SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE
SECURITIES EXCHANGE ACT OF 1934
November 27, 2014
Commission File Number: 333-130901
MACRO BANK INC.
(Translation of registrant’s name
into English)
Sarmiento 447
Buenos Aires C1 1041
Tel: 54 11 5222 6500
(Address of registrant’s 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.
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):
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):
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.
If “Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82- N/A
BANCO MACRO
S.A.
Financial Statements as of September 30, 2014,
together with the limited review report on interim-period financial
statement
CONTENTS
| · | Limited
review report on interim-period financial statement |
| · | Statements
of changes in shareholders’ equity |
| · | Statements
of cash flows |
| · | Notes
to the financial statements |
| · | Exhibits
A through L, N and O |
| · | Consolidated
balance sheets |
| · | Consolidated
statements of income |
| · | Consolidated
statements of cash flows |
| · | Consolidated
statements of debtors by situation |
| · | Notes
to the consolidated financial statements with subsidiaries |
LIMITED REVIEW REPORT ON INTERIM-PERIOD
FINANCIAL STATEMENTS
Translation into English – Originally
issued in Spanish
See note 22 to the stand-alone Financial
Statements
To the Directors of
BANCO MACRO S.A.
Registered office: Sarmiento 447
City of Buenos Aires
| 1. | We have performed a limited review
of the accompanying balance sheet of BANCO MACRO S.A. as of September 30, 2014, and the
related statements of income, changes in shareholders’ equity and cash flows for
the nine-months period then ended. We have also performed a limited review of the accompanying
consolidated balance sheet of BANCO MACRO S.A. and its subsidiaries as of September 30,
2014, and the related consolidated statements of income and cash flows for the nine-months
period then ended, which are disclosed as supplementary information. These financial
statements are the responsibility of the Bank Management. |
| 2. | We conducted our limited review in accordance
with the standards of Argentine Federation of Professional Councils in Economic Sciences
Technical Resolution No. 7 applicable to a limited review of the interim-period financial
statements and the “Minimum external auditing standards” issued by the BCRA
(Central Bank of Argentina) applicable to the review of quarterly financial statements.
Under such standards, a limited review consists primarily of applying analytical procedures
to the accounting information and making inquiries of the persons in charge of accounting
and financial matters. A limited review is substantially less in scope than an audit
of financial statements, the objective of which is to express an opinion on the financial
statements taken as a whole. Therefore, we do not express such an opinion. |
| 3. | As described in note 5. to the accompanying
stand-alone financial statements, the financial statements mentioned in the first paragraph
have been prepared by the Bank in accordance with the accounting standards established
by the BCRA, which differ from the Argentine professional accounting standards effective
in the City of Buenos Aires in certain valuation and disclosure aspects described and
quantified in such note. |
| 4. | As further explained in note 22. to
the accompanying stand-alone financial statements, certain accounting practices used
by the Bank to prepare the accompanying financial statements conform with the accounting
standards established by the BCRA but may not conform with the accounting principles
generally accepted in other countries. |
| 5. | Based on our review, we have not become
aware of anything that may lead us to believe that the financial statements mentioned
in the first paragraph have not been prepared, in all material respects, in accordance
with the accounting standards established by the BCRA and, except for the effect of the
issue mentioned in the third paragraph, with the Argentine professional accounting standards
effective in the City of Buenos Aires. |
| 6. | With respect to the balance sheet of
BANCO MACRO S.A. and the consolidated balance sheet of BANCO MACRO S.A. with its subsidiaries
as of December 31, 2013, and the related statements of income, changes in shareholders’equity
and cash flows for the nine-months period ended September 30, 2013, which were presented
for comparative purposes, we report that: |
| a) | On February 19, 2014, we issued
an audit report on the financial statements of BANCO MACRO S.A. and the consolidated
financial statements of BANCO MACRO S.A. with its subsidiaries as of December 31, 2013,
in which we expressed a qualified opinion due to differences between accounting standards
established by the BCRA and used by the Bank, and the Argentine professional accounting
standards effective in the City of Buenos Aires, which are described and quantified in
note 5. to the accompanying stand-alone financial statements. We have not audited any
financial statements as of any date or for any period subsequent to December 31, 2013. |
| b) | On November 8, 2013, we issued
a limited review report on the financial statements of BANCO MACRO S.A. and the consolidated
financial statements of BANCO MACRO S.A. with its subsidiaries as of September 30, 2013,
which included qualifications due to differences between accounting standards established
by the BCRA and used by the Bank, and the Argentine professional accounting standards
effective in the City of Buenos Aires, which are described and quantified in note 5.
to the accompanying stand-alone financial statements. |
| 7. | In compliance with current legal requirements,
we report that: |
| a) | The financial statements mentioned
in the first paragraph have been transcribed into the “Inventory and Financial
Statements” book. |
| b) | The financial statements of BANCO
MACRO S.A. arise from books kept, in their formal respects, pursuant to current legal
requirements and the rules of the BCRA. |
| c) | As of September 30, 2014, the
liabilities accrued in employee and employer contributions to the Integrated Pension
Fund System, as recorded in the Bank’s books, amounted to Ps. 34,034,671, none
of which was due as of that date. |
| d) | To the extent limited by our
area of competence, we have no findings on the information included in note 16.1 to the
accompanying stand-alone financial statements as of September 30, 2014, with regard to
the requirements established by the CNV (Argentine Securities Commission) with respect
to minimum shareholders’ equity and the liquid assets to cover that amount. |
City of Buenos Aires,
November 10, 2014
|
PISTRELLI,
HENRY MARTIN Y ASOCIADOS S.R.L. |
|
C.P.C.E.C.A.B.A.
Vol. 1 – Fo. 13 |
|
|
|
NORBERTO M.
NACUZZI |
|
Partner |
|
Certified Public
Accountant (U.B.A.) |
|
C.P.C.E.C.A.B.A.
Vol. 196 – Fo. 142 |
FINANCIAL STATEMENTS AS OF
SEPTEMBER 30, 2014
BUSINESS NAME: Banco Macro S.A.
REGISTERED OFFICE: Sarmiento 447 – City of Buenos
Aires
CORPORATE PURPOSE AND MAIN BUSINESS: Commercial bank
BCRA (CENTRAL BANK OF ARGENTINA): Authorized as “Argentine
private bank” under No. 285.
REGISTRATION WITH THE PUBLIC REGISTRY
OF COMMERCE: Under No. 1,154 - By-laws book No. 2,
Folio
75 dated March 8, 1967
EXPIRATION OF ARTICLES OF INCORPORATION: March 8, 2066
REGISTRATION WITH THE IGJ (BUSINESS ASSOCIATIONS REGULATORY
AGENCY): Under No. 9,777 – Corporations Book No. 119 Volume A, dated October 8, 1996.
SINGLE TAX IDENTIFICATION NUMBER: 30-50001008-4
REGISTRATION DATES OF AMENDMENTS TO BY-LAWS:
August 18, 1972, August 10, 1973, July
15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999,
June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August
2, 2014.
Name
of the auditor |
|
Norberto
M. Nacuzzi |
Professional
association |
|
Pistrelli,
Henry Martin y Asociados S.R.L. |
BALANCE SHEETS
AS OF SEPTEMBER 30, 2014
AND DECEMBER, 31 2013
(Translation of financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
| |
| |
09/30/2014
| | |
12/31/2013
| |
| |
| |
| | |
| |
ASSETS | |
| | | |
| | |
| |
| |
| | | |
| | |
A. | |
CASH | |
| | | |
| | |
| |
Cash on hand | |
| 2,983,245 | | |
| 2,685,022 | |
| |
Due from banks and correspondents | |
| | | |
| | |
| |
Central Bank of Argentina | |
| 6,241,437 | | |
| 8,254,220 | |
| |
Local Other | |
| 9,466 | | |
| 26,247 | |
| |
Foreign | |
| 428,881 | | |
| 270,963 | |
| |
Other | |
| 529 | | |
| 408 | |
| |
| |
| 9,663,558 | | |
| 11,236,860 | |
| |
| |
| | | |
| | |
B. | |
GOVERNMENT AND PRIVATE SECURITIES (Exhibit
A) | |
| | | |
| | |
| |
Holdings booked at market value | |
| 2,409,900 | | |
| 1,203,782 | |
| |
Government securities under repo transactions with Central Bank of Argentina | |
| 84,474 | | |
| 88,928 | |
| |
Holdings booked at amortized cost | |
| 333,661 | | |
| 245,007 | |
| |
Instruments issued by the Central Bank of Argentina | |
| 8,586,432 | | |
| 173,031 | |
| |
Investments in listed private securities | |
| 253,310 | | |
| | |
| |
| |
| 11,667,777 | | |
| 1,710,748 | |
| |
| |
| | | |
| | |
C. | |
LOANS (Exhibits B, C
and D) | |
| | | |
| | |
| |
To the non-financial government sector | |
| 639,444 | | |
| 639,960 | |
| |
To the financial sector | |
| | | |
| | |
| |
Interfinancing (granted call) | |
| 133,446 | | |
| 278,023 | |
| |
Other financing to Argentine Financial Institutions | |
| 67,912 | | |
| 55,711 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences receivable | |
| 312 | | |
| 1,013 | |
| |
To the non-financial private sector and foreign residents | |
| | | |
| | |
| |
Overdrafts | |
| 5,033,693 | | |
| 4,383,598 | |
| |
Documents | |
| 4,111,339 | | |
| 4,299,015 | |
| |
Mortgage loans | |
| 2,206,417 | | |
| 2,172,802 | |
| |
Pledge loans | |
| 1,629,569 | | |
| 1,379,732 | |
| |
Personal loans | |
| 12,580,845 | | |
| 11,567,964 | |
| |
Credit cards | |
| 6,874,780 | | |
| 6,347,450 | |
| |
Other (Note 6.1.) | |
| 5,123,026 | | |
| 5,110,770 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences receivable | |
| 673,692 | | |
| 716,819 | |
| |
less: Unearned discount | |
| (148,781 | ) | |
| (183,480 | ) |
| |
less: Allowances (Exhibit J) | |
| (1,018,405 | ) | |
| (931,960 | ) |
| |
| |
| 37,907,289 | | |
| 35,837,417 | |
Jorge H. Brito
Chairperson
BALANCE SHEETS
AS OF SEPTEMBER 30, 2014
AND DECEMBER, 31 2013
(Translation of financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
| |
| |
09/30/2014 | | |
12/31/2013 | |
| |
| |
| | |
| |
D. | |
OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION | |
| | | |
| | |
| |
Central Bank of Argentina | |
| 663,513 | | |
| 576,879 | |
| |
Amounts receivable from spot and forward sales pending settlement | |
| 405,926 | | |
| 574,866 | |
| |
Securities and foreign currency receivables from spot and forward purchases pending settlement (Exhibit O) | |
| 330,501 | | |
| 45,824 | |
| |
Unlisted corporate bonds (Exhibits B, C and D) | |
| 295,534 | | |
| 189,405 | |
| |
Receivables from forward transactions without delivery of underlying asset | |
| 35,565 | | |
| 167 | |
| |
Other receivables not covered by debtors classification standards (Note 6.2.) | |
| 505,900 | | |
| 697,615 | |
| |
Other receivables covered by debtors classification standards (Exhibits B, C and D) | |
| 125,730 | | |
| 133,057 | |
| |
Accrued interest receivables covered by debtors classification standards (Exhibit B, C and D) | |
| 167 | | |
| 845 | |
| |
less: Allowances (Exhibit J) | |
| (229,458 | ) | |
| (230,011 | ) |
| |
| |
| 2,133,378 | | |
| 1,988,647 | |
| |
| |
| | | |
| | |
E. | |
RECEIVABLES FROM FINANCIAL LEASES
(Exhibits B, C and D) | |
| | | |
| | |
| |
Receivables from financial leases | |
| 368,634 | | |
| 392,791 | |
| |
Accrued interest and adjustments | |
| 4,991 | | |
| 5,130 | |
| |
less: Allowances (Exhibit J) | |
| (4,075 | ) | |
| (4,945 | ) |
| |
| |
| 369,550 | | |
| 392,976 | |
| |
| |
| | | |
| | |
F. | |
INVESTMENTS IN OTHER COMPANIES (Exhibit
E) | |
| | | |
| | |
| |
In financial institutions | |
| 1,151,924 | | |
| 899,080 | |
| |
Other | |
| 115,564 | | |
| 80,488 | |
| |
less: Allowances (Exhibit J) | |
| (609 | ) | |
| (344 | ) |
| |
| |
| 1,266,879 | | |
| 979,224 | |
| |
| |
| | | |
| | |
G. | |
OTHER RECEIVABLES | |
| | | |
| | |
| |
Receivables from sale of assets (Exhibits B, C and D) | |
| 5,190 | | |
| 6,116 | |
| |
Minimum presumed income tax-credit | |
| | | |
| 3,460 | |
| |
Other (Note 6.3.) | |
| 506,980 | | |
| 390,828 | |
| |
Accrued interest and adjustments on receivable from sales of assets (Exhibits B, C and D) | |
| 227 | | |
| 235 | |
| |
Other accrued interest and adjustments receivable | |
| 23 | | |
| 172 | |
| |
less: Allowances (Exhibit J) | |
| (7,194 | ) | |
| (6,742 | ) |
| |
| |
| 505,226 | | |
| 394,069 | |
| |
| |
| | | |
| | |
H. | |
BANK PREMISES
AND EQUIPMENT, NET (Exhibit F) | |
| 815,557 | | |
| 667,278 | |
| |
| |
| | | |
| | |
I. | |
OTHER ASSETS
(Exhibit F) | |
| 655,922 | | |
| 359,631 | |
| |
| |
| | | |
| | |
J. | |
INTANGIBLE ASSETS (Exhibit
G) | |
| | | |
| | |
| |
Goodwill | |
| 48,249 | | |
| 58,788 | |
| |
Organization and development costs | |
| 319,926 | | |
| 271,759 | |
| |
| |
| 368,175 | | |
| 330,547 | |
| |
| |
| | | |
| | |
K. | |
ITEMS PENDING ALLOCATION | |
| 9,193 | | |
| 6,557 | |
| |
| |
| | | |
| | |
TOTAL ASSETS | |
| 65,362,504 | | |
| 53,903,954 | |
Jorge H. Brito
Chairperson
BALANCE SHEETS
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
12/31/2013 | |
| |
| |
| | |
| |
LIABILITIES | |
| | | |
| | |
| |
| |
| | | |
| | |
L. | |
DEPOSITS (Exhibits
H and I) | |
| | | |
| | |
| |
From the non-financial government sector (Note 6.4.) | |
| 7,106,512 | | |
| 4,497,156 | |
| |
From the financial sector | |
| 29,184 | | |
| 26,853 | |
| |
From the non-financial private sector and foreign residents | |
| | | |
| | |
| |
Checking accounts | |
| 8,926,466 | | |
| 7,523,958 | |
| |
Savings accounts | |
| 8,596,198 | | |
| 7,776,982 | |
| |
Time deposits | |
| 20,136,576 | | |
| 17,520,476 | |
| |
Investment accounts | |
| 173,697 | | |
| 199,003 | |
| |
Other (Note 6.5.) | |
| 1,056,378 | | |
| 828,015 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences payable | |
| 373,782 | | |
| 274,761 | |
| |
| |
| 46,398,793 | | |
| 38,647,204 | |
| |
| |
| | | |
| | |
M. | |
OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION | |
| | | |
| | |
| |
Central Bank of Argentina (Exhibit I) | |
| | | |
| | |
| |
Other | |
| 18,716 | | |
| 21,802 | |
| |
Banks and International Institutions (Exhibit I) | |
| 208,124 | | |
| 325,664 | |
| |
Non-subordinated Corporate Bonds (Note 10. and Exhibit I) | |
| 900,559 | | |
| 693,483 | |
| |
Amounts payable for spot and forward purchases pending settlement | |
| 323,727 | | |
| 45,271 | |
| |
Securities and foreign currency to be delivered under spot and forward sales pending settlement (Exhibit O) | |
| 511,384 | | |
| 700,620 | |
| |
Financing received from Argentine financial institutions (Exhibit I) | |
| | | |
| | |
| |
Interfinancing (received call) | |
| 12,000 | | |
| 70,000 | |
| |
Other financing received from Argentine financial institutions | |
| 21,757 | | |
| 25,159 | |
| |
Accrued interest payable | |
| | | |
| 96 | |
| |
Receivables from forward transactions without delivery of underlying asset | |
| | | |
| 27,867 | |
| |
Other (Note 6.6. and Exhibit I) | |
| 2,974,806 | | |
| 2,340,284 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences payable (Exhibit I) | |
| 49,026 | | |
| 57,079 | |
| |
| |
| 5,020,099 | | |
| 4,307,325 | |
| |
| |
| | | |
| | |
N. | |
OTHER LIABILITIES | |
| | | |
| | |
| |
Fees | |
| 534 | | |
| 10,063 | |
| |
Other (Note 6.7.) | |
| 1,584,147 | | |
| 1,201,813 | |
| |
| |
| 1,584,681 | | |
| 1,211,876 | |
| |
| |
| | | |
| | |
O. | |
PROVISIONS
(Exhibit J) | |
| 135,157 | | |
| 126,130 | |
| |
| |
| | | |
| | |
P. | |
SUBORDINATED
CORPORATE BONDS (Note 10. and Exhibit I) | |
| 1,304,719 | | |
| 981,142 | |
| |
| |
| | | |
| | |
Q. | |
ITEMS PENDING ALLOCATION | |
| 2,220 | | |
| 2,846 | |
| |
| |
| | | |
| | |
TOTAL LIABILITIES | |
| 54,445,669 | | |
| 45,276,523 | |
| |
| |
| | | |
| | |
SHAREHOLDERS' EQUITY (As
per related statement) | |
| 10,916,835 | | |
| 8,627,431 | |
| |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS'
EQUITY | |
| 65,362,504 | | |
| 53,903,954 | |
Jorge H. Brito
Chairperson
BALANCE SHEETS
AS OF SEPTEMBER 30, 2014
AND DECEMBER, 31 2013
(Translation of financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
MEMORANDUM ACCOUNTS | |
| | | |
| | |
| |
| | | |
| | |
DEBIT-BALANCE ACCOUNTS | |
| 103,838,132 | | |
| 57,094,195 | |
Contingent | |
| 11,715,982 | | |
| 11,668,961 | |
Guarantees received | |
| 11,261,757 | | |
| 11,279,107 | |
Other not covered by debtors classification standards | |
| 139 | | |
| 167 | |
Contingent debit-balance contra accounts | |
| 454,086 | | |
| 389,687 | |
Control | |
| 86,952,662 | | |
| 40,341,947 | |
Receivables classified as irrecoverable | |
| 1,447,466 | | |
| 1,197,495 | |
Other (Note 6.8.) | |
| 84,782,848 | | |
| 38,429,674 | |
Control debit-balance contra accounts | |
| 722,348 | | |
| 714,778 | |
Derivatives (Exhibit
O) | |
| 5,169,488 | | |
| 5,083,287 | |
Notional value of put options taken (Note 11.c)) | |
| 8,670 | | |
| 6,676 | |
Notional value of forward transactions without delivery of underlying asset (Note 11.a)) | |
| 2,628,882 | | |
| 2,916,785 | |
Interest rate swap (Note 11.b)) | |
| 15,000 | | |
| 50,000 | |
Derivatives debit-balance contra accounts | |
| 2,516,936 | | |
| 2,109,826 | |
| |
| | | |
| | |
CREDIT-BALANCE ACCOUNTS | |
| 103,838,132 | | |
| 57,094,195 | |
| |
| | | |
| | |
Contingent | |
| 11,715,982 | | |
| 11,668,961 | |
Other guarantees provided covered by debtors classification standards (Exhibits B, C and D) | |
| 115,947 | | |
| 129,505 | |
Other guarantees provided not covered by debtors classification standards | |
| 148,410 | | |
| 151,489 | |
Other covered by debtors classification standards (Exhibits B, C and D) | |
| 189,729 | | |
| 108,693 | |
Contingent credit-balance contra accounts | |
| 11,261,896 | | |
| 11,279,274 | |
Control | |
| 86,952,662 | | |
| 40,341,947 | |
Checks to be credited | |
| 722,348 | | |
| 714,778 | |
Control credit-balance contra accounts | |
| 86,230,314 | | |
| 39,627,169 | |
Derivatives (Exhibit
O) | |
| 5,169,488 | | |
| 5,083,287 | |
Notional value of call options sold (Note 11.d)) | |
| 108,698 | | |
| | |
Notional value of forward transactions without delivery of underlying asset (Note 11.a)) | |
| 2,408,238 | | |
| 2,109,826 | |
Derivatives credit-balance contra accounts | |
| 2,652,552 | | |
| 2,973,461 | |
The accompanying Notes 1 through 22 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Chairperson
STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS
ENDED SEPTEMBER 30, 2014 AND 2013
(Translation on financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
| |
| |
09/30/2014
| | |
09/30/2013
| |
| |
| |
| | |
| |
A. | |
FINANCIAL INCOME | |
| | | |
| | |
| |
Interest on cash and due from banks | |
| 91 | | |
| 181 | |
| |
Interest on loans to the financial sector | |
| 33,977 | | |
| 29,084 | |
| |
Interest on overdrafts | |
| 1,022,443 | | |
| 736,566 | |
| |
Interest on documents | |
| 701,160 | | |
| 446,762 | |
| |
Interest on mortgage loans | |
| 342,439 | | |
| 224,179 | |
| |
Interest on pledge loans | |
| 188,549 | | |
| 135,054 | |
| |
Interest on credit card loans | |
| 1,249,193 | | |
| 637,933 | |
| |
Interest on financial leases | |
| 59,051 | | |
| 50,312 | |
| |
Interest on other loans (Note 6.9.) | |
| 3,920,509 | | |
| 2,971,625 | |
| |
Net income from government and private securities (Note 6.10.) | |
| 1,493,937 | | |
| 310,206 | |
| |
Interest on other receivables from financial intermediation | |
| 1,543 | | |
| 1,838 | |
| |
Income from guaranteed loans - Presidential Decree No. 1,387/01 | |
| 33,252 | | |
| 16,543 | |
| |
CER (Benchmark Stabilization Coefficient) adjustment | |
| 68,086 | | |
| 23,179 | |
| |
CVS (Salary Variation Coefficient) adjustment | |
| 542 | | |
| 489 | |
| |
Difference in quoted prices of gold and foreign currency | |
| 692,766 | | |
| 415,711 | |
| |
Other (Note 6.11.) | |
| 313,565 | | |
| 142,878 | |
| |
| |
| 10,121,103 | | |
| 6,142,540 | |
| |
| |
| | | |
| | |
B. | |
FINANCIAL EXPENSE | |
| | | |
| | |
| |
Interest on savings accounts | |
| 34,389 | | |
| 29,259 | |
| |
Interest on time deposits | |
| 3,527,779 | | |
| 1,996,825 | |
| |
Interest on interfinancing received loans (received call) | |
| 1,923 | | |
| 3,348 | |
| |
Interest on other financing from Financial Institutions | |
| 16 | | |
| 7 | |
| |
Interest on other liabilities from financial intermediation | |
| 69,539 | | |
| 44,711 | |
| |
Interest on subordinated bonds | |
| 88,886 | | |
| 58,210 | |
| |
Other interest | |
| 2,372 | | |
| 2,513 | |
| |
CER adjustment | |
| 7,732 | | |
| 3,207 | |
| |
Contribution to Deposit Guarantee Fund | |
| 55,418 | | |
| 45,536 | |
| |
Other (Note 6.12.) | |
| 675,377 | | |
| 451,804 | |
| |
| |
| 4,463,431 | | |
| 2,635,420 | |
| |
| |
| | | |
| | |
| |
GROSS INTERMEDIATION MARGIN - GAIN | |
| 5,657,672 | | |
| 3,507,120 | |
| |
| |
| | | |
| | |
C. | |
PROVISION FOR LOAN LOSSES | |
| 408,936 | | |
| 353,561 | |
| |
| |
| | | |
| | |
D. | |
SERVICE-CHARGE INCOME | |
| | | |
| | |
| |
Related to lending transactions | |
| 59,646 | | |
| 111,135 | |
| |
Related to deposits | |
| 1,929,572 | | |
| 1,398,077 | |
| |
Other commissions | |
| 54,409 | | |
| 36,786 | |
| |
Other (Note 6.13.) | |
| 1,076,260 | | |
| 773,818 | |
| |
| |
| 3,119,887 | | |
| 2,319,816 | |
Jorge H. Brito
Chairperson
STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation on financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
09/30/2013
| |
| |
| |
| | |
| |
E. | |
SERVICE-CHARGE EXPENSE | |
| | | |
| | |
| |
Commissions | |
| 190,395 | | |
| 138,502 | |
| |
Other (Note 6.14.) | |
| 606,563 | | |
| 502,271 | |
| |
| |
| 796,958 | | |
| 640,773 | |
| |
| |
| | | |
| | |
F. | |
ADMINISTRATIVE EXPENSES | |
| | | |
| | |
| |
Personnel expenses | |
| 2,074,446 | | |
| 1,569,233 | |
| |
Directors' and statutory auditors' fees | |
| 127,997 | | |
| 60,323 | |
| |
Other professional fees | |
| 126,066 | | |
| 94,129 | |
| |
Advertising and publicity | |
| 75,516 | | |
| 86,399 | |
| |
Taxes | |
| 214,684 | | |
| 143,606 | |
| |
Depreciation of equipment | |
| 88,538 | | |
| 66,962 | |
| |
Amortization of organization costs | |
| 81,567 | | |
| 58,899 | |
| |
Other operating expenses (Note 6.15.) | |
| 535,682 | | |
| 398,146 | |
| |
Other | |
| 271,506 | | |
| 185,156 | |
| |
| |
| 3,596,002 | | |
| 2,662,853 | |
| |
| |
| | | |
| | |
| |
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN | |
| 3,975,663 | | |
| 2,169,749 | |
| |
| |
| | | |
| | |
G. | |
OTHER INCOME | |
| | | |
| | |
| |
Income from long-term investments | |
| 339,356 | | |
| 172,619 | |
| |
Penalty interest | |
| 46,078 | | |
| 29,965 | |
| |
Recovered loans and allowances reversed | |
| 76,337 | | |
| 78,232 | |
| |
CER adjustments | |
| 86 | | |
| 48 | |
| |
Other (Note 6.16.) | |
| 94,011 | | |
| 62,938 | |
| |
| |
| 555,868 | | |
| 343,802 | |
| |
| |
| | | |
| | |
H. | |
OTHER EXPENSE | |
| | | |
| | |
| |
Penalty interest and charges payable to the Central Bank of Argentina | |
| 1 | | |
| 21 | |
| |
Charges for other receivables uncollectibility and other allowances | |
| 26,327 | | |
| 37,178 | |
| |
Depreciation and loss of other assets | |
| 1,490 | | |
| 906 | |
| |
Goodwill amortization | |
| 10,539 | | |
| 10,539 | |
| |
Other (Note 6.17.) | |
| 78,625 | | |
| 56,222 | |
| |
| |
| 116,982 | | |
| 104,866 | |
| |
| |
| | | |
| | |
| |
NET INCOME BEFORE INCOME TAX - GAIN | |
| 4,414,549 | | |
| 2,408,685 | |
| |
| |
| | | |
| | |
I. | |
INCOME TAX (Note 4.) | |
| 1,510,000 | | |
| 918,500 | |
| |
| |
| | | |
| | |
| |
NET INCOME FOR THE PERIOD - GAIN | |
| 2,904,549 | | |
| 1,490,185 | |
The accompanying Notes 1 through 22 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Chairperson
STATEMENTS OF CHANGES IN
SHAREHOLDERS' EQUITY
FOR THE NINE-MONTH PERIODS
ENDED SEPTEMBER 30, 2014 AND 2013
(Translation on financial statements
originally issued in Spanish - See Note 22)
(Figures stated in thousands
of pesos)
| |
09/30/2014 | | |
09/30/2013 (1) | |
| |
| | |
| | |
| | |
Earnings reserved | | |
| | |
| | |
| |
Changes | |
Capital
stock (2) | | |
Stock
issuance
premium | | |
Adjustments
to Shareholders' equity | | |
Legal | | |
Subordinated
Corporate Bonds (3) | | |
Voluntary | | |
Unappropriated
earnings | | |
Total | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Balances at the beginning of the fiscal year | |
| 594,563 | | |
| 398,755 | | |
| 4,511 | | |
| 1,500,169 | | |
| | | |
| 3,614,033 | | |
| 2,515,400 | | |
| 8,627,431 | | |
| 6,199,101 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Distribution of unappropiated earnings, as approved by the Shareholders´
Meeting held on April 29, 2014 and April 11, 2013, respectively | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
- Legal reserve | |
| | | |
| | | |
| | | |
| 488,713 | | |
| | | |
| | | |
| (488,713 | ) | |
| | | |
| | |
- Cash dividends | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (596,254 | ) | |
| | | |
| (596,254 | ) | |
| | |
- Special reserve for Subordinated Corporate
Bonds (3) | |
| | | |
| | | |
| | | |
| | | |
| 95,326 | | |
| | | |
| (95,326 | ) | |
| | | |
| | |
- Voluntary reserve for future distribution of
earnings | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,911,651 | | |
| (1,911,651 | ) | |
| | | |
| | |
- Personal assets tax on share and interests | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| (19,712 | ) | |
| (19,712 | ) | |
| (15,234 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Reversal of special reserve for Subordinated Corporate Bonds (3) | |
| | | |
| | | |
| | | |
| | | |
| (92,328 | ) | |
| | | |
| 92,328 | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other changes derived from the legal merger with Banco Privado de
Inversiones S.A. | |
| | | |
| 744 | | |
| | | |
| | | |
| | | |
| | | |
| 77 | | |
| 821 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Net income for the period - Gain | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,904,549 | | |
| 2,904,549 | | |
| 1,490,185 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Balances at the end of the period | |
| 594,563 | | |
| 399,499 | | |
| 4,511 | | |
| 1,988,882 | | |
| 2,998 | | |
| 4,929,430 | | |
| 2,996,952 | | |
| 10,916,835 | | |
| 7,674,052 | |
(1) See Note 3.2.
