FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of February 2016
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
BBVA Banco Francés S.A.
Item |
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1. |
BBVA Francés reports consolidated fourth quarter earnings for fiscal year 2015. |
Buenos Aires, February 11, 2016 - BBVA Francés (NYSE: BFR.N; BCBA:
FRA.BA; LATIBEX: BFR.LA) reports consolidated fourth quarter earnings for fiscal
year 2015.
Annual Highlights
| BBVA Francés net income reached AR$ 3,784.5 million as of December 31, 2015, achieving a return on equity (ROE) of 31.5% and a return on assets (ROA) of 4.1%. |
| In terms of activity, the private sector loan portfolio totaled AR$ 56.5 billion at the end of 2015, an increase of 36.5% in the last twelve months. The Bank maintained its market share at 6.5%. Such increase was driven mainly by growth in consumer loans and commercial loans, which increased 42.4% and 29.3%, respectively, year-over-year. |
| BBVA Francés has maintained the best asset quality indicators in the financial system. The non-performing loan ratio reached 0.64% as of December 31, 2015, with a coverage ratio of 300.62%. |
| Total deposits reached AR$ 76.9 billion; growing 49.4% in the last twelve months. During the same period, both time deposits and current accounts registered a good performance, increasing 59.9% and 43.8%, respectively. Transactional deposits represent 56.8% of the Banks total deposits. |
| During 2015, BBVA Francés placed five issuances of Negotiable Obligations under its Global Bond Program (USD 750 million). Series 14 (AR$ 134.3 million, 25.75% annual interest rate of 25.75% and 9 months maturity) and Series 15 (AR$ 144.9 million, annual interest rate equal to Badlar plus 4.00% and 21 months maturity) were issued in February. Series 16 of Negotiable Obligations was fully subscribed for an amount of AR$ 204.4 million, bearing an annual interest rate equal to BADLAR plus a 3,75% margin, 24 months maturity and quarterly interest payments. In December 2015, the Bank issued Series 17 (AR$ 199.7 million, interest rate equal to Badlar plus 3.5% and 18 months maturity) and Series 18 (AR$ 152.5 million, interest rate equal to Badlar plus 4.08% and 36 months maturity. |
| BBVA Frances, once again, maintained high levels of liquidity and solvency. As of December 31, 2015 total shareholders equity reached AR$ 13.7 billion, while the excess of capital over the Central Bank of Argentina (BCRA) minimum regulatory requirements, reached AR$ 6.6 billion, or 47.9% of the Banks total stockholders equity. The capital ratio reached 15.5% of weighted risk assets. |
| As of December 31, 2015, liquid assets (Cash and due from banks plus BCRA bills and notes) represented 50.8% of the Banks total deposits. |
Regulatory Updates
| In 2012, the BCRA established that certain financial institutions should allocate a minimum portion of total deposits to finance investment projects. Such requirement has been renewed every six months since then. BBVA Francés has successfully complied with each renewal quota. In December 2015, the BCRA extended this requirement to 2016, with some modifications, including increasing the percentage to 14% of deposits stock as of November 2015, with a fixed annual interest rate of 22%. |
| On December 17, 2015, the BCRA issued Communication A 5852, which required the Bank to sell it its outstanding positive foreign exchange position as of the close of business at December 16, 2015 valued at the reference exchange rate in effect that day and to buy back the total amount of such position on December 17, December 18 or December 21, 2015 (at the Banks option) valued at the reference exchange rate in effect at the time of the buyback. The Banks foreign exchange position as of December 16, 2015 amounted to US$ 197.3 million (AR$ 1,938.6 million valued at an exchange rate equal to 9.8268 AR$/US$). The buyback operation was completed with and exchange rate equal to 13.4217 AR$/US$. |
| In addition, the BCRA issued Communication A 5853 through which it deregulated both lending and funding rates. |
