SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May 2012
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.
TABLE OF CONTENTS
Item |
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1. | Press release entitled BBVA Francés reports consolidated first quarter earnings for fiscal year 2012. |
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, 2012 | By: | /s/ Ignacio Sanz y Arcelus | ||||
Name: Ignacio Sanz y Arcelus | ||||||
Title: Chief Financial Officer |
Buenos Aires, May 11, 2012 - BBVA Frances (NYSE: BFR.N; BCBA: FRA.BA; LATIBEX:
BFR.LA) reports consolidated first quarter earnings for fiscal year 2012.
Annual Highlights
| BBVA Francés registered earnings of AR$ 240.5 million during the first quarter of 2012, such earnings include non-recurring results mainly due to the variations in public bond valuations a higher income tax rate. |
| Net recurring result for the period totaled AR$ 295.1 million, growing 14.2% compared to the same quarter of 2011. |
| Net financial income resulting from intermediation with the private sector increased 15.8% in the first quarter of 2012, supporting the sustained growth of net interest margin. |
| As of March 31, 2012 the private sector loan portfolio totaled AR$ 23.2 billion, growing 41.6% compared to the same quarter of the previous year mainly due to growth in the middle-market loan portfolio and increased consumer financing. |
| The Bank signed agreements with the two most important argentine soccer clubs, Boca Juniors and River Plate, becoming their strategic sponsor as part of its strategy of focusing on the retail segment. |
| BBVA Francés continued to lead the Argentine financial system in terms of asset quality ratios. The non-performing loan ratio reached 0.58% as of March 31, 2012, with a coverage ratio of 352.1%. |
| Total deposits grew 23.3% in annual terms, totaling AR$ 29.7 billion as of March 31, 2012. |
| On January 2012, BBVA Francés placed the second issuance of its second series of Negotiable Obligations, which achieved a high level of demand and allowed the expansion of the issue amount from the initially planned AR$ 125 million to AR$ 148.9 million. |
| BBVA Francés maintained high levels of liquidity and solvency. As of March 31, 2012 liquid assets (Cash and due from banks plus BCRA bills and notes) represented 35.8% of the Banks total deposits. The capital ratio reached 16.3% of weighted risk assets; with an excess of capital over the Argentine Central Bank (BCRA) minimum regulatory requirements of AR$ 1.6 billon. |
| On January 27, 2012, the BCRA increased capital requirements for financial institutions operating in Argentina, effective as of February 1, 2012. Communication A 5272 requires an increase of capital related to the operational risk and Communication A 5273 requires an additional buffer equivalent to 75% of the total capital requirement solely for the purpose of distributing profits. As a consequence of the such resolutions, BBVA Francés will not distribute dividends for the period 2011. |
| An optional reserve for future distributions was created at the Shareholders´ Meeting held on March 26, 2012. |
| On February 9, 2012, the boards of directors of BBVA Banco Francés S.A. and Inversora Otar S.A. resolved to merge. BBVA Francés will absorb all assets, liabilities and shareholders equity of Inversora Otar S.A., effective as of April 2, 2012, and Inversora Otar S.A. will dissolve without liquidation, canceling the shares representing its capital. The shareholders of both companies approved such agreement at the Shareholders Meetings held on March 26, 2012. This merger is subject to the prior authorization of the BCRA, Argentine National Securities Commission and Superintendence of Corporations, which have not yet been issued. |
- 2 -
- 3 -
Financial Information
Condensed Income Statement (1) | Quarter ended | D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except income per share, ADS and percenta |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Net Financial Income |
777,899 | 975,824 | 503,113 | -20.3 | % | 54.6 | % | |||||||||||||
