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 May, 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
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Month Filed |
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Event and Summary |
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Exhibit No. |
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May, 2015 |
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Financial results of the Registrant for the first quarter ended March 31, 2015. |
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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.
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GRUPO FINANCIERO GALICIA S.A.
(Registrant) |
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Date: May 11, 2015 |
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By: |
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/s/ Pedro Alberto Richards |
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Name: |
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Pedro Alberto Richards |
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Title: |
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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 ITS
QUARTER ENDED ON MARCH 31, 2015
Buenos Aires, Argentina, May 7, 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 March 31, 2015.
HIGHLIGHTS
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Net income for the quarter ended March 31, 2015, amounted to Ps.958 million, 15.3% higher than the Ps.831 million profit recorded in the first quarter of fiscal year 2014. The profit per share for the quarter
amounted to Ps.0.74, compared to Ps.0.64 per share for the same quarter of fiscal year 2014. |
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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.881 million), in Sudamericana
Holding S.A. (Ps.65 million), and in Galicia Administradora de Fondos S.A. (Ps.18 million) partially offset by administrative and financial expenses of Ps.27 million. |
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As of March 31, 2015, Grupo Financiero Galicia and its subsidiaries had a staff of 12,080 employees, a network of 654 branches and other points of contact with clients, managed 3.0 million deposit accounts and
12.2 million credit cards. |
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At the Shareholders Meeting held on April 29, 2015, the shareholders approved the payment of a cash dividend in the amount of Ps.100 million. |
CONFERENCE CALL
On Friday, May 8, 2015 at 11:00 A.M. Eastern Standard Time (12:00 PM Buenos Aires Time), Grupo Financiero Galicia will host a conference call to
review this results. The call-in number is: 719-325-2354 Conference ID: 1320980.
GRUPO FINANCIERO GALICIA S.A.
RESULTS FOR THE FIRST QUARTER
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In millions of pesos, except percentages |
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Table I:
Net Income by Business |
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FY2015 |
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FY2014 |
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Variation (%) |
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1st Q |
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4th Q |
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1st Q |
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1Q15 vs 4Q 14 |
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1Q15 vs 1Q14 |
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Income from Equity Investments in: |
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Banco de Galicia y Buenos Aires S.A. |
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881 |
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834 |
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771 |
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5.6 |
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14.3 |
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Sudamericana Holding S.A. |
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65 |
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49 |
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53 |
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32.7 |
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22.6 |
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Galicia Administradora de Fondos S.A. (1) |
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18 |
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17 |
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5.9 |
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Other companies (2) |
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3 |
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2 |
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5 |
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50.0 |
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(40.0 |
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Deferred tax adjustment (3) |
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21 |
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8 |
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17 |
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162.5 |
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23.5 |
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Administrative Expenses |
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(7 |
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(9 |
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(11 |
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(22.2 |
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(36.4 |
) |
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Financial Results |
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(20 |
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(19 |
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(4 |
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5.3 |
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400.0 |
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Other income and expenses |
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(3 |
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1 |
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Net Income |
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958 |
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883 |
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831 |
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8.5 |
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15.3 |
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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. |
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In pesos, except stated otherwise and percentages |
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Table II: |
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FY2015 |
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FY2014 |
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Principal Indicators |
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1st Q |
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4th Q |
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1st Q |
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Earnings per Share |
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Average Shares Outstanding (in thousands) |
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1,300,265 |
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1,300,265 |
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1,300,265 |
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Earnings per Share (1) |
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0.74 |
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0.68 |
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0.64 |
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Book Value per Share(1) |
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8.62 |
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7.88 |
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5.98 |
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Closing Price |
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Shares - Buenos Aires Stock Exchange |
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27.75 |
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18.50 |
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12.10 |
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ADS - Nasdaq (in dollars) |
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23.15 |
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15.89 |
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12.31 |
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Price/Book Value |
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3.22 |
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2.35 |
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2.02 |
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Average Daily Volume (amounts, in thousands) |
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Buenos Aires Stock Exchange |
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904 |
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985 |
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1,098 |
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Nasdaq (2) |
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5,012 |
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4,237 |
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4,170 |
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Profitability (%) |
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Return on Average Assets (3) |
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3.88 |
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3.78 |
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4.13 |
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Return on Average Shareholders´ Equity (3) |
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35.74 |
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36.28 |
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44.67 |
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(1) |
10 ordinary shares = 1 ADS. |
(2) |
Expressed in equivalent shares. |
In the first quarter of fiscal year 2015, Grupo Financiero Galicia recorded a Ps.958
million profit, which represented a 3.88% annualized return on average assets and a 35.74% return on average shareholders equity.
Said result is
mainly due to profits from its interest in Banco Galicia, for Ps.881 million, which represents 91.96% of Grupo Financiero Galicias net income.
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2 |
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Grupo Financiero Galicia S.A. Selected Financial Information Consolidated Data |
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In millions of pesos |
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FY2015 |
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FY2014 |
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1st Q |
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4th Q |
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3rd Q |
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2nd Q |
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1st Q |
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Consolidated Balance Sheet |
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Cash and due from Banks |
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11,590 |
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16,959 |
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14,478 |
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14,688 |
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14,238 |
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Government and Corporate Securities |
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15,128 |
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10,010 |
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10,974 |
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10,323 |
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6,769 |
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Net Loans |
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72,139 |
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66,608 |
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61,579 |
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58,846 |
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55,958 |
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Other Receivables Resulting from Financial Brokerage |
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9,802 |
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6,798 |
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6,970 |
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6,473 |
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6,502 |
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Equity Investments in other Companies |
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52 |
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52 |
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51 |
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57 |
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94 |
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Bank Premises and Equipment, Miscellaneous and Intangible Assets |
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3,904 |
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3,759 |
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3,464 |
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3,307 |
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3,177 |
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Other Assets |
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3,698 |
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3,128 |
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3,129 |
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2,727 |
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2,926 |
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Total Assets |
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116,313 |
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107,314 |
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100,645 |
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96,421 |
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89,664 |
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Deposits |
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68,600 |
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64,666 |
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59,931 |
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58,563 |
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55,055 |
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Other Liabilities Resulting from Financial Brokerage |
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28,899 |
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25,401 |
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24,650 |
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23,392 |
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20,788 |
