3rd Quarter Report 2011

Transcrição

INFORMATION REVIEW AS OF SEPTEMBER 30, 2011
Buenos Aires, Argentina, October 31, 2011 – Banco Patagonia S.A.
(BCBA: BPAT; BOVESPA: BPAT11) reports on the consolidated
income of 3rd quarter (3Q11) for financial year 2011
SUMMARY
•
Banco Patagonia closed 3Q11 having ARS 15,993.1 million in Assets, ARS 9,740.5 million in Loans, ARS 12,253.5
million in Deposits, and ARS 2,262.2 million as Shareholders’ Equity. Consolidated figures exhibit Assets for ARS
16,825.6 million, Loans for ARS 10,350.4 million and Deposits for ARS 12,612.8 million.
•
Net income for the quarter was ARS 123.5 million, accounting for a 24.1% ROE (average return on equity) and a 3.4%
ROA (average return on assets). Retained earnings for 3Q11 amounted to ARS 391.9 million, accounting for a 20.7%
increase as compared to retained earnings for 3Q10 (ARS 324.7 million).
•
Loans granted to the non-financial private sector on a consolidated basis amounted to ARS 10,008.1 million,
representing a 13.4% quarter-on-quarter increase (ARS 8,829.3 million), as compared to the 12.9% growth of the
financial system as a whole in the quarter. This means a year-over-year increase of 62.7% (ARS 6,150.6 million).
•
Total deposits amounted to ARS 12,612.8 million, which accounts for an 8.8% quarter-on-quarter increase (ARS
11,589.2 million), as compared to a 5.4% growth of the financial system as a whole and a 46.9% year-over-year
increase (ARS 8,585.8 million).
•
The non-performing portfolio ratio on total loans is 0.8%, which means a 14.5% improvement as compared to the
previous quarter (0.9%) and a 44.6% improvement as compared to 3Q10 (1.4%). Furthermore, coverage of nonperforming portfolio with provisions is 199.2%.
•
Regarding liquidity, Banco Patagonia reached a 35.4% coverage on total deposits with liquid assets. In addition, the
Company continues to record high capitalization indexes, with capital surplus of ARS 1,067.3 million over the Argentine
Central Bank (BCRA) requirements.
•
On September 5 the Obligatory PTO on the shares of Banco Patagonia S.A. by Banco do Brasil S.A. ended; as a result
of the Obligatory PTO, the new shareholding structure of Banco Patagonia S.A. is the following: Banco do Brasil
S.A.58.9633%; Selling Shareholders Group 21.4127%; Province of Rio Negro 3.1656% and Free Float 16.4584%.
•
As of September 30, 2011, Banco Patagonia S.A. employs 3,071 people and has a wide network made up of 171
customer desks all over the country, distributed in the capital and major cities in each province.
3Q11 Results
Page 1
BANCO PATAGONIA CONSOLIDATED FIGURES
For the purposes of drafting this Report, Banco Patagonia S.A. has consolidated line by line its balance
sheet and profit and loss statement with the financial statements of its subsidiaries, Patagonia Valores S.A.
Sociedad de Bolsa, Patagonia Inversora S.A. Sociedad Gerente de Fondos Comunes de Inversión, Banco
Patagonia (Uruguay) S.A.I.F.E. and GPAT Compañía Financiera S.A.
I. INCOME OF THE QUARTER
Net income for 3Q11 was ARS 123.5 million, and retained earnings for 3Q11 amounted to ARS 391.9
million, accounting for a 20.7% increase as compared to retained earnings for 3Q10 (ARS 324.7 million).
Gross interest income showed a 13.1% decrease as compared to the previous quarter (ARS 328.2 million),
reaching ARS 285.3 million, mainly generated by lower income from Government Securities, related to a
significant drop in their quotations as a result of the global volatility context, and an exposure increase in
foreign currency futures contracts.
Furthermore, the non-performing portfolio on total loans index improved by 14.5% as compared to the
previous quarter, reaching 0.8%, and the uncollectibility charge was ARS 20.2 million in the period.
Net fee income increased by 15.4% as compared to the previous quarter, reaching ARS 192.8 million vs.
ARS 167.1 million, as a result of an increase in volume and price of fee-earning transactions related to
fixed-term deposits, auto loans, documentary credits, overdrafts and credit and debit card financing.
Administrative expenses increased by 5.5% as compared to 2Q11 (ARS 280.9 million vs. ARS 266.2
million), and by 20.9% as compared to 3Q10 (ARS 232.3 million), mainly resulting from items related to
payroll expenses and other operating expenses associated with supplier’s price adjustments.
Various income (net profits from miscellaneous losses) reached ARS 14.1 million and included mainly the
proceeds from the acquisition of GPAT Compañía Financiera S.A. for recovered and other receivables.
