Edgar Filing: BBVA BANCO FRANCES SA

BBVA Banco Francés S.A.

Date:February 10, 2012

/s/ Ignacio Sanz y Arcelus

Name:Ignacio Sanz y Arcelus

Title:Chief Financial Officer

Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of February 2012

Commission File Number: 001-12568

BBVA French Bank S.A.

(Translation of registrant’s name into English)

Reconquista 199, 1006

Buenos Aires, Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

BBVA Banco Francés S.A.

TABLE OF CONTENTS


Item
1.		Press release entitled “BBVA Francés” reports consolidated fourth quarter earnings for fiscal year 2011”.

LOGO

Buenos Aires, February 10, 2012—BBVA Francés (NYSE: BFR.N; BCBA: FRA.BA;

LATIBEX: BFR.LA) reports consolidated fourth quarter earnings for fiscal year 2011.

Annual Highlights

2011 was a very good year for BBVA Francés, its considerable ability to adapt to the different market conditions enabled it to grow and to achieve the goals set at the beginning of the year.

•

BBVA Francés’ net income reached AR$ 1,005.6 million at the end of 2011.

•

The ability to increase recurring incomes, based mainly on intermediation with the private sector, allowed the Bank to generate AR$ 1,105.2 million profit, representing a return on equity of 29.0%.

•

The private sector loan portfolio totaled AR$ 22.9 billion at December 31, 2011, growing 50.3% in the last twelve months. Credit cards financings, personal loans and car loans led the expansion in the retail segment. The middle market segment also registered an outstanding performance, driven by discounted notes and medium term financings –leasing and other loans.

BBVA Francés continued to improve its asset quality ratios, showing the best in the Argentine financial system. The non-performing loan ratio reached 0.45% as of December 31, 2011, with coverage of 422.1%.

•

Total deposits grew 29.9% in annual terms, totaling AR$ 29.3 billion as of December 31, 2011. Both time deposits as well as sight accounts registered significant growth during the period.

•

BBVA Francés returned to the capital markets, successfully placing the first issuance of Negotiable Obligations under its USD 500 million global program, aimed at funding business growth. The total amount issued exceeded AR$ 185 million. In January 2012, the second issuance took place; also registering high demand, showing the investor support and allowing the Bank to increase the offering amount from AR$ 125 million to AR$ 150 million; ending in AR$ 148.9 million. The market’s response demonstrates the confidence that BBVA Francés enjoys, together with the expectations for growth and development anticipated for the Bank.

•

Once again, during 2011, BBVA Francés maintained high levels of liquidity and solvency. As of December 31, 2011 total stockholder’s equity reached AR$ 3.9 billion, while the excess of capital over the Argentine Central Bank (BCRA) minimum regulatory requirements, reached AR$ 1.3 billon, or 33.1% of the Bank’s total stockholder’s equity. The capital ratio reached 15.5% of weighted risk assets.

•

As of December 31, 2011, liquid assets (Cash and due from banks plus BCRA bills and notes) represented 33.5% of the Bank’s total deposits.

•

During June 2011, all of the shares of Consolidar Compañia de Retiro S.A, sold by BBVA Francés and BBVA SA to Grupo Dolphin Holding S.A, were transferred.

•

During September 2011, 516,544 ordinary shares were issued as part of the merger with Consolidar Comercializadora S.A. increasing the Bank’s capital stock to 536,877,850 ordinary shares.

•

On October 6, 2011, the BBVA Group entered into an agreement with Galeno Argentina S.A. to purchase all shares it held in Consolidar Aseguradora de Riesgos de Trabajo S.A; 12.5% of which correspond to BBVA Francés. On February 6, 2012, the transaction was approved by the Argentine Insurance Superintendence (Superintendencia de Seguros de la Nación). In accordance with the conditions established in the agreement, the closing for this transaction must take place within 30 days from such date.

•

On January 27, 2012, the BCRA increased the capital requirements for financial institutions operating in Argentina, effective as of February 1, 2012. “Communication A 5272”, requires an increase of capital related to the operational risk and “Communication A 5273” requires an additional buffer equivalent to 75% of the total capital requirement solely for the purpose of distributing profits.

•

As consequence of the above mention resolutions, BBVA Francés will not distribute dividends for this period.

Condensed Income Statement (1)


in thousands of pesos except income per share, income per ADS and percentages	FY 2011			FY 2010			% Change
Net Financial Income		2,455,555			2,483,586			-1.1	%
Provision for loan losses		(132,663	)		(179,353	)		-26.0	%
Net income from services		1,437,954			1,079,095			33.3	%
Administrative expenses		(2,288,031	)		(1,969,461	)		16.2	%
Operating income		1,472,815			1,413,867			4.2	%
Income (loss) from equity investments		100,320			56,622			77.2	%
Income (Loss) from Minority interest		(17,995	)		(16,538	)		8.8	%
Other Income/Expenses		429			17,151			-97.5	%
Income tax		(549,992	)		(272,923	)		101.5	%
Net income for the period		1,005,577			1,198,179			-16.1	%
Net income per share (2)		1.9			2.2			-16.1	%
Net income per ADS (3)		5.6			6.7			-16.1	%

(1)	Exchange rate: 4,3032 Ps. = 1 US$

(2)	Assumes 536,877,850 average ordinary shares outstanding for fiscal year 2011 and 487,533,487 ordinary shares outstanding for fiscal year 2010.

(3)	Each ADS represents three ordinary shares.

BBVA Francés registered earnings of AR$ 1,005.6 million as of December 31, 2011; such gain includes non recurring effects originated mainly by the variations in public bond valuations.

The following “pro forma” table presents non-recurring earnings.

