Company
Presentation
1.10.2020
Company
Presentation
1.10.2020
Disclaimer
This presentation contains certain forward- looking statements that reflect the current views and/or expectations of Grupo Supervielle and its management with respect to its performance, business and future events. We
use words such as "believe," "anticipate," "plan,"
"expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "seek," "future," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are
subject to a number of risks, uncertainties and
assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events may differ materially from those in such statements due to, without
limitation, (i) changes in general economic,
financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii)
changes in interest rates and the cost of
deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive
terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities,
- adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Grupo Supervielle, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies,
- changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Grupo Supervielle's filings with the U.S. Securities and Exchange Commission (SEC) and Comision Nacional de Valores (CNV). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. Grupo Supervielle is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SUPV Presentation
Contents
Annex I, 3Q19 Performance
Annex II, Support Material
SUPV
Presentation
INVESTMENT THESIS
Why SUPERVIELLE, High growth potential financial services franchise once the economy rebounds
TRACK RECORD | Loan Market Share [%] | |||||||||||
Financial System - Excluding Public Banks | Sept | |||||||||||
for Growth: | 7.0 | Track record of strong organic growth | ||||||||||
6.0 | combined with strategic acquisitions | May | 12 | |||||||||
• Expanded loans | 5.0 | 19 | ||||||||||
-in US$- by 35 | 4.0 | SUPV | ||||||||||
times between | Follow | 8th | ||||||||||
3.0 | On | |||||||||||
2002 and March | PRIVATE | |||||||||||
2.0 | B A N K | |||||||||||
2018 through | 0.2% | in Loans | ||||||||||
Excluding Securitized Portfolio | ||||||||||||
M&A and | 1.0 | 5% | ||||||||||
0.0 | ||||||||||||
organic growth | ||||||||||||
2001 | 2003 | 2005 | 2007 | 2009 | 2011 | 2013 | 2015 | 2016 | 2017 | 2018 | ||
Strong PRESENCE in |
ARGENTINA'S major REGIONS |
and most POPULATED cities, |
with 324 access points and 1.8 |
MILLION active customers |
STRONG |
OPERATING in a Healthy and UNDERPENETRATED
financial system
- With ample room for growth when the economy rebounds
- Loans / GDP at 10%
LEAN and FLEXIBLE | Implementing |
Organization | CULTURAL & DIGITAL |
transformation strategy | |
• To support sustainable | |
long term growth |
Branding |
• A household |
name and the |
oldest private |
franchise in |
the country |
5
BUSINESS STRATEGY
Evolving our Business Model and Transforming SUPERVIELLE for success in a digital world
High-Growth Post IPO
May 2016 - March 2018
- Delivering Capital deployment
- Fastest growing financial group across all key business lines
- Driving operating leverage and profitability
- Healthy balance sheet and solid capitalization
35X | 90% | |||||||||||||
Loans | 3,300 | |||||||||||||
1,738 | ||||||||||||||
[US$ Mill.] | 93 | Pre | ||||||||||||
IPO | ||||||||||||||
2001 | March 16 | March 18 | ||||||||||||
Distribution | 5% | |||||||||||||
325 | 340 | |||||||||||||
Network |
23 Pre
IPO
2001 | March 16 March 18 |
1
Adverse Macro Slowing Demand
April 2018 - 2019
- Key customer segments significantly impacted by macro slowdown
- Loan growth practically stagnant
- Consumer finance Segment:
- Tightened underwriting policies since 1Q18
- Organizational changes to align it to the new macro environment
-
Focus on digital and change in vision:
"Becoming a multisegment universal company, offering financial and non financial products"
- Banking Business:
- Focus on CX Experience and Centricity, productivity improvements, driving synergies and striving to operate as a leaner organization
-
Agile methodology:
Operating through
24 agile teams2
Digital Transformation
2019 - 2023
-
Our Goal: to become an integrated, efficient and digitized customer centric financial group recognized for being Agile, Simple and Cordial. Leveraging on our
People - Our Purpose: Enhancing Customers
Dreams - Maximizing Growth and Profitability
- Cultural Transformation - transforming the ways of working. Commitment across the organization - Agile methodology
- CX / Centricity
- Digitizing the Group. Develop Digital Attackers
- Build the Supervielle Ecosystem
3
6
OUR DIGITAL TRANSFORMATION JOURNEY
Evolving our Business Model and Transforming SUPERVIELLE for success in a digital world
Banking Business | Consumer Finance |
FOCUS ON
Transform the Core to drive CX
• CX / |
Centricity |
• Agile |
• Efficiency |
Online
Banking
Mobile | Biometrics |
Banking | recognition |
New Brands | Innovation | |
1) | Chat Bot | |
