(Translation of financial statements originally
issued in Spanish - See Note 24)
The accompanying Notes 1 through 24 and exhibits A through L, N,
O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through L, N,
O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through L, N,
O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through L, N,
O and the consolidated financial statements are an integral part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
1.
|
BRIEF HISTORY OF THE BANK
|
Macro Compañía Financiera
SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate as a commercial
bank and it was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities, it adopted
other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA (hereinafter, the Bank).
The Bank´s shares have been
publicly listed on the Merval (Mercado de Valores de Buenos Aires- Buenos Aires Stock Exchange) since November 1994, as from March
24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to list
on the Mercado Abierto Electrónico SA (MAE).
Since 1994, Banco Macro SA’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.
In 2001, 2004, 2006 and 2010, the
Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones
SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013,
respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán SA.
The Bank currently offers traditional
bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing
the Bank's objective to be a multi-services bank.
In addition, the Bank performs certain
transactions through its subsidiaries, Banco del Tucumán SA, Macro Bank Limited (an entity organized under the laws of Bahamas),
Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA.
|
2.1.
|
Agreement with the Misiones Provincial Government
|
The Bank and the Misiones Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a five-year term since January 1,
1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On November 25, 1999, and December
28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.
As of September 30, 2017 and December
31, 2016, the deposits held by the Misiones Provincial Government with the Bank amounted to 3,563,438 and 2,495,781 (including
160,791 and 139,610 related to court deposits), respectively.
|
2.2.
|
Agreement with the Salta Provincial Government
|
The Bank and the Salta Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996,
as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On February 22, 2005 and August
22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.
As of September 30, 2017 and December
31, 2016, the deposits held by the Salta Provincial Government with the Bank amounted to 2,246,362 and 1,340,738 (including 446,681
and 370,154 related to court deposits), respectively.
|
2.3.
|
Agreement with the Jujuy Provincial Government
|
The Bank and the Jujuy Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12,
1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
On April 29, 2005 and July 8, 2014,
extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.
As of September 30, 2017 and December
31, 2016, the deposits held by the Jujuy Provincial Government with the Bank amounted to 5,187,405 and 1,580,312 (including 315,489
and 253,622 related to court deposits), respectively.
|
2.4.
|
Banco del Tucumán S.A.
|
Banco del Tucumán SA acts
as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government
and of the Municipality of San Miguel de Tucumán, through 2021 and 2018, respectively.
As of September 30, 2017 and December
31, 2016, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with
Banco del Tucumán SA amounted to 3,695,212 and 2,450,436 (including 1,169,502 and 943,683 related to court deposits), respectively.
|
2.5.
|
Uniones Transitorias de Empresas (joint ventures)
|
|
a)
|
Banco Macro SA - Siemens Itron Business Services SA
|
On April 7, 1998, the Bank entered
into a joint venture agreement with Siemens Itron Business Services SA, in which each holds a 50% equity interest, whereby a provincial
data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures in the
Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.
|
b)
|
Banco Macro SA – Gestiva SA
|
On May 4, 2010, and August 15, 2012,
the Bank and Gestiva SA entered into a joint venture under the name “Banco Macro SA – Gestiva SA – Unión
Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing and management
system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest in its capital
stock.
As of September 30, 2017 and December
31, 2016, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the
proportionate consolidation method amounted to 69,577 and 56,001, respectively.
Also, as of September 30, 2017
and 2016, net income recorded through the method mentioned in the previous paragraph amounted to 47,065 and 36,197, respectively.
|
3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
These financial statements are taken
from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance with the accounting
standards established by Central Bank of Argentina.
|
3.1.
|
Consolidated financial statements
|
As required under Central Bank
rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán SA, Macro Bank Limited,
Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA as supplementary information.
|
3.2.
|
Comparative information
|
As required under Central Bank
rules, the balance sheet as of September 30, 2017 and supplementary information, are presented comparatively with those of the
prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for
the nine-month period ended September 30, 2017, are presented comparatively with data for the same period in the prior fiscal year.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
The Bank’s financial statements
recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes were
discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required by Presidential
Decree 664/2003, Article N° 312 of General Resolution No. 7/2015 of the Business Association Regulatory Agency (IGJ), Central
Bank Communiqué “A” 3921 and CNV (Argentine Securities Commission) General Resolution No. 441.
However, the interpretation of the
financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the prices for
relevant economic variables, such as salary cost, interest and exchange rates. In that sense, it should be considered that the
INDEC (National Statistics Institute) has been informed since January 2016, the monthly inflation data based on the IPIM (Internal
Index Wholesale Prices), but has not assigned specific inflation rate for the month of November and December 2015. As of the date
of issuance of these financial statements, the last IPIM informed by the INDEC is for September 2017 and the accumulated inflation
rate for the three-year period ended in June 2017 is approximately 74%.
|
3.4.
|
Significant accounting judgments, estimates and
assumptions
|
The preparation of financial statements
requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income, expenses
and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s records
are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the final amount
may differ from such estimates, which may have a positive or negative impact on future fiscal years.
The main valuation methods used
to prepare the accompanying financial statements as of September 30, 2017 and 2016 and December 31, 2016, were as follows:
|
a)
|
Assets and liabilities denominated in foreign currency:
|
The assets and liabilities denominated
in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions on
the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated
at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the related
statements of income.
|
b)
|
Government and private securities:
|
|
b.1)
|
Government securities - Holdings booked at market value:
|
They were valued at the quoted prices
or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were recorded
in the related statements of income, translated into pesos, in accordance with the criterion stated in Note 3.5.a), wherever applicable.
|
b.2)
|
Government securities - Holdings booked at amortized
cost:
|
As set forth in Central Bank Communiqué
“A” 5180, as supplemented, they were valued at acquisition cost increased by the accrued internal rate of return, net
of the related offset account, also compared with the present values calculated by the Bank, in accordance with the criterion stated
in Note 3.5.a), wherever applicable. The acquisition value previously mentioned is related to the present value of each security
at acquisition date.
As of September 30, 2017 and December
31, 2016, the present value calculated by the Bank for these securities amounted to 335,694 and 1,578,551, respectively.
|
b.3)
|
Listed Instruments issued by the Central Bank –
Holdings booked at market value:
|
They were valued at the quoted price
as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
b.4)
|
Instruments issued by the Central Bank – Holdings
booked at amortized cost:
|
Holdings with no volatility published
by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return as
per their issuance terms and conditions, in accordance with the criterion stated in Note 3.5.a), wherever applicable. The accruals
of the internal rate of return mentioned above were recorded in the related statements of income.
|
b.5)
|
Private Securities – Investment in listed private
securities:
|
As of December 31, 2016, they were
valued at the quoted price as of the last respective business day. Differences in quoted prices were recorded in the related statements
of income.
|
c)
|
Guaranteed loans – Presidential Decree No. 1387/2001:
|
As set forth in Central Bank Communiqués
“A” 4898, “A” 5180, as supplemented, as of December 31, 2016, the guaranteed loans issued by the Argentine
Government under Presidential Decree No. 1387/01, were valued at the specific acquisition value of each security, increased by
accrued income including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with
the present values reported by the Central Bank.
As of December 31, 2016, the present
value reported by the Central Bank for these securities amounted to 726,098.
On January 30, 2017 the total abovementioned
holding were cancelled and collected, for an amount of 740,653.
Interest has been accrued according
to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and
those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.
As established by item 2.2.2.1 of
Central Bank rules related to minimum allowances for loan losses, the Bank suspends the interest accrual whenever loan payments
are not settled (generally, after 90 days) or when the recoverability of the collection of principal or interest accrued is doubtful.
Accrued interest is considered part of the loan balance when determining the allowances for loan losses. Afterwards, interest is
only recognized on a cash basis.
Receivables and payables have been
indexed by the CER, wherever applicable, as follows:
|
e.1)
|
Guaranteed loans: as explained in Note 3.5.c).
|
|
e.2)
|
Deposits and other assets and liabilities: the CER
as of the last respective business day was applied.
|
|
e.3)
|
Deposits and other assets and liabilities stated in
Acquisition Value Unit (UVA): the CER was applied according to Central Bank Communiqué “A” 6080.
|
|
f)
|
Allowance for loan losses and provision for contingent
commitments:
|
These provisions have been calculated
based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from the evaluation
of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering Central Bank
Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.
When loans covered by specific allowances
are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances set in prior
years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current period.
The recovery of receivables previously
classified under “Debit-balance control memorandum accounts - Receivables classified as irrecoverable” are recorded
directly in the related statements of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
The Bank assesses the credit risk
related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related to amounts
recorded in memorandum accounts, contingent commitments, are included under “Provisions”.
|
g)
|
Other receivables from financial intermediation and Other liabilities from financial intermediation:
|
|
g.1)
|
Amounts receivable from spot and forward sales pending settlement and amounts payable for spot
and forward purchases pending settlement:
|
They were valued based on the prices
agreed upon for each transaction, plus related premiums accrued.
|
g.2)
|
Securities and foreign currency to be received for spot and forward purchases pending settlement
and to be delivered for spot and forward sales pending settlement:
|
|
i.
|
With volatility (active market): they were valued at the effective quoted prices for each of them
at the last respective business day. Differences in quoted prices were recorded in the related statements of income.
|
|
ii.
|
Without volatility (without active market): they were valued at their cost value increased exponentially
by their internal rate of return. Such accruals were recorded in the related statements of income.
|
|
g.3)
|
Debt securities and certificates of participation in financial trusts:
|
|
i.
|
Debt securities: they were valued as provided by Central Bank Communiqué “A”
4414, at their cost value, increased exponentially by their internal rate of return, translated into pesos according to the method
described in Note 3.5.a), as the case may be.
|
|
ii.
|
Certificates of participation: they were stated at cost or face value increased as the case may
be, by interest accrued until the last respective day, translated into Argentine pesos according to the method described in Note
3.5.a), as appropriate.
|
The values recorded, net of allowances,
do not exceed the recoverable values from the respective trusts.
|
g.4)
|
Unlisted corporate bonds purchased:
|
They were valued by the accrual method
based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414, as supplemented. Such
accruals were recorded in the related statements of income.
|
g.5)
|
Non subordinated corporate bonds issued:
|
They were valued at the amount due
for principal and interest accrued. Such accruals were recorded in the related statements of income.
|
g.6)
|
Receivables from forward transactions without delivery of underlying assets:
|
They were valued at the amounts outstanding
originated in forward transactions of foreign currency payables in pesos without delivery of the underlying asset. Such amounts
arise from the difference between quoted price of transactions on the last respective business day and the related future price
agreed.
|
h)
|
Receivables from financial leases:
|
In accordance with Central Bank
Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of minimum
installments pending collection (excluding any contingent installments), from the previously agreed residual value and the purchase
options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated by applying the
imputed interest rate of each lease agreement.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
The effective financial lease agreements
do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics
are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the transactions
agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and there are no
pre-established contingent installments or automatic renewal clauses.
|
i)
|
Investments in other companies:
|
|
i.1)
|
In controlled financial institutions, supplementary and authorized activities or with significant
influence: they were valued by the equity method.
|
|
i.2)
|
In non-controlled financial institutions, supplementary and authorized activities or without significant
influence:
|
|
i.
|
In pesos: they were valued at acquisition cost, plus the nominal value of share-dividends received,
restated as explained in Note 3.3., as the case may be.
|
|
ii.
|
In foreign currency: they were valued at the acquisition cost in foreign currency, plus the nominal
value of share-dividends received, translated into pesos in accordance with the criterion stated in Note 1.3. to the consolidated
financial statements.
|
Such net values do not exceed the
values calculated by the equity method on the basis of the latest financial statements published by the companies.
|
i.3)
|
In other non-controlled companies: they were valued at
acquisition cost, plus the nominal value of share-dividends received, restated as described in Note 3.3., as the case may be,
net of allowances for impairment in value. Such net values do not exceed the values calculated by the equity method on the basis
of the latest financial statements published by the companies.
|
|
j)
|
Bank premises and equipment, other assets and intangible
assets:
|
They were valued at their acquisition
cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their
estimated useful life using the straight line method.
|
k)
|
Valuation of derivatives:
|
|
k.1)
|
Forward transactions without delivery of underlying asset: they were valued at the quoted price
of each transaction, as of the last respective business day. Differences in quoted prices were recorded in the related statements
of income.
|
|
k.2)
|
Call option sold: they were valued at the agreed-upon exercise price.
|
The Bank charges these payments
directly to expenses.
|
m)
|
Provisions included in liabilities:
|
The Bank carries certain contingent
liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations.
Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.
|
n)
|
Subordinated corporate bonds:
|
They were valued at the amount due
for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were recorded
in the related statements of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
o)
|
Shareholders’ equity accounts:
|
They are restated as explained in
Note 3.3., except for the "Capital stock" account which has been kept at its original value. The adjustment resulting
from its restatement as explained in such note was included in the "Adjustments to shareholders’ equity" account.
|
p)
|
Statement-of-income accounts:
|
|
p.1)
|
The accounts comprising monetary transactions (financial income (expense), service-charge income
(expense), provision for loan losses, administrative expenses, among others) were computed at their historical amounts on a monthly
accrual basis.
|
|
p.2)
|
The accounts reflecting the effects on income from the sale, retirement or consumption of non-monetary
assets were computed on the basis of the amounts of such assets, which were restated as mentioned in Note 3.3.
|
|
p.3)
|
The income (loss) from equity interests in subsidiaries were computed on the basis of such companies’
income (loss).
|
|
3.6.
|
Statement of cash flows and cash equivalents
|
The Bank considers “cash
and cash equivalents” to include the following accounts: Cash and investments which mature less than three months from their
date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows with
the related balance sheet accounts:
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2016
|
|
Cash
|
|
|
34,654,228
|
|
|
|
33,011,337
|
|
|
|
19,532,886
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
227
|
|
|
|
71
|
|
|
|
523
|
|
Instruments issued by the Central Bank
|
|
|
1,266,898
|
|
|
|
1,803,650
|
|
|
|
12,166,437
|
|
Cash and cash equivalents
|
|
|
35,921,353
|
|
|
|
34,815,058
|
|
|
|
31,699,846
|
|
|
4.
|
INCOME TAX AND MINIMUM PRESUMED INCOME TAX
|
The Bank calculates income tax by
applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary differences
between book and taxable income.
In 1998, Law No. 25,063 established
minimum presumed income tax for a ten-year term. At present, after subsequent extensions and considering what is established by
Law No. 27,260, such tax is effective for the fiscal years ended up to December 31, 2018. This tax is supplementary to income tax,
while the latter is levied on the taxable income for the year, minimum presumed income tax is a minimum levy assessment by applying
1% over 20% of certain assets as provided by the law for financial institutions. Therefore, the Bank’s tax obligation for
each year will be equal to the higher of these taxes. However, if minimum presumed income tax exceeds income tax in a given tax
year, such excess may be computed as a payment on account of any income tax in excess of minimum presumed income tax that may occur
in any of the following ten years, once accumulated net operating losses (NOLs) have been used.
As of September 30, 2017 and 2016,
the Bank estimated an income tax charge of 3,699,000 and 2,335,000, respectively; hence, no minimum presumed income tax should
be assessed for the nine-month periods ended on such dates.
Additionally, as of September 30,
2017, the Bank made income tax prepayments for 1,520,741 for the 2017 fiscal year, which will be applied to the tax amount assessed
in the 2017 tax return.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
5.
|
DIFFERENCES BETWEEN CENTRAL BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE
IN THE CITY OF BUENOS AIRES
|
Argentine professional accounting
standards effective in the City of Buenos Aires differ, in certain valuation and presentation aspects, from the accounting standards
established by Central Bank of Argentina.
The main items with differences
in valuation matters as of September 30, 2017 and December 31, 2016 are as follows:
|
|
Adjustments under professional accounting standards
|
|
|
|
Stand-alone financial statements
|
|
|
Consolidated financial statements
|
|
|
|
to equity
|
|
|
to total
income
(1)
|
|
|
to equity
|
|
|
to total
income
(1)
|
|
Item
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2017
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2017
|
|
Government securities and assistance to the government sector (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities - Holdings booked at amortized cost
|
|
|
1,583
|
|
|
|
3,642
|
|
|
|
(2,059
|
)
|
|
|
2,315
|
|
|
|
5,309
|
|
|
|
(2,994
|
)
|
Instruments issued by the Central Bank and booked at amortized cost
|
|
|
7,905
|
|
|
|
5,716
|
|
|
|
2,189
|
|
|
|
7,905
|
|
|
|
6,580
|
|
|
|
1,325
|
|
Guaranteed loans – Presidential Decree No. 1387/01
|
|
|
|
|
|
|
11,824
|
|
|
|
(11,824
|
)
|
|
|
|
|
|
|
11,824
|
|
|
|
(11,824
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combinations (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Nuevo Banco Bisel SA
|
|
|
(64,483
|
)
|
|
|
(66,716
|
)
|
|
|
2,233
|
|
|
|
(64,483
|
)
|
|
|
(66,716
|
)
|
|
|
2,233
|
|
Other
|
|
|
(43,295
|
)
|
|
|
(45,415
|
)
|
|
|
2,120
|
|
|
|
(43,295
|
)
|
|
|
(45,415
|
)
|
|
|
2,120
|
|
Interests in other companies (c)
|
|
|
93,900
|
|
|
|
76,903
|
|
|
|
16,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred assets – Income tax (d)
|
|
|
448,066
|
|
|
|
62,974
|
|
|
|
385,092
|
|
|
|
541,234
|
|
|
|
137,346
|
|
|
|
403,888
|
|
Total
|
|
|
443,676
|
|
|
|
48,928
|
|
|
|
394,748
|
|
|
|
443,676
|
|
|
|
48,928
|
|
|
|
394,748
|
|
|
(1)
|
Additionally, according to the Argentine professional accounting standards effective in the City
of Buenos Aires, individual and consolidated income for the period ended September 30, 2016, would have increased by 5,911.
|
|
(a)
|
Holdings of government securities, instruments issued by the Central Bank and credit assistance
to the nonfinancial government sector: these holdings and financing are valued based on the specific regulations and standards
issued by the Argentine government and the Central Bank, which set forth, among other issues, the use of present values, technical
values and offset accounts, as explained in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting
standards effective in the City of Buenos Aires, the securities, instruments and assistance mentioned in those notes should be
stated at their market and/or present values, as the case may be. In addition, current Central Bank regulations establish that
financing to the nonfinancial government sector is not subject to loan-loss provisioning, whereas the Argentine professional accounting
standards effective in the City of Buenos Aires require that assets in general to be compared with their recoverable value every
time financial statements are prepared.
|
|
(b)
|
Business combinations: under the standards set forth by Central Bank, business acquisitions are
recorded according to the book values of the acquired company and, if the purchase price exceeds the book value, the excess amount
is recorded in the acquiring company´s books as a positive goodwill. On the other hand, if the purchase price is lower than
book value, the difference is recorded in the acquiring company´s books as a negative goodwill. If the goodwill is positive,
Central Bank standards establish that such goodwill should be amortized under the straight-line method based on an estimated useful
life of ten years. If the goodwill is negative, Central Bank Communiqué “A” 3984 establishes specific amortization
methods; the maximum amortization allowed per year is 20%.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
According to the Argentine professional
accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market values of the
acquired company’s identifiable net assets and the difference between the purchase price and the identifiable net asset measurement
value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill is recognized, this goodwill
will be amortized systematically over the estimated useful life, unless it has an indefinite useful life considering the estimates
made by the Bank´s Management, in which case it shall not be amortized, but compared with its recoverable value as of each
year-end. If a negative goodwill is recognized due to expected losses or future expenses of the acquired entity and which should
not have been recorded as liabilities as of the acquisition date, it will either be charged to the statement of income according
to the change in specific circumstances that gave rise to it or systematically, taking into account an average weighted useful
life of the acquired entity’s assets subject to depreciation and amortization.
|
(c)
|
Subsidiary Banco del Tucumán SA prepares its financial statements in conformity with Central
Bank rules which differ from the Argentine professional accounting standards effective in the City of Buenos Aires.
|
|
(d)
|
Income tax: The Bank and its subsidiaries determine income tax applying the effective rate to the
estimated taxable income, without considering the effect of the temporary differences between book and taxable income. According
to the Argentine professional accounting standards effective in the City of Buenos Aires, income tax should be booked following
the deferred tax method, according to which (i) in addition to the current tax payable, either an asset (if certain conditions
are met) or a liability is recognized for deferred taxes related to the tax effect of the temporary differences between the book
and tax valuation of assets and liabilities, and (ii) a tax expense (income) is recognized in relation to the portion involving
the current tax expense (income) as well as the one involving the deferred tax expense (income), resulting from the creation and
reversal of the abovementioned temporary differences in the year. Under Argentine professional accounting standards effective in
the City of Buenos Aires, a deferred tax asset is recognized when there are unused NOLs or tax credits that can be deducted from
future taxable income, provided they are likely.
|
In addition, the main presentation
differences between professional accounting standards and the Central Bank rules, applicable to the Bank are that the Bank has
not presented current and non-current assets and current and non-current liabilities, maturity dates of all credits and debts and
their interest rate and adjustments, non-segregation in the Statement of Income of operating expenses by function and cash flow
of interest collected and paid by the Bank.
|
6.
|
RECONCILIATION OF AMOUNTS WITH THE ACCOUNTING FRAMEWORK FOR CONVERGENCE WITH INTERNATIONAL FINANCIAL
REPORTING STANDARDS (IFRS)
|
On February 12, 2014, Central Bank
issued Communiqué "A" 5541, which set the general guidelines for convergence to the IFRS issued by the International
Accounting Standards Board (IASB), aimed at the preparation of the financial statements issued by the entities under its supervision
for the fiscal years beginning on or after January 1, 2018, as well as their interim periods.
