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Name | Symbol | Market | Type |
---|---|---|---|
Grupo Supervielle SA | NYSE:SUPV | NYSE | Depository Receipt |
Price Change | % Change | Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.47 | 0 | 01:00:00 |
4Q17 Net Income up 60% YoY and 36% QoQ.
Net income, excluding non-recurring items in 4Q16, increased 94% YoY
Grupo Supervielle S.A. (NYSE:SUPV) (BASE:SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three and twelve-month period ended December 31, 2017. All figures presented throughout this document are expressed in nominal Argentine pesos (AR$) and all financial information has been prepared in accordance with Argentine Banking GAAP.
Fourth Quarter 2017 Highlights
CEO Message
Commenting on fourth quarter and fiscal year results, Patricio Supervielle, Grupo Supervielle's Chairman and CEO, noted: “I am very pleased to report that once again we met or exceeded our annual guidance targets. Our franchise continues to show its strength as we continue to implement our profitable growth strategy, expanding net income by almost 40% sequentially in the quarter. We exceeded industry growth particularly in deposits, growing YoY 57%, almost doubling system growth. Our diversified and competitive retail-based deposits franchise has proved to be one of our key competitive advantages and a key element supporting our strategy going forward. Our loan portfolio in the quarter expanded by 13.4% QoQ and 55.7% YoY, compared to 51.9% YoY industry growth. Similar to past quarters, the corporate segment was the driver of loan growth, while the retail segment continues to gain momentum through rapid growth in mortgage loans. Our good performance was also supported by a resilient net interest margin and improved efficiency as we continue to further leverage our branch network.”
“While improved macro dynamics were reported across all sectors of the economy benefitting our corporate segment, inflation remained higher than anticipated in the fourth quarter. Persistent inflation and soft job recovery continue to impact our consumer finance segment resulting in higher cost of risk. However, this was fully priced in. Our view is that this Administration will succeed in further bringing down inflation over the next two years. This presents an opportunity to position ourselves ahead of a stabilized macroeconomic environment and capture market share. As always, we are closely monitoring our portfolio to assure healthy loan growth."
“We are particularly enthusiastic with the accelerated growth in mortgage loans experienced in the fourth quarter of 2017 and based on our estimates in December we captured nearly 10% of the mortgages originated by private sector banks. As we continue to expand our customer base with focus on high-margin SMEs, this quarter we launched a new customized value proposition focused on serving the specific needs of transportation companies. We are very pleased with the ongoing success of our cross-selling initiatives, particularly in non-financial services. During the quarter we also opened two new branches in the City of Buenos Aires, in areas with large concentration of SMEs as we deepen our focus on this attractive segment.”
“Looking ahead, positive economic signs including GDP growth, job creation and lower inflation support expectations of continued growth in 2018. We continue to deliver on our growth strategy, with net income anticipated to increase between 64 - 76% during the year, driven by sustained loan growth, improving operating efficiency, while remaining vigilant around our risk profile,” concluded Mr. Supervielle.
Financial Highlights & Key Ratios
(In millions of Argentine Ps.) % Change INCOME STATEMENT 4Q17 3Q17 2Q17 1Q17 4Q16 QoQ YoY FY17 FY16 % Chg. Gross Financial Margin 2,890.7 2,348.7 2,133.2 1,927.8 1,951.6 23.1% 48.1% 9,300.4 5,928.1 56.9% Service Fee Income, Net 955.1 903.6 861.7 757.0 717.5 5.7% 33.1% 3,477.4 2,446.9 42.1% Income from Insurance activities 148.3 108.0 112.8 110.0 129.9 37.3% 14.2% 479.1 606.1 -21.0% Loan Loss Provisions -600.3 -481.3 -396.0 -342.6 -316.7 24.7% 89.6% -1,820.2 -1,057.6 72.1% Administrative expenses -2,405.1 -2,078.6 -2,020.8 -1,886.1 -1,805.8 15.7% 33.2% -8,390.6 -6,060.3 38.5% Income before Income Tax 1,019.9 828.6 793.4 567.6 669.3 23.1% 52.4% 3,209.5 1,811.9 77.1% Net Income 851.4 624.1 579.7 381.9 532.3 36.4% 60.0% 2,437.1 1,311.3 85.9% Earnings per Share (AR$) 