NEW | MiCa | 20K conversations |
DIGITAL | per month | |
BRAND | 1) | Digital Onboarding |
20% increase in | ||
offerings | ||
Walmart App | CRM | |
53K active | ||
customers |
PROFITABILITY
- GROWTH
Senior | |
Citizens | "Fe de Vida" |
App. |
4 public APIs to | Marketing |
sell products | campaigns |
Digital Channels | Intelligence |
Develop
Digital
Attackers
• IOL |
• New Digital |
Brand |
- Develop a new value proposition
- Multisegment
- Safe, secure and trusted online environment
- Simpler products with greater transparency
Build an | • Better understanding customer needs | |
• More personalized propositions | ||
Ecosystem | ||
• Deeper customer engagement | ||
7 1) Mica and Odin are internal names of our chat/bot Agent and digital onboarding respectively
CREATING THE SUPERVIELLE ECOSYSTEM
That anticipate and address our customer's diverse needs developing positive emotional engagements
FINANCING
- Canales Supervielle
- Partnerships
E-WALLET | INSURANCE SOLUTIONS | |
• Access and Financial | • Canales Supervielle | |
Connectivity | • Partnerships |
Customer
ASSET MANAGEMENT | Centricity | LEISURE | ||
& SAVINGS | "EVERY DAY | • Tourism | ||
BANK" |
HOUSING | MEDICAL |
• Emergencies
• Ophthalmology
• Dentistry
8 | MOBILITY |
MACRO TRENDS
Central Bank Securities "Leliqs" Balances and Rates declining in recent months
Leliqs & Repo [AR$ MM] | Market Interest rate & Inflation | ||||||||||||||||||||||||||||||
1,500,000 | 83.3 | ||||||||||||||||||||||||||||||
1,400,000 | 1,191,433 | 78.4 | |||||||||||||||||||||||||||||
1,300,000 | 73.9 | 70.7 | |||||||||||||||||||||||||||||
1,200,000 | 68.2 | 62.7 | |||||||||||||||||||||||||||||
60.4 | |||||||||||||||||||||||||||||||
1,100,000 | 65.0 | 68.0 | |||||||||||||||||||||||||||||
59.3 | 61.9 | 60.9 | |||||||||||||||||||||||||||||
63.0 | |||||||||||||||||||||||||||||||
1,000,000 | |||||||||||||||||||||||||||||||
53.7 | 50.1 | 54.7 | 55.8 | 57.3 | 55.8 | 54.4 | |||||||||||||||||||||||||
900,000 | 58.1 58.9 | 49.4 | |||||||||||||||||||||||||||||
51.7 | 55.0 | ||||||||||||||||||||||||||||||
48.9 | 48.6 | 54.5 | |||||||||||||||||||||||||||||
800,000 | 46.0 | 53.5 | |||||||||||||||||||||||||||||
52.0 | |||||||||||||||||||||||||||||||
44.1 | 51.3 | 55.0 | 55.1 | ||||||||||||||||||||||||||||
49.3 | |||||||||||||||||||||||||||||||
700,000 | 40.0 | 53.4 | 53.0 | 47.5 | 51.6 | 51.0 | 45.1 | ||||||||||||||||||||||||
760,185 | 49.5 | 38.3 | 40.5 | ||||||||||||||||||||||||||||
33.9 | 49.6 | 48.7 | |||||||||||||||||||||||||||||
600,000 | 44.6 | 45.7 | 44.2 | ||||||||||||||||||||||||||||
431,248 | 27.3 | 47.6 | 39.4 | ||||||||||||||||||||||||||||
500,000 | 43.3 | 37.1 | |||||||||||||||||||||||||||||
Bank's Repo: AR$280 Bn. | 25.4 | ||||||||||||||||||||||||||||||
400,000 | 40.5 | ||||||||||||||||||||||||||||||
Mutual Funds's Repo: AR$151 Bn. | |||||||||||||||||||||||||||||||
300,000 | 32.7 | ||||||||||||||||||||||||||||||
200,000 | 22.6 | 29.5 | |||||||||||||||||||||||||||||
100,000 | 22.6 | ||||||||||||||||||||||||||||||
22.9 | 27.3 | 37.1 | 50.2 | 45.7 | 37.6 | 43.8 | 48.5 | 52.6 | 50.9 | 48.6 | 55.4 | 60.0 | 55.1 | 46.0 | 42.0 | ||||||||||||||||
0 | |||||||||||||||||||||||||||||||
S | O | N | D | J | F | M | A | M | J | J | A | S | O | N | D | 1Q | 2Q | 3Q | 4Q | Jan | Feb Mar Apr May Jun | July Aug Sep | Oct Nov Dec | ||||||||
2 0 1 8 | 2 0 1 9 | 2 0 1 8 | 2 0 1 9 | ||||||||||||||||||||||||||||
Leliq | Repo | Leliq + Repo | Badlar Avg. | Badlar EoP | TM20 eop | Leliq | YoY Inflation |
1) As of December 30, 2019
Source: Argentina Central Bank | Source: Argentina Central Bank. and INDEC |
9
MACRO TRENDS [Cont.]
International Reserves and Fx rate stabilized by year end with stringent Exchange Controls in place
FX Rates
95.0 | FX Controls | 77.951 |
85.0 | September 2, 2019 | |
75.0 | ||
65.0 | ||
55.0 | 59.81 | |
45.0 | ||
35.0 | ||
25.0 | ||
15.0 |
J F M A M J J A S O N D J F M A M J J A S O N D J
2 0 1 8 | 2 0 1 9 | ||||
FX | Blue Chip Swap Rate | ||||
- As of January 7, 2020 Source: BCRA
BCRA Reserves [BN]
77.5 (44)%, (34)bn
Oct 28, 2019 | |
43.4 | 44.8 |
28/9 | 12/10 | 29/10 | 13/11 | 28/11 | 13/12 | 2/1 | 16/1 | 30/1 | 13/2 | 27/2 | 15/3 | 29/3 | 15/4 | 2/5 | 16/5 | 30/5 | 13/6 | 1/7 | 17/7 | 31/7 | 14/8 | 29/8 | 12/9 | 26/9 | 10/10 | 25/10 | 11/11 | 26/11 | 10/12 | 26/12 |
2 0 1 8 | 2 0 1 9 |
Latest data as of December 30, 2019
Source: BCRA
Sovereign Debt Profile [Per Year]
47,393
6,830.0 | 39,619 | 33,790 | |||||||
20,884 | 4,518.8 | 24,984 | 21,315.5 | ||||||
16,365.7 | 21,373.8 | ||||||||
8,330.0 | |||||||||
19,679 | 12,139 | 8,449.8 | 16,387 | 8,315.7 | 10,654 | 6,358.6 | |||
4,515 | 3,689.4 | 1,917 | 8,071.1 | 1,762 | |||||
4,295.7 | |||||||||
2020 | 2021 | 2022 | 2023 | ||||||
Local Currency | Foreign Currency | International Organizations |
Foreign Law Local law
10 International Organizations: 2020, 2021, 2022 and 2023 include AR$ 1.6 AR$ 5.3 bn, AR$ 18.6 bn and AR$ 18.8 bn, respectively owed to the IMF.
