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 May 2009
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1003
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
TABLE OF CONTENTS
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1. | Press release entitled BBVA Banco Francés reports first quarter earnings for fiscal year 2009. |
Buenos Aires, May 11, 2009 - BBVA Banco Francés (NYSE: BFR.N; BCBA: FRA.BA; LATIBEX: BFR.LA) reports consolidated first quarter earnings for fiscal year 2009
Highlights
| Earnings in the first quarter of 2009 were AR$85.9 million, which represent an improvement of 15.6% compared with earnings in the first quarter of 2008. The earnings per share were AR$0.18 and the return on equity (ROE) reached 16.4% in annual terms. |
| The improvement in the recurrent income structure of the Bank is reflected in the net interest margin and in the net fee income, which grew 19.0% and 32.2%, respectively, compared to the first quarter of 2008. |
| During the first quarter of 2009, the Argentine financial market showed a slowdown in the pace of growth mainly in the financial intersection with the private sector. In this context, BBVA Banco Francés was not the exception and the Banks financings to the private sector remain at the same level as in 2008. |
| Regarding asset quality, BBVA Banco Francés continues being the leading bank in the financial system. Prudent risk management is one of the fundamental factors to maintain excellent indicators of risk assumed. As of March 31, 2009 the non-performing ratio reached 1.28% with a coverage level of 159.3%. |
| In terms of liabilities, during the first quarter of 2009, recurrent deposits grew 2.6%. Balances in sight accounts showed the greatest growth, increasing their participation in deposits. As of March 31, 2009, these recurrent deposits represented 52.8% of the total. |
| Total shareholders equity was AR$2,117 million by the end of March 2009 and BBVA Banco Francés had an excess of capital over the Central Bank of the Argentine Republic (BCRA) requirements of AR$938 million. This excess represented 44.3% of Total Stockholders Equity, showing an important level of solvency. |
| In an Ordinary and Special Shareholders Meeting held on March 27, 2009, the shareholders approved by majority the distribution of dividends totaling AR$100 million, of which AR$35 million will be paid in cash and AR$65 million through the issuance of new shares. The approved dividends will be distributed pro-rata to shares held at face value by each shareholder, equivalent to AR$0.21215 by share, ad referendum of the BCRA authorization. At the date of the release of this press release, the BCRA had not commented on this issue. |
Economic Environment
In the first two months of 2009, economic activity continued to decrease as in the fourth quarter of 2008. The Monthly Estimator of Economic Activity (EMAE) grew 2.4% year over year. Despite this, the industry and development decreased during the period.
A decrease in economic activity and lower agricultural products prices had a negative impact on tax collections and the primary fiscal surplus of the national public sector. Fiscal revenues grew by 15.6% on average year over year during the first quarter. Income tax and export duties were the most affected incomes. The primary fiscal surplus of the national public sector decreased by 49.1% compared with the same period of 2008.
Inflation, as measured by the Consumer Price Index (which is used to calculate CER adjustment for some sovereign assets) averaged 6.6% year over year during the first quarter.
- 1 -
While the effects of the international crisis on the markets continued to emerge, some domestic factors also negatively affected the domestic exchange market. The BCRA sold US$1,476 million in the quarter and the exchange rate (BCRA) closed at AR$3.71 per U.S. dollar, an increase of 7.5% with respect to the last quarter of 2008. The international reserve stock remained at US$46,509 million, slightly above its level at the end of 2008.
The Badlar rate at private banks in the month of March closed at an average of 12.21% due to the liquidity stock privilege in the financial system and to the lack of demand for money. Monetary base decreased in the period due to the absence of monetarization via the external sector and due to the integration of reverse repos.
Total deposits of the financial system increased 4.1% on average in the first quarter of 2009. Dollars deposits grew 18.2% due to price effect (greater devaluation), and to quantity. Private sector loans grew only 1.7% in the first quarter, mainly the line of advances in pesos.
The Bank
The international crisis and some local factors resulted in a slowdown in the pace of growth in the core business. Amidst this, BBVA Banco Francés was able to adapt itself to the new market conditions, redefining its strategy with the goal of surpassing this crisis and becoming stronger for it.
In this environment BBVA Banco Francés continues focused on boosting the mixing of business. In terms of assets, the Bank continuous managing liquidity and trying to increase financings in the retail and middle-market segments.
On the other side, in terms of liabilities the targets are the retail funds, which help to improve even more the cost structure. A higher participation of transactional deposits as a percentage of total deposits supports this goal.
BBVA Banco Francés has excellent positioning, which is based on a good balance sheet structure, high levels of liquidity and solvency, a wide network of branches and the necessary expertise to work in an environment more complex and competitive every day.
Presentation of Financial Information
| Foreign currency balances as of March 31, 2009 have been translated into pesos at the reference exchange rate of AR$3.7135 per U.S. dollar, published by the BCRA. |
| This press release contains unaudited information that consolidates all of the banking activities of BBVA Banco Francés and its subsidiaries on a line-by-line basis. The Banks share interest in the Consolidar Group is shown as Investments in other companies (booked by the equity method) and the corresponding results are included in Income from equity investments. |
| It is important to highlight the fact that information contained in this press release may differ from the information published by BBVA Group for Argentina, which is prepared according to Spanish accounting standards for all BBVA Group affiliates. |
- 2 -
Financial Information
Condensed Income Statement (1) in thousands of pesos except income per share, income per ADS and percentages
|
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
|||||||||||||
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | |||||||||||
Net Financial Income |
308,771 | (11,249 | ) | 259,535 | n.a. | 18.97 | % | ||||||||
Provision for loan losses |
(32,218 | ) | 35,816 | (20,173 | ) | -189.95 | % | 59.71 | % | ||||||
Net income from services |
216,882 | 218,876 | 164,065 | -0.91 | % | 32.19 | % | ||||||||
Administrative expenses |
(376,648 | ) | (319,283 | ) | (257,462 | ) | 17.97 | % | 46.29 | % | |||||
Operating income |
116,787 | (75,840 | ) | 145,965 | -253.99 | % | -19.99 | % | |||||||
Income (Loss) from equity investments |
13,952 | (17,023 | ) | 41,367 | -181.96 | % | -66.27 | % | |||||||
Income (Loss) from Minority interest |
(4,930 | ) | (2,467 | ) | 253 | 99.84 | % | n.a. | |||||||
Other Income/Expenses |
(37,125 | ) | 114,682 | (110,962 | ) | -132.37 | % | -66.54 | % | ||||||
Income tax and Minimum Presumed Tax |
(2,810 | ) | (3,573 | ) | (2,315 | ) | -21.35 | % | -21.38 | % | |||||
Net income for the period |
85,874 | 15,779 | 74,308 | 444.23 | % | 15.56 | % | ||||||||
Net income per share (2) |
0.18 | 0.03 | 0.16 | 444.23 | % | 15.57 | % | ||||||||
Net income per ADS (3) |
0.55 | 0.10 | 0.47 | 444.23 | % | 15.57 | % |
(1) | Exchange rate: 3.7135 Ps. = 1 US$ |
(2) | Assumes 471,361,306 ordinary shares outstanding. |
(3) | Each ADS represents three ordinary shares. |
Net Income totaled AR$85.9 million by the end of the first quarter of 2009, which represented an increase of 15.6% compared to the first quarter of 2008. The advance in the recurrent income structure of the Bank is reflected in the net interest margin and in the net fee income, which grew 19.0% and 32.2%, respectively, compared to the first quarter of 2008.
