FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of
Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 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, November 10, 2016 BBVA Banco Frances S.A. (BBVA
Francés) (NYSE: BFR.N; BCBA: FRAN.BA;
LATIBEX: BFR.LA) reports consolidated third quarter earnings for fiscal year 2016.
Highlights
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BBVA Francés reached a cumulative net income of AR$ 3.1 billion as of September 30, 2016, registering a return on equity of 27.6% and a return on assets of 3.4%. Net income for the third quarter was a gain
of AR$ 933.9 million, showing a slight decrease, both, compared to the same quarter of 2015 and to the previous quarter.
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Net financial income increased by 21.9% compared to the second quarter of 2015, mainly due to a greater intermediation with the private sector, whereas it registered a decrease of 15.2% during the quarter as a
consequence of lower gains resulting from the public bonds portfolio.
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In terms of activity, the private sector loan portfolio, net of allowance for loan losses, totaled AR$ 71.1 billion, increasing by 42.4% compared with the third quarter of 2015 and by 8% 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 0.83% as of September 30, 2016,
while the coverage ratio (provisions/non-performing loans) reached 251.62%.
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Total deposits reached AR$ 91.9 billion as of September 30, 2016, increasing by 45.4% in the last twelve months. Total deposits remained at a similar level compared to the previous quarter. It is important to
mention that the second quarter of 2016 included temporary deposits from the public sector. Without considering the impact of such balances, during the quarter deposits would have registered an increase of 3.5%.
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BBVA Francés maintains adequate levels of liquidity and solvency. As of September 30, 2016 liquid assets (cash and due from banks plus Argentine Central Bank (BCRA) bills and notes) represented 43.6% of the
Banks total deposits. The capital ratio reached 14.8% of weighted risk assets; with an excess of capital of AR$ 7.3 billon, which is 77.5% higher than the minimum regulatory requirements. Considering the additional buffer (3.5%), the excess of
capital would amount to AR$ 3.3 billion.
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During July, 2016 the Bank paid cash dividends totaling AR$ 900 million, equivalent to AR$ 1.673587 per share, corresponding to the 2015 period.
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On July 22, 2016 the BCRA through Communication A 6022 determined the creation of special accounts in order to implement the Tax Amnesty Regulation (Law 27.260).
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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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On September 20, 2016, the Board of Directors approved the issuance of series 21 and 22 of its bonds (Obligaciones Negociables) under the program, for a total amount that cant not exceed AR$ 750 million,
due to in 18 and 36 months, respectively, with a variable interest rate equivalent to the Badlar rate plus a spread.
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On September 26, 2016 the Bank completed the purchase of 51% of Volkswagen Credit Compañia Financiera S.A capital stock, representing 23,970,000 common, registered, non-endorsable shares, entitled to
one vote each, of AR$ 1 per value per share, for a total amount of AR$ 53 million. Furthermore, on October 27, 2016 BBVA Francés disbursed AR$ 229.5 million as a capital increase in accordance to the resolution of the
Volkswagen Credit Compañia Financiera Ordinary and Special Shareholders meeting.
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Other Events
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On October 21, 2016, the BCRA issued Communication A 6084 related to Line of financing for production and financial inclusion, making some adjustments to the conditions for the quota
corresponding to the second half of 2016, and determined the guidelines for the quota for the first half of 2017. For 20717, it is expected that financial institutions will have to maintain from January 1, 2017 until June 30, 2017, minimum
balances equivalent to 18% (15.5% during the second half of 2016) of total private deposits in AR$, with a fixed annual interest rate which will decline from 22% to 17%.
|
Economic Environment
During the second quarter of 2016, the real GDP published by the Statistics National Agency (Instituto Nacional de Estadistica y Censos (INDEC)) fell 3.4%
annually, and decreased 2.1% with respect to the first quarter of 2016 in seasonally adjusted terms.
The Monthly Estimator of Economic Activity (known by
its acronym in Spanish as EMAE) registered a decrease of 2.6% in August 2016 with respect to the same month of 2015, and an increase of 0.2% compared to July 2016. As a result, the EMAE decreased 1.1% in the July-August period with respect to the
second quarter of 2016.
In the industrial sector, the Monthly Industrial Estimator decreased 7.3% in September with respect to September 2015, falling
4.6% during the year. Following the same trend, the Synthetic Index of Construction Activity plunged 13.1% in September compared to the same month of the previous year, accumulating a drop of 12.8% from the end of 2015.
In June 2016, the INDEC resumed the publication of the inflation index (CPI). The geographical coverage of the index includes the Autonomous City of Buenos
Aires and part of the metropolitan area. The INDEC published monthly inflation in its reports but it not include the historical series. During the third quarter, the CPI index grew 3.3% compared to the previous quarter.
To compensate for the lack of CPI information until new figures are released by INDEC, we used as a reference the price index calculated by the Department of
Statistics and Census, an agency under the Ministry of Finance of The Autonomous City of Buenos Aires (IPCABA). Such index
increased by 2.7% during the third quarter of 2016 and by 43.1% year-over-year.
The national public
sector fiscal balance recorded a primary deficit of AR$ 101.9 billion during the third quarter of 2016, increasing 96.1% compared with the deficit of AR$ 51.9 billion recorded during the same period of the previous year. These numbers do not include
income from BCRA and the Argentine Institute of Social Security (ANSES) revenues.
Primary public sector spending increased by 35.1% and public sector
revenues showed an increase of 25.2% during the period.
Public debt interest payments increased by 85.1% during the period and considering income from
BCRA and ANSES revenues, the total deficit reached AR$ 50.7 billion, representing a 56.5% increase compared with the same period of 2015.
In the third
quarter of 2016, tax revenues increased by 26% year-over-year. Income tax grew at a rate of 9.8% and Value Added Tax increased 33.6% during the same period. Export duties fell by 22% during the quarter due to a reduction of such tax rates beginning
this year.
In the external sector, the accumulated trade surplus reached USD 975 million during the period July-August 2016, as a result of total
exports of USD 10.7 billion and total imports of USD 9.7 billion. The same period in 2015 had registered a deficit of USD 405 million.
In third quarter
of 2016 the BCRAs stock of international reserves decreased by USD 606 million, reaching a total balance of USD 29.9 billion. During the quarter, the BCRA bought USD 725 million in the foreign exchange market.
- 2 -
As of September 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, of which only USD 1.0 billion were renewed to date.
The Badlar interest rate for private banks decreased by 555 b.p. in the third quarter of 2016, averaging 24.6% compared to the 30.2% average rate in the
second quarter of 2016.
The stock of private sector loans in pesos increased by 3.2% during the quarter and 19.5% compared to the third quarter of 2015,
whereas private sector loans in dollars grew by 28.7% and 110.6% during the same periods, respectively.
Total deposits in the financial system increased
by 2.7% in the third quarter of 2016 and 32.8% in annual terms. During the same periods, private sector deposits denominated in pesos increased by 1.6% and 20.9% and those denominated in dollars increased by 10.5% and 62.8%, respectively.
The Bank
BBVA Francés continues to focus on improving customers experience in each contact with the Bank
.
In this sense, the Bank continued the
implementation of the NPS (Net Promoter Score) 2.0, finishing the expansion to its whole distribution network. The purpose is to deepen the differentiation in the market, through the recommendation of clients with respect to their experience in the
Banks branches.
Moreover, the branches now have the voice of the client, available online, which allows a quick response on those
aspects that require improvement as well as actions on certain cases that are considered priority and/or strategic for the business.
Furthermore,
understanding the importance of training and development of its team, the Banks Systems Management launched the SINNOVA sessions, a cycle of conferences given by the main market referents in software and digital development for
Systems and Operations specialists. The sessions were focused on synergy and innovation, with the objective of understanding the future.
In
commercial terms, the Bank continued to offer a high range of benefits and experiences to its clients, by sponsoring important shows and events.
Maintaining its Alliance with LATAM, the Bank continued promoting 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 of being recognized as the soccer Bank, BBVA Francés continued as the sponsor
of important soccer teams and continued offering experiences to its clients, especially through the #futbolnonstop campaign and the Azul y Oro experience, which was aimed clients children, aged from 10 to 18 years old, offering
them the opportunity to live an experience as if they were soccer players
.
In the Agro segment, with the aim of consolidating its presence in this
sector, BBVA Francés participated in Maizar 2016, the most important event for corn and sorghum producers and distributors. This event was celebrated to promote growth and generate a greater volume of supply to the industries that have
capacity to provide added value. The bank was present with the products, services and benefits that offer to its clients through the Agro segment: the Agro LATAM Pass program, insurance, car loans and zero-interest-rate loans in specific operations
with the BBVA Francés Agro credit card.
