Table of Contents
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 November 2017
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrant’s name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Table of Contents
TABLE OF CONTENTS
| Item |
1. BBVA Francés reports consolidated third quarter earnings for fiscal year 2017.
Table of Contents
Buenos Aires, November 10, 2017 - BBVA Francés (NYSE: BFR.N; BCBA: FRA.BA; LATIBEX:
BFR.LA) reports consolidated third quarter results for the January-December 2017
financial year.
Highlights of the quarter
| • | BBVA Francés earned a net profit of $ 1,134.6 million in the third quarter of 2017, thus generating an accumulated result of $ 2,457.4 million in the first nine months of the year. The quarter’s result showed a 25.7% increase in relation to the previous quarter, net of the effect of the income tax recorded in said period, and a 21.6% rise compared to the same quarter of 2016. |
| • | The quarterly annualized return on average equity was 21.7%, and the return on average assets amounted to 2.5%. |
| • | In July 2017, BBVA Francés carried out a primary follow-on equity offering in Argentina and abroad, issuing 75,781,788 new ordinary shares, equivalent to USD 400 million, which will allow the Bank to develop its growth plan. |
| • | Net financial income showed a 15.7% rise in relation to the previous quarter, and a 40% increase compared to the same quarter of 2016. Such increases are mainly the result of the credit activity growth in the private sector, due to foreign exchange differences and a higher volume of the Bank’s own funds. |
| • | Net commissions grew 31.1% during the quarter, and 20% as compared to the same quarter of 2016, whereas administrative expenses increased 4.3% and 33% in the same periods. |
| • | In terms of activity, the private sector loan portfolio evolved positively, growing 20.8% in the quarter and 52.1% in the last twelve months. |
| • | Total non-performing loan ratio fell to 0.70%, whereas coverage amounts to 271.1%. Both effects are mainly explained by the growth of the loan portfolio. The higher generic provisions result in a 41% rise of charges of non-performing loans. |
| • | Total deposits reached $ 129.9 billion, showing a moderate growth of 3.4% during the quarter, aligned with the industry and of 41.4% during the year. As of September 30, 2017, sight deposits represented 65% of the Bank’s total deposits, thus remaining at a level similar to the previous quarter. |
| • | The Bank’s liquidity level amounts to 34.7%, thus showing a 700 bp decrease with respect to the previous quarter, as a result of the higher loan volume. The capital ratio at the end of the quarter was 14.8%. |
| • | On August 10, 2017, BBVA Francés paid out AR$ 911 million cash dividends corresponding to the 2016 fiscal year, which amounts to 148.69% of the share capital or $ 1.4869 per share. |
| • | During the quarter, BBVA Francés executed repos with the Republic of Argentina for a total USD 250 million. |
Table of Contents
Other events
On October 31, 2017, the government announced the fiscal reform bill aimed at increasing investment, generating employment, and eliminating distortions. The bill proposes reforms on several of the main federal taxes, among which there is Income, VAT, Bank debits and credits, Fuels, and Social Security taxes.
Regulatory changes
On November 3, 2017, the Argentina Central Bank (BCRA) determined that the credit lines for productive financing and financial inclusion will be applied until December 2018.
The quote for 2018 will be a percentage of monthly non-financial private deposits in pesos as of November 30, 2017, according to the following schedule: January 2018: 16.5%, decreasing 1.5% monthly until reaching 0% in December 2018.
Economic environment
| Quarter ended | ||||||||||||||||||||||
| Main Macroeconomic figures |
09-30-17 | 30-06-17 | 31-03-17 | 12-31-16 | 09-30-16 | |||||||||||||||||
| GDP |
var % y/y |
— | 2.7 | % | 0.4 | % | -1.9 | % | -3.7 | % | ||||||||||||
| Inflation (1) |
var % y/y |
23.8 | % | 21.8 | % | 32.2 | % | 39.4 | % | 42.7 | % | |||||||||||
| End of period |
var % q/q |
5.1 | % | 5.4 | % | 6.1 | % | 5.3 | % | 3.4 | % | |||||||||||
| CER |
Quarterly adjustment |
4.3 | % | 7.0 | % | 4.6 | % | 4.5 | % | 7.4 | % | |||||||||||
| Exchange Rate |
Pesos x US$ | 17.31 | 16.60 | 15.38 | 15.85 | 15.26 | ||||||||||||||||
| Reserves |
US$ | 50,237 | 47,995 | 50,522 | 39,308 | 29,902 | ||||||||||||||||
| Total Private Loans |
var % q/q |
12.5 | % | 11.7 | % | 5.7 | % | 12.0 | % | 6.3 | % | |||||||||||
| var % y/y |
48.6 | % | 40.4 | % | 35.6 | % | 31.5 | % | 30.6 | % | ||||||||||||
| Total Private Deposits |
var % q/q |
3.7 | % | 7.1 | % | 1.8 | % | 20.7 | % | 5.3 | % | |||||||||||
| var % y/y |
36.5 | % | 38.6 | % | 38.5 | % | 43.4 | % | 37.2 | % | ||||||||||||
| Badlar interest rate |
Weighted avg. quarterly |
20.7 | % | 19.5 | % | 19.8 | % | 21.1 | % | 24.6 | % | |||||||||||
| (1) | IPC National since 1Q 17 / IPC CABA 4Q 16 - 3Q 16 |
Argentina has commenced the fourth consecutive quarter of economic recovery, with a 0.7% growth in the second quarter 2017 (deseasonalized), whereas, measured by the Gross Domestic Product (GDP), the economy grew 2.7% in the second quarter compared to the same period of 2016. The activity was mainly driven by investment, which increased 7.7% year-over-year, and by consumption performance, which hiked 4.3% in the same period.
Such recovery is validated by other higher frequency estimators. Thus, the August figure, the last available issue of the Monthly Economic Activity Estimator (EMAE in Spanish), shows economic activity gaining momentum by increasing 0.3% (deseasonalized series) and 4.3% year-over-year.
Similarly, the industrial activity grew 5.1% in August, as compared to the same period of the previous year, accumulating 1.4% in the first eight months of the year, according to the Monthly Industrial Estimator (EMI in Spanish) that shows signs of recovery in most sectors surveyed.
In the third quarter, inflation was 5.1%, thus the CPI accumulates a 17.6% variation during the year. Whereas core inflation grew 4.9% in the same period, regulated prices increased 4.6% driven by public services rates adjustments.
- 2 -
Table of Contents
The BCRA continued with its astringent monetary policy profile, keeping the reference rate at 26.25% until October. Then, reaffirming its commitment, the Central Bank carried out two monetary policy rate raises: the rate increased by 150 bp and 100 bp in the meeting held October 25 and November 7, respectively, reaching 28.75%.
In the third quarter 2017, the peso depreciated by 4.3%, from AR$ 16.60 /USD at the end of June to AR$ 17.32 at the close of September, evidencing thus a devaluation of 14.2% in the last 12 months.
As of September 30, 2017, international reserves amounted to USD 50,237 million, a growth of USD 2,242 million since the closing of June 2017.
The same as in the first two quarters of the year, the fiscal deficit easily met the goal, set at 3.2% of GDP. In the third quarter of the year, primary deficit totaled $ 78,093 million, which represents 2.2% of GDP, and a 19.3% reduction in relation to the result shown in the same period of 2016. Economic subsidies, which basically comprise energy and transport, and account for 66% of the primary fiscal deficit of the period July-September, fell 33.9% compared to the same period of the previous year, in which they accounted for 80.9% of the primary fiscal result.
Presentation of the information
| • | The balances in foreign currency as of September 30, 2017 were converted into pesos at the exchange rate published by the Argentina Central Bank (BCRA in Spanish) for that date (AR$ 17.32 / USD). |
| • | The information in this press release contains unaudited financial information that consolidates, line item by line item, all of the banking activities of the BBVA Francés Group. The Bank’s share interest in Grupo Consolidar, BBVA Consolidar Seguros S.A. and Consolidar AFJP (in liquidation) is shown as “Investments in Other Companies” (recorded under the equity method), and the corresponding results are included in “Income from Equity Investments”. |
| • | It is worth highlighting that the information in this press release may differ from the information published by the BBVA Group for Argentina, which is prepared according to Spanish accounting standards for all BBVA Group affiliates. |
Disclaimer
This press release contains or may contain forward-looking statements, including, but not limited to, estimates of prospects for the Argentine economy, BBVA Francés’ earnings, business plans, expense and operational structure adjustments, capitalization plan, and trends affecting BBVA Francés’ financial condition and results of operations. Any forward-looking statement included in this press release is based on current expectations and estimates, but actual results and events may differ materially from the anticipated results and events. Such factors that could cause actual results and events to differ materially from the expected results or events include: (1) changes in the economic, regulatory and/or political environment, (2) changes in domestic or international stock market prices, exchange rates or interest rates; (3) changes in the markets of the Bank’s products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the Bank’s customers, debtors or counterparties. It is recommended that these forward-looking statements be taken with caution, since they are only applicable to the date of the present document. We advise you to consult the Bank’s Accounting Statements, as well as all the presentations that are periodically filed before the “Comisión Nacional de Valores” (Argentine equivalent to the US SEC) and the Buenos Aires Stock Exchange.