At March 31, 2009 net financial income reached AR$308.8 million, which included a loss of AR$70 million related to the adjustment in public bonds. Without taking into account that adjustment, net financial income grew 1.3% and 18.5% as compared to the last quarter of 2008 and the first quarter of 2008, respectively.
It is important to highlight that as a consequence of the slowdown in the international markets during the first quarter of 2009, the Bank voluntarily adjusted the public bonds portfolio in order to register this portfolio at a reasonable value in line with the current market conditions.
Provisions for loan losses at March 31, 2009 totaled AR$32.2 million, remaining at similar levels as the previous quarter.
Net income from services showed a slight decrease during the first quarter of 2009, mainly due to seasonality. In annual terms it grew 32.2% as a consequence of higher levels of activity during 2008.
Administrative expenses increased 18.0% in the first quarter of 2009 compared to the last quarter of 2008, and 46.3% compared to the first quarter of 2008 due to an increase in personnel expenses and, to a lesser extent, due to an increase in general expenses.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
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in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Return on Average Assets (1) |
1.41 | % | 0.29 | % | 1.51 | % | 390.35 | % | -6.44 | % | |||||
Return on Average Shareholders Equity (1) |
16.38 | % | 2.97 | % | 14.74 | % | 452.38 | % | 11.18 | % | |||||
Net fee Income as a % of Operating Income |
41.26 | % | 105.42 | % | 38.73 | % | -60.86 | % | 6.53 | % | |||||
Net fee Income as a % of Administrative Expenses |
57.58 | % | 68.55 | % | 63.72 | % | -16.00 | % | -9.64 | % | |||||
Adm. Expenses as a % of Operating Income (2) (3) |
63.23 | % | 59.52 | % | 60.78 | % | 6.24 | % | 4.04 | % |
(1) | Annualized. |
(2) | Adm.Expenses / (Net financial income + Net income from services) |
(3) | Net considering the excess in the adjustment of the value of public portfolio. |
- 3 -
Net Financial Income
The improvement in net financial income comes as a result of the steady growth of income coming from the private sector, which is due to growth in the loan portfolio and the low cost of funds on one hand and the decrease in the Badlar rate on the other.
As compared to the first quarter of 2008, the increase in net financial income is due to growth in the private loan portfolio; mainly financings for consumption and commercial loans to small- and middle-sized companies together with an improvement in the client spread.
The increase in Other Net Financial Income is due to an increase in results of financial operations and in the growth of interest of repos with BCRA.
During the firs quarter of 2009, income related to foreign currency exchange, included in foreign exchange difference, totaled AR$40.0 million, which is 12.8% more than those registered in the previous quarter.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
|||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | |||||||||
Net financial income |
308,771 | (11,249 | ) | 259,535 | n.a. | 18.97 | % | |||||||
Income from financial intermediation |
128,902 | 112,689 | 82,095 | 14.39 | % | 57.02 | % | |||||||
CER adjustment |
10,236 | 32,829 | 60,471 | -68.82 | % | -83.07 | % | |||||||
Income from securities and short term investments |
2,605 | (316,695 | ) | 20,573 | -100.82 | % | -87.34 | % | ||||||
Net Income from options |
(2 | ) | (111 | ) | | -98.20 | % | 100.00 | % | |||||
Interest on Government guaranteed loans |
4,998 | 15,210 | 25,459 | -67.14 | % | -80.37 | % | |||||||
Foreign exchange difference |
50,938 | 56,967 | 31,758 | -10.58 | % | 60.39 | % | |||||||
Others |
111,094 | 87,862 | 39,179 | 26.44 | % | 183.55 | % |
Income from Public and Private Securities
Income from public and private securities during the first quarter of 2009 registered a lower adjustment in their value as compared to the previous quarter and appears to be stable.
It is important to mention that the swap of guarantee loans for securities issued by the national government (BONAR 2014) in January 2009 had no impact on the income statements.
With respect to other income from public and private securities, reductions in the results from the portfolio from available for sale and BCRA instruments are mainly due to a smaller volume of holdings of these instruments together with lower yields.
Finally, the decrease in the CER adjustment is due to the lower volume of assets adjustable by the CER index together with the result derived from the application of Communication A 4.898 of the BCRA.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Income from securities and short-term investments |
2,605 | (316,695 | ) | 20,573 | -100.82 | % | -87.34 | % | |||||||
Trading account |
(3,289 | ) | 9,466 | 13,025 | -134.75 | % | -125.25 | % | |||||||
Available for sale |
19,548 | 33,243 | 26,323 | -41.20 | % | -25.74 | % | ||||||||
Bills and Notes from the Central Bank |
10,071 | 15,890 | 42,354 | -36.62 | % | -76.22 | % | ||||||||
Other fixed income securities |
(23,724 | ) | (375,294 | ) | (61,129 | ) | -93.68 | % | -61.19 | % | |||||
CER adjustment |
4,848 | 14,939 | 28,642 | -67.55 | % | -83.08 | % | ||||||||
CER adjustment - Trading account |
| | | | | ||||||||||
CER adjustment - Investment account |
| | | | | ||||||||||
CER adjustment - Other fixed securities |
4,848 | 14,939 | 28,642 | -67.55 | % | -83.08 | % |
- 4 -
Net Income from Services
Net Income from services showed a slight decrease as compared to the last quarter of 2008, mainly due to seasonality, which caused a decrease in activity during the first quarter of 2009 compared to the last quarter of 2008.
