SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign 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: 001-12568
BBVA French
Bank S.A.
(Translation of registrant’s name into English)
Reconquista 199, 1006
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 if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No
x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No
x
Indicate by check mark whether by furnishing the information contained in this
Form, the Registrant is also thereby furnishing the information to the 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): N/A
BBVA Banco Francés S.A.
TABLE OF CONTENTS
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, thereunto duly authorized.
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BBVA Banco Francés S.A. |
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| Date: |
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November 10, 2015 |
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By: |
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/s/ Ignacio Sanz y Arcelus |
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Name: |
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Ignacio Sanz y Arcelus |
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Title: |
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Chief Financial Officer |
Buenos Aires, November 10, 2015 - BBVA Frances (NYSE: BFR.N; BCBA:
FRAN.BA;
LATIBEX: BFR.LA) reports consolidated third quarter earnings for fiscal year 2015.
Highlights
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BBVA Francés reached accumulated net income of AR$ 2,596.2 million as of September 30, 2015. During the third quarter,
the Bank registered a gain of AR$ 998.1 million, increasing 58.7% compared to the same quarter of 2014, and 49.6% compared to the previous quarter of 2015. |
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Net financial income increased 33.0% and 17.9% compared to the quarter ended September 30, 2014 and to the quarter ended
June 30, 2015, respectively. It is important to mention that, during the third quarter of 2015, the Bank registered a gain of AR$ 100.2 million due to variations in the valuation of public bonds while during the third quarter of 2014 and
the previous quarter, it registered losses of AR$ 53.4 million and AR$ 154.3 million, respectively. |
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In terms of activity, the private sector loan portfolio totaled AR$ 49.9 billion, increasing 23.2% compared to the second quarter of
2014 and 6.2% during the quarter. Such increases were based on the outstanding performance of credit cards, to financings to small and medium-size companies, which showed a significant increase and to commercial loans, which grew, but at a slower
pace. |
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As of September 30, 2015, the non-performing loan ratio (non-performing loans/total loans) reached 0.74%, with a coverage ratio
(provisions/non-performing loans) of 269.69%. |
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Total deposits reached AR$ 63.2 billion at the end of the third quarter of 2015, growing 27.1% in the last twelve months and 5.3%
during the quarter. |
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BBVA Francés maintained adequate levels of liquidity and solvency. As of September 30, 2015 liquid assets (Cash and due
from banks plus Argentina Central Bank (BCRA) bills and notes) represented 42.8% of the Bank’s total deposits. The capital ratio reached 16.2% of weighted risk assets; with an excess of capital of AR$ 6.3 billion, which represents 100.7% over
the minimum regulatory requirements. |
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On July 30, 2015, the Bank issued series 16 of its bonds (Obligaciones Negociables), which were fully subscribed and paid
for a total amount of AR$ 204.4 million due in 24 months, with a variable interest rate equivalent to the Badlar rate plus 3.75%, with quarterly interest payments. |
New Regulations
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On July 27, 2015, the BCRA issued Communication “A” 5781, which increased the minimum interest rate for long term
deposits and augmented the maximum amount covered to AR$ 1 million. In addition to individuals, companies are now eligible to apply for these types of deposits. |
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Further, on July 31, 2015, the BCRA issued Communication “A” 5785, which included modifications to previous regulations
protecting financial services consumers. The modifications include limits to some charges, such as preventing financial institutions from collecting fees on deposits in branches other than where the account is held and generating margins for
insurance on financial services to individuals. |
Economic Environment
The Monthly Estimator of Economic Activity (known by its acronym in Spanish as EMAE) increased by 2.6% (seasonally adjusted) in
August 2015 compared to the same period of 2014, and 0.2% compared to July 2015.
The industrial sector activity,
measured by the Monthly Industrial Estimator (EMI), increased by 0.5% compared to the third quarter of 2014 and 0.8% compared to the previous quarter of 2015.
The Synthetic Index of Construction Activity increased by 7.2 % compared to the third quarter of 2014, while it decreased
0.9% compared to the second quarter of 2015.
Inflation, measured by the National and Urban Consumer Price Index (which
is used to calculate the CER adjustment for some sovereign bonds) increased by 3.7% during the third quarter of 2015, measuring an accumulated inflation rate of 14.4% yoy and 10.7% in 2015.
The national public sector fiscal balance showed a primary surplus of approximately AR$ 0.8 billion during July (the latest
information available for the third quarter of 2015), representing an increase of 3.1% compared to the surplus reached during the same period of 2014.
Primary public sector spending grew 38% and public sector revenues increased 37.7% during the same period.
Interest payments fell by 6% and the total deficit reached AR$ 1.1 billion, a decrease of 11.9% compared to the same period in
2014.
In the third quarter of 2015, tax revenues increased by 33.6% year over year. Income tax grew by 44.1% while
export duties remained weak, growing 1% during the same period.
In the external sector, the accumulated trade surplus
reached USD 0.3 billion during the third quarter of 2015, a decrease of 86.2% compared to the same period of 2014. Such amount is the result of total exports of USD 17.1 billion (-11.8% yoy) and total imports of USD 16.7 billion (-1.8% yoy).
In the FX market, the exchange rate (BCRA reference rate) closed at AR$
9.41 per U.S. dollar on
September 30, 2015, increasing 3.7% compared to the AR$ 9.08 rate registered on June 30, 2015 and 11.3% from the third quarter of 2014.
During the third quarter of 2015, the BCRA’s stock of international reserves decreased by USD 0.594 billion, closing the
period at USD 33.3 billion. During the quarter, the Central Bank sold USD 3.5 billion in the FX market. The BCRA maintained the bilateral currency swap deal signed with the People’s Bank of China.
The Badlar interest rate for private banks increased 48 b.p. in the third quarter of 2015, averaging 20.9% compared to a 20.4%
average during the second quarter of 2015.
During the third quarter private sector loans denominated in pesos
increased 8.5% compared to the second quarter of 2015, while private sector loans denominated in dollars decrease 13.2%.
Total deposits denominated in pesos in the financial system increased by 8.5% in the third quarter of 2015 compared to previous quarter. In the same period, private sector deposits denominated in pesos increased by 4.9% and those
denominated in dollars increased 2.0%.
The Bank
BBVA Francés continued to carry out actions to benefit its clients by furthering the creation of value and differentiation.
The most significant marketing promotion of the year was “Francés GO 2.0”. The Bank’s
traditional SMS discount service becomes a digital vehicle by which clients and non-clients may access a great variety of discounts and experiences. The new Francés GO service includes an interactive website and a smartphone app that alerts
clients of benefits and discounts that are tailored to their interests. It also has a distinguishing feature in the market; it offers advantages to customers and non-customers, through any means of payments. The product is incremental and modular
and will incorporate regular updates such as geo-localization.
The BBVA El Celler de Can Roca World Tour was one of
the most outstanding promotions carried out in the development of the PREMIUM segment. During one week, Joan Josep and Jordi Roca, owners of the best restaurant in the world, cooked a menu based
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on ingredients and wines from various regions of Argentina for clients. The promotion was very well received by the public and press.
In the commercial clients segment, BBVA Francés introduced a new comprehensive Suppliers Payment System to ensure
practicality, efficiency and security in the administration of payments to be used by clients and suppliers. The system includes self-service terminals, specially designed for suppliers to access their checks, located at the Payment Center in Buenos
Aires and, soon, at the main cities of the country as well.
Moreover, the service provides online account balance and
payment information and allows users download receipts and solve other enquiries.
