FORM
6-K
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule
13a-16
or
15d-16
of the Securities Exchange Act of 1934
For the month of February 2017
Commission File Number:
001-12568
BBVA French Bank S.A.
(Translation of registrant’s name into English)
Reconquista
199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover of Form
20-F
or Form
40-F:
Form
20-F ☒ Form
40-F ☐
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form
6-K
in paper as permitted by Regulation
S-T
Rule 101(b)(7):
Yes ☐ No ☒
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the
Commission pursuant to Rule
12g3-2(b)
under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule
12g3-2(b):
N/A
BBVA Banco Francés S.A.
TABLE OF CONTENTS
Buenos Aires, February 10, 2017 – BBVA Banco Frances S.A. (BBVA Francés)
(NYSE: BFR.N; BCBA: FRAN.BA; LATIBEX: BFR.LA) reports consolidated
fourth quarter earnings for fiscal year 2016.
Highlights
|
|
•
|
|
As of December 31, 2016, BBVA Francés reached a cumulative net income of AR$ 3.6 billion, registering a return on equity (ROE) of 24.1% and a return on assets (ROA) of 2.8%.
|
|
|
•
|
|
Net financial income increased by 31.5% in annual terms, mainly due to a greater intermediation with the private sector and higher gains generated by foreign exchange differences as a result of the release of the
foreign exchange market restrictions and a larger volume of foreign exchange trading, which was partially offset by an increase in financial expenses, due to higher average interest rates in 2016 compared to 2015 and a higher velocity of impact on
liabilities. It is important to highlight that both, the increase in the minimum cash requirement implemented since June 2016 and the higher stock of bills, which grew 115% during 2016, without the possibility of allocate it as part of the cash
requirement, had a negative impact in the net interest margin of approximately AR$ 360 million.
|
|
|
•
|
|
Net income from services grew 17.6% during 2016. Service charge expenses increased at a faster pace than service charge income, mainly due to higher fees paid related to discounts and promotions for credit card
purchases and campaigns to attract customers, generating an increase of more than 20,000 customers.
|
|
|
•
|
|
Administrative expenses increased by 44.8% over the previous year, mainly reflecting the growth in personnel expenses, consequence of wage increases and higher remunerations paid, which registered a growth of 100%
during the year, in addition to an 8% increase in the number of employees. General expenses increased due to higher volume of activity, general price increase, the depreciation of the currency and the higher tariffs.
|
|
|
•
|
|
In terms of activity, the private sector loan portfolio, net of allowance for loan losses, totaled AR$ 78.9 billion, increasing by 39.5% compared to December 2015, registering a 22 basis points increase in market
share, which reached 6.7% by the end of the year. Such increase was based mainly on higher commercial loans, which grew 67.5%, while consumer loans grew at a slower pace (21.8%).
|
|
|
•
|
|
BBVA Francés continues to maintain outstanding risk indicators in the Argentine financial system. The
non-performing
loan ratio
(non-performing
loans/total loans) reached 0.77%, while the coverage ratio
(provisions/non-performing
loans) reached 262.66% as of December 31, 2016.
|
|
|
•
|
|
In terms of liabilities, total deposits amounted AR$ 114.6 billion, an increase of 49.1% in the last twelve months, during which period sight accounts registered a significant performance, growing 48.8%, while term
deposits grew 13.8%. It is important to note that as a result of the implementation of the tax amnesty law, deposits denominated in foreign currency registered a significant increase in the last quarter of the year.
|
|
|
•
|
|
BBVA Francés maintains adequate levels of liquidity and solvency. As of December 31, 2016 liquid assets (cash and due from banks plus Argentine Central Bank (BCRA) bills and notes) represented 48.5% of the
Bank’s total deposits. The capital ratio reached 13.8% of weighted risk assets; with an excess of capital of AR$ 6.8 billion, which is 64.7% higher than the minimum regulatory requirements. Considering the additional buffer (3.5%), the
excess of capital would amount to AR$ 2.4 billion.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Income Statement (1)
in thousands of pesos except income per share, income per ADS and percentages
|
|
FY 2016
|
|
|
FY 2015
|
|
|
D
%
|
|
|
Net Financial Income
|
|
|
12,411,466
|
|
|
|
9,439,791
|
|
|
|
31.5
|
%
|
|
Provision for loan losses
|
|
|
(1,054,828
|
)
|
|
|
(637,017
|
)
|
|
|
65.6
|
%
|
|
Net income from services
|
|
|
4,322,799
|
|
|
|
3,675,056
|
|
|
|
17.6
|
%
|
|
Administrative expenses
|
|
|
(9,541,495
|
)
|
|
|
(6,588,199
|
)
|
|
|
44.8
|
%
|
|
Operating income
|
|
|
6,137,942
|
|
|
|
5,889,631
|
|
|
|
4.2
|
%
|
|
Income (loss) from equity investments
|
|
|
184,200
|
|
|
|
198,559
|
|
|
|
-7.2
|
%
|
|
Income (Loss) from Minority interest
|
|
|
(112,407
|
)
|
|
|
(131,029
|
)
|
|
|
-14.2
|
%
|
|
Other Income/Expenses
|
|
|
(116,689
|
)
|
|
|
(122,850
|
)
|
|
|
-5.0
|
%
|
|
Income tax
|
|
|
(2,449,374
|
)
|
|
|
(2,049,824
|
)
|
|
|
19.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
3,643,672
|
|
|
|
3,784,487
|
|
|
|
-3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (2)
|
|
|
6.8
|
|
|
|
7.0
|
|
|
|
-3.7
|
%
|
|
Net income per ADS (3)
|
|
|
20.4
|
|
|
|
21.1
|
|
|
|
-3.7
|
%
|
|
(1)
|
Exchange rate: AR$ 15.8502 Ps =1USD
|
|
(2)
|
Assumes 536,877,850 ordinary shares
|
|
(3)
|
Each ADSrepresents three ordinary shares
|
Regulatory changes
|
|
•
|
|
On October 21, 2016, the BCRA issued Communication “A” 6084 relating to “Line of financing for production and financial inclusion”, making some adjustments to the conditions for the quota
corresponding to the second half of 2016, and determined the guidelines for the quota for the first half of 2017. For 2017, it is expected that financial institutions will have to maintain from January 1, 2017 until June 30, 2017, minimum
balances equivalent to 18% (15.5% during the second half of 2016) of total private deposits in AR$, with a fixed annual interest rate which will decline from 22% to 17%.
|
|
|
•
|
|
On December 23, 2016, through “A” 6128, the BCRA increased the net global position in foreign currency from 15% to 25% of the computable regulatory capital (
Responsabilidad Patrimonial Computable
).
|
|
|
•
|
|
On January 6, 2017, the BCRA issued Communication “A” 6148 by which it repealed Communication “A” 5068 which prohibited payment of interest on current account balances, special current accounts
for legal persons and current accounts in cooperative credit unions. This enables financial institutions to pay their customers for deposits in current accounts with rates that may be agreed between the parties, as well as to agree on other form of
remuneration in addition to or replacing the interest rate. In addition, the minimum cash requirement on deposits in investment funds was eliminated.
|
|
|
•
|
|
On January 13, 2017, the BCRA issued Communication “A” 6150, eliminating the minimum term of permanence demanded for foreign currency income, invalidating the regulations included in the General
Regulations for Foreign Exchange Market, Financial Debts and foreign trading operations with
non-residents.
|
- 2 -
Conference Call
A conference call to discuss quarter earnings will
be held on Monday, February 13, 2017, at 10:00 am New York time – 12:00 pm Buenos Aires time. If you are interested in participating, please dial
0800-444-2930
(within Argentina)
+
1-877-317-6776
(within US)
+ 1 412 317 6776 (within rest of the countries)
Conference
ID: BBVA.
This conference will be recorded.
To ask for a digital replay, please dial:
+ 1 877 344 7529 (within U.S.)
+ 1 412 317 0088 (within the rest
of the countries)
The replay will be available until February 23, 2017.
Access code: 10100683
To access the webcast:
http://webcast.neo1.net/Cover.aspx?PlatformId=ca%2F5
sJgJi8cQ25%2FXriGaow%3D%3D
Link to view Q&A:
http://cw4.services.choruscall.com/contexweb
/ViewQA/loginSortQA.html
Access code: 10100683
Internet
This press release is also available at BBVA
Francés web site:
www.bbvafrances.com.ar
Contacts
Cecilia Acuña
Investor Relations
(5411) 4341-5036
ceciliaviviana.acuna@bbva.com
Diego Cesarini
Financial Management and Investor Relations
dcesarini@bbva.com
- 3 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
Main macroeconomic figures
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
GDP
|
|
var % y/y
|
|
|
—
|
|
|
|
-3.8
|
%
|
|
|
2.6
|
%
|
|
Inflation (1)
|
|
end of period var % y/y
|
|
|
41.0
|
%
|
|
|
43.1
|
%
|
|
|
26.9
|
%
|
|
|
end of period var % q/q
|
|
|
6.2
|
%
|
|
|
2.7
|
%
|
|
|
7.7
|
%
|
|
Exchange Rate
|
|
Pesos x US$
|
|
|
15.85
|
|
|
|
15.26
|
|
|
|
13.01
|
|
|
Reserves
|
|
US$
|
|
|
38,772
|
|
|
|
29,902
|
|
|
|
25,563
|
|
|
Fiscal Balance (2)
|
|
Primary (billion of pesos )
|
|
|
(136,318
|
)
|
|
|
(101,861
|
)
|
|
|
(88,109
|
)
|
|
Trade Balance
|
|
US$ (billion)
|
|
|
48
|
|
|
|
1,378
|
|
|
|
(1,727
|
)
|
|
Private Loans
|
|
Pesos
|
|
|
913,512
|
|
|
|
820,941
|
|
|
|
766,203
|
|
|
|
US$ (in US$)
|
|
|
9,073
|
|
|
|
8,146
|
|
|
|
2,968
|
|
|
Private Dposits
|
|
Pesos
|
|
|
1,154,087
|
|
|
|
1,044,830
|
|
|
|
911,070
|
|
|
|
US$ (in US$)
|
|
|
22,451
|
|
|
|
13,227
|
|
|
|
10,622
|
|
|
Interest Rate
|
|
Badlar (weigthed average quarterly)
|
|
|
21.1
|
%
|
|
|
24.6
|
%
|
|
|
24.2
|
%
|
|
(2)
|
Information for 4Q16 only includes October and November
|
2016 was a transition year in Argentina. The most relevant events were the normalization of the exchange market,
which began in December 2015, but with full effect in 2016, the arrangement with the holdouts, and the standardization of the National Institute of Statistics and Censuses (INDEC).