Regarding the development of Social Responsibility actions, the Bank continued working on the first
edition of the My First Enterprise program and awarded prizes to the four winning teams, with the aim of providing financial knowledge to students who are in the last two levels of secondary school, through a project where they design
their own business.
Moreover, in the third quarter of the year, 141 students were benefited through the BBVA Francés Financial
Education program, in the cities of Ciudad Autónoma de Buenos Aires, Santiago del Estero and Tucumán.
For the sixth consecutive year,
BBVA Francés is the sponsor of the Del Colón al País, a lyrical music program that is part of the Artists for the Education program, whose main purpose is to extend the BBVA Francés Financial
Education Program of Integration Scholarships.
On September 30
th
2016, it was celebrated the
Superior Art Institute of the Colón Theatre celebrated a lyrical music concert at the auditorium of Bariloche Musical Camping, with an important audience, including clients and the main entrepreneurs of the area.
Lastly, the call period for the 27
th
edition of the BBVA Francés Agricultural Entrepreneur Award
2016. The award ceremony will be held on December 13
th
.
Presentation of Financial Information
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|
|
Foreign currency balances as of September 30, 2016 have been translated into pesos at the reference exchange rate published by the BCRA at such date (AR$ 15.2633/ US$).
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- 3 -
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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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Financial Information
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D
% quarter ended 09-30-16
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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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|
09-30-16
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06-30-16
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|
09-30-15
|
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06-30-16
|
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|
09-30-15
|
|
Net Financial Income
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|
2,836,361
|
|
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|
3,342,802
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|
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2,326,603
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-15.2
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%
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|
|
21.9
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%
|
Provision for loan losses
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|
(226,335
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)
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|
(336,129
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)
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|
(115,201
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)
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-32.7
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%
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|
96.5
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%
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Net income from services
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1,300,901
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1,014,393
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953,272
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28.2
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%
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36.5
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%
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Administrative expenses
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|
(2,373,439
|
)
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(2,211,679
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)
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(1,645,376
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)
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7.3
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%
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44.2
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%
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Operating income
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1,537,488
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1,809,387
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1,519,298
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-15.0
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%
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1.2
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%
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Income (Loss) from equity investments
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20,132
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102,183
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69,341
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-80.3
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%
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-71.0
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%
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Income (Loss) from Minority interest
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(24,753
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)
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(34,113
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)
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(30,439
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)
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-27.4
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%
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-18.7
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%
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Other Income/Expenses
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(4,163
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)
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(27,480
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)
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(10,472
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)
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-84.9
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%
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-60.2
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%
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Income tax and Minimum Presumed Tax
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(595,779
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)
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(886,719
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)
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(549,658
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)
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-32.8
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%
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8.4
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%
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Net income for the period
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932,925
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963,258
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998,070
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-3.1
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%
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-6.5
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%
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Net income per share (2)
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1.74
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1.79
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1.86
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-3.1
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%
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-6.5
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%
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Net income per ADS (3)
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5.21
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5.38
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5.58
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-3.1
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%
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-6.5
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%
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(1)
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Exchange rate: AR$ 15.2633 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
|
BBVA Francés reached a cumulative net income of AR$ 3.1 billion as of September 30, 2016. During the
third quarter, the Bank registered a gain of AR$ 933.9 million, showing a slight decrease compared with the same quarter of 2015 and with the previous quarter.
Net financial income grew by 21.9% compared with the third quarter of 2015, mainly due to higher gains derived from the intermediation with the private sector
and foreign exchange difference, which was partially offset by lower incomes originated by the public bond portfolio and higher financial expenses. Compared with the previous quarter, it registered a decline of 15.2% mainly due to the impact of the
minimum cash requirement and lower income originated by the public bond portfolio, mainly by the Bogar 20 bond.
Provisions for loan losses increased compared to the third quarter of 2015 due to the higher volume of lending
and the deterioration of the loan portfolio, whereas it decreased compared to the previous quarter, mainly due to an improvement in collection efforts and a lower deterioration in the loan portfolio.
Net income from services registered increases of 36.5% and 28.2% compared to the same quarter of 2015 and to the previous quarter, respectively.
Administrative expenses also increased 44.2% and 7.3%, respectively, in the periods under analysis.
Finally, it is important to mention that the previous quarter reflected a higher rate of income tax, mainly due to the fiscal adjustment of provisions and the
fiscal revaluation of the Bogar 20 bond. During the third quarter of 2016 a new fiscal adjustment on the Bogar 20 was registered.
- 4 -
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Main figures
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Quarter ended
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D
% quarter ended 09-30-16 vs
quarter ended
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(in thousands of pesos except percentages)
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09-30-16
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06-30-16
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09-30-15
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06-30-16
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09-30-15
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Return on Average Assets (1)
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2.8
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%
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3.1
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%
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4.4
|
%
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-8.9
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%
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-36.0
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%
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Return on Average Shareholders Equity (1)
|
|
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24.2
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%
|
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25.8
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%
|
|
|
33.2
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%
|
|
|
-6.3
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%
|
|
|
-27.0
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%
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Net interest assets
|
|
|
13.4
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%
|
|
|
16.5
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%
|
|
|
14.6
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%
|
|
|
-18.7
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%
|
|
|
-7.9
|
%
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Net fee Income as a % of Operating Income
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31.4
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%
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23.3
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%
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29.1
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%
|
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|
35.1
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%
|
|
|
8.2
|
%
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Net fee Income as a % of Administrative Expenses
|
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54.8
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%
|
|
|
45.9
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%
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|
57.9
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%
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|
19.5
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%
|
|
|
-5.4
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%
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Adm. Expenses as a % of Recurrent Income (2)
|
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|
57.4
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%
|
|
|
50.8
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%
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50.2
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%
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13.0
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%
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14.4
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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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(3)
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Net interest Margin: Financial Income-Financial Expenses / Average Interest-Earning Assets
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Quarter ended
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Interest-Earning Assets & Interest-Bearing Liabilities
|
|
09-30-16
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06-30-16
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09-30-15
|
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(Averege in thouhand of AR$, except %)
|
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Capital
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Rate
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Capital
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Rate
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Capital
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Rate
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Interest-Earning Assets
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|
|
84,570,686
|
|
|
|
24.2
|
%
|
|
|
80,845,501
|
|
|
|
28.6
|
%
|
|
|
63,832,362
|
|
|
|
24.3
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%
|
Public Bonds
|
|
|
15,277,974
|
|
|
|
24.8
|
%
|
|
|
17,196,567
|
|
|
|
38.5
|
%
|
|
|
14,213,154
|
|
|
|
26.2
|
%
|
Loans
|
|
|
69,292,712
|
|
|
|
24.1
|
%
|
|
|
63,648,934
|
|
|
|
26.0
|
%
|
|
|
49,619,208
|
|
|
|
23.8
|
%
|
Public Sector
|
|
|
79,681
|
|
|
|
53.6
|
%
|
|
|
71,240
|
|
|
|
55.4
|
%
|
|
|
56,770
|
|
|
|
28.5
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%
|
Private Sector
|
|
|
66,295,711
|
|
|
|
24.5
|
%
|
|
|
60,846,516
|
|
|
|
26.5
|
%
|
|
|
47,699,329
|
|
|
|
24.0
|
%
|
Other interest-earning assets
|
|
|
2,917,320
|
|
|
|
23.1
|
%
|
|
|
2,731,178
|
|
|
|
24.8
|
%
|
|
|
1,863,109
|
|
|
|
27.9
|
%
|
Interest-Bearing Liabilities
|
|
|
66,302,940
|
|
|
|
13.0
|
%
|
|
|
60,442,821
|
|
|
|
15.6
|
%
|
|
|
43,299,157
|
|
|
|
13.2
|
%
|
Saving Accounts
|
|
|
26,789,613
|
|
|
|
0.1
|
%
|
|
|
22,581,015
|
|
|
|
0.2
|
%
|
|
|
15,599,263
|
|
|
|
0.2
|
%
|
Time Deposits
|
|
|
36,635,896
|
|
|
|
22.0
|
%
|
|
|
35,212,103
|
|
|
|
25.0
|
%
|
|
|
25,061,073
|
|
|
|
20.9
|
%
|
Debt Securities
|
|
|
1,663,467
|
|
|
|
29.2
|
%
|
|
|
1,430,120
|
|
|
|
34.3
|
%
|
|
|
1,567,050
|
|
|
|
24.6
|
%
|
Other interest-bearing liabilities
|
|
|
1,213,964
|
|
|
|
14.1
|
%
|
|
|
1,219,583
|
|
|
|
20.0
|
%
|
|
|
1,071,771
|
|
|
|
15.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Income
|
|
|
|
|
|
|
|
|
|
Net financial income
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Financial Income
|
|
|
5,472,394
|
|
|
|
6,159,658
|
|
|
|
4,160,006
|
|
|
|
-11.2
|
%
|
|
|
31.5
|
%
|
Income from financial intermediation
|
|
|
4,130,077
|
|
|
|
4,086,635
|
|
|
|
2,983,379
|
|
|
|
1.1
|
%
|
|
|
38.4
|
%
|
CER adjustment
|
|
|
168,496
|
|
|
|
148,734
|
|
|
|
50,113
|
|
|
|
13.3
|
%
|
|
|
236.2
|
%
|
Income from securities and short term investments
|
|
|
805,340
|
|
|
|
1,516,966
|
|
|
|
895,994
|
|
|
|
-46.9
|
%
|
|
|
-10.1
|
%
|
Foreign exchange difference
|
|
|
240,758
|
|
|
|
333,214
|
|
|
|
122,243
|
|
|
|
-27.7
|
%
|
|
|
97.0
|
%
|
Others
|
|
|
127,723
|
|
|
|
74,109
|
|
|
|
108,277
|
|
|
|
72.3
|
%
|
|
|
18.0
|
%
|
Financial Expenses
|
|
|
-2,636,033
|
|
|
|
-2,816,856
|
|
|
|
-1,833,403
|
|
|
|
-6.4
|
%
|
|
|
43.8
|
%
|
Net Financial Income
|
|
|
2,836,361
|
|
|
|
3,342,802
|
|
|
|
2,326,603
|
|
|
|
-15.2
|
%
|
|
|
21.9
|
%
|
Net financial income increased by 21.9% compared with the third quarter of 2015, whereas it decreased 15.2%
compared with the previous quarter.