Condensed Income Statement PROFORMA


in thousands of pesos	12/31/2010 Recurring Income			Non recurring Income			12/31/2010 Total Income
Net Financial Income		2,580,552			(124,997	)		2,455,555
Provision for loan losses		(132,663	)		—			(132,663	)
Net income from services		1,437,954			—			1,437,954
Administrative expenses		(2,288,031	)		—			(2,288,031	)
Operating income		1,597,812			(124,997	)		1,472,815
Income (loss) from equity investments		100,320			—			100,320
Income (Loss) from Minority interest		(17,995	)		—			(17,995	)
Other Income/Expenses		429			—			429
Income tax and Minimum Presumed Tax		(575,406	)		25,414			(549,992	)
Net income for the period		1,105,160			(99,583	)		1,005,577

- 2 -

Condensed Income Statement (1)


in thousands of pesos except income per share, income per ADS and percentages	FY 2011			FY 2010			Change %
Net Financial Income		2,580,552			2,034,286			26.9	%
Provision for loan losses		(132,663	)		(179,353	)		-26.0	%
Net income from services		1,437,954			1,079,095			33.3	%
Administrative expenses		(2,288,031	)		(1,969,461	)		16.2	%
Operating income		1,597,812			964,567			65.7	%
Income (loss) from equity investments		100,320			56,622			77.2	%
Income (Loss) from Minority interest		(17,995	)		(16,538	)		8.8	%
Other Income/Expenses		429			17,151			-97.5	%
Income tax		(575,406	)		(212,152	)		171.2	%
Net income for the period		1,105,160			809,650			36.5	%
Net income per share (2)		2.1			2.2			-7.8	%
Net income per ADS (3)		6.2			6.7			-7.8	%

(1)	Exchange rate: 4,3032 Ps. = 1 US$

(2)	Assumes 536,877,850 average ordinary shares outstanding for fiscal year 2011 and 487,533,487 ordinary shares outstanding for fiscal year 2010.

(3)	Each ADS represents three ordinary shares.

Quarterly Highlights

•

Net income reached during the fourth quarter totaled AR$ 498.4 million, whereas not including the adjustments in public bond valuations, which are valued at mark-to-market, such net income was AR$ 298.7 million.

•

The Bank’s net recurring income grew 38.1% compared to the same quarter of 2010; while it did not register a significant variation compared to the previous quarter.

•

The increased volume of private sector trading resulted in a steady growth of net financial income, which increased 53.1% in the last twelve months, while in the last quarter of 2011, the increase was 8.7%.

•

The private sector loan portfolio totaled AR$ 22.8 billion as of December 31, 2011, growing 10.2% in the last quarter. The main drivers for such expansion were discounted notes in commercial lending and car loans in the consumer segment.

•

The Bank’s total deposits reached AR$ 29.3 billion by the end of the year, showing a slight increase of 2.71% during the last quarter. The increase in time deposits was superior to the increase in current accounts.

Economic Environment

Economic activity recovered momentum, during the fourth quarter of 2011, as the Monthly Estimator of Economic Activity (EMAE) increased 0.6% on average in October-November compared to the third quarter of the year.

Inflation, as measured by the Greater Buenos Aires Consumer Price Index (which is used to calculate the CER adjustment for some sovereign assets) increased in the fourth quarter by 2.1%, accumulating 9.5% over the whole year.

The primary fiscal surplus of the national public sector was AR $ 872 million during the October/November 2011 period. It plunged 630.0% compared to the same period of the previous year. Total public sector revenues grew 15.3% while fiscal expenditures grew at the higher rate of 26.0% during the same period.

Significant growth, in both pensions and transfers to the private sector were the most important determinants in the performance of fiscal expenditures during the October/ November 2011 period. The most important taxes such as VAT and Income tax were the main contributors to fiscal results, growing 29.6% and 42.2% respectively during the fourth quarter. Total tax revenues increased 30% showing a slight deceleration compared to the previous quarter.

- 3 -

The accumulated trade balance in the fourth quarter of 2011 ended with a surplus of USD 2.2 billion, 7.9% lower than the third quarter of the year, and 58.1% above the balance obtained in the same quarter of 2010. The surplus was the result of total exports of USD 20.7 billion, and total imports of USD 18.5 million, in the fourth quarter 2011. As a result, the trade balance for 2011 reached USD 10.3 million (-11.0%), as exports grew 23.7% year-over-year to USD 84.3 billion, while imports increased by 30.8% to USD 73.9 billion.

In the foreign exchange market, the BCRA bought USD 446 million during the last quarter of 2011, in a remarkable contrast with the third quarter of the year during with the monetary authority sold USD 2.7 billion. The exchange rate (BCRA reference rate) closed at AR$ 4.3032 per U.S. dollar on December 30, 2011, increasing 2.35% compared to the rate at September 30, 2011. The stock of international reserves dropped USD 2.2 billion during the fourth quarter, ending at US$ 46.4 billion by the end of December 2011.

The Badlar rate at private banks averaged 18.68% in the last quarter of 2011, an increase of 635 bp compared to the average of the quarter ended September 30, 2011.

Total deposits in the financial system increased 2.2% on average in the fourth quarter of 2011 compared to the third quarter of 2011, while private sector deposits grew 2.7% in the same period. The main reason for the weak growth of private deposits was a drain of USD deposits that took place mainly during November 2011; such situation tended to stabilize during December 2011.

Private sector loans showed an increase of 10.9% during the same period, the deceleration in the rate of growth was due to the increase in interest rates.

The Bank

BBVA Francés continued implementing its business model, focused mainly on stimulating business activity and strengthening the relationship with customers, with special attention to quality of service provided in all service channels.

BBVA Francés’ middle market segment had a successful year 2011, increasing its portfolio (over 50% annually) and its market share (over 50 bp), in all the products offered to small and middle size companies –agro- comex- institutions-, which allowed it to achieve the goals set at the beginning of the year. The solid model based on personal relationship has allowed the development of the existing client portfolio and the addition of 1,400 new customers.

With a clear strategic vision aimed at improving the current client portfolio, the Bank continued its evaluation on the retail portfolio, offering its customers pre-approved products and immediate access in loans, credit cards and accounts. In addition, it continued to strengthen its credit cards, offering the best benefits related to the two most important strategic alliances: T4F and Lanpass. Furthermore, during 2011, the Bank launched two new affinity’s groups; Boca and Peugeot.

The Bank continued to offer important benefits and promotions, mainly related to high value products such as appliances, technology, clothes and gastronomy, among others, aimed at meeting all of its client’s needs. During the last quarter, as usual, BBVA Francés presented the summer benefits, with exclusive promotions for use at gas stations, restaurants, cinemas, beaches, entertainment and commercial shops.

The “Préstamo Simple” personal loan campaigned allowed the sales channels reach a record in consumer loans, increasing the portfolio by more than 50% during the year, and gaining 25 bp in market share.

Finally, focusing on the social role that BBVA Francés assumes as one of Argentina’s leading banks and following the BBVA Group’s strategic plan for Corporate Social Responsibility, the Bank maintained its scholarship program with the purpose of integrating and keeping low income high school students in the educational system. Currently, the Fundación BBVA Francés manages 1,240 scholarships. During 2011, with the aim of promoting the BBVA Francés Scholarship program, the Bank entered into a sponsorship agreement with the Colon Theatre, to promote opera singing in cities around the country.

