	)			(421	)
Allowance for Loan Losses at Quarter End			2,996				2,615				2,653				2,519				2,372
Charge to the Income Statement
Provisions Charged to Income			(573	)			(496	)			(624	)			(554	)			(664	)
Direct Charge Offs			(12	)			(14	)			(12	)			(11	)			(10	)
Bad Debts Recovered			67				69				60				57				42
Provisions Reversed (*)			—				—				—				1				—
Net Charge to the Income Statement			(518	)			(441	)			(576	)			(507	)			(632	)

(*)	Recorded under “Net Other Income/(Loss)”.

During the quarter, Ps.192 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.12 million were made.

CAPITALIZATION AND LIQUIDITY

 

		In millions of pesos, except ratios
Table XVII		FY2015																FY2014
Consolidated Regulatory Capital			1st Q				4th Q				3rd Q				2nd Q				1st Q
Minimum Capital Required (A)			7,478				7,077				6,578				6,595				6,336
Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector			5,419				5,098				4,673				4,855				4,722
Allocated to Market Risk			152				200				245				201				170
Allocated to Operational Risk			1,907				1,779				1,660				1,539				1,444
Computable Capital (B)			10,654				10,133				9,366				8,698				7,887
Tier I			8,911				8,041				7,354				6,682				5,985
Tier II			1,657				2,020				1,938				1,912				1,805
Additional Capital – Market Variation			86				72				74				104				97
Excess over Required Capital (B) - (A)			3,176				3,056				2,788				2,103				1,551
Total Capital Ratio (%)			15.87				15.91				15.83				14.39				13.40

As of March 31, 2015, the Bank’s consolidated computable capital was Ps.3,176 million (42.5%) higher than the Ps.7,478 million capital requirement. As of March 31, 2014, this excess amounted to Ps.1,551 million or 24.5%.

The minimum capital requirement increased Ps.1,142 million as compared to March 31, 2014, mainly as a result of higher requirements of: (i) Ps.697 million due to the growth of the private-sector loan portfolio; and (ii) Ps.463 million on operational risk.

 

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Computable capital increased Ps.2,767 million as compared to March 31, 2014, mainly a consequence of a higher Tier I capital, for Ps.2,926 million, mainly due to the higher net income, partially offset by higher deductions, resulting from organization and development expenses. Tier II capital recorded a Ps.148 million decrease, mainly as a consequence of the 42% limit (64% until December 31, 2014) on the balance of subordinated notes admitted for fiscal year 2015 due to regulations in force.

 

																		Percentages
Table XVIII		FY2015																FY2014
Liquidity (unconsolidated)		1st Q				4th Q				3rd Q				2nd Q				1st Q
Liquid Assets (*) as a percentage of Transactional Deposits			76.81				75.32				79.13				84.82				82.91
Liquid Assets (*) as a percentage of Total Deposits			36.36				38.60				38.53				40.11				35.24

 

(*)

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 March 31, 2015, the Bank’s liquid assets represented 76.81% of the Bank’s transactional deposits and 36.36% of its total deposits, as compared to 82.91% and 35.24%, respectively, as of March 31, 2014.

 

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BANCO DE GALICIA Y BUENOS AIRES S.A.

SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA ^(*)

 

		In millions of pesos
		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
Cash and Due from Banks			11,585				16,951				14,470				14,683				14,234
Government and Corporate Securities			14,741				9,732				10,789				10,215				6,672
Net Loans			72,123				66,593				61,565				58,897				55,946
Other Receivables Resulting from Financial Brokerage			9,493				6,461				6,592				6,104				6,056
Equity Investments in Other Companies			100				93				85				100				130
Bank Premises and Equipment, Miscellaneous and Intangible Assets			3,839				3,696				3,407				3,243				3,132
Other Assets			2,930				2,436				2,480				2,145				2,384
Total Assets			114,811				105,962				99,388				95,387				88,554
Deposits			68,639				64,708				59,989				58,701				55,122
Other Liabilities Resulting from Financial Brokerage			28,571				25,067				24,342				23,096				20,453
Subordinated Notes			2,103				2,066				1,969				1,917				1,818
Other			3,898				3,478				3,329				2,857				3,062
Minority Interests			820				744				694				628				585
Total Liabilities			104,031				96,063				90,323				87,199				81,040
Shareholders’ Equity			10,780				9,899				9,065				8,188				7,514
Foreign-Currency Assets and Liabilities
Assets			14,087				12,812				13,885				12,438				11,302
Liabilities			13,946				13,300				13,620				12,947				12,173
Net Forward Purchases/(Sales) of Foreign Currency (1)			(1,105	)			2,658				4,000				1,673				1,099

 

(*)	Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33—Law No. 19,550).