(2) See Note 9. and Exhibit K.
(3) See Note 3.5.p.2) and Note 10.
The accompanying Notes 1 through 22 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Chairperson
STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation on financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014
| | |
09/30/2013 | |
| |
| | |
| |
CHANGES IN CASH AND CASH EQUIVALENTS (Note
3.6.) | |
| | | |
| | |
Cash at the beginning of the fiscal year | |
| 11,249,840 | | |
| 8,819,683 | |
Cash at the end of the period | |
| 9,959,441 | | |
| 8,043,711 | |
Net decrease in cash | |
| (1,290,399 | ) | |
| (775,972 | ) |
| |
| | | |
| | |
CAUSES OF CHANGES IN CASH | |
| | | |
| | |
| |
| | | |
| | |
Operating activities | |
| | | |
| | |
Net collections / (payments): | |
| | | |
| | |
Government and private securities | |
| (8,775,511 | ) | |
| (186,896 | ) |
Loans | |
| | | |
| | |
To the financial sector | |
| 167,054 | | |
| (117,978 | ) |
To the non-financial government sector | |
| 100,714 | | |
| 33,379 | |
To the non-financial private sector and foreign residents | |
| 4,740,682 | | |
| 159,560 | |
Other receivables from financial intermediation | |
| 365,374 | | |
| (1,169,209 | ) |
Receivables from financial leases | |
| 82,409 | | |
| (3,864 | ) |
Deposits | |
| | | |
| | |
From the financial sector | |
| 2,331 | | |
| (2,998 | ) |
From the non-financial government sector | |
| 2,205,664 | | |
| (1,393,831 | ) |
From the non-financial private sector and foreign residents | |
| 1,924,610 | | |
| 3,664,369 | |
Other liabilities from financial intermediation | |
| | | |
| | |
Financing facilities from the financial sector (received calls) | |
| (60,019 | ) | |
| (43,400 | ) |
Others (except liabilities included under financing activities) | |
| 895,293 | | |
| 49,066 | |
Collections related to service-charge income | |
| 3,112,438 | | |
| 2,317,325 | |
Payments related to service-charge expenses | |
| (790,774 | ) | |
| (628,563 | ) |
Administrative expenses paid | |
| (3,380,520 | ) | |
| (2,477,277 | ) |
Payment of organization and development costs | |
| (129,734 | ) | |
| (99,115 | ) |
Net collections from penalty interest | |
| 46,077 | | |
| 29,944 | |
Differences from payments related to court orders | |
| (3,540 | ) | |
| (5,377 | ) |
Collections of dividends from other companies | |
| 27,417 | | |
| 3,525 | |
Other collections related to other income and losses | |
| 78,721 | | |
| 57,695 | |
Net payments from other operating activities | |
| (1,000,246 | ) | |
| (501,107 | ) |
Payment of income tax | |
| (1,199,558 | ) | |
| (616,222 | ) |
Net cash flows used in operating activities | |
| (1,591,118 | ) | |
| (930,974 | ) |
Jorge H. Brito
Chairperson
STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation on financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
09/30/2013 | |
| |
| | |
| |
Investing activities | |
| | | |
| | |
Net payments for bank premises and equipment | |
| (189,628 | ) | |
| (109,606 | ) |
Net payments for other assets | |
| (233,735 | ) | |
| (71,454 | ) |
Collections from sales of investment in others companies | |
| 11,126 | | |
| | |
Net cash flows used in investing activities | |
| (412,237 | ) | |
| (181,060 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Net collections / (payments) for: | |
| | | |
| | |
Non-subordinated corporate bonds | |
| (73,443 | ) | |
| (47,483 | ) |
Central Bank of Argentina | |
| | | |
| | |
Other Other | |
| (4,111 | ) | |
| (1,137 | ) |
Banks and International Institutions | |
| (126,544 | ) | |
| (244,091 | ) |
Subordinated corporate bonds | |
| (59,460 | ) | |
| (39,093 | ) |
Financing received from Argentine financial institutions | |
| (3,418 | ) | |
| 12,349 | |
Payment of dividends | |
| (596,254 | ) | |
| | |
Net cash flows used in financing activities | |
| (863,230 | ) | |
| (319,455 | ) |
| |
| | | |
| | |
Financial income and holding gains on cash and cash equivalents | |
| 1,576,186 | | |
| 655,517 | |
| |
| | | |
| | |
Net decrease in cash | |
| (1,290,399 | ) | |
| (775,972 | ) |
The accompanying Notes 1 through 22 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
Jorge H. Brito
Chairperson
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 1. | BRIEF HISTORY OF THE BANK |
Macro Compañía
Financiera S.A. was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate
as a commercial bank and it was incorporated as Banco Macro S.A. Subsequently, as a result of the merger process with other entities,
it adopted other names (among them, Banco Macro Bansud S.A.) and since August 2006, Banco Macro S.A. (hereinafter, the Bank).
The Bank´s shares have
been publicly listed on the BCBA (Buenos Aires Stock Exchange) since November 1994, and as from March 24, 2006, they are listed
on the New York Stock Exchange (NYSE).
Since 1994, Banco Macro S.A.’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro S.A. started the process to acquire entities and assets and liabilities during the privatization of provincial and other
banks.
In 2001, 2004, 2006 and 2010,
the Bank acquired the control of Banco Bansud S.A., Nuevo Banco Suquía S.A., Nuevo Banco Bisel S.A. and Banco Privado de
Inversiones S.A. (see Note 2.6.), respectively. Such entities merged with and into Banco Macro S.A. in December 2003, October
2007, August 2009 and December 2013, respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over
Banco del Tucumán S.A.
The Bank currently offers traditional
bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing
the Bank's objective to be a multi-services bank.
In addition, the Bank performs
certain transactions through its subsidiaries, Banco del Tucumán S.A., Macro Bank Limited (an entity organized under the
laws of Bahamas), Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCI S.A.
| 2.1. | Agreement with the Misiones Provincial Government |
The Bank and the Misiones
Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of five years since
January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation
payment agent.
On November 25, 1999, and
December 28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.
As of September 30, 2014 and
December 31, 2013, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,285,068 and 1,178,587 (including
64,978 and 62,915 related to court deposits), respectively.
| 2.2. | Agreement with the Salta Provincial Government |
The Bank and the Salta Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a term of ten years as from March
1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment
agent.
On February 22, 2005 and August
22, 2014, extensions to such agreement were agreed upon, making it currently effective through February 28, 2026.
As of September 30, 2014 and
December 31, 2013, the deposits held by the Salta Provincial Government with the Bank amounted to 1,423,051 and 1,508,357 (including
258,232 and 200,346 related to court deposits), respectively.
| 2.3. | Agreement with the Jujuy Provincial Government |
The Bank and the Jujuy Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12,
1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On April 29, 2005 and July
8, 2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
As of September 30, 2014 and
December 31, 2013, the deposits held by the Jujuy Provincial Government with the Bank amounted to 1,549,139 and 758,639 (including
123,990 and 103,063 related to court deposits), respectively.
| 2.4. | Banco del Tucumán S.A. |
Banco del Tucumán S.
A. entered into special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San
Miguel de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment
agent, through 2011 and 2013, respectively.
On June 30, 2010, the service
agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the
Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.
As of September 30, 2014 and
December 31, 2013, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán
with Banco del Tucumán S.A. amounted to 2,784,769 and 1,720,895 (including 593,916 and 502,803 related to court deposits),
respectively.
| 2.5. | Uniones Transitorias de Empresas (joint ventures) |
| a) | Banco Macro S.A. - Siemens Itron
Business Services S.A. |
On April 7, 1998, the Bank
entered into a joint venture agreement with Siemens Itron Business Services S.A., in which each holds a 50% equity interest, whereby
a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures
in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.
| b) | Banco Macro S.A. – Gestiva
S.A. |
On May 4, 2010, and August
15, 2012, the Bank and Gestiva S.A. entered into a joint venture under the name “Banco Macro S.A. – Gestiva S.A. –
Unión Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing
and management system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest
in its capital stock.
As of September 30, 2014 and
December 31, 2013, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through
the equity method amounted to 16,354 and 12,688, respectively.
Also, as of September 30,
2014 and 2013, net income recorded through the method mentioned in the previous paragraph amounted to 25,839 and 18,806, respectively.
| 2.6. | Legal merger of Banco Privado de Inversiones S.A. |
On March 7, 2013, the Boards
of Directors of Banco Macro S.A. and Banco Privado de Inversiones S.A entered into a “Preliminary merger agreement",
which established the merger of the latter with and into Banco Macro S.A. retroactively effective since January 1, 2013, based
on the financial statements of the banks as of December 31, 2012.
On June 10, 2013, the special
general shareholders’ meetings of Banco Macro S.A. and Banco Privado de Inversiones S.A., approved the preliminary merger
agreement, the special purpose consolidated merger balance sheet as of December 31, 2012, the shares exchange relationship and
the corresponding increase in capital of the absorbing entity.
The share exchange relationship
was agreed at 0.106195 of common share of Banco Macro S.A. per common share of Banco Privado de Inversiones S.A.. Therefore, after
the required authorizations and registrations with the various regulatory agencies involved, Macro Fiducia S.A. and Macro Securities
S.A., as minority shareholders of Banco Privado de Inversiones S.A., received 77,860 common Class B shares in Banco Macro S.A.
with a face value of pesos 1. Such shares in turn were sold on the market during June of 2014.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 3. | SIGNIFICANT ACCOUNTING POLICIES |
These financial statements,
which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance
with Central Bank rules and the Argentine professional accounting standards effective in the City of Buenos Aires (see Note 5.).
| 3.1. | Consolidated financial statements |
As required under Central
Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán S.A., Macro Bank
Limited, Macro Securities S.A., Macro Fiducia S.A. and Macro Fondos SGFCI S.A. as supplementary information.
| 3.2. | Comparative information |
As required under Central
Bank rules, the balance sheet as of September 30, 2014 and supplementary information, are presented comparatively with those of
the prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows for the nine-month
period ended September 30, 2014, are presented comparatively with data for the same period in the prior fiscal year.
Additionally, as a result
of the merger described in Note 2.6., the Bank’s financial statements and supplementary information as of September 30,
2013, were restated for comparative purposes, and as a result, we consolidated the stand-alone statements of income, changes in
shareholders’ equity and cash flows of Banco Macro S.A. and former Banco Privado de Inversiones S.A., as of September 30,
2013. The merger effects were not material.
Argentine professional accounting
standards effective in the City of Buenos Aires establish that the financial statements should be stated in constant pesos. The
adjustment methodology and the need to make those adjustments are required by Technical Resolutions (TR) No. 6 and No. 17 issued
by FACPCE (Argentine Federation of Professional Councils in Economic Sciences), which were amended by TR No. 39, issued by the
mentioned Federation on October 4, 2013 and approved by Professional Council in Economic Sciences of the City of Buenos Aires
on April 16, 2014. These standards establish mainly, the existence of an inflation rate accumulated over a three-year period reaching
or exceeding 100%, considering the domestic wholesale price index of the INDEC (Argentine Institute of Statistics and Censuses),
as a fact that identifies an inflation context that warrants adjusting the financial statements so that they are stated in constant
currency as of the related date.
The Bank’s financial
statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes
were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required
by Presidential Decree 664/2003, Article N° 268 of General Resolution No. 7/2005 of the Business Association Regulatory Agency,
Central Bank Communiqué “A” 3,921 and CNV (Argentine Securities Commission) General Resolution No. 441.
However, the interpretation
of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the
prices for relevant economic variables, such as salary cost, interest and exchange rates, which do not require such adjustments
according to the abovementioned regulations.
| 3.4. | Significant accounting judgments, estimates and assumptions |
The preparation of financial
statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income,
expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s
records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the
final amount may differ from such estimates, which may have a positive or negative impact on future fiscal years.
The main valuation methods
used to prepare the accompanying financial statements as of September 30, 2014 and 2013 and December 31, 2013, were as follows:
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| a) | Assets and liabilities denominated in foreign currency: |
The assets and liabilities
denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions
on the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated
at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the
related statements of income.
| b) | Government and private securities: |
| b.1) | Government securities - Holdings
booked at market value: |
They were valued at the quoted
prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were
recorded in the related statements of income.
| b.2) | Government securities - Holdings
booked at amortized cost: |
As set forth in Central Bank
Communiqué “A” 5180, as supplemented, except what is mentioned in the third paragraph, they were valued at
acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present
values calculated by the Bank. The acquisition value previously mentioned is related to the present value of each security at
acquisition date.
As of September 30, 2014 and
December 31, 2013, the present value calculated by the Bank for these securities amounted to 205,390 and 147,601, respectively.
As required under Central Bank
Communiqué “A” 5506, BAADEs (Argentine saving bonds for the economy development) were valued at acquisition
cost increased by the accrued internal rate of return.
| b.3) | Listed Instruments issued by the Central Bank –
Holdings booked at market value: |
They were valued at the quoted
price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
| b.4) | Instruments issued by the Central
Bank – Holdings booked at amortized cost: |
Holdings with no volatility published
by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return
as per their issuance terms and conditions. The accruals of the internal rate of return mentioned above were recorded in the related
statements of income.
| b.5) | Private Securities – Investment in listed private
securities: |
They were valued at the quoted
price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
They were valued at the quoted
price as of the last respective business day, plus accrued interest. Differences in quoted prices and accrued interest were recorded
in the related statements of income.
| d) | Guaranteed loans – Presidential Decree No. 1387/2001: |
As set forth in Central Bank
Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government
under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income
including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present
values reported by the Central Bank.
As of September 30, 2014 and
December 31, 2013, the present value reported by the Central Bank for these securities amounted to 403,169 and 300,386, respectively.
Interest has been accrued according
to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and
those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
The Bank suspends the interest
accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal
or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan
losses. Afterwards, interest is only recognized on a cash basis.
Receivables and payables have
been indexed by the CER, wherever applicable, as follows:
f.1) Guaranteed loans: as explained in Note 3.5.d).
f.2) Deposits and other assets and liabilities: the CER as of the last respective business day was applied.
| g) | Allowance for loan losses and provision for contingent
commitments: |
These provisions have been
calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from
the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering
Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.
When loans covered by specific
allowances are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances
set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current
period.
The recovery of receivables
previously classified under “Debit-balance control memorandum accounts - Receivables classified as irrecoverable”
are recorded directly in the related statements of income.
The Bank assesses the credit
risk related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related
to amounts recorded in memorandum accounts, contingent commitments, are included under “Provisions”.
| h) | Other receivables from financial intermediation and Other
liabilities from financial intermediation: |
| h.1) | Amounts receivable from spot
and forward sales pending settlement and amounts payable for spot and forward purchases
pending settlement: |
They were valued based on
the prices agreed upon for each transaction, plus related premiums accrued.
| h.2) | Securities and foreign currency
to be received for spot and forward purchases pending settlement and to be delivered
for spot and forward sales pending settlement: |
| i. | With volatility (active market):
they were valued at the effective quoted prices for each of them at the last respective
business day. Differences in quoted prices were recorded in the related statements of
income. |
| ii. | Without volatility (without
active market): they were valued at their cost value increased exponentially by their
internal rate of return. Such accruals were recorded in the related statements of income. |
| h.3) | Debt securities and certificates
of participation in financial trusts: |
| i. | Debt securities: they were valued
as provided by Central Bank Communiqué “A” 4414, at their cost value,
increased exponentially by their internal rate of return, translated into pesos according
to the method described in Note 3.5.a), as the case may be. |
| ii. | Certificates of participation:
they were stated at cost or face value increased as the case may be, by interest accrued
until the last respective business day, translated into Argentine pesos according to
the method described in Note 3.5.a), as appropriate. |
The values recorded, net of allowances,
do not exceed the recoverable values from the respective trusts.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| h.4) | Unlisted corporate bonds purchased: |
They were valued by the accrual
method based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414 and supplementary
regulations. Such accruals were recorded in the related statements of income.
| h.5) | Non subordinated corporate bonds
issued: |
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
| i) | Receivables from financial leases: |
In accordance with Central
Bank Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of
minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and
the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated
by applying the imputed interest rate of each lease agreement.
