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Name | Symbol | Market | Type |
---|---|---|---|
Grupo Financiero Galicia SA | NASDAQ:GGAL | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
2.61 | 8.18% | 34.50 | 33.70 | 34.50 | 34.45 | 32.06 | 32.06 | 1,481,726 | 01:00:00 |
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of August, 2015
Commission File Number: 0-30852
GRUPO FINANCIERO GALICIA S.A.
(the Registrant)
Galicia Financial Group S.A.
(translation of Registrants name into English)
Tte. Gral. Juan D. Perón 430, 25th Floor
(CP1038AAJ) 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 whether by furnishing the information contained in this form, the Registrant is also thereby furnishing the information to the Securities and Exchange 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): 82-
FORM 6-K
Commission File No. 0-30852
Month Filed | Event and Summary | Exhibit No. |
||||
August, 2015 | Financial results of the Registrant for the second quarter ended June 30, 2015. | 99.1 |
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.
GRUPO FINANCIERO GALICIA S.A. (Registrant) | ||||||
Date: August 7, 2015 | By: | /s/ Pedro Alberto Richards | ||||
Name: | Pedro Alberto Richards | |||||
Title: | Chief Executive Officer |
Exhibit 99.1
FOR IMMEDIATE RELEASE
For more information contact:
Pedro A. Richards
Chief Executive Officer
Telefax: (5411) 4343-7528
investors@gfgsa.com
www.gfgsa.com
GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR THE
QUARTER ENDED ON JUNE 30, 2015
Buenos Aires, Argentina, August 6, 2015 Grupo Financiero Galicia S.A. (Grupo Financiero Galicia; Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) announced its financial results for the quarter ended on June 30, 2015.
HIGHLIGHTS
| Net income for the quarter ended June 30, 2015, amounted to Ps.949 million, 36.9% higher than the Ps.693 million profit recorded in the second quarter of fiscal year 2014. The profit per share for the quarter amounted to Ps.0.73, compared to Ps.0.53 per share for the same quarter of fiscal year 2014. |
| The result of the quarter was mainly attributable to the income derived from its interest in Banco de Galicia y Buenos Aires S.A. (Banco Galicia or the Bank) (Ps.878 million), in Sudamericana Holding S.A. (Ps.67 million), and in Galicia Administradora de Fondos S.A. (Ps.23 million) and partially offset by administrative and financial expenses of Ps.30 million. |
| As of June 30, 2015, Grupo Financiero Galicia and its subsidiaries had a staff of 12,047 employees, had a network of 651 branches and other points of contact with clients, managed 3.2 million deposit accounts and 12.6 million credit cards. |
CONFERENCE CALL
On Friday, August 7, 2015 at 11:00 A.M. Eastern Standard Time (12:00 PM Buenos Aires Time), GFG will host a conference call to review these results. The call-in number is: 719-325-2362 Conference ID: 1260339.
GRUPO FINANCIERO GALICIA S.A.
RESULTS FOR THE SECOND QUARTER
In millions of pesos, except percentages | ||||||||||||||||||||
Table I: | FY2015 | FY2014 | Variation (%) | |||||||||||||||||
Net Income by Business |
2nd Q | 1st Q | 2nd Q | 2Q15 vs 1Q15 |
2Q15 vs 2Q14 |
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Income from Equity Investments in: |
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Banco de Galicia y Buenos Aires S.A. |
878 | 881 | 647 | (0.3 | ) | 35.7 | ||||||||||||||
Sudamericana Holding S.A. |
67 | 65 | 51 | 3.1 | 31.4 | |||||||||||||||
Galicia Administradora de Fondos S.A. (1) |
23 | 18 | 8 | 27.8 | 187.5 | |||||||||||||||
Other companies (2) |
6 | 3 | 3 | 100.0 | 100.0 | |||||||||||||||
Deferred tax adjustment (3) |
8 | 21 | 15 | (61.9 | ) | (46.7 | ) | |||||||||||||
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Administrative Expenses |
(7 | ) | (7 | ) | (6 | ) | | 16.7 | ||||||||||||
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Financial Results |
(23 | ) | (20 | ) | (23 | ) | 15.0 | | ||||||||||||
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Other income and expenses |
(3 | ) | (3 | ) | (2 | ) | | 50.0 | ||||||||||||
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Net Income |
949 | 958 | 693 | (0.9 | ) | 36.9 | ||||||||||||||
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(1) | Equity Investment acquired in April 2014 to Banco Galicia. |
(2) | Includes the results from our interests in Compañía Financiera Argentina S.A. (3%), Galicia Warrants S.A. (87.5%) and Net Investment S.A. (87.5%). |
(3) | Income tax charge determined by Banco Galicia´s subsidiaries in accordance with the deferred tax method. |
In pesos, except stated otherwise and percentages | ||||||||||||||||
Table II: | FY2015 | FY2014 | Six Months Ended | |||||||||||||
Principal Indicators |
2nd Q | 2nd Q | 06/30/15 | 06/30/14 | ||||||||||||
Earnings per Share |
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Average Shares Outstanding (in thousands) |
1,300,265 | 1,300,265 | 1,300,265 | 1,300,265 | ||||||||||||
Earnings per Share (1) |
0.73 | 0.53 | 1.47 | 1.17 | ||||||||||||
Book Value per Share(1) |
9.27 | 6.49 | 9.27 | 6.49 | ||||||||||||
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Closing Price |
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Shares - Buenos Aires Stock Exchange |
24.60 | 14.75 | ||||||||||||||
ADS - Nasdaq (in dollars) |
18.79 | 14.65 | ||||||||||||||
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Price/Book Value |
2.65 | 2.27 | ||||||||||||||
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Average Daily Volume (amounts in thousands) |
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Buenos Aires Stock Exchange |
689 | 1,414 | 795 | 1,254 | ||||||||||||
Nasdaq (2) |
4,142 | 6,315 | 4,570 | 5,260 | ||||||||||||
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Profitability (%) |
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Return on Average Assets (3) |
3.46 | 3.27 | 3.66 | 3.68 | ||||||||||||
Return on Average Shareholders´ Equity (3) |
32.52 | 34.32 | 34.06 | 39.27 | ||||||||||||
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(1) | 10 ordinary shares = 1 ADS. |
(2) | Expressed in equivalent shares. |
(3) | Annualized. |
In the second quarter of fiscal year 2015 Grupo Financiero Galicia recorded a Ps.949 million profit, which represented a 3.46% annualized return on average assets and a 32.52% return on average shareholders equity.
This result was mainly due to profits from its interest in Banco Galicia (Ps.878 million) which accounts for 92.5% of Grupo Financiero Galicias net income.
