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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Bbva Banco Frances S.A. | NYSE:BFR | NYSE | Ordinary Share |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.06 | 0.00 | 01:00:00 |
BUENOS AIRES--Argentine bank BBVA Banco Frances SA (BFR, FRAN.BA) said Monday its third-quarter net profit surged 263% on the year due to a jump in the value of its bond portfolio.
Net profit rose to 417.3 million pesos ($87.4 million), or ARS2.33 per local share, from ARS114.7 million, or ARS0.64 per share, in the second quarter last year, the bank said in a filing with the Buenos Aires Stock Exchange.
If the one-time jump in the performance of the company's bond portfolio is removed from the equation, net income totals ARS365 million, up about 25% on the year.
Banco Frances's net financial margin--the difference between what the bank pays on its deposits and earns on its loans and securities holdings--soared about 117% to ARS982.7 million due to an increase in lending and higher margins on loans. Net fee income rose 22% to ARS474 million.
The bank's operating result swelled 185% on the year to ARS607.8 million. The operating result dropped to ARS552.7 million when not calculating the one-time surge in bonds.
Banco Frances said its deposit base rose about 9% on the year, to ARS31 billion at the end of September.
Loans to the private sector, which represent the bulk of the bank's overall credit portfolio, increased 23.4% on the year, to ARS25.54 billion at the end of September, led by gains in commercial, auto and consumer loans.
Asset quality as measured by "irregular" or non-performing loans as a percentage of total loans was 0.71% in the quarter, up from 0.44% a year ago.
The bank said it has acted in accordance with new central bank rules and offered three-year loans at a fixed rate of 15%, "which have been very well received."
Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) owns a controlling interest in Banco Frances.
Shares of Banco Frances closed 0.79% lower at ARS8.70 in Buenos Aires on Monday.
-Write to Taos Turner at taos.turner@dowjones.com
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