Summarized Statement of Income
In million pesos
Financial Income
Financial Expenses
Gross Intermediation Spread
Uncollectibility Charge
Net Revenue for Services
Administrative Expenses
Net Operative Income
Miscellaneous Income / Loss
Income before Income Tax
Income Tax
Net Income for the Quarter
3Q11 Results
Banco Patagonia Consolidated
Figures
3Q11
2Q11
3Q10
500.2
497.1
451.8
214.9
168.9
100.8
285.3
328.2
351.0
20.2
17.7
21.6
192.8
167.1
126.9
280.9
266.2
232.3
177.0
211.4
224.0
14.1
14.6
6.2
191.1
226.0
230.2
67.6
78.9
89.2
123.5
147.1
141.0
Change (%) as of
2Q11
0.6%
27.2%
-13.1%
14.1%
15.4%
5.5%
-16.3%
-3.4%
-15.4%
-14.3%
3Q10
10.7%
113.2%
-18.7%
-6.5%
51.9%
20.9%
-21.0%
127.4%
-17.0%
-24.2%
-16.0%
-12.4%
Page 2
a) EARNINGS PER SHARE
Earnings per Share
In million pesos
Quarterly Average Number of Outstanding Shares
Shares Issued at quarter end
Earnings per Share – Amounts in pesos
Earnings per BDR (*) – Amounts in pesos
Retained Earnings per Share – Amounts in
pesos
Banco Patagonia Consolidated Figures
3Q11
2Q11
3Q10
123.5
147.1
141.0
719.2
719.2
719.2
719.2
719.2
719.2
0.1717
0.2045
0.1961
3.4344
4.0907
3.9210
0.5449
0.3732
Change (%) as of
2Q11
3Q10
-16.0%
-12.4%
0.0%
0.0%
0.0%
0.0%
-16.0%
-12.4%
-16.0%
-12.4%
0.4515
46.0%
20.7%
(*) Each BDR is equivalent to 20 common shares.
b) NET FINANCIAL INCOME
Gross interest income in 3Q11 amounted to ARS 285.3 million, accounting for a 13.1% decrease as
compared to the previous quarter (ARS 328.2 million) and a 18.7% decrease as compared to 3Q10 (ARS
350.9 million).
Financial income reached ARS 500.2 million, accounting for a 0.6% rise as compared to the previous
quarter (ARS 497.1 million) and a 10.7% increase as compared to 3Q10 (ARS 451.8 million).
A greater volume of loans to the private sector in all their lines, both consumer and trade, accounted for an
increase of net financial income of 15.5% (ARS 54.6 million) and 64.1% (ARS 158.7 million) as compared to
2Q11 and 3Q10, respectively.
Furthermore, income from government securities decreased due to a quotation drop as a result of the global
volatility context.
Regarding financial expenses, there was an increase in the income from forward transactions, which went
up to ARS 25.7 million in 3Q11 vs. ARS 0.6 in 2Q11, as a result of an exposure increase in foreign currency
futures contracts and a drop in their quotation as a result of a short-term situation during September.
Additionally, there was an 8.5% increase in interest paid on term deposits as compared to the previous
quarter, as a result of an increase in their volume and interest rates.
Also, the average rate on term deposits in pesos rose to 11.9% in 3Q11, accounting for a 0.8% increase as
compared to 2Q11 (11.1%).
In million pesos
Financial Income
Financial Expenses
3Q11 Results
Figures
3Q11
2Q11
3Q10
500.2
497.1
451.8
214.9
168.9
100.9
285.3
328.2
350.9
Change (%) as of
2Q11
0.6%
27.2%
3Q10
10.7%
113.2%
-13.1%
-18.7%
Page 3
Financial Income
In million pesos
Interest on loans to the financial sector
Interest on overdrafts
Interest on documentary credits
Interest on mortgage loans
Interest on auto loans
Interest on credit card loans
Interest on other loans
Interest on financial leasing
Net income from government and private securities
Interest on repurchase agreements
Difference in foreign currency quotation
Other
Financial Income
Financial Expenses
In million pesos
Interest on savings account deposits
Interest on term deposits
Interest on obtained interfinancial loans (call)
Interest on financing to financial sector
Other interest
Interest on other liabilities for financial
intermediation
Interest on subordinated corporate bonds
Contribution to the deposit guarantee fund
Income (loss) for forward transactions
Other
Financial Expenses
Figures
3Q11
2Q11
3Q10
14.5
9.3
6.8
68.1
62.1
47.0
118.2
98.6
67.0
2.2
2.3
2.5
26.9
14.6
3.7
42.3
35.8
27.1
132.3
125.4
93.0
16.4
13.0
7.4
37.7
101.4
170.4
6.1
7.4
3.9
31.6
24.0
18.7
3.9
3.2
4.3
500.2
497.1
451.8
Figures
3Q11
2Q11
3Q10
1.9
1.6
1.3
144.7
133.4
69.1
1.4
1.2
1.1
0.2
0.2
0.3
0.2
0.1
0.1
Change (%) as of
2Q11
55.9%
9.7%
19.9%
-4.3%
84.2%
18.2%
5.5%
26.2%
-62.8%
-17.6%
31.7%
21.9%
3Q10
113.2%
44.9%
76.4%
-12.0%
N/A
56.1%
42.3%
121.6%
-77.9%
56.4%
69.0%
-9.5%
0.6%
10.7%
Change (%) as of
2Q11
18.8%
8.5%
16.7%
0.0%
100.0%
3Q10
46.2%
109.4%
27.3%
-33.3%
100.0%
7.5
4.0
0.6
87.5%
N/A
5.2
25.7
28.1
4.9
0.6
22.9
0.4
3.2
4.5
20.2
0.0%
6.1%
N/A
22.7%
-100.0%
62.5%
N/A
39.1%
214.9
168.9
100.8
27.2%
113.2%
c) NET FEE INCOME
Net fee income of the quarter was ARS 192.8 million, with a quarter-on-quarter increase of 15.4% against
ARS 167.1 million and a year-over-year increase of 51.9% from ARS 126.9 million.
Main percentage increases as compared to 2Q11 and 3Q11 are the result of fees collected on deposits,
documentary credits, consumer loans, auto loans, overdrafts, and transactions with debit and credit cards.
Furthermore, as regards 3Q10, the main changes are related to an increase in deposit accounts, which
went from ARS 67.2 million up to ARS 97.9 million in 3Q11.