BBVA Francés has been working
to adapt its distribution model to current needs and opened its first “express” branch, located in downtown Buenos Aires. This new branch model includes a mix of technological and analogical financial solutions and channels (such as
ATM’s, QDB’s and personnel) to assist clients to quickly complete their transactions.
In addition the Bank
opened two PREMIUM spaces at the branches in the cities of San Juan and Posadas during this quarter.
On the other
hand, BBVA Francés has set up a Retiree Registration Center. The center includes biometric stations and personalized attention for retired persons from Buenos Aires City in order to identify the beneficiaries of the ANSES system and allow
them to easily operate and quickly withdraw their monthly payment directly from an ATM.
Regarding social
responsibility, during the period, 191 students were benefited under the framework of the BBVA Francés Scholarships for inclusion program which reached a total of 1,407 scholarship holders at September 30, 2015.
In addition, BBVA Francés is currently sponsoring the fifth edition of the jazz festival “San Isidro Jazz and
more” along with the lyrical singing program “From Colon to the whole country”. The main purpose of these sponsorships is to advertise the “BBVA Francés Scholarships for inclusion” Program.
BBVA Francés recently completed the “Road to Success” Formation
Program for Strengthening SMEs, a comprehensive initiative offering training, funding and recognitions to this companies. The Bank along with the Catholic University have already chosen the winners of the categories “Geographic expansion”,
“Economic Impact”, “Social Impact” and “Innovation” that will be awarded on October 26th.
During this quarter the Bank announced the 26° edition of the “Prize to the Agro Entrepreneur”. The awards ceremony will take place on December 1st, 2015.
Presentation of Financial Information
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Foreign currency balances as of September 30, 2015 have been translated into pesos at the reference exchange rate published by the
BCRA at such date ($ 9.4192/ US$). |
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This press release contains unaudited information that consolidates all of the banking activities of BBVA Francés and its
subsidiaries on a line-by-line basis. The Bank’s share interest in the Consolidar Group – BBVA Consolidar Seguros S. A. and Consolidar AFJP (in liquidation)-, is shown as Investments in other companies (recorded by the equity
method) and the corresponding results are included in Income from Equity Investments. |
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Information contained in this press release may differ from the information published by the BBVA Group for Argentina, which is
prepared according to Spanish accounting standards for all BBVA Group affiliates. |
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Financial Information
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| Condensed Income Statement (1)
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Quarter ended
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D% quarter ended 09-30-15
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quarter ended |
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09-30-15 |
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06-30-15 |
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09-30-14 |
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06-30-15 |
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09-30-14 |
| Net Financial Income |
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2,326,603 |
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1,973,233 |
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1,749,510 |
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17.9% |
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33.0% |
| Provision for loan losses |
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(115,201) |
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(181,178) |
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(151,867) |
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-36.4% |
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-24.1% |
| Net income from services |
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953,272 |
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800,607 |
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887,922 |
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19.1% |
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7.4% |
| Administrative expenses |
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(1,645,376) |
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(1,472,263) |
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(1,582,636) |
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11.8% |
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4.0% |
| Operating income |
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1,519,298 |
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1,120,399 |
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902,929 |
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35.6% |
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68.3% |
| Income (Loss) from equity investments |
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69,341 |
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50,523 |
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85,365 |
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37.2% |
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-18.8% |
| Income (Loss) from Minority interest |
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(30,439) |
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(34,223) |
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(28,677) |
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-11.1% |
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6.1% |
| Other Income/Expenses |
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(10,472) |
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(16,557) |
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14,453 |
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-36.8% |
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-172.5% |
| Income tax and Minimum Presumed Tax |
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(549,658) |
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(452,932) |
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(345,100) |
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21.4% |
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59.3% |
| Net income for the period |
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998,070 |
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667,210 |
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628,970 |
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49.6% |
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58.7% |
| Net income per share (2) |
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1.86 |
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1.24 |
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1.17 |
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49.6% |
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58.7% |
| Net income per ADS (3) |
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5.58 |
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3.73 |
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3.51 |
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49.6% |
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58.7% |
(1) Exchange rate: AR$ 9.4192 Ps = 1 USD
(2) Assumes 536,877,850 ordinary shares
(3) Each ADS represents three ordinary shares
BBVA Francés’ total net income reached AR$ 998.1 million for the
third quarter of 2015, accumulating a gain of AR$ 2,596.2 million in the first nine months of the year. The result during the third quarter of 2015 registered an increase of 58.7% compared to the same quarter of 2014 and 49.6% compared to the
previous quarter.
Net financial income increased 33.0% and 17.9% compared to the quarters ended on September 30,
2014 and June 30, 2015, respectively.
Provisions for loan losses declined during the quarter, compared to both,
the third quarter of 2014 and to the previous quarter, due to a lower volume of lending, mainly during July and some improvement in the loan portfolio quality.
During the second quarter of 2015, the Bank has implemented a redefinition of those
charges generated by credit and debit cards operations, from administrative expenses to service charge expenses, in line whit the standards applied in the industry.
Normalized net income from services increased by 32% and 9.2% compared to the third quarter of 2014 and to the previous quarter,
respectively. Administrative expenses grew 9.7% and 5.9% in the same periods.
Finally, other/income expenses
registered a loss of AR$ 10.4 million as of September 30, 2015.
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| Main figures
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Quarter ended
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D% quarter ended 09-30-15
vs
quarter ended |
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09-30-15
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06-30-15
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09-30-14
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06-30-15
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09-30-14
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| Return on Average Assets (1) |
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4.4% |
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3.2% |
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3.5% |
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40.4% |
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26.5% |
| Return on Average Shareholders’ Equity (1) |
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33.2% |
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23.4% |
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27.3% |
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41.7% |
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21.4% |
| Net fee Income as a % of Recurrent Operating Income |
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30.0% |
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27.3% |
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33.0% |
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9.6% |
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-9.1% |
| Net fee Income as a % of Administrative Expenses |
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57.9% |
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54.4% |
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56.1% |
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6.5% |
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3.3% |
| Adm. Expenses as a % of Recurrent Operating Income (2) |
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51.7% |
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50.3% |
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58.8% |
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2.9% |
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-12.0% |
(1) Annualized.
(2) Adm.Expenses / (Net financial income + Net income from services)
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Net Financial Income
Net financial income increased by 33% and 17.9% compared to the quarters ended on September 30, 2014 and June 30, 2015,
respectively.
The variation in net income originated in the intermediation with the private sector compared to the
third quarter of 2014 is explained by higher financial expenses, mainly due to the increase in bank deposit guarantee insurance, the effect of the application of minimum interest rates to time deposits and a higher
pace of growth of deposits over loans, which resulted in a higher cost of funds.
Income from securities and short term investments includes non-recurring income originated by variations in the valuation of public securities. Such results totaled gain of AR$ 100.2 million during the quarter under analysis
compared to losses of AR$ 53.4 million recorded during the third quarter of 2014, and of AR$ 154.3 million during the previous quarter.
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| Net financial income
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Quarter ended
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D% quarter ended 09-30-15 vs
quarter ended |
| (in thousands of pesos except percentages) |
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09-30-15
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06-30-15
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09-30-14
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06-30-15
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09-30-14
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| Net
financial income |
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2,326,603 |
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1,973,233 |
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1,749,510 |
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17.9% |
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33.0% |
| Net income from financial intermediation |
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1,171,586 |
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1,100,345 |
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1,100,566 |
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6.5% |
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6.5% |
| CER adjustment |
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50,094 |
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52,274 |
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59,037 |
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-4.2% |
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-15.1% |
| Income from securities and short term investments |
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891,912 |
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606,825 |
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430,292 |
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47.0% |
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107.3% |
| Interest on Government guaranteed loans |
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4,082 |
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3,965 |
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3,739 |
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3.0% |
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9.2% |
| Foreign exchange difference |
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122,243 |
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105,801 |
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109,718 |
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15.5% |
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11.4% |
| Others |
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86,686 |
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104,023 |
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46,158 |
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-16.7% |
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87.8% |
Income from Public and Private Securities
The Bank has the discretion to mark-to-market its total public bonds portfolio; because of that, such
income includes the unrealized losses/gains from variations in the valuations of the portfolio.