Other Events
| Mr. Martin Ezequiel Zarich was appointed as Chief Executive Officer (CEO) on January 11, 2016 after BCRA issued the corresponding authorization by Resolution N° 9, dated January 9, 2016. Until said date Mr. Ricardo Moreno was BBVA Francés CEO. |
| On January 2, 2015, the BCRA, authorized BBVA Francés to distribute cash dividends by a total amount of AR$ 400 million for the fiscal year 2014. |
| Based on the results of fiscal year 2015, the Board of Directors has resolved to propose a cash dividend payment in the amount of AR$ 230 million at the Annual Shareholders Meeting. Such payment is subject to applicable regulatory authorizations. |
Condensed Income Statement (1) in thousands of pesos except income per share, income per ADS and percentages |
FY 2015
|
FY 2014
|
D%
|
|||||||||
Net Financial Income |
9,439,791 | 7,608,730 | 24.1 | % | ||||||||
Provision for loan losses |
(637,017 | ) | (574,663 | ) | 10.9 | % | ||||||
Net income from services |
3,675,056 | 3,349,448 | 9.7 | % | ||||||||
Administrative expenses |
(6,588,199 | ) | (5,594,157 | ) | 17.8 | % | ||||||
Operating income |
5,889,631 | 4,789,358 | 23.0 | % | ||||||||
Income (loss) from equity investments |
198,559 | 189,623 | 4.7 | % | ||||||||
Income (Loss) from Minority interest |
(131,029 | ) | (106,813 | ) | 22.7 | % | ||||||
Other Income/Expenses |
(122,850 | ) | 2,306 | n/a | ||||||||
Income tax |
(2,049,824 | ) | (1,669,978 | ) | 22.7 | % | ||||||
Net income for the period |
3,784,487 | 3,204,496 | 18.1 | % | ||||||||
Net income per share (2) |
7.0 | 6.0 | 18.1 | % | ||||||||
Net income per ADS (3) |
21.1 | 17.9 | 18.1 | % |
(1) | Exchange rate: AR$ 13.005 Ps = 1USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
- 2 -
Quarterly Highlights
| BBVA Francés reached net income of AR$ 1,188.3 million in the fourth quarter of 2015, 45.9% and 19.1% above the results of the previous year and the third quarter of 2015, respectively. |
| Net financial income increased 44.4% in the fourth quarter of 2015, compared to the same quarter of 2014 and 22.7% compared to the previous quarter, mainly due to the increase in the intermediation with private sector and the gains resulting from the public bonds portfolio. |
| The private sector loan portfolio increased 13.2% and reached AR$ 56.5 billion in the quarter. Consumer loans increased 18.0%, whereas commercial loans grew 7.3% driven by financing to small and medium-sized companies. |
| The Banks total deposits reached AR$ 76.9 million by the end of the year, increasing 21.6% during the last quarter of 2015. Sight deposits and time deposits increased 24.7% and 19.2%, respectively, during the same period. |
- 3 -
- 4 -
Financial Information
Condensed Income Statement (1) | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except income per share, ADS and percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Net Financial Income |
2,854,922 | 2,326,603 | 1,977,228 | 22.7 | % | 44.4 | % | |||||||||||||
Provision for loan losses |
(197,541 | ) | (115,201 | ) | (152,323 | ) | 71.5 | % | 29.7 | % | ||||||||||
Net income from services |
960,726 | 953,272 | 918,875 | 0.8 | % | 4.6 | % | |||||||||||||
Administrative expenses |
(1,889,227 | ) | (1,645,376 | ) | (1,478,751 | ) | 14.8 | % | 27.8 | % | ||||||||||
Operating income |
1,728,880 | 1,519,298 | 1,265,029 | 13.8 | % | 36.7 | % | |||||||||||||
Income (Loss) from equity investments |
46,960 | 69,341 | 32,560 | -32.3 | % | 44.2 | % | |||||||||||||
Income (Loss) from Minority interest |
(34,593 | ) | (30,439 | ) | (30,130 | ) | 13.6 | % | 14.8 | % | ||||||||||
Other Income/Expenses |
1,780 | (10,472 | ) | (32,123 | ) | -117.0 | % | -105.5 | % | |||||||||||
Income tax and Minimum Presumed Tax |
(554,766 | ) | (549,658 | ) | (420,979 | ) | 0.9 | % | 31.8 | % | ||||||||||
Net income for the period |
1,188,261 | 998,070 | 814,357 | 19.1 | % | 45.9 | % | |||||||||||||
Net income per share (2) |
2.21 | 1.86 | 1.52 | 19.1 | % | 45.9 | % | |||||||||||||
Net income per ADS (3) |
6.64 | 5.58 | 4.55 | 19.1 | % | 45.9 | % |