FINANCIAL SECTOR
Resilient financial system with high liquidity levels. Loan demand remained weak along 2019. Expected to improve as interest rates decline.
Loans to Private Sector [AR$ Bill.]
5% | ||||||||||||
8% | 1.6% QoQ | |||||||||||
87.5 | ||||||||||||
15.1% YoY | ||||||||||||
6.6% | ||||||||||||
83.4 | ||||||||||||
-3.8% | 2.1% | 81.8 | 0.4% | 82.1 | ||||||||
80.2 | ||||||||||||
2,232 | -4.2%2,137 | 3.6% | 2,215 | -0.2% | 2,211 | 9.5% | 2,421 | 2.0% | 2,470 -0.9% | 2,448 0.5% | 2,460 | |
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | Oct 19 | Nov 19 | Dec 19 |
Loans to Private Sector | SUPV loans (AR$ Bn) | |||||||||||||||||||||||||||||||||||||||||||||
Loans to Private Sector [Original Currency] | ||||||||||||||||||||||||||||||||||||||||||||||
AR$ Loans [in AR$ Bn.] | U$S Loans [in US$ Bn.] | |||||||||||||||||||||||||||||||||||||||||||||
6% | 27% | |||||||||||||||||||||||||||||||||||||||||||||
4% | 11.5% QoQ | 16% | ||||||||||||||||||||||||||||||||||||||||||||
1.1% | -1.4% | 3.6% | 2.8% | 62.0 | 18.3% YoY | -8.4% | -2.5% | -5.7% | -13.7% | |||||||||||||||||||||||||||||||||||||
60.3 | 0.6 | -22.8% QoQ | ||||||||||||||||||||||||||||||||||||||||||||
58.4 | 59.0 | 58.2 | 0.6 | 0.5 | 0.5 | 0.4 | ||||||||||||||||||||||||||||||||||||||||
-32.7% YoY | ||||||||||||||||||||||||||||||||||||||||||||||
-1.5%-1.7% | 0.8% | 7.1% | 6.8% | 1.3% | 3.1% | -3.5% | 2.9% | -0.2% | -15.1%-11.6%-6.6%-6.5% | |||||||||||||||||||||||||||||||||||||
1,581 | 1,557 | 1,530 | 1,542 | 1,651 | 1,763 | 1,787 | 1,841 | 15.9 | 15.3 | 15.8 | 15.8 | 13.4 | 11.8 | 11.0 | 10.3 | |||||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | Oct 19 | Nov 19 | Dec 19 | 3Q18 | 4Q18 | 1Q19 | 2Q19 3Q19 | Oct 19 | Nov 19 | Dec 19 | ||||||||||||||||||||||||||||||||
AR$ Loans | Supv AR$ Loans | U$S Loans | Supv U$S Loans | |||||||||||||||||||||||||||||||||||||||||||
11 Source: BCRA …% QoQ or MoM variation
FINANCIAL SECTOR [Cont.]
Resilient financial system with high liquidity levels to absorb drop in deposits, even after US$ deposit outflows in 3rd and 4th quarter 2019. US$ deposits stabilized by year end.
Private Sector Deposits [AR$ Bill.]
5% | |||||||||||||||||||||
30% | 6.9% QoQ | ||||||||||||||||||||
2.7% | 112.6 | ||||||||||||||||||||
109.7 | -9.4% | 102.1 | 25.3% YoY | ||||||||||||||||||
15.6% | |||||||||||||||||||||
97.2 | -2.3% | 94.9 | |||||||||||||||||||
2,827 | 11.1% | 3,139 | 11.4% | 3,498 | 6.6% | 3,728 | -1.2% | 3,682 | -3.6% | 3,548 | 3.1% | 3,657 | 7.6% | 3,936 | |||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | Oct 19 | Nov 19 | Dec 19 | ||||||||||||||
Total Deposits | SUPV deposits (AR$ Bn) | ||||||||||||||||||||
Private Sector Deposits [Original Currency] | |||||||||||||||||||||
AR$ Deposits [in AR$ Bn.] | U$S Deposits [in US$ Bn.] | ||||||||||||||||||||
16% | -32% | ||||||||||||||||||||
42% | 21% | ||||||||||||||||||||
-2.6% | 17.1% | 3.1% | -1.8% | 13.1% QoQ | 7.9% | -2.7% | 15.5% | -42.4% | |||||||||||||
35.6% YoY | |||||||||||||||||||||
74.5 | 76.8 | 75.5 | 0.6 | 0.6 | 0.6 | 0.7 | -9.1% QoQ | ||||||||||||||
65.3 | 63.6 | ||||||||||||||||||||
0.4 | -33.0% YoY | ||||||||||||||||||||
3.8% | |||||||||||||||||||||
18.7% | 7.9% | 9.5% | 1.6% | -1.8% | 6.1% | 8.6% | 7.2% | 2.9% | -31.0% | -10.6% | -3.5% | 5.4% | |||||||||
1,722 | 2,044 | 2,205 | 2,414 | 2,451 | 2,407 | 2,553 | 2,772 | 27.0 | 29.0 | 29.8 | 31.0 | 21.4 | 19.1 | 18.4 | 19.4 | ||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | Oct 19 | Nov 19 | ?dec 19 | 3Q18 | 4Q18 | 1Q19 | 2Q19 3Q19 Oct 19 Nov 19 | Dec 19 | |||||||||
AR$ Deposits | Supv AR$ Deposits | U$S Deposits | Supv U$S Deposits |
12 Source: BCRA …% QoQ or MoM variation
Annex I
3 Q 1 9
Performance
THIRD QUARTER 2019 RESULTS HIGHLIGHTS
Results impacted by Argentine short-term notes reprofiling; franchise structurally performing well in complex macro environment.