As usual, The Bank presented its traditional prize, the 22^nd, BBVA Francés Award to the Agricultural Entrepreneur, 9 entrepreneurs from a total of 42 participants, received prizes.

Presentation of Financial Information

•

Foreign currency balances as of December 30, 2011 have been translated into pesos at the reference exchange rate published by the BCRA. ($ 4.3032/ US$).

•

This press release contains unaudited information that consolidates all of the banking activities of BBVA Banco Francés and its subsidiaries on a line-by-line basis. The Bank’s share interest in the

- 4 -

Consolidar Group is shown as Investments in other companies (booked by the equity method) and the corresponding results are included in Income from equity investments.

•

Information contained in this press release may differ from the information published by BBVA Group for Argentina, which is prepared according to Spanish accounting standards for all BBVA Group affiliates.

Financial Information

Condensed Income Statement(1)

(in thousands of pesos except income per share, income per ADS and percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Net Financial Income		975,824			453,510			739,037			115.2	%		32.0	%
Provision for loan losses		(40,197	)		(59,511	)		(64,287	)		-32.5	%		-37.5	%
Net income from services		402,072			388,895			290,356			3.4	%		38.5	%
Administrative expenses		(651,417	)		(569,822	)		(505,310	)		14.3	%		28.9	%
Operating income		686,282			213,072			459,796			222.1	%		49.3	%
Income (Loss) from equity investments		4,605			18,436			16,187			-75.0	%		-71.6	%
Income (Loss) from Minority interest		(5,868	)		(3,993	)		(4,997	)		47.0	%		17.4	%
Other Income/Expenses		(10,476	)		(19,475	)		7,634			-46.2	%		-237.2	%
Income tax and Minimum Presumed Tax		(176,161	)		(93,331	)		(80,748	)		88.7	%		118.2	%
Net income for the period		498,382			114,709			397,872			334.5	%		25.3	%
Net income per share (2)		0.93			0.21			0.74			334.5	%		25.1	%
Net income per ADS (3)		2.79			0.64			2.23			334.5	%		25.1	%

(1)	Exchange rate: 4.3032 Ps = 1 US$

(2)	Assumes 536,361,306 ordinary shares outstanding

(3)	Each ADS represents three ordinary shares

During the fourth quarter of 2011, the Bank’s net income totaled a gain of AR$ 498.4 million. Such results include the non-recurring effects deriving from the decline in public bond valuations.

The following “pro forma” table presents the non-recurring earnings.

Condensed Income Statement PROFORMA


in thousands of pesos	12/31/2011 Recurring results			Non recurring Income			12/31/2011 Total results
Net Financial Income		744,683			231,141			975,824
Provision for loan losses		(40,197	)		—			(40,197	)
Net income from services		402,072			—			402,072
Administrative expenses		(651,417	)		—			(651,417	)
Operating income		455,141			231,141			686,282
Income (loss) from equity investments		4,605			—			4,605
Income (Loss) from Minority interest		(5,868	)		—			(5,868	)
Other Income/Expenses		(10,476	)		—			(10,476	)
Income tax and Minimum Presumed Tax		(144,721	)		(31,440	)		(176,161	)
Net income for the period		298,681			199,701			498,382

In order to standardize the comparison with previous quarters; the analysis of the variations is made in terms of recurring results.

- 5 -

Condensed Income Statement PROFORMA


in thousands of pesos	Quarter ended 12-31-11		Recurring results Quarter ended 09-30-11		Quarter ended 12-31-10		D% quarter ended 12/31/11 vs quarter
in thousands of pesos	Quarter ended 12-31-11		Recurring results Quarter ended 09-30-11		Quarter ended 12-31-10		09-30-11			12-31-10
Net Financial Income		744,683		644,003		526,086		15.6	%		41.6	%
Provision for loan losses		-40,197		-59,511		-64,287		-32.5	%		-37.5	%
Net income from services		402,072		388,895		290,356		3.4	%		38.5	%
Administrative expenses		-651,417		-569,822		-505,310		14.3	%		28.9	%
Operating income		455,141		403,565		246,845		12.8	%		84.4	%
Income (Loss) from equity investments		4,605		18,436		16,187		-75.0	%		-71.6	%
Income (Loss) from Minority interest		-5,868		-3,993		-4,997		47.0	%		17.4	%
Other Income/Expenses		-10,476		-19,475		7,634		-46.2	%		-237.2	%
Income tax and Minimum Presumed Tax		-144,721		-106,811		-49,321		35.5	%		193.4	%
Net income for the period		298,681		291,722		216,348		2.4	%		38.1	%

As of December 31, 2011, BBVA Francés total net income reached AR$ 298.7 million; representing an increase of 38.1% compared to the same quarter in 2010, while it not register a significant variation compared to the previous quarter of 2011.

Net financial income grew 41.6% and 15.6% compared to the quarters ended December 31, 2011 and September 30, 2011; respectively. Such increase reflects the significant growth in the volume of intermediation with the private business.

As a consequence of the periodic monitoring BBVA Francés makes of loan portfolio behavior and the type of financings, provision for loan losses registered a decrease during the fourth quarter, compared to the same quarter of 2010 and with the previous quarter.

Net income from services also registered a significant increase, growing 38.5% in the last twelve months, while the increase compared to the previous quarter was 3.4%.

Administrative expenses increased 28.9% compared to the fourth quarter of 2010 and 14.3% compared to the previous quarter.

Other/Income Expenses registered a loss or AR$ 10.5 million. During the fourth quarter, lower provisions for other contingencies were registered compared to the previous quarter.

(in thousands of pesos except percentages)


	12-31-11			Quarter ended 09-30-11			12-31-10			D% quarter ended 12/31/11 vs quarter ended
	12-31-11			Quarter ended 09-30-11			12-31-10			09-30-11			12-31-10
Return on Average Assets (1)		5.3	%		1.3	%		5.3	%		300.2	%		0.2	%
Return on Average Shareholders’ Equity		55.1	%		13.9	%		45.2	%		297.2	%		21.9	%
Net fee Income as a % of Recurrent Operating Income		35.1	%		37.7	%		35.6	%		-6.9	%		-1.4	%
Net fee Income as a % of Administrative Expenses		61.7	%		68.2	%		57.5	%		-9.6	%		7.4	%
Adm. Expenses as a % of Recurrent Operating Income (2)		56.8	%		55.2	%		61.9	%		3.0	%		-8.2	%

(1)	Annualized.