(1) | Exchange rate: AR$ 13.005 Ps = 1USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
- 5 -
Main figures | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Return on Average Assets (1) |
4.7 | % | 4.4 | % | 4.4 | % | 5.5 | % | 7.3 | % | ||||||||||
Return on Average Shareholders Equity (1) |
36.2 | % | 33.2 | % | 32.8 | % | 9.1 | % | 10.4 | % | ||||||||||
Net fee Income as a % of Operating Income |
25.2 | % | 29.1 | % | 31.7 | % | -13.4 | % | -20.6 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
50.9 | % | 57.9 | % | 62.1 | % | -12.2 | % | -18.2 | % | ||||||||||
Adm. Expenses as a % of Recurrent Income (2) |
49.5 | % | 50.2 | % | 51.1 | % | -1.3 | % | -3.0 | % |
(1) | Annualized. |
(2) | Adm.Expenses / (Net financial income + Net income from services) |
Net financial income | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Net financial income |
2,854,922 | 2,326,603 | 1,977,228 | 22.7 | % | 44.4 | % | |||||||||||||
Net income from financial intermediation |
1,236,777 | 1,171,586 | 1,242,723 | 5.6 | % | -0.5 | % | |||||||||||||
CER adjustment |
41,249 | 50,094 | 54,919 | -17.7 | % | -24.9 | % | |||||||||||||
Income from securities and short term investments |
1,133,458 | 891,912 | 520,786 | 27.1 | % | 117.6 | % | |||||||||||||
Interest on Government guaranteed loans |
4,089 | 4,082 | 3,727 | 0.2 | % | 9.7 | % | |||||||||||||
Foreign exchange difference |
31,654 | 122,243 | 95,913 | -74.1 | % | -67.0 | % | |||||||||||||
Others |
407,695 | 86,686 | 59,160 | 370.3 | % | 589.1 | % |
- 6 -
Income from securities and short-term investments
|
Quarter ended
|
D% quarter ended 12-31-15 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Income from securities and short-term investments |
1,133,458 | 891,912 | 520,786 | 27.1 | % | 117.6 | % | |||||||||||||
Holdings booked at fair value |
601,465 | 219,982 | 91,695 | 173.4 | % | 555.9 | % | |||||||||||||
Bills and Notes from the Central Bank |
512,661 | 663,209 | 423,760 | -22.7 | % | 21.0 | % | |||||||||||||
Other fixed income securities |
19,332 | 8,721 | 5,331 | 121.7 | % | 262.7 | % | |||||||||||||
CER adjustment |
41,264 | 50,113 | 54,932 | -17.7 | % | -24.9 | % |
Net income from services
|
Quarter ended
|
D% quarter ended 12-31-15 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Net income from services |
960,726 | 953,272 | 918,875 | 0.8 | % | 4.6 | % | |||||||||||||
Service charge income |
1,547,202 | 1,400,268 | 1,323,476 | 10.5 | % | 16.9 | % | |||||||||||||
Service charges on deposits accounts |
327,449 | 313,209 | 251,511 | 4.5 | % | 30.2 | % | |||||||||||||
Credit cards and operations |
601,513 | 522,140 | 562,421 | 15.2 | % | 7.0 | % | |||||||||||||
Insurance |
150,501 | 143,734 | 135,610 | 4.7 | % | 11.0 | % | |||||||||||||
Capital markets and securities activities |
22,617 | 6,900 | 9,592 | 227.8 | % | 135.8 | % | |||||||||||||
Fees related to foreign trade |
47,933 | 42,867 | 35,551 | 11.8 | % | 34.8 | % | |||||||||||||
Other fees |
397,189 | 371,418 | 328,792 | 6.9 | % | 20.8 | % | |||||||||||||
Services Charge expense |
(586,476 | ) | (446,997 | ) | (404,600 | ) | 31.2 | % | 45.0 | % |
- 7 -
Administrative expenses
|
Quarter ended
|
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) |
12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Administrative expenses |
(1,889,227 | ) | (1,645,376 | ) | (1,478,751 | ) | 14.8 | % | 27.8 | % | ||||||||||
Personnel expenses |
(1,079,365 | ) | (910,558 | ) | (812,890 | ) | 18.5 | % | 32.8 | % | ||||||||||
Electricity and Communications |
(29,050 | ) | (31,828 | ) | (26,424 | ) | -8.7 | % | 9.9 | % | ||||||||||
Advertising and Promotion |
(72,742 | ) | (63,749 | ) | (68,349 | ) | 14.1 | % | 6.4 | % | ||||||||||
Fees and external administrative services |
(35,726 | ) | (28,244 | ) | (23,625 | ) | 26.5 | % | 51.2 | % | ||||||||||
Taxes |
(193,002 | ) | (172,458 | ) | (139,787 | ) | 11.9 | % | 38.1 | % | ||||||||||
Organization and development expenses |
(18,890 | ) | (17,214 | ) | (15,444 | ) | 9.7 | % | 22.3 | % | ||||||||||
Amortizations |
(50,160 | ) | (47,969 | ) | (41,616 | ) | 4.6 | % | 20.5 | % | ||||||||||
