(Translation of financial statements originally issued in Spanish – See note 21)
The accompanying notes 1 through 21 and exhibits A through L, N and O and the
consolidated financial statements with its notes and exhibits are an integral part of these statements.
STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015
(Translation of financial statements originally issued in Spanish – See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non capitalized
contributions
|
|
|
|
|
|
Retained earnings
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MOVEMENTS
|
|
Capital
Stock
|
|
Issuance
premiums
|
|
Adjustments to
stockholders’
equity (1)
|
|
Legal
|
|
Other
|
|
|
Unappropriated
earnings
|
|
|
|
TOTAL
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.
|
|
Balance at beginning of fiscal year
|
|
|
|
536,878
|
|
|
|
182,511
|
|
|
|
312,979
|
|
|
|
2,541,620
|
|
|
|
|
|
|
6,357,888
|
|
|
|
|
3,784,487
|
|
|
|
|
13,716,363
|
|
|
|
10,331,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.
|
|
Stockholders´ Meeting held on April 26, 2016 and April 7, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Dividends paid in cash
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
--,--
|
|
|
|
|
(900,000)
|
|
|
|
|
(900,000)
|
|
|
|
(400,000)
|
|
|
|
|
- Legal Reserve
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
756,897
|
|
|
|
|
|
|
--,--
|
|
|
|
|
(756,897)
|
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
- Voluntary reserve for future distributions of income
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
2,127,590
|
|
|
|
|
(2,127,590)
|
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3.
|
|
Net income for the period
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
--,--
|
|
|
|
|
3,061,267
|
|
|
|
|
3,061,267
|
|
|
|
2,596,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.
|
|
Balance at the end of the period
|
|
|
|
536,878
|
|
|
|
182,511
|
|
|
|
312,979
|
|
|
|
3,298,517
|
|
|
|
|
|
|
8,485,478
|
|
|
|
|
3,061,267
|
|
|
|
|
15,877,630
|
|
|
|
12,528,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Adjustments to stockholders’ equity refer to Adjustment to Capital Stock.
|
The accompanying notes 1 through 21 and exhibits A through L, N and O and the consolidated financial
statements with its notes and exhibits are an integral part of these statements.
|
|
|
|
|
|
|
|
|
- 8 -
|
|
|
STATEMENTS OF CASH AND CASH EQUIVALENTS FLOW FOR THE
NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
|
|
|
09.30.15
|
|
|
|
|
|
CHANGES IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the fiscal year
|
|
|
|
|
28,459,917
|
|
|
|
(1)
|
|
|
|
|
|
13,051,491
|
|
|
|
(1)
|
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
|
30,656,270
|
|
|
|
(1)
|
|
|
|
|
|
14,223,135
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
2,196,353
|
|
|
|
|
|
|
|
|
|
1,171,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REASONS FOR CHANGES IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net collections from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Government and private securities
|
|
|
|
|
4,508,349
|
|
|
|
|
|
|
|
|
|
(1,589,625)
|
|
|
|
|
|
|
- Loans
|
|
|
|
|
(1,574,066)
|
|
|
|
|
|
|
|
|
|
207,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to financial sector
|
|
|
|
|
(639,769)
|
|
|
|
|
|
|
|
|
|
(137,893)
|
|
|
|
|
|
|
al non-financial public sector
|
|
|
|
|
(72)
|
|
|
|
|
|
|
|
|
|
(66)
|
|
|
|
|
|
|
al non-financial private sector and residents abroad
|
|
|
|
|
(934,225)
|
|
|
|
|
|
|
|
|
|
345,556
|
|
|
|
|
|
|
- Other receivables from financial transactions
|
|
|
|
|
(222,185)
|
|
|
|
|
|
|
|
|
|
(353,382)
|
|
|
|
|
|
|
- Receivables from financial leases
|
|
|
|
|
300,660
|
|
|
|
|
|
|
|
|
|
(268,836)
|
|
|
|
|
|
|
- Deposits
|
|
|
|
|
7,755,011
|
|
|
|
|
|
|
|
|
|
7,182,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to financial sector
|
|
|
|
|
53,444
|
|
|
|
|
|
|
|
|
|
59,870
|
|
|
|
|
|
|
to non-financial public sector
|
|
|
|
|
(1,022,285)
|
|
|
|
|
|
|
|
|
|
157,482
|
|
|
|
|
|
|
to non-financial private sector and residents abroad
|
|
|
|
|
8,723,852
|
|
|
|
|
|
|
|
|
|
6,965,638
|
|
|
|
|
|
|
- Other liabilities from financial transactions
|
|
|
|
|
(2,047,500)
|
|
|
|
|
|
|
|
|
|
77,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing from financial or interfinancial sector (call borrowed)
|
|
|
|
|
182,000
|
|
|
|
|
|
|
|
|
|
40,000
|
|
|
|
|
|
|
Others (except liabilities included in Financing Activities)
|
|
|
|
|
(2,229,500)
|
|
|
|
|
|
|
|
|
|
37,940
|
|
|
|
|
|
|
Collections related to service charge income
|
|
|
|
|
5,465,655
|
|
|
|
|
|
|
|
|
|
3,990,220
|
|
|
|
|
|
|
Payments related to service charge expense
|
|
|
|
|
(2,530,295)
|
|
|
|
|
|
|
|
|
|
(1,591,814)
|
|
|
|
|
|
|
Administrative expenses paid
|
|
|
|
|
(6,291,702)
|
|
|
|
|
|
|
|
|
|
(4,437,605)
|
|
|
|
|
|
|
Organizational and development expenses paid
|
|
|
|
|
(100,379)
|
|
|
|
|
|
|
|
|
|
(50,361)
|
|
|
|
|
|
|
Net collections from punitive interest
|
|
|
|
|
26,608
|
|
|
|
|
|
|
|
|
|
22,383
|
|
|
|
|
|
|
Differences from judicial resolutions paid
|
|
|
|
|
(6,967)
|
|
|
|
|
|
|
|
|
|
(5,718)
|
|
|
|
|
|
|
Collections of dividends from other companies
|
|
|
|
|
441,828
|
|
|
|
|
|
|
|
|
|
49,840
|
|
|
|
|
|
|
Other collections related to other income and expenses
|
|
|
|
|
610,047
|
|
|
|
|
|
|
|
|
|
168,855
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows provided by operating activities
|
|
|
|
|
6,335,064
|
|
|
|
|
|
|
|
|
|
3,402,484
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net payments from premises and equipment
|
|
|
|
|
(246,706)
|
|
|
|
|
|
|
|
|
|
(164,281)
|
|
|
|
|
|
|
Net collections from other assets
|
|
|
|
|
(683,451)
|
|
|
|
|
|
|
|
|
|
(369,562)
|
|
|
|
|
|
|
Payments for purchases of investments in other companies
|
|
|
|
|
(53,040)
|
|
|
|
|
|
|
|
|
|
--,--
|
|
|
|
|
|
|
Other payments from investments activities
|
|
|
|
|
(113,452)
|
|
|
|
|
|
|
|
|
|
(320,429)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investment activities
|
|
|
|
|
(1,096,649)
|
|
|
|
|
|
|
|
|
|
(854,272)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (payments) / collections from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Unsubordinated corporate bonds
|
|
|
|
|
135,964
|
|
|
|
|
|
|
|
|
|
(146,687)
|
|
|
|
|
|
|
- Argentine Central Bank
|
|
|
|
|
(17,307)
|
|
|
|
|
|
|
|
|
|
(17,570)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
(17,307)
|
|
|
|
|
|
|
|
|
|
(17,570)
|
|
|
|
|
|
|
- Banks and international agencies
|
|
|
|
|
(482,416)
|
|
|
|
|
|
|
|
|
|
279,545
|
|
|
|
|
|
|
Payments of dividends
|
|
|
|
|
(1,300,000)
|
|
|
|
|
|
|
|
|
|
--,--
|
|
|
|
|
|
|
Other payments related to financing activities
|
|
|
|
|
(1,378,303)
|
|
|
|
|
|
|
|
|
|
(1,491,856)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in financing activities
|
|
|
|
|
(3,042,062)
|
|
|
|
|
|
|
|
|
|
(1,376,568)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
|
2,196,353
|
|
|
|
|
|
|
|
|
|
1,171,644
|
|
|
|
|
|
|
|
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(1)
|
See note 16 “Statements of cash and cash equivalents flow”.
|
The accompanying notes 1 through 21 and exhibits A through L, N and O and the consolidated financial statements with its notes and exhibits are
an integral part of these statements.
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- 9 -
|
|
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NOTES TO THE FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2016, PRESENTED IN COMPARATIVE FORM
WITH THE BALANCE SHEET AS OF DECEMBER 31, 2015, AND THE STATEMENTS OF INCOME, CHANGES IN STOCKHOLDERS’ EQUITY AND CASH AND CASH EQUIVALENTS FLOW AS OF SEPTEMBER 30, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
(Stated in thousands of pesos)
|
|
1.
|
CORPORATE SITUATION AND BANK’S ACTIVITIES
|
1.1 Corporate situation
BBVA Banco Francés S.A. (hereinafter indistinctly referred to as either “BBVA Francés” or the
“Bank”) has its headquarter in Buenos Aires, Argentina, and operates a 251-branch network.
As from December,
1996, BBVA Francés is part of Banco Bilbao Vizcaya Argentaria S.A.’s (BBVA) global strategy, which controls the Bank, direct and indirectly, with 75.95% of the corporate stock of September 30, 2016.
Part of the Bank’s corporate stock is publicly traded and has been registered with the Buenos Aires Stock Exchange, New
York Stock Exchange and Madrid Stock Exchange.
1.2 Capital stock
Changes in the Bank’s capital stock during the last five fiscal years are as follows:
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Date of
|
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|
|
|
Stockholders’
Meeting
deciding on
the issuance
|
|
Registration with the
Public Registry
of
Commerce (RPC)
|
|
Form of
placement
|
|
Amount
|
|
Total
|
|
|
|
|
|
|
|
|
|
Capital Stock as of December 31, 2011:
|
|
|
|
536,878
|
|
|
|
|
|
|
|
|
|
|
|
|
03-26-2012
|
|
03-27-2014
|
|
(1)
|
|
50,410
|
|
|
|
|
|
|
|
03-26-2012
|
|
03-27-2014
|
|
(2)
|
|
(50,410)
|
|
536,878
|
|
|
(2)
|
|
|
|
(1)
|
Due to the merger of Inversora Otar S.A. into BBVA Francés.
|
|
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(2)
|
The amount of Capital Stock as of September 30, 2016, is fully paid in and authorized for public offering by
National Securities Commission (CNV).
|
1.3 Registration with CNV as Settlement and Clearing Agent -
Comprehensive
The Capital Markets Law Nr. 26,831, enacted on December 28, 2012 and then regulated by CNV’s
General Resolution Nr. 622/13 on September 5, 2013 sets forth, in its Section 47 that agents are under a duty to register with the CNV for interacting with the market in any of the modalities established in CNV’s General Resolution Nr. 622/13.
On September 9 and 19, 2014, the Bank was finally registered as Mutual Funds’ Custodian Agent, and Settlement and Clearing Agent – Comprehensive, respectively, under numbers 4 and 42.
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- 10 -
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|
1.4 Responsibility of stockholders
BBVA Francés is a corporation established under the laws of the Argentine Republic, and the responsibility of its
stockholders is limited to the value of the paid - in shares, in accordance with Law Nr. 19,550. As a result, in compliance with Law Nr. 25,738, it is hereby informed that neither the foreign capital majority stockholders nor the local or foreign
stockholders will respond, in excess of the mentioned paid-in stockholding, for the liabilities arising out of the transactions performed by the financial institution.
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|
2.
|
SIGNIFICANT ACCOUNTING POLICIES
|
2.1 Restatement of the financial statements in equivalent purchasing power
The financial statements have been taken from the Bank’s books of account in conformity with the standards of the BCRA.
By Communication “A” 3921 of the BCRA and General Resolution Nr. 441/03 of the CNV, in compliance with Decree
664/03 of the Federal Executive, application of the restatement method on financial statements in equivalent purchasing power has been suspended as from March 1, 2003.
Argentina’s professional accounting standards require applying Technical Pronouncement Nr. 6 of the Argentine Federation
of Professional Councils in Economic Sciences (F.A.C.P.C.E.) (as amended by Technical Resolution Nr. 19) which sets forth that financial statements are to be restated in constant currency when the country’s economic environment exhibits certain
characteristics. In the event that the restatement of financial statements in constant currency becomes mandatory, the adjustment should be performed based on the last date on which the Bank adjusted its financial statements to reflect the effects
of inflation. This circumstance should be taken into account by users of these financial statements.
2.2 Comparative
information
In accordance with BCRA Communication “A” 4667 and amendments, the Balance Sheet and the
Exhibits that so specify include the comparative information as of December 31, 2015, while the Statements of Income, Changes in Stockholders’ Equity and Cash and cash equivalents flow show comparative information as of September 30, 2015.
2.3 Valuation methods
The main valuation methods used in the preparation of the financial statements have been as follows:
|
|
a)
|
Foreign currency assets and liabilities
:
|
As of September 30, 2016 and the end of the previous fiscal year, such amounts were translated into pesos at the benchmark
exchange rate of the BCRA as of the closing date of transactions on the last business day of each fiscal year. The exchange differences were charged to income (loss) for the period or fiscal year.
|
|
b)
|
Government and private securities
:
|
|
|
•
|
|
Holdings booked at fair value and instruments issued by the BCRA at fair value: they were valued based on
current listed prices or the prevailing present value for each security as of September 30, 2016 and the end of the previous fiscal year, Differences in listed prices were credited/charged to income for the period or fiscal year.
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- 11 -
|
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•
|
|
Holdings booked at amortized cost and instruments issued by the BCRA at amortized cost: as of
September 30, 2016 and the end of the previous fiscal year, these were valued using the amount of initial recognition, rose on the basis of the interest accrued as per the internal rate of return.
|
|
|
•
|
|
Investments in listed private securities, equity and debt instruments: they were valued based on current
listed prices as of September 30, 2016 and the end of the previous fiscal year, Differences in listed prices were charged to income for the period or fiscal year.
|
|
|
c)
|
Loans to Government Sector:
|
Federal Government secured loans – Decree Nr. 1387/2001
:
As of September 30, 2016 and the end of the previous fiscal year, the secured loans were valued at the highest amount
resulting from a comparison between the present value as estimated by BCRA and the book value in accordance with the provisions under BCRA’s Communication “A” 5180. In addition, the amount required to take their book values to their
fair realizable values is recorded in a balancing account.
Interest has been accrued according to a compound interest formula in the periods in which it was generated, except interest
on transactions in foreign currency, those whose maturity does not exceed 92 days, and adjustable assets and liabilities which were recognized on a linear basis.
|
|
e)
|
Benchmark stabilization coefficient (CER)
:
|
As of September 30, 2016 and the end of the previous fiscal year, receivables and payables have been adjusted to the CER
as follows:
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|
-
|
|
Federal government secured loans have been adjusted under Resolution Nr. 50/2002 of the Ministry of
Economy, which resolved that the CER business 10 (ten) days prior to the maturity date of the related service will be considered for yield and repayments of the loans.
|
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|
-
|
|
Federal Government Secured Bonds due in 2020: have been adjusted under Resolution Nr. 539/2002 of the
Ministry of Economy, which resolved that the CER business 5 (five) days prior to the maturity date of the related service will be considered for yield and repayment of the bonds.
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|
-
|
|
Deposits and other assets and liabilities: have been adjusted considering the CER prevailing as of
September 30, 2016 and the end of the previous fiscal year.
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- 12 -
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|
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|
|
f)
|
Allowance for loan losses and contingent commitments
:
|
For loans, other receivables from financial transactions, receivables from financial leases, receivables from sale of
property assets and contingent commitments: the allowances have been calculated based on the Bank’s estimated loan loss risk in light of debtor compliance and the collaterals supporting the respective transactions, as provided by Communication
“A” 2950 and supplemented of the BCRA.
|
|
g)
|
Instruments to be received and to be delivered for spot and forward transactions pending settlement
:
|
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|
-
|
|
In foreign currency: they were valued according to the benchmark exchange rate of the BCRA for each currency
determined on the last business day of the end of the period or fiscal year.
|
|
|
-
|
|
Securities: with Holdings of government and private securities and Instruments issued by BCRA at fair value
and at amortized cost: as of September 30, 2016 and the end of the previous fiscal year, they were valued according to the method described in 2.3.b).
|
|
|
h)
|
Amounts receivable and payable for spot and forward transactions pending
settlement
:
|
They were valued based on the prices agreed upon for each transaction, plus related
premiums accrued as of September 30, 2016 and the end of the previous fiscal year.
|
|
i)
|
Unlisted Corporate Bonds
:
|
They were valued at acquisition cost plus income accrued but not collected as September 30, 2016 and the end of the
previous fiscal year.
|
|
j)
|
Receivables from financial leases:
|
As of September 30, 2016 and the end of the previous fiscal year, they were valued at the present value of the sum of
the periodical instalments and the unguaranteed residual value, calculated as per the conditions agreed upon in the respective leases, applying the implicit interest rate thereto.
|
|
k)
|
Investments in other companies
:
|
|
|
-
|
|
Investments in controlled financial institutions, supplementary activities and authorized were valued based on
the following methods:
|
|
|
•
|
|
BBVA Francés Valores S.A., Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A.
(undergoing liquidation proceedings), PSA Finance Argentina Compañía Financiera S.A., BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión, Rombo Cía, Financiera S.A. and Volkswagen
Financial Services Compañía Financiera S.A.: were valued by applying the equity method, after adjustments to the BCRA accounting standards, if applicable, at the end of the period or fiscal year.
|
Although the Bank has a 40% interest ownership in the capital stock and votes of Rombo Cía, Financiera S.A.,
operational and financial decisions at Rombo Cía, Financiera S.A. are taken together with this company’s majority shareholder on a joint control basis.
|
|
-
|
|
Investments in non-controlled financial institutions, supplementary activities and authorized were valued
according to the following methods:
|
|
|
•
|
|
Prisma Medios de Pago S.A. (formerly Visa Argentina S.A.) and Interbanking S.A.: were valued by applying the
equity method after adjustments to the BCRA accounting standards if applicable, at the end of the period or fiscal year.
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|
- 13 -
|
|
|
|
|
•
|
|
Banco Latinoamericano de Comercio Exterior S.A.: was valued at acquisition cost in foreign currency plus the
nominal value of stock dividends received, converted into pesos based on the method described in 2.3.a).
|
|
|
•
|
|
Other: valued at acquisition cost, without exceeding their recoverable value.
|
|
|
-
|
|
Other non-controlled affiliates were valued based on the following methods:
|
|
|
•
|
|
BBVA Consolidar Seguros S.A.: was valued by applying the equity method after adjustments to the BCRA
accounting standards if applicable, at the end of each fiscal year.
|
|
|
•
|
|
S.W.I.F.T. S.C.R.L.: was valued at acquisition cost in foreign currency plus the nominal value of stock
dividends received, converted into pesos based on the method described in 2.3.a).
|
|
|
l)
|
Premises and equipment and Other assets
:
|
They have been valued at acquisition cost plus increases from prior-year appraisal revaluations, restated as explained in
note 2.1 less related accumulated depreciation calculated in proportion to the months of estimated useful life of items concerned (see Exhibit F), without exceeding their recoverable value.
|
|
-
|
|
Organization and development expenses: they were valued at cost less accumulated depreciation calculated in
proportion to the months of estimated useful life (see useful life assigned in Exhibit G).
|
|
|
-
|
|
Goodwill: corresponds to the difference between the total amount paid and that resulting from calculating the
proportion of the capital stock acquired on the net worth according to the books of Volkswagen Financial Services Compañía Financiera SA, at the date of acquisition less the corresponding accumulated amortization calculated in
proportion to the estimated useful life months (see useful life assigned in Exhibit G).
|
|
|
n)
|
Derivative transactions (see note 12)
:
|
|
|
•
|
|
Interest rate swaps and Forward transactions:
|
|
|
1.
|
Interest rate swaps are recorded at the value resulting from the application of rates differences to residual
notional amounts at the end of the period or fiscal year.
|
|
|
2.
|
Forward transactions receivable/payable in pesos without delivery of the underlying asset are recorded for the
amount receivable or payable, as appropriate, arising from the difference between the agreed exchange rate and the exchange rate at the end of the fiscal year as applied to stated notional amounts.
|
|
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|
|
|
|
|
|
|
- 14 -
|
|
|
|
|
•
|
|
Repo and Reverse Repo transactions
|
As of September 30, 2016 and the end of the previous fiscal year, the repos whose underlying assets are not subject to the
volatilities published by BCRA were valued as per the cost of each transaction and the repos whose underlying assets are subject to volatility were recorded at their quoted value. Accrued premiums were charged to income (loss) for each period or
fiscal year.
|
|
o)
|
Employee termination pay
:
|
The Bank expenses employee termination pay as disbursed.
They include the debit balances non arising out of transactions relating to the supply and demand of financial resources,
plus the adjustments and interest payable accrued as of September 30, 2016 and the end of the previous fiscal year.
|
|
q)
|
Allowance for other contingencies
:
|
It includes the estimated amounts to meet contingencies of probable occurrence that, if occurred, would give rise to a loss
for the Bank.
|
|
r)
|
Stockholders’ equity accounts:
|
They are restated as explained in note 2.1 except for the “Capital Stock” and “Non capitalized
contributions” accounts which have been kept at cost. The adjustment resulting from the restatement is included in the “Adjustment to Stockholders´ Equity – Adjustment to Capital Stock” account.
|
|
s)
|
Statement of Income Accounts:
|
|
|
-
|
|
As of September 30, 2016 and 2015, accounts accruing monetary transactions [(financial income (expense),
service charge income (expense), provision for loan losses, administrative expenses, etc.,)] were computed on the basis of their monthly accrual at historical rates.
|
|
|
-
|
|
Accounts reflecting the effect on income resulting from the sale, write-off, or use of non-monetary assets
were computed based on the value of such assets, as mentioned in note 2.1.
|
|
|
-
|
|
Income from investments in subsidiaries was computed based on such companies’ income adjusted as
explained in note 2.1.
|
|
|
|
|
|
|
|
|
|
- 15 -
|
|
|
As of September 30, 2016 and 2015, the Bank calculated the earning per share on the basis of 536,877,850 ordinary shares of
$1 par value each. The net income for each period on those dates is as follows:
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
|
09-30-2015
|
|
|
|
|
|
Net income for the period
|
|
|
3,061,267
|
|
|
2,596,226
|
|
Earning per share for the period – (stated in pesos)
|
|
|
5.70
|
|
|
4.84
|
|
|
u)
|
Use of accounting estimates
:
|
The preparation of the financial statements in accordance with the standards set forth by the BCRA require the Bank to use
assumptions and estimates that affect certain assets such as allowances for doubtful loan and certain liabilities such as provisions for other contingencies as well as the reported amounts of income/loss during the period. Actual income/loss may
differ from such estimates.
|
|
3.
|
DIFFERENCES BETWEEN BCRA ACCOUNTING STANDARDS AND ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS
|
The Bank has prepared these financial statements by applying the regulations of the BCRA, which do
not contemplate some of the valuation criteria established by the Argentine professional accounting standards.
