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 November, 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.
November, 2015		Financial results of the Registrant for the third quarter ended September 30, 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: November 10, 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 THE

QUARTER ENDED ON SEPTEMBER 30, 2015

Buenos Aires, Argentina, November 10, 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 September 30, 2015.

HIGHLIGHTS

 

•

Net income for the quarter ended September 30, 2015, amounted to Ps.1,187 million, a 27.5% increase from the Ps.931 million profit recorded in the third quarter of fiscal year 2014. The profit per share for the quarter amounted to Ps.0.91, compared to Ps.0.72 per share for the same quarter of fiscal year 2014.

 

•

The result of the quarter was mainly attributable to the income derived from the interest in Banco de Galicia y Buenos Aires S.A. (“Banco Galicia” or the “Bank”) (Ps.1,107 million), in Sudamericana Holding S.A., (Ps.80 million), and in Galicia Administradora de Fondos S.A. (Ps.27 million), and partially offset by administrative and financial expenses (Ps.37 million).

 

•

As of September 30, 2015, Grupo Financiero Galicia and its subsidiaries had a staff of 12,153 employees, had a network of 651 branches and other points of contact with clients, and managed 3.4 million deposit accounts and 13.1 million credit cards.

CONFERENCE CALL

 

On Tuesday, November 10, 2015 at 11:00 A.M. Eastern Standard Time (01:00 PM Buenos Aires Time), GFG will host a conference call to review these results. The call-in number is: 719-457-2697 – Conference ID: 4111022.

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GRUPO FINANCIERO GALICIA S.A.

RESULTS FOR THE THIRD QUARTER

 

		In millions of pesos, except percentages
Table I:		FY2015								FY2014				Variation (%)
Net Income by Business		3rd Q				2nd Q				3rd Q				3Q15 vs 2Q15				3Q15 vs 3Q14
Income from Equity Investments in:
Banco de Galicia y Buenos Aires S.A.			1,107				878				877				26.1				26.2
Sudamericana Holding S.A.			80				67				52				19.4				53.8
Galicia Administradora de Fondos S.A.			27				23				13				17.4				107.7
Other companies (1)			17				6				5				183.3				240.0
Deferred tax adjustment (2)			(4	)			8				14				(150.0	)			(128.6	)
Administrative Expenses			(10	)			(7	)			(6	)			42.9				66.7
Financial Results			(27	)			(23	)			(22	)			17.4				22.7
Other income and expenses			(3	)			(3	)			(2	)			—				50.0
Net Income			1,187				949				931				25.1				27.5

 

(1)	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%).

(2)	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				Nine Months Ended
Principal Indicators		3rd Q				3rd Q				09/30/15				09/30/14
Earnings per Share
Average Shares Outstanding (in thousands)			1,300,265				1,300,265				1,300,265				1,300,265
Earnings per Share (1)			0.91				0.72				2.38				1.89
Book Value per Share(1)			10.18				7.20				10.18				7.20
Closing Price
Shares - Buenos Aires Stock Exchange			24.85				21.00
ADS - Nasdaq (in dollars)			17.82				14.21
Price/Book Value			2.44				2.92
Average Daily Volume (amounts in thousands)
Buenos Aires Stock Exchange			713				1,401				767				1,306
Nasdaq (2)			3,848				7,343				4,324				5,969
Profitability (%)
Return on Average Assets (3)			4.12				4.25				3.82				3.88
Return on Average Shareholders’ Equity (3)			37.61				41.78				35.34				40.19

 

(1)	10 ordinary shares = 1 ADS.

(2)	Expressed in equivalent shares.

(3)	Annualized.

In the third quarter of fiscal year 2015 Grupo Financiero Galicia recorded a Ps.1,187 million profit, which represented a 4.12% annualized return on average assets and a 37.61% return on average shareholder’s equity.

This result was mainly due to profits from its interest in Banco Galicia (Ps.1,107 million) which accounts for 93.3% 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
		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Consolidated Balance Sheet
Cash and due from Banks			17,472				10,876				11,590				16,959				14,478
Government and Corporate Securities			17,064				19,661				15,128				10,010				10,974
Net Loans			82,838				79,663				72,139				66,608				61,579
Other Receivables Resulting from Financial Brokerage			10,834				13,987				9,802				6,798				6,970
Equity Investments in other Companies			52				51				52				52				51
Bank Premises and Equipment. Miscellaneous and Intangible Assets			4,727				4,069				3,904				3,759				3,464
Other Assets			3,555				3,676				3,698				3,128				3,129
Total Assets			136,542				131,983				116,313				107,314				100,645
Deposits			82,421				77,242				68,600				64,666				59,931
Other Liabilities Resulting from Financial Brokerage			32,672				35,153				28,899				25,401				24,650
Subordinated Notes			2,302				2,250				2,103				2,066				1,969
Other Liabilities			4,915				4,394				4,643				4,154				4,002
Minority Interest			992				891				863				781				729
Total Liabilities			123,302				119,930				105,108				97,068				91,281
Shareholders’ Equity			13,240				12,053				11,205				10,246				9,364
Consolidated Income Statement
Financial Income			6,446				5,820				5,569				4,976				4,884
Financial Expenses			(3,343	)			(3,171	)			(2,796	)			(2,763	)			(2,344	)
Gross Brokerage Margin			3,103				2,649				2,773				2,213				2,540
Provisions for Loan Losses			(448	)			(484	)			(591	)			(517	)			(646	)
Income from Services. Net			2,036				1,851				1,780				1,600				1,575
Income from Insurance Activities			447				429				392				369				302
Administrative Expenses			(3,317	)			(3,079	)			(2,768	)			(2,522	)			(2,356	)
Minority Interest			(101	)			(66	)			(82	)			(77	)			(70	)
Income from Equity Investments			47				26				26				50				112
Net Other Income			156				166				94				176				95
Income Tax			(736	)			(543	)			(666	)			(409	)			(621	)
Net Income			1,187				949				958				883				931