- 3 -
Table of Contents
Third Quarter Results
Within an economic environment showing signs of reactivation, and given the growth opportunities in the financial system, BBVA Francés is focused on increasing its market share.
In this respect, the Bank has continued with its customer acquisition strategy, by means of digital campaigns and strategic partners’ alliances, and by reinforcing its presence not only in the retail banking segment, but also in the small and medium-size companies segment.
During the year, approximately 229,000 consumer customers and 1,500 new companies were added.
| Condensed Income Statement (1) | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| In thousands of $ except income per share, | ||||||||||||||||||||||||||||
| ADS |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Net Financial Income |
3,970,483 | 3,432,939 | 3,063,776 | 3,252,260 | 2,836,361 | 15.7 | % | 40.0 | % | |||||||||||||||||||
| Provision for loan losses |
(503,013 | ) | (356,386 | ) | (323,969 | ) | (331,013 | ) | (226,335 | ) | 41.1 | % | 122.2 | % | ||||||||||||||
| Net income from services |
1,561,617 | 1,191,061 | 1,234,102 | 1,076,422 | 1,300,901 | 31.1 | % | 20.0 | % | |||||||||||||||||||
| Administrative expenses |
(3,155,954 | ) | (3,027,058 | ) | (2,897,619 | ) | (2,860,570 | ) | (2,373,439 | ) | 4.3 | % | 33.0 | % | ||||||||||||||
| Operating income |
1,873,133 | 1,240,556 | 1,076,290 | 1,137,099 | 1,537,488 | 51.0 | % | 21.8 | % | |||||||||||||||||||
| Income (Loss) from equity investments |
118,217 | 155,131 | 19,491 | 17,083 | 20,132 | -23.8 | % | 487.2 | % | |||||||||||||||||||
| Income (Loss) from Minority interest |
(18,425 | ) | (29,601 | ) | (27,853 | ) | (13,547 | ) | (24,753 | ) | -37.8 | % | -25.6 | % | ||||||||||||||
| Other Income/Expenses |
(121,621 | ) | (1,168,459 | ) | 855,111 | (141,517 | ) | (4,163 | ) | 89.6 | % | n/a | ||||||||||||||||
| Income Tax / Minimum Presumed Tax |
(716,724 | ) | (480,622 | ) | (317,269 | ) | (416,713 | ) | (595,779 | ) | 49.1 | % | 20.3 | % | ||||||||||||||
| Net income for the period |
1,134,580 | (282,995 | ) | 1,605,770 | 582,405 | 932,925 | -500.9 | % | 21.6 | % | ||||||||||||||||||
| Net income per share (2) |
1.85 | (0.53 | ) | 2.99 | 1.08 | 1.74 | -451.3 | % | 6.6 | % | ||||||||||||||||||
| Net income per ADS (3) |
5.56 | (1.58 | ) | 8.97 | 3.25 | 5.21 | -451.3 | % | 6.6 | % | ||||||||||||||||||
| Net Income not considerig fiscal provision |
1,134,580 | 902,805 | 419,970 | 582,405 | 932,925 | 25.7 | % | 21.6 | % | |||||||||||||||||||
| (1) | Exchange rate: AR$ 17.32 Ps = 1USD |
| (2) | Assumes 612,659,638 ordinary shares |
| (3) | Each ADS represents three ordinary shares |
| Quarter ended | % Quarter ended 09/30/17 vs quarter ended |
|||||||||||||||||||||||||||
| Main figures |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| ROA (Average Assets) (1) |
2.5 | % | 2.1 | % | 1.0 | % | 1.6 | % | 2.9 | % | 18.7 | % | -13.1 | % | ||||||||||||||
| ROE (Average Shareholders’ Equity) (1) |
21.7 | % | 21.3 | % | 10.1 | % | 14.3 | % | 24.0 | % | 1.9 | % | -9.7 | % | ||||||||||||||
| NIM (1)(2) |
10.7 | % | 11.4 | % | 0.0 | % | 12.5 | % | 12.3 | % | -5.8 | % | -12.9 | % | ||||||||||||||
| Net fee income / Net operating Income (3) |
28.2 | % | 25.8 | % | 28.7 | % | 24.9 | % | 31.4 | % | 9.6 | % | -10.2 | % | ||||||||||||||
| Coverage ratio (4) |
49.5 | % | 39.3 | % | 42.6 | % | 37.6 | % | 54.8 | % | 25.8 | % | -9.7 | % | ||||||||||||||
| Efficiency ratio (5) |
57.0 | % | 65.5 | % | 67.4 | % | 66.1 | % | 57.4 | % | -12.9 | % | -0.6 | % | ||||||||||||||
| (1) | Annualized. |
| (2) | Net interest Margin: Financial Income-Financial Expenses (include Gross Income Tax and SEDESA) / Average Interest-Earning Assets (net of foreign exchange difference) |
| (3) | Operative income: Net financial income + Net income from services |
| (4) | Net income from services / Adm.Expenses |
| (5) | Adm.Expenses / (Net financial income + Net income from services) |
- 4 -
Table of Contents
Net Financial Income
| Net financial income | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Financial Income |
6,322,099 | 5,637,429 | 5,280,611 | 5,540,183 | 5,472,394 | 12.1 | % | 15.5 | % | |||||||||||||||||||
| Income from financial intermediation |
4,368,178 | 4,039,850 | 4,060,877 | 4,096,831 | 4,130,077 | 8.1 | % | 5.8 | % | |||||||||||||||||||
| CER adjustment |
112,942 | 155,398 | 100,285 | 97,613 | 168,496 | -27.3 | % | -33.0 | % | |||||||||||||||||||
| Income Securities and short term inv. |
1,032,478 | 778,964 | 593,345 | 807,994 | 805,340 | 32.5 | % | 28.2 | % | |||||||||||||||||||
| Foreign exchange difference |
634,046 | 431,991 | 306,004 | 458,312 | 240,758 | 46.8 | % | 163.4 | % | |||||||||||||||||||
| Others |
174,455 | 231,226 | 220,100 | 79,433 | 127,723 | -24.6 | % | 36.6 | % | |||||||||||||||||||
| Financial Expenses |
-2,351,616 | -2,204,490 | -2,216,835 | -2,287,923 | -2,636,033 | 6.7 | % | -10.8 | % | |||||||||||||||||||
| Net Financial Income |
3,970,483 | 3,432,939 | 3,063,776 | 3,252,260 | 2,836,361 | 15.7 | % | 40.0 | % | |||||||||||||||||||
Net financial income grew 15.7% in the third quarter of the year, and 40% compared to the same quarter of 2016, mainly due to a higher volume of intermediation with the private sector, and to the increase of own funds.
On the other hand, income from assets adjusted by inflation fell as the result of the lower increase of the CER index in relation to the second quarter. Deposits average rate showed a slight increase, as a consequence of the policy implemented by the Central Bank.
The result for foreign exchange difference showed a positive evolution, both in trading income, which grew $ 129.1 million, and in results from holdings that rose $ 72.9 million during the quarter.
The Bank continued working on the reduction of local currency physical bills balance held at branches. During the quarter, said balances fell 12% versus the previous one, which represents an average 5% of deposits.
The NIM in local currency is the same compared to the previous quarter. Although there is a fall in lending rates, it is offset with a better funding mix. The NIM in foreign currency increased 30 basis points, driven by the improvement seen on the loan portfolio return.