Provision for loan losses |
(58,881 | ) | (40,197 | ) | (41,576 | ) | 46.5 | % | 41.6 | % | ||||||||||
Net income from services |
417,191 | 402,072 | 303,827 | 3.8 | % | 37.3 | % | |||||||||||||
Administrative expenses |
(687,280 | ) | (651,417 | ) | (531,176 | ) | 5.5 | % | 29.4 | % | ||||||||||
Operating income |
448,929 | 686,282 | 234,188 | -34.6 | % | 91.7 | % | |||||||||||||
Income (Loss) from equity investments |
11,246 | 4,605 | 38,820 | 144.2 | % | -71.0 | % | |||||||||||||
Income (Loss) from Minority interest |
(7,108 | ) | (5,868 | ) | (3,776 | ) | 21.1 | % | 88.2 | % | ||||||||||
Other Income/Expenses |
42,500 | (10,476 | ) | 8,203 | -505.7 | % | 418.1 | % | ||||||||||||
Income tax and Minimum Presumed Tax |
(255,049 | ) | (176,161 | ) | (81,953 | ) | 44.8 | % | 211.2 | % | ||||||||||
Net income for the period |
240,518 | 498,382 | 195,482 | -51.7 | % | 23.0 | % | |||||||||||||
Net income per share (2) |
0.45 | 0.93 | 0.36 | -51.7 | % | 22.9 | % | |||||||||||||
Net income per ADS (3) |
1.35 | 2.79 | 1.09 | -51.7 | % | 22.9 | % |
(1) | Exchange rate: 4,3785 Ps = 1 US$ |
(2) | Assumes 536,361,306 ordinary shares outstanding at 12/31/2011 and 536,877,850 shares outstanding at 03/31/2011 |
(3) | Each ADS represents three ordinary shares |
Condensed Income Statement PROFORMA 12/31/2012 in thousands of pesos |
Recurring results | Non recurring Income |
Total results | |||||||||
Net Financial Income |
798,857 | (20,958 | ) | 777,899 | ||||||||
Provision for loan losses |
(58,881 | ) | | (58,881 | ) | |||||||
Net income from services |
417,191 | | 417,191 | |||||||||
Administrative expenses |
(687,280 | ) | | (687,280 | ) | |||||||
Operating income |
469,887 | (20,958 | ) | 448,929 | ||||||||
Income (loss) from equity investments |
8,483 | 2,763 | 11,246 | |||||||||
Income (Loss) from Minority interest |
(7,108 | ) | | (7,108 | ) | |||||||
Other Income/Expenses |
5,881 | 36,619 | 42,500 | |||||||||
Income tax and Minimum Presumed Tax |
(182,056 | ) | (72,993 | ) | (255,049 | ) | ||||||
Net income for the period |
295,087 | (54,569 | ) | 240,518 |
- 4 -
Condensed Income Statement PROFORMA | Quarter ended | Quarter ended | Quarter ended | D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||
in thousands of pesos |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Net Financial Income |
798,857 | 744,683 | 591,971 | 7.3 | % | 34.9 | % | |||||||||||||
Provision for loan losses |
-58,881 | -40,197 | -41,576 | 46.5 | % | 41.6 | % | |||||||||||||
Net income from services |
417,191 | 402,072 | 303,827 | 3.8 | % | 37.3 | % | |||||||||||||
Administrative expenses |
-687,280 | -651,417 | -531,176 | 5.5 | % | 29.4 | % | |||||||||||||
Operating income |
469,887 | 455,141 | 323,046 | 3.2 | % | 45.5 | % | |||||||||||||
Income (Loss) from equity investments |
8,483 | 4,605 | 38,820 | 84.2 | % | -78.1 | % | |||||||||||||
Income (Loss) from Minority interest |
-7,108 | -5,868 | -3,776 | 21.1 | % | 88.2 | % | |||||||||||||
Other Income/Expenses |
5,881 | -10,476 | 8,203 | -156.1 | % | -28.3 | % | |||||||||||||
Income tax and Minimum Presumed Tax |
-182,056 | -144,721 | -107,944 | 25.8 | % | 68.7 | % | |||||||||||||
Net income for the period |
295,087 | 298,681 | 258,349 | -1.2 | % | 14.2 | % |
Main figures | Quarter ended | D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Return on Average Assets (1) |
2.4 | % | 5.3 | % | 2.5 | % | -53.7 | % | -3.6 | % | ||||||||||
Return on Average Shareholders Equity |
24.1 | % | 55.1 | % | 23.0 | % | -56.2 | % | 4.8 | % | ||||||||||
Net fee Income as a % of Recurrent Operating Income |
34.3 | % | 35.1 | % | 33.9 | % | -2.2 | % | 1.2 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
60.7 | % | 61.7 | % | 57.2 | % | -1.7 | % | 6.1 | % | ||||||||||
Adm. Expenses as a % of Recurrent Operating Income (2) |
56.5 | % | 56.8 | % | 59.3 | % | -0.5 | % | -4.7 | % |
(1) | Annualized. |
(2) | Adm.Expenses/ (Net financial income + Net income from services) |
The book value version of the income statement is considered in the line item analysis.