Through Communiqué “A”
6114, the Central Bank set specific requirements as part of that convergence process, which included defining (i) the provisional
exemption from the application of section 5.5 “Impairment” under NIIF 9 “Financial instruments” (items
B5.5.1 through B5.5.55) until the Central Bank analyzes classification, provision and guarantee standards and proposes a schedule
for transition from the current provision model to the model adopted in view of international best practices; and (ii) that, in
order to calculate the effective interest rate of assets and liabilities, as required for their measurement, pursuant to IFRS 9,
a lump-sum estimate may be performed –provisionally until December 31, 2019– to calculate the effective interest rate
over a group of financial assets or liabilities with similar characteristics to those subject to application. Lastly, Central Bank
Communiqués “A” 6323 and 6324 defined the minimum chart of account and provisions applicable to the preparation
and presentation of the financial statements by financial entities for fiscal years beginning January 1°, 2018, respectively.
Considering the previous statements,
the Bank is currently performing the convergence towards IFRS with the scope defined by Central Bank Communiqué “A”
6114, and January 1, 2017, is the transition date according to IFRS 1 “First-time adoption of International Financial Reporting
Standards.”
As established by Central Bank Communiqué
“A” 6206, and based on the requirements set in Communiqué “A” 6114, below is the reconciliation
of amounts assessed as per Central Bank’s accounting standards with respect to assets, liabilities, equity accounts and income
(loss) as of September 30, 2017, and for the nine-month period then ended, as well as amounts obtained for those items as a result
of applying IFRS.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Banco Macro SA
Accounts
|
|
Central Bank
|
|
|
IFRS Adjustment
|
|
|
IFRS amount
|
|
|
|
|
ASSETS
|
|
|
192,065,285
|
|
|
|
3,609,238
|
|
|
|
195,674,523
|
|
|
|
|
|
Cash
|
|
|
34,654,228
|
|
|
|
(11,890
|
)
|
|
|
34,642,338
|
|
|
|
|
|
Government and private securities
|
|
|
29,948,097
|
|
|
|
(966,278
|
)
|
|
|
28,981,819
|
|
|
|
|
|
Loans
|
|
|
109,663,464
|
|
|
|
(110,330
|
)
|
|
|
109,553,134
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
7,963,185
|
|
|
|
73,258
|
|
|
|
8,036,443
|
|
|
|
|
|
Receivables from financial leases
|
|
|
532,609
|
|
|
|
|
|
|
|
532,609
|
|
|
|
|
|
Investments in other companies
|
|
|
2,672,282
|
|
|
|
445,766
|
|
|
|
3,118,048
|
|
|
|
|
|
Other receivables
|
|
|
1,657,576
|
|
|
|
(65,627
|
)
|
|
|
1,591,949
|
|
|
|
|
|
Bank premises and equipment, net
|
|
|
1,435,203
|
|
|
|
3,136,191
|
|
|
|
4,571,394
|
|
|
|
|
|
Other assets
|
|
|
2,700,727
|
|
|
|
1,108,769
|
|
|
|
3,809,496
|
|
|
|
|
|
Intangible assets
|
|
|
807,794
|
|
|
|
(621
|
)
|
|
|
807,173
|
|
|
|
|
|
Items pending allocation
|
|
|
30,120
|
|
|
|
|
|
|
|
30,120
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
151,946,388
|
|
|
|
257,056
|
|
|
|
152.203.444
|
|
|
|
|
|
Deposits
|
|
|
123,434,567
|
|
|
|
(102,893
|
)
|
|
|
123.331.674
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
16,855,102
|
|
|
|
(870,562
|
)
|
|
|
15.984.540
|
|
|
|
|
|
Other liabilities
|
|
|
4,152,546
|
|
|
|
1,258,901
|
|
|
|
5.411.447
|
|
|
|
|
|
Provisions
|
|
|
371,659
|
|
|
|
|
|
|
|
371.659
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
7,116,955
|
|
|
|
(28,390
|
)
|
|
|
7.088.565
|
|
|
|
|
|
Items pending allocation
|
|
|
15,559
|
|
|
|
|
|
|
|
15.559
|
|
|
|
|
|
Accounts
|
|
Central Bank
|
|
|
First-Time IFRS
Adjustment (1)
|
|
|
IFRS Adjustment
|
|
|
IFRS
Amount
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE CONTROLLING INTEREST
|
|
|
40,118,897
|
|
|
|
2,932,907
|
|
|
|
419,275
|
|
|
|
43,471,079
|
|
Capital, contributions and reserves
|
|
|
33,741,775
|
|
|
|
|
|
|
|
(277,394
|
)
|
|
|
33,464,381
|
|
Other comprehensive income
|
|
|
|
|
|
|
9,209
|
|
|
|
33,836
|
|
|
|
43,045
|
|
Unappropriated retained earnings (accumulated losses)
|
|
|
6,377,122
|
|
|
|
2,923,698
|
|
|
|
662,833
|
|
|
|
9,963,653
|
|
Accounts
|
|
Central Bank
|
|
|
IFRS Adjustment
|
|
|
IFRS Amount
|
|
|
|
|
INCOME FOR THE PERIOD, NET
|
|
|
6,377,122
|
|
|
|
662,833
|
|
|
|
7,039,955
|
|
|
|
|
|
Financial income
|
|
|
23,017,472
|
|
|
|
960
|
|
|
|
23,018,432
|
|
|
|
|
|
Financial expense
|
|
|
(8,844,154
|
)
|
|
|
46,292
|
|
|
|
(8,797,862
|
)
|
|
|
|
|
Provision for loan losses
|
|
|
(1,028,420
|
)
|
|
|
|
|
|
|
(1,028,420
|
)
|
|
|
|
|
Service-charge income
|
|
|
6,931,314
|
|
|
|
(80,752
|
)
|
|
|
6,850,562
|
|
|
|
|
|
Service-charge expense
|
|
|
(2,182,438
|
)
|
|
|
4,241
|
|
|
|
(2,178,197
|
)
|
|
|
|
|
Administrative expenses
|
|
|
(8,317,498
|
)
|
|
|
2,709
|
|
|
|
(8,314,789
|
)
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Income
|
|
|
1,376,799
|
|
|
|
(23,245
|
)
|
|
|
1,353,554
|
|
|
|
|
|
Other expense
|
|
|
(876,953
|
)
|
|
|
347,168
|
|
|
|
(529,785
|
)
|
|
|
|
|
Income tax
|
|
|
(3,699,000
|
)
|
|
|
365,460
|
|
|
|
(3,333,540
|
)
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
33,836
|
|
|
|
|
|
Gain for conversion of financial statements
|
|
|
|
|
|
|
|
|
|
|
70,870
|
|
|
|
|
|
Income or losses from financial instruments at fair value through other comprehensive income (items 5.7.5 and 4.1.2A, IFRS 9)
|
|
|
|
|
|
|
|
|
|
|
(37,034
|
)
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
|
|
|
|
|
|
|
|
|
|
|
7,073,791
|
|
|
|
|
|
|
(1)
|
Including 2,765,903 due to application of paragraph D5,
IFRS 1, as of December 31, 2016, and 167,004 for the rest of reconciliation adjustments as of that date.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Banco Macro SA (consolidated)
Accounts
|
|
Central Bank
|
|
|
IFRS Adjustment
|
|
|
IFRS Amount
|
|
|
|
|
ASSETS
|
|
|
206,345,112
|
|
|
|
3,597,038
|
|
|
|
209,942,150
|
|
|
|
|
|
Cash
|
|
|
37,705,176
|
|
|
|
(11,890
|
)
|
|
|
37,693,286
|
|
|
|
|
|
Government and private securities
|
|
|
32,118,375
|
|
|
|
(1,102,297
|
)
|
|
|
31,016,078
|
|
|
|
|
|
Loans
|
|
|
119,762,115
|
|
|
|
(115,910
|
)
|
|
|
119,646,205
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
9,166,547
|
|
|
|
85,829
|
|
|
|
9,252,376
|
|
|
|
|
|
Receivables from financial leases
|
|
|
526,292
|
|
|
|
|
|
|
|
526,292
|
|
|
|
|
|
Investments in other companies
|
|
|
91,404
|
|
|
|
223,198
|
|
|
|
314,602
|
|
|
|
|
|
Other receivables
|
|
|
1,793,876
|
|
|
|
(34,308
|
)
|
|
|
1,759,568
|
|
|
|
|
|
Bank premises and equipment, net
|
|
|
1,551,293
|
|
|
|
3,447,377
|
|
|
|
4,998,670
|
|
|
|
|
|
Other assets
|
|
|
2,753,192
|
|
|
|
1,108,963
|
|
|
|
3,862,155
|
|
|
|
|
|
Intangible assets
|
|
|
836,300
|
|
|
|
(3,924
|
)
|
|
|
832,376
|
|
|
|
|
|
Items pending allocation
|
|
|
40,542
|
|
|
|
|
|
|
|
40,542
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
166,226,215
|
|
|
|
72,639
|
|
|
|
166,298,854
|
|
|
|
|
|
Deposits
|
|
|
136,612,750
|
|
|
|
(102,893
|
)
|
|
|
136,509,857
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
17,245,637
|
|
|
|
(1,006,991
|
)
|
|
|
16,238,646
|
|
|
|
|
|
Other liabilities
|
|
|
4,602,920
|
|
|
|
1,354,798
|
|
|
|
5,957,718
|
|
|
|
|
|
Provisions
|
|
|
477,529
|
|
|
|
|
|
|
|
477,529
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
7,116,955
|
|
|
|
(28,390
|
)
|
|
|
7,088,565
|
|
|
|
|
|
Items pending allocation
|
|
|
26,539
|
|
|
|
|
|
|
|
26,539
|
|
|
|
|
|
Minority interest in subsidiaries
|
|
|
143,885
|
|
|
|
(143,885
|
)
|
|
|
|
|
|
|
|
|
Accounts
|
|
Central Bank
|
|
|
First- Time IFRS
Adjustment (1)
|
|
|
IFRS Adjustment
|
|
|
IFRS
Amount
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO THE CONTROLLING INTEREST
|
|
|
40,118,897
|
|
|
|
2,932,907
|
|
|
|
419,275
|
|
|
|
43,471,079
|
|
Capital, contributions and reserves
|
|
|
33,741,775
|
|
|
|
|
|
|
|
(277,394
|
)
|
|
|
33,464,381
|
|
Other comprehensive income
|
|
|
|
|
|
|
48,516
|
|
|
|
29,857
|
|
|
|
78,373
|
|
Unappropriated retained earnings (accumulated losses)
|
|
|
6,377,122
|
|
|
|
2,884,391
|
|
|
|
666,812
|
|
|
|
9,928,325
|
|
SHAREHOLDERS’ EQUITY ATTRIBUTABLE TO NON-CONTROLLING INTEREST
|
|
|
|
|
|
|
207,968
|
|
|
|
(35,751
|
)
|
|
|
172,217
|
|
Accounts
|
|
Central Bank
|
|
|
IFRS Adjustment
|
|
|
IFRS Amount
|
|
|
|
|
INCOME FOR THE PERIOD, NET
|
|
|
6,377,122
|
|
|
|
666,812
|
|
|
|
7,043,934
|
|
|
|
|
|
Financial income
|
|
|
25,531,443
|
|
|
|
11,897
|
|
|
|
25,543,340
|
|
|
|
|
|
Financial expense
|
|
|
(9,619,518
|
)
|
|
|
46,292
|
|
|
|
(9,573,226
|
)
|
|
|
|
|
Provision for loan losses
|
|
|
(1,172,868
|
)
|
|
|
|
|
|
|
(1,172,868
|
)
|
|
|
|
|
Service-charge income
|
|
|
7,723,921
|
|
|
|
(80,055
|
)
|
|
|
7,643,866
|
|
|
|
|
|
Service-charge expense
|
|
|
(2,382,417
|
)
|
|
|
4,241
|
|
|
|
(2,378,176
|
)
|
|
|
|
|
Administrative expenses
|
|
|
(9,202,671
|
)
|
|
|
(5,782
|
)
|
|
|
(9,208,453
|
)
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minority interest in subsidiaries
|
|
|
(54,078
|
)
|
|
|
(3,163
|
)
|
|
|
(57,241
|
)
|
|
|
|
|
Other income
|
|
|
664,424
|
|
|
|
(15,319
|
)
|
|
|
649,105
|
|
|
|
|
|
Other expenses
|
|
|
(946,389
|
)
|
|
|
331,319
|
|
|
|
(615,070
|
)
|
|
|
|
|
Income tax
|
|
|
(4,164,725
|
)
|
|
|
377,382
|
|
|
|
(3,787,343
|
)
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Accounts (contd.)
|
|
Central Bank
|
|
|
IFRS Adjustment
|
|
|
IFRS Amount
|
|
|
|
|
OTHER COMPREHENSIVE INCOME
|
|
|
|
|
|
|
|
|
|
|
29,857
|
|
|
|
|
|
Gain for conversion of financial statements
|
|
|
|
|
|
|
|
|
|
|
70,870
|
|
|
|
|
|
Income or losses from financial instruments at fair value through other comprehensive income (items 5.7.5 and 4.1.2A, IFRS 9)
|
|
|
|
|
|
|
|
|
|
|
(41,013
|
)
|
|
|
|
|
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
|
|
|
|
|
|
|
|
|
|
|
7,073,791
|
|
|
|
|
|
Total comprehensive income attributable to:
Total comprehensive income attributable to
the controlling interests: 7,016,740
Total comprehensive income attributable to
non-controlling interests: 57,051
|
(1)
|
Including 2,970,353 due to application of paragraph D5,
IFRS 1, as of December 31, 2016, and (37,446) for the rest of reconciliation adjustments as of that date.
|
The items and figures included in
these reconciliations could be amended to the extent that, upon the preparation of these first annual financial statements in accordance
with IFRS, new standards are issued or current standards are amended, with mandatory or early application as of that date, or it
is opted to change the selection of any of the exemptions under IFRS 1 “First-time adoption of International Financial Reporting
Standards”, or the Bank makes more accurate calculations or adjustments than those performed for the purpose of these reconciliations.
Therefore, the items and figures
contained in this reconciliation may only be deemed final when annual financial statements are prepared for the period in which
IFRS are applied for the first time, with the scope defined by the Central Bank in its Communiqués “A” 6114,
6324, as supplemented.
Below is a summary of the main adjustments
and reclassifications of the transition to IFRS previously mentioned:
Government and private securities
Under IFRS 9 “Financial instruments”,
financial assets are classified based on the Bank’s business model to manage financial assets and the characteristics of
its contractual cash flows. Based on this classification, the Bank defined the coexistence of three potential business models applicable
to the operations and investments of government and private securities:
|
·
|
Amortized cost: the purpose
is to obtain contractual cash flows of the financial asset.
|
|
·
|
Fair value through other
comprehensive income: the purpose is to obtain contractual cash flows of the financial asset and/or income from its sale.
|
|
·
|
Fair value through profit
or loss: the purpose is to generate income from the purchase and sale of financial assets.
|
Adjustments to this item arise mainly
when the valuation established for each business model in which holdings were classified differs from the valuation under Central
Bank rules.
In addition, reverse repurchase
agreement transaction were performed which underlying assets under Central Bank rules should be recognized as Bank’s assets.
Under IFRS, these assets received from third parties do not meet the requirements for recognition.
Additionally, the Bank received
deposits of securities. Under Central Bank rules it implies to record the security under this item and the counterpart as liability,
which was recorded under Deposits, for the principal plus agreed interest and the quote prices differences. According to IFRS 9,
this transaction does not imply on asset and liability recognition. Also, all income accrued were reclassified from “Financial
expenses” to “Service-charge expenses” under “Fees related to securities transactions”.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Loans
The Bank’s loan portfolio
was generated from a business model structure that is mainly aimed at obtaining contractual cash flows (formed by principal and
interest.) According to IFRS 9 “Financial instruments”, the loan portfolio should be valued at amortized cost using
the effective interest rate method, which implies that the fees collected and increasing direct costs related to financing granted
must be deferred and recognized throughout the term of the financing.
Under Central Bank rules, interest
has been accrued according to the compound interest formula in the period in which it was generated and the fees collected and
direct costs are recognized at the time that they are generated.
In addition, loan portfolio purchases
made by the Bank were valued according to such IFRS, and they are recognized at fair value at inception. Under Central Bank rules,
these transactions were valued at their contractual value.
Additionally, to prepare book amounts
as of the transition date regarding those purchases, the Bank used the voluntary exemption under paragraph D20, IFRS 1 “First-time
adoption of International Financial Reporting Standards”, recognizing the costs of related transactions prospectively.
Other receivables from financial
intermediation
This item includes debt securities
from financial trusts. According to IFRS 9 “Financial instruments” and based on the comments made in “Government
and private securities”, the purpose of these holdings is mainly obtaining contractual cash flows, therefore they were valued
at amortized cost using the effective interest rate method. Under Central Bank rules, these instruments were also valued at amortized
cost.
According to IFRS 15 “Revenue
from Contracts with Customers”, contract assets were included as a result of the commission from adhering to one of the Bank’s
customer loyalty programs. In that program, the only describe performance obligation is to put the Bank’s customer in contact
with a well-known airline company. In consideration for that service, the Bank earns a membership commission.
In addition, the contributions to
mutual guarantee association risk funds in which the Bank participate do not pass the financial assets individual test; therefore,
they are not included in the Bank’s business model and were stated at fair value through profit or loss.
Investments in other companies
The companies in which the Bank
has no material control or significant influence were valued at their best approximation to the fair value through profit or loss
pursuant to “IFRS 9 “Financial instruments”. Under Central bank rules, these equity interests were valued at
acquisition cost, plus the nominal value of stock dividends received.
In addition, for the associates,
the equity method was adjusted according to IAS 28 “Investments in Associates and Joint Ventures”.
The Bank holds interests in joint
ventures, which according to IFRS 11 “Joint Arrangements”, are booked using the equity method. Under Central bank rules,
the proportionate consolidation method is used.
Bank premises and equipment
To prepare book amounts as of the
transition date, the Bank used the voluntary exemption under paragraph D, IFRS 1 “First-time adoption of International Financial
Reporting Standards” to measure its real property. This implies that the fair value was used as deemed cost. To determine
such fair value, the Bank used valuations for all assets.
In accordance with IAS 16 “Property,
plant and equipment”, the Bank chose the “Cost model” for all property, plant and equipment components.
The new deemed cost under IFRS implies
an increase in depreciation charged to Administrative expenses under the statement of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Other assets
To prepare book amounts as of the
transition date, the Bank used the voluntary exemption under paragraph D5, IFRS 1 “First-time adoption of International Financial
Reporting Standards” to measure certain assets included in this item, such as the work in progress of the future company
building. This implies that the fair value was used as deemed cost as of that date. To determine such fair value, the Bank used
valuations for all assets. In accordance with IAS 40 “Investment property”, the Bank chose the “Cost model”
to measure the assets falling thereunder.
The new deemed cost under IFRS implies
an increase in depreciation charged to other expense under the statement of income.
The Bank has held-for-sale fixed
assets that are subject to IFRS “Non-current Assets Held for Sale and Discontinued Operations”.
The assets included in the abovementioned
classification were stated at their carrying amount or fair value, whichever lower, less costs of sales, and they are not amortized
to the extent that they meet this condition.
Under Central Bank rules, the other
assets were valued at acquisition or addition cost, less related accumulated depreciation and amortization, calculated proportionately
to the estimated months of useful life.
According to IAS 23 “Borrowing
Costs”, the financing costs attributable to the construction of the new company building were capitalized in this item.
Intangible assets
According to IAS 38 “Intangible
assets”, are measured at cost. Under Central Bank rules, the Bank capitalized certain software costs and other organization
expenses, which according to such IAS, should not be recognized as an asset and, therefore, they must be charged as expenses for
the period.
Other liabilities from financial
intermediation
According to IFRS 15 “Revenue
from Contracts with Customers”, the Bank recognizes revenues from ordinary activities representing the transfer of assets
or services committed with customers in exchange for an amount showing the consideration at which the Bank expects to have a right
to exchange those assets or services.
The commissions charged by the Bank
in which there is a time difference between their collection and the service provision are deferred and recognized throughout the
time of the transaction.
Additionally, this item includes
non-subordinated corporate bonds issued by the Bank, which according to NIIF 9, were measured at amortized cost, using the effective
interest rate method, which implied booking placement direct expenses as fewer liabilities. Under Central Bank rules, they were
measured at the amount due for principal and interest accrued and expenses were charged under “other expenses”.
Other liabilities
According to IAS 19 “Employee
Benefits”, vacations are deemed irrevocable accumulated absences subject to compensation to be measured at the expected cost
of those absences, based on the amounts expected to be paid for them in view of the days accumulated in favor of the employees
and not enjoyed at the end of the reporting period. In the Bank’s financial statements currently prepared under Central Bank
rules, vacation charges are booked at the time staff use them, i.e. upon their payment.
Deferred tax liabilities is included
as well, which according to IAS 12 “Income tax”, should book (i) the portion of the current tax expected to be paid
or recovered, and (ii) the deferred tax is the tax expected to be settled or recovered from income tax for accumulated NOLs and
temporary differences arising from the tax bases of assets and liabilities and their carrying amounts. Under Central Bank rules,
the Bank assesses income tax by applying the effective rate to the estimated taxable income disregarding the effect of differences
between book and taxable income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Subordinated corporate bonds
According to IFRS 9 “Financial
instruments”, subordinated corporate bonds issued by the Bank were measured at amortized cost, using the effective interest
rate method, which implied booking placement direct expenses as fewer liabilities. Under Central Bank rules, they were measured
at the amount due for principal and interest accrued.