Financial income arising from the intermediation with the private sector increased by 38.4% compared with the third
quarter of 2015, mainly due to both a higher volume of lending as well as higher interest rates. In addition, income from the CER adjustment and the foreign exchange difference also registered growth, these were partially offset by 10.1% decrease in
the gains derived from the public bond portfolio.
The quarter variation reflected, in the private sector, a decline in assets interest rates, moreover it
also registered the impact of the increase in the cash minimum requirement and lower gains coming from the public bond portfolio, mainly the Bogar 20 bond.
Financial expenses grew 43.8% compared with the same quarter of 2015 and decreased 6.4% compared to the previous quarter, mainly due to a decline in the
interest rates.
- 5 -
Income from Public and Private Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from securities and short-term investments
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16
vs quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Income from securities and short-term investments
|
|
|
794,614
|
|
|
|
1,507,146
|
|
|
|
891,912
|
|
|
|
-47.3
|
%
|
|
|
-10.9
|
%
|
Income Interest Margin
|
|
|
871,502
|
|
|
|
1,073,706
|
|
|
|
749,156
|
|
|
|
-18.8
|
%
|
|
|
16.3
|
%
|
Holdings booked at fair value
|
|
|
91,519
|
|
|
|
173,834
|
|
|
|
82,755
|
|
|
|
-47.4
|
%
|
|
|
10.6
|
%
|
Bills and Notes from the Central Bank
|
|
|
779,982
|
|
|
|
899,872
|
|
|
|
666,401
|
|
|
|
-13.3
|
%
|
|
|
17.0
|
%
|
Income Financial Operations
|
|
|
-105,021
|
|
|
|
406,697
|
|
|
|
134,035
|
|
|
|
-125.8
|
%
|
|
|
-178.4
|
%
|
Holdings booked at fair value
|
|
|
(104,859
|
)
|
|
|
307,933
|
|
|
|
125,961
|
|
|
|
-134.1
|
%
|
|
|
-183.2
|
%
|
Bills and Notes from the Central Bank
|
|
|
(162
|
)
|
|
|
98,764
|
|
|
|
8,074
|
|
|
|
-100.2
|
%
|
|
|
-102.0
|
%
|
Other fixed income securities
|
|
|
28,133
|
|
|
|
26,743
|
|
|
|
8,721
|
|
|
|
5.2
|
%
|
|
|
222.6
|
%
|
CER adjustment
|
|
|
168,496
|
|
|
|
148,734
|
|
|
|
50,112
|
|
|
|
13.3
|
%
|
|
|
236.2
|
%
|
The 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).
It is important to mention that the results are classified as (i) those recorded as interest margin, which
correspond to the accrual of each bond at the internal rate of returns and (ii) those recorded in financial operations, this line item includes the variation in
market prices as well as the result originated by sales in the period.
The resulting income interest margin registered an increase of 16.3% compared to the same quarter of 2015, whereas it declined 18.8% compared to the previous
quarter, such variations are mainly related to the portfolio volume.
The bills and notes issued by the Central Bank showed lower income due to
both, the impact of a lower rate as well as a lower portfolio volume as a result of an increase in the loan portfolio and the impact of a higher cash minimum requirement.
The result of financial operations registered negative variations compared with the same quarter of 2015 and with the previous quarter, mainly due to the
Bogar 20 bond.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Net income from services
|
|
|
1,300,901
|
|
|
|
1,014,393
|
|
|
|
953,272
|
|
|
|
28.2
|
%
|
|
|
36.5
|
%
|
Service charge income
|
|
|
2,234,079
|
|
|
|
1,838,242
|
|
|
|
1,400,268
|
|
|
|
21.5
|
%
|
|
|
59.5
|
%
|
Service charges on deposits accounts
|
|
|
392,719
|
|
|
|
316,011
|
|
|
|
313,209
|
|
|
|
24.3
|
%
|
|
|
25.4
|
%
|
Credit cards and operations
|
|
|
1,089,346
|
|
|
|
863,112
|
|
|
|
522,140
|
|
|
|
26.2
|
%
|
|
|
108.6
|
%
|
Insurance
|
|
|
162,817
|
|
|
|
152,951
|
|
|
|
143,734
|
|
|
|
6.5
|
%
|
|
|
13.3
|
%
|
Capital markets and securities activities
|
|
|
25,547
|
|
|
|
15,091
|
|
|
|
6,900
|
|
|
|
69.3
|
%
|
|
|
270.2
|
%
|
Fees related to foreign trade
|
|
|
64,812
|
|
|
|
59,085
|
|
|
|
42,867
|
|
|
|
9.7
|
%
|
|
|
51.2
|
%
|
Safety deposit box
|
|
|
65,730
|
|
|
|
52,497
|
|
|
|
51,066
|
|
|
|
25.2
|
%
|
|
|
28.7
|
%
|
Services of collection
|
|
|
35,549
|
|
|
|
32,785
|
|
|
|
28,633
|
|
|
|
8.4
|
%
|
|
|
24.2
|
%
|
Generated by subsidiaries
|
|
|
83,774
|
|
|
|
77,478
|
|
|
|
77,766
|
|
|
|
8.1
|
%
|
|
|
7.7
|
%
|
Other fees
|
|
|
313,785
|
|
|
|
269,231
|
|
|
|
213,953
|
|
|
|
16.5
|
%
|
|
|
46.7
|
%
|
Services Charge expense
|
|
|
(933,178
|
)
|
|
|
(823,849
|
)
|
|
|
(446,997
|
)
|
|
|
13.3
|
%
|
|
|
108.8
|
%
|
- 6 -
Net income from services increased by 36.5% and 28.2% compared with the same quarter of 2015 and with the
previous quarter, respectively.
In the year-to-year comparison, growth was based on higher fees for credit cards, fees associated with deposits accounts
and foreign trade operations as well as fees generated by capital markets advisory work.
Such growth was partially offset by an increase in service
charge expenses related to promotions associated with the LATAM Pass kilometers program.
During the third quarter, the impact of the price was reflected, mainly in fees related to deposit accounts,
credit cards and safety boxes.