The main
differences between the regulations of the BCRA and the Argentine professional accounting standards are detailed below:
As already indicated hereinbelow, in note 4.1., the Bank has received various communications from the BCRA pursuant to which
that BCRA indicates that the capitalization of items arising from the application of the deferred tax method is not allowed, In accordance with Argentine professional accounting standards, a deferred tax asset should be recognized to the extent the
reversal of temporary differences generates a future decrease in the tax effectively determined. As a result, the allowances set up by the Bank in this respect, for 555,500 and 246,300 as of September 30, 2016 and the end of the previous fiscal
year, respectively, should be reversed.
Moreover, the effect on the income statement of the periods ended September 30,
2016 and 2015 would have been 309,200 and 59,000 (gain), respectively.
|
|
b)
|
Derivative financial instruments
|
As explained in notes 2.3.n) and 12, as of September 30, 2016 and the end of the previous fiscal year, the Bank recorded the
effects of interest rate swap agreements as established by the BCRA. Should the Bank had applied the Argentine professional accounting standards, the stockholders’ equity would have decreased in 13,027 and 32,906, respectively. By contrast, the
effect of the application of the professional accounting standards on the income statement for the periods ended September 30, 2016 and 2015 would have been 19,879 (gain) and 3,518 (loss), respectively.
4.1. Income tax
The Bank determined the charge for income tax by applying the statutory 35% rate to taxable income estimated for fiscal year
considering the effect of temporary differences between valuation of assets and liabilities for accounting purposes and their taxable bases. The Bank considered as temporary differences those that have a definitive reversal date in subsequent years.
|
|
|
|
|
|
|
|
|
- 16 -
|
|
|
As of September 30, 2016 and 2015, the Bank recorded 1,880,000 and
1,361,000, respectively, in the Income tax caption as the estimate of the income tax charge payable to the tax authorities for these fiscal years.
As of September 30, 2016 and the end of the previous fiscal year, the Bank has booked 1,098,528 and 467,959,
respectively, in the caption Other liabilities – Other – Accrued Taxes as a result of having netted the income tax withholdings and other withholdings applied to the Bank until such dates.
Besides, on June 19, 2003, the Bank received a note from the BCRA indicating that the capitalization of items arising
from the application of the deferred tax method is not allowed.
On June 26, 2003, the Bank, based on the opinion of
its legal counsel, responded the above mentioned note, indicating that in their opinion the rules of the BCRA do not prohibit the application of the deferred tax method generated by the recognition of temporary differences between the accounting and
tax result, Subsequently, Resolution 118/03 of the Superintendent of Financial and Exchange Institutions received on October 7, 2003 confirmed the terms of the note dated June 19, 2003, Consequently, as from that date the Bank set up an
allowance for the net balance between the deferred tax assets and liabilities.
As of September 30, 2016 and the end
of the previous fiscal year, the Bank recorded under Other Receivables (in the line Tax Prepayments) a taxable deferred asset amounting 555,500 and 246,300, respectively. Such amounts are made up as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
|
|
|
|
Deferred tax assets
|
|
|
829,900
|
|
|
|
611,500
|
|
|
Deferred tax liabilities
|
|
|
(274,400)
|
|
|
|
(365,200)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net deferred assets
|
|
|
555,500
|
|
|
|
246,300
|
|
|
Allowance
|
|
|
(555,500)
|
|
|
|
(246,300)
|
|
4.2. Tax on minimum presumed income
Tax on minimum presumed income (TOMPI) was established by Law Nr. 25.063 in the year ended December 31, 1998, for a
ten-year term, On December 19, 2008 Law Nr. 26.426 established a one-year extension in TOMPI until December 30, 2009, In turn, Law Nr. 26.545, published in the Official Gazette on December 2, 2009 extended TOMPI for an additional
ten-year period, This tax is supplementary to income tax: while the latter is levied on the taxable income for the year, TOMPI is a minimum levy determined by applying the current 1% rate on the potential income of certain productive assets,
Therefore, the Bank’s tax obligation for each year will coincide with the highest of these taxes, The above Law provides that institutions governed by Financial Institutions Law must consider as a tax base 20% of their taxable assets, after
deducting non-computable ones, However, if TOMPI exceeds income tax in a given year, the excess thereof may be computed as a payment on account of any income tax in excess of TOMPI that may occur in any of the following ten years.
In every year that net operating losses are offset, the tax benefit (the benefit of the effective rate on the net operating
loss used) will be realized to the extent that income tax (net of the offsetting) equals or exceeds tax on minimum presumed income, but will be reduced by any excess of the latter over former.
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|
|
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|
|
- 17 -
|
|
|
On February 11, 2005, the Argentine Central Bank issued Communication
“A” 4295 whereby it enabled, under certain rules, the accounting record of credits on Tax on Minimum Presumed Income.
As of September 30, 2016 and 2015, the Income tax assessed was higher than the TOMPI. Therefore, a provision was raised
for Income tax.
4.3. Other tax issues
|
|
a)
|
On October 24, 2007, the Bank was notified by the Tax Bureau of the City of Buenos Aires of the
commencement of a sua sponte tax assessment on a certain basis and partial in nature of the taxable income as regards turnover tax for the fiscal years 2002 and 2003, The Bank filed its defenses to the notice mentioned, which was ratified on
October 6, 2008 through Resolution No. 3631-DGR 2008 containing the official assessment.
|
On
April 28, 2009, the Court of Appeals with Federal Jurisdiction over Contentious Administrative Matters, Panel 3 handed down a judgment favourable to a petition filed by the Bank for the judge to suspend the effect of the decision made by
administrative authorities until the appeal is decided. The judgment thus ordered that “…subject to a sworn promise to comply … a) the Tax Bureau of the City of Buenos Aires must suspend the sua sponte assessment that has
objected to the treatment afforded by BBVA Francés to the bonds received from the National Government in the terms of Decree Nr. 905-02 and the related foreign exchange gains/losses in all matters related to taxation for turnover tax
purposes for the fiscal period 2002; b) therefore, the Tax Bureau of the City of Buenos Aires must abstain from demanding that the Bank should pay any amount due that may have arisen from the items above detailed”.
Also in this respect, on May 13, 2009, an action for a declaratory judgment was commenced by the Bank against the Tax
Bureau of the City of Buenos Aires, currently being heard by the court with original Federal Jurisdiction over Contentious Administrative Matters Nr. 1, to procure a judgment ascertaining that a) the bonds received by the Bank from the
National Government as compensation for the asymmetric conversion into pesos of assets and liabilities imposed by the Executive Order Nr. 905/2002 may not be levied with Turnover Tax in the Autonomous City of Buenos Aires; b) the foreign
exchange gains/losses are a direct effect of the modification of the monetary system and therefore should not be levied with Turnover Tax in the Autonomous City of Buenos Aires.
On December 29, 2010, the Judge presiding over the court with original Federal Jurisdiction over Contentious
Administrative Matters Nr. 1 handed down a new precautionary measure,
The Bank as well as its legal and tax advisors
estimate that the Bank has made a reasonable interpretation of currently applicable rules and regulations concerning the fiscal periods objected to by the Tax Bureau of the City of Buenos Aires and do not expect an adverse financial impact in these
respects.
As regards the remaining balance of the amount claimed, the Bank adhered to a scheme of payment in instalments
that was settled on October 4, 2010.
|
|
b)
|
Afterwards, on December 28, 2012, the Bank was notified of Resolution Nr. 3253-DRG-2012 whereby the
Tax Bureau of the City of Buenos Aires proceeded with a sua sponte assessment based on facts concerning the taxable basis for purposes of turnover tax for the fiscal years 2004 through 2010, The Entity appealed such resolution.
|
|
|
|
|
|
|
|
|
|
- 18 -
|
|
|
On February 3, 2015, the Bank was notified of the passage of Resolution
Nr. 2014-3711-DGR, which conceded the appeal in part.
This Resolution was appealed by lodging a so-called
“hierarchical appeal” with the head of the governmental agency in charge of raising public revenue, which was rejected, thus putting an end to the administrative stage.
For the sole purpose of being able to continue with the submission of the lawsuit, dated November 24, 2015, the Entity
paid the amount claimed, which does not entail its acceptance of the claim.
The Bank as well as its legal and tax
advisors estimate that the Bank has made a reasonable interpretation of currently applicable rules and regulations concerning the fiscal periods objected to by the Tax Bureau of the City of Buenos Aires and do not expect an adverse financial impact
in these respects.
|
|
5.
|
BREAKDOWN OF MAIN ITEMS AND ACCOUNTS
|
The breakdown of the items included under Other accounts which exceed 20% of the total amount of each item is as follows:
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09-30-2016
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12-31-2015
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a) INVESTMENTS IN OTHER COMPANIES
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In controlled companies -supplementary activities
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211,059
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212,726
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In other non-controlled companies- unlisted
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116,074
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59,186
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In non-controlled companies-supplementary activities
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31,339
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21,758
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Total
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358,472
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293,670
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b) OTHER RECEIVABLES
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Guarantee deposits
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942,042
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733,597
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Tax prepayments (1)
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595,406
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291,378
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Miscellaneous receivables
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494,945
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898,164
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Prepayments
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413,684
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500,632
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Loans to personnel
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152,714
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165,655
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Advances to personnel
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1,320
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97,749
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Other
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547
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367
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Total
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2,600,658
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2,687,542
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(1)
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As of September 30, 2016 and the end of the previous fiscal year, it includes the deferred tax asset for
555,500 and 246,300, respectively (see note 4.1.)
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- 19 -
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09-30-2016
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12-31-2015
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c) OTHER LIABILITIES FROM FINANCIAL
TRANSACTIONS
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Accounts payable for consumption
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3,539,663
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3,171,773
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Other withholdings and collections at source
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972,657
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985,189
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Collections and other operations for the account of third parties
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930,911
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1,778,719
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Money orders payable
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662,448
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1,405,633
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Social security payment orders pending settlement
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138,766
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8,471
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Pending Banelco debit transactions
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83,878
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143,161
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Loans received from Fondo Tecnológico Argentina (FONTAR) and Banco de Inversión y Comercio Exterior
(BICE)
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31,822
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42,526
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Accrued commissions payable
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23,065
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4,705
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Funds raised from third parties
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16,396
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17,800
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Loans received from Interamerican Development Bank (IDB)
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5,433
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6,983
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Other
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4,078
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1,122
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Total
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6,409,117
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7,566,082
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d) OTHER LIABILITIES
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Accrued taxes
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1,487,630
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757,219
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Miscellaneous payables
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1,073,913
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852,051
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Amounts collected in advance
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856,962
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808,695
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Accrued salaries and payroll taxes
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773,850
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679,117
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Other
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2,940
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2,688
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Total
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4,195,295
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3,099,770
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e) MEMORANDUM ACCOUNTS – DEBIT –
CONTROL
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Items in safekeeping
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119,785,235
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84,155,242
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Securities representative of investments in custody safekeeping on
behalf of the Guarantee Fund for the Sustainability of the
Pay-as-you-go System managed by the Argentine Republic
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72,000,582
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25,005,318
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Checks not yet credited
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7,369,752
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5,385,156
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Checks drawn on the Bank pending clearing
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1,083,818
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666,247
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Collections items
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1,204,353
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538,366
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Cash in custody on behalf of the BCRA
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360,000
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1,009,188
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Other
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212,989
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202,445
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Total
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202,016,729
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116,961,962
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- 20 -
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09-30-2016
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09-30-2015
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f) SERVICE CHARGE INCOME
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Commissions for hiring of insurances
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461,996
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437,484
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Rental of safe-deposit boxes
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170,750
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136,798
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Commissions on debit and credit cards
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142,304
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68,133
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Commissions for escrow
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37,727
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15,881
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Commissions for transportations of values
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36,540
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31,213
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Commissions for capital market transactions
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24,397
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17,653
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Commissions for loans and guaranties
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19,273
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33,124
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Commissions earned by direct debt
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17,468
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12,298
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Postal expenses recovery
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13,802
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10,346
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Commissions for interbanking services
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13,210
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9,219
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Commissions for saving accounts
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10,710
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3,346
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Recovery of tax settlement expenses of residents abroad
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9,737
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3,585
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Commissions for salary payment
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8,892
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7,597
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Commissions for Francés Net Cash
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6,443
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5,781
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Transfer fees
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6,133
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5,813
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Commissions for trust management
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603
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1,300
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Other
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44,374
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15,557
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Total
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1,024,359
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815,128
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g) SERVICE CHARGE EXPENSE
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Turn-over tax
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371,920
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272,337
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Insurance paid on lease transactions
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145,931
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107,785
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Other
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42,360
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18,847
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Total
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560,211
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398,969
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h) OTHER INCOME
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Deferred income tax (1)
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309,200
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59,000
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Income from the Credit Card Guarantee Fund
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119,723
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44,149
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Related parties expenses recovery
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46,091
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45,126
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Tax Recovery
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39,945
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6,130
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Interest on loans to personnel
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20,423
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21,750
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Earning per payment orders
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18,943
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90
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Other
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37,748
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11,142
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Total
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592,073
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187,387
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(1) Offset by the same
amount recorded in the account Charge for uncollectibility of other receivable and other allowances from other expense category.
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- 21 -
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09-30-2016
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09-30-2015
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i) OTHER EXPENSE
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Insurance losses
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20,687
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10,894
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Donations
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16,168
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15,287
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Turn-over tax
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14,350
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7,191
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Private health insurance for former employees
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12,916
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10,906
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Expense from the Credit Card Guarantee Fund
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5,555
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140
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Unrecoverable legal costs
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4,479
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123
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Charges for administrative, disciplinary and criminal penalties
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--,--
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48,817
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Other
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38,272
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27,197
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Total
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112,427
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120,555
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6.
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PENALTIES IMPOSED ON THE BANK AND ADMINISTRATIVE PROCEEDINGS INSTITUTED BY THE BCRA,
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According to the requirements of the Com. “A” 5689 as amended of BCRA then detailed the
administrative and/or disciplinary penalties as well as the sentences imposed by criminal trial courts, enforced or brought by the Argentine Central Bank, of which the Bank has been notified:
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6.1.
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Penalties enforced against the Bank
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“BBVA Banco Francés S.A. over breach of Law Nr. 19,359”,
Administrative Proceedings for Foreign
Exchange Offense investigated by the Argentine Central Bank notified on February 21, 2014 and identified under Nr. 5706, File N° 100,134/11. The charges consist in having presumably operated with foreign exchange on January 18, 2010 despite
failing to make available to the Argentine Central Bank the excess in its General Foreign Exchange Position incurred on January 15, 2010, allegedly breaching Communications “A” 4646, “A” 4814 and “C” 37587. Accused of
these breaches stand BBVA Banco Francés S.A. and the following Bank officers who served in the capacities described below at the date when the breaches were perpetrated: (i) the Director of Global Markets, (ii) the Head of the Market
Management Area and (iii) the Head of the Trading Area. On October 6, 2016, the Economic Criminal Court No. 4, Secretariat No. 7 of C.A.B.A. issued a sentence which condemns the payment of a fine for the amount of 5,000 to BBVA Banco Francés
S.A. and to each of the officers summarized. On October 21, 2016, the Entity lodged an appeal against the judgment and argued that the legal asset protected by the Argentine Central Bank had gone neither through an abstract danger situation nor
through a specific danger situation.
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6.2.
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Administrative Proceedings commenced by the BCRA
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•
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“
Banco Francés S.A. over breach of Law Nr. 19,359”,
Administrative Proceedings
for Foreign Exchange Offense investigated by the Argentine Central Bank notified on February 22, 2008 and identified under Nr. 3511, File 100,194/05, on grounds of a breach of the Criminal Foreign Exchange Regime of foreign currency by reason of
purchases and sales of US Dollars through BCRA in excess of the authorized amounts. These total 44 transactions involving the branches 099, 342, 999 and 320. Accused of these breaches stand BBVA Banco Francés S.A. and the following Bank
officers who served in the capacities described below at the date when the breaches were perpetrated: (i) two Territory Managers, (ii) four Branch Managers, (iii) four Heads of Back-Office Management and (iv) twelve cashiers. On August 21, 2014, the
trial court acquitted all the accused from all charges. The State Attorney’s Office filed an appeal and the Panel A of the Appellate Court with jurisdiction over criminal and economic matters confirmed the Bank’s and the involved
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- 22 -
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officers’ acquittal from all charges. The State Attorney’s Office lodged an extraordinary appeal which was granted and, as of the date of these financial statements, is being heard by
the Supreme Court of Justice.
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•
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“
Banco Francés S.A. over breach of Law Nr. 19,359”,
Administrative Proceedings
for Foreign Exchange Offense investigated by the Argentine Central Bank notified on December 1, 2010 and identified under Nr. 4539, File N° 18,398/05 where charges focus on simulated foreign exchange transactions through false statements in
their processing incurred by personnel from five branches in Mar del Plata, which would entail failure to comply with the client identification requirements imposed by foreign exchange rules and regulations through Communication “A” 3471.
Paragraph 6. Accused of these breaches stand BBVA Banco Francés S.A. the five regular members of the Board of Directors and the following Bank officers who served in the capacities described below at the date when the breaches were
perpetrated: (i) the Retail Bank Manager, (ii) the Territorial Manager, (iii) the Zone Manager, (iv) a Commercial Aide to the Zone Manager, (v) five Branch Managers, (vi) four Back-Office Branch Managers, (vii) five Main Cashiers and (viii) one
cashier. The discovery period was closed and the proceedings will be soon submitted to federal local courts. It closed probationary period and is about to be sent to the local federal court.
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•
|
“BBVA Banco Francés S.A. over breach of Law Nr. 19,359”,
Administrative Proceedings
for Foreign Exchange Offense investigated by the Argentine Central Bank notified on December 1, 2010 and identified under N., 4524, File N° 3,406/06 where charges focus on simulated foreign exchange transactions, conducted in the name of a
deceased, perpetrated by personnel from the Branch 240 - Mendoza -, which would entail failure to comply with the client identification requirements imposed by foreign exchange rules and regulations through Communication “A” 3471,
Paragraph 6. Accused of these breaches stand BBVA Banco Francés S.A., five regular members of the Board of Directors and the following Bank officers who served in the capacities described below at the date when the breaches were perpetrated:
(i) the Retail Bank Manager, (ii) the Territorial Manager, (iii) the Zone Manager, (iv) the Branch Manager, (v) the Back Office Branch Manager and (vi) the Main Cashier. The case pending before the Federal Court N° 2, Criminal department of the
city of Mendoza, File No. 23,461/2015.
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•
|
“
BBVA Banco Francés S.A. Over breach of Law Nr. 19,359”,
Administrative
Proceedings for Foreign Exchange Offense investigated by the Argentine Central Bank notified on July 26, 2013 and identified under Nr. 5406, File N° 100,443/12 where charges focus on simulated foreign exchange transactions through false
statements in their processing incurred by personnel in Branch 087 - Salta -, which would entail failure to comply with the client identification requirements imposed by foreign exchange rules and regulations through Communication “A”
3471, Paragraph 6. Accused of these breaches stand BBVA Banco Francés S.A. and the following Bank officers who served in the capacities described below at the date when the breaches were perpetrated: (i) the Branch Manager (ii) the Back
Office Management Head, (iii) the Main Cashier and (iv) two cashiers. The period for proffering and producing evidence came to a close and the Argentine Central Bank must send the file to Salta’s Federal Court.
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•
|
“
BBVA Banco Francés S.A. over breach of Law No. 19,359”,
Administrative
Proceedings for foreign exchange offense by the Argentine Central Bank, notified on December 23, 2015 and identified under No. 6666, File No. 101,027/13. The proceedings were brought for allegedly having completed operations under Code 631
“Professional and technical business services” from SIKA ARGENTINA S.A. against the applicable exchange regulations (Communications “A” 3471, “A” 3826 and “A” 5264), Allegedly, the provision of the services
has not been fully evidenced. Accused of these breaches stand BBVA Banco Francés S.A. and two of the Entity’s officers holding the positions described below on the date of the charges: (i) the Foreign Trade Manager and (ii) an officer of
the Area. The Argentine Central Bank has decided that the period for the production of evidence has come to an end. The case file shall be sent to the courts with jurisdiction over criminal economic matters in the city of Buenos Aires.
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- 23 -
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•
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“
BBVA Banco Francés S.A. over breach of Law No. 19,359
”, Administrative Proceedings
for foreign exchange offense by the Argentine Central Bank, notified on December 23, 2015 and identified under No. 6684, File No. 100,068/13. The proceedings were brought for allegedly having completed operations under Code 631 “Professional
and technical business services” from ROCA ARGENTINA S.A. against the applicable exchange regulations (Communications “A” 3471, “A” 3826 and “A” 5264), Allegedly, the provision of the services has not been fully
evidenced, Accused of these breaches stand BBVA Banco Francés S.A. and two of the Entity’s officers holding the positions described below on the date of the charges: (i) the Foreign Trade Manager and (ii) an officer of the Area. The
Argentine Central Bank has decided that the period for the production of evidence has come to an end. The case file shall be sent to the courts with jurisdiction over criminal economic matters in the city of Buenos Aires.
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The Bank and its legal advisors estimate that made a reasonable interpretation of the applicable regulations in force and do
not expect an adverse financial impact on these senses.
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7.
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RESTRICTIONS ON ASSETS
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As of September 30, 2016 and the end of the previous fiscal year, there are Bank’s assets, which are restricted as
follows:
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a)
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The Government and Private Securities account includes 204,278 in bonds issued by the Argentine Treasury Bonds
with CER adjustment in pesos maturing in 2021, as of September 30, 2016. At the end of the previous fiscal year, includes 102,590 in bonds issued by the Argentine Government in pesos maturing in 2016, allocated to the guarantee required to act as
custodian of investment securities related to Guarantee Fund for the Sustainability of the Pay-as-you-go System managed by the Argentine Republic and Safe Keeping of bills.
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b)
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The Bank appropriated 40,885 and 19,983, respectively, in Guaranteed Bonds maturing in 2020, to secure loans
arranged under the Credit Global Program to micro, small and medium businesses given by the Interamerican Development Bank (IDB).
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c)
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The Bank appropriated 44,507 and 253,764, respectively, in Guaranteed Bonds maturing in 2020, to secure loans
granted by the so-called “Bicentennial Fund”.
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d)
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The Bank has also appropriated accounts, deposits and trusts for 1,892,801 and 1,659,774, respectively, as
security for activities related to credit card operations, automated clearing houses, non-deliverable forwards and futures and lawsuits.
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8.
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TRANSACTIONS WITH SUBSIDIARIES AND PARENT COMPANIES (ART, 33 OF LAW Nr. 19,550)
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The balances as of September 30, 2016 and the end of the previous fiscal year, for transactions performed with subsidiaries
and parent companies are as follows:
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Balance Sheet
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Memorandum Accounts (1)
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Assets
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Liabilities
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Company
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2016
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2015
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2016
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2015
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2016
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2015
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BBVA
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789,768
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2,703
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843,720
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268,696
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117,132
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85,462
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BBV América S.L.
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--,--
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--,--
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--,--
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119,253
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15,959,761
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14,379,085
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BBVA Francés Valores S.A.
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12
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12
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5,764
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64
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16,735
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13,513
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Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A. (undergoing liquidation proceedings)
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9
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1
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1,030
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1,207
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32,948
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3,527
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BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión
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1.457
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901
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14,792
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17,523
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81,166
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100,145
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BBVA Consolidar Seguros S.A.
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13,290
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15,665
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7,513
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12,310
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68,940
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22,544
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PSA Finance Argentina Cía. Financiera S.A.
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826,173
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709,035
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5,306
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7,235
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150,001
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--,--
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Volkswagen Financial Services Compañía
Financiera S.A.
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--,--
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--,--
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106,764
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--,--
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--,--
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--,--
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Rombo Cía. Financiera S.A.
