FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November 2014
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 third quarter earnings for fiscal year 2014. |
Buenos Aires, November 10, 2014 - BBVA Frances (NYSE: BFR.N; BCBA: FRA.BA;
LATIBEX: BFR.LA) reports consolidated third quarter earnings for fiscal year
2014.
Highlights
| BBVA Francés reached net income of AR$ 629.0 million, accumulating AR$ 2.4 billion as of September 30, 2014. |
| Net financial income grew 32.5% compared to the same quarter of 2013 and 21.8% during the quarter, mainly due to increased revenues derived from private sector intermediation, as well as income from the public bonds portfolio. |
| In terms of activity, the private sector loan portfolio totaled AR$ 40.5 billion, growing 20.9% in the last twelve months and 6.9% during the quarter. |
| Regarding asset quality, BBVA Francés has been able to maintain the best ratios in the Argentine financial system, even in a deteriorated environment. As of September 30, 2014, the non-performing loan ratio reached 0.94%, with a coverage level of 225.89%. |
| Total deposits reached AR$ 49.7 million, growing 25.7% annually and 3.5% during the third quarter of 2014. Sight accounts represented 58.6% of total deposits, resulting in an improvement in the funding mix. |
| BBVA Francés maintained high levels of liquidity and solvency. As of September 30, 2014 liquid assets (Cash and due from banks plus Argentine Central Bank (BCRA) bills and notes represented 39.4% of the Banks total deposits. The capital ratio reached 16.2% of weighted risk assets; with an excess of capital over the BCRA minimum regulatory requirements of AR$ 4.7 billion, 95.8% over the minimum required. |
| On October 6, 2014, the BCRA issued new regulations. Communication A 5640 establishes a minimum reference interest rate for fix-term deposits held by individuals that not exceed AR$ 350 thousand. Communication A 5641 increases the monthly contribution that banks must side aside each month to fund the Deposits Guarantee Fund (Fondo de Garantía de los Depósitos) from 0.015% to 0.06% of the monthly average of the daily deposits balance. |
| BBVA Francés, following the guidelines of the BBVA Group, has created the new Digital and Transformation Banking Division, which will include the current functions of the Corporate Development and Transformation Division, with the goal of improving customers experience across all channels. Furthermore, BBVA Francés also implemented some organizational changes, redefining roles and simplifying the org chart, in order to adapt the Banks internal structure to its business needs. |
| In line with the expansion plan, three new branches (Chascomús, Buenos Aires; Las Heras, Santa Cruz and Colón, Entre Ríos) and three VIP spaces (Tucuman, Caballito and Catedral) were opened during the quarter. In addition, Paso de los Libres, branch in Corrientes was relocated, adding space and a more comfortable layout for employees and customers. |
Other Events
| On August 26, 2014, the Bank approved the issuance of its series 12 and 13 of negotiable obligations (bonds) for a total amount of AR$ 500 million. The subscription period started on October 31, 2014 and the issuance date will be November 13, 2014. |
- 2 -
- 3 -
Financial Information
Condensed Income Statement (1) | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except income per share, ADS and percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Net Financial Income |
1,749,510 | 1,436,050 | 1,320,781 | 21.8 | % | 32.5 | % | |||||||||||||
Provision for loan losses |
(151,867 | ) | (151,729 | ) | (102,888 | ) | 0.1 | % | 47.6 | % | ||||||||||
Net income from services |
887,922 | 813,890 | 678,628 | 9.1 | % | 30.8 | % | |||||||||||||
Administrative expenses |