As of September 1, 2016, financial entities may not charge fees for insurance related to the retail lending activity.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Administrative expenses
|
|
|
(2,373,439
|
)
|
|
|
(2,211,679
|
)
|
|
|
(1,645,376
|
)
|
|
|
7.3
|
%
|
|
|
44.2
|
%
|
Personnel expenses
|
|
|
(1,335,778
|
)
|
|
|
(1,304,321
|
)
|
|
|
(910,558
|
)
|
|
|
2.4
|
%
|
|
|
46.7
|
%
|
Electricity and Communications
|
|
|
(59,459
|
)
|
|
|
(45,586
|
)
|
|
|
(31,828
|
)
|
|
|
30.4
|
%
|
|
|
86.8
|
%
|
Advertising and Promotion
|
|
|
(102,929
|
)
|
|
|
(100,810
|
)
|
|
|
(63,749
|
)
|
|
|
2.1
|
%
|
|
|
61.5
|
%
|
Fees and external administrative services
|
|
|
(45,089
|
)
|
|
|
(33,306
|
)
|
|
|
(28,244
|
)
|
|
|
35.4
|
%
|
|
|
59.6
|
%
|
Taxes
|
|
|
(237,145
|
)
|
|
|
(211,650
|
)
|
|
|
(172,458
|
)
|
|
|
12.0
|
%
|
|
|
37.5
|
%
|
Organization and development expenses
|
|
|
(19,448
|
)
|
|
|
(19,486
|
)
|
|
|
(17,214
|
)
|
|
|
-0.2
|
%
|
|
|
13.0
|
%
|
Amortizations
|
|
|
(62,980
|
)
|
|
|
(55,658
|
)
|
|
|
(47,969
|
)
|
|
|
13.2
|
%
|
|
|
31.3
|
%
|
Rents
|
|
|
(93,700
|
)
|
|
|
(95,365
|
)
|
|
|
(70,312
|
)
|
|
|
-1.7
|
%
|
|
|
33.3
|
%
|
Expenses of maintainance, conservation and repairs
|
|
|
(85,485
|
)
|
|
|
(60,417
|
)
|
|
|
(68,707
|
)
|
|
|
41.5
|
%
|
|
|
24.4
|
%
|
Security Service
|
|
|
(68,533
|
)
|
|
|
(56,649
|
)
|
|
|
(53,276
|
)
|
|
|
21.0
|
%
|
|
|
28.6
|
%
|
Carriage of valuable
|
|
|
(118,129
|
)
|
|
|
(85,672
|
)
|
|
|
(61,839
|
)
|
|
|
37.9
|
%
|
|
|
91.0
|
%
|
Other
|
|
|
(144,764
|
)
|
|
|
(142,759
|
)
|
|
|
(119,222
|
)
|
|
|
1.4
|
%
|
|
|
21.4
|
%
|
Administrative expenses grew 44.2% and 7.3% compared to the same quarter of 2015 and the previous quarter,
respectively.
Personnel expenses increased in both, the annual and quarterly comparison, mainly reflecting salary increases and a higher number of
employees.
General expenses, increased by 41.2% annually and by 14.4% during the quarter. The annual increase was mainly due to higher expenditures in:
carriage of valuables, advertising and promotion, electricity and communications and taxes. It is important to mention that general expenses grew due to a higher volume of activity, the general increase in prices, the depreciation of the currency
and the increase in tariffs.
During the quarter, higher expenses in carriage of valuables, electricity and communications, taxes and maintenance,
conservation and repair expenses, explained the growth.
As of September 30, 2016, the Bank had 6,114 employees, representing an increase of 7.9% compared with the
third 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, 691 ATMs and 776 self-service
terminals (ATS).
- 7 -
Other Income / Expenses
Other income/expenses totaled a loss of AR$ 4.2 million during the third quarter of 2016. The improvement during the quarter is due to higher recovery
loans.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated. During the third quarter of 2016, a gain of AR$
20.1 million was recorded, mainly due to the stake held by BBVA Francés in BBVA Insurance. It is important to mention that the previous quarter recorded 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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public and Private Sector Exposure
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Public Sector - National Government
|
|
|
3,385,701
|
|
|
|
4,363,302
|
|
|
|
2,647,343
|
|
|
|
-22.4
|
%
|
|
|
27.9
|
%
|
Public Sector Loans
|
|
|
93,336
|
|
|
|
83,654
|
|
|
|
63,597
|
|
|
|
11.6
|
%
|
|
|
46.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total bond portfolio
|
|
|
3,292,580
|
|
|
|
4,279,865
|
|
|
|
2,583,946
|
|
|
|
-23.1
|
%
|
|
|
27.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings book at fair value
|
|
|
3,291,490
|
|
|
|
4,241,363
|
|
|
|
2,583,782
|
|
|
|
-22.4
|
%
|
|
|
27.4
|
%
|
Holdings book at amortized cost
|
|
|
1,090
|
|
|
|
38,502
|
|
|
|
164
|
|
|
|
-97.2
|
%
|
|
|
n/a
|
|
Allowances
|
|
|
(215
|
)
|
|
|
(217
|
)
|
|
|
(200
|
)
|
|
|
-0.9
|
%
|
|
|
7.5
|
%
|
Bills and Notes from Central Bank
|
|
|
9,437,491
|
|
|
|
11,557,767
|
|
|
|
11,076,052
|
|
|
|
-18.3
|
%
|
|
|
-14.8
|
%
|
Total exposure to the Public
|
|
|
12,823,192
|
|
|
|
15,921,069
|
|
|
|
13,723,395
|
|
|
|
-19.5
|
%
|
|
|
-6.6
|
%
|
Private Debt
|
|
|
391,349
|
|
|
|
268,938
|
|
|
|
176,127
|
|
|
|
45.5
|
%
|
|
|
122.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exposure to the Public and Private Sector
|
|
|
13,214,541
|
|
|
|
16,190,007
|
|
|
|
13,899,522
|
|
|
|
-18.4
|
%
|
|
|
-4.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Received for Repo Transaccions
|
|
|
304,706
|
|
|
|
5,376,422
|
|
|
|
1,903,863
|
|
|
|
-94.3
|
%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
n/a
|
|
|
|
n/a
|
|
BCRA Instruments
|
|
|
304,706
|
|
|
|
5,376,422
|
|
|
|
1,903,863
|
|
|
|
-94.3
|
%
|
|
|
n/a
|
|
Exposure to the public sectors National Government increased by 27.9% compared with the third quarter of
2015 whereas it decreased 22.4% compared with the previous quarter, mainly due to the sale of national government bonds.
The Banks portfolio of
BCRA bills and notes showed a decrease, both during the period under analysis and in the last twelve months, as a consequence of the liquidity policy implemented by the Bank, reflecting a higher demand of credits and the higher minimum cash
requirements.
As of September 30, 2016, the public sectors National Government assets represented 2.6% of the
Banks total assets. Total exposure to the BCRAs bills and notes net of holdings linked to reverse repo transactions, represented 7.2% 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.
