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 August 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
Buenos Aires, August 11, 2016 - BBVA Frances (NYSE: BFR.N; BCBA: FRAN.BA;
LATIBEX: BFR.LA) reports consolidated second quarter earnings for fiscal year 2016.
Highlights
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BBVA Francés reached a net income of AR$ 963.3 million as of June 30, 2016, 44.4% higher than the gain registered during the second quarter of 2015 and 17.3% lower compared to the previous quarter.
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Net financial income increased by 69.4% and 12.2% compared to the second quarter of 2015 and the previous quarter, respectively. Both increases were due to higher income coming from the public bonds portfolio as well as
higher intermediation with the private sector.
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In terms of activity, the private sector loan portfolio, net of allowance for loan losses, totaled AR$ 65.8 billion, increasing by 40.1% compared with the second quarter of 2015 and by 11.3% 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 0.85% as of June 30, 2016, while the
coverage ratio (provisions/non-performing loans) reached 247.83%.
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Total deposits reached AR$ 92.8 billion as of June 30, 2016, increasing by 54.7% in the last twelve months and by 15.9% during the quarter.
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BBVA Francés maintains adequate levels of liquidity and solvency. As of June 30, 2016 liquid assets (cash and due from banks plus Argentine Central Bank (BCRA) bills and notes) represented 46.8% of the
Banks total deposits. The capital ratio reached 15.1% of weighted risk assets; with an excess of capital of AR$ 6.8 billon, which is 80.6% higher than the minimum regulatory requirements.
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On April 7, 2016, the BCRA through Communication A 5943 increased the amount of deposits covered by the Deposit Insurance Guarantee Fund (from AR$ 350,000 to AR$ 450,000), effective as of May 1, 2016.
Furthermore, it also determined the monthly amount that financial entities must allocate to the Insurance Deposit Guarantee Fund, to the equivalent of 0.015% of the monthly average of the daily balances of the immediately preceding second month.
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In 2012, the BCRA established that certain financial institutions should allocate a minimum portion of total deposits to finance investment projects. Such requirement has been renewed every six months since then. BBVA
Francés has successfully complied with each renewal quota. In May 2016, the BCRA extended this requirement for the second half of 2016, with some modifications, including increasing the percentage to 15.5% of deposits of May 2016, with a
fixed annual interest rate of 22%. In addition, lending to individuals and companies located in emergency areas should have an average maturity of 36 months, with a total maturity not less than 48 months, and contemplate a minimum grace period of
12 months.
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On May 26, 2016 the BCRA through Communication A 5980 established an increase in the minimum cash requirement. Such increase is effective in two stages, first from 06/01/2016 to 06/30/2016 (of 2.5 p.p. on
sight deposits and of 1.5 p.p. on term deposits) and second from 07/1/2016 (also by 2.5 p.p. on sight accounts and by 1.5 p.p. on term deposits).
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The BCRA modified the regulation regarding distribution of profits, removing the 75% additional buffer over the capital requirement. It also modified the minimum terms for the request for authorization, establishing
that financial entities should not have fines exceeding 25% of the net worth (RPC) during the month prior to the request for the dividend payment.
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In addition, on June 23, 2016 the BCRA, through Communication A 5997, increased the maximum limit for the positive position in foreign exchange to a total of 15% of the net worth (RPC), effective from
07/01/2016 and removed the limit for term position.
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Other Events
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During July, 2016 the Bank paid cash dividends totaling ARS 900 million, equivalent to AR$ 1.673587 per share, corresponding to the 2015 period.
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On August 8, 2016, the Bank issued series 19 and 20 of its bonds (Obligaciones Negociables), which were fully subscribed and paid for a total amount of AR$ 207.5 million due in 18 months, with a variable interest rate
equivalent to the Badlar rate plus 2.40%, and for AR$ 292.5 million due in 36 months, with a variable interest rate of 3.23%, respectively.
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Economic Environment
The renewed Statistic National Agency (Instituto Nacional de Estadistica y Censos (INDEC)) published a revised GDP series for the period from the first
quarter of 2004 to the first quarter of 2016, which showed a slower rate of growth to that previously published, especially from 2007 onwards. For the period 2005-2014 years, the average annual growth rate fell from 5.1% in previous estimates to
3.9% in the revised series. The new data shows that GDP grew 2.4% in 2015, and 0.5% annually in the first quarter of 2016, but fell 0.7% with respect to the fourth quarter of 2015 in seasonally adjusted terms.
In June 2016, the INDEC resumed the publication of the inflation index (CPI). The geographical coverage of the index includes the Autonomous City of Buenos
Aires and part of the metropolitan area. The INDEC published monthly inflation of 4.2% for May 2016 and 3.1% for June 2016. The report does not include the inflation rate of the historical series, only these monthly variations.
To compensate for the lack of CPI information until new figures are released by INDEC, we used as a reference the price index calculated by the Department of
Statistics and Census, an agency under the Ministry of Finance of The Autonomous City of Buenos Aires (IPCABA). Such index increased by 15.5% during the second quarter of 2016 and by 47.1% year over year mainly reflecting the increase in utility
rates and public transportation.
The national public sector fiscal balance recorded a primary deficit of AR$ 71.6 billion during the second
quarter of 2016, representing a 40.8% decrease compared with the deficit or AR$ 50.8 billion recorded during the same period of the previous year. These numbers do not include income from BCRA
and ANSES (Argentine Institute of Social Security) revenues.
Primary public sector spending increased by 25.7% and public sector revenues showed an
increase of 23.2% during the period.
Public debt interest payments increased by 86.5% during the period and considering income from rents of BCRA and
ANSES, the total deficit reached AR$ 98.7 billion, representing a 56.8% increase compared with the same period of 2015.
In the second quarter of 2016 tax
revenues increased by 26.6% year-over-year. Income tax increased by 6.6% and Value Added Tax increased by 41.4 % during the same period. Export duties fell by 7% during the second quarter of 2016 due to reduction of such tax rates beginning this
year.
In the external sector, the accumulated trade surplus reached USD 870 million during the second quarter of 2016, 27.2% higher than the surplus
recorded during the same period of 2015. During the quarter, the trade balance recorded total exports of USD 15.3 billion (representing a 6.4% decrease in comparison with the same period of 2015) and total imports by USD 14.5 billion (representing a
7.9% decrease in comparison to the same period of 2015).
In second quarter of 2016 the BCRAs stock of international reserves increased by USD 936
million, reaching a total balance of USD 30.5 billion. During the quarter, the BCRA bought USD 2.3 billion in the foreign exchange market.
- 2 -
As of June 30, 2016, 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 277 b.p. in the second quarter of 2016, averaging 30.2% compared to the 27.4% average rate in the first quarter of 2016.
The stock of private sector loans in pesos increased in the second quarter of 2016 by 3.9% compared with the balance of first quarter of 2016, while private
sector loans in dollars increased by 59.0%.
Total deposits in the financial system increased by 7.5% in the second quarter of 2016. In the same period,
private sector deposits denominated in pesos increased by 7.5% and those denominated in dollars increased by 1.2%.
The Bank
BBVA Francés continues to strengthen its
efforts in line with the BBVA Groups global proposal: to bring the age of opportunity to everyone.
Regarding the development of digital
banking, BBVA Francés has been highlighted as the leader bank in social networks (Facebook and Twitter), for its number of fans and followers, as well as the number of interactions.
Moreover, based on concepts such as global, innovation, digital banking, customer satisfaction and experience, the Bank launched a new platform for companies,
with a fresher, safe and reliable design, which is adapted to clients needs and providing intuitive solutions, speeding up tasks and making it easier to use.