Although the NIM by currency showed a positive evolution, total NIM fell 30 basis points due to the change in the mix, since dollar denominated assets grew 44% in the quarter, as the result of the placement of liquidity surpluses, whereas the peso denominated ones grew 10%. Total NIM deducting foreign exchange results fell 70 basis points in the quarter.
| Interest-Earning Assets & Interest-Bearing | Quarter ended | |||||||||||||||||||||||
| Liabilities $ + USD | 09-30-17 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| (Averege in thouhand of AR$) |
Capital | Rate | ||||||||||||||||||||||
| Interest-Earning Assets |
123,936,863 | 18.2 | % | 106,177,951 | 19.6 | % | 84,666,147 | 25.0 | % | |||||||||||||||
| Interest-Bearing Liabilities |
95,703,384 | 7.4 | % | 85,389,256 | 8.2 | % | 66,302,940 | 13.2 | % | |||||||||||||||
| NIM without foreign exchange differences |
10 .7 | % | 11.4 | % | 12.3 | % | ||||||||||||||||||
| NIM including foreign exchange differences |
12.7 | % | 13.0 | % | 13.3 | % | ||||||||||||||||||
A table of return on assets and cost of liabilities is included by currency: pesos and dollars.
- 5 -
Table of Contents
| Interest-Earning Assets & Interest-Bearing Liabilities $ | 09-30-17 | Quarter ended 06-30-17 |
30-09-16 | |||||||||||||||||||||
| (Average in thouhand of AR$) |
Capital | Rate | Capital | Rate | Capital | Rate | ||||||||||||||||||
| Interest-Earning Assets |
94,737,428 | 23.3 | % | 85,899,553 | 23.6 | % | 74,700,728 | 25.1 | % | |||||||||||||||
| Public Bonds |
18,610,366 | 22.6 | % | 15,203,478 | 22.4 | % | 15,018,840 | 27.5 | % | |||||||||||||||
| Loans |
69,905,567 | 23.5 | % | 64,125,816 | 23.9 | % | 57,542,208 | 24.6 | % | |||||||||||||||
| Other interest-earning assets |
6,221,495 | 23.4 | % | 6,570,258 | 23.6 | % | 2,139,679 | 22.4 | % | |||||||||||||||
| Interest-Bearing Liabilities |
60,295,707 | 11.8 | % | 56,936,337 | 11.8 | % | 49,752,645 | 15.1 | % | |||||||||||||||
| Saving Accounts |
22,684,140 | 0.1 | % | 20,146,700 | 0.1 | % | 15,874,736 | 0.1 | % | |||||||||||||||
| Time Deposits |
31,547,072 | 18.2 | % | 32,333,089 | 18.1 | % | 31,562,546 | 22.0 | % | |||||||||||||||
| Current accounts with interest |
3,686,389 | 20.6 | % | 2,403,691 | 15.9 | % | — | — | ||||||||||||||||
| Debt Securities |
1,128,352 | 23.8 | % | 1,594,466 | 22.9 | % | 1,663,467 | 29.2 | % | |||||||||||||||
| Other interest-bearing liabilities |
1,249,754 | 23.4 | % | 458,390 | 19.9 | % | 651,896 | 14.1 | % | |||||||||||||||
| NIM $ |
14.2 | % | 14.2 | % | 14.1 | % | ||||||||||||||||||
| Interest-Earning Assets & Interest-Bearing Liabilities USD | 09-30-17 | 06-30-17 | Quarter ended 09-30-16 |
|||||||||||||||||||||
| (Averege in thouhand of AR$) |
Capital | Rate | Capital | Rate | Capital | Rate | ||||||||||||||||||
| Interest-Earning Assets |
29,199,435 | 2.7 | % | 20,278,398 | 2.5 | % | 9,965,419 | 5.5 | % | |||||||||||||||
| Public Bonds |
4,081,066 | 2.9 | % | 4,334,166 | 3.2 | % | 259,137 | 2.6 | % | |||||||||||||||
| Loans |
20,810,951 | 2.7 | % | 14,564,480 | 2.5 | % | 8,683,734 | 3.7 | % | |||||||||||||||
| Other interest-earning assets |
4,307,418 | 2.7 | % | 1,379,752 | 0.8 | % | 1,022,549 | 22.4 | % | |||||||||||||||
| Interest-Bearing Liabilities |
35,407,677 | 0.1 | % | 28,452,920 | 0.1 | % | 16,550,295 | 0.5 | % | |||||||||||||||
| Saving Accounts |
28,491,001 | 0.0 | % | 22,221,119 | 0.0 | % | 10,914,877 | 0.1 | % | |||||||||||||||
| Time Deposits |
6,698,506 | 0.3 | % | 5,939,973 | 0.3 | % | 5,073,350 | 0.9 | % | |||||||||||||||
| Other interest-bearing liabilities |
218,170 | 3.9 | % | 291,828 | 4.4 | % | 562,067 | 3.6 | % | |||||||||||||||
| NIM USD |
2.2 | % | 1.9 | % | 1.9 | % | ||||||||||||||||||
Results for Public and Private Securities
| Income from securities and short-term investments | Quarter ended | D% Quarter ended 09/30/17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Income Securities and short term inv. |
1,032,478 | 778,964 | 592,264 | 801,184 | 794,614 | 32.5 | % | 29.9 | % | |||||||||||||||||||
| Income Interest Margin |
1,071,955 | 777,079 | 445,641 | 659,167 | 871,502 | 37.9 | % | 23.0 | % | |||||||||||||||||||
| Bills and Notes from the Central Bank |
1,012,485 | 716,362 | 368,754 | 574,204 | 779,982 | 41.3 | % | 29.8 | % | |||||||||||||||||||
| Other bonds |
59,470 | 60,718 | 76,887 | 84,963 | 91,519 | -2.1 | % | -35.0 | % | |||||||||||||||||||
| Holdings booked at fair value |
46,915 | 56,036 | 68,489 | 83,217 | 91,067 | -16.3 | % | -48.5 | % | |||||||||||||||||||
| Holdings booked at amortized cost |
12,555 | 4,682 | 8,397 | 1,746 | 453 | 168.1 | % | n/a | ||||||||||||||||||||
| Income Financial Operations |
(69,542 | ) | (45,905 | ) | 114,066 | 87,426 | (105,021 | ) | 51.5 | % | -33.8 | % | ||||||||||||||||
| Bills and Notes from the Central Bank |
(53,786 | ) | 12,579 | 18,608 | 11,132 | (162 | ) | -527.6 | % | n/a | ||||||||||||||||||
| Other bonds |
(15,756 | ) | (58,484 | ) | 95,458 | 76,294 | (104,859 | ) | -73.1 | % | -85.0 | % | ||||||||||||||||
| Holdings booked at fair value |
(15,758 | ) | (58,539 | ) | 95,343 | 76,517 | (105,005 | ) | -73.1 | % | -85.0 | % | ||||||||||||||||
| Holdings booked at amortized cost |
2 | 55 | 115 | (223 | ) | 147 | -96.4 | % | -98.6 | % | ||||||||||||||||||
| Other fixed income securities |
30,064 | 47,789 | 32,557 | 54,590 | 28,133 | -37.1 | % | 6.9 | % | |||||||||||||||||||
| CER adjustment |
112,942 | 155,398 | 100,285 | 97,614 | 168,495 | -27.3 | % | -33.0 | % | |||||||||||||||||||
Financial income generated by public sector assets grew 32.5% in the quarter, mainly due to a higher return of the BCRA bills portfolio, as the result of higher average holdings during the quarter generated by the issue of shares.
- 6 -
Table of Contents
Net Income from Services
| Net income from services | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Net income from services |
1,561,617 | 1,191,061 | 1,234,102 | 1,076,422 | 1,300,901 | 31.1 | % | 20.0 | % | |||||||||||||||||||
| Service charge income |
2,937,973 | 2,485,825 | 2,481,746 | 2,398,519 | 2,241,382 | 18.2 | % | 31.1 | % | |||||||||||||||||||
| Service charges on deposits accounts |
636,398 | 568,815 | 498,412 | 430,468 | 392,719 | 11.9 | % | 62.0 | % | |||||||||||||||||||
| Credit cards and operations |
1,106,882 | 883,586 | 987,996 | 1,000,246 | 998,318 | 25.3 | % | 10.9 | % | |||||||||||||||||||
| Insurance |
173,382 | 151,393 | 168,532 | 170,554 | 162,817 | 14.5 | % | 6.5 | % | |||||||||||||||||||
| Capital markets and securities activities |
31,823 | 31,306 | 16,936 | 16,533 | 25,547 | 1.7 | % | 24.6 | % | |||||||||||||||||||
| Fees related to foreign trade |
90,866 | 77,239 | 67,389 | 70,283 | 64,812 | 17.6 | % | 40.2 | % | |||||||||||||||||||
| Safety deposit box |
89,290 | 82,482 | 74,202 | 74,569 | 65,730 | 8.3 | % | 35.8 | % | |||||||||||||||||||
| Services of collection |
58,567 | 48,661 | 42,022 | 39,283 | 35,549 | 20.4 | % | 64.7 | % | |||||||||||||||||||
| Generated by subsidiaries |
365,836 | 324,080 | 298,607 | 205,153 | 129,140 | 12.9 | % | 183.3 | % | |||||||||||||||||||
| Other fees |
384,929 | 318,263 | 327,651 | 391,430 | 366,750 | 20.9 | % | 5.0 | % | |||||||||||||||||||
| Services Charge expense |
(1,376,356 | ) | (1,294,764 | ) | (1,247,644 | ) | (1,322,097 | ) | (940,481 | ) | 6.3 | % | 46.3 | % | ||||||||||||||
Net income from services grew 31.1% compared to the previous quarter, thus showing a positive evolution for all items. The quarter includes recurrent annual income, realized during the quarter analyzed. Disregarding such effect, the variation amounts to 20.5%.
