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 2011
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
BBVA Banco Francés S.A.
Item |
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1. |
Press release entitled BBVA Banco Francés reports consolidated first quarter earnings for fiscal year 2011. |
Buenos Aires, May 10, 2011 - BBVA Frances (NYSE: BFR.N; BCBA: FRA.BA; LATIBEX: BFR.LA) reports consolidated first quarter earnings for fiscal year 2011
Highlights
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- 4 -
Financial Information
Condensed Income Statement (1) | Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except income per share, income per ADS and percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Net Financial Income |
503,113 | 739,037 | 476,619 | -31.9 | % | 5.6 | % | |||||||||||||
Provision for loan losses |
(41,576 | ) | (64,287 | ) | (30,706 | ) | -35.3 | % | 35.4 | % | ||||||||||
Net income from services |
303,827 | 290,356 | 263,480 | 4.6 | % | 15.3 | % | |||||||||||||
Administrative expenses |
(531,176 | ) | (505,310 | ) | (460,088 | ) | 5.1 | % | 15.5 | % | ||||||||||
Operating income |
234,188 | 459,796 | 249,305 | -49.1 | % | -6.1 | % | |||||||||||||
Income (Loss) from equity investments |
38,820 | 16,187 | 5,665 | 139.8 | % | 585.3 | % | |||||||||||||
Income (Loss) from Minority interest |
(3,776 | ) | (4,997 | ) | (4,486 | ) | -24.4 | % | -15.8 | % | ||||||||||
Other Income/Expenses |
8,203 | 7,634 | (5,270 | ) | 7.5 | % | -255.7 | % | ||||||||||||
Income tax and Minimum Presumed Tax |
(81,953 | ) | (80,748 | ) | (85,540 | ) | 1.5 | % | -4.2 | % | ||||||||||
Net income for the period |
195,482 | 397,872 | 159,674 | -50.9 | % | 22.4 | % | |||||||||||||
Net income per share (2) |
0.36 | 0.74 | 0.30 | -50.9 | % | 22.4 | % | |||||||||||||
Net income per ADS (3) |
1.09 | 2.23 | 0.89 | -50.9 | % | 22.4 | % |
(1) | Exchange rate: 4.0520 Ps. = 1 US$ |
(2) | Assumes 536,361,306 ordinary shares outstanding |
(3) | Each ADS represents three ordinary shares. |
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Return on Average Assets (1) |
2.54 | % | 5.28 | % | 2.70 | % | -51.9 | % | -6.1 | % | ||||||||||
Return on Average Shareholders Equity |
23.0 | % | 45.2 | % | 21.3 | % | -49.1 | % | 8.2 | % | ||||||||||
Net fee Income as a % of Recurrent Operating Income |
37.7 | % | 28.2 | % | 35.6 | % | 33.5 | % | 5.8 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
57.2 | % | 57.5 | % | 57.3 | % | -0.5 | % | -0.1 | % | ||||||||||
Adm. Expenses as a % of Recurrent Operating Income (2) |
65.8 | % | 49.1 | % | 62.2 | % | 34.1 | % | 5.9 | % |
(1) | Annualized. |
(2) | Adm.Expenses / (Net financial income + Net income from services) |
- 5 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Net financial income |
503,113 | 739,037 | 476,619 | -31.9 | % | 5.6 | % | |||||||||||||
Net income from financial intermediation |
269,578 | 260,363 | 197,759 | 3.5 | % | 36.3 | % | |||||||||||||
CER adjustment |
8,825 | (278 | ) | 205 | -3274.5 | % | 4204.9 | % | ||||||||||||
Income from securities and short term investments |
121,366 | 389,240 | 180,426 | -68.8 | % | -32.7 | % | |||||||||||||
Interest on Government guaranteed loans |
12,211 | 16,910 | 21,692 | -27.8 | % | -43.7 | % | |||||||||||||
Foreign exchange difference |
45,952 | 38,719 | 41,910 | 18.7 | % | 9.6 | % | |||||||||||||