2 |
Grupo Financiero Galicia S.A. Selected Financial Information Consolidated Data |
In millions of pesos | |||||||||||||||||||
FY2015 | FY2014 | |||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Consolidated Balance Sheet |
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Cash and due from Banks |
10,876 | 11,590 | 16,959 | 14,478 | 14,688 | |||||||||||||||
Government and Corporate Securities |
19,661 | 15,128 | 10,010 | 10,974 | 10,323 | |||||||||||||||
Net Loans |
79,663 | 72,139 | 66,608 | 61,579 | 58,846 | |||||||||||||||
Other Receivables Resulting from Financial Brokerage |
13,987 | 9,802 | 6,798 | 6,970 | 6,473 | |||||||||||||||
Equity Investments in other Companies |
51 | 52 | 52 | 51 | 57 | |||||||||||||||
Bank Premises and Equipment. Miscellaneous and Intangible Assets |
4,069 | 3,904 | 3,759 | 3,464 | 3,307 | |||||||||||||||
Other Assets |
3,676 | 3,698 | 3,128 | 3,129 | 2,727 | |||||||||||||||
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Total Assets |
131,983 | 116,313 | 107,314 | 100,645 | 96,421 | |||||||||||||||
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Deposits |
77,242 | 68,600 | 64,666 | 59,931 | 58,563 | |||||||||||||||
Other Liabilities Resulting from Financial Brokerage |
35,153 | 28,899 | 25,401 | 24,650 | 23,392 | |||||||||||||||
Subordinated Notes |
2,250 | 2,103 | 2,066 | 1,969 | 1,917 | |||||||||||||||
Other Liabilities |
4,394 | 4,643 | 4,154 | 4,002 | 3,456 | |||||||||||||||
Minority Interest |
891 | 863 | 781 | 729 | 660 | |||||||||||||||
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Total Liabilities |
119,930 | 105,108 | 97,068 | 91,281 | 87,988 | |||||||||||||||
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Shareholders´ Equity |
12,053 | 11,205 | 10,246 | 9,364 | 8,433 | |||||||||||||||
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Consolidated Income Statement |
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Financial Income |
5,820 | 5,569 | 4,976 | 4,884 | 4,945 | |||||||||||||||
Financial Expenses |
(3,171 | ) | (2,796 | ) | (2,763 | ) | (2,344 | ) | (2,741 | ) | ||||||||||
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Gross Brokerage Margin |
2,649 | 2,773 | 2,213 | 2,540 | 2,204 | |||||||||||||||
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Provisions for Loan Losses |
(484 | ) | (591 | ) | (517 | ) | (646 | ) | (566 | ) | ||||||||||
Income from Services. Net |
1,851 | 1,780 | 1,600 | 1,575 | 1,345 | |||||||||||||||
Income from Insurance Activities |
429 | 392 | 369 | 302 | 302 | |||||||||||||||
Administrative Expenses |
(3,079 | ) | (2,768 | ) | (2,522 | ) | (2,356 | ) | (2,291 | ) | ||||||||||
Minority Interest |
(66 | ) | (82 | ) | (77 | ) | (70 | ) | (47 | ) | ||||||||||
Income from Equity Investments |
26 | 26 | 50 | 112 | 23 | |||||||||||||||
Net Other Income |
166 | 94 | 176 | 95 | 127 | |||||||||||||||
Income Tax |
(543 | ) | (666 | ) | (409 | ) | (621 | ) | (404 | ) | ||||||||||
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Net Income |
949 | 958 | 883 | 931 | 693 | |||||||||||||||
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3 |
Grupo Financiero Galicia S.A. Additional Information |
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FY2015 | FY2014 | |||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Physical Data (Number of) |
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Employees |
12,047 | 12,080 | 12,012 | 11,971 | 12,205 | |||||||||||||||
Banco Galicia |
5,479 | 5,485 | 5,374 | 5,317 | 5,344 | |||||||||||||||
Regional Credit-Card Companies |
5,097 | 5,174 | 5,232 | 5,346 | 5,447 | |||||||||||||||
Compañía Financiera Argentina |
1,147 | 1,119 | 1,112 | 1,026 | 1,139 | |||||||||||||||
Sudamericana Holding |
273 | 252 | 242 | 229 | 222 | |||||||||||||||
Galicia Administradora de Fondos |
17 | 16 | 16 | 16 | 15 | |||||||||||||||
Other companies |
34 | 34 | 36 | 37 | 38 | |||||||||||||||
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Branches |
525 | 528 | 527 | 526 | 526 | |||||||||||||||
Bank Branches |
260 | 260 | 261 | 261 | 261 | |||||||||||||||
Regional Credit-Card Companies |
207 | 209 | 207 | 206 | 206 | |||||||||||||||
Compañía Financiera Argentina |
58 | 59 | 59 | 59 | 59 | |||||||||||||||
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Other Points of Sale |
126 | 126 | 126 | 126 | 126 | |||||||||||||||
Regional Credit-Card Companies |
90 | 90 | 90 | 90 | 90 | |||||||||||||||
Compañía Financiera Argentina |
36 | 36 | 36 | 36 | 36 | |||||||||||||||
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Deposit Accounts (in thousands) |
3,193 | 3,028 | 3,006 | 2,948 | 2,884 | |||||||||||||||
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Credit Cards (in thousands) |
12,570 | 12,181 | 11,933 | 11,631 | 11,223 | |||||||||||||||
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Banco Galicia |
3,090 | 2,970 | 2,882 | 2,800 | 2,692 | |||||||||||||||
Regional Credit-Card Companies |
9,348 | 9,045 | 8,880 | 8,676 | 8,420 | |||||||||||||||
Compañía Financiera Argentina |
132 | 166 | 171 | 155 | 111 | |||||||||||||||
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Inflation and Exchange Rates |
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Retail Price Index (%) (1) |
3.17 | 3.42 | 3.40 | 4.19 | 4.59 | |||||||||||||||
Wholesale Price Index (I.P.I.M.) (%) (1) |
3.57 | 1.44 | 3.12 | 4.64 | 5.18 | |||||||||||||||
C.E.R. Coefficient (%) (1) |
3.51 | 3.13 | 3.83 | 4.13 | 6.33 | |||||||||||||||
Exchange Rate (Pesos per US$) (2) |
9.0865 | 8.8197 | 8.5520 | 8.4643 | 8.1327 | |||||||||||||||
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Rates (quarterly averages(3)) |
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Badlar (4) |
20.52 | 20.59 | 19.95 | 21.17 | 24.66 | |||||||||||||||
Reference Interest Rate |
26.30 | 26.83 | 26.66 | 26.81 | N/A | |||||||||||||||
Minimum Interest Rate on 30 to 44 days Time Deposits (5) |
22.88 | 23.34 | 23.19 | N/A | N/A | |||||||||||||||
Maximum Interest Rate on Personal Loans: |
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Group I |
38.13 | 38.90 | 38.65 | 38.87 | N/A | |||||||||||||||
Group II |
47.34 | 48.29 | 47.98 | 48.26 | N/A | |||||||||||||||
Interest Rate on Credit Line for Investment Projects |
19.00 | 19.00 | 19.50 | 19.50 | 17.50 | |||||||||||||||
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(1) | Variation within the quarter. |
(2) | Reference foreign currency exchange rate in accordance to Communiqué A 3500 from the Argentine Central Bank, as of the last working day of the quarter. |
(3) | Except for Credit Line for Investment Projects, which corresponds to the interest rate established by regulations for each period. |
(4) | Private banks 30-day time deposits rate for amounts over Ps.1 million. |
(5) | Minimum interest rate on time deposits for individuals for amounts up to Ps.350,000. |
4 |
BANCO DE GALICIA Y BUENOS AIRES S.A.
HIGHLIGHTS
| Net income for the second quarter amounted to Ps.878 million, Ps.205 million higher than in the same quarter of fiscal year 2014, reaching Ps.1,759 million during the first six months of fiscal year 2015. |
| The growth of results when compared to the second quarter of fiscal year 2014 was mainly due to the 27.4% growth in operating income(1) partially offset by the 34.2% increase in administrative expenses. |
| The credit exposure to the private sector reached Ps.92,297 million, up 31.7% during the last twelve months, and deposits reached Ps.77,356 million, up 31.3% during the same period. As of June 30, 2015, the Banks estimated market share of loans to the private sector was 9.14% while its estimated market share of deposits from the private sector was 8.75%. |
| In the framework of the Credit Line for Productive Investment Projects, as of June 30, 2015, the Bank completed the placement of the first tranche of the 2015 quota. As of the end of the quarter, the outstanding amount of loans related to this credit line reached Ps.8,372 million. |
| As of June 30, 2015, shareholders equity amounted to Ps.11,658 million, and the computable capital was Ps.11,536 million, representing a Ps.3,543 million excess capital (or 44.3%). The capital ratio was 16.03%. |
INFORMATION DISCLOSURE
The data shown in the tables below and the consolidated financial statements correspond to Banco de Galicia y Buenos Aires S.A., consolidated with the subsidiaries under its direct or indirect control, except where otherwise noted.
The Banks consolidated financial statements and the figures included in the different tables of this report correspond to Banco de Galicia y Buenos Aires S.A., Banco Galicia Uruguay S.A. (in liquidation), Galicia Cayman S.A. (until September 30, 2014, as on October 1 it was merged with Banco Galicia), Tarjetas Regionales S.A. and its subsidiaries, Tarjetas del Mar S.A., Galicia Valores S.A. Sociedad de Bolsa, Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.