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Subordinated Notes |
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2,103 |
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2,066 |
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1,969 |
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1,917 |
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1,818 |
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Other Liabilities |
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4,643 |
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4,154 |
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4,002 |
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3,456 |
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3,587 |
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Minority Interest |
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863 |
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|
781 |
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729 |
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660 |
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638 |
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Total Liabilities |
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105,108 |
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97,068 |
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91,281 |
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87,988 |
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81,886 |
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Shareholders Equity |
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11,205 |
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10,246 |
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9,364 |
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8,433 |
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7,778 |
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Consolidated Income Statement |
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Financial Income |
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5,569 |
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4,976 |
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4,884 |
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4,945 |
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5,055 |
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Financial Expenses |
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(2,796 |
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(2,763 |
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(2,344 |
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(2,741 |
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(2,473 |
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Gross Brokerage Margin |
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2,773 |
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2,213 |
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2,540 |
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2,204 |
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2,582 |
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Provisions for Loan Losses |
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(591 |
) |
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(517 |
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(646 |
) |
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(566 |
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(682 |
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Income from Services, Net |
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1,780 |
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|
1,600 |
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1,575 |
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1,345 |
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|
|
1,179 |
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Income from Insurance Activities |
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|
392 |
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|
369 |
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|
302 |
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|
302 |
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|
265 |
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Administrative Expenses |
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(2,768 |
) |
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(2,522 |
) |
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(2,356 |
) |
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(2,291 |
) |
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(2,052 |
) |
Minority Interest |
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(82 |
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(77 |
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(70 |
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(47 |
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(36 |
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Income from Equity Investments |
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26 |
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50 |
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|
112 |
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23 |
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28 |
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Net Other Income |
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94 |
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|
176 |
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|
95 |
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|
127 |
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|
105 |
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Income Tax |
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(666 |
) |
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(409 |
) |
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(621 |
) |
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(404 |
) |
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(558 |
) |
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Net Income |
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|
958 |
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|
883 |
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|
931 |
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|
693 |
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|
831 |
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3 |
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Grupo Financiero Galicia S.A. Additional Information |
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FY2015 |
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FY2014 |
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|
1st Q |
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4th Q |
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3rd Q |
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2nd Q |
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1st Q |
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Physical Data (Number of) |
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Employees |
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12,080 |
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|
12,012 |
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11,971 |
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12,205 |
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|
12,463 |
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Banco Galicia |
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5,485 |
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|
|
5,374 |
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|
5,317 |
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|
|
5,344 |
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|
|
5,424 |
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Regional Credit-Card Companies |
|
|
5,174 |
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|
|
5,232 |
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|
|
5,346 |
|
|
|
5,447 |
|
|
|
5,563 |
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Compañía Financiera Argentina |
|
|
1,119 |
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|
|
1,112 |
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|
|
1,026 |
|
|
|
1,139 |
|
|
|
1,196 |
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Sudamericana Holding |
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|
252 |
|
|
|
242 |
|
|
|
229 |
|
|
|
222 |
|
|
|
226 |
|
Galicia Administradora de Fondos |
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|
16 |
|
|
|
16 |
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|
|
16 |
|
|
|
15 |
|
|
|
13 |
|
Other companies |
|
|
34 |
|
|
|
36 |
|
|
|
37 |
|
|
|
38 |
|
|
|
41 |
|
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|
Branches |
|
|
528 |
|
|
|
527 |
|
|
|
526 |
|
|
|
526 |
|
|
|
524 |
|
Bank Branches |
|
|
260 |
|
|
|
261 |
|
|
|
261 |
|
|
|
261 |
|
|
|
261 |
|
Regional Credit-Card Companies |
|
|
209 |
|
|
|
207 |
|
|
|
206 |
|
|
|
206 |
|
|
|
204 |
|
Compañía Financiera Argentina |
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Points of Sale |
|
|
126 |
|
|
|
126 |
|
|
|
126 |
|
|
|
126 |
|
|
|
127 |
|
Regional Credit-Card Companies |
|
|
90 |
|
|
|
90 |
|
|
|
90 |
|
|
|
90 |
|
|
|
91 |
|
Compañía Financiera Argentina |
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit Accounts (in thousands) |
|
|
3,028 |
|
|
|
3,006 |
|
|
|
2,948 |
|
|
|
2,884 |
|
|
|
2,815 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit Cards (in thousands) |
|
|
12,181 |
|
|
|
11,933 |
|
|
|
11,631 |
|
|
|
11,223 |
|
|
|
10,988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Galicia |
|
|
2,970 |
|
|
|
2,882 |
|
|
|
2,800 |
|
|
|
2,692 |
|
|
|
2,587 |
|
Regional Credit-Card Companies |
|
|
9,045 |
|
|
|
8,880 |
|
|
|
8,676 |
|
|
|
8,420 |
|
|
|
8,293 |
|
Compañía Financiera Argentina |
|
|
166 |
|
|
|
171 |
|
|
|
155 |
|
|
|
111 |
|
|
|
108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inflation and Exchange Rates |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail Price Index (%) (1) |
|
|
3.42 |
|
|
|
3.40 |
|
|
|
4.19 |
|
|
|
4.59 |
|
|
|
9.97 |
|
Wholesale Price Index (I.P.I.M.) (%) (1) |
|
|
1.43 |
|
|
|
3.12 |
|
|
|
4.64 |
|
|
|
5.18 |
|
|
|
13.01 |
|
C.E.R. Coefficient (%) (1) |
|
|
3.13 |
|
|
|
3.83 |
|
|
|
4.13 |
|
|
|
6.33 |
|
|
|
8.15 |
|
Exchange Rate (Pesos per US$) (2) |
|
|
8.8197 |
|
|
|
8.5520 |
|
|
|
8.4643 |
|
|
|
8.1327 |
|
|
|
8.0098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rates (quarterly averages(3)) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Badlar (4) |
|
|
20.59 |
|
|
|
19.95 |
|
|
|
21.17 |
|
|
|
24.66 |
|
|
|
24.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reference Interest Rate |
|
|
26.83 |
|
|
|
26.66 |
|
|
|
26.81 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum Interest Rate on 30 to 44 days Time Deposits (5) |
|
|
23.34 |
|
|
|
23.19 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Maximum Interest Rate on Personal Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Group I |
|
|
38.90 |
|
|
|
38.65 |
|
|
|
38.87 |
|
|
|
N/A |
|
|
|
N/A |
|
Group II |
|
|
48.29 |
|
|
|
47.98 |
|
|
|
48.26 |
|
|
|
N/A |
|
|
|
N/A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate on Credit Line for Investment Projects |
|
|
19.00 |
|
|
|
19.50 |
|
|
|
19.50 |
|
|
|
17.50 |
|
|
|
17.50 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 first quarter amounted to Ps.881 million, compared to a Ps.774 million profit in the same quarter of fiscal year 2014. |
|
|
The growth of results when compared to the first quarter of fiscal year 2014 was mainly due to the 21.9% growth in operating income(1) partially offset by the 34.4%
increase in administrative expenses, as a consequence of a provision on account of future salary increases recorded during the quarter. |
|
|
The credit exposure to the private sector reached Ps.84,201 million, up 25.2% during the last twelve months, and deposits reached Ps.68,697 million, up 22.9% during the same period. As of March 31, 2015, the
Banks estimated market share of loans to the private sector was 9.07% while its estimated market share of deposits from the private sector was 8.72%. |
|
|
In the framework of the Credit Line for Productive Investment Projects, as of March 31, 2015, the Bank exceeded the mandatory amount of the first three months of the year, equivalent to 30% of the first tranche of
the 2015 quota. As of the end of the quarter, the outstanding amount of loans granted within the framework of this credit line reached Ps.8,355 million. |
|
|
As of March 31, 2015, shareholders equity amounted to Ps.10,780 million, and the computable capital was Ps.10,654 million, representing a Ps.3,176 million excess capital (or 42.5%). The capital ratio was
15.87%. |
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, Galicia Administradora de Fondos S.A. (until March 31, 2014, as in April it was sold to Grupo Financiero Galicia S.A.), Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A.
(1) |
Net financial income plus net income from services. |
|
|
|
|
|
|
|
|
5 |
|
RESULTS FOR THE FIRST QUARTER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except percentages |
|
Table III Evolution of Consolidated
Results |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
|
Variation (%) |
|
|
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
|
1Q15 vs 4Q14 |
|
|
1Q15 vs 1Q14 |
|
Net Financial Income |
|
|
2,756 |
|
|
|
2,212 |
|
|
|
2,532 |
|
|
|
24.6 |
|
|
|
8.8 |
|
Net Income from Services |
|
|
1,971 |
|
|
|
1,777 |
|
|
|
1,346 |
|
|
|
10.9 |
|
|
|
46.4 |
|
Provisions for Loan Losses |
|
|
(591 |
) |
|
|
(517 |
) |
|
|
(682 |
) |
|
|
14.3 |
|
|
|
(13.3 |
) |
Administrative Expenses |
|
|
(2,672 |
) |
|
|
(2,418 |
) |
|
|
(1,988 |
) |
|
|
10.5 |
|
|
|
34.4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income |
|
|
1,464 |
|
|
|
1,054 |
|
|
|
1,208 |
|
|
|
38.9 |
|
|
|
21.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Other Income / (Loss)(*) |
|
|
58 |
|
|
|
156 |
|
|
|
111 |
|
|
|
(62.8 |
) |
|
|
(47.7 |
) |
Income Tax |
|
|
(641 |
) |
|
|
(376 |
) |
|
|
(545 |
) |
|
|
70.5 |
|
|
|
17.6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
881 |
|
|
|
834 |
|
|
|
774 |
|
|
|
5.6 |
|
|
|
13.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Includes income from equity investments and minority interest results. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table IV |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
Profitability and Efficiency |
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
Return on Average Assets (*) |
|
|
3,59 |
|
|
|
3,52 |
|
|
|
3,85 |
|
Return on Average Shareholders Equity (*) |
|
|
34,09 |
|
|
|
35,35 |
|
|
|
42,26 |
|
Financial Margin (*) (1) |
|
|
13,46 |
|
|
|
11,61 |
|
|
|
15,83 |
|
Net Income from Services as a % of Operating Income (2) |
|
|
41,70 |
|
|
|
44,55 |
|
|
|
34,71 |
|
Net Income from Services as a % of Administrative Expenses |
|
|
73,76 |
|
|
|
73,49 |
|
|
|
67,69 |
|
Administrative Expenses as a % of Operating Income (2) |
|
|
56,53 |
|
|
|
60,62 |
|
|
|
51,28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 first quarter of fiscal
year 2015, the Bank recorded a Ps.881 million profit, Ps.107 million (or 13.8%) higher than the Ps.774 million profit for the same quarter of the previous year.