Capital stock – Stock issuance
premium
According to IAS 32 “Financial
instruments: presentation”, costs incurred by the Bank for the issuance of share are accounted for as a deduction from equity
to the extent they are incremental cost directly attributable to the equity transaction that otherwise would have been avoided.
Under Central Bank rules, the Bank has charged these costs in the statement of income (other – other expenses).
Foreign currency translation
According to IAS 21“The effects
of changes in foreign exchange rates”, foreign currency translation differences were recognized and reclassified, which arise
from the Bank’s interest in a foreign subsidiary. The Bank used the voluntary exemption under paragraph D, IFRS 1 “First-time
adoption of International Financial Reporting Standards”, and did not recognize the translation differences accumulated at
the beginning of the transition date.
|
7.
|
BREAKDOWN OF THE ITEMS INCLUDED IN “OTHER”
AND MAIN SUBACCOUNTS
|
The breakdown of the “Other”
account in the balance sheet and statement of income is as follows:
Other loans
|
|
|
10,068,601
|
|
|
|
7,531,496
|
|
Export financing and prefinancing
|
|
|
5,143,330
|
|
|
|
2,846,002
|
|
|
|
|
15,211,931
|
|
|
|
10,377,498
|
|
|
7.2.
|
Other
Receivables from financial intermediation - Other receivables not covered by debtor classification standards
|
Debt securities issued by financial trusts
|
|
|
891,761
|
|
|
|
719,918
|
|
Certificates of participation in financial trusts (a)
|
|
|
380,969
|
|
|
|
224,043
|
|
Other
|
|
|
319
|
|
|
|
746
|
|
|
|
|
1,273,049
|
|
|
|
944,707
|
|
|
(a)
|
As
of September 30, 2017 and December 31, 2016 the Bank booked an allowance for impairment for 223,832 and 224,043, respectively.
|
|
7.3.
|
Other
receivables – Other
|
Sundry receivables
|
|
|
820,199
|
|
|
|
575,585
|
|
Security deposits
|
|
|
509,604
|
|
|
|
358,578
|
|
Advanced prepayments
|
|
|
277,158
|
|
|
|
182,697
|
|
Other
|
|
|
55,389
|
|
|
|
65,898
|
|
|
|
|
1,662,350
|
|
|
|
1,182,758
|
|
|
7.4.
|
Deposits
- Nonfinancial government sector
|
Savings accounts
|
|
|
5,171,058
|
|
|
|
522,100
|
|
Checking accounts
|
|
|
3,273,897
|
|
|
|
2,890,080
|
|
Time deposits
|
|
|
3,022,889
|
|
|
|
2,374,739
|
|
Investment accounts
|
|
|
85,615
|
|
|
|
58,748
|
|
Accrued interest, adjustments and foreign exchange differences payable
|
|
|
40,335
|
|
|
|
29,740
|
|
Other
|
|
|
79,295
|
|
|
|
89,456
|
|
|
|
|
11,673,089
|
|
|
|
5,964,863
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
7.5.
|
Deposits
- From the non-financial private sector and foreign residents - Other
|
Expired time deposits
|
|
|
1,583,042
|
|
|
|
1,195,105
|
|
Tax amnesty
|
|
|
1,057,656
|
|
|
|
5,878,001
|
|
Attachments
|
|
|
640,333
|
|
|
|
416,685
|
|
Unemployment fund for workers of the construction industry
|
|
|
523,933
|
|
|
|
346,326
|
|
Other
|
|
|
72,196
|
|
|
|
82,209
|
|
|
|
|
3,877,160
|
|
|
|
7,918,326
|
|
|
7.6.
|
Other
liabilities from financial intermediation - Other
|
Purchase financing payables
|
|
|
3,263,708
|
|
|
|
3,012,145
|
|
Miscellaneous not subject to minimum cash requirements
|
|
|
914,215
|
|
|
|
916,156
|
|
Other withholdings and additional withholdings
|
|
|
813,272
|
|
|
|
920,134
|
|
Collections and other transactions on account and behalf of others
|
|
|
615,339
|
|
|
|
582,574
|
|
Other payment orders pending settlement
|
|
|
536,620
|
|
|
|
598,398
|
|
Miscellaneous subject to minimum cash requirements
|
|
|
251,337
|
|
|
|
331,700
|
|
Retirement pension payment orders pending settlement
|
|
|
185,858
|
|
|
|
101,947
|
|
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred shares of former Nuevo Banco Bisel SA (see Note 8.)
|
|
|
102,006
|
|
|
|
98,082
|
|
Other
|
|
|
374,362
|
|
|
|
212,474
|
|
|
|
|
7,056,717
|
|
|
|
6,773,610
|
|
|
7.7.
|
Other
Liabilities - Other
|
Taxes payable (net of prepayments)
|
|
|
2.797.064
|
|
|
|
2,136,271
|
|
Salaries and payroll taxes payable
|
|
|
782.488
|
|
|
|
477,977
|
|
Miscellaneous payables
|
|
|
245.183
|
|
|
|
247,512
|
|
Advances collections
|
|
|
159.611
|
|
|
|
|
|
Withholdings on salaries
|
|
|
80.512
|
|
|
|
88,542
|
|
Prepayment for the sale of assets
|
|
|
44.152
|
|
|
|
2,842
|
|
|
|
|
4.109.010
|
|
|
|
2,953,144
|
|
|
7.8.
|
Memorandum
accounts – Debit-balance accounts – Control – Other
|
Securities in custody – Other
|
|
|
74,529,481
|
|
|
|
41,094,883
|
|
Checks and securities not yet collected
|
|
|
6,540,037
|
|
|
|
6,948,439
|
|
Checks and securities to be debited
|
|
|
1,479,945
|
|
|
|
1,350,161
|
|
Managed portfolios (see Note 13.)
|
|
|
1,065,246
|
|
|
|
1,175,510
|
|
Checks and securities to be collected
|
|
|
376,432
|
|
|
|
418,693
|
|
|
|
|
83,991,141
|
|
|
|
50,987,686
|
|
|
7.9.
|
Financial
income – Interest on other loans
|
Personal loans
|
|
|
8,530,373
|
|
|
|
6,257,269
|
|
Other
|
|
|
1,604,858
|
|
|
|
1,426,557
|
|
|
|
|
10,135,231
|
|
|
|
7,683,826
|
|
|
7.10.
|
Financial
income – Net income from government and private securities
|
Government and private securities
|
|
|
3,668,602
|
|
|
|
4,088,123
|
|
Financial trusts
|
|
|
139,457
|
|
|
|
98,307
|
|
Other
|
|
|
29,190
|
|
|
|
82,553
|
|
|
|
|
3,837,249
|
|
|
|
4,268,983
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
7.11.
|
Financial
income – Other
|
Premiums on reverse repurchase agreements with the financial sector
|
|
|
457,796
|
|
|
|
98,702
|
|
Interests on loans for export prefinancing and financing
|
|
|
80,062
|
|
|
|
67,531
|
|
Forward foreign-currency transactions
|
|
|
240
|
|
|
|
45,858
|
|
|
|
|
538,098
|
|
|
|
212,091
|
|
|
7.12.
|
Financial
expense – Other
|
Turnover tax and municipal assessments
|
|
|
1,793,271
|
|
|
|
1,416,099
|
|
Premiums on repurchase agreements with the financial sector
|
|
|
87,954
|
|
|
|
37,935
|
|
|
|
|
1,881,225
|
|
|
|
1,454,034
|
|
|
7.13.
|
Service-charge
income - Other
|
Debit and credit card income
|
|
|
1,866,231
|
|
|
|
1,462,000
|
|
Rental of safe deposit boxes
|
|
|
120,750
|
|
|
|
82,241
|
|
Service commissions – Joint ventures (see Note 2.5.)
|
|
|
100,183
|
|
|
|
82,931
|
|
Other
|
|
|
207,552
|
|
|
|
224,657
|
|
|
|
|
2,294,716
|
|
|
|
1,851,829
|
|
|
7.14.
|
Service-charge
expense - Other
|
Debit and credit card expenses
|
|
|
1,167,479
|
|
|
|
875,456
|
|
Turnover tax and municipal assessments
|
|
|
388,953
|
|
|
|
264,681
|
|
Commissions paid to agents for marketed bank products
|
|
|
107,722
|
|
|
|
178,441
|
|
Life insurance expense
|
|
|
36,270
|
|
|
|
8,526
|
|
Other
|
|
|
32,247
|
|
|
|
9,875
|
|
|
|
|
1,732,671
|
|
|
|
1,336,979
|
|
|
7.15.
|
Administrative
expenses – Other operating expenses
|
Maintenance, conservation and repair expenses
|
|
|
364,936
|
|
|
|
277,691
|
|
Security services
|
|
|
341,705
|
|
|
|
267,258
|
|
Electric power and communications
|
|
|
228,084
|
|
|
|
186,298
|
|
Leases
|
|
|
150,936
|
|
|
|
133,250
|
|
Stationery and office supplies
|
|
|
26,950
|
|
|
|
24,944
|
|
Insurance
|
|
|
25,512
|
|
|
|
22,349
|
|
|
|
|
1,138,123
|
|
|
|
911,790
|
|
|
7.16
.
|
Other
income – Other
|
Other adjustments and interest on other receivables
|
|
|
48,106
|
|
|
|
76,379
|
|
Gain on sale of bank premises and equipment, and other assets
|
|
|
16,749
|
|
|
|
6,209
|
|
Services provided to Banco del Tucumán SA
|
|
|
14,927
|
|
|
|
12,077
|
|
Other
|
|
|
70,101
|
|
|
|
99,984
|
|
|
|
|
149,883
|
|
|
|
194,649
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
7.17.
|
Other
expense – Other
|
Stock issuance expenses
|
|
|
293,717
|
|
|
|
|
|
Donations
|
|
|
60,591
|
|
|
|
50,005
|
|
Loans transactions
|
|
|
59,030
|
|
|
|
|
|
Expenses for corporate bonds placements
|
|
|
31,065
|
|
|
|
|
|
Turnover tax
|
|
|
9,816
|
|
|
|
11,503
|
|
Interest and adjustments tax
|
|
|
4,680
|
|
|
|
8,116
|
|
Other
|
|
|
97,482
|
|
|
|
42,033
|
|
|
|
|
556,381
|
|
|
|
111,657
|
|
As of September 30, 2017 and December
31, 2016 the following Bank’s assets are restricted:
Item
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 as of September 30, 2017 and Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 as of December 31, 2016 used as security in favor of Sedesa (1).
|
|
|
122,340
|
|
|
|
99,886
|
|
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a competitiveness program of regional economies - BID loan No. 3174/OC-AR.
|
|
|
104,120
|
|
|
|
36,015
|
|
• Discount bonds regulated by Argentinean legislation, maturing 2033 for the performance of forward foreign currency transactions.
|
|
|
30,921
|
|
|
|
1,286
|
|
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing sectorial receivables of San Juan Province. Financing funds of productive investments.
|
|
|
12,540
|
|
|
|
11,885
|
|
• Discount bonds in pesos regulated by Argentinean legislation maturing 2033 as of September 30, 2017 and Federal Government bond in pesos at Badlar Private + 200 basis points, maturing 2017 as of December 31, 2016, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013.
|
|
|
12,160
|
|
|
|
12,036
|
|
• Secured bonds under Presidential Decree No. 1579/2002 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).
|
|
|
9,874
|
|
|
|
23,600
|
|
• Central Bank of Argentina Internal Bills in pesos, maturing 11/15/2017 as of September 30, 2017 and maturing 02/08/2017 as of December 31, 2016, securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.
|
|
|
9,685
|
|
|
|
2,095
|
|
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of San Juan Provincial Government No. 2763/OC-AR.
|
|
|
9,272
|
|
|
|
23,770
|
|
• Other government and private securities.
|
|
|
1,625
|
|
|
|
1,524
|
|
Subtotal government and private securities.
|
|
|
312,537
|
|
|
|
212,097
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities,
|
|
|
3,515,219
|
|
|
|
1,902,862
|
|
• Interests resulting in contributions made in the Bank´s capacity by contributory partner. (2)
|
|
|
96,818
|
|
|
|
97,000
|
|
Subtotal other receivables from financial intermediation
|
|
|
3,612,037
|
|
|
|
1,999,862
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Item (contd)
|
|
06/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
• Security deposits related to credit card transactions.
|
|
|
502,784
|
|
|
|
352,373
|
|
• Security deposits related to transactions of forward transactions offset.
|
|
|
2,500
|
|
|
|
2,500
|
|
• Sundry receivables - attachment ordered in the context of a claim initiated by the City of Buenos Aires tax authorities on turnover tax differences.
|
|
|
827
|
|
|
|
827
|
|
• Other guarantee security.
|
|
|
4,319
|
|
|
|
3,705
|
|
Subtotal other receivables.
|
|
|
510,430
|
|
|
|
359,405
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
• Buildings related to a call options sold (see Note 12.(b)).
|
|
|
216,321
|
|
|
|
101,749
|
|
Subtotal other assets
|
|
|
216,321
|
|
|
|
101,749
|
|
Total
|
|
|
4,651,325
|
|
|
|
2,673,113
|
|
|
(1)
|
As replacement for the preferred shares of former Nuevo Banco Bisel SA to secure to Sedesa the
price payment and the fulfillment of all the obligations assumed in the purchase and sale agreement dated May 28, 2007, maturing
on August 11, 2021.
|
|
(2)
|
In order to keep tax benefits related to these contributions, they must be maintained between two
and three years from the date they were made. Risk Funds in which the Bank has interests in are as follows: Risk Fund of Garantizar
SGR, Risk Fund of Los Grobo SGR and Risk Fund of Intergarantías SGR.
|
|
9.
|
TRANSACTIONS WITH RELATED PARTIES
|
The receivables/payables and income
(loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 3 to the consolidated financial
statements):
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
12,085
|
|
|
|
|
|
|
|
|
|
|
|
12,085
|
|
|
|
11,269
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
459,779
|
|
|
|
459,779
|
|
|
|
886,718
|
|
Other receivables from financial intermediation
|
|
|
226,413
|
|
|
|
|
|
|
|
|
|
|
|
83,681
|
|
|
|
310,094
|
|
|
|
51,565
|
|
Receivables from financial lease
|
|
|
|
|
|
|
|
|
|
|
7,116
|
|
|
|
1,795
|
|
|
|
8,911
|
|
|
|
9,025
|
|
Other receivables
|
|
|
1,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,107
|
|
|
|
|
|
Items pending allocation
|
|
|
80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
|
|
47
|
|
Total assets
|
|
|
227,600
|
|
|
|
12,085
|
|
|
|
7,116
|
|
|
|
545,255
|
|
|
|
792,056
|
|
|
|
958,624
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
16
|
|
|
|
86,405
|
|
|
|
1,234,021
|
|
|
|
1,320,442
|
|
|
|
1,747,390
|
|
Other liabilities from financial intermediation
|
|
|
552,408
|
|
|
|
|
|
|
|
|
|
|
|
129
|
|
|
|
552,537
|
|
|
|
137,639
|
|
Other liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
798
|
|
|
|
798
|
|
|
|
340
|
|
Subordinated Corporate Bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28,138
|
|
|
|
28,138
|
|
|
|
213,681
|
|
Total liabilities
|
|
|
552,408
|
|
|
|
16
|
|
|
|
86,405
|
|
|
|
1,263,086
|
|
|
|
1,901,915
|
|
|
|
2,099,050
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit-balance accounts – Contingent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,900
|
|
|
|
2,900
|
|
|
|
23,986
|
|
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
09/30/2017
|
|
|
09/30/2016
|
|
INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
3,136
|
|
|
|
|
|
|
|
1,512
|
|
|
|
49,597
|
|
|
|
54,245
|
|
|
|
23,499
|
|
Financial expense
|
|
|
(9,249
|
)
|
|
|
(237
|
)
|
|
|
|
|
|
|
(95,266
|
)
|
|
|
(104,752
|
)
|
|
|
(53,559
|
)
|
Service-charge income
|
|
|
9
|
|
|
|
1
|
|
|
|
827
|
|
|
|
3,220
|
|
|
|
4,057
|
|
|
|
3,805
|
|
Service-charge expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(14,796
|
)
|
|
|
(14,796
|
)
|
|
|
(141
|
)
|
Administrative expenses
|
|
|
(23
|
)
|
|
|
|
|
|
|
|
|
|
|
(10,642
|
)
|
|
|
(10,665
|
)
|
|
|
(9
|
)
|
Other income
|
|
|
16,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16,082
|
|
|
|
13,154
|
|
Other expense
|
|
|
|
|
|
|
|
|
|
|
(15,957
|
)
|
|
|
|
|
|
|
(15,957
|
)
|
|
|
|
|
Total income / (loss)
|
|
|
9,955
|
|
|
|
(236
|
)
|
|
|
(13,618
|
)
|
|
|
(67,887
|
)
|
|
|
(71,786
|
)
|
|
|
(13,251
|
)
|
|
(1)
|
Includes amounts generated by the Bank with its subsidiaries and its related parties regarding
transactions performed in the normal course of business, under normal market conditions, in terms of interest rates and prices,
as well as guarantees required.
|
In addition, as of September
30, 2017 and December 31, 2016, there are other transactions with related parties due to work in process over buildings, for an
amount of 29,840 and 29,378, respectively.
The Bank’s subscribed
and paid-in capital as of September 30, 2017, amounted to 669,663. Since December 31, 2013, the Bank’s capital stock has
changed as follows:
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
As of December 31, 2013
|
|
|
594,563
|
|
|
|
|
|
|
Capital stock decrease as provided by Art, 67 of Law No, 26,831 (1)
|
|
|
(10,000
|
)
|
|
|
|
|
|
Capital stock increase as approved by Shareholders´ Meeting held on April 28, 2017 (2)
|
|
|
85,100
|
|
|
|
|
|
|
As of September 30, 2017
|
|
|
669,663
|
|
|
(1)
|
Related to capital stock decrease resulting from the lapse of three years from acquisition from
September through December 2011, involving 10,000,000 own registered Class B shares of common stock for a total amount of 92,919.
These shares have not been sold and the shareholders’ meeting has issued no resolution as to the application thereof. On
June 25, 2015, the capital stock decrease was registered in the Public Registry of Commerce.
|
|
(2)
|
Related to capital stock increase arising from i) the issue of 74,000,000 new, common, registered,
Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same
conditions as common, registered, Class “B” shares, outstanding upon issuance, formalized on June 19, 2017 and (ii)
additionally, as established by the abovementioned Meeting, the international underwriters exercised the option to oversubscribed
15% of the capital stock which was formalized on July 13, 2017 through the issuance of 11,099,993 new, common, registered, Class
“B” shares each one entitled to one vote and with a face value of Ps.1.
|
The public offering of the new
shares was authorized by CNV Resolution No. 18716 dated May 24, 2017 and by the BCBA on May 26, 2017. As required by CNV regulations,
it is advised that the funds arising from the public subscription of shares shall be used to finance its general business operations,
to increase its borrowing capacity and leverage the potential acquisitions opportunities in the Argentine financial system.
As of the date of issuance of
these financial statements, the capital increase up to 74,000,000 new shares was fully subscribed and paid-in and registered on
the public registry of commerce. The capital increase up to 11,099,993 new shares was fully subscribed and paid-in and is pending
registration.
|
11.
|
CORPORATE BONDS ISSUANCE
|
The corporate bond liabilities
recorded in the accompanying financial statements amount to:
Corporate Bonds
|
|
Original value
|
|
|
Residual face
value as of
09/30/2017
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-subordinated – Class 2
|
|
|
USD 150,000,000
|
|
|
|
(a.1)
|
|
|
|
|
|
|
|
|
|
|
|
1,746,108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Resettable – Class A
|
|
|
USD 400,000,000
|
|
|
|
(a.2)
|
|
|
|
USD 400,000,000
|
|
|
|
7,116,955
|
|
|
|
6,407,840
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-subordinated – Class 2
|
|
|
USD 300,000,000
|
|
|
|
(a.3)
|
|
|
|
USD 300,000,000
|
|
|
|
4,939,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,056,473
|
|
|
|
8,153,948
|
|
|
a.1)
|
On September 1, 2006, June 4, 2007, April 26, 2011 and
April 23, 2015 the general regular shareholders’ meeting approved the creation, and subsequent extension, of a Global Program
for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated, with or without
guarantee, in accordance with the provisions of Law No. 23,576, as amended by Law No. 23,962, and further applicable regulations,
up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US dollars), or
an equal amount in other currencies, under which it was possible to issue different classes and/or series of corporate bonds denominated
in US dollars or other currencies and reissue the successive classes or series to be amortized.
|
On January 29, 2007, Banco
Macro SA issued the 1st series of Class 2 non-subordinated simple corporate bonds at a fixed rate of 8.5% p.a., not convertible
into shares, fully amortizable upon maturity (February 1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million
US dollars), under the terms and conditions set forth in the price supplement dated January 10, 2007.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
On August 16, 2007, the Securities
and Exchange Commission (SEC) authorized the abovementioned exchange offers.
On February 1, 2017, the Bank
paid the total amount of principal and accrued interest pending payment as of that date.
|
a.2)
|
On April 26, 2016, the general regular shareholders’
meeting approved the creation of a Global Program for the Issuance of Medium-Term Debt Securities, in accordance with the provisions
of Law No. 23,576, as amended and further applicable regulations, up to a maximum amount outstanding at any time during the term
of the program of USD 1,000,000,000 (one billion US dollars), or an equal amount in other currencies, under which it is possible
to issue simple corporate bonds, not convertible into shares in one or more classes. Also, on April 28, 2017, the General and
Special Shareholder´s Meeting resolved to extend of the maximum amount of the abovementioned Global Program up to USD 1,500,000,000
(one thousand five hundred millions US dollars).
|
On November 4, 2016, under the
abovementioned Global Program, Banco Macro SA issued Subordinated Resettable Corporate Bonds, class A, at a fixed rate of 6.750%
p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000 (four hundred million
US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest is paid semiannually
on May 4 and November 4 of every year and the reset date will be November 4, 2021. Since reset date, these Corporate Bonds will
accrue a benchmark reset rate plus 546.3 basis point, according terms and conditions abovementioned.