In addition, the delay in the rates for public utilities (water, gas, transportation) began to be regularized and in the fourth quarter of 2016, the Law of
Tax Amnesty was put into effect. As a result, in the first and second stage, assets of the order of USD 92 billion were declared. There was a
one-time
increase in income from the payment of the penalty
for sincere assets (amounting to approximately 1% of GDP in December). Beginning in 2017, new declared assets will be taxable, but according to the law, part of this income will be used to fund the historic reparations program for retirees.
Economic activity contracted to 3.8%
year-on-year
at the end of the third
quarter of 2016, due to the relative price changes resulting from the regularization of the economy.
Prices reflected the effects of both the devaluation resulting from the normalization of the exchange market and
the adjustment of tariffs, increasing by 6.2% in the fourth quarter of 2016 compared to the previous quarter and 41.0% annually, measured by the
IPC-CABA
(CPI of Ciudad Autónoma de Buenos Aires).
Inflation began a process of deceleration in the second half of the year.
The national public sector fiscal balance reached a primary deficit of AR $
359.4 billion during 2016, an increase of 52.9% compared to the deficit of AR $ 235.1 million in the previous year.
In the FX market, the peso
registered a 21.9% devaluation in the year, reaching an exchange rate of $ 15.85 / USD at the end of 2016.
Presentation of Financial
Information
|
|
•
|
|
Foreign currency balances as of December 31, 2016 have been translated into pesos at the reference exchange rate published by the BCRA at such date (AR$ 15.8502/ US$).
|
- 4 -
|
|
•
|
|
This press release contains unaudited financial information that consolidates all of the banking activities of BBVA Francés and its subsidiaries on a
line-by-line
basis. The Bank’s interest in the Consolidar Group –BBVA Consolidar Seguros S. A. and Consolidar AFJP (in liquidation)-, is shown as “Investments in other companies”
(recorded under the equity method) and the corresponding results are included in “Income from Equity Investments”.
|
|
|
•
|
|
Information contained in this press release may differ from the information published by the BBVA Group for Argentina, which is prepared according to Spanish accounting standards for all BBVA Group affiliates.
|
Financial Information
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Condensed Income Statement (1)
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except income per share, ADS and percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Net Financial Income
|
|
|
3,252,260
|
|
|
|
2,836,361
|
|
|
|
2,854,922
|
|
|
|
14.7
|
%
|
|
|
13.9
|
%
|
|
Provision for loan losses
|
|
|
(331,013
|
)
|
|
|
(226,335
|
)
|
|
|
(197,541
|
)
|
|
|
46.2
|
%
|
|
|
67.6
|
%
|
|
Net income from services
|
|
|
1,076,422
|
|
|
|
1,300,901
|
|
|
|
960,726
|
|
|
|
-17.3
|
%
|
|
|
12.0
|
%
|
|
Administrative expenses
|
|
|
(2,860,570
|
)
|
|
|
(2,373,439
|
)
|
|
|
(1,889,227
|
)
|
|
|
20.5
|
%
|
|
|
51.4
|
%
|
|
Operating income
|
|
|
1,137,099
|
|
|
|
1,537,488
|
|
|
|
1,728,880
|
|
|
|
-26.0
|
%
|
|
|
-34.2
|
%
|
|
Income (Loss) from equity investments
|
|
|
17,083
|
|
|
|
20,132
|
|
|
|
46,960
|
|
|
|
-15.1
|
%
|
|
|
-63.6
|
%
|
|
Income (Loss) from Minority interest
|
|
|
(13,547
|
)
|
|
|
(24,753
|
)
|
|
|
(34,593
|
)
|
|
|
-45.3
|
%
|
|
|
-60.8
|
%
|
|
Other Income/Expenses
|
|
|
(141,517
|
)
|
|
|
(4,163
|
)
|
|
|
1,780
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
Income tax and Minimum Presumed Tax
|
|
|
(416,713
|
)
|
|
|
(595,779
|
)
|
|
|
(554,766
|
)
|
|
|
-30.1
|
%
|
|
|
-24.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income for the period
|
|
|
582,405
|
|
|
|
932,925
|
|
|
|
1,188,261
|
|
|
|
-37.6
|
%
|
|
|
-51.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share (2)
|
|
|
1.08
|
|
|
|
1.74
|
|
|
|
2.21
|
|
|
|
-37.6
|
%
|
|
|
-51.0
|
%
|
|
Net income per ADS (3)
|
|
|
3.25
|
|
|
|
5.21
|
|
|
|
6.64
|
|
|
|
-37.6
|
%
|
|
|
-51.0
|
%
|
|
(1)
|
Exchange rate:AR$ 15.8502 Ps =1USD
|
|
(2)
|
Assumes 536,877,850 ordinary shares
|
|
(3)
|
Each ADS represents three ordinary shares
|
BBVA Francés reached a net income of AR$ 582.4 million during the fourth quarter of 2016.
Net income registered a decrease compared to both the same quarter of 2015 and to the previous quarter, such variation is mainly explained by:
|
|
•
|
|
Higher minimum cash requirement, applied since June 2016 and a higher stock of bills, which grew 115% during the year, without the possibility of allocating it as part of the cash requirement, impacted negatively in the
net interest margin by approximately AR$ 360 million.
|
|
|
•
|
|
Commercial campaign to attract customers, which resulted in higher service charge expenses.
|
|
|
•
|
|
Growth in personnel expenses as a consequence of wage increases and higher remunerations paid.
|
|
|
•
|
|
Higher charge in other income/expenses mainly due to higher provisions for other contingencies.
|
|
|
•
|
|
A higher effective income tax rate, mainly due to the fiscal adjustment of provisions for other contingencies and the fiscal revaluation of the Bogar 20 bond. In addition a new 15% tax over the results accrued by
foreign currency futures was applied, established by the new tax reform of December 2016.
|
- 5 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Main figures
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Return on Average Assets (1)
|
|
|
1.6
|
%
|
|
|
2.8
|
%
|
|
|
4.7
|
%
|
|
|
-42.0
|
%
|
|
|
-64.8
|
%
|
|
Return on Average Shareholders’ Equity (1)
|
|
|
14.4
|
%
|
|
|
24.2
|
%
|
|
|
36.2
|
%
|
|
|
-40.5
|
%
|
|
|
-60.2
|
%
|
|
Net interest assets
|
|
|
14.6
|
%
|
|
|
13.4
|
%
|
|
|
16.6
|
%
|
|
|
8.8
|
%
|
|
|
-12.0
|
%
|
|
Net fee Income as a % of Operating Income
|
|
|
24.9
|
%
|
|
|
31.4
|
%
|
|
|
25.2
|
%
|
|
|
-20.9
|
%
|
|
|
-1.2
|
%
|
|
Net fee Income as a % of Administrative Expenses
|
|
|
37.6
|
%
|
|
|
54.8
|
%
|
|
|
50.9
|
%
|
|
|
-31.3
|
%
|
|
|
-26.0
|
%
|
|
Adm. Expenses as a % of Recurrent Income (2)
|
|
|
66.1
|
%
|
|
|
57.4
|
%
|
|
|
49.5
|
%
|
|
|
15.2
|
%
|
|
|
33.5
|
%
|
|
(2)
|
Adm.Expenses / (Net financial income + Net income from services)
|
|
(3)
|
Net interest Margin: Financial Income-Financial Expenses / Average Interest-Earning Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial income
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Financial Income
|
|
|
5,540,183
|
|
|
|
5,472,394
|
|
|
|
4,998,740
|
|
|
|
1.2
|
%
|
|
|
10.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from financial intermediation
|
|
|
4,096,831
|
|
|
|
4,130,077
|
|
|
|
3,361,642
|
|
|
|
-0.8
|
%
|
|
|
21.9
|
%
|
|
CER adjustment
|
|
|
97,613
|
|
|
|
168,496
|
|
|
|
41,264
|
|
|
|
-42.1
|
%
|
|
|
136.6
|
%
|
|
Income from securities and short term investments
|
|
|
807,994
|
|
|
|
805,340
|
|
|
|
1,137,547
|
|
|
|
0.3
|
%
|
|
|
-29.0
|
%
|
|
Foreign exchange difference
|
|
|
458,312
|
|
|
|
240,758
|
|
|
|
31,654
|
|
|
|
90.4
|
%
|
|
|
1347.9
|
%
|
|
Others
|
|
|
79,433
|
|
|
|
127,723
|
|
|
|
426,633
|
|
|
|
-37.8
|
%
|
|
|
-81.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Expenses
|
|
|
-2,287,923
|
|
|
|
-2,636,033
|
|
|
|
-2,143,818
|
|
|
|
-13.2
|
%
|
|
|
6.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Income
|
|
|
3,252,260
|
|
|
|
2,836,361
|
|
|
|
2,854,922
|
|
|
|
14.7
|
%
|
|
|
13.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial income increased by 13.9% compared with the fourth quarter of 2015 and 14.7% compared with the
previous quarter.
As previously mentioned, the net financial income was affected by the negative impact generated by the increase in the minimum cash
requirement and a higher stock of bills.