M A R G I N
- Net Financial Income -20% QoQ
• Net Interest Margin | -470bps |
To 17.4% impacted by AR$2.0 Bn
loss on mark to market holdings of Argentine government AR$ and U$S short-term notes (3% of total assets), following debt reprofiling
- Loans to individuals continued repricing.
1
A S S E T Q U A L I T Y
- Loan Loss Provisions 79% QoQ
to AR$2.0 Bn | 66% YoY |
- Certain commercial loans in the Public Works and Retailer sectors became delinquent.
- Not 100% provisioned given collaterals involved, although provisioning exceeded Central Bank requirements.
- Coverage ratio was 86.1%.
- Collateralization of non-performingcommercial loans 55% vs
20% as Jun'19. | 2 |
P R O F I T A B I L I T Y
- Reported Pre-Tax Loss
AR$ -116.5 Mill. in 3Q19
Excluding impact from debt reprofiling
- Pre-TaxIncome would have been
AR$ 1.9 Bill.
88% YoY and 23% QoQ
- Attributable Net income of AR$ 301.0 Million.
3
-2.3% sequentially
-
QoQ efficiency ratio:
70.4% in 3Q19, vs. 62.4% in 2Q1 and 59.3% in 3Q18. - Excluding impact from debt reprofiling
- 3Q19 efficiency ratio: Would have been 53%.
4
L I Q U I D I T YA S S E T SC A P I T A L
- Liquid US$ Assets to US$ deposits ratio: 57.5%, flat from June 30, 2019 despite 45% decline in US$ Deposits
- Loan to Deposit ratio: 82.2% in AR$ and 95.9% in US$, for a blended ratio of 85.8%.
• Total Assets-3.8% QoQ
To AR$ 159.8 Bn reflecting reduction in U$S deposits at the Central Bank following U$S deposit outflows, along with lower holdings of Central
Bank securities.
- Common Equity Tier 1 Ratio (Consolidated Proforma) of 11.8% in 3Q19, 10 bps below 2Q19.
5 | 6 | 7 |
14
SUPERVIELLE ASSETS PERFORMANCE
Total assets decreased 4% QoQ as the bank applied liquidity in US$ held in the Central Bank following U$S deposit outflows, along with lower holdings of Central Bank securities.
Assets Evolution [AR$ Mill.]1)
9.4%
-3.4% | 16.1% | 1.4% | -3.8% | ||||||||||||||
146,123 | 141,115 | 163,849 | 166,145 | 159,816 | |||||||||||||
46,127 | 45,006 | 42,690 | |||||||||||||||
45,259 | 42,542 | ||||||||||||||||
100,864 | 98,574 | 117,722 | 121,139 | 117,126 | |||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | |||||||||||||
AR$ Assets | Fx Assets | ||||||||||||||||
Total Assets Breakdown [%]
146,123 | 141,115 | 163,849 | 166,145 | 159,816 | ||||
1,771 | 1,752 | 2,300 | ||||||
5,750 | ||||||||
6,336 | 0 | 0 | ||||||
5,356 | ||||||||
1,410 | ||||||||
1,777 | ||||||||
7,121 | 860 | 32,206 | 39,237 | 29,853 | ||||
8,013 | ||||||||
11,463 | 0 | |||||||
11,305 | ||||||||
8,069 | 10,658 | |||||||
6,161 | 10,806 | 15,925 | ||||||
33,822 | 33,688 | 31,052 | 26,482 | 18,857 | ||||
Minimum Cash Reserve Requirements
On AR$ Deposits [AR$ Mill.]1)
83,378 | 80,172 | 81,827 | 82,118 | 87,525 | ||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | ||||||||||||||||||
Cash | ||||||||||||||||||||||
12,786.4 | 15,330.3 | 14,400.8 | 11,729.8 | 10,533.8 | ||||||||||||||||||
Botes | ||||||||||||||||||||||
2,152.6 | 3,032.5 | 3,092.8 | 2,923.3 | 3.089.2 | ||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | ||||||||||||||||||
Leliq | ||||||||||||||||||||||
4,082.8 | 7,728.3 | 7,111.2 | 6,238.0 | 8,539.3 | ||||||||||||||||||
Loans | Cash & due from Banks | |||||||||||||||||||||
Total Reserves | 19,021.8 | 26,091.1 | 24,604.7 | 20,891.1 | 22,162.2 | Other & Intangible | Leliq | |||||||||||||||
Lebac | Government Securities | |||||||||||||||||||||
requirement | ||||||||||||||||||||||
- Min. cash reserve requirements on U$S deposits was US$ 149.8 million as of September 30, 2019, and U$S361.9 mm as of June 30, 2019. The basis on which the
15 minimum cash reserve requirement is computed is the monthly average of the daily balances of the liabilities at the end of each day during each calendar month.
SUPERVIELLE LOAN PERFORMANCE
Total loans up 7% QoQ, driven by increases of 17% in US$ loans reflecting FX devaluation and of 3% in AR$ loans. In original currency, US$ loans declined 14% QoQ.