 

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Grupo Financiero Galicia S.A. – Additional Information
		FY2015												FY2014
		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Physical Data (Number of)
Employees			12,153				12,048				12,080				12,012				11,971
Banco Galicia			5,522				5,479				5,485				5,374				5,317
Regional Credit-Card Companies			5,072				5,098				5,174				5,232				5,346
Compañía Financiera Argentina			1,205				1,147				1,119				1,112				1,026
Sudamericana Holding			303				273				252				242				229
Galicia Administradora de Fondos			17				17				16				16				16
Other companies			34				34				34				36				37
Branches			525				525				528				527				526
Bank Branches			260				260				260				261				261
Regional Credit-Card Companies			207				207				209				207				206
Compañía Financiera Argentina			58				58				59				59				59
Other Points of Sale			126				126				126				126				126
Regional Credit-Card Companies			90				90				90				90				90
Compañía Financiera Argentina			36				36				36				36				36
Deposit Accounts (in thousands)			3,394				3,193				3,028				3,006				2,948
Credit Cards (in thousands)			13,097				12,569				12,181				11,933				11,635
Banco Galicia			3,232				3,089				2,970				2,882				2,804
Regional Credit-Card Companies			9,717				9,348				9,045				8,880				8,676
Compañía Financiera Argentina			148				132				166				171				155
Inflation and Exchange Rates
Retail Price Index (%) (1)			3.73				3.17				3.42				3.40				4.19
Wholesale Price Index (I.P.I.M.) (%) (1)			4.27				3.58				1.44				3.12				4.64
C.E.R. Coefficient (%) (1)			3.49				3.51				3.13				3.83				4.13
Exchange Rate (Pesos per US$) (2)			9.4192				9.0865				8.8197				8.5520				8.4643
Rates (quarterly averages(3))
Badlar (4)			20.97				20.52				20.59				19.95				21.17
Reference Interest Rate			25.97				26.30				26.83				26.66				26.81
Minimum Interest Rate on 30 to 44 days Time Deposits (5)			23.27				22.88				23.34				23.19				N/A
Maximum Interest Rate on Personal Loans:
Group I			37.66				38.13				38.90				38.65				38.87
Group II			46.75				47.34				48.29				47.98				48.26
Interest Rate on Credit Line for Investment Projects			18.00				19.00				19.00				19.50				19.50

 

(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. Corresponds to the interest rate on time deposits for up to Ps.1 million for companies and individuals since July 27, 2015.

 

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BANCO DE GALICIA Y BUENOS AIRES S.A.

HIGHLIGHTS

 

•

Net income for the third quarter amounted to Ps.1,107 million, Ps.230 million (26.2%) higher than in the same quarter of fiscal year 2014, reaching Ps.2,866 million during the first nine months of fiscal year 2015, Ps.542 million (23.3%) higher than in the same period of fiscal year 2014.

 

•

The growth of results when compared to the third quarter of fiscal year 2014 was mainly due to the 24.9% growth in operating income(1) and a 30.7% decrease in provisions for loan losses, partially offset by the 41.0% increase in administrative expenses.

 

•

The credit exposure to the private sector reached Ps.96,027 million, up 32.1% during the last twelve months, and deposits reached Ps.82,584 million, up 37.5% during the same period. As of September 30, 2015, the Bank’s estimated market share of loans to the private sector was 9.11% while its estimated market share of deposits from the private sector was 8.92%.

 

•

In the framework of the Credit Line for Productive Investment Projects, the Bank continued to fulfill the placement of the quota established by regulations in force. As of the end of the quarter, the outstanding amount of loans related to this credit line reached Ps.9,204 million.

 

•

As of September 30, 2015, shareholders’ equity amounted to Ps.12,765 million, and the computable capital was Ps.12,674 million, representing a Ps.3,867 million excess capital (or 43.9%). The capital ratio was 15.8%.

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, 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 THIRD QUARTER

 

		In millions of pesos, except percentages
Table III						FY2015				FY2014				Variation (%)
Evolution of Consolidated Results		3rd Q				2nd Q				3rd Q				3Q15 vs 2Q15				3Q15 vs 3Q14
Net Financial Income			3,075				2,628				2,521				17.0				22.0
Net Income from Services			2,227				2,055				1,723				8.4				29.3
Provisions for Loan Losses			(448	)			(484	)			(646	)			(7.4	)			(30.7	)
Administrative Expenses			(3,204	)			(2,967	)			(2,273	)			8.0				41.0
Operating Income			1,650				1,232				1,325				33.9				24.5
Net Other Income / (Loss)(*)			113				135				150				(16.3	)			(24.7	)
Income Tax			(656	)			(489	)			(598	)			34.2				9.7
Net Income			1,107				878				877				26.1				26.2