Compared with the same quarter of 2015, financial income originated by the intermediation with the private
sector, increased by 21.9% while financial expenses increased at a slower pace (6.7%) in a context of declining interest rates.
During the quarter, private financial income remained stable whereas financial expenses registered a decline, as
a result of a better funding mix with sight accounts representing 57% of total deposits, and a 300 basis points decrease in the average Badlar interest rate, measure between September and December.
The foreign exchange difference line item registered a significant increase, both compared to the same quarter of 2015 and to the previous quarter, mainly due
to the release of the foreign exchange restrictions and the higher volume of foreign exchange trading.
- 6 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets & Interest-Bearing Liabilities
|
|
12-31-16
|
|
|
Quarter ended
09-30-16
|
|
|
12-31-15
|
|
|
(Averege in thouhand of AR$, except %)
|
|
Capital
|
|
|
Rate
|
|
|
Capital
|
|
|
Rate
|
|
|
Capital
|
|
|
Rate
|
|
|
Interest-Earning Assets
|
|
|
89,256,623
|
|
|
|
22.3
|
%
|
|
|
84,666,147
|
|
|
|
24.6
|
%
|
|
|
68,704,631
|
|
|
|
23.9
|
%
|
|
Public Bonds
|
|
|
13,856,830
|
|
|
|
22.4
|
%
|
|
|
15,277,977
|
|
|
|
27.5
|
%
|
|
|
13,145,961
|
|
|
|
22.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
75,399,793
|
|
|
|
22.3
|
%
|
|
|
69,388,170
|
|
|
|
24.1
|
%
|
|
|
55,558,670
|
|
|
|
24.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public Sector
|
|
|
84,345
|
|
|
|
32.1
|
%
|
|
|
79,681
|
|
|
|
53.6
|
%
|
|
|
59,210
|
|
|
|
27.4
|
%
|
|
Private Sector
|
|
|
71,210,254
|
|
|
|
22.7
|
%
|
|
|
66,146,262
|
|
|
|
24.6
|
%
|
|
|
52,968,288
|
|
|
|
24.2
|
%
|
|
Other interest-earning assets
|
|
|
4,105,194
|
|
|
|
17.6
|
%
|
|
|
3,162,228
|
|
|
|
22.4
|
%
|
|
|
2,531,171
|
|
|
|
27.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities
|
|
|
71,140,219
|
|
|
|
10.1
|
%
|
|
|
66,302,940
|
|
|
|
13.0
|
%
|
|
|
47,680,276
|
|
|
|
14.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Saving Accounts
|
|
|
31,695
|
|
|
|
0.1
|
%
|
|
|
26,790
|
|
|
|
0.1
|
%
|
|
|
17,138
|
|
|
|
0.2
|
%
|
|
Time Deposits
|
|
|
35,706,086
|
|
|
|
18.0
|
%
|
|
|
36,635,896
|
|
|
|
22.0
|
%
|
|
|
27,573,177
|
|
|
|
22.6
|
%
|
|
Debt Securities
|
|
|
1,777,296
|
|
|
|
25.6
|
%
|
|
|
1,663,467
|
|
|
|
29.2
|
%
|
|
|
1,459,887
|
|
|
|
27.2
|
%
|
|
Other interest-bearing liabilities
|
|
|
1,962,202
|
|
|
|
16.1
|
%
|
|
|
1,213,964
|
|
|
|
14.1
|
%
|
|
|
1,509,288
|
|
|
|
11.5
|
%
|
Income from Public and Private Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from securities and short-term investments
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Income from securities and short-term investments
|
|
|
801,183
|
|
|
|
794,614
|
|
|
|
1,133,458
|
|
|
|
0.8
|
%
|
|
|
-29.3
|
%
|
|
|
|
|
|
|
|
|
Income Interest Margin
|
|
|
659,167
|
|
|
|
871,502
|
|
|
|
697,741
|
|
|
|
-24.4
|
%
|
|
|
-5.5
|
%
|
|
Holdings booked at fair value
|
|
|
84,963
|
|
|
|
91,519
|
|
|
|
95,547
|
|
|
|
-7.2
|
%
|
|
|
-11.1
|
%
|
|
Holdings booked at amortized cost
|
|
|
1,746
|
|
|
|
453
|
|
|
|
—
|
|
|
|
285.8
|
%
|
|
|
n/a
|
|
|
Bills and Notes from the Central Bank
|
|
|
574,204
|
|
|
|
779,982
|
|
|
|
602,194
|
|
|
|
-26.4
|
%
|
|
|
-4.6
|
%
|
|
|
|
|
|
|
|
|
Income Financial Operations
|
|
|
87,427
|
|
|
|
-105,021
|
|
|
|
417,984
|
|
|
|
-183.2
|
%
|
|
|
-79.1
|
%
|
|
Holdings booked at fair value
|
|
|
76,294
|
|
|
|
(104,859
|
)
|
|
|
453,186
|
|
|
|
-172.8
|
%
|
|
|
-83.2
|
%
|
|
Holdings booked at amortized cost
|
|
|
(223
|
)
|
|
|
147
|
|
|
|
—
|
|
|
|
-251.7
|
%
|
|
|
n/a
|
|
|
Bills and Notes from the Central Bank
|
|
|
11,132
|
|
|
|
(162
|
)
|
|
|
(35,203
|
)
|
|
|
n/a
|
|
|
|
-131.6
|
%
|
|
|
|
|
|
|
|
|
Other fixed income securities
|
|
|
54,590
|
|
|
|
28,133
|
|
|
|
17,734
|
|
|
|
94.0
|
%
|
|
|
207.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CER adjustment
|
|
|
97,614
|
|
|
|
168,496
|
|
|
|
41,264
|
|
|
|
-42.1
|
%
|
|
|
136.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The public bond portfolio is valued at
mark-to-market
its total public bonds portfolio; consequently such income includes the unrealized losses/gains from variations in the valuations of the portfolio, or at
amortized cost, accordingly.
The Central Bank bills and notes portfolio is also valued at
mark-to-market
or at amortized cost.
On the other hand, other fixed
income securities are valued at cost plus the internal rate of returns (IRR).
It is important to mention that the results are classified as
(i) those recorded as interest margin, which correspond to the accrual of each bond at the internal rate of returns and (ii) those recorded in
financial operations, this line item includes the variation in market prices as well as the result originated by sales in the period.
The resulting income interest margin registered a decrease of 5.5% compared to the same quarter of 2015 and 24.4% compared to the previous quarter, such
variations are mainly related to the portfolio’ volume and lower rates.
The bills and notes issued by the Central Bank showed lower income due to
both, the impact of a lower rate as well as a lower portfolio volume as a result of an increase in the loan portfolio, the impact of the rise in the cash minimum requirement and a higher stock of bills.
- 7 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30 -16
|
|
|
12-31-15
|
|
|
Net income from services
|
|
|
1,076,422
|
|
|
|
1,300,901
|
|
|
|
960,726
|
|
|
|
-17.3
|
%
|
|
|
12.0
|
%
|
|
Service charge income
|
|
|
2,398,519
|
|
|
|
2,241,382
|
|
|
|
1,742,896
|
|
|
|
7.0
|
%
|
|
|
37.6
|
%
|
|
Service charges on deposits accounts
|
|
|
430,468
|
|
|
|
392,719
|
|
|
|
327,449
|
|
|
|
9.6
|
%
|
|
|
31.5
|
%
|
|
Credit cards and operations
|
|
|
1,000,246
|
|
|
|
998,318
|
|
|
|
746,804
|
|
|
|
0.2
|
%
|
|
|
33.9
|
%
|
|
Insurance
|
|
|
170,554
|
|
|
|
162,817
|
|
|
|
150,501
|
|
|
|
4.8
|
%
|
|
|
13.3
|
%
|
|
Capital markets and securities activities
|
|
|
16,533
|
|
|
|
25,547
|
|
|
|
22,617
|
|
|
|
-35.3
|
%
|
|
|
-26.9
|
%
|
|
Fees related to foreign trade
|
|
|
70,283
|
|
|
|
64,812
|
|
|
|
47,933
|
|
|
|
8.4
|
%
|
|
|
46.6
|
%
|
|
Safety deposit box
|
|
|
74,569
|
|
|
|
65,730
|
|
|
|
52,028
|
|
|
|
13.4
|
%
|
|
|
43.3
|
%
|
|
Services of collection
|
|
|
39,283
|
|
|
|
35,549
|
|
|
|
30,826
|
|
|
|
10.5
|
%
|
|
|
27.4
|
%
|
|
Generated by subsidiaries
|
|
|
205,153
|
|
|
|
129,140
|
|
|
|
110,164
|
|
|
|
58.9
|
%
|
|
|
86.2
|
%
|
|
Other fees
|
|
|
391,430
|
|
|
|
366,750
|
|
|
|
254,574
|
|
|
|
6.7
|
%
|
|
|
53.8
|
%
|
|
Services Charge expense
|
|
|
(1,322,097
|
)
|
|
|
(940,481
|
)
|
|
|
(782,170
|
)
|
|
|
40.6
|
%
|
|
|
69.0
|
%
|
Net income from services increased by 37.6% compared with the same quarter of 2015 and 7% with the previous
quarter, such growth was based on higher fees for credit cards and fees associated with deposit accounts.
Service charge expenses grew 69% compared to
the same quarter of 2015 and 40.6% in the last quarter. The annual increase is explained by higher fees associated with the LATAM Pass kilometers program and discounts and promotions for purchases with credit cards. The quarterly variation is mainly
due to higher charges related with the
campaign to attract customers, generating an increase of more than 20,000 customers.
Lastly, it is
important to mention that in line with Communication “A” 5928 issued by the BCRA, as of September 1, 2016 certain changes affecting insurance were introduced. The Protection Law of Financial Users establishes the prohibition to
receive from users any type of commission and/or charge linked to debt life insurance accounts, and obligates financial institutions to assume this cost, generating higher commissions paid in 2016.