Loans [AR$ Mill]1) | Total Loans Breakdown [AR$ Mill]1) | 3Q19 Breakdown [AR$ Mill]1) | |||||||||||||||||||||||||||||
5.0% | Loans & Leasing, plus Securitized Portfolio | SME's & Middle | |||||||||||||||||||||||||||||
-3.8% | 2.1% | 0.4% | 6.6% | Market | |||||||||||||||||||||||||||
83,378 | 80,172 | 81,827 | 82,118 | 87,525 | Pre-IPO | 10 | 10 | 9 | 8 | 7 | |||||||||||||||||||||
12 | 59.0 | ||||||||||||||||||||||||||||||
24,964 | 21,131 | 23,618 | 21,803 | 25,501 | |||||||||||||||||||||||||||
36 | 41 | ||||||||||||||||||||||||||||||
40 | 41 | 42 | |||||||||||||||||||||||||||||
53 | Corporate | ||||||||||||||||||||||||||||||
60,315 | 62,023 | Portfolio | |||||||||||||||||||||||||||||
58,414 | 59,041 | 58,209 | 35 | 54 | 50 | 50 | 50 | 52 | 41.0 breakdown2) | ||||||||||||||||||||||
Large | |||||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 1Q16 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | |||||||||||||||||||||
AR$ Loans | Fx Loans | Corporate | Retail | Consumer Finance | |||||||||||||||||||||||||||
610 559 545 514 443
U$S LOANS
- Consumer Finance portfolio decreased 3.5% QoQ reducing to 7% its weight of total portfolio from 8% in 2Q19 and 10% in 3Q18
- Increase in AR$ loans, following the new AR$ loans granted to customers who paid down their U$S loans
Mortgages | Senior | ||
Entrepreneurs | 12.9 | Citizens | |
& Small | |||
Businesses | 8.7 | 39.9 | |
Retail | |||
Portfolio | |||
breakdown | |||
Payroll & | 38.4 | ||
Open Market |
Customers
- Denotes loans and leases before allowances
- 2018, "small businesses" annual sales up to Ps.70.0 million, "SMEs" annual sales over Ps.70.0 million and below Ps.550.0 million, "middle-market companies" annual sales over Ps.550.0 million
and below Ps.2.0 billion and "large corporates" annual sales over Ps.2.0 billion. 2019, "small businesses" annual sales up to Ps.100 million, "SMEs" annual sales over Ps.100 million and below Ps.
16 700 million, "middle-market companies" annual sales over Ps. 700 million and below Ps. 2.5 billion and "large corporates" annual sales over Ps. 2.5 billion.
FUNDING & DEPOSIT BASE
Stable AR$ deposit base, while US$ deposits declined 45% sequentially. Maintains significant liquidity levels.
Funding [AR$ Mill.] | Deposits & Liquidity [Mill, %] | ||||||||||||||||||||||||||||||||||||||||||||
AR$ Mill | |||||||||||||||||||||||||||||||||||||||||||||
8.5% | 15.6% | ||||||||||||||||||||||||||||||||||||||||||||
-2.6% | 17.1% | 3.1% | -1.8% | ||||||||||||||||||||||||||||||||||||||||||
-3.7% | 15.6% | 0.8% | -3.2% | 55.5% | |||||||||||||||||||||||||||||||||||||||||
156,058 | 157,356 | ||||||||||||||||||||||||||||||||||||||||||||
152,296 | 65,291 | 63,614 | 74,507 | 76,832 | 75,464 | ||||||||||||||||||||||||||||||||||||||||
140,307 | 135,054 | 17,771 | 19,378 | ||||||||||||||||||||||||||||||||||||||||||
20,110 | |||||||||||||||||||||||||||||||||||||||||||||
16,220 | |||||||||||||||||||||||||||||||||||||||||||||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 | |||||||||||||||||||||||||||||||||||||||||
17,156 | 28,610 | 25,340 | |||||||||||||||||||||||||||||||||||||||||||
30,126 | Ar$ Deposits (in AR$ Mill) | AR$ Liquid Assets / AR$ Deposits | |||||||||||||||||||||||||||||||||||||||||||
26,902 | 22,993 | ||||||||||||||||||||||||||||||||||||||||||||
89.9% | 92.9% | 78.3% | 78.5% | 82.2% | |||||||||||||||||||||||||||||||||||||||||
109,677 | 112,638 | AR$ Loans to AR$ deposits | |||||||||||||||||||||||||||||||||||||||||||
97,186 | 94,906 | 102,060 | US$ Mill | ||||||||||||||||||||||||||||||||||||||||||
-40.7% | |||||||||||||||||||||||||||||||||||||||||||||
6.1% | -2.0% | 4.0% | -45.2% | ||||||||||||||||||||||||||||||||||||||||||
57.5% | |||||||||||||||||||||||||||||||||||||||||||||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 | 780 | 828 | 811 | 462 | |||||||||||||||||||||||||||||||||||||
Shareholders equity | Other Fis & Subordinated Negotiable Obligations1) | Deposits | 843 | ||||||||||||||||||||||||||||||||||||||||||
57.1% | 56.8% | 49.9% | 49.4% | 54.8% | |||||||||||||||||||||||||||||||||||||||||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 | |||||||||||||||||||||||||||||||||||||||||
Loans to assets | U$S Deposits (in U$S Mill) | U$S Liquid Assets / U$S Deposits | |||||||||||||||||||||||||||||||||||||||||||
32.8% | 33.0% | 32.1% | 31.8% | 26.1% | 78.1% | 67.5% | 66.8% | 60.9% | 95.9% | ||||||||||||||||||||||||||||||||||||
Fx Deposits to total deposits | US$ Loans to US$ deposits | ||||||||||||||||||||||||||||||||||||||||||||
17 1) Includes: Repo Transactions, Financing received from Central Bank and others, Medium Term Notes and Subordinated Loan and Negotiable Obligations
SUPERVIELLE DEPOSITS
AR$ retail and corporate deposits increased while short-term wholesale deposits decreased reflecting migration of local asset managers to operate directly with the Central Bank.
