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FOR IMMEDIATE RELEASE
For more information contact:
Pedro A. Richards
Chief Executive Officer Telefax: (5411) 4343-7528 investorelations@gfgsa.com www.gfgsa.com
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GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR ITS
FIRST QUARTER ENDED MARCH 31, 2014
Buenos Aires, Argentina, May 8, 2014 – Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia”, “GFG”) (Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) today announced its consolidated financial results for the first quarter ended March 31, 2014.
NET INCOME FOR THE QUARTER ENDED MARCH 31, 2014
? Net income for the first quarter ended on March 31, 2014, amounted to Ps. 830.7 million or Ps. 0.639 per share, equivalent to Ps. 6.39 per ADS.
? This result was mainly attributable to the income derived from our interest in Banco de Galicia y Buenos Aires S.A. (“the Bank”) for Ps. 770.6 million, in Sudamericana Holding S.A. (Ps. 52.7 million) and from the deferred tax adjustment (Ps. 16.6 million) partially offset by administrative and financial expenses of Ps. 14.0 million.
? During the first quarter ended on March 31, 2014 the Bank recorded a net income of Ps. 773.6 million, higher than the Ps. 322.7 million corresponding to the first quarter of FY 2013.
? As of March 31, 2014, the Bank’s market share of loans to the private sector was
8.69%. In terms of deposits from the private sector, the market share was 9.31%.
Press Release |1° Q 2014 Grupo Financiero |Galicia S.A. 1
? The table below shows the results per share information, based on Grupo Financiero
Galicia’s financial statements.
In pesos
FY 2014
FY 2013
Earnings per Share
1st Q 4th Q 1st Q
03/31/14 12/31/13 03/31/13
Total average shares (in thousands) 1,300,265 1,300,265 1,241,407
Total shares outstanding (in thousands) 1,300,265 1,300,265 1,241,407
Book value per share 5.9818 5.3429 4.1639
Book value per ADS (*) 59.8180 53.4293 41.6388
Earnings per share 0.6389 0.4821 0.2408
Earnings per ADS (*) 6.3887 4.8215 2.4085
(*) 1 ADS = 10 ordinary shares
? Grupo Financiero Galicia’s net income for the quarter represents an annualized return
of 4.13% on average assets and of 44.65% on average shareholders’ equity.
FY 2014
Percentajes
FY 2013
Profitability 1st Q 4th Q 1st Q
03/31/14 12/31/13 03/31/13
Return on Avera ge As s ets (*) 4.13 3.43 2.20
Return on Avera ge Sha rehol ders ‘ Equi ty (*) 44.65 39.49 23.79 (*) Annua l i zed
NET INCOME BY BUSINESS
In millions of pesos
FY 2014
FY 2013
Net Income by Business
1st Q 4th Q 1st Q
03/31/14 12/31/13 03/31/13
Income from stake in Banco Galicia (99.6%) 770.6 611.3 306.3
Income from stake in Sudamericana Holding (87.5%) 52.7 42.2 34.0
Income from stake in Cía. Financiera Argentina (3%) 1.1 0.3 1.0
Income from stake in other companies 3.7 2.0 1.4
Deferred tax adjustment in Banco Galicia´s subsidiaries 16.6 (10.0) 19.8
Other Income GFG (14.0) (18.8) (63.6) Income Tax – – –
Net Income for the period 830.7 627.0 298.9
* 1st Quarter of 2013 stake in Banco Galicia was 94.9%
2 Grupo Financiero |Galicia S.A. Press Release | 1° Q 2014
? “Income from stake in other companies” includes the results from our interests in Net
Investment S.A. and Galicia Warrants S.A.
? The “Deferred tax Adjustment” shows the income tax charge determined by Banco Galicia’s subsidiaries in accordance with the deferred tax method. This adjustment was not made in Banco Galicia’s financial statements because Argentine Central Bank’s regulations do not contemplate the application of the deferred tax method.
? “Other income GFG” for the first quarter 2014 includes Administrative expenses for Ps. 11.7 million, Financial Results for Ps. -4.1 million and Other Income and Expenses for Ps. -1.8 million.
RECENT DEVELOPMENTS
? On April 15th, 2014, the Board of Directors of Grupo Financiero Galicia S.A. approved the purchase of the 95% of the capital stock of Galicia Administradora de Fondos S.A. Sociedad Gerente de Fondos Comunes de Inversión (“GAF”) to Banco de Galicia y Buenos Aires S.A. for the amount of Ps. 39,481,302.
? On April 24th, 2014, the Board of Directors of the Comisión Nacional de Valores (“CNV”) resolved to approve the declaration of acquisition of shares of Banco Galicia fixed at Ps. 23.22 per share. Likewise, on May 6th, 2014, within the timeframe established by Article 94 of the Law No. 26,831, Grupo Financiero Galicia S.A. proceed to make the publications required and deposited the total amount of Ps. 49,318,398 for the remaining shares held by third parties of Banco de Galicia y Buenos Aires S.A.