- 8 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D
% quarter ended 12-31-16 vs
|
|
|
Administrative expenses
|
|
Quarter ended
|
|
|
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Administrative expenses
|
|
|
(2,860,570
|
)
|
|
|
(2,373,439
|
)
|
|
|
(1,889,227
|
)
|
|
|
20.5
|
%
|
|
|
51.4
|
%
|
|
Personnel expenses
|
|
|
(1,694,758
|
)
|
|
|
(1,335,778
|
)
|
|
|
(1,079,365
|
)
|
|
|
26.9
|
%
|
|
|
57.0
|
%
|
|
Electricity and Communications
|
|
|
(59,685
|
)
|
|
|
(59,459
|
)
|
|
|
(29,050
|
)
|
|
|
0.4
|
%
|
|
|
105.5
|
%
|
|
Advertising and Promotion
|
|
|
(106,078
|
)
|
|
|
(102,929
|
)
|
|
|
(72,742
|
)
|
|
|
3.1
|
%
|
|
|
45.8
|
%
|
|
Fees and external administrative services
|
|
|
(45,649
|
)
|
|
|
(45,089
|
)
|
|
|
(35,726
|
)
|
|
|
1.2
|
%
|
|
|
27.8
|
%
|
|
Taxes
|
|
|
(265,956
|
)
|
|
|
(237,145
|
)
|
|
|
(193,002
|
)
|
|
|
12.1
|
%
|
|
|
37.8
|
%
|
|
Organization and development expenses
|
|
|
(20,555
|
)
|
|
|
(19,448
|
)
|
|
|
(18,890
|
)
|
|
|
5.7
|
%
|
|
|
8.8
|
%
|
|
Amortizations
|
|
|
(73,633
|
)
|
|
|
(62,980
|
)
|
|
|
(50,160
|
)
|
|
|
16.9
|
%
|
|
|
46.8
|
%
|
|
Rents
|
|
|
(108,211
|
)
|
|
|
(93,700
|
)
|
|
|
(73,295
|
)
|
|
|
15.5
|
%
|
|
|
47.6
|
%
|
|
Expenses of maintainance, conservation and repairs
|
|
|
(104,528
|
)
|
|
|
(85,485
|
)
|
|
|
(78,259
|
)
|
|
|
22.3
|
%
|
|
|
33.6
|
%
|
|
Security Service
|
|
|
(66,610
|
)
|
|
|
(68,533
|
)
|
|
|
(50,998
|
)
|
|
|
-2.8
|
%
|
|
|
30.6
|
%
|
|
Carriage of valuablre
|
|
|
(145,398
|
)
|
|
|
(118,129
|
)
|
|
|
(85,536
|
)
|
|
|
23.1
|
%
|
|
|
70.0
|
%
|
|
Other
|
|
|
(169,509
|
)
|
|
|
(144,764
|
)
|
|
|
(122,204
|
)
|
|
|
17.1
|
%
|
|
|
38.7
|
%
|
Administrative expenses grew 51.4% and 20.5% compared to the same quarter of 2015 and the previous quarter,
respectively.
Personnel expenses increased by 57% compared to the quarter ended December 31, 2015 mainly due to wage increases and higher
remunerations paid, which increased 100% compared to what was paid in the previous year, together with an 8% increase in the number of employees.
In the
quarterly comparison, personnel expenses increase by 26.9% mainly recording the payment of the fixed amount according to salary agreements and the end of
the-year-compensation.
General expenses, increased 44% annually and 12.4% during the quarter. The annual increase was mainly due to higher expenditures in: carriage of valuables,
advertising and promotion, electricity and communications and taxes. It is important to mention that general expenses grew due to a higher volume of activity, the general increase in prices, the depreciation of the currency and the increase in
tariffs.
During the fourth quarter, higher charges for carriage of valuables, taxes and maintenance expenses explained the growth.
BBVA Francés continues to focus on improving the customers experience in each moment of contact
with the Bank. To that end, the branch office network totaled 302 offices, including 251 consumer branch offices and 34 branch offices specializing in SMEs and institutions. Corporate banking is
divided by industries: consumption, heavy industries and oil and gas, providing personalized attention to large corporations. Complementing its distribution network, the Bank had 15
in-company
branches, 1
point of sale outlet and 1 express point, 728 ATM’s and 789 self-service terminals (ATS). As of December 31, 2016 the Bank had 6,265 employees.
Other Income / Expenses
Other income/expenses totaled a loss of AR$ 141.5 million during the fourth quarter of 2016, mainly due to higher provisions for other contingencies and
lower recovery loans.
Income from Equity Investments
Income from equity investments sets forth net
income from related companies that are not consolidated. During the fourth quarter of 2016, a gain of AR$ 17.8 million was recorded, mainly due to the stake held by BBVA Francés in BBVA Insurance.
- 9 -
Balance and activity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Private & Financial sector loans in $
|
|
|
66,472,453
|
|
|
|
60,724,382
|
|
|
|
52,610,796
|
|
|
|
9.5
|
%
|
|
|
26.3
|
%
|
|
Advances
|
|
|
9,540,668
|
|
|
|
10,783,767
|
|
|
|
6,718,150
|
|
|
|
-11.5
|
%
|
|
|
42.0
|
%
|
|
Discounted and purchased notes
|
|
|
9,810,847
|
|
|
|
9,267,218
|
|
|
|
8,119,857
|
|
|
|
5.9
|
%
|
|
|
20.8
|
%
|
|
Consumer Mortgages
|
|
|
1,889,443
|
|
|
|
1,866,569
|
|
|
|
2,122,955
|
|
|
|
1.2
|
%
|
|
|
-11.0
|
%
|
|
Car secured loans
|
|
|
5,628,320
|
|
|
|
5,087,540
|
|
|
|
4,567,505
|
|
|
|
10.6
|
%
|
|
|
23.2
|
%
|
|
Personal loans
|
|
|
9,368,939
|
|
|
|
8,172,953
|
|
|
|
7,343,933
|
|
|
|
14.6
|
%
|
|
|
27.6
|
%
|
|
Credit cards
|
|
|
21,539,673
|
|
|
|
18,675,353
|
|
|
|
17,509,067
|
|
|
|
15.3
|
%
|
|
|
23.0
|
%
|
|
Loans to financial sector
|
|
|
1,715,873
|
|
|
|
1,697,297
|
|
|
|
1,530,423
|
|
|
|
1.1
|
%
|
|
|
12.1
|
%
|
|
Other loans
|
|
|
7,512,590
|
|
|
|
5,605,681
|
|
|
|
4,857,642
|
|
|
|
34.0
|
%
|
|
|
54.7
|
%
|
|
Unaccrued interest
|
|
|
(329,346
|
)
|
|
|
(299,131
|
)
|
|
|
(216,365
|
)
|
|
|
10.1
|
%
|
|
|
52.2
|
%
|
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
1,286,851
|
|
|
|
1,270,412
|
|
|
|
1,127,744
|
|
|
|
1.3
|
%
|
|
|
14.1
|
%
|
|
Less: Allowance for loan losses
|
|
|
(1,491,405
|
)
|
|
|
(1,403,277
|
)
|
|
|
(1,070,115
|
)
|
|
|
6.3
|
%
|
|
|
39.4
|
%
|
|
Private & Financial sector loans in FX
|
|
|
12,318,649
|
|
|
|
10,378,884
|
|
|
|
3,885,726
|
|
|
|
18.7
|
%
|
|
|
217.0
|
%
|
|
Advances
|
|
|
5,897
|
|
|
|
6,137
|
|
|
|
21,276
|
|
|
|
-3.9
|
%
|
|
|
-72.3
|
%
|
|
Discounted and purchased notes
|
|
|
1,085,875
|
|
|
|
1,206,288
|
|
|
|
1,439,809
|
|
|
|
-10.0
|
%
|
|
|
-24.6
|
%
|
|
Credit cards
|
|
|
981,170
|
|
|
|
1,023,339
|
|
|
|
813,891
|
|
|
|
-4.1
|
%
|
|
|
20.6
|
%
|
|
Loans to financial sector
|
|
|
130,914
|
|
|
|
151,183
|
|
|
|
31
|
|
|
|
-13.4
|
%
|
|
|
n/a
|
|
|
Other loans
|
|
|
10,241,540
|
|
|
|
8,098,739
|
|
|
|
1,652,894
|
|
|
|
26.5
|
%
|
|
|
519.6
|
%
|
|
Less: Allowance for loan losses
|
|
|
(126,747
|
)
|
|
|
(106,802
|
)
|
|
|
(42,175
|
)
|
|
|
18.7
|
%
|
|
|
200.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Private Loans
|
|
|
78,791,102
|
|
|
|
71,103,266
|
|
|
|
56,496,522
|
|
|
|
10.8
|
%
|
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans to public sector in $
|
|
|
98,819
|
|
|
|
93,281
|
|
|
|
66,738
|
|
|
|
5.9
|
%
|
|
|
48.1
|
%
|
|
Loans to public sector
|
|
|
8,786
|
|
|
|
8,840
|
|
|
|
8,762
|
|
|
|
-0.6
|
%
|
|
|
0.3
|
%
|
|
Adjustment and accrued interest & exchange differences receivable
|
|
|
90,033
|
|
|
|
84,441
|
|
|
|
57,976
|
|
|
|
6.6
|
%
|
|
|
55.3
|
%
|
|
Loans to
non-financial
public sector in foreign
currency
|
|
|
—
|
|
|
|
55
|
|
|
|
61
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
Loans to public sector
|
|
|
—
|
|
|
|
55
|
|
|
|
61
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
Total loans to public sector
|
|
|
98,819
|
|
|
|
93,336
|
|
|
|
66,799
|
|
|
|
5.9
|
%
|
|
|
47.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Total Loans
|
|
|
78,889,921
|
|
|
|
71,196,602
|
|
|
|
56,563,321
|
|
|
|
10.8
|
%
|
|
|
39.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
The private sector loan portfolio, net of allowance for loan losses, totaled AR$ 78,9 billion as of
December 31, 2016, representing an increase of 39.5% and 10.8% compared to the last quarter of 2015 and to the previous quarter, respectively.