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| Income from securities and short-term investments
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Quarter ended
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D% quarter ended 09-30-15
vs
quarter ended |
| (in thousands of pesos except percentages) |
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09-30-15
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06-30-15
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09-30-14
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06-30-15
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09-30-14
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| Income from
securities and short-term investments |
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891,912 |
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606,825 |
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430,292 |
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47.0% |
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107.3% |
| Holdings booked at fair value |
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219,982 |
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(72,875) |
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15,418 |
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n/a |
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1326.8% |
| Bills and Notes from the Central Bank |
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663,209 |
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671,502 |
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409,772 |
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-1.2% |
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61.8% |
| Other fixed income securities |
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8,721 |
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8,198 |
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5,102 |
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6.4% |
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70.9% |
| CER
adjustment |
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50,113 |
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52,289 |
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59,060 |
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-4.2% |
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-15.1% |
Net Income from Services
As previously mentioned, during the second quarter of 2015, the Bank implemented a redefinition of how fees and expenditures
generated by credit and debit card operations are recorded, which partially explained the variations during the period.
Not taking into account such redefinition, net income from services would have increased 32% compared to the third quarter of 2014
and 9.2% during the quarter under analysis.
In the annual comparison, service charge income grew 39.7% mainly due to higher fees
generated by an increase in deposit accounts, higher consumption with credit cards together with those fees generated by PSA Finance. Service charge expenses include the redefined charges and those related to promotions associated with the LANPASS
kilometers program.
Similar behavior explains the quarterly variations.
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| Net income from services
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Quarter ended
|
|
D% quarter ended 09-30-15 vs
quarter ended |
| (in thousands of pesos except percentages) |
|
09-30-15
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|
|
06-30-15
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|
09-30-14
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|
06-30-15
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|
09-30-14
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| Net income
from services |
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953,272 |
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800,607 |
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887,922 |
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19.1% |
|
7.4% |
| Service charge income |
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|
1,400,268 |
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|
|
1,193,854 |
|
|
1,201,798 |
|
17.3% |
|
16.5% |
| Service charges on deposits accounts |
|
|
313,209 |
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|
|
284,856 |
|
|
241,341 |
|
10.0% |
|
29.8% |
| Credit cards and operations |
|
|
522,140 |
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|
|
373,920 |
|
|
466,375 |
|
39.6% |
|
12.0% |
| Insurance |
|
|
143,734 |
|
|
|
136,152 |
|
|
130,791 |
|
5.6% |
|
9.9% |
| Capital markets and securities activities |
|
|
6,900 |
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|
|
15,141 |
|
|
12,633 |
|
-54.4% |
|
-45.4% |
| Fees related to foreign trade |
|
|
42,867 |
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|
|
39,967 |
|
|
36,407 |
|
7.3% |
|
17.7% |
| Other fees |
|
|
371,418 |
|
|
|
343,818 |
|
|
314,252 |
|
8.0% |
|
18.2% |
| Services Charge expense |
|
|
(446,997) |
|
|
|
(393,247) |
|
|
(313,877) |
|
13.7% |
|
42.4% |
Administrative Expenses
Administrative expenses increased 4% during the third quarter compared to the second quarter of 2014 and 11.8% compared to the
previous quarter. Not considering the redefinition, such variations would have shown a growth of 9.7% and 5.9%, respectively.
Personnel expenses decreased 3.8% in the annual comparison. In this regard, it is worth noting that the third quarter of 2014 included the impact of the organizational changes implemented by the Bank, which was partially offset by
the salary increase resulting from to the agreement signed with the labor union and a higher number of employees due to the internalization of resources. During the quarter personnel expenses grew 3.8%.
General expenses grew 33% annually and 8.6% compared to the previous quarter, without taking into account the effect of the
redefinition.
Both, the annual and quarterly comparisons of the Bank’s expenses reflected
higher taxes and depreciation expenses in connection with the improvement works carried out in the Bank’s headquarters and branches together with the ATM renewal plan, in addition to the impact of an increase in prices and a higher level of
activity.
As of September 30, 2015, the Bank has 5,664 employees. In addition, BBVA Francés has an
extensive branch office network of 285 offices, including 251 consumer branch offices and 34 branch offices specializing in middle-market segment companies and institutions. Corporate banking is divided by industries: Consumption, Heavy Industries
and Oil and Gas, providing personalized attention to large corporations. Complementing its distribution network, the Bank has 14 in-company branches and 2 point of sale outlets, 694 ATM’s and 801 self-service terminals.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Administrative expenses
|
|
Quarter ended
|
|
D% quarter ended 09-30-15 vs
quarter ended |
| (in thousands of pesos except percentages) |
|
09-30-15
|
|
|
06-30-15
|
|
|
09-30-14
|
|
06-30-15
|
|
09-30-14
|
| Administrative
expenses |
|
|
(1,645,376) |
|
|
|
(1,472,263) |
|
|
(1,582,636) |
|
11.8% |
|
4.0% |
| Personnel expenses |
|
|
(910,558) |
|
|
|
(862,022) |
|
|
(971,291) |
|
5.6% |
|
-6.3% |
| Electricity and Communications |
|
|
(31,828) |
|
|
|
(29,157) |
|
|
(25,417) |
|
9.2% |
|
25.2% |
| Advertising and Promotion |
|
|
(63,749) |
|
|
|
(62,677) |
|
|
(61,708) |
|
1.7% |
|
3.3% |
| Fees and external administrative services |
|
|
(28,244) |
|
|
|
(23,167) |
|
|
(14,845) |
|
21.9% |
|
90.3% |
| Taxes |
|
|
(172,458) |
|
|
|
(167,210) |
|
|
(126,591) |
|
3.1% |
|
36.2% |
| Organization and development expenses |
|
|
(17,214) |
|
|
|
(16,102) |
|
|
(15,369) |
|
6.9% |
|
12.0% |
| Amortizations |
|
|
(47,969) |
|
|
|
(56,646) |
|
|
(35,161) |
|
-15.3% |
|
36.4% |
| Other |
|
|
(373,356) |
|
|
|
(255,282) |
|
|
(332,254) |
|
46.3% |
|
12.4% |
- 6
-
Other Income / Expenses
Other income/expenses totaled a loss of AR$ 10.5 million during the third quarter of 2015. Higher provisions for other
contingencies were recorded during the quarter compared to the third quarter of 2014, while compared to the previous quarter is mainly explained by higher recovery loans.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated. During the third quarter of
2015, a gain of AR$ 69.3 million was recorded, mainly due to the stake held by BBVA Francés in Rombo Compañía Financiera and the annual valuation for the stake held in Visa Argentina.
Balance and activity
Total Public Sector Exposure
Exposure to the public sector’s National treasury grew by 4.7% compared to the second quarter of 2014 and 2.1% during the
quarter.
The Bank’s portfolio of BCRA bills and notes showed an increase in the last twelve months and a slight
decrease during the quarter, reflecting the liquidity management policy implemented by the Bank.