Others |
45,181 | 34,083 | 34,627 | 32.6 | % | 30.5 | % |
Quarter ended | % Change Qtr ended
12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Income from securities and short-term investments |
121,366 | 361,066 | 144,563 | -66.4 | % | -16.0 | % | |||||||||||||
Holdings booked at fair value |
29,606 | |||||||||||||||||||
Holdings booked at amortized cost |
| |||||||||||||||||||
Trading account |
| 136,980 | 7,505 | -100.0 | % | -100.0 | % | |||||||||||||
Available for sale |
| 24,292 | 19,984 | -100.0 | % | -100.0 | % | |||||||||||||
Bills and Notes from the Central Bank |
92,640 | 59,148 | 91,764 | 56.6 | % | 1.0 | % | |||||||||||||
Other fixed income securities |
(880 | ) | 140,645 | 25,310 | -100.6 | % | -96.5 | % | ||||||||||||
CER adjustment |
| 28,174 | 35,863 | -100.0 | % | -100.0 | % | |||||||||||||
CER adjustment - Trading account |
| | | | | |||||||||||||||
CER adjustment - Investment account |
| | | | | |||||||||||||||
CER adjustment - Other fixed securities |
| 28,174 | 35,863 | -100.0 | % | -100.0 | % |
- 6 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Net income from services |
303,827 | 290,356 | 263,480 | 4.6 | % | 15.3 | % | |||||||||||||
Service charge income |
412,234 | 417,549 | 336,747 | -1.3 | % | 22.4 | % | |||||||||||||
Service charges on deposits accounts |
107,478 | 101,279 | 94,878 | 6.1 | % | 13.3 | % | |||||||||||||
Credit cards and operations |
138,245 | 141,790 | 108,738 | -2.5 | % | 27.1 | % | |||||||||||||
Insurance |
37,736 | 38,951 | 30,858 | -3.1 | % | 22.3 | % | |||||||||||||
Capital markets and securities activities |
2,479 | 10,149 | 5,742 | -75.6 | % | -56.8 | % | |||||||||||||
Fees related to foreign trade |
17,334 | 19,571 | 13,856 | -11.4 | % | 25.1 | % | |||||||||||||
Other fees |
108,962 | 105,810 | 82,676 | 3.0 | % | 31.8 | % | |||||||||||||
Services Charge expense |
(108,407 | ) | (127,194 | ) | (73,267 | ) | -14.8 | % | 48.0 | % |
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Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Administrative expenses |
(531,176 | ) | (505,310 | ) | (460,088 | ) | 5.1 | % | 15.5 | % | ||||||||||
Personnel expenses |
(318,247 | ) | (298,849 | ) | (292,396 | ) | 6.5 | % | 8.8 | % | ||||||||||
Electricity and Communications |
(10,131 | ) | (10,700 | ) | (8,585 | ) | -5.3 | % | 18.0 | % | ||||||||||
Advertising and Promotion |
(24,295 | ) | (27,028 | ) | (17,730 | ) | -10.1 | % | 37.0 | % | ||||||||||
Honoraries |
(8,399 | ) | (10,655 | ) | (8,507 | ) | -21.2 | % | -1.3 | % | ||||||||||
Taxes |
(36,891 | ) | (33,662 | ) | (28,674 | ) | 9.6 | % | 28.7 | % | ||||||||||
Organization and development |
(6,593 | ) | (5,756 | ) | (5,185 | ) | 14.5 | % | 27.2 | % | ||||||||||
Amortizations |
(15,024 | ) | (15,334 | ) | (13,280 | ) | -2.0 | % | 13.1 | % | ||||||||||
Other |
(111,596 | ) | (103,326 | ) | (85,731 | ) | 8.0 | % | 30.2 | % |
Balance and Activity
- 8 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Holdings |
6,231,949 | 5,616,603 | 5,240,423 | 11.0 | % | 18.9 | % | |||||||||||||
Holdings booked at fair value |
2,319,927 | | | 0 | 0 | |||||||||||||||
Holdings booked at amortized cost |
181 | | | 0 | 0 | |||||||||||||||
Central Bank instruments |
3,811,397 | 2,236,026 | 2,801,109 | 70.5 | % | 36.1 | % | |||||||||||||
Trading |
| 4,813 | 48,274 | -100.0 | % | -100.0 | % | |||||||||||||