Income grew 18.2% in the quarter, whereas expenditures did so by 6.3%.
Higher commissions from credit cards stand out, with consumptions increasing 8.7% and gaining market share. Other items that showed a good performance were fees from deposit accounts, which grew due to both the increase of activity and prices, and income from collection services.
- 7 -
Table of Contents
Administrative Expenses
| Administrative expenses | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Administrative expenses |
(3,155,954 | ) | (3,027,058 | ) | (2,897,619 | ) | (2,860,570 | ) | (2,373,439 | ) | 4.3 | % | 33.0 | % | ||||||||||||||
| Personnel expenses |
(1,749,326 | ) | (1,706,425 | ) | (1,635,877 | ) | (1,694,758 | ) | (1,335,778 | ) | 2.5 | % | 31.0 | % | ||||||||||||||
| General expenses |
(1,406,628 | ) | (1,320,633 | ) | (1,261,742 | ) | (1,165,812 | ) | (1,037,661 | ) | 6.5 | % | 35.6 | % | ||||||||||||||
| Electricity and Communications |
(43,911 | ) | (56,482 | ) | (52,036 | ) | (59,685 | ) | (59,459 | ) | -22.3 | % | -26.1 | % | ||||||||||||||
| Advertising and Promotion |
(112,517 | ) | (104,197 | ) | (82,525 | ) | (106,078 | ) | (102,929 | ) | 8.0 | % | 9.3 | % | ||||||||||||||
| Fees and external administrative services |
(66,939 | ) | (56,993 | ) | (49,289 | ) | (45,649 | ) | (45,089 | ) | 17.5 | % | 48.5 | % | ||||||||||||||
| Taxes |
(317,367 | ) | (282,287 | ) | (279,474 | ) | (265,956 | ) | (237,145 | ) | 12.4 | % | 33.8 | % | ||||||||||||||
| Organization and development expenses |
(32,414 | ) | (28,539 | ) | (24,846 | ) | (20,555 | ) | (19,448 | ) | 13.6 | % | 66.7 | % | ||||||||||||||
| Amortizations |
(131,348 | ) | (112,281 | ) | (87,628 | ) | (73,633 | ) | (62,980 | ) | 17.0 | % | 108.6 | % | ||||||||||||||
| Rents |
(126,231 | ) | (106,084 | ) | (112,106 | ) | (108,211 | ) | (93,700 | ) | 19.0 | % | 34.7 | % | ||||||||||||||
| Maintainance, conservation and repairs |
(132,731 | ) | (130,637 | ) | (134,038 | ) | (104,528 | ) | (85,485 | ) | 1.6 | % | 55.3 | % | ||||||||||||||
| Security Service |
(85,253 | ) | (71,328 | ) | (71,101 | ) | (66,610 | ) | (68,533 | ) | 19.5 | % | 24.4 | % | ||||||||||||||
| Carriage of valuables |
(160,235 | ) | (179,109 | ) | (164,900 | ) | (145,398 | ) | (118,129 | ) | -10.5 | % | 35.6 | % | ||||||||||||||
| Other |
(197,682 | ) | (192,696 | ) | (203,799 | ) | (169,509 | ) | (144,764 | ) | 2.6 | % | 36.6 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Employees |
6,142 | 6,190 | 6,219 | 6,265 | 6,114 | -0.8 | % | 0.5 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Branches |
251 | 252 | 252 | 251 | 251 | -0.4 | % | 0.0 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Administrative expenses increased 4.3% in the last three months and 33.0% in comparison with the same quarter of 2016.
General personnel expenses grew 2.5% over the previous quarter and 31% year-over-year. The period includes an $ 80 million provision corresponding to personnel compensation commitments included in the banking collective agreement, which in 2016 impacted on the fourth quarter. Without such provision, expenditures would have fallen slightly during the quarter, and increased 25% compared to the same period of 2016.
General expenses rose 6.5% over the previous quarter and 35.6% year-over-year.
During the period, higher tax charges and amortizations were recorded due to higher activity, investments in technology and the addition of the corporate office. Price of branch rents also went up. These effects were partially offset by a reduction of the transport of valuables item, which evidences the actions taken by the Bank to control this expenditure.
The efficiency ratio improves by 850 bp during the quarter, to 57%, as the result of both higher income, and higher expenditure restraint.
Within the frame of the transformation strategy, it is worth highlighting that, during the year, cashier transactions in branches decreased 20%, thus allowing for a reallocation of resources to more productive tasks, while hard copy account statements continued to be reduced, as a result of a strong campaign to lure customers to choose the digital format.
Other Income / Expenditures
The Other Income/Expenditure item showed a loss of $ 121.6 million in the third quarter of 2017, as the result of the fact that it includes higher provisions for other contingencies, mainly commercial.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated. During the third quarter of 2017, the profit amounted to $ 118.2 million.
- 8 -
Table of Contents
Balance and activity
Loan portfolio
| Net loans | Quarter ended |
% quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Private & Financial sector loans in $ |
84,226,386 | 71,820,037 | 68,429,094 | 66,472,453 | 60,724,382 | 17.3 | % | 38.7 | % | |||||||||||||||||||
| Advances |
10,533,948 | 9,495,624 | 9,463,160 | 9,540,668 | 10,783,767 | 10.9 | % | -2.3 | % | |||||||||||||||||||
| Discounted and purchased notes |
13,261,590 | 9,128,070 | 9,227,187 | 9,810,847 | 9,267,218 | 45.3 | % | 43.1 | % | |||||||||||||||||||
| Consumer Mortgages |
2,937,234 | 2,071,739 | 1,892,840 | 1,889,443 | 1,866,569 | 41.8 | % | 57.4 | % | |||||||||||||||||||
| Car secured loans |
8,062,140 | 6,986,809 | 6,368,608 | 5,628,320 | 5,087,540 | 15.4 | % | 58.5 | % | |||||||||||||||||||
| Personal loans |
13,786,796 | 11,646,873 | 10,522,971 | 9,368,939 | 8,172,953 | 18.4 | % | 68.7 | % | |||||||||||||||||||
| Credit cards |
23,889,556 | 22,516,560 | 21,775,867 | 21,539,673 | 18,675,353 | 6.1 | % | 27.9 | % | |||||||||||||||||||
| Loans to financial sector |
2,204,909 | 2,217,403 | 1,739,275 | 1,715,873 | 1,697,297 | -0.6 | % | 29.9 | % | |||||||||||||||||||
| Other loans |
10,345,952 | 8,621,253 | 8,200,489 | 7,512,590 | 5,605,681 | 20.0 | % | 84.6 | % | |||||||||||||||||||
| Unaccrued interest |
(410,090 | ) | (312,439 | ) | (315,649 | ) | (329,346 | ) | (299,131 | ) | 31.3 | % | 37.1 | % | ||||||||||||||
| Adj. & accrued int. & exchange diff. receivable |
1,484,684 | 1,166,756 | 1,164,083 | 1,286,851 | 1,270,412 | 27.2 | % | 16.9 | % | |||||||||||||||||||
| Less: Allowance for loan losses |
(1,870,333 | ) | (1,718,611 | ) | (1,609,737 | ) | (1,491,405 | ) | (1,403,277 | ) | 8.8 | % | 33.3 | % | ||||||||||||||
| Private & Financial sector loans in FX |
23,861,543 | 17,635,160 | 12,901,265 | 10,642,999 | 10,344,820 | 35.3 | % | 130.7 | % | |||||||||||||||||||
| Advances |
8,534 | 7,952 | 7,233 | 5,897 | 6,137 | 7.3 | % | 39.1 | % | |||||||||||||||||||
| Discounted and purchased notes |
1,306,379 | 941,959 | 858,646 | 1,085,875 | 1,206,288 | 38.7 | % | 8.3 | % | |||||||||||||||||||
| Credit cards |
1,549,060 | 1,463,325 | 1,301,292 | 981,170 | 1,023,339 | 5.9 | % | 51.4 | % | |||||||||||||||||||
| Loans to financial sector |
114,563 | 109,892 | 127,133 | 130,914 | 151,183 | n/a | n/a | |||||||||||||||||||||
| Other loans |
21,162,903 | 15,293,021 | 10,755,116 | 8,565,890 | 8,064,675 | 38.4 | % | 162.4 | % | |||||||||||||||||||
| Less: Allowance for loan losses |
(279,896 | ) | (180,989 | ) | (148,155 | ) | (126,747 | ) | (106,802 | ) | 54.6 | % | 162.1 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total Private Loans |
108,087,929 | 89,455,197 | 81,330,359 | 77,115,452 | 71,069,202 | 20.8 | % | 52.1 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total loans to public sector |
267 | 239 | 156 | 98,819 | 93,336 | 11.7 | % | -99.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Net Total Loans net of other non resident loans |
108,088,196 | 89,455,436 | 81,330,515 | 77,214,271 | 71,162,538 | 20.8 | % | 51.9 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Other non resident loans (*) |
3,588,006 | 62,710 | 1,581,090 | 1,675,650 | 34,064 | n/a | n/a | |||||||||||||||||||||
| Net total loans |
111,676,202 | 89,518,146 | 82,911,605 | 78,889,921 | 71,196,602 | 24.8 | % | 56.9 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| (*) | Correspond to balances related to overnight operations celebrated with foreign correspondent banks |
The private sector loan portfolio totaled AR$ 108.1 billion, growing 20.8% in the quarter and 52.1% year-over-year.