(1,582,636 | ) | (1,319,873 | ) | (1,037,719 | ) | 19.9 | % | 52.5 | % | ||||||||||
Operating income |
902,929 | 778,338 | 858,802 | 16.0 | % | 5.1 | % | |||||||||||||
Income (Loss) from equity investments |
85,365 | 42,455 | 38,857 | 101.1 | % | 119.7 | % | |||||||||||||
Income (Loss) from Minority interest |
(28,677 | ) | (27,218 | ) | (13,551 | ) | 5.4 | % | 111.6 | % | ||||||||||
Other Income/Expenses |
14,453 | (21,077 | ) | (23,830 | ) | -168.6 | % | -160.7 | % | |||||||||||
Income tax and Minimum Presumed Tax |
(345,100 | ) | (373,447 | ) | (299,580 | ) | -7.6 | % | 15.2 | % | ||||||||||
Net income for the period |
628,970 | 399,051 | 560,698 | 57.6 | % | 12.2 | % | |||||||||||||
Net income per share (2) |
1.17 | 0.74 | 1.04 | 57.6 | % | 12.2 | % | |||||||||||||
Net income per ADS (3) |
3.51 | 2.23 | 3.13 | 57.6 | % | 12.2 | % |
(1) | Exchange rate: AR$ 8,4643 Ps = 1USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
- 4 -
Condensed Income Statement PROFORMA 09-30-14 | ||||||||||||
in thousands of pesos |
Recurring results | Non recurring Income |
Total results | |||||||||
Net Financial Income |
1,802,983 | (53,473 | ) | 1,749,510 | ||||||||
Provision for loan losses |
(151,867 | ) | | (151,867 | ) | |||||||
Net income from services |
887,922 | | 887,922 | |||||||||
Administrative expenses |
(1,582,636 | ) | | (1,582,636 | ) | |||||||
Operating income |
956,402 | (53,473 | ) | 902,929 | ||||||||
Income (loss) from equity investments |
85,365 | | 85,365 | |||||||||
Income (Loss) from Minority interest |
(28,677 | ) | | (28,677 | ) | |||||||
Other Income/Expenses |
14,453 | | 14,453 | |||||||||
Income tax and Minimum Presumed Tax |
(346,973 | ) | (1,873 | ) | (345,100 | ) | ||||||
Net income for the period |
680,570 | (55,346 | ) | 628,970 |
Condensed Income Statement PROFORMA | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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in thousands of pesos |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Net Financial Income |
1,802,983 | 1,531,442 | 1,241,038 | 17.7 | % | 45.3 | % | |||||||||||||
Provision for loan losses |
(151,867 | ) | (151,729 | ) | (102,888 | ) | 0.1 | % | 47.6 | % | ||||||||||
Net income from services |
887,922 | 813,890 | 678,628 | 9.1 | % | 30.8 | % | |||||||||||||
Administrative expenses |
(1,582,636 | ) | (1,319,873 | ) | (1,037,719 | ) | 19.9 | % | 52.5 | % | ||||||||||
Operating income |
956,402 | 873,730 | 779,059 | 9.5 | % | 22.8 | % | |||||||||||||
Income (Loss) from equity investments |
85,365 | 42,455 | 38,857 | 101.1 | % | 119.7 | % | |||||||||||||
Income (Loss) from Minority interest |
(28,677 | ) | (27,218 | ) | (13,551 | ) | 5.4 | % | 111.6 | % | ||||||||||
Other Income/Expenses |
14,453 | (21,077 | ) | (23,830 | ) | -168.6 | % | -160.7 | % | |||||||||||
Income tax and Minimum Presumed Tax |
(346,973 | ) | (378,939 | ) | (272,794 | ) | -8.4 | % | 27.2 | % | ||||||||||
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Net income for the period |
680,570 | 488,951 | 507,742 | 39.2 | % | 34.0 | % | |||||||||||||
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- 5 -
Main figures | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Return on Average Assets (1) |
3.5 | % | 2.4 | % | 4.3 | % | 46.4 | % | -18.4 | % | ||||||||||
Return on Average Shareholders Equity |
27.3 | % | 18.3 | % | 37.3 | % | 49.1 | % | -26.7 | % | ||||||||||
Net fee Income as a % of Recurrent Operating Income |
33.0 | % | 34.7 | % | 35.4 | % | -4.9 | % | -6.7 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
56.1 | % | 61.7 | % | 65.4 | % | -9.0 | % | -14.2 | % | ||||||||||
Adm. Expenses as a % of Recurrent Operating Income (2) |
58.8 | % | 56.3 | % | 54.1 | % | 4.5 | % | 8.8 | % |
(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.
