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 2013
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 2013. |
Buenos Aires, November 8, 2013 - BBVA Frances (NYSE: BFR.N; BCBA: FRA.BA;
LATIBEX: BFR.LA) reports consolidated third quarter earnings for fiscal year 2013.
Highlights
| During the third quarter of 2013, BBVA Francés reached net income of AR$ 560.7 million. Such result includes an increase due to the variation in valuation of public bonds partially offset by a higher tax charge as a consequence of the sale of bonds. In recurring terms, net income for the period was AR$ 507.7 million, increasing 39.1% and 22.1% compared to the same quarter of 2012 and the previous quarter, respectively. |
| In terms of activity, the private sector loan portfolio totaled AR$ 33.5 billion, growing 31.1% compared to the same quarter of the previous year. Considering only volumes in pesos, the increase was 39%. Such growth was driven mainly by the expansion in consumer loans as well as the increase of loans to small-and-medium-sized companies. |
| AR$ 659 million was disbursed in loans for Productive Investment during the third quarter, accumulating a total amount of $ 2.9 billion, including loans made given during 2012 and in the two first quarters of 2013. |
| The Bank continuous to maintain a leader position in terms of asset quality. As of September 30, 2013, the non-performing loan ratio reached 0.74%, with a coverage level of 258.08%. |
| As of September 30, 2013, the Banks total deposits grew 27.3% in annual terms, totaling AR$ 39.6 billion at the end of the third quarter of 2013, considering only peso-denominated deposits, growth reached 30.1% in the same period. |
| On July 31, 2013, BBVA Francés issued its fourth series of Negotiable Obligations for a total amount of AR$ 250 million, with demand far exceeding the issued amount. |
| BBVA Francés maintained high levels of liquidity and solvency. As of June 30, 2013 liquid assets (Cash and due from banks plus Argentine Central Bank (BCRA) bills and notes represented 30.7% of the Banks total deposits. The capital ratio reached 18.6% of weighted risk assets; with an excess of capital over the BCRA minimum regulatory requirements of AR$ 2.5 billion. |
| On July 10, 2013, BBVA Francés and Consultatio S.A signed a sale and purchase agreement, through which the Bank will acquire 23 of the 33 floors of the building under construction by Consultatio S.A., which will became the BBVA Tower. Construction has begun on the project and is proceeding is progressing according to the schedule. |
| On July 19, 2103, the BCRA issued Communication A 5460, which grants broad protection to consumers of financial services and includes among other aspects, the regulations of fees and commissions charged by financial institutions for services provided. Consequently, fees and charges must represent a real, direct and demonstrable cost and should have technical and economic justification. Such regulation became effective on October 1, 2013. |
| On September 17, 2013, Buenos Aires Securities and Exchange Commission Resolution 622/13 took effect. Such resolution regulates the new Capital Market Law 26,831. |
Other Events
| On November 8, 2013, the Bank issued the series 6 and 7 of negotiable obligations with terms of 18 and 36 months, respectively. The total amount was of AR$ 121 million and AR$ 250 million, respectively. |
- 2 -
- 3 -
Financial Information
Condensed Income Statement (1) | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except income per share, ADS and percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Net Financial Income |
1,320,781 | 960,412 | 982,776 | 37.5 | % | 34.4 | % | |||||||||||||
Provision for loan losses |
(102,888 | ) | (114,533 | ) | (78,718 | ) | -10.2 | % | 30.7 | % | ||||||||||
Net income from services |
678,628 | 607,768 | 474,675 | 11.7 | % | 43.0 | % | |||||||||||||
Administrative expenses |
(1,037,719 | ) | (938,454 | ) | (770,844 | ) | 10.6 | % | 34.6 | % | ||||||||||
Operating income |
858,802 | 515,193 | 607,889 | 66.7 | % | 41.3 | % | |||||||||||||
Income (Loss) from equity investments |
38,857 | 25,396 | 28,992 | 53.0 | % | 34.0 | % | |||||||||||||
Income (Loss) from Minority interest |
(13,551 | ) | (13,725 | ) | (9,521 | ) | -1.3 | % | 42.3 | % | ||||||||||
Other Income/Expenses |