Unlisted Goverment Securities |
| 2,055,451 | 1,917,096 | -100.0 | % | -100.0 | % | |||||||||||||
Available for Sale |
| 1,228,297 | 746,908 | -100.0 | % | -100.0 | % | |||||||||||||
Other fixed income securities |
100,634 | 92,205 | 135,754 | 9.1 | % | -25.9 | % | |||||||||||||
Allowances |
(190 | ) | (189 | ) | (408,718 | ) | 0.5 | % | -100.0 | % | ||||||||||
Repurchase Agreements |
910,591 | | | | | |||||||||||||||
Trading (Reverse repo) |
(910,591 | ) | | | | | ||||||||||||||
Trading (Reverse repo) |
| | | 0.0 | % | 0.0 | % | |||||||||||||
Net Position |
5,321,358 | 5,616,603 | 5,240,423 | -5.3 | % | 1.5 | % | |||||||||||||
Holdings at fair value through profit or loss |
2,319,927 | | | -100.0 | % | -100.0 | % | |||||||||||||
Holdings at amortized cost |
181 | | | -100.0 | % | -100.0 | % | |||||||||||||
Central Bank instruments |
2,900,806 | 2,236,026 | 2,801,109 | 29.7 | % | 3.6 | % | |||||||||||||
Trading |
0 | 4,813 | 48,274 | -100.0 | % | -100.0 | % | |||||||||||||
Unlisted Goverment Securities |
0 | 2,055,451 | 1,917,096 | -100.0 | % | -100.0 | % | |||||||||||||
Available for Sale |
0 | 1,228,297 | 746,908 | -100.0 | % | -100.0 | % | |||||||||||||
Other fixed income securities |
100,634 | 92,205 | 135,754 | 9.1 | % | -25.9 | % | |||||||||||||
Allowances |
(190 | ) | (189 | ) | (408,718 | ) | 0.5 | % | -100.0 | % |
- 9 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Private & Financial sector loans |
16,350,242 | 15,191,356 | 10,393,802 | 7.6 | % | 57.3 | % | |||||||||||||
Advances |
2,478,445 | 2,366,957 | 1,648,420 | 4.7 | % | 50.4 | % | |||||||||||||
Discounted and purchased notes |
2,143,170 | 2,086,979 | 1,205,363 | 2.7 | % | 77.8 | % | |||||||||||||
Consumer Mortgages |
838,860 | 840,841 | 821,273 | -0.2 | % | 2.1 | % | |||||||||||||
Car secured loans |
992,688 | 831,981 | 521,091 | 19.3 | % | 90.5 | % | |||||||||||||
Personal loans |
2,678,376 | 2,473,299 | 1,885,749 | 8.3 | % | 42.0 | % | |||||||||||||
Credit cards |
2,582,693 | 2,457,922 | 1,512,034 | 5.1 | % | 70.8 | % | |||||||||||||
Loans to financial sector |
556,446 | 517,193 | 346,627 | 7.6 | % | 60.5 | % | |||||||||||||
Other loans |
4,306,045 | 3,817,382 | 2,623,303 | 12.8 | % | 64.1 | % | |||||||||||||
Unaccrued interest |
(29,886 | ) | (28,292 | ) | (17,425 | ) | 5.6 | % | 71.5 | % | ||||||||||
Adjustment and accrued interest & exchange differences receivable |
223,319 | 223,321 | 183,924 | 0.0 | % | 21.4 | % | |||||||||||||
Less: Allowance for loan losses |
(419,914 | ) | (396,227 | ) | (336,557 | ) | 6.0 | % | 24.8 | % | ||||||||||
Loans to public sector |
207,587 | 197,778 | 333,869 | 5.0 | % | -37.8 | % | |||||||||||||
Loans to public sector |
72,004 | 67,317 | 120,520 | 7.0 | % | -40.3 | % | |||||||||||||
Adjustment and accrued interest & exchange differences receivable |
135,583 | 130,461 | 213,349 | 3.9 | % | -36.5 | % | |||||||||||||
Net total loans |
16,557,829 | 15,389,134 | 10,727,671 | 7.6 | % | 54.3 | % |
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Non-performing loans (1) |
87,006 | 80,377 | 115,147 | 8.2 | % | -24.4 | % | |||||||||||||
Allowance for loan losses |
(419,914 | ) | (396,227 | ) | (336,557 | ) | 6.0 | % | 24.8 | % | ||||||||||
Non-performing loans/net total loans |
0.51 | % | 0.51 | % | 1.04 | % | 0.6 | % | -50.8 | % | ||||||||||
