Aug
7
Tickers: GGAL NYCB OCN PBCT
FOR IMMEDIATE RELEASE
For more information contact:
Pedro A. Richards
Chief Executive Officer
Top Company Interviews
Telefax: (5411) 4343-7528 investorelations@gfgsa.com www.gfgsa.com
GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR ITS
SECOND QUARTER ENDED JUNE 30, 2014
Buenos Aires, Argentina, August 7, 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 second quarter ended June 30, 2014.
NET INCOME FOR THE QUARTER ENDED JUNE 30, 2014
? Net income for the second quarter ended on June 30, 2014, amounted to Ps. 693.2 million or Ps. 0.533 per share, equivalent to Ps. 5.332 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. 647.1 million, in Sudamericana Holding S.A. for Ps. 51.3 million and from the deferred tax adjustment for Ps. 15.5 million partially offset by administrative and financial expenses of Ps. 31.7 million.
? During the second quarter ended on June 30, 2014 the Bank recorded a net income of Ps. 673.3 million, higher than the Ps. 383.0 million corresponding to the second quarter of FY 2013.
? The difference between the net income obtained by the Bank of Ps. 673.3 million and the income registered by GFG of Ps. 647.1 million, mainly correspond to the elimination of the profit of Ps. 25.5 million related to the sale of the stake of Galicia Administradora de Fondos S.A. to GFG.
? As of June 30, 2014, the Bank’s market share of loans to the private sector was 8.65%.
In terms of deposits from the private sector, the market share was 8.93%.
Press Release 2° Q 2014 1
? The table below shows the results per share information, based on Grupo Financiero
Galicia’s financial statements.
In pesos
Earnings per Share
FY 2014 FY 2013
2nd Q 2nd Q
Six month ended as of
06/30/14 06/30/13
30/06/14
30/06/13
Total average shares (in thousands) 1,300,265 1,241,407 1,300,265 1,241,407
Total shares outstanding (in thousands) 1,300,265 1,241,407 1,300,265 1,241,407
Book value per share 6.485 4.436 6.485 4.436
Book value per ADS (*) 64.853 44.360 64.853 44.360
Earnings per share 0.533 0.291 1.172 0.532
Earnings per ADS (*) 5.332 2.910 11.720 5.320
(*) 1 ADS = 10 ordinary shares
? Grupo Financiero Galicia’s net income for the quarter represents an annualized return
of 3.27% on average assets and of 34.32% on average shareholders’ equity.
Percentajes
FY 2014 FY 2013
Profitability 2nd Q. 2nd Q.
06/30/14 06/30/13
Six month ended as of
06/30/14 06/30/13
Return on Average Assets (*) 3.27 2.47 3.68 2.34
Return on Average Shareholders’ Equity (*) 34.32 27.68 39.27 25.77 (*) annualized
NET INCOME BY BUSINESS
In millions of pesos
Net Income by Business
FY 2014 FY 2013
2nd Q 2nd Q
Six month ended as of
06/30/14 06/30/13
06/30/14
06/30/13
Income from stake in Banco Galicia (100%) 647.1 363.6 1,417.7 669.9
Income from stake in Sudamericana Holding (87,5%) 51.3 41.2 104.1 75.2
Income from stake in Galicia Administradora de Fondos S.A. (95%) 8.0 – 8.0 – Income from stake in other companies 3.0 1.1 7.7 3.5
Deferred tax adjustment in Banco Galicia´s subsidiaries 15.5 15.1 32.0 34.9
Other Income GFG (31.7) (59.2) (45.6) (122.8)
Income Tax – – – –
Net Income for the period 693.2 361.8 1,523.9 660.7
2 Press Release 2° Q 2014
? “Income from stake in other companies” includes the results from our interests in
Galicia Warrants S.A., Compañía Financiera Argentina S.A. and Net Investment 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. 7.9 million, Financial Results for Ps. -23.0 million and Other Income and Expenses for Ps. -0.8 million.