(2)	Adm.Expenses / (Net financial income + Net income from services)

The book value version of the income statement is considered in the line item analysis.

Net Financial Income

Net financial income reflected the significant expansion in the volume of business activity, maintaining the upward trend in net income, which grew 53.1% and 8.7% compared to the fourth quarter of 2010 and to the previous quarter, respectively.

As previously mentioned, the net financial income result includes the non-recurring income originated by variations in the valuation of public securities. Such results totaled gains in the fourth quarter of 2011 and 2010 of AR$ 231.1 million and AR$ 212.9 million, respectively, whereas the quarter ended on September 30, 2011 showed a loss or AR$ 190.5 million.

- 6 -

(in thousands of pesos except percentages)


	12-31-11		Quarter ended 09-30-11		12-31-10		D% quarter ended 12/31/11 vs quarter ended
	12-31-11		Quarter ended 09-30-11		12-31-10		09-30-11			12-31-10
Net financial income		975,824		453,510		739,037		115.2	%		32.0	%
Net income from financial intermediation		430,551		396,134		281,200		8.7	%		53.1	%
CER adjustment		27,798		29,102		27,896		-4.5	%		-0.4	%
Income from securities and short term investments		381,062		-76,226		361,066		n/a			5.5	%
Interest on Government guaranteed loans		6,218		8,817		16,910		-29.5	%		-63.2	%
Foreign exchange difference		51,336		66,029		38,719		-22.3	%		32.6	%
Others		78,859		29,654		13,246		165.9	%		495.3	%

Income from Public and Private Securities

Beginning on March 1, 2011, according to BCRA Communication A 5180, there was a change in the presentation criteria on which public assets were registered, rendering the “available for sale” category no longer valid; consequently, the unrealized valuation difference generated by such portfolio was recorded in the income statement.

The Bank has the discretion to mark-to market its total public bonds portfolio; because of that, such income includes the unrealized losses/gains from variations in the valuations of the portfolio.

(in thousands of pesos except percentages)


	12-31-11		Quarter ended 09-30-11			12-31-10		D% quarter ended 12/31/11 vs quarter ended
	12-31-11		Quarter ended 09-30-11			12-31-10		09-30-11			12-31-10
Income from securities and short-term investments		381,062		-76,226			361,066		-599.9	%		5.5	%
Holdings booked at fair value		294,896		(132,924	)		—		-321.9	%		n/a
Holdings booked at amortized cost		—					—		n/a			n/a
Trading account		—		—			136,980		n/a			n/a
Available for sale		—		—			24,292		n/a			n/a
Bills and Notes from the Central Bank		76,477		58,339			59,148		31.1	%		29.3	%
Other fixed income securities		9,689		(1,641	)		140,645		-690.5	%		-93.1	%
CER adjustment		27,837		29,142			27,943		-4.5	%		-0.4	%

Net Income from Services

The increase in net income from services also reflects the growth in the business activity level; such income grew 38.5% en the last twelve months and maintained a similar level compared to the previous quarter.

The increase in the last twelve months was driven by higher consumption with credit cards, higher fees originated by services from deposits and growth in insurance sales.

Service charge expenses grew mainly due to the increase in benefits offered for credit card consumption.

Compared to the previous quarter, both service charge income and expenses were affected by credit card consumption, growing 7.7% and 21.7%, respectively.

- 7 -

(in thousands of pesos except percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Net income from services		402,072			388,895			290,356			3.4	%		38.5	%
Service charge income		545,552			506,774			417,549			7.7	%		30.7	%
Service charges on deposits accounts		125,265			124,282			101,279			0.8	%		23.7	%
Credit cards and operations		204,404			174,436			141,790			17.2	%		44.2	%
Insurance		48,707			44,439			38,951			9.6	%		25.0	%
Capital markets and securities activities		10,020			5,983			10,149			67.5	%		-1.3	%
Fees related to foreign trade		19,608			22,157			19,571			-11.5	%		0.2	%
Other fees		137,549			135,476			105,810			1.5	%		30.0	%
Services Charge expense		(143,480	)		(117,879	)		(127,194	)		21.7	%		12.8	%

Administrative Expenses

Administrative expenses increased 28.9% and 14.3% compared to the same quarter in 2010 and to the previous quarter, respectively.

Personnel expenses grew in the last twelve months, mainly due to gradually increasing wages according to the agreement reached with the labor unions.

General expenses increased 36.0% during the same period, due to higher advertising expenses resulting from major commercial campaigns; as well a higher tax charge, in addition to the charges related directly to the activity level and to price adjustments related to structural fixed costs, (cleaning, rent and security).

During the last quarter, personnel expenses increased 17%, such growth was mainly due to the adjustment to variable compensation, and increased spending on services contracted by third parties primarily for marketing cards

General expenses grew 10.9% in the last quarter due to higher charges in advertising campaigns associated with credit cards launched during the quarter, with the events held in the summer season for clients VIP, Agro, Comex, among others, and the summer benefits and promotions in different tourist spots.

As of December 31, 2011, the Bank and its subsidiaries (except the Consolidar Group) had 5,017 employees. The branch’ office network totaled 268 offices, including 240 consumer branch offices and 28 branch offices specializing in the middle-market segment. Corporate banking included 7 business units grouped by industry. Complementing its distribution network, the Bank has 14in-company branches and 2 point of sale outlets, 654 ATM’s and 695 quick deposit boxes (QDBs).

(in thousands of pesos except percentages)


				Quarter ended						D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Administrative expenses		(651,417	)		(569,822	)		(505,310	)		14.3	%		28.9	%
Personnel expenses		(370,731	)		(316,751	)		(298,849	)		17.0	%		24.1	%
Electricity and Communications		(10,936	)		(11,280	)		(10,700	)		-3.0	%		2.2	%
Advertising and Promotion		(43,272	)		(25,015	)		(27,028	)		73.0	%		60.1	%
Honoraries		(9,016	)		(14,123	)		(10,655	)		-36.2	%		-15.4	%
Taxes		(45,271	)		(43,482	)		(33,662	)		4.1	%		34.5	%
Organization and development expenses		(8,013	)		(7,401	)		(5,756	)		8.3	%		39.2	%
Amortizations		(17,548	)		(16,654	)		(15,334	)		5.4	%		14.4	%
Other		(146,630	)		(135,116	)		(103,326	)		8.5	%		41.9	%

- 8 -

Other Income / Expenses

Other income/expenses totaled a loss of AR$ 10.5 million during the fourth quarter of 2011. During this period lower provisions for other contingencies were recorded, while recovered credits maintained the performance compared to the previous quarter, but decreased compared to the same quarter of 2010, mainly due to the fact that such quarter registered extraordinary recoveries.