Non-performing private loans/net private loans |
0.52 | % | 0.52 | % | 1.07 | % | 0.6 | % | -51.7 | % | ||||||||||
Allowance for loan losses/non-performing loans |
482.63 | % | 492.96 | % | 292.28 | % | -2.1 | % | 65.1 | % | ||||||||||
Allowance for loan losses/net total loans |
2.47 | % | 2.51 | % | 3.04 | % | -1.5 | % | -18.7 | % |
(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. |
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Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Balance at the beginning of the quarter |
401,202 | 354,238 | 342,902 | 13.3 | % | 17.0 | % | |||||||||||||
Increase / decrease |
41,576 | 64,287 | 30,706 | -35.3 | % | 35.4 | % | |||||||||||||
Provision increase / decrease - Exchange rate difference |
727 | 115 | 531 | 532.2 | % | -36.9 | % | |||||||||||||
Decrease |
(18,428 | ) | (17,438 | ) | (32,059 | ) | 5.7 | % | -42.5 | % | ||||||||||
Balance at the end of the quarter |
425,077 | 401,202 | 342,080 | 6.0 | % | 24.3 | % |
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
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in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Total deposits |
24,057,124 | 22,474,802 | 18,506,652 | 7.0 | % | 30.0 | % | |||||||||||||
Current accounts |
5,915,584 | 5,184,414 | 4,730,698 | 14.1 | % | 25.0 | % | |||||||||||||
Peso denominated |
5,824,017 | 5,180,672 | 4,269,667 | 12.4 | % | 36.4 | % | |||||||||||||
Foreign currency |
91,567 | 3,742 | 461,031 | 2347.0 | % | -80.1 | % | |||||||||||||
Saving accounts |
7,729,326 | 7,533,437 | 5,976,811 | 2.6 | % | 29.3 | % | |||||||||||||
Peso denominated |
4,620,858 | 4,690,687 | 3,782,024 | -1.5 | % | 22.2 | % | |||||||||||||
Foreign currency |
3,108,468 | 2,842,750 | 2,194,787 | 9.3 | % | 41.6 | % | |||||||||||||
Time deposits |
9,917,304 | 9,333,132 | 7,422,924 | 6.3 | % | 33.6 | % | |||||||||||||
Peso denominated |
8,117,657 | 7,443,061 | 5,720,563 | 9.1 | % | 41.9 | % | |||||||||||||
CER adjusted time deposits |
642 | 697 | 1,040 | -7.9 | % | -38.3 | % | |||||||||||||
Foreign currency |
1,799,005 | 1,889,374 | 1,701,321 | -4.8 | % | 5.7 | % | |||||||||||||
Investment Accounts |
65,504 | 80,904 | 41,017 | -19.0 | % | 59.7 | % | |||||||||||||
Peso denominated |
65,504 | 80,904 | 41,017 | -19.0 | % | 59.7 | % | |||||||||||||
Other |
429,406 | 342,915 | 335,202 | 25.2 | % | 28.1 | % | |||||||||||||
Peso denominated |
219,340 | 198,539 | 169,765 | 10.5 | % | 29.2 | % | |||||||||||||
Foreign currency |
210,066 | 144,376 | 165,437 | 45.5 | % | 27.0 | % | |||||||||||||
Rescheduled deposits + CEDROS (*) |
46,742 | 48,351 | 62,362 | -3.3 | % | -25.0 | % | |||||||||||||
Peso denominated |
46,742 | 48,351 | 62,362 | -3.3 | % | -25.0 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
24,103,866 | 22,523,153 | 18,569,014 | 7.0 | % | 29.8 | % |
(*) | The payment of Rescheduled Deposits concluded in August 2005, in accordance with its original schedule, except those deposits that have a pending legal injunction. |
- 11 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Lines from other banks |
338,884 | 209,609 | 72,148 | 61.7 | % | 369.7 | % | |||||||||||||
Senior Bonds |
| | | | | |||||||||||||||
Other banking liabilities |
338,884 | 209,609 | 72,148 | 61.7 | % | 369.7 | % | |||||||||||||
Subordinated Debt |
| | | | | |||||||||||||||
Total other funding sources |
