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 May 2016
Commission File Number: 001-12568
BBVA French
Bank S.A.
(Translation of registrants 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
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Item
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1.
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BBVA Francés reports consolidated first quarter earnings for fiscal year 2016.
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Buenos Aires, May 11, 2016 - BBVA Frances (NYSE: BFR.N; BCBA: FRAN.BA;
LATIBEX: BFR.LA) reports consolidated first quarter earnings for fiscal year
2016.
Highlights
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BBVA Francés net income for the period ended March 31, 2016 reached AR$ 1,165.1 million, representing a 25.1% increase compared with the same quarter of 2015 and a 2.0% decrease compared with the prior
quarter.
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Net financial income increased by 30.4% compared with the same quarter of 2015, mainly due to higher income derived from intermediation within the private sector, from the public bond portfolio and from foreign exchange
differences. Net financial income for the period increased by 4.4% compared with the fourth quarter of 2015.
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In terms of activity, the private sector loan portfolio totaled AR$ 59.1 billion, increasing by 37.3% compared with the first quarter of 2015 and by 4.7% during the quarter.
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BBVA Francés continues to maintain outstanding risk indicators in the Argentine financial system. The non-performing loan ratio (non-performing loans/total loans) reached 0.69% as of March 31, 2016, while
the coverage ratio (provisions/non-performing loans) reached 283.67%.
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Total deposits reached AR$ 80.1 billion as of March 31, 2016, increasing by 44.7% in the last twelve months and by 4.2% during the quarter.
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BBVA Francés maintains adequate levels of liquidity and solvency. As of March 31, 2016 liquid assets (cash and due from banks plus Argentina Central Bank (BCRA) bills and notes) represented 45.8% of the
Banks total deposits. The capital ratio reached 15.8% of weighted risk assets; with an excess of capital of AR$ 7.1 billon, which is 90.3% higher than the minimum regulatory requirements.
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On March 21, 2016, the Central Bank of Argentina (BCRA) through its Communication A 5927 removed all fees on saving accounts, as well as on the associated debit cards. In addition it also removed all
fees on electronic transfers by individuals without any cap, which can now be made every day at any time.
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On the same date and through Communication A 5928 the BCRA authorized a 20% increase in all banking charges, eliminating since September 2016 the regulatory pricing. Such Communication also established that
no income derived from Insurance on Debit Balance will be charged in any credit transaction.
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Other Events
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On February 16, 2016, the Supreme Court rejected the appeal filed by the Anti-Money Laundering Agency (Unidad de Información Financiera UIF), in case No. 181/10, therefore upholding the
ruling of the IV Chamber, of the Court of Appeals (Cámara Contencioso Administrativa Federal), that revoked the UIF resolution and annulling the fine originally imposed to BBVA Francés.
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At the Ordinary and Extraordinary Shareholders Meeting held on April 26, 2016, the shareholders approved by majority the distribution of cash dividends totaling AR$ 900 million. The payment is subject to the
authorization of the BCRA. In addition, AR$ 2.1 billion was allocated to the discretionary reserve for future distributions results.
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On April 7, 2016, the BCRA through Communication A 5943 increased the amount of deposits covered by the Deposit Guarantee Fund (from AR$ 350,000 to AR$ 450,000), effective as of May 1, 2016.
Furthermore, it also decreased the monthly amount that the financial entities must allocate to the Deposit Guarantee Fund, to the equivalent of 0.015% of the deposits monthly average of the daily balances of the second month immediately preceding.
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It is worth mentioning the agreement reached by Argentina with most of the holdouts, resolving the public debt defaulting issue outstanding since 2002. Argentina issued USD 16,500 billion of sovereign debt in April
2016, representing its first international bond issuance since 2002. The offering was four times oversubscribed.
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Argentina
made payments to the litigant funds on April 22, 2016 for USD 9.3 billion. It is estimated that the aggregate amount of payments to holdouts would be approximately USD 10.5 billion, representing a release of 44% of the aggregate amount of the
outstanding claims.
On May 4, 2016, payment was made for bond coupons with jurisdiction overseas, whose payment had been suspended by
the injunction issued by a judge of New York on June 30, 2014. This payment reached USD 2,694.5 million.
Economic Environment
In December 2015 the National Government declared, after taking office, the situation of statistic emergency as a consequence of the
inconsistencies detected in the information released by the Instituto Nacional de Estadistica y Censos (statistic national agency (INDEC)). This measure implies the temporary suspension of the release of new economic figures until the situation has
been regularized. As a consequence, several indicators mentioned in the paragraphs below are not updated.
Regarding economic activity, INDEC has recently
published the revised preliminary GDP for 2015. Economic activity increased by 2.1% during last year, losing momentum during the fourth quarter when it only increased by 0.9% on an annual basis There is no official GDP data for the first quarter
2016.
The latest information issued by INDEC of the National and Urban Consumer Price Index (IPC-NU) corresponded to
October 2015 and showed accumulated inflation of 11.9% for the January-October period; and of 14.3% compared with October 2014. In order to fill the lack of CPI information until new figures are released by INDEC, we took as a proxy the CPI of
Autonomous City of Buenos Aires (CPI-CABA), calculated by the statistics agency of CABA government. Such index increased by 11.8% during the first quarter of 2016 and by 35.0% year over year.
The national public sector fiscal balance recorded a primary deficit of AR$ 49.6 billion during the first quarter of the year, representing a 12.2% increase
compared with the deficit or AR$ 44.2 billion reached during the same period of the previous year. These numbers do not include incomes from rents of BCRA and ANSES (Argentine Institute of Social Security).
- 2 -
Primary public sector spending increased by 28.3% and public sector revenues showed an increase of 31.1% during
the first quarter.
Public debt Interest payments increased by 19.1% during the period and income from rents of BCRA and ANSES increased by 78.7 %. As a
result, the total deficit reached AR$ 34.6 billion, representing a 21.9% decreased compared with the same period of 2015.
In the first quarter of 2016
tax revenues increased by 32.1% year-over-year. Income tax increased by 32.6%, export duties by 19% and Value added tax by 35.2% during the same period.
In the external sector, the accumulated trade deficit reached USD 0.4 billion during the first quarter of 2016, 68.3% lower than the deficit recorded during
the same period of 2015. From January to March 2016, the trade balance recorded total exports of USD 12.4 billion (representing a 0.2% increase year-over-year) and total imports by USD 12.8 billion (representing a 0.3% decrease year-over-year).
In first quarter of 2016 the BCRAs stock of international reserves increased by USD 4.0 billion, reaching a total balance of USD 29.6 billion. During
such quarter, the BCRA sold the equivalent of USD 43 million in the foreign exchange market.
The BCRA maintains the bilateral currency swap
agreement entered into with the Peoples Bank of China. Further, since February 2016, the BCRA has added USD 5.0 billion from a repo transaction with private banks.
The Badlar interest rate for private banks increased by 322 b.p. in the first quarter of 2016, averaging 27.4% compared with the 24.2% average rate in the
fourth quarter of 2015.
The stock of private sector loans in pesos decreased in the first quarter or 2016 by 0.28% compared with the balance of fourth
quarter of 2015, while private sector loans in dollars increased by 35.3%.
Total deposits in the financial system increased by 3.4% in the first quarter
of 2016. In the same period, private sector deposits denominated in pesos increased by 2.5% and those denominated in dollars increased by 11.7%.
The Bank
BBVA Francés begins the year strengthening its
efforts in line with the BBVA Group global proposal. In this sense, the Bank renews it purpose under the slogan bring the age of opportunities to everyone,
with the aim of generating a positive impact in the clients experience within the financial industry.
Regarding commercial activities, BBVA Francés was present during the summer season in the most important tourist centers offering exclusive experiences
for clients and non-clients, focusing the promotional actions on spreading the benefits of Frances Go, the app for smartphones launched in 2015.