In
the last twelve months, loans denominated in pesos increased 26.3% whereas those denominated in foreign currency grew at a faster pace 217%, registering a higher volume of foreign trade operations, as a consequence of the release of the restrictions
in the foreign exchange market and the elimination of imports restrictions.
During the year, commercial loans increased by 67.5%; 36.5% in pesos and 264% in foreign currency. Loans to both
large corporations and to
small-and-medium-sized
companies had a good performance during the period.
Moreover, consumer loans increased 21.8%, personal loans grew 27.6%, while credit cards and car loans increased at a slower pace.
In the comparison with the previous quarter, the increase was led by consumer loans, which registered a growth of 13.2%, while commercial loans increased
9.2%.
- 10 -
Total Public Sector Exposure
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Public and Private Sector Exposure
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Public Sector - National Government
|
|
|
5,276,924
|
|
|
|
3,385,701
|
|
|
|
3,286,844
|
|
|
|
55.9
|
%
|
|
|
60.5
|
%
|
|
Public Sector Loans
|
|
|
98,819
|
|
|
|
93,336
|
|
|
|
66,799
|
|
|
|
5.9
|
%
|
|
|
47.9
|
%
|
|
Total bond portfolio
|
|
|
5,178,318
|
|
|
|
3,292,580
|
|
|
|
3,220,257
|
|
|
|
57.3
|
%
|
|
|
60.8
|
%
|
|
Holdings book at fair value
|
|
|
4,274,229
|
|
|
|
3,291,490
|
|
|
|
3,220,093
|
|
|
|
29.9
|
%
|
|
|
32.7
|
%
|
|
Holdings book at amortized cost
|
|
|
904,089
|
|
|
|
1,090
|
|
|
|
164
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
Allowances
|
|
|
(213
|
)
|
|
|
(215
|
)
|
|
|
(212
|
)
|
|
|
-0.9
|
%
|
|
|
0.5
|
%
|
|
Bills and Notes from Central Bank
|
|
|
7,310,231
|
|
|
|
9,437,491
|
|
|
|
11,086,580
|
|
|
|
-22.5
|
%
|
|
|
-34.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exposure to the Public
|
|
|
12,587,155
|
|
|
|
12,823,192
|
|
|
|
14,373,424
|
|
|
|
-1.8
|
%
|
|
|
-12.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Debt
|
|
|
479,106
|
|
|
|
391,349
|
|
|
|
310,753
|
|
|
|
22.4
|
%
|
|
|
54.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total exposure to the Public and Private Sector
|
|
|
13,066,261
|
|
|
|
13,214,541
|
|
|
|
14,684,177
|
|
|
|
-1.1
|
%
|
|
|
-11.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Received for Repo Transaccions
|
|
|
64,872
|
|
|
|
304,706
|
|
|
|
—
|
|
|
|
-78.7
|
%
|
|
|
n/a
|
|
|
Public Bonds
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
n/a
|
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BCRA Instruments
|
|
|
64,872
|
|
|
|
304,706
|
|
|
|
—
|
|
|
|
-78.7
|
%
|
|
|
n/a
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exposure to the public sector’s National Government increased by 60.5% during the year and 55.9% compared
with the previous quarter, mainly due to the purchase of national government bonds.
The Bank’s portfolio of BCRA bills and notes showed a decrease,
both during the period under analysis and in the last twelve months, as a consequence of the liquidity policy implemented by the Bank, reflecting a higher demand of credits and the higher minimum cash requirements.
As of December 31, 2016, the public sector’s National Government assets represented 3.5% of the
Bank’s total assets. Total exposure to the BCRA’s bills and notes, net of holdings linked to reverse repo transactions, represented 4.8% of the Bank’s total assets.
Total exposure to the public sector includes public debt of the National Government through public securities (bonds and bills from the treasury) and
guaranteed loans, as well as the BCRA’s bills and notes.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Non-performing
loans (1)
|
|
|
616,075
|
|
|
|
600,139
|
|
|
|
370,000
|
|
|
|
2.7
|
%
|
|
|
66.5
|
%
|
|
Allowance for loan losses
|
|
|
(1,618,152
|
)
|
|
|
(1,510,079
|
)
|
|
|
(1,112,290
|
)
|
|
|
7.2
|
%
|
|
|
45.5
|
%
|
|
Non-performing
loans/net total loans
|
|
|
0.77
|
%
|
|
|
0.83
|
%
|
|
|
0.64
|
%
|
|
|
-7.3
|
%
|
|
|
19.3
|
%
|
|
Non-performing
private loans/net private loans
|
|
|
0.77
|
%
|
|
|
0.83
|
%
|
|
|
0.64
|
%
|
|
|
-7.3
|
%
|
|
|
19.3
|
%
|
|
Allowance for loan
losses/non-performing
loans
|
|
|
262.66
|
%
|
|
|
251.62
|
%
|
|
|
300.62
|
%
|
|
|
4.4
|
%
|
|
|
-12.6
|
%
|
|
Allowance for loan losses/net total loans
|
|
|
2.01
|
%
|
|
|
2.08
|
%
|
|
|
1.93
|
%
|
|
|
-3.2
|
%
|
|
|
4.2
|
%
|
|
(1)
|
Non-performing
loans include: all loans to borrowers classified as “Problem”, “Deficient Servicing”, “High Insolvency Risk”, “Difficult
Recovery”, “Irrecoverable” and “Irrecoverable for Technical Decision” according to the new Central Bank debtor classification system.
|
BBVA Francés maintains its leading position in terms of risk management. The asset quality ratio
(non-performing
loans/ total loans) was 0.77% as of December 31, 2016, with a coverage ratio
(provisions/non-performing
loans) of 262.66%.
The NPL ratio registered an increase compared with the same quarter of 2015, as a consequence of higher
non-performing
loans as well as an increase in
the performing portfolio, whereas during the quarter it declined mainly due to lower
non-performing
loans, especially in the corporate segment.
The following table shows the evolution of provisions for loan losses, including charges relating to transactions recorded under “Other receivables”
from financial intermediation.
- 11 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evolution of provisions
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Balance at the beginning of the quarter
|
|
|
1,518,843
|
|
|
|
1,421,720
|
|
|
|
1,024,797
|
|
|
|
6.8
|
%
|
|
|
48.2
|
%
|
|
Increase / decrease
|
|
|
331,013
|
|
|
|
226,335
|
|
|
|
197,541
|
|
|
|
46.2
|
%
|
|
|
67.6
|
%
|
|
Provision increase / decrease - Exchange rate difference
|
|
|
4,630
|
|
|
|
2,374
|
|
|
|
12,237
|
|
|
|
95.0
|
%
|
|
|
62.2
|
%
|
|
Aplications / Reversals
|
|
|
(227,562
|
)
|
|
|
(131,586
|
)
|
|
|
(114,888
|
)
|
|
|
72.9
|
%
|
|
|
98.1
|
%
|
|
Balance at the end of the quarter
|
|
|
1,626,924
|
|
|
|
1,518,843
|
|
|
|
1,119,687
|
|
|
|
7.1
|
%
|
|
|
45.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Deposits $ denominated
|
|
|
74,902,584
|
|
|
|
70,139,742
|
|
|
|
64,304,093
|
|
|
|
6.8
|
%
|
|
|
16.5
|
%
|
|
Current accounts
|
|
|
21,419,738
|
|
|
|
19,132,845
|
|
|
|
20,593,528
|
|
|
|
12.0
|
%
|
|
|
4.0
|
%
|
|
Saving accounts
|
|
|
21,273,125
|
|
|
|
17,365,933
|
|
|
|
14,972,121
|
|
|
|
22.5
|
%
|
|
|
42.1
|
%
|
|
Time deposits
|
|
|
30,079,381
|
|
|
|
31,865,941
|
|
|
|
27,706,196
|
|
|
|
-5.6
|
%
|
|
|
8.6
|
%
|
|
Peso denominated
|
|
|
30,077,116
|
|
|
|
31,864,733
|
|
|
|
27,705,124
|
|
|
|
-5.6
|
%
|
|
|
8.6
|
%
|
|
CER adjusted time deposits
|
|
|
2,265
|
|
|
|
1,208
|
|
|
|
1,072
|
|
|
|
87.5
|
%
|
|
|
111.3
|
%
|
|
Investment Accounts
|
|
|
85,194
|
|
|
|
85,091
|
|
|
|
34,807
|
|
|
|
n/a
|
|
|
|
144.8
|
%
|
|
Other
|
|
|
2,045,146
|
|
|
|
1,689,932
|
|
|
|
997,441
|
|
|
|
21.0
|
%
|
|
|
105.0
|
%
|
|
Deposits FX denominated
|
|
|
39,719,184
|
|
|
|
21,765,448
|
|
|
|
12,561,577
|
|
|
|
82.5
|
%
|
|
|
216.2
|
%
|
|
Current accounts
|
|
|
782,954
|
|
|
|
848,591
|
|
|
|
608,214
|
|
|
|
-7.7
|
%
|
|
|
28.7
|
%
|
|
Saving accounts
|
|
|
21,318,030
|
|
|
|
14,956,855
|
|
|
|
7,480,140
|
|
|
|
42.5
|
%
|
|
|
185.0
|
%
|
|
Time deposits
|
|
|
6,220,811
|
|
|
|
5,200,667
|
|
|
|
4,189,759
|
|
|
|
19.6
|
%
|
|
|
48.5
|
%
|
|
Other
|
|
|
11,397,389
|
|
|
|
759,335
|
|
|
|
283,464
|
|
|
|
0.2
|
%
|
|
|
122.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
|
|
114,621,768
|
|
|
|
91,905,190
|
|
|
|
76,865,670
|
|
|
|
24.7
|
%
|
|
|
49.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits reached AR$ 114.6 billion as of December 31, 2016, representing an increase of 49.1%
and 24.7% compared to the quarter ended December 31, 2015 and to the previous quarter, respectively.