CONFERENCE CALL
On Monday, August 11, 2014 at 11:00 A.M. Eastern Standard Time (12:00 PM Buenos Aires
Time), GFG will host a conference call to review this results. The call-in number is: 719-325-
2281 – Conference ID: 9560518
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 2° Q 2014 3
SELECTED FINANCIALINFORMATION- CONSOLIDATED DATA(*)
In millions of pesos
06/30/14 03/31/14 12/31/13 09/30/13 06/30/13
– – – – – – – -! .?- – —··············································································- – : ——– !- -.?……… ?.?. : —······- !.? ?.-.?………. – :-..
Government and Corporate Securities
– -e: — – – – —············································- 5 8, 84 6 · 4 5 5 ,9 5 7. 8 5 5-‘..,2 64 .9 4 9 ,7 6 6 .9 48 , 27 6 .6
_g – – – – – – – – – – – – – ! _i_ – -! .?- – – – !- – – – – – —···································- ?- : —·······?!. ·.?……….?. -E?:. —·······?!. ?.·. —······- – :..
– -g- _iY.!. – – – – – – – !- -S !!!P. —·······························································??:………….. ·- —···········? :…………..??.·. —············?- :?..
– – – – – ! – – – – — – !P..r:! – !!.!. – !! – – – – – – !- _1_ – – -e: – —·············- ?. ?: —·······?!. ? ·- —······- ?- : —·······?!. ? ·-?……….?. .?:..
Other Assets 2,727.3 2,925.9 2,495.3 2,432.7 2,369.0
TOTAL ASSETS 96,422.0 89,663.8 83,155.8 75,594.9 70,669.0
– P. -i- —·······································································································- ?.?. :……..?.?!. ?…?.…….. – ?. – : ——– ?!. – ·- ——— ?- :..
_g – – – – – – — – – – – – -i- – i- – — -?- – —·····································- ?. – : ——–? !.? ?…?……… ?.?. : —····- ?!. ·.?……… ?.?. :..
.?. – -?- – – – – — – – – – –?. ! – i- – – —·····························································- -E?: —······- ?…?.………. ?.E?: —······- !- ?.·.9……….. ?.?. :..
_g – – – – – – —·····························································································- ?.?: —······.?!. ·- —······- ??. :?……….?!. ?…?………. ?.?. :..
Minority lnterest 659.6 638.4 602.0 850.4 781.6
TOTALLIABILITIES 87,989.4 81,885.9 76,208.6 69,552.4 65,162.5
SHAREHOLDERS’ EQUITY 8,432.6 7,777.9 6,947.2 6,042.5 5,506.5
INFLATION AND EXCHANGE RATE
– – _i_li- -! -_()_ _( _)……………………………………………………………………………. : —···········:.·?…………..:. ?……………·- -:……………:: ?..
– ! – ! – ! — – – – – -( !.L)…………………………………………………………………….. : —········– ·.?..:…………..: —·········– ·- – —···········- : .
– :..-…J. J.e.!: ————– ·- – —————:: ————– ·- – —————::. .
Exchange Rate ($/U$5) (***)
(*) Grupo Financiero Galicia S.A., consolidated with subsidiary corrpanies (Art.33- Law 19550).
(**) Variation w hin the quarter.
(***) Last working day of the quarter. Source B.C.R.A.- Corrunique “A” 3500- Reference Exchange Rate
4 D Grupo Financiero Galicia Press Release 2° Q 2014
SELECTED FINANCIAL INFORMATION- CONSOLIDATED DATA{*)
In millions of pesos
Quarter ended as of: 06/30/14 03/31/14 12/31/13 09/30/13 06/30/13
FINANCIAL INCOME 4,944.3 5,055.5 3,971.1 3,412.1 2,947.6
l nterest on Ca sh a nd Due From Ba nk
lnterest on Loans to the Financial Sector 46.9 43.2 33.3 27.5 22.6 lnterest on Overdrafts 383.2 318.1 267.1 246.2 203.7 lnterest on Notes 885.4 866.1 772.0 668.3 545.0
lnterest on Mortgage Loans 82.5 79.8 64.3 58.6 45.2
_l_ _t_e; – – – – e:- ?- – ————————————————————————–}
9:. ————- -?:?.