The variation in net income was mainly a consequence of the Ps.849 million increase in operating income, which was offset mainly by the Ps.684 million
increase in administrative expenses.
The operating income for the first quarter of fiscal year 2015 totaled Ps.4,727 million, up 21.9% from the Ps.3,878
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.625 million or 46.4%) and a higher net financial income (up Ps.224 million or 8.8%).
The net financial income for the quarter included a Ps.4 million gain from foreign-currency quotation differences (including the results from foreign-currency
forward transactions), compared to a Ps.738 million profit in the first quarter of the previous fiscal year, due to the devaluation recorded in January 2014. The quarters profit was composed of a Ps.60 million gain from FX brokerage and of a
Ps.56 million loss from the valuation of the foreign-currency net position and the results from foreign-currency forward transactions, compared to profits of Ps.61 million and Ps.677 million, respectively, in the first quarter of fiscal year 2014.
|
|
|
|
|
|
|
|
6 |
|
The quarters net financial income before foreign-currency quotation differences amounted to Ps.2,752
million, with a Ps.957 million (or 53.3%) increase as compared to the Ps.1,795 million 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,
together with a higher spread.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average balances in millions of pesos. Yields and rates in annualized nominal % |
|
Table V Average
Balances, Yield and Rates(*) |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
|
Av. B. |
|
|
Int. |
|
Interest-Earning Assets |
|
|
81,902 |
|
|
|
26.40 |
|
|
|
76,184 |
|
|
|
25.30 |
|
|
|
71,639 |
|
|
|
27.25 |
|
|
|
69,662 |
|
|
|
27.50 |
|
|
|
64,000 |
|
|
|
25.32 |
|
Government Securities |
|
|
11,351 |
|
|
|
26.25 |
|
|
|
9,697 |
|
|
|
13.00 |
|
|
|
10,000 |
|
|
|
29.45 |
|
|
|
9,919 |
|
|
|
25.89 |
|
|
|
5,425 |
|
|
|
11.82 |
|
Loans |
|
|
68,469 |
|
|
|
26.48 |
|
|
|
64,269 |
|
|
|
27.16 |
|
|
|
59,056 |
|
|
|
27.28 |
|
|
|
57,145 |
|
|
|
27.89 |
|
|
|
55,905 |
|
|
|
26.06 |
|
Financial Trusts Securities |
|
|
823 |
|
|
|
24.70 |
|
|
|
846 |
|
|
|
27.06 |
|
|
|
876 |
|
|
|
9.80 |
|
|
|
903 |
|
|
|
28.54 |
|
|
|
867 |
|
|
|
71.94 |
|
Other Interest-Earning Assets |
|
|
1,259 |
|
|
|
24.62 |
|
|
|
1,372 |
|
|
|
24.47 |
|
|
|
1,707 |
|
|
|
22.27 |
|
|
|
1,695 |
|
|
|
23.05 |
|
|
|
1,803 |
|
|
|
20.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities |
|
|
57,275 |
|
|
|
15.94 |
|
|
|
54,388 |
|
|
|
15.40 |
|
|
|
52,497 |
|
|
|
15.72 |
|
|
|
52,289 |
|
|
|
18.55 |
|
|
|
47,654 |
|
|
|
16.26 |
|
Saving Accounts |
|
|
12,690 |
|
|
|
0.18 |
|
|
|
11,298 |
|
|
|
0.21 |
|
|
|
10,670 |
|
|
|
0.18 |
|
|
|
9,375 |
|
|
|
0.20 |
|
|
|
9,401 |
|
|
|
0.18 |
|
Time Deposits |
|
|
33,301 |
|
|
|
21.28 |
|
|
|
31,048 |
|
|
|
20.63 |
|
|
|
30,041 |
|
|
|
21.45 |
|
|
|
31,650 |
|
|
|
23.85 |
|
|
|
28,180 |
|
|
|
21.20 |
|
Debt Securities |
|
|
9,368 |
|
|
|
16.43 |
|
|
|
9,334 |
|
|
|
15.93 |
|
|
|
8,729 |
|
|
|
16.18 |
|
|
|
8,312 |
|
|
|
16.65 |
|
|
|
7,697 |
|
|
|
16.13 |
|
Other Interest-Bearing Liabilities |
|
|
1,916 |
|
|
|
25.24 |
|
|
|
2,708 |
|
|
|
16.95 |
|
|
|
3,057 |
|
|
|
12.43 |
|
|
|
2,952 |
|
|
|
25.43 |
|
|
|
2,376 |
|
|
|
21.60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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.17,902 million (28.0%) as compared to the first quarter of the previous fiscal year, as a consequence of the
Ps.12,564 million increase in the average portfolio of loans to the private sector and of the Ps.5,926 million growth in the average balance of government securities, primarily Lebac. Interest-bearing liabilities increased Ps.9,621 million
(20.2%) 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 first quarter of fiscal year 2015 was 26.40%, with a 108 basis points (b.p.) increase compared to the same quarter of the prior year, mainly due to the increases in interest rates on the net position of
government securities and, but to a much lesser extent, on the portfolio of loans to the private sector. Likewise, the average cost of interest-bearing liabilities was 15.94%, with a 32 b.p. decrease compared to the first quarter of the prior year,
mainly due to an improvement in the funding structure, as a consequence of a 35.0% increase in the average balance of saving accounts, the average cost of which was only 0.18%.
|
|
|
|
|
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table VI |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
Income from Services, Net |
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
National Cards |
|
|
687 |
|
|
|
656 |
|
|
|
580 |
|
|
|
513 |
|
|
|
470 |
|
Regional Credit Cards |
|
|
1,004 |
|
|
|
1,012 |
|
|
|
911 |
|
|
|
856 |
|
|
|
773 |
|
CFA |
|
|
69 |
|
|
|
65 |
|
|
|
51 |
|
|
|
38 |
|
|
|
32 |
|
Deposit Accounts |
|
|
447 |
|
|
|
383 |
|
|
|
372 |
|
|
|
311 |
|
|
|
275 |
|
Insurance |
|
|
101 |
|
|
|
94 |
|
|
|
88 |
|
|
|
82 |
|
|
|
76 |
|
Financial Fees |
|
|
35 |
|
|
|
26 |
|
|
|
29 |
|
|
|
21 |
|
|
|
21 |
|
Credit-Related Fees |
|
|
80 |
|
|
|
67 |
|
|
|
61 |
|
|
|
54 |
|
|
|
45 |
|
Foreign Trade |
|
|
46 |
|
|
|
48 |
|
|
|
49 |
|
|
|
44 |
|
|
|
39 |
|
Collections |
|
|
64 |
|
|
|
52 |
|
|
|
51 |
|
|
|
44 |
|
|
|
35 |
|
Utility-Bills Collection Services |
|
|
36 |
|
|
|
34 |
|
|
|
36 |
|
|
|
30 |
|
|
|
26 |
|
Mutual Funds |
|
|
6 |
|
|
|
6 |
|
|
|
4 |
|
|
|
3 |
|
|
|
3 |
|
Other |
|
|
131 |
|
|
|
131 |
|
|
|
126 |
|
|
|
94 |
|
|
|
120 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Income |
|
|
2,706 |
|
|
|
2,574 |
|
|
|
2,358 |
|
|
|
2,090 |
|
|
|
1,915 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenditures |
|
|
(735 |
) |
|
|
(797 |
) |
|
|
(635 |
) |
|
|
(601 |
) |
|
|
(569 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from Services, Net |
|
|
1,971 |
|
|
|
1,777 |
|
|
|
1,723 |
|
|
|
1,489 |
|
|
|
1,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income from services amounted to Ps.1,971 million, up 46.4% from the Ps.1,346 million recorded in the first quarter of the
previous fiscal year. The increases of fees which stood out were those related to national and regional credit cards (36.0%), to deposit accounts (62.5%), to credit (77.8%), to collections (82.9%) and to insurance (32.9%).
Provisions for loan losses for the first quarter of fiscal year 2015 amounted to Ps.591 million, 13.3% lower than the Ps.682 million recorded in the same
quarter of the prior year.
Administrative expenses for the quarter totaled Ps.2,672 million, up 34.4% from the same quarter of the previous year.
Personnel expenses amounted to Ps.1,527 million, growing 31.6%, mainly due to a provision recorded during the quarter on account of future salary increases. The remaining administrative expenses, excluding the amortization of organization and
development expenses, amounted to Ps.1,010 million, with a Ps.253 million (33.4%) increase as compared to Ps.757 million from the first 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.135 million, with a 90.1% increase, as in December 2014 the Bank began to amortize its investment in the SAP Core Banking System.