Income from Equity Investments

Income from equity investments sets forth net income from related companies that are not consolidated. During the last quarter of 2011 a gain of AR$ 4.6 million was recorded, mainly due to BBVA Frances’ stake in the Rombo Compañia Financiera.

Balance and activity

Total Public Sector Exposure

The presentation criteria for public bonds and BCRA instruments were modified as of March 1, 2011 in accordance with the mentioned BCRA Communication “A5180”.

In line with the new regulation, holdings recorded in the “available for sale category” were reclassified in “holdings booked at fair value” and in “central bank instruments” line items.

Exposure to the public sector’s National treasury decreased 41.2% compared to the same quarter of 2010 mainly due to amortizations, sale of part of the portfolio and lower valuations, while compared to the previous quarter the portfolio did not register a significant variation.

The Bank’s portfolio of BCRA bills and notes increased compared to the same quarter of 2010 and to the previous quarter.

As of December 31, 2011, public sector national treasure assets represented 6.0% of the Bank’s total assets. Total exposure to BCRA’s bills and notes net of holdings linked to reverse repo transactions, represented 5.8% of the Bank’s total assets.

Total exposure to the public sector includes public debt of the national treasury through public securities, guaranteed loans and trustees, as well as, the BCRA’s bills and notes.

(in thousands of pesos except percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Public Sector—National Government		2,328,662			2,308,401			3,959,098			0.9	%		-41.2	%
Loans to the Federal government & Provinces		46,027			129,090			197,778			-64.3	%		-76.7	%
Total bond portfolio		2,113,391			2,013,426			3,588,133			5.0	%		-41.1	%
Holdings book at fair value		2,081,053			1,988,997			—			4.6	%		n.a.
Holdings book at amortized cost		164			164			—			0.0	%		n.a.
Trading		—			—			212,180			n.a.			n.a.
Unlisted		—			—			2,055,451			n.a.			n.a.
Available for sale		—			—			1,228,297			n.a.			n.a.
Other government bonds		32,174			24,265			92,205			32.6	%		-65.1	%
Trustees		169,428			166,068			173,375			2.0	%		-2.3	%
Allowances		(184	)		(183	)		(189	)		0.5	%		-2.6	%
Bills and Notes from Central Bank		3,447,972			2,712,121			2,028,659			27.1	%		70.0	%
Own portfolio		2,257,666			1,878,570			2,028,659			20.2	%		11.3	%
Reverse repo w/Central Bank		(1,190,306	)		(833,551	)		—			42.8	%		n.a.
Total exposure to the Public Sector		5,776,634			5,020,522			5,987,756			15.1	%		-3.5	%
Total exposure to the Public Sector without repos		4,586,328			4,186,971			5,987,756			9.5	%		-23.4	%

- 9 -

Loan Portfolio

As of December 31, 2011, the private sector loan portfolio totaled AR$ 22.3 billion, growing 50.3% in the last twelve months and 10.2% in the last quarter. Such increases are mainly due to the significant expansion of financings to the retail and middle market segments.

Following the upward trend of the last quarters, the different segments registered significant growth in their portfolios. In the last twelve months loans to small and middle size companies grew 53%, the retail portfolio grew 47% and finances to large corporations 43%.

The increase in discounted notes, loans to finance foreign trade operations and leasing were the drivers of the expansion in the middle market segment; whereas growth in personal loans, credit cards and car loans did the same in the consumer segment, while other loans and advances drove the increase in wholesale banking.

Compared to the previous quarter, the increase was mainly due to the expansion of the retail portfolio (12%), while loans to both, middle market businesses and to the corporate segment grew at a rate of 8%.

(in thousands of pesos except percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Private & Financial sector loans		22,829,860			20,723,080			15,191,356			10.2	%		50.3	%
Advances		2,881,498			2,659,997			2,366,957			8.3	%		21.7	%
Discounted and purchased notes		3,412,091			2,979,318			2,086,979			14.5	%		63.5	%
Consumer Mortgages		915,156			890,670			840,841			2.7	%		8.8	%
Car secured loans		1,651,776			1,435,982			831,981			15.0	%		98.5	%
Personal loans		3,761,698			3,454,081			2,473,299			8.9	%		52.1	%
Credit cards		3,448,437			2,909,836			2,457,922			18.5	%		40.3	%
Loans to financial sector		1,045,641			902,955			517,193			15.8	%		102.2	%
Other loans		5,829,606			5,681,352			3,817,382			2.6	%		52.7	%
Unaccrued interest		(89,332	)		(50,474	)		(28,292	)		77.0	%		215.8	%
Adjustment and accrued interest & exchange differences receivable		418,262			288,232			223,321			45.1	%		87.3	%
Less: Allowance for loan losses		(444,973	)		(428,869	)		(396,227	)		3.8	%		12.3	%
Loans to public sector		46,027			129,090			197,778			-64.3	%		-76.7	%
Loans to public sector		25,045			45,836			67,317			-45.4	%		-62.8	%
Adjustment and accrued interest & exchange differences receivable		20,982			83,254			130,461			-74.8	%		-83.9	%
Net total loans		22,875,887			20,852,170			15,389,134			9.7	%		48.6	%

Asset Quality

The asset quality ratio (non-performing loans/total loans) was 0.45% as of December 31, 2011, improving compared to the same quarter in 2010 and maintaining a similar level to that in the previous quarter. The coverage ratio (provisions/non-performing loans) reached 422.1%.

Such ratios allow the Bank to continue being the leader in the Argentine financial system in terms of asset quality.

It is important to note that in line with this performance and as a result of the Bank’s periodic monitoring of the portfolio’ performance and types of financing, it modified its allowances’ policy during the year to adapt it to the default and expected loss estimates.