(1)	Recorded off-balance sheet.

 

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BANCO DE GALICIA Y BUENOS AIRES S.A.:

SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA ^(*)

 

		In millions of pesos
		FY2015																FY2014
		1st Q				4th Q				3rd Q				2nd Q				1st Q
FINANCIAL INCOME			5,530				4,932				4,849				4,911				5,029
Interest on Loans to the Financial Sector			14				30				44				47				43
Interest on Overdrafts			376				402				471				385				319
Interest on Promissory Notes			1,138				1,116				891				885				866
Interest on Mortgage Loans			77				78				81				82				80
Interest on Pledge Loans			21				21				20				22				20
Interest on Credit-Card Loans			2,142				1,900				1,647				1,609				1,411
Interest on Financial Leases			52				52				54				57				56
Interest on Other Loans			742				788				852				931				879
Net Income from Government and Corporate Securities			876				451				775				759				376
Net Income from Options			1				—				—				—				—
Interest on Other Receivables Resulting from Financial Brokerage			26				19				30				44				36
Other			31				75				(16	)			90				943
Quotation Differences on Gold and Foreign Currency			34				—				—				—				—
FINANCIAL EXPENSES			(2,774	)			(2,720	)			(2,328	)			(2,725	)			(2,497	)
Interest on Saving Accounts Deposits			(1	)			(1	)			—				(1	)			—
Interest on Time Deposits			(1,755	)			(1,590	)			(1,560	)			(1,868	)			(1,490	)
Interest on Subordinated Obligations			(85	)			(81	)			(80	)			(75	)			(74	)
Other Interest			(22	)			(21	)			(29	)			(22	)			(9	)
Interest on Interbank Loans Received (Call Money Loans)			(6	)			(3	)			(5	)			(5	)			(8	)
Interest on Other Financing from Financial Entities			(23	)			(24	)			(33	)			(40	)			(31	)
Interest on Other Liabilities Resulting from Financial Brokerage			(385	)			(371	)			(324	)			(406	)			(322	)
Contributions to the Deposit Insurance Fund			(112	)			(79	)			(25	)			(24	)			(23	)
Quotation Differences on Gold and Foreign Currency			—				40				67				41				(179	)
Other			(385	)			(590	)			(339	)			(325	)			(361	)
GROSS FINANCIAL MARGIN			2,756				2,212				2,521				2,186				2,532
PROVISIONS FOR LOAN LOSSES			(591	)			(517	)			(646	)			(566	)			(682	)
INCOME FROM SERVICES, NET			1,971				1,777				1,723				1,489				1,346
ADMINISTRATIVE EXPENSES			(2,672	)			(2,418	)			(2,273	)			(2,211	)			(1,988	)
Personnel Expenses			(1,527	)			(1,344	)			(1,293	)			(1,270	)			(1,160	)
Directors’ and Syndics’ Fees			(23	)			(22	)			(19	)			(21	)			(17	)
Other Fees			(58	)			(65	)			(57	)			(48	)			(39	)
Advertising and Publicity			(107	)			(103	)			(105	)			(116	)			(83	)
Taxes			(229	)			(210	)			(202	)			(185	)			(164	)
Depreciation of Premises and Equipment			(47	)			(45	)			(44	)			(41	)			(40	)
Amortization of Organization Expenses			(135	)			(100	)			(83	)			(77	)			(71	)
Other Operating Expenses			(327	)			(315	)			(273	)			(275	)			(259	)
Other			(219	)			(214	)			(197	)			(178	)			(155	)
MINORITY INTEREST RESULTS			(75	)			(50	)			(66	)			(39	)			(30	)
INCOME FROM EQUITY INVESTMENTS			36				33				119				66				37
NET OTHER INCOME / (LOSS)			97				173				97				131				104
INCOME TAX			(641	)			(376	)			(598	)			(383	)			(545	)
NET INCOME / (LOSS)			881				834				877				673				774

 

(*)	Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 – Law No. 19,550).