As of September 30, 2015, public sector National treasure assets represented
3.1% of the Bank’s total assets. Total exposure to the BCRA’s bills and notes net of holdings linked to reverse repo transactions, represented 15.1% of the Bank’s total assets.
Total exposure to the public sector includes public debt of the National treasury through public securities and guaranteed loans,
as well as the BCRA’s bills and notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Exposure to the Public Sector |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter
ended |
|
| (in
thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
|
06-30-15 |
|
|
09-30-14 |
|
| Public Sector
- National Government |
|
|
2,823,470 |
|
|
|
2,766,470 |
|
|
|
2,695,885 |
|
|
|
2.1% |
|
|
|
4.7% |
|
| Public Sector Loans |
|
|
63,597 |
|
|
|
60,473 |
|
|
|
51,945 |
|
|
|
5.2% |
|
|
|
22.4% |
|
| Total bond portfolio |
|
|
2,760,073 |
|
|
|
2,662,037 |
|
|
|
2,509,642 |
|
|
|
3.7% |
|
|
|
10.0% |
|
| Holdings book at fair value |
|
|
2,583,782 |
|
|
|
2,583,930 |
|
|
|
2,428,434 |
|
|
|
0.0% |
|
|
|
6.4% |
|
| Holdings book at amortized cost |
|
|
164 |
|
|
|
164 |
|
|
|
164 |
|
|
|
0.0% |
|
|
|
0.0% |
|
| Unlisted |
|
|
176,127 |
|
|
|
77,943 |
|
|
|
81,044 |
|
|
|
126.0% |
|
|
|
117.3% |
|
| Allowances |
|
|
(200) |
|
|
|
(201) |
|
|
|
(204) |
|
|
|
-0.5% |
|
|
|
-2.0% |
|
| Reverse repo |
|
|
- |
|
|
|
44,161 |
|
|
|
134,502 |
|
|
|
-100.0% |
|
|
|
-100.0% |
|
| Public Sector
- National Government own portfolio |
|
|
2,823,470 |
|
|
|
2,722,309 |
|
|
|
2,561,383 |
|
|
|
3.7% |
|
|
|
10.2% |
|
|
|
|
| Bills and
Notes from Central Bank |
|
|
12,979,915 |
|
|
|
11,513,524 |
|
|
|
7,031,106 |
|
|
|
12.7% |
|
|
|
84.6% |
|
| Own portfolio |
|
|
11,076,052 |
|
|
|
11,553,920 |
|
|
|
5,270,496 |
|
|
|
-4.1% |
|
|
|
110.2% |
|
| Reverse repo w/Central Bank |
|
|
(1,903,863) |
|
|
|
40,396 |
|
|
|
(1,760,610) |
|
|
|
n/a |
|
|
|
8.1% |
|
| Total exposure
to the Public Sector |
|
|
15,803,385 |
|
|
|
14,279,994 |
|
|
|
9,726,991 |
|
|
|
10.7% |
|
|
|
62.5% |
|
| Total exposure to the Public Sector without repos |
|
|
13,899,522 |
|
|
|
14,276,229 |
|
|
|
7,831,879 |
|
|
|
-2.6% |
|
|
|
77.5% |
|
Loan Portfolio
The private sector loan portfolio totaled AR$ 49.9 billion as of September 30, 2015, increasing 23.2% and 6.2% compared to the second quarter of 2014 and to the previous quarter, respectively.
In the last twelve months, consumer loans grew 34.4%, reflecting the outstanding performance of the credit card portfolio, which
increased by 56.4% during the period.
Loans to small and medium size companies’ increased by 31.6% due to increased
placements in commercial loans, leasing and foreign trade operations. The corporate segment portfolio decreased slightly by 13%
During the quarter, consumer loans grew by 9%, mainly due to higher credit card financing and commercial loans grew by 2.3%.
- 7
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net loans |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter ended
|
|
| (in thousands of pesos except percentages) |
|
09-30-15
|
|
|
06-30-15
|
|
|
09-30-14
|
|
|
06-30-15
|
|
|
09-30-14
|
|
|
Private & Financial sector loans |
|
|
49,918,078 |
|
|
|
47,013,712 |
|
|
|
40,512,571 |
|
|
|
6.2% |
|
|
|
23.2% |
|
| Advances |
|
|
7,813,118 |
|
|
|
8,349,886 |
|
|
|
7,311,296 |
|
|
|
-6.4% |
|
|
|
6.9% |
|
| Discounted and purchased notes |
|
|
7,708,000 |
|
|
|
6,552,563 |
|
|
|
6,303,691 |
|
|
|
17.6% |
|
|
|
22.3% |
|
| Consumer Mortgages |
|
|
1,806,419 |
|
|
|
1,696,271 |
|
|
|
1,387,004 |
|
|
|
6.5% |
|
|
|
30.2% |
|
| Car secured loans |
|
|
4,127,086 |
|
|
|
3,751,333 |
|
|
|
3,641,853 |
|
|
|
10.0% |
|
|
|
13.3% |
|
| Personal loans |
|
|
6,805,408 |
|
|
|
6,353,804 |
|
|
|
5,977,116 |
|
|
|
7.1% |
|
|
|
13.9% |
|
| Credit cards |
|
|
14,672,406 |
|
|
|
13,342,004 |
|
|
|
9,383,445 |
|
|
|
10.0% |
|
|
|
56.4% |
|
| Loans to financial sector |
|
|
1,246,674 |
|
|
|
756,088 |
|
|
|
952,622 |
|
|
|
64.9% |
|
|
|
30.9% |
|
| Other loans |
|
|
6,010,784 |
|
|
|
6,437,059 |
|
|
|
5,708,632 |
|
|
|
-6.6% |
|
|
|
5.3% |
|
| Unaccrued interest |
|
|
(161,426) |
|
|
|
(134,380) |
|
|
|
(131,173) |
|
|
|
20.1% |
|
|
|
23.1% |
|
| Adjustment and accrued interest & exchange difference |
|
|
908,499 |
|
|
|
916,975 |
|
|
|
854,708 |
|
|
|
-0.9% |
|
|
|
6.3% |
|
| Less: Allowance for loan losses |
|
|
(1,018,890) |
|
|
|
(1,007,891) |
|
|
|
(876,623) |
|
|
|
1.1% |
|
|
|
16.2% |
|
| Loans to
public sector |
|
|
63,597 |
|
|
|
60,473 |
|
|
|
51,945 |
|
|
|
5.2% |
|
|
|
22.4% |
|
| Loans to public sector |
|
|
8,822 |
|
|
|
8,912 |
|
|
|
9,184 |
|
|
|
-1.0% |
|
|
|
-3.9% |
|
| Adjustment and accrued interest & exchange difference |
|
|
54,775 |
|
|
|
51,561 |
|
|
|
42,761 |
|
|
|
6.2% |
|
|
|
28.1% |
|
| Net total
loans |
|
|
49,981,675 |
|
|
|
47,074,185 |
|
|
|
40,564,516 |
|
|
|
6.2% |
|
|
|
23.2% |
|
Asset Quality
As of September 30, 2015, the asset quality ratio (non-performing loans/total loans) was 0.74%, while the coverage ratio (provisions/non-performing loans) reached 269.69%.