- 8 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs quarter
ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Private & Financial sector loans in $
|
|
|
60,724,382
|
|
|
|
57,421,059
|
|
|
|
47,030,383
|
|
|
|
5.8
|
%
|
|
|
29.1
|
%
|
Advances
|
|
|
10,783,767
|
|
|
|
10,090,439
|
|
|
|
7,775,396
|
|
|
|
6.9
|
%
|
|
|
38.7
|
%
|
Discounted and purchased notes
|
|
|
9,267,218
|
|
|
|
7,924,229
|
|
|
|
6,971,427
|
|
|
|
16.9
|
%
|
|
|
32.9
|
%
|
Consumer Mortgages
|
|
|
1,866,569
|
|
|
|
1,992,813
|
|
|
|
1,806,419
|
|
|
|
-6.3
|
%
|
|
|
3.3
|
%
|
Car secured loans
|
|
|
5,087,540
|
|
|
|
4,563,281
|
|
|
|
4,127,086
|
|
|
|
11.5
|
%
|
|
|
23.3
|
%
|
Personal loans
|
|
|
8,172,953
|
|
|
|
7,582,330
|
|
|
|
6,805,408
|
|
|
|
7.8
|
%
|
|
|
20.1
|
%
|
Credit cards
|
|
|
18,675,353
|
|
|
|
18,307,405
|
|
|
|
13,977,683
|
|
|
|
2.0
|
%
|
|
|
33.6
|
%
|
Loans to financial sector
|
|
|
1,697,297
|
|
|
|
1,749,174
|
|
|
|
1,246,637
|
|
|
|
-3.0
|
%
|
|
|
36.2
|
%
|
Other loans
|
|
|
5,605,681
|
|
|
|
5,450,379
|
|
|
|
4,560,819
|
|
|
|
2.8
|
%
|
|
|
22.9
|
%
|
Unaccrued interest
|
|
|
(299,131
|
)
|
|
|
(207,673
|
)
|
|
|
(161,426
|
)
|
|
|
44.0
|
%
|
|
|
85.3
|
%
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
1,270,412
|
|
|
|
1,293,985
|
|
|
|
908,499
|
|
|
|
-1.8
|
%
|
|
|
39.8
|
%
|
Less: Allowance for loan losses
|
|
|
(1,403,277
|
)
|
|
|
(1,325,303
|
)
|
|
|
(987,565
|
)
|
|
|
5.9
|
%
|
|
|
42.1
|
%
|
Private & Financial sector loans in FX
|
|
|
10,378,884
|
|
|
|
8,425,260
|
|
|
|
2,887,695
|
|
|
|
23.2
|
%
|
|
|
259.4
|
%
|
Advances
|
|
|
6,137
|
|
|
|
7,981
|
|
|
|
37,722
|
|
|
|
-23.1
|
%
|
|
|
-83.7
|
%
|
Discounted and purchased notes
|
|
|
1,206,288
|
|
|
|
672,635
|
|
|
|
736,573
|
|
|
|
79.3
|
%
|
|
|
63.8
|
%
|
Credit cards
|
|
|
1,023,339
|
|
|
|
1,113,350
|
|
|
|
694,723
|
|
|
|
-8.1
|
%
|
|
|
47.3
|
%
|
Loans to financial sector
|
|
|
151,183
|
|
|
|
73
|
|
|
|
37
|
|
|
|
n/a
|
|
|
|
n/a
|
|
Other loans
|
|
|
8,098,739
|
|
|
|
6,719,772
|
|
|
|
1,449,965
|
|
|
|
20.5
|
%
|
|
|
458.5
|
%
|
Unaccrued interest
|
|
|
|
|
|
|
(42
|
)
|
|
|
|
|
|
|
-100.0
|
%
|
|
|
n/a
|
|
Less: Allowance for loan losses
|
|
|
(106,802
|
)
|
|
|
(88,509
|
)
|
|
|
(31,325
|
)
|
|
|
20.7
|
%
|
|
|
240.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Private Loans
|
|
|
71,103,266
|
|
|
|
65,846,319
|
|
|
|
49,918,078
|
|
|
|
8.0
|
%
|
|
|
42.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to public sector in $
|
|
|
93,336
|
|
|
|
83,654
|
|
|
|
63,597
|
|
|
|
11.6
|
%
|
|
|
46.8
|
%
|
Loans to public sector
|
|
|
8,895
|
|
|
|
8,772
|
|
|
|
8,822
|
|
|
|
1.4
|
%
|
|
|
0.8
|
%
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
84,441
|
|
|
|
74,882
|
|
|
|
54,775
|
|
|
|
12.8
|
%
|
|
|
54.2
|
%
|
Loans to non-financial public sector in foreign currency
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
-100.0
|
%
|
|
|
n/a
|
|
Loans to public sector
|
|
|
|
|
|
|
17
|
|
|
|
|
|
|
|
-100.0
|
%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to public sector
|
|
|
10,378,884
|
|
|
|
8,425,277
|
|
|
|
2,887,695
|
|
|
|
23.2
|
%
|
|
|
259.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Total Loans
|
|
|
71,196,602
|
|
|
|
74,271,596
|
|
|
|
52,805,773
|
|
|
|
-4.1
|
%
|
|
|
34.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The private sector loan portfolio, net of allowance for loan losses, totaled AR$ 71.1 billion as of
September 30, 2016, representing an increase of 42.4% and 8% compared to the third quarter of 2015 and to the previous quarter, respectively.
During
the year, loans denominated in pesos increased 29.1% whereas those denominated in foreign currency grew at a faster pace, representing 14.6% of total loans at the end of the third quarter.
In the last twelve months, consumer loans increased by 27%. Such increase was led by credit cards, which registered an increase of 34.3% during the period,
while car loans and personal loans also registered increases of approximately 20%.
Commercial loans increased by 62.4% in the same period, mainly due to a higher portfolio of foreign trade operations and discounted documents.
During the quarter, consumer loans grew 3.8%, whereas the commercial loan portfolio increased by 13.3% mainly due to higher loans to small-and-medium- sized
companies.
- 9 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs quarter
ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Non-performing loans (1)
|
|
|
600,139
|
|
|
|
570,472
|
|
|
|
377,806
|
|
|
|
5.2
|
%
|
|
|
58.8
|
%
|
Allowance for loan losses
|
|
|
(1,510,079
|
)
|
|
|
(1,413,812
|
)
|
|
|
(1,018,890
|
)
|
|
|
6.8
|
%
|
|
|
48.2
|
%
|
Non-performing loans/net total loans
|
|
|
0.83
|
%
|
|
|
0.85
|
%
|
|
|
0.74
|
%
|
|
|
-2.6
|
%
|
|
|
11.4
|
%
|
Non-performing private loans/net private loans
|
|
|
0.83
|
%
|
|
|
0.85
|
%
|
|
|
0.74
|
%
|
|
|
-2.6
|
%
|
|
|
11.4
|
%
|
Allowance for loan losses/non-performing loans
|
|
|
251.62
|
%
|
|
|
247.83
|
%
|
|
|
269.69
|
%
|
|
|
1.5
|
%
|
|
|
-6.7
|
%
|
Allowance for loan losses/net total loans
|
|
|
2.08
|
%
|
|
|
2.10
|
%
|
|
|
2.00
|
%
|
|
|
-1.1
|
%
|
|
|
4.0
|
%
|
(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.
|
As of September 30, 2016, the asset quality ratio (non-performing loans/total loans) was 0.83%, while the
coverage ratio (provisions/non-performing loans) reached 251.62%.
The NPL ratio increased compared with the same quarter of 2015 mainly due to higher
non-performing loans as well as an
increase in the performing portfolio, whereas during the quarter it declined mainly due to lower non-performing loans.
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 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Balance at the beginning of the quarter
|
|
|
1,421,720
|
|
|
|
1,188,758
|
|
|
|
1,013,407
|
|
|
|
19.6
|
%
|
|
|
40.3
|
%
|
Increase / decrease
|
|
|
226,335
|
|
|
|
336,129
|
|
|
|
115,201
|
|
|
|
-32.7
|
%
|
|
|
96.5
|
%
|
Provision increase / decrease - Exchange rate difference
|
|
|
2,374
|
|
|
|
2,363
|
|
|
|
1,138
|
|
|
|
0.5
|
%
|
|
|
-108.6
|
%
|
Aplications / Reversals
|
|
|
(131,586
|
)
|
|
|
(105,530
|
)
|
|
|
(104,949
|
)
|
|
|
24.7
|
%
|
|
|
25.4
|
%
|
Balance at the end of the quarter
|
|
|
1,518,843
|
|
|
|
1,421,720
|
|
|
|
1,024,797
|
|
|
|
6.8
|
%
|
|
|
48.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Deposits $ denominated
|
|
|
70,139,742
|
|
|
|
73,740,949
|
|
|
|
56,442,365
|
|
|
|
-4.9
|
%
|
|
|
24.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current accounts
|
|
|
19,132,845
|
|
|
|
22,753,131
|
|
|
|
17,262,101
|
|
|
|
-15.9
|
%
|
|
|
10.8
|
%
|
Saving accounts
|
|
|
17,365,933
|
|
|
|
17,453,110
|
|
|
|
13,256,478
|
|
|
|
-0.5
|
%
|
|
|
31.0
|
%
|
Time deposits
|
|
|
31,865,941
|
|
|
|
31,944,736
|
|
|
|
24,666,686
|
|
|
|
-0.2
|
%
|
|
|
29.2
|
%
|
Peso denominated
|
|
|
31,863,676
|
|
|
|
31,943,528
|
|
|
|
24,666,063
|
|
|
|
-0.2
|
%
|
|
|
29.2
|
%
|
CER adjusted time deposits
|
|
|
2,265
|
|
|
|
1,208
|
|
|
|
623
|
|
|
|
87.5
|
%
|
|
|
263.6
|
%
|
Investment Accounts
|
|
|
85,091
|
|
|
|
85,591
|
|
|
|
88,774
|
|
|
|
n/a
|
|
|
|
-4.1
|
%
|
Other
|
|
|
1,689,932
|
|
|
|
1,504,381
|
|
|
|
1,168,326
|
|
|
|
12.3
|
%
|
|
|
44.6
|
%
|
Deposits FX denominated
|
|
|
21,765,448
|
|
|
|
19,086,318
|
|
|
|
6,774,089
|
|
|
|
14.0
|
%
|
|
|
221.3
|
%
|
Current accounts
|
|
|
848,591
|
|
|
|
1,578,285
|
|
|
|
441,526
|
|
|
|
-46.2
|
%
|
|
|
92.2
|
%
|
Saving accounts
|
|
|
14,956,855
|
|
|
|
12,146,478
|
|
|
|
4,046,361
|
|
|
|
23.1
|
%
|
|
|
269.6
|
%
|
Time deposits
|
|
|
5,200,667
|
|
|
|
4,962,250
|
|
|
|
2,095,682
|
|
|
|
4.8
|
%
|
|
|
148.2
|
%
|
Other
|
|
|
759,335
|
|
|
|
399,305
|
|
|
|
190,520
|
|
|
|
90.2
|
%
|
|
|
298.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
|
91,905,190
|
|
|
|
92,827,267
|
|
|
|
63,216,454
|
|
|
|
-1.0
|
%
|
|
|
45.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 10 -
Total deposits reached AR$ 91.9 billion as of September 30, 2016, representing an increase of 45.4% in the
last twelve months and registering a slight decrease during the third quarter. It is important to mention that the previous quarter included temporary deposits from the public sector, net of these balances the increase during the quarter would be
3.5%.