Net other income for the first quarter amounted to Ps.97 million, a decrease of 6.7% as compared to the Ps.104 million profit for the same quarter of the
prior year, mainly due to higher net other provisions (for Ps.43 million) partially offset by credits recovered and higher punitive interests (for Ps.35 million).
The income tax charge was Ps.641 million, Ps.96 million higher than in the first quarter of fiscal year 2014.
|
|
|
|
|
|
|
|
8 |
|
LEVEL OF ACTIVITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table VII
Exposure to the Private Sector |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Loans |
|
|
75,120 |
|
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
Financial Leases |
|
|
1,058 |
|
|
|
1,066 |
|
|
|
1,055 |
|
|
|
1,104 |
|
|
|
1,119 |
|
Corporate Securities |
|
|
773 |
|
|
|
724 |
|
|
|
628 |
|
|
|
550 |
|
|
|
971 |
|
Other Financing (*) |
|
|
7,148 |
|
|
|
7,877 |
|
|
|
6,626 |
|
|
|
6,842 |
|
|
|
6,663 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal |
|
|
84,099 |
|
|
|
78,875 |
|
|
|
72,527 |
|
|
|
69,912 |
|
|
|
67,071 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securitized Assets (**) |
|
|
102 |
|
|
|
141 |
|
|
|
164 |
|
|
|
172 |
|
|
|
173 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Credit |
|
|
84,201 |
|
|
|
79,016 |
|
|
|
72,691 |
|
|
|
70,084 |
|
|
|
67,244 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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 March 31, 2015, the Banks total exposure to the private
sector reached Ps.84,201 million, with an increase of 25.2% from a year before and of 6.6% during the quarter.
Total loans include Ps.16,963 million
corresponding to the regional credit card companies, which registered a 32.2% increase during the last twelve months and a 5.3% increase in the quarter. They also include Ps.3,201 million from CFA (including the financial trust CFA Trust I), which
were down 5.0% during year, and up 1.4% in the quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table VIII
Market Share (*) |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Total Loans |
|
|
8.35 |
|
|
|
8.07 |
|
|
|
8.04 |
|
|
|
7.98 |
|
|
|
7.94 |
|
Loans to the Private Sector |
|
|
9.07 |
|
|
|
8.76 |
|
|
|
8.74 |
|
|
|
8.64 |
|
|
|
8.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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 March 31, 2015, without
considering those granted by the regional credit card companies, was 9.07%, compared to an 8.76% from December 31, 2014, and to an 8.76% from March 31, 2014.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table IX
Loans by Type of Borrower |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Large Corporations |
|
|
9,657 |
|
|
|
8,590 |
|
|
|
10,416 |
|
|
|
9,290 |
|
|
|
6,877 |
|
SMEs |
|
|
22,171 |
|
|
|
20,514 |
|
|
|
18,414 |
|
|
|
17,377 |
|
|
|
18,726 |
|
Individuals |
|
|
42,228 |
|
|
|
39,649 |
|
|
|
34,920 |
|
|
|
33,796 |
|
|
|
32,201 |
|
Financial Sector |
|
|
1,063 |
|
|
|
455 |
|
|
|
468 |
|
|
|
953 |
|
|
|
514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans |
|
|
75,119 |
|
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances |
|
|
2,996 |
|
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, Net |
|
|
72,123 |
|
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table X
Loans by Sector of Activity |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Financial Sector |
|
|
1,063 |
|
|
|
455 |
|
|
|
468 |
|
|
|
953 |
|
|
|
514 |
|
Services |
|
|
3,821 |
|
|
|
3,468 |
|
|
|
3,716 |
|
|
|
3,448 |
|
|
|
3,362 |
|
Agriculture and Livestock |
|
|
8,875 |
|
|
|
8,178 |
|
|
|
7,013 |
|
|
|
6,594 |
|
|
|
7,626 |
|
Consumer |
|
|
42,481 |
|
|
|
39,747 |
|
|
|
34,865 |
|
|
|
33,706 |
|
|
|
32,015 |
|
Retail and Wholesale Trade |
|
|
6,873 |
|
|
|
5,936 |
|
|
|
6,216 |
|
|
|
5,594 |
|
|
|
5,294 |
|
Construction |
|
|
787 |
|
|
|
709 |
|
|
|
823 |
|
|
|
626 |
|
|
|
674 |
|
Manufacturing |
|
|
9,246 |
|
|
|
9,256 |
|
|
|
9,861 |
|
|
|
9,718 |
|
|
|
8,208 |
|
Other |
|
|
1,973 |
|
|
|
1,459 |
|
|
|
1,256 |
|
|
|
777 |
|
|
|
625 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans |
|
|
75,119 |
|
|
|
69,208 |
|
|
|
64,218 |
|
|
|
61,416 |
|
|
|
58,318 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances |
|
|
2,996 |
|
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, Net |
|
|
72,123 |
|
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
During the year, loans to the private sector registered growth, mainly in those granted to large corporations (40.4%),
individuals (31.1%) and SMEs (18.4%). By sector of activity, the higher growth was recorded in the consumer sector (32.7%), the retail and wholesale trade sector (29.8%), the agriculture and livestock sector (16.4%) and in the
manufacturing sector (12.6%).
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table XI Exposure
to the Argentine Public Sector (*) |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Government Securities Net Position |
|
|
14,682 |
|
|
|
10,101 |
|
|
|
11,225 |
|
|
|
9,447 |
|
|
|
7,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Held for Trading |
|
|
14,682 |
|
|
|
10,101 |
|
|
|
11,125 |
|
|
|
9,170 |
|
|
|
7,175 |
|
Lebac / Nobac |
|
|
11,790 |
|
|
|
7,563 |
|
|
|
8,223 |
|
|
|
6,764 |
|
|
|
5,131 |
|
Other |
|
|
2,892 |
|
|
|
2,538 |
|
|
|
2,902 |
|
|
|
2,406 |
|
|
|
2,044 |
|
Bonar 2015 Bonds |
|
|
|
|
|
|
|
|
|
|
100 |
|
|
|
277 |
|
|
|
298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Receivables Resulting from Financial Brokerage |
|
|
821 |
|
|
|
867 |
|
|
|
881 |
|
|
|
886 |
|
|
|
892 |
|
Trust Certificates of Participation and Securities |
|
|
784 |
|
|
|
830 |
|
|
|
831 |
|
|
|
880 |
|
|
|
886 |
|
Other |
|
|
37 |
|
|
|
37 |
|
|
|
50 |
|
|
|
6 |
|
|
|
6 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Exposure |
|
|
15,503 |
|
|
|
10,968 |
|
|
|
12,106 |
|
|
|
10,333 |
|
|
|
8,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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. |
As of March 31, 2015, the Banks exposure to the public sector amounted to Ps.15,503 million. Excluding debt securities issued by the Argentine
Central Bank said exposure reached Ps.3,713 million (3.2% of total assets), while as of March 31, 2014, it amounted to Ps.3,234 million (3.6% of total assets). This increase during the last twelve months was due to the acquisition of government
securities, as Bonar 2016 and Bonar 2017.