The effective financial lease
agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics
are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the
transactions agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and
there are no pre-established contingent installments or automatic renewal clauses.
| j) | Investments in other companies: |
| j.1) | In controlled financial institutions,
supplementary and authorized activities: they were valued by the equity method. |
| j.2) | In non-controlled financial
institutions, supplementary and authorized activities: |
| i. | In pesos: they were valued at
acquisition cost, plus the nominal value of share-dividends received, restated as explained
in Note 3.3., as the case may be. |
| ii. | In foreign currency: they were
valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends
received, translated into pesos in accordance with the criterion stated in Note 1.3.
to the consolidated financial statements. |
Such net values do not exceed
the values calculated by the equity method on the basis of the latest financial statements published by the companies.
| j.3) | In other non-controlled companies:
they were valued at acquisition cost, plus the nominal value of share-dividends received,
restated as described in Note 3.3., as the case may be, net of allowances for impairment
in value. Such net values do not exceed the values calculated by the equity method on
the basis of the latest financial statements published by the companies. |
| k) | Bank premises and equipment, other assets and intangible
assets: |
They were valued at their acquisition
cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their
estimated useful life using the straight line method.
| l) | Valuation of derivatives: |
| l.1) | Interest rate swap: this included
the equivalent in pesos of the notional value in relation to which the Bank agreed to
charge or pay a spread between fixed and variable rates. |
| l.2) | Forward transactions without
delivery of underlying asset: they were valued at the quoted price of the underlying
assets upon maturity, as of the last respective business day. Differences in quoted prices
were recorded in the related statements of income. |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| l.3) | Put options taken and call option
sold: valued at the agreed-upon exercise price. |
See also Note 11.
The Bank charges these payments
directly to expenses.
| n) | Provisions included in liabilities: |
The Bank carries certain contingent
liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations.
Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.
| o) | Subordinated corporate bonds: |
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
| p) | Shareholders’ equity accounts: |
| p.1) | They are restated as explained in Note 3.3., except for
the "Capital stock" account which has been kept at its original value. The adjustment resulting from its restatement
as explained in such note was included in the "Adjustments to shareholders’ equity" account. |
| p.2) | Special reserve for subordinated corporate bonds: related
to the reserve created for paying the financial services of the subordinated corporate bonds issued by the Bank (see Note 10.a.1)).
This reserve is reversed on a monthly basis as the related interest is recorded in the related statement of income. |
| q) | Statement-of-income accounts: |
| q.1) | The accounts comprising monetary
transactions (financial income (expense), service-charge income (expense), provision
for loan losses, administrative expenses, among others) were computed at their historical
amounts on a monthly accrual basis. |
| q.2) | The accounts reflecting the
effects on income from the sale, retirement or consumption of non-monetary assets were
computed on the basis of the amounts of such assets, which were restated as mentioned
in Note 3.3. |
| q.3) | The income (loss) from equity
interests in subsidiaries were computed on the basis of such companies’ income
(loss). |
| 3.6. | Statement of cash flows and cash equivalents |
The Bank considers “cash
and cash equivalents” to include the following accounts: Cash and investments which mature less than 90 days from their
date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows
with the related balance sheet accounts:
| |
09/30/2014 | | |
12/31/2013
| | |
09/30/2013 | |
| |
| | |
| | |
| |
Cash | |
| 9,663,558 | | |
| 11,236,860 | | |
| 7,996,756 | |
| |
| | | |
| | | |
| | |
Government and private securities | |
| | | |
| | | |
| | |
Instruments issued by the Central Bank | |
| 295,883 | | |
| 12,980 | | |
| 46,955 | |
Cash and cash equivalents | |
| 9,959,441 | | |
| 11,249,840 | | |
| 8,043,711 | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 4. | INCOME TAX AND MINIMUM PRESUMED
INCOME TAX |
The Bank calculates income
tax by applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary
differences between book and taxable income.
In 1998, Law No. 25,063 established
minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December
30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed
income tax is a minimum levy assessment by applying 1% over 20% of certain assets as provided by the law for financial institutions.
Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed
income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess
of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs)
have been used.
As September 30, 2014 and 2013,
the Bank estimated an income tax charge of 1,510,000 and 918,500, respectively; hence, no minimum presumed income tax should be
assessed for the nine-month periods ended on such dates.
Additionally, as of September
30, 2014, the Bank made income tax prepayments for 591,534 for the 2014 fiscal year, which will be applied to the tax amount assessed
in the 2014 tax return.
| 5. | DIFFERENCES BETWEEN CENTRAL
BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN THE CITY
OF BUENOS AIRES |
Argentine professional accounting
standards effective in the City of Buenos Aires differ, in certain valuation and disclosure aspects, from Central Bank accounting
standards. The differences between those standards, which the Bank identified and deemed material to these financial statements,
are as follows:
The main items with differences
in valuation matters as of September 30, 2014 and December 31, 2013 are as follows:
| |
Adjustments
under professional accounting standards | |
| |
Stand-alone
financial statements | | |
Consolidated
financial statements | |
| |
to equity | | |
to total
income /
(loss) (1) | | |
to equity | | |
to total
income /
(loss) (1) | |
Item | |
09/30/2014 | | |
12/31/2013
| | |
09/30/2014 | | |
09/30/2014 | | |
12/31/2013
| | |
09/30/2014
| |
Government securities and assistance to the government sector (a) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Government securities - Holdings
booked at amortized cost | |
| (1,740 | ) | |
| 34,828 | | |
| (36,568 | ) | |
| (233 | ) | |
| 35,162 | | |
| (35,395 | ) |
Instruments issued by the Central Bank and
booked at amortized cost | |
| 19,820 | | |
| 41 | | |
| 19,779 | | |
| 20,576 | | |
| 41 | | |
| 20,535 | |
Guaranteed loans – Presidential Decree
No. 1,387/01 | |
| (3,825 | ) | |
| (13,614 | ) | |
| 9,789 | | |
| (3,825 | ) | |
| (13,614 | ) | |
| 9,789 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Business combinations (b) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Acquisition of Nuevo Banco Bisel S.A. | |
| (85,402 | ) | |
| (92,636 | ) | |
| 7,234 | | |
| (85,402 | ) | |
| (92,636 | ) | |
| 7,234 | |
Other | |
| (54,535 | ) | |
| (58,060 | ) | |
| 3,525 | | |
| (54,535 | ) | |
| (58,060 | ) | |
| 3,525 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Interests in other companies (c) | |
| 35,903 | | |
| 25,012 | | |
| 10,891 | | |
| | | |
| | | |
| | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| |
Adjustments
under professional accounting standards | |
| |
Stand-alone
financial statements | | |
Consolidated
financial statements | |
| |
to equity | | |
to total
income /
(loss) (1) | | |
to equity | | |
to total
income /
(loss) (1) | |
Item (contd.) | |
09/30/2014 | | |
12/31/2013 | | |
09/30/2014 | | |
09/30/2014 | | |
12/31/2013 | | |
09/30/2014 | |
Deferred assets – Income tax (d) | |
| 179,332 | | |
| 92,016 | | |
| 87,316 | | |
| 212,972 | | |
| 116,694 | | |
| 96,278 | |
Other assets (e) | |
| 61 | | |
| 1,717 | | |
| (1,656 | ) | |
| 61 | | |
| 1,717 | | |
| (1,656 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities – Provisions (f) | |
| (82,621 | ) | |
| (67,994 | ) | |
| (14,627 | ) | |
| (82,621 | ) | |
| (67,994 | ) | |
| (14,627 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 6,993 | | |
| (78,690 | ) | |
| 85,683 | | |
| 6,993 | | |
| (78,690 | ) | |
| 85,683 | |
| (1) | Additionally, according to the
Argentine professional accounting standards effective in the City of Buenos Aires, individual
and consolidated income for the nine-month period ended September 30, 2013, would have
increased by 158,857. |
| (a) | Holdings of government securities,
instruments issued by the Central Bank and credit assistance to the nonfinancial government
sector: these holdings and financing are valued based on the specific regulations and
standards issued by the Argentine government and the Central Bank, which set forth, among
other issues, the use of present values, technical values and offset accounts, as explained
in Notes 3.5.b.2), 3.5.b.4) and 3.5.d). Pursuant to the Argentine professional accounting
standards effective in the City of Buenos Aires, the securities, instruments and assistance
mentioned in those notes should be stated at their market and/or present values, as the
case may be. In addition, current Central Bank regulations establish that financing to
the nonfinancial government sector is not subject to loan-loss provisioning, whereas
the Argentine professional accounting standards effective in the City of Buenos Aires
require that assets in general to be compared with their recoverable value every time
financial statements are prepared. |
| (b) | Business combinations: under
the standards set forth by Central Bank, business acquisitions are recorded according
to the book values of the acquired company and, if the purchase price exceeds the book
value, the excess amount is recorded in the acquiring company´s books as a positive
goodwill. On the other hand, if the purchase price is lower than book value, the difference
is recorded in the acquiring company´s books as a negative goodwill. If the goodwill
is positive, Central Bank standards establish that such goodwill should be amortized
under the straight-line method based on an estimated useful life of ten years. If the
goodwill is negative, Central Bank Communiqué “A” 3984 establishes
specific amortization methods; the maximum amortization allowed per year is 20%. |
According to the Argentine
professional accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market
values of the acquired company’s identifiable net assets and the difference between the purchase price and the identifiable
net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill
is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful
life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with
its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the
acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to
the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into
account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.
| (c) | Subsidiary Banco del Tucumán
S.A. prepares its financial statements in conformity with Central Bank rules which differ
from the Argentine professional accounting standards effective in the City of Buenos
Aires. |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| (d) | Income tax: The Bank and its
subsidiaries determine income tax applying the effective rate to the estimated taxable
income, without considering the effect of the temporary differences between book and
taxable income. According to the Argentine professional accounting standards effective
in the City of Buenos Aires, income tax should be booked following the deferred tax method,
according to which (i) in addition to the current tax payable, either an asset (if certain
conditions are met) or a liability is recognized for deferred taxes related to the tax
effect of the temporary differences between the book and tax valuation of assets and
liabilities, and (ii) a tax expense (income) is recognized in relation to the portion
involving the current tax expense (income) as well as the one involving the deferred
tax expense (income), resulting from the creation and reversal of the abovementioned
temporary differences in the year. Under Argentine professional accounting standards
effective in the City of Buenos Aires, a deferred tax asset is recognized when there
are unused NOLs or tax credits that can be deducted from future taxable income, provided
they are likely. |
| (e) | The Bank recorded interest
rate swap agreements under memorandum accounts in conformity with Central Bank accounting
standards. According to the Argentine professional accounting standards effective in
the City of Buenos Aires, the measurement of derivative financial instruments should
be made at their net realizable value if they have quoted prices, or lacking this, using
mathematical models that are appropriate in relation to the instrument’s characteristics
and using variables that can be verified. |
(f) The Bank books the effects
of the Argentine Supreme Court rulings dated December 27, 2006, and August 28, 2007, upon payment of such precautionary measures,
in conformity with Central Bank indications in the notice dated August 4, 2008. According to the Argentine professional accounting
standards effective in the City of Buenos Aires, the Bank should have recorded a liability related to this item.
| a) | The Bank did not classify its
assets and liabilities as current or noncurrent based on the time they are expected to
be turned into cash or cash equivalents or on the time when the latter become due and
payable, as required by the Argentine professional accounting standards effective in
the City of Buenos Aires. |
b) There are differences
between the cash flow information disclosed and the requirements established by the Argentine professional accounting standard
effective in the City of Buenos Aires such as the lack of segregation of the interest earned and paid by the Bank, considering
that this statement is prepared according to specific standards applicable to financial institutions.
| c) | There are differences between
the disclosure required by the Argentine professional accounting standards in the City
of Buenos Aires and the disclosure made by the Bank regarding its income statement items,
as this statement is prepared according to specific standards applicable to financial
institutions. |
| d) | The supplementary information
presented by the Bank, is the information specifically required by Central Bank regulations.
This regulation does not contemplate all disclosure requirements of the Argentine professional
accounting standards in the City of Buenos Aires, such as the disclosure of due dates
for all receivables and payables together with their interest rates or adjustments, certain
information about transactions with related parties, the exchange rate applicable to
different foreign currencies assets and liabilities at the end of the period, etc. |
| 6. | BREAKDOWN OF THE ITEMS INCLUDED
IN “OTHER” AND MAIN SUBACCOUNTS |
The breakdown of the “Other”
account in the balance sheet and statement of income is as follows:
| |
09/30/2014
| | |
12/31/2013 | |
| |
| | |
| |
Other loans | |
| 4,016,148 | | |
| 4,097,387 | |
Export financing and prefinancing | |
| 1,106,878 | | |
| 1,013,383 | |
| |
| 5,123,026 | | |
| 5,110,770 | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 6.2) | Other receivables from financial intermediation -
Other receivables not covered by debtor classification standards |
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
Debt securities issued by financial trusts | |
| 272,190 | | |
| 423,682 | |
Certificates of participation in financial trusts | |
| 233,710 | | |
| 273,933 | |
| |
| 505,900 | | |
| 697,615 | |
| 6.3) | Other receivables –
Other |
Sundry receivables | |
| 235,040 | | |
| 200,714 | |
Security deposits | |
| 165,250 | | |
| 134,079 | |
Advanced prepayments | |
| 83,702 | | |
| 40,531 | |
Tax prepayments | |
| 4,604 | | |
| 2,781 | |
Other | |
| 18,384 | | |
| 12,723 | |
| |
| 506,980 | | |
| 390,828 | |
| 6.4) | Deposits - Nonfinancial
government sector |
Checking accounts | |
| 3,274,812 | | |
| 1,898,509 | |
Time deposits | |
| 3,155,130 | | |
| 1,425,462 | |
Investment accounts | |
| 157,373 | | |
| 187,565 | |
Savings accounts | |
| 33,363 | | |
| 385,790 | |
Accrued interest, adjustments and listed price differences payable | |
| 34,422 | | |
| 27,973 | |
Other | |
| 451,412 | | |
| 571,857 | |
| |
| 7,106,512 | | |
| 4,497,156 | |
| 6.5) | Deposits - From the non-financial private sector and
foreign residents - Other |
Expired time deposits | |
| 620,368 | | |
| 497,450 | |
Unemployment fund for workers of the construction industry | |
| 202,178 | | |
| 166,772 | |
Attachments | |
| 187,154 | | |
| 132,396 | |
Security deposits | |
| 2,664 | | |
| 2,040 | |
Other | |
| 44,014 | | |
| 29,357 | |
| |
| 1,056,378 | | |
| 828,015 | |
| 6.6) | Other liabilities from financial intermediation -
Other |
Purchase financing payables | |
| 1,006,686 | | |
| 815,696 | |
Other payment orders pending settlement | |
| 461,833 | | |
| 411,831 | |
Other withholdings and additional withholdings | |
| 461,447 | | |
| 345,333 | |
Collections and other transactions on account and behalf of others | |
| 308,788 | | |
| 239,308 | |
Miscellaneous not subject to minimum cash requirements | |
| 296,795 | | |
| 254,458 | |
Miscellaneous subject to minimum cash requirements | |
| 174,550 | | |
| 101,056 | |
Retirement pension payment orders pending settlement | |
| 93,211 | | |
| 29,253 | |
Sociedad Seguro de Depósitos (SEDESA) – Purchase of preferred shares of former Nuevo Banco Bisel S.A. (see Note 7.) | |
| 90,673 | | |
| 87,186 | |
| |
| | | |
| | |
Other | |
| 80,823 | | |
| 56,163 | |
| |
| 2,974,806 | | |
| 2,340,284 | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 6.7) | Other Liabilities - Other |
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
Taxes payable (net of prepayments) | |
| 1,187,730 | | |
| 877,909 | |
Miscellaneous payables | |
| 156,607 | | |
| 121,262 | |
Salaries and payroll taxes payable | |
| 193,533 | | |
| 159,677 | |
Withholdings on salaries | |
| 38,126 | | |
| 38,106 | |
Prepayment for the sale of assets | |
| 8,151 | | |
| 4,859 | |
| |
| 1,584,147 | | |
| 1,201,813 | |
| 6.8) | Memorandum accounts –
Debit-balance accounts – Control – Other |
Checks and securities in custody – ANSES (Argentine social security administration) | |
| 68,170,338 | | |
| 29,197,830 | |
Securities in custody – Other | |
| 11,713,572 | | |
| 4,708,604 | |
Checks and securities not yet collected | |
| 2,972,895 | | |
| 2,989,649 | |
Checks and securities to be debited | |
| 1,099,271 | | |
| 836,416 | |
Managed portfolios (see Note 12.) | |
| 694,589 | | |
| 603,851 | |
Checks and securities to be collected | |
| 132,183 | | |
| 93,324 | |
| |
| 84,782,848 | | |
| 38,429,674 | |
| 6.9) | Financial income –
Interest on other loans |
| |
09/30/2014
| | |
09/30/2013
| |
| |
| | |
| |
Personal loans | |
| 3,091,903 | | |
| 2,341,386 | |
Other | |
| 828,606 | | |
| 630,239 | |
| |
| 3,920,509 | | |
| 2,971,625 | |
| 6.10) | Financial income –
Net income from government and private securities |
Government securities | |
| 1,346,268 | | |
| 245,654 | |
Financial trusts | |
| 87,551 | | |
| 51,625 | |
Other | |
| 60,118 | | |
| 12,927 | |
| |
| 1,493,937 | | |
| 310,206 | |
| 6.11) | Financial income –
Other |
Forward foreign-currency transactions offset | |
| 144,751 | | |
| 32,392 | |
Premiums on reverse repurchase agreements with the financial sector | |
| 99,139 | | |
| 71,434 | |
Interests on loans for export prefinancing and financing | |
| 67,112 | | |
| 39,005 | |
Other | |
| 2,563 | | |
| 47 | |
| |
| 313,565 | | |
| 142,878 | |
| 6.12) | Financial expense –
Other |
Turnover tax and municipal assessments | |
| 667,677 | | |
| 443,374 | |
Premiums on repurchase agreements with the financial sector | |
| 7,700 | | |
| 8,430 | |
| |
| 675,377 | | |
| 451,804 | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 6.13) | Service-charge income -
Other |
| |
09/30/2014 | | |
09/30/2013 | |
| |
| | |
| |
Debit and credit card income | |
| 755,473 | | |
| 514,708 | |
Rental of safe deposit boxes | |
| 59,577 | | |
| 51,221 | |
Service commissions – Joint ventures (see Note 2.5.) | |
| 50,656 | | |
| 37,495 | |
Other | |
| 210,554 | | |
| 170,394 | |
| |
| 1,076,260 | | |
| 773,818 | |
| 6.14) | Service-charge expense
- Other |
Debit and credit card expenses | |
| 353,244 | | |
| 264,412 | |
Turnover tax and municipal assessments | |
| 139,498 | | |
| 104,436 | |
Commissions paid to lending agents | |
| 73,505 | | |
| 106,329 | |
Other | |
| 40,316 | | |
| 27,094 | |
| |
| 606,563 | | |
| 502,271 | |
| 6.15) | Administrative expenses
– Other operating expenses |
Maintenance, conservation and repair expenses | |
| 169,429 | | |
| 129,655 | |
Security services | |
| 169,207 | | |
| 127,970 | |
Electric power and communications | |
| 90,826 | | |
| 66,633 | |
Leases | |
| 74,904 | | |
| 50,142 | |
Stationery and office supplies | |
| 17,426 | | |
| 12,031 | |
Insurance | |
| 13,890 | | |
| 11,715 | |
| |
| 535,682 | | |
| 398,146 | |
| 6.16) | Other income – Other |
Other adjustments and interest on other receivables | |
| 31,803 | | |
| 11,059 | |
Services provided to Banco del Tucumán S.A. | |
| 7,866 | | |
| 6,667 | |
Gain on sale of bank premises and equipment, and other assets | |
| 1,201 | | |
| 6,091 | |
Other | |
| 53,141 | | |
| 39,121 | |
| |
| 94,011 | | |
| 62,938 | |
| 6.17) | Other expense – Other |
Municipal assessment | |
| 13,485 | | |
| 7,942 | |
Donations | |
| 12,068 | | |
| 16,411 | |
Turnover tax | |
| 5,238 | | |
| 3,171 | |
Other | |
| 47,834 | | |
| 28,698 | |
| |
| 78,625 | | |
| 56,222 | |
As of September 30, 2014 and
December 31, 2013 the following Bank’s assets are restricted:
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
Item |
|
09/30/2014 |
|
|
12/31/2013 |
|
Government and private securities |
|
|
|
|
|
|
|
|
• Federal Government bond in pesos at Badlar Private + 200 basics points, maturing 2017 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, used as security in favor of SEDESA (1), respectively. |
|
|
85,767 |
|
|
|
89,333 |
|
• Federal Government bond in pesos at Badlar private + 250 basics points, maturing in 2019, securing the role of custodian of FGS (sustainability guarantee fund) investments |
|
|
77,867 |
|
|
|
|
|
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in Argentine pesos at Badlar private + 275 basics points, maturing in 2014 securing the role of custodian of FGS (sustainability guarantee fund) investments, respectively. |
|
|
68,268 |
|
|
|
80,513 |
|
• Federal Government bond in pesos at Badlar private + 300 basics points, maturing in 2015 and Federal Government bond in pesos at Badlar private + 275 basics points, maturing in 2014, for the performance of forward foreign currency trading transactions, respectively. |
|
|
50,472 |
|
|
|
55,136 |
|
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior S.A. (BICE) |
|
|
37,209 |
|
|
|
33,775 |
|
• Federal Government bond in pesos at Badlar private + 200 basics points, maturing in 2017, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013 |
|
|
13,380 |
|
|
|
|
|
• Other government and private securities |
|
|
3,472 |
|
|
|
8,967 |
|
Subtotal government and private securities |
|
|
336,435 |
|
|
|
267,724 |
|
|
|
|
|
|
|
|
|
|
Loans |
|
|
|
|
|
|
|
|
• Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program |
|
|
55,010 |
|
|
|
43,263 |
|
Subtotal Loans |
|
|
55,010 |
|
|
|
43,263 |
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation |
|
|
|
|
|
|
|
|
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities |
|
|
578,739 |
|
|
|
511,178 |
|
|
|
|
|
|
|
|
|
|
• Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2) |
|
|
|
|
|
|
|
|
-
Risk Fund of Los Grobo SGR, with an original contribution of 20,000 made on December 12, 2012 |
|
|
25,318 |
|
|
|
21,241 |
|
- Risk Fund of Garantizar SGR (mutual guarantee association), with an original contribution of 20,000 made on December 13, 2012 |
|
|
23,562 |
|
|
|
21,268 |
|
- Risk Fund of Intergarantías SGR, with an original contribution of 3,000 made on December 30, 2013 |
|
|
3,000 |
|
|
|
3,000 |
|
Subtotal other receivables from financial intermediation |
|
|
630,619 |
|
|
|
556,687 |
|
|
|
|
|
|
|
|
|
|
Other
receivables |
|
|
|
|
|
|
|
|
• Security
deposits related to credit card transactions |
|
|
159,987 |
|
|
|
129,094 |
|
|
|
|
|
|
|
|
|
|
• Sundry
receivables includes an item related to the attachment ordered in the context of a claim initiated by Buenos Aires City tax
authorities on turnover tax differences. |
|
|
827 |
|
|
|
827 |
|
|
|
|
|
|
|
|
|
|
• Other
guarantee security. |
|
|
5,263 |
|
|
|
4,985 |
|
Subtotal
other receivables |
|
|
166,077 |
|
|
|
134,906 |
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
Item (cont.) | |
09/30/2014 | | |
12/31/2013 | |
Other assets | |
| | | |
| | |
· Building related to a call option sold (see Note 11.d)) | |
| 105,697 | | |
| | |
Subtotal other assets | |
| 105,697 | | |
| | |
| |
| | | |
| | |
Total | |
| 1,293,838 | | |
| 1,002,580 | |
| (1) | As replacement for the preferred
shares of former Nuevo Banco Bisel S.A. to secure to SEDESA the price payment and the
fulfillment of all the obligations assumed in the purchase and sale agreement dated May
28, 2007, maturing on August 11, 2021. |
| (2) | In order to keep tax benefits
related to these contributions, they must be maintained between two and three years from
the date they were made. |
| 8. | TRANSACTIONS WITH RELATED PARTIES |
The receivables/payables and
income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 3. to the consolidated
financial statements):
| |
Banco del
Tucumán S.A. | | |
Macro
Bank
Limited | | |
Macro
Securities S.A. | | |
Other
subsidiaries
and related parties (1) | | |
09/30/2014 | | |
12/31/2013
| |
| |
| | |
| | |
| | |
| | |
| | |
| |
ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
| | | |
| 6,063 | | |
| | | |
| | | |
| 6,063 | | |
| 4,762 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
| | | |
| | | |
| | | |
| 168,297 | | |
| 168,297 | | |
| 202,705 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other receivables from financial intermediation | |
| | | |
| | | |
| 86,351 | | |
| 101,924 | | |
| 188,275 | | |
| 137,606 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Receivables from financial lease | |
| | | |
| | | |
| 9,632 | | |
| 1,294 | | |
| 10,926 | | |
| 10,055 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other receivables | |
| 218 | | |
| | | |
| | | |
| | | |
| 218 | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Items pending allocation | |
| 27 | | |
| | | |
| | | |
| | | |
| 27 | | |
| 44 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total assets | |
| 245 | | |
| 6,063 | | |
| 95,983 | | |
| 271,515 | | |
| 373,806 | | |
| 355,172 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
LIABILITIES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| | | |
| 1,038 | | |
| 40,331 | | |
| 229,491 | | |
| 270,860 | | |
| 117,550 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other liabilities from financial intermediation | |
| | | |
| | | |
| 121,776 | | |
| 340 | | |
| 122,116 | | |
| 96,878 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total liabilities | |
| | | |
| 1,038 | | |
| 162,107 | | |
| 229,831 | | |
| 392,976 | | |
| 214,428 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
MEMORANDUM ACCOUNTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Credit-balance accounts – Contingent | |
| | | |
| | | |
| 1,770 | | |
| 1,750 | | |
| 3,520 | | |
| 1,953 | |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| |
Banco del Tucumán S.A. | | |
Macro Bank Limited | | |
Macro Securities S.A. | | |
Other subsidiaries and related parties (1) | | |
09/30/2014 | | |
09/30/2013 | |
| |
| | |
| | |
| | |
| | |
| | |
| |
INCOME (EXPENSE) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Financial income | |
| 21 | | |
| | | |
| 724 | | |
| 21,457 | | |
| 22,202 | | |
| 12,687 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Financial expense | |
| (3,506 | ) | |
| | | |
| | | |
| (15,953 | ) | |
| (19,459 | ) | |
| (10,544 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Service-charge income | |
| 22 | | |
| 2 | | |
| 45 | | |
| 1,843 | | |
| 1,912 | | |
| 3,509 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Service-charge expense | |
| | | |
| | | |
| (561 | ) | |
| | | |
| (561 | ) | |
| (4 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Administrative expenses | |
| (9 | ) | |
| | | |
| | | |
| | | |
| (9 | ) | |
| (9 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other income | |
| 8,532 | | |
| | | |
| | | |
| | | |
| 8,532 | | |
| 7,301 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total income / (loss) | |
| 5,060 | | |
| 2 | | |
| 208 | | |
| 7,347 | | |
| 12,617 | | |
| 12,940 | |
| (1) | Includes amounts generated by
the Bank with its subsidiaries and its related parties regarding transactions performed
in the normal course of business, under normal market conditions, in terms of interest
rates and prices, as well as guarantees required. |
The Bank’s subscribed
and paid-in capital as of September 30, 2014, amounted to 594,563. Since December 31, 2011, the Bank’s capital stock has
changed as follows.