(1) | Net financial income plus net income from services. |
5 |
RESULTS FOR THE SECOND QUARTER
In millions of pesos, except percentages | ||||||||||||||||||||
Table III Evolution of Consolidated Results |
FY2015 | FY2014 | Variation (%) | |||||||||||||||||
2nd Q | 1st Q | 2nd Q | 2Q15 vs 1Q15 |
2Q15 vs 2Q14 |
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Net Financial Income |
2,628 | 2,756 | 2,186 | (4.6 | ) | 20.2 | ||||||||||||||
Net Income from Services |
2,055 | 1,971 | 1,489 | 4.3 | 38.0 | |||||||||||||||
Provisions for Loan Losses |
(484 | ) | (591 | ) | (566 | ) | (18.1 | ) | (14.5 | ) | ||||||||||
Administrative Expenses |
(2,967 | ) | (2,672 | ) | (2,211 | ) | 11.0 | 34.2 | ||||||||||||
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Operating Income |
1,232 | 1,464 | 898 | (15.8 | ) | 37.2 | ||||||||||||||
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Net Other Income / (Loss)(*) |
135 | 58 | 158 | 132.8 | (14.6 | ) | ||||||||||||||
Income Tax |
(489 | ) | (641 | ) | (383 | ) | (23.7 | ) | 27.7 | |||||||||||
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Net Income |
878 | 881 | 673 | (0.3 | ) | 30.5 | ||||||||||||||
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(*) | Includes income from equity investments and minority interest results. |
Percentages | ||||||||||||||||
Table IV | FY2015 | FY2014 | Six Months Ended | |||||||||||||
Profitability and Efficiency |
2nd Q | 2nd Q | 06/30/15 | 06/30/14 | ||||||||||||
Return on Average Assets (*) |
3.27 | 3.17 | 3.42 | 3.49 | ||||||||||||
Return on Average Shareholders Equity (*) |
31.29 | 34.11 | 32.63 | 38.03 | ||||||||||||
Financial Margin (*) (1) |
11.44 | 12.56 | 12.39 | 14.12 | ||||||||||||
Net Income from Services as a % of Operating Income (2) |
43.88 | 40.50 | 42.78 | 37.53 | ||||||||||||
Net Income from Services as a % of Administrative Expenses |
69.26 | 67.35 | 71.40 | 67.51 | ||||||||||||
Administrative Expenses as a % of Operating Income (2) |
63.36 | 60.14 | 59.93 | 55.59 | ||||||||||||
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(*) | Annualized. |
(1) | Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
(2) | Operating Income: Net Financial Income plus Net Income from Services. |
In the second quarter of fiscal year 2015, the Bank recorded a Ps.878 million profit, Ps.205 million (or 30.5%) higher than the Ps.673 million profit for the same quarter of the previous year.
The variation in net income was a consequence of the Ps.1,008 million increase in operating income and lower provisions for loan losses, for Ps.82 million, which were offset mainly by increases in administrative expenses, for Ps.756 million, and in the income tax, for Ps.106 million.
The operating income for the second quarter of fiscal year 2015 totaled Ps.4,683 million, up 27.4% from the Ps.3,675 million recorded in the same quarter of the prior year. This positive development was due both to a higher net income from services (up Ps.566 million or 38.0%) and a higher net financial income (up Ps.442 million or 20.2%).
The net financial income for the quarter included a Ps.17 million gain from foreign-currency quotation differences (including the results from foreign-currency forward transactions), compared to a Ps.25 million loss in the second quarter of the previous fiscal year. The quarters profit was composed of a Ps.65 million gain from FX brokerage and of a Ps.48 million loss from the valuation of the foreign-currency net position and the results from foreign-currency forward transactions, compared to a Ps.56 million profit and a Ps.81 million loss, respectively, in the second quarter of fiscal year 2014.
The quarters net financial income before foreign-currency quotation differences amounted to Ps.2,611 million, with a Ps.400 million (or 18.1%) increase as compared to the Ps.2,211 million of income of the same quarter of fiscal year 2014, as a consequence of the increase in the portfolio of loans to the private sector and of government securities, offset by a decrease in the spread.
6 |
Average balances in millions of pesos. Yields and rates in annualized nominal % | ||||||||||||||||||||||||||||||||||||||||
Table V | FY2015 | FY2014 | ||||||||||||||||||||||||||||||||||||||
Average Balances, | 2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||||||||||||||||||||||
Yield and Rates(*) |
Av. B. | Int. | Av. B. | Int. | Av. B. | Int. | Av. B. | Int. | Av. B. | Int. | ||||||||||||||||||||||||||||||
Interest-Earning Assets |
91,904 | 24.42 | 81,902 | 26.40 | 76,184 | 25.30 | 71,639 | 27.25 | 69,662 | 27.50 | ||||||||||||||||||||||||||||||
Government Securities |
15,870 | 19.23 | 11,351 | 26.25 | 9,697 | 13.00 | 10,000 | 29.45 | 9,919 | 25.89 | ||||||||||||||||||||||||||||||
Loans |
73,546 | 25.80 | 68,469 | 26.48 | 64,269 | 27.16 | 59,056 | 27.28 | 57,145 | 27.89 | ||||||||||||||||||||||||||||||
Financial Trusts Securities |
786 | 5.98 | 823 | 24.70 | 846 | 27.06 | 876 | 9.80 | 903 | 28.54 | ||||||||||||||||||||||||||||||
Other Interest-Earning Assets |
1,702 | 21.95 | 1,259 | 24.62 | 1,372 | 24.47 | 1,707 | 22.27 | 1,695 | 23.05 | ||||||||||||||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
Interest-Bearing Liabilities |
63,548 | 16.45 | 57,275 | 15.94 | 54,388 | 15.40 | 52,497 | 15.72 | 52,289 | 18.55 | ||||||||||||||||||||||||||||||
Saving Accounts |
12,786 | 0.19 | 12,690 | 0.18 | 11,298 | 0.21 | 10,670 | 0.18 | 9,375 | 0.20 | ||||||||||||||||||||||||||||||
Time Deposits |
37,506 | 21.66 | 33,301 | 21.28 | 31,048 | 20.63 | 30,041 | 21.45 | 31,650 | 23.85 | ||||||||||||||||||||||||||||||
Debt Securities |
9,704 | 17.12 | 9,368 | 16.43 | 9,334 | 15.93 | 8,729 | 16.18 | 8,312 | 16.65 | ||||||||||||||||||||||||||||||
Other Interest-Bearing Liabilities |
3,552 | 18.14 | 1,916 | 25.24 | 2,708 | 16.95 | 3,057 | 12.43 | 2,952 | 25.43 | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) | Does not include foreign-currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator. |
The average interest-earning assets grew Ps.22,242 million (31.9%) as compared to the second quarter of the previous fiscal year, as a consequence of the Ps.16,401 million increase in the average portfolio of loans to the private sector and of the Ps.5,951 million growth in the average balance of government securities, primarily Lebac. Interest-bearing liabilities increased Ps.11,259 million (21.5%) during the same period, mainly due to the increase of the average balances of interest-bearing deposits.
The average yield on interest-earning assets for the second quarter of fiscal year 2015 was 24.42%, with a 308 basis points (b.p.) decrease compared to the same quarter of the prior year. The average interest rate on all interest-earning assets decreased, being worth to mention the 666 b.p. decrease on the portfolio of government securities and the 209 b.p. decrease on the portfolio of loans to the private sector. Likewise, the average cost of interest-bearing liabilities was 16.45%, with a 210 b.p. decrease compared to the second quarter of the prior year, mainly due to the 219 b.p. reduction of the average interest rate on time deposits.
7 |
In millions of pesos | ||||||||||||||||||||
Table VI Income from Services, Net |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
National Cards |
731 | 687 | 656 | 580 | 513 | |||||||||||||||
Regional Credit Cards |
1,093 | 1,004 | 1,012 | 911 | 856 | |||||||||||||||
CFA |
70 | 69 | 65 | 51 | 38 | |||||||||||||||
Deposit Accounts |
465 | 447 | 383 | 372 | 311 | |||||||||||||||
Insurance |
110 | 101 | 94 | 88 | 82 | |||||||||||||||
Financial Fees |
33 | 35 | 26 | 29 | 21 | |||||||||||||||
Credit-Related Fees |
76 | 80 | 67 | 61 | 54 | |||||||||||||||
Foreign Trade |
50 | 46 | 48 | 49 | 44 | |||||||||||||||
Collections |
72 | 64 | 52 | 51 | 44 | |||||||||||||||
Utility-Bills Collection Services |
40 | 36 | 34 | 36 | 30 | |||||||||||||||
Mutual Funds |
8 | 6 | 6 | 4 | 3 | |||||||||||||||
Other |
132 | 131 | 131 | 126 | 94 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Income |
2,880 | 2,706 | 2,574 | 2,358 | 2,090 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Expenditures |
(825 | ) | (735 | ) | (797 | ) | (635 | ) | (601 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Income from Services, Net |
2,055 | 1,971 | 1,777 | 1,723 | 1,489 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Net income from services amounted to Ps.2,055 million, up 38.0% from the Ps.1,489 million recorded in the second quarter of the previous fiscal year. The increases of fees which stood out were those related to national and regional credit cards (33.2%), to deposit accounts (49.5%), to insurance (34.1%) and to collections (63.6%).