(23,830 | ) | (4,062 | ) | (6,338 | ) | 486.7 | % | 276.0 | % | ||||||||||
Income tax and Minimum Presumed Tax |
(299,580 | ) | (267,339 | ) | (203,648 | ) | 12.1 | % | 47.1 | % | ||||||||||
Net income for the period |
560,698 | 255,463 | 417,374 | 119.5 | % | 34.3 | % | |||||||||||||
Net income per share (2) |
1.04 | 0.48 | 0.78 | 119.5 | % | 34.3 | % | |||||||||||||
Net income per ADS (3) |
3.13 | 1.43 | 2.33 | 119.5 | % | 34.3 | % |
(1) | Exchange rate: AR$ 5,7915 Ps = 1USD |
(2) | Assumes 536,877,850 ordinary shares |
(3) | Each ADS represents three ordinary shares |
Condensed Income Statement PROFORMA 09-30-13 |
||||||||||||
in thousands of pesos |
Recurring results | Non recurring Income |
Total results | |||||||||
Net Financial Income |
1,241,038 | 79,743 | 1,320,781 | |||||||||
Provision for loan losses |
(102,888 | ) | | (102,888 | ) | |||||||
Net income from services |
678,628 | | 678,628 | |||||||||
Administrative expenses |
(1,037,719 | ) | | (1,037,719 | ) | |||||||
Operating income |
779,059 | 79,743 | 858,802 | |||||||||
Income (loss) from equity investments |
38,857 | | 38,857 | |||||||||
Income (Loss) from Minority interest |
(13,551 | ) | | (13,551 | ) | |||||||
Other Income/Expenses |
(23,830 | ) | | (23,830 | ) | |||||||
Income tax and Minimum Presumed Tax |
(272,794 | ) | (26,786 | ) | (299,580 | ) | ||||||
Net income for the period |
507,742 | 52,956 | 560,698 |
- 4 -
Condensed Income Statement PROFORMA | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
in thousands of pesos |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Net Financial Income |
1,241,038 | 1,100,175 | 927,636 | 12.8 | % | 33.8 | % | |||||||||||||
Provision for loan losses |
(102,888 | ) | (114,533 | ) | (78,718 | ) | -10.2 | % | 30.7 | % | ||||||||||
Net income from services |
678,628 | 607,768 | 474,675 | 11.7 | % | 43.0 | % | |||||||||||||
Administrative expenses |
(1,037,719 | ) | (938,454 | ) | (770,844 | ) | 10.6 | % | 34.6 | % | ||||||||||
Operating income |
779,059 | 654,956 | 552,749 | 18.9 | % | 40.9 | % | |||||||||||||
Income (Loss) from equity investments |
38,857 | 25,396 | 28,992 | 53.0 | % | 34.0 | % | |||||||||||||
Income (Loss) from Minority interest |
(13,551 | ) | (13,725 | ) | (9,521 | ) | -1.3 | % | 42.3 | % | ||||||||||
Other Income/Expenses |
(23,830 | ) | (4,062 | ) | (6,338 | ) | 486.7 | % | 276.0 | % | ||||||||||
Income tax and Minimum Presumed Tax |
(272,794 | ) | (246,694 | ) | (200,739 | ) | 10.6 | % | 35.9 | % | ||||||||||
Net income for the period |
507,742 | 415,871 | 365,143 | 22.1 | % | 39.1 | % |
Main figures | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Return on Average Assets (1) |
4.3 | % | 2.1 | % | 4.1 | % | 100.9 | % | 4.5 | % | ||||||||||
Return on Average Shareholders Equity |
37.3 | % | 18.2 | % | 35.9 | % | 104.6 | % | 3.9 | % | ||||||||||
Net fee Income as a % of Recurrent Operating Income |
35.4 | % | 35.6 | % | 33.8 | % | -0.7 | % | 4.4 | % | ||||||||||
Net fee Income as a % of Administrative Expenses |
65.4 | % | 64.8 | % | 61.6 | % | 1.0 | % | 6.2 | % | ||||||||||
Adm. Expenses as a % of Recurrent Operating Income (2) |
54.1 | % | 54.9 | % | 55.0 | % | -1.6 | % | -1.7 | % |
(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.
- 5 -
Income from securities and short-term investments | Quarter ended | r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Income from securities and short-term investments |
172,667 | -28,307 | 202,599 | -710 .0 | % | -14.8 | % | |||||||||||||
Holdings booked at fair value |
94,520 | (116,603 | ) | 103,290 | -181.1 | % | -8.5 | % | ||||||||||||
Bills and Notes from the Central Bank |
77,697 | 92,888 | 97,981 | -16.4 | % | -20.7 | % | |||||||||||||
Other fixed income securities |
450 | (4,593 | ) | 1,328 | -109.8 | % | -66.1 | % | ||||||||||||
CER adjustment |
33,194 | 28,127 | 29,635 | 18.0 | % | 12.0 | % |
Net income from services | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Net income from services |
678,628 | 607,768 | 474,675 | 11.7 | % | 43.0 | % | |||||||||||||
Service charge income |
904,016 | 816,289 | 635,549 | 10.7 | % | 42.2 | % | |||||||||||||
Service charges on deposits accounts |
186,103 | 168,936 | 149,344 | 10.2 | % | 24.6 | % | |||||||||||||
Credit cards and operations |
353,736 | 307,562 | 234,010 | 15.0 | % | 51.2 | % | |||||||||||||
