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 2016
Commission File Number: 001-12568
BBVA French Bank S.A.
(Translation of registrants name into English)
Reconquista 199, 1006
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ¨ No x
If Yes is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
BBVA Banco Francés S.A.
TABLE OF CONTENTS
Item |
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1. | BBVA Francés reports consolidated first quarter earnings for fiscal year 2016. |
Buenos Aires, May 11, 2016 - BBVA Frances (NYSE: BFR.N; BCBA: FRAN.BA;
LATIBEX: BFR.LA) reports consolidated first quarter earnings for fiscal year
2016.
Highlights
| BBVA Francés net income for the period ended March 31, 2016 reached AR$ 1,165.1 million, representing a 25.1% increase compared with the same quarter of 2015 and a 2.0% decrease compared with the prior quarter. |
| Net financial income increased by 30.4% compared with the same quarter of 2015, mainly due to higher income derived from intermediation within the private sector, from the public bond portfolio and from foreign exchange differences. Net financial income for the period increased by 4.4% compared with the fourth quarter of 2015. |
| In terms of activity, the private sector loan portfolio totaled AR$ 59.1 billion, increasing by 37.3% compared with the first quarter of 2015 and by 4.7% during the quarter. |
| BBVA Francés continues to maintain outstanding risk indicators in the Argentine financial system. The non-performing loan ratio (non-performing loans/total loans) reached 0.69% as of March 31, 2016, while the coverage ratio (provisions/non-performing loans) reached 283.67%. |
| Total deposits reached AR$ 80.1 billion as of March 31, 2016, increasing by 44.7% in the last twelve months and by 4.2% during the quarter. |
| BBVA Francés maintains adequate levels of liquidity and solvency. As of March 31, 2016 liquid assets (cash and due from banks plus Argentina Central Bank (BCRA) bills and notes) represented 45.8% of the Banks total deposits. The capital ratio reached 15.8% of weighted risk assets; with an excess of capital of AR$ 7.1 billon, which is 90.3% higher than the minimum regulatory requirements. |
| On March 21, 2016, the Central Bank of Argentina (BCRA) through its Communication A 5927 removed all fees on saving accounts, as well as on the associated debit cards. In addition it also removed all fees on electronic transfers by individuals without any cap, which can now be made every day at any time. |
| On the same date and through Communication A 5928 the BCRA authorized a 20% increase in all banking charges, eliminating since September 2016 the regulatory pricing. Such Communication also established that no income derived from Insurance on Debit Balance will be charged in any credit transaction. |
Other Events
| On February 16, 2016, the Supreme Court rejected the appeal filed by the Anti-Money Laundering Agency (Unidad de Información Financiera UIF), in case No. 181/10, therefore upholding the ruling of the IV Chamber, of the Court of Appeals (Cámara Contencioso Administrativa Federal), that revoked the UIF resolution and annulling the fine originally imposed to BBVA Francés. |
| At the Ordinary and Extraordinary Shareholders Meeting held on April 26, 2016, the shareholders approved by majority the distribution of cash dividends totaling AR$ 900 million. The payment is subject to the authorization of the BCRA. In addition, AR$ 2.1 billion was allocated to the discretionary reserve for future distributions results. |
| On April 7, 2016, the BCRA through Communication A 5943 increased the amount of deposits covered by the Deposit Guarantee Fund (from AR$ 350,000 to AR$ 450,000), effective as of May 1, 2016. Furthermore, it also decreased the monthly amount that the financial entities must allocate to the Deposit Guarantee Fund, to the equivalent of 0.015% of the deposits monthly average of the daily balances of the second month immediately preceding. |
| It is worth mentioning the agreement reached by Argentina with most of the holdouts, resolving the public debt defaulting issue outstanding since 2002. Argentina issued USD 16,500 billion of sovereign debt in April 2016, representing its first international bond issuance since 2002. The offering was four times oversubscribed. |
Argentina made payments to the litigant funds on April 22, 2016 for USD 9.3 billion. It is estimated that the aggregate amount of payments to holdouts would be approximately USD 10.5 billion, representing a release of 44% of the aggregate amount of the outstanding claims.
On May 4, 2016, payment was made for bond coupons with jurisdiction overseas, whose payment had been suspended by the injunction issued by a judge of New York on June 30, 2014. This payment reached USD 2,694.5 million.