In addition, the Bank has the
option to fully redeem the issuance as the reset date and under the conditions established in the pricing supplement after that
date. The Bank used the funds derived from such issuance to grant loans in accordance with Central Bank guidelines.
|
a.3)
|
On May 8, 2017, under Global Program mention on item
a.2), Banco Macro SA issued non subordinated simple corporate bonds not convertible into shares, at a fixed rate of 17.50%, fully
amortizable upon maturity (May 8, 2022) for a face value of pesos 4,620,570,000 equivalent to USD 300,000,000 (three hundred million
US dollars), under the terms and conditions set forth in the price supplement dated April 21, 2017. Interest will be paid semiannually
on November 8 and May 8 of every year, beginning on November 8, 2017.
|
In addition, the Bank may fully
redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance
with Central Bank guidelines.
|
12.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
The Bank performs transactions
that involve derivative financial instruments, as established by Central Bank rules. Such instruments mainly relate to:
-
Forward
transactions involving securities and foreign currency.
-
Forward
transactions without delivery of the underlying asset.
-
Options.
Such transactions were valued
as explained in Notes 3.5.g.1), 3.5.g.2) and 3.5.k).
Positions of transactions effective
as of September 30, 2017 and December 31, 2016 are as follows:
Transaction
|
|
09/30/2017
|
|
|
12/31/2016
|
|
Net position of repurchase agreements
|
|
|
(371,030
|
)
|
|
|
1,181,659
|
|
Net position of forward transactions of foreign currency without delivery of the underlying asset (a)
|
|
|
256
|
|
|
|
(56,872
|
)
|
Position of call options sold (b)
|
|
|
(312,844
|
)
|
|
|
(167,721
|
)
|
Net income (loss) resulting
from these transactions for fiscal years ended September 30, 2017 and 2016, amount to income / (loss):
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Transaction
|
|
09/30/2017
|
|
|
09/30/2016
|
|
Premiums on reverse repurchase agreements
|
|
|
457,796
|
|
|
|
98,702
|
|
Premiums on repurchase agreements
|
|
|
(87,954
|
)
|
|
|
(37,935
|
)
|
Forward foreign-currency transactions offset
|
|
|
240
|
|
|
|
45,858
|
|
Total
|
|
|
370,082
|
|
|
|
106,625
|
|
|
(a)
|
It is related to negotiation transactions of forward foreign currency exchange rates, carried out
through MAE, ROFEX and “over the counter”. For transactions carried out through MAE or ROFEX, the differences of such
trading transactions are settled on a daily basis based on the prices agreed upon and their quoted price upon maturity while “over
the counter” transactions are settled upon maturity. In both cases, the underlying asset is not delivered or received.
|
|
(i)
|
A call option sold to a bank´s customer on a building received as payment of loans previously
granted by it. The initial price was set at 104,135, and will adjust at a corrected Badlar rate, adjusted on a monthly basis, plus
200 basis points. In October 2017, with an agreement of the parties involved, the call option was transferred to a third party
who exercised the option. As of the date of issuance of these financial statements, the building´s sale is pending registration.
|
|
(ii)
|
A call option sold on buildings received as repayment of loans previously granted by the bank.
The price was set at USD 6,900,000 and the option´s exercise period from August 18, 2017 through August 18, 2018, both dates
included. As of the date of issuance of these financial statements, the holder has not exercised the option.
|
As of September 30, 2017 and
December 31, 2016, portfolios managed by the bank amounted to 1,065,246 and 1,175,510, respectively. Under these portfolios, 711,039
and 777,429, respectively belongs to the private financial trust “SECANE I”, “SECANE II”, “SECANE
III”, “SECANE IV” and “SECANE V”, created by the Bank (trustor) and Macro Fiducia SA (trustee) between
2002 and 2016. Additionally, the bank acts as collection agent and custodian.
As of September 30, 2017, the
Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets
from the following mutual funds:
Fund
|
|
Share of interest
|
|
|
Equity
|
|
|
Assets (1)
|
|
Pionero Pesos
|
|
|
578,800,612
|
|
|
|
1,914,829
|
|
|
|
1,463,406
|
|
Pionero Renta Ahorro
|
|
|
2,666,652,028
|
|
|
|
16,570,885
|
|
|
|
16,728,419
|
|
Pionero F F
|
|
|
50,803,222
|
|
|
|
255,075
|
|
|
|
256,751
|
|
Pionero Renta
|
|
|
12,296,812
|
|
|
|
170,828
|
|
|
|
189,393
|
|
Pionero Acciones
|
|
|
14,340,227
|
|
|
|
261,373
|
|
|
|
266,248
|
|
Pionero Renta Plus
|
|
|
6,027
|
|
|
|
31
|
|
|
|
|
|
Pionero Empresas FCI Abierto PYMES
|
|
|
182,467,123
|
|
|
|
415,608
|
|
|
|
415,061
|
|
Pionero Pesos Plus
|
|
|
78,677
|
|
|
|
164
|
|
|
|
43
|
|
Pionero Renta Ahorro Plus
|
|
|
542,348,466
|
|
|
|
794,280
|
|
|
|
795,499
|
|
Pionero Renta Mixta I
|
|
|
65,088,700
|
|
|
|
82,065
|
|
|
|
89,289
|
|
Pionero Renta Mixta II
|
|
|
981,604,322
|
|
|
|
1,222,614
|
|
|
|
1,223,344
|
|
Pionero Ahorro Dólares
|
|
|
230,584,138
|
|
|
|
4,124,580
|
|
|
|
3,944,752
|
|
Pionero Renta Global – Clase B
|
|
|
50,000
|
|
|
|
866
|
|
|
|
|
|
Pionero Renta Fija Dólares
|
|
|
64,713,162
|
|
|
|
1,162,838
|
|
|
|
1,122,062
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Fund (contd.)
|
|
Share of interest
|
|
|
Equity
|
|
|
Assets (1)
|
|
Argenfunds Renta Pesos
|
|
|
328,146,248
|
|
|
|
680,542
|
|
|
|
681,928
|
|
Argenfunds Renta Argentina
|
|
|
106,725,962
|
|
|
|
222,593
|
|
|
|
220,876
|
|
Argenfunds Ahorro Pesos
|
|
|
682,649,613
|
|
|
|
2,207,633
|
|
|
|
2,221,825
|
|
Argenfunds Renta Privada FCI
|
|
|
262,255,814
|
|
|
|
749,260
|
|
|
|
624,664
|
|
Argenfunds Abierto Pymes
|
|
|
72,547,626
|
|
|
|
53,325
|
|
|
|
48,093
|
|
Argenfunds Renta Total
|
|
|
804,826,203
|
|
|
|
960,628
|
|
|
|
1,358,623
|
|
Argenfunds Renta Flexible
|
|
|
574,705,316
|
|
|
|
709,617
|
|
|
|
713,232
|
|
Argenfunds Renta Dinámica
|
|
|
90,154
|
|
|
|
108
|
|
|
|
94
|
|
Argenfunds Renta Mixta
|
|
|
91,933
|
|
|
|
107
|
|
|
|
92
|
|
Argenfunds Renta Global
|
|
|
152,136,897
|
|
|
|
183,098
|
|
|
|
183,144
|
|
Argenfunds Renta Capital
|
|
|
5,453,263
|
|
|
|
96,706
|
|
|
|
95,750
|
|
Argenfunds Renta Balanceada
|
|
|
44,668,870
|
|
|
|
52,789
|
|
|
|
52,733
|
|
Argenfunds Renta Crecimiento
|
|
|
4,627,081
|
|
|
|
82,808
|
|
|
|
82,229
|
|
|
(1)
|
These amounts reflect the mutual funds’ assets and are recorded under the “Checks and
securities in custody” memorandum account.
|
|
15.
|
BANK DEPOSIT GUARANTEE INSURANCE SYSTEM
|
Law No. 24,485, and Presidential
Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited,
mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary
to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided
for the organization of Sedesa to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds
an 8.3440% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 11491
of March 1, 2017.
This system shall cover the
deposits up to the amount of 450 in Argentine pesos and foreign currency with the participating institutions as checking accounts,
savings accounts, certificates of deposit or any other modes determined by the Central Bank, as long as the requirements under
Presidential Decree No. 540/1995 and any others established by the enforcement agency are fulfilled. On the other hand, Central
Bank established that the deposits made by other financial institutions, those made by persons related to the Bank, and deposits
of securities, among others, must be excluded from the deposit guarantee system.
The Bank is related to different
types of trusts. The different trust agreements are disclosed below, according to the Bank’s business purpose:
|
16.1
|
Financial trusts for investment purposes
|
Debt securities include mainly
prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through
underwriting agreements (Consubond, Accicom, PvCred, Secubono, Mila, Credicuotas Consumo, Credimas, Best consumer Directo, Best
Consumer Finance and Agrocap 1). The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust
securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities
have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon compensation (“underwriting
Price”). If after making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will
retain the securities subject to underwriting.
As of September 30, 2017 and
December 31, 2016, debt securities managed by the Bank for investment purpose amounted to 891,761 and 719,918, respectively.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
According to the latest accounting
information available as of the date of issuance of these financial statements, the corpus assets of the trusts exceed the carrying
amount in the related proportions.
Additionally, Note 7.1. to
the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.
|
16.2
|
Trusts created using financial assets transferred by the Bank
|
The Bank transferred financial
assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow
resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained earlier.
As of September 30, 2017 and
December 31, 2016, considering the latest available accounting information as of the date of the financial statements, the assets
managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 116,387 and 58,633, respectively.
Additionally, Note 7.2. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
created with corpus assets transferred by the Bank’s subsidiaries.
|
16.3
|
Trusts guaranteeing loans granted by the Bank
|
As it is common in the Argentine
banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in
a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed
in case of the debtor's noncompliance.
Trusts usually act as conduits
to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans
and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.
Additionally, other guarantee
trusts manage specific assets, mainly real property.
Provided there is no noncompliance
or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess
amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.
As of September 30, 2017 and
December 31, 2016, considering the latest available accounting information as of the date of the financial statements, the assets
managed by the Bank and Macro Fiducia SA (subsidiary) amounted to 329,243 and 451,569, respectively.
|
16.4
|
Trusts in which the Bank acts as trustee (management)
|
The Bank performs management
duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in
the trust.
In no case shall the Trustee
be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any
type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee
will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees
earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.
Trusts usually manage funds
derived from the activities performed by trustors, for the following main purposes:
|
-
|
Guaranteeing, in favor of the beneficiary the existence of the resources required to finance and/or
pay certain obligations, such as the payment of amortization installments regarding work or service certificates, and the payment
of invoices and fees stipulated in the related agreements.
|
|
-
|
Promoting the production development of the private economic sector at a provincial level.
|
|
-
|
Being a party to public work concession agreements granting road exploitation, management, keeping
and maintenance.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
As of September 30, 2017 and
December 31, 2016, considering the latest available accounting information as of the date of the financial statements, the assets
managed by the Bank amounted to 1,251,682 and 1,396,421, respectively.
Additionally, Note 7.3. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
managed by the Bank’s subsidiaries.
|
17.
|
INFORMATION REQUIRED BY THE CNV
|
|
17.1
|
Compliance with requirements to act in the capacity of agents belonging to different categories
of agents defined by the CNV.
|
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV General Resolution 622, the Bank is
registered with this agency as an agent for the custody of mutual funds group investment products (AC PIC FCI), comprehensive clearing
and settlement agent and trading agent (ALyC y AN - integral), and financial trustee Agent category (FF).
Additionally, the Bank’s
shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 32,000, as well as the minimum
offsetting required of 11,000, paid-in with government securities as described in Note 8.
|
17.2
|
Documentation in custody
|
As a general policy, the Bank
delivers for custody to third parties, the documentary support of its aged accounting and management operations, i.e those whose
date is prior to the last fiscal year-end, except for the inventory book, in which aging is deemed to include those with a date
prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has kept (i) the
inventory books for fiscal years ended through December 31, 2014 included, and (ii) certain documentation supporting the economic
transactions for fiscal years ended through December 31, 2015, included, under the custody of the following companies: AdeA Administradora
de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración
de Documentos SA (warehouse located at avenida Circunvalación Agustín Tosco Colectora Sur, between Puente San Carlos
and Puente 60 cuadras, Province of Cordoba and avenida Luis Lagomarsino 1750, formerly Ruta Nacional 8 Km 51.2, Pilar, Province
of Buenos Aires).
|
18.
|
MINIMUM CASH AND MINIMUM CAPITAL REQUIREMENTS
|
|
18.1
|
Accounts identifying compliance with the minimum cash
requirements:
|
The items computed by the Bank
to constitute the minimum cash requirement effective for september 2017 are listed below, indicating the balances as of month-end
of the related accounts:
Item
|
|
09/30/2017
|
|
Cash
|
|
|
|
|
Amounts in Central Bank accounts
|
|
|
19,585,473
|
|
Other receivables from financial intermediation
|
|
|
|
|
Special guarantee accounts with the Central Bank
|
|
|
3,515,219
|
|
Total
|
|
|
23,100,692
|
|
|
18.2
|
Minimum capital requirements:
|
As the table disclosed, the
minimum capital requirements measured on an individual basis, effective for september 2017, along with its computable capital as
of the end of that month:
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Item
|
|
09/30/2017
|
|
Minimum capital requirement
|
|
|
13,105,606
|
|
Computable capital
|
|
|
43,934,583
|
|
Excess amount
|
|
|
30,828,977
|
|
|
19
.
|
SUMMARY JUDGEMENTS AND PENALTIES APPLIED BY THE CENTRAL
BANK AND CERTAIN REGULATORS
|
The Central Bank Communiqué
“A” 5689, as supplemented, requires banks to disclose in their financial statements certain information regarding summaries
and penalties received from certain regulators, regardless of the amounts involved and the final conclusions of each cause. The
information required as of september 30, 2017 is disclosed below:
|
19.1.
|
Summary Judgements initiated by the Central Bank:
|
Criminal Foreign Exchange
Regime Summary
: No. 6545 dated 09/03/2015.
Reason
: Supposed infringement
of article No. 1 incs e) and f) of the Criminal Foreign Exchange Law (“CFEL”), and Central Bank Communiqué “A”
5264, as supplemented, for foreign exchange transactions with a customer without the documentation to support the genuineness of
the transaction.
Responsible
: Banco Macro
S.A and Responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and
Horacio Ricardo Javier Sistac, Carlos Daniel Gomez and Oscar Luis Romero).
Status
: On 11/11/2015,
the Bank and the natural persons subject to summary proceeding filed their defense, offering evidence and requesting an acquittal.
In addition, by Resolution dated 05/23/2016, the Central Bank decided not to admit statute-barred of the criminal foreign exchange
action, appealed by the responsible. On 05/31/2016, an annulment petition with a subsidiary appeal was filed against the Central
Bank´s Resolution. On 07/11/2016, the Central Bank decided not to admit the annulment petition. Against such resolution,
on 07/15/2016, the Bank filed a brief to the proper Economic Criminal Trial Court related to actions provided by Art. 9 of the
CFEL, whereby it formulates the right to reissue the proposition based on that the criminal foreign exchange infraction has become
statute-barred. On 08/09/2016, the Bank submitted a closing argument brief as a result of that the probatory period was ended and
on 08/18/2016 a new brief was filed, requesting the use of retrospective application of the most benign foreign exchange rule.
As of the date, it is pending resolution by the Central Bank.
Financial summary
:
No. 1496 dated 02/24/2016
Reason
: Deficiencies
on supervision on a consolidated basis, exercised by the Bank over its subsidiaries, related to Anti-money laundering procedures.
Responsible
: Banco Macro
SA and Banco Macro SA Directors (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan
Pablo Brito Devoto, Luis Carlos Cerolini, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito
and Emanuel Antonio Alvarez Agis).
Status
: In process at
the Central Bank. On 04/07/2016, the Bank filed its defense and offered evidence. On 05/18/2016, representing Delfín Ezequiel
Carballo, the exception for lack of passive legitimation was requested. As of the date, the request is pending resolution.
|
19.2.
|
Penalties imposed by the Central Bank:
|
Financial summary
: No.
1380 dated 03/11/2013.
Reason
: Supposed excess
in the assets used for guarantee purpose which should have been used for related statutory operation ratios; infringement to fulfill
with the limitations of deposits increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure
of such excess and infringement according to Central Bank requirements. Penalty amount: 2,000
Responsible
: Former
Banco Privado de Inversiones SA, Directors, Statutory Audit Committee and Corporate Service Manager (Alejandro Manuel Estrada,
Raúl Fernández, Alejandro Carlos Estrada, Eduardo Guillermo Castro, Jorge Norberto Cerrotta, Armando Rogelio Pomar,
Carlos Soulé and Baruki Luis Alberto Gonzalez).
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Status
: On 06/12/2015
the Central Bank passed Sentence No. 527, imposing fines to those responsible, subject to the devolutive effect of the direct remedy.
On 06/25/2015 the fine was paid. On 07/10/2015 a direct appeal was filed against such resolution to Federal Court of Appeals in
Contentious and Administrative Matters in the City of Buenos Aires (CNACAF). On December 2015, the penalty amount was recovered
by the Entity as a result of the guarantee provided by the sellers at the moment of acquisition of the shares of former BPI SA.
On September 2015, the appeals were presented at the Courtroom II of CNACAF. On 05/10/2016 the Courtroom II of CNACAF confirmed
the fines imposed by the Central Bank. As a result, the bank filed a federal extraordinary appeal, which was dismissed by the Courtroom
II of CNACAF on 08/02/2016. On 08/16/2016, representing the Bank and Mr. Carlos Soulé and as a consequence of the denial
of a federal extraordinary appeal, a petition for denied appeal was filed to the Argentine Supreme Court (CSJN), which, as of the
date, is in process.
Financial summary
: No.
1401 dated 08/14/2013.
Reason:
due to alleged
infringement of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality
of Córdoba and Reconquista. Penalty amount: 2,400.
Responsible
: Banco Macro
SA and Directors (Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito).
Status
: On 03/02/2015
the Central Bank passed Resolution No. 183/15 imposing fines to the Bank, which were debited from the Bank´s account 00285
on 03/12/2015. On 03/30/2015 a direct appeal was filed against such resolution to CNACAF. On April 2015 the appeal was presented
at the Courtroom IV of the Federal Contentious Administrative Court of Appeals under No. 19,971/2015. On 06/23/2015 the Court informed
to the Central bank about the appeal presented by Banco Macro. On 07/13/2016 the Courtroom IV of CNACAF sustained the appeal filed
by the bank and annulled the resolution imposed. The Central Bank filed a federal extraordinary appeal, which was answered by the
Bank on 08/29/2016. On 09/06/2016 the Courtroom IV of CNACAF dismissed the extraordinary appeal. On 09/14/2016 the Central Bank
formulated a petition for denied appeal to the CSJN, which is pending resolution.
|
19.3.
|
Penalties imposed by the Financial Information Unit (UIF).
|
File
: No. 62/2009 dated
01/16/2009.
Reason
: Purchase of
foreign currency from April 2006 through August 2007. Penalty amount: 718
Responsible
: Banco Macro
SA and officers in charge of Anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).
Status
: UIF passed Resolution
No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was presented at CNACAF. On 10/31/2016 the Courtroom
III resolved (i) related to transactions performed between 10/11/2006 to 08/22/2007, decided that at the time of the file, the
UIF punitive authority has become statute-barred, annulling UIF resolution No. 72/2001, (ii) related to transactions performed
since 03/05/2007 and between 04/17/2007 to 08/22/2007, decided to refer proceedings to UIF, for a new resolution and readjusting
the fines imposed in the same resolution against the Bank and Messrs Juan Pablo Brito Devoto and Luis Carlos Cerolini. As a consequence
and pursuant to the abovementioned, the Courtroom III decided to partially sustained the appeals and annulled the penalty imposed,
ordering the UIF to readjust the penalties. Charges are distributed to each part. Such sentence was appealed by the Bank and UIF.
On April 25, 2017, those remedies were dismissed by the Court. On May 10, 2017 both the bank and the UIF, filed petitions for denied
appeals with the CSJN, which as of the date are still pending resolution.
File
: No.248/2014 (UIF
note presidency 245/2013 11/26/2013) dated 07/30/2014
Reason
: Alleged failure
to prepare certain reports on suspicious transactions regarding alleged cases of noncompliance in certain customer files. Penalty
amount: 330.
Responsible
: Banco Macro
SA, Directors and officers in charge of Anti-money laundering regulation compliance (Luis Carlos Cerolini – as Compliance
Officer and Director - and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito,
Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Emanuel Antoni Alvarez Agis, Marcos Brito
and Rafael Magnanini – as Directors of Banco Macro SA).
Status
: After being
notified about the commencement of the summary proceedings, on 05/08/2015, the Bank filed its defense, offering evidence and requesting
an acquittal. On 12/26/2016 the UIF issued Resolution 164/16, imposing a fine on the persons subject to the summary proceedings.
On 12/29/2016, the Bank was notified about the Resolution, which allowed bringing a direct appeal before the CNACAF by 03/15/2017.
Such resolution, notified to the Bank on 12/19/2016, also sustained the lack of passive legitimations of Mr. Carballo and Mr. Magnanini.