- 5 -
Net financial income | Quarter ended |
D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Net financial income |
777,899 | 975,824 | 503,113 | -20.3 | % | 54.6 | % | |||||||||||||
Net income from financial intermediation |
498,608 | 430,551 | 294,018 | 15.8 | % | 69.6 | % | |||||||||||||
CER adjustment |
32,096 | 27,798 | 28,411 | 15.5 | % | 13.0 | % | |||||||||||||
Income from securities and short term investments |
148,582 | 381,062 | 101,780 | -61.0 | % | 46.0 | % | |||||||||||||
Interest on Government guaranteed loans |
1,014 | 6,218 | 12,211 | -83.7 | % | -91.7 | % | |||||||||||||
Foreign exchange difference |
44,102 | 51,336 | 45,952 | -14.1 | % | -4.0 | % | |||||||||||||
Others |
53,497 | 78,859 | 20,741 | -32.2 | % | 157.9 | % |
Income from securities and short-term investments | Quarter ended | D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Income from securities and short-term investments |
148,582 | 381,062 | 101,780 | -61.0 | % | 46.0 | % | |||||||||||||
Holdings booked at fair value |
44,625 | 294,896 | 10,020 | -84.9 | % | 345.4 | % | |||||||||||||
Bills and Notes from the Central Bank |
105,246 | 76,477 | 92,640 | 37.6 | % | 13.6 | % | |||||||||||||
Other fixed income securities |
(1,289 | ) | 9,689 | (880 | ) | -113.3 | % | 46.6 | % | |||||||||||
CER adjustment |
32,144 | 27,837 | 28,458 | 15.5 | % | 13.0 | % |
Net income from services | Quarter ended |
D% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Net income from services |
417,191 | 402,072 | 303,827 | 3.8 | % | 37.3 | % | |||||||||||||
Service charge income |
546,788 | 545,552 | 412,234 | 0.2 | % | 32.6 | % | |||||||||||||
Service charges on deposits accounts |
135,810 | 125,265 | 107,478 | 8.4 | % | 26.4 | % | |||||||||||||
Credit cards and operations |
187,918 | 204,404 | 138,245 | -8.1 | % | 359 | % | |||||||||||||
Insurance |
56,413 | 48,707 | 37,736 | 15.8 | % | 49.5 | % | |||||||||||||
Capital markets and securities activities |
1,789 | 10,020 | 2,479 | -82.1 | % | -27.8 | % | |||||||||||||
Fees related to foreign trade |
18,473 | 19,608 | 17,334 | -5.8 | % | 6.6 | % | |||||||||||||
Other fees |
146,385 | 137,549 | 108,962 | 6.4 | % | 343 | % | |||||||||||||
Services Charge expense |
(129,597 | ) | (143,480 | ) | (108,407 | ) | -9.7 | % | 19.5 | % |
- 6 -
Administrative expenses | Quarter ended |
D% quarter ended 03/31/12 vs quartered ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Administrative expenses |
(687,280 | ) | (651,417 | ) | (531,176 | ) | 5.5 | % | 29.4 | % | ||||||||||
Personnel expenses |
(409,397 | ) | (370,731 | ) | (318,247 | ) | 10.4 | % | 28.6 | % | ||||||||||
Electricity and Communications |
(13,495 | ) | (10,936 | ) | (10,131 | ) | 23.4 | % | 33.2 | % | ||||||||||
Advertising and Promotion |
(25,364 | ) | (43,272 | ) | (24,295 | ) | -41.4 | % | 4.4 | % | ||||||||||
Honoraries |
(9,732 | ) | (9,016 | ) | (8,399 | ) | 7.9 | % | 15.9 | % | ||||||||||
Taxes |
(50,034 | ) | (45,271 | ) | (36,891 | ) | 10.5 | % | 35.6 | % | ||||||||||
Organization and development expenses |
(8,737 | ) | (8,013 | ) | (6,593 | ) | 9.0 | % | 32.5 | % | ||||||||||
Amortizations |
(18,408 | ) | (17,548 | ) | (15,024 | ) | 4.9 | % | 22.5 | % | ||||||||||
Other |
(152,113 | ) | (146,630 | ) | (111,596 | ) | 3.7 | % | 36.3 | % |
Balance and activity
- 7 -
Exposure to the Public Sector | Quarter ended | r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Public SectorNational Government |
2,010,948 | 2,325,302 | 2,801,514 | -13.5 | % | -28.2 | % | |||||||||||||
Loans to the Federal government & Provinces |
39,314 | 46,027 | 207,587 | -14.6 | % | -81.1 | % | |||||||||||||
Total bond portfolio |
1,799,032 | 2,113,391 | 2,420,742 | -14.9 | % | -25.7 | % | |||||||||||||
Holdings book at fair value |
1,778,587 | 2,081,053 | 2,319,927 | -14.5 | % | -23.3 | % | |||||||||||||
Holdings book at amortized cost |
164 | 164 | 181 | 0.0 | % | -9.4 | % | |||||||||||||
Allowances |
(186 | ) | (184 | ) | (190 | ) | 1.1 | % | -2.1 | % | ||||||||||
Bills and Notes from Central Bank |
3,966,280 | 3,804,727 | 2,939,250 | 4.2 | % | 34.9 | % | |||||||||||||
Own portfolio |
3,160,919 | 2,614,421 | 2,028,659 | 20.9 | % | 55.8 | % | |||||||||||||
Reverse repow/Central Bank |
(805,361 | ) | (1,190,306 | ) | (910,591 | ) | -32.3 | % | -11.6 | % | ||||||||||
Total exposure to the Public Sector |
5,977,228 | 6,130,029 | 5,740,764 | -2.5 | % | 4.1 | % | |||||||||||||
Total exposure to the Public Sector without repos |
5,171,867 | 4,939,723 | 4,830,173 | 4.7 | % | 7.1 | % |