3Q11 Results
Page 4
In million pesos
Deposits
Related to Loans
Safe boxes
Capital and Securities Market
Credit and Debit Cards
Foreign Trade
Other
Figures
3Q11
2Q11
3Q10
97.9
87.7
67.2
46.7
36.6
28.0
8.4
8.4
5.3
4.3
5.1
2.9
67.0
57.1
44.5
8.2
8.2
7.0
21.0
18.7
18.3
Change (%) as of
2Q11
11.6%
27.6%
0.0%
-15.7%
17.3%
0.0%
12.3%
3Q10
45.7%
66.8%
58.5%
48.3%
50.6%
17.1%
14.8%
Fee income
253.5
221.8
173.2
14.3%
46.4%
Expenses for Services
-60.7
-54.7
-46.3
11.0%
31.1%
192.8
167.1
126.9
15.4%
51.9%
d) ADMINISTRATIVE EXPENSES
Administrative expenses reached ARS 280.9 million, representing a 5.5% increase as compared to 2Q11
(ARS 266.2 million), and by 20.9% as compared to 3Q10 (ARS 232.3 million), mainly resulting from items
related to payroll expenses and other operating expenses associated with supplier’s price adjustments.
Coverage of administrative expenses with net fee income amounts to 61.6% (annualized ratio), accounting
for a 3.8% increase as compared to 2Q11 (57.8%).
In million pesos
Figures
3Q11
2Q11
3Q10
Change (%) as of
2Q11
3Q10
Payroll expenses
Fees to directors and statutory auditors
Other fees
Advertising and publicity
Taxes
Depreciation of Fixed Assets
Other operating expenses
Other
174.8
2.9
10.3
10.9
15.4
4.6
50.3
11.7
168.1
4.2
9.1
8.4
14.7
4.5
45.3
11.9
138.0
2.2
7.5
9.0
11.3
3.9
45.1
15.3
4.0%
-31.0%
13.2%
29.8%
4.8%
2.2%
11.0%
-1.7%
26.7%
31.8%
37.3%
21.1%
36.3%
17.9%
11.5%
-23.5%
280.9
266.2
232.3
5.5%
20.9%
e) MISCELLANEOUS INCOME / LOSS
Miscellaneous net income and losses amounted to ARS 14.1 million in the quarter. This income is mainly
related to the proceeds from the acquisition of GPAT Compañía Financiera S.A. for recovered and other
receivables.
3Q11 Results
Page 5
II. RELEVANT FINANCIAL INFORMATION
a) LOAN PORTFOLIO
The non-financial private sector loan portfolio reached ARS 10,008.1 million, representing a 13.4% quarteron-quarter increase (ARS 8,829.3 million), as compared to the 12.9% growth prevailing in the financial
system. As regards 3Q10 (ARS 6,150.6 million), there was a 62.7% change.
During this quarter, the increase of ARS 1,178.8 million was due to the sharp increase of financial
assistance to companies through documentary credits and overdrafts (ARS 701.0 million), along the lines of
the purposes set by the new majority shareholder, and of consumer products such as consumer loans and
credit cards, as well as auto loans, which is the main product marketed by GPAT Compañía Financiera S.A.
Loans
In million pesos
To the Non-Financial Public Sector
To the Financial Sector
To the Non-Financial Private Sector
Overdrafts
Documentary credits
Mortgage loans
Auto loans
Consumer loans
Credit cards
Other
(Provisions)
Net Loans
Figures
3Q11
2Q11
3Q10
108.3
86.3
66.6
415.3
293.5
191.5
10,008.1
8,829.3
6,150.6
1,509.9
1,362.8
1,048.5
2,431.2
4,195.7
3,641.8
72.5
75.0
85.9
146.0
688.9
501.7
1,627.0
1,438.3
1,068.7
707.9
1,097.9
971.6
816.2
838.1
662.4
-181.3
-170.0
-158.6
10,350.4
9,039.1
6,250.1
Change (%) as of
2Q11
25.5%
41.5%
13.4%
10.8%
15.2%
-3.3%
37.3%
13.1%
13.0%
-2.6%
6.6%
3Q10
62.6%
116.9%
62.7%
44.0%
72.6%
-15.6%
N/A
52.2%
55.1%
23.2%
14.3%
14.5%
65.6%
b) EXPOSURE TO THE PUBLIC SECTOR
As of September 30, 2011, exposure in assets to the public sector reached ARS 1,032.5 million, accounting
for a year-over-year increase of 2.5% (ARS 1,007.0 million) and a quarter-on-quarter increase of 18.0%
(ARS 874.7 million). This increase is associated to the financial assistance granted to the province of Rio
Negro through a syndicated loan.
The share on total assets is 6.1%.
Exposure to the Public Sector
In million pesos
Government Securities (*)
Loans to the Public Sector
Exposure to the Public Sector
Share on Total Assets
Change (%) as of
Figures
3Q11
2Q11
3Q10
2Q11
3Q10
924.2
920.7
808.1
0.4%
14.4%
108.3
86.3
66.6
25.5%
62.6%
1,032.5
1,007.0
874.7
2.5%
18.0%
6.1%
6.5%
7.4%
-5.7%
-17.1%
(*) Includes "Equity Interest” plus “Loans” and “Spot Purchases to be Settled and Forward Purchases“ less
“Deposits” and "Spot Sales to be Settled and Forward Sales”.
3Q11 Results
Page 6
c) DEPOSITS
Total deposits increased by 8.8%, reaching ARS 12,612.8 million against ARS 11,589.2 million of the
previous quarter, as compared to a 5.4% quarterly growth prevailing in the financial system as a whole and
a 46.9% annual growth (ARS 8,585.8 million).