Other |
(410,292 | ) | (373,356 | ) | (350,616 | ) | 9.9 | % | 17.0 | % |
Balance and activity
- 8 -
Exposure to the Public Sector
|
Quarter ended
|
D% quarter ended 12-31-15 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Public Sector - National Government |
3,597,597 | 2,823,470 | 3,099,243 | 27.4 | % | 16.1 | % | |||||||||||||
Public Sector Loans |
66,799 | 63,597 | 54,459 | 5.0 | % | 22.7 | % | |||||||||||||
Total bond portfolio |
3,531,010 | 2,760,073 | 2,809,999 | 27.9 | % | 25.7 | % | |||||||||||||
Holdings book at fair value |
3,220,093 | 2,583,782 | 2,706,879 | 24.6 | % | 19.0 | % | |||||||||||||
Holdings book at amortized cost |
164 | 164 | 164 | 0.0 | % | 0.0 | % | |||||||||||||
Unlisted |
310,753 | 176,127 | 102,956 | 76.4 | % | 201.8 | % | |||||||||||||
Allowances |
(212 | ) | (200 | ) | (201 | ) | 6.0 | % | 5.5 | % | ||||||||||
Reverse repo |
| | 234,986 | n/a | -100.0 | % | ||||||||||||||
Public Sector - National Government own portfolio |
3,597,597 | 2,823,470 | 2,864,257 | 27.4 | % | 25.6 | % | |||||||||||||
Bills and Notes from Central Bank |
11,086,580 | 12,979,915 | 8,630,056 | -14.6 | % | 28.5 | % | |||||||||||||
Own portfolio |
11,086,580 | 11,076,052 | 7,953,062 | 0.1 | % | 39.4 | % | |||||||||||||
Reverse repo w/Central Bank |
| (1,903,863 | ) | (676,994 | ) | -100.0 | % | -100.0 | % | |||||||||||
Total exposure to the Public Sector |
14,684,177 | 15,803,385 | 11,729,299 | -7.1 | % | 25.2 | % | |||||||||||||
Total exposure to the Public Sector without repos |
14,684,177 | 13,899,522 | 10,817,318 | 5.6 | % | 35.7 | % |
Net loans | Quarter ended
|
D% quarter ended 12-31-15 vs quarter |
||||||||||||||||||
(in thousands of pesos except percentages) |
12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Private & Financial sector loans |
56,496,522 | 49,918,078 | 41,388,381 | 13.2 | % | 36.5 | % | |||||||||||||
Advances |
6,739,426 | 7,813,118 | 6,861,786 | -13.7 | % | -1.8 | % | |||||||||||||
Discounted and purchased notes |
9,559,666 | 7,708,000 | 6,035,048 | 24.0 | % | 58.4 | % | |||||||||||||
Consumer Mortgages |
2,122,955 | 1,806,419 | 1,466,346 | 17.5 | % | 44.8 | % | |||||||||||||
Car secured loans |
4,567,505 | 4,127,086 | 3,695,487 | 10.7 | % | 23.6 | % | |||||||||||||
Personal loans |
7,343,933 | 6,805,408 | 6,091,937 | 7.9 | % | 20.6 | % | |||||||||||||
Credit cards |
18,322,958 | 14,672,406 | 11,465,609 | 24.9 | % | 59.8 | % | |||||||||||||
Loans to financial sector |
1,530,454 | 1,246,674 | 910,437 | 22.8 | % | 68.1 | % | |||||||||||||
Other loans |
6,510,536 | 6,010,784 | 5,025,304 | 8.3 | % | 29.6 | % | |||||||||||||
Unaccrued interest |
(216,365 | ) | (161,426 | ) | (133,912 | ) | 34.0 | % | 61.6 | % | ||||||||||
Adjustment and accrued interest & exchange difference |
1,127,744 | 908,499 | 908,133 | 24.1 | % | 24.2 | % | |||||||||||||
Less: Allowance for loan losses |
(1,112,290 | ) | (1,018,890 | ) | (937,794 | ) | 9.2 | % | 18.6 | % | ||||||||||
Loans to public sector |
66,799 | 63,597 | 54,459 | 5.0 | % | 22.7 | % | |||||||||||||
Loans to public sector |
8,823 | 8,822 | 8,756 | 0.0 | % | 0.8 | % | |||||||||||||
Adjustment and accrued interest & exchange difference |
57,976 | 54,775 | 45,703 | 5.8 | % | 26.9 | % | |||||||||||||
Net total loans |
56,563,321 | 49,981,675 | 41,442,840 | 13.2 | % | 36.5 | % |
- 9 -
Asset quality ratios | Quarter ended |
D% quarter ended 12-31-15 vs quarter |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Non-performing loans (1) |
370,000 | 377,806 | 418,283 | -2.1 | % | -11.5 | % | |||||||||||||
Allowance for loan losses |
(1,112,290 | ) | (1,018,890 | ) | (937,794 | ) | 9.2 | % | 18.6 | % | ||||||||||
Non-performing loans/net total loans |
0.64 | % | 0.74 | % | 0.99 | % | -13.4 | % | -35.0 | % | ||||||||||
Non-performing private loans/net private loans |
0.64 | % | 0.74 | % | 0.99 | % | -13.4 | % | -35.0 | % | ||||||||||
Allowance for loan losses/non-performing loans |
300.62 | % | 269.69 | % | 224.20 | % | 11.5 | % | 34.1 | % | ||||||||||
Allowance for loan losses/net total loans |
1.93 | % | 2.00 | % | 2.21 | % | -3.5 | % | -12.8 | % |