 

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

 

		Percentages
Table IV		FY2015				FY2014				Nine Months Ended
Profitability and Efficiency		3rd Q				3rd Q				09/30/15				09/30/14
Return on Average Assets (*)			3.88				4.03				3.59				3.68
Return on Average Shareholders’ Equity (*)			36.31				40.38				33.96				38.88
Financial Margin (*) (1)			12.50				14.08				12.43				14.10
Net Income from Services as a % of Operating Income (2)			42.00				40.60				42.50				38.64
Net Income from Services as a % of Administrative Expenses			69.51				75.80				70.71				70.44
Administrative Expenses as a % of Operating Income (2)			60.43				53.56				60.11				54.86

 

(*)	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 third quarter of fiscal year 2015, the Bank recorded a Ps.1,107 million profit, Ps.230 million (or 26.2%) higher than the Ps.877 million profit for the same quarter of the previous year.

The variation in net income was a consequence of the Ps.1,058 million increase in operating income and lower provisions for loan losses, for Ps.198 million, which were offset mainly by increases in administrative expenses, for Ps.931 million, and in income tax, for Ps.58 million.

The operating income for the third quarter of fiscal year 2015 totaled Ps.5,302 million, up 24.9% from the Ps.4,244 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.504 million or 29.3%) and a higher net financial income (up Ps.554 million or 22.0%).

The net financial income for the quarter included a Ps.73 million gain from foreign-currency quotation differences (including the results from foreign-currency forward transactions), compared to a Ps.1 million loss in the third quarter of the previous fiscal year. The quarter’s profit was composed of a Ps.75 million gain from FX brokerage and of a Ps.2 million loss from the valuation of the foreign-currency net position and the results from foreign-currency forward transactions, compared to a Ps.64 million profit and a Ps.65 million loss, respectively, in the third quarter of fiscal year 2014.

 

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The quarter’s net financial income before foreign-currency quotation differences amounted to Ps.3,002 million, with a Ps.481 million (or 19.1%) increase as compared to the Ps.2,521 million of 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, offset by a decrease in the spread.

 

		Average balances in millions of pesos. Yields and rates in annualized nominal %
Table V																		FY2015																FY2014
Average Balances, Yield and Rates(*)		3rd Q								2nd Q								1st Q								4th Q								3rd Q
		Av. B.				Int.				Av. B.				Int.				Av. B.				Int.				Av. B.				Int.				Av. B.				Int.
Interest-Earning Assets			98,417				25.15				91,904				24.42				81,902				26.40				76,184				25.30				71,639				27.25
Government Securities			16,375				25.68				15,870				19.23				11,351				26.25				9,697				13.00				10,000				29.45
Loans			79,835				24.99				73,546				25.80				68,469				26.48				64,269				27.16				59,056				27.28
Financial Trusts Securities			721				29.39				786				5.98				823				24.70				846				27.06				876				9.80
Other Interest-Earning Assets			1,486				26.00				1,702				21.95				1,259				24.62				1,372				24.47				1,707				22.27
Interest-Bearing Liabilities			67,840				16.52				63,548				16.45				57,275				15.94				54,388				15.40				52,497				15.72
Saving Accounts			14,960				0.20				12,786				0.19				12,690				0.18				11,298				0.21				10,670				0.18
Time Deposits			39,849				22.20				37,506				21.66				33,301				21.28				31,048				20.63				30,041				21.45
Debt Securities			10,343				17.75				9,704				17.12				9,368				16.43				9,334				15.93				8,729				16.18
Other Interest-Bearing Liabilities			2,688				18.44				3,552				18.14				1,916				25.24				2,708				16.95				3,057				12.43

 

(*)	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.26,778 million (37.4%) as compared to the third quarter of the previous fiscal year, as a consequence of the Ps.20,779 million increase in the average portfolio of loans to the private sector and of the Ps.6,375 million growth in the average balance of government securities, due to a higher position in peso-denominated securities (Bonac 2016 and provincial debt securities) and in dollar-denominated securities (primarily Lebac). Interest-bearing liabilities increased Ps.15,343 million (29.3%) 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 third quarter of fiscal year 2015 was 25.15%, with a 210 basis points (“b.p.”) decrease compared to the same quarter of the prior year. This decrease was a consequence of the 377 b.p. decrease on the portfolio of government securities and the 229 b.p. decrease on the portfolio of loans to the private sector. Likewise, the average cost of interest-bearing liabilities was 16.52%, with an 80 b.p. increase compared to the third quarter of the prior year, mainly due to the 75 b.p. increase of the average interest rate on time deposits.

 

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		In millions of pesos
Table VI										FY2015								FY2014
Income from Services, Net		3rd Q				2nd Q				1st Q				4th Q				3rd Q
National Cards			831				731				687				656				580
Regional Credit Cards			1,198				1,093				1,004				1,012				911
CFA			78				70				69				65				51
Deposit Accounts			511				465				447				383				372
Insurance			120				110				101				94				88
Financial Fees			35				33				35				26				29
Credit-Related Fees			75				76				80				67				61
Foreign Trade			55				50				46				48				49
Collections			69				72				64				52				51
Utility-Bills Collection Services			44				40				36				34				36
Mutual Funds			9				8				6				6				4
Other			154				132				131				131				126
Total Income			3,179				2,880				2,706				2,574				2,358
Total Expenditures			(952	)			(825	)			(735	)			(797	)			(635	)
Income from Services, Net			2,227				2,055				1,971				1,777				1,723

Net income from services amounted to Ps.2,227 million, up 29.3% from the Ps.1,723 million recorded in the third quarter of the previous fiscal year. The increases of fees which stood out were those related to national and regional credit cards (36.1%), to deposit accounts (37.4%), to insurance (36.4%) and to collections (35.3%).