Provisions for loan losses for the second quarter of fiscal year 2015 amounted to Ps.484 million, Ps.82 million lower than in the same quarter of the prior year, mainly attributable to the consumer loan portfolio.
Administrative expenses for the quarter totaled Ps.2,967 million, up 34.2% from the same quarter of the previous year. Personnel expenses amounted to Ps.1,654 million, growing 30.2%, mainly due to salary increase agreements with the unions. The remaining administrative expenses, excluding the amortization of organization and development expenses, amounted to Ps.1,166 million, with a Ps.302 million (35.0%) increase as compared to Ps.864 million from the second quarter of fiscal year 2014, due to the increase of expenses related to services provided to the Bank. Likewise, the amortization of organization and development expenses amounted to Ps.147 million, with a 90.9% increase, as in December 2014 the Bank began to amortize its investment in the SAP Core Banking System.
Income from equity investments amounted to Ps.37 million, Ps.29 million (or 43.9%) lower than in the second quarter of fiscal year 2014, when a profit related to the sale of the Banks interest in Galicia Administradora de Fondos S.A. to Grupo Financiero Galicia S.A. was recorded.
Net other income for the second quarter amounted to Ps.172 million, an increase of 31.3% as compared to the Ps.131 million profit for the same quarter of the prior year, mainly due to results related to security margins on repurchase agreement transactions and to credits recovered.
The income tax charge was Ps.489 million, Ps.106 million higher than in the second quarter of fiscal year 2014.
8 |
LEVEL OF ACTIVITY
In millions of pesos | ||||||||||||||||||||
Table VII Exposure to the Private Sector |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Loans |
83,051 | 75,119 | 69,208 | 64,218 | 61,416 | |||||||||||||||
Financial Leases |
1,034 | 1,058 | 1,066 | 1,055 | 1,104 | |||||||||||||||
Corporate Securities |
718 | 773 | 724 | 628 | 550 | |||||||||||||||
Other Financing (*) |
7,454 | 7,149 | 7,877 | 6,626 | 6,842 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Subtotal |
92,257 | 84,099 | 78,875 | 72,527 | 69,912 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Securitized Assets (**) |
40 | 102 | 141 | 164 | 172 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Credit |
92,297 | 84,201 | 79,016 | 72,691 | 70,084 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Includes certain accounts under the balance sheet heading Other Receivables from Financial Brokerage, Guarantees Granted and Unused Balances of Loans Granted. |
(**) | Financial trust CFA Trust I. |
As of June 30, 2015, the Banks total exposure to the private sector reached Ps.92,297 million, with an increase of 31.7% from a year before and of 9.6% during the quarter.
Total loans include Ps.18,060 million corresponding to the regional credit card companies, which registered a 28.2% increase during the last twelve months and a 6.5% increase in the quarter. They also include Ps.3,362 million from CFA (including the financial trust CFA Trust I), which were up 2.3% during the year and 5.0% in the quarter.
Percentages | ||||||||||||||||||||
Table VIII Market Share (*) |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Total Loans |
8.68 | 8.34 | 8.07 | 8.04 | 7.98 | |||||||||||||||
Loans to the Private Sector |
9.14 | 9.06 | 8.76 | 8.74 | 8.64 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Banco de Galicia and CFA, within the Argentine financial system, according to the daily information on loans published by the Argentine Central Bank. Loans include only principal. The regional credit-card companies data is not included. |
The Banks market share of loans to the private sector as of June 30, 2015, without considering those granted by the regional credit card companies, was 9.14%, compared to a 9.06% from March 31, 2015, and to an 8.64% from June 30, 2014.
9 |
In millions of pesos | ||||||||||||||||||||
Table IX | FY2015 | FY2014 | ||||||||||||||||||
Loans by Type of Borrower |
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||
Large Corporations |
11,885 | 9,657 | 8,590 | 10,416 | 9,290 | |||||||||||||||
SMEs |
22,854 | 22,171 | 20,514 | 18,414 | 17,377 | |||||||||||||||
Individuals |
45,605 | 42,228 | 39,649 | 34,920 | 33,796 | |||||||||||||||
Financial Sector |
2,707 | 1,063 | 455 | 468 | 953 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans |
83,051 | 75,119 | 69,208 | 64,218 | 61,416 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowances |
3,288 | 2,996 | 2,615 | 2,653 | 2,519 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans, Net |
79,763 | 72,123 | 66,593 | 61,565 | 58,897 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
In millions of pesos | ||||||||||||||||||||
Table X | FY2015 | FY2014 | ||||||||||||||||||
Loans by Sector of Activity |
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||
Financial Sector |
2,707 | 1,063 | 455 | 468 | 953 | |||||||||||||||
Services |
4,761 | 3,821 | 3,468 | 3,716 | 3,448 | |||||||||||||||
Agriculture and Livestock |
8,676 | 8,875 | 8,178 | 7,013 | 6,594 | |||||||||||||||
Consumer |
45,864 | 42,481 | 39,747 | 34,865 | 33,706 | |||||||||||||||
Retail and Wholesale Trade |
6,775 | 6,873 | 5,936 | 6,216 | 5,594 | |||||||||||||||
Construction |
884 | 787 | 709 | 823 | 626 | |||||||||||||||
Manufacturing |
11,297 | 9,246 | 9,256 | 9,861 | 9,718 | |||||||||||||||
Other |
2,087 | 1,973 | 1,459 | 1,256 | 777 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans |
83,051 | 75,119 | 69,208 | 64,218 | 61,416 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowances |
3,288 | 2,996 | 2,615 | 2,653 | 2,519 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loans, Net |
79,763 | 72,123 | 66,593 | 61,565 | 58,897 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
During the year, loans to the private sector registered growth, mainly in those granted to individuals (34.9%), SMEs (31.5%) and to large corporations (27.9%). By sector of activity, the higher growth was recorded in the consumer sector (36.1%) and in the agriculture and livestock sector (31.6%).
In millions of pesos | ||||||||||||||||||||
Table XI | FY2015 | FY2014 | ||||||||||||||||||
Exposure to the Argentine Public Sector (*) |
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||
Government Securities Net Position |
18,200 | 14,682 | 10,101 | 11,225 | 9,447 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Held for Trading |
18,200 | 14,682 | 10,101 | 11,125 | 9,170 | |||||||||||||||
Lebac / Nobac |
13,972 | 11,790 | 7,563 | 8,223 | 6,764 | |||||||||||||||
Other |
4,228 | 2,892 | 2,538 | 2,902 | 2,406 | |||||||||||||||
Bonar 2015 Bonds |
| | | 100 | 277 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Other Receivables Resulting from Financial Brokerage |
747 | 821 | 867 | 881 | 886 | |||||||||||||||
Trust Certificates of Participation and Securities |
718 | 784 | 830 | 831 | 880 | |||||||||||||||
Other |
29 | 37 | 37 | 50 | 6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Exposure |
18,947 | 15,503 | 10,968 | 12,106 | 10,333 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with the Argentine Central Banks minimum cash requirement. |
10 |
As of June 30, 2015, the Banks exposure to the public sector amounted to Ps.18,947 million. Excluding debt securities issued by the Argentine Central Bank said exposure reached Ps.4,975 million (3.8% of total assets), while as of June 30, 2014, it amounted to Ps.3,569 million (3.7% of total assets). This increase during the last twelve months was due to the acquisition of government securities, mainly National Treasury Bonds due in 2016.