During the last year, both sight accounts and time deposits registered significant growth, increasing 49.4%, and 38.5%, respectively.
Total peso-denominated deposits increased by 24.3% in the last twelve months.
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$ 21.8 billion (equivalent to US$ 1.4 billion) as of September 30, 2016, representing 23.7% of the Banks total deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Lines from other banks
|
|
|
1,875,463
|
|
|
|
1,076,653
|
|
|
|
1,165,292
|
|
|
|
74.2
|
%
|
|
|
60.9
|
%
|
Senior Bonds
|
|
|
2,093,095
|
|
|
|
1,583,253
|
|
|
|
1,707,212
|
|
|
|
32.2
|
%
|
|
|
22.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other funding sources
|
|
|
3,968,558
|
|
|
|
2,659,906
|
|
|
|
2,872,504
|
|
|
|
49.2
|
%
|
|
|
38.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources totaled AR$ 3.9 billion as of September 30, 2016, registering an increase of 38.2% in
the last twelve months, and 49.2% 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
imports.
Of the total senior bonds outstanding, AR$ 1.9 million corresponded to those issued by BBVA Francés and AR$ 155.9 million to
PSA Finance.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
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
|
|
|
|
11,783,995
|
|
|
|
8,899,508
|
|
|
|
0.0
|
%
|
|
|
32.4
|
%
|
Unappropriated retained earnings
|
|
|
3,061,267
|
|
|
|
2,128,342
|
|
|
|
2,596,226
|
|
|
|
43.8
|
%
|
|
|
17.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders´equity
|
|
|
15,877,630
|
|
|
|
14,944,705
|
|
|
|
12,528,102
|
|
|
|
6.2
|
%
|
|
|
26.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 11 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Requirements
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Central Bank Minimum Capital Requirements
|
|
|
9,406,443
|
|
|
|
8,408,006
|
|
|
|
6,258,341
|
|
|
|
11.9
|
%
|
|
|
50.3
|
%
|
Central Bank Minimum Capital Requirements (a, b)
|
|
|
9,225,447
|
|
|
|
8,231,916
|
|
|
|
6,202,914
|
|
|
|
12.1
|
%
|
|
|
48.7
|
%
|
Increase in capital requirements related to custody
|
|
|
180,996
|
|
|
|
176,090
|
|
|
|
55,427
|
|
|
|
2.8
|
%
|
|
|
226.5
|
%
|
a) Central Bank Minimum Capital Requirements
|
|
|
9,225,447
|
|
|
|
8,231,916
|
|
|
|
6,202,914
|
|
|
|
12.1
|
%
|
|
|
48.7
|
%
|
Allocated to Asset at Risk
|
|
|
7,017,244
|
|
|
|
6,066,448
|
|
|
|
4,469,057
|
|
|
|
15.7
|
%
|
|
|
57.0
|
%
|
DCR (derivative conterparter risk)
|
|
|
|
|
|
|
|
|
|
|
13,971
|
|
|
|
|
|
|
|
-100.0
|
%
|
Market Risk
|
|
|
211,525
|
|
|
|
297,602
|
|
|
|
218,381
|
|
|
|
-28.9
|
%
|
|
|
-3.1
|
%
|
Operational Risk
|
|
|
1,996,678
|
|
|
|
1,867,866
|
|
|
|
1,501,505
|
|
|
|
6.9
|
%
|
|
|
33.0
|
%
|
|
|
|
|
|
|
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
|
|
|
723,985
|
|
|
|
704,360
|
|
|
|
400,000
|
|
|
|
2.8
|
%
|
|
|
81.0
|
%
|
5% of the securities in custody and book-entry notes
|
|
|
723,985
|
|
|
|
704,360
|
|
|
|
400,000
|
|
|
|
2.8
|
%
|
|
|
81.0
|
%
|
|
|
|
|
|
|
Bank Capital Calculated under Central Bank Rules
|
|
|
16,694,008
|
|
|
|
15,669,000
|
|
|
|
12,559,878
|
|
|
|
6.5
|
%
|
|
|
32.9
|
%
|
Ordinary Capital Level 1
|
|
|
16,056,616
|
|
|
|
15,086,805
|
|
|
|
12,102,146
|
|
|
|
6.4
|
%
|
|
|
32.7
|
%
|
Dedusctions Ordinary Capital Level 1
|
|
|
(360,327
|
)
|
|
|
(337,279
|
)
|
|
|
(220,219
|
)
|
|
|
6.8
|
%
|
|
|
63.6
|
%
|
Capital Level 2
|
|
|
997,719
|
|
|
|
919,474
|
|
|
|
677,951
|
|
|
|
8.5
|
%
|
|
|
47.2
|
%
|
Excess over Required Capital
|
|
|
7,287,565
|
|
|
|
7,260,994
|
|
|
|
6,301,537
|
|
|
|
0.4
|
%
|
|
|
15.6
|
%
|
|
|
|
|
|
|
Capital Ratio (Central Bank rules)
|
|
|
14.8
|
%
|
|
|
15.6
|
%
|
|
|
16.2
|
%
|
|
|
-4.9
|
%
|
|
|
-8.6
|
%
|
Excess over Required Capital as a % of Shareholders´Equity
|
|
|
45.9
|
%
|
|
|
48.6
|
%
|
|
|
66.2
|
%
|
|
|
-5.5
|
%
|
|
|
-30.7
|
%
|
Risk weighted assets
|
|
|
112,763,265
|
|
|
|
100,690,295
|
|
|
|
77,536,420
|
|
|
|
12.0
|
%
|
|
|
45.4
|
%
|
As of September 30, 2016, the Banks total shareholders equity totaled AR$ 15.9 billion, while
the excess over the BCRA minimum capital requirements was AR$ 7.3 billion or 77.5%, considering the additional buffer (3.5%), the excess of capital would be AR$ 3.3
billion. On the same date, the capital ratio reached 14.8% of assets adjusted to risk.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
D
% quarter ended 09-30-16 vs
quarter ended
|
|
(in thousands of pesos except percentages)
|
|
09-30-16
|
|
|
06-30-16
|
|
|
09-30-15
|
|
|
06-30-16
|
|
|
09-30-15
|
|
Exchange rate
|
|
|
15.26
|
|
|
|
14.92
|
|
|
|
9.42
|
|
|
|
2.3
|
%
|
|
|
62.0
|
%
|
Quarterly CER adjustment
|
|
|
7.4
|
%
|
|
|
9.5
|
%
|
|
|
3.5
|
%
|
|
|
-22.8
|
%
|
|
|
111.4
|
%
|
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.
- 12 -
Conference Call
A conference call to discuss third quarter earnings will be held on Friday, November 11, 2016, at 9:00 am New York time 11:00 am Buenos Aires
time. If you are interested in participating, please dial:
0800 444 2930 (within Argentina)
+ 1 877 317 6776 (within U.S.)
+ 1 412 317 6776 (within the rest
of the countries)
At least 5 minutes prior to our scheduled conference time.
Conference ID: BBVA.
This conference will be recorded.
To ask for a digital replay, please dial:
+ 1 877 344 7529 (within U.S.)