- 9 -
Table of Contents
As a result of the growth strategy implemented, the BBVA Francés market share of private loans grew 47 basis points during the quarter. The share reaches 8.1% as of September 30, 2017, and includes loans of affiliated companies consolidated within the financial statements, PSA Finance and Volkswagen.
In the last twelve months, loans in pesos increased 38.7%, while dollar loans rose 130.7%.
During the quarter, there stands out the dynamics of companies’ financing, both in local and foreign currency, and of consumption loans, mainly mortgage loans, unsecured and secured car loans.
Total Public Sector Exposure
| Public and Private Sector Exposure | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Public Sector - National Government |
7,464,832 | 7,920,788 | 6,889,933 | 5,276,924 | 3,385,701 | -5.8 | % | 120.5 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Public Sector Loans |
267 | 239 | 156 | 98,819 | 93,336 | 11.7 | % | -99.7 | % | |||||||||||||||||||
| Total bond portfolio |
7,464,790 | 7,920,772 | 6,889,994 | 5,178,318 | 3,292,580 | -5.8 | % | 126.7 | % | |||||||||||||||||||
| Holdings book at fair value |
5,746,588 | 6,955,704 | 5,646,590 | 4,274,229 | 3,291,490 | -17.4 | % | 74.6 | % | |||||||||||||||||||
| Holdings book at amortized cost |
1,718,202 | 965,068 | 1,243,404 | 904,089 | 1,090 | 78.0 | % | n/a | ||||||||||||||||||||
| Allowances |
(225 | ) | (223 | ) | (217 | ) | (213 | ) | (215 | ) | 0.9 | % | 4.7 | % | ||||||||||||||
| Bills and Notes from Central Bank |
14,488,774 | 14,393,353 | 7,200,514 | 7,310,231 | 9,437,491 | 0 .7 | % | 53.5 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total exposure to the Public |
21,953,606 | 22,314,142 | 14,090,447 | 12,587,155 | 12,823,192 | -1.6 | % | 71.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Private Debt |
615,570 | 576,714 | 471,796 | 479,106 | 391,349 | 6.7 | % | 57.3 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total exposure to the Pub and Priv Sector |
22,569,176 | 22,890,856 | 14,562,243 | 13,066,261 | 13,214,541 | -1.4 | % | 70.8 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Portfolio Received for Repos |
8,079,583 | 3,199,988 | 9,893,778 | 64,872 | 304,706 | 152.5 | % | n/a | ||||||||||||||||||||
| Public Bonds |
8,872,119 | 37,061 | — | — | — | n/a | n/a | |||||||||||||||||||||
| BCRA Instruments |
(792,536 | ) | 3,162,927 | 9,893,778 | 64,872 | 304,706 | -125.1 | % | -360.1 | % | ||||||||||||||||||
Exposure to the Public Sector registered a 1.6% reduction compared to the previous quarter, and a 71.2% increase in the last twelve months.
The portfolio of public securities fell 5.8% over the previous quarter and increased 120.5% in the last twelve months, mainly due to a larger placement in dollar denominated Treasury Bills.
During the quarter, repos were executed with the Argentine Republic for USD 250 million, maturing in December 2018 and March 2019.
As of September 30, 2017, the Federal Government public debt represented 3.7% of the Bank’s assets, while Central Bank Bills totaled 7.2% thereof.
- 10 -
Table of Contents
Portfolio Quality
| Asset quality ratios | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Non-performing loans (1) |
793,264 | 780,886 | 707,907 | 616,075 | 600,139 | 1.6 | % | 32.2 | % | |||||||||||||||||||
| Allowance for loan losses |
(2,150,229 | ) | (1,899,600 | ) | (1,757,892 | ) | (1,618,152 | ) | (1,510,079 | ) | 13.2 | % | 42.4 | % | ||||||||||||||
| Non-performing loans/net total loans |
0.70 | % | 0.85 | % | 0.84 | % | 0.77 | % | 0.83 | % | -18.4 | % | -15.6 | % | ||||||||||||||
| Non-performing priv. loans/net priv. loans |
0.70 | % | 0.85 | % | 0.84 | % | 0.77 | % | 0.83 | % | -18.4 | % | -15.7 | % | ||||||||||||||
| Allowance for loan losses/non-performing loans |
271.06 | % | 243.26 | % | 248.32 | % | 262.66 | % | 251.62 | % | 11.4 | % | 7.7 | % | ||||||||||||||
| Allowance for loan losses/net total loans |
1.89 | % | 2.08 | % | 2.08 | % | 2.01 | % | 2.08 | % | -9.1 | % | -9.0 | % | ||||||||||||||
| (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. |
As of September 30, 2017, the asset quality ratio (non-performing loans/total loans) was 0.7%, with a coverage ratio (provisions/non-performing loans) of 271.06%.
The non-performing ratio showed an improvement in relation to both the previous quarter, and the same quarter of 2016, evidencing a fall of 15 and 13 basis points, respectively, mainly due to the important growth of the loans portfolio.
On the other hand, the risk cost was 1.43%. The increase is explained by the higher generic provisions recorded during the quarter.
The following table shows the evolution of provisions for loan losses, including charges from transactions accounted for under “Other receivables” due to financial intermediation.
| Evolution of provisions | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Balance at the beginning of the quarter |
1,908,023 | 1,765,131 | 1,626,924 | 1,518,843 | 1,421,720 | 8.1 | % | 34.2 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Increase/decrease |
503,013 | 356,386 | 323,969 | 331,013 | 226,335 | 41.1 | % | 122.2 | % | |||||||||||||||||||
| Increase/decrease-Foreign exchange diff. |
7,461 | 13,410 | (4,188 | ) | 4,630 | 2,374 | -44.4 | % | -214.3 | % | ||||||||||||||||||
| Aplications / Reversals |
(260,397 | ) | (226,904 | ) | (181,574 | ) | (227,562 | ) | (131,586 | ) | 14.8 | % | 97.9 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Balance at the end of the quarter |
2,158,100 | 1,908,023 | 1,765,131 | 1,626,924 | 1,518,843 | 13.1 | % | 42.1 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
- 11 -
Table of Contents
Deposits
| Total deposits | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Deposits $ denominated |
84,005,882 | 84,035,746 | 82,248,799 | 74,902,584 | 70,139,742 | 0.0 | % | 19.8 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Current accounts |
22,306,350 | 22,693,886 | 21,484,467 | 21,419,738 | 19,132,845 | -1.7 | % | 16.6 | % | |||||||||||||||||||
| Saving accounts |
26,517,781 | 27,221,181 | 23,190,831 | 21,273,125 | 17,365,933 | -2.6 | % | 52.7 | % | |||||||||||||||||||
| Time deposits |
33,114,593 | 32,209,592 | 35,197,959 | 30,079,381 | 31,865,941 | 2.8 | % | 3.9 | % | |||||||||||||||||||
| Peso denominated |
32,954,999 | 31,964,459 | 35,001,533 | 30,076,548 | 31,863,676 | 3.1 | % | 3.4 | % | |||||||||||||||||||
| CER adjusted time deposits |
159,594 | 245,133 | 196,426 | 2,833 | 2,265 | -34.9 | % | n/a | ||||||||||||||||||||
| Investment Accounts |
1,112 | 213 | 85,194 | 85,194 | 85,091 | 422.1 | % | -98.7 | % | |||||||||||||||||||
| Other |
2,066,046 | 1,910,874 | 2,290,348 | 2,045,146 | 1,689,932 | 8.1 | % | 22.3 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Deposits FX denominated |
45,942,472 | 41,638,489 | 40,573,257 | 39,719,184 | 21,765,448 | 10.3 | % | 111.1 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Current accounts |
451,457 | 126,632 | 89,817 | 782,954 | 848,591 | 256.5 | % | -46.8 | % | |||||||||||||||||||
| Saving accounts |
35,441,394 | 30,552,506 | 23,779,226 | 21,318,030 | 14,956,855 | 16.0 | % | 137.0 | % | |||||||||||||||||||
| Time deposits |
6,976,320 | 6,270,117 | 5,961,593 | 6,220,811 | 5,200,667 | 11.3 | % | 34.1 | % | |||||||||||||||||||
| Other |
3,073,301 | 4,689,234 | 10,742,621 | 11,397,389 | 759,335 | -34.5 | % | 304.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total deposits |
129,948,354 | 125,674,235 | 122,822,056 | 114,621,768 | 91,905,190 | 3.4 | % | 41.4 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
As of September 30, 2017, total deposits reached AR$ 129.9 billion, a rise of 3.4% during the quarter, and of 41.4% in the last twelve months.
