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 2016
Commission File Number: 001-12568
BBVA French
Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by
check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No
x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as
permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No
x
Indicate by check mark whether by furnishing the information contained in this
Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No
x
If Yes is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): N/A
BBVA Banco Francés S.A.
TABLE OF CONTENTS
Buenos Aires, February 11, 2016 - BBVA Francés (NYSE: BFR.N; BCBA:
FRA.BA; LATIBEX: BFR.LA) reports consolidated fourth quarter earnings for fiscal
year 2015.
Annual
Highlights
|
|
|
BBVA Francés net income reached AR$ 3,784.5 million as of December 31, 2015, achieving a return on
equity (ROE) of 31.5% and a return on assets (ROA) of 4.1%. |
|
|
|
In terms of activity, the private sector loan portfolio totaled AR$ 56.5 billion at the end of 2015, an increase of 36.5% in
the last twelve months. The Bank maintained its market share at 6.5%. Such increase was driven mainly by growth in consumer loans and commercial loans, which increased 42.4% and 29.3%, respectively, year-over-year. |
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|
|
BBVA Francés has maintained the best asset quality indicators in the financial system. The non-performing loan ratio
reached 0.64% as of December 31, 2015, with a coverage ratio of 300.62%. |
|
|
|
Total deposits reached AR$ 76.9 billion; growing 49.4% in the last twelve months. During the same period, both time deposits
and current accounts registered a good performance, increasing 59.9% and 43.8%, respectively. Transactional deposits represent 56.8% of the Banks total deposits. |
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|
|
During 2015, BBVA Francés placed five issuances of Negotiable Obligations under its Global Bond Program (USD 750
million). Series 14 (AR$ 134.3 million, 25.75% annual interest rate of 25.75% and 9 months maturity) and Series 15 (AR$ 144.9 million, annual interest rate equal to Badlar plus 4.00% and 21 months maturity) were issued in February. Series
16 of Negotiable Obligations was fully subscribed for an amount of AR$ 204.4 million, bearing an annual interest rate equal to BADLAR plus a 3,75% margin, 24 months maturity and quarterly interest payments. In December 2015, the Bank issued
Series 17 (AR$ 199.7 million, interest rate equal to Badlar plus 3.5% and 18 months maturity) and Series 18 (AR$ 152.5 million, interest rate equal to Badlar plus 4.08% and 36 months maturity. |
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|
BBVA Frances, once again, maintained high levels of liquidity and solvency. As of December 31, 2015 total
shareholders equity reached AR$ 13.7 billion, while the excess of capital over the Central Bank of Argentina (BCRA) minimum regulatory requirements, reached AR$ 6.6 billion, or 47.9% of the Banks total stockholders equity. The
capital ratio reached 15.5% of weighted risk assets. |
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|
|
As of December 31, 2015, liquid assets (Cash and due from banks plus BCRA bills and notes) represented 50.8% of the
Banks total deposits. |
Regulatory Updates
|
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|
In 2012, the BCRA established that certain financial institutions should allocate a minimum portion of total deposits to
finance investment projects. Such requirement has been renewed every six months since then. BBVA Francés has successfully complied with each renewal quota. In December 2015, the BCRA extended this requirement to 2016, with some modifications,
including increasing the percentage to 14% of deposits stock as of November 2015, with a fixed annual interest rate of 22%. |
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|
On December 17, 2015, the BCRA issued Communication A 5852, which required the Bank to sell it its
outstanding positive foreign exchange position as of the close of business at December 16, 2015 valued at the reference exchange rate in effect that day and to buy back the total amount of such position on
December 17, December 18 or December 21, 2015 (at the Banks option) valued at the reference exchange rate in effect at the time of the buyback. The Banks foreign exchange position as of December 16, 2015 amounted
to US$ 197.3 million (AR$ 1,938.6 million valued at an exchange rate equal to 9.8268 AR$/US$). The buyback operation was completed with and exchange rate equal to 13.4217 AR$/US$. |
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|
In addition, the BCRA issued Communication A 5853 through which it deregulated both lending and funding rates.
|
Other Events
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|
Mr. Martin Ezequiel Zarich was appointed as Chief Executive Officer (CEO) on January 11, 2016 after BCRA issued the
corresponding authorization by Resolution N° 9, dated January 9, 2016. Until said date Mr. Ricardo Moreno was BBVA Francés CEO. |
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|
On January 2, 2015, the BCRA, authorized BBVA Francés to distribute cash dividends by a total amount of AR$
400 million for the fiscal year 2014. |
|
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|
Based on the results of fiscal year 2015, the Board of Directors has resolved to propose a cash dividend payment in the
amount of AR$ 230 million at the Annual Shareholders Meeting. Such payment is subject to applicable regulatory authorizations. |
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|
Condensed Income Statement (1)
in thousands of pesos except income per share, income per ADS and percentages |
|
FY 2015
|
|
|
FY 2014
|
|
|
D%
|
|
Net Financial Income |
|
|
9,439,791 |
|
|
|
7,608,730 |
|
|
|
24.1 |
% |
Provision for loan
losses |
|
|
(637,017 |
) |
|
|
(574,663 |
) |
|
|
10.9 |
% |
Net income from
services |
|
|
3,675,056 |
|
|
|
3,349,448 |
|
|
|
9.7 |
% |
Administrative
expenses |
|
|
(6,588,199 |
) |
|
|
(5,594,157 |
) |
|
|
17.8 |
% |
Operating income |
|
|
5,889,631 |
|
|
|
4,789,358 |
|
|
|
23.0 |
% |
Income (loss) from equity
investments |
|
|
198,559 |
|
|
|
189,623 |
|
|
|
4.7 |
% |
Income (Loss) from Minority
interest |
|
|
(131,029 |
) |
|
|
(106,813 |
) |
|
|
22.7 |
% |
Other Income/Expenses |
|
|
(122,850 |
) |
|
|
2,306 |
|
|
|
n/a |
|
Income tax |
|
|
(2,049,824 |
) |
|
|
(1,669,978 |
) |
|
|
22.7 |
% |
Net income for the
period |
|
|
3,784,487 |
|
|
|
3,204,496 |
|
|
|
18.1 |
% |
Net income per share
(2) |
|
|
7.0 |
|
|
|
6.0 |
|
|
|
18.1 |
% |
Net income per ADS
(3) |
|
|
21.1 |
|
|
|
17.9 |
|
|
|
18.1 |
% |
(1) |
Exchange rate: AR$ 13.005 Ps = 1USD |
(2) |
Assumes 536,877,850 ordinary shares |
(3) |
Each ADS represents three ordinary shares |
- 2
-
Quarterly Highlights
|
|
|
BBVA Francés reached net income of AR$ 1,188.3 million in the fourth quarter of 2015, 45.9% and 19.1% above the
results of the previous year and the third quarter of 2015, respectively. |
|
|
|
Net financial income increased 44.4% in the fourth quarter of 2015, compared to the same quarter of 2014 and 22.7% compared
to the previous quarter, mainly due to the increase in the intermediation with private sector and the gains resulting from the public bonds portfolio. |
|
|
|
The private sector loan portfolio increased 13.2% and reached AR$ 56.5 billion in the quarter. Consumer loans increased
18.0%, whereas commercial loans grew 7.3% driven by financing to small and medium-sized companies. |
|
|
|
The Banks total deposits reached AR$ 76.9 million by the end of the year, increasing 21.6% during the last quarter
of 2015. Sight deposits and time deposits increased 24.7% and 19.2%, respectively, during the same period. |
Economic Environment
In December
2015, after assuming office, the new Argentine National Government declared a Statistic Emergency as a consequence of inconsistencies detected in the information provided by the national statistics agency (Instituto Nacional de
Estadistica y Censos o INDEC). This measure involves the suspension of the release of new economic figures, such as CPI, GDP, etc by the INDEC. As a result, several indicators in the following paragraphs show delays in the information provided.
In case of economic activity, no data was issued for the fourth quarter of 2015.
The latest information issued by INDEC of the National and Urban Consumer Price Index (IPC-NU), corresponding to
October, 2015, measured accumulated inflation of 11.9% for the January - October period; and 14.3% compared to October 2014. The consumer price index calculated by the Department of Statistics and Census, an agency of the Ministry of Finance of
Autonomous City of Buenos Aires (CPI-CABA), , was used to substitute the IPC-NU in the CER (adjustment coefficient based in the CPI, used to index several bonds). In the fourth quarter 2015, the IPC-CABA increased by 7.7% compared to the same
quarter of 2014, and 26.9% year-over-year.
The national public sector fiscal balance showed a primary
deficit of AR$ 11.1 billion during October and November (latest available information of the fourth quarter), a decrease of 24.8% compared to the deficit of AR$ 14.8 billion reached in the same period of the previous year.