In
addition, the Bank continued to promote the benefits of its alliance with LATAM, offering the exchange of LATAM Pass kilometers for national and international flights, as well as for a broad catalogue of products.
Furthermore, the #futbolnonstop campaign invites all BBVA Francés clients to continue make purchases with their BBVA Francés Visa credit cards
in order to participate in the draw for tickets to the best soccer events of the season and for attending the Olympic Games of Rio 2016.
With the launch
of the new Talleres Card under the framework of the sponsorship agreement entered into with Club Atletico Talleres de Córdoba, BBVA Francés continues to develop its strategy of being recognized as the soccer Bank.
Last March, the Bank participated in the 10° edition of Expoagro, the most important exhibition of the agro sector in the country. BBVA Francés was
present with an institutional stand, completely renovated in line with the concept of modernity and digitalization, where specialist advisers attended all the queries about the different products and services that BBVA Francés offers to the
agro business segment: the package Agro LATAMPASS insurance, pledge loans and loans at 0 interest rates with the BBVA Francés Agro credit card to buy inputs, seeds and cattle, with the possibility to pay in July 2017.
Regarding the development of the social responsibility program, during the period, the Bank established contact with the educational centers that are members
of the BBVA Francés Financial Educations Program of Integration Scholarships, of which 1,440 students will benefit during 2016.
The Bank continues
its SMEs Management Strengthening training program together with some of the most prestigious business schools in Argentina.
In addition, the
Bank launched the 27° edition of the Prize to the Agro Entrepreneur. The prize has become a classic of the agro sector, providing recognition and encouragement to those who innovate and improved the profitability of their business as
a result.
- 3 -
Presentation of Financial Information
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Foreign currency balances as of March 31, 2016 have been translated into pesos at the reference exchange rate published by the BCRA at such date (AR$ 14.5817/ US$).
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This press release contains unaudited financial information that consolidates all of the banking activities of BBVA Francés and its subsidiaries on a line-by-line basis. The Banks interest in the Consolidar
Group BBVA Consolidar Seguros S. A. and Consolidar AFJP (in liquidation)-, is shown as
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Investments in other companies (recorded under 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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D
% quarter ended 03-31-16 vs
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Condensed Income Statement (1)
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Quarter ended
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quarter ended
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(in thousands of pesos except income per share, ADS and percentages)
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03-31-16
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12-31-15
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03-31-15
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12-31-15
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03-31-15
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Net Financial Income
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2,980,043
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2,854,922
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2,285,033
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4.4
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%
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30.4
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%
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Provision for loan losses
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(161,351
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(197,541
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(143,097
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-18.3
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%
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12.8
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%
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Net income from services
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931,083
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960,726
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960,451
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-3.1
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%
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-3.1
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%
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Administrative expenses
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(2,095,807
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(1,889,227
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(1,581,333
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10.9
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%
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32.5
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%
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Operating income
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1,653,968
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1,728,880
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1,521,054
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-4.3
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%
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8.7
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%
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Income (Loss) from equity investments
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44,802
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46,960
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31,735
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-4.6
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%
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41.2
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%
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Income (Loss) from Minority interest
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(39,994
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(34,593
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(31,774
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15.6
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%
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25.9
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%
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Other Income/Expenses
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56,471
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1,780
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(97,601
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3072.5
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%
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-157.9
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%
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Income tax and Minimum Presumed Tax
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(550,163
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(554,766
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(492,468
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-0.8
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%
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11.7
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%
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Net income for the period
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1,165,084
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1,188,261
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930,946
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-2.0
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%
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25.2
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%
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Net income per share (2)
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2.17
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2.21
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1.73
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-2.0
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%
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25.2
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%
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Net income per ADS (3)
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6.51
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6.64
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5.20
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-2.0
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%
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25.2
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%
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(1)
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Exchange rate: AR$ 14,5817 Ps = 1 USD
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(2)
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Assumes 536,877,850 ordinary shares
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(3)
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Each ADS represents three ordinary shares
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During the first quarter of 2016, the Banks net income totaled AR$ 1,165.1 million, increasing by
25.2% compared with the same quarter of 2015, while decreasing by 2.0% compared to the prior quarter.
Net financial income grew by 30.4% compared with
the first quarter of 2015. Such increase was mainly due to higher intermediation with the private sector as well as higher gains derived from the public bonds portfolio. Compared with the previous quarter, the increase in net financial income was of
4.4% due to higher income derived from CER adjustment and from foreign exchange differences.
Provisions for loan losses increased compared with the first
quarter of 2015 due to the higher volume of lending and the deterioration of the loan portfolio.
Compared with the previous quarter, provisions for loan losses showed a decline of 18.3%, mainly due to lower
provisions resulting from lower lending volume.
During the second quarter of 2015, the Bank redefined the charges triggered by credit and debit card
transactions, reclassifying them from administrative expenses to service charge expenses, in line with the standards applied in the industry.
Other/income expenses totaled AR$ 56.5 million for the period ended March 31, 2016. It is worth mentioning that this line item included for the
first quarter of 2015 certain administrative penalties in accordance with the Communication A 5689 issued on January 8, 2015 by the BCRA. Such penalties were thereafter revoked by the IV Chamber of the Court of Appeals.
- 4 -
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D
% quarter ended 03-31-16 vs
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Main figures
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Quarter ended
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quarter ended
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(in thousands of pesos except percentages)
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03-31-16
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12-31-15
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03-31-15
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12-31-15
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03-31-15
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Return on Average Assets (1)
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4.1
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%
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4.7
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%
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4.8
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%
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-12.0
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%
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-13.9
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%
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Return on Average Shareholders Equity (1)
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32.6
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%
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36.2
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%
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34.5
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%
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-10.0
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%
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-5.5
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%
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Net fee Income as a % of Operating Income
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23.8
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%
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25.2
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%
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29.6
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%
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-5.5
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%
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-19.6
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%
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Net fee Income as a % of Administrative Expenses
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44.4
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%
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50.9
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%
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60.7
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%
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-12.6
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%
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-26.9
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%
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Adm. Expenses as a % of Recurrent Income (2)
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53.6
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%
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49.5
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%
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48.7
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%
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8.2
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%
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10.0
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%
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(2)
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Adm.Expenses / (Net financial income + Net income from services)
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Net Financial Income
Net financial income arising from the intermediation with the private sector increased by 7.7% compared with the first quarter of 2015. Compared with the
previous quarter it did not register a significant variation, mainly due to an increase in the cost of funds.
Income from securities and short-term
investments included non-recurring income originated by variations in the valuation of public securities. Such results totaled a loss of AR$ 204.8 million during the
quarter under analysis, whereas for the same quarter of 2015 and for the previous quarter, it registered gains of AR$ 267.1 million and of AR$ 382.1 million, respectively.
Both, the line items CER Adjustment and Foreign exchange difference reflected important gains compared with the same quarter of 2015
and the previous quarter, mainly due to the depreciation of the Argentine peso in December 2015.