In comparison with the first quarter of 2008, net income from services grew by 32.2%, due to higher business volume with higher fees from the retail segment, mainly those related to current accounts, credit cards and insurance commissions, in addition to those linked to foreign trade operations.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Net income from services |
216,882 | 218,876 | 164,065 | -0.91 | % | 32.19 | % | ||||||||
Service charge income |
277,865 | 289,896 | 205,598 | -4.15 | % | 35.15 | % | ||||||||
Service charges on deposits accounts |
108,578 | 95,699 | 74,282 | 13.46 | % | 46.17 | % | ||||||||
Credit Cards and operations |
60,797 | 76,509 | 46,094 | -20.54 | % | 31.90 | % | ||||||||
Insurance |
27,954 | 32,233 | 17,318 | -13.27 | % | 61.42 | % | ||||||||
Capital markets and securities activities |
1,533 | 3,557 | 3,627 | -56.90 | % | -57.73 | % | ||||||||
Fees related to Foreign trade |
14,758 | 14,184 | 12,132 | 4.04 | % | 21.65 | % | ||||||||
Other fees |
64,245 | 67,715 | 52,146 | -5.13 | % | 23.20 | % | ||||||||
Services Charge expense |
(60,982 | ) | (71,020 | ) | (41,533 | ) | -14.13 | % | 46.83 | % |
Administrative Expenses
During the first quarter of 2009, administrative expenses grew by 18.0% compared to the last quarter of 2008 and by 46.3% compared to the first quarter of 2008.
Growth in administrative expenses is explained by an increase in personnel expenses and in general expenses. Personnel expenses grew as a consequence of the payment of a fixed amount in January and a growth in charges for voluntary retirements occurred during the quarter. Compared with the same quarter a year ago, those expenses grew mainly due to increases in salaries.
General expenses increased due to charges in electricity, communication, taxes, amortization and organization expenses. Growth in taxes is explained by a change in the mode of registration. In the previous years, charges for financial transactions were accounted under Other Expenses. The increase in electricity is due to the increase in tariffs, while growth of the others items are explained by a higher activity level. Those increases were partially offset by lower expenses in advertisement.
By the end of March 31, 2009, the total Bank and subsidiary (except the Consolidar Group) employee base was 4,246 individuals. The branch office network totaled 270 offices, including 239 consumer branch offices, 27 branch offices specialized in the middle-market segment, 14 in-company branches, 4 branch offices for large corporate and institutional clients and 3 points of sale.
- 5 -
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Administrative expenses |
(376,648 | ) | (319,283 | ) | (257,462 | ) | 17.97 | % | 46.29 | % | |||||
Personnel expenses |
(236,917 | ) | (186,297 | ) | (155,562 | ) | 27.17 | % | 52.30 | % | |||||
Electricity and Communications |
(7,357 | ) | (6,932 | ) | (6,522 | ) | 6.13 | % | 12.80 | % | |||||
Advertising and Promotion |
(12,845 | ) | (21,754 | ) | (16,239 | ) | -40.95 | % | -20.90 | % | |||||
Honoraries |
(7,228 | ) | (8,550 | ) | (6,772 | ) | -15.46 | % | 6.73 | % | |||||
Taxes |
(23,026 | ) | (9,929 | ) | (7,323 | ) | 131.91 | % | 214.43 | % | |||||
Organization and development expenses |
(3,595 | ) | (3,304 | ) | (1,850 | ) | 8.81 | % | 94.32 | % | |||||
Amortizations |
(10,704 | ) | (10,100 | ) | (7,913 | ) | 5.98 | % | 35.27 | % | |||||
Other |
(74,976 | ) | (72,417 | ) | (55,281 | ) | 3.53 | % | 35.63 | % |
Other Income / Expenses
Other income/expenses registered a loss of AR$37.3 million by the end of March 31, 2009, including a loss from legal injunctions paid during the period together with provisions for other contingencies, which was partially offset by recovered credits.
It is important to note that during the first quarter of 2008, BBVA Banco Francés completed the amortization of the asset related with legal injunctions which was of AR$67.7 million. Such amortization was booked in accordance with the BCRA regulation and it does not imply that the Bank waives its right to demand future compensation or recovery of the difference in the exchange rate ordered by the legal injunctions.
Income from Equity Investments
Income from equity investments sets forth net income from related companies that are not consolidated, mainly the Consolidar Group. The stake in the Consolidar Group recorded a gain of AR$11.1 million during the first quarter of 2009.
It represented an improvement compared to the AR$25.6 million loss registered during the last quarter of 2008 as a consequence of the pension system reform.
- 6 -
Balance and Activity
Total Public Sector Exposure
During the first quarter of 2009, the total exposure to the public sector continued losing participation in the Bank assets. As of March 31, 2009, Public Sector National Treasure assets, net of holdings linked to reverse repo transactions, represented 7.2% of the Banks total assets. Meanwhile, the total exposure including the portfolio of BCRA bills and notes, reached 11.8% of the Banks total assets.
In 2008, the total public sector exposure, net of holdings linked to reverse repo transactions, decreased almost 27.0% mainly by smaller valuations of such assets together with the decrease in the BCRA bills and notes portfolio.
The variations in the provisions for loan loss risk and devaluation in the first quarter of 2009 are due to the transfer of a regulation account that contained guaranteed loan swaps for Bonar 2014, as well as the creation of new provisions.