Compared to
the same quarter of 2014 and the previous quarter, the improvement in the NPL ratio was due to lower non-performing loans.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Asset quality ratios |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter
ended |
|
| (in thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
|
06-30-15 |
|
|
09-30-14 |
|
| Non-performing loans (1) |
|
|
377,806 |
|
|
|
427,095 |
|
|
|
388,080 |
|
|
|
-11.5% |
|
|
|
-2.6% |
|
| Allowance for loan losses |
|
|
(1,018,890) |
|
|
|
(1,007,891) |
|
|
|
(876,623) |
|
|
|
1.1% |
|
|
|
16.2% |
|
| Non-performing loans/net total loans |
|
|
0.74% |
|
|
|
0.89% |
|
|
|
0.94% |
|
|
|
-16.6% |
|
|
|
-20.9% |
|
| Non-performing private loans/net private loans |
|
|
0.74% |
|
|
|
0.89% |
|
|
|
0.94% |
|
|
|
-16.6% |
|
|
|
-20.9% |
|
| Allowance for loan losses/non-performing loans |
|
|
269.69% |
|
|
|
235.99% |
|
|
|
225.89% |
|
|
|
14.3% |
|
|
|
19.4% |
|
| Allowance for loan losses/net total loans |
|
|
2.00% |
|
|
|
2.10% |
|
|
|
2.12% |
|
|
|
-4.7% |
|
|
|
-5.6% |
|
(1) Non-performing loans include: all loans to borrowers classified as “Problem”, “Deficient
Servicing”, “High Insolvency Risk”, “Difficult Recovery”, “Irrecoverable” and “Irrecoverable for Technical Decision” according to the new Central Bank debtor classification system.
The following table shows the evolution of provisions for loan losses, including
charges related to
transactions recorded under “Other receivables” from financial intermediation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Evolution of provisions |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter ended |
|
| (in thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
|
06-30-15 |
|
|
09-30-14 |
|
| Balance at the
beginning of the quarter |
|
|
1,013,407 |
|
|
|
956,608 |
|
|
|
828,912 |
|
|
|
5.9% |
|
|
|
22.3% |
|
| Increase / decrease |
|
|
115,201 |
|
|
|
181,178 |
|
|
|
151,867 |
|
|
|
-36.4% |
|
|
|
-24.1% |
|
| Provision increase / decrease - Exchange rate difference |
|
|
1,138 |
|
|
|
893 |
|
|
|
1,173 |
|
|
|
27.4% |
|
|
|
3.0% |
|
| Decrease |
|
|
(104,949) |
|
|
|
(125,272) |
|
|
|
(99,740) |
|
|
|
-16.2% |
|
|
|
5.2% |
|
| Balance at the end of the quarter |
|
|
1,024,797 |
|
|
|
1,013,407 |
|
|
|
882,212 |
|
|
|
1.1% |
|
|
|
16.2% |
|
- 8
-
Deposits
As of September 30, 2015, total deposits reached AR$ 63.2 billion, increasing 27.1% in the last twelve months and 5.3% during the quarter.
During the year, time deposits showed an important increase, growing 36.5%, while sight accounts grew at a slower pace of 20.1%.
It is important to mention that during the last twelve months total peso-denominated deposits grew 26.5% increasing
term deposits by 36.5% and sight accounts by 18.5%.
Compared to the previous quarter, total deposits grew 5.3%, mainly driven by a 10.5%
increase in term deposits, while sight accounts grew only 1.6%.
Deposits denominated in foreign currency increased
32.7% and 5.4%, compared to the third quarter of 2014 and to the previous quarter, respectively. Deposits denominated in foreign currency reached AR$ 6.8 billion (equivalent to US$ 719.2 million) as of September 30, 2015, representing 10.7% of
the Bank’s total deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Total deposits |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter ended |
|
| (in thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
|
06-30-15 |
|
|
09-30-14 |
|
| Total
deposits |
|
|
63,214,220 |
|
|
|
60,014,088 |
|
|
|
49,734,513 |
|
|
|
5.3% |
|
|
|
27.1% |
|
| Current accounts |
|
|
17,703,627 |
|
|
|
16,875,105 |
|
|
|
16,514,883 |
|
|
|
4.9% |
|
|
|
7.2% |
|
| Peso denominated |
|
|
17,262,101 |
|
|
|
16,399,877 |
|
|
|
15,921,325 |
|
|
|
5.3% |
|
|
|
8.4% |
|
| Foreign currency |
|
|
441,526 |
|
|
|
475,228 |
|
|
|
593,558 |
|
|
|
-7.1% |
|
|
|
-25.6% |
|
| Saving accounts |
|
|
17,302,839 |
|
|
|
17,579,340 |
|
|
|
12,624,715 |
|
|
|
-1.6% |
|
|
|
37.1% |
|
| Peso denominated |
|
|
13,256,478 |
|
|
|
13,799,708 |
|
|
|
9,835,098 |
|
|
|
-3.9% |
|
|
|
34.8% |
|
| Foreign currency |
|
|
4,046,361 |
|
|
|
3,779,632 |
|
|
|
2,789,617 |
|
|
|
7.1% |
|
|
|
45.1% |
|
| Time deposits |
|
|
26,762,368 |
|
|
|
24,216,247 |
|
|
|
19,607,251 |
|
|
|
10.5% |
|
|
|
36.5% |
|
| Peso denominated |
|
|
24,666,063 |
|
|
|
22,224,480 |
|
|
|
18,114,087 |
|
|
|
11.0% |
|
|
|
36.2% |
|
| CER adjusted time deposits |
|
|
623 |
|
|
|
464 |
|
|
|
410 |
|
|
|
34.3% |
|
|
|
52.0% |
|
| Foreign currency |
|
|
2,095,682 |
|
|
|
1,991,303 |
|
|
|
1,492,754 |
|
|
|
5.2% |
|
|
|
40.4% |
|
| Investment Accounts |
|
|
88,774 |
|
|
|
14,959 |
|
|
|
677 |
|
|
|
n/a |
|
|
|
n/a |
|
| Peso denominated |
|
|
88,774 |
|
|
|
14,959 |
|
|
|
677 |
|
|
|
n/a |
|
|
|
n/a |
|
| Other |
|
|
1,356,612 |
|
|
|
1,328,437 |
|
|
|
986,987 |
|
|
|
2.1% |
|
|
|
37.4% |
|
| Peso denominated |
|
|
1,166,092 |
|
|
|
1,149,272 |
|
|
|
757,089 |
|
|
|
1.5% |
|
|
|
54.0% |
|
| Foreign currency |
|
|
190,520 |
|
|
|
179,165 |
|
|
|
229,898 |
|
|
|
6.3% |
|
|
|
-17.1% |
|
| Rescheduled
deposits + CEDROS |
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
|
|
0.0% |
|
|
|
0.0% |
|
| Peso denominated |
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
|
|
0.0% |
|
|
|
0.0% |
|
| Total deposits
+ Rescheduled deposits & CEDROS |
|
|
63,216,454 |
|
|
|
60,016,322 |
|
|
|
49,736,747 |
|
|
|
5.3% |
|
|
|
27.1% |
|
Other Funding Sources
Other funding sources as of September 30, 2015 totaled AR$ 2.9 billion, increasing 49.6% in the last twelve months and
51.3% compared to the previous quarter.
In the last twelve months, negotiable obligations were issued by the Bank and
by PSA Finance and some series of bonds matured during the period. Dollar
funding increased as well, mainly funding lines aimed at financing exports as well as imports.