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D
% quarter ended 03-31-16 vs
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Net financial income
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Quarter ended
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quarter ended
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(in thousands of pesos except percentages)
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03-31-16
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12-31-15
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03-31-15
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12-31-15
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03-31-15
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Net financial income
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2,980,043
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2,854,922
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2,285,033
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4.4
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%
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30.4
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%
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Net income from financial intermediation
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1,229,373
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1,236,777
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1,141,287
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-0.6
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%
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7.7
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%
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CER adjustment
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161,393
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41,249
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45,228
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291.3
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%
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256.8
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%
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Income from securities and short term investments
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980,137
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1,133,458
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921,729
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-13.5
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%
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6.3
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%
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Interest on Government guaranteed loans
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9,072
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4,089
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3,544
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121.9
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%
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156.0
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%
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Foreign exchange difference
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369,257
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31,654
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121,789
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1066.5
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%
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203.2
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%
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Others
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230,811
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407,695
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51,456
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-43.4
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%
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348.6
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%
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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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D
% quarter ended 03-31-16
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Income from securities and short-term investments
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Quarter ended
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vs quarter ended
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(in thousands of pesos except percentages)
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03-31-16
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12-31-15
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03-31-15
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12-31-15
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03-31-15
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Income from securities and short-term investments
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980,137
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1,133,458
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921,729
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-13.5
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%
|
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6.3
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%
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Holdings booked at fair value
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(21,714
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601,465
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368,080
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-103.6
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%
|
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-105.9
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%
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Bills and Notes from the Central Bank
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958,961
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512,661
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537,885
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87.1
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%
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78.3
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%
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Other fixed income securities
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42,890
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19,332
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15,765
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121.9
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%
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172.1
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%
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CER adjustment
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161,520
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41,264
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45,240
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291.4
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%
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257.0
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%
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Net income from services, not taking into account the previously mentioned reclassification, increased by 7.5%
compared with the first quarter of 2015 and decreased by 2.1% compared with the previous quarter.
- 5 -
In the year-to-year comparison, growth was due mainly to higher consumption with credit cards, higher fees
associated with insurance and higher fees generated by an increase in the stock of deposit accounts, as well as due to the fees generated by PSA Finance. Such growth was partially offset by an increase in service charge expenses related to
promotions associated with the LATAM Pass kilometers program.
The decrease experienced during the quarter was mainly explained by the seasonal behavior of credit cards
consumption, which was lower during the period.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
|
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Net income from services
|
|
|
931,083
|
|
|
|
960,726
|
|
|
|
960,451
|
|
|
|
-3.1
|
%
|
|
|
-3.1
|
%
|
Service charge income
|
|
|
1,481,111
|
|
|
|
1,547,202
|
|
|
|
1,302,855
|
|
|
|
-4.3
|
%
|
|
|
13.7
|
%
|
Service charges on deposits accounts
|
|
|
338,874
|
|
|
|
327,449
|
|
|
|
266,581
|
|
|
|
3.5
|
%
|
|
|
27.1
|
%
|
Credit cards and operations
|
|
|
548,511
|
|
|
|
601,513
|
|
|
|
514,163
|
|
|
|
-8.8
|
%
|
|
|
6.7
|
%
|
Insurance
|
|
|
146,228
|
|
|
|
150,501
|
|
|
|
157,517
|
|
|
|
-2.8
|
%
|
|
|
-7.2
|
%
|
Capital markets and securities activities
|
|
|
6,695
|
|
|
|
22,617
|
|
|
|
12,288
|
|
|
|
-70.4
|
%
|
|
|
-45.5
|
%
|
Fees related to foreign trade
|
|
|
58,033
|
|
|
|
47,933
|
|
|
|
35,300
|
|
|
|
21.1
|
%
|
|
|
64.4
|
%
|
Other fees
|
|
|
382,769
|
|
|
|
397,189
|
|
|
|
317,005
|
|
|
|
-3.6
|
%
|
|
|
20.7
|
%
|
Services Charge expense
|
|
|
(550,027
|
)
|
|
|
(586,476
|
)
|
|
|
(342,404
|
)
|
|
|
-6.2
|
%
|
|
|
60.6
|
%
|
Administrative Expenses
Administrative expenses increased by 32.6% compared with the first quarter of 2015 and by 11.0% compared with the previous quarter. Not considering the
previously mentioned reclassification, the increase compared with the same quarter of 2015 would have been of 39.8%.
The increase in personnel expenses
mainly reflected advances for future salary increases and a higher number of employees compared with both other quarters under analysis.
General expenses
increased by 43.9% annually and by 8.4% during the quarter. The annual increase was mainly due to the fact that higher advertising and promotion charges were registered in line with the commercial campaigns made by the Bank, as well as to higher
electricity and communications charges due to the tariffs adjustment, in addition to the impact of
the increase in prices, the effect of the devaluation and a higher volume of activity.
During the
quarter, higher expenses in electricity and communication were partially offset by lower advertising and promotions charges.
As of March 31, 2016,
the Bank had 5,884 employees, representing an increase of 5.2% compared with the first quarter of 2015. In addition. The branch office network totaled 301 offices, including 251 consumer branch offices and 34 branch offices specializing in SMEs 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 had 14 in-company branches, 1 point of
sale outlet and 1 express point, 695 ATMs and 796 self-service terminals (ATS).
- 6 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Administrative expenses
|
|
|
(2,095,807
|
)
|
|
|
(1,889,227
|
)
|
|
|
(1,581,333
|
)
|
|
|
10.9
|
%
|
|
|
32.5
|
%
|
Personnel expenses
|
|
|
(1,219,519
|
)
|
|
|
(1,079,365
|
)
|
|
|
(905,375
|
)
|
|
|
13.0
|
%
|
|
|
34.7
|
%
|
Electricity and Communications
|
|
|
(38,972
|
)
|
|
|
(29,050
|
)
|
|
|
(26,166
|
)
|
|
|
34.2
|
%
|
|
|
48.9
|
%
|
Advertising and Promotion
|
|
|
(67,952
|
)
|
|
|
(72,742
|
)
|
|
|
(42,518
|
)
|
|
|
-6.6
|
%
|
|
|
59.8
|
%
|
Fees and external administrative services
|
|
|
(33,323
|
)
|
|
|
(35,726
|
)
|
|
|
(20,499
|
)
|
|
|
-6.7
|
%
|
|
|
62.6
|
%
|
Taxes
|
|
|
(198,595
|
)
|
|
|
(193,002
|
)
|
|
|
(143,921
|
)
|
|
|
2.9
|
%
|
|
|
38.0
|
%
|
Organization and development expenses
|
|
|
(18,926
|
)
|
|
|
(18,890
|
)
|
|
|
(14,603
|
)
|
|
|
0.2
|
%
|
|
|
29.6
|
%
|
Amortizations
|
|
|
(54,142
|
)
|
|
|
(50,160
|
)
|
|
|
(44,592
|
)
|
|
|
7.9
|
%
|
|
|
21.4
|
%
|
Other
|
|
|
(464,378
|
)
|
|
|
(410,292
|
)
|
|
|
(383,659
|
)
|
|
|
13.2
|
%
|
|
|
21.0
|
%
|
Other Income / Expenses
Other income/expenses totaled a gain of AR$ 56.5 million during the first quarter of 2016, including AR$ 48.8 million of administrative penalties in
accordance to the BCRA regulation (Communication A 5689) issued on January 8,
,
2015. During the first quarter of 2016 the IV Chamber of the Court of Appeals revoked such penalty
in the amount of AR$ 39 million.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated. During the first quarter of 2016, a gain of AR$
44.8 million was recorded, mainly due to the stake held by BBVA Francés in Rombo Compañía Financiera.
Balance and activity
Total Public Sector Exposure
Exposure to the public sectors National Treasury increased by 50.1% compared with the first quarter of 2015 and by 23.2% compared with the previous
quarter, mainly due to the purchases of bonds.
The Banks portfolio of BCRA bills and notes both showed an increase, during the period under
analysis and in the last twelve months, in accordance to the liquidity policy implemented by the Bank.
As of March 31, 2016, the public sectors National Treasure assets represented 3.8% of the Banks
total assets. Total exposure to the BCRAs bills and notes net of holdings linked to reverse repo transactions, represented 10.6% of the Banks 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 BCRAs
bills and notes.