Primary public sector spending rose 28.3 % and public sector
revenues showed an increase, of 32.7 % during the same period.
During the period, Interest payments
increased by 68.8% and the total deficit reached AR$ 26.9 billion, an increase of 11.5 % compared to the same period in 2014.
In the fourth quarter, tax revenues increased by 29.8% year-over-year. Income tax grew by 39.3% while export duties
remained weak falling 19% in the same period.
The latest trade balance data published correspond to October
2015, which recorded a surplus of USD 0.3 billion. This result is 42.7% lower than that for October 2014, reflecting USD 5.2 billion of exports (-12.8% yoy) and USD 4.9 billion of imports (-10.4% yoy). Accumulating the last 12 months the result
reached a surplus of USD 2.4 billion (-65.0% yoy).
In the FX market, the exchange rate (BCRA reference rate)
closed at AR$ 13.005 per U.S. dollar on December 31, 2015, increasing 38.5% compared to the AR$ 9.41 rate registered on September 30, 2015 and 52.6% compared to the fourth quarter of 2014. The significant increase in the exchange rate
is the result of the suspension of restrictions to operate in the foreign exchange market.
In the fourth
quarter of 2015, the BCRAs stock of international reserves decreased USD 7.7 billion, closing the period at USD 25,563 billion. During the quarter, the Central Bank sold USD 6 billion
- 3
-
in the FX market. The BCRA maintained the bilateral currency swap deal signed with the Peoples Bank of China.
The Badlar interest rate for private banks increased 323 b.p. in the fourth quarter of 2015, averaging 24.2% compared to
a 20.9% average in the third quarter of 2015.
During the fourth quarter, private sector loans in pesos
increased 12.5% compared to the third quarter of 2015, while private sector loans in dollars fell 22.8%.
Total deposits in pesos in the financial system increased by 11.2% in the fourth quarter of 2015 compared to previous
quarter. In the same period, private sector deposits denominated in pesos increased by 9.4% and those denominated in dollars increased 30.7%.
The Bank
During 2015 BBVA Francés set as its main goal, to be the bank preferred by its clients. The Bank worked
intensively on improving the quality of each point of contact with users, strived to differentiate itself from its competitors and building the best team.
The recognition the Bank received from several interest groups is evidence of all the work carried out during the year.
Under the framework of the new Merco Talento Ranking, organized by the international consultant Análisis e Investigación, BBVA Francés was included among the ten most important companies in the category of talent
makers and bearers. It is worthwhile noting that the Bank is the leader of this category among the companies of the financial sector and climbed six positions compared to 2014.
For the third year in a row BBVA Francés was distinguished by its clients achieving the best Net Recommendation
Index (Mejor Indice de Recomendación Neta or IRENE in Spanish). It particularly improved in the high value segment, climbing from 5th to 2nd place. This syndicated study is conducted annually and compares the recommendation and satisfaction
levels of customers with the service provided by a group of peers.
In addition, BBVA Francés placed
9th on the Great Place to Work 2015 ranking of the best companies to work in (category: companies with more than 1,000 employees in Argentina). The bank improved one position compared to its ranking in 2014 demonstrating its commitment to workplace
environment quality.
The Banks commercial actions continued to be a fundamental part of
its strategy by which it aims to improve capillarity and client cross-sell.
The new app, Francés GO,
was the main channel through which BBVA Francés advertised its promotions and discounts, available not only for clients but also for non-customers. During the summer the Bank offered a great variety of benefits at the top tourist spots of the
country.
BBVA Francés also ratified the alliance with LAN through which it offers benefits and
discounts to exchange LANPASS km to fly around Argentina and the world.
Under the framework of the
Futbol Non Stop campaign the Bank offered a client and an employee the unique experience of travelling to Japan and attending the FIFA Club World Cup to support River Plate. The campaign rewards purchases with Visa and Master Card credit
cards with the chance to participate in raffles for exclusive events.
BBVA Francés continued working
in the high value segment and opened a Premium Space at San Telmo branch.
In December 2015 the 26th Edition
of the Agro Entrepreneur Prize took place with the participation of 27 entrepreneurs from the provinces of Buenos Aires, Chubut, Córdoba, Entre Ríos, La Pampa, Mendoza, Santa Fe, Santiago del Estero, Tucuman, and the Autonomous City of
Buenos Aires. The award was given to an agro engineer from Lago Puelo, Chubut.
Regarding social
responsibility, during the period, 45 more students were benefited under the framework of the BBVA Francés Scholarships for inclusion program which reached a total of 1,452 scholarship holders by the end of the year.
Celebrating the Programs 10th Anniversary, BBVA Francés organized Diplomáticos por la
Educación (in English Diplomats for Education) and visited the educational center Fe y Alegria in the province of Salta, along with the Spanish ambassador to Argentina and the Spanish economic and commercial
advisor. In addition, the Bank handed certificates to those students who had successfully completed the scholarship program.
- 4
-
Moreover, BBVA Francés is currently sponsoring the fifth edition of
the jazz festival San Isidro Jazz and more along with the lyrical singing program From Colon to the whole country. The main purpose of these sponsorships is to advertise the BBVA Francés Scholarships for
inclusion program.
During the quarter the BBVA Francés Foundation was part of the 12th edition
of The Museums Night with the Museo Líbero Badií, National Historical Monument. The event is organized by the General Board of Museums, a public office that depends on the Ministry of Culture of the City of Buenos Aires.
Presentation of Financial Information
|
|
Foreign currency balances as of December 31, 2015 have been translated into pesos at the reference exchange rate
published by the BCRA. ($ 13.005/ US$). |
|
|
This press release contains unaudited information that consolidates all of the banking activities of BBVA Francés and
its subsidiaries on a line-by-line basis. The Banks share interest in the Consolidar
|
|
|
Group BBVA Consolidar Seguros S.A. and Consolidar AFJP (in liquidation)-, is shown as Investments in other companies (recorded by 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 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 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except income per share, ADS and percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Net Financial Income |
|
|
2,854,922 |
|
|
|
2,326,603 |
|
|
|
1,977,228 |
|
|
|
22.7 |
% |
|
|
44.4 |
% |
Provision for loan losses |
|
|
(197,541 |
) |
|
|
(115,201 |
) |
|
|
(152,323 |
) |
|
|
71.5 |
% |
|
|
29.7 |
% |
Net income from services |
|
|
960,726 |
|
|
|
953,272 |
|
|
|
918,875 |
|
|
|
0.8 |
% |
|
|
4.6 |
% |
Administrative expenses |
|
|
(1,889,227 |
) |
|
|
(1,645,376 |
) |
|
|
(1,478,751 |
) |
|
|
14.8 |
% |
|
|
27.8 |
% |
Operating income |
|
|
1,728,880 |
|
|
|
1,519,298 |
|
|
|
1,265,029 |
|
|
|
13.8 |
% |
|
|
36.7 |
% |
Income (Loss) from equity investments |
|
|
46,960 |
|
|
|
69,341 |
|
|
|
32,560 |
|
|
|
-32.3 |
% |
|
|
44.2 |
% |
Income (Loss) from Minority interest |
|
|
(34,593 |
) |
|
|
(30,439 |
) |
|
|
(30,130 |
) |
|
|
13.6 |
% |
|
|
14.8 |
% |
Other Income/Expenses |
|
|
1,780 |
|
|
|
(10,472 |
) |
|
|
(32,123 |
) |
|
|
-117.0 |
% |
|
|
-105.5 |
% |
Income tax and Minimum Presumed Tax |
|
|
(554,766 |
) |
|
|
(549,658 |
) |
|
|
(420,979 |
) |
|
|
0.9 |
% |
|
|
31.8 |
% |
Net income for the period |
|
|
1,188,261 |
|
|
|
998,070 |
|
|
|
814,357 |
|
|
|
19.1 |
% |
|
|
45.9 |
% |
Net income per share (2) |
|
|
2.21 |
|
|
|
1.86 |
|
|
|
1.52 |
|
|
|
19.1 |
% |
|
|
45.9 |
% |
Net income per ADS (3) |
|
|
6.64 |
|
|
|
5.58 |
|
|
|
4.55 |
|
|
|
19.1 |
% |
|
|
45.9 |
% |
(1) |
Exchange rate: AR$ 13.005 Ps = 1USD |
(2) |
Assumes 536,877,850 ordinary shares |
(3) |
Each ADS represents three ordinary shares |
During the fourth quarter of 2015, the Banks net income totaled AR$
1,188.3 million, 45.9% and 19.1% above the results of the previous year and the third quarter of 2015, respectively.