Net loans | Quarter ended | r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Private & Financial sector loans |
23,154,552 | 22,829,860 | 16,350,242 | 1.4 | % | 41.6 | % | |||||||||||||
Advances |
3,419,991 | 2,881,498 | 2,478,445 | 18.7 | % | 38.0 | % | |||||||||||||
Discounted and purchased notes |
3,090,667 | 3,412,091 | 2,143,170 | -9.4 | % | 44.2 | % | |||||||||||||
Consumer Mortgages |
725,049 | 915,156 | 838,860 | -20.8 | % | -13.6 | % | |||||||||||||
Car secured loans |
1,840,775 | 1,651,776 | 992,688 | 11.4 | % | 85.4 | % | |||||||||||||
Personal loans |
3,951,312 | 3,761,698 | 2,678,376 | 5.0 | % | 47.5 | % | |||||||||||||
Credit cards |
3,501,314 | 3,448,437 | 2,582,693 | 1.5 | % | 35.6 | % | |||||||||||||
Loans to financial sector |
1,003,355 | 1,045,641 | 556,446 | -4.0 | % | 80.3 | % | |||||||||||||
Other loans |
5,723,216 | 5,829,606 | 4,306,045 | -1.8 | % | 32.9 | % | |||||||||||||
Unaccrued interest |
(77,541 | ) | (89,332 | ) | (29,886 | ) | -13.2 | % | 159.5 | % | ||||||||||
Adjustment and accrued interest & exchange differences receivable |
456,015 | 418,262 | 223,319 | 9.0 | % | 104.2 | % | |||||||||||||
Less: Allowance for loan losses |
(479,601 | ) | (444,973 | ) | (419,914 | ) | 7.8 | % | 14.2 | % | ||||||||||
Loans to public sector |
39,314 | 46,027 | 207,587 | -14.6 | % | -81.1 | % | |||||||||||||
Loans to public sector |
17,283 | 25,045 | 72,004 | -31.0 | % | -76.0 | % | |||||||||||||
Adjustment and accrued interest & exchange differences receivable |
22,031 | 20,982 | 135,583 | 5.0 | % | -83.8 | % | |||||||||||||
Net total loans |
23,193,866 | 22,875,887 | 16,557,829 | 1.4 | % | 40.1 | % |
- 8 -
Asset quality ratios | Quarter ended |
r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Non-performing loans (1) |
136,202 | 105,409 | 87,006 | 29.2 | % | 56.5 | % | |||||||||||||
Allowance for loan losses |
(479,601 | ) | (444,973 | ) | (419,914 | ) | 7.8 | % | 14.2 | % | ||||||||||
Non-performing loans/net total loans |
0.58 | % | 0.45 | % | 0.51 | % | 27.3 | % | 12.3 | % | ||||||||||
Non-performing private loans/net private loans |
0.58 | % | 0.45 | % | 0.52 | % | 27.2 | % | 11.1 | % | ||||||||||
Allowance for loan losses/non-performing loans |
352.12 | % | 422.14 | % | 482.63 | % | -16.6 | % | -27.0 | % | ||||||||||
Allowance for loan losses/net total loans |
2.47 | % | 1.91 | % | 2.47 | % | 29.6 | % | 0.0 | % |
(1) | Non-performing loans include:all loans to borrowers classified as Problem. Deficient Servicing. High Insolvency Risk. Difficult Recovery. lrrecoverableand Irrecoverable for Technical Decision according to the new Central Bank debtor classification system. |
Evolution of previsions | Quarter ended |
r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Balance at the beginning of the quarter |
448,742 | 433,224 | 401,202 | 3.6 | % | 11.8 | % | |||||||||||||
Increase / decrease |
58,881 | 40,197 | 41,576 | 46.5 | % | 41.6 | % | |||||||||||||
Provision increase / decreaseExchange rate difference |
911 | 1,180 | 727 | -22.8 | % | -25.3 | % | |||||||||||||
Decrease |
(25,436 | ) | (25,859 | ) | (18,428 | ) | -1.6 | % | 38.0 | % | ||||||||||
Balance at the end of the quarter |
483,098 | 448,742 | 425,077 | 7.7 | % | 13.6 | % |
Total deposits | Quarter ended |
r% quarterended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 06-30-10 | |||||||||||||||
Total deposits |
29,691,499 | 29,217,483 | 24,057,124 | 1.6 | % | 23.4 | % | |||||||||||||
Current accounts |
7,260,198 | 6,755,406 | 5,915,584 | 7.5 | % | 22.7 | % | |||||||||||||
Peso denominated |
7,241,118 | 6,749,253 | 5,824,017 | 7.3 | % | 24.3 | % | |||||||||||||
Foreign currency |
19,080 | 6,153 | 91,567 | 210.1 | % | -79.2 | % | |||||||||||||
Saving accounts |
9,437,885 | 9,489,761 | 7,729,326 | -0.5 | % | 22.1 | % | |||||||||||||
Peso denominated |
6,183,424 | 6,207,103 | 4,620,858 | -0.4 | % | 33.8 | % | |||||||||||||
Foreign currency |
3,254,461 | 3,282,658 | 3,108,468 | -0.9 | % | 4.7 | % | |||||||||||||
Time deposits |
12,255,761 | 12,234,070 | 9,917,304 | 0.2 | % | 23.6 | % | |||||||||||||
Peso denominated |
10,509,097 | 10,436,257 | 8,117,657 | 0.7 | % | 29.5 | % | |||||||||||||
CER adjusted time deposits |
997 | 996 | 642 | 0.1 | % | 55.3 | % | |||||||||||||
Foreign currency |
1,745,667 | 1,796,817 | 1,799,005 | -2.8 | % | -3.0 | % | |||||||||||||
Investment Accounts |
181,568 | 220,527 | 65,504 | -17.7 | % | 177.2 | % | |||||||||||||
Peso denominated |
181,568 | 220,527 | 65,504 | -17.7 | % | 177.2 | % | |||||||||||||
Other |
556,087 | 517,719 | 429,406 | 7.4 | % | 29.5 | % | |||||||||||||