In commercial terms, BBVA Francés, continued to offer a high level of benefits to its clients, by sponsoring important shows and events. Furthermore,
maintaining its alliance with LATAM, the Bank continued to promote the benefits of exchanging LATAM Pass kilometers for domestic and international flights, as well as for a broad catalogue of products.
In line with its strategy to be recognized as the soccer Bank, BBVA Francés continued inviting its clients, through the #futbolnonstop campaign, to
participate in the draw for tickets to the best soccer events, even the chance of attending the 2016 Olympic Games.
In the Agro segment, the Bank
continues to offer the Agro LATAM Pass program, offering insurance, car loans and zero-interest-rate loans, in specific operations with the BBVA Francés Agro credit card.
Regarding the development of the Social Responsibility Program during the period, BBVA Francés launched
the My First Enterprise program, in alliance with Proydesa Foundation. The purpose is to provide financial knowledge to students who are in the last two levels of secondary school, through a project where they design their own business.
Moreover, with the aim of stimulating job placement and future professionals training, BBVA Francés also launched the College Internship Program
2016, which is open to students aged from 20 to 25 years old, who are in the first three years of careers related to the banking business, such as Economics, Business Administration, Accounting or Marketing.
In addition, the Bank launched the Training for your first job program, whose main purpose is not only to provide tools and knowledge to young
people, but also seeks to incorporate a training values, professional ethics and personal development that enhance job placement opportunities.
BBVA
Francés has been recognized one more time as the most attractive company of the Banking and Finance industry to work. The bank was ranked in the top 20 most attractive companies in the new edition of the Randstad Awards. Over
eighth thousand people (students and employees) participated in the survey this year, to determine which of the largest 175 employers in the country (with 1,000 employees or more) they would most like to work for.
Presentation of Financial Information
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Foreign currency balances as of June 30, 2016 have been translated into pesos at the reference exchange rate published by the BCRA at such date (AR$ 14.9200/ 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 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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- 3 -
Financial Information
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D
% quarter ended 06-30-16
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Condensed Income Statement (1)
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Quarter ended
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vs quarter ended
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(in thousands of pesos except income per share, ADS and percentages)
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06-30-16
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03-31-16
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06-30-15
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03-31-16
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06-30-15
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Net Financial Income
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3,342,802
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2,980,043
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1,973,233
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12.2
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%
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69.4
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%
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Provision for loan losses
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(336,129
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)
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(161,351
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)
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(181,178
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)
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108.3
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%
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85.5
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%
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Net income from services
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1,014,393
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931,083
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800,607
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8.9
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%
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26.7
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%
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Administrative expenses
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(2,211,679
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)
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(2,095,807
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)
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(1,472,263
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)
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5.5
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%
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50.2
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%
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Operating income
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1,809,387
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1,653,968
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1,120,399
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9.4
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%
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61.5
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%
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Income (Loss) from equity investments
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102,183
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44,802
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50,523
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128.1
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%
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102.3
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%
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Income (Loss) from Minority interest
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(34,113
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)
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(39,994
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)
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(34,223
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)
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-14.7
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%
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-0.3
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%
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Other Income/Expenses
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(27,480
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)
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56,471
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(16,557
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)
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-148.7
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%
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66.0
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%
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Income tax and Minimum Presumed Tax
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(886,719
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)
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(550,163
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(452,932
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)
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61.2
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%
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95.8
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%
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Net income for the period
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963,258
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1,165,084
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667,210
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-17.3
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%
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44.4
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%
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Net income per share (2)
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1.79
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2.17
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1.24
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-17.3
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%
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44.4
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%
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Net income per ADS (3)
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5.38
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6.51
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3.73
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-17.3
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%
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44.4
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%
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(1)
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Exchange rate: AR$ 14,9200 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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BBVA Francés reached an accumulated net income of AR$ 2,128.3 million as of June 30, 2016. During the
second quarter, the Bank registered a gain of AR$ 963.3 million, increasing by 44.4% compared with the same quarter of 2015, while decreasing by 17.3% compared to the previous quarter.
Net financial income grew by 69.4% compared with the second quarter of 2015, mainly due to higher gains derived from the public bonds portfolio as well as
higher intermediation with the private sector. Net financial income increased 12.2% compared with the previous quarter, also based on higher income generated by the public bond portfolio and the private business.
Provisions for loan losses increased compared to the second quarter of 2015 due to the higher volume of lending
and the deterioration of the loan portfolio.
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 registered a loss of AR$ 27.5 million for the period ended June 30, 2016. During the prior quarter an administrative penalty applied to
the Bank was revoked and, consequently, this charge was reversed.
Finally, the higher rate of income tax rate reflected in income tax is mainly due to
the fiscal adjustment of provisions and the fiscal valuation of the Bogar 20, registered during the period under analysis.
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D
% quarter ended 06-30-16 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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06-30-16
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03-31-16
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06-30-15
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03-31-16
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06-30-15
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Return on Average Assets (1)
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3.1
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%
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4.1
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%
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3.2
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%
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-24.3
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%
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-1.3
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%
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Return on Average Shareholders Equity (1)
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25.8
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%
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32.6
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%
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23.4
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%
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-20.7
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%
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10.3
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%
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Net fee Income as a % of Operating Income
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23.3
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%
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23.8
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%
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28.9
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%
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-2.2
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%
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-19.3
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%
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Net fee Income as a % of Administrative Expenses
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45.9
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%
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44.4
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%
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54.4
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%
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3.2
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%
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-15.7
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%
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Adm. Expenses as a % of Recurrent Income (2)
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50.8
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%
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53.6
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%
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53.1
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%
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-5.3
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%
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-4.4
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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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- 4 -
Net Financial Income
Net financial income arising from the intermediation with the private sector increased by 19.7% compared with the second quarter of 2015 and 7.1% compared
with the previous quarter.
Income from securities and short-term investments included non-recurring income originated by variations in the valuation of
public securities. Such results totaled a gain of AR$ 288.9 million during the quarter under analysis, whereas losses of AR$ 204.8
million and AR$ 158.8 million, respectively were registered for the same quarter of 2015 and for the previous quarter.
Both, the line items CER Adjustment and Foreign exchange difference reflected important gains compared with the same quarter of 2015,
mainly due to the depreciation of the Argentine peso in December 2015.
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Net financial income
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Quarter ended
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D
% quarter ended 06-30-16 vs
quarter ended
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(in thousands of pesos except percentages)
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06-30-16
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03-31-16
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06-30-15
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03-31-16
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06-30-15
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Net financial income
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3,342,802
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2,980,043
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1,973,233
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12.2
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%
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69.4
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%
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Net income from financial intermediation
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1,316,599
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1,229,373
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1,100,345
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7.1
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%
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19.7
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%
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CER adjustment
|
|
|
148,629
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161,393
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52,274
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-7.9
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%
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184.3
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%
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Income from securities and short term investments
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1,507,146
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|
980,137
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606,825
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53.8
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%
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148.4
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%
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Interest on Government guaranteed loans
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9,820
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|
9,072
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3,965
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8.2
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%
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|
|
147.7
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%
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Foreign exchange difference
|
|
|
333,214
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|
369,257
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|
105,801
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-9.8
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%
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|
214.9
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%
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Others
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27,394
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|
|
230,811
|
|
|
|
104,023
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|
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-88.1
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%
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|
|
-73.7
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%
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Income from Public and Private Securities
Public bond portfolio is valued at mark-to-market its
total public bonds portfolio; consequently such income includes the unrealized losses/gains from variations in the valuations of the portfolio, or at amortized cost, accordingly.