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743,595
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1,032,918
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9,481
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17,407
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591,800
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296,300
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(1)
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Includes Items in safekeeping, Credit lines granted (unused portion) covered by debtor classification
regulations, Guaranties given covered by debtor classification regulations and Derivatives.
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- 24 -
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9.
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BANK DEPOSITS GUARANTEE INSURANCE SYSTEM
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The Bank is included in the Deposit Guarantee System established by Law 24,485, Regulatory Decrees Nr. 540/95, Nr. 1292/96 and
1127/98 and BCRA’s Communication “A” 5943.
Such law provided for the creation of the Company Seguros de
Depósitos Sociedad Anónima (SEDESA) for purposes of managing the Deposit Guarantee Fund (DGF), whose shareholders, in accordance with the changes introduced by Decree Nr. 1292/96, shall be the BCRA with one share as a minimum and the
trustees of the trust created by the financial institutions in the proportion to be determined for each by the BCRA according to their contributions to the DGF.
That Company was incorporated in August 1995 and the Bank holds a 8.8649% interest in its capital stock.
The Deposit Guarantee System, which is limited, compulsory and onerous, has been created for purposes of covering the bank
deposit risks subsidiarily and complementarily to the deposit protection and privilege system established by the Financial Institutions Law.
The guarantee shall cover the repayment of principal disbursed plus interest accrued through the date of revoking of the
authorization to operate or through the date of suspension of the institution through application of section 49 of the BCRA’s Charter provided that the latter had been adopted earlier than the former without exceeding the amount of pesos a four
hundred and fifty thousand, Regarding operations in the name of two or more people, the guarantee shall be prorated between the holders, In no event shall the total guarantee per person exceed the above-mentioned amount, whatever the number of
accounts and/or deposits.
In addition, it is established that financial institutions were required to set aside an
ordinary contribution to the deposit guarantee insurance equal to 0.015% of their monthly average of daily balances of the items detailed in said regulation.
On January 5, 2001, the BCRA’s Board of Directors issued Resolution Nr. 19/2001, providing for the exclusion of Mercobank
S.A.’s senior liabilities under the terms of section 35 bis of the Financial Institutions Law, the authorization to transfer the excluded assets to the Bank as trustee of the Diagonal Trust, and the authorization to transfer the excluded
liabilities to beneficiary banks, Also, on the mentioned date, the agreement to set up the Diagonal Trust was subscribed by
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- 25 -
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Mercobank S.A. as settle and the Bank as trustee in relation to the exclusion of assets as provided in the resolution above-mentioned, As of September 30, 2016 and the end of the previous fiscal
year, the assets of Diagonal Trust amount to 2,427, considering its recoverable value.
In addition, the Bank in its
capacity as Trustee in the Corp Banca Trust recorded the selected assets on account of the redemption in kind of participation certificates for 4,177 as of September 30, 2016 and the end of the previous fiscal year.
In addition, the Bank acts as trustee in 12 non-financial trusts, and in no case being personally liable for the liabilities
assumed in the performance of the contract obligations; such liabilities will be settled with and up to the full amount of the corpus assets and the proceeds therefrom, The non-financial trusts concerned were set up to secure the receivables of
several creditors (beneficiaries) and the trustee was entrusted the management, care, preservation and custody of the corpus assets until (i) the requirements to show the noncompliance with the obligations by the debtor (settler) vis-à-vis
the creditors (beneficiaries) are met, moment at which such assets will be sold and the proceeds therefrom will be distributed (net of expenses) among all beneficiaries, the remainder (if any) being delivered to the settler, or (ii) all contract
terms and conditions are complied with, in which case all the corpus assets will be returned to the settler or to whom it may indicate, The trust assets represent 152,995 and 151,400 as of September 30, 2016 and the end of the previous fiscal
year, respectively, and consist of cash, creditors’ rights, real estate and shares.
On July 15, 2003, an Extraordinary Stockholders’ Meeting approved the setting up of a Program for the issuance and
re-issuance of ordinary Corporate Bonds (non-convertible into shares) with ordinary guarantee, or such guarantees as may be decided by the Bank, and unsecured Subordinated Corporate Bonds, convertible or not into shares, During the life of the
Program, which was 5 (five) years, it was possible to issue and re-issue any number of series and/or classes of Corporate Bonds as long as at all times the maximum amount in circulation after adding together all series and/or classes outstanding
under the Program pending redemption does not exceed at any time US$ 300,000,000 (or the equivalent thereof in other currencies), The Program was approved by CNV Resolution Nr. 14,967 dated November 29, 2004.
The Global Program was amended according to the resolutions adopted by the Ordinary and Extraordinary Stockholders’
Meeting held on April 26, 2007; extended for 5 (five) years by resolution adopted by the Ordinary and Extraordinary Stockholders’ Meetings held on March 28, 2008 and on April 9, 2013 (approved by the CNV by Resolutions Nr. 16,010 and Nr. 17,127
dated November 6, 2008 and July 11, 2013, respectively); and the maximum amount of the issuance was successively increased from US$ 300,000,000 to US$ 500,000,000 and from US$ 500,000,000 to US$ 750,000,000 by resolution adopted by the Ordinary
and Extraordinary Stockholders’ Meetings held on March 30, 2011 and March 26, 2012, respectively.
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- 26 -
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The following is a detail of the Corporate Bonds outstanding as of September
30, 2016 and the end of the previous fiscal year:
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Detail
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Date of
issuance
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Nominal Value
(in thousands of
pesos)
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Due date
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Rate
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Interest
payments
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Class 7
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11/08/2013
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250,000
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11/08/2016
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Private Badlar +
nominal 4,24% per annum
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Quarterly
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Class 9
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02/11/2014
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145,116
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02/11/2017
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Private Badlar +
nominal 4,70% per annum
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Quarterly
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Class 10
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07/18/2014
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233,750
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01/18/2016
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Private Badlar +
nominal 2,50% per annum
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Quarterly
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Class 11
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07/18/2014
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165,900
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07/18/2017
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Private Badlar +
nominal 3,75% per annum
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Quarterly
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Class 12
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11/13/2014
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130,286
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05/13/2016
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Private Badlar +
nominal 2,53% per annum
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Quarterly
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Class 13
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11/13/2014
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107,500
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11/13/2017
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Private Badlar +
nominal 3,75% per annum
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Quarterly
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Class 15
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02/13/2015
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144,875
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11/13/2016
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Private Badlar +
nominal 4% per annum
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Quarterly
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Class 16
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07/30/2015
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204,375
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07/30/2017
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Private Badlar +
nominal 3,75% per annum
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Quarterly
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Class 17
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12/28/2015
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199,722
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06/28/2017
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Private Badlar +
nominal 3,50% per annum
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Quarterly
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Class 18
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12/28/2015
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152,500
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12/28/2018
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Private Badlar +
nominal 4,08% per annum
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Quarterly
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Class 19
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08/08/2016
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207.500
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02/08/2018
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Private Badlar + nominal 2,40% per annum
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Quarterly
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Class 20
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08/08/2016
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292.500
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08/08/2019
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Private Badlar + nominal 3,23% per annum
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Quarterly
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The issued Corporate Bonds were fully subscribed and paid in and they will be fully amortized
at maturity.
As provided for in the Corporate Bonds Law and the BCRA regulations, the proceeds obtained from the issuance
of Classes 7, 9, 10, 11, 12, 13, 17 and 18 were applied to the reimbursement of time deposits, the proceeds from the issuance of Class 15, 19 and 20 were applied to the grant of working capital loans and those obtained from the issuance of Class 16
were applied to the reimbursement Corporate Bonds Class 8.
On September 20, 2016, the Board of Directors tendered its
approval to the issuance of Series 21 and 22 of the Negotiable Obligations in the framework of the Program, for a nominal value that may not exceed $750,000,000 for a term of 18 and 36 months to be fully amortized at their maturity date and accruing
a variable interest rate equivalent to the average private Badlar rate plus a minimum attractive rate of return.
As of
September 30, 2016 and the end of the previous fiscal year, the outstanding principal and accrued interest amounts to 1,937,208 (in connection with Class 7, 9, 11, 13, 15, 16, 17, 18, 19 and 20 of the Corporate Bonds) and 1,799,245 (in connection
with Class, 7, 9, 10, 11, 12, 13, 15, 16, 17 and 18 of the Corporate Bonds), respectively.
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- 27 -
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12.
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DERIVATIVE FINANCIAL INSTRUMENTS
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I.
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Transactions as of September 30, 2016:
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a)
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Interest rate swaps for 1,561,810 (Fixed Rate versus Badlar), maturing within a period not exceeding 2 years
for which the Bank pays a variable amount in accordance with changes in the Badlar, Encuesta rate, and receives a fixed amount based on stated notional amounts.
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These transactions have been valued in accordance with the criteria described in note 2.3.n.1.) recognizing the amount of
3,521 as expense for the period.
The estimated fair value of said instruments amounts to 10,750 (Liabilities), For fair
value estimation purposes, the variable and fixed as yet not matured future flows are discounted, with the swap value being the difference between the current value of the future flows receivable and the current value of the future flows payable.
As of the end of the period, the above transactions were recorded under “Memorandum Accounts - Debit Accounts
– Derivatives – Interest rate swap” for 1,561,810.
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b)
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Interest rate swap for 25,642 (Fixed Rate versus Badlar), with final maturity in September 2019, for which the
Bank pays a variable amount in accordance with changes in the Badlar, Encuesta rate, and receives a fixed amount based on stated notional amounts.
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Said transaction was consummated as hedge for potential volatility in the cash flows arising from certain financing deals
attributable to changes in the designated benchmark interest rates and it has proven to be effective hedge for the risk mentioned.
The aim pursued by risk management consists in reducing exposure to changes in cash flows arising from financing deals.
Thanks to the hedge established, changes in the cash flows arising from the underlying instrument caused by changes in the benchmark interest rate would decrease as a result of having been offset with the changes in the cash flows arising from the
hedge instrument.
As of the end of the period year the above transaction was recorded under “Memorandum Accounts -
Debit Accounts – Derivatives – Interest rate swap” for 25,642.
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c)
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Non-deliverable forward purchase and sale transactions in foreign currency payable in Pesos, maturing within a
period not exceeding 1 year, for 3,048,191 and 3,422,077, which are recorded under “Memorandum Accounts - Debit Accounts – Derivatives – “Notional” amount of non-deliverable forward transactions”, and “Memorandum
Accounts - Credit Accounts – Derivatives – “Notional” amount of non-deliverable forward transactions”, respectively.
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These transactions have been conducted through the MAE (Mercado Abierto Electrónico) and ROFEX (Mercado a
Término Rosario), with daily settlement in pesos or settlement at maturity and valued in the manner described in note 2.3.n.2.). As of the end of the period, they generated a gain of 235,320.
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d)
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Forward sales of BCRA Bills under repurchase agreements for 304,706, which are recorded under “Other
liabilities from financial transactions – Instruments to be received for spot and forward purchases to be settled”.
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These transactions have been valued in accordance with the description in note 2.3.g) recognizing the amount of 62,869
as income for the period.
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- 28 -
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e)
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Forward purchases of BCRA Bills under reverse repurchase agreements for 673,445, which are recorded under
“Other assets from financial transactions – Instruments to be received for spot and forward purchases to be settled”.
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These transactions have been valued in accordance with the description in note 2.3.g) recognizing the amount of 92,074 as
expense for the period.
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II.
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Transactions as of December 31, 2015:
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a)
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Interest rate swaps for 920,053 (Fixed Rate versus Badlar), maturing within a period not exceeding 2 years for
which the Bank pays a variable amount in accordance with changes in the Badlar, Encuesta rate, and receives a fixed amount based on stated notional amounts and interest rate swaps for 13,000 (Badlar versus Taxed Rate), maturing within a period not
exceeding 1 year for which the Bank pays a fixed amount in accordance with changes in the Badlar, Encuesta rate, and receives a variable amount in accordance with changes in the Badlar, Encuesta rate.
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These transactions have been valued in accordance with the criteria described in note 2.3.n.1.) recognizing the amount of
42,621 as income for the fiscal year.
The estimated fair value of said instruments amounts to 30,988 (Liabilities). For
fair value estimation purposes, the variable and fixed as yet not matured future flows are discounted, with the swap value being the difference between the current value of the future flows receivable and the current value of the future flows
payable.
As of the end of the fiscal year, the above transactions were recorded under “Memorandum Accounts - Debit
Accounts – Derivatives – Interest rate swap” for 933,053.
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b)
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Interest rate swap for 30,315 (Fixed Rate versus Badlar), with final maturity in September 2019, for which the
Bank pays a variable amount in accordance with changes in the Badlar, Encuesta rate, and receives a fixed amount based on stated notional amounts.
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Said transaction was consummated as hedge for potential volatility in the cash flows arising from certain financing deals
attributable to changes in the designated benchmark interest rates and it has proven to be effective hedge for the risk mentioned.
The aim pursued by risk management consists in reducing exposure to changes in cash flows arising from financing deals.
Thanks to the hedge established, changes in the cash flows arising from the underlying instrument caused by changes in the benchmark interest rate would decrease as a result of having been offset with the changes in the cash flows arising from the
hedge instrument.
As of the end of the fiscal year the above transaction was recorded under “Memorandum Accounts -
Debit Accounts - Derivatives – Interest rate swap” for 30,315.
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c)
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Non-deliverable forward purchase and sale transactions in foreign currency payable in Pesos, maturing within a
period not exceeding 1 year, for 5,809,784 and 5,843,638, which are recorded under “Memorandum Accounts - Debit Accounts – Derivatives – “Notional” amount of non-deliverable forward transactions”, and “Memorandum
Accounts - Credit Accounts – Derivatives – “Notional” amount of non-deliverable forward transactions”, respectively.
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- 29 -
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These transactions have been concluded through the MAE (Mercado Abierto
Electrónico) and ROFEX (Mercado a Término Rosario), with daily settlement in pesos or settlement at maturity and valued in the manner described in note 2.3.n.2.). As of the end of fiscal year, they generated a gain of 493,406.
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d)
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The Bank does not carry any pending balances associated to repos in force at December 31, 2015. However,
the transactions conducted at December 31, 2015 have yielded a 70,562 gain at the end of the fiscal year.
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e)
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The Bank does not carry any pending balances associated to reverse repos in force at December 31, 2015.
However, the transactions conducted at December 31, 2015 have yielded a 43,503 loss at the end of the fiscal year.
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13.
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COMPLIANCE WITH CNV REQUIREMENTS
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13.1
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Minimum Stockholders’ Equity and Minimum of liquid assets:
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According to CNV’s General Resolution Nr. 622/13, the minimum Stockholders’ Equity required to operate as
“Settlement and Clearing Agent – Comprehensive” and “Mutual Funds’ Custodian Agent” would amount to 19,500 and the minimum of liquid assets required by those rules would be 8,000, this amount comprises National Treasury
Bonds adjusted by CER due 2021deposited with the account opened at Caja de Valores S.A. entitled “Depositor 1647 Brokerage Account 5446483 BBVA Banco Francés Minimum Counterbalancing Entry”. As of September 30, 2016 and the end of
the previous fiscal year, the Bank’s Stockholders’ Equity exceeds the minimum amount imposed by CNV.
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13.2
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The Bank’s operations as Mutual Funds’ Custodian Agent
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As of September 30, 2016 and the end of the previous fiscal year, in its capacity as Custodian Agent of “FBA Ahorro
Pesos”, “FBA Renta Pesos”, “FBA Bonos Argentina”, “FBA Calificado”, “FBA Horizonte”, “FBA Acciones Latinoamericanas”, “FBA Acciones Argentinas” and “FBA Bonos Globales”
managed by BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión, the Bank holds certificates of deposits, repos, shares, corporate bonds, government securities, indexes, deferred payment checks, securities
issued by the BCRA, Cedears, ADRS, shares in mutual funds and financial trusts in safekeeping in the amount of 17,897,140 and 7,902,234, respectively, all of which making up the Fund’s portfolio and booked in “Memorandum Accounts - Debit
Accounts -Control - Other”.
The Investment Funds´ equities are as follows:
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EQUITIES AS OF
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INVESTMENT
FUND
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09-30-2016
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12-31-2015
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FBA Ahorro Pesos
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12,091,269
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5,458,819
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FBA Bonos Argentina
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3,473,794
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269,797
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FBA Renta Pesos
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2,283,806
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2,559,447
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FBA Calificado
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386,640
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299,372
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FBA Horizonte
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263,275
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191,003
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FBA Acciones Latinoamericanas
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95,617
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64,063
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FBA Acciones Argentinas
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42,956
|
|
|
|
3,066
|
|
|
FBA Bonos Globales
|
|
|
265
|
|
|
|
217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
18,637,622
|
|
|
|
8,845,784
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 30 -
|
|
|
|
|
14.
|
EARNINGS DISTRIBUTIONS
|
The Bank has in place an earnings distribution policy in line with the Bank’s vocation for sustained stockholder value,
that at the same time allows the Bank’s financial condition to perform favourably so as to strive for business growth and the maintenance of consistently high liquidity and solvency standards in compliance with currently applicable rules and
regulations.
In accordance with the provisions of current regulations on “ Distribution of results” of the
Argentine Central Bank , for the purposes of calculating the balance of distributable profits be made in non-accounting deductions form of the sum of the amounts recorded in the account earnings and the discretionary reserve for future distributions
results. It also must be authorized by the Superintendency of Financial and Exchange Institutions in order to verify the correct application of the method described by the same for the distribution of results.
|
|
15.
|
ACCOUNTS IDENTIFYING COMPLIANCE WITH MINIMUM CASH REQUIREMENTS
|
The following are the items computed for Compliance with Minimum Cash Requirements according to the regulations of the BCRA,
with their corresponding balances as of September 30, 2016 and the end of the previous fiscal year:
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
|
|
|
|
COMPUTABLE COMPLIANCE IN PESOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Special Guarantee Accounts
|
|
|
835,641
|
|
|
|
711,241
|
|
|
BCRA Checking Account
|
|
|
10,965,000
|
|
|
|
10,023,347
|
|
|
Special social security accounts
|
|
|
121,173
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
11,921,814
|
|
|
|
10,734,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTABLE COMPLIANCE IN US DOLLARS (Stated in thousands of pesos)
|
|
|
|
|
|
|
Special Guarantee Accounts
|
|
|
73,601
|
|
|
|
52,697
|
|
|
BCRA Checking Account
|
|
|
12,506,363
|
|
|
|
12,460,754
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
12,579,964
|
|
|
|
12,513,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPUTABLE COMPLIANCE IN EUROS (Stated in thousands of pesos)
|
|
|
|
|
|
|
BCRA Checking Account
|
|
|
75,649
|
|
|
|
75,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
75,649
|
|
|
|
75,574
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 31 -
|
|
|
|
|
16.
|
STATEMENTS OF CASH AND CASH EQUIVALENTS FLOW
|
The Statements of Cash and cash equivalents flow explain the changes in cash and cash equivalents. For such purpose, a detail
is supplied of the items that the Bank considers to be cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-15
|
|
|
12-31-14
|
|
|
|
|
a) Cash and due from banks
|
|
|
30,208,270
|
|
|
|
27,942,617
|
|
|
|
13,913,485
|
|
|
|
12,525,541
|
|
|
|
b) Loans
to financial sector, call granted maturity date less than three months
|
|
|
448,000
|
|
|
|
517,300
|
|
|
|
309,650
|
|
|
|
525,950
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS
|
|
|
30,656,270
|
|
|
|
28,459,917
|
|
|
|
14,223,115
|
|
|
|
13,051,491
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Item b) is considered to be cash equivalents because they it is held in order to meet
short-term commitments, they are readily convertible in known cash amounts, they are subject to insignificant risk of changes in value and their maturity is less than three months.
|
|
17.
|
THE BANK’S DOCUMENTATION AND RECORDS – CNV RESOLUTION Nr. 629/14
|
CNV issued its General Resolution Nr. 629 on August 14, 2014 to introduce changes in its own rules governing the maintenance
and safekeeping of corporate books, accounting records and business documentation. In this respect, it is reported that the Bank has sent the documentation that supports its operations for the periods still open to audit for safekeeping to
Administradora de Archivos S.A. (AdeA), domiciled at Ruta 36 Km, 31,5 of Florencio Varela, Province of Buenos Aires.
In
addition, it is put on record that a detail of the documentation delivered for safekeeping, as well as the documentation referred to in Article 5, Sub-article a.3), Section I of Chapter V of Title II of the CNV rules is available at the Bank’s
registered office (Technical Rules 2013 as modified).
|
|
18.
|
IFRS CONVERGENCE IMPLEMENTATION PLAN.
|
On September 30, 2016, in compliance with the instructions given by the Argentine Central Bank through its Communication
“A” 5844, as amended, the Entity submitted the required recognition and measurement adjustments to reconcile the balances of assets and liabilities to the balances that would arise from applying the International Financial Reporting
Standards set forth in the Argentine Central Bank’s guidelines. The Entity’s Board of Directors has taken note of such report and of the progress made during the meeting held in September 2016.
|
|
|
|
|
|
|
|
|
- 32 -
|
|
|
|
|
19.
|
PURCHASE OF STOCK IN VOLKSWAGEN FINANCIAL SERVICES COMPAÑIA FINANCIERA S.A.
|
On May 20, 2015, the Bank executed a Stock Purchase Agreement with Grupo Volkswagen, Pursuant to
this Stock Purchase Agreement, the Bank acquired 51% of the capital stock of Volkswagen Financial Services Compañía Financiera S.A., equivalent to 23,970,000 non-endorsable, registered, ordinary shares with par value $ 1 and the right
to one vote per share.
On August 26, 2016, pursuant to Resolution No. 332, the Argentine Central Bank approved the
transaction above mentioned. Consequently, on September 26, 2016, 51% of its capital stock was effectively transferred to BBVA Francés and the agreed-upon price, 53,040, was paid.
On September 26, 2016, Volkswagen Credit Compañía Financiera S.A.’s Ordinary and Extraordinary General
Shareholders’ Meeting adopted a unanimous resolution whereby the company’s name would be changed to “Volkswagen Financial Services Compañía Financiera S.A.”. As of the date of issuance of these financial statements,
this change had been authorized by the Argentine Central Bank and it is now pending registration with the Public Registry of Commerce of the City of Buenos Aires [IGJ].
Additionally, and as per a resolution adopted by the Shareholders’ Meeting already mentioned, on October 27, 2016, BBVA
Francés disbursed 229,500 as a capital increase.
|
|
20.
|
PUBLICATION OF THE FINANCIAL STATEMENTS
|
As provided by Communication “A” 760, the previous intervention of the BCRA is not required for the publication of
these financial statements.
|
|
21.
|
ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These financial statements are presented on the basis of the accounting standards of the BCRA and, except for the effect of
the matters mentioned in note 3 to the stand – alone financial statements and note 2 to the consolidated financial statements, in accordance with the Argentine professional accounting standards. Certain accounting practices applied by the Bank
that conform with the standards of the BCRA and with the Argentine professional accounting standards may not conform with the generally accepted accounting principles in other countries.