Net financial income increased 44.4% annually and 22.7% compared to the third quarter of 2015. Said variation is mainly explained by higher income from the public bonds portfolio.
Provisions for loan losses grew 29.7% compared to the same quarter of 2014 and 71.5% in the quarter,
mainly as a consequence of the strong growth in the loan portfolio (that increased the volume of provisions for loan losses) and as a result of higher non-performing loans.
During the second quarter of 2015, the Bank has implemented a redefinition of the charges generated by credit and debit
card operations, from administrative expenses to service charge expenses, in line with the standards applied in the industry.
- 5
-
Normalized net income from services increased by 12.3% compared to the
same quarter of 2014 and maintained a similar level compared to the previous quarter.
Administrative expenses increased 38.4% compared to the same quarter of
2014 and 14.8% during the fourth quarter of 2015.
Finally, other income/expenses registered a gain of AR$
1.8 million, mainly due to higher recovered loans partially offset by provisions for other contingencies.
|
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Main figures |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Return on Average Assets (1) |
|
|
4.7 |
% |
|
|
4.4 |
% |
|
|
4.4 |
% |
|
|
5.5 |
% |
|
|
7.3 |
% |
Return on Average Shareholders Equity (1) |
|
|
36.2 |
% |
|
|
33.2 |
% |
|
|
32.8 |
% |
|
|
9.1 |
% |
|
|
10.4 |
% |
Net fee Income as a % of Operating Income |
|
|
25.2 |
% |
|
|
29.1 |
% |
|
|
31.7 |
% |
|
|
-13.4 |
% |
|
|
-20.6 |
% |
Net fee Income as a % of Administrative Expenses |
|
|
50.9 |
% |
|
|
57.9 |
% |
|
|
62.1 |
% |
|
|
-12.2 |
% |
|
|
-18.2 |
% |
Adm. Expenses as a % of Recurrent Income (2) |
|
|
49.5 |
% |
|
|
50.2 |
% |
|
|
51.1 |
% |
|
|
-1.3 |
% |
|
|
-3.0 |
% |
(2) |
Adm.Expenses / (Net financial income + Net income from services) |
Net Financial Income
Net
financial income increased 44.4% and 22.7%, compared to the same quarter of 2014 and to the previous quarter, respectively.
Higher volumes of intermediation with the private sector partially offset the increase in the funding cost, mainly due to the increase in bank deposit guarantee insurance, the effect of the application of minimum interest rates to
time deposits and faster growth of deposits over loans.
As a result net income from intermediation with the
private sector remained at a similar level compared to 2014 and showed a 5.6% increase during the quarter.
Income from the public bonds portfolio registered significant gains, both
compared to the same quarter of 2014 and during the quarter. The variations in the valuation of public securities originated a gain of AR$ 382.1 million during the quarter under analysis compared to gains of AR$ 100.2 million and AR$
1.7 million recorded during the fourth quarter of 2014 and the previous quarter, respectively.
The line
item Others which reflects the results from Forward operations, registered a significant increase compared to the same quarter of 2014 and during the quarter.
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net financial income |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Net financial income |
|
|
2,854,922 |
|
|
|
2,326,603 |
|
|
|
1,977,228 |
|
|
|
22.7 |
% |
|
|
44.4 |
% |
Net income from financial intermediation |
|
|
1,236,777 |
|
|
|
1,171,586 |
|
|
|
1,242,723 |
|
|
|
5.6 |
% |
|
|
-0.5 |
% |
CER adjustment |
|
|
41,249 |
|
|
|
50,094 |
|
|
|
54,919 |
|
|
|
-17.7 |
% |
|
|
-24.9 |
% |
Income from securities and short term investments |
|
|
1,133,458 |
|
|
|
891,912 |
|
|
|
520,786 |
|
|
|
27.1 |
% |
|
|
117.6 |
% |
Interest on Government guaranteed loans |
|
|
4,089 |
|
|
|
4,082 |
|
|
|
3,727 |
|
|
|
0.2 |
% |
|
|
9.7 |
% |
Foreign exchange difference |
|
|
31,654 |
|
|
|
122,243 |
|
|
|
95,913 |
|
|
|
-74.1 |
% |
|
|
-67.0 |
% |
Others |
|
|
407,695 |
|
|
|
86,686 |
|
|
|
59,160 |
|
|
|
370.3 |
% |
|
|
589.1 |
% |
Income from Public and Private Securities
The Bank has
the discretion to mark-to-market its total public bonds portfolio; because of that, such income includes the unrealized losses/gains from variations in the valuations of the portfolio.
- 6
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from securities and short-term investments
|
|
Quarter ended
|
|
|
D% quarter ended 12-31-15 vs quarter
ended |
|
(in
thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Income from securities and short-term
investments |
|
|
1,133,458 |
|
|
|
891,912 |
|
|
|
520,786 |
|
|
|
27.1 |
% |
|
|
117.6 |
% |
Holdings booked at fair value |
|
|
601,465 |
|
|
|
219,982 |
|
|
|
91,695 |
|
|
|
173.4 |
% |
|
|
555.9 |
% |
Bills and Notes from the Central Bank |
|
|
512,661 |
|
|
|
663,209 |
|
|
|
423,760 |
|
|
|
-22.7 |
% |
|
|
21.0 |
% |
Other fixed income securities |
|
|
19,332 |
|
|
|
8,721 |
|
|
|
5,331 |
|
|
|
121.7 |
% |
|
|
262.7 |
% |
CER adjustment |
|
|
41,264 |
|
|
|
50,113 |
|
|
|
54,932 |
|
|
|
-17.7 |
% |
|
|
-24.9 |
% |
Net Income from Services
As
previously mentioned, during the second quarter of 2015, the Bank implemented a redefinition of charges generated by credit and debit card operations, which partially explains the variations during the period.
Not taking into account such redefinition, net income from services would have increased 12.3% compared to the fourth
quarter of 2014 and did not register significant variations during the quarter under analysis.
In the annual comparison, service charge income grew 27.5% boosted by
higher charges on deposit accounts, higher consumption with credit cards together with those fees generated by PSA Finance.
Service charge expenses include the redefined charges and those related to promotions associated with the LANPASS kilometers program.
Similar behavior explains the quarterly variations.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services
|
|
Quarter ended
|
|
|
D% quarter ended 12-31-15 vs
quarter ended |
|
(in thousands of pesos except
percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Net income from services |
|
|
960,726 |
|
|
|
953,272 |
|
|
|
918,875 |
|
|
|
0.8 |
% |
|
|
4.6 |
% |
Service charge income |
|
|
1,547,202 |
|
|
|
1,400,268 |
|
|
|
1,323,476 |
|
|
|
10.5 |
% |
|
|
16.9 |
% |
Service charges on deposits accounts |
|
|
327,449 |
|
|
|
313,209 |
|
|
|
251,511 |
|
|
|
4.5 |
% |
|
|
30.2 |
% |
Credit cards and operations |
|
|
601,513 |
|
|
|
522,140 |
|
|
|
562,421 |
|
|
|
15.2 |
% |
|
|
7.0 |
% |
Insurance |
|
|
150,501 |
|
|
|
143,734 |
|
|
|
135,610 |
|
|
|
4.7 |
% |
|
|
11.0 |
% |
Capital markets and securities activities |
|
|
22,617 |
|
|
|
6,900 |
|
|
|
9,592 |
|
|
|
227.8 |
% |
|
|
135.8 |
% |
Fees related to foreign trade |
|
|
47,933 |
|
|
|
42,867 |
|
|
|
35,551 |
|
|
|
11.8 |
% |
|
|
34.8 |
% |
Other fees |
|
|
397,189 |
|
|
|
371,418 |
|
|
|
328,792 |
|
|
|
6.9 |
% |
|
|
20.8 |
% |
Services Charge expense |
|
|
(586,476 |
) |
|
|
(446,997 |
) |
|
|
(404,600 |
) |
|
|
31.2 |
% |
|
|
45.0 |
% |
Administrative Expenses
Administrative expenses increased 27.8% annually and 14.8% compared to the previous quarter. Not considering the
redefinition, such increases would have been 38.4% and 14.8%, respectively.
Personnel expenses grew 40.2% in
the last twelve months mainly due to the increase in wages as agreed with the labor union and a higher number of employees due to the internalization of resources. In the quarterly comparison, personnel expenses grew 18.7% due to the payment of a
fixed amount agreed with the union.
General expenses increased 36% in the last twelve months and 9.9% during
the quarter under analysis,
without taking into account the effect of the redefinition.
Both, the annual and quarterly comparisons of the Banks expenses reflected higher taxes and depreciation expenses in connection with the improvement works carried out in the Banks headquarters and branches together with
the ATM renewal plan and the impact of an increase in prices and a higher level of activity.