Of the total outstanding senior bonds, AR$ 130.8 million correspond to those issued by PSA Finance and the remaining AR$ 1.6
billion to those issued by BBVA Francés.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Other funding sources |
|
Quarter ended
|
|
|
D% quarter ended 09-30-15 vs
quarter ended |
|
| (in thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
|
06-30-15 |
|
|
09-30-14 |
|
| Lines from other banks |
|
|
1,165,292 |
|
|
|
770,041 |
|
|
|
779,068 |
|
|
|
51.3% |
|
|
|
49.6% |
|
| Senior Bonds |
|
|
1,707,212 |
|
|
|
1,817,224 |
|
|
|
1,834,664 |
|
|
|
-6.1% |
|
|
|
-6.9% |
|
| Total other funding sources |
|
|
2,872,504 |
|
|
|
2,587,265 |
|
|
|
2,613,732 |
|
|
|
11.0% |
|
|
|
9.9% |
|
- 9
-
As of September 30, 2015, the Bank’s total shareholders’ equity totaled AR$ 12.5
billion, while the excess over the BCRA minimum capital requirements was AR$ 6.3 billion or 100.7%.
On the same date, the capital ratio reached 16.2% of assets adjusted to risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capitalization |
|
Quarter ended |
|
D% quarter ended 09-30-15 vs
quarter ended |
|
|
|
|
|
|
| (in thousands of pesos except percentages) |
|
09-30-15
|
|
|
06-30-15
|
|
|
09-30-14
|
|
06-30-15
|
|
|
09-30-14
|
| Capital Stock |
|
|
536,878 |
|
|
|
536,878 |
|
|
536,878 |
|
|
0.0% |
|
|
0.0% |
| Issuance premiums |
|
|
182,511 |
|
|
|
182,511 |
|
|
182,511 |
|
|
0.0% |
|
|
0.0% |
| Adjustments to stockholders equity |
|
|
312,979 |
|
|
|
312,979 |
|
|
312,979 |
|
|
0.0% |
|
|
0.0% |
|
Subtotal |
|
|
1,032,368 |
|
|
|
1,032,368 |
|
|
1,032,368 |
|
|
0.0% |
|
|
0.0% |
| Reserves on Profits |
|
|
8,899,508 |
|
|
|
8,899,508 |
|
|
6,095,012 |
|
|
0.0% |
|
|
46.0% |
| Unappropriated retained earnings |
|
|
2,596,226 |
|
|
|
1,598,156 |
|
|
2,390,139 |
|
|
62.5% |
|
|
8.6% |
| Total
stockholders´equity |
|
|
12,528,102 |
|
|
|
11,530,032 |
|
|
9,517,519 |
|
|
8.7% |
|
|
31.6% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Central Bank Requirements |
|
Quarter ended |
|
D% quarter ended 09-30-15 vs
quarter ended |
|
|
|
|
|
|
| (in thousands of pesos except percentages) |
|
09-30-15
|
|
|
06-30-15
|
|
|
09-30-14
|
|
06-30-15
|
|
|
09-30-14
|
| Central
Bank Minimum Capital Requirements |
|
|
6,258,341 |
|
|
|
5,823,118 |
|
|
4,931,604 |
|
|
7.5% |
|
|
26.9% |
| Central Bank Minimum Capital Requirements (a, b) |
|
|
6,202,914 |
|
|
|
5,643,361 |
|
|
4,759,958 |
|
|
9.9% |
|
|
30.3% |
| Increase in capital requirements related to custody |
|
|
55,427 |
|
|
|
179,757 |
|
|
171,646 |
|
|
-69.2% |
|
|
-67.7% |
| a) Central Bank Minimum Capital
Requirements |
|
|
6,202,914 |
|
|
|
5,643,361 |
|
|
4,759,958 |
|
|
9.9% |
|
|
30.3% |
| Allocated to Asset at Risk |
|
|
4,469,057 |
|
|
|
4,098,927 |
|
|
3,499,558 |
|
|
9.0% |
|
|
27.7% |
| DCR (derivative conterparter risk) |
|
|
13,971 |
|
|
|
6,584 |
|
|
11,942 |
|
|
112.2% |
|
|
17.0% |
| Market Risk |
|
|
218,381 |
|
|
|
123,021 |
|
|
109,918 |
|
|
77.5% |
|
|
98.7% |
| Operational Risk |
|
|
1,501,505 |
|
|
|
1,414,829 |
|
|
1,138,540 |
|
|
6.1% |
|
|
31.9% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
b) Minimum capital required for the Guarantee Fund for
the Sustainability of the Pas-as-you-go System maneged
by the Argentine Republic and registrar of
mortgage
notes |
|
|
400,000 |
|
|
|
719,030 |
|
|
686,586 |
|
|
-44.4% |
|
|
-41.7% |
| 5% of the securities in custody and book-entry notes |
|
|
400,000 |
|
|
|
719,030 |
|
|
686,586 |
|
|
-44.4% |
|
|
-41.7% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Bank Capital Calculated under Central Bank
Rules |
|
|
12,559,878 |
|
|
|
11,712,156 |
|
|
9,656,270 |
|
|
7.2% |
|
|
30 .1% |
| Ordinary Capital Level 1 |
|
|
12,102,146 |
|
|
|
11,275,283 |
|
|
9,283,586 |
|
|
7.3% |
|
|
30.4% |
| Dedusctions Ordinary Capital Level 1 |
|
|
(220,219) |
|
|
|
(184,930) |
|
|
(158,196) |
|
|
19.1% |
|
|
39.2% |
| Capital Level 2 |
|
|
677,951 |
|
|
|
621,803 |
|
|
530,880 |
|
|
9.0% |
|
|
27.7% |
| Excess over Required Capital |
|
|
6,301,537 |
|
|
|
5,889,038 |
|
|
4,724,666 |
|
|
7.0% |
|
|
33.4% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Capital Ratio (Central Bank rules) |
|
|
16.2% |
|
|
|
16.6% |
|
|
16.2% |
|
|
-2.4% |
|
|
-0.2% |
| Excess over Required Capital as a % of Shareholders´Equity |
|
|
50.3% |
|
|
|
51.1% |
|
|
49.6% |
|
|
-1.5% |
|
|
1.3% |
- 10
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
Quarter ended |
|
D% quarter ended 09-30-15 vs
quarter ended |
|
|
|
|
|
|
| (in thousands of pesos except percentages) |
|
09-30-15 |
|
|
06-30-15 |
|
|
09-30-14 |
|
06-30-15
|
|
09-30-14
|
| Exchange rate |
|
|
9.42 |
|
|
|
9.09 |
|
|
8.46 |
|
3.7% |
|
11.3% |
| Quarterly CER adjustment |
|
|
3.5% |
|
|
|
3.5% |
|
|
4.1% |
|
-0.8% |
|
-15.6% |
This press release contains or may contain certain forward-looking statements within the meaning of
the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés’ earnings, business plans, cost-reduction plans, and capitalization plan, and
trends affecting BBVA Francés’ financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ
materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market
prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés’ products and services; (4) increased competition; (5) changes in
technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from
the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (“SEC”), including, but not limited to, BBVA Francés’ annual report on Form 20-F
and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or
complete.
A conference call to discuss third quarter earnings will be held on Thursday, November 12,
2015, at 1:00 pm (local time). If you are interested in participating, please dial (888) 572 7034 within the U.S. or +1 (719) 785 1753 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 4541813. This
conference will be recorded. To ask for digital replay, please dial (888) 203 1112 within U.S or +1 (719) 457 0820, same confirmation code. The replay will be available until December 11, 2015.