As of December 31, 2011 | |
| 594,485 | |
| |
| | |
Capital stock increase approved by the General Special Shareholders’ Meeting of June 10, 2013 (1) | |
| 78 | |
| |
| | |
As of September 30, 2014 | |
| 594,563 | |
| (1) | Related to the capital increase
in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each
one entitled to one vote, and delivered to the minority shareholders of former Banco
Privado de Inversiones S.A., in the merger process with Banco Macro S.A. (see also Note
2.6.). |
Moreover, during fiscal year 2011, the
Bank acquired a total of 10,000,000 proprietary registered Class B shares of common stock for a total amount of 92,919. As established
by Art. 67 of Law No. 26,831, capital stock will be reduced, by operation of law for an amount equal to the nominal value of proprietary
shares held in portfolio, which will be canceled if the three-year term since the acquisition date has passed, and they have not
been sold and no shareholders´ meeting resolution has been issued as to their use. As a consequence, the bank´s capital
stock will be reduced, by operation of law for an amount and on the relevant dates based on the abovementioned deadline.
| 10. | CORPORATE BONDS ISSUANCE |
The corporate bond liabilities
recorded in the accompanying financial statements amount to:
Corporate Bonds |
|
Original value |
|
|
Residual face
value as of
09/30/2014 |
|
09/30/2014 |
|
|
12/31/2013 |
|
Subordinated
– Class 1 |
|
USD |
150,000,000 |
(a.1) |
|
|
USD |
150,000,000 |
|
|
1,304,719 |
|
|
|
981,142 |
|
Non-subordinated
– Class 2 |
|
USD |
150,000,000 |
(a.2) |
|
|
USD |
106,395,000 |
|
|
913,104 |
|
|
|
718,044 |
|
Total |
|
|
|
|
|
|
|
|
2,217,823 |
|
|
|
1,699,186 |
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
On September 1, 2006, June
4, 2007 and April 26, 2011, the general regular shareholders’ meeting approved the creation, and subsequent extension, of
a Global Program for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated or non-subordinated,
with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No, 23,962, and further applicable
regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000 (one billion US
dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or series of
corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.
| a.1) | On December 18, 2006, under
the abovementioned Global Program, Banco Macro S.A. issued the 1st series of Class 1
subordinated Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty
million). The main characteristics of this issuance are: |
| - | Computable
to the Bank’s required minimum capital (computable equity), as established by Communiqué
“A” 4576. |
| - | The
Notes fall due within a 30-year term, with full amortization upon maturity (December
18, 2036), with full redemption option in 10 years since the issuance date. |
| - | Interest
payments will be made with a semiannual frequency (June 18 and December 18, every year). |
| - | During
the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one
for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué
“A” 4576, the interest rate payable can be increased only once over the life
of the instrument and subsequent to the 10-year term since their issuance. |
| - | They
do not include covenants that change the subordination order. |
| - | No
interest on the Notes will neither fall due and payable if: (i) payments of such interest is the distributable amount, as defined
in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is
subject to the provisions of sections 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance
from Central Bank for illiquidity under Article 17 of Central Bank Charter; (v) the Bank is not in compliance with or has
failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank is not in compliance with
minimum capital requirements (both on an individual and consolidated basis levels) or with minimum cash reserves (on average). |
| - | Unpaid
interest is not cumulative. |
| - | They
have authorizations both for their public offering and their listing on domestic or foreign
stock exchanges or markets. |
| - | In
no case, the payment of financial services may exceed net unappropriated retained earnings
as per the financial statements for the last fiscal year, with an external auditor’s
report, which should be appropriated to a reserve created to such end, as established
by Communiqué “A” 4576 (see Note 20.b)). |
The
Bank used the funds derived from such issuance to grant loans.
| a.2) | On January 29, 2007, the Bank
issued the 1st series of Class 2 non-subordinated simple corporate bonds at a fixed rate
of 8.5% p.a., not convertible into shares, fully amortizable upon maturity (February
1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million US dollars),
under the terms and conditions set forth in the price supplement dated January 10, 2007.
Interest is paid semiannually on February 1 and August 1 of every year. |
Additionally, the Bank has
the option to redeem such issuance, either fully or partially, at any time and from time to time. The Bank used the funds derived
from such issuance to grant loans.
On August 16, 2007, the Securities
and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).
| 11. | DERIVATIVE FINANCIAL INSTRUMENTS |
The Bank performs transactions
that involve derivative financial instruments, as established by Central Bank rules and Argentine professional accounting standards
effective in Buenos Aires City. Such instruments mainly relate to:
| - | Forward
transactions involving securities and foreign currency. |
| - | Forward
transactions without delivery of the underlying asset. |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
Such transactions were valued
as explained in Notes 3.5.h.1), 3.5.h.2) and 3.5.l).
Positions of transactions effective
as of September 30, 2014 and December 31, 2013 are as follows:
Transaction | |
09/30/2014 | | |
12/31/2013
| |
Net position of repurchase agreements | |
| (285,144 | ) | |
| (569,919 | ) |
Net debit position of forward transactions without delivery of the underlying asset (a) | |
| 220,644 | | |
| 806,959 | |
Interest rate swaps (b) | |
| 15,000 | | |
| 50,000 | |
Position of put options taken (c) | |
| 8,670 | | |
| 6,676 | |
Position of call options sold (d) | |
| (108,698 | ) | |
| | |
Net income (loss) resulting
from these transactions for the nine-month periods ended September 30, 2014 and 2013, amount to income (loss):
Transaction | |
09/30/2014
| | |
09/30/2013
| |
Premiums on reverse repurchase agreements | |
| 99,274 | | |
| 71,434 | |
Premiums on repurchase agreements | |
| (7,700 | ) | |
| (8,430 | ) |
Interest rate swap | |
| 2,428 | | |
| (47 | ) |
Forward foreign-currency transactions offset | |
| 144,751 | | |
| 32,392 | |
Total | |
| 238,753 | | |
| 95,349 | |
| (a) | It is related mainly to negotiation
transactions of forward foreign currency exchange rates, carried out through ROFEX and
MAE. The differences of such trading transactions are settled on a daily basis based
on the prices agreed upon and their quoted price upon maturity; the underlying asset
is not delivered or received. |
| (b) | As of September 30, 2014 and December
31, 2013, this is related to swap agreements entered into with the Central Bank entitling
the Bank to collect, on a monthly basis the positive difference between the Badlar interest
rate in Argentine pesos and interest rates ranging from 15% to 16.50% nominal interest
rate p.a., applied on a total of notional values of 15,000 and 50,000, respectively.
In the event that the difference between the rates is negative, the Bank shall be required
to pay the difference. The agreements expired on October 31, 2014, without new transactions
were perfomed. The purposes of those transactions were to place medium- and long-term
loans in accordance with Central Bank Communiqué “A” 4776, as supplemented. |
| (c) | As of September 30, 2014 and December
31, 2013, this includes a put option taken with Carpoint S.A. of a property received
by the Bank as payment of loans granted by it. The price was set at USD 1,024,250, and
the option’s exercise period is from September 24, 2015, through September 23,
2016, both dates included. |
| (d) | As of September 30, 2014, this
is related to a call option sold to Transporte Automotor Plaza SACeI on a building received
by the Bank as payment of loans granted by it. The initial price was set at 104,135,
and will accrue interest at a corrected Badlar rate, re-calculated on a monthly basis,
plus 200 basic points and the option’s exercise period is from July 24, 2014, through
July 31, 2016, both dates included. As of the date of issuance of these financial statements,
the holder has not exercised the option. |
As of September 30, 2014 and
December 31, 2013, the Bank manages the following portfolios:
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
Managed portfolio as of |
|
Item |
|
|
09/30/2014 |
|
|
|
12/31/2013 |
|
• On March 1, 1996, former Banco de Salta S.A. (which was absorbed by the Bank) and the Salta Provincial Government entered into an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private sector. |
|
|
14,030 |
|
|
|
14,039 |
|
• On August 11, 1998, former Banco de Jujuy S.A. (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed. |
|
|
40,927 |
|
|
|
42,082 |
|
• On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001, between such Agency and the former Banco Macro S.A., |
|
|
103,380 |
|
|
|
107,875 |
|
• On August 19, 2002, ABN AMRO Bank N.V. Sucursal Argentina, as trustee, the former Scotiabank Quilmes S.A., as trustor, Banco Comafi S.A., as collecting agent and manager and the former Banco Bansud S.A. (currently Banco Macro S.A.), entered into an “Agreement for the LAVERC financial trust’s collection administration and management”. |
|
|
73,579 |
|
|
|
74,069 |
|
• On June 30, 2006, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio. |
|
|
57,985 |
|
|
|
58,169 |
|
• On November 22, 2012 and 2013, the Bank (trustor) and Macro Fiducia S.A. (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I” and “SECANE II”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian. |
|
|
177,879 |
|
|
|
183,845 |
|
• Other portfolios managed by the Bank. |
|
|
226,809 |
|
|
|
123,772 |
|
Total |
|
|
694,589 |
|
|
|
603,851 |
|
As of September 30, 2014, the
Bank, in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets
from the following mutual funds:
Fund | |
Shares of
interest | | |
Equity | | |
Assets (1) | |
Pionero Pesos | |
| 375,166,512 | | |
| 767,731 | | |
| 615,080 | |
Pionero Renta Ahorro | |
| 676,237,611 | | |
| 1,995,642 | | |
| 2,006,807 | |
Pionero F F | |
| 139,249,062 | | |
| 354,352 | | |
| 353,240 | |
Pionero Renta | |
| 51,161,863 | | |
| 369,426 | | |
| 370,800 | |
Pionero Acciones | |
| 2,040,123 | | |
| 21,715 | | |
| 21,101 | |
Pionero Renta Dólares | |
| 6,027 | | |
| 20 | | |
| | |
Pionero Empresas F.C.I. Abierto PYMES | |
| 63,820 | | |
| 82 | | |
| 18 | |
Pionero Consumo | |
| 80,081 | | |
| 101 | | |
| 46 | |
Argenfunds Renta Pesos | |
| 99,860 | | |
| 72 | | |
| 84 | |
Argenfunds Renta Argentina | |
| 199,896,467 | | |
| 251,380 | | |
| 285,929 | |
Argenfunds Ahorro Pesos | |
| 352,400,683 | | |
| 551,747 | | |
| 556,892 | |
Argenfunds Renta Privada F.C.I. | |
| 350,189,465 | | |
| 544,324 | | |
| 548,434 | |
Argenfunds Abierto Pymes | |
| 790,735 | | |
| 951 | | |
| 929 | |
| (1) | These amounts reflect the mutual
funds’ assets and are recorded under the “Checks and securities in custody”
memorandum account. |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 14. | BANK DEPOSIT GUARANTEE INSURANCE
SYSTEM |
Law No. 24,485, and Presidential
Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited,
mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary
to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided
for the organization of SEDESA to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds
a 9.2428% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 10752
of February 18, 2014.
This system shall cover the
deposits up to the amount of 120 (350 beginning on November 1, 2014) in Argentine pesos and foreign currency with the participating
institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank,
as long as the requirements under Presidential Decree No. 540/1995 and any others established by the enforcement agency, are fulfilled.
On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related
to the Bank, and deposits of securities, among others, must be excluded from the deposit guarantee system.
The Bank is related to different
types of trusts. The different trust agreements are disclosed below, according to the Bank’s business purpose:
| 15.1. | Financial trusts for investment purposes |
As of September 30, 2014 and
December 31, 2013, the amounts recorded in the Bank’s financial statements for holdings of certificates of participation
(net of allowances for 223,832 as of both dates) and debt securities in financial trusts under “Other receivables from financial
intermediation - Other not covered by debtor classification standards” were as follows:
Financial trust | |
09/30/2014 | | |
12/31/2013 | |
Certificates of participation: | |
| | | |
| | |
Frávega Créditos XII (a) | |
| 1,428 | | |
| 44,717 | |
Other | |
| 8,450 | | |
| 5,384 | |
Subtotal certificates of participation | |
| 9,878 | | |
| 50,101 | |
| |
| | | |
| | |
Debt securities: | |
| | | |
| | |
Underwriting agreements (b) | |
| 148,935 | | |
| 281,187 | |
Loma Blanca (c) | |
| 81,510 | | |
| 98,412 | |
Other (d) | |
| 41,745 | | |
| 44,083 | |
Subtotal debt securities | |
| 272,190 | | |
| 423,682 | |
Total | |
| 282,068 | | |
| 473,783 | |
| (a) | Frávega Créditos XII Trust |
On November 29, 2013, Frávega
SACI e I, as trustor, collection agent and beneficiary, Macro Fiducia S.A. as trustee and Banco Sáenz S.A. as the loan
portfolio manager, entered into a trust agreement called Fideicomiso Financiero Privado Frávega Créditos XII, whereby
the trust issued Class “A” and Class “B” certificates of participation.
The purpose of the trust is
to pay the certificates of participation in full once the receivables and promissory notes transferred by the trustor have been
collected. Upon expiration of the trust, holders of Class “B” certificates of participation will receive the remaining
receivables.
As of September 30, 2014 and
December 31, 2013, the Bank was the direct beneficiary of 100% of the Class “A” certificates of participation issued
by Fideicomiso Financiero Privado Frávega Créditos XII.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| (b) | Underwriting agreements |
It relates to prepayments towards
the placement price of trust securities of the financial trusts under public offerings, made by the Bank through underwriting
agreements (Mila, Garbarino, Accicom and CCF Créditos). The assets managed for these trusts are mainly related to securitizations
of consumer loans. Trust securities are placed once the public offering is authorized by the CNV. Upon expiry of the placement
period, once all trust securities have been placed on the market, the Bank recovers the disbursements made, plus an agreed-upon
compensation (“underwriting Price”). If after making the best efforts, such trust securities cannot be placed, the
Bank (“Underwriter”) will retain the securities subject to underwriting.
On December 6, 2011, Isolux
Ingeniería S.A. and Isolux Corsán Argentina S.A. (trustors) and Nación Fideicomisos S.A. (trustee), entered
into the trust called “Fideicomiso Financiero Loma Blanca Serie I”.
The purpose of the trust consists
in the set-up, start-up, operation and maintenance of all four awarded wind farms, located in the Municipality of Trelew, Province
of Chubut.
As of the date of issuance
of these financial statements, the Class A debt securities acquired by the Bank account for 14% of the total trust issues. The
final amortization of such debt securities will operate on March 16, 2016.
It includes, among others,
Chubut oil & gas royalties, which manages assigned receivables and rights on oil & gas royalties for the purpose of financing
production projects, infrastructure works in the Province of Chubut and financial investments aimed at increasing the state’s
interest in the energy sector.
According to the latest accounting
information available as of the date of issuance of these financial statements, the corpus assets of the abovementioned trusts,
exceed the carrying amount in the related proportions.
Additionally, Note 7.1. to
the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.
| 15.2. | Trusts created using financial assets transferred by the
Bank |
The Bank transferred financial
assets (loans) to trusts for the purpose of issuing and selling securities the collection of which is guaranteed by the cash flow
resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained
earlier.
As of September 30, 2014 and
December 31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets
managed through Macro Fiducia S.A. (subsidiary) of this type of trusts amounted to 13,368 and 10,754, respectively.
Additionally, Note 7.2. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
created with corpus assets transferred by the Bank’s subsidiaries.
| 15.3. | Trusts guaranteeing loans granted by the Bank |
As it is common in the Argentine
banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in
a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed
in case of the debtor's noncompliance.
Trusts usually act as conduits
to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans
and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.
Additionally, other guarantee
trusts manage specific assets, mainly real property.
Provided there is no noncompliance
or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess
amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
As of September 30, 2014 and
December 31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets
managed by the Bank, Macro Fiducia S.A. and Banco del Tucumán S.A. (subsidiaries) amounted to 482,502 and 750,214, respectively.
| 15.4. | Trusts in which the Bank acts as trustee (administration) |
The Bank performs management
duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in
the trust.
In no case shall the Trustee
be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any
type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee
will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees
earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.
Trusts usually manage funds
derived from the activities performed by trustors, for the following main purposes:
| - | Guaranteeing, in favor of the
beneficiary the existence of the resources required to finance and/or pay certain obligations,
such as the payment of amortization installments regarding work or service certificates,
and the payment of invoices and fees stipulated in the related agreements. |
| - | Promoting the production development
of the private economic sector at a provincial level. |
| - | Being a party to public work
concession agreements granting road exploitation, management, keeping and maintenance. |
As of September 30, 2014 and
December 31, 2013, considering the latest available accounting information as of the date of the financial statements, the assets
managed by the Bank amounted to 598,170 and 510,516, respectively.
Additionally, Note 7.3. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
managed by the Bank’s subsidiaries.
| 16. | INFORMATION REQUIRED BY
THE CNV |
| 16.1 | Compliance with requirements to act in the capacity of
agents belonging to different categories of agents defined by the CNV |
As mentioned in Note 19., on
September 5, 2013, the CNV issued General Resolution No. 622. Considering Banco Macro S.A.’s current operations, and according
to the different categories of agents established by the abovementioned Resolution, the Bank is registered with this agency as
an agent for the custody of collective investment products of mutual funds (AC PIC FCI), and comprehensive clearing and settlement
agent and trading agent (ALyC y AN - integral), and is in the process of registering for financial trustee (AF) and non-financial
trustee (FNOF) agent categories.
Additionally, the Bank’s
shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 24,500, as well as the minimum
required offsetting entry of 14,000, which the Bank paid-in at the end of the period and is registered in custody in Caja de Valores
(see Note 7.) with available assets in accounts opened with the Central Bank.
| 16.2 | Documentation in custody |
As a general policy, the Bank
delivers for custody to third parties, the documentary support of its aged accounting and management operations, i.e those whose
date is prior to the last fiscal year-end, except for the inventory book, in which aging is deemed to include those with a date
prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has kept (i) the
inventory books for fiscal years ended through December 31, 2011, and (ii) certain documentation supporting the economic transactions
for fiscal years ended through December 31, 2013, under the custody of the following companies: AdeA Administradora de Archivos
SA. (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración de Documentos
SA (warehouse located at avenida Circunvalación, between Camino San Carlos and 60 cuadras, Province of Cordoba and avenida
Sargento Cayetano Beleira 410, formerly Ruta Km 8 51.2, Pilar, Province of Buenos Aires).
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 17. | MINIMUM CASH AND MINIMUM
CAPITAL REQUIREMENTS |
| 17.1. | Accounts identifying compliance with the minimum cash
requirements: |
The items computed by the
Bank to constitute the minimum cash requirement effective for September 2014 are listed below, indicating the balances as of month-end
of the related accounts:
Item | |
09/30/2014 | |
Cash | |
| | |
Amounts in Central Bank accounts | |
| 6,241,437 | |
Other receivables from financial intermediation | |
| | |
Special guarantee accounts with the Central Bank | |
| 578,739 | |
Total | |
| 6,820,176 | |
| 17.2. | Minimum capital requirements: |
As the table disclosed, the
minimum capital requirements measured on an individual basis, effective for September 2014, along with its computable capital
as of the end of that month:
Item | |
09/30/2014 | |
Minimum capital requirement | |
| 4,468,936 | |
Computable capital | |
| 9,665,597 | |
Excess amount | |
| 5,196,661 | |
| 18.1 | The AFIP (Federal Public Revenue
Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank
related to income tax, minimum presumed income tax and other taxes (mainly turnover tax)
for the fiscal years prior to 2005. |
The most significant ongoing
claims arising from the previous paragraph are detailed below:
| a) | AFIP challenged the income tax
returns filed by the former Banco Bansud S.A. (for the fiscal years since June 30, 1995,
through June 30, 1999, and of the irregular six-month period ended December 31, 1999)
and by the former Banco Macro S.A. (for the fiscal years ended since December 31, 1998,
through December 31, 2000). |
The matter under discussion
that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits
that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and the Argentine Supreme
Court in similar cases, which have issued resolutions that are favorable to the Bank’s position.
| b) | City of Buenos Aires tax authorities
attributed a turnover tax difference to Banco Macro S.A. for fiscal period 2002, in relation
to the treatment of the compensation bond, over which a precautionary measure was issued
in 2009 in favor of the Bank. |
| c) | City of Buenos Aires tax authorities
attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal
periods 2002 and 2003. In February 2009, a complaint was filed to challenge the assessment
with the Federal Administrative Tax Court, which is pending proceedings. City of Buenos
Aries government filed an action for payment and secured a provisional attachment in
the amount of 827 (see also Note 7.). |
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
Additionally, there are other
appeals filed with the Tax Court, which are not relevant.