The Central Bank bills and notes portfolio is also valued at mark-to-market or at amortized cost.
On the other hand, other fixed income securities are valued at cost plus the internal rate of returns (IRR).
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Income from securities and short-term investments
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Quarter ended
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D
% quarter ended 06-30-16
vs quarter ended
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(in thousands of pesos except percentages)
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06-30-16
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|
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03-31-16
|
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06-30-15
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03-31-16
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|
06-30-15
|
|
Income from securities and short-term investments
|
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|
1,507,146
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|
|
|
980,137
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|
|
|
606,825
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|
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53.8
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%
|
|
|
148.4
|
%
|
Holdings booked at fair value
|
|
|
481,569
|
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(21,714
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)
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(72,875
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)
|
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|
n/a
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|
n/a
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Holdings booked at amortized cost
|
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|
198
|
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|
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Bills and Notes from the Central Bank
|
|
|
998,636
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|
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|
958,961
|
|
|
|
671,502
|
|
|
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4.1
|
%
|
|
|
48.7
|
%
|
Other fixed income securities
|
|
|
26,743
|
|
|
|
42,890
|
|
|
|
8,198
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|
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-37.6
|
%
|
|
|
226.2
|
%
|
CER adjustment
|
|
|
148,734
|
|
|
|
161,520
|
|
|
|
52,289
|
|
|
|
-7.9
|
%
|
|
|
184.4
|
%
|
Net Income from Services
Net income from services, not taking into account the previously mentioned reclassification, increased by 16.4% compared with the same quarter of 2015.
In the year-to-year comparison, growth was due mainly due to higher consumption with credit cards, higher fees generated by an increase in the stock of
deposit accounts and those associated with insurances, 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.
In the quarterly comparison, the increase was based on higher fees for consumption with credit cards and for capital markets advisory work, which were
partially offset by lower fees resulting from deposit accounts and higher charges paid for the LATAM Pass kilometers program.
- 5 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Net income from services
|
|
|
1,014,393
|
|
|
|
931,083
|
|
|
|
800,607
|
|
|
|
8.9
|
%
|
|
|
26.7
|
%
|
Service charge income
|
|
|
1,838,242
|
|
|
|
1,703,989
|
|
|
|
1,399,042
|
|
|
|
7.9
|
%
|
|
|
31.4
|
%
|
Service charges on deposits accounts
|
|
|
316,011
|
|
|
|
338,874
|
|
|
|
284,856
|
|
|
|
-6.7
|
%
|
|
|
10.9
|
%
|
Credit cards and operations
|
|
|
863,112
|
|
|
|
771,390
|
|
|
|
579,108
|
|
|
|
11.9
|
%
|
|
|
49.0
|
%
|
Insurance
|
|
|
152,951
|
|
|
|
146,228
|
|
|
|
136,152
|
|
|
|
4.6
|
%
|
|
|
12.3
|
%
|
Capital markets and securities activities
|
|
|
15,091
|
|
|
|
6,695
|
|
|
|
15,141
|
|
|
|
125.4
|
%
|
|
|
-0.3
|
%
|
Fees related to foreign trade
|
|
|
59,085
|
|
|
|
58,033
|
|
|
|
39,967
|
|
|
|
1.8
|
%
|
|
|
47.8
|
%
|
Other fees
|
|
|
431,991
|
|
|
|
382,769
|
|
|
|
343,818
|
|
|
|
12.9
|
%
|
|
|
25.6
|
%
|
Services Charge expense
|
|
|
(823,849
|
)
|
|
|
(772,905
|
)
|
|
|
(598,435
|
)
|
|
|
6.6
|
%
|
|
|
37.7
|
%
|
Administrative Expenses
Homogenizing the scope of consolidation, which was redefined in 2015, annual variation of administrative expenses was 39.5%, while compared with the previous
quarter the increase was 5.5%.
Personnel expenses increase in both, the annual and quarterly comparison, mainly reflecting salary increases and a higher
number of employees.
General expenses, as adjusted, increased by 33.8% annually and by 3.5% during the quarter. The annual increase was mainly due to
higher advertising and promotion charges related to commercial campaigns made by the Bank, as well as to higher electricity and communications charges due to tariff adjustment. In addition, other expenses grew in line with the general
increase in prices and the depreciation of the currency.
During the quarter, higher expenses in
advertising and taxes were partially offset by lower maintenance expenses, registered in the Others line item.
As of June 30, 2016, the Bank
had 5,985 employees, representing an increase of 6.4% compared with the second 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 15 in-company branches, 1 point of
sale outlet and 1 express point, 680 ATMs and 794 self-service terminals (ATS).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Administrative expenses
|
|
|
(2,211,679
|
)
|
|
|
(2,095,807
|
)
|
|
|
(1,472,263
|
)
|
|
|
5.5
|
%
|
|
|
50.2
|
%
|
Personnel expenses
|
|
|
(1,304,321
|
)
|
|
|
(1,219,519
|
)
|
|
|
(862,022
|
)
|
|
|
7.0
|
%
|
|
|
51.3
|
%
|
Electricity and Communications
|
|
|
(45,586
|
)
|
|
|
(38,972
|
)
|
|
|
(29,157
|
)
|
|
|
17.0
|
%
|
|
|
56.3
|
%
|
Advertising and Promotion
|
|
|
(100,810
|
)
|
|
|
(67,952
|
)
|
|
|
(62,677
|
)
|
|
|
48.4
|
%
|
|
|
60.8
|
%
|
Fees and external administrative services
|
|
|
(33,306
|
)
|
|
|
(33,323
|
)
|
|
|
(23,167
|
)
|
|
|
-0.1
|
%
|
|
|
43.8
|
%
|
Taxes
|
|
|
(211,650
|
)
|
|
|
(198,595
|
)
|
|
|
(167,210
|
)
|
|
|
6.6
|
%
|
|
|
26.6
|
%
|
Organization and development expenses
|
|
|
(19,486
|
)
|
|
|
(18,926
|
)
|
|
|
(16,102
|
)
|
|
|
3.0
|
%
|
|
|
21.0
|
%
|
Amortizations
|
|
|
(55,658
|
)
|
|
|
(54,142
|
)
|
|
|
(56,646
|
)
|
|
|
2.8
|
%
|
|
|
-1.7
|
%
|
Other
|
|
|
(440,862
|
)
|
|
|
(464,378
|
)
|
|
|
(255,282
|
)
|
|
|
-5.1
|
%
|
|
|
72.7
|
%
|
- 6 -
Other Income / Expenses
Other income/expenses totaled a loss of AR$ 27.5 million during the second quarter of 2016. It is important to mention that during the previous quarter AR$ 39
million of provisions for other contingencies were reversed, as a consequence of the Resolution of the IV Chamber of the Court of Appeals which revoked the administrative penalty that had been imposed on the Bank.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated. During the second quarter of 2016, a gain of AR$ 102.8
million was recorded, mainly due to the stake held by BBVA Francés in Rombo Compañía Financiera, jointly with the gains originated in the valuation of the stake held in Interbanking S.A. and Prisma S.A (strategic alliance
between VISA Argentina and Banelco S.A )
Balance and activity
Total Public Sector Exposure
Exposure to the public sectors National Government increased by 62.3% compared with the second quarter of 2015 and by 6.7% compared with the previous
quarter, mainly due to the purchases of national government 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.
On the other hand, private debt grew
mainly due to the subscription of negotiable obligations.
As of June 30, 2016, the public sectors National Government assets represented 3.3% of the Banks
total assets. Total exposure to the BCRAs bills and notes net of holdings linked to reverse repo transactions, represented 8.8% of the Banks total assets.