- 2 -
- 3 -
Financial Information
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Condensed Income Statement (1) | Quarter ended | quarter ended | ||||||||||||||||||
(in thousands of pesos except income per share, ADS and percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Net Financial Income |
2,980,043 | 2,854,922 | 2,285,033 | 4.4 | % | 30.4 | % | |||||||||||||
Provision for loan losses |
(161,351 | ) | (197,541 | ) | (143,097 | ) | -18.3 | % | 12.8 | % | ||||||||||
Net income from services |
931,083 | 960,726 | 960,451 | -3.1 | % | -3.1 | % | |||||||||||||
Administrative expenses |
(2,095,807 | ) | (1,889,227 | ) | (1,581,333 | ) | 10.9 | % | 32.5 | % | ||||||||||
Operating income |
1,653,968 | 1,728,880 | 1,521,054 | -4.3 | % | 8.7 | % | |||||||||||||
Income (Loss) from equity investments |
44,802 | 46,960 | 31,735 | -4.6 | % | 41.2 | % | |||||||||||||
Income (Loss) from Minority interest |
(39,994 | ) | (34,593 | ) | (31,774 | ) | 15.6 | % | 25.9 | % | ||||||||||
Other Income/Expenses |
56,471 | 1,780 | (97,601 | ) | 3072.5 | % | -157.9 | % | ||||||||||||
Income tax and Minimum Presumed Tax |
(550,163 | ) | (554,766 | ) | (492,468 | ) | -0.8 | % | 11.7 | % | ||||||||||
Net income for the period |
1,165,084 | 1,188,261 | 930,946 | -2.0 | % | 25.2 | % | |||||||||||||
Net income per share (2) |
2.17 | 2.21 | 1.73 | -2.0 | % | 25.2 | % | |||||||||||||
Net income per ADS (3) |
6.51 | 6.64 | 5.20 | -2.0 | % | 25.2 | % |
(1) | Exchange rate: AR$ 14,5817 Ps = 1 USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
- 4 -
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Main figures | Quarter ended | quarter ended | ||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Return on Average Assets (1) |
4.1 | % | 4.7 | % | 4.8 | % | -12.0 | % | -13.9 | % | ||||||||||
Return on Average Shareholders Equity (1) |
32.6 | % | 36.2 | % | 34.5 | % | -10.0 | % | -5.5 | % | ||||||||||
Net fee Income as a % of Operating Income |
23.8 | % | 25.2 | % | 29.6 | % | -5.5 | % | -19.6 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
44.4 | % | 50.9 | % | 60.7 | % | -12.6 | % | -26.9 | % | ||||||||||
Adm. Expenses as a % of Recurrent Income (2) |
53.6 | % | 49.5 | % | 48.7 | % | 8.2 | % | 10.0 | % |
(1) | Annualized. |
(2) | Adm.Expenses / (Net financial income + Net income from services) |
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Net financial income | Quarter ended | quarter ended | ||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Net financial income |
2,980,043 | 2,854,922 | 2,285,033 | 4.4 | % | 30.4 | % | |||||||||||||
Net income from financial intermediation |
1,229,373 | 1,236,777 | 1,141,287 | -0.6 | % | 7.7 | % | |||||||||||||
CER adjustment |
161,393 | 41,249 | 45,228 | 291.3 | % | 256.8 | % | |||||||||||||
Income from securities and short term investments |
980,137 | 1,133,458 | 921,729 | -13.5 | % | 6.3 | % | |||||||||||||
Interest on Government guaranteed loans |
9,072 | 4,089 | 3,544 | 121.9 | % | 156.0 | % | |||||||||||||
Foreign exchange difference |
369,257 | 31,654 | 121,789 | 1066.5 | % | 203.2 | % | |||||||||||||
Others |
230,811 | 407,695 | 51,456 | -43.4 | % | 348.6 | % |
D% quarter ended 03-31-16 | ||||||||||||||||||||
Income from securities and short-term investments | Quarter ended | vs quarter ended | ||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Income from securities and short-term investments |
980,137 | 1,133,458 | 921,729 | -13.5 | % | 6.3 | % | |||||||||||||
Holdings booked at fair value |
(21,714 | ) | 601,465 | 368,080 | -103.6 | % | -105.9 | % | ||||||||||||
Bills and Notes from the Central Bank |
958,961 | 512,661 | 537,885 | 87.1 | % | 78.3 | % | |||||||||||||