Total exposure to the public sector includes public debt of the national treasury through public securities, guaranteed loans and trustees, and also, the BCRA bills and notes.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Public Sector - National Government |
1,931,586 | 2,262,626 | 2,610,302 | -14.63 | % | -26.00 | % | ||||||||
- Loans to the Federal government & Provinces |
435,189 | 1,365,552 | 1,359,054 | -68.13 | % | -67.98 | % | ||||||||
- Total bond portfolio |
2,258,228 | 1,432,662 | 1,181,327 | 57.62 | % | 91.16 | % | ||||||||
Unlisted |
2,078,843 | 1,004,833 | 914,461 | 106.88 | % | 127.33 | % | ||||||||
Available for sale |
83,417 | 91,669 | 239,513 | -9.00 | % | -65.17 | % | ||||||||
Other government bonds |
2,946 | 1,472 | 27,353 | 100.16 | % | -89.23 | % | ||||||||
Reverse repo w/Central Bank |
93,022 | 334,688 | - | -72.21 | % | 100.00 | % | ||||||||
- Trustees |
217,589 | 217,043 | 201,342 | 0.25 | % | 8.07 | % | ||||||||
- Allowances |
(979,419 | ) | (752,631 | ) | (131,421 | ) | 30.13 | % | 645.25 | % | |||||
Bills and Notes from Central Bank |
3,156,570 | 2,928,104 | 1,624,095 | 7.80 | % | 94.36 | % | ||||||||
- Own portfolio |
1,167,201 | 1,668,928 | 1,504,310 | -30.06 | % | -22.41 | % | ||||||||
- Reverse repo w/Central Bank |
1,989,369 | 1,259,176 | 119,785 | 57.99 | % | 1560.79 | % | ||||||||
Total exposure to the Public Sector |
5,088,157 | 5,190,730 | 4,234,397 | -1.98 | % | 20.16 | % | ||||||||
Total exposure to the Public Sector without repos |
3,005,766 | 3,596,866 | 4,114,612 | -16.43 | % | -26.95 | % |
Loan Portfolio
The private sector loan portfolio totaled AR$9,609 million, registering a slight decrease in the first quarter of 2009.
During the first quarter of 2009, loans related to export operations grew but decreases in advances and discounted notes in the corporate segment and in consumption financing were also recorded.
In 2008, loan portfolio behavior reflected the important evolution in consumption financing, showing a slowdown in the rate of growth of loan activity. Amidst this BBVA Banco Francés has been able to adapt and has continued focused on the retail segment. Such increase was led by personal loans (AR$342 million), credit cards (AR$325 million) and car loans (AR$195 million). In comparison, in the middle market and corporate segments the discounted notes and other loans, mainly those related to export operations, decreased.
- 7 -
The table below shows the composition of the loan portfolio in quarter balances:
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Private & Financial sector loans |
9,609,422 | 9,898,442 | 9,561,341 | -2.92 | % | 0.50 | % | ||||||||
Advances |
1,299,454 | 1,413,526 | 1,541,802 | -8.07 | % | -15.72 | % | ||||||||
Discounted and purchased notes |
916,839 | 1,241,508 | 1,526,031 | -26.15 | % | -39.92 | % | ||||||||
Consumer Mortgages |
927,115 | 946,804 | 845,357 | -2.08 | % | 9.67 | % | ||||||||
Car secured loans |
505,257 | 511,374 | 310,591 | -1.20 | % | 62.68 | % | ||||||||
Personal loans |
1,830,322 | 1,855,767 | 1,487,916 | -1.37 | % | 23.01 | % | ||||||||
Credit cards |
1,183,816 | 1,239,588 | 858,656 | -4.50 | % | 37.87 | % | ||||||||
Loans to financial sector |
460,431 | 491,820 | 561,042 | -6.38 | % | -17.93 | % | ||||||||
Other loans |
2,521,933 | 2,228,099 | 2,512,168 | 13.19 | % | 0.39 | % | ||||||||
Unaccrued interest |
(15,717 | ) | (24,304 | ) | (12,284 | ) | -35.33 | % | 27.95 | % | |||||
Adjustment and accrued interest & exchange differences receivable |
188,676 | 190,749 | 140,312 | -1.09 | % | 34.47 | % | ||||||||
Less: Allowance for loan losses |
(208,704 | ) | (196,489 | ) | (210,250 | ) | 6.22 | % | -0.74 | % | |||||
Loans to public sector |
435,189 | 1,365,552 | 1,359,054 | -68.13 | % | -67.98 | % | ||||||||
Loans to public sector |
173,083 | 553,120 | 625,685 | -68.71 | % | -72.34 | % | ||||||||
Adjustment and accrued interest & exchange differences receivable |
262,106 | 812,432 | 733,369 | -67.74 | % | -64.26 | % | ||||||||
Net total loans |
10,044,611 | 11,263,994 | 10,920,395 | -10.83 | % | -8.02 | % |
Asset Quality
Asset quality continues to set apart BBVA Banco Francés in the local market, with an asset quality ratio (non-performing loans over total loans) of 1.28% and a coverage ratio (provisions over of non-performing loans) of 159.3% as of March 31, 2009.
The increase registered in the asset quality ratio is related to the public sector performing loans decrease due to the swap for public securities in one hand and on the other hand, due to a decrease in private sector loans and a slight delinquency increase.
It is important to highlight that, despite the slight delinquency increase, BBVA Banco Francés has the best quality ratios in the Argentine financial system.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Nonaccrual loans (1) |
131,005 | 111,026 | 70,363 | 17.99 | % | 86.18 | % | ||||||||
Allowance for loan losses |
(208,704 | ) | (196,489 | ) | (210,250 | ) | 6.22 | % | -0.74 | % | |||||
Nonaccrual loans/net total loans |
1.28 | % | 0.97 | % | 0.63 | % | 31.89 | % | 102.12 | % | |||||
Nonaccrual private loans/net private loans |
1.33 | % | 1.10 | % | 0.72 | % | 21.32 | % | 85.30 | % | |||||
Allowance for loan losses/nonaccrual loans |
159.31 | % | 176.98 | % | 298.81 | % | -9.98 | % | -46.68 | % | |||||
Allowance for loan losses/net total loans |
2.04 | % | 1.71 | % | 1.89 | % | 18.72 | % | 7.76 | % |
(1) | Nonaccrual 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. |
During the first quarter of 2009, allowance for loans losses showed an increase due to the constitution of allowances on the non-performing loans.