Total exposure to the public sector includes public debt of the National Government through public securities (bonds and bills from the treasury) and
guaranteed loans, as well as the BCRAs bills and notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public and Private Sector Exposure
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Public Sector - National Government
|
|
|
4,363,302
|
|
|
|
4,089,977
|
|
|
|
2,688,527
|
|
|
|
6.7
|
%
|
|
|
62.3
|
%
|
Public Sector Loans
|
|
|
83,654
|
|
|
|
74,853
|
|
|
|
60,473
|
|
|
|
11.8
|
%
|
|
|
38.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total bond portfolio
|
|
|
4,279,865
|
|
|
|
4,015,342
|
|
|
|
2,584,094
|
|
|
|
6.6
|
%
|
|
|
65.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings book at fair value
|
|
|
4,241,363
|
|
|
|
4,015,178
|
|
|
|
2,583,930
|
|
|
|
5.6
|
%
|
|
|
64.1
|
%
|
Holdings book at amortized cost
|
|
|
38,502
|
|
|
|
164
|
|
|
|
164
|
|
|
|
n/a
|
|
|
|
n/a
|
|
Allowances
|
|
|
(217
|
)
|
|
|
(218
|
)
|
|
|
(201
|
)
|
|
|
-0.5
|
%
|
|
|
8.0
|
%
|
Reverse repo
|
|
|
|
|
|
|
|
|
|
|
44,161
|
|
|
|
n/a
|
|
|
|
-100.0
|
%
|
Public Sector - National Government own portfolio
|
|
|
4,363,302
|
|
|
|
4,089,977
|
|
|
|
2,644,366
|
|
|
|
6.7
|
%
|
|
|
65.0
|
%
|
|
|
|
|
|
|
Bills and Notes from Central Bank
|
|
|
16,934,190
|
|
|
|
13,302,958
|
|
|
|
11,513,524
|
|
|
|
27.3
|
%
|
|
|
47.1
|
%
|
Own portfolio
|
|
|
11,557,767
|
|
|
|
12,321,088
|
|
|
|
11,553,920
|
|
|
|
-6.2
|
%
|
|
|
0.0
|
%
|
Reverse repo w/Central Bank
|
|
|
5,376,422
|
|
|
|
981,870
|
|
|
|
(40,396
|
)
|
|
|
447.6
|
%
|
|
|
n/a
|
|
Private Debt
|
|
|
268,938
|
|
|
|
343,740
|
|
|
|
77,943
|
|
|
|
-21.8
|
%
|
|
|
245.0
|
%
|
Unlisted
|
|
|
268,938
|
|
|
|
343,740
|
|
|
|
77,943
|
|
|
|
-21.8
|
%
|
|
|
245.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exposure to the Public and Private Sector
|
|
|
21,566,430
|
|
|
|
17,736,675
|
|
|
|
14,279,994
|
|
|
|
21.6
|
%
|
|
|
51.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exposure to the Public Sector without repos
|
|
|
16,190,007
|
|
|
|
16,754,805
|
|
|
|
14,276,229
|
|
|
|
-3.4
|
%
|
|
|
13.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio
The private sector loan portfolio, net of allowance for loan losses, totaled AR$ 65.8 billion as of June 30,
2016, representing an increase of 40.1% and 11.3% compared to the second quarter of 2015 and to the previous quarter, respectively.
- 7 -
In the last twelve months, consumer loans increased by 33.5%. Such increase was mainly due to the outstanding
performance of credit cards, which registered an increase of 45.6% during the period, while car loans and personal loans also registered increases of around 20%.
Commercial loans increased by 47.6% in the same period, mainly due to a higher portfolio of advances and foreign
trade operations.
During the quarter, consumer loans grew 4.6%, whereas the commercial loan portfolio increased by 19.4% mainly due to higher loans to
large corporations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs quarter
ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Private & Financial sector loans
|
|
|
65,846,319
|
|
|
|
59,134,567
|
|
|
|
47,013,712
|
|
|
|
11.3
|
%
|
|
|
40.1
|
%
|
Advances
|
|
|
10,098,420
|
|
|
|
8,195,034
|
|
|
|
8,349,886
|
|
|
|
23.2
|
%
|
|
|
20.9
|
%
|
Discounted and purchased notes
|
|
|
8,596,864
|
|
|
|
8,979,534
|
|
|
|
6,552,563
|
|
|
|
-4.3
|
%
|
|
|
31.2
|
%
|
Consumer Mortgages
|
|
|
1,992,813
|
|
|
|
1,988,051
|
|
|
|
1,696,271
|
|
|
|
0.2
|
%
|
|
|
17.5
|
%
|
Car secured loans
|
|
|
4,563,281
|
|
|
|
4,493,535
|
|
|
|
3,751,333
|
|
|
|
1.6
|
%
|
|
|
21.6
|
%
|
Personal loans
|
|
|
7,582,330
|
|
|
|
7,428,791
|
|
|
|
6,353,804
|
|
|
|
2.1
|
%
|
|
|
19.3
|
%
|
Credit cards
|
|
|
19,420,755
|
|
|
|
18,176,278
|
|
|
|
13,342,004
|
|
|
|
6.8
|
%
|
|
|
45.6
|
%
|
Loans to financial sector
|
|
|
1,749,247
|
|
|
|
1,367,594
|
|
|
|
756,088
|
|
|
|
27.9
|
%
|
|
|
131.4
|
%
|
Other loans
|
|
|
12,170,151
|
|
|
|
8,658,592
|
|
|
|
6,437,059
|
|
|
|
40.6
|
%
|
|
|
89.1
|
%
|
Unaccrued interest
|
|
|
(207,715
|
)
|
|
|
(212,823
|
)
|
|
|
(134,380
|
)
|
|
|
-2.4
|
%
|
|
|
54.6
|
%
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
1,293,985
|
|
|
|
1,241,172
|
|
|
|
916,975
|
|
|
|
4.3
|
%
|
|
|
41.1
|
%
|
Less: Allowance for loan losses
|
|
|
(1,413,812
|
)
|
|
|
(1,181,191
|
)
|
|
|
(1,007,891
|
)
|
|
|
19.7
|
%
|
|
|
40.3
|
%
|
Loans to public sector
|
|
|
83,654
|
|
|
|
74,853
|
|
|
|
60,473
|
|
|
|
11.8
|
%
|
|
|
38.3
|
%
|
Loans to public sector
|
|
|
8,772
|
|
|
|
8,734
|
|
|
|
8,912
|
|
|
|
0.4
|
%
|
|
|
-1.6
|
%
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
74,882
|
|
|
|
66,119
|
|
|
|
51,561
|
|
|
|
13.3
|
%
|
|
|
45.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net total loans
|
|
|
65,929,973
|
|
|
|
59,209,420
|
|
|
|
47,074,185
|
|
|
|
11.4
|
%
|
|
|
40.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
As of June 30, 2016, the asset quality ratio (non-performing loans/total loans) was 0.85%, while the coverage ratio (provisions/non-performing loans) reached
247.83%.