During the year, sight accounts increased
48.4%, while time deposits registered an increase of 13.8%.
Total peso-denominated deposits grew 16.5% in the last twelve months with sight deposits
increasing
20% and time deposits 17%. Foreign currency denominated deposits increased significantly compared with both the same quarter of 2015 and with the previous quarter, mainly due to the
implementation of the Tax Amnesty regime.
At the end of December 2016, foreign currency denominated deposits totaled AR$ 39.7 billion (equivalent to
US$ 2.5 billion), representing 34.7% of the Bank’s total deposits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Lines from other banks
|
|
|
1,502,786
|
|
|
|
1,875,463
|
|
|
|
1,863,498
|
|
|
|
-19.9
|
%
|
|
|
-19.4
|
%
|
|
Senior Bonds
|
|
|
2,211,078
|
|
|
|
2,093,095
|
|
|
|
1,902,562
|
|
|
|
5.6
|
%
|
|
|
16.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other funding sources
|
|
|
3,713,864
|
|
|
|
3,968,558
|
|
|
|
3,766,060
|
|
|
|
-6.4
|
%
|
|
|
-1.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 12 -
Other funding sources totaled AR$ 3.7 billion as of December 31, 2016, registering a slightly decrease
compared to both the same quarter of 2015 and the previous quarter.
During 2016, five series of bonds (
obligaciones negociables
) were issued by
the Bank, for a total amount of AR$ 771.1 million.
At the end of the quarter, capital plus interests reached AR$ 2.2 billion. Of this total,
95% corresponded to
those bonds issued by BBVA Francés and the rest to PSA Finance.
Additionally, foreign
currency funding decreased compared with both quarters under analysis, mainly due to lower balances aimed at financing imports
As of December 31,
2016, 42.7% of lines from other banks was denominated in foreign currency.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Capital Stock
|
|
|
536,878
|
|
|
|
536,878
|
|
|
|
536,878
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
Issuance premiums
|
|
|
182,511
|
|
|
|
182,511
|
|
|
|
182,511
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
Adjustments to stockholders equity
|
|
|
312,979
|
|
|
|
312,979
|
|
|
|
312,979
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
|
|
|
1,032,368
|
|
|
|
1,032,368
|
|
|
|
1,032,368
|
|
|
|
0.0
|
%
|
|
|
0.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserves on Profits
|
|
|
11,783,995
|
|
|
|
11,783,995
|
|
|
|
8,899,508
|
|
|
|
0.0
|
%
|
|
|
32.4
|
%
|
|
Unappropriated retained earnings
|
|
|
3,643,672
|
|
|
|
3,061,267
|
|
|
|
3,784,487
|
|
|
|
19.0
|
%
|
|
|
-3.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total stockholders´equity
|
|
|
16,460,035
|
|
|
|
15,877,630
|
|
|
|
13,716,363
|
|
|
|
3.7
|
%
|
|
|
20.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2016, the Bank’s total shareholders’ equity totaled AR$ 16.5 billion,
while the excess over the BCRA minimum capital requirements was AR$ 6.8 billion.
On the same date, the capital ratio reached 13.8% of assets adjusted to risk.
- 13 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Requirements
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Central Bank Minimum Capital Requirements
|
|
|
10,577,441
|
|
|
|
9,406,443
|
|
|
|
7,131,460
|
|
|
|
12.4
|
%
|
|
|
48.3
|
%
|
|
Central Bank Minimum Capital Requirements (a, b)
|
|
|
10,321,905
|
|
|
|
9,225,447
|
|
|
|
7,067,814
|
|
|
|
11.9
|
%
|
|
|
46.0
|
%
|
|
Increase in capital requirements related to custody
|
|
|
255,536
|
|
|
|
180,996
|
|
|
|
63,646
|
|
|
|
41.2
|
%
|
|
|
301.5
|
%
|
|
a) Central Bank Minimum Capital Requirements
|
|
|
10,321,905
|
|
|
|
9,225,447
|
|
|
|
7,067,814
|
|
|
|
11.9
|
%
|
|
|
46.0
|
%
|
|
Allocated to Asset at Risk
|
|
|
7,926,163
|
|
|
|
7,017,244
|
|
|
|
5,134,941
|
|
|
|
13.0
|
%
|
|
|
54.4
|
%
|
|
DCR (derivative conterparter risk)
|
|
|
—
|
|
|
|
—
|
|
|
|
14,393
|
|
|
|
|
|
|
|
-100.0
|
%
|
|
Market Risk
|
|
|
291,744
|
|
|
|
211,525
|
|
|
|
290,557
|
|
|
|
37.9
|
%
|
|
|
0.4
|
%
|
|
Operational Risk
|
|
|
2,103,998
|
|
|
|
1,996,678
|
|
|
|
1,627,923
|
|
|
|
5.4
|
%
|
|
|
29.2
|
%
|
|
|
|
|
|
|
|
|
b) Minimum capital required for the Guarantee Fund for the Sustainability of the
Pas-as-you-go
System maneged by the Argentine Republic and registrar of mortgage notes
|
|
|
1,022,144
|
|
|
|
723,985
|
|
|
|
400,000
|
|
|
|
41.2
|
%
|
|
|
155.5
|
%
|
|
5% of the securities in custody and book-entry notes
|
|
|
1,022,144
|
|
|
|
723,985
|
|
|
|
400,000
|
|
|
|
41.2
|
%
|
|
|
155.5
|
%
|
|
|
|
|
|
|
|
|
Bank Capital Calculated under Central Bank Rules
|
|
|
17,420,859
|
|
|
|
16,694,008
|
|
|
|
14,298,315
|
|
|
|
4.4
|
%
|
|
|
21.8
|
%
|
|
Ordinary Capital Level 1
|
|
|
16,698,101
|
|
|
|
16,056,616
|
|
|
|
13,800,579
|
|
|
|
4.0
|
%
|
|
|
21.0
|
%
|
|
Dedusctions Ordinary Capital Level 1
|
|
|
(390,238
|
)
|
|
|
(360,327
|
)
|
|
|
(281,230
|
)
|
|
|
8.3
|
%
|
|
|
38.8
|
%
|
|
Capital Level 2
|
|
|
1,112,996
|
|
|
|
997,719
|
|
|
|
778,966
|
|
|
|
11.6
|
%
|
|
|
42.9
|
%
|
|
Excess over Required Capital
|
|
|
6,843,418
|
|
|
|
7,287,565
|
|
|
|
7,166,855
|
|
|
|
-6.1
|
%
|
|
|
-4.5
|
%
|
|
|
|
|
|
|
|
|
Capital Ratio (Central Bank rules)
|
|
|
13.8
|
%
|
|
|
14.8
|
%
|
|
|
16.2
|
%
|
|
|
-6.7
|
%
|
|
|
-14.7
|
%
|
|
Excess over Required Capital as a % of Shareholders’ Equity
|
|
|
41.6
|
%
|
|
|
45.9
|
%
|
|
|
52.3
|
%
|
|
|
-9.4
|
%
|
|
|
-20.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended
|
|
|
D
% quarter ended 12-31-16 vs
quarter ended
|
|
|
(in thousands of pesos except percentages)
|
|
12-31-16
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
09-30-16
|
|
|
12-31-15
|
|
|
Exchange rate
|
|
|
15.85
|
|
|
|
15.26
|
|
|
|
13.01
|
|
|
|
3.8
|
%
|
|
|
21.9
|
%
|
|
Quarterly CER adjustment
|
|
|
4.5
|
%
|
|
|
7.4
|
%
|
|
|
4.1
|
%
|
|
|
-39.0
|
%
|
|
|
8.5
|
%
|
BBVA Francés continues to focus its strategy on digital transformation. To this end, the Bank renewed the
Francés Net platform, with the aim of providing simplicity and agility on the client´s online operations, as well as an intuitive and
easy-to-use
site. In
addition the App & Web platform was launched to the market and reached, as of December 2016, approximately 0.5 million downloads, increasing the amount of subscribers by 40%.
Moreover, Francés Go, the benefits and experiences program for customers and
non-customers,
continues to grow
in benefits and positioning, offering to its users discounts with credit cards, discount vouchers and the chance of living experiences related to passions such as soccer, travel, cars and others items, in addition to being able to contract an online
credit card.
In commercial terms, BBVA Francés continues to offer a wide range of financial products and services, as
well as exclusive experiences, events and prestigious shows, maintaining major alliances like those with LATAM and MOVE Concerts, and continuing as the sponsor of important soccer teams such as Boca Juniors, River Plate and Talleres de
Córdoba.
In the last quarter of 2016, the Bank launched an ambitious campaign to capture customers, through a competitive offer which promoted LAN
kilometers among other benefits. Consequently, the Bank incorporated more than 20,000 new customers, mainly in the high income segment.
BBVA
Francés continued to design new business models and strengthening the strategic partners’ model, to offer products and services with a greater
- 14 -
reach. In this line, the Bank completed the purchase of 51% of the shares of Volkswagen Finance Company, consolidating its leading position in the car loans business.
Furthermore, the Consumer Finance area incorporated more than 60 new VW car dealers to the clients’ platform, establishing an active relationship with
them, with certain dealers even becoming new sale channels for the Bank.
With the aim of creating “the best team”, the Bank initiated a new
program called Talento Joven #Impulso BBVA, which attracted more than 13,000 applicants. BBVA Francés incorporated 10 young professionals with high growth potential. The program will last 18 months and provide technical and specific training
through several types of coaching. Lastly, the program will guarantee a rotation through different areas of one of the Bank’s departments.