Net financial income | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Net financial income |
1,749,510 | 1,436,050 | 1,320,781 | 21.8 | % | 32.5 | % | |||||||||||||
Net income from financial intermediation |
1,100,566 | 922,639 | 855,449 | 19.3 | % | 28.7 | % | |||||||||||||
CER adjustment |
59,037 | 97,552 | 33,171 | -39.5 | % | 78.0 | % | |||||||||||||
Income from securities and short term investments |
430,292 | 326,522 | 172,667 | 31.8 | % | 149.2 | % | |||||||||||||
Interest on Government guaranteed loans |
3,739 | 4,843 | 3,921 | -22.8 | % | -4.6 | % | |||||||||||||
Foreign exchange difference |
109,718 | 65,186 | 135,046 | 68.3 | % | -18.8 | % | |||||||||||||
Others |
46,158 | 19,308 | 120,527 | 139.1 | % | -61.7 | % |
- 6 -
Income from securities and short-term investments | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Income from securities and short-term investments |
430,292 | 326,522 | 172,667 | 31.8 | % | 149.2 | % | |||||||||||||
Holdings booked at fair value |
15,418 | (54,903 | ) | 94,520 | -128.1 | % | -83.7 | % | ||||||||||||
Bills and Notes from the Central Bank |
409,772 | 374,897 | 77,697 | 9.3 | % | 427.4 | % | |||||||||||||
Other fixed income securities |
5,102 | 6,527 | 450 | -21.8 | % | n/a | ||||||||||||||
CER adjustment |
59,060 | 97,602 | 33,194 | -39.5 | % | 77.9 | % |
Net income from services | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Net income from services |
887,922 | 813,890 | 678,628 | 9.1 | % | 30.8 | % | |||||||||||||
Service charge income |
1,201,798 | 1,090,703 | 904,016 | 10.2 | % | 32.9 | % | |||||||||||||
Service charges on deposits accounts |
241,341 | 212,297 | 186,103 | 13.7 | % | 29.7 | % | |||||||||||||
Credit cards and operations |
466,375 | 425,392 | 353,736 | 9.6 | % | 31.8 | % | |||||||||||||
Insurance |
130,791 | 133,283 | 90,346 | -1.9 | % | 44.8 | % | |||||||||||||
Capital markets and securities activities |
12,633 | 10,072 | 7,105 | 25.4 | % | 77.8 | % | |||||||||||||
Fees related to foreign trade |
36,407 | 31,380 | 23,671 | 16.0 | % | 53.8 | % | |||||||||||||
Other fees |
314,252 | 278,278 | 243,054 | 12.9 | % | 29.3 | % | |||||||||||||
Services Charge expense |
(313,877 | ) | (276,813 | ) | (225,387 | ) | 13.4 | % | 39.3 | % |
- 7 -
Administrative expenses | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Administrative expenses |
(1,582,636 | ) | (1,319,873 | ) | (1,037,719 | ) | 19.9 | % | 52.5 | % | ||||||||||
Personnel expenses |
(971,291 | ) | (747,620 | ) | (563,370 | ) | 29.9 | % | 72.4 | % | ||||||||||
Electricity and Communications |
(25,417 | ) | (23,299 | ) | (15,111 | ) | 9.1 | % | 68.2 | % | ||||||||||
Advertising and Promotion |
(61,708 | ) | (53,190 | ) | (52,526 | ) | 16.0 | % | 17.5 | % | ||||||||||
Fees and external administrative services |
(14,845 | ) | (15,595 | ) | (16,722 | ) | -4.8 | % | -11.2 | % | ||||||||||
Taxes |
(126,591 | ) | (119,012 | ) | (98,206 | ) | 6.4 | % | 28.9 | % | ||||||||||
Organization and development expenses |
(15,369 | ) | (14,319 | ) | (12,560 | ) | 7.3 | % | 22.4 | % | ||||||||||
Amortizations |
(35,161 | ) | (32,056 | ) | (25,973 | ) | 9.7 | % | 35.4 | % | ||||||||||
Other |
(332,254 | ) | (314,782 | ) | (253,251 | ) | 5.6 | % | 31.2 | % |
Balance and activity |
- 8 -
Exposure to the Public Sector | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Public Sector - National Government |
2,695,885 | 2,549,074 | 1,765,845 | 5.8 | % | 52.7 | % | |||||||||||||
Public Sector Loans |
51,945 | 49,024 | 79,588 | 6.0 | % | -34.7 | % | |||||||||||||
Total bond portfolio |
2,509,642 | 2,407,427 | 1,322,214 | 4.2 | % | 89.8 | % | |||||||||||||
Holdings book at fair value |
2,428,434 | 2,256,819 | 1,290,040 | 7.6 | % | 88.2 | % | |||||||||||||
Holdings book at amortized cost |
164 | 164 | 164 | 0.0 | % | 0.0 | % | |||||||||||||
Unlisted |
81,044 | 150,444 | 32,010 | -46.1 | % | 153.2 | % | |||||||||||||
Trustees |
| | 174,804 | n/a | -100.0 | % | ||||||||||||||
Allowances |
(204 | ) | (204 | ) | (192 | ) | 0.0 | % | 6.3 | % | ||||||||||
Reverse repo |
134,502 | 92,827 | 189,431 | 44.9 | % | -29.0 | % | |||||||||||||
Public Sector - National Government own portfolio |
2,561,383 | 2,456,247 | 1,576,414 | 4.3 | % | 62.5 | % | |||||||||||||
Bills and Notes from Central Bank |
7,031,106 | 7,732,288 | 4,391,487 | -9.1 | % | 60.1 | % | |||||||||||||
Own portfolio |
5,270,496 | 5,778,841 | 2,039,764 | -8.8 | % | 158.4 | % | |||||||||||||