In millions of pesos | ||||||||||||||||||||
Table XII Deposits (*) |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
In Pesos |
72,304 | 64,105 | 60,091 | 55,789 | 54,808 | |||||||||||||||
Current Accounts |
19,016 | 15,971 | 15,985 | 15,040 | 14,521 | |||||||||||||||
Saving Accounts |
15,767 | 13,893 | 14,090 | 11,597 | 10,839 | |||||||||||||||
Time Deposits |
36,446 | 33,122 | 29,081 | 28,181 | 28,390 | |||||||||||||||
Other |
1,075 | 1,119 | 935 | 971 | 1,058 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
In Foreign Currency |
5,052 | 4,592 | 4,841 | 4,251 | 4,099 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Deposits |
77,356 | 68,697 | 64,932 | 60,040 | 58,907 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Includes CFA. |
As of June 30, 2015, the Banks deposits amounted to Ps.77,356 million, representing a 31.3% increase during the last twelve months and a 12.6% increase during the quarter.
Percentages | ||||||||||||||||||||
Table XIII Market Share (*) |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Total Deposits |
6.99 | 6.70 | 6.63 | 6.89 | 7.07 | |||||||||||||||
Private Sector Deposits |
8.75 | 8.72 | 8.79 | 8.78 | 8.94 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Banco Galicia and CFA, within the Argentine financial system, according to the daily information on deposits published by the Argentine Central Bank. Deposits and Loans include only principal. |
As of June 30, 2015, the Banks estimated market share of private sector deposits in the Argentine financial system was 8.75%, compared to 8.72% of the prior quarter and to 8.94% of a year before.
In millions of pesos | ||||||||||||||||||||
Table XIV Other Financial Liabilities |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Domestic Financial Institutions and Credit Entities |
1,423 | 1,457 | 1,100 | 1,341 | 1,350 | |||||||||||||||
Foreign Financial Institutions and Credit Entities |
1,843 | 1,591 | 807 | 1,695 | 1,634 | |||||||||||||||
Notes(*) |
10,468 | 9,563 | 9,532 | 9,033 | 8,608 | |||||||||||||||
Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions |
8,443 | 3,937 | 388 | 1,304 | 1,768 | |||||||||||||||
Obligations in Connection with Debts with Merchants due to Credit-Card Activities |
10,917 | 10,515 | 10,893 | 8,844 | 8,455 | |||||||||||||||
Other |
4,017 | 3,611 | 4,413 | 4,094 | 3,198 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
37,111 | 30,674 | 27,133 | 26,311 | 25,013 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Includes subordinated notes. |
11 |
As of June 30, 2015, other financial liabilities amounted to Ps.37,111 million, Ps.12,089 million or 48.4% higher than the Ps.25,013 million recorded a year before. This growth was mainly due to the increase of:
(i) spot transactions pending settlement and repurchase agreement transactions of foreign currency and government securities, for Ps. 6,675 million; (ii) financing from merchants in connection with credit card activities, for Ps.2,462 million; and (iii) of notes, for Ps.1,860 million. The increase of the balance of notes was related to transactions of Tarjeta Naranja S.A., Tarjetas Cuyanas S.A. and CFA S.A., and to the evolution of the exchange rate during the period, partially offset by the payment in January 2015 of the first amortization installment (for US$67 million) of the Class XIII Notes issued by Tarjeta Naranja.
As of June 30, 2015, the Bank had 3.2 million deposit accounts, which represent an increase of approximately 309 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 12.6 million, 1.3 million more than those managed a year before.
ASSET QUALITY
In millions of pesos, except percentages | ||||||||||||||||||||
Table XV | FY2015 | FY2014 | ||||||||||||||||||
Loan Portfolio Quality |
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||
Non-Accrual Loans (*) |
3,076 | 2,795 | 2,472 | 2,505 | 2,476 | |||||||||||||||
With Preferred Guarantees |
44 | 53 | 50 | 69 | 69 | |||||||||||||||
With Other Guarantees |
92 | 71 | 59 | 84 | 71 | |||||||||||||||
Without Guarantees |
2,940 | 2,671 | 2,363 | 2,352 | 2,336 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance for Loan Losses |
3,288 | 2,996 | 2,615 | 2,653 | 2,519 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Non-Accrual Loans to Private-Sector Loans (%) |
3.70 | 3.72 | 3.57 | 3.90 | 4.03 | |||||||||||||||
Allowance for Loan Losses to Private-Sector Loans (%) |
3.96 | 3.99 | 3.78 | 4.13 | 4.10 | |||||||||||||||
Allowance for Loan Losses to Non-Accrual Loans (%) |
106.89 | 107.19 | 105.78 | 105.91 | 101.74 | |||||||||||||||
Non-Accrual Loans with Guarantees to Non-Accrual Loans (%) |
4.42 | 4.44 | 4.41 | 6.11 | 5.65 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons. |
The Banks non-accrual loan portfolio amounted to Ps.3,076 million as of June 30, 2015, representing 3.70% of total loans to the private-sector, recording an improvement as compared to the 4.03% ratio of a year before.
The coverage of the non-accrual loan portfolio with allowances for loan losses reached 106.89% as of June 30, 2015, compared to 101.74% of a year before.
In terms of total Credit -defined as loans, certain accounts included in Other Receivables Resulting from Financial Brokerage representing credit transactions, assets under financial leases, guarantees granted and unused balances of loans granted- the Banks non-accrual portfolio represented 3.38% of total credit to the private-sector, and its coverage with allowances for loan losses reached 107.61%, compared to 3.58% and 102.28% of a year before, respectively.
On an individual basis Banco Galicias non-accrual loan portfolio amounted to Ps.1,117 million as of June 30, 2015, increasing 21.8% during the last twelve months, representing 1.80% of total loans to the private-sector, compared to the 2.06% ratio recorded a year before. The coverage with allowances for loan losses reached 145.75%, compared to 134.79% as of June 30, 2014.
12 |
In millions of pesos | ||||||||||||||||||||
Table XVI | FY2015 | FY2014 | ||||||||||||||||||
Consolidated Analysis of Loan Loss Experience |
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | |||||||||||||||
Allowance for Loan Losses at the Beginning of the Quarter |
2,996 | 2,615 | 2,653 | 2,519 | 2,372 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Changes in the Allowance for Loan Losses |
||||||||||||||||||||
Provisions Charged to Income |
481 | 573 | 496 | 624 | 542 | |||||||||||||||
Provisions Reversed |
| | | | (1 | ) | ||||||||||||||
Charge Offs |
(189 | ) | (192 | ) | (534 | ) | (490 | ) | (394 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Allowance for Loan Losses at Quarter End |
3,288 | 2,996 | 2,615 | 2,653 | 2,519 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Charge to the Income Statement |
||||||||||||||||||||
Provisions Charged to Income |
(470 | ) | (573 | ) | (496 | ) | (624 | ) | (554 | ) | ||||||||||
Direct Charge Offs |
(14 | ) | (12 | ) | (14 | ) | (12 | ) | (11 | ) | ||||||||||
Bad Debts Recovered |
65 | 67 | 69 | 60 | 57 | |||||||||||||||
Provisions Reversed (*) |
| | | | 1 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Charge to the Income Statement |
(419 | ) | (518 | ) | (441 | ) | (576 | ) | (507 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Recorded under Net Other Income/(Loss). |
During the quarter, Ps.189 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.14 million were made.
CAPITALIZATION AND LIQUIDITY
In millions of pesos, except ratios | ||||||||||||||||||||
Table XVII Consolidated Regulatory Capital |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Minimum Capital Required (A) |
7,993 | 7,478 | 7,077 | 6,578 | 6,595 | |||||||||||||||
Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector |
5,776 | 5,419 | 5,098 | 4,673 | 4,855 | |||||||||||||||
Allocated to Market Risk |
174 | 152 | 200 | 245 | 201 | |||||||||||||||
Allocated to Operational Risk |
2,043 | 1,907 | 1,779 | 1,660 | 1,539 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Computable Capital (B) |
11,536 | 10,654 | 10,133 | 9,366 | 8,698 | |||||||||||||||
Tier I |
9,692 | 8,911 | 8,041 | 7,354 | 6,682 | |||||||||||||||
Tier II |
1,741 | 1,657 | 2,020 | 1,938 | 1,912 | |||||||||||||||
Additional Capital Market Variation |
103 | 86 | 72 | 74 | 104 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Excess over Required Capital (B) - (A) |
3,543 | 3,176 | 3,056 | 2,788 | 2,103 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Capital Ratio (%) |
16.03 | 15.87 | 15.91 | 15.83 | 14.39 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of June 30, 2015, the Banks consolidated computable capital was Ps.3,543 million (44.3%) higher than the Ps.7,993 million capital requirement. As of June 30, 2014, this excess amounted to Ps.2,103 million or 31.9%.