338,884 | 209,609 | 72,148 | 61.7 | % | 369.7 | % |
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Capital Stock |
536,361 | 536,361 | 536,361 | 0.0 | % | 0.0 | % | |||||||||||||
Issuance premiums |
175,132 | 175,132 | 175,132 | 0.0 | % | 0.0 | % | |||||||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||
Subtotal |
1,024,472 | 1,024,472 | 1,024,472 | 0.0 | % | 0.0 | % | |||||||||||||
Reserves on Profits |
1,042,021 | 802,385 | 658,693 | 29.9 | % | 58.2 | % | |||||||||||||
Unappropriated retained earnings |
983,773 | 1,831,928 | 1,417,114 | -46.3 | % | -30.6 | % | |||||||||||||
Unrealized valuation difference |
| 88,130 | (21,774 | ) | -100.0 | % | -100.0 | % | ||||||||||||
Total stockholders equity |
3,050,266 | 3,746,915 | 3,078,505 | -18.6 | % | -0.9 | % |
- 12 -
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in thousands of pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
Central Bank Minimum Capital Requirements |
2,363,378 | 2,144,846 | 2,136,105 | 10.2 | % | 10.6 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a, b) |
2,132,719 | 1,924,898 | 1,934,794 | 10.8 | % | 10.2 | % | |||||||||||||
Market Risk |
137,420 | 127,025 | 104,571 | 8.2 | % | 31.4 | % | |||||||||||||
Increase in capital requirements related to custody |
93,239 | 92,923 | 96,740 | 0.3 | % | -3.6 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
2,132,719 | 1,924,898 | 1,534,719 | 10.8 | % | 39.0 | % | |||||||||||||
Allocated to Asset at Risk |
1,477,894 | 1,307,406 | 1,002,248 | 13.0 | % | 47.5 | % | |||||||||||||
Allocated to Immobilized Assets |
104,103 | 103,164 | 87,337 | 0.9 | % | 19.2 | % | |||||||||||||
Interest Rate Risk |
259,882 | 227,840 | 183,159 | 14.1 | % | 41.9 | % | |||||||||||||
Loans to Public Sector and Securities in Investment |
290,840 | 286,488 | 261,975 | 1.5 | % | 11.0 | % | |||||||||||||
Non Compliance of Other Credit Regulations |
| | | | | |||||||||||||||
b) Minimum capital required for Pension Funds (AFJPs) to act as securities custodian and registrar of mortgage notes |
400,000 | 1,858,458 | 1,934,794 | -78.5 | % | -79.3 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
400,000 | 1,858,458 | 1,934,794 | -78.5 | % | -79.3 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
3,232,706 | 3,811,371 | 3,272,643 | -15.2 | % | -1.2 | % | |||||||||||||
Core Capital |
2,854,784 | 2,460,605 | 2,940,605 | 16.0 | % | -2.9 | % | |||||||||||||
Minority Interest |
270,151 | 251,096 | 289,665 | 7.6 | % | -6.7 | % | |||||||||||||
Supplemental Capital |
191,556 | 1,173,652 | 116,639 | -83.7 | % | 64.2 | % | |||||||||||||
Deductions |
(83,785 | ) | (73,982 | ) | (74,266 | ) | 13.3 | % | 12.8 | % | ||||||||||
Excess over Required Capital |
869,328 | 1,666,525 | 1,136,538 | -47.8 | % | -23.5 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
14.0 | % | 18.4 | % | 19.6 | % | -23.9 | % | -28.8 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
28.5 | % | 44.5 | % | 36.9 | % | -35.9 | % | -22.8 | % |
Quarter ended | % Change Qtr ended 12/31/10 vs. Qtr ended |
|||||||||||||||||||
in pesos except percentages |
03/31/11 | 12/31/10 | 03/31/10 | 12/31/10 | 03/31/10 | |||||||||||||||
- Exchange rate |
4.0520 | 3.9758 | 3.8763 | 1.9 | % | 4.5 | % | |||||||||||||
- Quarterly CER adjustment |
2.32 | % | 2.31 | % | 3.16 | % | 0.4 | % | -26.5 | % |
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.
.