- 7 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exposure to the Public Sector
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16
vs quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Public SectorNational Government
|
|
|
4,433,717
|
|
|
|
3,597,597
|
|
|
|
2,953,117
|
|
|
|
23.2
|
%
|
|
|
50.1
|
%
|
Public Sector Loans
|
|
|
74,853
|
|
|
|
66,799
|
|
|
|
57,208
|
|
|
|
12.1
|
%
|
|
|
30.8
|
%
|
Total bond portfolio
|
|
|
4,359,082
|
|
|
|
3,531,010
|
|
|
|
2,797,440
|
|
|
|
23.5
|
%
|
|
|
55.8
|
%
|
Holdings book at fair value
|
|
|
4,015,178
|
|
|
|
3,220,093
|
|
|
|
2,524,516
|
|
|
|
24.7
|
%
|
|
|
59.0
|
%
|
Holdings book at amortized cost
|
|
|
164
|
|
|
|
164
|
|
|
|
98,391
|
|
|
|
0.0
|
%
|
|
|
-99.8
|
%
|
Unlisted
|
|
|
343,740
|
|
|
|
310,753
|
|
|
|
174,533
|
|
|
|
10.6
|
%
|
|
|
96.9
|
%
|
Allowances
|
|
|
(218
|
)
|
|
|
(212
|
)
|
|
|
(201
|
)
|
|
|
2.8
|
%
|
|
|
8.5
|
%
|
Reverse repo
|
|
|
|
|
|
|
|
|
|
|
98,670
|
|
|
|
n/a
|
|
|
|
-100.0
|
%
|
Public SectorNational Government own portfolio
|
|
|
4,433,717
|
|
|
|
3,597,597
|
|
|
|
2,854,447
|
|
|
|
23.2
|
%
|
|
|
55.3
|
%
|
Bills and Notes from Central Bank
|
|
|
13,302,958
|
|
|
|
11,086,580
|
|
|
|
11,985,646
|
|
|
|
20.0
|
%
|
|
|
11.0
|
%
|
Own portfolio
|
|
|
12,321,088
|
|
|
|
11,086,580
|
|
|
|
10,013,949
|
|
|
|
11.1
|
%
|
|
|
23.0
|
%
|
Reverse repo w/Central Bank
|
|
|
981,870
|
|
|
|
|
|
|
|
1,971,697
|
|
|
|
n/a
|
|
|
|
-50.2
|
%
|
Total exposure to the Public Sector
|
|
|
17,736,675
|
|
|
|
14,684,177
|
|
|
|
14,938,763
|
|
|
|
20.8
|
%
|
|
|
18.7
|
%
|
Total exposure to the Public Sector without repos
|
|
|
16,754,805
|
|
|
|
14,684,177
|
|
|
|
12,868,396
|
|
|
|
14.1
|
%
|
|
|
30.2
|
%
|
Loan Portfolio
The private sector loan portfolio totaled AR$ 59.1 billion as of March 31, 2016, representing an increase of 37.3% and 4.7% compared with the first
quarter of 2015 and with the previous quarter, respectively.
In the last twelve months, consumer loans increased by 35.2%, Such increase was mainly due
to an outstanding performance of credit cards, which registered an increase of 46.6% during the period,
whereas car loans and personal loans also registered increases of around 20%.
Commercial loans
increased by 39.8% in the same period, mainly due to a higher portfolio of advances and foreign trade operations.
During the quarter, consumer loans were
kept at the same level, whereas the commercial loan portfolio increased by 12% mainly due to higher loans to large corporations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16
vs quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Private & Financial sector loans
|
|
|
59,134,567
|
|
|
|
56,496,522
|
|
|
|
43,084,357
|
|
|
|
4.7
|
%
|
|
|
37.3
|
%
|
Advances
|
|
|
8,195,034
|
|
|
|
6,739,426
|
|
|
|
7,180,739
|
|
|
|
21.6
|
%
|
|
|
14.1
|
%
|
Discounted and purchased notes
|
|
|
8,979,534
|
|
|
|
9,559,666
|
|
|
|
5,882,870
|
|
|
|
-6.1
|
%
|
|
|
52.6
|
%
|
Consumer Mortgages
|
|
|
1,988,051
|
|
|
|
2,122,955
|
|
|
|
1,512,906
|
|
|
|
-6.4
|
%
|
|
|
31.4
|
%
|
Car secured loans
|
|
|
4,493,535
|
|
|
|
4,567,505
|
|
|
|
3,644,048
|
|
|
|
-1.6
|
%
|
|
|
23.3
|
%
|
Personal loans
|
|
|
7,428,791
|
|
|
|
7,343,933
|
|
|
|
6,181,597
|
|
|
|
1.2
|
%
|
|
|
20.2
|
%
|
Credit cards
|
|
|
18,176,278
|
|
|
|
18,322,958
|
|
|
|
12,399,432
|
|
|
|
-0.8
|
%
|
|
|
46.6
|
%
|
Loans to financial sector
|
|
|
1,367,594
|
|
|
|
1,530,454
|
|
|
|
810,528
|
|
|
|
-10.6
|
%
|
|
|
68.7
|
%
|
Other loans
|
|
|
8,658,592
|
|
|
|
6,510,536
|
|
|
|
5,609,073
|
|
|
|
33.0
|
%
|
|
|
54.4
|
%
|
Unaccrued interest
|
|
|
(212,823
|
)
|
|
|
(216,365
|
)
|
|
|
(135,135
|
)
|
|
|
-1.6
|
%
|
|
|
57.5
|
%
|
Adjustment and accrued interest & exchange difference
|
|
|
1,241,172
|
|
|
|
1,127,744
|
|
|
|
948,643
|
|
|
|
10.1
|
%
|
|
|
30.8
|
%
|
Less: Allowance for loan losses
|
|
|
(1,181,191
|
)
|
|
|
(1,112,290
|
)
|
|
|
(950,344
|
)
|
|
|
6.2
|
%
|
|
|
24.3
|
%
|
Loans to public sector
|
|
|
74,853
|
|
|
|
66,799
|
|
|
|
57,208
|
|
|
|
12.1
|
%
|
|
|
30.8
|
%
|
Loans to public sector
|
|
|
8,734
|
|
|
|
8,823
|
|
|
|
8,773
|
|
|
|
-1.0
|
%
|
|
|
-0.4
|
%
|
Adjustment and accrued interest & exchange difference
|
|
|
66,119
|
|
|
|
57,976
|
|
|
|
48,435
|
|
|
|
14.0
|
%
|
|
|
36.5
|
%
|
Net total loans
|
|
|
59,209,420
|
|
|
|
56,563,321
|
|
|
|
43,141,565
|
|
|
|
4.7
|
%
|
|
|
37.2
|
%
|
- 8 -
Asset Quality
As of March 31, 2016, the asset quality ratio (non-performing loans/total loans) was 0.69%, while the coverage ratio (provisions/non-performing loans)
reached 283.67%.