Non-financial private sector deposits recorded a 9.8% (ARS 941.1 million) quarter-on-quarter increase (ARS
10,558.2 million vs. ARS 9,617.1 million) and a 44.3% (ARS 3,240.8 million) year-over-year increase (ARS
7,317.4 million), mainly due to savings accounts deposits, which increased by 12.3% in the quarter, going
from ARS 4,042.6 million up to ARS 4,539.3 million, and by 49.7% as compared to 3Q10, when they
reached ARS 3,032.5 million.
Total deposits accounted for 75.0% of the Company's total funding. The rate for term deposits in pesos
increased by 0.8% as compared to the previous quarter (11.9% in 3Q11 vs. 11.1% in 2Q11, and 10.4% in
3Q10) along the lines of the domestic economic scenario as reflected in the badlar rate (14.0% in 3Q11 vs.
11.4% in 2Q11, and 10.6% in 3Q10).
Deposits
In million pesos
To the Non-Financial Public Sector
To the Non-Financial Private Sector
Checking accounts
Savings accounts
Term deposits
Investment accounts
Other
Deposits
Figures
3Q11
2Q11
3Q10
2,035.4
1,960.5
1,240.7
19.2
11.6
27.7
10,558.2
9,617.1
7,317.4
1,976.1
1,864.8
1,468.3
3,212.5
2,948.7
2,241.8
4,539.3
4,042.6
3,032.5
1.1
0.9
1.5
829.2
760.1
573.3
12,612.8
11,589.2
8,585.8
Change (%) as of
2Q11
3.8%
65.5%
9.8%
6.0%
8.9%
12.3%
22.2%
9.1%
3Q10
64.1%
-30.7%
44.3%
34.6%
43.3%
49.7%
-26.7%
44.6%
8.8%
46.9%
d) OTHER FUNDING SOURCES
During the quarter, the Foreign Bank and International Bodies line increased by ARS 121.3 million as
compared to 3Q10, as a result of the USD 18 million received under the agreement for USD 30 million made
on April 2010 with the International Finance Corporation (IFC), an institution of the World Bank Group for the
private sector, intended to grant greater access to loans to farmers and small- and medium-sized
companies in the agroindustrial sector. Besides, the 3.0% increase as compared to 2Q11 is the result of the
credit facilities taken for import financing purposes.
Under the Global Program for the Issue of Corporate Bonds of GPAT Compañía Financiera S.A., Series III
securities were issued during the quarter in the amount of ARS 71.0 million, representing a 67.2% increase
in said funding facility as compared to the previous quarter, reaching ARS 177.1 million.
Other Funding Sources
In million pesos
Figures
3Q11
2Q11
3Q10
Change (%) as of
2Q11
3Q10
Argentine Central Bank (BCRA)
Foreign banks and international organizations
Subordinated Corporate Bonds
0.8
184.6
177.1
0.7
179.2
105.9
0.8
63.3
0.0
14.3%
3.0%
67.2%
0.0%
191.6%
N/A
Other Funding Sources
362.5
285.8
64.1
26.8%
N/A
3Q11 Results
Page 7
e) LIQUIDITY
Banco Patagonia maintains liquid assets for ARS 4,467.5 million, which represents a quarter-on-quarter
decrease of 7.5% (ARS 4,829.5 million), and a 7.9% year-over-year increase (ARS 4,140.1 million). In
addition, the liquid assets to total deposits ratio decreased by 15.0% down to 35.4%, against 41.7% of the
previous quarter, and by 26.5% as compared to 3Q10, due to a steady increase in the volume of deposits
and to the business strategy of giving priority to the placement of loans out of excess liquidity.
Liquid Assets
In million pesos
Figures
3Q11
2Q11
3Q10
Cash and Cash Equivalents
Lebac / Nobac
Other Government and Corporate Securities
Liquid Assets
Deposits
Change (%) as of
2Q11
3Q10
2,246.5
1,272.6
948.4
2,296.0
1,672.4
861.1
1,934.7
1,420.3
785.1
-2.2%
-23.9%
10.1%
16.1%
-10.4%
20.8%
4,467.5
12,612.8
4,829.5
11,589.2
4,140.1
8,585.8
-7.5%
8.8%
7.9%
46.9%
35.4%
41.7%
48.2%
-15.0%
-26.5%
Liquid Assets on Total Deposits
f) PORTFOLIO QUALITY
As of September 30, 2011 the non-performing portfolio index over total financing was 0.8%, and coverage
with provisions on the non-performing loan portfolio was 199.2%, both exhibiting an improvement as
compared to the previous quarter as a result of an increased volume of financing and declining portfolio
delinquency. In turn, 93.3% of the total loan portfolio is in good standing.
Variation of indexes related to the portfolio is monitored on a permanent basis by the Bank Management in
order to take the corresponding steps in each scenario.