- 13 -
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET
(in thousands of pesos) | 03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | ||||||||||||
ASSETS: |
||||||||||||||||
Cash and due from banks |
5,995,772 | 5,690,995 | 6,229,957 | 5,419,543 | ||||||||||||
Government and Private Securities |
6,150,033 | 5,537,796 | 5,490,599 | 5,110,007 | ||||||||||||
- Holdings booked at fair value |
2,319,927 | | | | ||||||||||||
- Holdings booked at amortized cost |
181 | | | | ||||||||||||
- Trading account (listed securities) |
| 4,813 | 69,915 | 48,274 | ||||||||||||
- Available for sale |
| 1,228,297 | 950,737 | 746,908 | ||||||||||||
- Reverse repo w/Central Bank |
| | 593,962 | | ||||||||||||
- Unlisted |
| 2,055,451 | 1,976,055 | 1,917,096 | ||||||||||||
- Listed Private Securities |
18,718 | 13,398 | 3,331 | 5,338 | ||||||||||||
- Bills and Notes from the Central Bank |
3,811,397 | 2,236,026 | 2,028,659 | 2,801,109 | ||||||||||||
Less: Allowances |
(190 | ) | (189 | ) | (132,060 | ) | (408,718 | ) | ||||||||
Loans |
16,557,829 | 15,389,134 | 13,415,387 | 10,727,671 | ||||||||||||
- Loans to the private & financial sector |
16,350,242 | 15,191,356 | 13,138,109 | 10,393,802 | ||||||||||||
- Advances |
2,478,445 | 2,366,957 | 2,348,828 | 1,648,420 | ||||||||||||
- Discounted and purchased notes |
2,143,170 | 2,086,979 | 1,674,905 | 1,205,363 | ||||||||||||
- Secured with mortgages |
838,860 | 840,841 | 824,883 | 821,273 | ||||||||||||
- Car secured loans |
992,688 | 831,981 | 707,216 | 521,091 | ||||||||||||
- Personal loans |
2,678,376 | 2,473,299 | 2,189,892 | 1,885,749 | ||||||||||||
- Credit cards |
2,582,693 | 2,457,922 | 1,949,629 | 1,512,034 | ||||||||||||
- Loans to financial sector |
556,446 | 517,193 | 372,048 | 346,627 | ||||||||||||
- Other loans |
4,306,045 | 3,817,382 | 3,251,749 | 2,623,303 | ||||||||||||
Less: Unaccrued interest |
(29,886 | ) | (28,292 | ) | (22,371 | ) | (17,425 | ) | ||||||||
Plus: Interest & FX differences receivable |
223,319 | 223,321 | 190,768 | 183,924 | ||||||||||||
Less: Allowance for loan losses |
(419,914 | ) | (396,227 | ) | (349,438 | ) | (336,557 | ) | ||||||||
- Public Sector loans |
207,587 | 197,778 | 277,278 | 333,869 | ||||||||||||
Principal |
72,004 | 67,317 | 97,192 | 120,520 | ||||||||||||
Plus: Interest & FX differences receivable |
135,583 | 130,461 | 180,086 | 213,349 | ||||||||||||
Other banking receivables |
1,597,922 | 997,607 | 4,051,782 | 1,076,975 | ||||||||||||
- Compensatory Bond |
||||||||||||||||
- Repurchase agreements |
820,451 | | 598,169 | 99,874 | ||||||||||||
- Unlisted private securities |
81,797 | 78,688 | 94,249 | 89,957 | ||||||||||||
- Unlisted Private securities: Trustees |
119 | 119 | 119 | 40,459 | ||||||||||||
- Other banking receivables |
700,718 | 923,775 | 3,364,045 | 852,208 | ||||||||||||
- Less: provisions |
(5,163 | ) | (4,975 | ) | (4,800 | ) | (5,523 | ) | ||||||||
Investments in other companies |
347,700 | 311,089 | 424,223 | 404,610 | ||||||||||||
Intangible assets |
74,255 | 63,700 | 64,331 | 65,030 | ||||||||||||
- Organization and development charges |
74,255 | 63,700 | 64,331 | 65,030 | ||||||||||||
Other assets |
1,491,719 | 1,407,938 | 1,254,234 | 1,070,108 | ||||||||||||
TOTAL ASSETS |
32,215,230 | 29,398,259 | 30,930,513 | 23,873,944 | ||||||||||||
03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | |||||||||||||
LIABILITIES: |
||||||||||||||||
Deposits |
24,103,866 | 22,523,153 | 21,703,846 | 18,569,014 | ||||||||||||