|
|
|
|
|
|
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table XII
Deposits (*) |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
In Pesos |
|
|
64,105 |
|
|
|
60,091 |
|
|
|
55,789 |
|
|
|
54,808 |
|
|
|
51,782 |
|
Current Accounts |
|
|
15,971 |
|
|
|
15,985 |
|
|
|
15,040 |
|
|
|
14,521 |
|
|
|
12,152 |
|
Saving Accounts |
|
|
13,893 |
|
|
|
14,090 |
|
|
|
11,597 |
|
|
|
10,839 |
|
|
|
9,032 |
|
Time Deposits |
|
|
33,122 |
|
|
|
29,081 |
|
|
|
28,181 |
|
|
|
28,390 |
|
|
|
29,647 |
|
Other |
|
|
1,119 |
|
|
|
935 |
|
|
|
971 |
|
|
|
1,058 |
|
|
|
951 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In Foreign Currency |
|
|
4,592 |
|
|
|
4,841 |
|
|
|
4,251 |
|
|
|
4,099 |
|
|
|
4,110 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Deposits |
|
|
68,697 |
|
|
|
64,932 |
|
|
|
60,040 |
|
|
|
58,907 |
|
|
|
55,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2015, the Banks deposits amounted to Ps.68,697 million, representing
a 22.9% increase during the last twelve months and a 5.8% increase during the quarter.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table XIII
Market Share (*) |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Total Deposits |
|
|
6.71 |
|
|
|
6.63 |
|
|
|
6.89 |
|
|
|
7.07 |
|
|
|
7.08 |
|
Private Sector Deposits |
|
|
8.72 |
|
|
|
8.79 |
|
|
|
8.78 |
|
|
|
8.94 |
|
|
|
9.31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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 March 31, 2015, the Banks estimated market share of private sector deposits in the Argentine financial system was 8.72%, compared to 8.79% of
the prior quarter and to 9.31% of a year before. This decrease was due, in part, to the Banks decision to adjust the taking of wholesale time deposits to the evolution of credit demand.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table XIV
Other Financial Liabilities |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Domestic Financial Institutions and Credit Entities |
|
|
1,457 |
|
|
|
1,100 |
|
|
|
1,341 |
|
|
|
1,350 |
|
|
|
1,474 |
|
Foreign Financial Institutions and Credit Entities |
|
|
1,591 |
|
|
|
807 |
|
|
|
1,695 |
|
|
|
1,634 |
|
|
|
755 |
|
Notes(*) |
|
|
9,563 |
|
|
|
9,532 |
|
|
|
9,033 |
|
|
|
8,608 |
|
|
|
8,054 |
|
Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions |
|
|
3,937 |
|
|
|
388 |
|
|
|
1,304 |
|
|
|
1,768 |
|
|
|
876 |
|
Obligations in Connection with Debts with Merchants due to Credit-Card Activities |
|
|
10,515 |
|
|
|
10,893 |
|
|
|
8,844 |
|
|
|
8,455 |
|
|
|
7,996 |
|
Other |
|
|
3,611 |
|
|
|
4,413 |
|
|
|
4,094 |
|
|
|
3,198 |
|
|
|
3,116 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
30,674 |
|
|
|
27,133 |
|
|
|
26,311 |
|
|
|
25,013 |
|
|
|
22,271 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Includes subordinated notes. |
As of March 31, 2015, other financial liabilities amounted to Ps.30,674
million, Ps.8,403 million or 37.7% higher than the Ps.22,271 million recorded a year before. This growth was mainly due to the increase of: (i) spot transactions pending settlement and repurchase agreement transactions of government securities
and foreign currency, for Ps. 3,061 million; (ii) financing from merchants in connection with credit card activities, for Ps.2,519 (31.5%); and (iii) of notes, for Ps.1,509 million (18.7%). The increase of
|
|
|
|
|
|
|
|
11 |
|
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 of the first amortization installment (for US$67 million) of the Notes Cass XIII issued by Tarjeta Naranja.
As of March 31, 2015, the Bank
had 3.0 million deposit accounts, which represent an increase of approximately 213 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 12.2 million, 1.2 million more
than those managed a year before.
ASSET QUALITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except percentages |
|
Table XV
Loan Portfolio Quality |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Non-Accrual Loans (*) |
|
|
2,795 |
|
|
|
2,472 |
|
|
|
2,505 |
|
|
|
2,476 |
|
|
|
2,211 |
|
With Preferred Guarantees |
|
|
53 |
|
|
|
50 |
|
|
|
69 |
|
|
|
69 |
|
|
|
42 |
|
With Other Guarantees |
|
|
71 |
|
|
|
59 |
|
|
|
84 |
|
|
|
71 |
|
|
|
66 |
|
Without Guarantees |
|
|
2,671 |
|
|
|
2,363 |
|
|
|
2,352 |
|
|
|
2,336 |
|
|
|
2,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses |
|
|
2,996 |
|
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-Accrual Loans to Private-Sector Loans (%) |
|
|
3.72 |
|
|
|
3.57 |
|
|
|
3.90 |
|
|
|
4.03 |
|
|
|
3.79 |
|
Allowance for Loan Losses to Private-Sector Loans (%) |
|
|
3.99 |
|
|
|
3.78 |
|
|
|
4.13 |
|
|
|
4.10 |
|
|
|
4.07 |
|
Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
107.19 |
|
|
|
105.78 |
|
|
|
105.91 |
|
|
|
101.74 |
|
|
|
107.28 |
|
Non-Accrual Loans with Guarantees to Non-Accrual Loans (%) |
|
|
4.44 |
|
|
|
4.41 |
|
|
|
6.11 |
|
|
|
5.65 |
|
|
|
4.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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.2,795 million as of March 31,
2015, representing 3.72% of total loans to the private-sector, slightly below the 3.79% ratio of a year before.
The coverage of the non-accrual loan
portfolio with allowances for loan losses reached 107.19% as of March 31, 2015, similar level 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 3.37% of total credit to the private-sector, and its coverage with allowances for loan losses reached 108.05%, compared to 3.34% and 108.00% of a year before, respectively.
On an individual basis Banco Galicias non-accrual loan portfolio amounted to Ps.1,093 million as of March 31, 2015, representing 1.98% of total
loans to the private-sector, compared to the 1.94% ratio recorded a year before. The coverage with allowances for loan losses reached 142.45%, compared to 137.27% as of March 31, 2014.
|
|
|
|
|
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
Table XVI |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
Consolidated Analysis of Loan Loss Experience |
|
|
1st Q |
|
|
|
4th Q |
|
|
|
3rd Q |
|
|
|
2nd Q |
|
|
|
1st Q |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses at the Beginning of the Quarter |
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
2,129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Changes in the Allowance for Loan Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions Charged to Income |
|
|
573 |
|
|
|
496 |
|
|
|
624 |
|
|
|
542 |
|
|
|
664 |
|
Provisions Reversed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1 |
) |
|
|
|
|
Charge Offs |
|
|
(192 |
) |
|
|
(534 |
) |
|
|
(490 |
) |
|
|
(394 |
) |
|
|
(421 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for Loan Losses at Quarter End |
|
|
2,996 |
|
|
|
2,615 |
|
|
|
2,653 |
|
|
|
2,519 |
|
|
|
2,372 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge to the Income Statement |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions Charged to Income |
|
|
(573 |
) |
|
|
(496 |
) |
|
|
(624 |
) |
|
|
(554 |
) |
|
|
(664 |
) |
Direct Charge Offs |
|
|
(12 |
) |
|
|
(14 |
) |
|
|
(12 |
) |
|
|
(11 |
) |
|
|
(10 |
) |
Bad Debts Recovered |
|
|
67 |
|
|
|
69 |
|
|
|
60 |
|
|
|
57 |
|
|
|
42 |
|
Provisions Reversed (*) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Charge to the Income Statement |
|
|
(518 |
) |
|
|
(441 |
) |
|
|
(576 |
) |
|
|
(507 |
) |
|
|
(632 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Recorded under Net Other Income/(Loss). |
During the quarter, Ps.192 million were charged
off against the allowance for loan losses and direct charges to the income statement for Ps.12 million were made.
CAPITALIZATION AND LIQUIDITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except ratios |
|
Table XVII |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
Consolidated Regulatory Capital |
|
|
1st Q |
|
|
|
4th Q |
|
|
|
3rd Q |
|
|
|
2nd Q |
|
|
|
1st Q |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Minimum Capital Required (A) |
|
|
7,478 |
|
|
|
7,077 |
|
|
|
6,578 |
|
|
|
6,595 |
|
|
|
6,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector |
|
|
5,419 |
|
|
|
5,098 |
|
|
|
4,673 |
|
|
|
4,855 |
|
|
|
4,722 |
|
Allocated to Market Risk |
|
|
152 |
|
|
|
200 |
|
|
|
245 |
|
|
|
201 |
|
|
|
170 |
|
Allocated to Operational Risk |
|
|
1,907 |
|
|
|
1,779 |
|
|
|
1,660 |
|
|
|
1,539 |
|
|
|
1,444 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Computable Capital (B) |
|
|
10,654 |
|
|
|
10,133 |
|
|
|
9,366 |
|
|
|
8,698 |
|
|
|
7,887 |
|
Tier I |
|
|
8,911 |
|
|
|
8,041 |
|
|
|
7,354 |
|
|
|
6,682 |
|
|
|
5,985 |
|
Tier II |
|
|
1,657 |
|
|
|
2,020 |
|
|
|
1,938 |
|
|
|
1,912 |
|
|
|
1,805 |
|
Additional Capital Market Variation |
|
|
86 |
|
|
|
72 |
|
|
|
74 |
|
|
|
104 |
|
|
|
97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess over Required Capital (B) - (A) |
|
|
3,176 |
|
|
|
3,056 |
|
|
|
2,788 |
|
|
|
2,103 |
|
|
|
1,551 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital Ratio (%) |
|
|
15.87 |
|
|
|
15.91 |
|
|
|
15.83 |
|
|
|
14.39 |
|
|
|
13.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2015, the Banks consolidated computable capital was Ps.3,176 million (42.5%) higher than the
Ps.7,478 million capital requirement. As of March 31, 2014, this excess amounted to Ps.1,551 million or 24.5%.