This press release is also available at BBVA Francés web site:
www.bbvafrances.com.ar
Vanesa Bories
Investor Relations
(5411) 4346-4000 int. 11622
vbories@bbva.com
Cecilia Acuña
Investor Relations
(5411) 4341-5036
ceciliaviviana.acuna@bbva.com
- 11
-
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
| |
|
09-30-15 |
|
06-30-15 |
|
03-31-15 |
|
09-30-14 |
| Cash and due from banks |
|
13,937,749 |
|
13,646,494 |
|
12,897,039 |
|
12,539,352 |
| Government and Private Securities |
|
15,652,920 |
|
14,206,708 |
|
14,779,848 |
|
9,634,649 |
| Holdings booked at fair value |
|
2,583,782 |
|
2,583,930 |
|
2,524,516 |
|
2,428,434 |
| Holdings booked at amortized cost |
|
- |
|
44,161 |
|
98,670 |
|
134,502 |
| Reverse repo |
|
164 |
|
164 |
|
98,391 |
|
164 |
| Listed Private Securities |
|
89,259 |
|
65,130 |
|
72,826 |
|
40,647 |
| Bills and Notes from the Central Bank |
|
12,979,915 |
|
11,513,524 |
|
11,985,646 |
|
7,031,106 |
| Less: Allowances |
|
(200) |
|
(201) |
|
(201) |
|
(204) |
| Loans |
|
49,981,675 |
|
47,074,185 |
|
43,141,565 |
|
40,564,516 |
| Loans to the private & financial sector |
|
49,918,078 |
|
47,013,712 |
|
43,084,357 |
|
40,512,571 |
| Advances |
|
7,813,118 |
|
8,349,886 |
|
7,180,739 |
|
7,311,296 |
| Discounted and purchased notes |
|
7,708,000 |
|
6,552,563 |
|
5,882,870 |
|
6,303,691 |
| Secured with mortgages |
|
1,806,419 |
|
1,696,271 |
|
1,512,906 |
|
1,387,004 |
| Car secured loans |
|
4,127,086 |
|
3,751,333 |
|
3,644,048 |
|
3,641,853 |
| Personal loans |
|
6,805,408 |
|
6,353,804 |
|
6,181,597 |
|
5,977,116 |
| Credit cards |
|
14,672,406 |
|
13,342,004 |
|
12,399,432 |
|
9,383,445 |
| Loans to financial sector |
|
1,246,674 |
|
756,088 |
|
810,528 |
|
952,622 |
| Other loans |
|
6,010,784 |
|
6,437,059 |
|
5,609,073 |
|
5,708,632 |
| Less: Unaccrued interest |
|
(161,426) |
|
(134,380) |
|
(135,135) |
|
(131,173) |
| Plus: Interest & FX differences receivable |
|
908,499 |
|
916,975 |
|
948,643 |
|
854,708 |
| Less: Allowance for loan losses |
|
(1,018,890) |
|
(1,007,891) |
|
(950,344) |
|
(876,623) |
| Public Sector loans |
|
63,597 |
|
60,473 |
|
57,208 |
|
51,945 |
| Principal |
|
8,822 |
|
8,912 |
|
8,773 |
|
9,184 |
| Plus: Interest & FX differences receivable |
|
54,775 |
|
51,561 |
|
48,435 |
|
42,761 |
| Other banking receivables |
|
5,559,493 |
|
6,005,634 |
|
4,191,933 |
|
6,633,040 |
| Repurchase agreements |
|
1,910,161 |
|
1,200,094 |
|
2,046,557 |
|
1,880,783 |
| Unlisted private securities |
|
86,868 |
|
12,813 |
|
101,707 |
|
40,397 |
| Other banking receivables |
|
3,568,371 |
|
4,798,243 |
|
2,049,933 |
|
4,717,449 |
| Less: provisions |
|
(5,907) |
|
(5,516) |
|
(6,264) |
|
(5,589) |
| Investments in other companies |
|
336,070 |
|
297,827 |
|
367,021 |
|
295,057 |
| Intangible assets |
|
211,624 |
|
176,176 |
|
157,514 |
|
143,124 |
| Organization and development charges |
|
211,624 |
|
176,176 |
|
157,514 |
|
143,124 |
| Other assets |
|
6,453,052 |
|
6,119,425 |
|
5,595,936 |
|
5,074,026 |
| Total Assets |
|
92,132,583 |
|
87,526,449 |
|
81,130,856 |
|
74,883,764 |
| Deposits |
|
63,216,454 |
|
60,016,322 |
|
55,357,904 |
|
49,736,747 |
| Current accounts |
|
17,703,627 |
|
16,875,105 |
|
16,193,981 |
|
16,514,883 |
| Saving accounts |
|
17,302,839 |
|
17,579,340 |
|
15,097,425 |
|
12,624,715 |
| Time deposits |
|
26,762,368 |
|
24,216,247 |
|
22,538,963 |
|
19,607,251 |
| Investment Accounts |
|
88,774 |
|
14,959 |
|
594 |
|
677 |
| Rescheduled deposits CEDROS |
|
2,234 |
|
2,234 |
|
2,234 |
|
2,234 |
| Other deposits |
|
1,356,612 |
|
1,328,437 |
|
1,524,707 |
|
986,987 |
| Other banking Liabilities |
|
11,618,140 |
|
11,672,802 |
|
10,087,578 |
|
12,233,676 |
| Other provisions |
|
961,630 |
|
911,591 |
|
896,150 |
|
700,849 |
| Other contingencies |
|
960,988 |
|
910,997 |
|
895,482 |
|
700,276 |
| Guarantees |
|
642 |
|
594 |
|
668 |
|
573 |
| Other liabilities |
|
3,513,683 |
|
3,131,567 |
|
3,222,499 |
|
2,452,973 |
| Minority interest |
|
294,574 |
|
264,135 |
|
303,903 |
|
242,000 |
| Total Liabilities |
|
79,604,481 |
|
75,996,417 |
|
69,868,034 |
|
65,366,245 |
| Total
Stockholders´ equity |
|
12,528,102 |
|
11,530,032 |
|
11,262,822 |
|
9,517,519 |
| Total
liabilities + stockholders’ equity |
|
92,132,583 |
|
87,526,449 |
|
81,130,856 |
|
74,883,764 |
- 12
-
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
09-30-15 |
|
|
06-30-15 |
|
|
03-31-15 |
|
|
09-30-14 |
| Financial income |
|
|
4,160,006 |
|
|
|
3,632,643 |
|
|
|
3,769,403 |
|
|
3,131,111 |
| Interest on Cash and Due from
Banks |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
| Interest on Loans Granted to the
Financial Sector |
|
|
76,198 |
|
|
|
66,512 |
|
|
|
70,938 |
|
|
83,308 |
| Interest on
Overdraft |
|
|
614,867 |
|
|
|
491,501 |
|
|
|
488,603 |
|
|
547,732 |
| Interest on Discounted and
purchased notes |
|
|
350,163 |
|
|
|
319,403 |
|
|
|
306,681 |
|
|
311,344 |
| Interest on
Mortgages |
|
|
83,853 |
|
|
|
73,236 |
|
|
|
68,649 |
|
|
61,058 |
| Interest on Car Secured
Loans |
|
|
238,125 |
|
|
|
226,019 |
|
|
|
219,544 |
|
|
203,689 |
| Interest on Credit Card
Loans |
|
|
679,705 |
|
|
|
689,400 |
|
|
|
637,018 |
|
|
490,350 |
| Interest on Financial
Leases |
|
|
103,447 |
|
|
|
98,059 |
|
|
|
95,305 |
|
|
85,493 |
| Interest on Other
Loans |
|
|
836,913 |