Other fixed income securities |
42,890 | 19,332 | 15,765 | 121.9 | % | 172.1 | % | |||||||||||||
CER adjustment |
161,520 | 41,264 | 45,240 | 291.4 | % | 257.0 | % |
- 5 -
Net income from services | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Net income from services |
931,083 | 960,726 | 960,451 | -3.1 | % | -3.1 | % | |||||||||||||
Service charge income |
1,481,111 | 1,547,202 | 1,302,855 | -4.3 | % | 13.7 | % | |||||||||||||
Service charges on deposits accounts |
338,874 | 327,449 | 266,581 | 3.5 | % | 27.1 | % | |||||||||||||
Credit cards and operations |
548,511 | 601,513 | 514,163 | -8.8 | % | 6.7 | % | |||||||||||||
Insurance |
146,228 | 150,501 | 157,517 | -2.8 | % | -7.2 | % | |||||||||||||
Capital markets and securities activities |
6,695 | 22,617 | 12,288 | -70.4 | % | -45.5 | % | |||||||||||||
Fees related to foreign trade |
58,033 | 47,933 | 35,300 | 21.1 | % | 64.4 | % | |||||||||||||
Other fees |
382,769 | 397,189 | 317,005 | -3.6 | % | 20.7 | % | |||||||||||||
Services Charge expense |
(550,027 | ) | (586,476 | ) | (342,404 | ) | -6.2 | % | 60.6 | % |
- 6 -
Administrative expenses | Quarter ended |
D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Administrative expenses |
(2,095,807 | ) | (1,889,227 | ) | (1,581,333 | ) | 10.9 | % | 32.5 | % | ||||||||||
Personnel expenses |
(1,219,519 | ) | (1,079,365 | ) | (905,375 | ) | 13.0 | % | 34.7 | % | ||||||||||
Electricity and Communications |
(38,972 | ) | (29,050 | ) | (26,166 | ) | 34.2 | % | 48.9 | % | ||||||||||
Advertising and Promotion |
(67,952 | ) | (72,742 | ) | (42,518 | ) | -6.6 | % | 59.8 | % | ||||||||||
Fees and external administrative services |
(33,323 | ) | (35,726 | ) | (20,499 | ) | -6.7 | % | 62.6 | % | ||||||||||
Taxes |
(198,595 | ) | (193,002 | ) | (143,921 | ) | 2.9 | % | 38.0 | % | ||||||||||
Organization and development expenses |
(18,926 | ) | (18,890 | ) | (14,603 | ) | 0.2 | % | 29.6 | % | ||||||||||
Amortizations |
(54,142 | ) | (50,160 | ) | (44,592 | ) | 7.9 | % | 21.4 | % | ||||||||||
Other |
(464,378 | ) | (410,292 | ) | (383,659 | ) | 13.2 | % | 21.0 | % |
Balance and activity
- 7 -
Exposure to the Public Sector | Quarter ended |
D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Public SectorNational Government |
4,433,717 | 3,597,597 | 2,953,117 | 23.2 | % | 50.1 | % | |||||||||||||
Public Sector Loans |
74,853 | 66,799 | 57,208 | 12.1 | % | 30.8 | % | |||||||||||||
Total bond portfolio |
4,359,082 | 3,531,010 | 2,797,440 | 23.5 | % | 55.8 | % | |||||||||||||
Holdings book at fair value |
4,015,178 | 3,220,093 | 2,524,516 | 24.7 | % | 59.0 | % | |||||||||||||
Holdings book at amortized cost |
164 | 164 | 98,391 | 0.0 | % | -99.8 | % | |||||||||||||
Unlisted |
343,740 | 310,753 | 174,533 | 10.6 | % | 96.9 | % | |||||||||||||
Allowances |
(218 | ) | (212 | ) | (201 | ) | 2.8 | % | 8.5 | % | ||||||||||
Reverse repo |
| | 98,670 | n/a | -100.0 | % | ||||||||||||||
Public SectorNational Government own portfolio |
4,433,717 | 3,597,597 | 2,854,447 | 23.2 | % | 55.3 | % | |||||||||||||
Bills and Notes from Central Bank |
13,302,958 | 11,086,580 | 11,985,646 | 20.0 | % | 11.0 | % | |||||||||||||
Own portfolio |
12,321,088 | 11,086,580 | 10,013,949 | 11.1 | % | 23.0 | % | |||||||||||||
Reverse repo w/Central Bank |
981,870 | | 1,971,697 | n/a | -50.2 | % | ||||||||||||||
Total exposure to the Public Sector |
17,736,675 | 14,684,177 | 14,938,763 | 20.8 | % | 18.7 | % | |||||||||||||
Total exposure to the Public Sector without repos |
16,754,805 | 14,684,177 | 12,868,396 | 14.1 | % | 30.2 | % |
Net loans | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Private & Financial sector loans |
59,134,567 | 56,496,522 | 43,084,357 | 4.7 | % | 37.3 | % | |||||||||||||