As of
December 31, 2015, the Bank and its subsidiaries had 5,784 employees. The branch office network totaled 285 attention-to-clients units, including 251 consumer branch offices and 34 branch offices specializing in the middle-market segment and
institutions. Corporate banking is divided by industry: Consumer, Heavy Industries and
- 7
-
Energy. Complementing its distribution network, the Bank has 14 in-company
branches, 1 point of sale
outlets and 1 point of attention express, 694 ATMs and 797 self-service terminals (ATS).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Administrative expenses
|
|
Quarter ended
|
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Administrative expenses |
|
|
(1,889,227 |
) |
|
|
(1,645,376 |
) |
|
|
(1,478,751 |
) |
|
|
14.8 |
% |
|
|
27.8 |
% |
Personnel expenses |
|
|
(1,079,365 |
) |
|
|
(910,558 |
) |
|
|
(812,890 |
) |
|
|
18.5 |
% |
|
|
32.8 |
% |
Electricity and Communications |
|
|
(29,050 |
) |
|
|
(31,828 |
) |
|
|
(26,424 |
) |
|
|
-8.7 |
% |
|
|
9.9 |
% |
Advertising and Promotion |
|
|
(72,742 |
) |
|
|
(63,749 |
) |
|
|
(68,349 |
) |
|
|
14.1 |
% |
|
|
6.4 |
% |
Fees and external administrative services |
|
|
(35,726 |
) |
|
|
(28,244 |
) |
|
|
(23,625 |
) |
|
|
26.5 |
% |
|
|
51.2 |
% |
Taxes |
|
|
(193,002 |
) |
|
|
(172,458 |
) |
|
|
(139,787 |
) |
|
|
11.9 |
% |
|
|
38.1 |
% |
Organization and development expenses |
|
|
(18,890 |
) |
|
|
(17,214 |
) |
|
|
(15,444 |
) |
|
|
9.7 |
% |
|
|
22.3 |
% |
Amortizations |
|
|
(50,160 |
) |
|
|
(47,969 |
) |
|
|
(41,616 |
) |
|
|
4.6 |
% |
|
|
20.5 |
% |
Other |
|
|
(410,292 |
) |
|
|
(373,356 |
) |
|
|
(350,616 |
) |
|
|
9.9 |
% |
|
|
17.0 |
% |
Other Income / Expenses
Other
income/expenses totaled a gain of AR$ 1.8 million during the fourth quarter of 2015 mainly due to higher recovered loans partially offset by provisions for other contingencies.
Income from Equity Investments
Income from
equity investments sets forth net income from related companies that are not consolidated. During the fourth quarter of 2015 a gain of AR$ 46.9 million was recorded, mainly due to BBVA Frances stake in Rombo Compañia Financiera.
Balance and activity
Total Public Sector Exposure
Exposure to
the public sectors National Treasury increased 16.1% during 2015 and 27.4% during the quarter, mainly due to bonds purchases and revaluation of the portfolio.
The Banks portfolio of BCRA bills and notes grew 39.4% in the last twelve months and maintained a similar level
compared to the third quarter of 2015, in accordance to the liquidity policy implemented by the Bank.
As of December 31, 2015, the public sectors National Treasury
assets represented 3.3% of the Banks total assets. Total exposure to the BCRAs bills and notes net of holdings linked to reverse repo transactions, represented 10% of the Banks total assets.
Total exposure to the public sector includes public debt of the National Treasury through public securities, guaranteed
loans and trustees, as well as the BCRAs bills and notes.
- 8
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exposure to the Public Sector
|
|
Quarter ended
|
|
|
D% quarter ended 12-31-15 vs
quarter ended |
|
(in thousands of pesos
except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Public Sector - National Government |
|
|
3,597,597 |
|
|
|
2,823,470 |
|
|
|
3,099,243 |
|
|
|
27.4 |
% |
|
|
16.1 |
% |
Public Sector Loans |
|
|
66,799 |
|
|
|
63,597 |
|
|
|
54,459 |
|
|
|
5.0 |
% |
|
|
22.7 |
% |
Total bond portfolio |
|
|
3,531,010 |
|
|
|
2,760,073 |
|
|
|
2,809,999 |
|
|
|
27.9 |
% |
|
|
25.7 |
% |
Holdings book at fair value |
|
|
3,220,093 |
|
|
|
2,583,782 |
|
|
|
2,706,879 |
|
|
|
24.6 |
% |
|
|
19.0 |
% |
Holdings book at amortized cost |
|
|
164 |
|
|
|
164 |
|
|
|
164 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Unlisted |
|
|
310,753 |
|
|
|
176,127 |
|
|
|
102,956 |
|
|
|
76.4 |
% |
|
|
201.8 |
% |
Allowances |
|
|
(212 |
) |
|
|
(200 |
) |
|
|
(201 |
) |
|
|
6.0 |
% |
|
|
5.5 |
% |
Reverse repo |
|
|
|
|
|
|
|
|
|
|
234,986 |
|
|
|
n/a |
|
|
|
-100.0 |
% |
Public Sector - National Government own portfolio |
|
|
3,597,597 |
|
|
|
2,823,470 |
|
|
|
2,864,257 |
|
|
|
27.4 |
% |
|
|
25.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bills and Notes from Central Bank |
|
|
11,086,580 |
|
|
|
12,979,915 |
|
|
|
8,630,056 |
|
|
|
-14.6 |
% |
|
|
28.5 |
% |
Own portfolio |
|
|
11,086,580 |
|
|
|
11,076,052 |
|
|
|
7,953,062 |
|
|
|
0.1 |
% |
|
|
39.4 |
% |
Reverse repo w/Central Bank |
|
|
|
|
|
|
(1,903,863 |
) |
|
|
(676,994 |
) |
|
|
-100.0 |
% |
|
|
-100.0 |
% |
Total exposure to the Public
Sector |
|
|
14,684,177 |
|
|
|
15,803,385 |
|
|
|
11,729,299 |
|
|
|
-7.1 |
% |
|
|
25.2 |
% |
Total exposure to the Public Sector without repos |
|
|
14,684,177 |
|
|
|
13,899,522 |
|
|
|
10,817,318 |
|
|
|
5.6 |
% |
|
|
35.7 |
% |
Loan Portfolio
The private
sector loan portfolio totaled AR$ 56.5 billion as of December 31, 2015, growing 36.5% in the last twelve months and 13.2% during the quarter.
During 2015, consumer loans registered remarkable growth, increasing its portfolio by 42.4%. Such increase was mainly
due to credit cards with an increase of 59.8%, whereas car loans increased at a slower pace of 23.6% and personal loans of 20.6%.
Commercial loans grew 29.3% annually mainly due to the performance of
loans to SMEs. It is important to mention that management of the line of credit for the productive investment for micro, small and medium-sized companies was instrumental in placing loans and leasing, reaching the target established for the year.
Compared to the previous quarter, growth was led by an 18% increase in the retail portfolio, whereas
commercial loans improved by 7.3%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loans |
|
Quarter ended
|
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
(in thousands of pesos except
percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Private & Financial sector loans |
|
|
56,496,522 |
|
|
|
49,918,078 |
|
|
|
41,388,381 |
|
|
|
13.2 |
% |
|
|
36.5 |
% |
Advances |
|
|
6,739,426 |
|
|
|
7,813,118 |
|
|
|
6,861,786 |
|
|
|
-13.7 |
% |
|
|
-1.8 |
% |
Discounted and purchased notes |
|
|
9,559,666 |
|
|
|
7,708,000 |
|
|
|
6,035,048 |
|
|
|
24.0 |
% |
|
|
58.4 |
% |
Consumer Mortgages |
|
|
2,122,955 |
|
|
|
1,806,419 |
|
|
|
1,466,346 |
|
|
|
17.5 |
% |
|
|
44.8 |
% |
Car secured loans |
|
|
4,567,505 |
|
|
|
4,127,086 |
|
|
|
3,695,487 |
|
|
|
10.7 |
% |
|
|
23.6 |
% |
Personal loans |
|
|
7,343,933 |
|
|
|
6,805,408 |
|
|
|
6,091,937 |
|
|
|
7.9 |
% |
|
|
20.6 |
% |
Credit cards |
|
|
18,322,958 |
|
|
|
14,672,406 |
|
|
|
11,465,609 |
|
|
|
24.9 |
% |
|
|
59.8 |
% |
Loans to financial sector |
|
|
1,530,454 |
|
|
|
1,246,674 |
|
|
|
910,437 |
|
|
|
22.8 |
% |
|
|
68.1 |
% |
Other loans |
|
|
6,510,536 |
|
|
|
6,010,784 |
|
|
|
5,025,304 |
|
|
|
8.3 |
% |
|
|
29.6 |
% |
Unaccrued interest |
|
|
(216,365 |
) |
|
|
(161,426 |
) |
|
|
(133,912 |
) |
|
|
34.0 |
% |
|
|
61.6 |
% |
Adjustment and accrued interest & exchange
difference |
|
|
1,127,744 |
|
|
|
908,499 |
|
|
|
908,133 |
|
|
|
24.1 |
% |
|
|
24.2 |
% |
Less: Allowance for loan losses |
|
|
(1,112,290 |
) |
|
|
(1,018,890 |
) |
|
|
(937,794 |
) |
|
|
9.2 |
% |
|
|
18.6 |
% |
Loans to public sector |
|
|
66,799 |
|
|
|
63,597 |
|
|
|
54,459 |
|
|
|
5.0 |
% |
|
|
22.7 |
% |
Loans to public sector |
|
|
8,823 |
|
|
|
8,822 |
|
|
|
8,756 |
|
|
|
0.0 |
% |
|
|
0.8 |
% |
Adjustment and accrued interest & exchange
difference |
|
|
57,976 |
|
|
|
54,775 |
|
|
|
45,703 |
|
|
|
5.8 |
% |
|
|
26.9 |
% |
Net total loans |
|
|
56,563,321 |
|
|
|
49,981,675 |
|
|
|
41,442,840 |
|
|
|
13.2 |
% |
|
|
36.5 |
% |
- 9
-
Asset Quality
BBVA
Francés has maintained a leadership position in terms of risk.