The effects of the differences, if any, between the accounting standards of BCRA and the generally accepted accounting
principles in the countries in which the financial statements are to be used have not been quantified. Accordingly, they are not intended to present financial position, results of operations and cash flows in accordance with generally accepted
accounting principles in the countries of the users of the financial statements, other than Argentina.
|
|
|
|
|
|
|
|
|
- 33 -
|
|
|
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holding
|
|
|
|
|
|
|
|
|
Description
|
|
ID
Caja de
Valores
|
|
|
Market
Value of
present value
|
|
|
Book
balance
as of
09-30-16
|
|
|
Book
balance
as of
12-31-15
|
|
|
Position
without
options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TÍTULOS PÚBLICOS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Government securities as fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In pesos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Bonds maturing 2020
|
|
|
2423
|
|
|
|
|
|
|
|
1,691,529
|
|
|
|
|
|
|
|
1,691,529
|
|
|
|
1,691,529
|
|
|
Federal Government Bonds adjusted by CER due 2021
|
|
|
5315
|
|
|
|
|
|
|
|
611,771
|
|
|
|
|
|
|
|
611,771
|
|
|
|
611,771
|
|
|
Peso-denominated Discount governed by Argentine Law maturing in 2033
|
|
|
45696
|
|
|
|
|
|
|
|
368,397
|
|
|
|
|
|
|
|
215,765
|
|
|
|
215,765
|
|
|
Federal Government Bonds in Pesos Badlar + 325 bp maturing in 2020
|
|
|
5476
|
|
|
|
|
|
|
|
224,490
|
|
|
|
|
|
|
|
224,490
|
|
|
|
224,490
|
|
|
National Treasury Bonds in pesos fixed rate maturing 2018
|
|
|
5316
|
|
|
|
|
|
|
|
221,277
|
|
|
|
|
|
|
|
520,805
|
|
|
|
520,805
|
|
|
Federal Government Bonds in Pesos Badlar + 300 bp maturing in 2017
|
|
|
5467
|
|
|
|
|
|
|
|
131,864
|
|
|
|
|
|
|
|
131,864
|
|
|
|
131,864
|
|
|
National Treasury Bonds in pesos fixed rate maturing 19/9/2018
|
|
|
5317
|
|
|
|
|
|
|
|
25,595
|
|
|
|
|
|
|
|
307,495
|
|
|
|
307,495
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
5,986
|
|
|
|
|
|
|
|
14,137
|
|
|
|
14,137
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in pesos
|
|
|
|
|
|
|
|
|
|
|
3,280,909
|
|
|
|
2,894,594
|
|
|
|
3,717,856
|
|
|
|
3,717,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal Government Bonds in US Dollar 0.75 % maturing in 2017
|
|
|
5464
|
|
|
|
|
|
|
|
10,581
|
|
|
|
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in foreign currency
|
|
|
|
|
|
|
|
|
|
|
10,581
|
|
|
|
325,499
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Government securities at fair value
|
|
|
|
|
|
|
|
|
|
|
3,291,490
|
|
|
|
3,220,093
|
|
|
|
3,717,856
|
|
|
|
3,717,856
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Government securities at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In pesos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
164
|
|
|
|
164
|
|
|
|
|
|
|
|
164
|
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in pesos
|
|
|
|
|
|
|
|
|
|
|
164
|
|
|
|
164
|
|
|
|
164
|
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
926
|
|
|
|
926
|
|
|
|
|
|
|
|
926
|
|
|
|
926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in foreign currency
|
|
|
|
|
|
|
|
|
|
|
926
|
|
|
|
--,--
|
|
|
|
926
|
|
|
|
926
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Government securities at amortized cost
|
|
|
|
|
|
|
|
|
|
|
1,090
|
|
|
|
164
|
|
|
|
1,090
|
|
|
|
1,090
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Instrument
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCRA Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank Internal Bills due 01-18-17
|
|
|
46761
|
|
|
|
|
|
|
|
348
|
|
|
|
|
|
|
|
348
|
|
|
|
348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal at fair value
|
|
|
|
|
|
|
|
|
|
|
348
|
|
|
|
5,975,561
|
|
|
|
348
|
|
|
|
348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repurchase transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank Internal Bills due 01-02-17
|
|
|
46773
|
|
|
|
|
|
|
|
304,706
|
|
|
|
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal repurchase transactions
|
|
|
|
|
|
|
|
|
|
|
304,706
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank Internal Bills due 03-01-17
|
|
|
46794
|
|
|
|
|
|
|
|
1,617,433
|
|
|
|
|
|
|
|
1,617,433
|
|
|
|
1,617,433
|
|
|
Argentine Central Bank Internal Bills due 10-05-16
|
|
|
46783
|
|
|
|
|
|
|
|
1,421,723
|
|
|
|
|
|
|
|
1,955,366
|
|
|
|
1,955,366
|
|
|
Argentine Central Bank Internal Bills due 04-26-17
|
|
|
46807
|
|
|
|
|
|
|
|
1,132,411
|
|
|
|
|
|
|
|
1,132,411
|
|
|
|
1,132,411
|
|
|
Argentine Central Bank Internal Bills due 02-01-17
|
|
|
46773
|
|
|
|
|
|
|
|
684,617
|
|
|
|
|
|
|
|
684,617
|
|
|
|
684,617
|
|
|
Argentine Central Bank Internal Bills due 12-21-16
|
|
|
46779
|
|
|
|
|
|
|
|
615,015
|
|
|
|
|
|
|
|
615,015
|
|
|
|
615,015
|
|
|
Argentine Central Bank Internal Bills due 01-04-17
|
|
|
46790
|
|
|
|
|
|
|
|
589,375
|
|
|
|
|
|
|
|
589,375
|
|
|
|
589,375
|
|
|
Argentine Central Bank Internal Bills due 12-14-16
|
|
|
46772
|
|
|
|
|
|
|
|
569,891
|
|
|
|
|
|
|
|
569,891
|
|
|
|
569,891
|
|
|
Argentine Central Bank Internal Bills due 05-17-17
|
|
|
46810
|
|
|
|
|
|
|
|
519,489
|
|
|
|
|
|
|
|
519,489
|
|
|
|
519,489
|
|
|
Argentine Central Bank Internal Bills due 11-02-16
|
|
|
46784
|
|
|
|
|
|
|
|
470,961
|
|
|
|
|
|
|
|
470,961
|
|
|
|
470,961
|
|
|
Argentine Central Bank Internal Bills due 10-12-16
|
|
|
46788
|
|
|
|
|
|
|
|
363,989
|
|
|
|
|
|
|
|
363,989
|
|
|
|
363,989
|
|
|
Argentine Central Bank Internal Bills due 05-03-17
|
|
|
46808
|
|
|
|
|
|
|
|
347,673
|
|
|
|
|
|
|
|
347,673
|
|
|
|
347,673
|
|
|
Argentine Central Bank Internal Bills due 10-26-16
|
|
|
46778
|
|
|
|
|
|
|
|
339,516
|
|
|
|
|
|
|
|
339,516
|
|
|
|
339,516
|
|
|
Argentine Central Bank Internal Bills due 02-08-17
|
|
|
46780
|
|
|
|
|
|
|
|
318,081
|
|
|
|
|
|
|
|
318,081
|
|
|
|
318,081
|
|
|
Argentine Central Bank Internal Segment Bills due 11-16-16
|
|
|
46792
|
|
|
|
|
|
|
|
193,598
|
|
|
|
|
|
|
|
347,559
|
|
|
|
347,559
|
|
|
Argentine Central Bank Bills due 10-12-16
|
|
|
46725
|
|
|
|
|
|
|
|
129,611
|
|
|
|
|
|
|
|
130,243
|
|
|
|
130,243
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
123,760
|
|
|
|
|
|
|
|
627,520
|
|
|
|
627,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal at amortized cost
|
|
|
|
|
|
|
|
|
|
|
9,437,143
|
|
|
|
5,111,019
|
|
|
|
10,629,139
|
|
|
|
10,629,139
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal instruments issued by the BCRA
|
|
|
|
|
|
|
|
|
|
|
9,742,197
|
|
|
|
11,086,580
|
|
|
|
10,629,487
|
|
|
|
10,629,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOVERNMENT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
13,034,777
|
|
|
|
14,306,837
|
|
|
|
14,348,433
|
|
|
|
14,348,433
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 34 -
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT A
(Contd.)
|
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenencia
|
|
|
|
|
|
|
|
|
Description
|
|
ID Caja de Valores
|
|
|
Market Value
of present
value
|
|
|
Book
balance as
of
09-30-16
|
|
|
Book
balance as
of
12-31-15
|
|
|
Position
without
options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INVESTMENTS IN LISTED PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In pesos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tenaris S.A.
|
|
|
40115
|
|
|
|
|
|
|
|
167
|
|
|
|
|
|
|
|
167
|
|
|
|
167
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(5
|
)
|
|
|
(5
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in pesos
|
|
|
|
|
|
|
|
|
|
|
167
|
|
|
|
126
|
|
|
|
162
|
|
|
|
162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From abroad
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Foreign currency
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
51
|
|
|
|
|
|
|
|
51
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal in foreign currency
|
|
|
|
|
|
|
|
|
|
|
51
|
|
|
|
48
|
|
|
|
51
|
|
|
|
51
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Equity instruments
|
|
|
|
|
|
|
|
|
|
|
218
|
|
|
|
174
|
|
|
|
213
|
|
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN LISTED PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
218
|
|
|
|
174
|
|
|
|
213
|
|
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
13,034,995
|
|
|
|
14,307,011
|
|
|
|
14,348,646
|
|
|
|
14,348,646
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 35 -
|
|
|
EXHIBIT B
CLASSIFICATION OF FINANCING FACILITIES BY CATEGORIES
AND GUARANTIES RECEIVED AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
|
|
COMMERCIAL PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal performance
|
|
|
|
|
|
|
40,398,995
|
|
|
|
|
|
|
|
28,048,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “A”
|
|
|
|
|
|
|
1,703,308
|
|
|
|
|
|
|
|
1,715,283
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
|
|
|
|
1,405,730
|
|
|
|
|
|
|
|
1,259,431
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
37,289,957
|
|
|
|
|
|
|
|
25,073,880
|
|
|
|
|
|
|
|
|
With special follow-up
|
|
|
|
|
|
|
130,056
|
|
|
|
|
|
|
|
15,957
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Under observation
|
|
|
|
|
|
|
122,622
|
|
|
|
|
|
|
|
8,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
|
|
|
|
101,978
|
|
|
|
|
|
|
|
5,419
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
20,644
|
|
|
|
|
|
|
|
3,369
|
|
|
|
|
|
|
|
|
Negociations for recovery or re-financing agreements underway
|
|
|
|
|
|
|
7,434
|
|
|
|
|
|
|
|
7,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
|
|
|
|
6,431
|
|
|
|
|
|
|
|
859
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
1,003
|
|
|
|
|
|
|
|
6,310
|
|
|
|
|
|
|
|
|
With problems
|
|
|
|
|
|
|
3,773
|
|
|
|
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
3,773
|
|
|
|
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
With high risk of uncollectibility
|
|
|
|
|
|
|
11,055
|
|
|
|
|
|
|
|
13,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
|
|
|
|
7,105
|
|
|
|
|
|
|
|
7,105
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
3,950
|
|
|
|
|
|
|
|
6,029
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
|
|
|
|
5,619
|
|
|
|
|
|
|
|
5,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
5,619
|
|
|
|
|
|
|
|
5,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
|
40,549,498
|
|
|
|
|
|
|
|
28,083,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 36 -
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT B
(Contd.)
|
CLASSIFICATION OF FINANCING FACILITIES BY CATEGORIES
AND GUARANTIES RECEIVED AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
|
|
CONSUMER AND HOUSING PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal performance
|
|
|
|
|
|
|
32,727,469
|
|
|
|
|
|
|
|
31,510,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “A”
|
|
|
|
|
|
|
10,264
|
|
|
|
|
|
|
|
18,075
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
|
|
|
|
2,560,739
|
|
|
|
|
|
|
|
2,605,846
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
30,156,466
|
|
|
|
|
|
|
|
28,886,973
|
|
|
|
|
|
|
|
|
Low Risk
|
|
|
|
|
|
|
296,682
|
|
|
|
|
|
|
|
211,609
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
|
|
|
|
29,984
|
|
|
|
|
|
|
|
20,454
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
266,698
|
|
|
|
|
|
|
|
191,155
|
|
|
|
|
|
|
|
|
Medium Risk
|
|
|
|
|
|
|
307,828
|
|
|
|
|
|
|
|
179,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
|
|
|
|
6,587
|
|
|
|
|
|
|
|
5,444
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
301,241
|
|
|
|
|
|
|
|
174,122
|
|
|
|
|
|
|
|
|
High Risk
|
|
|
|
|
|
|
228,819
|
|
|
|
|
|
|
|
117,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
|
|
|
|
16,396
|
|
|
|
|
|
|
|
9,293
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
212,423
|
|
|
|
|
|
|
|
108,450
|
|
|
|
|
|
|
|
|
Uncollectible
|
|
|
|
|
|
|
23,596
|
|
|
|
|
|
|
|
26,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
|
|
|
|
5,716
|
|
|
|
|
|
|
|
9,479
|
|
|
Without senior security or counter guaranties
|
|
|
|
|
|
|
17,880
|
|
|
|
|
|
|
|
17,139
|
|
|
|
|
|
|
|
|
Uncollectible, classified as such under regulatory requirements
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sin garantías ni contragarantías preferidas
|
|
|
|
|
|
|
54
|
|
|
|
|
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
|
33,584,448
|
|
|
|
|
|
|
|
32,046,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GENERAL (1)
|
|
|
|
|
|
|
74,133,946
|
|
|
|
|
|
|
|
60,129,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Items included: Loans (before allowances): Other receivables from financial transactions; Unlisted
corporate bonds and Other receivables by debtor classification regulations; Receivables from financial leases (before allowances); Memorandum accounts - Credit - Contingent: Credit lines granted (unused portion) covered by debtor classification
regulations, Other guaranties given covered by debtor classificacition regulations and Other covered by debtor classification regulations.
|
|
|
|
|
|
|
|
|
- 37 -
|
|
|
EXHIBIT C
FINANCING FACILITIES CONCENTRATION
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
Number of clients
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
10 largest clients
|
|
|
9,735,726
|
|
|
|
13.13%
|
|
|
|
6,522,757
|
|
|
|
10.85%
|
|
|
|
|
|
|
|
|
50 next largest clients
|
|
|
11,446,745
|
|
|
|
15.44%
|
|
|
|
7,079,649
|
|
|
|
11.77%
|
|
|
|
|
|
|
|
|
100 following clients
|
|
|
5,956,651
|
|
|
|
8.03%
|
|
|
|
4,428,163
|
|
|
|
7.36%
|
|
|
|
|
|
|
|
|
Remaining clients
|
|
|
46,994,824
|
|
|
|
63.40%
|
|
|
|
42,099,118
|
|
|
|
70.02%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL (1)
|
|
|
74,133,946
|
|
|
|
100.00%
|
|
|
|
60,129,687
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See (1) in Exhibit B.
|
|
|
|
|
|
|
|
|
|
- 38 -
|
|
|
EXHIBIT D
BREAKDOWN BY FINANCING TERMS AS OF SEPTEMBER 30, 2016
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Term remaining to maturity
|
|
|
|
|
|
Description
|
|
Past-due
portfolio
|
|
|
1 month
|
|
|
3 months
|
|
|
6 months
|
|
|
12 months
|
|
|
24 months
|
|
|
More than 24
months
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government sector
|
|
|
--,--
|
|
|
|
110
|
|
|
|
88
|
|
|
|
93,138
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
93,336
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
--,--
|
|
|
|
867,210
|
|
|
|
655,716
|
|
|
|
738,633
|
|
|
|
359,645
|
|
|
|
185,972
|
|
|
|
123,782
|
|
|
|
2,930,958
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non financial private sector and
residents abroad
|
|
|
237,486
|
|
|
|
36,816,939
|
|
|
|
7,016,845
|
|
|
|
5,607,103
|
|
|
|
7,778,406
|
|
|
|
5,954,427
|
|
|
|
7,698,446
|
|
|
|
71,109,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
237,486
|
|
|
|
37,684,259
|
|
|
|
7,672,649
|
|
|
|
6,438,874
|
|
|
|
8,138,051
|
|
|
|
6,140,399
|
|
|
|
7,822,228
|
|
|
|
74,133,946
|
|
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
See (1) in Exhibit B. Anexo B.
|
|
|
|
|
|
|
|
|
|
- 39 -
|
|
|
EXHIBIT E
DETAIL OF INVESTMENTS IN OTHER COMPANIES
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish – See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information about issuer
|
|
|
Concept
|
|
Acciones
|
|
|
AMOUNT
|
|
|
|
|
Date from
|
|
|
|
|
|
|
|
|
|
|
|
Identification
|
|
Description
|
|
Class
|
|
Unit fair Value
|
|
|
Votos
per
share
|
|
|
Number
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
Main Business
|
|
Period / Fiscal
year end
|
|
|
Capital
stock
|
|
|
Stockholder’
equity
|
|
|
Income/
(Loss)
for the
period /
fiscal year
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL INSTITUTIONS, SUPPLEMENTARY AND AUTHORIZED
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Controlled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
miles de $
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
33642192049
|
|
BBVA Francés Valores S.A.
|
|
Common
|
|
|
500$
|
|
|
|
1
|
|
|
|
12,396
|
|
|
|
72,852
|
|
|
|
41,648
|
|
|
Stockbroker
|
|
|
09.30.2016
|
|
|
|
6,390
|
|
|
|
75,109
|
|
|
|
32,172
|
|
|
30663323926
|
|
Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A.(en liquidación)
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
35,425,947
|
|
|
|
5,763
|
|
|
|
10,484
|
|
|
Pensions Fund Manager
|
|
|
09.30.2016
|
|
|
|
65,739
|
|
|
|
10,694
|
|
|
|
(3,746
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30707847367
|
|
PSA Finance Arg. Cía. Financiera S.A.
|
|
Common
|
|
|
1000$
|
|
|
|
1
|
|
|
|
26,089
|
|
|
|
333,633
|
|
|
|
327,554
|
|
|
Financial Institutions
|
|
|
09.30.2016
|
|
|
|
52,178
|
|
|
|
667,265
|
|
|
|
192,157
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30548590163
|
|
BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
230,398
|
|
|
|
132,444
|
|
|
|
160,594
|
|
|
Investment Fund Manager
|
|
|
09.30.2016
|
|
|
|
243
|
|
|
|
185,635
|
|
|
|
72,544
|
|
|
33707124909
|
|
Rombo Cía. Financiera S.A.
|
|
Common
|
|
|
1000$
|
|
|
|
1
|
|
|
|
24,000
|
|
|
|
294,635
|
|
|
|
246,842
|
|
|
Financial Institutions
|
|
|
09.30.2016
|
|
|
|
60,000
|
|
|
|
736,588
|
|
|
|
119,484
|
|
|
30682419578
|
|
Volkswagen Financial Services Cía. Financiera S.A.
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
23,970,000
|
|
|
|
48,967
|
|
|
|
--,--
|
|
|
Financial Institutions
|
|
|
09.30.2016
|
|
|
|
47,000
|
|
|
|
96,016
|
|
|
|
13,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Controlled
|
|
|
|
|
|
|
|
888,294
|
|
|
|
787,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Controlled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30598910045
|
|
Prisma Medios de Pago S.A. (1)
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
1,571,996
|
|
|
|
20,514
|
|
|
|
14,206
|
|
|
Services to companies
|
|
|
12.31.2015
|
|
|
|
15,000
|
|
|
|
436,525
|
|
|
|
300,971
|
|
|
30690783521
|
|
Interbanking S.A.
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
149,556
|
|
|
|
10,581
|
|
|
|
7,304
|
|
|
Services
|
|
|
12.31.2015
|
|
|
|
1,346
|
|
|
|
383,370
|
|
|
|
317,632
|
|
|
|
|
Otras
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244
|
|
|
|
248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30710156561
|
|
Banco Latinoamericano de Comercio Exterior S.A.
|
|
Common B
|
|
|
87$
|
|
|
|
1
|
|
|
|
20,221
|
|
|
|
3,841
|
|
|
|
3,273
|
|
|
Banking Institutions
|
|
|
12.31.2015
|
|
|
|
3,641,140
|
|
|
|
12,639,963
|
|
|
|
1,352,312
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal noncontrolled
|
|
|
|
|
|
|
|
35,180
|
|
|
|
25,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total in financial intitutions, Supplementary and authorized
|
|
|
|
923,474
|
|
|
|
812,153
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IN OTHER COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non Controlled
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30500064230
|
|
BBVA Consolidar Seguros S.A.
|
|
Common
|
|
|
1$
|
|
|
|
1
|
|
|
|
1,301,847
|
|
|
|
115,882
|
|
|
|
59,023
|
|
|
Insurance
|
|
|
09.30.2016
|
|
|
|
10,651
|
|
|
|
948,294
|
|
|
|
173,002
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17BE1002
|
|
S.W.I.F.T. S.C.R.L.
|
|
Common
|
|
|
1759$
|
|
|
|
1
|
|
|
|
4
|
|
|
|
192
|
|
|
|
163
|
|
|
Financial messenger Institutions
|
|
|
31.12.2015
|
|
|
|
193,877
|
|
|
|
5,456,795
|
|
|
|
274,306
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal non-controlled
|
|
|
|
|
|
|
|
116,074
|
|
|
|
59,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total in other companies
|
|
|
|
|
|
|
|
116,074
|
|
|
|
59,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS IN OTHER COMPANIES
|
|
|
|
1,039,548
|
|
|
|
871,339
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Refers to a irregular seven-month fiscal period, ended december 31, 2015,
|
|
|
|
|
|
|
|
|
|
- 40 -
|
|
|
EXHIBIT F
MOVEMENT OF PREMISES AND EQUIPMENT AND OTHER ASSETS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 AND
THE FISCAL YEAR ENDED DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Net book
value at
beginning of
fiscal year
|
|
|
Additions
|
|
|
Transfers
|
|
|
Decreases
|
|
|
Depreciation for
the period
|
|
|
Net book value at
09-30-2016
|
|
|
Net book value at
12-31-2015
|
|
|
|
|
|
|
|
Years
useful life
|
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PREMISES AND EQUIPMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate
|
|
|
439,572
|
|
|
|
581
|
|
|
|
16,067
|
|
|
|
--,--
|
|
|
|
50
|
|
|
|
15,921
|
|
|
|
440,299
|
|
|
|
439,572
|
|
|
Furniture and Facilities
|
|
|
436,577
|
|
|
|
95,551
|
|
|
|
7,863
|
|
|
|
--,--
|
|
|
|
10
|
|
|
|
49,600
|
|
|
|
490,391
|
|
|
|
436,577
|
|
|
Machinery and Equipment
|
|
|
221,996
|
|
|
|
149,047
|
|
|
|
429
|
|
|
|
--,--
|
|
|
|
3 y 5
|
|
|
|
105,927
|
|
|
|
265,545
|
|
|
|
221,996
|
|
|
Automobiles
|
|
|
3,305
|
|
|
|
1,137
|
|
|
|
--,--
|
|
|
|
38
|
|
|
|
5
|
|
|
|
956
|
|
|
|
3,448
|
|
|
|
3,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
1,101,450
|
|
|
|
246,316
|
|
|
|
24,359
|
|
|
|
38
|
|
|
|
|
|
|
|
172,404
|
|
|
|
1,199,683
|
|
|
|
1,101,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction in progress
|
|
|
65,617
|
|
|
|
122,568
|
|
|
|
(32,196)
|
|
|
|
2,456
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
153,533
|
|
|
|
65,617
|
|
|
Advances to suppliers of goods
|
|
|
1,409,691
|
|
|
|
501,148
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,910,839
|
|
|
|
1,409,691
|
|
|
Work of Art
|
|
|
992
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
992
|
|
|
|
992
|
|
|
Leased assets
|
|
|
2,199
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
50
|
|
|
|
35
|
|
|
|
2,164
|
|
|
|
2,199
|
|
|
Property taken as security for loans
|
|
|
1,788
|
|
|
|
815
|
|
|
|
--,--
|
|
|
|
778
|
|
|
|
50
|
|
|
|
73
|
|
|
|
1,752
|
|
|
|
1,788
|
|
|
Stationary and office supplies
|
|
|
27,394
|
|
|
|
48,475
|
|
|
|
--,--
|
|
|
|
27,660
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
48,209
|
|
|
|
27,394
|
|
|
Others
|
|
|
12,945
|
|
|
|
38,949
|
|
|
|
7,837
|
|
|
|
7,903
|
|
|
|
50
|
|
|
|
135
|
|
|
|
51,693
|
|
|
|
12,945
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
1,520,626
|
|
|
|
711,955
|
|
|
|
(24,359)
|
|
|
|
38,797
|
|
|
|
|
|
|
|
243
|
|
|
|
2,169,182
|
|
|
|
1,520,626
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 41 -
|
|
|
EXHIBIT G
MOVEMENT OF INTANGIBLE ASSETS
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016 AND
THE FISCAL YEAR ENDED DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Description
|
|
Net book
value
beginning of
fiscal year
|
|
|
Additions
|
|
|
Amortization for the
period
|
|
|
|
|
|
|
|
|
|
|
|
Years of
useful life
|
|
|
Amount
|
|
|
Net book value
at 09-30-2016
|
|
|
Valor residual
at 12-31-2015
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
--,--
|
|
|
|
3,596
|
|
|
|
10
|
|
|
|
30
|
|
|
|
3,566
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
Organization and development expenses (1)
|
|
|
236,598
|
|
|
|
103,763
|
|
|
|
1 y 5
|
|
|
|
57,792
|
|
|
|
282,569
|
|
|
|
236,598
|
|
|
|
|
|
|
|
|
|
|
Organization and non-deductible expenses
|
|
|
--,--
|
|
|
|
6,967
|
|
|
|
--,--
|
|
|
|
6,967
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
236,598
|
|
|
|
114,326
|
|
|
|
|
|
|
|
64,789
|
|
|
|
286,135
|
|
|
|
236,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
This caption mainly includes costs from information technology projects and lease hold improvements.