Reverse repo w/Central Bank |
(1,760,610 | ) | (1,953,447 | ) | (2,351,723 | ) | -9.9 | % | -25.1 | % | ||||||||||
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Total exposure to the Public Sector |
9,726,991 | 10,281,362 | 6,157,332 | -5.4 | % | 58.0 | % | |||||||||||||
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Total exposure to the Public Sector without repos |
7,831,879 | 8,235,088 | 3,616,178 | -4.9 | % | 116.6 | % |
Net loans | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Private & Financial sector loans |
40,512,571 | 37,910,090 | 33,521,195 | 6.9 | % | 20.9 | % | |||||||||||||
Advances |
7,311,296 | 6,894,271 | 6,633,490 | 6.0 | % | 10.2 | % | |||||||||||||
Discounted and purchased notes |
6,303,691 | 5,558,444 | 4,613,774 | 13.4 | % | 36.6 | % | |||||||||||||
Consumer Mortgages |
1,387,004 | 1,311,435 | 1,080,961 | 5.8 | % | 28.3 | % | |||||||||||||
Car secured loans |
3,641,853 | 3,456,216 | 3,328,779 | 5.4 | % | 9.4 | % | |||||||||||||
Personal loans |
5,977,116 | 5,974,939 | 5,661,807 | 0.0 | % | 5.6 | % | |||||||||||||
Credit cards |
9,383,445 | 8,651,287 | 5,974,677 | 8.5 | % | 57.1 | % | |||||||||||||
Loans to financial sector |
952,622 | 1,114,563 | 1,372,086 | -14.5 | % | -30.6 | % | |||||||||||||
Other loans |
5,708,632 | 5,008,854 | 4,898,638 | 14.0 | % | 16.5 | % | |||||||||||||
Unaccrued interest |
(131,173 | ) | (125,691 | ) | (100,124 | ) | 4.4 | % | 31.0 | % | ||||||||||
Adjustment and accrued interest & exchange differences receivable |
854,708 | 889,249 | 713,054 | -3.9 | % | 19.9 | % | |||||||||||||
Less: Allowance for loan losses |
(876,623 | ) | (823,477 | ) | (655,947 | ) | 6.5 | % | 33.6 | % | ||||||||||
Loans to public sector |
51,945 | 49,024 | 79,588 | 6.0 | % | -34.7 | % | |||||||||||||
Loans to public sector |
9,184 | 9,247 | 49,015 | -0.7 | % | -81.3 | % | |||||||||||||
Adjustment and accrued interest & exchange differences receivable |
42,761 | 39,777 | 30,573 | 7.5 | % | 39.9 | % | |||||||||||||
Net total loans |
40,564,516 | 37,959,114 | 33,600,783 | 6.9 | % | 20.7 | % |
- 9 -
Asset quality ratios | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Non-performing loans (1) |
388,080 | 377,420 | 254,161 | 2.8 | % | 52.7 | % | |||||||||||||
Allowance for loan losses |
(876,623 | ) | (823,477 | ) | (655,947 | ) | 6.5 | % | 33.6 | % | ||||||||||
Non-performing loans/net total loans |
0.94 | % | 0.97 | % | 0.74 | % | -3.8 | % | 26.2 | % | ||||||||||
Non-performing private loans/net private loans |
0.94 | % | 0.97 | % | 0.74 | % | -3.8 | % | 26.1 | % | ||||||||||
Allowance for loan losses/non-performing loans |
225.89 | % | 218.19 | % | 258.08 | % | 3.5 | % | -12.5 | % | ||||||||||
Allowance for loan losses/net total loans |
2.12 | % | 2.12 | % | 1.91 | % | -0.4 | % | 10.5 | % |
(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 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Balance at the beginning of the quarter |
828,912 | 761,194 | 623,042 | 8.9 | % | 33.0 | % | |||||||||||||
Increase / decrease |
151,867 | 151,729 | 102,888 | 0.1 | % | 47.6 | % | |||||||||||||
Provision increase / decrease - Exchange rate difference |
1,173 | 385 | 1,892 | 204.7 | % | 38.0 | % | |||||||||||||
Decrease |
(99,740 | ) | (84,396 | ) | (67,535 | ) | 18.2 | % | 47.7 | % | ||||||||||
Balance at the end of the quarter |
882,212 | 828,912 | 660,287 | 6.4 | % | 33.6 | % |
- 10 -
Total deposits | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
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(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Total deposits |
49,734,513 | 48,046,749 | 39,544,867 | 3.5 | % | 25.8 | % | |||||||||||||
Current accounts |
16,514,883 | 14,327,189 | 11,081,263 | 15.3 | % | 49.0 | % | |||||||||||||
Peso denominated |
15,921,325 | 12,952,869 | 11,065,211 | 22.9 | % | 43.9 | % | |||||||||||||
Foreign currency |
593,558 | 1,374,320 | 16,052 | -56.8 | % | n/a | ||||||||||||||
Saving accounts |
12,624,715 | 12,567,766 | 10,617,959 | 0.5 | % | 18.9 | % | |||||||||||||
Peso denominated |
9,835,098 | 9,996,063 | 8,449,237 | -1.6 | % | 16.4 | % | |||||||||||||
Foreign currency |
2,789,617 | 2,571,703 | 2,168,722 | 8.5 | % | 28.6 | % | |||||||||||||
Time deposits |
19,607,251 | 20,187,951 | 17,028,514 | -2.9 | % | 15.1 | % | |||||||||||||
Peso denominated |
18,114,087 | 18,653,150 | 15,914,251 | -2.9 | % | 13.8 | % | |||||||||||||