Provisions for loan losses for the third quarter of fiscal year 2015 amounted to Ps.448 million, Ps.198 million lower than in the same quarter of the prior year, attributable both to the commercial and to the consumer loan portfolios.

Administrative expenses for the quarter totaled Ps.3,204 million, up 41.0% from the same quarter of the previous year. Personnel expenses amounted to Ps.1,747 million, growing 35.1%, mainly due to salary increase agreements with the unions. The remaining administrative expenses, excluding the amortization of organization and development expenses, amounted to Ps.1,299 million, with a Ps.402 million (44.8%) increase as compared to Ps.897 million from the third quarter of fiscal year 2014, mainly due to increases in maintenance, cash transportation, taxes, and consultants fees due to the increase in the level of activity and of expenses related to services provided to the Bank. Likewise, the amortization of organization and development expenses amounted to Ps.158 million, with a 90.4% increase, as in December 2014 the Bank began to amortize its investment in the SAP Core Banking System.

Income from equity investments amounted to Ps.61 million, Ps.58 million (or 48.7%) lower than in the third quarter of fiscal year 2014, when a profit related to the sale of the Bank’s interest in Banelco S.A. to Visa S.A. was recorded, within the framework of the integration project of said companies. In addition, as of June 30, 2015, the amortization of the negative goodwill from the acquisition of CFA was completed.

Net other income for the third quarter amounted to Ps.153 million, an increase of 57.7% as compared to the Ps.97 million profit for the same quarter of the prior year, mainly due to higher results related to security margins on repurchase agreement transactions and to credits recovered, and to lower net charges from other provisions.

 

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The income tax charge was Ps.656 million, Ps.58 million higher than in the third quarter of fiscal year 2014.

LEVEL OF ACTIVITY

 

		In millions of pesos
Table VII										FY2015								FY2014
Exposure to the Private Sector		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Loans			86,238				83,051				75,119				69,208				64,218
Financial Leases			1,011				1,034				1,058				1,066				1,055
Corporate Securities			855				718				773				724				628
Other Financing (*)			7,923				7,454				7,149				7,877				6,626
Subtotal			96,027				92,257				84,099				78,875				72,527
Securitized Assets (**)			—				40				102				141				164
Total Credit			96,027				92,297				84,201				79,016				72,691

 

(*)	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 September 30, 2015, the Bank’s total exposure to the private sector reached Ps.96,027 million, with an increase of 32.1% from a year before and of 4.0% during the quarter.

Total loans include Ps.19,074 million corresponding to the regional credit card companies, which registered a 31.9% increase during the last twelve months and a 5.6% increase in the quarter. They also include Ps.3,490 million from CFA, which were up 8.9% during the year and 3.8% in the quarter.

 

		Percentages
Table VIII										FY2015								FY2014
Market Share (*)		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Total Loans			8.45				8.67				8.34				8.07				8.04
Loans to the Private Sector			9.11				9.15				9.06				8.76				8.74

 

(*)	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 September 30, 2015, without considering those granted by the regional credit card companies, was 9.11%, compared to 9.15% from June 30, 2015, and to 8.74% from September 30, 2014.

 

				9

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		In millions of pesos
Table IX										FY2015								FY2014
Loans by Type of Borrower		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Large Corporations			11,278				11,885				9,657				8,590				10,416
SMEs			24,518				22,854				22,171				20,514				18,414
Individuals			49,874				45,605				42,228				39,649				34,920
Financial Sector			568				2,707				1,063				455				468
Total Loans			86,238				83,051				75,119				69,208				64,218
Allowances			3,401				3,288				2,996				2,615				2,653
Total Loans, Net			82,837				79,763				72,123				66,593				61,565

 

		In millions of pesos
Table X										FY2015								FY2014
Loans by Sector of Activity		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Financial Sector			568				2,707				1,063				455				468
Services			5,398				4,761				3,821				3,468				3,716
Agriculture and Livestock			8,850				8,676				8,875				8,178				7,013
Consumer			50,160				45,864				42,481				39,747				34,865
Retail and Wholesale Trade			7,817				6,775				6,873				5,936				6,216
Construction			936				884				787				709				823
Manufacturing			10,610				11,297				9,246				9,256				9,861
Other			1,899				2,087				1,973				1,459				1,256
Total Loans			86,238				83,051				75,119				69,208				64,218
Allowances			3,401				3,288				2,996				2,615				2,653
Total Loans, Net			82,837				79,763				72,123				66,593				61,565

During the year, loans to the private sector registered growth, mainly in those granted to individuals (42.8%) and SMEs (33.1%). By sector of activity, the higher growth was recorded in the consumer sector (43.9%) and in the agriculture and livestock sector (26.2%).