18.2
Moreover, as a result of a lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about various aspects
related to the collection of the “life insurance” charge for products marketed by former Banco Privado de Inversiones
S.A., on November 29, 2010, the parties reached a settlement agreement, approved by the Federal Commercial Court in and for the
City of Buenos Aires No. 3, clerk’s office No. 5, and complied with by the Bank.
However, on March 22, 2013,
the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the
customers from whom the charge had been collected, a resolution which was appealed by the Bank.
On April 24, 2014, the Court
of Appeals dismissed the appeals filed and changed what was resolved in First Instance, ordered the Agreement nullity, to continue
with the proceeding and to allow the Bank to answer the complaint. Such resolution was appealed by the Bank.
Additionally, there are other
claims filed by consumers’ associations against the Bank.
18.3
Finally, the Bank and its directors were notified about the opening of financial and exchange proceedings by the Central Bank
and other proceedings filed by the UIF (Financial Information Unit) and CNV. According to the above mentioned agencies position,
they are mainly related to regulatory breaches over transactions conducted by Bank customers. These proceedings were or will be
challenged or appealed in the administrative field and / or in court, as the case may be.
The Bank’s Management
and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that
may result from the final outcome of such claims.
| 19. | CHANGES IN THE ARGENTINE
MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL SYSTEM AND
THE BANK |
The
financial and capital markets
The international and local
macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the contractions
in growth levels, the volatility of financial assets and the foreign exchange market, among other issues, which has been observed
with various degrees of intensity over the last few years. In addition, at a local level, there was an increase in the volatility
of government and private securities and in interest rates, as well as somewhat significant changes in the prices for other relevant
economic variables, such as salary costs, the prices of the main raw materials and the exchange rate. In addition, resolution
is currently pending in a claim against the Argentine Government by holders of government securities who did not join the debt
restructuring carried out in 2005 and 2010, which has generated consequences in the interest payment service of certain government
securities.
Specifically in connection
with the Argentine foreign exchange market, as from October 2011, the Federal Government imposed certain restrictions to access
to the MUyLC (single and free foreign exchange market). Moreover, during the first quarter of 2014, there was a strong appreciation
of foreign currency and a rise in interest rates, both deposit and lending rates.
Lastly, on December 27, 2012,
a new Capital Markets Law was enforced, as enacted by Presidential Decree No. 1023/2013 dated July 29, 2013, and CNV General Resolution
No. 622 dated September 5, 2013. At present, although the regulations provide for a transition period, the law is undergoing a
process of gradual implementation and analysis by the various market agents. In addition, several filings and requests for clarification
have been filed with the agency, which has issued various interpretations and extensions.
Therefore, the Bank’s
Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the
possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the
financial statements for future periods.
Legal
actions
The Argentine economic and
financial situation worsened in late 2001, when the Argentine government suspended payments on the sovereign debt and imposed
severe restrictions on cash withdrawals from financial institutions.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
The measures adopted by the
Federal Executive Government with respect to the public emergency in political, economic, financial and foreign exchange matters
triggered a number of legal actions (known as recursos de amparo – constitutional rights protection actions), brought
by individuals and companies against the Federal Government, the Central Bank and the financial institutions for considering that
Public Emergency Law and its supplementary regulations are unconstitutional.
In the specific case of deposits
denominated in foreign currency, in some cases, the courts ordered the reimbursement of such deposits, either in foreign currency
or at free foreign exchange rate at the time of reimbursement until a final judgment is issued with respect to the constitutionality
of the conversion into pesos.
Some of these claims were treated
by the Argentine Supreme Court, which issued resolutions on lower-court decisions for each particular case and in different manners.
On December 27, 2006, the Argentine
Supreme Court revoked prior instance judgments that ordered the reimbursement of deposits in US dollars and decided that depositors
are entitled to reimbursement of their deposits switched to pesos at the Ps, 1.40-to-USD 1 exchange rate, adjusted by the CER
through the payment date, and interest should be applied to such amount at a rate of 4% p.a., which may not be compounded through
the payment date.
As regards courts deposit in
US dollars, on March 20, 2007, the Argentine Supreme Court ruled that principal should be reimbursed with no deterioration in
value whatsoever, and that the sums should be kept in their original currency.
As of September 30, 2014 and
December 31, 2013, the Bank recorded the additional payables related to such regulation under the “Provisions” account
in the amount of 18,175 and 14,208 at the stand-alone level, respectively, and a total of 30,617 and 23,301 at consolidated level,
respectively. The Bank´s Management believes that there would be no additional significant effects, other than those recognized
in accounts that could derive from the final outcome of such actions.
| 20. | RESTRICTION ON EARNINGS
DISTRIBUTION |
| a) | According to Central Bank regulations
20% of income for the year plus / minus prior-year adjustments and less accumulated losses
as for the prior year-end, if any, should be allocated to the Legal Reserve. |
| b) | As established in the issuance
conditions for the instruments representing long term debt mentioned in Note 10.a.1),
the upcoming Shareholders’ Meeting shall have to create a special reserve for the
interest to be paid upon the maturities, taking place in June and December 2015. |
| c) | Under Law No. 25,063, dividends
to be distributed in cash or in kind in excess of taxable income accumulated as of the
end of the fiscal year immediately preceding the payment or distribution date shall be
subject to a 35% income tax withholding as a single and definitive payment. For this
purpose, income to be considered in each year will result from adding dividends or earnings
from other corporations not computed in the calculation of those earnings in the same
tax period(s) to the earnings determined under application of Income Tax Law, and deducting
the tax paid for the tax period(s) in which the earnings, or the related proportional
amount, being distributed were generated. |
Additionally, from the amendments
introduced by Law No. 26,893, with effect from September 23, 2013, distributions of dividends (except for shares) to individuals
of the country or foreign individuals or legal entities shall be subject to a 10% income tax.
| d) | As established by CNV General
Resolution No. 593, the Shareholders’ Meeting considering financial statements
with retained earnings should specifically decide how they will be used. |
| e) | Through Communiqué “A”
5485 as supplemented, the Central Bank establishes the general procedure for distributing
earnings. According to that procedure, earnings may only be distributed upon express
authorization by the Central Bank, provided there are no records of the Bank having received
financial aid from the Central Bank due to illiquidity or shortages in payments of minimum
capital, and there are no penalties imposed by UIF, weighted to be significant, among
other previous conditions listed in the abovementioned communiqué. |
Therefore, earnings may only
be distributed as long as the Bank has income after deducting, on a nonaccounting basis, from unappropriated retained earnings
and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory,
the positive net difference between the book value and market value or present value reported by the Central Bank, as the case
may be, of government debt securities and/or instruments issued by the Central Bank not valued at market price, among other items.
Lastly, the maximum amount
to be distributed cannot exceed the excess payments of the required capital minimum considering, for this purpose only, an increasing
adjustment of 75% of the required amount.
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
| 21. | FINANCIAL STATEMENTS PUBLICATION |
Under Communiqué “A”
760, the Central Bank prior intervention is not required for the publication of these financial statements.
| 22. | ACCOUNTING PRINCIPLES –
EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH |
These financial statements
are presented on the basis of the accounting standards set forth by the Central Bank and, except for the effects of the matters
mentioned in Note 5., in accordance with argentine professional accounting standards effective in the City of Buenos Aires. Certain
accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.
Jorge H. Brito
Chairperson
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish – See Note 22)
(Figures stated in thousands of pesos,
except for where indicated)
EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | | |
09/30/2014 | |
Name | |
Market
or
Present
Value | | |
Book
balance | | |
Book
balance | | |
Position
without
options (1) | | |
Options | | |
Final
position | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
GOVERNMENT AND PRIVATE SECURITIES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
GOVERNMENT SECURITIES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Holdings booked at market value | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
- Local | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Discount bonds denominated in pesos
at 5.83% - Maturity: 2033 | |
| | | |
| 768,471 | | |
| 25,834 | | |
| 624,560 | | |
| | | |
| 624,560 | |
Federal government bonds in pesos at Badlar +
2% - Maturity: 2016 | |
| | | |
| 485,501 | | |
| | | |
| 485,501 | | |
| | | |
| 485,501 | |
Federal government bonds in pesos at Badlar +
2% - Maturity: 03-28-2017 | |
| | | |
| 442,264 | | |
| | | |
| 442,266 | | |
| | | |
| 442,266 | |
Federal government bonds in pesos at Badlar Private
+ 3% - Maturity: 2015 | |
| | | |
| 200,373 | | |
| 467,411 | | |
| 224,286 | | |
| | | |
| 224,286 | |
Federal government bonds in US dollars at 7%
- Maturity: 2015 | |
| | | |
| 201,725 | | |
| 44,126 | | |
| 213,749 | | |
| | | |
| 213,749 | |
Consolidation bonds in pesos - 7° Serie -
Maturity: 01-04-2016 | |
| | | |
| 77,201 | | |
| 3,012 | | |
| 77,401 | | |
| | | |
| 77,401 | |
Secured bonds in pesos under Presidential Decree
No. 1579/02 at 2% - Maturity: 02-04-2018 | |
| | | |
| 50,317 | | |
| 256,946 | | |
| 50,925 | | |
| | | |
| 50,925 | |
Consolidation bonds in pesos - 8° Serie | |
| | | |
| 33,075 | | |
| 3,378 | | |
| 34,074 | | |
| | | |
| 34,074 | |
Consolidation bonds in pesos - 6° Serie at
2%- Maturity: 2024 | |
| | | |
| 33,280 | | |
| 17,489 | | |
| 34,640 | | |
| | | |
| 34,640 | |
Federal government bonds in pesos at Badlar Private
+ 2.5% - Maturity: 2019 | |
| | | |
| 40,584 | | |
| | | |
| 5,741 | | |
| | | |
| 5,741 | |
Other | |
| | | |
| 161,583 | | |
| 474,514 | | |
| 96,622 | | |
| | | |
| 96,622 | |
Subtotal holdings booked at market value | |
| | | |
| 2,494,374 | | |
| 1,292,710 | | |
| 2,289,765 | | |
| | | |
| 2,289,765 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Government securities under repo transactions
with Central Bank of Argentina | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Holdings booked at amortized cost | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
- Local | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Federal government bonds in pesos at Badlar Private
+ 2.5% - Maturity: 2019 | |
| 165,178 | | |
| 166,867 | | |
| | | |
| 165,178 | | |
| | | |
| 165,178 | |
Argentine saving bond for the economy development
in US dollars at 4% - Maturity: 07-27-2016 | |
| 126,561 | | |
| 126,582 | | |
| 98,437 | | |
| 126,561 | | |
| | | |
| 126,561 | |
Province of Entre Ríos Treasury Bills
- Maturity: 10-23-2014 | |
| 15,661 | | |
| 15,661 | | |
| | | |
| 15,661 | | |
| | | |
| 15,661 | |
Province of Chaco Treasury Bills - Maturity:
11-21-2014 | |
| 14,512 | | |
| 14,512 | | |
| | | |
| 14,512 | | |
| | | |
| 14,512 | |
Province of Entre Ríos Treasury Bills
- Maturity: 12-18-2014 | |
| 10,039 | | |
| 10,039 | | |
| | | |
| 10,039 | | |
| | | |
| 10,039 | |
Province of Buenos Aires Treasury Bills in pesos
– Maturity: 05-29-2014 | |
| | | |
| | | |
| 98,759 | | |
| | | |
| | | |
| | |
Province of Neuquén guarantee Treasury
Bills Class 1 in US dollars - Maturity: 05-23-2014 | |
| | | |
| | | |
| 37,435 | | |
| | | |
| | | |
| | |
Debt Securities Class 1 - Chubut development
and infraestructure bond in US dollars at 4% Maturity: 10-21-2019 | |
| | | |
| | | |
| 10,376 | | |
| | | |
| | | |
| | |
Subtotal Holdings booked at amortized cost | |
| | | |
| 333,661 | | |
| 245,007 | | |
| 331,951 | | |
| | | |
| 331,951 | |
Jorge H. Brito
Chairperson
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | | |
09/30/2014 | |
Name | |
Market
value
or
Present
Value | | |
Book
balance | | |
Book
balance | | |
Position
without
options (1) | | |
Options | | |
Final
position | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
INSTRUMENTS
ISSUED BY THE CENTRAL BANK OF ARGENTINA | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills at market value - Own portfolio | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 11-12-2014 | |
| | | |
| 590,606 | | |
| | | |
| 590,606 | | |
| | | |
| 590,606 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-22-2014 | |
| | | |
| 519,873 | | |
| | | |
| 519,873 | | |
| | | |
| 519,873 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-08-2014 | |
| | | |
| 318,775 | | |
| | | |
| 318,775 | | |
| | | |
| 318,775 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014 | |
| | | |
| 301,963 | | |
| | | |
| 301,963 | | |
| | | |
| 301,963 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-01-2014 | |
| | | |
| 201,572 | | |
| | | |
| 201,572 | | |
| | | |
| 201,572 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-29-2014 | |
| | | |
| 112,159 | | |
| | | |
| 112,159 | | |
| | | |
| 112,159 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 01-02-2014 | |
| | | |
| | | |
| 12,980 | | |
| | | |
| | | |
| | |
Subtotal
Central Bank of Argentina Internal Bills at market value - Own Portfolio | |
| | | |
| 2,044,948 | | |
| 12,980 | | |
| 2,044,948 | | |
| | | |
| 2,044,948 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills - Under Repo Transactions | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 01-14-2015 | |
| | | |
| 33,850 | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-31-2014 | |
| | | |
| 20,620 | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 01-21-2015 | |
| | | |
| 8,757 | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-24-2014 | |
| | | |
| 6,364 | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 03-19-2014 | |
| | | |
| | | |
| 21,817 | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 02-05-2014 | |
| | | |
| | | |
| 21,330 | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 01-29-2014 | |
| | | |
| | | |
| 12,750 | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 06-11-2014 | |
| | | |
| | | |
| 12,591 | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 10-15-2014 | |
| | | |
| | | |
| 11,902 | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014 | |
| | | |
| | | |
| 4,674 | | |
| | | |
| | | |
| | |
Subtotal
Central Bank of Argentina Internal Bills - Under repo Transactions | |
| | | |
| 69,591 | | |
| 85,064 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills at amortized cost - Own Portfolio | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-24-2014 | |
| | | |
| 1,342,282 | | |
| | | |
| 1,342,282 | | |
| | | |
| 1,342,282 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-03-2014 | |
| | | |
| 1,063,283 | | |
| | | |
| 1,063,283 | | |
| | | |
| 1,063,283 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 11-26-2014 | |
| | | |
| 902,414 | | |
| | | |
| 902,414 | | |
| | | |
| 902,414 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-17-2014 | |
| | | |
| 743,738 | | |
| | | |
| 743,738 | | |
| | | |
| 743,738 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 11-05-2014 | |
| | | |
| 589,653 | | |
| | | |
| 589,653 | | |
| | | |
| 589,653 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 11-19-2014 | |
| | | |
| 427,452 | | |
| | | |
| 427,452 | | |
| | | |
| 427,452 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-10-2014 | |
| | | |
| 395,370 | | |
| | | |
| 395,370 | | |
| | | |
| 395,370 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 12-31-2014 | |
| | | |
| 375,199 | | |
| | | |
| 388,526 | | |
| | | |
| 388,526 | |
Central
Bank of Argentina Internal Bills in pesos – Maturity: 01-07-2015 | |
| | | |
| 370,021 | | |
| | | |
| 370,021 | | |
| | | |
| 370,021 | |
Central
Bank of Argentina Bills in U$S payables in dollars – Maturity: 11-19-2014 | |
| | | |
| 52,172 | | |
| | | |
| 52,172 | | |
| | | |
| 52,172 | |
Other | |
| | | |
| 210,309 | | |
| | | |
| 225,953 | | |
| | | |
| 225,953 | |
Subtotal
Central Bank of Argentina Internal Bills at amortized cost - Own portfolio | |
| | | |
| 6,471,893 | | |
| | | |
| 6,500,864 | | |
| | | |
| 6,500,864 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Subtotal
Instruments issued by the Central Bank of Argentina | |
| | | |
| 8,586,432 | | |
| 98,044 | | |
| 8,545,812 | | |
| | | |
| 8,545,812 | |
Jorge H. Brito
Chairperson
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | | |
09/30/2014 | |
Name | |
Market
value or
Present
Value | | |
Book
balance | | |
Book
balance | | |
Position
without
options (1) | | |
Options | | |
Final
position | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
INSTRUMENTS
ISSUED BY THE CENTRAL BANK OF ARGENTINA (Continued) | |
| | | |
| 8,586,432 | | |
| 98,044 | | |
| 8,545,812 | | |
| | | |
| 8,545,812 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Notes - Under Repo Transactions | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% - Maturity: 04-23-2014 | |
| | | |
| | | |
| 39,340 | | |
| | | |
| | | |
| | |
Subtotal
Central Bank of Argentina Notes - Under repo Transactions | |
| | | |
| | | |
| 39,340 | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Notes at amortized cost - Own portfolio | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central
Bank of Argentina Internal Notes in pesos with variable coupon (Badlar rate) + 2.5% – Maturity: 04-23-2014 | |
| | | |
| | | |
| 35,647 | | |
| | | |
| | | |
| | |
Subtotal
Central Bank of Argentina Notes at amortized cost - Own portfolio | |
| | | |
| | | |
| 35,647 | | |
| 0 | | |
| | | |
| 0 | |
Total
Instruments issued by the Central Bank of Argentina | |
| | | |
| 8,586,432 | | |
| 173,031 | | |
| 8,545,812 | | |
| | | |
| 8,545,812 | |
Total
Government securities | |
| | | |
| 11,414,467 | | |
| 1,710,748 | | |
| 11,167,528 | | |
| | | |
| 11,167,528 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Investments
in listed private securities | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Capital
representative | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
In
Argentina | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
YPF
S.A. | |
| | | |
| 133,806 | | |
| | | |
| 133,806 | | |
| | | |
| 133,806 | |
Petrolera
Pampa S.A. | |
| | | |
| 34,733 | | |
| | | |
| 34,733 | | |
| | | |
| 34,733 | |
Telecom
Argentina Stet-France Telecom S.A. | |
| | | |
| 34,027 | | |
| | | |
| 34,027 | | |
| | | |
| 34,027 | |
Aluar
Aluminio Argentino | |
| | | |
| 32,544 | | |
| | | |
| 32,544 | | |
| | | |
| 32,544 | |
Petrobras
Energía S.A. | |
| | | |
| 18,200 | | |
| | | |
| 18,200 | | |
| | | |
| 18,200 | |
Subtotal
Capital representative | |
| | | |
| 253,310 | | |
| | | |
| 253,310 | | |
| | | |
| 253,310 | |
Total
Investments in listed private securities | |
| | | |
| 253,310 | | |
| | | |
| 253,310 | | |
| | | |
| 253,310 | |
Total
government and private Securities | |
| | | |
| 11,667,777 | | |
| 1,710,748 | | |
| 11,420,838 | | |
| | | |
| 11,420,838 | |
(1) Position without options as of September 30, 2014, includes
“Holdings” plus: “spot and forward purchases pending settlement", less “deposits” and "spot
and forward sales pending settlement".