(in thousands of pesos except percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Non-performing loans (1)		105,409			93,854			80,377			12.3	%		31.1	%
Allowance for loan losses		(444,973	)		(428,869	)		(396,227	)		3.8	%		12.3	%
Non-performing loans/net total loans		0.45	%		0.44	%		0.51	%		2.5	%		-11.2	%
Non-performing private loans/net private loans		0.45	%		0.44	%		0.52	%		2.1	%		-12.2	%
Allowance for loan losses/non-performing loans		422.14	%		456.95	%		492.96	%		-7.6	%		-14.4	%
Allowance for loan losses/net total loans		1.91	%		2.02	%		2.51	%		-5.3	%		-24.0	%

(1)	Non-performing loans include: all loans to borrowers classified as “Problem”, “Deficient Servicing”, “High Insolvency Risk”, “Difficult Recovery”, “Irrecoverable” and “Irrecoverable for Technical Decision” according to the new Central Bank debtor classification system.

- 10 -

The following table shows the evolution of provisions for loan losses, including charges relating to transactions recorded under “Other receivables” from financial intermediation.

(in thousands of pesos except percentages)


	Quarter ended									D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			12-31-10
Balance at the beginning of the quarter		433,224			396,060			354,238			9.4	%		22.3	%
Increase / decrease		40,197			59,511			64,287			-32.5	%		-37.5	%
Provision increase / decrease—Exchange rate difference		1,180			999			115			18.1	%		-926.1	%
Decrease		(25,859	)		(23,346	)		(17,438	)		10.8	%		48.3	%
Balance at the end of the quarter		448,742			433,224			401,202			3.6	%		11.8	%

Deposits

Total deposits reached AR$ 29.3 billion as of December 31, 2011, an increase of 29.9% and 2.7% compared to the same quarter of 2010 and to the previous quarter, respectively.

In the last twelve months, both time deposits as well as sight accounts registered significant growth, increasing 31.1% and 27.7%, respectively. During the fourth quarter of 2011 time deposits grew 4.6% and sight accounts remained at the same level as in the previous quarter.

Currency deposits denominated in pesos increased 35.8% in the last twelve months and 8.2% in the last quarter.

Deposits denominated in foreign currency increased 8.5% in the last twelve months but decreased 16.5% compared to the quarter ended September 30, 2011.

By the end of December 31, 2011 deposits denominated in foreign currency reached AR$ 5.3 billion (equivalent to US$ 1.2 billion), representing 18.1% of the Bank’s total deposits, such ratio decreased compared to the same quarter of 2010 and to the previous quarter.

(in thousands of pesos except percentages)


			Quarter ended				D% quarter ended 12/31/11 vs quarter ended
	12-31-11		09-30-11		12-31-10		09-30-11			06-30-10
Total deposits		29,217,483		28,442,659		22,474,802		2.7	%		30.0	%
Current accounts		6,755,406		6,623,847		5,184,414		2.0	%		30.3	%
Peso denominated		6,749,253		6,612,581		5,180,672		2.1	%		30.3	%
Foreign currency		6,153		11,266		3,742		-45.4	%		64.4	%
Saving accounts		9,489,761		9,477,688		7,533,437		0.1	%		26.0	%
Peso denominated		6,207,103		5,435,890		4,690,687		14.2	%		32.3	%
Foreign currency		3,282,658		4,041,798		2,842,750		-18.8	%		15.5	%
Time deposits		12,234,070		11,697,076		9,333,132		4.6	%		31.1	%
Peso denominated		10,436,257		9,636,013		7,443,061		8.3	%		40.2	%
CER adjusted time deposits		996		846		697		17.7	%		42.9	%
Foreign currency		1,796,817		2,060,217		1,889,374		-12.8	%		-4.9	%
Investment Accounts		220,527		136,015		80,904		62.1	%		172.6	%
Peso denominated		220,527		136,015		80,904		62.1	%		172.6	%
Other		517,719		508,033		342,915		1.9	%		51.0	%
Peso denominated		308,411		283,439		198,539		8.8	%		55.3	%
Foreign currency		209,308		224,594		144,376		-6.8	%		45.0	%
*Rescheduled deposits + CEDROS ()**		38,285		41,075		48,351		-6.8	%		-20.8	%
Peso denominated		38,285		41,075		48,351		-6.8	%		-20.8	%
Total deposits + Rescheduled deposits & CEDROS		29,255,768		28,483,734		22,523,153		2.7	%		29.9	%

^(*)	In August 2005, the payments of rescheduled deposits were finalized, only those deposits that have a pending court case remain outstanding.

- 11 -

Other Funding Sources

Other funding sources totaled AR$ 2.2 billion as of December 31, 2011, increasing compared to the quarters ended December 31, 2010 and September 30, 2011.

Such growth was due to the issuances of negotiable obligations by both the Bank and PSA Finance together with the increase in dollar funding lines to finance foreign trade operations.

In August 2011, PSA Finance issued its Series 3 Notes due August 2013 for AR$ 70 million. The proceeds were applied to finance new operations during August and September 2011.

In addition, on September 13, 2011 BBVA Francés issued its Series 1 negotiable obligations, maturing in 18 months for an amount of AR$ 185 million.

46.5% of the balances shown in the table below were denominated in foreign-currency at the end of September 2011.

(in thousands of pesos except percentages)


	Quarter ended						D% quarter ended 12/31/11 vs quarter ended
	12-31-11		09-30-11		12-31-10		09-30-11		12-31-10
Lines from other banks		919,520		578,071		209,609		59.1%		338.7%
Senior Bonds		294,393		304,387		70,000		-3.3%		320.6%
Other banking liabilities		1,213,913		882,458		279,609		37.6%		334.1%
Subordinated Debt		—		—		—		—		—
Total other funding sources		1,213,913		882,458		279,609		37.6%		334.1%

Capitalization

As of December 31, 2011, the Bank’s total shareholder’s equity totaled AR$ 3.9 billion; representing an excess of AR$ 1.3 billion over the BCRA capital requirements. On the same date, the capital ratio reached 15.5% of assets adjusted to risk.

It should be noted that 516,544 ordinary shares were issued as part of the Consolidar Comercializadora merger in September 2011.