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 06-30-16 vs quarter
ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Non-performing loans (1)
|
|
|
570,472
|
|
|
|
416,402
|
|
|
|
427,095
|
|
|
|
37.0
|
%
|
|
|
33.6
|
%
|
Allowance for loan losses
|
|
|
(1,413,812
|
)
|
|
|
(1,181,191
|
)
|
|
|
(1,007,891
|
)
|
|
|
19.7
|
%
|
|
|
40.3
|
%
|
Non-performing loans/net total loans
|
|
|
0.85
|
%
|
|
|
0.69
|
%
|
|
|
0.89
|
%
|
|
|
22.9
|
%
|
|
|
-4.6
|
%
|
Non-performing private loans/net private loans
|
|
|
0.85
|
%
|
|
|
0.69
|
%
|
|
|
0.89
|
%
|
|
|
22.9
|
%
|
|
|
-4.6
|
%
|
Allowance for loan losses/non-performing loans
|
|
|
247.83
|
%
|
|
|
283.67
|
%
|
|
|
235.99
|
%
|
|
|
-12.6
|
%
|
|
|
5.0
|
%
|
Allowance for loan losses/net total loans
|
|
|
2.10
|
%
|
|
|
1.96
|
%
|
|
|
2.10
|
%
|
|
|
7.3
|
%
|
|
|
0.2
|
%
|
(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.
|
- 8 -
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 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Balance at the beginning of the quarter
|
|
|
1,188,758
|
|
|
|
1,119,687
|
|
|
|
956,608
|
|
|
|
6.2
|
%
|
|
|
24.3
|
%
|
Increase / decrease
|
|
|
336,129
|
|
|
|
161,351
|
|
|
|
181,178
|
|
|
|
108.3
|
%
|
|
|
85.5
|
%
|
Provision increase / decrease - Exchange rate difference
|
|
|
2,363
|
|
|
|
5,318
|
|
|
|
893
|
|
|
|
-55.6
|
%
|
|
|
-164.6
|
%
|
Aplications / Reversals
|
|
|
(105,530
|
)
|
|
|
(97,598
|
)
|
|
|
(125,272
|
)
|
|
|
8.1
|
%
|
|
|
-15.8
|
%
|
Balance at the end of the quarter
|
|
|
1,421,720
|
|
|
|
1,188,758
|
|
|
|
1,013,407
|
|
|
|
19.6
|
%
|
|
|
40.3
|
%
|
Deposits
Total deposits reached AR$ 92.8 billion as of June 30, 2016, representing an increase of 54.7% in the last twelve months and of 15.9% during the quarter.
During the last year, both sight accounts and time deposits registered significant growth, increasing 56.5%, and 52.4%, respectively.
It is worth mentioning that total peso-denominated deposits increased by 37.6% in the last twelve months.
Compared with the previous quarter, total deposits increased by 15.9%, driven by a 19.6% increase in sight
accounts, while time deposits increased by 11.3%.
Foreign currency denominated deposits increased significantly compared with both the same quarter of
2015 and with the previous quarter. Foreign currency denominated deposits totaled AR$ 19.1 billion (equivalent to US$ 1.3 billion) as of June 30, 2016, representing 20.6% of the Banks total deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Total deposits
|
|
|
92,825,043
|
|
|
|
80,099,181
|
|
|
|
60,014,088
|
|
|
|
15.9
|
%
|
|
|
54.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current accounts
|
|
|
24,331,416
|
|
|
|
19,361,280
|
|
|
|
16,875,105
|
|
|
|
25.7
|
%
|
|
|
44.2
|
%
|
Peso denominated
|
|
|
22,753,131
|
|
|
|
18,674,131
|
|
|
|
16,399,877
|
|
|
|
21.8
|
%
|
|
|
38.7
|
%
|
Foreign currency
|
|
|
1,578,285
|
|
|
|
687,149
|
|
|
|
475,228
|
|
|
|
129.7
|
%
|
|
|
232.1
|
%
|
Saving accounts
|
|
|
29,599,588
|
|
|
|
25,737,565
|
|
|
|
17,579,340
|
|
|
|
15.0
|
%
|
|
|
68.4
|
%
|
Peso denominated
|
|
|
17,453,110
|
|
|
|
15,359,809
|
|
|
|
13,799,708
|
|
|
|
13.6
|
%
|
|
|
26.5
|
%
|
Foreign currency
|
|
|
12,146,478
|
|
|
|
10,377,756
|
|
|
|
3,779,632
|
|
|
|
17.0
|
%
|
|
|
221.4
|
%
|
Time deposits
|
|
|
36,906,986
|
|
|
|
33,155,157
|
|
|
|
24,216,247
|
|
|
|
11.3
|
%
|
|
|
52.4
|
%
|
Peso denominated
|
|
|
31,943,528
|
|
|
|
27,911,716
|
|
|
|
22,224,480
|
|
|
|
14.4
|
%
|
|
|
43.7
|
%
|
CER adjusted time deposits
|
|
|
1,208
|
|
|
|
1,126
|
|
|
|
464
|
|
|
|
7.3
|
%
|
|
|
160.3
|
%
|
Foreign currency
|
|
|
4,962,250
|
|
|
|
5,242,315
|
|
|
|
1,991,303
|
|
|
|
-5.3
|
%
|
|
|
149.2
|
%
|
Investment Accounts
|
|
|
85,591
|
|
|
|
5,586
|
|
|
|
14,959
|
|
|
|
n/a
|
|
|
|
472.2
|
%
|
Peso denominated
|
|
|
85,591
|
|
|
|
5,586
|
|
|
|
14,959
|
|
|
|
n/a
|
|
|
|
472.2
|
%
|
Other
|
|
|
1,901,462
|
|
|
|
1,839,593
|
|
|
|
1,328,437
|
|
|
|
3.4
|
%
|
|
|
43.1
|
%
|
Peso denominated
|
|
|
1,502,157
|
|
|
|
1,441,097
|
|
|
|
1,149,272
|
|
|
|
4.2
|
%
|
|
|
30.7
|
%
|
Foreign currency
|
|
|
399,305
|
|
|
|
398,496
|
|
|
|
179,165
|
|
|
|
0.2
|
%
|
|
|
122.9
|
%
|
Rescheduled deposits + CEDROS
|
|
|
2,224
|
|
|
|
2,234
|
|
|
|
2,234
|
|
|
|
-0.4
|
%
|
|
|
-0.4
|
%
|
Peso denominated
|
|
|
2,224
|
|
|
|
2,234
|
|
|
|
2,234
|
|
|
|
-0.4
|
%
|
|
|
-0.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits + Rescheduled deposits & CEDROS
|
|
|
92,827,267
|
|
|
|
80,101,415
|
|
|
|
60,016,322
|
|
|
|
15.9
|
%
|
|
|
54.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Funding Sources
Other funding sources totaled AR$ 2.6 billion as of June 30, 2016, registering an increase of 2.8% in the last twelve months, and a decrease of 14% compared
to the previous quarter in 2016.
In the last twelve months, negotiable obligations were issued by the Bank and by PSA Finance and certain 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$ 1.4 million corresponded to those issued by BBVA Francés and AR$ 157.7 million to PSA Finance.