Jorge H. Brito
Chairperson
EXHIBIT B
FINANCING-FACILITIES CLASSIFICATION
BY SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
COMMERCIAL | |
| | | |
| | |
| |
| | | |
| | |
In normal situation | |
| 15,866,503 | | |
| 15,697,070 | |
With Senior “A” guarantees and counter-guarantees | |
| 1,110,477 | | |
| 1,052,533 | |
With Senior “B” guarantees and counter-guarantees | |
| 2,655,766 | | |
| 2,910,554 | |
Without Senior guarantees or counter-guarantees | |
| 12,100,260 | | |
| 11,733,983 | |
| |
| | | |
| | |
Subject to special monitoring | |
| 99,181 | | |
| 102,511 | |
In observation | |
| | | |
| | |
With Senior “A” guarantees and counter-guarantees | |
| | | |
| 1,993 | |
With Senior “B” guarantees and counter-guarantees | |
| 34,227 | | |
| 35,970 | |
Without Senior guarantees or counter-guarantees | |
| 64,954 | | |
| 64,548 | |
| |
| | | |
| | |
Troubled | |
| 13,044 | | |
| 22,650 | |
With Senior “B” guarantees and counter-guarantees | |
| 5,332 | | |
| 13,060 | |
Without Senior guarantees or counter-guarantees | |
| 7,712 | | |
| 9,590 | |
| |
| | | |
| | |
With high risk of insolvency | |
| 220,043 | | |
| 222,106 | |
With Senior “A” guarantees and counter-guarantees | |
| 1,197 | | |
| | |
With Senior “B” guarantees and counter-guarantees | |
| 135,631 | | |
| 75,006 | |
Without Senior guarantees or counter-guarantees | |
| 83,215 | | |
| 147,100 | |
| |
| | | |
| | |
Irrecoverable | |
| 1,945 | | |
| 8,385 | |
With Senior “B” guarantees and counter-guarantees | |
| | | |
| 3,729 | |
Without Senior guarantees or counter-guarantees | |
| 1,945 | | |
| 4,656 | |
| |
| | | |
| | |
Subtotal Commercial | |
| 16,200,716 | | |
| 16,052,722 | |
Jorge H. Brito
Chairperson
EXHIBIT B
(Continued)
FINANCING-FACILITIES CLASSIFICATION
BY SITUATION
AND GUARANTEES RECEIVED
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
CONSUMER | |
| | | |
| | |
| |
| | | |
| | |
Performing | |
| 23,005,799 | | |
| 20,972,447 | |
With Senior “A” guarantees and counter-guarantees | |
| 482,307 | | |
| 314,530 | |
With Senior “B” guarantees and counter-guarantees | |
| 2,053,999 | | |
| 1,633,217 | |
Without Senior guarantees or counter-guarantees | |
| 20,469,493 | | |
| 19,024,700 | |
| |
| | | |
| | |
Low risk | |
| 304,971 | | |
| 316,744 | |
With Senior “A” guarantees and counter-guarantees | |
| 472 | | |
| 1,578 | |
With Senior “B” guarantees and counter-guarantees | |
| 15,617 | | |
| 13,948 | |
Without Senior guarantees or counter-guarantees | |
| 288,882 | | |
| 301,218 | |
| |
| | | |
| | |
Medium risk | |
| 237,752 | | |
| 206,596 | |
With Senior “A” guarantees and counter-guarantees | |
| 353 | | |
| 1,063 | |
With Senior “B” guarantees and counter-guarantees | |
| 11,223 | | |
| 6,047 | |
Without Senior guarantees or counter-guarantees | |
| 226,176 | | |
| 199,486 | |
| |
| | | |
| | |
High risk | |
| 188,008 | | |
| 124,120 | |
With Senior “A” guarantees and counter-guarantees | |
| 128 | | |
| 576 | |
With Senior “B” guarantees and counter-guarantees | |
| 5,355 | | |
| 4,859 | |
Without Senior guarantees or counter-guarantees | |
| 182,525 | | |
| 118,685 | |
| |
| | | |
| | |
Irrecoverable | |
| 94,259 | | |
| 62,241 | |
With Senior “B” guarantees and counter-guarantees | |
| 8,012 | | |
| 9,065 | |
Without Senior guarantees or counter-guarantees | |
| 86,247 | | |
| 53,176 | |
| |
| | | |
| | |
Irrecoverable according to Central Bank's rules | |
| 338 | | |
| 284 | |
Without Senior guarantees or counter-guarantees | |
| 338 | | |
| 284 | |
| |
| | | |
| | |
Subtotal Consumer | |
| 23,831,127 | | |
| 21,682,432 | |
Total | |
| 40,031,843 | | |
| 37,735,154 | |
Jorge H. Brito
Chairperson
EXHIBIT C
FINANCING-FACILITIES CONCENTRATION
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
Number of customers | |
Outstanding balance | | |
% of total portfolio | | |
Outstanding balance | | |
% of total portfolio | |
| |
| | |
| | |
| | |
| |
10 largest customers | |
| 2,758,159 | | |
| 6.89 | | |
| 2,321,319 | | |
| 6.15 | |
50 next largest customers | |
| 4,294,591 | | |
| 10.73 | | |
| 3,855,621 | | |
| 10.22 | |
100 next largest customers | |
| 2,900,368 | | |
| 7.25 | | |
| 2,724,057 | | |
| 7.22 | |
Other customers | |
| 30,078,725 | | |
| 75.13 | | |
| 28,834,157 | | |
| 76.41 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| 40,031,843 | | |
| 100.00 | | |
| 37,735,154 | | |
| 100.00 | |
Jorge H. Brito
Chairperson
EXHIBIT D
BREAKDOWN BY FINANCING TERMS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
Terms
remaining to maturity | | |
| |
Item | |
Matured | | |
Up
to 1 month | | |
Over
1 month and up to 3 months | | |
Over
3 months and up to 6 months | | |
Over
6 months and up to 12 months | | |
Over
12 months and up to 24 months | | |
Over
24 months | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Non-financial government sector | |
| 49 | | |
| 54,257 | | |
| 37,884 | | |
| 41,662 | | |
| 83,685 | | |
| 56,008 | | |
| 400,562 | | |
| 674,107 | |
Financial sector | |
| 2 | | |
| 141,913 | | |
| 11,058 | | |
| 12,497 | | |
| 34,119 | | |
| 102,883 | | |
| 14,637 | | |
| 317,109 | |
Non-financial private sector and foreign residents | |
| 444,099 | | |
| 13,790,381 | | |
| 4,337,463 | | |
| 3,699,978 | | |
| 3,778,606 | | |
| 5,724,683 | | |
| 7,265,417 | | |
| 39,040,627 | |
Total | |
| 444,150 | | |
| 13,986,551 | | |
| 4,386,405 | | |
| 3,754,137 | | |
| 3,896,410 | | |
| 5,883,574 | | |
| 7,680,616 | | |
| 40,031,843 | |
Jorge H. Brito
Chairperson
EXHIBIT E
DETAIL OF INVESTMENT IN OTHER COMPANIES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
| |
| | |
| | |
| | |
| | |
| | |
Information on the issuer |
| |
09/30/2014 | |
12/31/2013 | | |
Data
from latest financial statements |
Name | |
Class | |
Unit
face value | | |
Votes
per share | | |
Number | | |
Amount | | |
Amount | | |
Main business
activity | |
Period
/ Year-end date | | |
Capital
stock | | |
Shareholders'
equity | | |
Income
(loss) for the period / year | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
In financial institutions, supplementary and
authorized activities | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
- Subsidiaries | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
In Argentina | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Banco del Tucumán S.A. | |
Common | |
| 100 | | |
| 1 | | |
| 395,341 | | |
| 778,671 | | |
| 618,886 | | |
Financial institution | |
| 09-30-14 | | |
| 43,960 | | |
| 865,844 | | |
| 177,673 | |
Macro Securities S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 12,776,680 | | |
| 86,297 | | |
| 54,676 | | |
Brokerage house | |
| 09-30-14 | | |
| 12,886 | | |
| 83,641 | | |
| 29,059 | |
Macro Fiducia S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 6,475,143 | | |
| 16,925 | | |
| 12,714 | | |
Services | |
| 09-30-14 | | |
| 6,567 | | |
| 16,583 | | |
| 3,319 | |
Macro Fondos SGFCI S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 327,183 | | |
| 5,943 | | |
| 4,362 | | |
Mutual funds management | |
| 09-30-14 | | |
| 1,713 | | |
| 29,444 | | |
| 19,246 | |
Foreign | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Macro Bank Limited | |
Common | |
| 1 | | |
| 1 | | |
| 9,816,899 | | |
| 372,090 | | |
| 279,298 | | |
Financial institution | |
| 09-30-14 | | |
| 9,817 | | |
| 372,090 | | |
| 92,791 | |
Subtotal subsidiaries | |
| |
| | | |
| | | |
| | | |
| 1,259,926 | | |
| 969,936 | | |
| |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
- Non-subsidiaries | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
In Argentina | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Provincanje S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 600,000 | | |
| 603 | | |
| 603 | | |
Swap of securities | |
| 12-31-13 | | |
| 7,200 | | |
| 7,667 | | |
| 924 | |
Visa Argentina S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 1,141,503 | | |
| 3,554 | | |
| 3,554 | | |
Business services | |
| 05-31-14 | | |
| 15,000 | | |
| 356,378 | | |
| 295,046 | |
COEL S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 86,236 | | |
| 138 | | |
| 138 | | |
Financial Services | |
| 12-31-13 | | |
| 1,000 | | |
| 3,281 | | |
| 175 | |
ACH S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 110,500 | | |
| 196 | | |
| 196 | | |
Electronic information services | |
| 12-31-12 | | |
| 650 | | |
| 266 | | |
| (105 | ) |
Mercado Abierto Electrónico S.A. | |
Common | |
| 1,200 | | |
| 1 | | |
| 8 | | |
| 121 | | |
| 121 | | |
Electronic market | |
| 12-31-13 | | |
| 242 | | |
| 24,899 | | |
| 8,677 | |
Argentina Clearing S.A. | |
Common | |
| 2,500 | | |
| 1 | | |
| 30 | | |
| 31 | | |
| 31 | | |
Services | |
| 07-31-13 | | |
| 10,250 | | |
| 44,699 | | |
| 13,201 | |
Garantizar SGR | |
Common | |
| 1 | | |
| 1 | | |
| 10,000 | | |
| 10 | | |
| 10 | | |
Mutual guarantee association | |
| 12-31-13 | | |
| 18,578 | | |
| 905,856 | | |
| 24,217 | |
Banelco S.A. | |
| |
| | | |
| | | |
| | | |
| | | |
| 2,500 | | |
Network administration | |
| 12-31-13 | | |
| 23,599 | | |
| 102,351 | | |
| 39,720 | |
Foreign | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Banco Latinoamericano de Exportaciones S.A. | |
Common | |
| 10 | | |
| 1 | | |
| 7,303 | | |
| 667 | | |
| 514 | | |
Financial institution | |
| 12-31-13 | | |
| 1,824,910 | | |
| 5,592,131 | | |
| 552,420 | |
Banco Latinoamericano
de Exportaciones S.A. | |
Com "E" | |
| 1 | | |
| 1 | | |
| 3,729 | | |
| 496 | | |
| 382 | | |
Financial institution | |
| 12-31-13 | | |
| 1,824,910 | | |
| 5,592,131 | | |
| 552,420 | |
Subtotal non-subsidiaries | |
| |
| | | |
| | | |
| | | |
| 5,816 | | |
| 8,049 | | |
| |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Total in financial institutions, supplementary and
authorized activities | |
| |
| | | |
| | | |
| | | |
| 1,265,742 | | |
| 977,985 | | |
| |
| | | |
| | | |
| | | |
| | |
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
In other companies | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
- Non-subsidiaries
| |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
In Argentina | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
Other | |
| |
| | | |
| | | |
| | | |
| 1,704 | | |
| 1,551 | | |
| |
| | | |
| | | |
| | | |
| | |
Foreign | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| |
| | | |
| | | |
| | | |
| | |
SWIFT S.A. | |
Common | |
| 1 | | |
| 1 | | |
| 5 | | |
| 42 | | |
| 32 | | |
Services | |
| 12-31-13 | | |
| 2,342,902 | | |
| 2,925,690 | | |
| 186,418 | |
Total in other companies | |
| |
| | | |
| | | |
| | | |
| 1,746 | | |
| 1,583 | | |
| |
| | | |
| | | |
| | | |
| | |
Total (1) | |
| |
| | | |
| | | |
| | | |
| 1,267,488 | | |
| 979,568 | | |
| |
| | | |
| | | |
| | | |
| | |
(1) As of September 30, 2014 and December 31, 2013 the Bank
booked allowances for impairment in value amounting to 609 and 344, respectively (see Exhibit J).
Jorge H. Brito
Chairperson
EXHIBIT F
MOVEMENT OF BANK PREMISES AND EQUIPMENT
AND OTHER ASSETS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
Net book | | |
| | |
| | |
| | |
Depreciation for the period | | |
Net book | |
Item | |
value
at beginning of fiscal year | | |
Increases | | |
Transfers | | |
Decreases | | |
Years
of
useful
life | | |
Amount | | |
value at
end of the period | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Bank premises and equipment | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Buildings | |
| 375,089 | | |
| 43,440 | | |
| 42,081 | | |
| 170 | | |
| 50 | | |
| 13,032 | | |
| 447,408 | |
Furniture and facilities | |
| 86,216 | | |
| 23,066 | | |
| | | |
| | | |
| 10 | | |
| 10,280 | | |
| 99,002 | |
Machinery and equipment | |
| 173,736 | | |
| 120,533 | | |
| | | |
| | | |
| 5 | | |
| 54,643 | | |
| 239,626 | |
Vehicles | |
| 32,237 | | |
| 8,336 | | |
| | | |
| 469 | | |
| 5 | | |
| 10,583 | | |
| 29,521 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 667,278 | | |
| 195,375 | | |
| 42,081 | | |
| 639 | | |
| | | |
| 88,538 | | |
| 815,557 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other assets | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Works in progress | |
| 117,785 | | |
| 179,799 | | |
| (37,022 | ) | |
| | | |
| | | |
| | | |
| 260,562 | |
Works of art | |
| 1,170 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,170 | |
Prepayments for the purchase of assets | |
| 20,195 | | |
| 41,947 | | |
| (2,884 | ) | |
| | | |
| | | |
| | | |
| 59,258 | |
Foreclosed assets | |
| 8,908 | | |
| 106,234 | | |
| | | |
| 219 | | |
| 50 | | |
| 506 | | |
| 114,417 | |
Leased buildings | |
| 570 | | |
| | | |
| | | |
| | | |
| 50 | | |
| 1 | | |
| 569 | |
Stationery and office supplies | |
| 10,066 | | |
| 58,970 | | |
| | | |
| 44,385 | | |
| | | |
| | | |
| 24,651 | |
Other assets | |
| 200,937 | | |
| 5,779 | | |
| (2,175 | ) | |
| 8,291 | | |
| 50 | | |
| 955 | | |
| 195,295 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 359,631 | | |
| 392,729 | | |
| (42,081 | ) | |
| 52,895 | | |
| | | |
| 1,462 | | |
| 655,922 | |
Jorge H. Brito
Chairperson
EXHIBIT G
DETAIL OF INTANGIBLE ASSETS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
Net book | | |
| | |
Amortization for
the period | | |
Net book | |
Item | |
value at beginning
of fiscal year | | |
Increases | | |
Years of
useful
life | | |
Amount | | |
value at end
of the
period | |
| |
| | |
| | |
| | |
| | |
| |
Goodwill (a) | |
| 58,788 | | |
| | | |
| 10 | | |
| 10,539 | | |
| 48,249 | |
Organization and development costs (b) | |
| 271,729 | | |
| 129,734 | | |
| 5 | | |
| 81,567 | | |
| 319,926 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 330,517 | | |
| 129,734 | | |
| | | |
| 92,106 | | |
| 368,175 | |
| (a) | Related to the difference between the total price of the transaction
and the value by the equity method of Banco del Tucumán S.A., former Nuevo Banco
Bisel S.A. and former Banco Privado de Inversiones S.A. acquisitions. |
| (b) | Includes the cost of information technology projects hired from
independent parties and leasehold improvements. |
Jorge H. Brito
Chairperson
EXHIBIT H
DEPOSIT CONCENTRATION
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
Number of customers | |
Outstanding balance | | |
% of total portfolio | | |
Outstanding balance | | |
% of total portfolio | |
| |
| | |
| | |
| | |
| |
10 largest customers | |
| 6,321,384 | | |
| 13.62 | | |
| 3,926,242 | | |
| 10.16 | |
50 next largest customers | |
| 4,795,892 | | |
| 10.34 | | |
| 5,256,030 | | |
| 13.60 | |
100 next largest customers | |
| 2,615,793 | | |
| 5.64 | | |
| 2,457,322 | | |
| 6.36 | |
Other customers | |
| 32,665,724 | | |
| 70.40 | | |
| 27,007,610 | | |
| 69.88 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
| 46,398,793 | | |
| 100.00 | | |
| 38,647,204 | | |
| 100.00 | |
Jorge H. Brito
Chairperson
EXHIBIT I
BREAKDOWN OF DEPOSITS, OTHER LIABILITIES
FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
Terms
remaining to maturity | | |
| |
Item | |
Up
to 1 month | | |
Over
1 month and up to 3 months | | |
Over
3 months and up to 6 months | | |
Over
6 months and up to 12 months | | |
Over
12 months and up to 24
months | | |
Over
24 months | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| |
Deposits | |
| 39,458,353 | | |
| 6,117,281 | | |
| 656,559 | | |
| 157,203 | | |
| 8,770 | | |
| 627 | | |
| 46,398,793 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Other liabilities from financial intermediation | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Central Bank of Argentina | |
| 5,459 | | |
| 939 | | |
| 1,442 | | |
| 3,090 | | |
| 6,433 | | |
| 1,353 | | |
| 18,716 | |
Banks and International Institutions | |
| 201,344 | | |
| 6,894 | | |
| 3,621 | | |
| | | |
| | | |
| | | |
| 211,859 | |
Non-subordinated corporate bonds | |
| | | |
| | | |
| 12,545 | | |
| | | |
| | | |
| 900,559 | | |
| 913,104 | |
Financing received from Argentine financial
institutions | |
| 13,424 | | |
| 2,437 | | |
| 3,677 | | |
| 7,436 | | |
| 15,234 | | |
| 24,295 | | |
| 66,503 | |
Other | |
| 2,696,096 | | |
| 183,966 | | |
| 2,159 | | |
| 1,756 | | |
| 119 | | |
| 90,710 | | |
| 2,974,806 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| 2,916,323 | | |
| 194,236 | | |
| 23,444 | | |
| 12,282 | | |
| 21,786 | | |
| 1,016,917 | | |
| 4,184,988 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Subordinated corporate bonds | |
| | | |
| 35,074 | | |
| | | |
| | | |
| | | |
| 1,269,645 | | |
| 1,304,719 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 42,374,676 | | |
| 6,346,591 | | |
| 680,003 | | |
| 169,485 | | |
| 30,556 | | |
| 2,287,189 | | |
| 51,888,500 | |
Jorge H. Brito
Chairperson
EXHIBIT J
CHANGES IN ALLOWANCES AND PROVISIONS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
Balances at
beginning of | | |
Increases | | |
Decreases | | |
Balances
at
end
of the | |
Breakdown | |
fiscal
year | | |
(1) | | |
Charge
off | | |
Reversals | | |
period | |
ALLOWANCES | |
| | | |
| | | |
| | | |
| | | |
| | |
Loans | |
| | | |
| | | |
| | | |
| | | |
| | |
For uncollectibility risk and impairment in value | |
| 931,960 | | |
| 458,273 | | |
| 358,996 | | |
| 12,832 | | |
| 1,018,405 | |
Other receivables from financial intermediation | |
| | | |
| | | |
| | | |
| | | |
| | |
For uncollectibility risk and impairment in value | |
| 230,011 | | |
| 2,335 | | |
| 2,884 | | |
| 4 | | |
| 229,458 | |
Receivables from financial leases | |
| | | |
| | | |
| | | |
| | | |
| | |
For uncollectibility risk | |
| 4,945 | | |
| 690 | | |
| 938 | | |
| 622 | | |
| 4,075 | |
Investments in other companies | |
| | | |
| | | |
| | | |
| | | |
| | |
For impairment in value | |
| 344 | | |
| 306 | | |
| | | |
| 41 | | |
| 609 | |
Other receivables | |
| | | |
| | | |
| | | |
| | | |
| | |
For uncollectibility risk | |
| 6,742 | | |
| 1,185 | | |
| 399 | | |
| 334 | | |
| 7,194 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total allowances | |
| 1,174,002 | | |
| 462,789 | | |
| 363,217 | | |
| 13,833 | | |
| 1,259,741 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
PROVISIONS | |
| | | |
| | | |
| | | |
| | | |
| | |
Contingent commitments | |
| 4,806 | | |
| 63 | | |
| | | |
| 951 | | |
| 3,918 | |
For other contingencies | |
| 107,116 | | |
| 21,552 | | |
| 15,375 | | |
| 229 | | |
| 113,064 | |
Difference from court deposits dollarization | |
| 14,208 | | |
| 4,231 | | |
| 33 | | |
| 231 | | |
| 18,175 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total Provisions | |
| 126,130 | | |
| 25,846 | | |
| 15,408 | | |
| 1,411 | | |
| 135,157 | |
(1) See notes 3.5.g). and 3.5.n).
Jorge H. Brito
Chairperson
EXHIBIT K
CAPITAL STRUCTURE
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
Shares | |
Capital stock | |
| |
| | |
Votes per | | |
Issued | | |
Own | | |
| |
Class | |
Stock number | | |
share | | |
Outstanding | | |
Portfolio (1) | | |
Paid in | |
| |
| | |
| | |
| | |
| | |
| |
Registered common stock A | |
| 11,235,670 | | |
| 5 | | |
| 11,236 | | |
| | | |
| 11,236 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Registered common stock B | |
| 583,327,358 | | |
| 1 | | |
| 573,327 | | |
| 10,000 | | |
| 583,327 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 594,563,028 | | |
| | | |
| 584,563 | | |
| 10,000 | | |
| 594,563 | |
(1) See Note 9.
Jorge H. Brito
Chairperson
EXHIBIT L
FOREIGN CURRENCY BALANCES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
Total
Parent
company
and | | |
Total per
currency | | |
| |
Items | |
Argentine
branches | | |
US
dollar | | |
Pound
sterling | | |
Swiss
franc | | |
Danish
krone | | |
Canadian
dollar | | |
Australian
dollar | | |
Neozalen
dollar | | |
Yen | | |
Swedish
krone | | |
Norwegian
krone | | |
Uruguayans
peso | | |
Chilean
peso | | |
Guarani | | |
Real | | |
Euro | | |
Total | |
| |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| | |
| |
ASSETS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Cash | |
| 4,367,625 | | |
| 4,309,768 | | |
| 5,839 | | |
| 1,191 | | |
| 123 | | |
| 443 | | |
| 253 | | |
| 219 | | |
| 440 | | |
| 88 | | |
| 396 | | |
| 1,223 | | |
| 427 | | |
| 611 | | |
| 7,005 | | |
| 39,599 | | |
| 5,245,008 | |
Government and private securities | |
| 745,320 | | |
| 745,320 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 393,573 | |
Loans | |
| 1,986,752 | | |
| 1,986,752 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,876,819 | |
Other receivables from financial intermediation | |
| 501,882 | | |
| 497,393 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 4,489 | | |
| 281,830 | |
Receivables from financial leases | |
| 9,635 | | |
| 9,635 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 7,986 | |
Investments in other companies | |
| 373,295 | | |
| 373,295 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 280,226 | |
Other receivables | |
| 79,611 | | |
| 79,611 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 68,964 | |
Items pending allocation | |
| 1,328 | | |
| 1,328 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 988 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 8,065,448 | | |
| 8,003,102 | | |
| 5,839 | | |
| 1,191 | | |
| 123 | | |
| 443 | | |
| 253 | | |
| 219 | | |
| 440 | | |
| 88 | | |
| 396 | | |
| 1,223 | | |
| 427 | | |
| 611 | | |
| 7,005 | | |
| 44,088 | | |
| 8,155,394 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
LIABILITIES | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Deposits | |
| 2,772,910 | | |
| 2,772,910 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,461,071 | |
Other liabilities from financial intermediation | |
| 1,933,616 | | |
| 1,911,394 | | |
| 311 | | |
| 113 | | |
| | | |
| 365 | | |
| 17 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 21,416 | | |
| 1,785,933 | |
Other liabilities | |
| 3,047 | | |
| 3,047 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,346 | |
Subordinated corporate bonds | |
| 1,304,719 | | |
| 1,304,719 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 981,142 | |
Items pending allocation | |
| 1 | | |
| 1 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 77 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 6,014,293 | | |
| 5,992,071 | | |
| 311 | | |
| 113 | | |
| | | |
| 365 | | |
| 17 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 21,416 | | |
| 5,230,569 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
MEMORANDUM ACCOUNTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
DEBIT-BALANCE ACCOUNTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
(except contra debit-balance accounts) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Contingent | |
| 1,181,710 | | |
| 1,181,710 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 1,015,408 | |
Control | |
| 1,246,606 | | |
| 1,185,526 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 61,080 | | |
| 923,080 | |
Derivatives | |
| 8,670 | | |
| 8,670 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 6,676 | |
CREDIT-BALANCE ACCOUNTS | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
(except contra credit-balance accounts) | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Contingent | |
| 216,535 | | |
| 213,859 | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| 2,676 | | |
| 172,687 | |
Jorge H. Brito
Chairperson
EXHIBIT N
CREDIT ASSISTANCE TO RELATED PARTIES
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
Item | |
09/30/2014 (1) | | |
12/31/2013 (1) | |
| |
| | |
| |
Loans | |
| | | |
| | |
Overdrafts | |
| 19,087 | | |
| 59,980 | |
Without Senior guarantees or counter-guarantees | |
| 19,087 | | |
| 59,980 | |
Documents | |
| 35 | | |
| 4,150 | |
With Senior “A” guarantees and counter-guarantees | |
| 35 | | |
| 1,776 | |
Without Senior guarantees or counter-guarantees | |
| | | |
| 2,374 | |
Mortgage and pledge | |
| 9,269 | | |
| 11,568 | |
With Senior “B” guarantees and counter-guarantees | |
| 8,677 | | |
| 10,441 | |
Without Senior guarantees or counter-guarantees | |
| 592 | | |
| 1,127 | |
Personal | |
| 315 | | |
| 309 | |
Without Senior guarantees or counter-guarantees | |
| 315 | | |
| 309 | |
Credit cards | |
| 31,407 | | |
| 23,641 | |
Without Senior guarantees or counter-guarantees | |
| 31,407 | | |
| 23,641 | |
Other | |
| 188,491 | | |
| 64,396 | |
Without Senior guarantees or counter-guarantees | |
| 188,491 | | |
| 64,396 | |
Total loans | |
| 248,604 | | |
| 164,044 | |
| |
| | | |
| | |
Other receivables from financial intermediation | |
| | | |
| 2,072 | |
| |
| | | |
| | |
Receivables from financial leases and other | |
| 11,019 | | |
| 10,514 | |
| |
| | | |
| | |
Contingent Commitments | |
| 3,724 | | |
| 1,953 | |
| |
| | | |
| | |
Investments in other companies | |
| 1,260,400 | | |
| 970,411 | |
Total | |
| 1,523,747 | | |
| 1,148,994 | |
| |
| | | |
| | |
Provisions | |
| 3,046 | | |
| 1,910 | |
(1) As of September 30, 2014 and December 31, 2013 all debtors
are classified in performing situation.