The asset quality ratio (non-performing loans/total loans) was 0.64% as of
December 31, 2015 while the coverage ratio (provisions/non-performing loans) reached 300.62%.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset quality ratios |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Non-performing loans (1) |
|
|
370,000 |
|
|
|
377,806 |
|
|
|
418,283 |
|
|
|
-2.1 |
% |
|
|
-11.5 |
% |
Allowance for loan losses |
|
|
(1,112,290 |
) |
|
|
(1,018,890 |
) |
|
|
(937,794 |
) |
|
|
9.2 |
% |
|
|
18.6 |
% |
Non-performing loans/net total loans |
|
|
0.64 |
% |
|
|
0.74 |
% |
|
|
0.99 |
% |
|
|
-13.4 |
% |
|
|
-35.0 |
% |
Non-performing private loans/net private loans |
|
|
0.64 |
% |
|
|
0.74 |
% |
|
|
0.99 |
% |
|
|
-13.4 |
% |
|
|
-35.0 |
% |
Allowance for loan losses/non-performing loans |
|
|
300.62 |
% |
|
|
269.69 |
% |
|
|
224.20 |
% |
|
|
11.5 |
% |
|
|
34.1 |
% |
Allowance for loan losses/net total loans |
|
|
1.93 |
% |
|
|
2.00 |
% |
|
|
2.21 |
% |
|
|
-3.5 |
% |
|
|
-12.8 |
% |
(1) |
Non-performing loans include: all loans to borrowers classified as Problem, Deficient Servicing, High Insolvency Risk, Difficult Recovery,
Irrecoverable and Irrecoverable for Technical Decision according to the new Central Bank debtor classification system. |
The following table shows the evolution of provisions for loan losses,
including charges relating to
transactions recorded under Other receivables from financial intermediation.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Evolution of provisions |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
|
|
|
|
|
Balance at the beginning of the quarter |
|
|
1,024,797 |
|
|
|
1,013,407 |
|
|
|
882,212 |
|
|
|
1.1 |
% |
|
|
16.2 |
% |
Increase / decrease |
|
|
197,541 |
|
|
|
115,201 |
|
|
|
152,323 |
|
|
|
71.5 |
% |
|
|
29.7 |
% |
Provision increase / decrease - Exchange rate difference |
|
|
12,237 |
|
|
|
1,138 |
|
|
|
329 |
|
|
|
975.3 |
% |
|
|
-3619.5 |
% |
Decrease |
|
|
(114,888 |
) |
|
|
(104,949 |
) |
|
|
(91,803 |
) |
|
|
9.5 |
% |
|
|
25.1 |
% |
Balance at the end of the quarter |
|
|
1,119,687 |
|
|
|
1,024,797 |
|
|
|
943,061 |
|
|
|
9.3 |
% |
|
|
18.7 |
% |
Deposits
Total
deposits reached AR$ 76.9 billion as of December 31, 2015, an increase of 49.4% in the last twelve months and 21.6% during the quarter.
During the year, time deposits grew 59.9% while sight accounts grew 43.8%.
During the fourth quarter, time deposits grew 19.2% while sight accounts grew 24.7%.
Deposits denominated in pesos grew 31.3% annually and 13.9% during the
fourth quarter. Foreign currency denominated deposits increased significantly compared both to the same quarter of 2014 and to the previous quarter.
By the end of December 31, 2015 deposits denominated in foreign currency reached AR$ 12.6 billion (equivalent to
US$ 965.9 million), representing 16.3% of the Banks total deposits.
- 10
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
|
|
|
|
|
Total deposits |
|
|
76,863,436 |
|
|
|
63,214,220 |
|
|
|
51,440,933 |
|
|
|
21.6 |
% |
|
|
49.4 |
% |
Current accounts |
|
|
21,201,742 |
|
|
|
17,703,627 |
|
|
|
15,360,083 |
|
|
|
19.8 |
% |
|
|
38.0 |
% |
Peso denominated |
|
|
20,593,528 |
|
|
|
17,262,101 |
|
|
|
15,023,449 |
|
|
|
19.3 |
% |
|
|
37.1 |
% |
Foreign currency |
|
|
608,214 |
|
|
|
441,526 |
|
|
|
336,634 |
|
|
|
37.8 |
% |
|
|
80.7 |
% |
Saving accounts |
|
|
22,452,261 |
|
|
|
17,302,839 |
|
|
|
14,996,005 |
|
|
|
29.8 |
% |
|
|
49.7 |
% |
Peso denominated |
|
|
14,972,121 |
|
|
|
13,256,478 |
|
|
|
14,659,371 |
|
|
|
12.9 |
% |
|
|
2.1 |
% |
Foreign currency |
|
|
7,480,140 |
|
|
|
4,046,361 |
|
|
|
336,634 |
|
|
|
84.9 |
% |
|
|
2122.0 |
% |
Time deposits |
|
|
31,895,955 |
|
|
|
26,762,368 |
|
|
|
19,950,392 |
|
|
|
19.2 |
% |
|
|
59.9 |
% |
Peso denominated |
|
|
27,705,124 |
|
|
|
24,666,063 |
|
|
|
18,363,312 |
|
|
|
12.3 |
% |
|
|
50.9 |
% |
CER adjusted time deposits |
|
|
1,072 |
|
|
|
623 |
|
|
|
303 |
|
|
|
72.1 |
% |
|
|
253.8 |
% |
Foreign currency |
|
|
4,189,759 |
|
|
|
2,095,682 |
|
|
|
1,586,777 |
|
|
|
99.9 |
% |
|
|
164.0 |
% |
Investment Accounts |
|
|
34,807 |
|
|
|
88,774 |
|
|
|
483 |
|
|
|
-60.8 |
% |
|
|
n/a |
|
Peso denominated |
|
|
34,807 |
|
|
|
88,774 |
|
|
|
483 |
|
|
|
-60.8 |
% |
|
|
n/a |
|
Other |
|
|
1,278,671 |
|
|
|
1,356,612 |
|
|
|
1,133,970 |
|
|
|
-5.7 |
% |
|
|
12.8 |
% |
Peso denominated |
|
|
995,207 |
|
|
|
1,166,092 |
|
|
|
925,521 |
|
|
|
-14.7 |
% |
|
|
7.5 |
% |
Foreign currency |
|
|
283,464 |
|
|
|
190,520 |
|
|
|
208,449 |
|
|
|
48.8 |
% |
|
|
36.0 |
% |
|
|
|
|
|
|
Rescheduled deposits + CEDROS |
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Peso denominated |
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Total deposits + Rescheduled deposits & CEDROS |
|
|
76,865,670 |
|
|
|
63,216,454 |
|
|
|
51,443,167 |
|
|
|
21.6 |
% |
|
|
49.4 |
% |
(*) |
In August 2005, the payments of rescheduled deposits were finalized, only those deposits that have a pending court case remain outstanding. |
Other Funding Sources
Other
funding sources totaled AR$ 3.8 billion as of December 31, 2015, registering an increase of 51.0% compared to the previous year and 31.1% during the quarter.