(in thousands of pesos except percentages)


	Quarter ended						D% quarter ended 12/31/11 vs quarter ended
	12-31-11		09-30-11		12-31-10		09-30-11			12-31-10
Capital Stock		536,878		536,878		536,361		0.0	%		0.1	%
Issuance premiums		182,511		182,511		175,132		0.0	%		4.2	%
Adjustments to stockholders equity		312,979		312,979		312,979		0.0	%		0.0	%
Subtotal		1,032,368		1,032,368		1,024,472		0.0	%		0.8	%
Reserves on Profits		1,042,021		1,042,021		802,385		0.0	%		29.9	%
Unappropriated retained earnings		1,793,868		1,295,486		1,831,928		38.5	%		-2.1	%
Unrealized valuation difference		—		—		88,130		—			—
Total stockholders’ equity		3,868,257		3,369,875		3,746,915		14.8	%		3.2	%

- 12 -

(in thousands of pesos except percentages)


				Quarter ended						D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			06-30-10
Central Bank Minimum Capital Requirements		2,544,761			2,427,389			2,144,846			4.8	%		18.6	%
Central Bank Minimum Capital Requirements (a, b)		2,381,147			2,225,547			1,924,898			7.0	%		23.7	%
Market Risk		72,925			100,714			127,025			-27.6	%		-42.6	%
Increase in capital requirements related to custody		90,689			101,128			92,923			-10.3	%		-2.4	%
a) Central Bank Minimum Capital Requirements		2,381,147			2,225,547			1,924,898			7.0	%		23.7	%
Allocated to Asset at Risk		1,788,018			1,734,060			1,307,406			3.1	%		36.8	%
Allocated to Immobilized Assets		145,887			122,023			103,164			19.6	%		41.4	%
Interest Rate Risk		373,642			290,542			227,840			28.6	%		64.0	%
Loans to Public Sector and Securities in Investment		73,600			78,922			286,488			-6.7	%		-74.3	%
Non Compliance of Other Credit Regulations		—			—			—			—			—
b) Minimum capital required for Pension Funds (AFJPs) to act as securities custodian and registrar of mortgage notes		400,000			404,513			1,858,458			-1.1	%		-78.5	%
5% of the securities in custody and book-entry notes		400,000			404,513			1,858,458			-1.1	%		-78.5	%
Bank Capital Calculated under Central Bank Rules		3,825,125			3,499,739			3,811,371			9.3	%		0.4	%
Core Capital		2,862,679			2,862,679			2,460,605			0.0	%		16.3	%
Minority Interest		164,209			153,642			251,096			6.9	%		-34.6	%
Supplemental Capital		887,444			568,375			1,173,652			56.1	%		-24.4	%
Deductions		(89,207	)		(84,957	)		(73,982	)		5.0	%		20.6	%
Excess over Required Capital		1,280,364			1,072,350			1,666,525			19.4	%		-23.2	%
Capital Ratio (Central Bank rules)		15.5	%		15.5	%		20.1	%		-0.4	%		-23.1	%
Excess over Required Capital as a % of Shareholders’ Equity		33.1	%		31.8	%		44.5	%		4.0	%		-25.6	%

Additional Information

(in thousands of pesos except percentages)


				Quarter ended						D% quarter ended 12/31/11 vs quarter ended
	12-31-11			09-30-11			12-31-10			09-30-11			09-30-10
Exchange rate		4.30			4.20			3.98			2.3	%		8.2	%

Quarterly CER adjustment		2.12	%		2.34	%		2.31	%		-9.4	%		-8.4	%

This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés’ earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés’ financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés’ products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés’ annual report on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.

- 13 -

Conference Call

A conference call to discuss fourth quarter earnings will be held on Friday, February 10th, 2012, at 12:30 PM New York time – 14.30 PM Buenos Aires time. If you are interested in participating, please dial (888) 487 0361 within the U.S. or +1 (719) 457 2604 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 8259427

Internet

This press release is also available at BBVA Francés web site:

www.bbvafrances.com.ar

Contacts

Vanesa Bories

Investor Relations

(5411) 4346-4000 ext. 11622

vbories@bbvafrances.com.ar

Cecilia Acuña

Investor Relations

(5411) 4341-5036

cecilia.acuna@bbvafrances.com.ar

Paula Bennati

Investor Relations

(5411) 4348-0000 ext. 25917

paula.bennati@bbvafrances.com.ar

- 14 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)

BALANCE SHEET (in thousands of pesos)


	12-31-11			09-30-11			06-30-11			12-31-10
Cash and due from banks		6,353,392			7,367,878			6,973,953			5,690,995
Government and Private Securities		5,547,755			4,716,847			4,815,348			5,537,796
Holdings booked at fair value		2,081,053			1,988,997			2,424,085			—
Holdings booked at amortized cost		164			164			170			—
Trading account (listed securities)		—			—			—			4,813
Available for sale		—			—			—			1,228,297
Reverse repo w/Central Bank		—			833,551			371,936			—
Unlisted		—			—			—			2,055,451
Listed Private Securities		18,750			15,748			14,990			13,398
Bills and Notes from the Central Bank		3,447,972			1,878,570			2,004,357			2,236,026
Less: Allowances		(184	)		(183	)		(190	)		(189	)
Loans		22,875,887			20,852,170			18,507,603			15,389,134
Loans to the private & financial sector		22,829,860			20,723,080			18,386,111			15,191,356
Advances		2,881,498			2,659,997			2,884,498			2,366,957
Discounted and purchased notes		3,412,091			2,979,318			2,452,570			2,086,979
Secured with mortgages		915,156			890,670			844,538			840,841
Car secured loans		1,651,776			1,435,982			1,171,505			831,981
Personal loans		3,761,698			3,454,081			3,014,398			2,473,299
Credit cards		3,448,437			2,909,836			2,877,488			2,457,922
Loans to financial sector		1,045,641			902,955			688,227			517,193
Other loans		5,829,606			5,681,352			4,638,296			3,817,382
Less: Unaccrued interest		(89,332	)		(50,474	)		(34,275	)		(28,292	)
Plus: Interest & FX differences receivable		418,262			288,232			240,686			223,321
Less: Allowance for loan losses		(444,973	)		(428,869	)		(391,820	)		(396,227	)
Public Sector loans		46,027			129,090			121,492			197,778
Principal		25,045			45,836			41,509			67,317
Plus: Interest & FX differences receivable		20,982			83,254			79,983			130,461
Other banking receivables		1,948,285			1,461,563			874,172			997,607
Repurchase agreements		1,077,218			751,449			334,826			—
Unlisted private securities		13,424			8,398			1,684			78,688
Unlisted Private securities :Trustees		—			119			119			119
Other banking receivables		861,412			705,952			541,783			923,775
Less: provisions		(3,769	)		(4,355	)		(4,240	)		(4,975	)
Investments in other companies		137,222			140,081			127,447			311,089
Intangible assets		80,978			78,186			76,303			63,700
Organization and development charges		80,978			78,186			76,303			63,700
Other assets		2,037,488			1,793,892			1,659,409			1,407,938
Total Assets		38,981,007			36,410,617			33,034,235			29,398,259
Deposits		29,255,768			28,483,734			26,152,170			22,523,153
Current accounts		6,755,406			6,623,847			6,206,011			5,184,414
Saving accounts		9,489,761			9,477,688			8,831,035			7,533,437
Time deposits		12,234,070			11,697,076			10,450,636			9,333,132
Investment Accounts		220,527			136,015			83,107			80,904
Rescheduled deposits CEDROS		38,285			41,075			45,027			48,351
Other deposits		517,719			508,033			536,354			342,915
Other banking Liabilities		4,268,328			3,367,831			2,517,333			1,989,427
Other provisions		395,000			395,286			354,527			325,932
Other contingencies		394,533			394,842			354,089			325,494
Guarantees		467			444			438			438
Other liabilities		1,120,901			727,004			700,043			743,816
Minority interest		72,753			66,887			62,892			69,016
Total Liabilities		35,112,750			33,040,742			29,786,965			25,651,344
Total Stockholders’ equity		3,868,257			3,369,875			3,247,270			3,746,915
Total liabilities + stockholders’ equity		38,981,007			36,410,617			33,034,235			29,398,259