Loan Portfolio
In million pesos
Total loans
Private sector loans
Portfolio in good standing
Non-performing portfolio
Provisions
Portfolio in good standing as a % of total loans
Non-performing portfolio as a % of total loans
Non-performing portfolio as a % of loans to private sector
Non-performing portfolio as a % of total financing
Provisions as a % of total loans
Provisions as a % of loans to private sector
Provisions as a % of non-performing loan portfolio
Provisions as a % of non-performing financing portfolio
3Q11 Results
Figures
3Q11
2Q11
3Q10
10531.7
10008.1
9209.1
8829.3
6408.7
6150.6
9828.0
91.0
181.3
8678.0
89.0
170.0
5889.6
103.0
158.6
93.3%
0.9%
0.9%
0.8%
1.7%
1.8%
94.2%
1.0%
1.0%
0.9%
1.8%
1.9%
199.2%
198.5%
191.0%
190.5%
Change (%) as of
2Q11
3Q10
91.9%
1.6%
1.7%
1.4%
2.5%
2.6%
14.4%
13.4%
13.3%
2.2%
6.6%
-1.0%
-10.6%
-9.8%
-14.5%
-6.7%
-5.9%
64.3%
62.7%
66.9%
-11.7%
14.3%
1.5%
-46.2%
-45.7%
-44.6%
-30.4%
-29.7%
154.0%
165.7%
4.3%
4.2%
29.4%
19.7%
Page 8
g) CAPITALIZATION
As of September 30, 2011, Banco Patagonia's capitalization index showed excess cash of ARS 1,067.3
million as compared to the requirements established in BCRA regulations, meaning a 1.3% increase as
compared to the excess cash of the previous quarter (ARS 1,053.7 million), mainly resulting from an
increase in supplementary capital.
In this regard, the capitalization ratio that relates RPC (accountable corporate liability) to risk-weighted
assets reached 20.9% against 22.2% of the previous quarter, and 26.6% for the same quarter of the
previous fiscal year.
Capitalization
In million pesos
3Q11
2Q11
3Q10
Change (%) as of
2Q11
3Q10
Minimum Capital Requirement (A)
Risk Assets Value
Fixed Assets Value
Market Risk Value
Interest Rate Risk Value
Public Sector Financing
1,180.3
793.7
65.3
71.0
234.1
16.2
1,053.2
687.9
73.2
71.5
206.1
14.5
813.2
518.5
59.6
86.0
138.8
10.3
12.1%
15.4%
-10.8%
-0.7%
13.6%
11.7%
45.1%
53.1%
9.6%
-17.4%
68.7%
57.3%
Composition (B)
Basic capital
Supplementary capital
Deductions
2,247.6
1,870.3
379.8
-2.5
2,106.9
1,870.3
238.5
-1.9
1,913.5
1,629.6
285.2
-1.3
6.7%
0.0%
59.2%
31.6%
17.5%
14.8%
33.2%
92.3%
Difference (B) - (A)
1,067.3
1,053.7
1,100.3
1.3%
-3.0%
3Q11 Results
Page 9
III. RELEVANT FACTS
1) On April 7, 2011, Banco do Brasil S.A., pursuant to Argentine regulations, advised Banco Patagonia
S.A. that it would launch an Obligatory PTO in Argentina on all the remaining shares of Banco
Patagonia S.A.
On April 27, 2011 the Buyer requested the Argentine Securities Commission (CNV) the final
authorization to launch the above-mentioned Obligatory PTO, and on August 17, 2011 the CNV Board
of Directors approved the formal aspects of such Obligatory PTO.
On August 24, 2011, Banco do Brasil S.A. submitted to the CNV the final prospectus and, on August 24,
2011, the CNV authorized the launching of the Obligatory PTO on all the shares of Banco Patagonia
S.A. by Banco do Brasil S.A.
The term for acceptance of the offering ended on October 5, 2011, and as of such date, offers were
submitted for the nominal amount of ARS 135,174,290 of Class “B” book-entry common shares, which
were settled on October 11, 2011.
Finally, as a result of the Obligatory PTO, Banco do Brasil's new ownership interest in Banco Patagonia
S.A. is 58.96%.
2) Within the global program for the issue of Corporate Bonds of GPAT Compañía Financiera S.A. in the
aggregate amount of up to ARS 400 million, on July 15, 2011 the CNV authorized Series III Public
Offering in the amount of up to ARS 50 million, with the possibility to reach ARS 100 million.
Later, on August 1, the Buenos Aires Stock Exchange authorized the quotation of Series III Corporate
Bonds and, on August 9, 2011, the relevant placement notice for ARS 71 million maturing on August 10,
2012 was published.
IV. SUBSEQUENT EVENTS
On October 18, 2011 the Board of Directors of GPAT Compañía Financiera S.A. approved the issue of
Corporate Bonds, Series IV, for a face value of up to ARS 50 million, with the possibility to increase
such figure to a maximum face value of up to ARS 100 million, to be issued under the Corporate Bonds
Program for up to ARS 400 million. On October 27, 2011 the CNV authorized the public offering on the
above-mentioned series.
3Q11 Results
Page 10
V. OUTLOOK
The Bank goals include continuation of services to individuals, micro- and small companies, taking
advantage of the opportunities provided by the market to expand the client base, orienting its strategy to
increase product offering through the enlargement of the Bank national network and distribution
channels and the improvement of service quality in order to build up existing customers' loyalty.
The main items of the strategic plan to be followed by the Entity are worth noting:
a) A 40% growth in the number of branches over the following 5 years, especially in the provinces, with
emphasis on the central and northern areas.
b) Launching of the Corporate Business Management, with the responsibility to cater to the needs of
large companies, both of Brazilian and Argentine origin, thus contributing to the Entity's growth.
c) Beginning of negotiations with various Brazilian business groups leading to trade alliances aimed at
increasing business volume.