(1) | Non-performing loans include: all loans to borrowers classified as Problem, Deficient Servicing, High Insolvency Risk, Difficult Recovery, Irrecoverable and Irrecoverable for Technical Decision according to the new Central Bank debtor classification system. |
Evolution of provisions | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Balance at the beginning of the quarter |
1,024,797 | 1,013,407 | 882,212 | 1.1 | % | 16.2 | % | |||||||||||||
Increase / decrease |
197,541 | 115,201 | 152,323 | 71.5 | % | 29.7 | % | |||||||||||||
Provision increase / decrease - Exchange rate difference |
12,237 | 1,138 | 329 | 975.3 | % | -3619.5 | % | |||||||||||||
Decrease |
(114,888 | ) | (104,949 | ) | (91,803 | ) | 9.5 | % | 25.1 | % | ||||||||||
Balance at the end of the quarter |
1,119,687 | 1,024,797 | 943,061 | 9.3 | % | 18.7 | % |
- 10 -
Total deposits | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Total deposits |
76,863,436 | 63,214,220 | 51,440,933 | 21.6 | % | 49.4 | % | |||||||||||||
Current accounts |
21,201,742 | 17,703,627 | 15,360,083 | 19.8 | % | 38.0 | % | |||||||||||||
Peso denominated |
20,593,528 | 17,262,101 | 15,023,449 | 19.3 | % | 37.1 | % | |||||||||||||
Foreign currency |
608,214 | 441,526 | 336,634 | 37.8 | % | 80.7 | % | |||||||||||||
Saving accounts |
22,452,261 | 17,302,839 | 14,996,005 | 29.8 | % | 49.7 | % | |||||||||||||
Peso denominated |
14,972,121 | 13,256,478 | 14,659,371 | 12.9 | % | 2.1 | % | |||||||||||||
Foreign currency |
7,480,140 | 4,046,361 | 336,634 | 84.9 | % | 2122.0 | % | |||||||||||||
Time deposits |
31,895,955 | 26,762,368 | 19,950,392 | 19.2 | % | 59.9 | % | |||||||||||||
Peso denominated |
27,705,124 | 24,666,063 | 18,363,312 | 12.3 | % | 50.9 | % | |||||||||||||
CER adjusted time deposits |
1,072 | 623 | 303 | 72.1 | % | 253.8 | % | |||||||||||||
Foreign currency |
4,189,759 | 2,095,682 | 1,586,777 | 99.9 | % | 164.0 | % | |||||||||||||
Investment Accounts |
34,807 | 88,774 | 483 | -60.8 | % | n/a | ||||||||||||||
Peso denominated |
34,807 | 88,774 | 483 | -60.8 | % | n/a | ||||||||||||||
Other |
1,278,671 | 1,356,612 | 1,133,970 | -5.7 | % | 12.8 | % | |||||||||||||
Peso denominated |
995,207 | 1,166,092 | 925,521 | -14.7 | % | 7.5 | % | |||||||||||||
Foreign currency |
283,464 | 190,520 | 208,449 | 48.8 | % | 36.0 | % | |||||||||||||
Rescheduled deposits + CEDROS |
2,234 | 2,234 | 2,234 | 0.0 | % | 0.0 | % | |||||||||||||
Peso denominated |
2,234 | 2,234 | 2,234 | 0.0 | % | 0.0 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
76,865,670 | 63,216,454 | 51,443,167 | 21.6 | % | 49.4 | % |
(*) | In August 2005, the payments of rescheduled deposits were finalized, only those deposits that have a pending court case remain outstanding. |
Other funding sources | Quarter ended |
D% quarter ended 12-31-15 vs |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Lines from other banks |
1,863,498 | 1,165,292 | 553,320 | 59.9 | % | 236.8 | % | |||||||||||||
Senior Bonds |
1,902,562 | 1,707,212 | 1,941,148 | 11.4 | % | -2.0 | % | |||||||||||||
Total other funding sources |
3,766,060 | 2,872,504 | 2,494,468 | 31.1 | % | 51.0 | % |
- 11 -
Capitalization | Quarter ended | D%
quarter ended 12-31-15 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Capital Stock |
536,878 | 536,878 | 536,878 | 0.0 | % | 0.0 | % | |||||||||||||
Issuance premiums |
182,511 | 182,511 | 182,511 | 0.0 | % | 0.0 | % | |||||||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||
Subtotal |
1,032,368 | 1,032,368 | 1,032,368 | 0.0 | % | 0.0 | % | |||||||||||||
Reserves on Profits |
8,899,508 | 8,899,508 | 6,095,012 | 0.0 | % | 46.0 | % | |||||||||||||
Unappropriated retained earnings |
3,784,487 | 2,596,226 | 3,204,496 | 45.8 | % | 18.1 | % | |||||||||||||
Total stockholders equity |
13,716,363 | 12,528,102 | 10,331,876 | 9.5 | % | 32.8 | % |
Central Bank Requirements | Quarter ended | D% quarter
ended 12-31-15 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 12-3115 | 09-30-15 | 12-3114 | 09-30-15 | 12-31-14 | |||||||||||||||
Central Bank Minimum Capital Requirements |