Peso deposits remained stable in relation to the previous quarter, showing a growth of 19.8% in the last twelve months. Sight deposits fell 2.2% during the quarter, but grew 33.8 % year-over-year, whereas time deposits grew 2.8% during the quarter and 3.9% year-over-year. Sight deposits performance is affected by higher foreign exchange purchases from customers during the pre-elections period.
At the end of September 2017, deposits in foreign currency reached AR$ 45.9 billion (equivalent to USD 2.7 billion), representing 35.1% of the Bank’s total deposits.
Other Sources of Funds
| Other funding sources | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Lines from other banks |
1,863,146 | 1,382,049 | 1,435,605 | 1,502,786 | 1,875,463 | 34.8 | % | -0.7 | % | |||||||||||||||||||
| Senior Bonds |
1,680,030 | 2,115,473 | 2,056,274 | 2,211,078 | 2,093,095 | -20.6 | % | -19.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Total other funding sources |
3,543,176 | 3,497,522 | 3,491,879 | 3,713,864 | 3,968,558 | 1.3 | % | -10.7 | % | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
- 12 -
Table of Contents
CER (UVA) Mismatch
| Quarter ended | D% Quarter ended 09/30/17 vs quarter ended |
|||||||||||||||||||||||||||
| (in thousands of pesos except percentages) |
09-30-17 | 06-30-17 | 03-3117 | 12-3116 | 09-30-16 | 06-30-16 | 09-30-16 | |||||||||||||||||||||
| CER adjusted assets |
3,275,440 | 2,218,667 | 2,616,315 | 2,818,625 | 2,773,722 | 47.6 | % | 18.1 | % | |||||||||||||||||||
| - Public bond portfolio |
1,761,986 | 1,656,898 | 2,418,040 | 2,643,768 | 2,677,683 | 6.3 | % | -34.2 | % | |||||||||||||||||||
| - Private sector loans |
1,265,246 | 448,609 | 146,371 | 47,525 | 2,901 | 182.0 | % | 43514.1 | % | |||||||||||||||||||
| - Public sector loans |
0 | 0 | 0 | 99,356 | 93,138 | n/a | -100.0 | % | ||||||||||||||||||||
| - Other credits |
248,208 | 113,160 | 51,904 | 27,976 | 0 | 119.3 | % | n/a | ||||||||||||||||||||
| CER adjusted deposits |
159,594 | 245,133 | 196,426 | 2,833 | 2,265 | -34.9 | % | n/a | ||||||||||||||||||||
| CER mismatch |
3,115,846 | 1,973,534 | 2,419,889 | 2,815,792 | 2,771,457 | 57.9 | % | 12.4 | % | |||||||||||||||||||
Capitalization
| Capitalization | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| Capital Stock |
612,660 | 536,878 | 536,878 | 536,878 | 536,878 | 14.1 | % | 14.1 | % | |||||||||||||||||||
| Issuance premiums |
6,739,151 | 182,511 | 182,511 | 182,511 | 182,511 | 3592.5 | % | 3592.5 | % | |||||||||||||||||||
| Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||||||||
| Subtotal |
7,664,790 | 1,032,368 | 1,032,368 | 1,032,368 | 1,032,368 | 642.4 | % | 642.4 | % | |||||||||||||||||||
| Reserves on Profits |
14,516,667 | 14,516,667 | 14,516,667 | 11,783,995 | 11,783,995 | 0.0 | % | 23.2 | % | |||||||||||||||||||
| Unrealized valuation difference |
2,457,355 | 1,322,775 | 1,605,770 | 3,643,672 | 3,061,267 | 85.8 | % | -19.7 | % | |||||||||||||||||||
| Total stockholders’ equity |
24,638,812 | 16,871,810 | 17,154,805 | 16,460,035 | 15,877,630 | 46.0 | % | 55.2 | % | |||||||||||||||||||
In July 2017, BBVA Francés carried out a primary follow-on equity offering in Argentina and abroad, issuing 75,781,788 new ordinary shares. This resulted in an increase of approximately 400 basis points of the total capital ratio.
As of September 30, 2017 such ratio was 14.8%. The stockholders equity upon the close of the period totaled $ 24.6 billion.
| Central Bank Requirements | Quarter ended | % quarter ended 09-30-17 vs quarter ended |
||||||||||||||||||||||||||
| (in thousands of pesos) |
09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | 06-30-17 | 09-30-16 | |||||||||||||||||||||
| CB Minimum Capital Requirements |
14,393,076 | 11,608,879 | 11,206,375 | 10,577,441 | 9,406,443 | 24.0 | % | 53.0 | % | |||||||||||||||||||
| CB Minimum Capital Requirements(a,b) |
14,393,076 | 11,608,879 | 11,206,375 | 10,321,905 | 9,225,447 | 24.0 | % | 56.0 | % | |||||||||||||||||||
| Increase in capital req. related to custody |
— | — | — | 255,536 | 180,996 | n/a | -100.0 | % | ||||||||||||||||||||
| a) CB Minimum Capital Requirements |
14,393,076 | 11,608,879 | 11,206,375 | 10,321,905 | 9,225,447 | 24.0 | % | 56.0 | % | |||||||||||||||||||
| Allocated to Asset at Risk |
11,661,200 | 9,046,865 | 8,785,277 | 7,926,163 | 7,017,244 | 28.9 | % | 66.2 | % | |||||||||||||||||||
| Market Risk |
317,338 | 287,776 | 270,773 | 291,744 | 211,525 | 10.3 | % | 50.0 | % | |||||||||||||||||||
| Operational Risk |
2,414,538 | 2,274,238 | 2,150,325 | 2,103,998 | 1,996,678 | 6.2 | % | 20.9 | % | |||||||||||||||||||
| b) Min. Cap. required for the G.F.S. of the Pas-as-you-go System managed by the Argentine Republic |
— | — | — | 1,022,144 | 723,985 | n/a | -100.0 | % | ||||||||||||||||||||
| 1% of the securities in custody and book-entry notes |
— | — | — | 1,022,144 | 723,985 | n/a | -100.0 | % | ||||||||||||||||||||
| Bank Capital |
26,009,378 | 18,632,561 | 18,843,971 | 17,420,859 | 16,694,008 | 39.6 | % | 55.8 | % | |||||||||||||||||||
| Ordinary Capital Level 1 |
24,767,163 | 17,451,690 | 17,674,906 | 16,698,101 | 16,056,616 | 41.9 | % | 54.2 | % | |||||||||||||||||||
| Dedusctions Ordinary Capital Level 1 |
(634,085 | ) | (525,144 | ) | (465,878 | ) | (390,238 | ) | (360,327 | ) | 20.7 | % | 76.0 | % | ||||||||||||||
| Capital Level 2 |
1,522,575 | 1,260,472 | 1,169,850 | 1,112,996 | 997,719 | 20.8 | % | 52.6 | % | |||||||||||||||||||
| Aditional Capital Level 1 |
353,725 | 445,543 | 465,093 | — | — | -20.6 | % | n/a | ||||||||||||||||||||
| Excess over Required Capital |
11,616,302 | 7,023,682 | 7,637,596 | 6,843,418 | 7,287,565 | 65.4 | % | 59.4 | % | |||||||||||||||||||
| Capital Ratio (Central Bank rules) |
14.8 | % | 13.1 | % | 13.8 | % | 13.8 | % | 14.8 | % | 12.7 | % | 0.0 | % | ||||||||||||||
| Excess over Required Capital as a % of Shareholders’ Equity |
47.1 | % | 28.5 | % | 31.0 | % | 40.6 | % | 42.5 | % | 65.4 | % | 11.0 | % | ||||||||||||||
- 13 -
Table of Contents
Conference Call
On Monday November 13, 2017 at 11:30 a.m. (Argentine time) a conference call will be held to comment on the quarter’s results.