The minimum capital requirement
increased Ps.1,142 million as compared to March 31, 2014, mainly as a result of higher requirements of: (i) Ps.697 million due to the growth of the private-sector loan portfolio; and (ii) Ps.463 million on operational risk.
|
|
|
|
|
|
|
|
13 |
|
Computable capital increased Ps.2,767 million as compared to March 31, 2014, mainly a consequence of a
higher Tier I capital, for Ps.2,926 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.148 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 |
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
Liquidity (unconsolidated) |
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Liquid Assets (*) as a percentage of Transactional Deposits |
|
|
76.81 |
|
|
|
75.32 |
|
|
|
79.13 |
|
|
|
84.82 |
|
|
|
82.91 |
|
Liquid Assets (*) as a percentage of Total Deposits |
|
|
36.36 |
|
|
|
38.60 |
|
|
|
38.53 |
|
|
|
40.11 |
|
|
|
35.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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 March 31, 2015, the Banks liquid assets represented 76.81% of the Banks transactional deposits and 36.36% of its total deposits, as
compared to 82.91% and 35.24%, respectively, as of March 31, 2014.
|
|
|
|
|
|
|
|
14 |
|
BANCO DE GALICIA Y BUENOS AIRES S.A.
SELECTED FINANCIAL INFORMATION - CONSOLIDATED DATA (*)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos |
|
|
|
FY2015 |
|
|
|
|
|
|
|
|
|
|
|
FY2014 |
|
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
Cash and Due from Banks |
|
|
11,585 |
|
|
|
16,951 |
|
|
|
14,470 |
|
|
|
14,683 |
|
|
|
14,234 |
|
Government and Corporate Securities |
|
|
14,741 |
|
|
|
9,732 |
|
|
|
10,789 |
|
|
|
10,215 |
|
|
|
6,672 |
|
Net Loans |
|
|
72,123 |
|
|
|
66,593 |
|
|
|
61,565 |
|
|
|
58,897 |
|
|
|
55,946 |
|
Other Receivables Resulting from Financial Brokerage |
|
|
9,493 |
|
|
|
6,461 |
|
|
|
6,592 |
|
|
|
6,104 |
|
|
|
6,056 |
|
Equity Investments in Other Companies |
|
|
100 |
|
|
|
93 |
|
|
|
85 |
|
|
|
100 |
|
|
|
130 |
|
Bank Premises and Equipment, Miscellaneous and Intangible Assets |
|
|
3,839 |
|
|
|
3,696 |
|
|
|
3,407 |
|
|
|
3,243 |
|
|
|
3,132 |
|
Other Assets |
|
|
2,930 |
|
|
|
2,436 |
|
|
|
2,480 |
|
|
|
2,145 |
|
|
|
2,384 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
|
114,811 |
|
|
|
105,962 |
|
|
|
99,388 |
|
|
|
95,387 |
|
|
|
88,554 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
68,639 |
|
|
|
64,708 |
|
|
|
59,989 |
|
|
|
58,701 |
|
|
|
55,122 |
|
Other Liabilities Resulting from Financial Brokerage |
|
|
28,571 |
|
|
|
25,067 |
|
|
|
24,342 |
|
|
|
23,096 |
|
|
|
20,453 |
|
Subordinated Notes |
|
|
2,103 |
|
|
|
2,066 |
|
|
|
1,969 |
|
|
|
1,917 |
|
|
|
1,818 |
|
Other |
|
|
3,898 |
|
|
|
3,478 |
|
|
|
3,329 |
|
|
|
2,857 |
|
|
|
3,062 |
|
Minority Interests |
|
|
820 |
|
|
|
744 |
|
|
|
694 |
|
|
|
628 |
|
|
|
585 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
104,031 |
|
|
|
96,063 |
|
|
|
90,323 |
|
|
|
87,199 |
|
|
|
81,040 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders Equity |
|
|
10,780 |
|
|
|
9,899 |
|
|
|
9,065 |
|
|
|
8,188 |
|
|
|
7,514 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign-Currency Assets and Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
14,087 |
|
|
|
12,812 |
|
|
|
13,885 |
|
|
|
12,438 |
|
|
|
11,302 |
|
Liabilities |
|
|
13,946 |
|
|
|
13,300 |
|
|
|
13,620 |
|
|
|
12,947 |
|
|
|
12,173 |
|
Net Forward Purchases/(Sales) of Foreign Currency (1) |
|
|
(1,105 |
) |
|
|
2,658 |
|
|
|
4,000 |
|
|
|
1,673 |
|
|
|
1,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33Law 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 |
|
|
|
1st Q |
|
|
4th Q |
|
|
3rd Q |
|
|
2nd Q |
|
|
1st Q |
|
FINANCIAL INCOME |
|
|
5,530 |
|
|
|
4,932 |
|
|
|
4,849 |
|
|
|
4,911 |
|
|
|
5,029 |
|
Interest on Loans to the Financial Sector |
|
|
14 |
|
|
|
30 |
|
|
|
44 |
|
|
|
47 |
|
|
|
43 |
|
Interest on Overdrafts |
|
|
376 |
|
|
|
402 |
|
|
|
471 |
|
|
|
385 |
|
|
|
319 |
|
Interest on Promissory Notes |
|
|
1,138 |
|
|
|
1,116 |
|
|
|
891 |
|
|
|
885 |
|
|
|
866 |
|
Interest on Mortgage Loans |
|
|
77 |
|
|
|
78 |
|
|
|
81 |
|
|
|
82 |
|
|
|
80 |
|
Interest on Pledge Loans |
|
|
21 |
|
|
|
21 |
|
|
|
20 |
|
|
|
22 |
|
|
|
20 |
|
Interest on Credit-Card Loans |
|
|
2,142 |
|
|
|
1,900 |
|
|
|
1,647 |
|
|
|
1,609 |
|
|
|
1,411 |
|
Interest on Financial Leases |
|
|
52 |
|
|
|
52 |
|
|
|
54 |
|
|
|
57 |
|
|
|
56 |
|
Interest on Other Loans |
|
|
742 |
|
|
|
788 |
|
|
|
852 |
|
|
|
931 |
|
|
|
879 |
|
Net Income from Government and Corporate Securities |
|
|
876 |
|
|
|
451 |
|
|
|
775 |
|
|
|
759 |
|
|
|
376 |
|
Net Income from Options |
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on Other Receivables Resulting from Financial Brokerage |
|
|
26 |
|
|
|
19 |
|
|
|
30 |
|
|
|
44 |
|
|
|
36 |
|
Other |
|
|
31 |
|
|
|
75 |
|
|
|
(16 |
) |
|
|
90 |
|
|
|
943 |
|
Quotation Differences on Gold and Foreign Currency |
|
|
34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL EXPENSES |
|
|
(2,774 |
) |
|
|
(2,720 |
) |
|
|
(2,328 |
) |
|
|
(2,725 |
) |
|
|
(2,497 |
) |
Interest on Saving Accounts Deposits |
|
|
(1 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
(1 |
) |
|
|
|
|
Interest on Time Deposits |
|
|
(1,755 |
) |
|
|
(1,590 |
) |
|
|
(1,560 |
) |
|
|
(1,868 |
) |
|
|
(1,490 |
) |
Interest on Subordinated Obligations |
|
|
(85 |
) |
|
|
(81 |
) |
|
|
(80 |
) |
|
|
(75 |
) |
|
|
(74 |
) |
Other Interest |
|
|
(22 |
) |
|
|
(21 |
) |
|
|
(29 |
) |
|
|
(22 |
) |
|
|
(9 |
) |
Interest on Interbank Loans Received (Call Money Loans) |
|
|
(6 |
) |
|
|
(3 |
) |
|
|
(5 |
) |
|
|
(5 |
) |
|
|
(8 |
) |
Interest on Other Financing from Financial Entities |
|
|
(23 |
) |
|
|
(24 |
) |
|
|
(33 |
) |
|
|
(40 |
) |
|
|
(31 |
) |
Interest on Other Liabilities Resulting from Financial Brokerage |
|
|
(385 |
) |
|
|
(371 |
) |
|
|
(324 |
) |
|
|
(406 |
) |
|
|
(322 |
) |
Contributions to the Deposit Insurance Fund |
|
|
(112 |
) |
|
|
(79 |
) |
|
|
(25 |
) |
|
|
(24 |
) |
|
|
(23 |
) |
Quotation Differences on Gold and Foreign Currency |
|
|
|
|
|
|
40 |
|
|
|
67 |
|
|
|
41 |