3Q11 Results
Page 11
VI. MAIN INDICATORS
Breakdown
3Q11
2Q11
3Q10
3Q09
Profitability Indexes
Return on average assets (1)
Return on average assets before income tax (2)
Return on average shareholders' equity (3)
3.4%
5.2%
24.1%
3.6%
5.6%
25.1%
4.1%
6.4%
23.2%
4.9%
9.4%
25.8%
Return on shareholders' equity before income tax (4)
Indexes on Financial Margin and by Service
37.0%
38.6%
35.4%
49.5%
Total financial margin (net financial income / Average Assets)
7.8%
8.4%
10.5%
14.0%
Margin on net services (net fee income / Average Assets)
Total margin (net total income / average assets) (5)
Net fee income on net total income (5)
Shareholders' Equity Indexes
4.3%
12.1%
35.4%
4.1%
12.4%
32.8%
4.2%
14.7%
28.3%
3.9%
17.9%
21.7%
Shareholders' equity on total assets
Financial standing (shareholders' equity on total liabilities)
13.4%
15.5%
13.8%
16.0%
16.5%
19.8%
18.8%
23.2%
Total liabilities as a multiple of shareholders' equity
RPC on risk-weighted assets (6)
Portfolio Quality Ratio
6.4
20.9%
6.2
22.2%
5.0
26.6%
4.3
35.3%
1.7%
0.8%
199.2%
1.8%
0.9%
191.0%
2.5%
1.4%
154.0%
3.8%
2.3%
143.7%
Administrative expenses on total net income (5)
Net fee income on administrative expenses
57.4%
61.6%
56.7%
57.8%
54.2%
52.2%
42.7%
50.8%
Administrative expenses on average assets (8)
Liquidity Ratios
7.0%
7.1%
8.0%
7.6%
Liquid Assets on deposits (9)
35.4%
41.7%
48.2%
59.2%
Loans (net of provisions) on assets
Deposits on liabilities
Loans on deposits
61.5%
86.6%
82.1%
58.4%
86.9%
78.0%
52.9%
87.1%
72.8%
43.3%
86.2%
61.9%
Fixed assets (10)
12.3%
12.5%
12.5%
12.5%
Provisions on total loans (before provisions)
Non-performing portfolio on financing (before provisions) (7)
Provisions on non-performing financing portfolio (7)
Efficiency Index
(1) defined as the quotient between income for the year / annualized period and average assets calculated according to monthly
balances.
(2) defined as the quotient between income for the year before income tax / annualized period and average assets calculated
according to monthly balances.
(3) defined as the quotient between income for the year / annualized period and average shareholders' equity calculated
according to monthly balances.
(4) defined as the quotient between income for the year before income tax / annualized period and average shareholders' equity
calculated according to monthly balances.
(5) total net income defined as the sum total of financial income and net fee income
(6) RPC means accountable corporate liability
(7) non-performing portfolio is defined as loans classified as 3 – 4 – 5 and 6 condition.
(8) average assets calculated according to monthly balances.
(9) defined as the quotient between the sum total of cash and cash equivalents and government and corporate securities and
total deposits.
(10) defined as the quotient between the sum total of fixed, sundry and intangible assets and shareholders' equity.
3Q11 Results
Page 12
VII. SUMMARIZED ACCOUNTING INFORMATION
a) COMPARATIVE CONSOLIDATED FINANCIAL STRUCTURE
Balance Sheet
In million pesos
3Q11
%
2Q11
%
3Q10
%
3Q09
%
3Q08
%
Government and Corporate
Securities
Loans
To the Non-Financial Public
Sector
To the Non-Financial Private
Sector
(Provisions)
2,246.5
13.4%
2,296.0
14.8%
1,934.7
16.4%
1,452.4
15.9%
1,465.7
17.3%
2,221.0
13.2%
2,533.5
16.4%
2,205.4
18.7%
2,331.2
25.5%
1,658.1
19.6%
10,350.4
61.5%
9,039.1
58.4%
6,250.1
52.9%
3,955.1
43.3%
3,941.8
46.6%
108.3
0.6%
86.3
0.6%
66.6
0.6%
11.5
0.1%
31.0
0.4%
415.3
2.5%
293.5
1.9%
191.5
1.6%
221.4
2.4%
303.3
3.6%
10,008.1
59.5%
8,829.3
57.0%
6,150.6
52.1%
3,879.1
42.5%
3,705.1
43.8%
-181.3
-1.1%
-170.0
-1.1%
-158.6
-1.3%
-156.9
-1.7%
-97.6
-1.2%
Other Receivables from
Financial Intermediation
940.3
5.6%
735.0
4.7%
640.3
5.4%
861.3
9.4%
911.8
10.8%
Receivables for Financial
Leasing
429.5
2.6%
330.3
2.1%
186.5
1.6%
146.4
1.6%
188.4
2.2%
637.9
3.7%
545.3
3.6%
594.1
5.0%
388.8
4.3%
294.1
3.5%
Other Assets
Assets
16,825.6 100.0% 15,479.2 100.0% 11,811.1 100.0%
Balance Sheet
In million pesos
Deposits
Sector
Sector
Other liabilities for financial
intermediation
Other Liabilities
Liabilities
Shareholders' Equity
Total Liabilities +
3Q11 Results
9,135.2 100.0%
8,459.9 100.0%
3Q11
%
12,612.8
2,035.4
2Q11
%
3Q10
%
3Q09
%
3Q08
%
75.0% 11,589.2
74.9%
8,585.8
72.7%