Those who wish to participate should contact the following numbers:
0800-444-2930 (from Argentina)
+ 1 844-413-3973 (from the United States)
+ 1 412 902 6509 (from other countries)
Conference ID: BBVA
To access the webcast:
http://webcast.engage-x.com/Cover.aspx?PlatformId=FEX%2BWeXOT%2FCpl1KCiaH%2BmA%3D%3D
To request the Replay, please call
1-877-344-7529 (from United States)
1-412-317-0088 (from other countries)
- 14 -
Table of Contents
The replay will be available until Friday, November 24, 2017
Replay access code: 10113167
Internet
This press release is available on the web page of BBVA Francés.
www.bbvafrances.com.ar
Contacts
Cecilia Acuña
Investor relations
(5411) 4341-5036
ceciliaviviana.acuna@bbva.com
Diego Cesarini
Financial Management and Investor Relations
dcesarini@bbva.com
- 15 -
Table of Contents
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
| 09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | ||||||||||||||||
| Cash and due from banks |
27,947,327 | 37,048,209 | 41,149,362 | 48,226,105 | 30,296,084 | |||||||||||||||
| Government and Private Securities |
30,346,401 | 25,749,754 | 24,205,939 | 12,706,389 | 13,128,861 | |||||||||||||||
| Holdings booked at fair value |
14,618,707 | 6,992,766 | 5,646,590 | 4,274,229 | 3,291,490 | |||||||||||||||
| Holdings booked at amortized cost |
1,718,202 | 965,068 | 1,243,404 | 904,089 | 1,090 | |||||||||||||||
| Listed Private Securities |
313,479 | 235,863 | 221,870 | 153,181 | 94,299 | |||||||||||||||
| Bills and Notes from the Central Bank |
13,696,238 | 17,556,280 | 17,094,292 | 7,375,103 | 9,742,197 | |||||||||||||||
| Less: Allowances |
(225 | ) | (223 | ) | (217 | ) | (213 | ) | (215 | ) | ||||||||||
| Loans |
111,676,202 | 89,518,146 | 82,911,605 | 78,889,921 | 71,196,602 | |||||||||||||||
| Loans to the private & financial sector |
111,675,935 | 89,517,907 | 82,911,449 | 78,791,102 | 71,103,266 | |||||||||||||||
| Advances |
10,542,482 | 9,503,576 | 9,470,393 | 9,546,565 | 10,789,904 | |||||||||||||||
| Discounted and purchased notes |
14,567,969 | 10,070,029 | 10,085,833 | 10,896,722 | 10,473,506 | |||||||||||||||
| Secured with mortgages |
2,937,234 | 2,071,739 | 1,892,840 | 1,889,443 | 1,866,569 | |||||||||||||||
| Car secured loans |
8,062,140 | 6,986,809 | 6,368,608 | 5,628,320 | 5,087,540 | |||||||||||||||
| Personal loans |
13,786,796 | 11,646,873 | 10,522,971 | 9,368,939 | 8,172,953 | |||||||||||||||
| Credit cards |
25,438,616 | 23,979,885 | 23,077,159 | 22,520,843 | 19,698,692 | |||||||||||||||
| Loans to financial sector |
2,319,472 | 2,327,295 | 1,866,408 | 1,846,787 | 1,848,480 | |||||||||||||||
| Other loans (*) |
35,096,861 | 23,976,984 | 20,536,695 | 17,754,130 | 13,704,420 | |||||||||||||||
| Less: Unaccrued interest |
(410,090 | ) | (312,439 | ) | (315,649 | ) | (329,346 | ) | (299,131 | ) | ||||||||||
| Plus: Interest & FX differences receivable |
1,484,684 | 1,166,756 | 1,164,083 | 1,286,851 | 1,270,412 | |||||||||||||||
| Less: Allowance for loan losses |
(2,150,229 | ) | (1,899,600 | ) | (1,757,892 | ) | (1,618,152 | ) | (1,510,079 | ) | ||||||||||
| Public Sector loans |
267 | 239 | 156 | 98,819 | 93,336 | |||||||||||||||
| Principal |
266 | 237 | 155 | 8,786 | 8,895 | |||||||||||||||
| Plus: Interest & FX differences receivable |
1 | 2 | 1 | 90,033 | 84,441 | |||||||||||||||
| Other banking receivables |
19,387,164 | 9,771,087 | 26,190,719 | 2,427,906 | 7,890,155 | |||||||||||||||
| Repurchase agreements |
5,135,311 | 3,039,700 | 9,784,973 | — | 305,269 | |||||||||||||||
| Unlisted private securities |
302,091 | 340,851 | 249,926 | 325,925 | 297,050 | |||||||||||||||
| Other banking receivables |
13,957,633 | 6,398,959 | 16,163,059 | 2,110,753 | 7,296,600 | |||||||||||||||
| Less: provisions |
(7,871 | ) | (8,423 | ) | (7,239 | ) | (8,772 | ) | (8,764 | ) | ||||||||||
| Investments in other companies |
606,150 | 514,077 | 539,825 | 510,878 | 499,226 | |||||||||||||||
| Intangible assets |
407,765 | 354,534 | 331,419 | 315,811 | 286,330 | |||||||||||||||
| Goodwill |
3,206 | 3,296 | 3,386 | 3,476 | 3,566 | |||||||||||||||
| Organization and development charges |
404,559 | 351,238 | 328,033 | 312,335 | 282,764 | |||||||||||||||
| Other assets |
9,651,880 | 9,459,638 | 8,999,121 | 8,638,393 | 7,592,656 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
200,022,889 | 172,415,445 | 184,327,990 | 151,715,403 | 130,889,914 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Deposits |
129,948,354 | 125,674,235 | 122,822,056 | 114,621,768 | 91,905,190 | |||||||||||||||
| Current accounts |
22,757,807 | 22,820,518 | 21,574,284 | 22,202,692 | 19,981,436 | |||||||||||||||
| Saving accounts |
61,959,175 | 57,773,687 | 46,970,057 | 42,591,155 | 32,322,788 | |||||||||||||||
| Time deposits |
40,090,913 | 38,479,709 | 41,159,552 | 36,300,192 | 37,066,608 | |||||||||||||||
| Investment Accounts |
1,112 | 213 | 85,194 | 85,194 | 85,091 | |||||||||||||||
| Rescheduled deposits CEDROS |
1,951 | 1,951 | 1,951 | 1,959 | 2,224 | |||||||||||||||
| Other deposits |
5,137,396 | 6,598,157 | 13,031,018 | 13,440,576 | 2,447,043 | |||||||||||||||
| Other banking Liabilities |
36,514,676 | 21,152,694 | 37,891,164 | 13,785,069 | 17,131,159 | |||||||||||||||
| Other provisions |
2,775,198 | 2,587,759 | 1,317,224 | 1,375,154 | 1,169,099 | |||||||||||||||
| Other contingencies |
2,774,094 | 2,587,159 | 1,316,606 | 1,374,573 | 1,168,415 | |||||||||||||||
| Guarantees |
1,104 | 600 | 618 | 581 | 684 | |||||||||||||||
| Other liabilities |
5,562,823 | 5,564,345 | 4,607,529 | 4,856,020 | 4,423,620 | |||||||||||||||
| Minority interest |
583,026 | 564,602 | 535,212 | 617,357 | 383,216 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
175,384,077 | 155,543,635 | 167,173,185 | 135,255,368 | 115,012,284 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Stockholders´ equity |
24,638,812 | 16,871,810 | 17,154,805 | 16,460,035 | 15,877,630 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total liabilities + stockholders’ equity |
200,022,889 | 172,415,445 | 184,327,990 | 151,715,403 | 130,889,914 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (*) | Includes balances related to overnight operations celebrated with foreign correspondent banks |
- 16 -
Table of Contents
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
| 09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | ||||||||||||||||
| Financial income |
6,322,099 | 5,637,429 | 5,280,611 | 5,540,183 | 5,472,394 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest on Loans Granted to the Financial Sector |
124,005 | 109,189 | 90,605 | 113,359 | 125,081 | |||||||||||||||
| Interest on Overdraft |
737,188 | 679,137 | 769,018 | 843,578 | 954,753 | |||||||||||||||
| Interest on Discounted and purchased notes |
530,848 | 453,878 | 463,665 | 503,617 | 519,273 | |||||||||||||||
| Interest on Mortgages |
93,877 | 86,063 | 88,634 | 92,677 | 100,347 | |||||||||||||||
| Interest on Car Secured Loans |