7,128,504 | 6,258,341 | 5,252,947 | 13.9 | % | 35.7 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a, b) |
7,064,858 | 6,202,914 | 5,099,412 | 13.9 | % | 38.5 | % | |||||||||||||
Increase in capital requirements related to custody |
63,646 | 55,427 | 153,535 | 14.8 | % | -58.5 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
7,064,858 | 6,202,914 | 5,149,668 | 13.9 | % | 37.2 | % | |||||||||||||
Allocated to Asset at Risk |
5,134,942 | 4,469,057 | 3,698,747 | 14.9 | % | 38.8 | % | |||||||||||||
DCR (derivative conterparter risk) |
14,393 | 13,971 | 22,369 | 3.0 | % | -35.7 | % | |||||||||||||
Non Compliance of Other Credit Regulations |
| | 50,256 | n/a | -100.0 | % | ||||||||||||||
Market Risk |
287,600 | 218,381 | 144,086 | 31.7 | % | 99.6 | % | |||||||||||||
Operational Risk |
1,627,923 | 1,501,505 | 1,234,210 | 8.4 | % | 31.9 | % | |||||||||||||
b) Minimum capital required for the Guarantee Fund for the Sustainability of the Pas-as-you-go System maneged by the Argentine Republic and registrar of mortgage notes |
400,000 | 400,000 | 614,141 | 0.0 | % | -34.9 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
400,000 | 400,000 | 614,141 | 0.0 | % | -34.9 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
13,704,185 | 12,559,878 | 10,406,607 | 9.1 | % | 31.7 | % | |||||||||||||
Ordinary Capital Level 1 |
13,206,449 | 12,102,146 | 10,001,585 | 9.1 | % | 32.0 | % | |||||||||||||
Dedusctions Ordinary Capital Level 1 |
(281,230 | ) | (220,219 | ) | (156,074 | ) | 27.7 | % | 80.2 | % | ||||||||||
Capital Level 2 |
778,966 | 677,951 | 561,096 | 14.9 | % | 38.8 | % | |||||||||||||
Excess over Required Capital |
6,575,681 | 6,301,537 | 5,153,660 | 4.4 | % | 27.6 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
15.5 | % | 17.8 | % | 16.3 | % | -12.8 | % | -4.9 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
47.9 | % | 50.3 | % | 49.9 | % | -4.7 | % | -3.9 | % |
Quarter ended | D%
quarter ended 12-31-15 vs quarter ended |
|||||||||||||||||||
(in thousands of pesos except percentages) | 12-31-15 | 09-30-15 | 12-31-14 | 09-30-15 | 12-31-14 | |||||||||||||||
Exchange rate |
13.01 | 9.42 | 8.55 | 38.1 | % | 52.1 | % | |||||||||||||
Quarterly CER adjustment |
4.1 | % | 3.5 | % | 3.8 | % | 18.8 | % | 8.1 | % |
This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés annual report on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.
- 12 -
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
12-31-15 | 09-30 -15 | 06-30 -15 | 12-31-14 | |||||||||||||
Cash and due from banks |
27,970,169 | 13,937,749 | 13,646,494 | 12,560,064 | ||||||||||||
Government and Private Securities |
14,416,484 | 15,652,920 | 14,206,708 | 11,626,187 | ||||||||||||
Holdings booked at fair value |
3,220,093 | 2,583,782 | 2,583,930 | 2,706,879 | ||||||||||||
Holdings booked at amortized cost |
| | 164 | 164 | ||||||||||||
Reverse repo |
164 | 164 | 44,161 | 234,986 | ||||||||||||
Listed Private Securities |
109,859 | 89,259 | 65,130 | 54,303 | ||||||||||||
Bills and Notes from the Central Bank |
11,086,580 | 12,979,915 | 11,513,524 | 8,630,056 | ||||||||||||
Less: Allowances |
(212 | ) | (200 | ) | (201 | ) | (201 | ) | ||||||||
Loans |
56,563,321 | 49,981,675 | 47,074,185 | 41,442,840 | ||||||||||||
Loans to the private & financial sector |
56,496,522 | 49,918,078 | 47,013,712 | 41,388,381 | ||||||||||||
Advances |
6,739,426 | 7,813,118 | 8,349,886 | 6,861,786 | ||||||||||||
Discounted and purchased notes |
9,559,666 | 7,708,000 | 6,552,563 | 6,035,048 | ||||||||||||
Secured with mortgages |
2,122,955 | 1,806,419 | 1,696,271 | 1,466,346 | ||||||||||||
Car secured loans |
4,567,505 | 4,127,086 | 3,751,333 | 3,695,487 | ||||||||||||
Personal loans |
7,343,933 | 6,805,408 | 6,353,804 | 6,091,937 | ||||||||||||
Credit cards |
18,322,958 | 14,672,406 | 13,342,004 | 11,465,609 | ||||||||||||
Loans to financial sector |
1,530,454 | 1,246,674 | 756,088 | 910,437 | ||||||||||||
Other loans |
6,510,536 | 6,010,784 | 6,437,059 | 5,025,304 | ||||||||||||
Less: Unaccrued interest |
(216,365 | ) | (161,426 | ) | (134,380 | ) | (133,912 | ) | ||||||||