6,387.6
69.9%
5,617.3
66.4%
12.1%
12.7%
1,240.7
10.5%
750.2
8.2%
498.8
5.9%
1,960.5
19.2
0.1%
11.6
0.1%
27.7
0.2%
7.6
0.1%
28.5
0.3%
10,558.2
62.8%
9,617.1
62.1%
7,317.4
62.0%
5,629.8
61.6%
5,090.0
60.2%
1,354.3
8.0%
1,232.7
8.0%
761.8
6.4%
468.3
5.1%
1,047.0
12.4%
-
0.0%
-
0.0%
-
0.0%
61.5
0.7%
100.2
1.2%
596.3
3.6%
518.6
3.3%
509.2
4.3%
496.9
5.4%
230.3
2.7%
86.6% 13,340.5
86.2%
9,856.8
83.5%
7,414.3
81.2%
6,994.8
82.7%
13.4%
13.8%
14,563.4
2,262.2
2,138.7
1,954.3
16.5%
16,825.6 100.0% 15,479.2 100.0% 11,811.1 100.0%
1,720.9
18.8%
9,135.2 100.0%
1,465.1
17.3%
8,459.9 100.0%
Page 13
b) COMPARATIVE CONSOLIDATED PROFIT AND LOSS STRUCTURE
Statement of Income
In million pesos
3Q11
%
2Q11
%
3Q10
%
3Q09
%
3Q08
%
Financial Income
Financial Expenses
500.2 100.0%
214.9 43.0%
285.3 57.0%
20.2
4.0%
192.8 38.5%
280.9 56.1%
177.0 35.4%
14.1
2.9%
497.1 100.0%
168.9 34.0%
328.2 66.0%
17.7
3.6%
167.1 33.6%
266.2 53.5%
211.4 42.5%
14.6
3.0%
451.8 100.0%
100.8 22.3%
351.0 77.7%
21.6
4.8%
126.9 28.1%
232.3 51.4%
224.0 49.6%
6.2
1.4%
429.9 100.0%
102.6 23.9%
327.3 76.1%
11.8
2.7%
89.9 20.9%
162.6 37.8%
242.8 56.5%
12.0
2.8%
237.9 100.0%
87.7 36.9%
150.2 63.1%
9.3
3.9%
77.0 32.4%
151.2 63.6%
66.7 28.0%
40.4 17.0%
191.1
38.2%
226.0
45.5%
230.2
51.0%
254.8
59.3%
107.1
45.0%
67.6
13.5%
78.9
15.9%
89.2
19.7%
120.9
28.1%
32.0
13.5%
123.5
24.7%
147.1
29.6%
141.0
31.2%
133.9
31.1%
75.1
31.6%
Income Tax
c) CONSOLIDATED FOREIGN CURRENCY POSITION
Foreign Currency Position
In million pesos
Government and Corporate Securities
3Q11
1,002.0
284.2
2Q11
952.0
260.7
3Q10
1,051.4
241.2
1,558.3
1,384.2
365.3
324.6
20.8
5.3
Assets
Deposits
Loans
Other Receivables from Financial Intermediation
Receivables for Financial Leasing
Other Assets
Other liabilities for financial intermediation
Other Liabilities
Liabilities
Foreign Currency Position in Pesos
Benchmark Exchange Rate
Foreign Currency Position in US Dollars
3Q11 Results
3Q09
818.9
272.4
3Q08
720.7
192.1
939.9
781.3
868.0
195.4
534.2
182.7
22.7
33.5
54.2
52.9
5.6
40.7
41.9
37.2
3,235.9
2,949.8
2,502.1
2,502.9
2,053.6
2,281.4
1,953.8
1,600.0
1,491.1
874.8
387.2
407.3
252.7
209.5
386.5
-
-
-
61.5
100.2
1.8
1.9
1.2
2.7
2.2
2,670.4
2,363.0
1,853.9
1,764.8
1,363.7
565.5
586.8
648.2
738.1
689.9
4.2045
4.1110
3.9607
3.8427
3.1302
134.5
142.7
163.7
192.1
220.4
Page 14
d) COMPARATIVE INDIVIDUAL FINANCIAL STRUCTURE
Balance Sheet
Banco Patagonia Alone
In million pesos
3Q11
%
2Q11
%
3Q10
%
3Q09
%
3Q08
%
Government and Corporate
Securities
Loans
Sector
Sector
(Provisions)
2,112.4
13.2%
2,175.3
14.7%
1,836.3
16.1%
1,355.2
15.5%
1,447.5
17.4%
2,196.5
13.7%
2,506.0
16.9%
2,139.7
18.7%
2,317.2
26.6%
1,643.0
19.7%
9,740.5
60.9%
8,569.1
57.7%
6,103.8
53.4%
3,955.1
45.3%
3,941.8
47.3%
108.3
0.7%
86.3
0.6%
66.6
0.6%
11.5
0.1%
31.0
0.4%
553.4
3.5%
379.5
2.6%
192.5
1.7%
221.4
2.5%
303.3
3.6%
9,250.9
57.8%
8,267.3
55.7%
6,001.4
52.5%
3,879.1
44.5%
3,705.1
44.4%
-172.1
-1.1%
-164.0
-1.2%
-156.7
-1.4%
-156.9
-1.8%
-97.6
-1.2%
Other Receivables from
Financial Intermediation
656.8
4.1%
509.7
3.4%
400.9
3.5%
494.2
5.7%
766.8
9.2%
Receivables for Financial
Leasing
429.5
2.7%
330.3
2.2%
186.5
1.6%
146.4
1.7%
188.4
2.3%
Other Assets
857.4
5.4%
750.0
5.1%
759.4
6.6%
456.7
5.2%
351.0
4.2%
Assets
15,993.1 100.0% 14,840.4 100.0% 11,426.6 100.0%
Balance Sheet
In million pesos
Deposits
Sector
Sector
Other liabilities for financial
intermediation
Other Liabilities
Liabilities
Total Liabilities +
3Q11 Results
8,724.8 100.0%
8,338.5 100.0%
3Q11
%
%
3Q10
%
3Q09
%
3Q08
%
76.6% 11,317.2
76.3%
8,365.9
73.2%
5,981.4
68.6%
5,495.0
65.9%
2,035.4
12.7%
1,960.5
13.2%
1,240.7
10.9%
750.2
8.6%
498.9
6.0%
21.4
0.1%
13.8
0.1%
27.7
0.2%
7.6
0.1%
28.5
0.3%
10,196.7
63.8%
9,342.9
63.0%
7,097.5
62.1%
5,223.6
59.9%
4,967.6
59.6%
990.7
6.2%
967.5
6.5%
690.8
6.0%
468.0
5.4%
1,048.8
12.6%
-
0.0%
-
0.0%
-
0.0%
61.5
0.7%
100.2
1.2%
486.7
3.0%
417.0
2.8%
415.6
3.6%
493.0
5.7%
85.9% 12,701.7
85.6%
9,472.3
82.9%
7,003.9
80.3%
14.1%
14.4%
12,253.5
13,730.9
2,262.2
2Q11
2,138.7
1,954.3
17.1%
15,993.1 100.0% 14,840.4 100.0% 11,426.6 100.0%
1,720.9
19.7%
8,724.8 100.0%
229.4
6,873.4
1,465.1
2.8%
82.4%
17.6%
8,338.5 100.0%
Page 15
e) COMPARATIVE INDIVIDUAL INCOME AND LOSS STRUCTURE
Statement of Income
In million pesos
3Q11
%
2Q11
%
3Q10