Insurance |
90,346 | 79,554 | 62,425 | 13.6 | % | 44.7 | % | |||||||||||||
Capital markets and securities activities |
7,105 | 15,126 | 3,307 | -53.0 | % | 114.8 | % | |||||||||||||
Fees related to foreign trade |
23,671 | 21,022 | 20,316 | 12.6 | % | 16.5 | % | |||||||||||||
Other fees |
243,054 | 224,089 | 166,147 | 8.5 | % | 46.3 | % | |||||||||||||
Services Charge expense |
(225,387 | ) | (208,520 | ) | (160,874 | ) | 8.1 | % | 40.1 | % |
- 6 -
Administrative expenses | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Administrative expenses |
(1,037,719 | ) | (938,454 | ) | (770,844 | ) | 10.6 | % | 34.6 | % | ||||||||||
Personnel expenses |
(563,370 | ) | (547,346 | ) | (428,817 | ) | 2.9 | % | 31.4 | % | ||||||||||
Electricity and Communications |
(15,111 | ) | (17,857 | ) | (15,176 | ) | -15.4 | % | -0.4 | % | ||||||||||
Advertising and Promotion |
(52,526 | ) | (36,859 | ) | (50,401 | ) | 42.5 | % | 4.2 | % | ||||||||||
Honoraries |
(16,722 | ) | (14,069 | ) | (10,936 | ) | 18.9 | % | 52.9 | % | ||||||||||
Taxes |
(98,206 | ) | (69,794 | ) | (58,741 | ) | 40.7 | % | 67.2 | % | ||||||||||
Organization and development expenses |
(12,560 | ) | (11,989 | ) | (10,533 | ) | 4.8 | % | 19.2 | % | ||||||||||
Amortizations |
(25,973 | ) | (24,213 | ) | (23,402 | ) | 7.3 | % | 11.0 | % | ||||||||||
Other |
(253,251 | ) | (216,327 | ) | (172,838 | ) | 17.1 | % | 46.5 | % |
Balance and activity
- 7 -
Exposure to the Public Sector | Quarter ended | D% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Public Sector - National Government |
1,765,845 | 1,496,825 | 2,070,080 | 18.0 | % | -14.7 | % | |||||||||||||
Public Sector Loans |
79,588 | 74,850 | 33,293 | 6.3 | % | 139.1 | % | |||||||||||||
Total bond portfolio |
1,322,214 | 1,248,874 | 1,861,296 | 5.9 | % | -29.0 | % | |||||||||||||
Holdings book at fair value |
1,290,040 | 1,208,677 | 1,834,263 | 6.7 | % | -29.7 | % | |||||||||||||
Holdings book at amortized cost |
164 | 164 | 164 | 0.0 | % | 0.0 | % | |||||||||||||
Unlisted |
32,010 | 40,033 | 26,869 | -20.0 | % | 19.1 | % | |||||||||||||
Trustees |
174,804 | 173,292 | 175,678 | 0.9 | % | -0.5 | % | |||||||||||||
Allowances |
(192 | ) | (191 | ) | (187 | ) | 0.5 | % | 2.7 | % | ||||||||||
Reverse repo |
(189,431 | ) | ||||||||||||||||||
Public Sector - National Government own portfolio |
1,576,414 | 1,496,825 | 2,070,080 | 5.3 | % | -23.8 | % | |||||||||||||
Bills and Notes from Central Bank |
4,391,487 | 3,149,269 | 3,343,434 | 39.4 | % | 31.3 | % | |||||||||||||
Own portfolio |
2,039,764 | 2,242,356 | 2,743,120 | -9.0 | % | -25.6 | % | |||||||||||||
Reverse repo w/Central Bank |
(2,351,723 | ) | (906,913 | ) | (600,314 | ) | 159.3 | % | 291.7 | % | ||||||||||
Total exposure to the Public Sector |
6,157,332 | 4,646,094 | 5,413,514 | 32.5 | % | 13.7 | % | |||||||||||||
Total exposure to the Public Sector without repos |
3,616,178 | 3,739,181 | 4,813,199 | -3.3 | % | -24.9 | % |
Net loans | Quarter ended | D% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Private & Financial sector loans |
33,521,195 | 31,507,786 | 25,566,368 | 6.4 | % | 31.1 | % | |||||||||||||
Advances |
6,633,490 | 6,126,895 | 4,511,651 | 8.3 | % | 47.0 | % | |||||||||||||
Discounted and purchased notes |
4,613,774 | 4,249,685 | 3,971,924 | 8.6 | % | 16.2 | % | |||||||||||||
Consumer Mortgages |
1,080,961 | 1,008,506 | 757,937 | 7.2 | % | 42.6 | % | |||||||||||||
Car secured loans |
3,328,779 | 3,027,994 | 2,185,459 | 9.9 | % | 52.3 | % | |||||||||||||
Personal loans |
5,661,807 | 5,380,992 | 4,451,673 | 5.2 | % | 27.2 | % | |||||||||||||
Credit cards |
5,974,677 | 5,459,976 | 3,921,214 | 9.4 | % | 52.4 | % | |||||||||||||
Loans to financial sector |
1,372,086 | 1,299,317 | 1,191,622 | 5.6 | % | 15.1 | % | |||||||||||||
Other loans |
4,898,638 | 4,984,929 | 4,568,756 | -1.7 | % | 7.2 | % | |||||||||||||
Unaccrued interest |
(100,124 | ) | (76,992 | ) | (63,665 | ) | 30.0 | % | 57.3 | % | ||||||||||
Adjustment and accrued interest & exchange differences receivable |
713,054 | 665,375 | 554,827 | 7.2 | % | 28.5 | % | |||||||||||||
Less: Allowance for loan losses |
(655,947 | ) | (618,891 | ) | (485,030 | ) | 6.0 | % | 35.2 | % | ||||||||||
Loans to public sector |
79,588 | 74,850 | 33,293 | 6.3 | % | 139.1 | % | |||||||||||||
Loans to public sector |