CER adjusted time deposits |
410 | 704 | 938 | -41.8 | % | -56.3 | % | |||||||||||||
Foreign currency |
1,492,754 | 1,534,097 | 1,113,325 | -2.7 | % | 34.1 | % | |||||||||||||
Investment Accounts |
677 | 1,176 | 5,422 | -42.4 | % | -87.5 | % | |||||||||||||
Peso denominated |
677 | 1,176 | 5,422 | -42.4 | % | -87.5 | % | |||||||||||||
Other |
986,987 | 962,667 | 811,709 | 2.5 | % | 21.6 | % | |||||||||||||
Peso denominated |
757,089 | 741,499 | 640,326 | 2.1 | % | 18.2 | % | |||||||||||||
Foreign currency |
229,898 | 221,168 | 171,383 | 3.9 | % | 34.1 | % | |||||||||||||
Rescheduled deposits + CEDROS |
2,234 | 3,013 | 16,971 | -25.9 | % | -86.8 | % | |||||||||||||
Peso denominated |
2,234 | 3,013 | 16,971 | -25.9 | % | -86.8 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
49,736,747 | 48,049,762 | 39,561,838 | 3.5 | % | 25.7 | % |
(*) | In August 2005, the payments of rescheduled deposits were finalized, only those deposits that have a pending court case remain outstanding. |
Other funding sources | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Lines from other banks |
779,068 | 759,782 | 532,297 | 2.5 | % | 46.4 | % | |||||||||||||
Senior Bonds |
1,834,664 | 1,524,976 | 833,167 | 20.3 | % | 120.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other funding sources |
2,613,732 | 2,284,758 | 1,365,464 | 14.4 | % | 91.4 | % | |||||||||||||
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- 11 -
Capitalization | Quarter ended |
D% quarter ended 09-30-14 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
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 |
6,095,012 | 6,095,012 | 4,099,568 | 0.0 | % | 48.7 | % | |||||||||||||
Unappropriated retained earnings |
2,390,139 | 1,761,169 | 1,160,313 | 35.7 | % | 106.0 | % | |||||||||||||
|
|
|
|
|
|
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Total stockholders equity |
9,517,519 | 8,888,549 | 6,292,249 | 7.1 | % | 51.3 | % | |||||||||||||
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|
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Central Bank Requirements | Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Central Bank Minimum Capital Requirements |
4,931,604 | 4,782,278 | 3,799,674 | 3.1 | % | 29.8 | % | |||||||||||||
Central Bank Minimum Capital |
4,759,958 | 4,614,717 | 3,655,086 | 3.1 | % | 30.2 | % | |||||||||||||
Increase in capital requirements related to custody |
171,646 | 167,561 | 144,588 | 2.4 | % | 18.7 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
4,759,958 | 4,614,717 | 3,653,666 | 3.1 | % | 30.3 | % | |||||||||||||
Allocated to Asset at Risk |
3,499,558 | 3,364,223 | 2,804,618 | 4.0 | % | 24.8 | % | |||||||||||||
DCR (derivative conterparter risk) |
11,942 | 11,190 | 7,275 | 6.7 | % | 64.2 | % | |||||||||||||
Non Compliance of Other Credit Regulations |
| 50,256 | | -100.0 | % | n/a | ||||||||||||||
Market Risk |
109,918 | 131,494 | 38,893 | -16.4 | % | 182.6 | % | |||||||||||||
Operational Risk |
1,138,540 | 1,057,554 | 802,880 | 7.7 | % | 41.8 | % | |||||||||||||
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 |
686,586 | 670,243 | 578,354 | 2.4 | % | 18.7 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
686,586 | 670,243 | 578,354 | 2.4 | % | 18.7 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
9,656,270 | 9,142,327 | 6,327,630 | 5.6 | % | 52.6 | % | |||||||||||||
Ordinary Capital Level 1 |
9,283,586 | 8,773,180 | 6,070,362 | 5.8 | % | 52.9 | % | |||||||||||||
Dedusctions Ordinary Capital Level 1 |
(158,196 | ) | (141,202 | ) | (129,621 | ) | 12.0 | % | 22.0 | % | ||||||||||
Capital Level 2 |
530,880 | 510,349 | 386,889 | 4.0 | % | 37.2 | % | |||||||||||||
Excess over Required Capital |
4,724,666 | 4,360,049 | 2,527,956 | 8.4 | % | 86.9 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
16.2 | % | 15.8 | % | 13.9 | % | 2.4 | % | 17.1 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
49.6 | % | 49.1 | % | 40.2 | % | 1.2 | % | 23.6 | % |
Quarter ended | D% quarter ended 09-30-14 vs quarter ended |
|||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-14 | 06-30-14 | 09-30-13 | 06-30-14 | 09-30-13 | |||||||||||||||
Exchange rate |
8.46 | 8.13 | 5.79 | 4.1 | % | 46.2 | % | |||||||||||||
Quarterly CER adjustment |
0.04 | 0.06 | 0.03 | -34.7 | % | 59.5 | % |
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
- 12 -
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.