292,115 | 296,662 | 298,138 | 280,469 | 277,860 | |||||||||||||||
| Interest on Credit Card Loans |
1,020,160 | 1,029,208 | 1,064,647 | 1,048,804 | 982,507 | |||||||||||||||
| Interest on Financial Leases |
110,867 | 110,471 | 107,085 | 108,107 | 109,609 | |||||||||||||||
| Interest on Other Loans |
1,457,403 | 1,274,390 | 1,178,537 | 1,106,035 | 1,060,249 | |||||||||||||||
| From Other Banking receivables |
1,715 | 852 | 548 | 185 | 398 | |||||||||||||||
| Interest on Government Guaranteed Loans Decree 1387/01 |
— | — | 1,081 | 6,810 | 10,728 | |||||||||||||||
| Income from Securities and Short Term Investments |
1,032,478 | 778,964 | 592,264 | 801,184 | 794,612 | |||||||||||||||
| CER |
112,942 | 155,398 | 100,285 | 97,613 | 168,496 | |||||||||||||||
| Foreign exchange difference |
634,046 | 431,991 | 306,004 | 458,312 | 240,758 | |||||||||||||||
| Other |
174,455 | 231,226 | 220,100 | 79,433 | 127,723 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Financial expenses |
(2,351,616 | ) | (2,204,490 | ) | (2,216,835 | ) | -2,287,923 | -2,636,033 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest on Current Account Deposits |
(191,736 | ) | (95,546 | ) | (14,811 | ) | — | — | ||||||||||||
| Interest on Saving Account Deposits |
(8,785 | ) | (7,962 | ) | (7,760 | ) | (7,817 | ) | (8,710 | ) | ||||||||||
| Interest on Time Deposits |
(1,443,836 | ) | (1,457,271 | ) | (1,534,706 | ) | (1,618,512 | ) | (2,031,231 | ) | ||||||||||
| Interest on Other Banking Liabilities |
(193,608 | ) | (207,362 | ) | (215,259 | ) | (222,302 | ) | (193,998 | ) | ||||||||||
| Other interests (includes Central Bank) |
(231 | ) | (312 | ) | (629 | ) | (674 | ) | (881 | ) | ||||||||||
| CER |
(11,463 | ) | (15,410 | ) | (1,915 | ) | (126 | ) | (86 | ) | ||||||||||
| Bank Deposit Guarantee Insurance system mandatory contributions |
(55,066 | ) | (52,593 | ) | (48,777 | ) | (40,376 | ) | (37,514 | ) | ||||||||||
| Mandatory contributions and taxes on interest income |
(400,531 | ) | (358,932 | ) | (355,405 | ) | (352,205 | ) | (340,249 | ) | ||||||||||
| Other |
(46,360 | ) | (9,102 | ) | (37,573 | ) | (45,911 | ) | (23,364 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net financial income |
3,970,483 | 3,432,939 | 3,063,776 | 3,252,260 | 2,836,361 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Provision for loan losses |
(503,013 | ) | (356,386 | ) | (323,969 | ) | (331,013 | ) | (226,335 | ) | ||||||||||
| Income from services, net of other operating expenses |
1,561,617 | 1,191,061 | 1,234,102 | 1,076,422 | 1,300,901 | |||||||||||||||
| Administrative expenses |
(3,155,954 | ) | (3,027,058 | ) | (2,897,619 | ) | (2,860,570 | ) | (2,373,439 | ) | ||||||||||
| Income (loss) from equity investments |
118,217 | 155,131 | 19,491 | 17,083 | 20,132 | |||||||||||||||
| Net Other income |
(121,621 | ) | (1,168,459 | ) | 855,111 | (141,517 | ) | (4,163 | ) | |||||||||||
| Income (loss) from minority interest |
(18,425 | ) | (29,601 | ) | (27,853 | ) | (13,547 | ) | (24,753 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income before tax |
1,851,304 | 197,627 | 1,923,039 | 999,118 | 1,528,704 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income tax |
(716,724 | ) | (480,622 | ) | (317,269 | ) | (416,713 | ) | (595,779 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
1,134,580 | (282,995 | ) | 1,605,770 | 582,405 | 932,925 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
- 17 -
Table of Contents
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
| 09-30-2017 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | ||||||||||||||||
| Cash and due from banks |
27,947,332 | 37,048,209 | 41,149,363 | 48,226,107 | 30,296,084 | |||||||||||||||
| Government Securities |
30,376,295 | 25,780,524 | 24,238,431 | 12,738,809 | 13,166,151 | |||||||||||||||
| Loans |
111,676,199 | 89,518,146 | 82,911,605 | 78,889,921 | 71,196,602 | |||||||||||||||
| Other Banking Receivables |
19,387,164 | 9,771,087 | 26,190,719 | 2,427,906 | 7,891,047 | |||||||||||||||
| Assets Subject to Financial Leasing |
2,213,865 | 2,177,021 | 2,088,865 | 2,046,971 | 2,110,038 | |||||||||||||||
| Investments in other companies |
600,609 | 509,594 | 535,221 | 507,625 | 493,463 | |||||||||||||||
| Other assets |
7,855,448 | 7,643,197 | 7,250,043 | 6,915,372 | 5,779,511 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Assets |
200,056,912 | 172,447,778 | 184,364,247 | 151,752,711 | 130,932,896 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Deposits |
129,947,789 | 125,674,032 | 122,822,030 | 114,621,753 | 91,904,217 | |||||||||||||||
| Other banking liabilities |
36,514,712 | 21,152,694 | 37,891,313 | 13,785,682 | 17,135,935 | |||||||||||||||
| Minority interest |
587,767 | 568,437 | 539,151 | 620,141 | 388,147 | |||||||||||||||
| Other liabilities |
8,367,832 | 8,180,805 | 5,956,948 | 6,265,100 | 5,626,967 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Liabilities |
175,418,100 | 155,575,968 | 167,209,442 | 135,292,676 | 115,055,266 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total Stockholders´ Equity |
24,638,812 | 16,871,810 | 17,154,805 | 16,460,035 | 15,877,630 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Stockholders´ Equity + Liabilities |
200,056,912 | 172,447,778 | 184,364,247 | 151,752,711 | 130,932,896 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Income | ||||||||||||||||||||
| 09-30-17 | 06-30-17 | 03-31-17 | 12-31-16 | 09-30-16 | ||||||||||||||||
| Net Financial Income |
3,972,703 | 3,433,241 | 3,066,449 | 3,253,700 | 2,838,936 | |||||||||||||||
| Provision for loan losses |
(503,013 | ) | (356,386 | ) | (323,969 | ) | (331,013 | ) | (226,335 | ) | ||||||||||
| Net Income from Services |
1,561,617 | 1,191,061 | 1,234,102 | 1,076,422 | 1,300,901 | |||||||||||||||
| Administrative expenses |
(3,157,604 | ) | (3,029,516 | ) | (2,899,037 | ) | (2,856,270 | ) | (2,379,655 | ) | ||||||||||
| Net Other Income |
(3,069 | ) | (1,011,209 | ) | 874,626 | (132,186 | ) | 18,012 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income Before Tax |
1,870,634 | 227,191 | 1,952,171 | 1,010,653 | 1,551,859 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income Tax |
(716,724 | ) | (480,689 | ) | (317,392 | ) | (416,849 | ) | (595,909 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income |
1,153,910 | (253,498 | ) | 1,634,779 | 593,804 | 955,950 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Minoritary Interest |
(19,330 | ) | (29,497 | ) | (29,009 | ) | (11,399 | ) | (23,025 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net income for Quarter |
1,134,580 | (282,995 | ) | 1,605,770 | 582,405 | 932,925 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
- 18 -
Table of Contents
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: November 10, 2017 | By: | /s/ Ignacio Sanz y Arcelus | ||||||
| Name: |
Ignacio Sanz y Arcelus | |||||||
| Title: |
Chief Financial Officer | |||||||