49,015 | 45,692 | 8,587 | 7.3 | % | 470.8 | % | |||||||||||||
Adjustment and accrued interest & exchange differences receivable |
30,573 | 29,158 | 24,706 | 4.9 | % | 23.7 | % | |||||||||||||
Net total loans |
33,600,783 | 31,582,636 | 25,599,661 | 6.4 | % | 31.3 | % |
- 8 -
Asset quality ratios | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Non-performing loans (1) |
254,161 | 257,698 | 184,103 | -1.4 | % | 38.1 | % | |||||||||||||
Allowance for loan losses |
(655,947 | ) | (618,891 | ) | (485,030 | ) | 6.0 | % | 35.2 | % | ||||||||||
Non-performing loans/net total loans |
0.74 | % | 0.80 | % | 0.71 | % | -7.3 | % | 5.1 | % | ||||||||||
Non-performing private loans/net private loans |
0.74 | % | 0.80 | % | 0.71 | % | -7.3 | % | 5.2 | % | ||||||||||
Allowance for loan losses/non-performing loans |
258.08 | % | 240.16 | % | 263.46 | % | 7.5 | % | -2.0 | % | ||||||||||
Allowance for loan losses/net total loans |
1.91 | % | 1.92 | % | 1.86 | % | -0.4 | % | 3.0 | % |
(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 |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Balance at the beginning of the quarter |
623,042 | 574,476 | 466,523 | 8.5 | % | 33.6 | % | |||||||||||||
Increase / decrease |
102,888 | 114,533 | 78,718 | -10.2 | % | 30.7 | % | |||||||||||||
Provision increase / decrease - Exchange rate difference |
1,892 | 1,185 | 1,174 | 59.7 | % | -61.2 | % | |||||||||||||
Decrease |
(67,535 | ) | (67,152 | ) | (57,748 | ) | 0.6 | % | 16.9 | % | ||||||||||
Balance at the end of the quarter |
660,287 | 623,042 | 488,667 | 6.0 | % | 35.1 | % |
- 9 -
Total deposits | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 06-30-11 | |||||||||||||||
Total deposits |
39,544,867 | 36,900,771 | 31,053,809 | 7.2 | % | 27.3 | % | |||||||||||||
Current accounts |
11,081,263 | 9,768,880 | 8,449,245 | 13.4 | % | 31.2 | % | |||||||||||||
Peso denominated |
11,065,211 | 9,763,908 | 8,446,068 | 13.3 | % | 31.0 | % | |||||||||||||
Foreign currency |
16,052 | 4,972 | 3,177 | 222.8 | % | 405.3 | % | |||||||||||||
Saving accounts |
10,617,959 | 10,900,303 | 8,939,251 | -2.6 | % | 18.8 | % | |||||||||||||
Peso denominated |
8,449,237 | 8,887,041 | 6,905,299 | -4.9 | % | 22.4 | % | |||||||||||||
Foreign currency |
2,168,722 | 2,013,262 | 2,033,952 | 7.7 | % | 6.6 | % | |||||||||||||
Time deposits |
17,028,514 | 15,507,405 | 12,914,882 | 9.8 | % | 31.9 | % | |||||||||||||
Peso denominated |
15,914,251 | 14,405,877 | 11,822,639 | 10.5 | % | 34.6 | % | |||||||||||||
CER adjusted time deposits |
938 | 907 | 826 | 3.4 | % | 13.6 | % | |||||||||||||
Foreign currency |
1,113,325 | 1,100,621 | 1,091,417 | 1.2 | % | 2.0 | % | |||||||||||||
Investment Accounts |
5,422 | 5,420 | 141,063 | 0.0 | % | -96.2 | % | |||||||||||||
Peso denominated |
5,422 | 5,420 | 141,063 | 0.0 | % | -96.2 | % | |||||||||||||
Other |
811,709 | 718,763 | 609,368 | 12.9 | % | 33.2 | % | |||||||||||||
Peso denominated |
640,326 | 569,896 | 410,675 | 12.4 | % | 55.9 | % | |||||||||||||
Foreign currency |
171,383 | 148,867 | 198,693 | 15.1 | % | -13.7 | % | |||||||||||||
Rescheduled deposits + CEDROS (*) |
16,971 | 20,341 | 30,186 | -16.6 | % | -43.8 | % | |||||||||||||
Peso denominated |
16,971 | 20,341 | 30,186 | -16.6 | % | -43.8 | % | |||||||||||||
Total deposits + Rescheduled deposits & CEDROS |
39,561,838 | 36,921,112 | 31,083,995 | 7.2 | % | 27.3 | % |
(*) | 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 |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Lines from other banks |
532,297 | 664,020 | 721,085 | -19.8 | % | -26.2 | % | |||||||||||||
Senior Bonds |
833,167 | 653,071 | 614,093 | 27.6 | % | 35.7 | % | |||||||||||||
Total other funding sources |
1,365,464 | 1,317,091 | 1,335,178 | 3.7 | % | 2.3 | % |
- 10 -
Capitalization | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
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 |
4,099,568 | 4,099,568 | 2,835,889 | 0.0 | % | 44.6 | % | |||||||||||||
Unappropriated retained earnings |
1,160,313 | 599,615 | 988,745 | 93.5 | % | 17.4 | % | |||||||||||||
Total stockholders equity |
6,292,249 | 5,731,551 | 4,857,002 | 9.8 | % | 29.6 | % |
Central Bank Requirements | Quarter ended |
r% quarter ended 09-30-13 vs quarter ended |
||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30-12 | |||||||||||||||
Central Bank Minimum Capital Requirements |