On 01/30/2017, the fine was paid. On 03/13/2017, a direct appeal was filed against such resolution, which has been lodging of the
Courtroom III of CNACAF, under “Banco Macro SA and other against UIF – Criminal Code – law 25246 – Decree.
290/07 art. 25” (file Nº 13500/2017). As of the date, the file is pending resolution.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Financial Summary:
No.
1227 dated on 04/10/2008 in relation to two capital contributions to its subsidiaries Sudbank SA and Trust Company Ltd. (currently,
Macro Bank Ltd), which ended up in favor of the Bank, as the CNACAF declared on November 24, 2015, the nullity of the extraordinary
instance filed by the Central Bank.
Criminal Foreign Exchange
Regime Summary
: No. 5645 dated on 01/07/2017 related to foreign exchange transactions allegedly performed without Central Bank
authorization, which ended up in favor of the Bank, as resolved on October 29, 2016, by Criminal Economic Federal Trial Court No.
11.
Files
: No. 62/2009 (extension)
dated on 06/09/2011 in relation to foreign currency purchase transaction for an amount of 538 and No. 6614/2011 dated on 12/28/2011
for an amount of 843, which ended up in favor of the Bank, as the CSJN dismissed on April 25, 2017, the petition for the denied
appeal file by UIF. Thus the court of appeals ´decision revoking the fined imposed became final.
Files
: No. 6338/2011
dated on 11/23/2011 in relation to foreign currency purchase transaction for an amount of 2,136 and No. 160/2012 dated on 05/10/2012
for an amount of 376, which ended up in favor of the Bank, as the CSJN dismissed on 05/09/2017, the petition for denied appeal
filed by the UIF. Thus the court of appeals ´decision revoking the fined imposed became final.
Files
: No. 6407/2011
dated on 11/23/2011 in relation to foreign currency purchase transaction for an amount of 802, No. 6612/2011 dated on 12/28/2011
for an amount of 688 and No. 517/2012 dated on 06/12/2012, which ended up in favor of the Bank as the CSJN dismissed on 06/06/2017,
the petition for denied appeal filed by the UIF. Thus the court of appeals ´decision revoking the fined imposed became final.
Criminal Foreign Exchange
Regime Summary
: No. 4674 dated 04/14/2011 related to a supposed infringement of article No. 1 incs. e) and f) and No. 2 inc
f) of the CFEL, upon performing foreign exchange transactions with a disqualified customer without Central Bank authorization,
which ended up in favor of the Bank, since on July 26, 2017, the court ruled that an artificial person may be penalized based on
the acts carried out by its representatives and agents. In the case under analysis, since the natural persons were acquitted, the
court understood that nothing should be resolved with respect to the Bank. The decision is final and it will not be appealed by
the Bank.
File (UIF)
: No. 6420/2011
dated 11/23/2011 in relation to foreign currency purchase transactions for an amount of 822, which ended up in favor of the Bank
pursuant to the CSJ resolution dated May 23, 2017, which decided to sustain the petition for denied appeal filed by the Bank to
declare the applicability of the extraordinary appeal and to abrogate the decision pronounced by Courtroom II of the CNACAF, which
had confirmed the fines imposed by the UIF, plus legal costs. Therefore, it was resolved that the case file should return to the
CNACAF for the pronouncement of the new decision. Thus, on August 22, 2017, Courtroom II of the CNACAF decided to declare the UIF´s
punitive power to be statute-barred with respect to the person subject to the summary proceedings, and to render UIF resolution
No. 124/2014 ineffective in relation to such person. The case has been closed.
Although, penalties do not involve
material amounts, as of the date of issuance of these financial statements, the total amount of monetary penalties received, pending
to be paid for been appealed or about to be appealed, amounted to 718 which was recorded according to Communiqués “A”
5689 and “A” 5940 of Central Bank, as supplemented.
Additionally, there are pending
summaries at CNV, as described below:
File
: No.1480/2011 (CNV
Resolution No. 17,529 dated 09/26/2014).
Reason
: alleged infringement
with the obligation to inform a “Significant Event”.
Responsible
: Banco Macro
SA, Directors, Statutory Audit Committee members and person in charge of Market relations (Jorge Horacio Brito, Delfín Jorge
Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane,
Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana
and Herman Fernando Aner).
Status
: On 10/28/2014,
the bank and the natural persons subject to summary proceedings, filed its defense, offering evidence and requesting an acquittal.
On 08/03/2015, the evidence period was ended and on 08/19/2015, the closing argument brief was submitted. As of the date, is pending
resolution.
File
: No. 2577/2014
(CNV Resolution No. 18863) dated 07/20/2017.
Reason
: potential failure
to comply with section 59, Law No. 19550 and item 1, Chapter 6, section 19, Part IV of Chapter II under CNV Regulations (as enacted
in 2013 and as amended) in force at the time of the events under analysis.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Responsible
: Banco Macro
SA, in its capacity as an agent for the custody of mutual funds group investment products, Directors and member of the audit committee
(Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos
Cerolini, Federico Pastrana, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza Brito, Emmanuel
Antonio Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).
Status
: on 07/28/2017
the Bank and responsibles were notified about the opening of the reference proceedings, whereby they were granted ten business
days to file a presentation. On August 11, 2017, the bank filed a defense, arguing that the charge was null and void, that the
administrative criminal action had become statute-barred and that the persons subject to the summary proceedings were not liable
for the facts under investigation, since the Bank is not responsible for overseeing the facts subject to the summary proceedings
because such oversight obligation is not part of its role as custodian. As of the date, the issue is still pending resolution by
the CNV.
The Bank Management and its
legal advisors consider no further significant accounting effects than could arise from the effect of the above mentioned situations.
|
20.1.
|
The AFIP (Federal Public Revenue Agency) and provincial tax authorities have reviewed the tax returns
filed by the Bank related to income tax, minimum presumed income tax and other taxes (mainly turnover tax).
|
The most significant ongoing
claims arising from the previous paragraph are detailed below
|
a)
|
Afip challenged the income tax returns filed by the former Banco Bansud SA (for the fiscal years
since June 30, 1995, through June 30, 1999, and of the irregular six-month period ended December 31, 1999) and by the former Banco
Macro SA (for the fiscal years ended since December 31, 1998, through December 31, 2000).
|
The matter under discussion
that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits
that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and CSJN in similar cases,
which have issued resolutions that are favorable to the Bank’s position.
|
b)
|
City of Buenos Aires tax authorities attributed a turnover tax difference to Banco Macro SA for
fiscal period 2002, in relation to the treatment of the compensation bond, over which a precautionary measure was issued in 2009
in favor of the Bank by the Federal Court of First Instance in Countentios and Administrative No. 6, which was confirmed by the
Sala IV of the CNACAF.
|
|
c)
|
City of Buenos Aires tax authorities attributed a turnover tax difference to former Banco Privado
de Inversiones for fiscal periods 2002 and 2003. On October 19, 2015, Courtroom II of the Administrative and Tax Contentious Court
of Appeals confirmed the trial court decision as it agreed with the Bank in that the “compensation bond” is not subject
to turnover tax. On December 21, 2015, the Bank was notified that the Buenos Aires City Government filed an action for declaration
of unconstitutionality with the Buenos Aires City Highest Court, which is pending resolution. In 2009, the Buenos Aires City Government
filed a collection claim and obtained an attachment for 827 (see also Note 8).
|
Additionally, there are under
discussion other claims and appeals filed with the Tax Court.
|
20.2.
|
Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA”
claiming about various aspects related to the collection of the “life insurance” charge for products marketed by former
Banco Privado de Inversiones SA, on November 29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial
Court in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied with by the Bank.
|
However, on March 22, 2013,
the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the
customers from whom the charge had been collected, a resolution which was appealed by the Bank.
On April 24, 2014, the Court
of Appeals dismissed the appeals filed and changed what was resolved in First Instance, ordered the Agreement nullity, to continue
with the proceeding and to allow the Bank to answer the complaint. Such resolution was appealed by the Bank. The file is in the
CSJN, pending resolution.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
Additionally, there are other
claims filed by consumers’ associations against the Bank, related to collection of certain financial fees and certain withholdings
made by the Bank to individuals as a withholding Agent, related to stamp tax imposed by the City of Buenos Aires.
The Bank’s Management
and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that
may result from the final outcome of such claims.
|
21.
|
CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND
CAPITAL SYSTEM AND THE BANK
|
The
international and local macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result
of political matters and the economic level growth, among other issues. Besides, at a local level, although it cannot be confirmed
as a definitive trend, volatility of government and private securities, interest rates and exchange rate have decreased. In addition,
there is an increase in prices of other relevant variables, such as salary cost and the prices of the main raw materials.
Therefore, the Bank’s
Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the
possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the
financial statements for future periods.
|
22.
|
RESTRICTION ON EARNINGS DISTRIBUTION
|
|
a)
|
According to Central Bank regulations 20% of income for the year plus / minus prior-year adjustments
and less accumulated losses as for the prior year-end, if any, should be allocated to the legal reserve.
|
|
b)
|
Under Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable income
accumulated as of the end of the fiscal year immediately preceding the payment or distribution date shall be subject to a 35% income
tax withholding as a single and definitive payment. For this purpose, income to be considered in each year will result from adding
dividends or earnings from other corporations not computed in the calculation of those earnings in the same tax period(s) to the
earnings determined under application of Income Tax Law, and deducting the tax paid for the tax period(s) in which the earnings,
or the related proportional amount, being distributed were generated.
|
|
c)
|
Through Communiqué “A” 6013, the Central Bank establishes the general procedure
to distribute earnings. According to that procedure, earnings may only be distributed previously express authorization of the Central
Bank, and only if the following circumstances are met like not records of financial assistance from the Central Bank due to illiquidity
or shortages in payments of minimum capital or minimum cash requirement deficiencies, there are no certain sanctions established
by regulators entities and weighted to be significant, and/or no corrective measures have been applied, among other previous conditions
listed in the abovementioned communiqué.
|
Therefore, earnings may only
be distributed to the extent that income was booked, after deducting, on a nonaccounting basis, from unappropriated retained earnings
and the voluntary reserve for future distribution of earnings, the amounts of the legal, statutory and/or voluntary reserves which
are mandatory, the positive net difference between the book value and market value or present value reported by the Central Bank,
as the case may be, of government debt securities and/or monetary regulation instruments issued by the Central Bank not valued
at market value and the amounts recognized in the bank assets due to court cases related to deposits, among other items.
Finally, the proposed earning
distribution will be affected if it is not maintained a required margin of capital, which for companies like Banco Macro SA, considered
systematically important, is equal to 3.5% of risk-weighted assets is kept. This is apart from the minimum capital required by
regulations, to be integrated by of level-1 ordinary capital (COn1), net of deductible items (CDCOn1).
|
d)
|
Under CNV General Resolution No. 593, the Shareholders’ Meeting in charge of analyzing the
annual financial statements will be required to establish a specific use for the Bank’s retained earnings, whether through
the actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of voluntary
reserves additional to the legal reserve or a combination of any of these applications.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos, except
for where indicated)
|
23.
|
FINANCIAL STATEMENTS PUBLICATION
|
Under Communiqué “A”
760, the Central Bank prior intervention is not required for the publication of these financial statements.
|
24.
|
ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These financial statements are
presented on the basis of the accounting standards established by the Central Bank of Argentina. The accounting standards established
by the Central Bank and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.) may
not conform with accounting principles generally accepted in other countries.
For a description and quantification
of the significant differences between Central Bank rules and US GAAP as of December 31, 2016, see Note 35. to the financial
statements included in our Form 20-F as of such date and filed with the SEC on April 24th, 2017.
|
-
41
-
|
Jorge H. Brito
Chairperson
|
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2017
|
|
Name
|
|
Market
or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount bonds denominated in pesos at 5.83%
- Maturity: 2033
|
|
|
|
|
|
|
1,913,875
|
|
|
|
1,420,912
|
|
|
|
1,606,613
|
|
|
|
|
|
|
|
1,606,613
|
|
Federal government treasury bonds in pesos
adjustment by CER - Maturity: 07-22-2021
|
|
|
|
|
|
|
320,657
|
|
|
|
7,394
|
|
|
|
443,709
|
|
|
|
|
|
|
|
443,709
|
|
Consolidation bonds in pesos 6° Series at
2% - Maturity: 03-15-2024
|
|
|
|
|
|
|
157,299
|
|
|
|
22,924
|
|
|
|
138,950
|
|
|
|
|
|
|
|
138,950
|
|
Consolidation bonds in pesos 8° Series
- Maturity: 10-04-2022
|
|
|
|
|
|
|
129,351
|
|
|
|
214,653
|
|
|
|
165,436
|
|
|
|
|
|
|
|
165,436
|
|
Discount bonds denominated in US dollars -
Maturity: 12-31-2033
|
|
|
|
|
|
|
86,700
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos at Badlar
Private + 250 basis point Maturity: 2019
|
|
|
|
|
|
|
59,847
|
|
|
|
30,221
|
|
|
|
1,146
|
|
|
|
|
|
|
|
1,146
|
|
Secured bonds in pesos under Presidential
Decree No. 1579/02 at 2% - Maturity: 02-04-2018
|
|
|
|
|
|
|
58,604
|
|
|
|
28,057
|
|
|
|
58,522
|
|
|
|
|
|
|
|
58,522
|
|
Federal government bonds in US dollars 5.625%
- Maturity: 01-26-2022
|
|
|
|
|
|
|
50,048
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government treasury bonds in pesos -
Maturity: 10-03-2021
|
|
|
|
|
|
|
47,972
|
|
|
|
|
|
|
|
351
|
|
|
|
|
|
|
|
351
|
|
Federal government bonds in US dollars at
8.75% - Maturity: 2024
|
|
|
|
|
|
|
47,919
|
|
|
|
|
|
|
|
7,785
|
|
|
|
|
|
|
|
7,785
|
|
Other
|
|
|
|
|
|
|
89,255
|
|
|
|
215,935
|
|
|
|
90,091
|
|
|
|
|
|
|
|
90,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal holdings booked
at market value
|
|
|
|
|
|
|
2,961,527
|
|
|
|
1,940,096
|
|
|
|
2,512,603
|
|
|
|
|
|
|
|
2,512,603
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities of Province of Río
Negro in pesos - Maturity: 07-06-2020
|
|
|
320,402
|
|
|
|
308,819
|
|
|
|
|
|
|
|
320,402
|
|
|
|
|
|
|
|
320,402
|
|
Province of Neuquén guarantee Treasury
Bills Class 2 Series 2 in pesos - Maturity: 06-06-2018
|
|
|
15,292
|
|
|
|
15,292
|
|
|
|
145,006
|
|
|
|
15,292
|
|
|
|
|
|
|
|
15,292
|
|
Treasury Bills in US dollars - Maturity: 03-20-2017
|
|
|
|
|
|
|
|
|
|
|
787,649
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities of Province of Buenos Aires
Series 1 Clase II - Maturity: 12-06-2019
|
|
|
|
|
|
|
|
|
|
|
338,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal government bonds in pesos Badlar Private
+ 250 PBS Maturity: 2019
|
|
|
|
|
|
|
|
|
|
|
106,508
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Province of Río Negro Treasury Bills
Class 1, Series 6 - Maturity: 03-15-2017
|
|
|
|
|
|
|
|
|
|
|
95,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Province of Neuquén Treasury Bills in
pesos - Maturity: 09-09-2020
|
|
|
|
|
|
|
|
|
|
|
71,202
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipality of City of Córdoba Treasury
Bills Series XXIII - Maturity: 03-30-2017
|
|
|
|
|
|
|
|
|
|
|
9,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Municipality of City of Córdoba Treasury
Bills Series XXI - Maturity: 03-21-2017
|
|
|
|
|
|
|
|
|
|
|
7,399
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Treasury Bills in USD - Maturity: 07-03-2017
|
|
|
|
|
|
|
|
|
|
|
7,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
1,057
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Holdings booked
at amortized cost
|
|
|
|
|
|
|
324,111
|
|
|
|
1,569,338
|
|
|
|
335,694
|
|
|
|
|
|
|
|
335,694
|
|
|
-
42
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2017
|
|
Name
|
|
Market
value
or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL
BANK OF ARGENTINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at market
value - Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 11-15-2017
|
|
|
|
|
|
|
5,246,588
|
|
|
|
|
|
|
|
5,246,588
|
|
|
|
|
|
|
|
5,246,588
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 12-20-2017
|
|
|
|
|
|
|
4,551,315
|
|
|
|
|
|
|
|
4,782,774
|
|
|
|
|
|
|
|
4,782,774
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-18-2017
|
|
|
|
|
|
|
4,176,765
|
|
|
|
|
|
|
|
4,170,884
|
|
|
|
|
|
|
|
4,170,884
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-17-2018
|
|
|
|
|
|
|
4,108,199
|
|
|
|
|
|
|
|
4,108,199
|
|
|
|
|
|
|
|
4,108,199
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-21-2018
|
|
|
|
|
|
|
2,818,030
|
|
|
|
|
|
|
|
2,833,367
|
|
|
|
|
|
|
|
2,833,367
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-16-2017
|
|
|
|
|
|
|
1,872,037
|
|
|
|
|
|
|
|
1,914,796
|
|
|
|
|
|
|
|
1,914,796
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-18-2018
|
|
|
|
|
|
|
965,722
|
|
|
|
|
|
|
|
1,009,263
|
|
|
|
|
|
|
|
1,009,263
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-21-2018
|
|
|
|
|
|
|
841,436
|
|
|
|
|
|
|
|
868,936
|
|
|
|
|
|
|
|
868,936
|
|
Central Bank of Argentina Bills in pesos –
Maturity: 01-18-2017
|
|
|
|
|
|
|
|
|
|
|
424,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-15-2017
|
|
|
|
|
|
|
|
|
|
|
371,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others
|
|
|
|
|
|
|
|
|
|
|
147,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank
of Argentina Internal Bills at market value - Own Portfolio
|
|
|
|
|
|
|
24,580,092
|
|
|
|
943,864
|
|
|
|
24,934,807
|
|
|
|
|
|
|
|
24,934,807
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills - Under
Repo Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-16-2018
|
|
|
|
|
|
|
470,349
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-18-2018
|
|
|
|
|
|
|
43,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
Internal Bills in pesos – Maturity: 01-18-2017
|
|
|
|
|
|
|
|
|
|
|
19,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank
of Argentina Internal Bills - Under repo Transactions
|
|
|
|
|
|
|
513,889
|
|
|
|
19,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at amortized
cost - Own Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 06-21-2018
|
|
|
|
|
|
|
1,568,478
|
|
|
|
|
|
|
|
1,518,309
|
|
|
|
|
|
|
|
1,518,309
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-18-2017
|
|
|
|
|
|
|
|
|
|
|
5,290,967
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-15-2017
|
|
|
|
|
|
|
|
|
|
|
2,525,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-04-2017
|
|
|
|
|
|
|
|
|
|
|
1,749,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-25-2017
|
|
|
|
|
|
|
|
|
|
|
1,203,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-11-2017
|
|
|
|
|
|
|
|
|
|
|
1,115,684
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Bills in pesos –
Maturity: 01-11-2017
|
|
|
|
|
|
|
|
|
|
|
309,457
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Bills in pesos –
Maturity: 01-04-2017
|
|
|
|
|
|
|
|
|
|
|
249,520
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-22-2017
|
|
|
|
|
|
|
|
|
|
|
186,633
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-08-2017
|
|
|
|
|
|
|
|
|
|
|
94,643
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
67,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank
of Argentina Internal Bills at amortized cost - Own portfolio
|
|
|
|
|
|
|
1,568,478
|
|
|
|
12,792,077
|
|
|
|
1,518,309
|
|
|
|
|
|
|
|
1,518,309
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Instruments issued
by the Central Bank of Argentina
|
|
|
|
|
|
|
26,662,459
|
|
|
|
13,755,276
|
|
|
|
26,453,116
|
|
|
|
|
|
|
|
26,453,116
|
|
Total Government securities
|
|
|
|
|
|
|
29,948,097
|
|
|
|
17,264,710
|
|
|
|
29,301,413
|
|
|
|
|
|
|
|
29,301,413
|
|
|
-
43
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2017
|
|
Name
|
|
Market
value or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in listed private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Siderar S.A.I.C.
|
|
|
|
|
|
|
|
|
|
|
106,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Petrolera Pampa S.A.
|
|
|
|
|
|
|
|
|
|
|
90,261
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Aluar Aluminio Argentino
|
|
|
|
|
|
|
|
|
|
|
78,791
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YPF S.A.
|
|
|
|
|
|
|
|
|
|
|
25,190
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Molinos Rio de la Plata S.A.