 

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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 XIX Selected Information		FY2015								FY2014				Variation (%)
		1st Q				4th Q				1st Q				1Q15 vs 4Q14				1Q15 vs 1Q14
Total Assets			17,228				17,185				13,549				0.3				27.2
Cash and Due from Banks			251				449				201				(44.1	)			24.9
Loans			15,132				14,449				11,356				4.7				33.3
Total Liabilities			14,004				14,272				11,144				(1.9	)			25.7
Notes			4,086				4,124				3,373				(0.9	)			21.1
Financial Entities			1,214				1,138				1,259				6.7				(3.6	)
Merchants			7,310				7,375				5,636				(0.9	)			29.7
Shareholders’ Equity			3,224				2,913				2,405				10.7				34.1
Net Income			311				198				125				57.1				148.8
Net Financial Income			561				351				329				59.8				70.5
Net Income from Services			885				891				691				(0.7	)			28.1
Provisions for Loan Losses			(203	)			(175	)			(229	)			16.0				(11.4	)
Administrative Expenses			(811	)			(866	)			(638	)			(6.4	)			27.1
Loan Portfolio Quality											Variation (b.p.)
Non-Accrual Loans to Total Loans (%)			6.94				6.55				7.62				39				(68	)
Allowance for Loan Losses to Total Loans (%)			6.45				6.05				7.85				40				(140	)
Allowance for Loan Losses to Non-Accrual Loans (%)			92.88				92.26				102.98				62				(1,010	)

 

		Percentages
Table XX		FY2015								FY2014
Profitability and Efficiency		1st Q				4th Q				1st Q
Return on Average Assets (*)			7.50				4.95				3.83
Return on Average Shareholders’ Equity (*)			39.14				26.58				21.45
Financial Margin (*) (1)			13.90				9.05				10.20
Net Income from Services as a % of Operating Income (2)			61.20				71.74				67.75
Net Income from Services as a % of Administrative Expenses			109.12				102.89				108.31
Administrative Expenses as a % of Operating Income (2)			56.09				69.73				62.55

(*)	Annualized.

(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.

 

17

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COMPAÑÍA FINANCIERA ARGENTINA S.A.

 

		In millions of pesos, except percentages
Table XXI Selected Information		FY2015								FY2014				Variation (%)
		1st Q				4th Q				1st Q				1Q15 vs 4Q14				1Q15 vs 1Q14
Total Assets			3,726				3,713				3,846				0.4				(3.1	)
Cash and Due from Banks			275				315				314				(12.7	)			(12.4	)
Loans			2,763				2,726				2,966				1.4				(6.8	)
Total Liabilities			2,577				2,590				2,800				(0.5	)			(8.0	)
Deposits			969				1,158				1,417				(16.3	)			(31.6	)
Notes			728				777				462				(6.3	)			57.6
Financial Entities			349				274				567				27.4				(38.5	)
Shareholders’ Equity			1,149				1,123				1,046				2.3				9.9
Net Income			27				25				36				8.0				(25.0	)
Net Financial Income			273				279				264				(2.2	)			3.4
Net Income from Services			40				35				7				14.3				471.4
Provisions for Loan Losses			(110	)			(109	)			(81	)			0.9				35.8
Administrative Expenses			(185	)			(195	)			(157	)			(5.1	)			17.8
Loan Portfolio Quality															Variation (b.p.)
Non-Accrual Loans to Total Loans (%)			16.42				16.33				12.51				9				391
Allowance for Loan Losses to Total Loans (%)			10.84				10.03				7.23				81				361
Allowance for Loan Losses to Non-Accrual Loans (%)			66.01				61.41				57.75				460				826

 

		Percentages
Table XXII		FY2015								FY2014
Profitability and Efficiency		1st Q				4th Q				1st Q
Return on Average Assets (*)			2.97				2.72				3.77
Return on Average Shareholders’ Equity (*)			9.20				8.73				13.37
Financial Margin (*) (1)			33.21				34.07				31.64
Net Income from Services as a % of Operating Income (2)			12.78				11.15				2.58
Net Income from Services as a % of Administrative Expenses			21.62				17.95				4.46
Administrative Expenses as a % of Operating Income (2)			59.11				62.10				57.93

 

(*)	Annualized.