Advances |
8,195,034 | 6,739,426 | 7,180,739 | 21.6 | % | 14.1 | % | |||||||||||||
Discounted and purchased notes |
8,979,534 | 9,559,666 | 5,882,870 | -6.1 | % | 52.6 | % | |||||||||||||
Consumer Mortgages |
1,988,051 | 2,122,955 | 1,512,906 | -6.4 | % | 31.4 | % | |||||||||||||
Car secured loans |
4,493,535 | 4,567,505 | 3,644,048 | -1.6 | % | 23.3 | % | |||||||||||||
Personal loans |
7,428,791 | 7,343,933 | 6,181,597 | 1.2 | % | 20.2 | % | |||||||||||||
Credit cards |
18,176,278 | 18,322,958 | 12,399,432 | -0.8 | % | 46.6 | % | |||||||||||||
Loans to financial sector |
1,367,594 | 1,530,454 | 810,528 | -10.6 | % | 68.7 | % | |||||||||||||
Other loans |
8,658,592 | 6,510,536 | 5,609,073 | 33.0 | % | 54.4 | % | |||||||||||||
Unaccrued interest |
(212,823 | ) | (216,365 | ) | (135,135 | ) | -1.6 | % | 57.5 | % | ||||||||||
Adjustment and accrued interest & exchange difference |
1,241,172 | 1,127,744 | 948,643 | 10.1 | % | 30.8 | % | |||||||||||||
Less: Allowance for loan losses |
(1,181,191 | ) | (1,112,290 | ) | (950,344 | ) | 6.2 | % | 24.3 | % | ||||||||||
Loans to public sector |
74,853 | 66,799 | 57,208 | 12.1 | % | 30.8 | % | |||||||||||||
Loans to public sector |
8,734 | 8,823 | 8,773 | -1.0 | % | -0.4 | % | |||||||||||||
Adjustment and accrued interest & exchange difference |
66,119 | 57,976 | 48,435 | 14.0 | % | 36.5 | % | |||||||||||||
Net total loans |
59,209,420 | 56,563,321 | 43,141,565 | 4.7 | % | 37.2 | % |
- 8 -
Asset quality ratios | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Non-performing loans (1) |
416,402 | 370,000 | 406,138 | 12.5 | % | 2.5 | % | |||||||||||||
Allowance for loan losses |
(1,181,191 | ) | (1,112,290 | ) | (950,344 | ) | 6.2 | % | 24.3 | % | ||||||||||
Non-performing loans/net total loans |
0.69 | % | 0.64 | % | 0.92 | % | 7.5 | % | -25.1 | % | ||||||||||
Non-performing private loans/net private loans |
0.69 | % | 0.64 | % | 0.92 | % | 7.5 | % | -25.1 | % | ||||||||||
Allowance for loan losses/non-performing loans |
283.67 | % | 300.62 | % | 234.00 | % | -5.6 | % | 21.2 | % | ||||||||||
Allowance for loan losses/net total loans |
1.96 | % | 1.93 | % | 2.16 | % | 1.4 | % | -9.3 | % |
(1) | Non-performing loans include:all loans to borrowers classified as Problem, Deficient Servicing,High Insolvency Risk, Difficult Recovery, Irrecoverable and Irrecoverable for Technical Decision according to the new Central Bank debtor classification system. |
Evolution of provisions | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Balance at the beginning of the quarter |
1,119,687 | 1,024,797 | 943,061 | 9.3 | % | 18.7 | % | |||||||||||||
Increase / decrease |
161,351 | 197,541 | 143,097 | -18.3 | % | 12.8 | % | |||||||||||||
Provision increase / decreaseExchange rate difference |
5,318 | 12,237 | 837 | -56.5 | % | -535.4 | % | |||||||||||||
Aplications / Reversals |
(97,598 | ) | (114,888 | ) | (130,387 | ) | -15.0 | % | -25.1 | % | ||||||||||
Balance at the end of the quarter |
1,188,758 | 1,119,687 | 956,608 | 6.2 | % | 24.3 | % |
- 9 -
Total deposits | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Total deposits |
80,099,181 | 76,863,436 | 55,355,670 | 4.2 | % | 44.7 | % | |||||||||||||
Current accounts |
19,361,280 | 21,201,742 | 16,193,981 | -8.7 | % | 19.6 | % | |||||||||||||
Peso denominated |
18,674,131 | 20,593,528 | 15,380,061 | -9.3 | % | 21.4 | % | |||||||||||||
Foreign currency |
687,149 | 608,214 | 813,920 | 13.0 | % | -15.6 | % | |||||||||||||
Saving accounts |
25,737,565 | 22,452,261 | 15,097,425 | 14.6 | % | 70.5 | % | |||||||||||||
Peso denominated |
15,359,809 | 14,972,121 | 11,717,780 | 2.6 | % | 31.1 | % | |||||||||||||
Foreign currency |