|
|
|
|
|
|
|
|
|
|
|
18,289
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Capital Instruments
|
|
|
|
|
|
|
|
|
|
|
319,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments in listed private securities
|
|
|
|
|
|
|
|
|
|
|
319,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total government and private Securities
|
|
|
|
|
|
|
29,948,097
|
|
|
|
17,584,179
|
|
|
|
29,301,413
|
|
|
|
|
|
|
|
29,301,413
|
|
(1) The position without options as of September 30, 2017, results from the following disclosure:
|
|
|
|
Holdings: book balance, market value or present value, wherever applicable
|
|
|
29,959,680
|
|
Plus: Spot and forward purchases pending settlement
|
|
|
858,697
|
|
Less: Government securities deposits
|
|
|
102,893
|
|
Less: Spot and forward sales pending settlement
|
|
|
1,414,071
|
|
|
|
|
29,301,413
|
|
|
-
44
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT B
FINANCING-FACILITIES CLASSIFICATION BY
SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
47,286,182
|
|
|
|
34,128,374
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,024,241
|
|
|
|
2,538,782
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
6,715,914
|
|
|
|
5,119,268
|
|
Without Senior guarantees or counter-guarantees
|
|
|
37,546,027
|
|
|
|
26,470,324
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
60,929
|
|
|
|
27,887
|
|
In observation
|
|
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
48,395
|
|
|
|
18,875
|
|
Without Senior guarantees or counter-guarantees
|
|
|
12,534
|
|
|
|
9,012
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
4,292
|
|
|
|
50,039
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
4,174
|
|
|
|
50,039
|
|
Without Senior guarantees or counter-guarantees
|
|
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
115,192
|
|
|
|
137,431
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,048
|
|
|
|
1,882
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
47,251
|
|
|
|
61,374
|
|
Without Senior guarantees or counter-guarantees
|
|
|
66,893
|
|
|
|
74,175
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
|
|
|
|
4
|
|
Without Senior guarantees or counter-guarantees
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
47,466,595
|
|
|
|
34,343,735
|
|
|
-
45
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT B
(Continued)
FINANCING-FACILITIES CLASSIFICATION BY
SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
64,397,985
|
|
|
|
48,698,468
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,783,978
|
|
|
|
767,733
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
4,801,037
|
|
|
|
2,483,434
|
|
Without Senior guarantees or counter-guarantees
|
|
|
57,812,970
|
|
|
|
45,447,301
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
783,094
|
|
|
|
502,812
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
10,315
|
|
|
|
1,486
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
38,135
|
|
|
|
20,622
|
|
Without Senior guarantees or counter-guarantees
|
|
|
734,644
|
|
|
|
480,704
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
442,599
|
|
|
|
390,339
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,205
|
|
|
|
3,188
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
11,636
|
|
|
|
7,634
|
|
Without Senior guarantees or counter-guarantees
|
|
|
429,758
|
|
|
|
379,517
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
358,682
|
|
|
|
268,927
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
128
|
|
|
|
2,099
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
21,716
|
|
|
|
20,284
|
|
Without Senior guarantees or counter-guarantees
|
|
|
336,838
|
|
|
|
246,544
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
165,326
|
|
|
|
87,190
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
17,351
|
|
|
|
16,642
|
|
Without Senior guarantees or counter-guarantees
|
|
|
147,975
|
|
|
|
70,548
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
347
|
|
|
|
210
|
|
Without Senior guarantees or counter-guarantees
|
|
|
347
|
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
66,148,033
|
|
|
|
49,947,946
|
|
Total
|
|
|
113,614,628
|
|
|
|
84,291,681
|
|
|
-
46
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT C
FINANCING-FACILITIES CONCENTRATION
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
12,392,471
|
|
|
|
10.91
|
|
|
|
6,353,953
|
|
|
|
7.54
|
|
50 next largest customers
|
|
|
11,596,391
|
|
|
|
10.21
|
|
|
|
8,920,400
|
|
|
|
10.58
|
|
100 next largest customers
|
|
|
7,472,283
|
|
|
|
6.58
|
|
|
|
5,525,254
|
|
|
|
6.55
|
|
Other customers
|
|
|
82,153,483
|
|
|
|
72.30
|
|
|
|
63,492,074
|
|
|
|
75.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
113,614,628
|
|
|
|
100.00
|
|
|
|
84,291,681
|
|
|
|
100.00
|
|
|
-
47
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT D
BREAKDOWN BY FINANCING TERMS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
Terms remaining to maturity
|
|
|
|
|
Item
|
|
Matured
|
|
|
Up to 1
month
|
|
|
Over 1
month and
up to 3
months
|
|
|
Over 3
months
and up to
6 months
|
|
|
Over 6
months
and up to
12 months
|
|
|
Over 12
months
and up to
24 months
|
|
|
Over 24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial government sector
|
|
|
32
|
|
|
|
30,565
|
|
|
|
108,781
|
|
|
|
49,724
|
|
|
|
180,012
|
|
|
|
642,585
|
|
|
|
884,744
|
|
|
|
1,896,443
|
|
Financial sector
|
|
|
|
|
|
|
368,156
|
|
|
|
311,022
|
|
|
|
624,992
|
|
|
|
907,564
|
|
|
|
390,276
|
|
|
|
640,503
|
|
|
|
3,242,513
|
|
Non-financial private sector and foreign residents
|
|
|
519,309
|
|
|
|
32,632,560
|
|
|
|
13,001,287
|
|
|
|
10,453,794
|
|
|
|
11,268,334
|
|
|
|
13,338,736
|
|
|
|
27,261,652
|
|
|
|
108,475,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
519,341
|
|
|
|
33,031,281
|
|
|
|
13,421,090
|
|
|
|
11,128,510
|
|
|
|
12,355,910
|
|
|
|
14,371,597
|
|
|
|
28,786,899
|
|
|
|
113,614,628
|
|
|
-
48
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT E
DETAIL OF INVESTMENT IN OTHER COMPANIES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information on the issuer
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
Data
from latest financial statements
|
Name
|
|
Class
|
|
Unit
face
value
|
|
|
Votes
per
share
|
|
|
Number
|
|
|
Amount
|
|
|
Amount
|
|
|
Main
business activity
|
|
Year-
end
date
/
Period
|
|
Capital
stock
|
|
|
Shareholders'
equity
|
|
|
Income
for
the
year
/
Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions, supplementary and
authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del Tucumán SA
|
|
Common
|
|
|
100
|
|
|
|
1
|
|
|
|
395,341
|
|
|
|
1,280,104
|
|
|
|
1,628,973
|
|
|
Financial institution
|
|
09-30-17
|
|
|
43,960
|
|
|
|
1,423,413
|
|
|
|
535,235
|
|
Macro Securities SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
12,776,680
|
|
|
|
439,212
|
|
|
|
236,971
|
|
|
Brokerage house
|
|
09-30-17
|
|
|
12,886
|
|
|
|
432,857
|
|
|
|
197,077
|
|
Macro Fiducia SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
6,475,143
|
|
|
|
19,518
|
|
|
|
19,122
|
|
|
Services
|
|
09-30-17
|
|
|
6,567
|
|
|
|
15,748
|
|
|
|
1,894
|
|
Macro Fondos SGFCISA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
327,183
|
|
|
|
29,244
|
|
|
|
25,319
|
|
|
Mutual funds management
|
|
09-30-17
|
|
|
1,713
|
|
|
|
150,346
|
|
|
|
139,944
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Bank Limited
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
39,816,899
|
|
|
|
838,121
|
|
|
|
769,016
|
|
|
Financial institution
|
|
09-30-17
|
|
|
86,501
|
|
|
|
838,122
|
|
|
|
69,105
|
|
Subtotal subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,606,199
|
|
|
|
2,679,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provincanje SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
600,000
|
|
|
|
603
|
|
|
|
603
|
|
|
Processing servicies
|
|
12-31-16
|
|
|
7,200
|
|
|
|
3,257
|
|
|
|
(2,789
|
)
|
Prisma Medio de Pagos
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
1,141,503
|
|
|
|
62,508
|
|
|
|
3,554
|
|
|
Business services
|
|
06-30-17
|
|
|
15,000
|
|
|
|
1,184,220
|
|
|
|
855,534
|
|
COEL SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
86,236
|
|
|
|
138
|
|
|
|
138
|
|
|
Financial Services
|
|
12-31-16
|
|
|
1,000
|
|
|
|
35,341
|
|
|
|
19,615
|
|
Mercado Abierto Electrónico SA
|
|
Common
|
|
|
1,200
|
|
|
|
1
|
|
|
|
8
|
|
|
|
121
|
|
|
|
121
|
|
|
Electronic market
|
|
12-31-16
|
|
|
242
|
|
|
|
230,433
|
|
|
|
144,723
|
|
Argentina Clearing SA
|
|
Common
|
|
|
2,500
|
|
|
|
1
|
|
|
|
30
|
|
|
|
31
|
|
|
|
31
|
|
|
Services
|
|
07-31-16
|
|
|
10,250
|
|
|
|
326,912
|
|
|
|
197,715
|
|
Garantizar SGR
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
10,000
|
|
|
|
10
|
|
|
|
10
|
|
|
Mutual guarantee association
|
|
12-31-16
|
|
|
21,519
|
|
|
|
4,567,006
|
|
|
|
99,279
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano
de Comercio Exterior SA
|
|
Common
|
|
|
10
|
|
|
|
1
|
|
|
|
7,303
|
|
|
|
1,365
|
|
|
|
1,249
|
|
|
Financial institution
|
|
12-31-16
|
|
|
4,437,739
|
|
|
|
16,029,529
|
|
|
|
1,379,681
|
|
Subtotal non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,776
|
|
|
|
5,706
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total in financial institutions,
supplementary and authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,670,975
|
|
|
|
2,685,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,583
|
|
|
|
1,941
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWIFT SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
85
|
|
|
|
78
|
|
|
Services
|
|
12-31-16
|
|
|
230,017
|
|
|
|
6,939,241
|
|
|
|
438,059
|
|
Total in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,668
|
|
|
|
2,019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,672,643
|
|
|
|
2,687,126
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of September 30, 2017 and December 31, 2016 the Bank
booked allowances for impairment in value amounting to 361 and 579, respectively (see Exhibit J).
|
-
49
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT F
MOVEMENT OF BANK PREMISES AND EQUIPMENT
AND OTHER ASSETS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
Net
book
value
at
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for
the
period
|
|
|
Net
book
|
|
Item
|
|
beginning
of
fiscal
year
|
|
|
Increases
|
|
|
Transfers
|
|
|
Decreases
|
|
|
Years
of
useful
life
|
|
|
Amount
|
|
|
value
at
end
of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
760,661
|
|
|
|
56,211
|
|
|
|
13,203
|
|
|
|
74
|
|
|
|
50
|
|
|
|
26,233
|
|
|
|
803,768
|
|
Furniture and facilities
|
|
|
210,057
|
|
|
|
31,456
|
|
|
|
17
|
|
|
|
|
|
|
|
10
|
|
|
|
24,084
|
|
|
|
217,446
|
|
Machinery and equipment
|
|
|
355,058
|
|
|
|
130,488
|
|
|
|
(17
|
)
|
|
|
|
|
|
|
5
|
|
|
|
105,254
|
|
|
|
380,275
|
|
Vehicles
|
|
|
26,063
|
|
|
|
19,078
|
|
|
|
|
|
|
|
957
|
|
|
|
5
|
|
|
|
10,470
|
|
|
|
33,714
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,351,839
|
|
|
|
237,233
|
|
|
|
13,203
|
|
|
|
1,031
|
|
|
|
|
|
|
|
166,041
|
|
|
|
1,435,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Works in progress
|
|
|
1,210,316
|
|
|
|
615,714
|
|
|
|
(7,579
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,818,451
|
|
Works of art
|
|
|
1,162
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,162
|
|
Prepayments for the purchase of assets
|
|
|
163,581
|
|
|
|
6,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
170,338
|
|
Foreclosed assets
|
|
|
108,218
|
|
|
|
127,491
|
|
|
|
|
|
|
|
214
|
|
|
|
50
|
|
|
|
1,361
|
|
|
|
234,134
|
|
Stationery and office supplies
|
|
|
32,242
|
|
|
|
2,711
|
|
|
|
|
|
|
|
10,998
|
|
|
|
|
|
|
|
|
|
|
|
23,955
|
|
Other assets
|
|
|
425,803
|
|
|
|
42,645
|
|
|
|
(5,624
|
)
|
|
|
7,455
|
|
|
|
50
|
|
|
|
2,682
|
|
|
|
452,687
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,941,322
|
|
|
|
795,318
|
|
|
|
(13,203
|
)
|
|
|
18,667
|
|
|
|
|
|
|
|
4,043
|
|
|
|
2,700,727
|
|
|
-
50
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT G
DETAIL OF INTANGIBLE ASSETS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
Net
book
value
at
|
|
|
|
|
|
|
|
|
Amortization
for
the
period
|
|
|
Net
book
|
|
Item
|
|
beginning
of
fiscal
year
|
|
|
Increases
|
|
|
Decreases
|
|
|
Years
of
useful
life
|
|
|
Amount
|
|
|
value
at
end
of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill (a)
|
|
|
20,609
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
4,216
|
|
|
|
16,393
|
|
Organization and development costs (b)
|
|
|
615,760
|
|
|
|
349,970
|
|
|
|
|
|
|
|
5
|
|
|
|
174,329
|
|
|
|
791,401
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
636,369
|
|
|
|
349,970
|
|
|
|
|
|
|
|
|
|
|
|
178,545
|
|
|
|
807,794
|
|
|
(a)
|
As of December 31, 2016 it related to the difference between the total price of the transaction
and the equity method of Banco Privado de Inversiones SA acquisition.
|
|
(b)
|
Includes the cost of information technology projects hired from independent parties and leasehold
improvements.
|
|
-
51
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT H
DEPOSIT CONCENTRATION
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
11,907,927
|
|
|
|
9.65
|
|
|
|
6,187,859
|
|
|
|
6.04
|
|
50 next largest customers
|
|
|
6,174,506
|
|
|
|
5.00
|
|
|
|
6,415,928
|
|
|
|
6.26
|
|
100 next largest customers
|
|
|
3,796,813
|
|
|
|
3.08
|
|
|
|
3,954,135
|
|
|
|
3.86
|
|
Other customers
|
|
|
101,555,321
|
|
|
|
82.27
|
|
|
|
85,939,024
|
|
|
|
83.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
123,434,567
|
|
|
|
100.00
|
|
|
|
102,496,946
|
|
|
|
100.00
|
|
|
-
52
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT I
BREAKDOWN OF DEPOSITS, OTHER LIABILITIES
FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
Terms remaining to maturity
|
|
|
|
|
Item
|
|
Up to 1
month
|
|
|
Over 1
month and
up to 3
months
|
|
|
Over 3
months
and up to
6 months
|
|
|
Over 6
months
and up to
12
months
|
|
|
Over 12
months
and up to
24
months
|
|
|
Over 24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
104,424,969
|
|
|
|
17,018,579
|
|
|
|
1,609,533
|
|
|
|
353,761
|
|
|
|
21,951
|
|
|
|
5,774
|
|
|
|
123,434,567
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
9,484
|
|
|
|
|
|
|
|
|
|
|
|
105
|
|
|
|
|
|
|
|
|
|
|
|
9,589
|
|
International Banks and Institutions
|
|
|
109,614
|
|
|
|
161,261
|
|
|
|
156,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
427,140
|
|
Non-subordinated Corporate Bonds
|
|
|
|
|
|
|
318,948
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,620,570
|
|
|
|
4,939,518
|
|
Financing received from Argentine financial institutions
|
|
|
933,544
|
|
|
|
416,970
|
|
|
|
151,628
|
|
|
|
7,972
|
|
|
|
15,162
|
|
|
|
42,662
|
|
|
|
1,567,938
|
|
Other
|
|
|
6,607,659
|
|
|
|
310,359
|
|
|
|
5,110
|
|
|
|
6,366
|
|
|
|
7,082
|
|
|
|
120,141
|
|
|
|
7,056,717
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,660,301
|
|
|
|
1,207,538
|
|
|
|
313,003
|
|
|
|
14,443
|
|
|
|
22,244
|
|
|
|
4,783,373
|
|
|
|
14,000,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
189,635
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,927,320
|
|
|
|
7,116,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
112,085,270
|
|
|
|
18,415,752
|
|
|
|
1,922,536
|
|
|
|
368,204
|
|
|
|
44,195
|
|
|
|
11,716,467
|
|
|
|
144,552,424
|
|
|
-
53
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT J
CHANGES IN ALLOWANCES AND PROVISIONS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
Balances at
beginning of
|
|
|
Increases
|
|
|
Decreases
|
|
|
Balances at
end of the
|
|
Breakdown
|
|
fiscal year
|
|
|
(1)
|
|
|
Charge off
|
|
|
Reversals
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment in value
|
|
|
1,654,084
|
|
|
|
1,112,198
|
|
|
|
546,266
|
|
|
|
14,253
|
|
|
|
2,205,763
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment in value
|
|
|
231,496
|
|
|
|
6,600
|
|
|
|
5,411
|
|
|
|
933
|
|
|
|
231,752
|
|
Receivables from financial leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
3,993
|
|
|
|
1,848
|
|
|
|
|
|
|
|
41
|
|
|
|
5,800
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For impairment in value
|
|
|
579
|
|
|
|
232
|
|
|
|
|
|
|
|
450
|
|
|
|
361
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
4,148
|
|
|
|
642
|
|
|
|
16
|
|
|
|
|
|
|
|
4,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowances
|
|
|
1,894,300
|
|
|
|
1,121,520
|
|
|
|
551,693
|
|
|
|
15,677
|
|
|
|
2,448,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent commitments
|
|
|
208,222
|
|
|
|
311,715
|
|
|
|
148,996
|
|
|
|
|
|
|
|
370,941
|
|
Difference from court deposits dollarization
|
|
|
34,034
|
|
|
|
|
|
|
|
|
|
|
|
34,034
|
|
|
|
|
|
Administrative, disciplinary and criminal sanctions
|
|
|
9,110
|
|
|
|
|
|
|
|
330
|
|
|
|
8,062
|
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Provisions
|
|
|
251,366
|
|
|
|
311,715
|
|
|
|
149,326
|
|
|
|
42,096
|
|
|
|
371,659
|
|
(1) See Notes 3.5.f). and 3.5.m).
|
-
54
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT K
CAPITAL STRUCTURE
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
Shares
|
|
Capital stock (1)
|
|
|
|
|
|
|
Votes per
|
|
Issued
|
|
|
|
|
Class
|
|
Stock number
|
|
|
share
|
|
Outstanding
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
5
|
|
|
11,236
|
|
|
|
11,236
|
|
Registered common stock B
|
|
|
658,427,351
|
|
|
1
|
|
|
658,427
|
|
|
|
658,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
669,663,021
|
|
|
|
|
|
669,663
|
|
|
|
669,663
|
|
(1) See Note 10.
|
-
55
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT L
FOREIGN CURRENCY BALANCES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
Total
per currency
|
|
|
|
|
Items
|
|
Total
Parent
company
and
local
branches
|
|
|
US
dollar
|
|
|
Pound
sterling
|
|
|
Swiss
franc
|
|
|
Yen
|
|
|
Euro
|
|
|
Other
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
23,743,973
|
|
|
|
23,647,557
|
|
|
|
2,548
|
|
|
|
3,257
|
|
|
|
1,313
|
|
|
|
61,095
|
|
|
|
28,203
|
|
|
|
20,074,325
|
|
Government and private securities
|
|
|
240,506
|
|
|
|
240,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
807,701
|
|
Loans
|
|
|
19,033,205
|
|
|
|
19,033,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,157,362
|
|
Other receivables from financial intermediation
|
|
|
511,641
|
|
|
|
505,501
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,140
|
|
|
|
|
|
|
|
345,150
|
|
Receivables from financial leases
|
|
|
1,636
|
|
|
|
1,636
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
839,571
|
|
|
|
839,571
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
770,343
|
|
Other receivables
|
|
|
525,063
|
|
|
|
525,063
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
329,204
|
|
Items pending allocation
|
|
|
22,253
|
|
|
|
22,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,288
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
44,917,848
|
|
|
|
44,815,292
|
|
|
|
2,548
|
|
|
|
3,257
|
|
|
|
1,313
|
|
|
|
67,235
|
|
|
|
28,203
|
|
|
|
32,487,373
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
27,074,198
|
|
|
|
27,074,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,793,774
|
|
Other liabilities from financial intermediation
|
|
|
3,695,277
|
|
|
|
3,665,221
|
|
|
|
94
|
|
|
|
259
|
|
|
|
|
|
|
|
29,349
|
|
|
|
354
|
|
|
|
2,799,493
|
|
Other liabilities
|
|
|
1,749
|
|
|
|
1,749
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
7,116,955
|
|
|
|
7,116,955
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,407,840
|
|
Items pending allocation
|
|
|
621
|
|
|
|
620
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
37,888,800
|
|
|
|
37,858,743
|
|
|
|
95
|
|
|
|
259
|
|
|
|
|
|
|
|
29,349
|
|
|
|
354
|
|
|
|
31,001,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra debit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
8,263,040
|
|
|
|
8,263,024
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16
|
|
|
|
|
|
|
|
5,163,340
|
|
Control
|
|
|
14,299,730
|
|
|
|
14,290,592
|
|
|
|
174
|
|
|
|
|
|
|
|
964
|
|
|
|
8,000
|
|
|
|
|
|
|
|
4,078,621
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra credit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
553,297
|
|
|
|
458,221
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
95,076
|
|
|
|
|
|
|
|
518,256
|
|
Control
|
|
|
5,231
|
|
|
|
5,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,499
|
|
Derivatives
|
|
|
119,496
|
|
|
|
119,496
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-
56
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT N
CREDIT ASSISTANCE TO RELATED PARTIES
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 26)
(Figures stated in thousands of pesos)
Item
|
|
In normal
situation
|
|
|
Irrecoverable
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
9,831
|
|
|
|
|
|
|
|
9,831
|
|
|
|
7,459
|
|
Without Senior guarantees or counter-guarantees
|
|
|
9,831
|
|
|
|
|
|
|
|
9,831
|
|
|
|
7,459
|
|
Documents
|
|
|
91,039
|
|
|
|
|
|
|
|
91,039
|
|
|
|
99,347
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
26,218
|
|
|
|
|
|
|
|
26,218
|
|
|
|
7,263
|
|
Without Senior guarantees or counter-guarantees
|
|
|
64,821
|
|
|
|
|
|
|
|
64,821
|
|
|
|
92,084
|
|
Mortgage and pledge
|
|
|
13,022
|
|
|
|
171
|
|
|
|
13,193
|
|
|
|
5,579
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
12,351
|
|
|
|
171
|
|
|
|
12,522
|
|
|
|
5,431
|
|
Without Senior guarantees or counter-guarantees
|
|
|
671
|
|
|
|
|
|
|
|
671
|
|
|
|
148
|
|
Personal
|
|
|
55
|
|
|
|
|
|
|
|
55
|
|
|
|
1,083
|
|
Without Senior guarantees or counter-guarantees
|
|
|
55
|
|
|
|
|
|
|
|
55
|
|
|
|
1,083
|
|
Credit cards
|
|
|
34,659
|
|
|
|
|
|
|
|
34,659
|
|
|
|
22,996
|
|
Without Senior guarantees or counter-guarantees
|
|
|
34,659
|
|
|
|
|
|
|
|
34,659
|
|
|
|
22,996
|
|
Other
|
|
|
125,080
|
|
|
|
|
|
|
|
125,080
|
|
|
|
161,571
|
|
Without Senior guarantees or counter-guarantees
|
|
|
125,080
|
|
|
|
|
|
|
|
125,080
|
|
|
|
161,571
|
|
Total loans
|
|
|
273,686
|
|
|
|
171
|
|
|
|
273,857
|
|
|
|
298,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
83,681
|
|
|
|
|
|
|
|
83,681
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases and other
|
|
|
9,067
|
|
|
|
|
|
|
|
9,067
|
|
|
|
9,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent Commitments
|
|
|
3,342
|
|
|
|
|
|
|
|
3,342
|
|
|
|
23,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
2,606,225
|
|
|
|
|
|
|
|
2,606,225
|
|
|
|
2,679,877
|
|
Total
|
|
|
2,976,001
|
|
|
|
171
|
|
|
|
2,976,172
|
|
|
|
3,010,933
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
3,664
|
|
|
|
85
|
|
|
|
3,749
|
|
|
|
3,632
|
|
|
-
57
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT O
DERIVATIVE FINANCIAL INSTRUMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
Type
of
contract
|
|
Purpose
of the
transactions
performed
|
|
Underlying
asset
|
|
Type
of
settlement
|
|
Negotiation
environment or
counter-party
|
|
Originally
agreed
weighted
monthly
average
term
|
|
Residual
weighted
monthly
average
term
|
|
Weighted
daily
average
term
settlement
of
differences
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
Intermediation
- own account
|
|
Federal government securities
|
|
With delivery of
underlying asset
|
|
MAE (over-the-counter
electronic market)
|
|
1
|
|
1
|
|
|
|
|
1,482,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
MAE (over-the-counter electronic market)
|
|
9
|
|
3
|
|
1
|
|
|
100,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
ROFEX (over-the-counter electronic market)
|
|
6
|
|
6
|
|
1
|
|
|
215,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Intermediation
- own account
|
|
Other
|
|
With delivery of underlying asset
|
|
Over The Counter - Residents in Argentina - Non-financial
sector
|
|
19
|
|
5
|
|
|
|
|
312,844
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
.