During the year, the Bank issued five placements of its Negotiable Obligations (Bonds) for a total amount of AR$ 835.7
billion.
By the end of the quarter, the Negotiable Obligations principal plus
interest totaled AR$ 1,902.6 billion, of which 95% correspond to the Banks issuances and the rest to PSA Finance.
Financing lines from other banks increased both, compared to December 2014 and to the previous quarter mainly due to higher export financing.
As of December 31, 2015, 75.1% of the outstanding lines from other banks are denominated in foreign currency.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other funding sources |
|
Quarter ended |
|
|
D% quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Lines from other banks |
|
|
1,863,498 |
|
|
|
1,165,292 |
|
|
|
553,320 |
|
|
|
59.9 |
% |
|
|
236.8 |
% |
Senior Bonds |
|
|
1,902,562 |
|
|
|
1,707,212 |
|
|
|
1,941,148 |
|
|
|
11.4 |
% |
|
|
-2.0 |
% |
|
|
|
|
|
|
Total other funding sources |
|
|
3,766,060 |
|
|
|
2,872,504 |
|
|
|
2,494,468 |
|
|
|
31.1 |
% |
|
|
51.0 |
% |
Capitalization
As of
December 31, 2015, the Banks total shareholders equity totaled AR$ 13.7 billion;
representing an excess of AR$ 6.6 billion over the BCRA capital requirements. On the same date, the capital ratio reached 15.5% of assets adjusted to risk.
- 11
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capitalization |
|
Quarter ended |
|
|
D%
quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Capital
Stock |
|
|
536,878 |
|
|
|
536,878 |
|
|
|
536,878 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Issuance
premiums |
|
|
182,511 |
|
|
|
182,511 |
|
|
|
182,511 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Adjustments to stockholders equity |
|
|
312,979 |
|
|
|
312,979 |
|
|
|
312,979 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Subtotal |
|
|
1,032,368 |
|
|
|
1,032,368 |
|
|
|
1,032,368 |
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Reserves on
Profits |
|
|
8,899,508 |
|
|
|
8,899,508 |
|
|
|
6,095,012 |
|
|
|
0.0 |
% |
|
|
46.0 |
% |
Unappropriated retained earnings |
|
|
3,784,487 |
|
|
|
2,596,226 |
|
|
|
3,204,496 |
|
|
|
45.8 |
% |
|
|
18.1 |
% |
Total stockholders equity |
|
|
13,716,363 |
|
|
|
12,528,102 |
|
|
|
10,331,876 |
|
|
|
9.5 |
% |
|
|
32.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank Requirements |
|
Quarter ended |
|
|
D% quarter
ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-3115 |
|
|
09-30-15 |
|
|
12-3114 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Central Bank Minimum Capital Requirements |
|
|
7,128,504 |
|
|
|
6,258,341 |
|
|
|
5,252,947 |
|
|
|
13.9 |
% |
|
|
35.7 |
% |
Central Bank Minimum
Capital Requirements (a, b) |
|
|
7,064,858 |
|
|
|
6,202,914 |
|
|
|
5,099,412 |
|
|
|
13.9 |
% |
|
|
38.5 |
% |
Increase in capital requirements related to
custody |
|
|
63,646 |
|
|
|
55,427 |
|
|
|
153,535 |
|
|
|
14.8 |
% |
|
|
-58.5 |
% |
a) Central Bank Minimum Capital Requirements |
|
|
7,064,858 |
|
|
|
6,202,914 |
|
|
|
5,149,668 |
|
|
|
13.9 |
% |
|
|
37.2 |
% |
Allocated to Asset at
Risk |
|
|
5,134,942 |
|
|
|
4,469,057 |
|
|
|
3,698,747 |
|
|
|
14.9 |
% |
|
|
38.8 |
% |
DCR (derivative
conterparter risk) |
|
|
14,393 |
|
|
|
13,971 |
|
|
|
22,369 |
|
|
|
3.0 |
% |
|
|
-35.7 |
% |
Non Compliance of Other
Credit Regulations |
|
|
|
|
|
|
|
|
|
|
50,256 |
|
|
|
n/a |
|
|
|
-100.0 |
% |
Market
Risk |
|
|
287,600 |
|
|
|
218,381 |
|
|
|
144,086 |
|
|
|
31.7 |
% |
|
|
99.6 |
% |
Operational
Risk |
|
|
1,627,923 |
|
|
|
1,501,505 |
|
|
|
1,234,210 |
|
|
|
8.4 |
% |
|
|
31.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
400,000 |
|
|
|
400,000 |
|
|
|
614,141 |
|
|
|
0.0 |
% |
|
|
-34.9 |
% |
5% of the securities in
custody and book-entry notes |
|
|
400,000 |
|
|
|
400,000 |
|
|
|
614,141 |
|
|
|
0.0 |
% |
|
|
-34.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank Capital Calculated under Central Bank Rules |
|
|
13,704,185 |
|
|
|
12,559,878 |
|
|
|
10,406,607 |
|
|
|
9.1 |
% |
|
|
31.7 |
% |
Ordinary Capital Level
1 |
|
|
13,206,449 |
|
|
|
12,102,146 |
|
|
|
10,001,585 |
|
|
|
9.1 |
% |
|
|
32.0 |
% |
Dedusctions Ordinary
Capital Level 1 |
|
|
(281,230 |
) |
|
|
(220,219 |
) |
|
|
(156,074 |
) |
|
|
27.7 |
% |
|
|
80.2 |
% |
Capital Level 2 |
|
|
778,966 |
|
|
|
677,951 |
|
|
|
561,096 |
|
|
|
14.9 |
% |
|
|
38.8 |
% |
Excess over Required Capital |
|
|
6,575,681 |
|
|
|
6,301,537 |
|
|
|
5,153,660 |
|
|
|
4.4 |
% |
|
|
27.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratio (Central
Bank rules) |
|
|
15.5 |
% |
|
|
17.8 |
% |
|
|
16.3 |
% |
|
|
-12.8 |
% |
|
|
-4.9 |
% |
Excess over Required
Capital as a % of Shareholders Equity |
|
|
47.9 |
% |
|
|
50.3 |
% |
|
|
49.9 |
% |
|
|
-4.7 |
% |
|
|
-3.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarter ended |
|
|
D%
quarter ended 12-31-15 vs quarter ended |
|
|
|
|
|
|
|
(in thousands of pesos except percentages) |
|
12-31-15 |
|
|
09-30-15 |
|
|
12-31-14 |
|
|
09-30-15 |
|
|
12-31-14 |
|
Exchange
rate |
|
|
13.01 |
|
|
|
9.42 |
|
|
|
8.55 |
|
|
|
38.1 |
% |
|
|
52.1 |
% |
Quarterly CER
adjustment |
|
|
4.1 |
% |
|
|
3.5 |
% |
|
|
3.8 |
% |
|
|
18.8 |
% |
|
|
8.1 |
% |
This press release contains or may contain certain forward-looking statements within the
meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés earnings, business plans, cost-reduction plans, and capitalization
plan, and trends affecting BBVA Francés financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may
differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock
market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés products and services; (4) increased competition;
(5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to
differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés annual report
on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer
accurate or complete.
- 12
-
Conference Call
A conference
call to discuss fourth quarter earnings will be held on Friday, February 12, 2016, at 10:30 AM New York time 12.30 PM Buenos Aires time. If you are interested in participating, please dial (800) 524 8850 within the U.S. or +1
(416) 204 9702 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 2650477. This conference will be recorded. To ask for digital replay, please dial (888) 203 1112 within U.S or +1 (719) 457
0820, same confirmation code. The replay will be available until March 11, 2016.