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
09-30-14 | 06-30-14 | 03-31-14 | 09-30-13 | |||||||||||||
Cash and due from banks |
12,539,352 | 11,487,854 | 10,324,896 | 7,769,098 | ||||||||||||
Government and Private Securities |
9,634,649 | 10,196,131 | 9,166,259 | 5,900,514 | ||||||||||||
Holdings booked at fair value |
2,562,936 | 2,349,646 | 1,437,457 | 1,290,040 | ||||||||||||
Holdings booked at amortized cost |
164 | 164 | 181,546 | 164 | ||||||||||||
Reverse repo |
| | 134,502 | 189,431 | ||||||||||||
Listed Private Securities |
40,647 | 114,237 | 72,398 | 29,584 | ||||||||||||
Bills and Notes from the Central Bank |
7,031,106 | 7,732,288 | 7,340,559 | 4,391,487 | ||||||||||||
Less: Allowances |
(204 | ) | (204 | ) | (203 | ) | (192 | ) | ||||||||
Loans |
40,564,516 | 37,959,114 | 36,702,394 | 33,600,783 | ||||||||||||
Loans to the private & financial sector |
40,512,571 | 37,910,090 | 36,657,954 | 33,521,195 | ||||||||||||
Advances |
7,311,296 | 6,894,271 | 6,837,277 | 6,633,490 | ||||||||||||
Discounted and purchased notes |
6,303,691 | 5,558,444 | 5,240,894 | 4,613,774 | ||||||||||||
Secured with mortgages |
1,387,004 | 1,311,435 | 1,282,080 | 1,080,961 | ||||||||||||
Car secured loans |
3,641,853 | 3,456,216 | 3,564,894 | 3,328,779 | ||||||||||||
Personal loans |
5,977,116 | 5,974,939 | 6,047,128 | 5,661,807 | ||||||||||||
Credit cards |
9,383,445 | 8,651,287 | 8,002,015 | 5,974,677 | ||||||||||||
Loans to financial sector |
952,622 | 1,114,563 | 1,277,633 | 1,372,086 | ||||||||||||
Other loans |
5,708,632 | 5,008,854 | 4,416,455 | 4,898,638 | ||||||||||||
Less: Unaccrued interest |
(131,173 | ) | (125,691 | ) | (150,755 | ) | (100,124 | ) | ||||||||
Plus: Interest & FX differences receivable |
854,708 | 889,249 | 897,521 | 713,054 | ||||||||||||
Less: Allowance for loan losses |
(876,623 | ) | (823,477 | ) | (757,188 | ) | (655,947 | ) | ||||||||
Public Sector loans |
51,945 | 49,024 | 44,440 | 79,588 | ||||||||||||
Principal |
9,184 | 9,247 | 8,786 | 49,015 | ||||||||||||
Plus: Interest & FX differences receivable |
42,761 | 39,777 | 35,654 | 30,573 | ||||||||||||
Other banking receivables |
6,633,040 | 3,506,347 | 3,703,031 | 3,618,734 | ||||||||||||
Repurchase agreements |
1,880,783 | 2,035,792 | 2,473,340 | 2,519,628 | ||||||||||||
Unlisted private securities |
40,397 | 36,207 | 13,613 | 2,426 | ||||||||||||
Other banking receivables |
4,717,449 | 1,439,783 | 1,220,084 | 1,101,020 | ||||||||||||
Less: provisions |
(5,589 | ) | (5,435 | ) | (4,006 | ) | (4,340 | ) | ||||||||
Investments in other companies |
295,057 | 270,984 | 248,521 | 201,728 | ||||||||||||
Intangible assets |
143,124 | 131,637 | 133,817 | 117,961 | ||||||||||||
Organization and development charges |
143,124 | 131,637 | 133,817 | 117,961 | ||||||||||||
Other assets |
5,074,026 | 4,735,064 | 4,446,775 | 3,673,442 | ||||||||||||
Total Assets |
74,883,764 | 68,287,131 | 64,725,693 | 54,882,260 | ||||||||||||
Deposits |
49,736,747 | 48,049,762 | 44,903,456 | 39,561,838 | ||||||||||||
Current accounts |
16,514,883 | 14,327,189 | 11,746,968 | 11,081,263 | ||||||||||||
Saving accounts |
12,624,715 | 12,567,766 | 11,363,770 | 10,617,959 | ||||||||||||
Time deposits |
19,607,251 | 20,187,951 | 20,908,778 | 17,028,514 | ||||||||||||
Investment Accounts |
677 | 1,176 | 2,677 | 5,422 | ||||||||||||
Rescheduled deposits CEDROS |