(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.

 

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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. 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 QUARTER ENDED MARCH 31, 2015

 

		In millions of pesos, except percentages
Table XXIII		Quarters ended:																Variation (%)
Selected Information		03/31/15				12/31/14				03/31/14				Quarter				Annual
Assets
Premiums Receivable			304				295				203				3.1				49.8
Reinsurance Recoverables			2				3				2				(33.3	)			—
Liabilities
Debt with Insureds			128				118				99				8.5				29.3
Debt with Reinsurers			5				8				—				(37.5	)			100.0
Debt with Agents and Brokers			63				58				56				8.6				12.5
Insurance Contract Liabilities			191				185				163				3.2				17.2
Shareholders’ Equity			462				387				348				19.4				32.8
Net Income			75				57				60				32.0				24.0
Earned Premiums			530				493				373				7.5				42.0
Incurred Claims			(69	)			(61	)			(63	)			12.9				9.3
Net Investment Income			26				13				41				100.3				(38.3	)
Commissions and Other			(195	)			(186	)			(148	)			4.5				32.0
Operating Expenses			(130	)			(133	)			(110	)			(2.2	)			19.0
Annualized Sales			149				141				105				5.7				41.9

 

		Percentages
Table XXIV		Quarters ended:
Profitability		03/31/15				12/31/14				03/31/14
Return on Average Assets (*)			27.7				22.9				29.9
Return on Average Shareholders’ Equity (*)			68.3				61.4				72.7

 

(*)	Annualized.

 

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GALICIA ADMINISTRADORA DE FONDOS S.A.

RESULTS FOR THE QUARTER ENDED MARCH 31, 2015

 

		In millions of pesos, except percentages
Table XXV:		FY2015								FY2014				Variation (%)
Selected Information		1st Q				4th Q				1st Q				1Q15 vs 4Q14				1Q15 vs 1Q14
Shareholders’ Equity			23				54				15				(57,4	)			53,3
Net Income			19				17				11				11.8				72.7
Fees and Commissions			35				32				19				9.4				84.2
Administrative Expenses			(7	)			(6	)			(4	)			16.7				75.0
Commercial Expenses			(2	)			(2	)			(1	)			—				100.0

 

		In millions of pesos, except percentages
Table XXVI:		Assets Under Management as of:								Variation
Mutual Funds		03/31/15				03/31/14				Ps.				%
Fima Premium			4,272				1,993				2,279				114.4
Fima Ahorro Pesos			3,095				968				2,127				219.7
Fima Ahorro Plus			5,009				1,498				3,511				234.4
Fima Capital Plus			1,432				1,171				261				22.3
Fima Renta en Pesos			58				34				24				70.6
Fima Renta Plus			93				58				35				60.3
Fima Abierto Pymes			102				18				84				466.7
Fima Acciones			88				35				53				151.4
Fima PB Acciones			236				60				176				293.3
Total Assets Under Management			14,385				5,835				8,550				146.5

 

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RECENT DEVELOPMENTS

TARJETAS REGIONALES

DIVIDEND DISTRIBUTION

At the annual shareholders’ meeting of Tarjetas Regionales S.A., held in April 2015, the shareholders approved the payment of a cash dividend for Ps.160 million.

REGULATORY CHANGES

FEES

In 2014 Banco Galicia solicited the Argentine Central Bank the authorization -required by regulations in force- in order to increase the fees on the main products for individuals with no commercial activity (fees on credit-cards, checking accounts, saving accounts and packages of products). In April 2015, the Argentine Central Bank provided its approval, establishing a cap of 20.2%. The increases will be applied in May and June, once communicated to the clients.

 

 

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