- 15 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)

INCOME STATEMENT (in thousands of pesos)


	12-31-11			09-30-11			06-30-11			12-31-10
Financial income		1.463.154			787.427			803.607			975.221
Interest on Cash and Due from Banks		-			1			1			-
Interest on Loans Granted to the Financial Sector		50.793			36.516			26.529			17.988
Interest on Overdraft		136.402			111.123			88.666			85.450
Interest on Discounted and purchased notes		118.987			80.912			62.145			51.437
Interest on Mortgages		34.447			31.781			30.119			29.080
Interest on Car Secured Loans		65.858			50.722			41.132			30.910
Interest on Credit Card Loans		111.347			89.918			84.215			66.096
Interest on Financial Leases		36.045			29.988			26.186			20.837
Interest on Other Loans		349.223			290.653			241.830			203.277
From Other Banking receivables		10.542			8.243			7.775			4.528
Interest on Government Guaranteed Loans Decree 1387/01		6.218			8.817			12.919			16.910
Income from Securities and Short Term Investments		381.062			(76.226	)		65.648			361.066
Net Income from options		454			(137	)		(552	)		2.271
CER		27.837			29.142			31.022			27.943
Foreign exchange difference		51.336			66.029			54.564			38.719
Other		82.603			29.945			31.408			18.709
Financial expenses		-487.330			-333.917			(280.499	)		(236.184	)
Interest on Current Account Deposits		—			3			(3	)		(6	)
Interest on Saving Account Deposits		(2.755	)		(2.412	)		(2.114	)		(1.758	)
Interest on Time Deposits		(380.253	)		(258.533	)		(219.572	)		(172.867	)
Interest on Other Banking Liabilities		(32.707	)		(16.405	)		(10.728	)		(7.276	)
Other interests (includes Central Bank)		(2.480	)		(2.148	)		(332	)		(3.726	)
CER		(39	)		(40	)		(42	)		(47	)
Bank Deposit Guarantee Insurance system mandatory contributions		(12.410	)		(11.323	)		(10.594	)		(9.778	)
Mandatory contributions and taxes on interest income		(52.488	)		(42.905	)		(37.141	)		(32.992	)
Other		(4.198	)		(154	)		27			(7.734	)
Net financial income		975.824			453.510			523.108			739.037
Provision for loan losses		(40.197	)		(59.511	)		8.621			(64.287	)
Income from services, net of other operating expenses		402.072			388.895			343.160			290.356
Administrative expenses		(651.417	)		(569.822	)		(535.616	)		(505.310	)
Income (loss) from equity investments		4.605			18.436			38.459			16.187
Net Other income		(10.476	)		(19.475	)		22.177			7.634
Income (loss) from minority interest		(5.868	)		(3.993	)		(4.358	)		(4.997	)
Income before tax		674.543			208.040			395.551			478.620
Income tax		(176.161	)		(93.331	)		(198.547	)		(80.748	)
Net income		498.382			114.709			197.004			397.872

- 16 -

BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)


	12-31-11		09-30-11		06-30-11		12-31-10
Cash and due from banks		6,353,428		7,367,916		6,974,023		5,691,806
Government Securities		5,565,029		4,723,981		4,821,760		7,495,382
Loans		22,875,885		20,888,599		18,507,603		16,699,852
Other Banking Receivables		1,948,285		1,461,563		874,172		1,043,859
Assets Subject to Financial Leasing		907,087		801,297		671,094		534,457
Investments in other companies		126,288		125,351		113,001		110,138
Other assets		1,229,643		1,088,597		1,081,111		1,004,752
Total Assets		39,005,645		36,457,304		33,042,764		32,580,246
Deposits		29,165,704		28,428,263		26,066,775		22,461,307
Other banking liabilities		4,268,519		3,367,831		2,517,333		1,992,801
Minority interest		82,109		79,491		75,253		179,192
Other liabilities		1,621,056		1,211,844		1,136,133		4,200,031
Total Liabilities		35,137,388		33,087,429		29,795,494		28,833,331
Total Stockholders´Equity		3,868,257		3,369,875		3,247,270		3,746,915
Stockholders´Equity + Liabilities		39,005,645		36,457,304		33,042,764		32,580,246

Net Income


	12-31-11			09-30-11			06-30-11			12-31-10
Net Financial Income		982,859			454,630			378,530			889,587
Provision for loan losses		(40,197	)		(59,511	)		8,621			(64,287	)
Net Income from Services		402,072			388,895			343,225			289,922
Administrative expenses		(666,116	)		(581,406	)		(544,513	)		(514,440	)
Net Other Income		(1,279	)		11,311			193,515			(80,768	)
Income Before Tax		677,339			213,919			379,378			520,014
Income Tax		(176,337	)		(94,974	)		(198,825	)		(109,859	)
Net income		501,002			118,945			180,553			410,155
Minoritary Interest		(2,620	)		(4,236	)		16,451			(12,283	)
Net income for Quarter		498,382			114,709			197,004			397,872

- 17 -

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.