- 8 -
The following table shows the evolution of provisions for loan losses, including charges relating to transactions recorded under Other Receivables from financial intermediation.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Balance at the beginning of the quarter |
199,502 | 248,135 | 200,629 | -19.60 | % | -0.56 | % | ||||||||
Increase / decrease |
32,218 | -35,816 | 20,173 | -189.95 | % | 59.71 | % | ||||||||
Provision increase / decrease - Exchange rate difference |
1,657 | 2,694 | 165 | -38.49 | % | -904.24 | % | ||||||||
Decrease |
(21,431 | ) | (15,511 | ) | (8,528 | ) | 38.17 | % | 151.30 | % | |||||
Balance at the end of the quarter |
211,946 | 199,502 | 212,439 | 6.24 | % | -0.23 | % |
Deposits
As of March 31, 2009, total deposits reached AR$19,380 million, growing 12.3% in relation to the balance registered on December 31, 2008 and 27.8% compared to the balance registered as of March 31, 2008.
However, current account balances in foreign currency as of March 31, 2209 and as of December 31, 2008 include transitory deposits. Without considering these deposits, deposits grew 2.6% in the first quarter and 13.7% in the last year.
At sight deposits, without considering transitory deposits, grew 18.2% in the last twelve months and represented 52.8% of deposits at the close of the first quarter of 2009.
Time deposits increased 3.0% during the first quarter of 2009. This increase is more relevant taking into account the decrease in the Badlar rate during the quarter.
Deposits denominated in pesos decreased 1.9% during the first quarter of the year while they increased 8.2% during the last twelve months.
On the other hand, recurrent deposits denominated in foreign currency grew 23.1% in the first quarter of 2009 and 45.9% during the last twelve months. Although, nominal recurrent deposits in foreign currency, taking off the argentine peso devaluation, grew 14.5% in the first quarter of 2009 and 24.4% in the last twelve months. As of March 31, 2009, recurrent deposits in foreign currency reached AR$3,698 million (equivalent to US$996 million), representing 21.7% of total recurrent deposits of the Bank.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
|||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | |||||||
Total deposits |
19,287,904 | 17,159,319 | 15,012,593 | 12.40 | % | 28.48 | % | |||||
Current accounts |
6,498,270 | 4,743,074 | 3,278,413 | 37.01 | % | 98.21 | % | |||||
Peso denominated |
4,268,206 | 4,218,204 | 3,273,369 | 1.19 | % | 30.39 | % | |||||
Foreign currency |
2,230,064 | 524,870 | 5,044 | 324.88 | % | n.a. | ||||||
Saving accounts |
4,741,144 | 4,664,305 | 4,351,764 | 1.65 | % | 8.95 | % | |||||
Peso denominated |
3,123,917 | 3,338,069 | 3,276,333 | -6.42 | % | -4.65 | % | |||||
Foreign currency |
1,617,227 | 1,326,236 | 1,075,431 | 21.94 | % | 50.38 | % | |||||
Time deposits |
7,723,820 | 7,497,724 | 7,011,041 | 3.02 | % | 10.17 | % | |||||
Peso denominated |
5,796,240 | 5,921,364 | 5,547,552 | -2.11 | % | 4.48 | % | |||||
CER adjusted time deposits |
8,185 | 15,326 | 132,073 | -46.59 | % | -93.80 | % | |||||
Foreign currency |
1,919,395 | 1,561,034 | 1,331,416 | 22.96 | % | 44.16 | % | |||||
Investment Accounts |
6,683 | 10,322 | 17,811 | -35.25 | % | -62.48 | % | |||||
Peso denominated |
6,683 | 10,322 | 17,811 | -35.25 | % | -62.48 | % | |||||
Other |
317,987 | 243,894 | 353,564 | 30.38 | % | -10.06 | % | |||||
Peso denominated |
156,247 | 127,220 | 225,275 | 22.82 | % | -30.64 | % | |||||
Foreign currency |
161,740 | 116,674 | 128,289 | 38.63 | % | 26.07 | % | |||||
Rescheduled deposits + CEDROS (*) |
92,557 | 101,598 | 155,096 | -8.90 | % | -40.32 | % | |||||
Peso denominated |
92,557 | 101,598 | 155,096 | -8.90 | % | -40.32 | % | |||||
Total deposits + Rescheduled deposits & CEDROS |
19,380,461 | 17,260,917 | 15,167,689 | 12.28 | % | 27.77 | % |
(*) | The payment of Rescheduled Deposits concluded in August 2005, in accordance with its original schedule, except those deposits that have a pending legal injunction. |
- 9 -
Other Funding Sources
Other funding sources decreased 44.2% in the first quarter of 2009 and 71.3% in the last year. These variations are mainly caused by the decrease in the balances used at other banks due to the drop in the financings demand by foreign trade operations.
At the end of the first quarter of 2009, 84.9% of the balances showed in the table below were foreign-currency denominated.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
|||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | |||||||
Lines from other banks |
217,652 | 389,832 | 758,377 | -44.17 | % | -71.30 | % | |||||
Senior Bonds |
| | | | | |||||||
Other banking liabilities |
217,652 | 389,832 | 758,377 | -44.17 | % | -71.30 | % | |||||
Subordinated Debt |
| | | | | |||||||
Total other funding sources |
217,652 | 389,832 | 758,377 | -44.17 | % | -71.30 | % |
Capitalization
As of March 31, 2009, total shareholders equity of the bank was AR$2,117 million; whereas the excess of capital over the BCRA requirements was AR$938 million. This excess represents 44.3% of total shareholders equity, representing an important solvency level.
The unrealized valuation difference as of March 31, 2009 reached AR$191 million due to the deterioration registered in the value of public bonds labeled as available for sale.