Internet
This press
release is also available at BBVA Francés web site:
www.bbvafrances.com.ar
Contacts
Vanesa
Bories
Investor Relations
(5411) 4346-4000 ext. 11622
vbories@bbva.com
Cecilia Acuña
Investor Relations
(5411) 4341-5036
ceciliaviviana@bbva.com
- 13
-
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-15 |
|
|
09-30 -15 |
|
|
06-30 -15 |
|
|
12-31-14 |
|
Cash and due from banks |
|
|
27,970,169 |
|
|
|
13,937,749 |
|
|
|
13,646,494 |
|
|
|
12,560,064 |
|
Government and Private Securities |
|
|
14,416,484 |
|
|
|
15,652,920 |
|
|
|
14,206,708 |
|
|
|
11,626,187 |
|
Holdings booked at fair
value |
|
|
3,220,093 |
|
|
|
2,583,782 |
|
|
|
2,583,930 |
|
|
|
2,706,879 |
|
Holdings booked at
amortized cost |
|
|
|
|
|
|
|
|
|
|
164 |
|
|
|
164 |
|
Reverse
repo |
|
|
164 |
|
|
|
164 |
|
|
|
44,161 |
|
|
|
234,986 |
|
Listed Private
Securities |
|
|
109,859 |
|
|
|
89,259 |
|
|
|
65,130 |
|
|
|
54,303 |
|
Bills and Notes from
the Central Bank |
|
|
11,086,580 |
|
|
|
12,979,915 |
|
|
|
11,513,524 |
|
|
|
8,630,056 |
|
Less:
Allowances |
|
|
(212 |
) |
|
|
(200 |
) |
|
|
(201 |
) |
|
|
(201 |
) |
Loans |
|
|
56,563,321 |
|
|
|
49,981,675 |
|
|
|
47,074,185 |
|
|
|
41,442,840 |
|
Loans to the
private & financial sector |
|
|
56,496,522 |
|
|
|
49,918,078 |
|
|
|
47,013,712 |
|
|
|
41,388,381 |
|
Advances |
|
|
6,739,426 |
|
|
|
7,813,118 |
|
|
|
8,349,886 |
|
|
|
6,861,786 |
|
Discounted and
purchased notes |
|
|
9,559,666 |
|
|
|
7,708,000 |
|
|
|
6,552,563 |
|
|
|
6,035,048 |
|
Secured with
mortgages |
|
|
2,122,955 |
|
|
|
1,806,419 |
|
|
|
1,696,271 |
|
|
|
1,466,346 |
|
Car secured
loans |
|
|
4,567,505 |
|
|
|
4,127,086 |
|
|
|
3,751,333 |
|
|
|
3,695,487 |
|
Personal
loans |
|
|
7,343,933 |
|
|
|
6,805,408 |
|
|
|
6,353,804 |
|
|
|
6,091,937 |
|
Credit
cards |
|
|
18,322,958 |
|
|
|
14,672,406 |
|
|
|
13,342,004 |
|
|
|
11,465,609 |
|
Loans to financial
sector |
|
|
1,530,454 |
|
|
|
1,246,674 |
|
|
|
756,088 |
|
|
|
910,437 |
|
Other
loans |
|
|
6,510,536 |
|
|
|
6,010,784 |
|
|
|
6,437,059 |
|
|
|
5,025,304 |
|
Less: Unaccrued
interest |
|
|
(216,365 |
) |
|
|
(161,426 |
) |
|
|
(134,380 |
) |
|
|
(133,912 |
) |
Plus:
Interest & FX differences receivable |
|
|
1,127,744 |
|
|
|
908,499 |
|
|
|
916,975 |
|
|
|
908,133 |
|
Less: Allowance for
loan losses |
|
|
(1,112,290 |
) |
|
|
(1,018,890 |
) |
|
|
(1,007,891 |
) |
|
|
(937,794 |
) |
Public Sector
loans |
|
|
66,799 |
|
|
|
63,597 |
|
|
|
60,473 |
|
|
|
54,459 |
|
Principal |
|
|
8,823 |
|
|
|
8,822 |
|
|
|
8,912 |
|
|
|
8,756 |
|
Plus:
Interest & FX differences receivable |
|
|
57,976 |
|
|
|
54,775 |
|
|
|
51,561 |
|
|
|
45,703 |
|
Other banking receivables |
|
|
3,728,874 |
|
|
|
5,559,493 |
|
|
|
6,005,634 |
|
|
|
2,612,371 |
|
Repurchase
agreements |
|
|
|
|
|
|
1,910,161 |
|
|
|
1,200,094 |
|
|
|
866,027 |
|
Unlisted private
securities |
|
|
200,894 |
|
|
|
86,868 |
|
|
|
12,813 |
|
|
|
48,653 |
|
Other banking
receivables |
|
|
3,535,377 |
|
|
|
3,568,371 |
|
|
|
4,798,243 |
|
|
|
1,702,958 |
|
Less:
provisions |
|
|
(7,397 |
) |
|
|
(5,907 |
) |
|
|
(5,516 |
) |
|
|
(5,267 |
) |
Investments in other companies |
|
|
363,861 |
|
|
|
336,070 |
|
|
|
297,827 |
|
|
|
327,580 |
|
Intangible assets |
|
|
236,861 |
|
|
|
211,624 |
|
|
|
176,176 |
|
|
|
144,672 |
|
Organization and
development charges |
|
|
236,861 |
|
|
|
211,624 |
|
|
|
176,176 |
|
|
|
144,672 |
|
Other assets |
|
|
7,412,813 |
|
|
|
6,453,052 |
|
|
|
6,119,425 |
|
|
|
5,530,060 |
|
Total Assets |
|
|
110,692,383 |
|
|
|
92,132,583 |
|
|
|
87,526,449 |
|
|
|
74,243,774 |
|
Deposits |
|
|
76,865,670 |
|
|
|
63,216,454 |
|
|
|
60,016,322 |
|
|
|
51,443,167 |
|
Current
accounts |
|
|
21,201,742 |
|
|
|
17,703,627 |
|
|
|
16,875,105 |
|
|
|
15,360,083 |
|
Saving
accounts |
|
|
22,452,261 |
|
|
|
17,302,839 |
|
|
|
17,579,340 |
|
|
|
14,996,005 |
|
Time
deposits |
|
|
31,895,955 |
|
|
|
26,762,368 |
|
|
|
24,216,247 |
|
|
|
19,950,392 |
|
Investment
Accounts |
|
|
34,807 |
|
|
|
88,774 |
|
|
|
14,959 |
|
|
|
483 |
|
Rescheduled deposits
CEDROS |
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
|
|
2,234 |
|
Other
deposits |
|
|
1,278,671 |
|
|
|
1,356,612 |
|
|
|
1,328,437 |
|
|
|
1,133,970 |
|
Other banking Liabilities |
|
|
15,031,971 |
|
|
|
11,618,140 |
|
|
|
11,672,802 |
|
|
|
8,617,528 |
|
Other provisions |
|
|
999,929 |
|
|
|
961,630 |
|
|
|
911,591 |
|
|
|
779,487 |
|
Other
contingencies |
|
|
999,319 |
|
|
|
960,988 |
|
|
|
910,997 |
|
|
|
778,910 |
|
Guarantees |
|
|
610 |
|
|
|
642 |
|
|
|
594 |
|
|
|
577 |
|
Other liabilities |
|
|
3,749,284 |
|
|
|
3,513,683 |
|
|
|
3,131,567 |
|
|
|
2,799,587 |
|
Minority interest |
|
|
329,166 |
|
|
|
294,574 |
|
|
|
264,135 |
|
|
|
272,129 |
|
Total Liabilities |
|
|
96,976,020 |
|
|
|
79,604,481 |
|
|
|
75,996,417 |
|
|
|
63,911,898 |
|
Total Stockholders equity |
|
|
13,716,363 |
|
|
|
12,528,102 |
|
|
|
11,530,032 |
|
|
|
10,331,876 |
|
Total liabilities + stockholders equity |
|
|
110,692,383 |
|
|
|
92,132,583 |
|
|
|
87,526,449 |
|
|
|
74,243,774 |
|
- 14
-
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-15 |
|
|
09-30 -15 |
|
|
06-30 -15 |
|
|
12-31-14 |
|
Financial income |
|
|
4.998.740 |
|
|
|
4.160.006 |
|
|
|
3.632.643 |
|
|
|
3.371.699 |
|
Interest on Cash and
Due from Banks |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Loans
Granted to the Financial Sector |
|
|
109.505 |
|
|
|
76.198 |
|
|
|
66.512 |
|
|
|
76.310 |
|
Interest on
Overdraft |
|
|
600.669 |
|
|
|
614.867 |
|
|
|
491.501 |
|
|
|
516.701 |
|
Interest on Discounted
and purchased notes |
|
|
463.881 |
|
|
|
350.163 |
|
|
|
319.403 |
|
|
|
336.753 |
|
Interest on
Mortgages |
|
|
98.158 |
|
|
|
83.853 |
|
|
|
73.236 |
|
|
|
63.269 |
|
Interest on Car Secured
Loans |
|
|
264.203 |
|
|
|
238.125 |
|
|
|
226.019 |
|
|
|
218.415 |
|
Interest on Credit Card