- Current accounts |
5,915,584 | 5,184,414 | 5,991,280 | 4,730,698 | ||||||||||||
- Saving accounts |
7,729,326 | 7,533,437 | 6,784,149 | 5,976,811 | ||||||||||||
- Time deposits |
9,917,304 | 9,333,132 | 8,431,339 | 7,422,924 | ||||||||||||
- Investment Accounts |
65,504 | 80,904 | 80,651 | 41,017 | ||||||||||||
- Rescheduled deposits - CEDROS |
46,742 | 48,351 | 53,019 | 62,362 | ||||||||||||
- Other deposits |
429,406 | 342,915 | 363,408 | 335,202 | ||||||||||||
Other banking Liabilities |
3,103,492 | 1,989,427 | 4,874,725 | 1,377,212 | ||||||||||||
Other provisions |
324,534 | 325,932 | 326,685 | 328,308 | ||||||||||||
- Other contingencies |
324,103 | 325,494 | 326,248 | 327,879 | ||||||||||||
- Guarantees |
431 | 438 | 437 | 429 | ||||||||||||
Other liabilities |
1,560,280 | 743,816 | 666,195 | 464,023 | ||||||||||||
Minority interest |
72,792 | 69,016 | 63,935 | 56,882 | ||||||||||||
TOTAL LIABILITIES |
29,164,964 | 25,651,344 | 27,635,386 | 20,795,439 | ||||||||||||
TOTAL STOCKHOLDERS EQUITY |
3,050,266 | 3,746,915 | 3,295,127 | 3,078,505 | ||||||||||||
Total liabilities + stockholders equity |
32,215,230 | 29,398,259 | 30,930,513 | 23,873,944 | ||||||||||||
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT
(in thousands of pesos) | 03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | ||||||||||||
Financial income |
756,372 | 975,221 | 1,054,863 | 657,877 | ||||||||||||
- Interest on Cash and Due from Banks |
| | | | ||||||||||||
- Interest on Loans Granted to the Financial Sector |
21,016 | 17,988 | 15,258 | 15,739 | ||||||||||||
- Interest on Overdraft |
83,936 | 85,450 | 78,680 | 65,703 | ||||||||||||
- Interest on Discounted and purchased notes |
55,995 | 51,437 | 42,432 | 36,327 | ||||||||||||
- Interest on Mortgages |
29,817 | 29,080 | 27,882 | 27,465 | ||||||||||||
- Interest on Car Secured Loans |
34,708 | 30,910 | 26,483 | 23,291 | ||||||||||||
- Interest on Credit Card Loans |
76,178 | 66,096 | 64,428 | 48,697 | ||||||||||||
- Interest on Other Loans |
215,701 | 203,277 | 186,711 | 157,398 | ||||||||||||
- From Other Banking receivables |
5,165 | 4,528 | 7,974 | 302 | ||||||||||||
- Interest on Government Guaranteed Loans Decree 1387/01 |
12,211 | 16,910 | 18,255 | 21,692 | ||||||||||||
- Income from Securities and Short Term Investments |
121,366 | 389,240 | 505,790 | 180,426 | ||||||||||||
- Net Income from options |
639 | 2,271 | 2,618 | | ||||||||||||
- CER |
8,872 | (231 | ) | 8,807 | 285 | |||||||||||
- Foreign exchange difference |
45,952 | 38,719 | 39,307 | 41,910 | ||||||||||||
- Other |
44,816 | 39,546 | 30,238 | 38,642 | ||||||||||||
Financial expenses |
(253,259 | ) | (236,184 | ) | (220,233 | ) | (181,258 | ) | ||||||||
- Interest on Current Account Deposits |
| (6 | ) | (3 | ) | (3,960 | ) | |||||||||
- Interest on Saving Account Deposits |
(1,902 | ) | (1,758 | ) | (1,570 | ) | (1,813 | ) | ||||||||
- Interest on Time Deposits |
(196,183 | ) | (172,867 | ) | (160,324 | ) | (137,594 | ) | ||||||||
- Interest on Other Banking Liabilities |
(8,938 | ) | (7,276 | ) | (3,640 | ) | (2,171 | ) | ||||||||
- Other interests (includes Central Bank) |
(1,592 | ) | (3,726 | ) | (6,071 | ) | (602 | ) | ||||||||
- CER |
(47 | ) | (47 | ) | (47 | ) | (80 | ) | ||||||||
- Bank Deposit Guarantee Insurance system mandatory contributions |
(9,878 | ) | (9,778 | ) | (8,882 | ) | (8,079 | ) | ||||||||
- Mandatory contributions and taxes on interest income |
(34,445 | ) | (32,992 | ) | (28,172 | ) | (22,944 | ) | ||||||||