|
|
Forward
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Maturity settlement of differences
|
|
Over The Counter - Residents in Argentina - Non-financial
sector
|
|
7
|
|
5
|
|
30
|
|
|
454,456
|
|
|
-
58
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
CASH
|
|
|
|
|
|
|
|
|
|
|
Cash on hand
|
|
|
5,735,309
|
|
|
|
4,955,294
|
|
|
|
Due from banks and correspondents
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
20,909,198
|
|
|
|
28,482,100
|
|
|
|
Local Other
|
|
|
40,009
|
|
|
|
79,473
|
|
|
|
Foreign
|
|
|
11,019,577
|
|
|
|
2,571,298
|
|
|
|
Other
|
|
|
1,083
|
|
|
|
991
|
|
|
|
|
|
|
37,705,176
|
|
|
|
36,089,156
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
4,767,205
|
|
|
|
2,810,838
|
|
|
|
Holdings booked at amortized cost
|
|
|
324,620
|
|
|
|
1,570,708
|
|
|
|
Instruments issued by the Central Bank of Argentina
|
|
|
27,026,550
|
|
|
|
15,145,254
|
|
|
|
Investments in listed private securities
|
|
|
|
|
|
|
319,469
|
|
|
|
|
|
|
32,118,375
|
|
|
|
19,846,269
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
LOANS
|
|
|
|
|
|
|
|
|
|
|
To the non-financial government sector
|
|
|
1,834,276
|
|
|
|
1,532,532
|
|
|
|
To the financial sector
|
|
|
|
|
|
|
|
|
|
|
Interfinancing - (granted call)
|
|
|
410,000
|
|
|
|
5,000
|
|
|
|
Other financing to Argentine financial institutions
|
|
|
2,528,489
|
|
|
|
1,659,738
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
88,795
|
|
|
|
65,882
|
|
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
12,170,373
|
|
|
|
8,837,695
|
|
|
|
Documents
|
|
|
14,435,889
|
|
|
|
11,198,902
|
|
|
|
Mortgage loans
|
|
|
6,247,049
|
|
|
|
4,158,608
|
|
|
|
Pledge loans
|
|
|
3,551,324
|
|
|
|
2,285,050
|
|
|
|
Personal loans
|
|
|
42,361,363
|
|
|
|
29,784,759
|
|
|
|
Credit cards
|
|
|
21,507,205
|
|
|
|
18,851,619
|
|
|
|
Other
|
|
|
15,356,130
|
|
|
|
10,465,842
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
2,092,306
|
|
|
|
1,317,912
|
|
|
|
less: Unearned discount
|
|
|
(357,359
|
)
|
|
|
(360,027
|
)
|
|
|
less: Allowances (Note 4.)
|
|
|
(2,463,725
|
)
|
|
|
(1,830,505
|
)
|
|
|
|
|
|
119,762,115
|
|
|
|
87,973,007
|
|
|
-
59
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
D.
|
|
OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
3,739,691
|
|
|
|
2,093,960
|
|
|
|
Amounts receivable from spot and forward sales pending settlement
|
|
|
2,379,492
|
|
|
|
297,107
|
|
|
|
Securities and foreign currency receivables from spot and forward purchases pending settlement
|
|
|
707,864
|
|
|
|
1,259,031
|
|
|
|
Unlisted corporate bonds
|
|
|
750,596
|
|
|
|
486,144
|
|
|
|
Receivables from forward transactions without delivery of underlying assets
|
|
|
5,045
|
|
|
|
855
|
|
|
|
Other receivables not covered by debtors classification standards
|
|
|
1,506,294
|
|
|
|
1,119,756
|
|
|
|
Other receivables covered by debtors classification standards
|
|
|
320,686
|
|
|
|
296,787
|
|
|
|
Accrued interest receivables covered by debtors classification standards
|
|
|
256
|
|
|
|
232
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(243,377
|
)
|
|
|
(240,265
|
)
|
|
|
|
|
|
9,166,547
|
|
|
|
5,313,607
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
RECEIVABLES FROM FINANCIAL LEASES
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
524,614
|
|
|
|
369,146
|
|
|
|
Accrued interest and adjustments
|
|
|
7,478
|
|
|
|
4,999
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(5,800
|
)
|
|
|
(3,993
|
)
|
|
|
|
|
|
526,292
|
|
|
|
370,152
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
INVESTMENTS IN OTHER COMPANIES
|
|
|
|
|
|
|
|
|
|
|
In financial institutions
|
|
|
1,364
|
|
|
|
1,247
|
|
|
|
Other
|
|
|
90,730
|
|
|
|
11,691
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(690
|
)
|
|
|
(1,586
|
)
|
|
|
|
|
|
91,404
|
|
|
|
11,352
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER RECEIVABLES
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
1,798,902
|
|
|
|
1,281,229
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(5,026
|
)
|
|
|
(4,148
|
)
|
|
|
|
|
|
1,793,876
|
|
|
|
1,277,081
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
BANK PREMISES AND EQUIPMENT, NET
|
|
|
1,551,293
|
|
|
|
1,460,092
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
OTHER ASSETS
|
|
|
2,753,192
|
|
|
|
1,980,746
|
|
|
|
|
|
|
|
|
|
|
|
|
J.
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
16,393
|
|
|
|
20,609
|
|
|
|
Organization and development costs
|
|
|
819,907
|
|
|
|
643,463
|
|
|
|
|
|
|
836,300
|
|
|
|
664,072
|
|
|
|
|
|
|
|
|
|
|
|
|
K.
|
|
ITEMS PENDING ALLOCATION
|
|
|
40,542
|
|
|
|
13,426
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
206,345,112
|
|
|
|
154,998,960
|
|
|
-
60
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.
|
|
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
16,461,943
|
|
|
|
9,552,190
|
|
|
|
From the financial sector
|
|
|
54,625
|
|
|
|
55,867
|
|
|
|
From the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
20,950,438
|
|
|
|
17,686,171
|
|
|
|
Savings accounts
|
|
|
35,046,432
|
|
|
|
27,895,965
|
|
|
|
Time deposits
|
|
|
59,247,004
|
|
|
|
47,652,387
|
|
|
|
Investment accounts
|
|
|
104,217
|
|
|
|
333,786
|
|
|
|
Other
|
|
|
4,071,864
|
|
|
|
8,113,965
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
676,227
|
|
|
|
649,409
|
|
|
|
|
|
|
136,612,750
|
|
|
|
111,939,740
|
|
|
|
|
|
|
|
|
|
|
|
|
M.
|
|
OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
9,843
|
|
|
|
8,403
|
|
|
|
International Banks and Institutions
|
|
|
423,367
|
|
|
|
128,912
|
|
|
|
Non-subordinated Corporate Bonds
|
|
|
4,620,570
|
|
|
|
1,627,261
|
|
|
|
Amounts payable for spot and forward purchases pending settlement
|
|
|
1,123,207
|
|
|
|
1,310,696
|
|
|
|
Securities and foreign currency to be delivered under spot and forward sales pending settlement
|
|
|
2,112,172
|
|
|
|
156,536
|
|
|
|
Financing received from Argentine financial institutions
|
|
|
|
|
|
|
|
|
|
|
Interfinancing (received call)
|
|
|
519,549
|
|
|
|
90,000
|
|
|
|
Other financing received from Argentine financial institutions
|
|
|
684,050
|
|
|
|
30,568
|
|
|
|
Accrued interest payable
|
|
|
783
|
|
|
|
126
|
|
|
|
Receivables from forward transactions without delivery of underlying asset
|
|
|
1,792
|
|
|
|
|
|
|
|
Other
|
|
|
7,412,374
|
|
|
|
7,095,374
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
337,930
|
|
|
|
80,627
|
|
|
|
|
|
|
17,245,637
|
|
|
|
10,528,503
|
|
|
|
|
|
|
|
|
|
|
|
|
N.
|
|
OTHER LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
Fees
|
|
|
51,624
|
|
|
|
96,020
|
|
|
|
Other
|
|
|
4,551,296
|
|
|
|
3,386,887
|
|
|
|
|
|
|
4,602,920
|
|
|
|
3,482,907
|
|
|
|
|
|
|
|
|
|
|
|
|
O.
|
|
PROVISIONS
(Note
4.)
|
|
|
477,529
|
|
|
|
335,007
|
|
|
|
|
|
|
|
|
|
|
|
|
P.
|
|
SUBORDINATED CORPORATE BONDS
|
|
|
7,116,955
|
|
|
|
6,407,840
|
|
|
|
|
|
|
|
|
|
|
|
|
Q.
|
|
ITEMS PENDING ALLOCATION
|
|
|
26,539
|
|
|
|
16,266
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTERESTS IN SUBSIDIARIES
|
|
|
143,885
|
|
|
|
182,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
166,226,215
|
|
|
|
132,893,062
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
40,118,897
|
|
|
|
22,105,898
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
206,345,112
|
|
|
|
154,998,960
|
|
|
-
61
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
(Unaudited)
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
136,405,250
|
|
|
|
89,304,148
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
33,606,927
|
|
|
|
23,017,895
|
|
Guarantees received
|
|
|
32,052,706
|
|
|
|
22,116,120
|
|
Other not covered by debtors classification standards
|
|
|
28
|
|
|
|
39
|
|
Contingent debit-balance contra accounts
|
|
|
1,554,193
|
|
|
|
901,736
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
100,702,287
|
|
|
|
65,012,008
|
|
Receivables classified as irrecoverable
|
|
|
2,250,588
|
|
|
|
1,898,911
|
|
Other
|
|
|
97,394,386
|
|
|
|
61,978,148
|
|
Control debit-balance contra accounts
|
|
|
1,057,313
|
|
|
|
1,134,949
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
1,083,460
|
|
|
|
495,787
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
385,436
|
|
|
|
135,597
|
|
Derivatives debit-balance contra accounts
|
|
|
698,024
|
|
|
|
360,190
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
1,012,576
|
|
|
|
778,458
|
|
Trust funds
|
|
|
1,012,576
|
|
|
|
778,458
|
|
|
|
|
|
|
|
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
136,405,250
|
|
|
|
89,304,148
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
33,606,927
|
|
|
|
23,017,895
|
|
Other guarantees provided covered by debtors classification standards
|
|
|
291,720
|
|
|
|
287,497
|
|
Other guarantees provided not covered by debtors classification standards
|
|
|
146,636
|
|
|
|
158,986
|
|
Other covered by debtors classification standards
|
|
|
329,761
|
|
|
|
354,315
|
|
Other not covered by debtors classification standards
|
|
|
786,076
|
|
|
|
100,938
|
|
Contingent credit-balance contra accounts
|
|
|
32,052,734
|
|
|
|
22,116,159
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
100,702,287
|
|
|
|
65,012,008
|
|
Checks to be credited
|
|
|
1,057,313
|
|
|
|
1,134,949
|
|
Control credit-balance contra accounts
|
|
|
99,644,974
|
|
|
|
63,877,059
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
1,083,460
|
|
|
|
495,787
|
|
Notional value of call options sold
|
|
|
312,844
|
|
|
|
167,721
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
385,180
|
|
|
|
192,469
|
|
Derivatives credit-balance contra account
|
|
|
385,436
|
|
|
|
135,597
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
1,012,576
|
|
|
|
778,458
|
|
Trust activity credit-balance contra accounts
|
|
|
1,012,576
|
|
|
|
778,458
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
-
62
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2017 AND 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
09/30/2017
|
|
|
09/30/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
FINANCIAL INCOME
|
|
|
|
|
|
|
|
|
|
|
Interest on cash and due from banks
|
|
|
6,989
|
|
|
|
1,102
|
|
|
|
Interest on loans to the financial sector
|
|
|
325,588
|
|
|
|
160,104
|
|
|
|
Interest on overdrafts
|
|
|
1,950,793
|
|
|
|
1,843,873
|
|
|
|
Interest on documents
|
|
|
1,194,112
|
|
|
|
1,159,376
|
|
|
|
Interest on mortgage loans
|
|
|
567,535
|
|
|
|
553,164
|
|
|
|
Interest on pledge loans
|
|
|
335,697
|
|
|
|
274,397
|
|
|
|
Interest on credit card loans
|
|
|
3,221,954
|
|
|
|
2,909,753
|
|
|
|
Interest on financial leases
|
|
|
70,880
|
|
|
|
69,309
|
|
|
|
Interest on other loans
|
|
|
11,887,267
|
|
|
|
8,863,980
|
|
|
|
Net income from government and private securities
|
|
|
4,008,303
|
|
|
|
4,639,771
|
|
|
|
Interest on other receivables from financial intermediation
|
|
|
7,211
|
|
|
|
4,590
|
|
|
|
Income from guaranteed loans - Presidential Decree No. 1,387/01
|
|
|
3,192
|
|
|
|
24,771
|
|
|
|
CER (Benchmark Stabilization Coefficient) adjustment
|
|
|
117,133
|
|
|
|
198,184
|
|
|
|
CVS (Salary Variation Coefficient) adjustment
|
|
|
394
|
|
|
|
592
|
|
|
|
Difference in quoted prices of gold and foreign currency
|
|
|
1,197,868
|
|
|
|
430,035
|
|
|
|
Other
|
|
|
636,527
|
|
|
|
229,737
|
|
|
|
|
|
|
25,531,443
|
|
|
|
21,362,738
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
FINANCIAL EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Interest on savings accounts
|
|
|
80,807
|
|
|
|
66,427
|
|
|
|
Interest on time deposits
|
|
|
6,581,046
|
|
|
|
7,830,926
|
|
|
|
Interest on interfinancing received loans (received call)
|
|
|
13,554
|
|
|
|
1,761
|
|
|
|
Interest on other financing from financial institutions
|
|
|
5,474
|
|
|
|
505
|
|
|
|
Interest on other liabilities from financial intermediation
|
|
|
349,272
|
|
|
|
106,938
|
|
|
|
Interest on subordinated bonds
|
|
|
329,912
|
|
|
|
160,021
|
|
|
|
Other interest
|
|
|
2,227
|
|
|
|
3,406
|
|
|
|
CER adjustment
|
|
|
12,082
|
|
|
|
9,239
|
|
|
|
Contribution to Deposit Guarantee Fund
|
|
|
154,136
|
|
|
|
170,528
|
|
|
|
Other
|
|
|
2,091,008
|
|
|
|
1,620,527
|
|
|
|
|
|
|
9,619,518
|
|
|
|
9,970,278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS INTERMEDIATION MARGIN - GAIN
|
|
|
15,911,925
|
|
|
|
11,392,460
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
PROVISION FOR LOAN LOSSES
|
|
|
1,172,868
|
|
|
|
719,070
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
SERVICE-CHARGE INCOME
|
|
|
|
|
|
|
|
|
|
|
Related to lending transactions
|
|
|
218,634
|
|
|
|
83,046
|
|
|
|
Related to deposits
|
|
|
4,589,532
|
|
|
|
3,301,028
|
|
|
|
Other commissions
|
|
|
161,873
|
|
|
|
128,106
|
|
|
|
Other
|
|
|
2,753,882
|
|
|
|
2,148,619
|
|
|
|
|
|
|
7,723,921
|
|
|
|
5,660,799
|
|
|
-
63
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2017 AND 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
09/30/2017
|
|
|
09/30/2016
|
|
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
SERVICE-CHARGE EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
498,353
|
|
|
|
378,023
|
|
|
|
Other
|
|
|
1,884,064
|
|
|
|
1,450,054
|
|
|
|
|
|
|
2,382,417
|
|
|
|
1,828,077
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
ADMINISTRATIVE EXPENSES
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
5,569,558
|
|
|
|
4,355,023
|
|
|
|
Directors' and statutory auditors' fees
|
|
|
306,839
|
|
|
|
232,047
|
|
|
|
Other professional fees
|
|
|
259,879
|
|
|
|
197,480
|
|
|
|
Advertising and publicity
|
|
|
137,792
|
|
|
|
122,525
|
|
|
|
Taxes
|
|
|
521,461
|
|
|
|
384,538
|
|
|
|
Depreciation of bank premises and equipment
|
|
|
182,713
|
|
|
|
148,474
|
|
|
|
Amortization of organization costs
|
|
|
195,611
|
|
|
|
143,136
|
|
|
|
Other operating expenses
|
|
|
1,275,344
|
|
|
|
1,013,535
|
|
|
|
Other
|
|
|
753,474
|
|
|
|
559,115
|
|
|
|
|
|
|
9,202,671
|
|
|
|
7,155,873
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN
|
|
|
10,877,890
|
|
|
|
7,350,239
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|
Income from long-term investments
|
|
|
156,283
|
|
|
|
38,308
|
|
|
|
Penalty interest
|
|
|
62,667
|
|
|
|
63,586
|
|
|
|
Recovered loans and allowances reversed
|
|
|
293,350
|
|
|
|
144,067
|
|
|
|
Others
|
|
|
152,124
|
|
|
|
198,232
|
|
|
|
|
|
|
664,424
|
|
|
|
444,193
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
Penalty interest and charges payable to the Central Bank of Argentina
|
|
|
72
|
|
|
|
131
|
|
|
|
Charges for other receivables uncollectibility and other allowances
|
|
|
376,032
|
|
|
|
123,593
|
|
|
|
Depreciation and loss of other assets
|
|
|
4,103
|
|
|
|
3,273
|
|
|
|
Goodwill amortization
|
|
|
4,215
|
|
|
|
8,671
|
|
|
|
Other
|
|
|
561,967
|
|
|
|
138,642
|
|
|
|
|
|
|
946,389
|
|
|
|
274,310
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST IN SUBSIDIARIES
|
|
|
(54,078
|
)
|
|
|
(37,946
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE INCOME TAX - GAIN
|
|
|
10,541,847
|
|
|
|
7,482,176
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
INCOME TAX
|
|
|
4,164,725
|
|
|
|
2,636,597
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FOR THE PERIOD - GAIN
|
|
|
6,377,122
|
|
|
|
4,845,579
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
-
64
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
AND CASH EQUIVALENTS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2017 AND 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
09/30/2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
|
|
|
|
|
|
|
|
|
Cash at the beginning of the fiscal year
|
|
|
39,818,086
|
|
|
|
22,672,977
|
|
Cash at the end of the period
|
|
|
40,531,608
|
|
|
|
38,949,056
|
|
Net increase in cash
|
|
|
713,522
|
|
|
|
16,276,079
|
|
|
|
|
|
|
|
|
|
|
CAUSES OF CHANGES IN CASH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
Net (payments)/ collections for:
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
(9,397,338
|
)
|
|
|
4,340,419
|
|
Loans
|
|
|
|
|
|
|
|
|
To the financial sector
|
|
|
(971,076
|
)
|
|
|
(930,000
|
)
|
To the non-financial government sector
|
|
|
(278,523
|
)
|
|
|
(38,977
|
)
|
To the non-financial private sector and foreign residents
|
|
|
(12,219,534
|
)
|
|
|
1,711,428
|
|
Other receivables from financial intermediation
|
|
|
(3,820,460
|
)
|
|
|
(614,799
|
)
|
Receivables from financial leases
|
|
|
(87,067
|
)
|
|
|
134,745
|
|
Deposits
|
|
|
|
|
|
|
|
|
From the financial sector
|
|
|
(1,242
|
)
|
|
|
1,949
|
|
From the non-financial government sector
|
|
|
6,442,558
|
|
|
|
4,344,326
|
|
From the non-financial private sector and foreign residents
|
|
|
11,304,023
|
|
|
|
12,959,964
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
Financing facilities from the financial sector (received calls)
|
|
|
415,869
|
|
|
|
53,592
|
|
Others (except liabilities included under financing activities)
|
|
|
587,153
|
|
|
|
449,688
|
|
Collections related to service-charge income
|
|
|
7,720,470
|
|
|
|
5,641,636
|
|
Payments related to service-charge expenses
|
|
|
(2,345,099
|
)
|
|
|
(1,794,249
|
)
|
Administrative expenses paid
|
|
|
(8,677,753
|
)
|
|
|
(6,637,589
|
)
|
Payment of organization and development costs
|
|
|
(372,055
|
)
|
|
|
(276,576
|
)
|
Net collections from penalty interest
|
|
|
62,595
|
|
|
|
63,455
|
|
Differences from payments related to court orders
|
|
|
(5,594
|
)
|
|
|
(2,956
|
)
|
Collections of dividends from other companies
|
|
|
59,827
|
|
|
|
19,367
|
|
Other collections related to other income and losses
|
|
|
67,444
|
|
|
|
166,928
|
|
Net collections /(payments) from other operating activities
|
|
|
2,569,097
|
|
|
|
(1,463,885
|
)
|
Payment of income tax
|
|
|
(3,397,578
|
)
|
|
|
(1,981,852
|
)
|
Net cash flows (used in)/ generated in operating activities
|
|
|
(12,344,283
|
)
|
|
|
16,146,614
|
|
|
-
65
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
AND CASH EQUIVALENTS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2017 AND 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
09/30/2016
|
|
|
|
(Unaudited)
|
|
|
(Unaudited)
|
|
Investing activities
|
|
|
|
|
|
|
|
|
Net payments for bank premises and equipment
|
|
|
(215,628
|
)
|
|
|
(268,279
|
)
|
Net payments for other assets
|
|
|
(649,077
|
)
|
|
|
(533,839
|
)
|
Net cash flows used in investing activities
|
|
|
(864,705
|
)
|
|
|
(802,118
|
)
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
Net payments for:
|
|
|
|
|
|
|
|
|
Non-subordinated corporate bonds
|
|
|
(1,766,904
|
)
|
|
|
(131,071
|
)
|
Central Bank of Argentina:
|
|
|
|
|
|
|
|
|
Other
|
|
|
1,440
|
|
|
|
(6,028
|
)
|
International Banks and Institutions
|
|
|
287,452
|
|
|
|
(61,470
|
)
|
Subordinated corporate bonds
|
|
|
(206,280
|
)
|
|
|
(100,657
|
)
|
Financing received from Argentine financial institutions
|
|
|
648,013
|
|
|
|
(4,786
|
)
|
Capital contributions
|
|
|
12,389,816
|
|
|
|
|
|
Payment of dividends
|
|
|
(794,469
|
)
|
|
|
(962,631
|
)
|
Other payments for financing activities
|
|
|
(277,914
|
)
|
|
|
|
|
Net cash flows increase in/ (used in) financing activities
|
|
|
10,281,154
|
|
|
|
(1,266,643
|
)
|
|
|
|
|
|
|
|
|
|
Financial income and holding gains on cash and cash equivalents
|
|
|
3,641,356
|
|
|
|
2,198,226
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash
|
|
|
713,522
|
|
|
|
16,276,079
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
-
66
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
48,352,003
|
|
|
|
34,766,790
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,042,036
|
|
|
|
2,545,541
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
6,894,816