Loans |
|
|
811.113 |
|
|
|
679.705 |
|
|
|
689.400 |
|
|
|
602.087 |
|
Interest on Financial
Leases |
|
|
113.406 |
|
|
|
103.447 |
|
|
|
98.059 |
|
|
|
90.231 |
|
Interest on Other
Loans |
|
|
900.677 |
|
|
|
836.913 |
|
|
|
793.305 |
|
|
|
731.139 |
|
From Other Banking
receivables |
|
|
30 |
|
|
|
108 |
|
|
|
58 |
|
|
|
44 |
|
Interest on Government
Guaranteed Loans Decree 1387/01 |
|
|
4.089 |
|
|
|
4.082 |
|
|
|
3.965 |
|
|
|
3.727 |
|
Income from Securities
and Short Term Investments |
|
|
1.133.458 |
|
|
|
891.912 |
|
|
|
606.825 |
|
|
|
520.786 |
|
CER |
|
|
41.264 |
|
|
|
50.113 |
|
|
|
52.289 |
|
|
|
54.932 |
|
Foreign exchange
difference |
|
|
31.654 |
|
|
|
122.243 |
|
|
|
105.801 |
|
|
|
95.913 |
|
Other |
|
|
426.633 |
|
|
|
108.277 |
|
|
|
106.270 |
|
|
|
61.392 |
|
Financial expenses |
|
|
(2.143.818 |
) |
|
|
(1.833.403 |
) |
|
|
(1.659.410 |
) |
|
|
(1.394.471 |
) |
Interest on Current
Account Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Saving
Account Deposits |
|
|
(7.003 |
) |
|
|
(5.987 |
) |
|
|
(5.072 |
) |
|
|
(4.591 |
) |
Interest on Time
Deposits |
|
|
(1.576.170 |
) |
|
|
(1.321.401 |
) |
|
|
(1.211.105 |
) |
|
|
(987.272 |
) |
Interest on Other
Banking Liabilities |
|
|
(161.272 |
) |
|
|
(149.052 |
) |
|
|
(130.908 |
) |
|
|
(133.732 |
) |
Other interests
(includes Central Bank) |
|
|
(1.470 |
) |
|
|
(1.469 |
) |
|
|
(1.566 |
) |
|
|
(1.868 |
) |
CER |
|
|
(15 |
) |
|
|
(19 |
) |
|
|
(15 |
) |
|
|
(13 |
) |
Bank Deposit Guarantee
Insurance system mandatory contributions |
|
|
(107.580 |
) |
|
|
(102.137 |
) |
|
|
(94.406 |
) |
|
|
(63.141 |
) |
Mandatory contributions
and taxes on interest income |
|
|
(271.370 |
) |
|
|
(231.747 |
) |
|
|
(214.091 |
) |
|
|
(201.622 |
) |
Other |
|
|
(18.938 |
) |
|
|
(21.591 |
) |
|
|
(2.247 |
) |
|
|
(2.232 |
) |
Net financial income |
|
|
2.854.922 |
|
|
|
2.326.603 |
|
|
|
1.973.233 |
|
|
|
1.977.228 |
|
Provision for loan
losses |
|
|
(197.541 |
) |
|
|
(115.201 |
) |
|
|
(181.178 |
) |
|
|
(152.323 |
) |
Income from services,
net of other operating expenses |
|
|
960.726 |
|
|
|
953.272 |
|
|
|
800.607 |
|
|
|
918.875 |
|
Administrative
expenses |
|
|
(1.889.227 |
) |
|
|
(1.645.376 |
) |
|
|
(1.472.263 |
) |
|
|
(1.478.751 |
) |
Income (loss) from
equity investments |
|
|
46.960 |
|
|
|
69.341 |
|
|
|
50.523 |
|
|
|
32.560 |
|
Net Other
income |
|
|
1.780 |
|
|
|
(10.472 |
) |
|
|
(16.557 |
) |
|
|
(32.123 |
) |
Income (loss) from minority interest |
|
|
(34.593 |
) |
|
|
(30.439 |
) |
|
|
(34.223 |
) |
|
|
(30.130 |
) |
Income before tax |
|
|
1.743.027 |
|
|
|
1.547.728 |
|
|
|
1.120.142 |
|
|
|
1.235.336 |
|
Income tax |
|
|
(554.766 |
) |
|
|
(549.658 |
) |
|
|
(452.932 |
) |
|
|
(420.979 |
) |
Net income |
|
|
1.188.261 |
|
|
|
998.070 |
|
|
|
667.210 |
|
|
|
814.357 |
|
- 15
-
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by
line basis)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-15 |
|
|
09-30 -15 |
|
|
06-30 -15 |
|
|
12-31-14 |
|
Cash and due from banks |
|
|
27,970,286 |
|
|
|
13,937,826 |
|
|
|
13,646,577 |
|
|
|
12,560,154 |
|
Government Securities |
|
|
14,422,191 |
|
|
|
15,658,390 |
|
|
|
14,210,171 |
|
|
|
11,633,489 |
|
Loans |
|
|
56,563,321 |
|
|
|
49,981,675 |
|
|
|
47,074,185 |
|
|
|
41,442,840 |
|
Other Banking Receivables |
|
|
3,728,874 |
|
|
|
5,559,493 |
|
|
|
6,005,634 |
|
|
|
2,612,371 |
|
Assets Subject to Financial Leasing |
|
|
2,407,451 |
|
|
|
2,339,833 |
|
|
|
2,156,065 |
|
|
|
2,073,242 |
|
Investments in other companies |
|
|
353,377 |
|
|
|
331,131 |
|
|
|
293,008 |
|
|
|
322,990 |
|
Other assets |
|
|
5,290,698 |
|
|
|
4,368,786 |
|
|
|
4,185,460 |
|
|
|
3,643,820 |
|
Total Assets |
|
|
110,736,198 |
|
|
|
92,177,134 |
|
|
|
87,571,100 |
|
|
|
74,288,906 |
|
Deposits |
|
|
76,864,493 |
|
|
|
63,214,992 |
|
|
|
60,015,603 |
|
|
|
51,442,877 |
|
Other banking liabilities |
|
|
15,032,048 |
|
|
|
11,618,166 |
|
|
|
11,672,814 |
|
|
|
8,617,533 |
|
Minority interest |
|
|
338,136 |
|
|
|
298,800 |
|
|
|
268,259 |
|
|
|
276,058 |
|
Other liabilities |
|
|
4,785,158 |
|
|
|
4,517,074 |
|
|
|
4,084,392 |
|
|
|
3,620,562 |
|
Total Liabilities |
|
|
97,019,835 |
|
|
|
79,649,032 |
|
|
|
76,041,068 |
|
|
|
63,957,030 |
|
Total Stockholders Equity |
|
|
13,716,363 |
|
|
|
12,528,102 |
|
|
|
11,530,032 |
|
|
|
10,331,876 |
|
Stockholders Equity + Liabilities |
|
|
110,736,198 |
|
|
|
92,177,134 |
|
|
|
87,571,100 |
|
|
|
74,288,906 |
|
Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12-31-15 |
|
|
09-30 -15 |
|
|
06-30 -15 |
|
|
12-31-14 |
|
Net Financial Income |
|
|
2,856,420 |
|
|
|
2,328,398 |
|
|
|
1,973,531 |
|
|
|
1,978,226 |
|
Provision for loan losses |
|
|
(197,541 |
) |
|
|
(115,201 |
) |
|
|
(181,178 |
) |
|
|
(152,323 |
) |
Net Income from Services |
|
|
960,726 |
|
|
|
953,272 |
|
|
|
800,607 |
|
|
|
918,875 |
|
Administrative expenses |
|
|
(1,891,536 |
) |
|
|
(1,646,213 |
) |
|
|
(1,473,149 |
) |
|
|
(1,478,240 |
) |
Net Other Income |
|
|
54,482 |
|
|
|
58,164 |
|
|
|
34,627 |
|
|
|
(1,830 |
) |
Income Before Tax |
|
|
1,782,551 |
|
|
|
1,578,420 |
|
|
|
1,154,438 |
|
|
|
1,264,708 |
|
Income Tax |
|
|
(554,953 |
) |
|
|
(549,809 |
) |
|
|
(453,081 |
) |
|
|
(421,095 |
) |
Net income |
|
|
1,227,598 |
|
|
|
1,028,611 |
|
|
|
701,357 |
|
|
|
843,613 |
|
Minoritary Interest |
|
|
(39,337 |
) |
|
|
(30,541 |
) |
|
|
(34,147 |
) |
|
|
(29,256 |
) |
Net income for Quarter |
|
|
1,188,261 |
|
|
|
998,070 |
|
|
|
667,210 |
|
|
|
814,357 |
|
- 16
-
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
|
|
|
|
|
|
|
|
|
|
|
BBVA Banco Francés S.A. |
|
|
|
|
Date: February 11, 2016 |
|
|
|
By: |
|
/s/ Ignacio Sanz y Arcelus |
|
|
|
|
Name: |
|
Ignacio Sanz y Arcelus |
|
|
|
|
Title: |
|
Chief Financial Officer |
Bbva Banco Frances (NYSE:BFR)
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