Peso denominated |
330,149 | 308,411 | 219,340 | 7.0 | % | 50.5 | % | |||||||||||||
Foreign currency |
225,938 | 209,308 | 210,066 | 7.9 | % | 7.6 | % | |||||||||||||
Rescheduled deposits + CEDROS (*) |
34,989 | 38,285 | 46,742 | -8.6 | % | -25.1 | % | |||||||||||||
Peso denominated |
34,989 | 38,285 | 46,742 | -8.6 | % | -25.1 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
29,726,488 | 29,255,768 | 24,103,866 | 1.6 | % | 23.3 | % |
(*) | In August 2005, the payments of rescheduled deposits were finalized, only those deposits that have a pending court case remain outstanding. |
- 9 -
Other funding sources | Quarter ended |
r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Lines from other banks |
754,368 | 919,520 | 338,884 | -18.0 | % | 122.6 | % | |||||||||||||
Senior Bonds |
534,093 | 294,393 | 70,000 | 81.4 | % | 663.0 | % | |||||||||||||
Other banking liabilities |
1,288,461 | 1,213,913 | 408,884 | 6.1 | % | 215.1 | % | |||||||||||||
Subordinated Debt |
| | | | | |||||||||||||||
Total other funding sources |
1,288,461 | 1,213,913 | 408,884 | 6.1 | % | 215.1 | % |
Capitalization | Quarterended |
r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 03-31-11 | |||||||||||||||
Capital Stock |
536,878 | 536,878 | 536,361 | 0.0 | % | 0.1 | % | |||||||||||||
Issuance premiums |
182,511 | 182,511 | 175,132 | 0.0 | % | 4.2 | % | |||||||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||
Subtotal |
1,032,368 | 1,032,368 | 1,024,472 | 0.0 | % | 0.8 | % | |||||||||||||
Reserves on Profits |
2,835,889 | 1,042,021 | 1,042,021 | 172.2 | % | 172.2 | % | |||||||||||||
Unappropriated retained earnings |
240,518 | 1,793,868 | 983,773 | -86.6 | % | -75.6 | % | |||||||||||||
Unrealized valuation difference |
| | | | | |||||||||||||||
Total stockholders equity |
4,108,775 | 3,868,257 | 3,050,266 | 6.2 | % | 34.7 | % |
- 10 -
Central Bank Requirements | Quarter ended |
r% quarter ended 03/31/12 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 06-30-10 | |||||||||||||||
Central Bank Minimum Capital Requirements |
2,583,744 | 2,544,761 | 2,363,378 | 1.5 | % | 9.3 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a,b) |
2,414,496 | 2,381,147 | 2,132,719 | 1.4 | % | 13.2 | % | |||||||||||||
Market Risk |
58,150 | 72,925 | 137,420 | -20.3 | % | -57.7 | % | |||||||||||||
Increase in capital requirements related to custody |
111,098 | 90,689 | 93,239 | 22.5 | % | 19.2 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
2,414,496 | 2,381,147 | 2,132,719 | 1.4 | % | 13.2 | % | |||||||||||||
Allocated to Asset at Risk |
1,873,357 | 1,788,018 | 1,477,894 | 4.8 | % | 26.8 | % | |||||||||||||
Allocated to Immobilized Assets |
160,426 | 145,887 | 104103 | 10.0 | % | 54.1 | % | |||||||||||||
Interest Rate Risk |
313,444 | 373,642 | 259,882 | -16.1 | % | 20.6 | % | |||||||||||||
Loans to Public Sector and Securities in Investment |
67,269 | 73,600 | 290,840 | -8.6 | % | -76.9 | % | |||||||||||||
Non Compliance of Other Credit Regulations |
| | | | | |||||||||||||||
b) Minimum capital required for Pension Funds (AFJPs) to act as securities custodian and registrar of mortgage notes | 444,391 | 400,000 | 400,000 | 11.1 | % | 11.1 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
444,391 | 400,000 | 400,000 | 11.1 | % | 11.1 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
4,206,896 | 3,825,125 | 3,232,706 | 10.0 | % | 30.1 | % | |||||||||||||
Core Capital |
3,868,256 | 2,862,679 | 2,854,784 | 35.1 | % | 35.5 | % | |||||||||||||
Minority Interest |
181,773 | 164,209 | 270,151 | 10.7 | % | -32.7 | % | |||||||||||||
Supplemental Capital |
253,641 | 887,444 | 191,556 | -71.4 | % | 32.4 | % | |||||||||||||
Deductions |
(96,774 | ) | (89,207 | ) | (83,785 | ) | 8.5 | % | 15.5 | % | ||||||||||
Excess over Required Capital |
1,623,152 | 1,280,364 | 869,328 | 26.8 | % | 86.7 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
16.3 | % | 15.5 | % | 14.0 | % | 5.2 | % | 16.5 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
39.5 | % | 33.1 | % | 28.5 | % | 19.4 | % | 38.6 | % |
Additional Information
Quarterended |
r% quarter ended 03/31/12 vs quarter ended |
|||||||||||||||||||
(in thousands of pesos except percentages) |
03-31-12 | 12-31-11 | 03-31-11 | 12-31-11 | 09-30-10 | |||||||||||||||
Exchange rate |
4.38 | 4.30 | 4.05 | 1.7 | % | 8.1 | % | |||||||||||||
Quarterly CER adjustment |
2.48 | % | 2.12 | % | 2.32 | % | 17.1 | % | 6.8 | % |
This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés annual report on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.