- Other |
(274 | ) | (7,734 | ) | (11,524 | ) | (4,015 | ) | ||||||||
Net financial income |
503,113 | 739,037 | 834,630 | 476,619 | ||||||||||||
Provision for loan losses |
(41,576 | ) | (64,287 | ) | (45,347 | ) | (30,706 | ) | ||||||||
Income from services, net of other operating expenses |
303,827 | 290,356 | 275,910 | 263,480 | ||||||||||||
Administrative expenses |
(531,176 | ) | (505,310 | ) | (559,391 | ) | (460,088 | ) | ||||||||
Income (loss) from equity investments |
38,820 | 16,187 | 18,477 | 5,665 | ||||||||||||
Net Other income |
8,203 | 7,634 | 31,718 | (5,270 | ) | |||||||||||
Income (loss) from minority interest |
(3,776 | ) | (4,997 | ) | (3,509 | ) | (4,486 | ) | ||||||||
Income before tax |
277,435 | 478,620 | 552,488 | 245,214 | ||||||||||||
Income tax |
(81,953 | ) | (80,748 | ) | (115,228 | ) | (85,540 | ) | ||||||||
Net income |
195,482 | 397,872 | 437,260 | 159,674 | ||||||||||||
- 16 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | |||||||||||||
ASSETS |
||||||||||||||||
Cash and due from banks |
6,011,204 | 5,691,806 | 6,231,889 | 5,432,205 | ||||||||||||
Government Securities |
8,168,268 | 7,495,382 | 7,519,515 | 7,157,067 | ||||||||||||
Loans |
17,881,171 | 16,699,852 | 14,786,836 | 11,935,352 | ||||||||||||
Other Banking Receivables |
1,660,234 | 1,043,859 | 4,078,700 | 1,114,226 | ||||||||||||
Assets Subject to Financial Leasing |
603,029 | 534,457 | 423,317 | 296,331 | ||||||||||||
Investments in other companies |
114,448 | 110,138 | 110,215 | 106,606 | ||||||||||||
Other assets |
1,029,785 | 1,004,752 | 970,992 | 875,148 | ||||||||||||
TOTAL ASSETS |
35,468,139 | 32,580,246 | 34,121,464 | 26,916,935 | ||||||||||||
03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | |||||||||||||
LIABILITIES |
||||||||||||||||
Deposits |
24,036,159 | 22,461,307 | 21,653,704 | 18,557,557 | ||||||||||||
Other banking liabilities |
3,129,587 | 1,992,801 | 4,879,470 | 1,383,564 | ||||||||||||
Minority interest |
197,250 | 179,192 | 232,053 | 216,657 | ||||||||||||
Other liabilities |
5,054,877 | 4,200,031 | 4,061,110 | 3,680,652 | ||||||||||||
TOTAL LIABILITIES |
32,417,873 | 28,833,331 | 30,826,337 | 23,838,430 | ||||||||||||
TOTAL STOCKHOLDERS EQUITY |
3,050,266 | 3,746,915 | 3,295,127 | 3,078,505 | ||||||||||||
STOCKHOLDERS EQUITY + LIABILITIES |
35,468,139 | 32,580,246 | 34,121,464 | 26,916,935 | ||||||||||||
03/31/11 | 12/31/10 | 09/30/10 | 03/31/10 | |||||||||||||
NET INCOME |
||||||||||||||||
Net Financial Income |
653,263 | 889,587 | 973,715 | 604,925 | ||||||||||||
Provision for loan losses |
(41,576 | ) | (64,287 | ) | (45,347 | ) | (30,706 | ) | ||||||||
Net Income from Services |
303,762 | 289,922 | 275,814 | 263,415 | ||||||||||||
Administrative expenses |
(551,165 | ) | (514,440 | ) | (573,177 | ) | (486,443 | ) | ||||||||
Net Other Income |
(68,523 | ) | (80,768 | ) | (63,549 | ) | (100,082 | ) | ||||||||
Income Before Tax |
295,761 | 520,014 | 567,456 | 251,109 | ||||||||||||
Income Tax |
(82,222 | ) | (109,859 | ) | (125,133 | ) | (87,960 | ) | ||||||||
Net income |
213,539 | 410,155 | 442,323 | 163,149 | ||||||||||||
Minoritary Interest |
(18,057 | ) | (12,283 | ) | (5,063 | ) | (3,475 | ) | ||||||||
Net income for Quarter |
195,482 | 397,872 | 437,260 | 159,674 | ||||||||||||
- 17 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BBVA Banco Francés S.A. | ||||||
Date: May 10, 2011 | By: | /s/ José Carlos López Álvarez | ||||
Name: | José Carlos López Álvarez | |||||
Title: | Chief Financial Officer |