DEPOSITS Breakdown [%] | AR$ Deposits |
Non interest Bearing | Non interest Bearing | ||||||
Checking Accounts | Checking Accounts | ||||||
12.3 | Time | Time | |||||
Deposits | 17.8 | Deposits | |||||
Special | 22.1 | 40.5 | AVG | 37.9 | |||
Checking | EOP | ||||||
Special | |||||||
Accounts | Checking | 19.6 BALANCE | |||||
Accounts | |||||||
25.2 | 24.8 | ||||||
Savings Accounts | Savings Accounts | ||||||
EOP By Customer | |||||||
Senior Citizen | Wholesale/ | Senior Citizen | |||||
-12 QoQ | -22 QoQ | ||||||
Institutional | 10.4 | Retail | |||||
18.8 | -11 QoQ | -47 QoQ | |||||
31.9 | 38.4 | ||||||
24.7 | |||||||
Retail | [AR$] | Corporate | [US$] | ||||
5 QoQ | 23.1 | -22 QoQ | |||||
26.3 | Corporate | 26.5 | |||||
-53 QoQ | |||||||
32 QoQ | |||||||
Wholesale/ Institutional | |||||||
18 |
Checking Accounts
Savings Accounts
Time Deposits
Special
Checking
Accounts
66.9%
37.1%
6,680 6,687 7,071 8,134 11,151
Sep 18 Dec 18 Mar 19 Jun 19 Sep 19
20.6% | -15.8% | |||||
12,532 | 14,041 | 13,758 | 17,955 | 15,111 | ||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 | ||
92.3% | 14.0% | |||||
15,283 | 20,891 | 23,664 | 25,794 | 29,395 | ||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 | ||
-53.6% | -18.3% | |||||
23,206 | 14,639 | 20,359 | 13,173 | 10,760 | ||
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 |
NET FINANCIAL INCOME (NFI) & NIM
NFI & NIM down 20% and 470bps QoQ, respectively reflecting AR$2.0 BN loss from Argentine government debt reprofiling (3% of total assets). Loans to individuals continued repricing.
Net Financial Income [AR$ Mill.] | NIM [%] | |||||||||||||||||||||||||
20.3% | 49.0% | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | ||||||||||||||||||||
Total | ||||||||||||||||||||||||||
19.5% | 18.2 | 20.3 | 19.1 | 22.1 | 17.4 | |||||||||||||||||||||
17,316.5 | AR$ | |||||||||||||||||||||||||
21.7 | 23.9 | 22.5 | 26.2 | 27.9 | ||||||||||||||||||||||
13,203.8 | ||||||||||||||||||||||||||
U$S | 7.3 | 9.1 | 6.9 | 8.4 | -17.2 | |||||||||||||||||||||
11,624.8 | Loan Portfolio | |||||||||||||||||||||||||
16.6 | 17.8 | 18.2 | 18.5 | 18.6 | ||||||||||||||||||||||
3,185.6 | ||||||||||||||||||||||||||
6,560.3 | AR$ | 21.3 | 22.5 | 23.2 | 23.8 | 24.2 | ||||||||||||||||||||
5,258.1 | 5,477.7 | 5,278.5 | ||||||||||||||||||||||||
4,386.2 | US$ | |||||||||||||||||||||||||
3.9 | 4.9 | 4.7 | 5.3 | 5.4 | ||||||||||||||||||||||
1,663.4 | 3,235.0 | 4,259.4 | 5,189.6 | 3,754.8 | Investment | |||||||||||||||||||||
20.7 | 23.4 | 20.1 | 29.3 | 18.1 | ||||||||||||||||||||||
2,722.9 | 2,023.2 | 8,439.2 | 4,112.7 | portfolio | ||||||||||||||||||||||
1,218.3 | 1,370.7 | 1,523.8 | ||||||||||||||||||||||||
AR$ | ||||||||||||||||||||||||||
22.5 | 28.2 | 23.3 | 32.2 | 26.0 | ||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | ||||||||||||||||||||
NII | NIFFI & Exchange Rate Differences | US$ | ||||||||||||||||||||||||
8.0 | (2.2) | (4.2) | 8.7 | -57.0 | ||||||||||||||||||||||
- AR$ and US$ yield on investment portfolio partially impacted by the mark to market accounting of short-term Argentine government AR$ and U$S short-term notes (3% of total assets), following debt reprofiling.
- Excluding the debt reprofiling impact, Net Financial Income would have been $7.3 billion, increasing 12% QoQ and NIM would have been 24.1%.
- Interest on loans continued to benefit from additional repricing in personal loans.
19 1) NII: Net Interest Income, NIFFI: Net income from financial instruments at fair value through profit or loss.
SERVICE FEE INCOME & INCOME FROM INSURANCE ACTIVITIES
Net service fee income up 9% QoQ after repricing on bundled services, non-credit related insurance and higher credit card transactions, while income from insurance rose 19% QoQ.