Plus: Interest & FX differences receivable |
1,127,744 | 908,499 | 916,975 | 908,133 | ||||||||||||
Less: Allowance for loan losses |
(1,112,290 | ) | (1,018,890 | ) | (1,007,891 | ) | (937,794 | ) | ||||||||
Public Sector loans |
66,799 | 63,597 | 60,473 | 54,459 | ||||||||||||
Principal |
8,823 | 8,822 | 8,912 | 8,756 | ||||||||||||
Plus: Interest & FX differences receivable |
57,976 | 54,775 | 51,561 | 45,703 | ||||||||||||
Other banking receivables |
3,728,874 | 5,559,493 | 6,005,634 | 2,612,371 | ||||||||||||
Repurchase agreements |
| 1,910,161 | 1,200,094 | 866,027 | ||||||||||||
Unlisted private securities |
200,894 | 86,868 | 12,813 | 48,653 | ||||||||||||
Other banking receivables |
3,535,377 | 3,568,371 | 4,798,243 | 1,702,958 | ||||||||||||
Less: provisions |
(7,397 | ) | (5,907 | ) | (5,516 | ) | (5,267 | ) | ||||||||
Investments in other companies |
363,861 | 336,070 | 297,827 | 327,580 | ||||||||||||
Intangible assets |
236,861 | 211,624 | 176,176 | 144,672 | ||||||||||||
Organization and development charges |
236,861 | 211,624 | 176,176 | 144,672 | ||||||||||||
Other assets |
7,412,813 | 6,453,052 | 6,119,425 | 5,530,060 | ||||||||||||
Total Assets |
110,692,383 | 92,132,583 | 87,526,449 | 74,243,774 | ||||||||||||
Deposits |
76,865,670 | 63,216,454 | 60,016,322 | 51,443,167 | ||||||||||||
Current accounts |
21,201,742 | 17,703,627 | 16,875,105 | 15,360,083 | ||||||||||||
Saving accounts |
22,452,261 | 17,302,839 | 17,579,340 | 14,996,005 | ||||||||||||
Time deposits |
31,895,955 | 26,762,368 | 24,216,247 | 19,950,392 | ||||||||||||
Investment Accounts |
34,807 | 88,774 | 14,959 | 483 | ||||||||||||
Rescheduled deposits CEDROS |
2,234 | 2,234 | 2,234 | 2,234 | ||||||||||||
Other deposits |
1,278,671 | 1,356,612 | 1,328,437 | 1,133,970 | ||||||||||||
Other banking Liabilities |
15,031,971 | 11,618,140 | 11,672,802 | 8,617,528 | ||||||||||||
Other provisions |
999,929 | 961,630 | 911,591 | 779,487 | ||||||||||||
Other contingencies |
999,319 | 960,988 | 910,997 | 778,910 | ||||||||||||
Guarantees |
610 | 642 | 594 | 577 | ||||||||||||
Other liabilities |
3,749,284 | 3,513,683 | 3,131,567 | 2,799,587 | ||||||||||||
Minority interest |
329,166 | 294,574 | 264,135 | 272,129 | ||||||||||||
Total Liabilities |
96,976,020 | 79,604,481 | 75,996,417 | 63,911,898 | ||||||||||||
Total Stockholders equity |
13,716,363 | 12,528,102 | 11,530,032 | 10,331,876 | ||||||||||||
Total liabilities + stockholders equity |
110,692,383 | 92,132,583 | 87,526,449 | 74,243,774 |
- 14 -
12-31-15 | 09-30 -15 | 06-30 -15 | 12-31-14 | |||||||||||||
Financial income |
4.998.740 | 4.160.006 | 3.632.643 | 3.371.699 | ||||||||||||
Interest on Cash and Due from Banks |
| | | | ||||||||||||
Interest on Loans Granted to the Financial Sector |
109.505 | 76.198 | 66.512 | 76.310 | ||||||||||||
Interest on Overdraft |
600.669 | 614.867 | 491.501 | 516.701 | ||||||||||||
Interest on Discounted and purchased notes |
463.881 | 350.163 | 319.403 | 336.753 | ||||||||||||
Interest on Mortgages |
98.158 | 83.853 | 73.236 | 63.269 | ||||||||||||
Interest on Car Secured Loans |
264.203 | 238.125 | 226.019 | 218.415 | ||||||||||||
Interest on Credit Card Loans |
811.113 | 679.705 | 689.400 | 602.087 | ||||||||||||
Interest on Financial Leases |
113.406 | 103.447 | 98.059 | 90.231 | ||||||||||||
Interest on Other Loans |
900.677 | 836.913 | 793.305 | 731.139 | ||||||||||||
From Other Banking receivables |
30 | 108 | 58 | 44 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
4.089 | 4.082 | 3.965 | 3.727 | ||||||||||||
Income from Securities and Short Term Investments |
1.133.458 | 891.912 | 606.825 | 520.786 | ||||||||||||
CER |
41.264 | 50.113 | 52.289 | 54.932 | ||||||||||||
Foreign exchange difference |
31.654 | 122.243 | 105.801 | 95.913 | ||||||||||||
Other |
426.633 | 108.277 | 106.270 | 61.392 | ||||||||||||
Financial expenses |
(2.143.818 | ) | (1.833.403 | ) | (1.659.410 | ) | (1.394.471 | ) | ||||||||
Interest on Current Account Deposits |
| | | | ||||||||||||
Interest on Saving Account Deposits |