Jorge H. Brito
Chairperson
EXHIBIT O
DERIVATIVE FINANCIAL INSTRUMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish - See Note 22)
(Figures stated in thousands of pesos)
| |
| |
| |
| |
| |
Originally | | |
| | |
Weighted
daily | | |
| |
| |
| |
| |
| |
| |
agreed | | |
Residual | | |
average
term | | |
| |
Type of | |
Purpose of the
transactions | |
Underlying | |
Type of | |
Negotiation environment | |
weighted
monthly | | |
weighted
monthly | | |
of
settlement of | | |
| |
contract | |
performed | |
asset | |
settlement | |
or
counter-party | |
average
term | | |
average
term | | |
differences | | |
Amount | |
| |
| |
| |
| |
| |
| | |
| | |
| | |
| |
Options | |
Intermediation - own account | |
Other | |
With delivery of underlying asset | |
Over The Counter - Residents
in Argentina - Non-financial sector | |
| 25 | | |
| 22 | | |
| | | |
| 117,368 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Repo transactions | |
Intermediation - own account | |
Federal government securities | |
With delivery of underlying asset | |
MAE (over-the-counter electronic market) | |
| 1 | | |
| 1 | | |
| | | |
| 409,512 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Futures | |
Intermediation - own account | |
Foreign currency | |
Daily settlement of differences | |
MAE (over-the-counter electronic market) | |
| 6 | | |
| 5 | | |
| 1 | | |
| 3,218,755 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Forward | |
Intermediation - own account | |
Foreign currency | |
Maturity settlement of differences | |
Over The Counter - Residents in Argentina
- Non-financial sector | |
| 6 | | |
| 5 | | |
| 30 | | |
| 1,818,365 | |
| |
| |
| |
| |
| |
| | | |
| | | |
| | | |
| | |
Swaps | |
Intermediation - own account | |
Other | |
Other | |
MAE (over-the-counter electronic market) | |
| 60 | | |
| 1 | | |
| 30 | | |
| 15,000 | |
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
12/31/2013 | |
ASSETS | |
| | | |
| | |
| |
| |
| | | |
| | |
A. | |
CASH | |
| | | |
| | |
| |
Cash on hand | |
| 3,667,224 | | |
| 3,232,931 | |
| |
Due from banks and correspondents | |
| | | |
| | |
| |
Central Bank of Argentina | |
| 7,042,513 | | |
| 8,937,649 | |
| |
Local Other | |
| 9,838 | | |
| 26,423 | |
| |
Foreign | |
| 1,455,748 | | |
| 663,118 | |
| |
Other | |
| 529 | | |
| 408 | |
| |
| |
| 12,175,852 | | |
| 12,860,529 | |
| |
| |
| | | |
| | |
B. | |
GOVERNMENT AND PRIVATE SECURITIES (Exhibit I) | |
| | | |
| | |
| |
Holdings booked at market value | |
| 3,339,107 | | |
| 1,928,841 | |
| |
Government securities under repo transactions with Central Bank of Argentina | |
| 84,474 | | |
| 88,928 | |
| |
Holdings booked at amortized cost | |
| 338,151 | | |
| 250,513 | |
| |
Instruments issued by the Central Bank of Argentina | |
| 9,420,972 | | |
| 173,031 | |
| |
Investments in listed private securities | |
| 253,310 | | |
| 3 | |
| |
| |
| 13,436,014 | | |
| 2,441,316 | |
| |
| |
| | | |
| | |
C. | |
LOANS | |
| | | |
| | |
| |
To the non-financial government sector | |
| 639,468 | | |
| 640,158 | |
| |
To the financial sector | |
| | | |
| | |
| |
Interfinancing - (granted call) | |
| 333,446 | | |
| 308,023 | |
| |
Other financing to Argentine financial institutions | |
| 67,912 | | |
| 55,711 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences receivable | |
| 373 | | |
| 1,163 | |
| |
To the non-financial private sector and foreign residents | |
| | | |
| | |
| |
Overdrafts | |
| 5,151,987 | | |
| 4,449,988 | |
| |
Documents | |
| 4,144,283 | | |
| 4,320,772 | |
| |
Mortgage loans | |
| 2,361,425 | | |
| 2,308,916 | |
| |
Pledge loans | |
| 1,688,259 | | |
| 1,429,414 | |
| |
Personal loans | |
| 15,040,498 | | |
| 13,873,830 | |
| |
Credit cards | |
| 7,447,447 | | |
| 6,841,356 | |
| |
Other | |
| 5,234,928 | | |
| 5,206,630 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences receivable | |
| 741,126 | | |
| 779,436 | |
| |
less: Unearned discount | |
| (150,594 | ) | |
| (186,547 | ) |
| |
less: Allowances (Note 4.) | |
| (1,113,818 | ) | |
| (1,006,495 | ) |
| |
| |
| 41,586,740 | | |
| 39,022,355 | |
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
12/31/2013 | |
D. | |
OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION | |
| | | |
| | |
| |
Central Bank of Argentina | |
| 752,791 | | |
| 648,015 | |
| |
Amounts receivable from spot and forward sales pending settlement | |
| 574,777 | | |
| 774,525 | |
| |
Securities and foreign currency receivables from spot and forward purchases pending settlement | |
| 330,501 | | |
| 208,774 | |
| |
Unlisted corporate bonds | |
| 305,161 | | |
| 270,690 | |
| |
Receivables from forward transactions without delivery of underlying asset | |
| 35,565 | | |
| 167 | |
| |
Other receivables not covered by debtors classification standards | |
| 585,194 | | |
| 763,238 | |
| |
Other receivables covered by debtors classification standards | |
| 306,181 | | |
| 246,284 | |
| |
Accrued interest receivables covered by debtors classification standards | |
| 168 | | |
| 846 | |
| |
less: Allowances (Note 4.) | |
| (231,369 | ) | |
| (232,290 | ) |
| |
| |
| 2,658,969 | | |
| 2,680,249 | |
| |
| |
| | | |
| | |
E. | |
RECEIVABLES FROM FINANCIAL LEASES | |
| | | |
| | |
| |
Receivables from financial leases | |
| 360,577 | | |
| 385,717 | |
| |
Accrued interest and adjustments | |
| 5,027 | | |
| 5,158 | |
| |
less: Allowances (Note 4.) | |
| (4,078 | ) | |
| (5,015 | ) |
| |
| |
| 361,526 | | |
| 385,860 | |
| |
| |
| | | |
| | |
F. | |
INVESTMENTS IN OTHER COMPANIES | |
| | | |
| | |
| |
In financial institutions | |
| 1,163 | | |
| 893 | |
| |
Other | |
| 11,547 | | |
| 13,883 | |
| |
less: Allowances (Note 4.) | |
| (1,566 | ) | |
| (1,330 | ) |
| |
| |
| 11,144 | | |
| 13,446 | |
| |
| |
| | | |
| | |
G. | |
OTHER RECEIVABLES | |
| | | |
| | |
| |
Receivables from sale of assets | |
| 5,190 | | |
| 6,116 | |
| |
Minimum presumed income tax-credit | |
| | | |
| 3,460 | |
| |
Other | |
| 547,785 | | |
| 432,289 | |
| |
Accrued interest and adjustments receivable on from sale of assets | |
| 227 | | |
| 235 | |
| |
Other accrued interest and adjustments receivable | |
| 23 | | |
| 172 | |
| |
less: Allowances (Note 4.) | |
| (7,382 | ) | |
| (6,929 | ) |
| |
| |
| 545,843 | | |
| 435,343 | |
| |
| |
| | | |
| | |
H. | |
BANK PREMISES AND EQUIPMENT, NET | |
| 889,422 | | |
| 735,663 | |
| |
| |
| | | |
| | |
I. | |
OTHER ASSETS | |
| 668,442 | | |
| 364,670 | |
| |
| |
| | | |
| | |
J. | |
INTANGIBLE ASSETS | |
| | | |
| | |
| |
Goodwill | |
| 48,249 | | |
| 58,788 | |
| |
Organization and development costs | |
| 337,226 | | |
| 285,191 | |
| |
| |
| 385,475 | | |
| 343,979 | |
| |
| |
| | | |
| | |
K. | |
ITEMS PENDING ALLOCATION | |
| 10,946 | | |
| 11,624 | |
| |
| |
| | | |
| | |
TOTAL ASSETS | |
| 72,730,373 | | |
| 59,295,034 | |
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
LIABILITIES |
09/30/2014 | | |
12/31/2013 | |
| |
| |
| | |
| |
L. | |
DEPOSITS | |
| | | |
| | |
| |
From the non-financial government sector | |
| 10,178,885 | | |
| 6,580,041 | |
| |
From the financial sector | |
| 29,205 | | |
| 26,874 | |
| |
From the non-financial private sector and foreign residents | |
| | | |
| | |
| |
Checking accounts | |
| 10,419,465 | | |
| 8,602,700 | |
| |
Savings accounts | |
| 9,262,136 | | |
| 8,440,709 | |
| |
Time deposits | |
| 21,574,593 | | |
| 18,416,520 | |
| |
Investment accounts | |
| 173,697 | | |
| 199,003 | |
| |
Other | |
| 1,127,051 | | |
| 878,032 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences payable | |
| 386,478 | | |
| 283,139 | |
| |
| |
| 53,151,510 | | |
| 43,427,018 | |
| |
| |
| | | |
| | |
M. | |
OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION | |
| | | |
| | |
| |
Central Bank of Argentina | |
| | | |
| | |
| |
Other | |
| 18,815 | | |
| 21,994 | |
| |
Banks and International Institutions | |
| 208,124 | | |
| 325,664 | |
| |
Non-subordinated Corporate Bonds | |
| 900,559 | | |
| 693,483 | |
| |
Amounts payable for spot and forward purchases pending settlement | |
| 409,925 | | |
| 241,942 | |
| |
Securities and foreign currency to be delivered under spot and forward sales pending settlement | |
| 607,712 | | |
| 863,570 | |
| |
Financing received from Argentine financial institutions | |
| 12,000 | | |
| | |
| |
Other financing received from Argentine financial institutions | |
| 21,757 | | |
| 25,159 | |
| |
Accrued interest payable | |
| | | |
| 96 | |
| |
Receivables from forward transactions without delivery of underlying asset | |
| | | |
| 27,867 | |
| |
Other | |
| 3,122,480 | | |
| 2,440,877 | |
| |
Accrued interest, adjustments, foreign exchange and quoted price differences payable | |
| 49,026 | | |
| 57,079 | |
| |
| |
| 5,350,398 | | |
| 4,697,731 | |
| |
| |
| | | |
| | |
N. | |
OTHER LIABILITIES | |
| | | |
| | |
| |
Fees | |
| 1,788 | | |
| 11,224 | |
| |
Other | |
| 1,737,480 | | |
| 1,314,477 | |
| |
| |
| 1,739,268 | | |
| 1,325,701 | |
| |
| |
| | | |
| | |
O. | |
PROVISIONS (Note
4.) | |
| 176,060 | | |
| 159,381 | |
| |
| |
| | | |
| | |
P. | |
SUBORDINATED CORPORATE BONDS | |
| 1,304,719 | | |
| 981,142 | |
| |
| |
| | | |
| | |
Q. | |
ITEMS PENDING ALLOCATION | |
| 4,111 | | |
| 7,128 | |
| |
| |
| | | |
| | |
| |
MINORITY INTERESTS IN SUBSIDIARIES | |
| 87,472 | | |
| 69,502 | |
| |
| |
| | | |
| | |
| |
TOTAL LIABILITIES | |
| 61,813,538 | | |
| 50,667,603 | |
| |
| |
| | | |
| | |
| |
SHAREHOLDERS' EQUITY | |
| 10,916,835 | | |
| 8,627,431 | |
| |
| |
| | | |
| | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY |
| 72,730,373 | | |
| 59,295,034 | |
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF SEPTEMBER 30, 2014 AND DECEMBER,
31 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
MEMORANDUM ACCOUNTS | |
| | | |
| | |
| |
| | | |
| | |
DEBIT-BALANCE ACCOUNTS | |
| 110,916,157 | | |
| 61,359,882 | |
Contingent | |
| 12,110,116 | | |
| 11,983,952 | |
Guarantees received | |
| 11,657,522 | | |
| 11,593,922 | |
Other not covered by debtors classification standards | |
| 139 | | |
| 167 | |
Contingent debit-balance contra accounts | |
| 452,455 | | |
| 389,863 | |
| |
| | | |
| | |
Control | |
| 93,203,001 | | |
| 43,775,080 | |
Receivables classified as irrecoverable | |
| 1,522,240 | | |
| 1,256,611 | |
Other | |
| 90,958,413 | | |
| 41,803,691 | |
Control debit-balance contra accounts | |
| 722,348 | | |
| 714,778 | |
| |
| | | |
| | |
Derivatives | |
| 5,169,488 | | |
| 5,083,287 | |
Notional value of put options taken | |
| 8,670 | | |
| 6,676 | |
Notional value of forward transactions without delivery of underlying asset | |
| 2,628,882 | | |
| 2,916,785 | |
Interest rate swap | |
| 15,000 | | |
| 50,000 | |
Derivatives debit-balance contra accounts | |
| 2,516,936 | | |
| 2,109,826 | |
| |
| | | |
| | |
Trust activity | |
| 433,552 | | |
| 517,563 | |
Trust funds | |
| 433,552 | | |
| 517,563 | |
| |
| | | |
| | |
CREDIT-BALANCE ACCOUNTS | |
| 110,916,157 | | |
| 61,359,882 | |
| |
| | | |
| | |
Contingent | |
| 12,110,116 | | |
| 11,983,952 | |
Other guarantees provided covered by debtors classification standards | |
| 114,316 | | |
| 129,681 | |
Other guarantees provided not covered by debtors classification standards | |
| 148,410 | | |
| 151,489 | |
Other covered by debtors classification standards | |
| 189,729 | | |
| 108,693 | |
Contingent credit-balance contra accounts | |
| 11,657,661 | | |
| 11,594,089 | |
| |
| | | |
| | |
Control | |
| 93,203,001 | | |
| 43,775,080 | |
Checks to be credited | |
| 722,348 | | |
| 714,778 | |
Control credit-balance contra accounts | |
| 92,480,653 | | |
| 43,060,302 | |
| |
| | | |
| | |
Derivatives | |
| 5,169,488 | | |
| 5,083,287 | |
Notional value of call options sold | |
| 108,698 | | |
| | |
Notional value of forward transactions without delivery of underlying asset | |
| 2,408,238 | | |
| 2,109,826 | |
Derivatives credit-balance contra account | |
| 2,652,552 | | |
| 2,973,461 | |
| |
| | | |
| | |
Trust activity | |
| 433,552 | | |
| 517,563 | |
Trust activity credit-balance contra accounts | |
| 433,552 | | |
| 517,563 | |
The accompanying Notes 1 through 7 to the consolidated
financial statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial
statements of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
09/30/2013 | |
| |
| |
| | |
| |
A. | |
FINANCIAL INCOME | |
| | | |
| | |
| |
Interest on cash and due from banks | |
| 92 | | |
| 181 | |
| |
Interest on loans to the financial sector | |
| 51,715 | | |
| 34,816 | |
| |
Interest on overdrafts | |
| 1,044,767 | | |
| 747,047 | |
| |
Interest on documents | |
| 708,220 | | |
| 451,713 | |
| |
Interest on mortgage loans | |
| 359,548 | | |
| 233,931 | |
| |
Interest on pledge loans | |
| 194,549 | | |
| 138,461 | |
| |
Interest on credit card loans | |
| 1,371,829 | | |
| 706,167 | |
| |
Interest on financial leases | |
| 58,569 | | |
| 49,988 | |
| |
Interest on other loans | |
| 4,529,165 | | |
| 3,416,742 | |
| |
Net income from government and private securities | |
| 1,599,279 | | |
| 313,158 | |
| |
Interest on other receivables from financial intermediation | |
| 2,096 | | |
| 2,247 | |
| |
Income from guaranteed loans - Presidential Decree No. 1,387/01 | |
| 33,252 | | |
| 16,543 | |
| |
CER (Benchmark Stabilization Coefficient) adjustment | |
| 68,086 | | |
| 23,179 | |
| |
CVS (Salary Variation Coefficient) adjustment | |
| 542 | | |
| 489 | |
| |
Difference in quoted prices of gold and foreign currency | |
| 796,032 | | |
| 465,537 | |
| |
Other | |
| 322,060 | | |
| 165,632 | |
| |
| |
| 11,139,801 | | |
| 6,765,831 | |
| |
| |
| | | |
| | |
B. | |
FINANCIAL EXPENSE | |
| | | |
| | |
| |
Interest on checking accounts | |
| 486 | | |
| 327 | |
| |
Interest on savings accounts | |
| 35,656 | | |
| 30,873 | |
| |
Interest on time deposits | |
| 3,822,202 | | |
| 2,165,752 | |
| |
Interest on interfinancing received loans (received call) | |
| 319 | | |
| 2,873 | |
| |
Interest on other financing from financial institutions | |
| 16 | | |
| 7 | |
| |
Interest on other liabilities from financial intermediation | |
| 69,539 | | |
| 44,711 | |
| |
Interest on subordinated bonds | |
| 88,886 | | |
| 58,210 | |
| |
Other interest | |
| 2,372 | | |
| 2,513 | |
| |
CER adjustment | |
| 7,732 | | |
| 3,207 | |
| |
Contribution to Deposit Guarantee Fund | |
| 60,776 | | |
| 49,753 | |
| |
Other | |
| 744,441 | | |
| 493,927 | |
| |
| |
| 4,832,425 | | |
| 2,852,153 | |
| |
| |
| | | |
| | |
| |
GROSS INTERMEDIATION MARGIN - GAIN | |
| 6,307,376 | | |
| 3,913,678 | |
| |
| |
| | | |
| | |
C. | |
PROVISION FOR LOAN LOSSES | |
| 450,483 | | |
| 381,478 | |
| |
| |
| | | |
| | |
D. | |
SERVICE-CHARGE INCOME | |
| | | |
| | |
| |
Related to lending transactions | |
| 63,371 | | |
| 125,975 | |
| |
Related to deposits | |
| 2,051,054 | | |
| 1,482,723 | |
| |
Other commissions | |
| 54,492 | | |
| 36,936 | |
| |
Other | |
| 1,202,939 | | |
| 851,860 | |
| |
| |
| 3,371,856 | | |
| 2,497,494 | |
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF INCOME
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
| |
09/30/2014 | | |
09/30/2013 | |
| |
| |
| | |
| |
E. | |
SERVICE-CHARGE EXPENSE | |
| | | |
| | |
| |
Commissions | |
| 207,260 | | |
| 150,618 | |
| |
Other | |
| 654,756 | | |
| 540,220 | |
| |
| |
| 862,016 | | |
| 690,838 | |
| |
| |
| | | |
| | |
F. | |
ADMINISTRATIVE EXPENSES | |
| | | |
| | |
| |
Personnel expenses | |
| 2,260,918 | | |
| 1,710,729 | |
| |
Directors' and statutory auditors' fees | |
| 141,616 | | |
| 70,585 | |
| |
Other professional fees | |
| 134,851 | | |
| 101,808 | |
| |
Advertising and publicity | |
| 79,645 | | |
| 89,392 | |
| |
Taxes | |
| 235,696 | | |
| 158,480 | |
| |
Depreciation of equipment | |
| 95,421 | | |
| 72,173 | |
| |
Amortization of organization costs | |
| 89,027 | | |
| 63,411 | |
| |
Other operating expenses | |
| 587,060 | | |
| 432,725 | |
| |
Other | |
| 309,178 | | |
| 211,257 | |
| |
| |
| 3,933,412 | | |
| 2,910,560 | |
| |
| |
| | | |
| | |
| |
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN | |
| 4,433,321 | | |
| 2,428,296 | |
| |
| |
| | | |
| | |
G. | |
OTHER INCOME | |
| | | |
| | |
| |
Income from long-term investments | |
| 48,132 | | |
| 22,112 | |
| |
Penalty interest | |
| 46,972 | | |
| 30,554 | |
| |
Recovered loans and allowances reversed | |
| 82,938 | | |
| 82,454 | |
| |
CER adjustments | |
| 86 | | |
| 48 | |
| |
Others | |
| 92,727 | | |
| 60,402 | |
| |
| |
| 270,855 | | |
| 195,570 | |
| |
| |
| | | |
| | |
H. | |
OTHER EXPENSE | |
| | | |
| | |
| |
Penalty interest and charges payable to the Central Bank of Argentina | |
| 1,443 | | |
| 22 | |
| |
Charges for other receivables uncollectibility and other allowances | |
| 34,440 | | |
| 41,483 | |
| |
Depreciation and loss of other assets | |
| 2,345 | | |
| 2,508 | |
| |
Goodwill amortization | |
| 10,539 | | |
| 10,539 | |
| |
Other | |
| 86,331 | | |
| 61,388 | |
| |
| |
| 135,098 | | |
| 115,940 | |
| |
| |
| | | |
| | |
| |
MINORITY INTEREST IN SUBSIDIARIES | |
| (17,963 | ) | |
| (12,693 | ) |
| |
| |
| | | |
| | |
| |
| |
| | | |
| | |
| |
NET INCOME BEFORE INCOME TAX - GAIN | |
| 4,551,115 | | |
| 2,495,233 | |
| |
| |
| | | |
| | |
I. | |
INCOME TAX | |
| 1,646,566 | | |
| 1,005,048 | |
| |
| |
| | | |
| | |
| |
NET INCOME FOR THE PERIOD - GAIN | |
| 2,904,549 | | |
| 1,490,185 | |
The accompanying Notes 1 through 7 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
09/30/2013 | |
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.) | |
| | | |
| | |
Cash at the beginning of the fiscal year | |
| 13,512,271 | | |
| 10,526,353 | |
Cash at the end of the period | |
| 14,024,523 | | |
| 10,000,371 | |
Net increase (decrease) in cash | |
| 512,252 | | |
| (525,982 | ) |
| |
| | | |
| | |
CAUSES OF CHANGES IN CASH | |
| | | |
| | |
| |
| | | |
| | |
Operating activities | |
| | | |
| | |
Net collections / (payments) for: | |
| | | |
| | |
Government and private securities | |
| (8,925,072 | ) | |
| (284,209 | ) |
Loans | |
| | | |
| | |
To the financial sector | |
| 14,881 | | |
| (179,282 | ) |
To the non-financial government sector | |
| 100,888 | | |
| 33,441 | |
To the non-financial private sector and foreign residents | |
| 5,158,199 | | |
| 92,759 | |
Other receivables from financial intermediation | |
| 571,686 | | |
| (1,501,048 | ) |
Receivables from financial leases | |
| 82,835 | | |
| (3,586 | ) |
Deposits | |
| | | |
| | |
From the financial sector | |
| 2,331 | | |
| (3,342 | ) |
From the non-financial government sector | |
| 3,028,866 | | |
| (696,884 | ) |
From the non-financial private sector and foreign residents | |
| 2,772,777 | | |
| 4,037,515 | |
Other liabilities from financial intermediation | |
| | | |
| | |
Financing facilities from the financial sector (received calls) | |
| 11,585 | | |
| (43,400 | ) |
Others (except liabilities included under financing activities) | |
| 831,869 | | |
| (6,774 | ) |
Collections related to service-charge income | |
| 3,364,405 | | |
| 2,481,198 | |
Payments related to service-charge expenses | |
| (838,977 | ) | |
| (663,213 | ) |
Administrative expenses paid | |
| (3,697,197 | ) | |
| (2,721,432 | ) |
Payment of organization and development costs | |
| (141,062 | ) | |
| (105,823 | ) |
Net collections from penalty interest | |
| 46,971 | | |
| 30,533 | |
Differences from payments related to court orders | |
| (3,540 | ) | |
| (5,377 | ) |
Collections of dividends from other companies | |
| 27,597 | | |
| | |
Other collections related to other income and losses | |
| 73,931 | | |
| 54,310 | |
Net payments from other operating activities | |
| (1,163,617 | ) | |
| (536,089 | ) |
Payment of income tax / minimum presumed income tax | |
| (1,305,425 | ) | |
| (703,758 | ) |
Net cash flows generated in (used in) operating activities | |
| 13,931 | | |
| (724,461 | ) |
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
09/30/2013 | |
Investing activities | |
| | | |
| | |
Net payments for bank premises and equipment | |
| (198,394 | ) | |
| (122,442 | ) |
Net payments for other assets | |
| (244,822 | ) | |
| (73,428 | ) |
Collections from sales of investment in others companies | |
| 11,126 | | |
| | |
Other collections for investing activities | |
| | | |
| 3,853 | |
Net cash flows used in investing activities | |
| (432,090 | ) | |
| (192,017 | ) |
| |
| | | |
| | |
Financing activities | |
| | | |
| | |
Net collections / (payments) for: | |
| | | |
| | |
Non-subordinated corporate bonds | |