2,234 | 3,013 | 3,477 | 16,971 | ||||||||||||
Other deposits |
986,987 | 962,667 | 877,786 | 811,709 | ||||||||||||
Other banking Liabilities |
12,233,676 | 8,267,411 | 8,194,620 | 6,628,194 | ||||||||||||
Other provisions |
700,849 | 682,626 | 636,258 | 628,044 | ||||||||||||
Other contingencies |
700,276 | 682,061 | 635,120 | 627,341 | ||||||||||||
Guarantees |
573 | 565 | 1,138 | 703 | ||||||||||||
Other liabilities |
2,452,973 | 2,196,480 | 2,286,954 | 1,621,879 | ||||||||||||
Minority interest |
242,000 | 202,303 | 186,107 | 150,056 | ||||||||||||
Total Liabilities |
65,366,245 | 59,398,582 | 56,207,395 | 48,590,011 | ||||||||||||
Total Stockholders equity |
9,517,519 | 8,888,549 | 8,518,298 | 6,292,249 | ||||||||||||
Total liabilities + stockholders equity |
74,883,764 | 68,287,131 | 64,725,693 | 54,882,260 |
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
09-30-14 | 06-30-14 | 03-31-14 | 09-30-13 | |||||||||||||
Financial income |
3,131,111 | 2,930,115 | 3,838,413 | 2,186,542 | ||||||||||||
Interest on Cash and Due from Banks |
| | | |||||||||||||
Interest on Loans Granted to the Financial Sector |
83,308 | 93,609 | 97,764 | 80,684 | ||||||||||||
Interest on Overdraft |
547,732 | 534,824 | 458,888 | 339,139 | ||||||||||||
Interest on Discounted and purchased notes |
311,344 | 289,864 | 299,693 | 203,134 | ||||||||||||
Interest on Mortgages |
61,058 | 56,176 | 53,426 | 42,486 | ||||||||||||
Interest on Car Secured Loans |
203,689 | 197,147 | 188,802 | 155,533 | ||||||||||||
Interest on Credit Card Loans |
490,350 | 487,367 | 391,996 | 242,826 | ||||||||||||
Interest on Financial Leases |
85,493 | 81,487 | 78,533 | 62,548 | ||||||||||||
Interest on Other Loans |
706,045 | 669,546 | 647,479 | 583,205 | ||||||||||||
From Other Banking receivables |
25 | 17 | 3,753 | 10,493 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
3,739 | 4,843 | 4,145 | 3,921 | ||||||||||||
Income from Securities and Short Term Investments |
430,292 | 326,522 | 405,969 | 172,667 | ||||||||||||
CER |
59,060 | 97,602 | 95,549 | 33,194 | ||||||||||||
Foreign exchange difference |
109,718 | 65,186 | 585,147 | 135,046 | ||||||||||||
Other |
39,258 | 25,925 | 527,269 | 121,666 | ||||||||||||
Financial expenses |
-1,381,601 | -1,494,065 | (1,392,471 | ) | (865,761 | ) | ||||||||||
Interest on Current Account Deposits |
| | | | ||||||||||||
Interest on Saving Account Deposits |
(4,861 | ) | (4,793 | ) | (4,450 | ) | (3,937 | ) | ||||||||
Interest on Time Deposits |
(1,036,853 | ) | (1,142,425 | ) | (1,001,887 | ) | (637,315 | ) | ||||||||
Interest on Other Banking Liabilities |
(132,759 | ) | (140,647 | ) | (128,059 | ) | (71,747 | ) | ||||||||
Other interests (includes Central Bank) |
(1,992 | ) | (2,105 | ) | (2,199 | ) | (1,899 | ) | ||||||||
CER |
(23 | ) | (50 | ) | (69 | ) | (23 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(20,329 | ) | (19,699 | ) | (18,857 | ) | (15,843 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(191,684 | ) | (177,729 | ) | (231,011 | ) | (133,858 | ) | ||||||||
Other |
6,900 | (6,617 | ) | (5,939 | ) | (1,139 | ) | |||||||||
Net financial income |
1,749,510 | 1,436,050 | 2,445,942 | 1,320,781 | ||||||||||||
Provision for loan losses |
(151,867 | ) | (151,729 | ) | (118,744 | ) | (102,888 | ) | ||||||||
Income from services, net of other operating expenses |
887,922 | 813,890 | 728,761 | 678,628 | ||||||||||||