CONFERENCE CALL
On Friday, May 9, 2014 at 2:00 P.M. Eastern Standard Time (3:00 PM Buenos Aires Time), GFG will host a conference call to review this results. The call-in number is: 719-325-2144 – Passcode: 2013276
This report is a summary analysis of the Grupo Galicia’s financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with Banco Galicia’s press release ( www.bancogalicia.com.ar ) and GFG’s financial statements, as well as with all other material periodically filed with the Comisión Nacional de Valores ( www.cnv.gob.ar ), Securities and Exchange Commission ( www.sec.gov ), Bolsa de Comercio de Buenos Aires ( www.bolsar.com.ar ), Bolsa de Comercio de Córdoba and Nasdaq ( www.nasdaq.com).Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.
Press Release |1° Q 2014 Grupo Financiero |Galicia S.A. 3
SELECTED FINANCIAL INFORMATION- CONSOLI DATED DATA(*)
In millions of pesos
03/31/14 12/31/13 rB/30/13 06/30/13 03/31/13
.C..a..s..h..a..n..d...d.u...e..f.r.o..m.…b..a.n..k.s..….......……....……......….......……......1..4..,.2..38....2….......1.2..,.5..6..0....3…........9..,.6..65....5…........8..,.2..4..9..……....…9.,.1..1..3.9
Government and Corporate Securities
– — ?. . –………………………………………………………....……... ?:. . ?.:?……...?....……. .?. :..……. – ?.?:.....…. ·- – :?..
g— – –-!‘!. . -‘– —-! .i– – .!:.?. . ! ?. . !!. . – ?. ….........?:.?. :?…........?! ?J……....?.?.?.??.:..……...?!......…….·.?.. :?..
—g-_iY!.?. – ––?.!.!..s r. !.?……………………………….. :9.…………....-…………...??.:……………?.?:.?…………...? : .
– – – – : ! . – .?. . — – !P.. – !.!.! . !! – .?. – -‘- – ?.’………?!P :9…………………. ·.?.? 😕……….. !?…………. ·.?? : .
Other Assets 2,925.9 2,495.3 2,432.7 2,369.0 2,006.1
TOTAL ASSETS 89,663.8 83,155.8 75,594.9 70,669.0 65,165.8
– P. ?!.……………………………………………………………………?.?:. .??.:?………?. ! ?:……… ?.·.– :...……!– ?.......…. – : .
Other Liabil ities Resulting from Financial Brokerage 20,787.7 19,333.3 17,301.6 16,361.9 14,748.8
– – – .?. -i- – – — ?. !?. .’- –?. !i. i.?. . —································· !.?. ?.:?.…....... ?.?:……..... ·- – :9........... ! ?…..........·.?. :?.. g – – – – !?. i_l_?……………………………………………………………?:.?.? :………. ! 😕………. ·.?:’? :?………..! ?.?:……….. ·- – : . Minority lnterest 638.4 602.0 850.4 781.6 750.5
TOTAL LIABILITIES 81,885.9 76,208.6 69,552.4 65,162.5 59,996.7
SHAREHOLDERS’ EQUITY 7,777.9 6,947.2 6,042.5 5,506.5 5,169.1
INFLATION ANO EXCHANGE RATE
Retail Price lndex (%) (**) 9.98 3.27 2.62 2.27 2.37
.’!!. ! ?. !!:. :! –‘- .9. . .( ).(.)…………………………………………… 😕……………… —··········· : —···········................ : –
C.E.R. (%) (**) 8.15 2.65 2.59 2.12 2.78
Exchange Rate ($/U$5) (***) 8.0100 6.5180 5.7915 5.3852 5.1223
(*) Grupo Rnanciero Galicia S.A., consolidated with subsidiary companies (Art.33- Law 19550). (**) Variation within the quarter.
(***) Last working day of the quarter. Source B.C.R.A.- Comunique “A” 3500- Reference Exchange Rate
4 Grupo Financiero IGalicia S.A. Press Release 11″ Q 2014
SELECTED FINANCIAL INFORMATION ? CONSOLIDAlED DATA(*)
In millions of pesos
Qua rter ended: FINANCIAL INCOME
lnterest on loa ns to the Fina neia l Seetor
03/31/14 12/31/13 09/30/13 06/30/13 03/31/13
5,055.5 3,971.1 3,412.1 2,947.6 2,744.9
43.2 33.3 27.5 22.6 19.1
lnterest on Overdrafts 318.1 267.1 246.2 203.7 194.9
lnterest on Notes 866.1
772.0 668.3 545.0
514.6
.!. ! . – .C?.. .C?.r – – e:.’:?. !1. ……………………………………………………………. ?_9..……...….E?.}............-:E?............. ?:.…………. .9:..