The NPL ratio decreased compared with the first quarter of 2015 although it increased compared with the previous
quarter, mainly as a result of higher non-performing loans as well as an increase in the performing portfolio.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Non-performing loans (1)
|
|
|
416,402
|
|
|
|
370,000
|
|
|
|
406,138
|
|
|
|
12.5
|
%
|
|
|
2.5
|
%
|
Allowance for loan losses
|
|
|
(1,181,191
|
)
|
|
|
(1,112,290
|
)
|
|
|
(950,344
|
)
|
|
|
6.2
|
%
|
|
|
24.3
|
%
|
Non-performing loans/net total loans
|
|
|
0.69
|
%
|
|
|
0.64
|
%
|
|
|
0.92
|
%
|
|
|
7.5
|
%
|
|
|
-25.1
|
%
|
Non-performing private loans/net private loans
|
|
|
0.69
|
%
|
|
|
0.64
|
%
|
|
|
0.92
|
%
|
|
|
7.5
|
%
|
|
|
-25.1
|
%
|
Allowance for loan losses/non-performing loans
|
|
|
283.67
|
%
|
|
|
300.62
|
%
|
|
|
234.00
|
%
|
|
|
-5.6
|
%
|
|
|
21.2
|
%
|
Allowance for loan losses/net total loans
|
|
|
1.96
|
%
|
|
|
1.93
|
%
|
|
|
2.16
|
%
|
|
|
1.4
|
%
|
|
|
-9.3
|
%
|
(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 relating to
transactions recorded under Other receivables from financial intermediation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evolution of provisions
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Balance at the beginning of the quarter
|
|
|
1,119,687
|
|
|
|
1,024,797
|
|
|
|
943,061
|
|
|
|
9.3
|
%
|
|
|
18.7
|
%
|
Increase / decrease
|
|
|
161,351
|
|
|
|
197,541
|
|
|
|
143,097
|
|
|
|
-18.3
|
%
|
|
|
12.8
|
%
|
Provision increase / decreaseExchange rate difference
|
|
|
5,318
|
|
|
|
12,237
|
|
|
|
837
|
|
|
|
-56.5
|
%
|
|
|
-535.4
|
%
|
Aplications / Reversals
|
|
|
(97,598
|
)
|
|
|
(114,888
|
)
|
|
|
(130,387
|
)
|
|
|
-15.0
|
%
|
|
|
-25.1
|
%
|
Balance at the end of the quarter
|
|
|
1,188,758
|
|
|
|
1,119,687
|
|
|
|
956,608
|
|
|
|
6.2
|
%
|
|
|
24.3
|
%
|
Deposits
Total deposits reached AR$ 80.1 billion as of March 31, 2016, representing an increase of 44.7% in the last twelve months and of 4.2% during the quarter.
During the year, time deposits registered a significant increase of 47.1%, while sight accounts also increased by 44.1 %.
It is worth mentioning that total peso-denominated deposits increased by 28.7% in the last twelve months.
Compared with the previous quarter, total deposits increased by 4.2%, driven by a 3.9% increase in term
deposits, while sight accounts grew by 3.3%.
Foreign currency denominated deposits increased by 173.1% and by 33% compared with the same quarter of 2015
and with the previous quarter, respectively. Foreign currency denominated deposits totaled AR$ 16.7 billion (equivalent to US$ 1.2 billion) as of March 31, 2016, representing 20.9% of the Banks total deposits.
- 9 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Total deposits
|
|
|
80,099,181
|
|
|
|
76,863,436
|
|
|
|
55,355,670
|
|
|
|
4.2
|
%
|
|
|
44.7
|
%
|
Current accounts
|
|
|
19,361,280
|
|
|
|
21,201,742
|
|
|
|
16,193,981
|
|
|
|
-8.7
|
%
|
|
|
19.6
|
%
|
Peso denominated
|
|
|
18,674,131
|
|
|
|
20,593,528
|
|
|
|
15,380,061
|
|
|
|
-9.3
|
%
|
|
|
21.4
|
%
|
Foreign currency
|
|
|
687,149
|
|
|
|
608,214
|
|
|
|
813,920
|
|
|
|
13.0
|
%
|
|
|
-15.6
|
%
|
Saving accounts
|
|
|
25,737,565
|
|
|
|
22,452,261
|
|
|
|
15,097,425
|
|
|
|
14.6
|
%
|
|
|
70.5
|
%
|
Peso denominated
|
|
|
15,359,809
|
|
|
|
14,972,121
|
|
|
|
11,717,780
|
|
|
|
2.6
|
%
|
|
|
31.1
|
%
|
Foreign currency
|
|
|
10,377,756
|
|
|
|
7,480,140
|
|
|
|
3,379,645
|
|
|
|
38.7
|
%
|
|
|
207.1
|
%
|
Time deposits
|
|
|
33,155,157
|
|
|
|
31,895,955
|
|
|
|
22,538,963
|
|
|
|
3.9
|
%
|
|
|
47.1
|
%
|
Peso denominated
|
|
|
27,911,716
|
|
|
|
27,705,124
|
|
|
|
20,866,807
|
|
|
|
0.7
|
%
|
|
|
33.8
|
%
|
CER adjusted time deposits
|
|
|
1,126
|
|
|
|
1,072
|
|
|
|
419
|
|
|
|
5.0
|
%
|
|
|
168.7
|
%
|
Foreign currency
|
|
|
5,242,315
|
|
|
|
4,189,759
|
|
|
|
1,671,737
|
|
|
|
25.1
|
%
|
|
|
213.6
|
%
|
Investment Accounts
|
|
|
5,586
|
|
|
|
34,807
|
|
|
|
594
|
|
|
|
-84.0
|
%
|
|
|
n/a
|
|
Peso denominated
|
|
|
5,586
|
|
|
|
34,807
|
|
|
|
594
|
|
|
|
-84.0
|
%
|
|
|
n/a
|
|
Other
|
|
|
1,839,593
|
|
|
|
1,278,671
|
|
|
|
1,524,707
|
|
|
|
43.9
|
%
|
|
|
20.7
|
%
|
Peso denominated
|
|
|
1,441,097
|
|
|
|
995,207
|
|
|
|
1,273,909
|
|
|
|
44.8
|
%
|
|
|
13.1
|
%
|
Foreign currency
|
|
|
398,496
|
|
|
|
283,464
|
|
|
|
250,798
|
|
|
|
40.6
|
%
|
|
|
58.9
|
%
|
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
|
|
|
80,101,415
|
|
|
|
76,865,670
|
|
|
|
55,357,904
|
|
|
|
4.2
|
%
|
|
|
44.7
|
%
|
Other Funding Sources
Other funding sources totaled AR$ 3.1 billion, as of March 31, 2016 increasing 24% in the last twelve months, while it decrease 17.9% 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.
Additionally, dollar funding increased during the period, mainly through funding lines aimed at financing exports.
Of the total senior bonds outstanding, AR$ 1.6 billion corresponded to those issued by BBVA Francés and AR$ 51.7 million to PSA Finance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources
|
|
Quarter ended
|
|
|
D
% quarter ended 03-31-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Lines from other banks
|
|
|
1,485,135
|
|
|
|
1,863,498
|
|
|
|
601,260
|
|
|
|
-20.3
|
%
|
|
|
147.0
|
%
|
Senior Bonds
|
|
|
1,608,592
|
|
|
|
1,902,562
|
|
|
|
1,894,585
|
|
|
|
-15.5
|
%
|
|
|
-15.1
|
%
|
Total other funding sources
|
|
|
3,093,727
|
|
|
|
3,766,060
|
|
|
|
2,495,845
|
|
|
|
-17.9
|
%
|
|
|
24.0
|
%
|
Capitalization
As of March 31, 2016, the Banks total shareholders equity totaled AR$ 14.8 billion, while the excess over the BCRA minimum capital
requirements was AR$
7.1 billion or 90.1%. On the same date, the capital ratio reached 15.8% of assets adjusted to risk.