|
|
|
|
|
|
|
|
|
|
- 42 -
|
|
|
EXHIBIT H
CONCENTRATION OF DEPOSITS
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
Number of clients
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
10 largest clients
|
|
|
3,598,321
|
|
|
|
3.91%
|
|
|
|
8,232,045
|
|
|
|
10.72%
|
|
|
|
|
|
|
|
|
50 next largest clients
|
|
|
6,242,491
|
|
|
|
6.79%
|
|
|
|
6,314,531
|
|
|
|
8.22%
|
|
|
|
|
|
|
|
|
100 following clients
|
|
|
3,804,663
|
|
|
|
4.14%
|
|
|
|
3,484,729
|
|
|
|
4.54%
|
|
|
|
|
|
|
|
|
Remaining clients
|
|
|
78,280,112
|
|
|
|
85.16%
|
|
|
|
58,761,158
|
|
|
|
76.52%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
91,925,587
|
|
|
|
100.00%
|
|
|
|
76,792,463
|
|
|
|
100.00%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 43 -
|
|
|
EXHIBIT I
BREAKDOWN OF MATURITY TERMS OF DEPOSITS AND
OTHER LIABILITIES FROM FINANCIAL TRANSACTIONS
AS OF SEPTEMBER 30, 2016
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plazos que restan para su vencimiento
|
|
|
|
|
|
Descriptions
|
|
1 month
|
|
|
3 months
|
|
|
6 months
|
|
|
12 months
|
|
|
24 months
|
|
|
More than
24 months
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
80,764,104
|
|
|
|
8,300,062
|
|
|
|
1,136,750
|
|
|
|
1,556,066
|
|
|
|
168,528
|
|
|
|
77
|
|
|
|
91,925,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities from financial transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank
|
|
|
2,358
|
|
|
|
4,505
|
|
|
|
6,825
|
|
|
|
13,239
|
|
|
|
4,656
|
|
|
|
--,--
|
|
|
|
31,583
|
|
|
|
|
|
|
|
|
|
|
|
Banks and international institutions
|
|
|
22,838
|
|
|
|
396,626
|
|
|
|
458,408
|
|
|
|
31,070
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
908,942
|
|
|
|
|
|
|
|
|
|
|
|
Unsubordinated corporate bonds
|
|
|
19,537
|
|
|
|
442,558
|
|
|
|
145,116
|
|
|
|
569,997
|
|
|
|
315,000
|
|
|
|
445,000
|
|
|
|
1,937,208
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from local financial institutions
|
|
|
225,149
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
225,149
|
|
|
|
|
|
|
|
|
|
|
|
Others
|
|
|
6,379,341
|
|
|
|
4,739
|
|
|
|
7,179
|
|
|
|
13,926
|
|
|
|
4,898
|
|
|
|
--,--
|
|
|
|
6,410,083
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total O.L.F.T.
|
|
|
6,649,223
|
|
|
|
848,428
|
|
|
|
617,528
|
|
|
|
628,232
|
|
|
|
324,554
|
|
|
|
445,000
|
|
|
|
9,512,965
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
87,413,327
|
|
|
|
9,148,490
|
|
|
|
1,754,278
|
|
|
|
2,184,298
|
|
|
|
493,082
|
|
|
|
445,077
|
|
|
|
101,438,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 44 -
|
|
|
EXHIBIT J
MOVEMENT OF ALLOWANCES
FOR THE NINE MONTH PERIOD ENDED SEPTEMBER 30, 2016
AND THE FISCAL YEAR ENDED DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Decreases
|
|
|
Book value
|
|
|
Description
|
|
Book value at
beginning of fiscal
year
|
|
|
Increases
(6)
|
|
|
|
|
|
Reversals
|
|
|
Applications
|
|
|
09.30.16
|
|
|
12 .31.15
|
|
|
DEDUCTED FROM ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– For impairment value
|
|
|
212
|
|
|
|
3
|
|
|
|
(5
|
)
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
215
|
|
|
|
212
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Allowances for doubtful loans
|
|
|
1,079,625
|
|
|
|
723,181
|
|
|
|
(1
|
)
|
|
|
--,--
|
|
|
|
324,007
|
|
|
|
1,478,799
|
|
|
|
1,079,625
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables form financial transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Allowances for doubtful receivables and
impairment
|
|
|
3,789
|
|
|
|
977
|
|
|
|
(1
|
)
|
|
|
--,--
|
|
|
|
3
|
|
|
|
4,763
|
|
|
|
3,789
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Allowances for doubtful receivables and
impairment
|
|
|
28,414
|
|
|
|
4,875
|
|
|
|
(1
|
)
|
|
|
--,--
|
|
|
|
3,809
|
|
|
|
29,480
|
|
|
|
28,414
|
|
|
|
|
|
|
|
|
|
|
|
Investment to other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– For impairment value
|
|
|
5
|
|
|
|
--,--
|
|
|
|
(3
|
)
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
5
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Allowance for doubt receivable
|
|
|
323,721
|
|
|
|
321,039
|
|
|
|
(2
|
)
|
|
|
172
|
|
|
|
8,288
|
|
|
|
636,300
|
|
|
|
323,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,435,766
|
|
|
|
1,050,075
|
|
|
|
|
|
|
|
172
|
|
|
|
336,107
|
|
|
|
2,149,562
|
|
|
|
1,435,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES-ALLOWANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent commitments
|
|
|
610
|
|
|
|
74
|
|
|
|
(1
|
)
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
684
|
|
|
|
610
|
|
|
|
|
|
|
|
|
|
|
|
Other contingencies
|
|
|
936,603
|
|
|
|
324,145
|
|
|
|
(4
|
)
|
|
|
675
|
|
|
|
117,430
|
|
|
|
1,142,643
|
|
|
|
936,603
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal penalties
|
|
|
48,817
|
|
|
|
--,--
|
|
|
|
|
|
|
|
48,567
|
|
|
|
250
|
|
|
|
--,--
|
|
|
|
48,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
986,030
|
|
|
|
324,219
|
|
|
|
|
|
|
|
49,242
|
|
|
|
117,680
|
|
|
|
1,143,327
|
|
|
|
986,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
Recorded in compliance with the provisions of Communications “A” 3918, as supplemented, of BCRA,
taking into account note 2.3.f.).
|
|
(2)
|
Includes mainly the potential loans risk arising booked as Miscellaneous receivables relating to the
petitions for the protection of constitutional rights (Amparos) paid and deferred tax asset (see note 4.1.1).
|
|
(3)
|
Recorded to cover the estimated impairment in A.I.G. Latin American Fund’s equity.
|
|
(4)
|
Recorded to cover contingencies that were not considered in other accounts (court orders corresponding to
petitions for protection of civil rights, labor, commercial and other lawsuits). (see note 2.3.p)
|
|
(5)
|
Recorded in compliance with the provisions of Communication “A” 4084 of the BCRA.
|
|
(6)
|
Includes exchange differences generated as allowances in foreign currency, booked in the “Financial
income - Gold and foreign currency exchange difference” account, as follow:
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
3
|
|
|
|
|
Loans
|
|
|
10,048
|
|
|
|
|
Other receivables from financial transactions
|
|
|
7
|
|
|
|
|
Other receivables
|
|
|
6,427
|
|
|
|
|
|
|
|
|
|
|
|
|
- 45 -
|
|
|
EXHIBIT K
CAPITAL STRUCTURE AS OF SEPTEMBER 30, 2016
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHARES
|
|
CAPITAL STOCK
|
|
|
|
|
|
|
|
Votes per
|
|
Issued
|
|
Pending
issuance or
|
|
|
|
|
|
|
|
Class
|
|
Quantity
|
|
share
|
|
Outstanding
|
|
In portfolio
|
|
distribution
|
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
|
|
536,877,850
|
|
1
|
|
536,833
|
|
--,--
|
|
45
|
|
(1)
|
|
536,878
|
|
(2)
|
(1) Shares issued and available to stockholders but not as yet withdrawn.
(2) Fully registered with the Public Registry of Commerce (See note 1.2.)
|
|
|
|
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- 46 -
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EXHIBIT L
FOREIGN CURRENCY BALANCES AS OF
SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
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|
|
|
|
|
|
|
|
|
|
|
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|
|
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Accounts
|
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09.30.16
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|
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12.31.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OF THE PERIOD (per type of currency)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OF
PERIOD
|
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Euro
|
|
|
Dólar
|
|
|
Libra
|
|
|
Franco
Suizo
|
|
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Yen
|
|
|
Otras
|
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|
TOTAL OF THE
FISCAL YEAR
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks
|
|
|
15,379,970
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|
|
|
415,745
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|
|
|
14,935,883
|
|
|
|
5,728
|
|
|
|
351
|
|
|
|
624
|
|
|
|
21,639
|
|
|
|
14,853,770
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|
|
Government and private securities
|
|
|
11,558
|
|
|
|
--,--
|
|
|
|
11,558
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
346,382
|
|
|
Loans
|
|
|
10,485,741
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|
|
|
9,740
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|
|
|
10,476,001
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|
|
|
--,--
|
|
|
|
--,--
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|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
3,927,962
|
|
|
Other receivables from financial transactions
|
|
|
1,905,260
|
|
|
|
430,493
|
|
|
|
1,474,767
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
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|
|
|
1,229,168
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|
|
Investment in other companies
|
|
|
4,033
|
|
|
|
192
|
|
|
|
3,841
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
3,436
|
|
|
Other receivables
|
|
|
454,495
|
|
|
|
2,235
|
|
|
|
452,260
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
348,760
|
|
|
Suspense items
|
|
|
1,031
|
|
|
|
6
|
|
|
|
1,025
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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TOTAL
|
|
|
28,242,088
|
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|
|
858,411
|
|
|
|
27,355,335
|
|
|
|
5,728
|
|
|
|
351
|
|
|
|
624
|
|
|
|
21,639
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|
|
|
20,711,057
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|
|
|
|
|
|
|
|
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|
|
|
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PASIVO
|
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|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
21,765,448
|
|
|
|
297,216
|
|
|
|
21,468,232
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
12,561,577
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|
|
Other liabilities from financial transactions
|
|
|
4,339,950
|
|
|
|
530,899
|
|
|
|
3,800,634
|
|
|
|
5,024
|
|
|
|
220
|
|
|
|
382
|
|
|
|
2,791
|
|
|
|
5,833,207
|
|
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Other liabilities
|
|
|
108,285
|
|
|
|
10,100
|
|
|
|
98,185
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
76,312
|
|
|
Suspense items
|
|
|
8,305
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|
|
|
--,--
|
|
|
|
8,305
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|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
4,300
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
TOTAL
|
|
|
26,221,988
|
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|
|
838,215
|
|
|
|
25,375,356
|
|
|
|
5,024
|
|
|
|
220
|
|
|
|
382
|
|
|
|
2,791
|
|
|
|
18,475,396
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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MEMORANDUM ACCOUNTS
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|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit accounts (except contra debit accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
5,289,025
|
|
|
|
253,966
|
|
|
|
5,035,059
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
4,149,394
|
|
|
Control
|
|
|
42,393,972
|
|
|
|
685,017
|
|
|
|
41,655,525
|
|
|
|
--,--
|
|
|
|
2,051
|
|
|
|
6,204
|
|
|
|
45,175
|
|
|
|
17,527,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
47,682,997
|
|
|
|
938,983
|
|
|
|
46,690,584
|
|
|
|
--,--
|
|
|
|
2,051
|
|
|
|
6,204
|
|
|
|
45,175
|
|
|
|
21,677,129
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit accounts (except contra credit accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
340,803
|
|
|
|
143,024
|
|
|
|
197,779
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
749,846
|
|
|
Control
|
|
|
2,700,822
|
|
|
|
20,375
|
|
|
|
2,680,447
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
78,351
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
3,041,625
|
|
|
|
163,399
|
|
|
|
2,878,226
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
828,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
- 47 -
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|
EXHIBIT N
ASSISTANCE TO RELATED AND AFFILIATES
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Status
|
|
|
Concept
|
|
Normal
|
|
|
With special
follow-up /
Low Risk
|
|
|
With problems /
Medium Risk
|
|
|
With high risk of
uncollectibility / High
Risk
|
|
|
Uncollectible
|
|
|
Clasified
uncollectible
as such
|
|
|
TOTAL (1)
|
|
|
|
|
|
Not yet
matured
|
|
|
Past-due
|
|
|
Not yet
matured
|
|
|
Past-due
|
|
|
|
|
|
under
regulatory
requirement
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Loans
|
|
|
1,601,313
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,601,313
|
|
|
|
1,718,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Overdraft
|
|
|
145
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
145
|
|
|
|
2,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior or counter guaranty
|
|
|
145
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
145
|
|
|
|
2,171
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Discounted Instruments
|
|
|
1,068
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,068
|
|
|
|
553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior or counter guaranty
|
|
|
1,068
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,068
|
|
|
|
553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Real Estate Mortgage and Collateral Loans
|
|
|
3,391
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
3,391
|
|
|
|
3,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranty “B”
|
|
|
3,391
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
3,391
|
|
|
|
3,519
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Consumer
|
|
|
2,236
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
2,236
|
|
|
|
3,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior or counter guaranty
|
|
|
2,236
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
2,236
|
|
|
|
3,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Credit Cards
|
|
|
7,554
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
7,554
|
|
|
|
7,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior or counter guaranty
|
|
|
7,554
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
7,554
|
|
|
|
7,251
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Others
|
|
|
1,586,919
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,586,919
|
|
|
|
1,701,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior or counter guaranty
|
|
|
1,586,919
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,586,919
|
|
|
|
1,701,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Others receivables from financial transactions
|
|
|
25,162
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
25,162
|
|
|
|
45,560
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3. Receivables from financial leases and other
|
|
|
411
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
411
|
|
|
|
509
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Contingent commitments
|
|
|
88,343
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
88,343
|
|
|
|
81,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5. Investments in other companies and private
securities
|
|
|
1,015,742
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
1,015,742
|
|
|
|
825,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
2,730,971
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
2,730,971
|
|
|
|
2,671,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ALLOWANCES
|
|
|
16,269
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
16,269
|
|
|
|
17,644
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Maximun amount granted to related clients during September ,2016 and december 2015, respectively, according to BCRA rules
|
|
|
|
|
|
|
|
|
- 48 -
|
|
|
EXHIBIT O
FINANCIAL DERIVATIVES INSTRUMENTS
AS OF SEPTEMBER 30, 2016
(Translation of financial statements originally issued in Spanish - See note 21)
- Stated in thousands of pesos -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of
contract
|
|
Purpose of
transactions
|
|
Underlying
asset
|
|
Type of settlement
|
|
Traded at / Counterparty
|
|
|
Weighted
average term as
originally
agreed
(months)
|
|
Weighted
average
residual
term
(months)
|
|
Weighted
average term
for
difference
settlements
(days)
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWAPS
|
|
Financial
transactions – own
count
|
|
-
|
|
Upon expiration of
differences
|
|
|
RESIDENTS IN ARGENTINA –
FINANCIAL SECTOR
|
|
|
21
|
|
16
|
|
31
|
|
|
1,561,810
|
|
|
|
|
|
|
|
|
|
|
|
|
SWAPS
|
|
Interest rate hedge
|
|
-
|
|
Upon expiration of
differences
|
|
|
RESIDENTS IN ARGENTINA –
NON-FINANCIAL SECTOR
|
|
|
122
|
|
36
|
|
7
|
|
|
25,642
|
|
|
|
|
|
|
|
|
|
|
|
|
FUTURES
|
|
Financial
transactions – own
count
|
|
Foreign
currency
|
|
Daily of differences
|
|
|
MAE
|
|
|
3
|
|
2
|
|
1
|
|
|
3,342,926
|
|
|
|
|
|
|
|
|
|
|
|
|
FUTURES
|
|
Financial
transactions – own
count
|
|
Foreign
currency
|
|
Daily of differences
|
|
|
ROFEX
|
|
|
2
|
|
1
|
|
1
|
|
|
798,590
|
|
|
|
|
|
|
|
|
|
|
|
|
FUTURES
|
|
Financial
transactions – own
count
|
|
Foreign
currency
|
|
Upon expiration of
differences
|
|
|
RESIDENTS IN ARGENTINA –
NON-FINANCIAL SECTOR
|
|
|
2
|
|
1
|
|
66
|
|
|
2,328,752
|
|
|
|
|
|
|
|
|
|
|
|
|
REPOS
|
|
Financial
transactions – own
count
|
|
Others
|
|
Upon expiration of
differences
|
|
|
RESIDENTS IN ARGENTINA –
FINANCIAL SECTOR
|
|
|
1
|
|
1
|
|
1
|
|
|
978,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9,035,871
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 49 -
|
|
|
CONSOLIDATED BALANCE SHEETS AS OF
SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Art. 33 of Law no. 19.550)
(Translation of financial statements originally issued in Spanish - See note 21)
Stated in thousands of pesos
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS:
|
|
09.30.16
|
|
|
12.31.15
|
|
|
A. CASH AND DUE FROM BANKS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
5,419,491
|
|
|
|
|
|
|
|
5,067,290
|
|
|
Due from banks and correspondents
|
|
|
|
|
|
|
24,876,593
|
|
|
|
|
|
|
|
22,902,996
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank (BCRA)
|
|
|
|
|
|
|
23,735,098
|
|
|
|
|
|
|
|
22,584,758
|
|
|
Other local
|
|
|
|
|
|
|
319,544
|
|
|
|
|
|
|
|
2,532
|
|
|
Foreign
|
|
|
|
|
|
|
821,951
|
|
|
|
|
|
|
|
315,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30,296,084
|
|
|
|
|
|
|
|
27,970,286
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B. GOVERNMENT AND PRIVATE SECURITIES (Note 7.a.):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at fair value
|
|
|
|
|
|
|
3,323,971
|
|
|
|
|
|
|
|
3,223,178
|
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
1,090
|
|
|
|
|
|
|
|
164
|
|
|
Instruments issued by the BCRA
|
|
|
|
|
|
|
9,742,197
|
|
|
|
|
|
|
|
11,086,580
|
|
|
Investments in listed private securities
|
|
|
|
|
|
|
99,108
|
|
|
|
|
|
|
|
112,481
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
215
|
|
|
|
|
|
|
|
212
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,166,151
|
|
|
|
|
|
|
|
14,422,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. LOANS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
To government sector
|
|
|
|
|
|
|
93,336
|
|
|
|
|
|
|
|
66,799
|
|
|
To financial sector
|
|
|
|
|
|
|
2,078,934
|
|
|
|
|
|
|
|
1,743,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interfinancial – (Call granted)
|
|
|
|
|
|
|
300,633
|
|
|
|
|
|
|
|
184,500
|
|
|
Other financing to local financial institutions
|
|
|
|
|
|
|
1,547,847
|
|
|
|
|
|
|
|
1,340,586
|
|
|
Interest and listed-price differences accrued and pending collection
|
|
|
|
|
|
|
230,454
|
|
|
|
|
|
|
|
218,079
|
|
|
|
|
|
|
|
|
To non financial private sector and residents abroad
|
|
|
|
|
|
|
70,534,411
|
|
|
|
|
|
|
|
55,859,298
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdraft
|
|
|
|
|
|
|
10,789,904
|
|
|
|
|
|
|
|
6,739,426
|
|
|
Discounted instruments
|
|
|
|
|
|
|
10,473,506
|
|
|
|
|
|
|
|
9,559,666
|
|
|
Real estate mortgage
|
|
|
|
|
|
|
1,866,569
|
|
|
|
|
|
|
|
2,122,955
|
|
|
Collateral Loans
|
|
|
|
|
|
|
5,087,540
|
|
|
|
|
|
|
|
4,567,505
|
|
|
Consumer
|
|
|
|
|
|
|
8,172,953
|
|
|
|
|
|
|
|
7,343,933
|
|
|
Credit cards
|
|
|
|
|
|
|
19,698,692
|
|
|
|
|
|
|
|
18,322,958
|
|
|
Other
|
|
|
|
|
|
|
13,704,420
|
|
|
|
|
|
|
|
6,510,536
|
|
|
Interest and listed-price differences accrued and pending collection
|
|
|
|
|
|
|
1,039,958
|
|
|
|
|
|
|
|
908,684
|
|
|
Less: Interest documented together with main obligation
|
|
|
|
|
|
|
299,131
|
|
|
|
|
|
|
|
216,365
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
1,510,079
|
|
|
|
|
|
|
|
1,105,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,196,602
|
|
|
|
|
|
|
|
56,563,321
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carried Forward
|
|
|
|
|
|
|
114,658,837
|
|
|
|
|
|
|
|
98,955,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brought forward
|
|
|
|
|
|
|
114,658,837
|
|
|
|
|
|
|
|
98,955,798
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 50 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
D. OTHER RECEIVABLES FROM FINANCIAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank (BCRA)
|
|
|
|
|
|
|
950,759
|
|
|
|
|
|
|
|
926,177
|
|
|
Amounts receivable for spot and forward sales to be settled
|
|
|
|
|
|
|
2,221,498
|
|
|
|
|
|
|
|
1,108,744
|
|
|
Instruments to be received for spot and forward purchases to be settled
|
|
|
|
|
|
|
3,944,665
|
|
|
|
|
|
|
|
1,117,655
|
|
|
Unlisted corporate bonds
|
|
|
|
|
|
|
297,050
|
|
|
|
|
|
|
|
200,894
|
|
|
Non-deliverable forward transactions balances to be settled
|
|
|
|
|
|
|
21,078
|
|
|
|
|
|
|
|
33,150
|
|
|
Other receivables not covered by debtor classification regulations
|
|
|
|
|
|
|
12,978
|
|
|
|
|
|
|
|
--,--
|
|
|
Other receivables covered by debtor classification regulations
|
|
|
|
|
|
|
451,783
|
|
|
|
|
|
|
|
349,651
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
8,764
|
|
|
|
|
|
|
|
7,397
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,891,047
|
|
|
|
|
|
|
|
3,728,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E. RECEIVABLES FROM FINANCIAL LEASES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
|
|
|
|
2,110,094
|
|
|
|
|
|
|
|
2,407,614
|
|
|
Interest accrued pending collection
|
|
|
|
|
|
|
30,760
|
|
|
|
|
|
|
|
29,661
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
30,816
|
|
|
|
|
|
|
|
29,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,110,038
|
|
|
|
|
|
|
|
2,407,451
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F. INVESTMENTS IN OTHER COMPANIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions
|
|
|
|
|
|
|
298,476
|
|
|
|
|
|
|
|
250,115
|
|
|
Other (Note 7.b.)