(7.003 | ) | (5.987 | ) | (5.072 | ) | (4.591 | ) | ||||||||
Interest on Time Deposits |
(1.576.170 | ) | (1.321.401 | ) | (1.211.105 | ) | (987.272 | ) | ||||||||
Interest on Other Banking Liabilities |
(161.272 | ) | (149.052 | ) | (130.908 | ) | (133.732 | ) | ||||||||
Other interests (includes Central Bank) |
(1.470 | ) | (1.469 | ) | (1.566 | ) | (1.868 | ) | ||||||||
CER |
(15 | ) | (19 | ) | (15 | ) | (13 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(107.580 | ) | (102.137 | ) | (94.406 | ) | (63.141 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(271.370 | ) | (231.747 | ) | (214.091 | ) | (201.622 | ) | ||||||||
Other |
(18.938 | ) | (21.591 | ) | (2.247 | ) | (2.232 | ) | ||||||||
Net financial income |
2.854.922 | 2.326.603 | 1.973.233 | 1.977.228 | ||||||||||||
Provision for loan losses |
(197.541 | ) | (115.201 | ) | (181.178 | ) | (152.323 | ) | ||||||||
Income from services, net of other operating expenses |
960.726 | 953.272 | 800.607 | 918.875 | ||||||||||||
Administrative expenses |
(1.889.227 | ) | (1.645.376 | ) | (1.472.263 | ) | (1.478.751 | ) | ||||||||
Income (loss) from equity investments |
46.960 | 69.341 | 50.523 | 32.560 | ||||||||||||
Net Other income |
1.780 | (10.472 | ) | (16.557 | ) | (32.123 | ) | |||||||||
Income (loss) from minority interest |
(34.593 | ) | (30.439 | ) | (34.223 | ) | (30.130 | ) | ||||||||
Income before tax |
1.743.027 | 1.547.728 | 1.120.142 | 1.235.336 | ||||||||||||
Income tax |
(554.766 | ) | (549.658 | ) | (452.932 | ) | (420.979 | ) | ||||||||
Net income |
1.188.261 | 998.070 | 667.210 | 814.357 |
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
12-31-15 | 09-30 -15 | 06-30 -15 | 12-31-14 | |||||||||||||
Cash and due from banks |
27,970,286 | 13,937,826 | 13,646,577 | 12,560,154 | ||||||||||||
Government Securities |
14,422,191 | 15,658,390 | 14,210,171 | 11,633,489 | ||||||||||||
Loans |
56,563,321 | 49,981,675 | 47,074,185 | 41,442,840 | ||||||||||||
Other Banking Receivables |
3,728,874 | 5,559,493 | 6,005,634 | 2,612,371 | ||||||||||||
Assets Subject to Financial Leasing |
2,407,451 | 2,339,833 | 2,156,065 | 2,073,242 | ||||||||||||
Investments in other companies |
353,377 | 331,131 | 293,008 | 322,990 | ||||||||||||
Other assets |
5,290,698 | 4,368,786 | 4,185,460 | 3,643,820 | ||||||||||||
Total Assets |
110,736,198 | 92,177,134 | 87,571,100 | 74,288,906 | ||||||||||||
Deposits |
76,864,493 | 63,214,992 | 60,015,603 | 51,442,877 | ||||||||||||
Other banking liabilities |
15,032,048 | 11,618,166 | 11,672,814 | 8,617,533 | ||||||||||||
Minority interest |
338,136 | 298,800 | 268,259 | 276,058 | ||||||||||||
Other liabilities |
4,785,158 | 4,517,074 | 4,084,392 | 3,620,562 | ||||||||||||
Total Liabilities |
97,019,835 | 79,649,032 | 76,041,068 | 63,957,030 | ||||||||||||
Total Stockholders Equity |
13,716,363 | 12,528,102 | 11,530,032 | 10,331,876 | ||||||||||||
Stockholders Equity + Liabilities |
110,736,198 | 92,177,134 | 87,571,100 | 74,288,906 |
Net Income
12-31-15 | 09-30 -15 | 06-30 -15 | 12-31-14 | |||||||||||||
Net Financial Income |
2,856,420 | 2,328,398 | 1,973,531 | 1,978,226 | ||||||||||||
Provision for loan losses |
(197,541 | ) | (115,201 | ) | (181,178 | ) | (152,323 | ) | ||||||||
Net Income from Services |
960,726 | 953,272 | 800,607 | 918,875 | ||||||||||||
Administrative expenses |
(1,891,536 | ) | (1,646,213 | ) | (1,473,149 | ) | (1,478,240 | ) | ||||||||
Net Other Income |
54,482 | 58,164 | 34,627 | (1,830 | ) | |||||||||||
Income Before Tax |
1,782,551 | 1,578,420 | 1,154,438 | 1,264,708 | ||||||||||||
Income Tax |
(554,953 | ) | (549,809 | ) | (453,081 | ) | (421,095 | ) | ||||||||
Net income |
1,227,598 | 1,028,611 | 701,357 | 843,613 | ||||||||||||
Minoritary Interest |
(39,337 | ) | (30,541 | ) | (34,147 | ) | (29,256 | ) | ||||||||
Net income for Quarter |
1,188,261 | 998,070 | 667,210 | 814,357 |
- 16 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BBVA Banco Francés S.A. | ||||||
Date: February 11, 2016 | By: | /s/ Ignacio Sanz y Arcelus | ||||
Name: | Ignacio Sanz y Arcelus | |||||
Title: | Chief Financial Officer |