 

		In millions of pesos
Table XI										FY2015								FY2014
Exposure to the Argentine Public Sector (*)		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Government Securities’ Net Position			14,758				18,200				14,682				10,101				11,225
Held for Trading			14,758				18,200				14,682				10,101				11,125
Lebac / Nobac			10,770				13,972				11,790				7,563				8,223
Other			3,988				4,228				2,892				2,538				2,902
Bonar 2015 Bonds			—				—				—				—				100
Other Receivables Resulting from Financial Brokerage			782				747				821				867				881
Trust Certificates of Participation and Securities			689				718				784				830				831
Other			93				29				37				37				50
Total Exposure			15,540				18,947				15,503				10,968				12,106

 

(*)	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.

 

				10

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As of September 30, 2015, the Bank’s exposure to the public sector amounted to Ps.15,540 million. Excluding debt securities issued by the Argentine Central Bank said exposure reached Ps.4,770 million (3.5% of total assets), while as of September 30, 2014, it amounted to Ps.3,883 million (3.9% of total assets). This increase during the last twelve months was due to the acquisition of government securities, mainly Bonac 2016.

 

		In millions of pesos
Table XII										FY2015								FY2014
Deposits (*)		3rd Q				2nd Q				1st Q				4th Q				3rd Q
In Pesos			75,955				72,304				64,105				60,091				55,789
Current Accounts			19,728				19,016				15,971				15,985				15,040
Saving Accounts			16,657				15,767				13,893				14,090				11,597
Time Deposits			38,389				36,446				33,122				29,081				28,181
Other			1,181				1,075				1,119				935				971
In Foreign Currency			6,629				5,052				4,592				4,841				4,251
Total Deposits			82,584				77,356				68,697				64,932				60,040

 

(*)	Includes CFA.

As of September 30, 2015, the Bank’s deposits amounted to Ps.82,584 million, representing a 37.5% increase during the last twelve months and a 6.8% increase during the quarter.

 

		Percentages
Table XIII										FY2015								FY2014
Market Share (*)		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Total Deposits			7.12				6.97				6.70				6.63				6.89
Private Sector Deposits			8.92				8.73				8.71				8.79				8.78

 

(*)	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 September 30, 2015, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 8.92%, compared to 8.73% of the prior quarter and to 8.78% of a year before.

 

		In millions of pesos
Table XIV										FY2015								FY2014
Other Financial Liabilities		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Domestic Financial Institutions and Credit Entities			1,136				1,423				1,457				1,100				1,341
Foreign Financial Institutions and Credit Entities			1,284				1,843				1,591				807				1,695
Notes(*)			10,362				10,468				9,563				9,532				9,033
Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions			5,184				8,443				3,937				388				1,304
Obligations in Connection with Debts with Merchants due to Credit-Card Activities			11,986				10,917				10,515				10,893				8,844
Other			4,664				4,017				3,611				4,413				4,094
Total			34,616				37,111				30,674				27,133				26,311

(*)	Includes subordinated notes.

 

				11

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As of September 30, 2015, other financial liabilities amounted to Ps.34,616 million, Ps.8,305 million or 31.6% higher than the Ps.26,311 million recorded a year before. This growth was mainly due to the increase of: (i) spot transactions pending settlement and repurchase agreement transactions of foreign currency and government securities, for Ps.3,880 million; (ii) financing from merchants in connection with credit card activities, for Ps.3,142 million; and (iii) of notes, for Ps.1,329 million. The increase of 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 amortizations recorded during the last twelve months.

As of September 30, 2015, the Bank had 3.4 million deposit accounts, which represent an increase of approximately 446 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 13.1 million, 1.5 million more than those managed a year before.

ASSET QUALITY

 

		In millions of pesos, except percentages
Table XV										FY2015								FY2014
Loan Portfolio Quality		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Non-Accrual Loans (*)			3,126				3,076				2,795				2,472				2,505
With Preferred Guarantees			54				44				53				50				69
With Other Guarantees			118				92				71				59				84
Without Guarantees			2,954				2,940				2,671				2,363				2,352
Allowance for Loan Losses			3,401				3,288				2,996				2,615				2,653
Non-Accrual Loans to Private-Sector Loans (%)			3.62				3.70				3.72				3.57				3.90
Allowance for Loan Losses to Private-Sector Loans (%)			3.94				3.96				3.99				3.78				4.13
Allowance for Loan Losses to Non-Accrual Loans (%)			108.80				106.89				107.19				105.78				105.91
Non-Accrual Loans with Guarantees to Non-Accrual Loans (%)			5.50				4.42				4.44				4.41				6.11

 

(*)	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.3,126 million as of September 30, 2015, representing 3.62% of total loans to the private-sector, recording an improvement as compared to the 3.90% ratio of a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 108.80% as of September 30, 2015, compared to 105.91% 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 3.29% of total credit to the private-sector, and its coverage with allowances for loan losses reached 109.65%, compared to 3.50% and 106.58% of a year before, respectively.

On an individual basis Banco Galicia’s non-accrual loan portfolio amounted to Ps.1,183 million as of September 30, 2015, increasing 23.6% during the last twelve months, representing 1.85% of total loans to the private-sector, compared to the 2.03% ratio recorded a year before. The coverage with allowances for loan losses reached 142.94%, compared to 142.32% as of September 30, 2014.