|
|
|
|
|
|
|
194,993
|
|
|
|
|
|
|
|
103,267
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
493,464
|
|
|
|
|
|
|
|
353,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G. OTHER RECEIVABLES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other (Note 7.c.)
|
|
|
|
|
|
|
2,785,768
|
|
|
|
|
|
|
|
2,750,501
|
|
|
Other interest accrued and pending collection
|
|
|
|
|
|
|
582
|
|
|
|
|
|
|
|
671
|
|
|
|
|
|
|
|
|
Less: Allowances
|
|
|
|
|
|
|
729,893
|
|
|
|
|
|
|
|
374,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,056,457
|
|
|
|
|
|
|
|
2,377,109
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H. PREMISES AND EQUIPMENT:
|
|
|
|
|
|
|
1,215,641
|
|
|
|
|
|
|
|
1,107,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I. OTHER ASSETS:
|
|
|
|
|
|
|
2,212,177
|
|
|
|
|
|
|
|
1,561,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J. INTANGIBLE ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
|
|
|
|
3,566
|
|
|
|
|
|
|
|
--,--
|
|
|
Organization and development expenses
|
|
|
|
|
|
|
282,764
|
|
|
|
|
|
|
|
236,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
286,330
|
|
|
|
|
|
|
|
236,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K. SUSPENSE ITEMS:
|
|
|
|
|
|
|
8,906
|
|
|
|
|
|
|
|
7,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS:
|
|
|
|
|
|
|
130,932,897
|
|
|
|
|
|
|
|
110,736,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 51 -
|
|
|
|
|
|
|
|
(Cont.)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES:
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
|
|
L. DEPOSITS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government sector
|
|
|
|
|
|
|
2,115,930
|
|
|
|
|
|
|
|
3,116,576
|
|
|
Financial sector
|
|
|
|
|
|
|
148,087
|
|
|
|
|
|
|
|
94,643
|
|
|
Non financial private sector and residents abroad
|
|
|
|
|
|
|
89,640,200
|
|
|
|
|
|
|
|
73,653,274
|
|
|
Checking accounts
|
|
|
|
|
|
|
18,325,017
|
|
|
|
|
|
|
|
18,187,331
|
|
|
Savings deposits
|
|
|
|
|
|
|
32,321,757
|
|
|
|
|
|
|
|
22,451,097
|
|
|
Time deposits
|
|
|
|
|
|
|
35,783,785
|
|
|
|
|
|
|
|
31,194,298
|
|
|
Investments accounts
|
|
|
|
|
|
|
85,091
|
|
|
|
|
|
|
|
34,807
|
|
|
Other
|
|
|
|
|
|
|
2,440,489
|
|
|
|
|
|
|
|
1,271,170
|
|
|
Interest and listed-price differences accrued payable
|
|
|
|
|
|
|
684,061
|
|
|
|
|
|
|
|
514,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,904,217
|
|
|
|
|
|
|
|
76,864,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M. OTHER LIABILITIES FROM FINANCIAL TRANSACTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Argentine Central Bank
|
|
|
|
|
|
|
31,583
|
|
|
|
|
|
|
|
49,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
31,583
|
|
|
|
|
|
|
|
49,042
|
|
|
|
|
|
|
|
|
Banks and International Institutions
|
|
|
|
|
|
|
904,515
|
|
|
|
|
|
|
|
1,386,931
|
|
|
Unsubordinated corporate bonds
|
|
|
|
|
|
|
2,019,988
|
|
|
|
|
|
|
|
1,834,024
|
|
|
Amounts payable for spot and forward purchases to be settled
|
|
|
|
|
|
|
3,272,960
|
|
|
|
|
|
|
|
1,112,631
|
|
|
Instruments to be delivered for spot and forward sales to be settled
|
|
|
|
|
|
|
3,079,295
|
|
|
|
|
|
|
|
1,237,890
|
|
|
Financing received from Argentine financial institutions
|
|
|
|
|
|
|
916,797
|
|
|
|
|
|
|
|
398,008
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interfinancial (call borrowed)
|
|
|
|
|
|
|
260,300
|
|
|
|
|
|
|
|
43,000
|
|
|
Other financing from local financial institutions
|
|
|
|
|
|
|
656,323
|
|
|
|
|
|
|
|
354,845
|
|
|
Interest accrued payable
|
|
|
|
|
|
|
174
|
|
|
|
|
|
|
|
163
|
|
|
Non-deliverable forward transactions balances to be settled
|
|
|
|
|
|
|
1,643
|
|
|
|
|
|
|
|
1,116,953
|
|
|
Other (Note 7.d.)
|
|
|
|
|
|
|
6,776,977
|
|
|
|
|
|
|
|
7,747,766
|
|
|
Interest and listed-price differences accrued payable
|
|
|
|
|
|
|
132,177
|
|
|
|
|
|
|
|
148,803
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,135,935
|
|
|
|
|
|
|
|
15,032,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N. OTHER LIABILITIES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends payable
|
|
|
|
|
|
|
--,--
|
|
|
|
|
|
|
|
473,991
|
|
|
Fees payable
|
|
|
|
|
|
|
329
|
|
|
|
|
|
|
|
185
|
|
|
Other (Note 7.e.)
|
|
|
|
|
|
|
4,358,566
|
|
|
|
|
|
|
|
3,232,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,358,895
|
|
|
|
|
|
|
|
3,706,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O. ALLOWANCES (Exhibit J):
|
|
|
|
|
|
|
1,200,286
|
|
|
|
|
|
|
|
1,032,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P. SUSPENSE ITEMS:
|
|
|
|
|
|
|
67,786
|
|
|
|
|
|
|
|
46,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES:
|
|
|
|
|
|
|
114,667,119
|
|
|
|
|
|
|
|
96,681,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q. MINORITY INTEREST IN SUBSIDIARIES (Note 4)
|
|
|
|
|
|
|
388,148
|
|
|
|
|
|
|
|
338,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS’ EQUITY:
(as per the related statements of changes in stockholders’
equity)
|
|
|
|
|
|
|
15,877,630
|
|
|
|
|
|
|
|
13,716,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY:
|
|
|
|
|
|
|
130,932,897
|
|
|
|
|
|
|
|
110,736,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 52 -
|
|
|
MEMORANDUM ACCOUNTS
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
DEBIT ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guaranties received
|
|
|
|
|
23,837,605
|
|
|
|
|
|
18,986,357
|
|
|
Contra contingent debit accounts
|
|
|
|
|
896,824
|
|
|
|
|
|
1,558,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,734,429
|
|
|
|
|
|
20,544,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables classified as irrecoverable
|
|
|
|
|
697,585
|
|
|
|
|
|
709,948
|
|
|
Other (Note 7.f.)
|
|
|
|
|
202,016,740
|
|
|
|
|
|
116,961,972
|
|
|
Contra control debit accounts
|
|
|
|
|
7,012,131
|
|
|
|
|
|
2,524,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,726,456
|
|
|
|
|
|
120,196,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“Notional” amount of non-deliverable forward transactions
|
|
|
|
|
3,048,191
|
|
|
|
|
|
5,876,854
|
|
|
Interest rate swap
|
|
|
|
|
1,437,452
|
|
|
|
|
|
963,368
|
|
|
Contra derivatives debit accounts
|
|
|
|
|
3,422,077
|
|
|
|
|
|
5,843,638
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,907,720
|
|
|
|
|
|
12,683,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
242,368,605
|
|
|
|
|
|
153,425,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit lines granted (unused portion) covered by debtor classification regulations (Exhibit
I)
|
|
|
|
|
135,181
|
|
|
|
|
|
327,251
|
|
|
Guaranties provided to the BCRA
|
|
|
|
|
204,278
|
|
|
|
|
|
102,603
|
|
|
Other guaranties given covered by debtor classification regulations (Exhibit I)
|
|
|
|
|
180,500
|
|
|
|
|
|
342,972
|
|
|
Other guaranties given non covered by debtor classification regulations
|
|
|
|
|
85,455
|
|
|
|
|
|
273,808
|
|
|
Other covered by debtor classification regulations (Exhibit I)
|
|
|
|
|
291,410
|
|
|
|
|
|
511,695
|
|
|
Contra contingent credit accounts
|
|
|
|
|
23,837,605
|
|
|
|
|
|
18,986,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,734,429
|
|
|
|
|
|
20,544,686
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items to be credited
|
|
|
|
|
1,813,883
|
|
|
|
|
|
1,369,765
|
|
|
Other
|
|
|
|
|
5,198,248
|
|
|
|
|
|
1,154,927
|
|
|
Contra control credit accounts
|
|
|
|
|
202,714,325
|
|
|
|
|
|
117,671,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
209,726,456
|
|
|
|
|
|
120,196,612
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
“Notional” amount of non-deliverable forward transactions
|
|
|
|
|
3,422,077
|
|
|
|
|
|
5,843,638
|
|
|
Contra credit derivatives accounts
|
|
|
|
|
4,485,643
|
|
|
|
|
|
6,840,222
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,907,720
|
|
|
|
|
|
12,683,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
|
|
242,368,605
|
|
|
|
|
|
153,425,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes 1 through to 7 to the consolidated financial statements with subsidiaries and the Exhibit I are an
integral part of these statements, which in turn are part of the stand-alone Financial Statements of BBVA Banco Francés S.A. and are to be read in conjunction therewith.
|
|
|
|
|
|
|
|
|
- 53 -
|
|
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015
(Art. 33 - Law No.19.550)
(Translation of financial statements originally issued in Spanish - See note 21)
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
09.30.15
|
|
A. FINANCIAL INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on loans to the financial sector
|
|
|
|
373,860
|
|
|
|
213,648
|
|
Interest on overdraft
|
|
|
|
2,573,315
|
|
|
|
1,594,971
|
|
Interest on discontinued instruments
|
|
|
|
1,562,056
|
|
|
|
976,247
|
|
Interest on real estate mortgage
|
|
|
|
302,347
|
|
|
|
225,738
|
|
Interest on collateral loans
|
|
|
|
825,307
|
|
|
|
683,688
|
|
Interest on credit card loans
|
|
|
|
2,972,642
|
|
|
|
2,006,123
|
|
Interest on other loans
|
|
|
|
2,984,719
|
|
|
|
2,367,858
|
|
Interest on other receivables from financial transactions
|
|
|
|
645
|
|
|
|
216
|
|
Interest on financial leases
|
|
|
|
340,687
|
|
|
|
296,811
|
|
Income from secured loans - Decree 1387/01
|
|
|
|
29,620
|
|
|
|
11,591
|
|
Income from government and private securities
|
|
|
|
3,291,925
|
|
|
|
2,422,837
|
|
Indexation by benchmark stabilization coefficient (CER)
|
|
|
|
478,750
|
|
|
|
147,642
|
|
Gold and foreign currency exchange difference
|
|
|
|
944,394
|
|
|
|
349,951
|
|
Other
|
|
|
|
458,048
|
|
|
|
267,220
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17,138,315
|
|
|
|
11,564,541
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B. FINANCIAL EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on savings deposits
|
|
|
|
25,686
|
|
|
|
15,679
|
|
Interest on time deposits
|
|
|
|
6,069,075
|
|
|
|
3,585,992
|
|
Interest on interfinancial financing (call borrowed)
|
|
|
|
30,116
|
|
|
|
20,927
|
|
Interest on other financing from financial institutions
|
|
|
|
102,808
|
|
|
|
35,676
|
|
Interest on other liabilities from financial transactions
|
|
|
|
434,549
|
|
|
|
356,181
|
|
Other interest
|
|
|
|
3,243
|
|
|
|
4,728
|
|
Indexation by CER
|
|
|
|
318
|
|
|
|
46
|
|
Contribution to the deposit guarantee fund
|
|
|
|
200,275
|
|
|
|
284,837
|
|
Other
|
|
|
|
1,101,849
|
|
|
|
673,117
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,967,919
|
|
|
|
4,977,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS INTERMEDIATION MARGIN – GAIN
|
|
|
|
9,170,396
|
|
|
|
6,587,358
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C. ALLOWANCES FOR LOAN LOSSES
|
|
|
|
723,815
|
|
|
|
439,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Carried Forward
|
|
|
|
8,446,581
|
|
|
|
6,147,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Brought forward
|
|
|
|
8,446,581
|
|
|
|
6,147,882
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 54 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
09.30.15
|
|
D. SERVICE CHARGE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Related to lending transactions
|
|
|
|
2,685,730
|
|
|
|
1,872,646
|
|
Related to liability transactions
|
|
|
|
1,808,394
|
|
|
|
1,431,991
|
|
Other commissions
|
|
|
|
324,815
|
|
|
|
220,361
|
|
Other (Nota 7.g.)
|
|
|
|
1,025,832
|
|
|
|
815,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,844,771
|
|
|
|
4,340,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E. SERVICE CHARGE EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
|
2,010,115
|
|
|
|
1,201,798
|
|
Other (Note 7.h)
|
|
|
|
588,279
|
|
|
|
423,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,598,394
|
|
|
|
1,625,788
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F. ADMINISTRATIVE EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payroll expenses
|
|
|
|
3,859,618
|
|
|
|
2,678,468
|
|
Free to bank Directors and Supervisory Comittee
|
|
|
|
6,208
|
|
|
|
4,826
|
|
Others professional Fees
|
|
|
|
111,642
|
|
|
|
69,767
|
|
Advertising and publicity
|
|
|
|
271,691
|
|
|
|
168,944
|
|
Taxes
|
|
|
|
647,626
|
|
|
|
483,689
|
|
Fixed assets depreciation
|
|
|
|
172,780
|
|
|
|
149,207
|
|
Organizational expenses amortization
|
|
|
|
57,860
|
|
|
|
47,919
|
|
Other operating expenses
|
|
|
|
916,531
|
|
|
|
665,410
|
|
Others
|
|
|
|
657,407
|
|
|
|
435,380
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,701,363
|
|
|
|
4,703,610
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET GAIN FROM FINANCIAL TRANSACTIONS
|
|
|
|
4,991,595
|
|
|
|
4,158,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESULTS OF MINORITY INTEREST IN SUBSIDIARIES
|
|
|
|
(94,821)
|
|
|
|
(96,734)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G. OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from long-term investments
|
|
|
|
171,838
|
|
|
|
151,251
|
|
Punitive interests
|
|
|
|
29,994
|
|
|
|
24,294
|
|
Loans recovered and reversals of allowances
|
|
|
|
185,194
|
|
|
|
109,102
|
|
Other (Note 7.i.)
|
|
|
|
596,924
|
|
|
|
180,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
983,950
|
|
|
|
465,252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H. OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Punitive interests and charges paid to BCRA
|
|
|
|
1,635
|
|
|
|
19
|
|
Charge for uncollectibility of other receivables and other allowances
|
|
|
|
656,718
|
|
|
|
305,604
|
|
Amortization of difference arising from judicial resolutions
|
|
|
|
6,967
|
|
|
|
5,718
|
|
Depreciation and losses from miscellaneous assets
|
|
|
|
1,144
|
|
|
|
1,175
|
|
Goodwill amortization
|
|
|
|
30
|
|
|
|
--,--
|
|
Other (Note 7.j)
|
|
|
|
119,942
|
|
|
|
122,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
786,436
|
|
|
|
435,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET GAIN BEFORE INCOME TAX AND TAX MINIMUM PRESUMED INCOME
|
|
|
|
5,094,288
|
|
|
|
4,091,743
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I. INCOME TAX AND TAX MINIMUM PRESUMED INCOME
|
|
|
|
2,033,021
|
|
|
|
1,495,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FOR THE PERIOD
|
|
|
|
3,061,267
|
|
|
|
2,596,226
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The accompanying notes 1 through to 7 to the consolidated financial statements with subsidiaries and the Exhibit I are an
integral part of these statements, which in turn are part of the stand-alone Financial Statements of BBVA Banco Francés S.A. and are to be read in conjunction therewith.
|
|
|
|
|
|
|
|
|
- 55 -
|
|
|
CONSOLIDATED STATEMENTS OF CASH AND CASH EQUIVALENTS FLOW
FOR THE NINE MONTH PERIODS ENDED SEPTEMBER 30, 2016 AND 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
|
09.30.15
|
|
|
|
CHANGES IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents at the beginning of the fiscal year
|
|
|
|
28,363,286
|
|
(1)
|
|
|
|
12,951,964
|
|
(1)
|
|
Cash and cash equivalents at the end of the period
|
|
|
|
30,777,084
|
|
(1)
|
|
|
|
14,052,826
|
|
(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
2,413,798
|
|
|
|
|
|
1,100,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REASONS FOR CHANGES IN CASH AND CASH EQUIVALENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net collections from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Government and private securities
|
|
|
|
4,547,965
|
|
|
|
|
|
(1,602,064)
|
|
|
|
- Loans
|
|
|
|
(1,423,351)
|
|
|
|
|
|
(114,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to financial sector
|
|
|
|
(235,394)
|
|
|
|
|
|
(613,737)
|
|
|
|
al non-financial public sector
|
|
|
|
(72)
|
|
|
|
|
|
(66)
|
|
|
|
al non-financial private sector and residents abroad
|
|
|
|
(1,187,885)
|
|
|
|
|
|
499,480
|
|
|
|
- Other receivables from financial transactions
|
|
|
|
(215,235)
|
|
|
|
|
|
(355,324)
|
|
|
|
- Receivables from financial leases
|
|
|
|
297,413
|
|
|
|
|
|
(266,591)
|
|
|
|
- Deposits
|
|
|
|
7,489,587
|
|
|
|
|
|
7,168,461
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
to financial sector
|
|
|
|
53,444
|
|
|
|
|
|
59,870
|
|
|
|
to non-financial public sector
|
|
|
|
(1,022,285)
|
|
|
|
|
|
157,482
|
|
|
|
to non-financial private sector and residents abroad
|
|
|
|
8,458,428
|
|
|
|
|
|
6,951,109
|
|
|
|
- Other liabilities from financial transactions
|
|
|
|
(1,811,773)
|
|
|
|
|
|
97,685
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing from financial or interfinancial sector (call borrowed)
|
|
|
|
217,300
|
|
|
|
|
|
69,951
|
|
|
|
Others (except liabilities included in Financing Activities)
|
|
|
|
(2,029,073)
|
|
|
|
|
|
27,734
|
|
|
|
Collections related to service charge income
|
|
|
|
5,839,146
|
|
|
|
|
|
4,360,204
|
|
|
|
Payments related to service charge expense
|
|
|
|
(2,594,354)
|
|
|
|
|
|
(1,624,787)
|
|
|
|
Administrative expenses paid
|
|
|
|
(6,368,050)
|
|
|
|
|
|
(4,481,682)
|
|
|
|
Organizational and development expenses paid
|
|
|
|
(100,379)
|
|
|
|
|
|
(50,361)
|
|
|
|
Net collections from punitive interest
|
|
|
|
28,359
|
|
|
|
|
|
22,383
|
|
|
|
Differences from judicial resolutions paid
|
|
|
|
(6,967)
|
|
|
|
|
|
(5,718)
|
|
|
|
Collections of dividends from other companies
|
|
|
|
182,836
|
|
|
|
|
|
49,840
|
|
|
|
Other collections related to other income and expenses
|
|
|
|
779,306
|
|
|
|
|
|
312,910
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows provided by operating activities
|
|
|
|
6,644,503
|
|
|
|
|
|
3,510,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net payments from premises and equipment
|
|
|
|
(257,317)
|
|
|
|
|
|
(164,289)
|
|
|
|
Net collections from other assets
|
|
|
|
(686,159)
|
|
|
|
|
|
(364,934)
|
|
|
|
Payments for purchase of investment in other companies
|
|
|
|
(53,040)
|
|
|
|
|
|
—
|
|
|
|
Other payments from investments activities
|
|
|
|
(266,316)
|
|
|
|
|
|
(485,719)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in investment activities
|
|
|
|
(1,262,832)
|
|
|
|
|
|
(1,014,942)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (payments) / collections from:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Unsubordinated corporate bonds
|
|
|
|
185,964
|
|
|
|
|
|
(226,065)
|
|
|
|
- Argentine Central Bank
|
|
|
|
(17,307)
|
|
|
|
|
|
(17,570)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
(17,307)
|
|
|
|
|
|
(17,570)
|
|
|
|
- Banks and international agencies
|
|
|
|
(482,416)
|
|
|
|
|
|
279,545
|
|
|
|
- Financing received from local financial institutions
|
|
|
|
301,478
|
|
|
|
|
|
237,021
|
|
|
|
Payments of dividends
|
|
|
|
(1,463,992)
|
|
|
|
|
|
--,--
|
|
|
|
Other payments related to financing activities
|
|
|
|
(1,491,600)
|
|
|
|
|
|
(1,667,760)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows used in financing activities
|
|
|
|
(2,967,873)
|
|
|
|
|
|
(1,394,829)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents
|
|
|
|
2,413,798
|
|
|
|
|
|
1,100,862
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) See note 6 “Statements of cash and cash equivalents flow”.
|
|
|
|
|
|
|
|
|
- 56 -
|
|
|
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
WITH SUBSIDIARIES AS OF SEPTEMBER 30, 2016, PRESENTED IN COMPARATIVE FORM
WITH THE BALANCE SHEET AS OF DECEMBER 31, 2015, AND THE STATEMENTS OF
INCOME AND CASH AND CASH EQUIVALENTS FLOW AS OF SEPTEMBER 30, 2015
(Art. 33 of Law Nr. 19,550)
-Stated in thousands of pesos-
|
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES
|
General rule
In accordance with the procedures set forth in BCRA’s regulations and Technical Pronouncement No. 21 of the Argentine
Federation of Professional Councils in Economic Sciences, BBVA Banco Francés S.A. (hereinafter indistinctly referred to as either “BBVA Francés” or the “Bank”) has consolidated - line by line – its balance
sheets as of September 30, 2016 and the end of the previous fiscal year, and the statements of income and cash and cash equivalents flow for the nine month periods ended September 30, 2016 and 2015, as per the following detail:
|
|
–
|
As of September 30, 2016:
|
|
|
a)
|
With the financial statements of BBVA Francés Valores S.A., PSA Finance Argentina Cía,
Financiera S.A. and BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión for the nine month periods ended September 30, 2016 and 2015.
|
|
|
b)
|
With the financial statements of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A.