- 11 -
Conference Call | Contacts | |
A conference call to discuss first quarter earnings will be held on Monday, May 14th, 2012, at 11:30 AM New York time 12.30 PM Buenos Aires time. If you are interested in participating, please dial (877) 681 3370 within the U.S. or +1 (719) 325-2409 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 6921480. | Vanesa Bories Investor Relations (5411) 4346-4000 int. 11622 vbories@bbvafrances.com.ar
Cecilia Acuña Investor Relations (5411) 4341-5036 cecilia.acuna@bbvafrances.com.ar | |
Internet | ||
This press release is also available at BBVA Francés web site: www.bbvafrances.com.ar |
Paula Bennati Investor Relations (5411) 4348-0000 int. 25917 paula.bennati@bbvafrances.com.ar |
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
03-31-12 | 12-31-11 | 09-30-11 | 03-31-11 | |||||||||||||
Cash and due from banks |
6,687,672 | 6,353,392 | 7,367,878 | 5,995,772 | ||||||||||||
Government and Private Securities |
5,764,513 | 5,547,755 | 4,716,847 | 6,150,033 | ||||||||||||
Holdings booked at fair value |
1,778,587 | 2,081,053 | 1,988,997 | 2,319,927 | ||||||||||||
Holdings booked at amortized cost |
164 | 164 | 164 | 181 | ||||||||||||
Trading account (listed securities) |
| | | | ||||||||||||
Available for sale |
| | | | ||||||||||||
Reverse repo w/Central Bank |
| | 833,551 | 910,591 | ||||||||||||
Unlisted |
| | | | ||||||||||||
Listed Private Securities |
19,668 | 18,750 | 15,748 | 18,718 | ||||||||||||
Bills and Notes from the Central Bank |
3,966,280 | 3,447,972 | 1,878,570 | 2,900,806 | ||||||||||||
Less: Allowances |
(186 | ) | (184 | ) | (183 | ) | (190 | ) | ||||||||
Loans |
23,193,866 | 22,875,887 | 20,852,170 | 16,557,829 | ||||||||||||
Loans to the private & financial sector |
23,154,552 | 22,829,860 | 20,723,080 | 16,350,242 | ||||||||||||
Advances |
3,419,991 | 2,881,498 | 2,659,997 | 2,478,445 | ||||||||||||
Discounted and purchased notes |
3,090,667 | 3,412,091 | 2,979,318 | 2,143,170 | ||||||||||||
Secured with mortgages |
725,049 | 915,156 | 890,670 | 838,860 | ||||||||||||
Car secured loans |
1,840,775 | 1,651,776 | 1,435,982 | 992,688 | ||||||||||||
Personal loans |
3,951,312 | 3,761,698 | 3,454,081 | 2,678,376 | ||||||||||||
Credit cards |
3,501,314 | 3,448,437 | 2,909,836 | 2,582,693 | ||||||||||||
Loans to financial sector |
1,003,355 | 1,045,641 | 902,955 | 556,446 | ||||||||||||
Other loans |
5,723,216 | 5,829,606 | 5,681,352 | 4,306,045 | ||||||||||||
Less: Unaccrued interest |
(77,541 | ) | (89,332 | ) | (50,474 | ) | (29,886 | ) | ||||||||
Plus: Interest & FX differences receivable |
456,015 | 418,262 | 288,232 | 223,319 | ||||||||||||
Less: Allowance for loan losses |
(479,601 | ) | (444,973 | ) | (428,869 | ) | (419,914 | ) | ||||||||
Public Sector loans |
39,314 | 46,027 | 129,090 | 207,587 | ||||||||||||
Principal |
17,283 | 25,045 | 45,836 | 72,004 | ||||||||||||
Plus: Interest & FX differences receivable |
22,031 | 20,982 | 83,254 | 135,583 | ||||||||||||
Other banking receivables |
1,683,754 | 1,948,285 | 1,461,563 | 1,597,922 | ||||||||||||
Repurchase agreements |
848,100 | 1,077,218 | 751,449 | 820,451 | ||||||||||||
Unlisted private securities |
613 | 13,424 | 8,398 | 81,797 | ||||||||||||
Unlisted Private securities :Trustees |
| | 119 | 119 | ||||||||||||
Other banking receivables |
838,538 | 861,412 | 705,952 | 700,718 | ||||||||||||
Less: provisions |
(3,497 | ) | (3,769 | ) | (4,355 | ) | (5,163 | ) | ||||||||
Investments in other companies |