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Capital Stock |
536,361 | 471,361 | 471,361 | 13.79 | % | 13.79 | % | ||||||||
Non-capitalized contributions |
175,132 | 175,132 | 175,132 | 0.00 | % | 0.00 | % | ||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.00 | % | 0.00 | % | ||||||||
Subtotal |
1,024,472 | 959,472 | 959,472 | 6.77 | % | 6.77 | % | ||||||||
Reserves on Profits |
658,693 | 594,391 | 594,390 | 10.82 | % | 10.82 | % | ||||||||
Unappropriated retained earnings |
624,852 | 703,280 | 456,079 | -11.15 | % | 37.01 | % | ||||||||
Unrealized valuation difference |
(190,606 | ) | (181,119 | ) | (32,537 | ) | 5.24 | % | 485.81 | % | |||||
Total stockholders equity |
2,117,411 | 2,076,024 | 1,977,404 | 1.99 | % | 7.08 | % |
The variations in the minimum capital required by the BCRA during the last year is mainly explained by higher requirements caused by the increase in the private sector financings and an increase in the alpha coefficient, partially offset by lower requirements due to a decrease in the market risk as a consequence of a lower risk exposure.
- 10 -
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in thousands of pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
Central Bank Minimum Capital Requirements |
1,467,171 | 1,467,176 | 1,449,708 | 0.00 | % | 1.20 | % | ||||||||
Central Bank Minimum Capital Requirements (a, b) |
1,387,097 | 1,373,016 | 1,302,684 | 1.03 | % | 6.48 | % | ||||||||
Market Risk |
39,465 | 52,360 | 91,601 | -24.63 | % | -56.92 | % | ||||||||
Increase in capital requirements related to custody |
40,609 | 41,800 | 55,423 | -2.85 | % | -26.73 | % | ||||||||
a) Central Bank Minimum Capital Requirements |
1,387,097 | 1,373,016 | 1,302,684 | 1.03 | % | 6.48 | % | ||||||||
Allocated to Asset at Risk |
958,189 | 892,463 | 806,712 | 7.36 | % | 18.78 | % | ||||||||
Allocated to Immobilized Assets |
89,304 | 86,167 | 91,014 | 3.64 | % | -1.88 | % | ||||||||
Interest Rate Risk |
167,310 | 158,065 | 167,084 | 5.85 | % | 0.14 | % | ||||||||
Loans to Public Sector and Securities in Investment |
172,294 | 236,321 | 237,874 | -27.09 | % | -27.57 | % | ||||||||
Non Compliance of Other Credit Regulations |
| | | | | ||||||||||
b) Minimum capital required for Pension Funds (AFJPs) to act as securities custodian and registrar of mortgage notes |
812,177 | 836,005 | 1,108,462 | -2.85 | % | -26.73 | % | ||||||||
5% of the securities in custody and book-entry notes |
812,177 | 836,005 | 1,108,462 | -2.85 | % | -26.73 | % | ||||||||
Bank Capital Calculated under Central Bank Rules |
2,404,828 | 2,355,781 | 2,138,526 | 2.08 | % | 12.45 | % | ||||||||
Core Capital |
2,257,143 | 1,946,516 | 1,935,634 | 15.96 | % | 16.61 | % | ||||||||
Minority Interest |
316,824 | 304,884 | 242,603 | 3.92 | % | 30.59 | % | ||||||||
Supplemental Capital |
(108,914 | ) | 165,802 | 55,634 | -165.69 | % | -295.77 | % | |||||||
Deductions |
(60,225 | ) | (61,421 | ) | (95,345 | ) | -1.95 | % | -36.83 | % | |||||
Excess over Required Capital |
937,657 | 888,605 | 688,818 | 5.52 | % | 36.13 | % | ||||||||
Capital Ratio (Central Bank rules) |
15.41 | % | 14.76 | % | 14.30 | % | 4.36 | % | 7.78 | % | |||||
Excess over Required Capital as a % of Shareholders Equity |
44.28 | % | 42.80 | % | 34.83 | % | 3.46 | % | 27.12 | % |
Additional Information
Quarter ended | % Change Qtr ended 03/31/09 vs. Qtr ended |
||||||||||||||
in pesos except percentages
|
03/31/09 | 12/31/08 | 03/31/08 | 12/31/08 | 03/31/08 | ||||||||||
- Exchange rate |
3.7135 | 3.4537 | 3.1653 | 7.52 | % | 17.32 | % | ||||||||
- Quarterly CER adjustment |
1.29 | % | 1.31 | % | 2.42 | % | -1.64 | % | -46.78 | % |
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, Banco Francés earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Banco 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 Banco 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 Banco 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 Banco Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Banco Francés annual report on Form 20-F and exhibits thereto. BBVA Banco 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.
- 11 -
Conference call
A conference call to discuss this fourth quarter earnings will be held on Tuesday, May 12th, 2009, at 11:30 AM New York time 12.30 AM Buenos Aires time. If you are interested in participating, please dial (888) 221 9466 within the U.S. or +1 (913) 312 0669 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 8487884.
A conference call replay facility will be available from May 12th through May 26th, 2009. In order to listen to this digital replay, please call (888) 203 1112 within the U.S. or +1 (719) 457 0820 outside the U.S. Access Code: 8487884.