| (73,443 | ) | |
| (47,483 | ) |
Central Bank of Argentina: | |
| | | |
| | |
Other | |
| (4,204 | ) | |
| (1,071 | ) |
Banks and International Institutions | |
| (126,544 | ) | |
| (244,091 | ) |
Subordinated corporate bonds | |
| (59,460 | ) | |
| (39,093 | ) |
Financing received from Argentine financial institutions | |
| (2,694 | ) | |
| 12,349 | |
Payment of dividends | |
| (598,486 | ) | |
| (19 | ) |
Net cash flows used in financing activities | |
| (864,831 | ) | |
| (319,408 | ) |
| |
| | | |
| | |
Financial income and holding gains on cash and cash equivalents | |
| 1,795,242 | | |
| 709,904 | |
| |
| | | |
| | |
Net increase (decrease) in cash | |
| 512,252 | | |
| (525,982 | ) |
The accompanying Notes 1 through 7 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
COMMERCIAL | |
| | | |
| | |
| |
| | | |
| | |
In normal situation | |
| 16,586,224 | | |
| 16,157,610 | |
With Senior “A” guarantees and counter-guarantees | |
| 1,114,184 | | |
| 1,054,102 | |
With Senior “B” guarantees and counter-guarantees | |
| 2,739,698 | | |
| 2,991,706 | |
Without Senior guarantees or counter-guarantees | |
| 12,732,342 | | |
| 12,111,802 | |
| |
| | | |
| | |
Subject to special monitoring | |
| 102,516 | | |
| 102,511 | |
In observation | |
| | | |
| | |
With Senior “A” guarantees and counter-guarantees | |
| | | |
| 1,993 | |
With Senior “B” guarantees and counter-guarantees | |
| 37,389 | | |
| 35,970 | |
Without Senior guarantees or counter-guarantees | |
| 65,127 | | |
| 64,548 | |
| |
| | | |
| | |
Troubled | |
| 13,044 | | |
| 22,650 | |
With Senior “B” guarantees and counter-guarantees | |
| 5,332 | | |
| 13,060 | |
Without Senior guarantees or counter-guarantees | |
| 7,712 | | |
| 9,590 | |
| |
| | | |
| | |
With high risk of insolvency | |
| 220,043 | | |
| 222,106 | |
With Senior “A” guarantees and counter-guarantees | |
| 1,197 | | |
| | |
With Senior “B” guarantees and counter-guarantees | |
| 135,631 | | |
| 75,006 | |
Without Senior guarantees or counter-guarantees | |
| 83,215 | | |
| 147,100 | |
| |
| | | |
| | |
Irrecoverable | |
| 1,945 | | |
| 8,385 | |
With Senior “B” guarantees and counter-guarantees | |
| | | |
| 3,729 | |
Without Senior guarantees or counter-guarantees | |
| 1,945 | | |
| 4,656 | |
Subtotal Commercial | |
| 16,923,772 | | |
| 16,513,262 | |
Jorge H. Brito
Chairperson
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
FOR THE NINE-MONTH PERIODS ENDED SEPTEMBER
30, 2014 AND 2013
(Translation of financial statements originally
issued in Spanish -
See Note 22 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
| |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
CONSUMER | |
| | | |
| | |
| |
| | | |
| | |
Performing | |
| 26,144,830 | | |
| 23,892,347 | |
With Senior “A” guarantees and counter-guarantees | |
| 484,545 | | |
| 315,925 | |
With Senior “B” guarantees and counter-guarantees | |
| 2,128,759 | | |
| 1,713,576 | |
Without Senior guarantees or counter-guarantees | |
| 23,531,526 | | |
| 21,862,846 | |
| |
| | | |
| | |
Low risk | |
| 337,781 | | |
| 341,018 | |
With Senior “A” guarantees and counter-guarantees | |
| 472 | | |
| 1,683 | |
With Senior “B” guarantees and counter-guarantees | |
| 17,496 | | |
| 16,884 | |
Without Senior guarantees or counter-guarantees | |
| 319,813 | | |
| 322,451 | |
| |
| | | |
| | |
Medium risk | |
| 264,139 | | |
| 225,864 | |
With Senior “A” guarantees and counter-guarantees | |
| 353 | | |
| 1,185 | |
With Senior “B” guarantees and counter-guarantees | |
| 12,223 | | |
| 7,137 | |
Without Senior guarantees or counter-guarantees | |
| 251,563 | | |
| 217,542 | |
| |
| | | |
| | |
High risk | |
| 216,858 | | |
| 144,006 | |
With Senior “A” guarantees and counter-guarantees | |
| 128 | | |
| 576 | |
With Senior “B” guarantees and counter-guarantees | |
| 6,595 | | |
| 5,013 | |
Without Senior guarantees or counter-guarantees | |
| 210,135 | | |
| 138,417 | |
| |
| | | |
| | |
Irrecoverable | |
| 99,413 | | |
| 65,486 | |
With Senior “B” guarantees and counter-guarantees | |
| 8,560 | | |
| 9,218 | |
Without Senior guarantees or counter-guarantees | |
| 90,853 | | |
| 56,268 | |
| |
| | | |
| | |
Irrecoverable according to Central Bank's rules | |
| 341 | | |
| 287 | |
Without Senior guarantees or counter-guarantees | |
| 341 | | |
| 287 | |
| |
| | | |
| | |
Subtotal Consumer | |
| 27,063,362 | | |
| 24,669,008 | |
Total | |
| 43,987,134 | | |
| 41,182,270 | |
The accompanying Notes 1 through 7 to the consolidated financial
statements and Exhibit I are an integral part of these financial statements, which are part of the stand-alone financial statements
of Banco Macro S.A. and should be read together with them.
Jorge H. Brito
Chairperson
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| 1. | SIGNIFICANT ACCOUNTING POLICIES
AND SUBSIDIARIES |
| 1.1. | Valuation and disclosure criteria: |
According to the procedures
provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and FACPCE TR No. 21, the Bank has
consolidated line-by-line (i) its balance sheets as of September 30, 2014 and December 31, 2013 and (ii) the statements of income
and cash flows for the nine-month periods ended September 30, 2014 and 2013, with the financial statements as of each respective
date, of the subsidiaries listed in Note 1.2.
The financial statements of
the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial
statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures,
as explained in Note 3. to the Bank’s stand-alone financial statements.
The receivables/payables and
transactions between the companies were eliminated in the consolidation process.
| 1.2. | List of subsidiaries: |
The table below shows the
treatment given to the equity interests that Banco Macro S.A. holds in subsidiaries (percentage of equity interest and votes held
directly or indirectly as of September 30, 2014):
| |
Banco Macro S.A.’s direct equity interest | |
Banco Macro S.A.’s direct and indirect equity interest | |
| |
Shares | |
Percentage of | | |
Percentage of | |
Company | |
Type | |
Number | | |
Capital stock | | |
Possible votes | | |
Capital stock | | |
Possible votes | |
| |
| |
| | |
| | |
| | |
| | |
| |
Banco del Tucumán S.A. | |
Common | |
| 395,341 | | |
| 89.932 | % | |
| 89.932 | % | |
| 89.932 | % | |
| 89.932 | % |
Macro Bank Limited (a) | |
Common | |
| 9,816,899 | | |
| 99.999 | % | |
| 99.999 | % | |
| 99.999 | % | |
| 100.00 | % |
Macro Securities S.A. (b) and (c) | |
Common | |
| 12,776,680 | | |
| 99.154 | % | |
| 99.154 | % | |
| 99.921 | % | |
| 99.932 | % |
Macro Fiducia S.A. | |
Common | |
| 6,475,143 | | |
| 98.605 | % | |
| 98.605 | % | |
| 98.605 | % | |
| 98.605 | % |
Macro Fondos SGFCI S.A. | |
Common | |
| 327,183 | | |
| 19.100 | % | |
| 19.100 | % | |
| 99.936 | % | |
| 100.00 | % |
| (a) | Consolidated with Sud Asesores
(ROU) S.A. (voting rights: 100%, equity interest: 2,023). |
| (c) | Consolidated with Macro Fondos SGFCI S.A. (percentage
of capital stock and votes 80.90%). |
| (d) | The indirect equity interest of Banco Macro S.A. comes
from Macro Fiducia S.A. |
| 1.3. | Methods of incorporating foreign subsidiaries: |
The financial statements of
Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated
into pesos following the procedures indicated below:
| a) | Assets and liabilities were
converted at the reference exchange rate at the closing of transactions on the last business
day of the nine-month period ended September 30, 2014, and the year ended December 31,
2013. |
| b) | Figures related to the owners’
contributions (capital stock, additional paid-in capital and irrevocable capital contributions)
were translated applying the effective exchange rates as of the date on which such contributions
were paid in. |
| c) | Retained earnings were estimated
by the difference between assets, liabilities and owners’ contributions, translated
into pesos, as indicated above. |
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| d) | The amounts of the accounts
in the statements of income for the nine-month periods ended September 30, 2014 and 2013,
were converted into pesos, as described in (a) above, In both cases, the difference between
the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference
between retained earnings at beginning of fiscal year and retained earnings at period)
was recorded in “Other income – Income from long-term investments”
and “Financial income – Difference in quoted prices of gold and foreign currency”
or “Financial expense – Difference in quoted prices of gold and foreign currency”,
as the case may be, in the stand-alone and consolidated financial statements, respectively. |
The main figures included
in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU)
S.A.) as of September 30, 2014, considering the translation process mentioned above are as follows:
| |
Macro Bank Limited | |
| |
In thousands of USD | | |
In thousands of Ps. | |
| |
| | |
| |
Assets | |
| 251,882 | | |
| 2,132,007 | |
| |
| | | |
| | |
Liabilities | |
| 207,922 | | |
| 1,759,917 | |
| |
| | | |
| | |
Shareholders’ equity | |
| 43,960 | | |
| 372,090 | |
| 1.4. | The table below shows total assets,
liabilities, shareholders’ equity and income (loss) of Banco Macro S.A. and each
of its subsidiaries as of September 30, 2014: |
| |
Banco Macro S.A. | | |
Banco del
Tucumán S.A. | | |
Macro Bank Limited (1) | | |
Other subsidiaries (2) | | |
Eliminations | | |
Banco Macro S.A. (consolidated) | |
| |
| | |
| | |
| | |
| | |
| | |
| |
Assets | |
| 65,362,504 | | |
| 6,324,597 | | |
| 2,132,007 | | |
| 413,013 | | |
| 1,501,748 | | |
| 72,730,373 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Liabilities | |
| 54,445,669 | | |
| 5,458,753 | | |
| 1,759,917 | | |
| 308,815 | | |
| 159,616 | | |
| 61,813,538 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Shareholders’ equity | |
| 10,916,835 | | |
| 865,844 | | |
| 372,090 | | |
| 104,198 | | |
| 1,342,132 | | |
| 10,916,835 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Income | |
| 2,904,549 | | |
| 177,673 | | |
| 92,791 | | |
| 35,330 | | |
| 305,794 | | |
| 2,904,549 | |
(1) Figures related to
Macro Bank Limited consolidated with Sud Asesores (ROU) S.A.
| (2) | Figures related to the subsidiaries
Macro Securities S.A., (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes
de Inversión S.A.) and Macro Fiducia S.A. |
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| 1.5. | Statement of cash flows and cash
equivalents |
The Bank and its subsidiaries
consider “Cash and cash equivalents” to be the Cash account and Government and investments which mature less than
90 days since their date of acquisition/constitution, Below is a breakdown of the reconciliation of the “Cash” item
in the consolidated statement of cash flows with the related consolidated balance sheets accounts:
| |
09/30/2014 | | |
12/31/2013 | | |
09/30/2013 | |
| |
| | |
| | |
| |
Cash | |
| 12,175,852 | | |
| 12,860,529 | | |
| 9,449,556 | |
| |
| | | |
| | | |
| | |
Government and private securities | |
| | | |
| | | |
| | |
Holdings booked at market value | |
| 829,494 | | |
| 638,762 | | |
| 503,860 | |
Instruments issued by the Central Bank | |
| 841,377 | | |
| 12,980 | | |
| 46,955 | |
Other receivables for financial intermediation | |
| | | |
| | | |
| | |
Term placements | |
| 177,800 | | |
| | | |
| | |
Cash and cash equivalents | |
| 14,024,523 | | |
| 13,512,271 | | |
| 10,000,371 | |
In addition, to the assets
broken down in Note 7. to the stand-alone financial statements, certain assets are restricted as follows:
| |
Item | |
09/30/2014 | | |
12/31/2013 | |
| |
| |
| | |
| |
3.1. | |
Banco del Tucumán S.A.: | |
| | | |
| | |
| |
| |
| | | |
| | |
| |
Government and Private securities | |
| | | |
| | |
| |
| |
| | | |
| | |
| |
• Secured
bonds in pesos under Presidential Decree N° 1579/2002, maturity 2018, for the minimum amount required to perform as an
Agent in the new categories provided by CNV General Resolution No. 622/2013 | |
| 8,388 | | |
| | |
| |
Subtotal Government and Private securities | |
| 8,388 | | |
| | |
| |
| |
| | | |
| | |
| |
Other receivables from financial intermediation | |
| | | |
| | |
| |
• Special
guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar
entities | |
| 89,278 | | |
| 71,136 | |
| |
Subtotal other receivables from financial intermediation | |
| 89,278 | | |
| 71,136 | |
| |
| |
| | | |
| | |
| |
Other receivables | |
| | | |
| | |
| |
• Deposits
mainly provided in guarantee for the credit card transaction and related to court deposits. | |
| 9,362 | | |
| 8,175 | |
| |
Subtotal other receivables | |
| 9,362 | | |
| 8,175 | |
| |
| |
| | | |
| | |
| |
Total | |
| 107,028 | | |
| 79,311 | |
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| |
Item | |
09/30/2014 | | |
12/31/2013 | |
| |
| |
| | |
| |
3.2. | |
Macro Securities S.A.: | |
| | | |
| | |
| |
| |
| | | |
| | |
| |
Investments in other companies | |
| | | |
| | |
| |
| |
| | | |
| | |
| |
• Other | |
| 1,453 | | |
| 1,453 | |
| |
Total | |
| 1,453 | | |
| 1,453 | |
| 3. | TRANSACTIONS WITH RELATED
PARTIES |
In relation to the transactions
performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and
in addition to those described in Note 8. to the stand-alone financial statements, the consolidated financial statements as of
September 30, 2014 and December 31, 2013, include assets amounted to 27,215 and 80,055, generated by Loans; liabilities amounted
to 1,031,595 and 494,816 generated by Deposits; and memorandum accounts amounted to 1,479,598 and 537,998, mainly generated by
Items in custody, respectively.
Additionally, as of September
30, 2014 and 2013, net income generated by those transactions amounted to 1,229 and 6,923, respectively.
Lastly, the balances as of
those dates for transactions between Macro Group companies amounted to 527 and 472, respectively. Net income from those transactions
for the periods ended December 31, 2014 and 2013 amount to 5 and 3, respectively. Both balances and income were eliminated in
the consolidation process.
| 4. | CHANGES IN ALLOWANCES AND
PROVISIONS |
The following are the changes
in the Bank’s allowances and provisions consolidated with its subsidiaries as of September 30, 2014:
| |
Balances at beginning of fiscal | | |
| | |
Decreases | | |
Balances at
end of the | |
Breakdown | |
year | | |
Increases | | |
Charge off | | |
Reversals | | |
period | |
| |
| | |
| | |
| | |
| | |
| |
Allowances | |
| | | |
| | | |
| | | |
| | | |
| | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For loans | |
| 1,006,495 | | |
| 499,987 | | |
| 379,392 | | |
| 13,272 | | |
| 1,113,818 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For other receivables from financial intermediation | |
| 232,290 | | |
| 2,960 | | |
| 2,905 | | |
| 976 | | |
| 231,369 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For receivables from financial leases | |
| 5,015 | | |
| 695 | | |
| 938 | | |
| 694 | | |
| 4,078 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For interests in other companies | |
| 1,330 | | |
| 319 | | |
| | | |
| 83 | | |
| 1,566 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For other receivables | |
| 6,929 | | |
| 1,229 | | |
| 438 | | |
| 338 | | |
| 7,382 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 1,252,059 | | |
| 505,190 | | |
| 383,673 | | |
| 15,363 | | |
| 1,358,213 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For contingent commitments | |
| 4,806 | | |
| 63 | | |
| | | |
| 951 | | |
| 3,918 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For other contingencies | |
| 131,274 | | |
| 26,276 | | |
| 15,796 | | |
| 229 | | |
| 141,525 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
For differences from
court deposits dollarization | |
| 23,301 | | |
| 7,580 | | |
| 33 | | |
| 231 | | |
| 30,617 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Total | |
| 159,381 | | |
| 33,919 | | |
| 15,829 | | |
| 1,411 | | |
| 176,060 | |
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| 5. | DERIVATIVE FINANCIAL INSTRUMENTS |
Below is a breakdown of the
volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its
subsidiaries, which are effective as of September 30, 2014 and December 31, 2013:
Type of contract / underlying asset | |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
Futures / foreign currency | |
| 3,218,755 | | |
| 4,591,016 | |
| |
| | | |
| | |
Repo transactions / Federal Government Securities | |
| 505,840 | | |
| 841,502 | |
| |
| | | |
| | |
Forward contracts / foreign currency | |
| 1,818,365 | | |
| 435,595 | |
| |
| | | |
| | |
Swaps / Other | |
| 15,000 | | |
| 50,000 | |
| |
| | | |
| | |
Options / Other | |
| 117,368 | | |
| 6,676 | |
Additionally, positions
of transactions effective as of September 30, 2014 and December 31, 2013 are as follows:
Transaction | |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
Net position of repurchase agreements | |
| (381,472 | ) | |
| (515,602 | ) |
| |
| | | |
| | |
Net asset position of forward transactions without delivery of the underlying asset | |
| 220,644 | | |
| 806,959 | |
| |
| | | |
| | |
Interest rate swap | |
| 15,000 | | |
| 50,000 | |
| |
| | | |
| | |
Position of put options taken | |
| 8,670 | | |
| 6,676 | |
| |
| | | |
| | |
Position of call options sold | |
| (108,698 | ) | |
| | |
In addition to what was mentioned
in Note 12. to the Bank’s stand-alone financial statements, as of September 30, 2014 and December 31, 2013, Banco del Tucumán
S.A. manages the following portfolios:
| |
Managed portfolio as of | |
Item | |
09/30/2014 | | |
12/31/2013 | |
• On
December 31, 2008, the Bank and Macro Fiducia S.A. entered into a management and custody agreement regarding the “BATUC
1” trust loan portfolio. | |
| 15,921 | | |
| 16,031 | |
| |
| | | |
| | |
• On
October 30, 2012, Banco del Tucumán S.A., Banco de Valores S.A. and Banco Macro S.A. entered into a management and
custody agreement regarding the “Fideicomiso Financiero Tucumán Personal I” financial trust loan portfolio. | |
| | | |
| 19,454 | |
| |
| | | |
| | |
• Other
managed portfolios. | |
| 20,703 | | |
| 16,194 | |
Total | |
| 36,624 | | |
| 51,679 | |
In addition to what was mentioned
in Note 15. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of September
30, 2014 and December 31, 2013:
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF SEPTEMBER 30, 2014
(Translation of financial statements originally
issued in Spanish –
See Note 22 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
| 7.1. | Financial trusts for investment purposes |
Financial trust | |
09/30/2014 | | |
12/31/2013 | |
| |
| | |
| |
Certificates of participation: | |
| | | |
| | |
| |
| | | |
| | |
Sat Sapem I | |
| 10,654 | | |
| 14,614 | |
Tucumán Personal I | |
| | | |
| 9,191 | |
Subtotal certificates of participation | |
| 10,654 | | |
| 23,805 | |
| |
| | | |
| | |
Debt securities: | |
| | | |
| | |
| |
| | | |
| | |
Megabono | |
| | | |
| 717 | |
Subtotal debt securities | |
| | | |
| 717 | |
Total | |
| 10,654 | | |
| 24,522 | |
| 7.2. | Trusts created using financial assets transferred by the
Bank’s subsidiaries. |
In addition to what has been
mentioned in Note 15.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred
by Banco Macro S.A., subsidiary Banco del Tucumán S.A. transferred financial assets (loans) to trusts for the purpose of
issuing and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of
assets. This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.
As of September 30, 2014 and
December 31, 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed by the trustors of these types of trusts amount to 150 and 19,586, respectively.
| 7.3. | Trusts in which the Bank’s subsidiaries act as trustees
(administration). |
As mentioned in Note 15.3.
to the stand-alone financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro
Fiducia S.A. (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.
As of September 30, 2014 and
December 31, 2013, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed through Macro Fiducia S.A. (subsidiary) of these types of trusts amount to 389,061 and 392,985, respectively.
Jorge H. Brito
Chairperson
SIGNATURE
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, thereto duly authorized.
Date: November 27, 2014
|
MACRO BANK INC. |
|
|
|
|
|
|
|
|
|
|
By: |
/s/ Luis Cerolini |
|
|
Name: Luis Cerolini |
|
|
Title: Director |
|
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