10,377,756 | 7,480,140 | 3,379,645 | 38.7 | % | 207.1 | % | |||||||||||||
Time deposits |
33,155,157 | 31,895,955 | 22,538,963 | 3.9 | % | 47.1 | % | |||||||||||||
Peso denominated |
27,911,716 | 27,705,124 | 20,866,807 | 0.7 | % | 33.8 | % | |||||||||||||
CER adjusted time deposits |
1,126 | 1,072 | 419 | 5.0 | % | 168.7 | % | |||||||||||||
Foreign currency |
5,242,315 | 4,189,759 | 1,671,737 | 25.1 | % | 213.6 | % | |||||||||||||
Investment Accounts |
5,586 | 34,807 | 594 | -84.0 | % | n/a | ||||||||||||||
Peso denominated |
5,586 | 34,807 | 594 | -84.0 | % | n/a | ||||||||||||||
Other |
1,839,593 | 1,278,671 | 1,524,707 | 43.9 | % | 20.7 | % | |||||||||||||
Peso denominated |
1,441,097 | 995,207 | 1,273,909 | 44.8 | % | 13.1 | % | |||||||||||||
Foreign currency |
398,496 | 283,464 | 250,798 | 40.6 | % | 58.9 | % | |||||||||||||
Rescheduled deposits + CEDROS |
2,234 | 2,234 | 2,234 | 0.0 | % | 0.0 | % | |||||||||||||
Peso denominated |
2,234 | 2,234 | 2,234 | 0.0 | % | 0.0 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
80,101,415 | 76,865,670 | 55,357,904 | 4.2 | % | 44.7 | % |
Other funding sources | Quarter ended | D% quarter ended 03-31-16 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Lines from other banks |
1,485,135 | 1,863,498 | 601,260 | -20.3 | % | 147.0 | % | |||||||||||||
Senior Bonds |
1,608,592 | 1,902,562 | 1,894,585 | -15.5 | % | -15.1 | % | |||||||||||||
Total other funding sources |
3,093,727 | 3,766,060 | 2,495,845 | -17.9 | % | 24.0 | % |
- 10 -
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Capitalization | Quarter ended | quarter ended | ||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Capital Stock |
536,878 | 536,878 | 536,878 | 0.0 | % | 0.0 | % | |||||||||||||
Issuance premiums |
182,511 | 182,511 | 182,511 | 0.0 | % | 0.0 | % | |||||||||||||
Adjustments to stockholders equity |
312,979 | 312,979 | 312,979 | 0.0 | % | 0.0 | % | |||||||||||||
Subtotal |
1,032,368 | 1,032,368 | 1,032,368 | 0.0 | % | 0.0 | % | |||||||||||||
Reserves on Profits |
8,899,508 | 8,899,508 | 6,095,012 | 0.0 | % | 46.0 | % | |||||||||||||
Unappropriated retained earnings |
4,949,571 | 3,784,487 | 4,135,442 | 30.8 | % | 19.7 | % | |||||||||||||
Total stockholders equity |
14,881,447 | 13,716,363 | 11,262,822 | 8.5 | % | 32.1 | % | |||||||||||||
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Central Bank Requirements | Quarter ended | quarter ended | ||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Central Bank Minimum Capital Requirements |
7,813,073 | 7,128,504 | 5,428,888 | 9.6 | % | 43.9 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a, b) |
7,682,943 | 7,064,858 | 5,263,970 | 8.7 | % | 46.0 | % | |||||||||||||
Increase in capital requirements related to custody |
130,130 | 63,646 | 164,918 | 104.5 | % | -21.1 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
7,682,943 | 7,064,858 | 5,314,226 | 8.7 | % | 44.6 | % | |||||||||||||
Allocated to Asset at Risk |
5,769,780 | 5,134,942 | 3,777,492 | 12.4 | % | 52.7 | % | |||||||||||||
DCR (derivative conterparter risk) |
| 14,393 | 6,914 | -100.0 | % | -100.0 | % | |||||||||||||
Non Compliance of Other Credit Regulations |
| | 50,256 | n/a | -100.0 | % | ||||||||||||||
Market Risk |
162,912 | 287,600 | 149,434 | -43.4 | % | 9.0 | % | |||||||||||||
Operational Risk |
1,750,251 | 1,627,923 | 1,330,130 | 7.5 | % | 31.6 | % | |||||||||||||
b) Minimum capital required for the Guarantee Fund for the Sustainability of the Pas-as-you-go System maneged by the Argentine Republic and registrar of mortgage notes |
520,520 | 400,000 | 659,672 | 30.1 | % | -21.1 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