|
|
|
|
5,297,800
|
|
Without Senior guarantees or counter-guarantees
|
|
|
38,415,151
|
|
|
|
26,923,449
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
61,288
|
|
|
|
27,887
|
|
In observation
|
|
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
48,395
|
|
|
|
18,875
|
|
Without Senior guarantees or counter-guarantees
|
|
|
12,893
|
|
|
|
9,012
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
5,041
|
|
|
|
50,039
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
4,174
|
|
|
|
50,039
|
|
Without Senior guarantees or counter-guarantees
|
|
|
867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
115,192
|
|
|
|
137,431
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,048
|
|
|
|
1,882
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
47,251
|
|
|
|
61,374
|
|
Without Senior guarantees or counter-guarantees
|
|
|
66,893
|
|
|
|
74,175
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
7,404
|
|
|
|
7,372
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
849
|
|
|
|
813
|
|
Without Senior guarantees or counter-guarantees
|
|
|
6,555
|
|
|
|
6,559
|
|
Subtotal Commercial
|
|
|
48,540,928
|
|
|
|
34,989,519
|
|
|
-
67
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
AS OF SEPTEMBER 30, 2017 AND DECEMBER
31, 2016
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
73,900,758
|
|
|
|
55,204,350
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,797,623
|
|
|
|
771,053
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
5,058,735
|
|
|
|
2,573,886
|
|
Without Senior guarantees or counter-guarantees
|
|
|
67,044,400
|
|
|
|
51,859,411
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
887,803
|
|
|
|
555,222
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
10,315
|
|
|
|
1,486
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
38,559
|
|
|
|
20,699
|
|
Without Senior guarantees or counter-guarantees
|
|
|
838,929
|
|
|
|
533,037
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
518,829
|
|
|
|
443,357
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,205
|
|
|
|
3,188
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
11,636
|
|
|
|
7,676
|
|
Without Senior guarantees or counter-guarantees
|
|
|
505,988
|
|
|
|
432,493
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
427,630
|
|
|
|
317,466
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
128
|
|
|
|
2,099
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
21,716
|
|
|
|
20,486
|
|
Without Senior guarantees or counter-guarantees
|
|
|
405,786
|
|
|
|
294,881
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
174,611
|
|
|
|
92,508
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
17,834
|
|
|
|
18,222
|
|
Without Senior guarantees or counter-guarantees
|
|
|
156,777
|
|
|
|
74,286
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
392
|
|
|
|
210
|
|
Without Senior guarantees or counter-guarantees
|
|
|
392
|
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
75,910,023
|
|
|
|
56,613,113
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
124,450,951
|
|
|
|
91,602,632
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
-
68
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES AND SUBSIDIARIES
|
|
1.1.
|
Valuation and disclosure criteria:
|
According to the procedures provided by Central
Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has consolidated line-by-line
(i) its balance sheets as of September 30, 2017 and December 31, 2016 and (ii) the statements of income and cash flows and equivalents
for the nine-month periods ended September 30, 2017 and 2016, with the financial statements of the subsidiaries listed in Note
1.2., as of each respective date.
The receivables/payables and transactions between
the companies were eliminated in the consolidation process.
|
1.2.
|
List of subsidiaries:
|
The table below shows the equity interests
that Banco Macro SA holds in subsidiaries (percentage of equity interest and votes held directly or indirectly as of September
30, 2017):
|
|
Banco Macro SA’s
direct equity interest
|
|
Banco Macro SA’s
direct and indirect
equity interest
|
|
|
|
Shares
|
|
Percentage of
|
|
|
Percentage of
|
|
Company
|
|
Type
|
|
Number
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del Tucumán SA
|
|
Common
|
|
|
395,341
|
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Bank Limited (a)
|
|
Common
|
|
|
39,816,899
|
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Securities SA (b), (c) and (d)
|
|
Common
|
|
|
12,776,680
|
|
|
|
99.154
|
%
|
|
|
99.154
|
%
|
|
|
99.921
|
%
|
|
|
99.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fiducia SA
|
|
Common
|
|
|
6,475,143
|
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fondos SGFCI SA
|
|
Common
|
|
|
327,183
|
|
|
|
19.100
|
%
|
|
|
19.100
|
%
|
|
|
99.936
|
%
|
|
|
100.00
|
%
|
|
(a)
|
Consolidated with Sud Asesores (ROU) SA (voting rights:
100%, equity interest 2,923).
|
|
(b)
|
Consolidated with Macro Fondos SGFCI SA (percentage
of capital stock and votes 80.90%).
|
|
(c)
|
The indirect equity interest of Banco Macro SA comes
from Macro Fiducia SA.
|
|
(d)
|
In order to provide the new capital market needs, as
established by Law 26831, Mercado de Valores de Buenos Aires (Merval), current Grupo Financiero Valores SA (VALO), implemented
a reorganization process, proceeding to partially spin-off its equity and creating a new company Bolsas y Mercados Argentinos
(BYMA), as a follow-on of Merval business activities. In that sense, and as a consequence of the abovemention partial spin-off,
Macro Securities received for each Merval shares, 250,000 BYMA´s shares. Subsequently, Grupo Financiero Valores SA made
an adjustment to reflect the change in the face value of its shares, whereby Macro Securities SA received for each Merval shares,
4,691,000 shares of VALO.
|
|
1.3.
|
Methods of incorporating foreign subsidiaries:
|
The financial statements of Macro Bank Limited
were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated into pesos following
the procedures indicated below:
|
a)
|
Assets and liabilities were converted at the reference
exchange rate at the closing of transactions on the last business day as of September 30, 2017 and December 31, 2016.
|
|
b)
|
Figures related to the owners’ contributions
(capital stock, additional paid-in capital and irrevocable capital contributions) were translated applying the effective exchange
rates as of the date on which such contributions were paid in.
|
|
c)
|
Retained earnings were estimated by the difference
between assets, liabilities and owners’ contributions, translated into pesos, as indicated above.
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
|
d)
|
The amounts of the accounts in the statements of income
for nine-month periods ended September 30, 2017 and 2016, were converted into pesos, as described in a). In both cases, the difference
between the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference between retained earnings
at beginning of fiscal year and retained earnings at period) was recorded in “Other income – Income from long-term
investments” and “Financial income – Difference in quoted prices of gold and foreign currency” or “Financial
expense – Difference in quoted prices of gold and foreign currency”, as the case may be, in the stand-alone and consolidated
financial statements, respectively.
|
The main figures included in the consolidated
financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU) SA) as of September 30,
2017, considering the translation process mentioned above are as follows:
|
|
Macro Bank Limited
|
|
|
|
In thousands of
USD
|
|
|
In thousands of
Ps.
|
|
|
|
|
|
|
|
|
Assets
|
|
|
177,179
|
|
|
|
3,068,438
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
128,784
|
|
|
|
2,230,316
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
48,395
|
|
|
|
838,122
|
|
|
1.4.
|
The table below shows total assets, liabilities, shareholders’
equity and income (loss) of Banco Macro SA and each of its subsidiaries as of September 30, 2017:
|
|
|
Banco
Macro SA
|
|
|
Banco del
Tucumán SA
|
|
|
Macro
Bank
Limited
(1)
|
|
|
Other
subsidiaries
(2)
|
|
|
Eliminations
|
|
|
Banco
Macro SA
(consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
192,065,285
|
|
|
|
13,676,281
|
|
|
|
3,068,438
|
|
|
|
1,033,389
|
|
|
|
3,498,281
|
|
|
|
206,345,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
151,946,388
|
|
|
|
12,252,868
|
|
|
|
2,230,316
|
|
|
|
570,630
|
|
|
|
773,987
|
|
|
|
166,226,215
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
40,118,897
|
|
|
|
1,423,413
|
|
|
|
838,122
|
|
|
|
462,759
|
|
|
|
2,724,294
|
|
|
|
40,118,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
6,377,122
|
|
|
|
535,235
|
|
|
|
69,105
|
|
|
|
207,835
|
|
|
|
812,175
|
|
|
|
6,377,122
|
|
|
(1)
|
Figures related to Macro Bank Limited consolidated
with Sud Asesores (ROU) SA.
|
|
(2)
|
Figures related to the subsidiaries Macro Securities
SA. (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes de Inversión SA) and Macro Fiducia SA.
|
|
1.5.
|
Statement of cash flows and cash equivalents
|
The Bank and its subsidiaries consider “Cash
and cash equivalents” to be the Cash account and Government and investments which mature less than three months since their
date of acquisition/constitution. Below is a breakdown of the reconciliation of the “Cash” item in the consolidated
statement of cash flows with the related consolidated balance sheets accounts:
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
09/30/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
37,705,176
|
|
|
|
36,089,156
|
|
|
|
22,353,051
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
1,471,954
|
|
|
|
538,936
|
|
|
|
2,086,865
|
|
Instruments issued by the Central Bank
|
|
|
1,267,886
|
|
|
|
3,189,994
|
|
|
|
14,188,459
|
|
Other receivables for financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
Other covered by debtor classification standards
|
|
|
86,592
|
|
|
|
|
|
|
|
320,681
|
|
Cash and cash equivalents
|
|
|
40,531,608
|
|
|
|
39,818,086
|
|
|
|
38,949,056
|
|
In addition, to the assets broken down in Note
8, to the stand-alone financial statements, certain assets are restricted as follows:
Item
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
2.1. Banco del Tucumán SA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and Private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Secured
bonds in pesos under Presidential Decree No, 1579/2002, maturing in 2018, for the minimum amount required to perform as an
Agent in the new categories provided by CNV General Resolution No, 622/2013
|
|
|
5,058
|
|
|
|
5,126
|
|
• Central
Bank of Argentina Internal Bills in pesos, maturing in 2017 securing the operation through negotiation secured transaction
Segment as the main counterparty of the MAEClear
|
|
|
790
|
|
|
|
715
|
|
Subtotal Government and Private securities
|
|
|
5,848
|
|
|
|
5,841
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Special
guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar
entities
|
|
|
224,472
|
|
|
|
191,098
|
|
Subtotal other receivables from financial
intermediation
|
|
|
224,472
|
|
|
|
191,098
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Deposits
mainly provided in guarantee for the credit card transaction and related to court deposits and MAEClear transactions
|
|
|
40,960
|
|
|
|
35,702
|
|
Subtotal other receivables
|
|
|
40,960
|
|
|
|
35,702
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
271,280
|
|
|
|
232,641
|
|
|
|
|
|
|
|
|
|
|
2.2. Macro Securities SA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
·
Share
of interest of the mutual fund Pionero Renta for the minimum amount required to perform as an Agent in the new categories
provided by CNV General Resolution No. 622/2013
|
|
|
9,938
|
|
|
|
8,420
|
|
Subtotal other receivables from financial
intermediation
|
|
|
9,938
|
|
|
|
8,420
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
·
Other
|
|
|
|
|
|
|
1,453
|
|
Subtotal investments
in other companies
|
|
|
|
|
|
|
1,453
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
9,938
|
|
|
|
9,873
|
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
Item (cont.)
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
2.3. Macro Fiducia SA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
·
Federal secured bonds maturing 2018 for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013
|
|
|
4,649
|
|
|
|
3,987
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,649
|
|
|
|
3,987
|
|
|
|
|
|
|
|
|
|
|
2.4 Macro Fondos SGFCI SA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
·
Share of interest of the mutual fund Pionero FF for the minimum amount required to perform as an Agent de Administration Agent for Collective investments of mutual funds provided by CNV General Resolution No. 622/2013
|
|
|
1,356
|
|
|
|
1,166
|
|
Total
|
|
|
1,356
|
|
|
|
1,166
|
|
|
3.
|
TRANSACTIONS WITH RELATED PARTIES
|
In relation to the transactions performed by
the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and in addition
to those described in Note 9. to the stand-alone financial statements, the consolidated financial statements as September 30, 2017
and December 31, 2016, include assets amounted to 13,621 and 35,310, generated mainly by Loans; liabilities amounted to 1,794,094
and 167,033 generated mainly by Deposits; and memorandum accounts amounted to 4,344,277 and 3,675,866, mainly generated by Items
in custody, respectively.
Additionally, as of September 30, 2017 and
2016, net income generated by those transactions amounted to 12,836 and 9,106 respectively.
Lastly, the balances as of those dates for
transactions between Macro Group companies amounted to 98 and 1,005, respectively. Net income from those periods ended September
30, 2017 and 2016 amount to 0. Balances were eliminated in the consolidation process.
|
4.
|
CHANGES IN ALLOWANCES AND PROVISIONS
|
The following are the changes in the Bank’s
allowances and provisions consolidated with its subsidiaries as of September 30, 2017:
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
|
|
Balances at
beginning
of fiscal
|
|
|
|
|
|
Decreases
|
|
|
Balances at
end of the
|
|
Breakdown
|
|
year
|
|
|
Increases
|
|
|
Charge off
|
|
|
Reversals
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For loans
|
|
|
1,830,505
|
|
|
|
1,253,086
|
|
|
|
602,863
|
|
|
|
17,003
|
|
|
|
2,463,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables from financial intermediation
|
|
|
240,265
|
|
|
|
10,070
|
|
|
|
5,437
|
|
|
|
1,521
|
|
|
|
243,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For receivables from financial leases
|
|
|
3,993
|
|
|
|
1,849
|
|
|
|
|
|
|
|
42
|
|
|
|
5,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For interests in other companies
|
|
|
1,586
|
|
|
|
465
|
|
|
|
|
|
|
|
1,361
|
|
|
|
690
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables
|
|
|
4,148
|
|
|
|
894
|
|
|
|
16
|
|
|
|
|
|
|
|
5,026
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,080,497
|
|
|
|
1,266,364
|
|
|
|
608,316
|
|
|
|
19,927
|
|
|
|
2,718,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other contingencies
|
|
|
271,039
|
|
|
|
374,347
|
|
|
|
168,575
|
|
|
|
|
|
|
|
476,811
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For differences from court deposits dollarization
|
|
|
54,858
|
|
|
|
1,185
|
|
|
|
|
|
|
|
56,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal penalties
|
|
|
9,110
|
|
|
|
|
|
|
|
330
|
|
|
|
8,062
|
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
335,007
|
|
|
|
375,532
|
|
|
|
98,706
|
|
|
|
64,105
|
|
|
|
477,529
|
|
|
5.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
Below is a breakdown of the volumes, in absolute
values, by type of derivative financial instrument involved in the transactions between the Bank and its subsidiaries, which are
effective as of September 30, 2017 and December 31, 2016 a:
Type of contract / underlying asset
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Futures / foreign currency
|
|
|
316,160
|
|
|
|
194,131
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
|
1,393,411
|
|
|
|
1,220,329
|
|
|
|
|
|
|
|
|
|
|
Forward contracts / foreign currency
|
|
|
454,456
|
|
|
|
133,935
|
|
|
|
|
|
|
|
|
|
|
Options / Other
|
|
|
312,844
|
|
|
|
167,721
|
|
Additionally, positions of transactions effective
as of September 30, 2017 and December 31, 2016 are as follows:
Transaction
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Net position of repurchase agreements
|
|
|
(734,133
|
)
|
|
|
1,181,659
|
|
|
|
|
|
|
|
|
|
|
Net asset position of forward transactions without delivery of the underlying asset
|
|
|
256
|
|
|
|
(56,872
|
)
|
|
|
|
|
|
|
|
|
|
Position of call options sold
|
|
|
(312,844
|
)
|
|
|
(167,721
|
)
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2017
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial statements)
(Figures stated in thousands of pesos)
In addition to what was mentioned in Note 13,
to the Bank’s stand-alone financial statements, as September 30, 2017 and December 31, 2016, Banco del Tucumán SA
manages the following portfolios:
|
|
Managed portfolio as of
|
|
Item
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
• On
November 30, 2016, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding
the “SECANE V” trust loan portfolio,
|
|
|
32,359
|
|
|
|
33,685
|
|
|
|
|
|
|
|
|
|
|
• On December
31, 2008, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “BATUC
1” trust loan portfolio,
|
|
|
15,151
|
|
|
|
15,280
|
|
|
|
|
|
|
|
|
|
|
• On July
31, 2006, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “Gas
Tucumán I” trust loan portfolio,
|
|
|
7,430
|
|
|
|
11,463
|
|
|
|
|
|
|
|
|
|
|
• Other
managed portfolios,
|
|
|
3,969
|
|
|
|
4,658
|
|
Total
|
|
|
58,909
|
|
|
|
65,086
|
|
In addition to what was mentioned in Note 16,
to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of September 30,
2017 and December 31, 2016:
|
7.1.
|
Financial trusts for investment purposes
|
Financial trust
|
|
09/30/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
9,049
|
|
|
|
10,754
|
|
Total
|
|
|
9,049
|
|
|
|
10,754
|
|
|
7.2.
|
Trusts created using financial assets transferred
by the Bank’s subsidiaries,
|
In addition to what has been mentioned in Note
16.2. to the stand-alone financial statements, which includes the trusts created with financial assets transferred by Banco Macro
SA, subsidiary Banco del Tucumán SA transferred financial assets (loans) to trusts for the purpose of issuing and selling
securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets. This way, the
funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.
As of September 30, 2017 and December 31, 2016
considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed
by the trustors of these types of trusts amount to 310 and 495, respectively.
|
7.3.
|
Trusts in which the Bank’s subsidiaries act
as trustees (management).
|
As mentioned in Note 16.4. to the stand-alone
financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro Fiducia SA (subsidiary)
only carries out administrative duties regarding the corpus assets, in accordance with the agreements.
As of September 30, 2017 and December 31, 2016,
considering the latest available accounting information as of the date of the financial statements, the trusts’ assets managed
through Macro Fiducia SA (subsidiary) of these types of trusts amount to 898,154 and 721,538, respectively.
|
-
74
-
|
Jorge H. Brito
Chairperson
|