Regarding
the development of socially responsible business actions, the Bank continued with the 10°
Edition of the BBVA Francés Financial Education Program, which directly benefited 1,466 students from 36 educational centers, in 13 provinces and the City of Buenos Aires in 2016, through
the alliances with 23 NGOs.
During the last quarter of 2016, the Bank carried out the first moves to the new BBVA Francés corporate building,
which is located in the Catalina’s region. The building has the highest sustainability standards and a LEED Gold (Leadership in Energy & Environmental Design) certification. The new headquarter seeks to offer better working and meeting
spaces and provide all the amenities necessary to reach a more dynamic and collaborative interaction and a more comfortable place for all its employees.
The Bank was one more time recognized by “Great Place to Work” as one of the best companies to work in Argentina, moving up 2 spots to reach number
7 in the ranking among companies with more than 1,000 employees, reflecting the Bank’s commitment to its employees and customers.
This press release contains or may contain
certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés’ earnings, business
plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés’ financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and
estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include:
(1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés’ products and
services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could
cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (“SEC”), including, but not
limited to, BBVA Francés’ annual report on Form
20-F
and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any
circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-16
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
12-31-15
|
|
|
Cash and due from banks
|
|
|
48,226,105
|
|
|
|
30,296,084
|
|
|
|
26,524,315
|
|
|
|
27,970,169
|
|
|
Government and Private Securities
|
|
|
12,706,389
|
|
|
|
13,128,861
|
|
|
|
21,279,564
|
|
|
|
14,416,484
|
|
|
Holdings booked at fair value
|
|
|
4,274,229
|
|
|
|
3,291,490
|
|
|
|
4,241,363
|
|
|
|
3,220,093
|
|
|
Holdings booked at amortized cost
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Reverse repo
|
|
|
904,089
|
|
|
|
1,090
|
|
|
|
38,502
|
|
|
|
164
|
|
|
Listed Private Securities
|
|
|
153,181
|
|
|
|
94,299
|
|
|
|
65,726
|
|
|
|
109,859
|
|
|
Bills and Notes from the Central Bank
|
|
|
7,375,103
|
|
|
|
9,742,197
|
|
|
|
16,934,190
|
|
|
|
11,086,580
|
|
|
Less: Allowances
|
|
|
(213
|
)
|
|
|
(215
|
)
|
|
|
(217
|
)
|
|
|
(212
|
)
|
|
Loans
|
|
|
78,889,921
|
|
|
|
71,196,602
|
|
|
|
65,929,973
|
|
|
|
56,563,321
|
|
|
Loans to the private & financial sector
|
|
|
78,791,102
|
|
|
|
71,103,266
|
|
|
|
65,846,319
|
|
|
|
56,496,522
|
|
|
Advances
|
|
|
9,546,565
|
|
|
|
10,789,904
|
|
|
|
10,098,420
|
|
|
|
6,739,426
|
|
|
Discounted and purchased notes
|
|
|
10,896,722
|
|
|
|
10,473,506
|
|
|
|
8,596,864
|
|
|
|
9,559,666
|
|
|
Secured with mortgages
|
|
|
1,889,443
|
|
|
|
1,866,569
|
|
|
|
1,992,813
|
|
|
|
2,122,955
|
|
|
Car secured loans
|
|
|
5,628,320
|
|
|
|
5,087,540
|
|
|
|
4,563,281
|
|
|
|
4,567,505
|
|
|
Personal loans
|
|
|
9,368,939
|
|
|
|
8,172,953
|
|
|
|
7,582,330
|
|
|
|
7,343,933
|
|
|
Credit cards
|
|
|
22,520,843
|
|
|
|
19,698,692
|
|
|
|
19,420,755
|
|
|
|
18,322,958
|
|
|
Loans to financial sector
|
|
|
1,846,787
|
|
|
|
1,848,480
|
|
|
|
1,749,247
|
|
|
|
1,530,454
|
|
|
Other loans
|
|
|
17,754,130
|
|
|
|
13,704,420
|
|
|
|
12,170,151
|
|
|
|
6,510,536
|
|
|
Less: Unaccrued interest
|
|
|
(329,346
|
)
|
|
|
(299,131
|
)
|
|
|
(207,715
|
)
|
|
|
(216,365
|
)
|
|
Plus: Interest & FX differences receivable
|
|
|
1,286,851
|
|
|
|
1,270,412
|
|
|
|
1,293,985
|
|
|
|
1,127,744
|
|
|
Less: Allowance for loan losses
|
|
|
(1,618,152
|
)
|
|
|
(1,510,079
|
)
|
|
|
(1,413,812
|
)
|
|
|
(1,112,290
|
)
|
|
Public Sector loans
|
|
|
98,819
|
|
|
|
93,336
|
|
|
|
83,654
|
|
|
|
66,799
|
|
|
Principal
|
|
|
8,786
|
|
|
|
8,895
|
|
|
|
8,772
|
|
|
|
8,823
|
|
|
Plus: Interest & FX differences receivable
|
|
|
90,033
|
|
|
|
84,441
|
|
|
|
74,882
|
|
|
|
57,976
|
|
|
Other banking receivables
|
|
|
2,427,906
|
|
|
|
7,890,155
|
|
|
|
9,659,883
|
|
|
|
3,728,874
|
|
|
Repurchase agreements
|
|
|
—
|
|
|
|
305,269
|
|
|
|
5,084,968
|
|
|
|
—
|
|
|
Unlisted private securities
|
|
|
325,925
|
|
|
|
297,050
|
|
|
|
203,212
|
|
|
|
200,894
|
|
|
Other banking receivables
|
|
|
2,110,753
|
|
|
|
7,296,600
|
|
|
|
4,379,611
|
|
|
|
3,535,377
|
|
|
Less: provisions
|
|
|
(8,772
|
)
|
|
|
(8,764
|
)
|
|
|
(7,908
|
)
|
|
|
(7,397
|
)
|
|
Investments in other companies
|
|
|
510,878
|
|
|
|
499,226
|
|
|
|
473,517
|
|
|
|
363,861
|
|
|
Intangible assets
|
|
|
315,811
|
|
|
|
286,330
|
|
|
|
272,423
|
|
|
|
236,861
|
|
|
-Goodwill
|
|
|
3,476
|
|
|
|
3,566
|
|
|
|
—
|
|
|
|
—
|
|
|
-Organization and development charges
|
|
|
312,335
|
|
|
|
282,764
|
|
|
|
272,423
|
|
|
|
236,861
|
|
|
Other assets
|
|
|
8,638,393
|
|
|
|
7,592,656
|
|
|
|
7,405,309
|
|
|
|
7,412,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
151,715,403
|
|
|
|
130,889,914
|
|
|
|
131,544,984
|
|
|
|
110,692,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
114,621,768
|
|
|
|
91,905,190
|
|
|
|
92,827,267
|
|
|
|
76,865,670
|
|
|
Current accounts
|
|
|
22,202,692
|
|
|
|
19,981,436
|
|
|
|
24,331,416
|
|
|
|
21,201,742
|
|
|
Saving accounts
|
|
|
42,591,155
|
|
|
|
32,322,788
|
|
|
|
29,599,588
|
|
|
|
22,452,261
|
|
|
Time deposits
|
|
|
36,300,192
|
|
|
|
37,066,608
|
|
|
|
36,906,986
|
|
|
|
31,895,955
|
|
|
Investment Accounts
|
|
|
85,194
|
|
|
|
85,091
|
|
|
|
85,591
|
|
|
|
34,807
|
|
|
Rescheduled deposits CEDROS
|
|
|
1,959
|
|
|
|
2,224
|
|
|
|
2,224
|
|
|
|
2,234
|
|
|
Other deposits
|
|
|
13,440,576
|
|
|
|
2,447,043
|
|
|
|
1,901,462
|
|
|
|
1,278,671
|
|
|
Other banking Liabilities
|
|
|
13,785,069
|
|
|
|
17,131,159
|
|
|
|
17,439,924
|
|
|
|
15,031,971
|
|
|
Other provisions
|
|
|
1,375,154
|
|
|
|
1,169,099
|
|
|
|
1,113,625
|
|
|
|
999,929
|
|
|
Other contingencies
|
|
|
1,374,573
|
|
|
|
1,168,415
|
|
|
|
1,112,968
|
|
|
|
999,319
|
|
|
Guarantees
|
|
|
581
|
|
|
|
684
|
|
|
|
657
|
|
|
|
610
|
|
|
Other liabilities
|
|
|
4,856,020
|
|
|
|
4,423,620
|
|
|
|
4,908,410
|
|
|
|
3,749,284
|
|
|
Minority interest
|
|
|
617,357
|
|
|
|
383,216
|
|
|
|
311,053
|
|
|
|
329,166
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
135,255,368
|
|
|
|
115,012,284
|
|
|
|
116,600,279
|
|
|
|
96,976,020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ equity
|
|
|
16,460,035
|
|
|
|
15,877,630
|
|
|
|
14,944,705
|
|
|
|
13,716,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities + stockholders’ equity
|
|
|
151,715,403
|
|
|
|
130,889,914
|
|
|
|
131,544,984
|
|
|
|
110,692,383
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- 16 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-16