520,520 | 400,000 | 659,672 | 30.1 | % | -21.1 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
14,934,191 | 13,704,185 | 11,278,580 | 9.0 | % | 32.4 | % | |||||||||||||
Ordinary Capital Level 1 |
14,401,947 | 13,206,449 | 10,875,059 | 9.1 | % | 32.4 | % | |||||||||||||
Dedusctions Ordinary Capital Level 1 |
(311,162 | ) | (281,230 | ) | (169,521 | ) | 10.6 | % | 83.6 | % | ||||||||||
Capital Level 2 |
843,406 | 778,966 | 573,042 | 8.3 | % | 47.2 | % | |||||||||||||
Excess over Required Capital |
7,121,118 | 6,575,681 | 5,849,692 | 8.3 | % | 21.7 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
15.9 | % | 15.5 | % | 17.1 | % | 2.4 | % | -7.2 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
47.9 | % | 47.9 | % | 51.9 | % | -0.2 | % | -7.9 | % |
D% quarter ended 03-31-16 vs | ||||||||||||||||||||
Quarter ended | quarter ended | |||||||||||||||||||
(in thousands of pesos except percentages) | 03-31-16 | 12-31-15 | 03-31-15 | 12-31-15 | 03-31-15 | |||||||||||||||
Exchange rate |
14.58 | 13.01 | 8.82 | 12.1 | % | 65.3 | % | |||||||||||||
Quarterly CER adjustment |
10.5 | % | 4.1 | % | 3.1 | % | 153.2 | % | 235.5 | % |
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, 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 -
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
03-31-16 | 12-31-15 | 09-30-15 | 03-31-15 | |||||||||||||
Cash and due from banks |
23,414,132 | 27,970,169 | 13,937,749 | 12,897,039 | ||||||||||||
Government and Private Securities |
17,448,966 | 14,416,484 | 15,652,920 | 14,779,848 | ||||||||||||
Holdings booked at fair value |
4,015,178 | 3,220,093 | 2,583,782 | 2,524,516 | ||||||||||||
Holdings booked at amortized cost |
| | | 98,391 | ||||||||||||
Reverse repo |
164 | 164 | 164 | 98,670 | ||||||||||||
Listed Private Securities |
130,884 | 109,859 | 89,259 | 72,826 | ||||||||||||
Bills and Notes from the Central Bank |
13,302,958 | 11,086,580 | 12,979,915 | 11,985,646 | ||||||||||||
Less: Allowances |
(218 | ) | (212 | ) | (200 | ) | (201 | ) | ||||||||
Loans |
59,209,420 | 56,563,321 | 49,981,675 | 43,141,565 | ||||||||||||
Loans to the private & financial sector |
59,134,567 | 56,496,522 | 49,918,078 | 43,084,357 | ||||||||||||
Advances |
8,195,034 | 6,739,426 | 7,813,118 | 7,180,739 | ||||||||||||
Discounted and purchased notes |
8,979,534 | 9,559,666 | 7,708,000 | 5,882,870 | ||||||||||||
Secured with mortgages |
1,988,051 | 2,122,955 | 1,806,419 | 1,512,906 | ||||||||||||
Car secured loans |
4,493,535 | 4,567,505 | 4,127,086 | 3,644,048 | ||||||||||||
Personal loans |
7,428,791 | 7,343,933 | 6,805,408 | 6,181,597 | ||||||||||||
Credit cards |
18,176,278 | 18,322,958 | 14,672,406 | 12,399,432 | ||||||||||||
Loans to financial sector |
1,367,594 | 1,530,454 | 1,246,674 | 810,528 | ||||||||||||
Other loans |
8,658,592 | 6,510,536 | 6,010,784 | 5,609,073 | ||||||||||||
Less: Unaccrued interest |
(212,823 | ) | (216,365 | ) | (161,426 | ) | (135,135 | ) | ||||||||
Plus: Interest & FX differences receivable |
1,241,172 | 1,127,744 | 908,499 | 948,643 | ||||||||||||
Less: Allowance for loan losses |
(1,181,191 | ) | (1,112,290 | ) | (1,018,890 | ) | (950,344 | ) | ||||||||
Public Sector loans |
74,853 | 66,799 | 63,597 | 57,208 | ||||||||||||
Principal |
8,734 | 8,823 | 8,822 | 8,773 | ||||||||||||
Plus: Interest & FX differences receivable |
66,119 | 57,976 | 54,775 | 48,435 | ||||||||||||
Other banking receivables |
6,753,374 | 3,728,874 | 5,559,493 | 4,191,933 | ||||||||||||
Repurchase agreements |
982,677 | | 1,910,161 | 2,046,557 | ||||||||||||
Unlisted private securities |
212,856 | 200,894 | 86,868 | 101,707 | ||||||||||||
Other banking receivables |
5,565,408 | 3,535,377 | 3,568,371 | 2,049,933 | ||||||||||||
Less: provisions |