|
|
|
(179 |
) |
Other |
|
|
(385 |
) |
|
|
(590 |
) |
|
|
(339 |
) |
|
|
(325 |
) |
|
|
(361 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS FINANCIAL MARGIN |
|
|
2,756 |
|
|
|
2,212 |
|
|
|
2,521 |
|
|
|
2,186 |
|
|
|
2,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS FOR LOAN LOSSES |
|
|
(591 |
) |
|
|
(517 |
) |
|
|
(646 |
) |
|
|
(566 |
) |
|
|
(682 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM SERVICES, NET |
|
|
1,971 |
|
|
|
1,777 |
|
|
|
1,723 |
|
|
|
1,489 |
|
|
|
1,346 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ADMINISTRATIVE EXPENSES |
|
|
(2,672 |
) |
|
|
(2,418 |
) |
|
|
(2,273 |
) |
|
|
(2,211 |
) |
|
|
(1,988 |
) |
Personnel Expenses |
|
|
(1,527 |
) |
|
|
(1,344 |
) |
|
|
(1,293 |
) |
|
|
(1,270 |
) |
|
|
(1,160 |
) |
Directors and Syndics Fees |
|
|
(23 |
) |
|
|
(22 |
) |
|
|
(19 |
) |
|
|
(21 |
) |
|
|
(17 |
) |
Other Fees |
|
|
(58 |
) |
|
|
(65 |
) |
|
|
(57 |
) |
|
|
(48 |
) |
|
|
(39 |
) |
Advertising and Publicity |
|
|
(107 |
) |
|
|
(103 |
) |
|
|
(105 |
) |
|
|
(116 |
) |
|
|
(83 |
) |
Taxes |
|
|
(229 |
) |
|
|
(210 |
) |
|
|
(202 |
) |
|
|
(185 |
) |
|
|
(164 |
) |
Depreciation of Premises and Equipment |
|
|
(47 |
) |
|
|
(45 |
) |
|
|
(44 |
) |
|
|
(41 |
) |
|
|
(40 |
) |
Amortization of Organization Expenses |
|
|
(135 |
) |
|
|
(100 |
) |
|
|
(83 |
) |
|
|
(77 |
) |
|
|
(71 |
) |
Other Operating Expenses |
|
|
(327 |
) |
|
|
(315 |
) |
|
|
(273 |
) |
|
|
(275 |
) |
|
|
(259 |
) |
Other |
|
|
(219 |
) |
|
|
(214 |
) |
|
|
(197 |
) |
|
|
(178 |
) |
|
|
(155 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST RESULTS |
|
|
(75 |
) |
|
|
(50 |
) |
|
|
(66 |
) |
|
|
(39 |
) |
|
|
(30 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM EQUITY INVESTMENTS |
|
|
36 |
|
|
|
33 |
|
|
|
119 |
|
|
|
66 |
|
|
|
37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET OTHER INCOME / (LOSS) |
|
|
97 |
|
|
|
173 |
|
|
|
97 |
|
|
|
131 |
|
|
|
104 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX |
|
|
(641 |
) |
|
|
(376 |
) |
|
|
(598 |
) |
|
|
(383 |
) |
|
|
(545 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME / (LOSS) |
|
|
881 |
|
|
|
834 |
|
|
|
877 |
|
|
|
673 |
|
|
|
774 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
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
Selected Information |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
|
Variation (%) |
|
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
|
1Q15 vs 4Q14 |
|
|
1Q15 vs 1Q14 |
|
Total Assets |
|
|
17,228 |
|
|
|
17,185 |
|
|
|
13,549 |
|
|
|
0.3 |
|
|
|
27.2 |
|
Cash and Due from Banks |
|
|
251 |
|
|
|
449 |
|
|
|
201 |
|
|
|
(44.1 |
) |
|
|
24.9 |
|
Loans |
|
|
15,132 |
|
|
|
14,449 |
|
|
|
11,356 |
|
|
|
4.7 |
|
|
|
33.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
14,004 |
|
|
|
14,272 |
|
|
|
11,144 |
|
|
|
(1.9 |
) |
|
|
25.7 |
|
Notes |
|
|
4,086 |
|
|
|
4,124 |
|
|
|
3,373 |
|
|
|
(0.9 |
) |
|
|
21.1 |
|
Financial Entities |
|
|
1,214 |
|
|
|
1,138 |
|
|
|
1,259 |
|
|
|
6.7 |
|
|
|
(3.6 |
) |
Merchants |
|
|
7,310 |
|
|
|
7,375 |
|
|
|
5,636 |
|
|
|
(0.9 |
) |
|
|
29.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders Equity |
|
|
3,224 |
|
|
|
2,913 |
|
|
|
2,405 |
|
|
|
10.7 |
|
|
|
34.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
311 |
|
|
|
198 |
|
|
|
125 |
|
|
|
57.1 |
|
|
|
148.8 |
|
Net Financial Income |
|
|
561 |
|
|
|
351 |
|
|
|
329 |
|
|
|
59.8 |
|
|
|
70.5 |
|
Net Income from Services |
|
|
885 |
|
|
|
891 |
|
|
|
691 |
|
|
|
(0.7 |
) |
|
|
28.1 |
|
Provisions for Loan Losses |
|
|
(203 |
) |
|
|
(175 |
) |
|
|
(229 |
) |
|
|
16.0 |
|
|
|
(11.4 |
) |
Administrative Expenses |
|
|
(811 |
) |
|
|
(866 |
) |
|
|
(638 |
) |
|
|
(6.4 |
) |
|
|
27.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio Quality |
|
|
|
|
|
|
|
|
|
|
Variation (b.p.) |
|
Non-Accrual Loans to Total Loans (%) |
|
|
6.94 |
|
|
|
6.55 |
|
|
|
7.62 |
|
|
|
39 |
|
|
|
(68 |
) |
Allowance for Loan Losses to Total Loans (%) |
|
|
6.45 |
|
|
|
6.05 |
|
|
|
7.85 |
|
|
|
40 |
|
|
|
(140 |
) |
Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
92.88 |
|
|
|
92.26 |
|
|
|
102.98 |
|
|
|
62 |
|
|
|
(1,010 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table XX |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
Profitability and Efficiency |
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
Return on Average Assets (*) |
|
|
7.50 |
|
|
|
4.95 |
|
|
|
3.83 |
|
Return on Average Shareholders Equity (*) |
|
|
39.14 |
|
|
|
26.58 |
|
|
|
21.45 |
|
Financial Margin (*) (1) |
|
|
13.90 |
|
|
|
9.05 |
|
|
|
10.20 |
|
Net Income from Services as a % of Operating Income (2) |
|
|
61.20 |
|
|
|
71.74 |
|
|
|
67.75 |
|
Net Income from Services as a % of Administrative Expenses |
|
|
109.12 |
|
|
|
102.89 |
|
|
|
108.31 |
|
Administrative Expenses as a % of Operating Income (2) |
|
|
56.09 |
|
|
|
69.73 |
|
|
|
62.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
Selected Information |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
|
Variation (%) |
|
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
|
1Q15 vs 4Q14 |
|
|
1Q15 vs 1Q14 |
|
Total Assets |
|
|
3,726 |
|
|
|
3,713 |
|
|
|
3,846 |
|
|
|
0.4 |
|
|
|
(3.1 |
) |
Cash and Due from Banks |
|
|
275 |
|
|
|
315 |
|
|
|
314 |
|
|
|
(12.7 |
) |
|
|
(12.4 |
) |
Loans |
|
|
2,763 |
|
|
|
2,726 |
|
|
|
2,966 |
|
|
|
1.4 |
|
|
|
(6.8 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
2,577 |
|
|
|
2,590 |
|
|
|
2,800 |
|
|
|
(0.5 |
) |
|
|
(8.0 |
) |
Deposits |
|
|
969 |
|
|
|
1,158 |
|
|
|
1,417 |
|
|
|
(16.3 |
) |
|
|
(31.6 |
) |
Notes |
|
|
728 |
|
|
|
777 |
|
|
|
462 |
|
|
|
(6.3 |
) |
|
|
57.6 |
|
Financial Entities |
|
|
349 |
|
|
|
274 |
|
|
|
567 |
|
|
|
27.4 |
|
|
|
(38.5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders Equity |
|
|
1,149 |
|
|
|
1,123 |
|
|
|
1,046 |
|
|
|
2.3 |
|
|
|
9.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
27 |
|
|
|
25 |
|
|
|
36 |
|
|
|
8.0 |
|
|
|
(25.0 |
) |
Net Financial Income |
|
|
273 |
|
|
|
279 |
|
|
|
264 |
|
|
|
(2.2 |
) |
|
|
3.4 |
|
Net Income from Services |
|
|
40 |
|
|
|
35 |
|
|
|
7 |
|
|
|
14.3 |
|
|