1.86 1.61 1.59 1.05 1.46 15.7% 27.4% 6.2 4.1 51.3% Earnings per ADRs (AR$) 9.32 8.06 7.97 5.25 7.32 15.7% 27.4% 31.0 20.5 51.3% Average Outstanding Shares (in millions) 456.7 387.3 363.8 363.8 363.8 17.9% 25.5% 392.8 319.8 BALANCE SHEET dec 17 sep 17 jun 17 mar 17 dec 16 QoQ YoY Total Assets 93,971.3 78,957.7 67,183.2 64,519.0 53,206.0 19.0% 76.6% Average Assets1 83,285.5 71,650.7 63,692.5 59,578.5 51,421.4 16.2% 62.0% Total Loans & Leasing 59,032.5 51,371.0 42,345.9 39,803.7 37,338.8 14.9% 58.1% Securitized Loan Portfolio 1,423.9 1,960.4 2,226.0 1,361.3 1,483.9 -27.4% -4.0% Total Portfolio 2 60,456.4 53,331.4 44,571.9 41,165.1 38,822.7 13.4% 55.7% Total Deposits 56,487.0 47,181.9 42,831.6 38,826.8 35,897.9 19.7% 57.4% Shareholders’ Equity 15,144.8 14,300.1 7,827.6 7,313.4 6,931.6 5.9% 118.5% Average Shareholders’ Equity1 14,641.3 9,239.9 7,432.6 7,009.0 6,807.9 58.5% 115.1% KEY INDICATORS 4Q17 3Q17 2Q17 1Q17 4Q16 FY17 FY16 % Chg. Profitability & Efficiency ROAE 23.3% 27.0% 31.2% 21.8% 31.3% 25.4% 26.3% ROAA 4.1% 3.5% 3.6% 2.6% 4.1% 3.5% 3.2% Net Interest Margin 19.4% 18.5% 19.8% 18.7% 20.8% 19.1% 20.6% Net Financial Margin 17.5% 16.8% 17.7% 17.7% 20.4% 17.8% 19.2% Net Fee Income Ratio 27.6% 30.1% 31.4% 31.0% 30.3% 29.8% 34.0% Cost / Assets 11.6% 11.6% 12.7% 12.6% 14.0% 12.1% 14.6% Efficiency Ratio 60.2% 61.9% 65.0% 67.5% 64.5% 63.3% 67.5% Liquidity & Capital Loans to Total Deposits3 104.5% 108.9% 98.9% 102.5% 104.0% Liquidity Coverage Ratio (LCR)4 113.9% 122.6% 126.5% 125.9% 128.0% Total Equity / Total Assets 16.1% 18.1% 11.7% 11.3% 13.0% Proforma Consolidated Capital / Risk weighted assets 5 19.6% 20.7% 13.0% 13.4% 13.8% Proforma Consolidated Tier1 Capital / Risk weighted assets 6 18.4% 19.5% 11.6% 12.0% 12.3% Risk Weighted Assets / Total Assets 80.1% 85.2% 88.2% 83.0% 92.4% Asset Quality NPL Ratio 2.8% 2.8% 2.9% 2.9% 2.8% Allowances as a % of Total Loans 2.6% 2.5% 2.6% 2.5% 2.4% Coverage Ratio 91.8% 88.9% 88.0% 87.0% 87.1% Cost of Risk 4.5% 4.4% 4.2% 3.9% 3.9% 4.2% 4.0% MACROECONOMIC RATIOS Retail Price Index (%)7 6.2% 5.1% 5.6% 7.1% 6.2% 26.1% 41.0% UVA (var) 4.9% 4.3% 7.1% 4.6% 4.5% 22.5% - Pesos/US$ Exchange Rate 18.77 17.32 16.60 15.38 15.85 18.77 15.85 Badlar Interest Rate (eop) 23.3% 21.8% 20.1% 19.1% 19.9% 23.3% 19.9% Badlar Interest Rate (avg) 22.5% 20.8% 19.6% 19.8% 21.1% 20.6% 25.8% TM20 (eop) 23.7% 22.8% 20.8% 19.8% NA 23.7% - TM20 (avg) 23.4% 21.6% 20.3% 20.3% NA 21.4% - OPERATING DATA Customers (in millions) 2.4 2.3 2.3 2.2 2.2 2.5% 6.7% Access Points 8 326 324 324 321 325 0.6% 0.3% Employees 5,320 5,222 5,146 5,049 4,982 1.9% 6.8%1. Average Assets and average Shareholder´s Equity calculated on a daily basis
2. Total Portfolio: Loans and Leasing before Allowances, Including Securitized Portfolio.
3. On Balance Sheet Loans/Total Deposits.
4. This ratio includes the liquidity held at the holding company level.
5. Regulatory capital divided by risk weighted assets taking into account operational and market risk. The regulatory capital ratio applies only to the Bank and CCF on a consolidated basis and does not include the liquidity held at the holding company level- The Proforma consolidated capital ratio, includes the liquidity retained at Grupo Supervielle level after the equity offering, which is available for further capital injections in its subsidiaries. As of December 31, 2017, the liquidity amounted to Ps. 4.3 billion.
6. Tier 1 capital divided by risk weighted assets taking into account operational and market risk. The regulatory Tier 1 capital ratio applies only to the Bank and CCF on a consolidated basis and does not include the liquidity held at the holding company level. The. Proforma Consolidated Tier 1 capital ratio includes the liquidity retained at Grupo Supervielle level after the equity offering, which is available for further capital injections in its subsidiaries. As of December 31, 2017, the liquidity amounted to Ps. 4.3 billion.
7. Source: City of Buenos Aires
8. The increase in the number of Access Points in 4Q17, reflects the opening of 2 bank branches located in Chacarita (City of Buenos Aires) and Mataderos (City of Buenos Aires). 2Q17, reflects the opening of 1 bank branch located in San Justo (Buenos Aires Province) and 2 banking payment and collection centers.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180219005593/en/
Grupo Supervielle S.A.Ana Bartesaghi, +5411 4324-8132
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