Administrative expenses |
(1,582,636 | ) | (1,319,873 | ) | (1,212,897 | ) | (1,037,719 | ) | ||||||||
Income (loss) from equity investments |
85,365 | 42,455 | 29,243 | 38,857 | ||||||||||||
Net Other income |
14,453 | (21,077 | ) | 41,053 | (23,830 | ) | ||||||||||
Income (loss) from minority interest |
(28,677 | ) | (27,218 | ) | (20,788 | ) | (13,551 | ) | ||||||||
Income before tax |
974,070 | 772,498 | 1,892,570 | 860,278 | ||||||||||||
Income tax |
(345,100 | ) | (373,447 | ) | (530,452 | ) | (299,580 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income |
628,970 | 399,051 | 1,362,118 | 560,698 | ||||||||||||
|
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|
|
|
|
|
- 15 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
09-30-14 | 06-30-14 | 03-31-14 | 09-30 -13 | |||||||||||||
Cash and due from banks |
12,539,439 | 11,487,941 | 10,324,984 | 7,769,169 | ||||||||||||
Government Securities |
9,659,082 | 10,231,532 | 9,174,144 | 5,913,866 | ||||||||||||
Loans |
40,564,516 | 37,959,113 | 36,702,394 | 33,646,501 | ||||||||||||
Other Banking Receivables |
6,633,040 | 3,506,948 | 3,703,031 | 3,618,734 | ||||||||||||
Assets Subject to Financial Leasing |
1,995,881 | 1,948,824 | 1,793,670 | 1,556,241 | ||||||||||||
Investments in other companies |
289,446 | 266,812 | 241,594 | 194,402 | ||||||||||||
Other assets |
3,268,571 | 2,964,883 | 2,831,646 | 2,279,586 | ||||||||||||
Total Assets |
74,949,975 | 68,366,053 | 64,771,463 | 54,978,499 | ||||||||||||
Deposits |
49,736,593 | 48,049,643 | 44,867,311 | 39,560,719 | ||||||||||||
Other banking liabilities |
12,233,881 | 8,269,373 | 8,194,620 | 6,628,194 | ||||||||||||
Minority interest |
246,802 | 205,873 | 192,035 | 156,324 | ||||||||||||
Other liabilities |
3,215,180 | 2,952,615 | 2,999,199 | 2,341,013 | ||||||||||||
Total Liabilities |
65,432,456 | 59,477,504 | 56,253,165 | 48,686,250 | ||||||||||||
Total Stockholders Equity |
9,517,519 | 8,888,549 | 8,518,298 | 6,292,249 | ||||||||||||
Stockholders Equity + Liabilities |
74,949,975 | 68,366,053 | 64,771,463 | 54,978,499 | ||||||||||||
Net Income | ||||||||||||||||
09-30-14 | 06-30-14 | 03-31-14 | 30-09-13 | |||||||||||||
Net Financial Income |
1,751,263 | 1,438,503 | 2,448,888 | 1,323,999 | ||||||||||||
Provision for loan losses |
(151,867 | ) | (151,729 | ) | (118,744 | ) | (102,888 | ) | ||||||||
Net Income from Services |
887,922 | 813,890 | 728,761 | 678,628 | ||||||||||||
Administrative expenses |
(1,580,779 | ) | (1,327,955 | ) | (1,220,123 | ) | (1,042,833 | ) | ||||||||
Net Other Income |
97,650 | 24,830 | 73,665 | 16,870 | ||||||||||||
Income Before Tax |
1,004,189 | 797,539 | 1,912,447 | 873,776 | ||||||||||||
Income Tax |
(345,310 | ) | (373,628 | ) | (530,691 | ) | (299,851 | ) | ||||||||
Net income |
658,879 | 423,911 | 1,381,756 | 573,925 | ||||||||||||
Minoritary Interest |
(29,909 | ) | (24,860 | ) | (19,638 | ) | (13,227 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net income for Quarter |
628,970 | 399,051 | 1,362,118 | 560,698 | ||||||||||||
|
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|
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- 16 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BBVA Banco Francés S.A. | ||||||||
Date: November 12, 2014 | By: | /s/ Ignacio Sanz y Arcelus | ||||||
Name: | Ignacio Sanz y Arcelus | |||||||
Title: | Chief Financial Officer |