+ 1 412 317 0088 (within the rest of the countries)
Access
code: 10095359
To access the webcast:
http://webcast.neo1.net/Cover.aspx?PlatformId=zlVzheM%2FX5yf5Ht3Xrd5Ug%3D%3D
Link to view Q&A:
http://cw4.services.choruscall.com/contexweb/ViewQA/loginSortQA.html
Access code: 10095359
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
Diego Cesarini
Financial
Management and Investor Relations
dcesarini@bbva.com
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
09-30-15
|
|
Cash and due from banks
|
|
|
30,296,084
|
|
|
|
26,524,315
|
|
|
|
23,414,132
|
|
|
|
13,937,749
|
|
Government and Private Securities
|
|
|
13,128,861
|
|
|
|
21,279,564
|
|
|
|
17,448,966
|
|
|
|
15,652,920
|
|
Holdings booked at fair value
|
|
|
3,291,490
|
|
|
|
4,241,363
|
|
|
|
4,015,178
|
|
|
|
2,583,782
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reverse repo
|
|
|
1,090
|
|
|
|
38,502
|
|
|
|
164
|
|
|
|
164
|
|
Listed Private Securities
|
|
|
94,299
|
|
|
|
65,726
|
|
|
|
130,884
|
|
|
|
89,259
|
|
Bills and Notes from the Central Bank
|
|
|
9,742,197
|
|
|
|
16,934,190
|
|
|
|
13,302,958
|
|
|
|
12,979,915
|
|
Less: Allowances
|
|
|
(215
|
)
|
|
|
(217
|
)
|
|
|
(218
|
)
|
|
|
(200
|
)
|
Loans
|
|
|
71,196,602
|
|
|
|
65,929,973
|
|
|
|
59,209,420
|
|
|
|
49,981,675
|
|
Loans to the private & financial sector
|
|
|
71,103,266
|
|
|
|
65,846,319
|
|
|
|
59,134,567
|
|
|
|
49,918,078
|
|
Advances
|
|
|
10,789,904
|
|
|
|
10,098,420
|
|
|
|
8,195,034
|
|
|
|
7,813,118
|
|
Discounted and purchased notes
|
|
|
10,473,506
|
|
|
|
8,596,864
|
|
|
|
8,979,534
|
|
|
|
7,708,000
|
|
Secured with mortgages
|
|
|
1,866,569
|
|
|
|
1,992,813
|
|
|
|
1,988,051
|
|
|
|
1,806,419
|
|
Car secured loans
|
|
|
5,087,540
|
|
|
|
4,563,281
|
|
|
|
4,493,535
|
|
|
|
4,127,086
|
|
Personal loans
|
|
|
8,172,953
|
|
|
|
7,582,330
|
|
|
|
7,428,791
|
|
|
|
6,805,408
|
|
Credit cards
|
|
|
19,698,692
|
|
|
|
19,420,755
|
|
|
|
18,176,278
|
|
|
|
14,672,406
|
|
Loans to financial sector
|
|
|
1,848,480
|
|
|
|
1,749,247
|
|
|
|
1,367,594
|
|
|
|
1,246,674
|
|
Other loans
|
|
|
13,704,420
|
|
|
|
12,170,151
|
|
|
|
8,658,592
|
|
|
|
6,010,784
|
|
Less: Unaccrued interest
|
|
|
(299,131
|
)
|
|
|
(207,715
|
)
|
|
|
(212,823
|
)
|
|
|
(161,426
|
)
|
Plus: Interest & FX differences receivable
|
|
|
1,270,412
|
|
|
|
1,293,985
|
|
|
|
1,241,172
|
|
|
|
908,499
|
|
Less: Allowance for loan losses
|
|
|
(1,510,079
|
)
|
|
|
(1,413,812
|
)
|
|
|
(1,181,191
|
)
|
|
|
(1,018,890
|
)
|
Public Sector loans
|
|
|
93,336
|
|
|
|
83,654
|
|
|
|
74,853
|
|
|
|
63,597
|
|
Principal
|
|
|
8,895
|
|
|
|
8,772
|
|
|
|
8,734
|
|
|
|
8,822
|
|
Plus: Interest & FX differences receivable
|
|
|
84,441
|
|
|
|
74,882
|
|
|
|
66,119
|
|
|
|
54,775
|
|
Other banking receivables
|
|
|
7,890,155
|
|
|
|
9,659,883
|
|
|
|
6,753,374
|
|
|
|
5,559,493
|
|
Repurchase agreements
|
|
|
305,269
|
|
|
|
5,084,968
|
|
|
|
982,677
|
|
|
|
1,910,161
|
|
Unlisted private securities
|
|
|
297,050
|
|
|
|
203,212
|
|
|
|
212,856
|
|
|
|
86,868
|
|
Other banking receivables
|
|
|
7,296,600
|
|
|
|
4,379,611
|
|
|
|
5,565,408
|
|
|
|
3,568,371
|
|
Less: provisions
|
|
|
(8,764
|
)
|
|
|
(7,908
|
)
|
|
|
(7,567
|
)
|
|
|
(5,907
|
)
|
Investments in other companies
|
|
|
499,226
|
|
|
|
473,517
|
|
|
|
426,278
|
|
|
|
336,070
|
|
Intangible assets
|
|
|
286,330
|
|
|
|
272,423
|
|
|
|
259,976
|
|
|
|
211,624
|
|
Organization and development charges
|
|
|
282,764
|
|
|
|
272,423
|
|
|
|
259,976
|
|
|
|
211,624
|
|
Other assets
|
|
|
7,592,656
|
|
|
|
7,405,309
|
|
|
|
7,762,404
|
|
|
|
6,453,052
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
130,889,914
|
|
|
|
131,544,984
|
|
|
|
115,274,550
|
|
|
|
92,132,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
91,905,190
|
|
|
|
92,827,267
|
|
|
|
80,101,415
|
|
|
|
63,216,454
|
|
Current accounts
|
|
|
19,981,436
|
|
|
|
24,331,416
|
|
|
|
19,361,280
|
|
|
|
17,703,627
|
|
Saving accounts
|
|
|
32,322,788
|
|
|
|
29,599,588
|
|
|
|
25,737,565
|
|
|
|
17,302,839
|
|
Time deposits
|
|
|
37,066,608
|
|
|
|
36,906,986
|
|
|
|
33,155,157
|
|
|
|
26,762,368
|
|
Investment Accounts
|
|
|
85,091
|
|
|
|
85,591
|
|
|
|
5,586
|
|
|
|
88,774
|
|
Rescheduled deposits CEDROS
|
|
|
2,224
|
|
|
|
2,224
|
|
|
|
2,234
|
|
|
|
2,234
|
|
Other deposits
|
|
|
2,447,043
|
|
|
|
1,901,462
|
|
|
|
1,839,593
|
|
|
|
1,356,612
|
|
Other banking Liabilities
|
|
|
17,131,159
|
|
|
|
17,439,924
|
|
|
|
15,015,019
|
|
|
|
11,618,140
|
|
Other provisions
|
|
|
1,169,099
|
|
|
|
1,113,625
|
|
|
|
1,021,902
|
|
|
|
961,630
|
|
Other contingencies
|
|
|
1,168,415
|
|
|
|
1,112,968
|
|
|
|
1,021,206
|
|
|
|
960,988
|
|
Guarantees
|
|
|
684
|
|
|
|
657
|
|
|
|
696
|
|
|
|
642
|
|
Other liabilities
|
|
|
4,423,620
|
|
|
|
4,908,410
|
|
|
|
3,888,356
|
|
|
|
3,513,683
|
|
Minority interest
|
|
|
383,216
|
|
|
|
311,053
|
|
|
|
366,411
|
|
|
|
294,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
115,012,284
|
|
|
|
116,600,279
|
|
|
|
100,393,103
|
|
|
|
79,604,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders equity
|
|
|
15,877,630
|
|
|
|
14,944,705
|
|
|
|
14,881,447
|
|
|
|
12,528,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities + stockholders equity
|
|
|
130,889,914
|
|
|
|
131,544,984
|
|
|
|
115,274,550
|
|
|
|
92,132,583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
09-30-15
|
|
Financial income
|
|
|
5,472,394
|
|
|
|
6,159,658
|
|
|
|
5,495,068
|
|
|
|
4,160,006
|
|
Interest on Cash and Due from Banks
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans Granted to the Financial Sector
|
|
|
125,081
|
|
|
|
136,181
|
|
|
|
112,598
|
|
|
|
76,198
|
|
Interest on Overdraft
|
|
|
954,753
|
|
|
|
927,369
|
|
|
|
691,193
|
|
|
|
614,867
|
|
Interest on Discounted and purchased notes
|
|
|
519,273
|
|
|
|
519,982
|
|
|
|
522,801
|
|
|
|
350,163
|
|
Interest on Mortgages
|
|
|
100,347
|
|
|
|
100,306
|
|
|
|
101,694
|
|
|
|
83,853
|
|