- 9 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Lines from other banks
|
|
|
1,076,653
|
|
|
|
1,485,135
|
|
|
|
770,041
|
|
|
|
-27.5
|
%
|
|
|
39.8
|
%
|
Senior Bonds
|
|
|
1,583,253
|
|
|
|
1,608,592
|
|
|
|
1,817,224
|
|
|
|
-1.6
|
%
|
|
|
-12.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other funding sources
|
|
|
2,659,906
|
|
|
|
3,093,727
|
|
|
|
2,587,265
|
|
|
|
-14.0
|
%
|
|
|
2.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
As of June 30, 2016, the Banks total shareholders equity totaled AR$ 14.9 billion, while the excess over the BCRA minimum capital requirements was
AR$ 6.8
billion or 80.6%. On the same date, the capital ratio reached 15.1% of assets adjusted to risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
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
|
|
|
11,783,995
|
|
|
|
8,899,508
|
|
|
|
8,899,508
|
|
|
|
32.4
|
%
|
|
|
32.4
|
%
|
Unappropriated retained earnings
|
|
|
2,128,342
|
|
|
|
4,949,571
|
|
|
|
1,598,156
|
|
|
|
-57.0
|
%
|
|
|
33.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders equity
|
|
|
14,944,705
|
|
|
|
14,881,447
|
|
|
|
11,530,032
|
|
|
|
0.4
|
%
|
|
|
29.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Requirements
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Central Bank Minimum Capital Requirements
|
|
|
8,408,006
|
|
|
|
7,813,073
|
|
|
|
5,823,118
|
|
|
|
7.6
|
%
|
|
|
44.4
|
%
|
Central Bank Minimum Capital Requirements (a, b)
|
|
|
8,231,916
|
|
|
|
7,682,943
|
|
|
|
5,643,361
|
|
|
|
7.1
|
%
|
|
|
45.9
|
%
|
Increase in capital requirements related to custody
|
|
|
176,090
|
|
|
|
130,130
|
|
|
|
179,757
|
|
|
|
35.3
|
%
|
|
|
-2.0
|
%
|
a) Central Bank Minimum Capital Requirements
|
|
|
8,231,916
|
|
|
|
7,682,943
|
|
|
|
5,643,361
|
|
|
|
7.1
|
%
|
|
|
45.9
|
%
|
Allocated to Asset at Risk
|
|
|
6,066,448
|
|
|
|
5,769,780
|
|
|
|
4,098,927
|
|
|
|
5.1
|
%
|
|
|
48.0
|
%
|
DCR (derivative conterparter risk)
|
|
|
|
|
|
|
|
|
|
|
6,584
|
|
|
|
|
|
|
|
-100.0
|
%
|
Market Risk
|
|
|
297,602
|
|
|
|
162,912
|
|
|
|
123,021
|
|
|
|
82.7
|
%
|
|
|
141.9
|
%
|
Operational Risk
|
|
|
1,867,866
|
|
|
|
1,750,251
|
|
|
|
1,414,829
|
|
|
|
6.7
|
%
|
|
|
32.0
|
%
|
|
|
|
|
|
|
b) Minimum capital required for the Guarantee Fund for the Sustainability of the Pas-as-you-go
System managed by the Argentine Republic and registrar of mortgage notes
|
|
|
704,360
|
|
|
|
520,520
|
|
|
|
719,030
|
|
|
|
35.3
|
%
|
|
|
-2.0
|
%
|
5% of the securities in custody and book-entry notes
|
|
|
704,360
|
|
|
|
520,520
|
|
|
|
719,030
|
|
|
|
35.3
|
%
|
|
|
-2.0
|
%
|
|
|
|
|
|
|
Bank Capital Calculated under Central Bank Rules
|
|
|
15,187,372
|
|
|
|
14,934,191
|
|
|
|
11,712,156
|
|
|
|
1.7
|
%
|
|
|
29.7
|
%
|
Ordinary Capital Level 1
|
|
|
14,605,177
|
|
|
|
14,401,947
|
|
|
|
11,275,283
|
|
|
|
1.4
|
%
|
|
|
29.5
|
%
|
Deductions Ordinary Capital Level 1
|
|
|
(337,279
|
)
|
|
|
(311,162
|
)
|
|
|
(184,930
|
)
|
|
|
8.4
|
%
|
|
|
82.4
|
%
|
Capital Level 2
|
|
|
919,474
|
|
|
|
843,406
|
|
|
|
621,803
|
|
|
|
9.0
|
%
|
|
|
47.9
|
%
|
Excess over Required Capital
|
|
|
6,779,366
|
|
|
|
7,121,118
|
|
|
|
5,889,038
|
|
|
|
-4.8
|
%
|
|
|
15.1
|
%
|
|
|
|
|
|
|
Capital Ratio (Central Bank rules)
|
|
|
15.1
|
%
|
|
|
15.9
|
%
|
|
|
17.8
|
%
|
|
|
-5.1
|
%
|
|
|
-15.3
|
%
|
Excess over Required Capital as a % of Shareholders Equity
|
|
|
45.4
|
%
|
|
|
47.9
|
%
|
|
|
51.1
|
%
|
|
|
-5.2
|
%
|
|
|
-11.2
|
%
|
- 10 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
D
% quarter ended 06-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
06-30-16
|
|
|
03-31-16
|
|
|
06-30-15
|
|
|
03-31-16
|
|
|
06-30-15
|
|
Exchange rate
|
|
|
14.92
|
|
|
|
14.58
|
|
|
|
9.09
|
|
|
|
2.3
|
%
|
|
|
64.2
|
%
|
Quarterly CER adjustment
|
|
|
9.5
|
%
|
|
|
10.5
|
%
|
|
|
3.5
|
%
|
|
|
-9.0
|
%
|
|
|
171.6
|
%
|
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.
Conference Call
A conference call to discuss first quarter earnings will be held on Friday, August 12, 2016, at 11:00 am New York time 12:00 pm Buenos Aires time. If
you are interested in participating, please dial (888) 515 2235 within the U.S. or +1 (719) 325 2370 outside the U.S. at least 5 minutes prior to our scheduled conference time. Confirmation code:
6080290
. 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 September 12, 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
- 11 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
06-30-15
|
|
Cash and due from banks
|
|
|
26,524,315
|
|
|
|
23,414,132
|
|
|
|
27,970,169
|
|
|
|
13,646,494
|
|
Government and Private Securities
|
|
|
21,279,564
|
|
|
|
17,448,966
|
|
|
|
14,416,484
|
|
|
|
14,206,708
|
|
Holdings booked at fair value
|
|
|
4,241,363
|
|
|
|
4,015,178
|
|
|
|
3,220,093
|
|
|
|
2,583,930
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
44,161
|
|
Reverse repo
|
|
|
38,502
|
|
|
|
164
|
|
|
|
164
|
|
|
|
164
|
|
Listed Private Securities
|
|
|
65,726
|
|
|
|
130,884
|
|
|
|
109,859
|
|
|
|
65,130
|
|
Bills and Notes from the Central Bank
|
|
|
16,934,190
|
|
|
|
13,302,958
|
|
|
|
11,086,580
|
|
|
|
11,513,524
|
|
Less: Allowances
|
|
|
(217
|
)
|
|
|
(218
|
)
|
|
|
(212
|
)
|
|
|
(201
|
)
|
Loans
|
|
|
65,929,973
|
|
|
|
59,209,420
|
|
|
|
56,563,321
|