|
471.4 |
|
Provisions for Loan Losses |
|
|
(110 |
) |
|
|
(109 |
) |
|
|
(81 |
) |
|
|
0.9 |
|
|
|
35.8 |
|
Administrative Expenses |
|
|
(185 |
) |
|
|
(195 |
) |
|
|
(157 |
) |
|
|
(5.1 |
) |
|
|
17.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan Portfolio Quality |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Variation (b.p.) |
|
Non-Accrual Loans to Total Loans (%) |
|
|
16.42 |
|
|
|
16.33 |
|
|
|
12.51 |
|
|
|
9 |
|
|
|
391 |
|
Allowance for Loan Losses to Total Loans (%) |
|
|
10.84 |
|
|
|
10.03 |
|
|
|
7.23 |
|
|
|
81 |
|
|
|
361 |
|
Allowance for Loan Losses to Non-Accrual Loans (%) |
|
|
66.01 |
|
|
|
61.41 |
|
|
|
57.75 |
|
|
|
460 |
|
|
|
826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table XXII |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
Profitability and Efficiency |
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
Return on Average Assets (*) |
|
|
2.97 |
|
|
|
2.72 |
|
|
|
3.77 |
|
Return on Average Shareholders Equity (*) |
|
|
9.20 |
|
|
|
8.73 |
|
|
|
13.37 |
|
Financial Margin (*) (1) |
|
|
33.21 |
|
|
|
34.07 |
|
|
|
31.64 |
|
Net Income from Services as a % of Operating Income (2) |
|
|
12.78 |
|
|
|
11.15 |
|
|
|
2.58 |
|
Net Income from Services as a % of Administrative Expenses |
|
|
21.62 |
|
|
|
17.95 |
|
|
|
4.46 |
|
Administrative Expenses as a % of Operating Income (2) |
|
|
59.11 |
|
|
|
62.10 |
|
|
|
57.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 MARCH 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except percentages |
|
Table XXIII |
|
Quarters ended: |
|
|
Variation (%) |
|
Selected Information |
|
03/31/15 |
|
|
12/31/14 |
|
|
03/31/14 |
|
|
Quarter |
|
|
Annual |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums Receivable |
|
|
304 |
|
|
|
295 |
|
|
|
203 |
|
|
|
3.1 |
|
|
|
49.8 |
|
Reinsurance Recoverables |
|
|
2 |
|
|
|
3 |
|
|
|
2 |
|
|
|
(33.3 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt with Insureds |
|
|
128 |
|
|
|
118 |
|
|
|
99 |
|
|
|
8.5 |
|
|
|
29.3 |
|
Debt with Reinsurers |
|
|
5 |
|
|
|
8 |
|
|
|
|
|
|
|
(37.5 |
) |
|
|
100.0 |
|
Debt with Agents and Brokers |
|
|
63 |
|
|
|
58 |
|
|
|
56 |
|
|
|
8.6 |
|
|
|
12.5 |
|
Insurance Contract Liabilities |
|
|
191 |
|
|
|
185 |
|
|
|
163 |
|
|
|
3.2 |
|
|
|
17.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders Equity |
|
|
462 |
|
|
|
387 |
|
|
|
348 |
|
|
|
19.4 |
|
|
|
32.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
75 |
|
|
|
57 |
|
|
|
60 |
|
|
|
32.0 |
|
|
|
24.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earned Premiums |
|
|
530 |
|
|
|
493 |
|
|
|
373 |
|
|
|
7.5 |
|
|
|
42.0 |
|
Incurred Claims |
|
|
(69 |
) |
|
|
(61 |
) |
|
|
(63 |
) |
|
|
12.9 |
|
|
|
9.3 |
|
Net Investment Income |
|
|
26 |
|
|
|
13 |
|
|
|
41 |
|
|
|
100.3 |
|
|
|
(38.3 |
) |
Commissions and Other |
|
|
(195 |
) |
|
|
(186 |
) |
|
|
(148 |
) |
|
|
4.5 |
|
|
|
32.0 |
|
Operating Expenses |
|
|
(130 |
) |
|
|
(133 |
) |
|
|
(110 |
) |
|
|
(2.2 |
) |
|
|
19.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Annualized Sales |
|
|
149 |
|
|
|
141 |
|
|
|
105 |
|
|
|
5.7 |
|
|
|
41.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Percentages |
|
Table XXIV |
|
Quarters ended: |
|
Profitability |
|
03/31/15 |
|
|
12/31/14 |
|
|
03/31/14 |
|
Return on Average Assets (*) |
|
|
27.7 |
|
|
|
22.9 |
|
|
|
29.9 |
|
Return on Average Shareholders Equity (*) |
|
|
68.3 |
|
|
|
61.4 |
|
|
|
72.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
GALICIA ADMINISTRADORA DE FONDOS S.A.
RESULTS FOR THE QUARTER ENDED MARCH 31, 2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except percentages |
|
Table XXV: |
|
FY2015 |
|
|
|
|
|
FY2014 |
|
|
Variation (%) |
|
Selected Information |
|
1st Q |
|
|
4th Q |
|
|
1st Q |
|
|
1Q15 vs 4Q14 |
|
|
1Q15 vs 1Q14 |
|
Shareholders Equity |
|
|
23 |
|
|
|
54 |
|
|
|
15 |
|
|
|
(57,4 |
) |
|
|
53,3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
19 |
|
|
|
17 |
|
|
|
11 |
|
|
|
11.8 |
|
|
|
72.7 |
|
Fees and Commissions |
|
|
35 |
|
|
|
32 |
|
|
|
19 |
|
|
|
9.4 |
|
|
|
84.2 |
|
Administrative Expenses |
|
|
(7 |
) |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
16.7 |
|
|
|
75.0 |
|
Commercial Expenses |
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
|
|
|
|
|
100.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In millions of pesos, except percentages |
|
Table XXVI: |
|
Assets Under Management as of: |
|
|
Variation |
|
Mutual Funds |
|
03/31/15 |
|
|
03/31/14 |
|
|
Ps. |
|
|
% |
|
Fima Premium |
|
|
4,272 |
|
|
|
1,993 |
|
|
|
2,279 |
|
|
|
114.4 |
|
Fima Ahorro Pesos |
|
|
3,095 |
|
|
|
968 |
|
|
|
2,127 |
|
|
|
219.7 |
|
Fima Ahorro Plus |
|
|
5,009 |
|
|
|
1,498 |
|
|
|
3,511 |
|
|
|
234.4 |
|
Fima Capital Plus |
|
|
1,432 |
|
|
|
1,171 |
|
|
|
261 |
|
|
|
22.3 |
|
Fima Renta en Pesos |
|
|
58 |
|
|
|
34 |
|
|
|
24 |
|
|
|
70.6 |
|
Fima Renta Plus |
|
|
93 |
|
|
|
58 |
|
|
|
35 |
|
|
|
60.3 |
|
Fima Abierto Pymes |
|
|
102 |
|
|
|
18 |
|
|
|
84 |
|
|
|
466.7 |
|
Fima Acciones |
|
|
88 |
|
|
|
35 |
|
|
|
53 |
|
|
|
151.4 |
|
Fima PB Acciones |
|
|
236 |
|
|
|
60 |
|
|
|
176 |
|
|
|
293.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets Under Management |
|
|
14,385 |
|
|
|
5,835 |
|
|
|
8,550 |
|
|
|
146.5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
RECENT DEVELOPMENTS
TARJETAS REGIONALES
DIVIDEND
DISTRIBUTION
At the annual shareholders meeting of Tarjetas Regionales S.A., held in April 2015, the shareholders approved the
payment of a cash dividend for Ps.160 million.
REGULATORY CHANGES
FEES
In 2014 Banco Galicia solicited the
Argentine Central Bank the authorization -required by regulations in force- in order to increase the fees on the main products for individuals with no commercial activity (fees on credit-cards, checking accounts, saving accounts and packages of
products). In April 2015, the Argentine Central Bank provided its approval, establishing a cap of 20.2%. The increases will be applied in May and June, once communicated to the clients.
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 |
|
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