(undergoing liquidation proceedings) for the three month periods ended September 30, 2016 and 2015.
|
|
|
c)
|
With the financial statements of Volkswagen Financial Services Compañía Financiera S.A. as of
September 30, 2016 and for the nine-month period then ended. Given that this Company was acquired on September 26, 2016, the income/(loss) and the changes in cash flows were consolidated only in the period beginning on September 26, 2016 and ending
on September 30, 2016.
|
|
|
–
|
As of December 31, 2015:
|
|
|
a)
|
With the financial statements of BBVA Francés Valores S.A., PSA Finance Argentina Cía,
Financiera S.A. and BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión for the fiscal year ended December 31, 2015.
|
|
|
b)
|
With the financial statements of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A.
(undergoing liquidation proceedings) for the six month period ended December 31, 2015.
|
The statements
of income and cash and cash equivalents flow of Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A. (undergoing liquidation proceedings) have been adjusted for purposes of comparison of the fiscal years of companies consolidating on
the basis of a nine month period ended on September 30, 2016 and 2015.
|
|
|
|
|
|
|
|
|
- 57 -
|
|
|
Interests in subsidiaries as of September 30, 2016 and the end of the
previous fiscal year are listed below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
Interest percentage in
|
|
|
|
|
Type
|
|
Quantity
|
|
|
Total Capital
|
|
|
Possible Votes
|
|
|
Companies
|
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
|
|
|
|
|
|
|
|
|
BBVA Francés Valores S.A.
|
|
Common
|
|
|
12,396
|
|
|
|
12,396
|
|
|
|
96,9953
|
|
|
|
96,9953
|
|
|
|
96,9953
|
|
|
|
96,9953
|
|
|
Consolidar AFJP S.A. (undergoing liquidation proceedings)
|
|
Common
|
|
|
35,425,947
|
|
|
|
35,425,947
|
|
|
|
53,8892
|
|
|
|
53,8892
|
|
|
|
53,8892
|
|
|
|
53,8892
|
|
|
Volkswagen Financial Services Compañía Financiera S.A.
|
|
Common
|
|
|
23,970,000
|
|
|
|
--,--
|
|
|
|
51,0000
|
|
|
|
--,--
|
|
|
|
51,0000
|
|
|
|
--,--
|
|
|
PSA Finance Argentina Cía Financiera S.A.
|
|
Common
|
|
|
26,089
|
|
|
|
26,089
|
|
|
|
50,0000
|
|
|
|
50,0000
|
|
|
|
50,0000
|
|
|
|
50,0000
|
|
|
BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión (1)
|
|
Common
|
|
|
230,398
|
|
|
|
230,398
|
|
|
|
95,0000
|
|
|
|
95,0000
|
|
|
|
95,0000
|
|
|
|
95,0000
|
|
|
|
(1)
|
The Bank holds a direct stake of 95 % of capital of the Company and an indirect interest of 4, 8498 % through
BBVA Francés Valores S.A.
|
Total assets, liabilities and stockholders’ equity in accordance
with the criteria defined in note 2 below, as of September 30, 2016 and the end of the previous fiscal year and net income balances for the nine month periods ended September 30, 2016 and 2015, are listed below. In the case of Volkswagen
Financial Services Compañía Financiera SA, the results correspond to the period between September 26 and 30, 2016:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
Liabilities
|
|
|
Stockholders’ Equity
|
|
|
Net income/
gain-(loss)
|
|
|
Companies
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
09-30-2016
|
|
|
12-31-2015
|
|
|
09-30-2016
|
|
|
09-30-2015
|
|
|
|
|
|
|
|
|
|
|
|
|
BBVA Francés Valores S.A.
|
|
|
76,971
|
|
|
|
44,205
|
|
|
|
1,862
|
|
|
|
1,268
|
|
|
|
75,109
|
|
|
|
42,937
|
|
|
|
32,172
|
|
|
|
10,593
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidar AFJP S.A. (undergoing liquidation proceedings)
|
|
|
49,718
|
|
|
|
55,476
|
|
|
|
39,024
|
|
|
|
36,022
|
|
|
|
10,694
|
|
|
|
19,454
|
|
|
|
(8,760
|
)
|
|
|
646
|
|
|
|
|
|
|
|
|
|
|
|
|
PSA Finance Argentina
Cía. Financiera
S.A.
|
|
|
2,880,900
|
|
|
|
2,360,339
|
|
|
|
2,213,635
|
|
|
|
1,705,231
|
|
|
|
667,265
|
|
|
|
655,108
|
|
|
|
192,157
|
|
|
|
192,077
|
|
|
|
|
|
|
|
|
|
|
|
|
Volkswagen Financial Services Compañía Financiera S.A.
|
|
|
239,061
|
|
|
|
--,--
|
|
|
|
143,045
|
|
|
|
--,--
|
|
|
|
96,016
|
|
|
|
--,--
|
|
|
|
(737
|
)
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión
|
|
|
212,643
|
|
|
|
238,189
|
|
|
|
27,008
|
|
|
|
25,095
|
|
|
|
183,635
|
|
|
|
213,092
|
|
|
|
42,544
|
|
|
|
52,663
|
|
|
|
|
|
|
|
|
|
|
- 58 -
|
|
|
The financial statements of the subsidiaries have been prepared based on similar methods to those applied by the Bank for
preparing its own financial statements, in connection with assets and liabilities valuation, income measurement and restatement procedure as explained in note 2 to the stand-alone financial statements of the Bank. The following are the main
differences with the Argentine professional accounting standards:
Arising from the application of the accounting
standards laid down by BCRA and the Argentine professional accounting standards:
|
|
•
|
|
PSA Finance Argentina Cía, Financiera S.A. assesses its income tax liability applying the effective tax
rate to the estimated taxable income, without considering the effect of temporary differences between the valuation of assets and liabilities for accounting and tax purposes. In accordance with Argentine professional accounting standards, a deferred
tax asset should be recognized where the reversal of temporary differences will result in a future decrease in the assessed tax liability. In addition, unused tax losses or tax credits deductible from future taxable income should be recognized as
deferred assets, to the extent their recoverability is likely. Should this criterion have been applied, shareholder’s equity disclosed in the consolidated financial statements would have been increased by 10,757 and 8,021 as of
September 30, 2016 and the end of the previous fiscal year, respectively.
|
|
|
•
|
|
The commissions paid by PSA Finance Argentina Cía. Financiera S.A. to dealers for granting
financing to companies and to the public in general in connection with purchases and sales of automobiles, which in accordance with the rules established by the BCRA are charged up front to the Income Statement, should be accrued throughout the
duration of the loans generated by said dealers in accordance with Argentine professional accounting standards, Had this criterion been applied, shareholders’ equity would have been increased by 4,556 and 3,764 as of September 30, 2016 and the
end of the previous fiscal year, respectively.
|
|
|
3.
|
REFORM OF THE INTEGRATED RETIREMENT AND PENSION SYSTEM
|
Law Nr. 26,425- Dissolution and liquidation of Consolidar AFJP S.A.:
Law Nr. 26,425, which came into force on December 4, 2008, mandated that the capitalization system that used to be an integral
part of the Integrated Retirement and Pension System was to be suppressed and replaced by a single pay-as-you-go system that is now known as the Argentine Integrated Social Security System (SIPA), As a consequence, Consolidar AFJP S.A. ceased to
manage the funds held in the individual capitalization accounts opened by the members and beneficiaries of the Integrated Retirement and Pension System, Said funds were transferred to the Fund to Guarantee the Sustainability of the State-run Social
Security System exactly as they had been invested and it is now the Argentine Social Security Authority (ANSES) the only and sole holder of said assets and funds.
Besides, on October 29, 2009, ANSES issued its Resolution Nr. 290/2009 whereby it granted a term of 30 working
days to the pension fund managers that could be interested in re-converting their corporate purpose in order to manage the funds held as voluntary term deposits and as agreed-upon deposits in capitalization accounts for them to express their
decision to do so.
Given the above situation and the inability of Consolidar AFJP S.A. to attain the corporate purpose
and conduct the business for which it had been formed, on December 28, 2009, its Extraordinary General Unanimous Shareholders’ Meeting adopted the resolution to dissolve and subsequently liquidate Consolidar AFJP S.A. effective as of
December 31, 2009 on the understanding that such will be the best alternative to safeguard the interests of both the creditors and the shareholders of the Company. In addition, as set forth in the Argentine Companies Law, the Shareholders’
Meeting decided to appoint Accountant Mr, Gabriel Orden and Mr. Rubén Lamandia to act as liquidators of Consolidar AFJP S.A. As of December 31, 2009 these gentlemen have been designated as the Company’s legal representatives. As of
the date of issuance of these financial statements, they are moving forward with all the actions necessary to proceed with the liquidation of Consolidar AFJP S.A.
|
|
|
|
|
|
|
|
|
- 59 -
|
|
|
On January 28, 2010, the dissolution of Consolidar AFJP S.A. as well as
the list of designated liquidators were registered with the Supervisory Board of Companies (IGJ).
In addition, the
Extraordinary General Shareholders’ Meeting of Consolidar AFJP S.A. approved a voluntary reduction in capital stock for 75,000 on October 19, 2009. In turn, the IGJ conferred its approval to the capital reduction mentioned on
January 11, 2010. In this respect, on January 19, 2010 the shareholders were transferred their capital contributions in conformity with the above-mentioned reduction.
BBVA Francés, in its capacity as shareholder requested that Consolidar AFJP S.A. (undergoing liquidation proceedings)
should file a note with the Argentine Ministry of Economy and Public Finance and with the Argentine Social Security Authority to commence discussions within the framework of Law Nr. 26,425 in order to identify one or more resolution
alternatives in connection with the consequences resulting from the events caused by the enactment of that Law. This note was filed by Consolidar AFJP S.A. (undergoing liquidation proceedings) on June 11, 2010.
On December 7, 2010, Consolidar AFJP S.A. (undergoing liquidation proceedings) filed an action for damages against the
National State and the Ministry of Labor, Employment and Social Security with the court of original Federal Jurisdiction over Contentious Administrative Matters Nr. 4, Clerk of Court’s Office Nr. 7, case file Nr. 40,437/2010. The
complaint was ratified by BBVA Francés in its capacity as majority shareholder in that Company. On July 15, 2011, Consolidar AFJP S.A. (undergoing liquidation proceedings) and BBVA Francés filed with the same court an enhanced
complaint for determining the amounts claimed as damages. On March 9, 2012, the Court ordered the service of process on the National State. On November 23, 2012, the Court handed down a resolution demanding the production of evidence
within a term of forty days. On May 13, 2013, the Court hearing in the case ordered that evidence be produced, The Company is providing depositions, documentary evidence and expert witnesses’ reports. On May 28, 2013, the Company
accompanied the statements and the testimony of witnesses, as the case is currently at the evidence production stage.
|
|
4.
|
MINORITY INTEREST IN SUBSIDIARIES
|
The breakdown of balances in the “Minority interest in subsidiaries” account is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
12-31-2015
|
|
Consolidar Administradora de Fondos de Jubilaciones y Pensiones S.A. (undergoing liquidation proceedings)
|
|
|
|
4,931
|
|
|
|
8,970
|
|
BBVA Francés Valores S.A.
|
|
|
|
2,257
|
|
|
|
1,289
|
|
PSA Finance Argentina Cía. Financiera S.A.
|
|
|
|
333,632
|
|
|
|
327,554
|
|
Volkswagen Financial Services Compañía Financiera S.A.
|
|
|
|
47,049
|
|
|
|
--,--
|
|
BBVA Francés Asset Management S.A. Sociedad Gerente de Fondos Comunes de Inversión
|
|
|
|
279
|
|
|
|
323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
388,148
|
|
|
|
338,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 60 -
|
|
|
|
|
5.
|
RESTRICTIONS ON ASSETS
|
|
|
a)
|
BBVA Francés Valores S.A. holds two shares of Mercado de Valores de Buenos Aires S.A. booked in the
amount of 47,300 and 22,000 as of September 30, 2016 and the end of the previous fiscal year, respectively. These shares have been pledged in favor of “CHUBB Argentina de Seguros S.A.” in security of the contract this insurance
company executed with Mercado de Valores de Buenos Aires S.A. to cover the latter’s guaranteeing any noncompliance of the company with their obligations.
|
|
|
b)
|
See note 7 to the stand-alone financial statements of the Bank.
|
|
|
6.
|
STATEMENT OF CASH AND CASH EQUIVALENTS FLOW
|
The Statements of Cash and cash equivalents flow explains the changes in cash and cash equivalents. For such purpose, a detail
is supplied of the items that the Bank considers to be cash and cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-16
|
|
|
12-31-2015
|
|
|
09-30-2015
|
|
|
12-31-2014
|
|
|
|
|
|
|
|
|
|
|
|
a) Cash and due from banks
|
|
|
30,296,084
|
|
|
|
27,970,286
|
|
|
|
13,937,826
|
|
|
|
12,559,464
|
|
|
|
|
|
|
|
|
|
|
|
b) Loans to financial sectors,
call granted maturity
date less than three months.
|
|
|
481,000
|
|
|
|
393,000
|
|
|
|
115,000
|
|
|
|
392,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH
EQUIVALENTS
|
|
|
30,777,084
|
|
|
|
28,363,286
|
|
|
|
14,052,826
|
|
|
|
12,951,964
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items b) is considered to be cash equivalents because it is held in order to meet
short-term commitments, they are readily convertible in known cash amounts, they are subject to insignificant risk of changes in value and their maturity is less than three months.
|
|
|
|
|
|
|
|
|
- 61 -
|
|
|
|
|
7.
|
BREAKDOWN OF MAIN ITEMS
|
The detail of the main items included in financial statements is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
12-31-2015
|
|
|
|
|
|
|
|
a) GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Holdings at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Secured Bonds due in 2020
|
|
|
|
1,691,529
|
|
|
|
1,540,136
|
|
National Treasury Bonds adjusted by CER due 2021
|
|
|
|
611,771
|
|
|
|
--,--
|
|
Peso-denominated Discount governed by Argentine Law maturing in 2033
|
|
|
|
368,397
|
|
|
|
432,131
|
|
Federal Government Bonds in Pesos Badlar + 325 bp maturing in 2020
|
|
|
|
224,490
|
|
|
|
--,--
|
|
National Treasury Bonds in pesos fixed rate maturing 2018
|
|
|
|
221,277
|
|
|
|
--,--
|
|
Federal Government Bonds in Pesos Badlar + 300 bp maturing in 2017
|
|
|
|
131,864
|
|
|
|
519,214
|
|
Debt Consolidation Bonds Eighth Series
|
|
|
|
29,329
|
|
|
|
--,--
|
|
National Treasury Bonds in pesos fixed rate maturing 9/19/2018
|
|
|
|
25,595
|
|
|
|
--,--
|
|
Federal Government Bonds in US Dollars 0,75% due 2017
|
|
|
|
10,581
|
|
|
|
70,053
|
|
Federal Government Bonds in US Dollars 7% due 2017
|
|
|
|
721
|
|
|
|
11,220
|
|
Federal Government Bonds in Pesos Badlar + 200 bp due 2016
|
|
|
|
--,--
|
|
|
|
117,593
|
|
Argentine Bond of Saving towards economic development
|
|
|
|
--,--
|
|
|
|
201,993
|
|
Federal Government Bonds in Pesos Badlar + 200 bp due 2017
|
|
|
|
--,--
|
|
|
|
232,675
|
|
Debt Consolidation Bonds Sixth Series
|
|
|
|
--,--
|
|
|
|
21,120
|
|
Federal Government Bonds in US Dollars 8,75% due 2024
|
|
|
|
--,--
|
|
|
|
4,310
|
|
US Dollar-linked Argentine Government Bond at 1,75% maturing in 2016
|
|
|
|
--,--
|
|
|
|
38,550
|
|
Argentine Treasury Bonds 18 months maturing 09-30-16
|
|
|
|
--,--
|
|
|
|
31,725
|
|
Other
|
|
|
|
8,417
|
|
|
|
2,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
3,323,971
|
|
|
|
3,223,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
1,090
|
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
1,090
|
|
|
|
164
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Instruments issued by the BCRA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCRA Bills (LEBAC)
|
|
|
|
9,742,197
|
|
|
|
11,086,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
9,742,197
|
|
|
|
11,086,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Investments in listed private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FBA Ahorro Pesos Investment Fund
|
|
|
|
82,056
|
|
|
|
97,943
|
|
FBA Bonos Argentina Investment Fund
|
|
|
|
16,568
|
|
|
|
13,020
|
|
Other
|
|
|
|
484
|
|
|
|
1,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
99,108
|
|
|
|
112,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Allowances
|
|
|
|
(215)
|
|
|
|
(212)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
13,166,151
|
|
|
|
14,422,191
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 62 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
12-31-2015
|
|
|
|
|
|
|
|
b) INVESTMENTS IN OTHER COMPANIES – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In other companies - unlisted
|
|
|
|
116,074
|
|
|
|
59,186
|
|
In companies-supplementary activities
|
|
|
|
78,919
|
|
|
|
44,081
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
194,993
|
|
|
|
103,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
c) OTHER RECEIVABLES – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Guarantee deposits
|
|
|
|
942,042
|
|
|
|
733,597
|
|
Miscellaneous receivables
|
|
|
|
602,477
|
|
|
|
940,360
|
|
Tax prepayments
|
|
|
|
662,265
|
|
|
|
298,586
|
|
Prepayments
|
|
|
|
414,224
|
|
|
|
502,503
|
|
Loans to personnel
|
|
|
|
152,720
|
|
|
|
166,143
|
|
Advances to personnel
|
|
|
|
1,320
|
|
|
|
97,777
|
|
Other
|
|
|
|
10,720
|
|
|
|
11,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
2,785,768
|
|
|
|
2,750,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
d) OTHER LIABILITIES FROM FINANCIAL TRANSACTIONS - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts payable for consumption
|
|
|
|
3,539,663
|
|
|
|
3,171,773
|
|
Other withholdings and collections at source
|
|
|
|
973,423
|
|
|
|
985,654
|
|
Collections and other operations for the account of third parties
|
|
|
|
930,911
|
|
|
|
1,778,719
|
|
Money orders payable
|
|
|
|
662,448
|
|
|
|
1,405,633
|
|
Fees collected in advance
|
|
|
|
242,574
|
|
|
|
131,299
|
|
Social security payment orders pending settlement
|
|
|
|
138,766
|
|
|
|
8,471
|
|
Pending Banelco debit transactions
|
|
|
|
83,878
|
|
|
|
143,161
|
|
Loans received from Fondo Tecnológico Argentina (FONTAR) and Banco de
Inversión y Comercio Exterior (BICE)
|
|
|
|
31,822
|
|
|
|
42,526
|
|
Funds raised from third parties
|
|
|
|
16,396
|
|
|
|
17,800
|
|
Accrued commissions payable
|
|
|
|
8,745
|
|
|
|
4,705
|
|
Loans received from Interamerican Development Bank (IDB)
|
|
|
|
5,433
|
|
|
|
6,983
|
|
Other
|
|
|
|
142,918
|
|
|
|
51,042
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
6,776,977
|
|
|
|
7,747,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
e) OTHER LIABILITIES – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accrued taxes
|
|
|
|
1,606,192
|
|
|
|
866,450
|
|
Miscellaneous payables
|
|
|
|
1,103,711
|
|
|
|
868,507
|
|
Amounts collected in advance
|
|
|
|
856,962
|
|
|
|
808,695
|
|
Accrued salaries and payroll taxes
|
|
|
|
787,622
|
|
|
|
684,949
|
|
Other
|
|
|
|
4,079
|
|
|
|
3,827
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
4,358,566
|
|
|
|
3,232,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 63 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
12-31-2015
|
|
|
|
|
|
|
|
f) MEMORANDUM ACCOUNTS – DEBIT – CONTROL – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items in safekeeping
|
|
|
|
119,785,235
|
|
|
|
84,155,252
|
|
Securities representative of investment in custody safekeeping on behalf
of the Guarantee Fund for the Sustainability of the Pay-as-you-go System
managed by the Argentine Republic
|
|
|
|
72,000,582
|
|
|
|
25,005,318
|
|
Checks not yet credited
|
|
|
|
7,369,752
|
|
|
|
5,385,156
|
|
Collections items
|
|
|
|
1,204,353
|
|
|
|
538,366
|
|
Checks drawn on the Bank pending clearing
|
|
|
|
1,083,818
|
|
|
|
666,247
|
|
Cash in custody on behalf of the BCRA
|
|
|
|
360,000
|
|
|
|
1,009,188
|
|
Other
|
|
|
|
213,000
|
|
|
|
202,445
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
202,016,740
|
|
|
|
116,961,972
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
09-30-2015
|
|
|
|
|
|
|
|
g) SERVICE CHARGE INCOME - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions for hiring of insurances
|
|
|
|
461,996
|
|
|
|
437,484
|
|
Rental of safe-deposit boxes
|
|
|
|
170,741
|
|
|
|
136,790
|
|
Commissions on debit and credit cards
|
|
|
|
142,304
|
|
|
|
68,133
|
|
Commissions for escrow
|
|
|
|
37,727
|
|
|
|
15,881
|
|
Commissions of transportation of values
|
|
|
|
36,540
|
|
|
|
31,213
|
|
Commissions for capital market transactions
|
|
|
|
24,397
|
|
|
|
17,653
|
|
Commissions for loans and guaranties
|
|
|
|
19,273
|
|
|
|
33,124
|
|
Commissions earned by direct debt
|
|
|
|
17,468
|
|
|
|
12,298
|
|
Postal expenses recovery
|
|
|
|
13,802
|
|
|
|
10,346
|
|
Commissions for interbanking services
|
|
|
|
13,210
|
|
|
|
9,219
|
|
Commissions for saving accounts
|
|
|
|
10,710
|
|
|
|
3,346
|
|
Recovery of tax settlement expenses of residents abroad
|
|
|
|
9,737
|
|
|
|
3,585
|
|
Commissions for salary payment
|
|
|
|
8,892
|
|
|
|
7,597
|
|
Commissions for Francés Net Cash
|
|
|
|
6,443
|
|
|
|
5,781
|
|
Commissions for transfers
|
|
|
|
6,133
|
|
|
|
5,813
|
|
Commissions for trust management
|
|
|
|
603
|
|
|
|
1,300
|
|
Other
|
|
|
|
45,856
|
|
|
|
15,557
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
1,025,832
|
|
|
|
815,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 64 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
09-30-2015
|
|
|
|
|
|
|
|
h) SERVICE CHARGE EXPENSE - Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Turn-over tax
|
|
|
|
399,444
|
|
|
|
297,285
|
|
Insurance paid on lease transactions
|
|
|
|
145,931
|
|
|
|
107,785
|
|
Other
|
|
|
|
42,904
|
|
|
|
18,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
588,279
|
|
|
|
423,990
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
i) OTHER INCOME – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income tax (1)
|
|
|
|
317,657
|
|
|
|
59,000
|
|
Income from the Credit Card Guarantee Fund
|
|
|
|
119,723
|
|
|
|
44,149
|
|
Tax recovery
|
|
|
|
39,945
|
|
|
|
6,130
|
|
Related parties expenses recovery
|
|
|
|
29,101
|
|
|
|
45,126
|
|
Interest on loans to personnel
|
|
|
|
20,423
|
|
|
|
21,750
|
|
Income from payment orders
|
|
|
|
18,943
|
|
|
|
90
|
|
Other
|
|
|
|
51,132
|
|
|
|
4,360
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
596,924
|
|
|
|
180,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Offset by the same amount recorded in the account Charge
for uncollectibility of other receivable and other allowances from other expense category.