3,799,674 | 3,765,368 | 3,228,016 | 0.9 | % | 17.7 | % | |||||||||||||
Central Bank Minimum Capital Requirements (a, b) |
3,655,086 | 3,655,086 | 3,130,773 | 0.0 | % | 16.7 | % | |||||||||||||
Increase in capital requirements related to custody |
144,588 | 110,282 | 97,243 | 31.1 | % | 48.7 | % | |||||||||||||
a) Central Bank Minimum Capital Requirements |
3,653,666 | 3,350,519 | 3,130,773 | 9.0 | % | 16.7 | % | |||||||||||||
Allocated to Asset at Risk |
2,804,618 | 2,553,222 | 1,975,783 | 9.8 | % | 41.9 | % | |||||||||||||
DCR (derivative conterparter risk) |
7,275 | 9,131 | | -20.3 | % | | ||||||||||||||
Allocated to Immobilized Assets |
| | 159,669 | | -100.0 | % | ||||||||||||||
Interest Rate Risk |
| | 386,342 | | -100.0 | % | ||||||||||||||
Loans to Public Sector and Securities in Investment |
| | 72,406 | | -100.0 | % | ||||||||||||||
Market Risk |
38,893 | 26,073 | 48,801 | 49.2 | % | -20.3 | % | |||||||||||||
Operational Risk |
802,880 | 762,093 | 487,772 | 5.4 | % | 64.6 | % | |||||||||||||
b) Minimum capital required for the Guarantee Fund for the Sustainability of the Pas-as-you-go System managed by the Argentine Republic and registrar of mortgage notes | 578,354 | 441,128 | 400,000 | 31.1 | % | 44.6 | % | |||||||||||||
5% of the securities in custody and book-entry notes |
578,354 | 441,128 | 400,000 | 31.1 | % | 44.6 | % | |||||||||||||
Bank Capital Calculated under Central Bank Rules |
6,327,630 | 5,895,100 | 4,911,507 | 7.3 | % | 28.8 | % | |||||||||||||
Ordinary Capital Level 1 |
6,070,362 | 5,658,932 | | 7.3 | % | | ||||||||||||||
Deductions Ordinary Capital Level 1 |
(129,621 | ) | (124,578 | ) | | 4.0 | % | | ||||||||||||
Capital Level 2 |
386,889 | 360,746 | | 7.2 | % | | ||||||||||||||
Core Capital |
| | 3,868,256 | | -100.0 | % | ||||||||||||||
Minority Interest |
| | 228,866 | | -100.0 | % | ||||||||||||||
Supplemental Capital |
| | 927,485 | | -100.0 | % | ||||||||||||||
Deductions |
| | (113,100 | ) | | -100.0 | % | |||||||||||||
Excess over Required Capital |
2,527,956 | 2,129,732 | 1,683,491 | 18.7 | % | 50.2 | % | |||||||||||||
Capital Ratio (Central Bank rules) |
18.6 | % | 19.0 | % | 18.1 | % | -2.3 | % | 3.0 | % | ||||||||||
Excess over Required Capital as a % of Shareholders Equity |
40.2 | % | 37.2 | % | 34.7 | % | 8.1 | % | 15.9 | % |
Quarter ended |
r% quarter ended 09-30 -13 vs quarter ended |
|||||||||||||||||||
(in thousands of pesos except percentages) |
09-30-13 | 06-30-13 | 09-30-12 | 06-30-13 | 09-30 -12 | |||||||||||||||
Exchange rate |
5.79 | 5.39 | 4.69 | 7.5 | % | 23.5 | % | |||||||||||||
Quarterly CER adjustment |
2.59 | % | 2.12 | % | 2.41 | % | 22.4 | % | 7.6 | % |
- 11 -
This press release contains or may contain certain forward-looking statements within the meaning of the United States Securities Litigation Reform Act of 1995, including, among other things, concerning the prospects of the Argentine economy, BBVA Francés earnings, business plans, cost-reduction plans, and capitalization plan, and trends affecting BBVA Francés financial condition or results of operations. Any forward-looking statements included in this press release are based on current expectations and estimates, but actual results and events may differ materially from anticipated future results and events. Certain factors which could cause the actual results and events to differ materially from the expected results or events include: (1) changes in domestic or international stock market prices, exchange rates or interest rates; (2) macroeconomic, regulatory, political or governmental changes; (3) changes in the markets for BBVA Francés products and services; (4) increased competition; (5) changes in technology; or (6) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of BBVA Francés. Additional factors that could cause the actual results or events to differ materially from the expected results or events are described in the reports filed by BBVA Francés with the United States Securities and Exchange Commission (SEC), including, but not limited to, BBVA Francés annual report on Form 20-F and exhibits thereto. BBVA Francés does not undertake to revise or update any of the information contained herein under any circumstances, including if at any moment following dissemination of such information it is no longer accurate or complete.