The minimum capital requirement increased Ps.1,398 million as compared to June 30, 2014, mainly as a result of higher requirements of: (i) Ps.921 million due to the growth of the private-sector loan portfolio; and (ii) Ps.504 million on operational risk.
13 |
Computable capital increased Ps.2,838 million as compared to June 30, 2014, mainly a consequence of a higher Tier I capital, for Ps.3,010 million, mainly due to the higher net income, partially offset by higher deductions, resulting from organization and development expenses. Tier II capital recorded a Ps.171 million decrease, mainly as a consequence of the 42% limit (64% until December 31, 2014) on the balance of subordinated notes admitted for fiscal year 2015 due to regulations in force.
Percentages | ||||||||||||||||||||
Table XVIII Liquidity (unconsolidated) |
FY2015 | FY2014 | ||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Liquid Assets (*) as a percentage of Transactional Deposits |
76.94 | 76.81 | 75.32 | 79.13 | 84.82 | |||||||||||||||
Liquid Assets (*) as a percentage of Total Deposits |
37.41 | 36.36 | 38.60 | 38.53 | 40.11 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Liquid assets include cash and due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac and Nobac (Argentine Central Banks bills and notes, respectively), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market. |
As of June 30, 2015, the Banks liquid assets represented 76.94% of the Banks transactional deposits and 37.41% of its total deposits, as compared to 84.82% and 40.11%, respectively, as of June 30, 2014.
14 |
BANCO DE GALICIA Y BUENOS AIRES S.A. SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA (*)
|
| |||||||||||||||||||
In millions of pesos | ||||||||||||||||||||
FY2015 | FY2014 | |||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
Cash and Due from Banks |
10,871 | 11,585 | 16,951 | 14,470 | 14,683 | |||||||||||||||
Government and Corporate Securities |
19,187 | 14,741 | 9,732 | 10,789 | 10,215 | |||||||||||||||
Net Loans |
79,763 | 72,123 | 66,593 | 61,565 | 58,897 | |||||||||||||||
Other Receivables Resulting from Financial Brokerage |
13,694 | 9,493 | 6,461 | 6,592 | 6,104 | |||||||||||||||
Equity Investments in Other Companies |
109 | 100 | 93 | 85 | 100 | |||||||||||||||
Bank Premises and Equipment, Miscellaneous and Intangible Assets |
3,996 | 3,839 | 3,696 | 3,407 | 3,243 | |||||||||||||||
Other Assets |
2,849 | 2,930 | 2,436 | 2,480 | 2,145 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Assets |
130,469 | 114,811 | 105,962 | 99,388 | 95,387 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Deposits |
77,285 | 68,639 | 64,708 | 59,989 | 58,701 | |||||||||||||||
Other Liabilities Resulting from Financial Brokerage |
34,861 | 28,571 | 25,067 | 24,342 | 23,096 | |||||||||||||||
Subordinated Notes |
2,250 | 2,103 | 2,066 | 1,969 | 1,917 | |||||||||||||||
Other |
3,571 | 3,898 | 3,478 | 3,329 | 2,857 | |||||||||||||||
Minority Interests |
844 | 820 | 744 | 694 | 628 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Liabilities |
118,811 | 104,031 | 96,063 | 90,323 | 87,199 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders Equity |
11,658 | 10,780 | 9,899 | 9,065 | 8,188 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Foreign-Currency Assets and Liabilities |
||||||||||||||||||||
Assets |
16,729 | 14,087 | 12,812 | 13,885 | 12,438 | |||||||||||||||
Liabilities |
16,678 | 13,946 | 13,300 | 13,620 | 12,947 | |||||||||||||||
Net Forward Purchases/(Sales) of Foreign Currency (1) |
(690 | ) | (1,105 | ) | 2,658 | 4,000 | 1,673 | |||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33 - Law No. 19,550). |
(1) | Recorded off-balance sheet. |
15 |
BANCO DE GALICIA Y BUENOS AIRES S.A.:
SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA (*)
In millions of pesos | ||||||||||||||||||||
FY2015 | FY2014 | |||||||||||||||||||
2nd Q | 1st Q | 4th Q | 3rd Q | 2nd Q | ||||||||||||||||
FINANCIAL INCOME |
5,779 | 5,530 | 4,932 | 4,849 | 4,911 | |||||||||||||||
Interest on Loans to the Financial Sector |
9 | 14 | 30 | 44 | 47 | |||||||||||||||
Interest on Overdrafts |
398 | 376 | 402 | 471 | 385 | |||||||||||||||
Interest on Promissory Notes |
1,129 | 1,138 | 1,116 | 891 | 885 | |||||||||||||||
Interest on Mortgage Loans |
85 | 77 | 78 | 81 | 82 | |||||||||||||||
Interest on Pledge Loans |
21 | 21 | 21 | 20 | 22 | |||||||||||||||
Interest on Credit-Card Loans |
2,309 | 2,142 | 1,900 | 1,647 | 1,609 | |||||||||||||||
Interest on Financial Leases |
51 | 52 | 52 | 54 | 57 | |||||||||||||||
Interest on Other Loans |
780 | 742 | 788 | 852 | 931 | |||||||||||||||
Net Income from Government and Corporate Securities |
888 | 876 | 451 | 775 | 759 | |||||||||||||||
Net Income from Options |
(1 | ) | 1 | | | | ||||||||||||||
Interest on Other Receivables Resulting from Financial Brokerage |
15 | 26 | 19 | 30 | 44 | |||||||||||||||
Net Income from Secured Loans - Decree No.1387/01 |
1 | | | | | |||||||||||||||
CER Adjustment |
3 | | | | | |||||||||||||||
Other |
40 | 31 | 75 | (16 | ) | 90 | ||||||||||||||
Quotation Differences on Gold and Foreign Currency |
51 | 34 | | | | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
FINANCIAL EXPENSES |
(3,151 | ) | (2,774 | ) | (2,720 | ) | (2,328 | ) | (2,725 | ) | ||||||||||
Interest on Saving Accounts Deposits |
| (1 | ) | (1 | ) | | (1 | ) | ||||||||||||
Interest on Time Deposits |
(2,016 | ) | (1,755 | ) | (1,590 | ) | (1,560 | ) | (1,868 | ) | ||||||||||
Interest on Subordinated Obligations |
(88 | ) | (85 | ) | (81 | ) | (80 | ) | (75 | ) | ||||||||||
Other Interest |
(20 | ) | (22 | ) | (21 | ) | (29 | ) | (22 | ) | ||||||||||
Interest on Interbank Loans Received (Call Money Loans) |
(12 | ) | (6 | ) | (3 | ) | (5 | ) | (5 | ) | ||||||||||
Interest on Other Financing from Financial Entities |
(25 | ) | (23 | ) | (24 | ) | (33 | ) | (40 | ) | ||||||||||
Interest on Other Liabilities Resulting from Financial Brokerage |
(432 | ) | (385 | ) | (371 | ) | (324 | ) | (406 | ) | ||||||||||
Contributions to the Deposit Insurance Fund |
(119 | ) | (112 | ) | (79 | ) | (25 | ) | (24 | ) | ||||||||||
Quotation Differences on Gold and Foreign Currency |
| | 40 | 67 | 41 | |||||||||||||||
Other |
(439 | ) | (385 | ) | (590 | ) | (339 | ) | (325 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
GROSS FINANCIAL MARGIN |
2,628 | 2,756 | 2,212 | 2,521 | 2,186 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
PROVISIONS FOR LOAN LOSSES |
(484 | ) | (591 | ) | (517 | ) | (646 | ) | (566 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
INCOME FROM SERVICES, NET |
2,055 | 1,971 | 1,777 | 1,723 | 1,489 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
ADMINISTRATIVE EXPENSES |
(2,967 | ) | (2,672 | ) | (2,418 | ) | (2,273 | ) | (2,211 | ) | ||||||||||
Personnel Expenses |
(1,654 | ) | (1,527 | ) | (1,344 | ) | (1,293 | ) | (1,270 | ) | ||||||||||
Directors and Syndics Fees |
(27 | ) | (23 | ) | (22 | ) | (19 | ) | (21 | ) | ||||||||||
Other Fees |
(87 | ) | (58 | ) | (65 | ) | (57 | ) | (48 | ) | ||||||||||
Advertising and Publicity |
(135 | ) | (107 | ) | (103 | ) | (105 | ) | (116 | ) | ||||||||||
Taxes |
(263 | ) | (229 | ) | (210 | ) | (202 | ) | (185 | ) | ||||||||||
Depreciation of Premises and Equipment |
(50 | ) | (47 | ) | (45 | ) | (44 | ) | (41 | ) | ||||||||||
Amortization of Organization Expenses |
(147 | ) | (135 | ) | (100 | ) | (83 | ) | (77 | ) | ||||||||||
Other Operating Expenses |
(355 | ) | (327 | ) | (315 | ) | (273 | ) | (275 | ) | ||||||||||
Other |
(249 | ) | (219 | ) | (214 | ) | (197 | ) | (178 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
MINORITY INTEREST RESULTS |
(74 | ) | (75 | ) | (50 | ) | (66 | ) | (39 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
INCOME FROM EQUITY INVESTMENTS |
37 | 36 | 33 | 119 | 66 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
NET OTHER INCOME / (LOSS) |
172 | 97 | 173 | 97 | 131 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
INCOME TAX |
(489 | ) | (641 | ) | (376 | ) | (598 | ) | (383 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
NET INCOME / (LOSS) |
878 | 881 | 834 | 877 | 673 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
(*) | Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 Law No. 19,550). |
16 |
CONSUMER FINANCE BUSINESS ADITIONAL INFORMATION
TARJETAS REGIONALES S.A.