(7,567 | ) | (7,397 | ) | (5,907 | ) | (6,264 | ) | ||||||||
Investments in other companies |
426,278 | 363,861 | 336,070 | 367,021 | ||||||||||||
Intangible assets |
259,976 | 236,861 | 211,624 | 157,514 | ||||||||||||
Organization and development charges |
259,976 | 236,861 | 211,624 | 157,514 | ||||||||||||
Other assets |
7,762,404 | 7,412,813 | 6,453,052 | 5,595,936 | ||||||||||||
Total Assets |
115,274,550 | 110,692,383 | 92,132,583 | 81,130,856 | ||||||||||||
Deposits |
80,101,415 | 76,865,670 | 63,216,454 | 55,357,904 | ||||||||||||
Current accounts |
19,361,280 | 21,201,742 | 17,703,627 | 16,193,981 | ||||||||||||
Saving accounts |
25,737,565 | 22,452,261 | 17,302,839 | 15,097,425 | ||||||||||||
Time deposits |
33,155,157 | 31,895,955 | 26,762,368 | 22,538,963 | ||||||||||||
Investment Accounts |
5,586 | 34,807 | 88,774 | 594 | ||||||||||||
Rescheduled deposits CEDROS |
2,234 | 2,234 | 2,234 | 2,234 | ||||||||||||
Other deposits |
1,839,593 | 1,278,671 | 1,356,612 | 1,524,707 | ||||||||||||
Other banking Liabilities |
15,015,019 | 15,031,971 | 11,618,140 | 10,087,578 | ||||||||||||
Other provisions |
1,021,902 | 999,929 | 961,630 | 896,150 | ||||||||||||
Other contingencies |
1,021,206 | 999,319 | 960,988 | 895,482 | ||||||||||||
Guarantees |
696 | 610 | 642 | 668 | ||||||||||||
Other liabilities |
3,888,356 | 3,749,284 | 3,513,683 | 3,222,499 | ||||||||||||
Minority interest |
366,411 | 329,166 | 294,574 | 303,903 | ||||||||||||
Total Liabilities |
100,393,103 | 96,976,020 | 79,604,481 | 69,868,034 | ||||||||||||
Total Stockholders equity |
14,881,447 | 13,716,363 | 12,528,102 | 11,262,822 | ||||||||||||
Total liabilities + stockholders equity |
115,274,550 | 110,692,383 | 92,132,583 | 81,130,856 |
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
03-31-16 | 12-31-15 | 09-30 -15 | 03-31-15 | |||||||||||||
Financial income |
5,495,068 | 4,998,740 | 4,160,006 | 3,769,403 | ||||||||||||
Interest on Cash and Due from Banks |
| | | | ||||||||||||
Interest on Loans Granted to the Financial Sector |
112,598 | 109,505 | 76,198 | 70,938 | ||||||||||||
Interest on Overdraft |
691,193 | 600,669 | 614,867 | 488,603 | ||||||||||||
Interest on Discounted and purchased notes |
522,801 | 463,881 | 350,163 | 306,681 | ||||||||||||
Interest on Mortgages |
101,694 | 98,158 | 83,853 | 68,649 | ||||||||||||
Interest on Car Secured Loans |
270,463 | 264,203 | 238,125 | 219,544 | ||||||||||||
Interest on Credit Card Loans |
984,737 | 811,113 | 679,705 | 637,018 | ||||||||||||
Interest on Financial Leases |
116,114 | 113,406 | 103,447 | 95,305 | ||||||||||||
Interest on Other Loans |
919,114 | 900,677 | 836,913 | 737,640 | ||||||||||||
From Other Banking receivables |
152 | 30 | 108 | 50 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
9,072 | 4,089 | 4,082 | 3,544 | ||||||||||||
Income from Securities and Short Term Investments |
980,137 | 1,133,458 | 891,912 | 921,729 | ||||||||||||
CER |
161,520 | 41,264 | 50,113 | 45,240 | ||||||||||||
Foreign exchange difference |
369,257 | 31,654 | 122,243 | 121,789 | ||||||||||||
Other |
256,216 | 426,633 | 108,277 | 52,673 | ||||||||||||
Financial expenses |
(2,515,025 | ) | (2,143,818 | ) | (1,833,403 | ) | (1,484,370 | ) | ||||||||
Interest on Current Account Deposits |
| | | | ||||||||||||
Interest on Saving Account Deposits |
(7,957 | ) | (7,003 | ) | (5,987 | ) | (4,620 | ) | ||||||||
Interest on Time Deposits |
(1,842,388 | ) | (1,576,170 | ) | (1,321,401 | ) | (1,053,486 | ) | ||||||||
Interest on Other Banking Liabilities |
(181,920 | ) | (161,272 | ) | (149,052 | ) | (132,824 | ) | ||||||||
Other interests (includes Central Bank) |
(1,234 | ) | (1,470 | ) | (1,469 | ) | (1,693 | ) | ||||||||