Conference Call |
Contacts | |||
A conference call to discuss third quarter earnings will be held on Tuesday, November 12, 2013, at 12:00 AM New York time 2:00 PM Buenos Aires time. If you are interested in participating, please dial 888-329-8877 within the U.S. or +1 719-325-2215 outside the U.S. at least 5 minutes prior to our conference. Confirmation code: 6292995.
|
Vanesa Bories Investor Relations (5411) 4346-4000 int. 11622 vbories@bbva.com
Cecilia Acuña Investor Relations (5411) 4341-5036 ceciliaviviana.acuna@bbva.com | |||
Internet |
||||
This press release is also available at BBVA Francés web site: www.bbvafrances.com.ar |
- 12 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
BALANCE SHEET (in thousands of pesos)
09-30-13 | 06-30-13 | 03-31-13 | 09-30-12 | |||||||||||||
Cash and due from banks |
7.769.098 | 8.092.656 | 7.575.577 | 6.429 .900 | ||||||||||||
Government and Private Securities |
5.900.514 | 4.415.878 | 4.317.366 | 5.198.845 | ||||||||||||
Holdings booked at fair value |
1.290.040 | 1.229.597 | 1.647.321 | 1.834.263 | ||||||||||||
Holdings booked at amortized cost |
164 | 164 | 164 | 164 | ||||||||||||
Reverse repo |
(189.431 | ) | | | ||||||||||||
Listed Private Securities |
29.584 | 37.039 | 28.912 | 21.171 | ||||||||||||
Bills and Notes from the Central Bank |
4.391.487 | 3.149.269 | 2.641.160 | 3.343.434 | ||||||||||||
Less: Allowances |
(192 | ) | (191 | ) | (191 | ) | (187 | ) | ||||||||
Loans |
33.600.783 | 31.582.636 | 29.915.951 | 25.599.661 | ||||||||||||
Loans to the private & financial sector |
33.521.195 | 31.507.786 | 29.876.637 | 25.566.368 | ||||||||||||
Advances |
6.633.490 | 6.126.895 | 6.402.371 | 4.511.651 | ||||||||||||
Discounted and purchased notes |
4.613.774 | 4.249.685 | 4.041.005 | 3.971.924 | ||||||||||||
Secured with mortgages |
1.080 .961 | 1.008.506 | 908.456 | 757.937 | ||||||||||||
Car secured loans |
3.328.779 | 3.027.994 | 2.710.364 | 2.185.459 | ||||||||||||
Personal loans |
5.661.807 | 5.380 .992 | 5.019.563 | 4.451.673 | ||||||||||||
Credit cards |
5.974.677 | 5.459.976 | 4.888.590 | 3.921.214 | ||||||||||||
Loans to financial sector |
1.372.086 | 1.299.317 | 1.183.685 | 1.191.622 | ||||||||||||
Other loans |
4.898.638 | 4.984.929 | 4.689.035 | 4.568.756 | ||||||||||||
Less: Unaccrued interest |
(100.124 | ) | (76.992 | ) | (76.318 | ) | (63.665 | ) | ||||||||
Plus: Interest & FX differences receivable |
713.054 | 665.375 | 680.557 | 554.827 | ||||||||||||
Less: Allowance for loan losses |
(655.947 | ) | (618.891 | ) | (570.671 | ) | (485.030 | ) | ||||||||
Public Sector loans |
79.588 | 74.850 | 39.314 | 33.293 | ||||||||||||
Principal |
49.015 | 45.692 | 11.556 | 8.587 | ||||||||||||
Plus: Interest & FX differences receivable |
30.573 | 29.158 | 27.758 | 24.706 | ||||||||||||
Other banking receivables |
3.618.734 | 1.880.738 | 1.241.745 | 1.702.090 | ||||||||||||
Repurchase agreements |
2.519.628 | 954.628 | 371.392 | 600.758 | ||||||||||||
Unlisted private securities |
2.426 | 2.994 | 2.732 | 5.698 | ||||||||||||
Unlisted Private securities :Trustees |
| | | | ||||||||||||
Other banking receivables |
1.099.106 | 927.267 | 871.426 | 1.099.271 | ||||||||||||
Less: provisions |
(2.426 | ) | (4.151 | ) | (3.805 | ) | (3.637 | ) | ||||||||
Investments in other companies |
201.728 | 184.971 | 168 .887 | 148 .962 | ||||||||||||
Intangible assets |
117.961 | 113.708 | 112.033 | 103.021 | ||||||||||||
Organization and development charges |
117.961 | 113.708 | 112.033 | 103.021 | ||||||||||||
Other assets |
3.673.442 | 2.985.422 | 2.710 .394 | 2.320.028 | ||||||||||||