- 10 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D
% quarter ended 03-31-16 vs
|
|
Capitalization
|
|
Quarter ended
|
|
|
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
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
|
|
|
4,949,571
|
|
|
|
3,784,487
|
|
|
|
4,135,442
|
|
|
|
30.8
|
%
|
|
|
19.7
|
%
|
Total stockholders equity
|
|
|
14,881,447
|
|
|
|
13,716,363
|
|
|
|
11,262,822
|
|
|
|
8.5
|
%
|
|
|
32.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D
%
quarter ended 03-31-16 vs
|
|
Central Bank Requirements
|
|
Quarter ended
|
|
|
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Central Bank Minimum Capital Requirements
|
|
|
7,813,073
|
|
|
|
7,128,504
|
|
|
|
5,428,888
|
|
|
|
9.6
|
%
|
|
|
43.9
|
%
|
Central Bank Minimum Capital Requirements (a, b)
|
|
|
7,682,943
|
|
|
|
7,064,858
|
|
|
|
5,263,970
|
|
|
|
8.7
|
%
|
|
|
46.0
|
%
|
Increase in capital requirements related to custody
|
|
|
130,130
|
|
|
|
63,646
|
|
|
|
164,918
|
|
|
|
104.5
|
%
|
|
|
-21.1
|
%
|
a) Central Bank Minimum Capital Requirements
|
|
|
7,682,943
|
|
|
|
7,064,858
|
|
|
|
5,314,226
|
|
|
|
8.7
|
%
|
|
|
44.6
|
%
|
Allocated to Asset at Risk
|
|
|
5,769,780
|
|
|
|
5,134,942
|
|
|
|
3,777,492
|
|
|
|
12.4
|
%
|
|
|
52.7
|
%
|
DCR (derivative conterparter risk)
|
|
|
|
|
|
|
14,393
|
|
|
|
6,914
|
|
|
|
-100.0
|
%
|
|
|
-100.0
|
%
|
Non Compliance of Other Credit Regulations
|
|
|
|
|
|
|
|
|
|
|
50,256
|
|
|
|
n/a
|
|
|
|
-100.0
|
%
|
Market Risk
|
|
|
162,912
|
|
|
|
287,600
|
|
|
|
149,434
|
|
|
|
-43.4
|
%
|
|
|
9.0
|
%
|
Operational Risk
|
|
|
1,750,251
|
|
|
|
1,627,923
|
|
|
|
1,330,130
|
|
|
|
7.5
|
%
|
|
|
31.6
|
%
|
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
|
|
|
520,520
|
|
|
|
400,000
|
|
|
|
659,672
|
|
|
|
30.1
|
%
|
|
|
-21.1
|
%
|
5% of the securities in custody and book-entry notes
|
|
|
520,520
|
|
|
|
400,000
|
|
|
|
659,672
|
|
|
|
30.1
|
%
|
|
|
-21.1
|
%
|
Bank Capital Calculated under Central Bank Rules
|
|
|
14,934,191
|
|
|
|
13,704,185
|
|
|
|
11,278,580
|
|
|
|
9.0
|
%
|
|
|
32.4
|
%
|
Ordinary Capital Level 1
|
|
|
14,401,947
|
|
|
|
13,206,449
|
|
|
|
10,875,059
|
|
|
|
9.1
|
%
|
|
|
32.4
|
%
|
Dedusctions Ordinary Capital Level 1
|
|
|
(311,162
|
)
|
|
|
(281,230
|
)
|
|
|
(169,521
|
)
|
|
|
10.6
|
%
|
|
|
83.6
|
%
|
Capital Level 2
|
|
|
843,406
|
|
|
|
778,966
|
|
|
|
573,042
|
|
|
|
8.3
|
%
|
|
|
47.2
|
%
|
Excess over Required Capital
|
|
|
7,121,118
|
|
|
|
6,575,681
|
|
|
|
5,849,692
|
|
|
|
8.3
|
%
|
|
|
21.7
|
%
|
Capital Ratio (Central Bank rules)
|
|
|
15.9
|
%
|
|
|
15.5
|
%
|
|
|
17.1
|
%
|
|
|
2.4
|
%
|
|
|
-7.2
|
%
|
Excess over Required Capital as a % of Shareholders Equity
|
|
|
47.9
|
%
|
|
|
47.9
|
%
|
|
|
51.9
|
%
|
|
|
-0.2
|
%
|
|
|
-7.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D
% quarter ended 03-31-16 vs
|
|
|
|
Quarter ended
|
|
|
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
03-31-16
|
|
|
12-31-15
|
|
|
03-31-15
|
|
|
12-31-15
|
|
|
03-31-15
|
|
Exchange rate
|
|
|
14.58
|
|
|
|
13.01
|
|
|
|
8.82
|
|
|
|
12.1
|
%
|
|
|
65.3
|
%
|
Quarterly CER adjustment
|
|
|
10.5
|
%
|
|
|
4.1
|
%
|
|
|
3.1
|
%
|
|
|
153.2
|
%
|
|
|
235.5
|
%
|
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.
- 11 -
Conference Call
A conference call to discuss first quarter earnings will be held on Thursday, May 12, 2016, at 12:00 pm New York time 13:00 pm Buenos Aires time.
If you are interested in participating, please dial (888) 572 7033 within the U.S. or +1 (719) 325 2491 outside the U.S. at least 5 minutes prior to our scheduled conference time. Confirmation code:
4032488
. This conference will be
recorded. To ask for a digital replay, please dial (888) 203 1112 within U.S or +1 (719) 457 0820, using the same confirmation code. The replay will be available until June 13, 2016.
Internet
This press release is also available at BBVA Francés web site:
www.bbvafrances.com.ar
Contacts
Cecilia Acuña
Investor Relations
(5411)
4341-5036
ceciliaviviana.acuna@bbva.com
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
09-30-15
|
|
|
03-31-15
|
|
Cash and due from banks
|
|
|
23,414,132
|
|
|
|
27,970,169
|
|
|
|
13,937,749
|
|
|
|
12,897,039
|
|
Government and Private Securities
|
|
|
17,448,966
|
|
|
|
14,416,484
|
|
|
|
15,652,920
|
|
|
|
14,779,848
|
|
Holdings booked at fair value
|
|
|
4,015,178
|
|
|
|
3,220,093
|
|
|
|
2,583,782
|
|
|
|
2,524,516
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,391
|
|
Reverse repo
|
|
|
164
|
|
|
|
164
|
|
|
|
164
|
|
|
|
98,670
|
|
Listed Private Securities
|
|
|
130,884
|
|
|
|
109,859
|
|
|
|
89,259
|
|
|
|
72,826
|
|
Bills and Notes from the Central Bank
|
|
|
13,302,958
|
|
|
|
11,086,580
|
|
|
|
12,979,915
|
|
|
|
11,985,646
|
|
Less: Allowances
|
|
|
(218
|
)
|
|
|
(212
|
)
|
|
|
(200
|
)
|
|
|
(201
|
)
|
Loans
|
|
|
59,209,420
|
|
|
|
56,563,321
|
|
|
|
49,981,675
|
|
|
|
43,141,565
|
|
Loans to the private & financial sector
|
|
|
59,134,567
|
|
|
|
56,496,522
|
|
|
|
49,918,078
|
|
|
|
43,084,357
|
|
Advances
|
|
|
8,195,034
|
|
|
|
6,739,426
|
|
|
|
7,813,118
|
|
|
|
7,180,739
|