%
3Q09
%
3Q08
%
Financial Income
Financial Expenses
481.0 100.0%
207.0 43.0%
274.0 57.0%
17.1
3.6%
174.8 36.3%
273.7 56.9%
158.0 32.8%
27.0
5.6%
479.6 100.0%
164.5 34.3%
315.1 65.7%
16.0
3.3%
151.4 31.6%
257.8 53.8%
192.7 40.2%
26.1
5.4%
442.0 100.0%
100.2 22.7%
341.8 77.3%
21.3
4.8%
114.1 25.8%
227.2 51.4%
207.4 46.9%
18.4
4.2%
427.5 100.0%
102.6 24.0%
324.9 76.0%
11.7
2.7%
88.4 20.7%
161.6 37.8%
240.0 56.1%
14.0
3.3%
238.6 100.0%
87.9 36.8%
150.7 63.2%
9.3
3.9%
75.3 31.6%
150.2 63.0%
66.5 27.9%
41.2 17.3%
185.0
38.5%
218.8
45.6%
225.8
51.1%
254.0
59.4%
107.7
45.1%
61.5
12.8%
71.7
14.9%
84.8
19.2%
120.1
28.1%
32.6
13.7%
123.5
25.7%
141.0
31.9%
133.9
31.3%
75.1
31.5%
Income Tax
147.1 30.7%
Jorge G. Stuart Milne
President
3Q11 Results
Page 16
CONFERENCE CALL
Banco Patagonia S.A. will hold a conference call to discuss the profit/loss corresponding to 3Q11 on
November 3, 2011 at 12:00 p.m. (Buenos Aires time), 11:00 a.m. (U.S. Eastern Time). To participate,
please dial:
Number: +1 (404) 665-9583
Code: 22794375
DISCLAIMER
This report might include forward-looking statements. If included, these statements are mainly based on the
current opinions, expectations and projections by the Bank and its management about future events and
operating and financial trends that will affect the Bank's business. There are many important factors that
could cause the Bank's actual results to differ substantially from those results anticipated in our forwardlooking statements, such as, but not limited to: inflation; changes in interest rates and the costs of deposits;
Argentine government regulations affecting the Bank's operations; adverse judicial or administrative
decisions; general credit risks, such as increases in defaults by borrowers; unexpected increases in
financing or other costs; fluctuation or depreciation of the value of the Argentine public debt held in treasury
by the Bank; competition in the banking or financial market or in other related Argentine markets; withdrawal
of deposits by Bank's clients; deterioration in the regional, national and international business and economic
conditions; and fluctuations in the Argentine peso exchange rate.
The words ''it is considered',' ''might, ''would',' ''estimate'', ''continue'', ''anticipate'', ''intend'', ''expect'',
''forecast'' and similar terms are intended to identify forward-looking statements. Such statements include
information concerning results of operations, business strategies, financing plans, competitive position,
industry environment, potential growth opportunities, effects of future regulations and effects of competition
that possibly or supposedly may happen in the future. These statements are valid only as of the date they
were made, and the Bank assumes no obligation to publicly update or to revise any of the forward-looking
statements after the distribution of this report as a result of new information, future events or other factors.
These expectations and projections are subject to material risks and uncertainties and may not be accurate
or may change significantly. In light of these risks and uncertainties, the future events and circumstances
discussed in this report are not to be taken as guarantees of future performance.
This report is a summary analysis of the results of Banco Patagonia and its subsidiaries. For a proper
interpretation, this report must be read in conjunction with any other material periodically filed with the
Comisión Nacional de Valores (www.cnv.gov.ar), Comissão de Valores Mobiliários (www.cvm.gov.br), Bolsa
de Comercio de Buenos Aires (www.bolsar.com.ar), and Bolsa de Valores de São Paulo
(www.bovespa.com.br). In addition, the Argentine Central Bank (www.bcra.gov.ar) may publish information
related to Banco Patagonia as of a date subsequent to the last date for which the Bank has published
information.
INVESTOR RELATIONS
BANCO PATAGONIA S.A.
Laura E. Varela
Investor Relations
Phone: (5411) – 4132 – 6090
Fax: (5411) – 4132 – 6075
e-mail: [email protected]
website: www.bancopatagonia.com.ar/relacionconinversores
3Q11 Results
Page 17

3rd Quarter Report 2011

Transcrição

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74 Annual New England Rose Society Spring Rose Show

Vorlesung 4: Rechnungswesen