Total Assets |
54.882.260 | 49.256.009 | 46.041.953 | 41.502.507 | ||||||||||||
Deposits |
39.561.838 | 36.921.112 | 34.972.966 | 31.083.995 | ||||||||||||
Current accounts |
11.081.263 | 9.768.880 | 9.809.736 | 8.449.245 | ||||||||||||
Saving accounts |
10.617.959 | 10.900.303 | 9.732.679 | 8.939.251 | ||||||||||||
Time deposits |
17.028.514 | 15.507.405 | 14.779.514 | 12.914.882 | ||||||||||||
Investment Accounts |
5.422 | 5.420 | 6.454 | 141.063 | ||||||||||||
Rescheduled deposits CEDROS |
16.971 | 20.341 | 23.384 | 30.186 | ||||||||||||
Other deposits |
811.709 | 718.763 | 621.199 | 609.368 | ||||||||||||
Other banking Liabilities |
6.628.194 | 4.516.463 | 3.275.616 | 3.863.242 | ||||||||||||
Other provisions |
628.044 | 604.264 | 577.224 | 511.491 | ||||||||||||
Other contingencies |
627.341 | 603.606 | 576.739 | 511.022 | ||||||||||||
Guarantees |
703 | 658 | 485 | 469 | ||||||||||||
Other liabilities |
1.621.879 | 1.346.114 | 1.617.280 | 1.086.165 | ||||||||||||
Minority interest |
150.056 | 136.505 | 122.779 | 100.612 | ||||||||||||
Total Liabilities |
48.590.011 | 43.524.458 | 40.565.865 | 36.645.505 | ||||||||||||
Total Stockholders equity |
6.292.249 | 5.731.551 | 5.476 .088 | 4.857.002 | ||||||||||||
Total liabilities + stockholders equity |
54.882.260 | 49.256.009 | 46.041.953 | 41.502.507 |
- 13 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar: by the equity method)
INCOME STATEMENT (in thousands of pesos)
09-30-13 | 06-30-13 | 03-31-13 | 09-30-12 | |||||||||||||
Financial income |
2,186,542 | 1,663,920 | 1,739,415 | 1,503,507 | ||||||||||||
Interest on Cash and Due from Banks |
| | 54 | | ||||||||||||
Interest on Loans Granted to the Financial Sector |
80,684 | 72,097 | 69,421 | 66,725 | ||||||||||||
Interest on Overdraft |
339,139 | 282,638 | 260,372 | 197,454 | ||||||||||||
Interest on Discounted and purchased notes |
203,134 | 169,667 | 164,617 | 134,708 | ||||||||||||
Interest on Mortgages |
42,486 | 37,215 | 35,731 | 28,487 | ||||||||||||
Interest on Car Secured Loans |
155,533 | 140,853 | 129,754 | 106,333 | ||||||||||||
Interest on Credit Card Loans |
242,826 | 232,856 | 198,617 | 150,475 | ||||||||||||
Interest on Financial Leases |
62,548 | 56,477 | 49,812 | 40,354 | ||||||||||||
Interest on Other Loans |
583,205 | 519,844 | 474,708 | 424,315 | ||||||||||||
From Other Banking receivables |
10,493 | 9,644 | 9,288 | 8,835 | ||||||||||||
Interest on Government Guaranteed Loans Decree 1387/01 |
3,921 | 432 | 2,200 | 1,807 | ||||||||||||
Income from Securities and Short Term Investments |
172,667 | (28,307 | ) | 175,669 | 202,599 | |||||||||||
Net Income from options |
| | | | ||||||||||||
CER |
33,194 | 28,127 | 38,809 | 29,635 | ||||||||||||
Foreign exchange difference |
135,046 | 82,857 | 55,674 | 52,371 | ||||||||||||
Other |
121,666 | 59,520 | 74,689 | 59,409 | ||||||||||||
Financial expenses |
(865,761 | ) | (703,508 | ) | (638,169 | ) | (520,731 | ) | ||||||||
Interest on Current Account Deposits |
| | | | ||||||||||||
Interest on Saving Account Deposits |
(3,937 | ) | (3,445 | ) | (3,154 | ) | (2,602 | ) | ||||||||
Interest on Time Deposits |
(637,315 | ) | (510,314 | ) | (461,108 | ) | (383,913 | ) | ||||||||
Interest on Other Banking Liabilities |
(71,747 | ) | (56,917 | ) | (52,900 | ) | (43,384 | ) | ||||||||
Other interests (includes Central Bank) |
(1,899 | ) | (1,563 | ) | (1,415 | ) | (884 | ) | ||||||||
CER |
(23 | ) | (21 | ) | (35 | ) | (33 | ) | ||||||||
Bank Deposit Guarantee Insurance system mandatory contributions |
(15,843 | ) | (15,279 | ) | (14,661 | ) | (13,197 | ) | ||||||||