|
Discounted and purchased notes
|
|
|
8,979,534
|
|
|
|
9,559,666
|
|
|
|
7,708,000
|
|
|
|
5,882,870
|
|
Secured with mortgages
|
|
|
1,988,051
|
|
|
|
2,122,955
|
|
|
|
1,806,419
|
|
|
|
1,512,906
|
|
Car secured loans
|
|
|
4,493,535
|
|
|
|
4,567,505
|
|
|
|
4,127,086
|
|
|
|
3,644,048
|
|
Personal loans
|
|
|
7,428,791
|
|
|
|
7,343,933
|
|
|
|
6,805,408
|
|
|
|
6,181,597
|
|
Credit cards
|
|
|
18,176,278
|
|
|
|
18,322,958
|
|
|
|
14,672,406
|
|
|
|
12,399,432
|
|
Loans to financial sector
|
|
|
1,367,594
|
|
|
|
1,530,454
|
|
|
|
1,246,674
|
|
|
|
810,528
|
|
Other loans
|
|
|
8,658,592
|
|
|
|
6,510,536
|
|
|
|
6,010,784
|
|
|
|
5,609,073
|
|
Less: Unaccrued interest
|
|
|
(212,823
|
)
|
|
|
(216,365
|
)
|
|
|
(161,426
|
)
|
|
|
(135,135
|
)
|
Plus: Interest & FX differences receivable
|
|
|
1,241,172
|
|
|
|
1,127,744
|
|
|
|
908,499
|
|
|
|
948,643
|
|
Less: Allowance for loan losses
|
|
|
(1,181,191
|
)
|
|
|
(1,112,290
|
)
|
|
|
(1,018,890
|
)
|
|
|
(950,344
|
)
|
Public Sector loans
|
|
|
74,853
|
|
|
|
66,799
|
|
|
|
63,597
|
|
|
|
57,208
|
|
Principal
|
|
|
8,734
|
|
|
|
8,823
|
|
|
|
8,822
|
|
|
|
8,773
|
|
Plus: Interest & FX differences receivable
|
|
|
66,119
|
|
|
|
57,976
|
|
|
|
54,775
|
|
|
|
48,435
|
|
Other banking receivables
|
|
|
6,753,374
|
|
|
|
3,728,874
|
|
|
|
5,559,493
|
|
|
|
4,191,933
|
|
Repurchase agreements
|
|
|
982,677
|
|
|
|
|
|
|
|
1,910,161
|
|
|
|
2,046,557
|
|
Unlisted private securities
|
|
|
212,856
|
|
|
|
200,894
|
|
|
|
86,868
|
|
|
|
101,707
|
|
Other banking receivables
|
|
|
5,565,408
|
|
|
|
3,535,377
|
|
|
|
3,568,371
|
|
|
|
2,049,933
|
|
Less: provisions
|
|
|
(7,567
|
)
|
|
|
(7,397
|
)
|
|
|
(5,907
|
)
|
|
|
(6,264
|
)
|
Investments in other companies
|
|
|
426,278
|
|
|
|
363,861
|
|
|
|
336,070
|
|
|
|
367,021
|
|
Intangible assets
|
|
|
259,976
|
|
|
|
236,861
|
|
|
|
211,624
|
|
|
|
157,514
|
|
Organization and development charges
|
|
|
259,976
|
|
|
|
236,861
|
|
|
|
211,624
|
|
|
|
157,514
|
|
Other assets
|
|
|
7,762,404
|
|
|
|
7,412,813
|
|
|
|
6,453,052
|
|
|
|
5,595,936
|
|
Total Assets
|
|
|
115,274,550
|
|
|
|
110,692,383
|
|
|
|
92,132,583
|
|
|
|
81,130,856
|
|
Deposits
|
|
|
80,101,415
|
|
|
|
76,865,670
|
|
|
|
63,216,454
|
|
|
|
55,357,904
|
|
Current accounts
|
|
|
19,361,280
|
|
|
|
21,201,742
|
|
|
|
17,703,627
|
|
|
|
16,193,981
|
|
Saving accounts
|
|
|
25,737,565
|
|
|
|
22,452,261
|
|
|
|
17,302,839
|
|
|
|
15,097,425
|
|
Time deposits
|
|
|
33,155,157
|
|
|
|
31,895,955
|
|
|
|
26,762,368
|
|
|
|
22,538,963
|
|
Investment Accounts
|
|
|
5,586
|
|
|
|
34,807
|
|
|
|
88,774
|
|
|
|
594
|
|
Rescheduled deposits CEDROS
|
|
|
2,234
|
|
|
|
2,234
|
|
|
|
2,234
|
|
|
|
2,234
|
|
Other deposits
|
|
|
1,839,593
|
|
|
|
1,278,671
|
|
|
|
1,356,612
|
|
|
|
1,524,707
|
|
Other banking Liabilities
|
|
|
15,015,019
|
|
|
|
15,031,971
|
|
|
|
11,618,140
|
|
|
|
10,087,578
|
|
Other provisions
|
|
|
1,021,902
|
|
|
|
999,929
|
|
|
|
961,630
|
|
|
|
896,150
|
|
Other contingencies
|
|
|
1,021,206
|
|
|
|
999,319
|
|
|
|
960,988
|
|
|
|
895,482
|
|
Guarantees
|
|
|
696
|
|
|
|
610
|
|
|
|
642
|
|
|
|
668
|
|
Other liabilities
|
|
|
3,888,356
|
|
|
|
3,749,284
|
|
|
|
3,513,683
|
|
|
|
3,222,499
|
|
Minority interest
|
|
|
366,411
|
|
|
|
329,166
|
|
|
|
294,574
|
|
|
|
303,903
|
|
Total Liabilities
|
|
|
100,393,103
|
|
|
|
96,976,020
|
|
|
|
79,604,481
|
|
|
|
69,868,034
|
|
Total Stockholders equity
|
|
|
14,881,447
|
|
|
|
13,716,363
|
|
|
|
12,528,102
|
|
|
|
11,262,822
|
|
Total liabilities + stockholders equity
|
|
|
115,274,550
|
|
|
|
110,692,383
|
|
|
|
92,132,583
|
|
|
|
81,130,856
|
|
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
09-30 -15
|
|
|
03-31-15
|
|
Financial income
|
|
|
5,495,068
|
|
|
|
4,998,740
|
|
|
|
4,160,006
|
|
|
|
3,769,403
|
|
Interest on Cash and Due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans Granted to the Financial Sector
|
|
|
112,598
|
|
|
|
109,505
|
|
|
|
76,198
|
|
|
|
70,938
|
|
Interest on Overdraft
|
|
|
691,193
|
|
|
|
600,669
|
|
|
|
614,867
|
|
|
|
488,603
|
|
Interest on Discounted and purchased notes
|
|
|
522,801
|
|
|
|
463,881
|
|
|
|
350,163
|
|
|
|
306,681
|
|
Interest on Mortgages
|
|
|
101,694
|
|
|
|
98,158
|
|
|
|
83,853
|
|
|
|
68,649
|
|
Interest on Car Secured Loans
|
|
|
270,463
|
|
|
|
264,203
|
|
|
|
238,125
|
|
|
|
219,544
|
|
Interest on Credit Card Loans
|
|
|
984,737
|
|
|
|
811,113
|
|
|
|
679,705
|
|
|
|
637,018
|
|
Interest on Financial Leases
|
|
|
116,114
|
|
|
|
113,406
|
|
|
|
103,447
|
|
|
|
95,305
|
|
Interest on Other Loans
|
|
|
919,114
|
|
|
|
900,677
|
|
|
|
836,913
|
|
|
|
737,640
|
|
From Other Banking receivables
|
|
|
152
|
|
|
|
30
|
|
|
|
108
|
|
|
|
50
|
|
Interest on Government Guaranteed Loans Decree 1387/01
|
|
|
9,072
|
|
|
|
4,089
|
|
|
|
4,082
|
|
|
|
3,544
|
|
Income from Securities and Short Term Investments
|
|
|
980,137
|
|
|
|
1,133,458
|
|
|
|
891,912
|
|
|
|
921,729
|
|
CER
|
|
|
161,520
|
|
|
|
41,264
|
|
|
|
50,113
|
|
|
|
45,240
|
|
Foreign exchange difference
|
|
|
369,257
|
|
|
|
31,654
|
|
|
|
122,243
|
|
|
|