115,682 | 137,222 | 140,081 | 347,700 | ||||||||||||
Intangible assets |
88,642 | 80,978 | 78,186 | 74,255 | ||||||||||||
Organization and development charges |
88,642 | 80,978 | 78,186 | 74,255 | ||||||||||||
Other assets |
2,147,013 | 2,037,488 | 1,793,892 | 1,491,719 | ||||||||||||
Total Assets |
39,681,142 | 38,981,007 | 36,410,617 | 32,215,230 | ||||||||||||
Deposits |
29,726,488 | 29,255,768 | 28,483,734 | 24,103,866 | ||||||||||||
Current accounts |
7,260,198 | 6,755,406 | 6,623,847 | 5,915,584 | ||||||||||||
Saving accounts |
9,437,885 | 9,489,761 | 9,477,688 | 7,729,326 | ||||||||||||
Time deposits |
12,255,761 | 12,234,070 | 11,697,076 | 9,917,304 | ||||||||||||
Investment Accounts |
181,568 | 220,527 | 136,015 | 65,504 | ||||||||||||
Rescheduled deposits CEDROS |
34,989 | 38,285 | 41,075 | 46,742 | ||||||||||||
Other deposits |
556,087 | 517,719 | 508,033 | 429,406 | ||||||||||||
Other banking Liabilities |
4,176,342 | 4,268,328 | 3,367,831 | 3,103,492 | ||||||||||||
Other provisions |
403,699 | 395,000 | 395,286 | 324,534 | ||||||||||||
Other contingencies |
403,235 | 394,533 | 394,842 | 324,103 | ||||||||||||
Guarantees |
464 | 467 | 444 | 431 | ||||||||||||
Other liabilities |
1,185,976 | 1,120,901 | 727,004 | 1,560,280 | ||||||||||||
Minority interest |
79,862 | 72,753 | 66,887 | 72,792 | ||||||||||||
Total Liabilities |
35,572,367 | 35,112,750 | 33,040,742 | 29,164,964 | ||||||||||||
Total Stockholders equity |
4,108,775 | 3,868,257 | 3,369,875 | 3,050,266 | ||||||||||||
Total liabilities + stock holders equity |
39,681,142 | 38,981,007 | 36,410,617 | 32,215,230 |
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
03-31-12 | 12-31-11 | 09-30-11 | 03-31-11 | |||||||||||||
Financial income |
1,291,879 | 1,463,154 | 787,427 | 756,372 | ||||||||||||
Interest on Cash and Due from Banks |
| | 1 | | ||||||||||||
Interest on Loans Granted to the Financial Sector |
57,392 | 50,793 | 36,516 | 21,016 | ||||||||||||
Interest on Overdraft |
152,667 | 136,402 | 111,123 | 83,936 | ||||||||||||
Interest on Discounted and purchased notes |
134,566 | 118,987 | 80,912 | 55,995 | ||||||||||||
Interest on Mortgages |
30,337 | 34,447 | 31,781 | 29,817 | ||||||||||||
Interest on Car Secured Loans |
82,829 | 65,858 | 50,722 | 34,708 | ||||||||||||
Interest on Credit Card Loans |
140,697 | 111,347 | 89,918 | 76,178 | ||||||||||||
Interest on Financial Leases |
38,191 | 36,045 | 29,988 | 24,440 | ||||||||||||
Interest on Other Loans |
364,656 | 349,223 | 290,653 | 215,701 | ||||||||||||
From Other Banking receivables |
9,777 | 10,542 | 8,243 | 5,165 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
1,014 | 6,218 | 8,817 | 12,211 | ||||||||||||
Income from Securities and Short Term Investments |
148,582 | 381,062 | (76,226 | ) | 101,780 | |||||||||||
Net Income from options |
1,021 | 454 | (137 | ) | 639 | |||||||||||
CER |
32,144 | 27,837 | 29,142 | 28,458 | ||||||||||||
Foreign exchange difference |
44,102 | 51,336 | 66,029 | 45,952 | ||||||||||||
Other |
53,904 | 82,603 | 29,945 | 20,376 | ||||||||||||
Financial expenses |
-513,980 | -487,330 | -333,917 | (253,259 | ) | |||||||||||
Interest on Current Account Deposits |
| | 3 | | ||||||||||||
Interest on Saving Account Deposits |
(2,866 | ) | (2,755 | ) | (2,412 | ) | (1,902 | ) | ||||||||
Interest on Time Deposits |
(397,379 | ) | (380,253 | ) | (258,533 | ) | (196,183 | ) | ||||||||
Interest on Other Banking Liabilities |
(38,377 | ) | (32,707 | ) | (16,405 | ) | (8,938 | ) | ||||||||