Net Service Fee Income [AR$ Mill.] | Income From Insurance Activities [AR$ Mill.] | ||||||||||||
31.3% | 30.9% | 41.0% | 42.4% | ||||||||||
8.6% | 18.9% | ||||||||||||
2,916.4 | 3,818.0 | 679.3 | |||||||||||
477.1 | |||||||||||||
1,026.9 | 1,065.1 | 1,227.8 | 1,241.7 | 1,348.5 | 183.1 | 180.4 | 204.0 | 217.2 | 258.1 | ||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | 3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 |
Net Service Fee Income Ratio [%]1)
21.4 | 19.2 | 20.7 | 18.2 | 23.3 | 22.6 | 20.6 |
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 |
Net Service Fee Income up 8.6% QoQ reflecting:
- 13.4% increase in fee income from full impact of the repricing on bundled financial services in the quarter, credit cards commissions, non- financial services and non-credit related insurance.
- Partially offset by a 26.8% increase in debit and credit card commissions paid.
- Income from insurance activities up 18.9%. QoQ Gross written premiums increased 24% while claims paid reflect technical adjustments on the company's seasonal accident rates curve (IBNR).
1) Excludes income from insurance activities
Note: Net services fee income + Income from insurance activities divided by the sum of Net interest income + Net income from financial instruments at fair value through profit or loss + Exchange rate
20 differences on gold and foreign currency, net services fee income, income from insurance activities and other net operating income.
ASSET QUALITY
NPL ratio up to 6.9% with CoR at 9.6% reflecting certain commercial loans that became delinquent in 3Q19. Collateralization levels of non-performing commercial loans more than doubled.
Loan Loss Provisions Evolution | Retail NPLS vs +90 days Delinquency |
Coverage ratio [%]
Credit Card | 4.0 | 3.8 |
4.6 | 4.5 | 4.5 |
94.0 100.0 100.0
9.9 | ||
5.9 | 7.0 | |
1,123 | 1,383 | 1,893 |
107.7 86.1
9.6 | 8.5 | |
6.0 | 5.4 | |
1,211 | 2,007 | |
2,838 | 5,111 | |
Loans NPL | 2.6 | |
Credit Card Loans | 2.2 | |
Delinquency +90 |
Personal | 3.6 | 3.5 |
Loans NPL | ||
Personal Loans | 2.1 | 1.9 |
2.9 | 3.2 | 3.2 |
4.0 | 3.7 | 4.1 |
2.2 | 2.5 | 2.6 |
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | ||
Loan Loss Provisions (in AR$ million) | Cost of risk [%] | |||||||
NPLs Ratio | ||||||||
SEP-18DEC-18MAR-19 | JUN-19 | SEPT-19 |
Delinquency +90 |
Retail | 3.2 | 3.3 |
Segment NPL | ||
Retail Segment | 2.1 | 2.0 |
Delinquency |
3.8 | 3.9 | 4.0 |
2.3 | 2.6 | 2.6 |
Corporate | 0.8% | 1.1% | 3.0% | 3.0% | 7.2% |
Retail | 3.2% | 3.3% | 3.8% | 3.9% | 4.0% |
Personal Loans | 3.6% | 3.5% | 4.1% | 3.7% | 4.1% |
Credit Cards | 4.0% | 3.8% | 4.6% | 4.5% | 4.5% |
Mortgages | 0.0% | 0.2% | 0.2% | 0.4% | 0.8% |
Consumer Finance | 18.5% | 19.4% | 21.0% | 21.4% | 20.3% |
Personal Loans | 24.6% | 26.0% | 27,9% | 28.7% | 27.1% |
Credit Cards | 11.6% | 13.2% | 15,4% | 16.9% | 15.2% |
Car Loans | 0.2% | 2.5% | 6,2% | 10.8% | 13.4% |
Residual Car Loans Mila Portfolio | 16.1% | 22.3% | 27.4% | 28.3% | 39.6% |
TOTAL | 3.7% | 4.1% | 5.3% | 5.1% | 6.9% |
21
Sep 18 | Dec 18 | Mar 19 | Jun 19 | Sep 19 |
- NPLs up 180 bps QoQ to 6.9% in 3Q19 reflecting certain commercial loans in the Public Works and Retail sectors.
- These delinquent commercial loans were not 100% provisioned given collaterals involved (provisioning exceeded Central Bank requirements), resulting in coverage ratio of 86.1%.
- Collateralized non-performing commercial loans increased to 55% of total, from 20% as of September 2019.
- Consumer finance loans posted lower NPL creation reflecting prudent approach to asset quality.
ASSET QUALITY CONSUMER FINANCE
NPL creation down 57% QoQ and 66% YoY, reflecting earlier credit scoring tightening.
Consumer Finance - NPL Creation [AR$ Mill.]
605 | 538 | |||||||
479 | ||||||||
423 | 403 | |||||||
379 | 328 | 324 | ||||||
138 | ||||||||
3Q | 4Q | 1Q | 2Q | 3Q | 4Q | 1Q | 2Q | 3Q |
2 0 1 7 | 2 0 1 8 | 2 0 1 9 |
22
ADMINISTRATIVE EXPENSES & EFFICIENCY RATIO
Efficiency ratio of 70.4% reflects weaker revenues due to impact from the debt reprofiling. Excluding reprofiling, efficiency ratio would have improved to 53%.
Personnel and Administrative
Expenses, D&A & Efficiency Ratio [AR$ Mill.]