The data shown in the following tables correspond to Tarjetas Regionales S.A. consolidated with its subsidiaries (Tarjeta Naranja S.A., Tarjetas Cuyanas S.A., Procesadora Regional S.A. and Cobranzas Regionales S.A.). Figures are stated according to Argentine Central Bank accounting standards.
In millions of pesos, except percentages | ||||||||||||||||||||
Table XIX | FY2015 | FY2014 | Variation (%) | |||||||||||||||||
Selected Information |
2nd Q | 1st Q | 2nd Q | 2Q15 vs 1Q15 |
2Q15 vs 2Q14 |
|||||||||||||||
Total Assets |
18,640 | 17,228 | 14,450 | 8.2 | 29.0 | |||||||||||||||
Cash and Due from Banks |
289 | 251 | 221 | 15.1 | 30.8 | |||||||||||||||
Loans |
16,008 | 15,132 | 12,533 | 5.8 | 27.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Liabilities |
15,281 | 14,004 | 12,008 | 9.1 | 27.3 | |||||||||||||||
Notes |
4,691 | 4,086 | 3,592 | 14.8 | 30.6 | |||||||||||||||
Financial Entities |
1,328 | 1,214 | 1,244 | 9.4 | 6.8 | |||||||||||||||
Merchants |
7,677 | 7,310 | 5,999 | 5.0 | 28.0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders Equity |
3,359 | 3,224 | 2,442 | 4.2 | 37.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
296 | 311 | 167 | (4.8 | ) | 77.2 | ||||||||||||||
Net Financial Income |
543 | 561 | 465 | (3.2 | ) | 16.8 | ||||||||||||||
Net Income from Services |
950 | 885 | 751 | 7.3 | 26.5 | |||||||||||||||
Provisions for Loan Losses |
(141 | ) | (203 | ) | (166 | ) | (30.5 | ) | (15.1 | ) | ||||||||||
Administrative Expenses |
(989 | ) | (811 | ) | (786 | ) | 21.9 | 25.8 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loan Portfolio Quality |
Variation (b.p.) | |||||||||||||||||||
Non-Accrual Loans to Total Loans (%) |
7.36 | 6.94 | 7.67 | 42 | (31 | ) | ||||||||||||||
Allowance for Loan Losses to Total Loans (%) |
6.75 | 6.45 | 7.21 | 30 | (46 | ) | ||||||||||||||
Allowance for Loan Losses to Non-Accrual Loans (%) |
91.69 | 92.88 | 94.02 | (119 | ) | (233 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Percentages | ||||||||||||||||||
Table XX | FY2015 | FY2014 | Six Months Ended | |||||||||||||||
Profitability and Efficiency |
2nd Q | 2nd Q | 06/30/15 | 06/30/14 | ||||||||||||||
Return on Average Assets (*) |
6.90 | 4.91 | 7.20 | 4.38 | ||||||||||||||
Return on Average Shareholders Equity (*) |
35.26 | 27.43 | 37.15 | 24.51 | ||||||||||||||
Financial Margin (*) (1) |
12.84 | 13.74 | 13.36 | 12.01 | ||||||||||||||
Net Income from Services as a % of Operating Income (2) |
63.63 | 61.76 | 62.44 | 64.49 | ||||||||||||||
Net Income from Services as a % of Administrative Expenses |
96.06 | 95.55 | 101.94 | 101.26 | ||||||||||||||
Administrative Expenses as a % of Operating Income (2) |
66.24 | 64.64 | 61.25 | 63.69 | ||||||||||||||
|
|
|
|
|
|
|
|
(*) | Annualized. |
(1) | Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
(2) | Operating Income: Net Financial Income plus Net Income from Services. |
17 |
COMPAÑÍA FINANCIERA ARGENTINA S.A.
In millions of pesos, except percentages | ||||||||||||||||||||
Table XXI | FY2015 | FY2014 | Variation (%) | |||||||||||||||||
Selected Information |
2nd Q | 1st Q | 2nd Q | 2Q15 vs 1Q15 |
2Q15 vs 2Q14 |
|||||||||||||||
Total Assets |
3,847 | 3,726 | 3,654 | 3.2 | 5.3 | |||||||||||||||
Cash and Due from Banks |
333 | 275 | 269 | 21.1 | 23.8 | |||||||||||||||
Loans |
2,898 | 2,763 | 2,850 | 4.9 | 1.7 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Liabilities |
2,668 | 2,577 | 2,578 | 3.5 | 3.5 | |||||||||||||||
Deposits |
938 | 969 | 1,147 | (3.2 | ) | (18.2 | ) | |||||||||||||
Notes |
802 | 728 | 661 | 10.2 | 21.3 | |||||||||||||||
Financial Entities |
285 | 349 | 394 | (18.3 | ) | (27.7 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders Equity |
1,179 | 1,149 | 1,076 | 2.6 | 9.6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
29 | 27 | 30 | 7.4 | (3.3 | ) | ||||||||||||||
Net Financial Income |
271 | 273 | 278 | (0.7 | ) | (2.5 | ) | |||||||||||||
Net Income from Services |
44 | 40 | 10 | 10.0 | 340.0 | |||||||||||||||
Provisions for Loan Losses |
(89 | ) | (110 | ) | (93 | ) | (19.1 | ) | (4.3 | ) | ||||||||||
Administrative Expenses |
(215 | ) | (185 | ) | (173 | ) | 16.2 | 24.3 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loan Portfolio Quality |
Variation (b.p.) | |||||||||||||||||||
Non-Accrual Loans to Total Loans (%) |
18.21 | 16.42 | 15.41 | 179 | 280 | |||||||||||||||
Allowance for Loan Losses to Total Loans (%) |
12.73 | 10.84 | 8.51 | 189 | 422 | |||||||||||||||
Allowance for Loan Losses to Non-Accrual Loans (%) |
69.92 | 66.01 | 55.21 | 391 | 1,471 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Percentages | ||||||||||||||||||||
Table XXII | FY2015 | FY2014 | Six Months Ended | |||||||||||||||||
Profitability and Efficiency |
2nd Q | 2nd Q | 06/30/15 | 06/30/14 | ||||||||||||||||
Return on Average Assets (*) |
3.06 | 3.13 | 3.02 | 3.45 | ||||||||||||||||
Return on Average Shareholders Equity (*) |
9.67 | 10.88 | 9.44 | 12.11 | ||||||||||||||||
Financial Margin (*) (1) |
31.27 | 34.16 | 32.22 | 32.89 | ||||||||||||||||
Net Income from Services as a % of Operating Income (2) |
13.97 | 3.47 | 13.38 | 3.04 | ||||||||||||||||
Net Income from Services as a % of Administrative Expenses |
20.47 | 5.78 | 21.00 | 5.15 | ||||||||||||||||
Administrative Expenses as a % of Operating Income (2) |
68.25 | 60.07 | 63.69 | 59.03 | ||||||||||||||||
|
|
|
|
|
|
|
|
(*) | Annualized. |
(1) | Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. |
(2) | Operating Income: Net Financial Income plus Net Income from Services. |
18 |
SUDAMERICANA HOLDING S.A.