 

				12

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		In millions of pesos
Table XVI		FY2015												FY2014
Consolidated Analysis of Loan Loss Experience		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Allowance for Loan Losses at the Beginning of the Quarter			3,288				2,996				2,615				2,653				2,519
Changes in the Allowance for Loan Losses
Provisions Charged to Income			437				481				573				496				624
Provisions Reversed			—				—				—				—				—
Charge Offs			(324	)			(189	)			(192	)			(534	)			(490	)
Allowance for Loan Losses at Quarter End			3,401				3,288				2,996				2,615				2,653
Charge to the Income Statement
Provisions Charged to Income			(428	)			(470	)			(573	)			(496	)			(624	)
Direct Charge Offs			(19	)			(14	)			(12	)			(14	)			(12	)
Bad Debts Recovered			74				65				67				69				60
Provisions Reversed (*)			—				—				—				—				—
Net Charge to the Income Statement			(373	)			(419	)			(518	)			(441	)			(576	)

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

During the quarter, Ps.324 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.19 million were made.

CAPITALIZATION AND LIQUIDITY

 

		In millions of pesos, except ratios
Table XVII		FY2015												FY2014
Consolidated Regulatory Capital		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Minimum Capital Required (A)			8,807				7,993				7,478				7,077				6,578
Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector			6,377				5,776				5,419				5,098				4,673
Allocated to Market Risk			250				174				152				200				245
Allocated to Operational Risk			2,180				2,043				1,907				1,779				1,660
Computable Capital (B)			12,674				11,536				10,654				10,133				9,366
Tier I			10,599				9,692				8,911				8,041				7,354
Tier II			1,857				1,741				1,657				2,020				1,938
Additional Capital – Market Variation			218				103				86				72				74
Excess over Required Capital (B) - (A)			3,867				3,543				3,176				3,056				2,788
Total Capital Ratio (%)			15.77				16.03				15.87				15.91				15.83

As of September 30, 2015, the Bank’s consolidated computable capital was Ps.3,867 million (43.9%) higher than the Ps.8,807 million capital requirement. As of September 30, 2014, this excess amounted to Ps.2,788 million or 42.4%.

The minimum capital requirement increased Ps.2,229 million as compared to September 30, 2014, mainly as a result of higher requirements of: (i) Ps.1,704 million due to the growth of the private-sector loan portfolio; and (ii) Ps.520 million on operational risk.

 

				13

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Computable capital increased Ps.3,308 million as compared to September 30, 2014, mainly a consequence of a higher Tier I capital, for Ps.3,245 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.81 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)		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Liquid Assets (*) as a percentage of Transactional Deposits			75.28				76.94				76.81				75.32				79.13
Liquid Assets (*) as a percentage of Total Deposits			37.05				37.41				36.36				38.60				38.53

 

(*)

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 September 30, 2015, the Bank’s liquid assets represented 75.28% of the Bank’s transactional deposits and 37.05% of its total deposits, as compared to 79.13% and 38.53%, respectively, as of September 30, 2014.

 

				14

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BANCO DE GALICIA Y BUENOS AIRES S.A.

SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA ^(*)

 

		In millions of pesos
		FY2015												FY2014
		3rd Q				2nd Q				1st Q				4th Q				3rd Q
Cash and Due from Banks			17,466				10,871				11,585				16,951				14,470
Government and Corporate Securities			16,637				19,187				14,741				9,732				10,789
Net Loans			82,837				79,763				72,123				66,593				61,565
Other Receivables Resulting from Financial Brokerage			10,413				13,694				9,493				6,461				6,592
Equity Investments in Other Companies			104				109				100				93				85
Bank Premises and Equipment, Miscellaneous and Intangible Assets			4,648				3,996				3,839				3,696				3,407
Other Assets			2,689				2,849				2,930				2,436				2,480
Total Assets			134,794				130,469				114,811				105,962				99,388
Deposits			82,487				77,285				68,639				64,708				59,989
Other Liabilities Resulting from Financial Brokerage			32,314				34,861				28,571				25,067				24,342
Subordinated Notes			2,302				2,250				2,103				2,066				1,969
Other			3,980				3,571				3,898				3,478				3,329
Minority Interests			946				844				820				744				694
Total Liabilities			122,029				118,811				104,031				96,063				90,323
Shareholders’ Equity			12,765				11,658				10,780				9,899				9,065
Foreign-Currency Assets and Liabilities
Assets			16,884				16,729				14,087				12,812				13,885
Liabilities			16,535				16,678				13,946				13,300				13,620
Net Forward Purchases/(Sales) of Foreign Currency (1)			1,621				(690	)			(1,105	)			2,658				4,000

 

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

(1)	Recorded off-balance sheet.

 

				15

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BANCO DE GALICIA Y BUENOS AIRES S.A.:

SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA ^(*)

 