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
12-31-15
|
|
|
Financial income
|
|
|
5,540,183
|
|
|
|
5,472,394
|
|
|
|
6,159,658
|
|
|
|
4,998,740
|
|
|
Interest on Cash and Due from Banks
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Interest on Loans Granted to the Financial Sector
|
|
|
113,359
|
|
|
|
125,081
|
|
|
|
136,181
|
|
|
|
109,505
|
|
|
Interest on Overdraft
|
|
|
843,578
|
|
|
|
954,753
|
|
|
|
927,369
|
|
|
|
600,669
|
|
|
Interest on Discounted and purchased notes
|
|
|
503,617
|
|
|
|
519,273
|
|
|
|
519,982
|
|
|
|
463,881
|
|
|
Interest on Mortgages
|
|
|
92,677
|
|
|
|
100,347
|
|
|
|
100,306
|
|
|
|
98,158
|
|
|
Interest on Car Secured Loans
|
|
|
280,469
|
|
|
|
277,860
|
|
|
|
276,984
|
|
|
|
264,203
|
|
|
Interest on Credit Card Loans
|
|
|
1,048,804
|
|
|
|
982,507
|
|
|
|
1,005,398
|
|
|
|
811,113
|
|
|
Interest on Financial Leases
|
|
|
108,107
|
|
|
|
109,609
|
|
|
|
114,964
|
|
|
|
113,406
|
|
|
Interest on Other Loans
|
|
|
1,106,035
|
|
|
|
1,060,249
|
|
|
|
1,005,356
|
|
|
|
900,677
|
|
|
From Other Banking receivables
|
|
|
185
|
|
|
|
398
|
|
|
|
95
|
|
|
|
30
|
|
|
Interest on Government Guaranteed Loans Decree 1387/01
|
|
|
6,810
|
|
|
|
10,728
|
|
|
|
9,820
|
|
|
|
4,089
|
|
|
Income from Securities and Short Term Investments
|
|
|
801,184
|
|
|
|
794,612
|
|
|
|
1,507,146
|
|
|
|
1,133,458
|
|
|
CER
|
|
|
97,613
|
|
|
|
168,496
|
|
|
|
148,734
|
|
|
|
41,264
|
|
|
Foreign exchange difference
|
|
|
458,312
|
|
|
|
240,758
|
|
|
|
333,214
|
|
|
|
31,654
|
|
|
Other
|
|
|
79,433
|
|
|
|
127,723
|
|
|
|
74,109
|
|
|
|
426,633
|
|
|
Financial expenses
|
|
|
(2,287,923
|
)
|
|
|
(2,636,033
|
)
|
|
|
(2,816,856
|
)
|
|
|
(2,143,818
|
)
|
|
Interest on Current Account Deposits
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
|
—
|
|
|
Interest on Saving Account Deposits
|
|
|
(7,817
|
)
|
|
|
(8,710
|
)
|
|
|
(9,019
|
)
|
|
|
(7,003
|
)
|
|
Interest on Time Deposits
|
|
|
(1,618,512
|
)
|
|
|
(2,031,231
|
)
|
|
|
(2,195,456
|
)
|
|
|
(1,576,170
|
)
|
|
Interest on Other Banking Liabilities
|
|
|
(222,302
|
)
|
|
|
(193,998
|
)
|
|
|
(191,555
|
)
|
|
|
(161,272
|
)
|
|
Other interests (includes Central Bank)
|
|
|
(674
|
)
|
|
|
(881
|
)
|
|
|
(1,128
|
)
|
|
|
(1,470
|
)
|
|
CER
|
|
|
(126
|
)
|
|
|
(86
|
)
|
|
|
(105
|
)
|
|
|
(15
|
)
|
|
Bank Deposit Guarantee Insurance system mandatory contributions
|
|
|
(40,376
|
)
|
|
|
(37,514
|
)
|
|
|
(34,600
|
)
|
|
|
(107,580
|
)
|
|
Mandatory contributions and taxes on interest income
|
|
|
(352,205
|
)
|
|
|
(340,249
|
)
|
|
|
(338,278
|
)
|
|
|
(271,370
|
)
|
|
Other
|
|
|
(45,911
|
)
|
|
|
(23,364
|
)
|
|
|
(46,715
|
)
|
|
|
(18,938
|
)
|
|
Net financial income
|
|
|
3,252,260
|
|
|
|
2,836,361
|
|
|
|
3,342,802
|
|
|
|
2,854,922
|
|
|
Provision for loan losses
|
|
|
(331,013
|
)
|
|
|
(226,335
|
)
|
|
|
(336,129
|
)
|
|
|
(197,541
|
)
|
|
Income from services, net of other operating expenses
|
|
|
1,076,422
|
|
|
|
1,300,901
|
|
|
|
1,014,393
|
|
|
|
960,726
|
|
|
Administrative expenses
|
|
|
(2,860,570
|
)
|
|
|
(2,373,439
|
)
|
|
|
(2,211,679
|
)
|
|
|
(1,889,227
|
)
|
|
Income (loss) from equity investments
|
|
|
17,083
|
|
|
|
20,132
|
|
|
|
102,183
|
|
|
|
46,960
|
|
|
Net Other income
|
|
|
(141,517
|
)
|
|
|
(4,163
|
)
|
|
|
(27,480
|
)
|
|
|
1,780
|
|
|
Income (loss) from minority interest
|
|
|
(13,547
|
)
|
|
|
(24,753
|
)
|
|
|
(34,113
|
)
|
|
|
(34,593
|
)
|
|
Income before tax
|
|
|
999,118
|
|
|
|
1,528,704
|
|
|
|
1,849,977
|
|
|
|
1,743,027
|
|
|
Income tax
|
|
|
(416,713
|
)
|
|
|
(595,779
|
)
|
|
|
(886,719
|
)
|
|
|
(554,766
|
)
|
|
Net income
|
|
|
582,405
|
|
|
|
932,925
|
|
|
|
963,258
|
|
|
|
1,188,261
|
|
- 17 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-16
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
12-31-15
|
|
|
Cash and due from banks
|
|
|
48,226,107
|
|
|
|
30,296,084
|
|
|
|
26,524,319
|
|
|
|
27,970,286
|
|
|
Government Securities
|
|
|
12,738,809
|
|
|
|
13,166,151
|
|
|
|
21,319,864
|
|
|
|
14,422,191
|
|
|
Loans
|
|
|
78,889,921
|
|
|
|
71,196,602
|
|
|
|
65,929,973
|
|
|
|
56,563,321
|
|
|
Other Banking Receivables
|
|
|
2,427,906
|
|
|
|
7,891,047
|
|
|
|
9,660,033
|
|
|
|
3,728,874
|
|
|
Assets Subject to Financial Leasing
|
|
|
2,046,971
|
|
|
|
2,110,038
|
|
|
|
2,247,058
|
|
|
|
2,407,451
|
|
|
Investments in other companies
|
|
|
507,625
|
|
|
|
493,463
|
|
|
|
465,736
|
|
|
|
353,377
|
|
|
Other assets
|
|
|
6,915,372
|
|
|
|
5,779,511
|
|
|
|
5,442,251
|
|
|
|
5,290,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
151,752,711
|
|
|
|
130,932,896
|
|
|
|
131,589,234
|
|
|
|
110,736,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
114,621,753
|
|
|
|
91,904,217
|
|
|
|
92,827,261
|
|
|
|
76,864,493
|
|
|
Other banking liabilities
|
|
|
13,785,682
|
|
|
|
17,135,935
|
|
|
|
17,440,527
|
|
|
|
15,032,048
|
|
|
Minority interest
|
|
|
620,141
|
|
|
|
388,147
|
|
|
|
317,712
|
|
|
|
338,136
|
|
|
Other liabilities
|
|
|
6,265,100
|
|
|
|
5,626,967
|
|
|
|
6,059,029
|
|
|
|
4,785,158
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
135,292,676
|
|
|
|
115,055,266
|
|
|
|
116,644,529
|
|
|
|
97,019,835
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Stockholders’ Equity
|
|
|
16,460,035
|
|
|
|
15,877,630
|
|
|
|
14,944,705
|
|
|
|
13,716,363
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’ Equity + Liabilities
|
|
|
151,752,711
|
|
|
|
130,932,896
|
|
|
|
131,589,234
|
|
|
|
110,736,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-16
|
|
|
09-30-16
|
|
|
06-30-16
|
|
|
12-31-15
|
|
|
Net Financial Income
|
|
|
3,253,700
|
|
|
|
2,838,936
|
|
|
|
3,347,768
|
|
|
|
2,856,420
|
|
|
Provision for loan losses
|
|
|
(331,013
|
)
|
|
|
(226,335
|
)
|
|
|
(336,129
|
)
|
|
|
(197,541
|
)
|
|
Net Income from Services
|
|
|
1,076,422
|
|
|
|
1,300,901
|
|
|
|
1,014,393
|
|
|
|
960,726
|
|
|
Administrative expenses
|
|
|
(2,856,270
|
)
|
|
|
(2,379,655
|
)
|
|
|
(2,220,410
|
)
|
|
|
(1,891,536
|
)
|
|
Net Other Income
|
|
|
(132,186
|
)
|
|
|
18,012
|
|
|
|
77,506
|
|
|
|
54,482
|
|
|
Income Before Tax
|
|
|
1,010,653
|
|
|
|
1,551,859
|
|
|
|
1,883,128
|
|
|
|
1,782,551
|
|
|
Income Tax
|
|
|
(416,849
|
)
|
|
|
(595,909
|
)
|
|
|
(886,809
|
)
|
|
|
(554,953
|
)
|
|
Net income
|
|
|
593,804
|
|
|
|
955,950
|
|
|
|
996,319
|
|
|
|
1,227,598
|
|
|
Minoritary Interest
|
|
|
(11,399
|
)
|
|
|
(23,025
|
)
|
|
|
(33,061
|
)
|
|
|
(39,337
|
)
|
|
Net income for Quarter
|
|
|
582,405
|
|
|
|
932,925
|
|
|
|
963,258
|
|
|
|
1,188,261
|
|
- 18 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BBVA Banco Francés S.A.
|
|
|
|
|
|
|
Date: February 10, 2017
|
|
|
|
By:
|
|
/s/ Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
|
Name:
|
|
Ignacio Sanz y Arcelus
|
|
|
|
|
|
|
|
Title:
|
|
Chief Financial Officer
|
Bbva Banco Frances (NYSE:BFR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Bbva Banco Frances (NYSE:BFR)
Historical Stock Chart
From Apr 2023 to Apr 2024