INFORMATION DISCLOSURE
The data shown in the tables of this report and the consolidated financial statements correspond to Sudamericana Holding S.A. consolidated with the subsidiaries under its direct or indirect control (Galicia Seguros S.A., Galicia Retiro Compañía de Seguros S.A. and Galicia Broker Asesores de Seguros S.A.).
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
In millions of pesos, except percentages | ||||||||||||||||||||
Table XXIII | Quarters ended: | Variation (%) | ||||||||||||||||||
Selected Information |
06/30/2015 | 03/31/2015 | 06/30/2014 | Quarter | Annual | |||||||||||||||
Assets |
||||||||||||||||||||
Premiums Receivable |
346 | 304 | 236 | 13.8 | 46.6 | |||||||||||||||
Reinsurance Recoverables |
3 | 2 | 4 | 50.0 | (25.0 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Liabilities |
||||||||||||||||||||
Debt with Insureds |
140 | 128 | 99 | 9.4 | 41.4 | |||||||||||||||
Debt with Reinsurers |
7 | 5 | | 40.0 | 100.0 | |||||||||||||||
Debt with Agents and Brokers |
68 | 63 | 69 | 7.9 | (1.4 | ) | ||||||||||||||
Insurance Contract Liabilities |
218 | 191 | 184 | 14.1 | 18.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Shareholders Equity |
539 | 462 | 406 | 16.7 | 32.8 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
77 | 75 | 59 | 2.7 | 30.5 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Earned Premiums |
570 | 530 | 403 | 7.5 | 41.4 | |||||||||||||||
Incurred Claims |
(83 | ) | (69 | ) | (52 | ) | 20.3 | 59.6 | ||||||||||||
Net Investment Income |
35 | 26 | 26 | 34.6 | 34.6 | |||||||||||||||
Commissions and Other |
(217 | ) | (195 | ) | (165 | ) | 11.3 | 31.5 | ||||||||||||
Operating Expenses |
(140 | ) | (130 | ) | (57 | ) | 7.7 | 145.6 | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Annualized Sales |
170 | 149 | 119 | 14.1 | 42.9 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
Percentages | ||||||||||||||||
Table XXIX: | Quarters ended: | Six months ended: | ||||||||||||||
Profitability |
06/30/2015 | 06/30/2014 | 06/30/2015 | 06/30/2014 | ||||||||||||
Return on Average Assets (*) |
25.14 | 25.42 | 26.14 | 27.20 | ||||||||||||
Return on Average Shareholders Equity (*) |
60.04 | 60.97 | 63.83 | 66.40 | ||||||||||||
|
|
|
|
|
|
|
|
(*) | Annualized. |
19 |
GALICIA ADMINISTRADORA DE FONDOS S.A.
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
In millions of pesos, except percentages | ||||||||||||||||||||
Table XXV: | FY2015 | FY2014 | Variation (%) | |||||||||||||||||
Selected Information |
2nd Q | 1st Q | 2nd Q | 2Q15 vs 1Q15 |
2Q15 vs 2Q14 |
|||||||||||||||
Shareholders Equity |
47 | 23 | 23 | 104.3 | 104.3 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income |
24 | 19 | 8 | 26.3 | 200.0 | |||||||||||||||
Fees and Commissions |
44 | 35 | 17 | 25.7 | 158.8 | |||||||||||||||
Administrative Expenses |
(7 | ) | (7 | ) | (5 | ) | | 40.0 | ||||||||||||
Commercial Expenses |
(2 | ) | (2 | ) | (1 | ) | | 100.0 | ||||||||||||
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In millions of pesos, except percentages | ||||||||||||||||
Table XXVI: | Assets Under Management as of: | Variation | ||||||||||||||
Mutual Funds |
06/30/2015 | 06/30/2014 | Ps. | % | ||||||||||||
Fima Premium |
4,075 | 2,398 | 1,677 | 69.9 | ||||||||||||
Fima Ahorro Pesos |
4,506 | 1,240 | 3,266 | 263.4 | ||||||||||||
Fima Ahorro Plus |
6,362 | 1,585 | 4,777 | 301.4 | ||||||||||||
Fima Capital Plus |
1,121 | 1,551 | (430 | ) | (27.7 | ) | ||||||||||
Fima Renta en Pesos |
56 | 57 | (1 | ) | (1.8 | ) | ||||||||||
Fima Renta Plus |
68 | 61 | 7 | 11.5 | ||||||||||||
Fima Abierto Pymes |
181 | 35 | 146 | 417.1 | ||||||||||||
Fima Acciones |
84 | 53 | 31 | 58.5 | ||||||||||||
Fima PB Acciones |
242 | 109 | 133 | 122.0 | ||||||||||||
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Total Assets Under Management |
16,695 | 7,089 | 9,606 | 135.5 | ||||||||||||
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20 |
RECENT DEVELOPMENTS
GRUPO FINANCIERO GALICIA NOTES
On July 27, Grupo Financiero Galicia issued its Class VII Notes, for Ps.160 million, due on July 27, 2017. The notes will bear a 27% fixed interest rate per annum during the first 9 months, and Badlar + 4.25% during the following 15 months.
Likewise, on July 31, 2015, Class V, Series I Notes were fully repaid, for Ps.101.8 million, plus accrued interest.
REGULATORY CHANGES
CREDIT LINE FOR PRODUCTIVE INVESTMENT PROJECTS
Through its Communiqué A 5771, issued on July 2, the Argentine Central Bank established a new amount to be granted under the Credit Line for Productive Investment Projects, aiming to finance Micro SMEs investment projects and working capital with specific purposes and with certain credit lines. The second tranche of the 2015 quota, should be agreed before December 31, 2015 and its amount should be equivalent to 7.5% of the average of the daily balance of deposits held in May 2015 (Banco Galicia: Ps.4,743 million). In order to determine the amount to be allocated to this credit line, the regulation establishes certain coefficients according to the economic size (from 1.0 to 1.2) and the geographical location (from 1.0 to 1.5) of the Micro SMEs. The line has an 18.0% annual interest rate, with a minimum term of 3 years after which the rate could turn into floating rate without exceeding 50 basis points over the BADLAR rate.
INTEREST RATE ON TIME DEPOSITS
Through its Communiqué A 5871, the Central Bank established minimum rates effective from July 27, 2015, for time deposits of individuals and companies in pesos for amounts lower than Ps.1 million. Minimum rates cannot be lower than the product of the last reference interest rate and a coefficient which depends on the term of the deposit (from 30 to 44 days: 0.91; from 45 to 59 days: 0.93; from 60 to 89 days: 0.97; from 90 to 119 days: 0.97; from 120 to 179 days: 0.98; and for 180 days or more: 0.99).
The above mentioned reference interest rate is the average rate of the Lebac in Pesos, of the second month immediately preceding the date of the deposits, corresponding to that of the closest term to 90 days in the case of time deposits for up to 89 days, and to 120 days for time deposits for longer terms.
This report is a summary analysis of Grupo Financiero Galicias financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with Grupo Financiero Galicias financial statements, as well as with all other material periodically filed with the National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsacba.com.ar) and the Nasdaq (www.nasdaq.com). In addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which the Bank has published information.
Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.
21 |
1 Year Grupo Financiero Galicia Chart |
1 Month Grupo Financiero Galicia Chart |
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