Mandatory contributions and taxes on interest income |
(133,858 | ) | (114,499 | ) | (103,978 | ) | (76,268 | ) | ||||||||
Other |
(1,139 | ) | (1,470 | ) | (918 | ) | (450 | ) | ||||||||
Net financial income |
1,320,781 | 960,412 | 1,101,246 | 982,776 | ||||||||||||
Provision for loan losses |
(102,888 | ) | (114,533 | ) | (94,100 | ) | (78,718 | ) | ||||||||
Income from services, net of other operating expenses |
678,628 | 607,768 | 544,674 | 474,675 | ||||||||||||
Administrative expenses |
(1,037,719 | ) | (938,454 | ) | (912,529 | ) | (770,844 | ) | ||||||||
Income (loss) from equity investments |
38,857 | 25,396 | 13,891 | 28,992 | ||||||||||||
Net Other income |
(23,830 | ) | (4,062 | ) | (15,989 | ) | (6,338 | ) | ||||||||
Income (loss) from minority interest |
(13,551 | ) | (13,725 | ) | (12,476 | ) | (9,521 | ) | ||||||||
Income before tax |
860,278 | 522,802 | 624,717 | 621,022 | ||||||||||||
Income tax |
(299,580 | ) | (267,339 | ) | (280,565 | ) | (203,648 | ) | ||||||||
Net income |
560,698 | 255,463 | 344,152 | 417,374 |
- 14 -
BBVA Banco Francés S.A. and subsidiaries (Grupo Consolidar consolidated on a line by line basis)
09-30-13 | 06-30-13 | 03-31-13 | 09-30-12 | |||||||||||||
Cash and due from banks |
7,769,169 | 8,092,724 | 7,576,492 | 6,429,982 | ||||||||||||
Government Securities |
5,913,866 | 4,426,562 | 4,350,836 | 5,204,688 | ||||||||||||
Loans |
33,646,501 | 31,590,757 | 29,948,613 | 25,651,259 | ||||||||||||
Other Banking Receivables |
3,618,734 | 1,880,738 | 1,241,745 | 1,702,139 | ||||||||||||
Assets Subject to Financial Leasing |
1,556,241 | 1,360,471 | 1,211,138 | 954,365 | ||||||||||||
Investments in other companies |
194,402 | 177,267 | 160,825 | 138,355 | ||||||||||||
Other assets |
2,279,586 | 1,780,109 | 1,650,922 | 1,503,384 | ||||||||||||
Total Assets |
54,978,499 | 49,308,628 | 46,140,571 | 41,584,172 | ||||||||||||
Deposits |
39,560,719 | 36,875,963 | 34,972,873 | 31,067,405 | ||||||||||||
Other banking liabilities |
6,628,194 | 4,516,463 | 3,276,442 | 3,863,348 | ||||||||||||
Minority interest |
156,324 | 143,097 | 129,677 | 109,689 | ||||||||||||
Other liabilities |
2,341,013 | 2,041,554 | 2,285,491 | 1,686,728 | ||||||||||||
Total Liabilities |
48,686,250 | 43,577,077 | 40,664,483 | 36,727,170 | ||||||||||||
Total Stockholders Equity |
6,292,249 | 5,731,551 | 5,476,088 | 4,857,002 | ||||||||||||
Stockholders Equity + Liabilities |
54,978,499 | 49,308,628 | 46,140,571 | 41,584,172 |
Net Income
30-09-13 | 06-30-13 | 03-31-13 | 09-30-12 | |||||||||||||
Net Financial Income |
1,323,999 | 962,793 | 1,104,045 | 985,726 | ||||||||||||
Provision for loan losses |
(102,888 | ) | (114,533 | ) | (94,100 | ) | (78,718 | ) | ||||||||
Net Income from Services |
678,628 | 607,768 | 544,674 | 474,675 | ||||||||||||
Administrative expenses |
(1,042,833 | ) | (941,719 | ) | (920,158 | ) | (775,263 | ) | ||||||||
Net Other Income |
16,870 | 22,186 | 2,213 | 24,323 | ||||||||||||
Income Before Tax |
873,776 | 536,495 | 636,674 | 630,743 | ||||||||||||
Income Tax |
(299,851 | ) | (267,613 | ) | (280,825 | ) | (203,648 | ) | ||||||||
Net income |
573,925 | 268,882 | 355,849 | 427,095 | ||||||||||||
Minoritary Interest |
(13,227 | ) | (13,419 | ) | (11,697 | ) | (9,721 | ) | ||||||||
Net income for Quarter |
560,698 | 255,463 | 344,152 | 417,374 |
- 15 -
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
BBVA Banco Francés S.A. | ||||||
Date: November 8, 2013 | By: | /s/ Ignacio Sanz y Arcelus | ||||
Name: | Ignacio Sanz y Arcelus | |||||
Title: | Chief Financial Officer |