|
|
|
47,074,185
|
|
Loans to the private & financial sector
|
|
|
65,846,319
|
|
|
|
59,134,567
|
|
|
|
56,496,522
|
|
|
|
47,013,712
|
|
Advances
|
|
|
10,098,420
|
|
|
|
8,195,034
|
|
|
|
6,739,426
|
|
|
|
8,349,886
|
|
Discounted and purchased notes
|
|
|
8,596,864
|
|
|
|
8,979,534
|
|
|
|
9,559,666
|
|
|
|
6,552,563
|
|
Secured with mortgages
|
|
|
1,992,813
|
|
|
|
1,988,051
|
|
|
|
2,122,955
|
|
|
|
1,696,271
|
|
Car secured loans
|
|
|
4,563,281
|
|
|
|
4,493,535
|
|
|
|
4,567,505
|
|
|
|
3,751,333
|
|
Personal loans
|
|
|
7,582,330
|
|
|
|
7,428,791
|
|
|
|
7,343,933
|
|
|
|
6,353,804
|
|
Credit cards
|
|
|
19,420,755
|
|
|
|
18,176,278
|
|
|
|
18,322,958
|
|
|
|
13,342,004
|
|
Loans to financial sector
|
|
|
1,749,247
|
|
|
|
1,367,594
|
|
|
|
1,530,454
|
|
|
|
756,088
|
|
Other loans
|
|
|
12,170,151
|
|
|
|
8,658,592
|
|
|
|
6,510,536
|
|
|
|
6,437,059
|
|
Less: Unaccrued interest
|
|
|
(207,715
|
)
|
|
|
(212,823
|
)
|
|
|
(216,365
|
)
|
|
|
(134,380
|
)
|
Plus: Interest & FX differences receivable
|
|
|
1,293,985
|
|
|
|
1,241,172
|
|
|
|
1,127,744
|
|
|
|
916,975
|
|
Less: Allowance for loan losses
|
|
|
(1,413,812
|
)
|
|
|
(1,181,191
|
)
|
|
|
(1,112,290
|
)
|
|
|
(1,007,891
|
)
|
Public Sector loans
|
|
|
83,654
|
|
|
|
74,853
|
|
|
|
66,799
|
|
|
|
60,473
|
|
Principal
|
|
|
8,772
|
|
|
|
8,734
|
|
|
|
8,823
|
|
|
|
8,912
|
|
Plus: Interest & FX differences receivable
|
|
|
74,882
|
|
|
|
66,119
|
|
|
|
57,976
|
|
|
|
51,561
|
|
Other banking receivables
|
|
|
9,659,883
|
|
|
|
6,753,374
|
|
|
|
3,728,874
|
|
|
|
6,005,634
|
|
Repurchase agreements
|
|
|
5,084,968
|
|
|
|
982,677
|
|
|
|
|
|
|
|
1,200,094
|
|
Unlisted private securities
|
|
|
203,212
|
|
|
|
212,856
|
|
|
|
200,894
|
|
|
|
12,813
|
|
Other banking receivables
|
|
|
4,379,611
|
|
|
|
5,565,408
|
|
|
|
3,535,377
|
|
|
|
4,798,243
|
|
Less: provisions
|
|
|
(7,908
|
)
|
|
|
(7,567
|
)
|
|
|
(7,397
|
)
|
|
|
(5,516
|
)
|
Investments in other companies
|
|
|
473,517
|
|
|
|
426,278
|
|
|
|
363,861
|
|
|
|
297,827
|
|
Intangible assets
|
|
|
272,423
|
|
|
|
259,976
|
|
|
|
236,861
|
|
|
|
176,176
|
|
Organization and development charges
|
|
|
272,423
|
|
|
|
259,976
|
|
|
|
236,861
|
|
|
|
176,176
|
|
Other assets
|
|
|
7,405,309
|
|
|
|
7,762,404
|
|
|
|
7,412,813
|
|
|
|
6,119,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
131,544,984
|
|
|
|
115,274,550
|
|
|
|
110,692,383
|
|
|
|
87,526,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
92,827,267
|
|
|
|
80,101,415
|
|
|
|
76,865,670
|
|
|
|
60,016,322
|
|
Current accounts
|
|
|
24,331,416
|
|
|
|
19,361,280
|
|
|
|
21,201,742
|
|
|
|
16,875,105
|
|
Saving accounts
|
|
|
29,599,588
|
|
|
|
25,737,565
|
|
|
|
22,452,261
|
|
|
|
17,579,340
|
|
Time deposits
|
|
|
36,906,986
|
|
|
|
33,155,157
|
|
|
|
31,895,955
|
|
|
|
24,216,247
|
|
Investment Accounts
|
|
|
85,591
|
|
|
|
5,586
|
|
|
|
34,807
|
|
|
|
14,959
|
|
Rescheduled deposits CEDROS
|
|
|
2,224
|
|
|
|
2,234
|
|
|
|
2,234
|
|
|
|
2,234
|
|
Other deposits
|
|
|
1,901,462
|
|
|
|
1,839,593
|
|
|
|
1,278,671
|
|
|
|
1,328,437
|
|
Other banking Liabilities
|
|
|
17,439,924
|
|
|
|
15,015,019
|
|
|
|
15,031,971
|
|
|
|
11,672,802
|
|
Other provisions
|
|
|
1,113,625
|
|
|
|
1,021,902
|
|
|
|
999,929
|
|
|
|
911,591
|
|
Other contingencies
|
|
|
1,112,968
|
|
|
|
1,021,206
|
|
|
|
999,319
|
|
|
|
910,997
|
|
Guarantees
|
|
|
657
|
|
|
|
696
|
|
|
|
610
|
|
|
|
594
|
|
Other liabilities
|
|
|
4,908,410
|
|
|
|
3,888,356
|
|
|
|
3,749,284
|
|
|
|
3,131,567
|
|
Minority interest
|
|
|
311,053
|
|
|
|
366,411
|
|
|
|
329,166
|
|
|
|
264,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
116,600,279
|
|
|
|
100,393,103
|
|
|
|
96,976,020
|
|
|
|
75,996,417
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders equity
|
|
|
14,944,705
|
|
|
|
14,881,447
|
|
|
|
13,716,363
|
|
|
|
11,530,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities + stockholders equity
|
|
|
131,544,984
|
|
|
|
115,274,550
|
|
|
|
110,692,383
|
|
|
|
87,526,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
06-30-15
|
|
Financial income
|
|
|
6,159,658
|
|
|
|
5,495,068
|
|
|
|
4,998,740
|
|
|
|
3,632,643
|
|
Interest on Cash and Due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans Granted to the Financial Sector
|
|
|
136,181
|
|
|
|
112,598
|
|
|
|
109,505
|
|
|
|
66,512
|
|
Interest on Overdraft
|
|
|
927,369
|
|
|
|
691,193
|
|
|
|
600,669
|
|
|
|
491,501
|
|
Interest on Discounted and purchased notes
|
|
|
519,982
|
|
|
|
522,801
|
|
|
|
463,881
|
|
|
|
319,403
|
|
Interest on Mortgages
|
|
|
100,306
|
|
|
|
101,694
|
|
|
|
98,158
|
|
|
|
73,236
|
|
Interest on Car Secured Loans
|
|
|
276,984
|
|
|
|
270,463
|
|
|
|
264,203
|
|
|
|
226,019
|
|
Interest on Credit Card Loans
|
|
|
1,005,398
|
|
|
|
984,737
|
|
|
|
811,113
|
|
|
|
689,400
|
|
Interest on Financial Leases
|
|
|
114,964
|
|
|
|
116,114
|
|
|
|
113,406
|
|
|
|
98,059
|
|
Interest on Other Loans
|
|
|
1,005,356
|
|
|
|
919,114
|
|
|
|
900,677
|
|
|
|
793,305
|
|
From Other Banking receivables
|
|
|
95
|
|
|
|
152
|
|
|
|
30
|
|
|
|
58
|
|
Interest on Government Guaranteed Loans Decree 1387/01
|
|
|
9,820
|
|
|
|
9,072
|
|
|
|
4,089
|
|
|
|
3,965
|
|
Income from Securities and Short Term Investments
|
|
|
1,507,146
|