		In millions of pesos
		FY2015												FY2014
		3rd Q				2nd Q				1st Q				4th Q				3rd Q
FINANCIAL INCOME			6,393				5,779				5,530				4,932				4,849
Interest on Loans to the Financial Sector			21				9				14				30				44
Interest on Overdrafts			531				398				376				402				471
Interest on Promissory Notes			1,242				1,129				1,138				1,116				891
Interest on Mortgage Loans			96				85				77				78				81
Interest on Pledge Loans			23				21				21				21				20
Interest on Credit-Card Loans			2,239				2,309				2,142				1,900				1,647
Interest on Financial Leases			53				51				52				52				54
Interest on Other Loans			831				780				742				788				852
Net Income from Government and Corporate Securities			1,225				888				876				451				775
Net Income from Options			4				(1	)			1				—				0
Interest on Other Receivables Resulting from Financial Brokerage			23				15				26				19				30
Net Income from Secured Loans - Decree No.1387/01			—				1				—				—				—
CER Adjustment			—				3				—				—				—
Other			43				40				31				75				(16	)
Quotation Differences on Gold and Foreign Currency			62				51				34				—				—
FINANCIAL EXPENSES			(3,318	)			(3,151	)			(2,774	)			(2,720	)			(2,328	)
Interest on Saving Accounts Deposits			(1	)			—				(1	)			(1	)			—
Interest on Time Deposits			(2,194	)			(2,016	)			(1,755	)			(1,590	)			(1,560	)
Interest on Subordinated Obligations			(93	)			(88	)			(85	)			(81	)			(80	)
Other Interest			(22	)			(20	)			(22	)			(21	)			(29	)
Interest on Interbank Loans Received (Call Money Loans)			(8	)			(12	)			(6	)			(3	)			(5	)
Interest on Other Financing from Financial Entities			(18	)			(25	)			(23	)			(24	)			(33	)
Interest on Other Liabilities Resulting from Financial Brokerage			(463	)			(432	)			(385	)			(371	)			(324	)
Contributions to the Deposit Insurance Fund			(128	)			(119	)			(112	)			(79	)			(25	)
Quotation Differences on Gold and Foreign Currency			—				—				—				40				67
Other			(391	)			(439	)			(385	)			(590	)			(339	)
GROSS FINANCIAL MARGIN			3,075				2,628				2,756				2,212				2,521
PROVISIONS FOR LOAN LOSSES			(448	)			(484	)			(591	)			(517	)			(646	)
INCOME FROM SERVICES, NET			2,227				2,055				1,971				1,777				1,723
ADMINISTRATIVE EXPENSES			(3,204	)			(2,967	)			(2,672	)			(2,418	)			(2,273	)
Personnel Expenses			(1,747	)			(1,654	)			(1,527	)			(1,344	)			(1,293	)
Directors’ and Syndics’ Fees			(27	)			(27	)			(23	)			(22	)			(19	)
Other Fees			(105	)			(87	)			(58	)			(65	)			(57	)
Advertising and Publicity			(141	)			(135	)			(107	)			(103	)			(105	)
Taxes			(286	)			(263	)			(229	)			(210	)			(202	)
Depreciation of Premises and Equipment			(55	)			(50	)			(47	)			(45	)			(44	)
Amortization of Organization Expenses			(158	)			(147	)			(135	)			(100	)			(83	)
Other Operating Expenses			(394	)			(355	)			(327	)			(315	)			(273	)
Other			(291	)			(249	)			(219	)			(214	)			(197	)
MINORITY INTEREST RESULTS			(101	)			(74	)			(75	)			(50	)			(66	)
INCOME FROM EQUITY INVESTMENTS			61				37				36				33				119
NET OTHER INCOME / (LOSS)			153				172				97				173				97
INCOME TAX			(656	)			(489	)			(641	)			(376	)			(598	)
NET INCOME / (LOSS)			1,107				878				881				834				877

 

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

 

				16

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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		FY2015								FY2014				Variation (%)
Selected Information		3rd Q				2nd Q				3rd Q				3Q15 vs 2Q15				3Q15 vs 3Q14
Total Assets			19,487				18,640				15,260				4.5				27.7
Cash and Due from Banks			312				289				215				8.0				45.1
Loans			16,873				16,008				12,858				5.4				31.2
Total Liabilities			15,694				15,281				12,546				2.7				25.1
Notes			4,353				4,691				3,799				(7.2	)			14.6
Financial Entities			1,186				1,328				1,241				(10.7	)			(4.4	)
Merchants			8,471				7,677				6,203				10.3				36.6
Shareholders’ Equity			3,793				3,359				2,714				12.9				39.8
Net Income			434				296				272				46.6				59.6
Net Financial Income			645				543				503				18.8				28.2
Net Income from Services			1,058				950				801				11.4				32.1
Provisions for Loan Losses			(110	)			(141	)			(152	)			(22.0	)			(27.6	)
Administrative Expenses			(1,032	)			(989	)			(792	)			4.3				30.3
Loan Portfolio Quality															Variation (b.p.)
Non-Accrual Loans to Total Loans (%)			6.88				7.36				7.32				(48	)			(44	)
Allowance for Loan Losses to Total Loans (%)			6.35				6.75				6.93				(40	)			(58	)
Allowance for Loan Losses to Non-Accrual Loans (%)			92.26				91.69				97.76				57				(550	)

 

		Percentages
Table XX		FY2015				FY2014				Nine Months Ended
Profitability and Efficiency		3rd Q				3rd Q				09/30/15				09/30/14
Return on Average Assets (*)			9.33				7.44				7.95				5.47
Return on Average Shareholders’ Equity (*)			47.52				40.27				40.83				30.20
Financial Margin (*) (1)			14.11				13.93				13.63				12.70
Net Income from Services as a % of Operating Income (2)			62.13				61.43				62.30				63.34
Net Income from Services as a % of Administrative Expenses			102.52				101.14				102.12				101.22
Administrative Expenses as a % of Operating Income (2)			60.60				60.74				61.01				62.58

 

(*)	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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COMPAÑÍA FINANCIERA ARGENTINA S.A.