CER |
(127 | ) | (15 | ) | (19 | ) | (12 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(128,161 | ) | (107,580 | ) | (102,137 | ) | (88,294 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(327,833 | ) | (271,370 | ) | (231,747 | ) | (202,224 | ) | ||||||||
Other |
(25,405 | ) | (18,938 | ) | (21,591 | ) | (1,217 | ) | ||||||||
Net financial income |
2,980,043 | 2,854,922 | 2,326,603 | 2,285,033 | ||||||||||||
Provision for loan losses |
(161,351 | ) | (197,541 | ) | (115,201 | ) | (143,097 | ) | ||||||||
Income from services, net of other operating expenses |
931,083 | 960,726 | 953,272 | 960,451 | ||||||||||||
Administrative expenses |
(2,095,807 | ) | (1,889,227 | ) | (1,645,376 | ) | (1,581,333 | ) | ||||||||
Income (loss) from equity investments |
44,802 | 46,960 | 69,341 | 31,735 | ||||||||||||
Net Other income |
56,471 | 1,780 | (10,472 | ) | (97,601 | ) | ||||||||||
Income (loss) from minority interest |
(39,994 | ) | (34,593 | ) | (30,439 | ) | (31,774 | ) | ||||||||
Income before tax |
1,715,247 | 1,743,027 | 1,547,728 | 1,423,414 | ||||||||||||
Income tax |
(550,163 | ) | (554,766 | ) | (549,658 | ) | (492,468 | ) | ||||||||
Net income |
1,165,084 | 1,188,261 | 998,070 | 930,946 |
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
03-31-16 | 12-31-15 | 09-30-15 | 03-31-15 | |||||||||||||
Cash and due from banks |
23,414,261 | 27,970,286 | 13,937,826 | 12,897,123 | ||||||||||||
Government Securities |
17,489,778 | 14,422,191 | 15,658,390 | 14,787,089 | ||||||||||||
Loans |
59,209,420 | 56,563,321 | 49,981,675 | 43,141,565 | ||||||||||||
Other Banking Receivables |
6,753,374 | 3,728,874 | 5,559,493 | 4,191,933 | ||||||||||||
Assets Subject to Financial Leasing |
2,346,370 | 2,407,451 | 2,339,833 | 2,129,618 | ||||||||||||
Investments in other companies |
416,473 | 353,377 | 331,131 | 362,112 | ||||||||||||
Other assets |
5,689,131 | 5,290,698 | 4,368,786 | 3,668,090 | ||||||||||||
Total Assets |
115,318,807 | 110,736,198 | 92,177,134 | 81,177,530 | ||||||||||||
Deposits |
80,101,011 | 76,864,493 | 63,214,992 | 55,357,671 | ||||||||||||
Other banking liabilities |
15,015,019 | 15,032,048 | 11,618,166 | 10,087,578 | ||||||||||||
Minority interest |
374,801 | 338,136 | 298,800 | 308,103 | ||||||||||||
Other liabilities |
4,946,529 | 4,785,158 | 4,517,074 | 4,161,356 | ||||||||||||
Total Liabilities |
100,437,360 | 97,019,835 | 79,649,032 | 69,914,708 | ||||||||||||
Total Stockholders Equity |
14,881,447 | 13,716,363 | 12,528,102 | 11,262,822 | ||||||||||||
Stockholders Equity + Liabilities |
115,318,807 | 110,736,198 | 92,177,134 | 81,177,530 |
Net Income
03-31-16 | 12-31-15 | 09-30 -15 | 03-31-15 | |||||||||||||
Net Financial Income |
2,983,692 | 2,856,420 | 2,328,398 | 2,285,429 | ||||||||||||
Provision for loan losses |
(161,351 | ) | (197,541 | ) | (115,201 | ) | (143,097 | ) | ||||||||
Net Income from Services |
931,083 | 960,726 | 953,272 | 960,451 | ||||||||||||
Administrative expenses |
(2,101,298 | ) | (1,891,536 | ) | (1,646,213 | ) | (1,584,248 | ) | ||||||||
Net Other Income |
101,996 | 54,482 | 58,164 | (62,916 | ) | |||||||||||
Income Before Tax |
1,754,122 | 1,782,551 | 1,578,420 | 1,455,619 | ||||||||||||
Income Tax |
(550,303 | ) | (554,953 | ) | (549,809 | ) | (492,627 | ) | ||||||||
Net income |
1,203,819 | 1,227,598 | 1,028,611 | 962,992 | ||||||||||||
Minoritary Interest |
(38,735 | ) | (39,337 | ) | (30,541 | ) | (32,046 | ) | ||||||||
Net income for Quarter |
1,165,084 | 1,188,261 | 998,070 | 930,946 |
- 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, 2016 | By: | /s/ Ignacio Sanz y Arcelus | ||||
Name: Ignacio Sanz y Arcelus | ||||||
Title: Chief Financial Officer |