|
|
|
793,305 |
|
|
|
737,640 |
|
|
706,045 |
| From Other Banking
receivables |
|
|
108 |
|
|
|
58 |
|
|
|
50 |
|
|
25 |
| Interest on Government Guaranteed
Loans Decree 1387/01 |
|
|
4,082 |
|
|
|
3,965 |
|
|
|
3,544 |
|
|
3,739 |
| Income from Securities and Short
Term Investments |
|
|
891,912 |
|
|
|
606,825 |
|
|
|
921,729 |
|
|
430,292 |
| CER |
|
|
50,113 |
|
|
|
52,289 |
|
|
|
45,240 |
|
|
59,060 |
| Foreign exchange
difference |
|
|
122,243 |
|
|
|
105,801 |
|
|
|
121,789 |
|
|
109,718 |
| Other |
|
|
108,277 |
|
|
|
106,270 |
|
|
|
52,673 |
|
|
39,258 |
| Financial expenses |
|
|
(1,833,403) |
|
|
|
(1,659,410) |
|
|
|
(1,484,370) |
|
|
(1,381,601) |
| Interest on Current Account
Deposits |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
- |
| Interest on Saving Account
Deposits |
|
|
(5,987) |
|
|
|
(5,072) |
|
|
|
(4,620) |
|
|
(4,861) |
| Interest on Time
Deposits |
|
|
(1,321,401) |
|
|
|
(1,211,105) |
|
|
|
(1,053,486) |
|
|
(1,036,853) |
| Interest on Other Banking
Liabilities |
|
|
(149,052) |
|
|
|
(130,908) |
|
|
|
(132,824) |
|
|
(132,759) |
| Other interests (includes Central
Bank) |
|
|
(1,469) |
|
|
|
(1,566) |
|
|
|
(1,693) |
|
|
(1,992) |
| CER |
|
|
(19) |
|
|
|
(15) |
|
|
|
(12) |
|
|
(23) |
| Bank Deposit Guarantee Insurance
system mandatory contributions |
|
|
(102,137) |
|
|
|
(94,406) |
|
|
|
(88,294) |
|
|
(20,329) |
| Foreign exchange
difference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Mandatory contributions and taxes
on interest income |
|
|
(231,747) |
|
|
|
(214,091) |
|
|
|
(202,224) |
|
|
(191,684) |
| Other |
|
|
(21,591) |
|
|
|
(2,247) |
|
|
|
(1,217) |
|
|
6,900 |
| Net financial income |
|
|
2,326,603 |
|
|
|
1,973,233 |
|
|
|
2,285,033 |
|
|
1,749,510 |
| Provision for loan
losses |
|
|
(115,201) |
|
|
|
(181,178) |
|
|
|
(143,097) |
|
|
(151,867) |
| Income from services, net of other
operating expenses |
|
|
953,272 |
|
|
|
800,607 |
|
|
|
960,451 |
|
|
887,922 |
| Administrative
expenses |
|
|
(1,645,376) |
|
|
|
(1,472,263) |
|
|
|
(1,581,333) |
|
|
(1,582,636) |
| Income (loss) from equity
investments |
|
|
69,341 |
|
|
|
50,523 |
|
|
|
31,735 |
|
|
85,365 |
| Net Other income |
|
|
(10,472) |
|
|
|
(16,557) |
|
|
|
(97,601) |
|
|
14,453 |
| Income (loss) from minority interest |
|
|
(30,439) |
|
|
|
(34,223) |
|
|
|
(31,774) |
|
|
(28,677) |
| Income before tax |
|
|
1,547,728 |
|
|
|
1,120,142 |
|
|
|
1,423,414 |
|
|
974,070 |
| Income tax |
|
|
(549,658) |
|
|
|
(452,932) |
|
|
|
(492,468) |
|
|
(345,100) |
| Net income |
|
|
998,070 |
|
|
|
667,210 |
|
|
|
930,946 |
|
|
628,970 |
- 13
-
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
09-30-15 |
|
|
06-30-15 |
|
|
03-31-15 |
|
|
09-30-14 |
| Cash and due from banks |
|
|
13,937,826 |
|
|
|
13,646,577 |
|
|
|
12,897,123 |
|
|
12,539,439 |
| Government Securities |
|
|
15,658,390 |
|
|
|
14,210,171 |
|
|
|
14,787,089 |
|
|
9,659,082 |
| Loans |
|
|
49,981,675 |
|
|
|
47,074,185 |
|
|
|
43,141,565 |
|
|
40,564,516 |
| Other Banking Receivables |
|
|
5,559,493 |
|
|
|
6,005,634 |
|
|
|
4,191,933 |
|
|
6,633,040 |
| Assets Subject to Financial Leasing |
|
|
2,339,833 |
|
|
|
2,156,065 |
|
|
|
2,129,618 |
|
|
1,995,881 |
| Investments in other companies |
|
|
331,131 |
|
|
|
293,008 |
|
|
|
362,112 |
|
|
289,446 |
| Other assets |
|
|
4,368,786 |
|
|
|
4,185,460 |
|
|
|
3,668,090 |
|
|
3,268,571 |
| Total Assets |
|
|
92,177,134 |
|
|
|
87,571,100 |
|
|
|
81,177,530 |
|
|
74,949,975 |
| Deposits |
|
|
63,214,992 |
|
|
|
60,015,603 |
|
|
|
55,357,671 |
|
|
49,736,593 |
| Other banking liabilities |
|
|
11,618,166 |
|
|
|
11,672,814 |
|
|
|
10,087,578 |
|
|
12,233,881 |
| Minority interest |
|
|
298,800 |
|
|
|
268,259 |
|
|
|
308,103 |
|
|
246,802 |
| Other liabilities |
|
|
4,517,074 |
|
|
|
4,084,392 |
|
|
|
4,161,356 |
|
|
3,215,180 |
| Total Liabilities |
|
|
79,649,032 |
|
|
|
76,041,068 |
|
|
|
69,914,708 |
|
|
65,432,456 |
| Total Stockholders’ Equity |
|
|
12,528,102 |
|
|
|
11,530,032 |
|
|
|
11,262,822 |
|
|
9,517,519 |
| Stockholders’ Equity + Liabilities |
|
|
92,177,134 |
|
|
|
87,571,100 |
|
|
|
81,177,530 |
|
|
74,949,975 |
| Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
09-30-15 |
|
|
06-30-15 |
|
|
03-31-15 |
|
|
09-30-14 |
| Net Financial Income |
|
|
2,328,398 |
|
|
|
1,973,531 |
|
|
|
2,285,429 |
|
|
1,751,263 |
| Provision for loan losses |
|
|
(115,201) |
|
|
|
(181,178) |
|
|
|
(143,097) |
|
|
(151,867) |
| Net Income from Services |
|
|
953,272 |
|
|
|
800,607 |
|
|
|
960,451 |
|
|
887,922 |
| Administrative expenses |
|
|
(1,646,213) |
|
|
|
(1,473,149) |
|
|
|
(1,584,248) |
|
|
(1,580,779) |
| Net Other Income |
|
|
58,164 |
|
|
|
34,627 |
|
|
|
(62,916) |
|
|
97,650 |
| Income Before Tax |
|
|
1,578,420 |
|
|
|
1,154,438 |
|
|
|
1,455,619 |
|
|
1,004,189 |
| Income Tax |
|
|
(549,809) |
|
|
|
(453,081) |
|
|
|
(492,627) |
|
|
(345,310) |
| Net income |
|
|
1,028,611 |
|
|
|
701,357 |
|
|
|
962,992 |
|
|
658,879 |
| Minoritary Interest |
|
|
(30,541) |
|
|
|
(34,147) |
|
|
|
(32,046) |
|
|
(29,909) |
| Net income for Quarter |
|
|
998,070 |
|
|
|
667,210 |
|
|
|
930,946 |
|
|
628,970 |
- 14
-
Bbva Banco Frances (NYSE:BFR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bbva Banco Frances (NYSE:BFR)
Historical Stock Chart
From Apr 2023 to Apr 2024