Internet
This press release is also available on www.bancofrances.com.ar
CONTACTS
Daniel Sandigliano
Investor Relations
(5411) 4341-5036
daniel.sandigliano@bancofrances.com.ar
Cecilia Acuña
Investor Relations
(5411) 4348-0000 int. 25384
cecilia.acuna@bancofrances.com.ar
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
(in thousands of pesos)
|
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | ||||||||
ASSETS: |
||||||||||||
Cash and due from banks |
6,440,732 | 4,239,157 | 3,388,364 | 3,596,127 | ||||||||
Government and Private Securities |
4,442,714 | 3,615,920 | 2,977,262 | 2,694,171 | ||||||||
- Trading account (listed securities) |
913 | 1,461 | 9,040 | 20,364 | ||||||||
- Available for sale |
434,366 | 577,502 | 978,211 | 989,689 | ||||||||
- Reverse repo w/Central Bank |
93,022 | 334,688 | | | ||||||||
- Unlisted |
2,078,843 | 1,004,833 | 978,345 | 914,461 | ||||||||
- Listed Private Securities |
7,335 | 7,796 | 9,139 | 20,170 | ||||||||
- Bills and Notes from the Central Bank |
2,807,654 | 2,442,271 | 1,350,046 | 880,908 | ||||||||
Less: Allowances |
(979,419 | ) | (752,631 | ) | (347,519 | ) | (131,421 | ) | ||||
Loans |
10,044,611 | 11,263,994 | 11,210,444 | 10,920,395 | ||||||||
- Loans to the private & financial sector |
9,609,422 | 9,898,442 | 9,834,091 | 9,561,341 | ||||||||
- Advances |
1,299,454 | 1,413,526 | 1,471,487 | 1,541,802 | ||||||||
- Discounted and purchased notes |
916,839 | 1,241,508 | 1,424,584 | 1,526,031 | ||||||||
- Secured with mortgages |
927,115 | 946,804 | 953,448 | 845,357 | ||||||||
- Car secured loans |
505,257 | 511,374 | 457,189 | 310,591 | ||||||||
- Personal loans |
1,830,322 | 1,855,767 | 1,786,215 | 1,487,916 | ||||||||
- Credit cards |
1,183,816 | 1,239,588 | 1,010,571 | 858,656 | ||||||||
- Loans to financial sector |
460,431 | 491,820 | 486,909 | 561,042 | ||||||||
- Other loans |
2,521,933 | 2,228,099 | 2,347,432 | 2,512,168 | ||||||||
Less: Unaccrued interest |
(15,717 | ) | (24,304 | ) | (17,077 | ) | (12,284 | ) | ||||
Plus: Interest & FX differences receivable |
188,676 | 190,749 | 159,034 | 140,312 | ||||||||
Less: Allowance for loan losses |
(208,704 | ) | (196,489 | ) | (245,701 | ) | (210,250 | ) | ||||
- Public Sector loans |
435,189 | 1,365,552 | 1,376,353 | 1,359,054 | ||||||||
Principal |
173,083 | 553,120 | 583,740 | 625,685 | ||||||||
Plus: Interest & FX differences receivable |
262,106 | 812,432 | 792,613 | 733,369 | ||||||||
Other banking receivables |
2,904,596 | 2,391,717 | 1,396,491 | 1,136,726 | ||||||||
- Repurchase agreements |
2,152,752 | 1,667,345 | 655,336 | 120,141 | ||||||||
- Unlisted private securities |
68,624 | 63,324 | 58,041 | 59,389 | ||||||||
- Unlisted Private securities: Trustees |
33,131 | 34,421 | 31,326 | 26,394 | ||||||||
- Other banking receivables |
653,331 | 629,640 | 654,222 | 932,991 | ||||||||
- Less: provisions |
(3,242 | ) | (3,013 | ) | (2,434 | ) | (2,189 | ) | ||||
Investments in other companies |
440,309 | 428,305 | 452,879 | 453,334 | ||||||||
Intangible assets |
48,042 | 48,075 | 44,012 | 28,555 | ||||||||
- Organization and development charges |
48,042 | 48,075 | 44,012 | 28,555 | ||||||||
Other assets |
1,167,927 | 1,196,426 | 1,201,050 | 1,076,042 | ||||||||
TOTAL ASSETS |
25,488,931 | 23,183,594 | 20,670,502 | 19,905,350 | ||||||||
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | |||||||||
LIABILITIES: |
||||||||||||
Deposits |
19,380,461 | 17,260,917 | 15,674,166 | 15,167,689 | ||||||||
- Current accounts |
6,498,270 | 4,743,074 | 3,454,744 | 3,278,413 | ||||||||
- Saving accounts |
4,741,144 | 4,664,305 | 4,485,715 | 4,351,764 | ||||||||
- Time deposits |
7,723,820 | 7,497,724 | 7,302,332 | 7,011,041 | ||||||||
- Investment Accounts |
6,683 | 10,322 | 18,238 | 17,811 | ||||||||
- Rescheduled deposits - CEDROS |
92,557 | 101,598 | 121,093 | 155,096 | ||||||||
- Other deposits |
317,987 | 243,894 | 292,044 | 353,564 | ||||||||
Other banking Liabilities |
3,373,442 | 3,129,562 | 2,089,996 | 1,993,905 | ||||||||
Other provisions |
271,528 | 236,811 | 344,863 | 361,146 | ||||||||
- Other contingencies |
271,171 | 236,454 | 344,504 | 360,733 | ||||||||
- Guarantees |
357 | 357 | 359 | 413 | ||||||||
Other liabilities |
306,552 | 445,672 | 349,148 | 391,057 | ||||||||
Minority interest |
39,537 | 34,608 | 32,140 | 14,149 | ||||||||
TOTAL LIABILITIES |
23,371,520 | 21,107,570 | 18,490,313 | 17,927,946 | ||||||||
TOTAL STOCKHOLDERS EQUITY |
2,117,411 | 2,076,024 | 2,180,189 | 1,977,404 | ||||||||
Total liabilities + stockholders equity |
25,488,931 | 23,183,594 | 20,670,502 | 19,905,350 | ||||||||
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT
(in thousands of pesos)
|
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | ||||||||
Financial income |
576,047 | 282,293 | 492,612 | 457,432 | ||||||||
- Interest on Cash and Due from Banks |
20 | 571 | 3,090 | 4,914 | ||||||||
- Interest on Loans Granted to the Financial Sector |
27,818 | 26,492 | 21,304 | 14,441 | ||||||||
- Interest on Overdraft |
84,992 | 89,205 | 68,514 | 50,010 | ||||||||
- Interest on Discounted and purchased notes |
44,779 | 55,879 | 44,772 | 38,063 | ||||||||