121,789
|
|
Other
|
|
|
256,216
|
|
|
|
426,633
|
|
|
|
108,277
|
|
|
|
52,673
|
|
Financial expenses
|
|
|
(2,515,025
|
)
|
|
|
(2,143,818
|
)
|
|
|
(1,833,403
|
)
|
|
|
(1,484,370
|
)
|
Interest on Current Account Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Saving Account Deposits
|
|
|
(7,957
|
)
|
|
|
(7,003
|
)
|
|
|
(5,987
|
)
|
|
|
(4,620
|
)
|
Interest on Time Deposits
|
|
|
(1,842,388
|
)
|
|
|
(1,576,170
|
)
|
|
|
(1,321,401
|
)
|
|
|
(1,053,486
|
)
|
Interest on Other Banking Liabilities
|
|
|
(181,920
|
)
|
|
|
(161,272
|
)
|
|
|
(149,052
|
)
|
|
|
(132,824
|
)
|
Other interests (includes Central Bank)
|
|
|
(1,234
|
)
|
|
|
(1,470
|
)
|
|
|
(1,469
|
)
|
|
|
(1,693
|
)
|
CER
|
|
|
(127
|
)
|
|
|
(15
|
)
|
|
|
(19
|
)
|
|
|
(12
|
)
|
Bank Deposit Guarantee Insurance system mandatory contributions
|
|
|
(128,161
|
)
|
|
|
(107,580
|
)
|
|
|
(102,137
|
)
|
|
|
(88,294
|
)
|
Mandatory contributions and taxes on interest income
|
|
|
(327,833
|
)
|
|
|
(271,370
|
)
|
|
|
(231,747
|
)
|
|
|
(202,224
|
)
|
Other
|
|
|
(25,405
|
)
|
|
|
(18,938
|
)
|
|
|
(21,591
|
)
|
|
|
(1,217
|
)
|
Net financial income
|
|
|
2,980,043
|
|
|
|
2,854,922
|
|
|
|
2,326,603
|
|
|
|
2,285,033
|
|
Provision for loan losses
|
|
|
(161,351
|
)
|
|
|
(197,541
|
)
|
|
|
(115,201
|
)
|
|
|
(143,097
|
)
|
Income from services, net of other operating expenses
|
|
|
931,083
|
|
|
|
960,726
|
|
|
|
953,272
|
|
|
|
960,451
|
|
Administrative expenses
|
|
|
(2,095,807
|
)
|
|
|
(1,889,227
|
)
|
|
|
(1,645,376
|
)
|
|
|
(1,581,333
|
)
|
Income (loss) from equity investments
|
|
|
44,802
|
|
|
|
46,960
|
|
|
|
69,341
|
|
|
|
31,735
|
|
Net Other income
|
|
|
56,471
|
|
|
|
1,780
|
|
|
|
(10,472
|
)
|
|
|
(97,601
|
)
|
Income (loss) from minority interest
|
|
|
(39,994
|
)
|
|
|
(34,593
|
)
|
|
|
(30,439
|
)
|
|
|
(31,774
|
)
|
Income before tax
|
|
|
1,715,247
|
|
|
|
1,743,027
|
|
|
|
1,547,728
|
|
|
|
1,423,414
|
|
Income tax
|
|
|
(550,163
|
)
|
|
|
(554,766
|
)
|
|
|
(549,658
|
)
|
|
|
(492,468
|
)
|
Net income
|
|
|
1,165,084
|
|
|
|
1,188,261
|
|
|
|
998,070
|
|
|
|
930,946
|
|
- 14 -
BBVA Banco Francés S.A. and subsidiaries
(Grupo Consolidar consolidated on a line by line
basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
09-30-15
|
|
|
03-31-15
|
|
Cash and due from banks
|
|
|
23,414,261
|
|
|
|
27,970,286
|
|
|
|
13,937,826
|
|
|
|
12,897,123
|
|
Government Securities
|
|
|
17,489,778
|
|
|
|
14,422,191
|
|
|
|
15,658,390
|
|
|
|
14,787,089
|
|
Loans
|
|
|
59,209,420
|
|
|
|
56,563,321
|
|
|
|
49,981,675
|
|
|
|
43,141,565
|
|
Other Banking Receivables
|
|
|
6,753,374
|
|
|
|
3,728,874
|
|
|
|
5,559,493
|
|
|
|
4,191,933
|
|
Assets Subject to Financial Leasing
|
|
|
2,346,370
|
|
|
|
2,407,451
|
|
|
|
2,339,833
|
|
|
|
2,129,618
|
|
Investments in other companies
|
|
|
416,473
|
|
|
|
353,377
|
|
|
|
331,131
|
|
|
|
362,112
|
|
Other assets
|
|
|
5,689,131
|
|
|
|
5,290,698
|
|
|
|
4,368,786
|
|
|
|
3,668,090
|
|
Total Assets
|
|
|
115,318,807
|
|
|
|
110,736,198
|
|
|
|
92,177,134
|
|
|
|
81,177,530
|
|
Deposits
|
|
|
80,101,011
|
|
|
|
76,864,493
|
|
|
|
63,214,992
|
|
|
|
55,357,671
|
|
Other banking liabilities
|
|
|
15,015,019
|
|
|
|
15,032,048
|
|
|
|
11,618,166
|
|
|
|
10,087,578
|
|
Minority interest
|
|
|
374,801
|
|
|
|
338,136
|
|
|
|
298,800
|
|
|
|
308,103
|
|
Other liabilities
|
|
|
4,946,529
|
|
|
|
4,785,158
|
|
|
|
4,517,074
|
|
|
|
4,161,356
|
|
Total Liabilities
|
|
|
100,437,360
|
|
|
|
97,019,835
|
|
|
|
79,649,032
|
|
|
|
69,914,708
|
|
Total Stockholders Equity
|
|
|
14,881,447
|
|
|
|
13,716,363
|
|
|
|
12,528,102
|
|
|
|
11,262,822
|
|
Stockholders Equity + Liabilities
|
|
|
115,318,807
|
|
|
|
110,736,198
|
|
|
|
92,177,134
|
|
|
|
81,177,530
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
09-30 -15
|
|
|
03-31-15
|
|
Net Financial Income
|
|
|
2,983,692
|
|
|
|
2,856,420
|
|
|
|
2,328,398
|
|
|
|
2,285,429
|
|
Provision for loan losses
|
|
|
(161,351
|
)
|
|
|
(197,541
|
)
|
|
|
(115,201
|
)
|
|
|
(143,097
|
)
|
Net Income from Services
|
|
|
931,083
|
|
|
|
960,726
|
|
|
|
953,272
|
|
|
|
960,451
|
|
Administrative expenses
|
|
|
(2,101,298
|
)
|
|
|
(1,891,536
|
)
|
|
|
(1,646,213
|
)
|
|
|
(1,584,248
|
)
|
Net Other Income
|
|
|
101,996
|
|
|
|
54,482
|
|
|
|
58,164
|
|
|
|
(62,916
|
)
|
Income Before Tax
|
|
|
1,754,122
|
|
|
|
1,782,551
|
|
|
|
1,578,420
|
|
|
|
1,455,619
|
|
Income Tax
|
|
|
(550,303
|
)
|
|
|
(554,953
|
)
|
|
|
(549,809
|
)
|
|
|
(492,627
|
)
|
Net income
|
|
|
1,203,819
|
|
|
|
1,227,598
|
|
|
|
1,028,611
|
|
|
|
962,992
|
|
Minoritary Interest
|
|
|
(38,735
|
)
|
|
|
(39,337
|
)
|
|
|
(30,541
|
)
|
|
|
(32,046
|
)
|
Net income for Quarter
|
|
|
1,165,084
|
|
|
|
1,188,261
|
|
|
|
998,070
|
|
|
|
930,946
|
|
- 15 -
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.
|
|
|
|
|
|
|
|
|
|
|
BBVA Banco Francés S.A.
|
|
|
|
|
Date: May 11, 2016
|
|
|
|
By:
|
|
/s/ Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Name: Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Title: Chief Financial Officer
|
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