– : ————- : —
lnterest on Credit Card Loans 1,608.4
lnterest on Financial Leases 56.6
1,411.1 1,212.4 1,075.5
55.6 52.0 48.8
1,066.1
43.6
l nterest on Other Lo a ns 931.2 878.6 827.8 775.3 764.0
– -e; – – -e:- – – -‘! – -t_?_ _c;l_f – P.C?!. _t_e;_ ! ! ——————————-?_7_?…………..- ———– -.. ———–?.?. : ———— -? : —
Net l ncome from Opti ons
– – – – !– i_’! l_e;;;
! – -! – -i- – !”! !- !- – – ?- —————————-?.?.. ————- -?: ————– : ————-?… ————- -..- –
Net l ncome from Gua ra nteed Lo a ns-Decree 1387/01 1.1 1.1 0.4 0.6 0.4
: _ j ?- – – -Y.?.PJ?!! – -tj_ !”!.C?_f_?_ j- – ! – – -c;l_e; ———————————————–?……………9:. —————}
Quotations Differences on Gold and Foreign Currency
q:?
:?..
Other 89.7
943.1 391.7 196.3 53.9
FINANCIAL EXPENSES 2,739.6 2,474.3 1,906.9 1,630.7
1,376.5
l nterest on Sa vi ng Accounts Depos its 0.5
0.4 1.1 1.4
1.3
l nterest on Ti me Deposits 1,864.3 1,486.8 1,180.6 995.3 810.9
lntereston lnterbank Loans Received (Cali Money Loans) 4.6 lnterest on Loans from Financial Sector 40.3
8.2
31.3
6.5
27.2
4.3
24.7
2.5
23.9
Far Other Li a bil ities res ul ti ng from Fina neia l Brokerage 431.2 345.3 279.0 251.8
232.4
lnterest on Subordinated Negotiable Obligations 75.0
74.1 44.0 40.4 36.7
Other i nterest 21.9 9.2 6.8 7.6
7.9
Net l ncome from Opti ons 0.9
Adjustment by applicati an of adjusting index 0.1
0.1 -0.2
0.3
Contributions to the Deposit lnsurance Fund 24.0
22.6 20.7 19.1 18.2
Quotations Differences on Gold and Foreign Currency -47.4
Other 325.1
GROSS BROKERAGE MARGIN 2,204.7
PROVISIONS FOR LOAN LOSSES 566.5
INCOME FROM SERVICES, NET 1,343.4
INCOME FROM INSURANCE ACTIVITIES 302.0
135.0
361.3
2,581.2
682.0
1,179.3
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
ADMINISTRATIVE EXPENSES 2,291.2
2,051.9
1,981.6
1,903.3 1,849.5
PersonnExpenses 1,303.8 1,185.8 1,156.3 1,063.1
1,053.5
Directors’ and Syndics’ Fees 22.0
18.3 17.8 15.9
16.9
Other Fees 54.2
44.6 40.2 75.4 65.7
Advertising and Publicity 118.5
Taxes 205.8
83.9
182.8
90.6
167.2
106.4
155.7
104.6
153.4
Depreciation of Premises and Equipment 41.8 40.9 40.2 39.5
37.9
Amortization of Organization and Development Expenses 77.6
70.9 62.7 63.9
63.0
Other Operating Expenses 279.6 262.5 242.6 233.0 220.2
Other 187.9 162.2 164.0 150.4 134.3
MINORITV INTEREST -46.5 -36.5 -39.3 -68.9 -51.2
INCOME FROM EQUITV INVESTMENTS 23.2
28.1 26.2 53.3
25.3
NET OTHER INCOME 128.1 105.1 96.5 45.0 87.7
INCOMETAX 404.0
NETINCOME 693.2
557.8
830.7
427.9
627.0
317.9
536.0
273.0
361.8
(*) Grupo Financiero Galieia, consolidated with subsidiary companies (Art.33- Law 19550).
Press Release 2° Q 2014
D Grupo Financiero Galicia 5
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 2014-08-07 16:33:14 UTC. The issuer is solely responsible for the accuracy of the information contained therein.
Open all references in tabs: [1 – 8]
Comments
Leave a Reply
You must be logged in to post a comment.