- Interest on Mortgages |
32,288 | 31,055 | 28,826 | 22,698 | ||||||||
- Interest on Car Secured Loans |
22,443 | 19,761 | 15,713 | 8,488 | ||||||||
- Interest on Credit Card Loans |
44,645 | 34,570 | 27,624 | 21,068 | ||||||||
- Interest on Other Loans |
137,172 | 139,721 | 128,702 | 108,629 | ||||||||
- From Other Banking receivables |
408 | 4,105 | 4,691 | 5,995 | ||||||||
- Interest on Government Guaranteed Loans Decree 1387/01 |
4,998 | 15,210 | 15,011 | 25,459 | ||||||||
- Income from Securities and Short Term Investments |
2,605 | (316,695 | ) | (1,935 | ) | 20,573 | ||||||
- Net Income from options |
(2 | ) | (111 | ) | 11 | | ||||||
- CER |
10,398 | 33,116 | 39,070 | 64,671 | ||||||||
- CVS |
| | | | ||||||||
- Foreign exchange difference |
50,938 | 56,967 | 40,400 | 31,768 | ||||||||
- Other |
112,545 | 92,447 | 56,819 | 40,655 | ||||||||
Financial expenses |
(267,276 | ) | (293,542 | ) | (237,004 | ) | (197,897 | ) | ||||
- Interest on Current Account Deposits |
(5,676 | ) | (8,532 | ) | (8,009 | ) | (5,852 | ) | ||||
- Interest on Saving Account Deposits |
(2,441 | ) | (2,346 | ) | (2,275 | ) | (2,130 | ) | ||||
- Interest on Time Deposits |
(218,183 | ) | (240,262 | ) | (191,627 | ) | (151,329 | ) | ||||
- Interest on Other Banking Liabilities |
(6,295 | ) | (9,006 | ) | (8,910 | ) | (12,026 | ) | ||||
- Other interests (includes Central Bank) |
(870 | ) | (1,707 | ) | (1,902 | ) | (1,632 | ) | ||||
- CER |
(162 | ) | (287 | ) | (517 | ) | (4,200 | ) | ||||
- Bank Deposit Guarantee Insurance system mandatory contributions |
(7,338 | ) | (6,889 | ) | (6,528 | ) | (6,632 | ) | ||||
- Foreign exchange difference |
| | | (10 | ) | |||||||
- Mandatory contributions and taxes on interest income |
(24,860 | ) | (19,928 | ) | (16,629 | ) | (12,610 | ) | ||||
- Other |
(1,451 | ) | (4,585 | ) | (607 | ) | (1,476 | ) | ||||
Net financial income |
308,771 | (11,249 | ) | 255,608 | 259,535 | |||||||
Provision for loan losses |
(32,218 | ) | 35,816 | (30,108 | ) | (20,173 | ) | |||||
Income from services, net of other operating expenses |
216,882 | 218,876 | 192,471 | 164,065 | ||||||||
Administrative expenses |
(376,648 | ) | (319,283 | ) | (286,323 | ) | (257,462 | ) | ||||
Income (loss) from equity investments |
13,952 | (17,023 | ) | 249 | 41,367 | |||||||
Net Other income |
(37,125 | ) | 114,682 | (8,062 | ) | (110,962 | ) | |||||
Income (loss) from minority interest |
(4,930 | ) | (2,467 | ) | (2,411 | ) | 253 | |||||
Income before tax |
88,684 | 19,352 | 121,424 | 76,623 | ||||||||
Income tax |
(2,810 | ) | (3,573 | ) | (3,937 | ) | (2,315 | ) | ||||
Net income |
85,874 | 15,779 | 117,487 | 74,308 | ||||||||
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
(in thousands of pesos) | ||||||||||||
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | |||||||||
ASSETS |
||||||||||||
Cash and due from banks |
6,491,378 | 4,243,080 | 3,453,787 | 3,625,974 | ||||||||
Government Securities |
5,998,907 | 5,233,660 | 4,533,015 | 4,482,378 | ||||||||
Loans |
11,433,459 | 12,507,489 | 12,619,747 | 11,966,409 | ||||||||
Other Banking Receivables |
2,960,497 | 2,442,925 | 1,443,429 | 1,186,025 | ||||||||
Assets Subject to Financial Leasing |
343,673 | 379,120 | 381,254 | 335,614 | ||||||||
Investments in other companies |
101,539 | 96,640 | 99,574 | 106,571 | ||||||||
Other assets |
937,207 | 922,551 | 959,475 | 907,629 | ||||||||
TOTAL ASSETS |
28,266,660 | 25,825,465 | 23,490,281 | 22,610,600 | ||||||||
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | |||||||||
LIABILITIES |
||||||||||||
Deposits |
19,264,258 | 17,079,203 | 15,648,108 | 15,109,195 | ||||||||
Other banking liabilities |
3,393,066 | 3,135,153 | 2,118,476 | 2,042,381 | ||||||||
Minority interest |
255,787 | 248,139 | 261,471 | 242,604 | ||||||||
Other liabilities |
3,236,138 | 3,286,946 | 3,282,037 | 3,239,016 | ||||||||
TOTAL LIABILITIES |
26,149,249 | 23,749,441 | 21,310,092 | 20,633,196 | ||||||||
TOTAL STOCKHOLDERS EQUITY |
2,117,411 | 2,076,024 | 2,180,189 | 1,977,404 | ||||||||
STOCKHOLDERS EQUITY + LIABILITIES |
28,266,660 | 25,825,465 | 23,490,281 | 22,610,600 | ||||||||
03/31/09 | 12/31/08 | 09/30/08 | 03/31/08 | |||||||||
NET INCOME |
||||||||||||
Net Financial Income |
447,003 | 107,969 | 352,279 | 358,247 | ||||||||
Provision for loan losses |
(32,218 | ) | 35,816 | (30,108 | ) | (20,173 | ) | |||||
Net Income from Services |
216,303 | 246,027 | 240,216 | 250,923 | ||||||||
Administrative expenses |
(401,236 | ) | (411,471 | ) | (350,482 | ) | (318,297 | ) | ||||
Net Other Income |
(130,860 | ) | 30,744 | (79,327 | ) | (183,634 | ) | |||||
Income Before Tax |
98,992 | 9,085 | 132,578 | 87,066 | ||||||||
Income Tax |
(5,468 | ) | (6,638 | ) | (11,559 | ) | (6,091 | ) | ||||
Net income |
93,524 | 2,447 | 121,019 | 80,975 | ||||||||
Minoritary Interest |
(7,650 | ) | 13,332 | (3,532 | ) | (6,667 | ) | |||||
Net income for Quarter |
85,874 | 15,779 | 117,487 | 74,308 | ||||||||
- 15 -
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: May 11, 2009 | By: | /s/ Martín E. Zarich | ||||
Name: | Martín E. Zarich | |||||
Title: | Chief Financial Officer |