 

		In millions of pesos, except percentages
Table XXI		FY2015								FY2014				Variation (%)
Selected Information		3rd Q				2nd Q				3rd Q				3Q15 vs 2Q15				3Q15 vs 3Q14
Total Assets			3,711				3,847				3,762				(3.5	)			(1.4	)
Cash and Due from Banks			255				333				194				(23.4	)			31.4
Loans			3,023				2,898				2,754				4.3				9.8
Total Liabilities			2,502				2,668				2,664				(6.2	)			(6.1	)
Deposits			932				938				1,101				(0.6	)			(15.3	)
Notes			883				802				726				10.1				21.6
Financial Entities			185				285				365				(35.1	)			(49.3	)
Shareholders’ Equity			1,209				1,179				1,098				2.5				10.1
Net Income			30				29				22				3.4				36.4
Net Financial Income			276				271				278				1.8				(0.7	)
Net Income from Services			51				44				20				15.9				155.0
Provisions for Loan Losses			(66	)			(89	)			(87	)			(25.8	)			(24.1	)
Administrative Expenses			(235	)			(215	)			(193	)			9.3				21.8
Loan Portfolio Quality															Variation (b.p.)
Non-Accrual Loans to Total Loans (%)			17.19				18.21				15.86				(102	)			133
Allowance for Loan Losses to Total Loans (%)			13.35				12.73				9.41				62				394
Allowance for Loan Losses to Non-Accrual Loans (%)			77.67				69.92				59.34				775				1,833

 

		Percentages
Table XXII		FY2015				FY2014				Nine Months Ended
Profitability and Efficiency		3rd Q				3rd Q				09/30/15				09/30/14
Return on Average Assets (*)			3.25				2.57				3.13				3.21
Return on Average Shareholders’ Equity (*)			9.76				6.54				9.66				9.99
Financial Margin (*) (1)			31.76				35.79				31.94				33.82
Net Income from Services as a % of Operating Income (2)			15.60				6.71				14.14				4.32
Net Income from Services as a % of Administrative Expenses			21.70				10.36				21.26				7.07
Administrative Expenses as a % of Operating Income (2)			71.87				64.77				66.49				61.03

 

(*)	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.).

 

		In millions of pesos, except percentages
Table XXIII		Quarters ended:												Variation (%)
Selected Information		09/30/2015				06/30/2015				09/30/2014				Quarter				Annual
Assets
Premiums Receivable			348				346				250				1				39
Reinsurance Recoverables			1				3				3				(66	)			(66	)
Liabilities
Debt with Insureds			152				140				109				9				39
Debt with Reinsurers			7				7				6				—				17
Debt with Agents and Brokers			75				68				57				10				32
Insurance Contract Liabilities			224				218				184				3				22
Shareholders’ Equity			479				539				330				(11	)			45
Net Income			90				77				59				17				53
Earned Premiums			622				570				419				9				48
Incurred Claims			(86	)			(83	)			(59	)			4				46
Net Investment Income			43				35				31				23				39
Commissions and Other			(216	)			(217	)			(155	)			—				39
Operating Expenses			(178	)			(140	)			(112	)			27				59
Annualized Sales			189				170				131				11				44

 

		Percentages
Table XXIX:		Quarters ended:								Nine months ended:
Profitability		09/30/2015				09/30/2014				09/30/2015				09/30/2014
Return on Average Assets (*)			27.28				24.14				27.35				27.50
Return on Average Shareholders’ Equity (*)			72.61				66.04				66.68				66.11

 

(*)	Annualized.

 

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GALICIA ADMINISTRADORA DE FONDOS S.A.

 

		In millions of pesos, except percentages
Table XXV:		FY2015								FY2014				Variation ()
Selected Information		3rd Q				2nd Q				3rd Q				3Q15 vs 2Q15				3Q15 vs 3Q14
Shareholders’ Equity			75				47				37				59.6				102.7
Net Income			28				24				14				16.7				100.0
Fees and Commissions			48				44				25				9.1				92.0
Administrative Expenses			(7	)			(7	)			(4	)			0.0				75.0
Commercial Expenses			(3	)			(2	)			(2	)			50.0				50.0

 

		In millions of pesos, except percentages
Table XXVI:		Assets Under Management as of:								Variation
Mutual Funds		09/30/2015				09/30/2014				Ps.
Fima Premium			4,326				3,126				1,200				38.4
Fima Ahorro Pesos			4,411				1,894				2,517				132.9
Fima Ahorro Plus			7,139				3,121				4,018				128.7
Fima Capital Plus			1,728				2,000				(272	)			(13.6	)
Fima Renta en Pesos			57				41				16				39.0
Fima Renta Plus			75				58				17				29.3
Fima Abierto Pymes			193				81				112				138.3
Fima Acciones			66				97				(31	)			(32.0	)
Fima PB Acciones			197				278				(81	)			(29.1	)
Total Assets Under Management			18,192				10,696				7,496				70.1

 

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RECENT DEVELOPMENTS

GRUPO FINANCIERO GALICIA

On October 30, 2015, the Mercado Abierto Electrónico S.A. (“MAE”) approved, through its Resolution “C” 4916, dated on October 28, 2015, the listing and trading of Grupo Financiero Galicia’s Class B Ordinary Shares, with a face value of Ps.1 each, entitled to one vote each share.

 

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.bolsacba.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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