Other interests (includes Central Bank) |
(3,273 | ) | (2,480 | ) | (2,148 | ) | (1,592 | ) | ||||||||
CER |
(48 | ) | (39 | ) | (40 | ) | (47 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(12,684 | ) | (12,410 | ) | (11,323 | ) | (9,878 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(57,925 | ) | (52,488 | ) | (42,905 | ) | (34,445 | ) | ||||||||
Other |
(1,428 | ) | (4,198 | ) | (154 | ) | (274 | ) | ||||||||
Net financial income |
777,899 | 975,824 | 453,510 | 503,113 | ||||||||||||
Provision for loan losses |
(58,881 | ) | (40,197 | ) | (59,511 | ) | (41,576 | ) | ||||||||
Income from services, net of other operating expenses |
417,191 | 402,072 | 388,895 | 303,827 | ||||||||||||
Administrative expenses |
(687,280 | ) | (651,417 | ) | (569,822 | ) | (531,176 | ) | ||||||||
Income (loss) from equity investments |
11,246 | 4,605 | 18,436 | 38,820 | ||||||||||||
Net Other income |
42,500 | (10,476 | ) | (19,475 | ) | 8,203 | ||||||||||
Income (loss) from minority interest |
(7,108 | ) | (5,868 | ) | (3,993 | ) | (3,776 | ) | ||||||||
Income before tax |
495,567 | 674,543 | 208,040 | 277,435 | ||||||||||||
Income tax |
(255,049 | ) | (176,161 | ) | (93,331 | ) | (81,953 | ) | ||||||||
Net income |
240,518 | 498,382 | 114,709 | 195,482 |
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
03-31-12 | 12-31-11 | 09-30-11 | 03-31-11 | |||||||||||||
Cash and due from banks |
6,688,000 | 6,353,428 | 7,367,916 | 6,011,204 | ||||||||||||
Government Securities |
5,810,018 | 5,565,029 | 4,723,981 | 8,168,268 | ||||||||||||
Loans |
23,234,238 | 22,875,885 | 20,888,599 | 17,881,171 | ||||||||||||
Other Banking Receivables |
1,683,754 | 1,948,285 | 1,461,563 | 1,660,234 | ||||||||||||
Assets Subject to Financial Leasing |
898,920 | 907,087 | 801,297 | 603,029 | ||||||||||||
Investments in other companies |
104,654 | 126,288 | 125,351 | 114,448 | ||||||||||||
Other assets |
1,367,744 | 1,229,643 | 1,088,597 | 1,029,785 | ||||||||||||
Total Assets |
39,787,328 | 39,005,645 | 36,457,304 | 35,468,139 | ||||||||||||
Deposits |
29,715,490 | 29,165,704 | 28,428,263 | 24,036,159 | ||||||||||||
Other banking liabilities |
4,177,340 | 4,268,519 | 3,367,831 | 3,129,587 | ||||||||||||
Minority interest |
89,299 | 82,109 | 79,491 | 197,250 | ||||||||||||
Other liabilities |
1,696,424 | 1,621,056 | 1,211,844 | 5,054,877 | ||||||||||||
Total Liabilities |
35,678,553 | 35,137,388 | 33,087,429 | 32,417,873 | ||||||||||||
Total Stockholders Equity |
4,108,775 | 3,868,257 | 3,369,875 | 3,050,266 | ||||||||||||
Stockholders Equity + Liabilities |
39,787,328 | 39,005,645 | 36,457,304 | 35,468,139 |
Net Income
03-31-12 | 12-31-11 | 09-30-11 | 03-31-11 | |||||||||||||
Net Financial Income |
781,916 | 982,859 | 454,630 | 653,263 | ||||||||||||
Provision for loan losses |
(58,881 | ) | (40,197 | ) | (59,511 | ) | (41,576 | ) | ||||||||
Net Income from Services |
417,191 | 402,072 | 388,895 | 303,762 | ||||||||||||
Administrative expenses |
(692,538 | ) | (666,116 | ) | (581,406 | ) | (551,165 | ) | ||||||||
Net Other Income |
55,595 | (1,279 | ) | 11,311 | (68,523 | ) | ||||||||||
Income Before Tax |
503,283 | 677,339 | 213,919 | 295,761 | ||||||||||||
Income Tax |
(255,576 | ) | (176,337 | ) | (94,974 | ) | (82,222 | ) | ||||||||
Net income |
247,707 | 501,002 | 118,945 | 213,539 | ||||||||||||
Minoritary Interest |
(7,189 | ) | (2,620 | ) | (4,236 | ) | (18,057 | ) | ||||||||
Net income for Quarter |
240,518 | 498,382 | 114,709 | 195,482 |
- 15 -