Interest on Car Secured Loans
|
|
|
277,860
|
|
|
|
276,984
|
|
|
|
270,463
|
|
|
|
238,125
|
|
Interest on Credit Card Loans
|
|
|
982,507
|
|
|
|
1,005,398
|
|
|
|
984,737
|
|
|
|
679,705
|
|
Interest on Financial Leases
|
|
|
109,609
|
|
|
|
114,964
|
|
|
|
116,114
|
|
|
|
103,447
|
|
Interest on Other Loans
|
|
|
1,060,249
|
|
|
|
1,005,356
|
|
|
|
919,114
|
|
|
|
836,913
|
|
From Other Banking receivables
|
|
|
398
|
|
|
|
95
|
|
|
|
152
|
|
|
|
108
|
|
Interest on Government Guaranteed Loans Decree 1387/01
|
|
|
10,728
|
|
|
|
9,820
|
|
|
|
9,072
|
|
|
|
4,082
|
|
Income from Securities and Short Term Investments
|
|
|
794,612
|
|
|
|
1,507,146
|
|
|
|
980,137
|
|
|
|
891,912
|
|
CER
|
|
|
168,496
|
|
|
|
148,734
|
|
|
|
161,520
|
|
|
|
50,113
|
|
Foreign exchange difference
|
|
|
240,758
|
|
|
|
333,214
|
|
|
|
369,257
|
|
|
|
122,243
|
|
Other
|
|
|
127,723
|
|
|
|
74,109
|
|
|
|
256,216
|
|
|
|
108,277
|
|
Financial expenses
|
|
|
(2,636,033
|
)
|
|
|
(2,816,856
|
)
|
|
|
(2,515,025
|
)
|
|
|
(1,833,403
|
)
|
Interest on Current Account Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Saving Account Deposits
|
|
|
(8,710
|
)
|
|
|
(9,019
|
)
|
|
|
(7,957
|
)
|
|
|
(5,987
|
)
|
Interest on Time Deposits
|
|
|
(2,031,231
|
)
|
|
|
(2,195,456
|
)
|
|
|
(1,842,388
|
)
|
|
|
(1,321,401
|
)
|
Interest on Other Banking Liabilities
|
|
|
(193,998
|
)
|
|
|
(191,555
|
)
|
|
|
(181,920
|
)
|
|
|
(149,052
|
)
|
Other interests (includes Central Bank)
|
|
|
(881
|
)
|
|
|
(1,128
|
)
|
|
|
(1,234
|
)
|
|
|
(1,469
|
)
|
CER
|
|
|
(86
|
)
|
|
|
(105
|
)
|
|
|
(127
|
)
|
|
|
(19
|
)
|
Bank Deposit Guarantee Insurance system mandatory contributions
|
|
|
(37,514
|
)
|
|
|
(34,600
|
)
|
|
|
(128,161
|
)
|
|
|
(102,137
|
)
|
Mandatory contributions and taxes on interest income
|
|
|
(340,249
|
)
|
|
|
(338,278
|
)
|
|
|
(327,833
|
)
|
|
|
(231,747
|
)
|
Other
|
|
|
(23,364
|
)
|
|
|
(46,715
|
)
|
|
|
(25,405
|
)
|
|
|
(21,591
|
)
|
Net financial income
|
|
|
2,836,361
|
|
|
|
3,342,802
|
|
|
|
2,980,043
|
|
|
|
2,326,603
|
|
Provision for loan losses
|
|
|
(226,335
|
)
|
|
|
(336,129
|
)
|
|
|
(161,351
|
)
|
|
|
(115,201
|
)
|
Income from services, net of other operating expenses
|
|
|
1,300,901
|
|
|
|
1,014,393
|
|
|
|
931,083
|
|
|
|
953,272
|
|
Administrative expenses
|
|
|
(2,373,439
|
)
|
|
|
(2,211,679
|
)
|
|
|
(2,095,807
|
)
|
|
|
(1,645,376
|
)
|
Income (loss) from equity investments
|
|
|
20,132
|
|
|
|
102,183
|
|
|
|
44,802
|
|
|
|
69,341
|
|
Net Other income
|
|
|
(4,163
|
)
|
|
|
(27,480
|
)
|
|
|
56,471
|
|
|
|
(10,472
|
)
|
Income (loss) from minority interest
|
|
|
(24,753
|
)
|
|
|
(34,113
|
)
|
|
|
(39,994
|
)
|
|
|
(30,439
|
)
|
Income before tax
|
|
|
1,528,704
|
|
|
|
1,849,977
|
|
|
|
1,715,247
|
|
|
|
1,547,728
|
|
Income tax
|
|
|
(595,779
|
)
|
|
|
(886,719
|
)
|
|
|
(550,163
|
)
|
|
|
(549,658
|
)
|
Net income
|
|
|
932,925
|
|
|
|
963,258
|
|
|
|
1,165,084
|
|
|
|
998,070
|
|
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
09-30-15
|
|
Cash and due from banks
|
|
|
30,296,084
|
|
|
|
26,524,319
|
|
|
|
23,414,261
|
|
|
|
13,937,826
|
|
Government Securities
|
|
|
13,166,151
|
|
|
|
21,319,864
|
|
|
|
17,489,778
|
|
|
|
15,658,390
|
|
Loans
|
|
|
71,196,602
|
|
|
|
65,929,973
|
|
|
|
59,209,420
|
|
|
|
49,981,675
|
|
Other Banking Receivables
|
|
|
7,891,047
|
|
|
|
9,660,033
|
|
|
|
6,753,374
|
|
|
|
5,559,493
|
|
Assets Subject to Financial Leasing
|
|
|
2,110,038
|
|
|
|
2,247,058
|
|
|
|
2,346,370
|
|
|
|
2,339,833
|
|
Investments in other companies
|
|
|
493,463
|
|
|
|
465,736
|
|
|
|
416,473
|
|
|
|
331,131
|
|
Other assets
|
|
|
5,779,511
|
|
|
|
5,442,251
|
|
|
|
5,689,131
|
|
|
|
4,368,786
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
130,932,896
|
|
|
|
131,589,234
|
|
|
|
115,318,807
|
|
|
|
92,177,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
91,904,217
|
|
|
|
92,827,261
|
|
|
|
80,101,011
|
|
|
|
63,214,992
|
|
Other banking liabilities
|
|
|
17,135,935
|
|
|
|
17,440,527
|
|
|
|
15,015,019
|
|
|
|
11,618,166
|
|
Minority interest
|
|
|
388,147
|
|
|
|
317,712
|
|
|
|
374,801
|
|
|
|
298,800
|
|
Other liabilities
|
|
|
5,626,967
|
|
|
|
6,059,029
|
|
|
|
4,946,529
|
|
|
|
4,517,074
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
115,055,266
|
|
|
|
116,644,529
|
|
|
|
100,437,360
|
|
|
|
79,649,032
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders´Equity
|
|
|
15,877,630
|
|
|
|
14,944,705
|
|
|
|
14,881,447
|
|
|
|
12,528,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders´Equity + Liabilities
|
|
|
130,932,896
|
|
|
|
131,589,234
|
|
|
|
115,318,807
|
|
|
|
92,177,134
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
03-31-16
|
|
|
09-30-15
|
|
Net Financial Income
|
|
|
2,838,936
|
|
|
|
3,347,768
|
|
|
|
2,983,692
|
|
|
|
2,328,398
|
|
Provision for loan losses
|
|
|
(226,335
|
)
|
|
|
(336,129
|
)
|
|
|
(161,351
|
)
|
|
|
(115,201
|
)
|
Net Income from Services
|
|
|
1,300,901
|
|
|
|
1,014,393
|
|
|
|
931,083
|
|
|
|
953,272
|
|
Administrative expenses
|
|
|
(2,379,655
|
)
|
|
|
(2,220,410
|
)
|
|
|
(2,101,298
|
)
|
|
|
(1,646,213
|
)
|
Net Other Income
|
|
|
18,012
|
|
|
|
77,506
|
|
|
|
101,996
|
|
|
|
58,164
|
|
Income Before Tax
|
|
|
1,551,859
|
|
|
|
1,883,128
|
|
|
|
1,754,122
|
|
|
|
1,578,420
|
|
Income Tax
|
|
|
(595,909
|
)
|
|
|
(886,809
|
)
|
|
|
(550,303
|
)
|
|
|
(549,809
|
)
|
Net income
|
|
|
955,950
|
|
|
|
996,319
|
|
|
|
1,203,819
|
|
|
|
1,028,611
|
|
Minoritary Interest
|
|
|
(23,025
|
)
|
|
|
(33,061
|
)
|
|
|
(38,735
|
)
|
|
|
(30,541
|
)
|
Net income for Quarter
|
|
|
932,925
|
|
|
|
963,258
|
|
|
|
1,165,084
|
|
|
|
998,070
|
|
- 16 -
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: November 10, 2016
|
|
|
|
By:
|
|
/s/ Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Name:
|
|
Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
Bbva Banco Frances (NYSE:BFR)
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