lnterest on Pledge loans 20.2 17.7 15.6 13.9 12.8
lnterest on Credit Card loans 1,411.1
1,212.4 1,075.5 1,066.1
954.8
–l–n—t–e–r–e—s—t—o–n—F—in—a—n—e—ia—l–l–e–a—s—e—s———————————————————————-5–5—.–6—————5–2—.–0————–4—8–.–8—————4–3—.–6—————4–1—.–3—
lnterest on Other loans 878.6 827.8 775.3 764.0 733.3
Net lneome from Government a nd Corporate Seeu rities 389.9 296.8 276.1 174.1 192.1
-..9. .!! . -:. :!Y. – !e: . -: . !.t:!. ll.t.r.C?. . !. – – – — :.C?. !!.:. -!!……………………….. , —··········?…………… ……………. . ;…………. n:..
Net lneomefrom Guaranteed loans-Deeree 1387/01 1.1
0.4 0.6 0.4
1.1
. )_u_ ! .!O .t– X-P.P.I_is !l.! – !-_c!j s!–!{!- -. .. .
O_} . _q} . 9.:?.. . 9.·.. .9:_.
Other 943.1 391.7 196.3 53.9 27.2
FINANCIAL EXPENSES 2,474.3
1,906.9 1,630.7 1,376.5
1,255.9
lnterest on Savin_g Aeeounts Deposits 0.4
1.1 1.4 1.3 1.1
lnterest on nme Deposits 1,486.8 1,180.6 995.3 810.9
759.5
lnterest on lnterbank loans Received (Cali Money loans) 8.2 lnterest on loans from Finaneial Sector 31.3
6.5
27.2
4.3
24.7
2.5
23.9
2.5
17.7
For Other Liabilities resultingfrom Financial Brokerage 345.3 279.0 251.8 232.4
182.4
lnterest on Subordinated NegotiableObligations 74.1 44.0 40.4 36.7 35.1
Other interest 9.2
6.8 7.6 7.9
6.0
Net lneome from Options
Adj ustment by a ppli e ation of a dj usting index 0.1
Contributi ons to the Deposit lnsura nee Fund 22.6
20.7
-0.2
19.1
0.9 1.6
0.3
18.2 17.2
Quotations Differenees on Gol d and Forein Curreney 135.0
Other 361.3
GROSS BROKERAGE MARGIN 2,581.2
PROVISIONS FOR LOAN LOSSES 682.0
INCOME FROM SERVICES,NET 1,179.3
INCOME FROM INSURANCE ACTIVITIES 265.2
69.7
271.3
2,064.2
508.3
1,169.2
228.0
52.8
233.5
1,781.4
392.3
1,108.3
230.4
15.9
225.6
1,571.1
434.7
1,046.6
239.5
14.2
218.6
1,489.0
441.0
915.3
207.0
ADMINISTRATIVE EXPENSES 2,051.9
1,981.6
1,903.3
1,849.5 1,693.9
Personnel Exe_enses 1,185.8 1,156.3 1,063.1 1,053.5
1,016.9
Directors’ a nd Syndies’ Fees 18.3
17.8 15.9 16.9
13.3
Other Fees
Advertising and Publieity
44.6
83.9
40.2
90.6
75.4
106.4
65.7
104.6
30.4
81.3
Taxes 182.8 167.2 155.7 153.4 131.6
DeEreeiation of Premises and Eguie_ment 40.9
Amortization of Orga nization a nd Devel opment Expenses 70.9
Other Operating Expenses 262.5
40.2
62.7
242.6
39.5
63.9
233.0
37.9
63.0
220.2
35.3
57.7
208.3
Other 162.2
164.0
150.4
134.3 119.1
MINORITY INTEREST ·36.5 ·39.3 ·68.9 ·51.2
·49.3
INCOME FROM EQUITY INVESTMENTS 28.1
26.2 53.3 25.3
18.9
NETOTHER INCOME 105.1 96.5 45.0 87.7 66.1
INCOMETAX 557.8
NETINCOME 830.7
(*) Grupo Financiero Galicia, consolidated with subsidiarycompanies (Art.33-Law 19550).
427.9
627.0
317.9
536.0
273.0
361.8
213.2
298.9
Press Release 11″ Q 2014
Grupo Financiero IGalicia S.A. 5
distributed by
This noodl was issued by Grupo Financiero Galicia SA and was initially posted at www.gfgsa.com. It was distributed, unedited and unaltered, by noodls on 2014-05-08 17:14:55 CET. The issuer is solely responsible for the accuracy of the information contained therein.
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