|
|
j) OTHER EXPENSE – Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance losses
|
|
|
|
20,687
|
|
|
|
10,894
|
|
Donations
|
|
|
|
16,168
|
|
|
|
15,287
|
|
Turn-over tax
|
|
|
|
14,350
|
|
|
|
7,791
|
|
Private health insurance for former employees
|
|
|
|
12,916
|
|
|
|
10,906
|
|
Expense form the Credit Card Guarantee Fund
|
|
|
|
5,555
|
|
|
|
140
|
|
Unrecoverable legal costs
|
|
|
|
4,479
|
|
|
|
123
|
|
Charges for administrative, disciplinary and criminal penalties
|
|
|
|
--,--
|
|
|
|
48,817
|
|
Other
|
|
|
|
45,787
|
|
|
|
29,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
119,942
|
|
|
|
122,861
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 65 -
|
|
|
EXHIBIT I
CONSOLIDATED CLASSIFICATION OF FINANCING FACILITIES BY
CATEGORIES AND GUARANTIES RECEIVED
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
COMMERCIAL PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal performance
|
|
|
39,707,036
|
|
|
|
27,579,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “A”
|
|
|
1,703,308
|
|
|
|
1,715,283
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
1,430,860
|
|
|
|
1,280,428
|
|
|
Without senior security or counter guaranties
|
|
|
36,572,868
|
|
|
|
24,583,438
|
|
|
|
|
|
|
With special follow-up
|
|
|
130,056
|
|
|
|
15,957
|
|
|
|
|
|
|
|
|
|
|
|
|
Under observation
|
|
|
122,622
|
|
|
|
8,788
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
101,978
|
|
|
|
5,419
|
|
|
Without senior security or counter guaranties
|
|
|
20,644
|
|
|
|
3,369
|
|
|
|
|
|
|
Negotiations for recovery or re-financing agreements underway
|
|
|
7,434
|
|
|
|
7,169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
6,431
|
|
|
|
859
|
|
|
Without senior security or counter guaranties
|
|
|
1,003
|
|
|
|
6,310
|
|
|
|
|
|
|
Con problemas
|
|
|
3,773
|
|
|
|
1,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Con garantías y contragarantías preferidas “B”
|
|
|
--,--
|
|
|
|
683
|
|
|
Sin garantías ni contragarantías preferidas
|
|
|
3,773
|
|
|
|
332
|
|
|
|
|
|
|
With high risk of uncollectibility
|
|
|
11,055
|
|
|
|
13,134
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
7,105
|
|
|
|
7,105
|
|
|
Without senior security or counter guaranties
|
|
|
3,950
|
|
|
|
6,029
|
|
|
|
|
|
|
Uncollectible
|
|
|
5,619
|
|
|
|
5,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Without senior security or counter guaranties
|
|
|
5,619
|
|
|
|
5,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
39,857,539
|
|
|
|
27,614,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 66 -
|
|
|
|
|
|
|
|
|
|
|
|
EXHIBIT I
(Contd.)
|
CONSOLIDATED CLASSIFICATION OF FINANCING FACILITIES BY
CATEGORIES AND GUARANTIES RECEIVED
AS OF SEPTEMBER 30, 2016 AND DECEMBER 31, 2015
(Translation of financial statements originally issued in Spanish - See note 21)
-Stated in thousands of pesos-
|
|
|
|
|
|
|
|
|
|
|
|
|
09.30.16
|
|
|
12.31.15
|
|
|
|
|
|
|
CONSUMER AND HOUSING PORTFOLIO
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Normal performance
|
|
|
35,409,018
|
|
|
|
33,605,457
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred collaterals and counter guaranties “A”
|
|
|
10,264
|
|
|
|
18,075
|
|
|
Preferred collaterals and counter guaranties “B”
|
|
|
4,837,920
|
|
|
|
4,571,601
|
|
|
Without senior security or counter guaranties
|
|
|
30,560,834
|
|
|
|
29,015,781
|
|
|
|
|
|
|
Low Risk
|
|
|
337,558
|
|
|
|
254,741
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
67,384
|
|
|
|
59,473
|
|
|
Without senior security or counter guaranties
|
|
|
270,174
|
|
|
|
195,268
|
|
|
|
|
|
|
Medium Risk
|
|
|
319,702
|
|
|
|
192,418
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
16,717
|
|
|
|
16,513
|
|
|
Without senior security or counter guaranties
|
|
|
302,985
|
|
|
|
175,905
|
|
|
|
|
|
|
High Risk
|
|
|
240,021
|
|
|
|
129,879
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
25,734
|
|
|
|
19,573
|
|
|
Without senior security or counter guaranties
|
|
|
214,287
|
|
|
|
110,306
|
|
|
|
|
|
|
Uncollectible
|
|
|
39,502
|
|
|
|
41,604
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
19,068
|
|
|
|
22,370
|
|
|
Without senior security or counter guaranties
|
|
|
20,434
|
|
|
|
19,234
|
|
|
|
|
|
|
Uncollectible, classified as such under regulatory requirements
|
|
|
119
|
|
|
|
140
|
|
|
|
|
|
|
|
|
|
|
|
|
Other collaterals and counter guaranties “B”
|
|
|
65
|
|
|
|
74
|
|
|
Without senior security or counter guaranties
|
|
|
54
|
|
|
|
66
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
|
|
36,345,920
|
|
|
|
34,224,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GENERAL TOTAL (1)
|
|
|
76,203,459
|
|
|
|
61,839,000
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Items included: Loans (before allowances): Other receivables from financial transactions; Unlisted
corporate bonds and Other receivables by debtor classification regulations; Receivables from financial leases(before allowances); Memorandum accounts – Credit – Contingent: Credit lines granted (unused portion) covered by debtor
classification regulations, Other guaranties given covered by debtor classification regulations and Other covered by debtor classification regulations.
|
|
|
|
|
|
|
|
|
- 67 -
|
|
|
INFORMATIVE SUMMARY OF ACTIVITY FOR THE NINE MONTH PERIOD
ENDED ON SEPTEMBER 30, 2016
(Consolidated amounts – Stated in thousand Pesos)
BBVA Francés continues to be focused on improving the experiences of clients during each one of their contacts with the
Bank. To this end, the Entity has a broad distribution model with countrywide presence and a network of 302 customer service points. Out of these, 251 are retail banking branches and 34 are branches that specialize in small and medium enterprises
and institutions. Corporate banking, in turn, is divided into industry sectors: Consumption, Heavy Industries and Energy that interact with large enterprises on a personalized basis. To supplement its distribution network, BBVA Francés has 15
banks on an “on the premises” modality, 1 point of sales, 1 point of Express customer service, 691 automatic teller machines and 776 self-service terminals. As of September 30, 2016, the total headcount of the bank and its subsidiaries was
6114 persons.
Regarding the performance of the Bank in terms of activity, the Bank’s portfolio of loans to the
private sector totaled 72,613,345 as of September 30, 2016, which points to an 42.6% growth rate in the last twelve months, while during the quarter the growth rate was of 8%.
In commercial terms, the bank continued to offer a high range of benefits and experiences to their customers, sponsoring
shows, events and highlights shows.
Maintaining its alliance with LATAM, he continued to promote the unique benefits of
the exchange program kilometers LATAM Pass by national, international flights and a wide range of products.
Continuing
its strategy of being recognized as the soccer bank, BBVA Francés remained sponsor of wellknown football teams and continued to offer unique experiences to its customers, including the #futbolnonstop campaign and experience “Blue and
Gold”, stood out aimed at the children of bank customers who are between 10 and 18 years, who were offered the opportunity to live an experience as if they were players from lower divisions.
In the consumer segment, growth was 27% last year, mainly driven by increased credit card portfolio, which grew 34.3% in that
period, while during the quarter a rise of 3.8% was recorded, supported by an increase in the personal loan portfolio, which grew 7.8% in the last three months.
While the commercial portfolio in the last year recorded an increase of 62.4% and 13.3% in the quarter, based mainly on major
foreign trade operations.
Regarding asset quality, the Bank has been able to maintain the best indicators of the
Argentine financial system, in an environment that has shown signs of deterioration. The portfolio quality ratio (non-performing Financing / Total financing) was 0.81 %, with a coverage ratio (total allowances / non-performing Financing) of 250.14 %
at the end of the period.
As of September 30, 2016, the portfolio of Government securities, totaled 3,325,061 and
represented 2.5% of the Bank’s Total assets, while the instruments issued by the Argentine Central Bank, net of repurchase agreements, totaled 9,437,491 as of that date and since they are short-term, they are used in order to allocate
liquidity.
As to liabilities, total clients’ resources totaled 91,904,217, indicative of 45.4% growth in the last
twelve months. By kind of product, in the same period, sight deposits grew by 49.4% and term deposits grew by 36.8%. While in the quarter, total deposits recorded a minimal decrease.
|
|
|
|
|
|
|
|
|
- 68 -
|
|
|
BBVA Francés maintains sufficient levels of liquidity and solvency. As
of September 30, 2016, liquid assets (Cash and cash equivalents plus Government and Private securities) represented 47.3% of the Bank’s deposits. Besides, the capital ratio was at 14.3% of risk-weighted assets. The Bank surpassed capital
minimum requirements by 6,820,549.
BBVA Francés reached a cumulative gain to September 30, 2016 of $ 3,061
million, a return on equity of 19.3% and a return on assets of 2.3%. The result for the quarter was a gain of $ 933 million, a slight decline both compared to the same quarter of 2015 as in the previous quarter.
Net financial income grew 21.9% compared to the third quarter of 2015, this growth mainly results from higher profits
generated by the intermediation with the private sector and quotation differences, which was partially offset by lower results from the portfolio of government securities and higher expenses. Compared to the previous quarter, down 15.2% due to lower
revenues generated by the portfolio of government securities it was recorded.
The provision for loan losses increased
compared to the same quarter of 2015 resulted from higher volume of loans and the deterioration of the portfolio, while a decrease from the previous quarter was recorded, due to a significant improvement collection management and minor
transfers to arrears.
Net Income from services recorded increases of 36.5% and 28.2% both compared to the same quarter of
2015 as compared to the previous quarter, respectively.
While administrative expenses grew 44.6% in comparison to the
third quarter of 2015 and 7.2% regarding the quarter under review.
Outlook
BBVA Francés recognizes that the current environment is undoubtedly complex but that it presents many opportunities at
the same time. Within this framework, clients are increasingly heterogeneous – individuals and businesses, digital and “traditional” – and BBVA Francés faces the daily challenge of serving and satisfying the needs of them
all.
Not only does the Entity face challenges in connection with its clients, but it also has to take other players into
account.
Therefore, BBVA Francés has defined the 2016-2018 Strategic Plan putting special emphasis on key
priorities, namely:
|
|
•
|
|
Setting
new standards for user experience
, providing superior digital platforms, enhancing and
increasing interactions with clients and non-clients, offering differential product experiences, and developing more efficient client service and distribution models, while also ensuring a larger scope.
|
|
|
•
|
|
Driving the
acquisition of new digital clients
(web + mobile) to boost digital sales by developing a
set of new products with high potential.
|
|
|
•
|
|
Designing
new business models
and leveraging the Strategic Partner model (LAN, PSA, ROMBO, VW, etc.) to
offer larger scale products and services, seeking to engage new clients.
|
|
|
•
|
|
Taking a
business management multivariable approach
that embraces revenues and sales generation, costs
and investments, risk premium and service quality to optimize capital allocations in a more assertive fashion.
|
|
|
•
|
|
Adjusting the models, processes and structures to continue achieving the
best efficiency ratio in the
financial system.
The Entity will focus on enhancing productivity to engage clients in a more efficient manner and on increasing product profitability, by adding productivity-adjusted resources with positive impact on service quality.
|
|
|
|
|
|
|
|
|
|
- 69 -
|
|
|
CONSOLIDATED BALANCE SHEET STRUCTURE COMPARED TO THE SAME PERIODS IN PRIOR FISCAL YEARS
(Stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
|
09-30-2015
|
|
|
09-30-2014
|
|
|
09-30-2013
|
|
|
09-30-2012
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
130,932,897
|
|
|
|
92,177,134
|
|
|
|
74,947,272
|
|
|
|
54,978,499
|
|
|
|
41,584,172
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
114,667,119
|
|
|
|
79,350,232
|
|
|
|
65,182,951
|
|
|
|
48,529,926
|
|
|
|
36,617,481
|
|
|
|
|
|
|
|
|
|
Minority Interest in subsidiaries
|
|
|
388,148
|
|
|
|
298,800
|
|
|
|
246,802
|
|
|
|
156,324
|
|
|
|
109,689
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
|
15,877,630
|
|
|
|
12,528,102
|
|
|
|
9,517,519
|
|
|
|
6,292,249
|
|
|
|
4,857,002
|
|
|
|
|
|
|
|
|
|
Total Liabilities + Minority Interest in
subsidiaries + Stockholders’ Equity
|
|
|
130,932,897
|
|
|
|
92,177,134
|
|
|
|
74,947,272
|
|
|
|
54,978,499
|
|
|
|
41,584,172
|
|
|
|
|
|
|
|
|
|
|
- 70 -
|
|
|
CONSOLIDATED STATEMENT OF INCOME STRUCTURE COMPARED TO THE SAME PERIODS IN PRIOR FISCAL YEARS
(Stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
|
09-30-2015
|
|
|
09-30-2014
|
|
|
09-30-2013
|
|
|
09-30-2012
|
|
|
|
|
|
|
|
|
|
Net financial income
|
|
|
9,170,396
|
|
|
|
6,587,358
|
|
|
|
5,638,654
|
|
|
|
3,390,837
|
|
|
|
2,687,626
|
|
|
|
|
|
|
|
|
|
Allowances for loan losses
|
|
|
(723,815)
|
|
|
|
(439,476)
|
|
|
|
(422,340)
|
|
|
|
(311,521)
|
|
|
|
(156,033)
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
|
3,246,377
|
|
|
|
2,714,330
|
|
|
|
2,430,573
|
|
|
|
1,831,070
|
|
|
|
1,329,835
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
|
(6,701,363)
|
|
|
|
(4,703,610)
|
|
|
|
(4,128,857)
|
|
|
|
(2,904,710)
|
|
|
|
(2,194,323)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net gain from financial transactions
|
|
|
4,991,595
|
|
|
|
4,158,602
|
|
|
|
3,518,030
|
|
|
|
2,005,676
|
|
|
|
1,667,105
|
|
|
|
|
|
|
|
|
|
Miscellaneous income and expenses – net
|
|
|
197,514
|
|
|
|
29,875
|
|
|
|
196,145
|
|
|
|
41,269
|
|
|
|
16,446
|
|
|
|
|
|
|
|
|
|
Results of minority interest in subsidiaries
|
|
|
(94,821)
|
|
|
|
(96,734)
|
|
|
|
(74,407)
|
|
|
|
(38,343)
|
|
|
|
(25,951)
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
|
(2,033,021)
|
|
|
|
(1,495,517)
|
|
|
|
(1,249,629)
|
|
|
|
(848,289)
|
|
|
|
(668,855)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
3,061,267
|
|
|
|
2,596,226
|
|
|
|
2.390,139
|
|
|
|
1,160,313
|
|
|
|
988,745
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 71 -
|
|
|
CONSOLIDATED CASH FLOWS STRUCTURE COMPARED TO THE SAME PERIODS IN PRIOR FISCAL YEARS
(Stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
|
09-30-2015
|
|
|
09-30-2014
|
|
|
09-30-2013
|
|
|
09-30-2012
|
|
|
|
|
|
|
|
|
|
Net cash flow provided by operating activities
|
|
|
6,644,503
|
|
|
|
3,510,633
|
|
|
|
1,065,138
|
|
|
|
1,149,903
|
|
|
|
1,133,705
|
|
|
|
|
|
|
|
|
|
Net cash flow used in investment activities
|
|
|
(1,262,832
|
)
|
|
|
(1,014,942
|
)
|
|
|
(990,858
|
)
|
|
|
(992,969
|
)
|
|
|
(425,122
|
)
|
|
|
|
|
|
|
|
|
Net cash flow used in financing activities
|
|
|
(2,967,873
|
)
|
|
|
(1,394,829
|
)
|
|
|
(363,113
|
)
|
|
|
(801,303
|
)
|
|
|
(578,978
|
)
|
|
|
|
|
|
|
|
|
Financial results and results from holdings of cash and cash equivalents (including interest)
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
--,--
|
|
|
|
54
|
|
|
|
--,--
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cash provided / (used) during the period
|
|
|
2,413,798
|
|
|
|
1,100,862
|
|
|
|
(288,833
|
)
|
|
|
(644,315
|
)
|
|
|
129,605
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 72 -
|
|
|
STATISTICAL RATIOS COMPARED TO THE SAME PERIODS IN PRIOR FISCAL YEARS
(year-over-year variations in balances)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016/15
|
|
09-30-2015/14
|
|
09-30-2014/13
|
|
09-30-2013/12
|
|
09-30-2012/11
|
|
|
|
|
|
|
|
|
Total Loans
|
|
42.56%
|
|
23.07%
|
|
20.81%
|
|
31.24%
|
|
22.61%
|
|
|
|
|
|
|
|
|
Total Deposits
|
|
45.38%
|
|
27.10%
|
|
25.72%
|
|
27.34%
|
|
9.28%
|
|
|
|
|
|
|
|
|
Net Income
|
|
17.91%
|
|
8.62%
|
|
105.99%
|
|
17.35%
|
|
94.94%
|
|
|
|
|
|
|
|
|
Stockholders’ Equity
|
|
26.74%
|
|
31.63%
|
|
51.26%
|
|
29.55%
|
|
44.13%
|
|
|
|
|
|
|
|
|
|
- 73 -
|
|
|
RATIOS COMPARED TO THE SAME PERIODS IN PRIOR FISCAL YEARS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
09-30-2016
|
|
09-30-2015
|
|
09-30-2014
|
|
09-30-2013
|
|
09-30-2012
|
|
|
|
|
|
|
|
|
Solvency (1)
|
|
13.80%
|
|
15.73%
|
|
14.55%
|
|
12.92%
|
|
13.22%
|
|
|
|
|
|
|
|
|
Liquidity (2)
|
|
47.29%
|
|
46.82%
|
|
44.63%
|
|
34.59%
|
|
37.45%
|
|
|
|
|
|
|
|
|
Tied-up capital (3)
|
|
2.84%
|
|
2.88%
|
|
2.69%
|
|
2.32%
|
|
1.71%
|
|
|
|
|
|
|
|
|
Indebtedness (4)
|
|
7.25
|
|
6.36
|
|
6.87
|
|
7.74
|
|
7.56
|
(1) Total Shareholders’ equity/Liabilities (including minority interests in subsidiaries)
(2) Sum of Cash and due from Banks and Government and Private securities/Deposits
(3) Sum of Premises and equipment, other assets and Intangible assets/Assets
(4) Total Liabilities (including minority interests in subsidiaries)/Shareholders’ equity
|
|
|
|
|
|
|
|
|
|
Deloitte & Co. S.A.
Florida 234, 5° piso
C1005AAF
Ciudad Autónoma
de Buenos Aires
Argentina
Tel.: (+54-11) 4320-2700
Fax: (+54-11) 4325-8081/4326-7340
www.deloitte.com/ar
|
INDEPENDENT AUDITORS’ REVIEW REPORT
(Interim financial statements)
To the President
and the Board of Directors of
BBVA BANCO FRANCÉS S.A.
Reconquista 199
City of Buenos Aires
Report on interim financial statements
|
1.
|
Identification of the interim financial statements subject to review
|
We have reviewed:
|
|
a)
|
the accompanying interim stand-alone financial statements of BBVA BANCO FRANCÉS S.A. (“BBVA
Francés” or the “Bank”), which comprise the balance sheet as of September 30, 2016 and the statement of income, statement of changes in stockholders´ equity and cash and cash equivalents flow for the nine-month period
then ended and the supplemental information included in their notes 1 to 21, and the Exhibits “A” through “L”, “N” and “O”; and
|
|
|
b)
|
the accompanying interim consolidated financial statements of BBVA Francés and its subsidiaries (listed
in note 1 to the consolidated financial statements), which comprise the consolidated balance sheet as of September 30, 2016 and the consolidated statement of income and the consolidated cash and cash equivalents flow for the nine-month period then
ended, and the supplemental information included in their notes 1 to 7 and the Exhibit 1.
|
The figures
and other information for the year ended December 31, 2015 and for the nine-month period ended September 30, 2015 are an integral part of these interim financial statements and are intended to be read only in relation to those financial statements.
|
2.
|
Bank´s responsibility for the interim Financial Statements
|
The Bank is responsible for the preparation and fair presentation of such accompanying interim financial statements in
conformity with accounting standards established by the Argentine Central Bank (B.C.R.A.) applicable to financial institutions, as well as responsible of internal control considered necessary to enable the presentation of financial statements free
from material misstatement.
|
3.
|
Auditors’ responsibility
|
Our responsibility is to issue a conclusion on the accompanying interim financial statements based on our review. We conducted
our review in accordance with standards on review of interim financial statements established in section IV of the Technical Pronouncement N° 37 of the Argentine Federation of Professional Councils in Economic Sciences and the “Minimum
Standards applicable for External Audits” established by the Argentine Central Bank (B.C.R.A.) for the limited reviews of interim financial statements. Those standards require that we comply with ethical requirements.
A review of interim financial statements is substantially less in scope than an audit and consequently does not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an opinion on the financial position of the Bank as of September 30, 2016, on the results of its operations,
the changes in its stockholders´ equity and its cash and cash equivalents flow for the nine-month period then ended.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial
statements of BBVA Francés both stand-alone and consolidated with its subsidiaries companies corresponding to the nine-month period ended on September 30, 2016, are not presented fairly, in all material respects, in accordance with accounting
standards established by B.C.R.A.
|
5.
|
Emphasis on certain issues disclosed in the financial statements
|
The interim stand-alone and consolidated financial statements referred to in paragraphs a) and b) of caption 1 of this report
have been prepared by the Bank in accordance with the accounting standards established by the B.C.R.A., which differ from the Argentine professional accounting standards concerning the matters indicated in note 3 to the stand-alone financial
statements and in note 2 to the consolidated financial statements. This issue does not modify the conclusion expressed in caption 4.
|
6.
|
English translation of statutory financial statements
|
This report and the financial statements referred to in caption 1 have been translated into English for the convenience of
English-speaking readers. As further explained in note 21 to the accompanying stand-alone financial statements, the financial statements (both the stand-alone and the consolidated financial statements) are the English translation of those originally
prepared by the Bank in Spanish and presented in accordance with the accounting standards of B.C.R.A. and except for the matters described in caption 5, with the Argentine professional accounting standards. The effects of the differences between the
accounting standards of BCRA and the countries in which the financial statements are to be used have not been quantified. Accordingly, the accompanying financial statements are not intended to present the financial position, results of operations,
stockholders’ equity or cash and cash equivalents flow in accordance with accounting principles generally accepted in the countries of users of the financial statements, other than Argentina.
City of Buenos Aires, November 9, 2016.
MARCELO BASTANTE
Partner
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network
of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see
www.deloitte.com/about
for a more detailed description of DTTL and its member firms.
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 French Bank S.A.
|
|
|
|
|
|
|
Date: November 22, 2016
|
|
|
|
By:
|
|
/s/ Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
|
Name:
|
|
Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
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