|
|
|
980,137
|
|
|
|
1,133,458
|
|
|
|
606,825
|
|
CER
|
|
|
148,734
|
|
|
|
161,520
|
|
|
|
41,264
|
|
|
|
52,289
|
|
Foreign exchange difference
|
|
|
333,214
|
|
|
|
369,257
|
|
|
|
31,654
|
|
|
|
105,801
|
|
Other
|
|
|
74,109
|
|
|
|
256,216
|
|
|
|
426,633
|
|
|
|
106,270
|
|
Financial expenses
|
|
|
(2,816,856
|
)
|
|
|
(2,515,025
|
)
|
|
|
(2,143,818
|
)
|
|
|
(1,659,410
|
)
|
Interest on Current Account Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Saving Account Deposits
|
|
|
(9,019
|
)
|
|
|
(7,957
|
)
|
|
|
(7,003
|
)
|
|
|
(5,072
|
)
|
Interest on Time Deposits
|
|
|
(2,195,456
|
)
|
|
|
(1,842,388
|
)
|
|
|
(1,576,170
|
)
|
|
|
(1,211,105
|
)
|
Interest on Other Banking Liabilities
|
|
|
(191,555
|
)
|
|
|
(181,920
|
)
|
|
|
(161,272
|
)
|
|
|
(130,908
|
)
|
Other interests (includes Central Bank)
|
|
|
(1,128
|
)
|
|
|
(1,234
|
)
|
|
|
(1,470
|
)
|
|
|
(1,566
|
)
|
CER
|
|
|
(105
|
)
|
|
|
(127
|
)
|
|
|
(15
|
)
|
|
|
(15
|
)
|
Bank Deposit Guarantee Insurance system mandatory contributions
|
|
|
(34,600
|
)
|
|
|
(128,161
|
)
|
|
|
(107,580
|
)
|
|
|
(94,406
|
)
|
Mandatory contributions and taxes on interest income
|
|
|
(338,278
|
)
|
|
|
(327,833
|
)
|
|
|
(271,370
|
)
|
|
|
(214,091
|
)
|
Other
|
|
|
(46,715
|
)
|
|
|
(25,405
|
)
|
|
|
(18,938
|
)
|
|
|
(2,247
|
)
|
Net financial income
|
|
|
3,342,802
|
|
|
|
2,980,043
|
|
|
|
2,854,922
|
|
|
|
1,973,233
|
|
Provision for loan losses
|
|
|
(336,129
|
)
|
|
|
(161,351
|
)
|
|
|
(197,541
|
)
|
|
|
(181,178
|
)
|
Income from services, net of other operating expenses
|
|
|
1,014,393
|
|
|
|
931,083
|
|
|
|
960,726
|
|
|
|
800,607
|
|
Administrative expenses
|
|
|
(2,211,679
|
)
|
|
|
(2,095,807
|
)
|
|
|
(1,889,227
|
)
|
|
|
(1,472,263
|
)
|
Income (loss) from equity investments
|
|
|
102,183
|
|
|
|
44,802
|
|
|
|
46,960
|
|
|
|
50,523
|
|
Net Other income
|
|
|
(27,480
|
)
|
|
|
56,471
|
|
|
|
1,780
|
|
|
|
(16,557
|
)
|
Income (loss) from minority interest
|
|
|
(34,113
|
)
|
|
|
(39,994
|
)
|
|
|
(34,593
|
)
|
|
|
(34,223
|
)
|
Income before tax
|
|
|
1,849,977
|
|
|
|
1,715,247
|
|
|
|
1,743,027
|
|
|
|
1,120,142
|
|
Income tax
|
|
|
(886,719
|
)
|
|
|
(550,163
|
)
|
|
|
(554,766
|
)
|
|
|
(452,932
|
)
|
Net income
|
|
|
963,258
|
|
|
|
1,165,084
|
|
|
|
1,188,261
|
|
|
|
667,210
|
|
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
06-30-15
|
|
Cash and due from banks
|
|
|
26,524,319
|
|
|
|
23,414,261
|
|
|
|
27,970,286
|
|
|
|
13,646,577
|
|
Government Securities
|
|
|
21,319,864
|
|
|
|
17,489,778
|
|
|
|
14,422,191
|
|
|
|
14,210,171
|
|
Loans
|
|
|
65,929,973
|
|
|
|
59,209,420
|
|
|
|
56,563,321
|
|
|
|
47,074,185
|
|
Other Banking Receivables
|
|
|
9,660,033
|
|
|
|
6,753,374
|
|
|
|
3,728,874
|
|
|
|
6,005,634
|
|
Assets Subject to Financial Leasing
|
|
|
2,247,058
|
|
|
|
2,346,370
|
|
|
|
2,407,451
|
|
|
|
2,156,065
|
|
Investments in other companies
|
|
|
465,736
|
|
|
|
416,473
|
|
|
|
353,377
|
|
|
|
293,008
|
|
Other assets
|
|
|
5,442,251
|
|
|
|
5,689,131
|
|
|
|
5,290,698
|
|
|
|
4,185,460
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
131,589,234
|
|
|
|
115,318,807
|
|
|
|
110,736,198
|
|
|
|
87,571,100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
92,827,261
|
|
|
|
80,101,011
|
|
|
|
76,864,493
|
|
|
|
60,015,603
|
|
Other banking liabilities
|
|
|
17,440,527
|
|
|
|
15,015,019
|
|
|
|
15,032,048
|
|
|
|
11,672,814
|
|
Minority interest
|
|
|
317,712
|
|
|
|
374,801
|
|
|
|
338,136
|
|
|
|
268,259
|
|
Other liabilities
|
|
|
6,059,029
|
|
|
|
4,946,529
|
|
|
|
4,785,158
|
|
|
|
4,084,392
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
116,644,529
|
|
|
|
100,437,360
|
|
|
|
97,019,835
|
|
|
|
76,041,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders Equity
|
|
|
14,944,705
|
|
|
|
14,881,447
|
|
|
|
13,716,363
|
|
|
|
11,530,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders Equity + Liabilities
|
|
|
131,589,234
|
|
|
|
115,318,807
|
|
|
|
110,736,198
|
|
|
|
87,571,100
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
12-31-15
|
|
|
06-30-15
|
|
Net Financial Income
|
|
|
3,347,768
|
|
|
|
2,983,692
|
|
|
|
2,856,420
|
|
|
|
1,973,531
|
|
Provision for loan losses
|
|
|
(336,129
|
)
|
|
|
(161,351
|
)
|
|
|
(197,541
|
)
|
|
|
(181,178
|
)
|
Net Income from Services
|
|
|
1,014,393
|
|
|
|
931,083
|
|
|
|
960,726
|
|
|
|
800,607
|
|
Administrative expenses
|
|
|
(2,220,410
|
)
|
|
|
(2,101,298
|
)
|
|
|
(1,891,536
|
)
|
|
|
(1,473,149
|
)
|
Net Other Income
|
|
|
77,506
|
|
|
|
101,996
|
|
|
|
54,482
|
|
|
|
34,627
|
|
Income Before Tax
|
|
|
1,883,128
|
|
|
|
1,754,122
|
|
|
|
1,782,551
|
|
|
|
1,154,438
|
|
Income Tax
|
|
|
(886,809
|
)
|
|
|
(550,303
|
)
|
|
|
(554,953
|
)
|
|
|
(453,081
|
)
|
Net income
|
|
|
996,319
|
|
|
|
1,203,819
|
|
|
|
1,227,598
|
|
|
|
701,357
|
|
Minoritary Interest
|
|
|
(33,061
|
)
|
|
|
(38,735
|
)
|
|
|
(39,337
|
)
|
|
|
(34,147
|
)
|
Net income for Quarter
|
|
|
963,258
|
|
|
|
1,165,084
|
|
|
|
1,188,261
|
|
|
|
667,210
|
|
- 14 -
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: August 11, 2016
|
|
|
|
By:
|
|
/s/ Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Name:
|
|
Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
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