43.5% | 48.5% | |||||||||||||||||||||||||||||||
12,491.5 | ||||||||||||||||||||||||||||||||
14,000.00 | 70.4% | 63.8% | ||||||||||||||||||||||||||||||
59.3% | 61.9% | 62.4% | 61.4% | 232.6 | ||||||||||||||||||||||||||||
59.0% | ||||||||||||||||||||||||||||||||
12,000.00 | 53.0% | |||||||||||||||||||||||||||||||
8,893.0 | ||||||||||||||||||||||||||||||||
10,000.00 | 4,373.0 | |||||||||||||||||||||||||||||||
640.4 | ||||||||||||||||||||||||||||||||
4,604.6 | ||||||||||||||||||||||||||||||||
8,000.00 | 3,713.2 | 3,798.1 | 4,496.6 | |||||||||||||||||||||||||||||
3,133.1 | 3,281.4 | |||||||||||||||||||||||||||||||
6,000.00 | ||||||||||||||||||||||||||||||||
208.8 | 231.2 | |||||||||||||||||||||||||||||||
122.0 | 200.4 | |||||||||||||||||||||||||||||||
87.8 | 7,886.0 | |||||||||||||||||||||||||||||||
4,000.00 | 1,519.4 | |||||||||||||||||||||||||||||||
1,317.8 | 1,280.5 | 1,573.1 | 4,971.2 | |||||||||||||||||||||||||||||
2,000.00 | 1,179.6 | |||||||||||||||||||||||||||||||
2,273.4 | 2,317.2 | 2,876.5 | 2,692.3 | |||||||||||||||||||||||||||||
1,865.7 | ||||||||||||||||||||||||||||||||
- | ||||||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | ||||||||||||||||||||||||||
Personnel Expenses | Administrative | D&A | Efficiency Ratio [%]* | Efficiency [excl Debt Reprofiling] | ||||||||||||||||||||||||||||
5,281 | 5,307 | 5,264 | 5,196 | 5,225 | 5,281 | 5,225 | ||||||||||||||||||||||||||
E M P L O Y E E S | ||||||||||||||||||||||||||||||||
- Expenses declined 2.3% QoQ, mainly due to lower personnel expenses which fell 6.4% in the period reflecting AR$ 273 million in non-recurring severance charges in 2Q19, while administrative expenses were up 3.5% in the period.
- On a comparable basis, personnel expenses would have increased 3.6% in 3Q19 reflecting the salary increases applied in the quarter with total expenses up 3.8 %.
-
Efficiency: Personnel, Administrative expenses and Depreciation & Amortization divided by the sum of Net interest income + Net income from financial instruments at fair value through profit or
23 loss + Exchange rate differences on gold and foreign currency, net services fee income, income from insurance activities and other net operating income.
PROFITABILITY
Pre-tax results impacted by debt reprofiling and non-performing commercial loans. Excluding debt reprofiling, pre-tax profit would have risen 88% YoY and 23% QoQ.
Profit Before Income Tax [AR$ Mill.]
4.2 Bn | ||||||||||||||||||||||||||||
1.9 Bn | 2,504.0 | |||||||||||||||||||||||||||
1,566.1 | ||||||||||||||||||||||||||||
1,027.6 | 903.8 | 748.7 | 2,198.2 | |||||||||||||||||||||||||
-116.5 | ||||||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | ||||||||||||||||||||||
Profit Before Income Tax | Debt reprof. Impact | |||||||||||||||||||||||||||
ROE [%]
42.2
34.9
21.1 34.6
22.2 | 17.1 | 16.3 | 20.4 | |||
13.6 | 6.2 | |||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 |
3Q19 ROAE and ROAA excluding impact from Debt Reprofiling
24 Adj ROAE & ROAA including inflation adjustment in income tax provision in each quarter
Attributable Comprehensive Income [AR$ Mill.]
-16.3% | 55.5% | |||||||||||||||||||||||
465.0 | ||||||||||||||||||||||||
7.7 | 233.9 | |||||||||||||||||||||||
431.0 | ||||||||||||||||||||||||
7.1 | 228.7 | |||||||||||||||||||||||
26.3 | 1,901.5 | 301.0 | ||||||||||||||||||||||
867.4 | 706.8 | 1,860.7 | 2,791.7 | |||||||||||||||||||||
589.1 | ||||||||||||||||||||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 | ||||||||||||||||||
Attributable Net Income | Other Comprehensive Income | |||||||||||||||||||||||
ROAA [%]
4.7 4.2
2.4 3.8
2.7 | 2.3 | 2.3 | ||||
2.0 | ||||||
1.5 | ||||||
0.7 | ||||||
3Q18 | 4Q18 | 1Q19 | 2Q19 | 3Q19 | 9M18 | 9M19 |
CAPITALIZATION
Solid capitalization levels in a particularly challenging quarter with common Equity Tier 1 Ratio (Consolidated Proforma) of 11.8% in 3Q19.
Capital Deployment [Tier I Ratio %]1)
0.8 | 0.2 | (0.40 ) | ( 0.5 ) | ( 0.3 ) | 0.1 | |||||
11.9 | 11.8 |
TIER1 Capital Capital Creation | Dividends | Fx Impact on | RWA | Deferred tax1) | Other | TIER1 Capital |
(Consolidated | Credit RWA1) | (Consolidated | ||||
pro forma ) as of | pro forma) as of | |||||
June-19 | Sept-19 |
THE QOQ PERFORMANCE REFLECTS:
- 8% increase in operational risk
- 15% increase in the amount of deductions to the Tier 1 capital,
- Partially offset by a 40% decrease in market risk
25 1) Deferred tax on loan loss provisions and losses on Consumer Finance
OWNERSHIP GRUPO SUPERVIELLE
Grupo
Supervielle
ownership
Direct
Participation
Direct + Indirect
Participation
2.9% | 95% | ||||||||||||||
5.0% | 2.5% | ||||||||||||||
97.1% | 5.0% | 10% | |||||||||||||
5.0% | 95.0% | 87.5% BOLSILLO | |||||||||||||
DIGITAL SAU | |||||||||||||||
95.0% | 100.0% | ||||||||||||||
5.0% | |||||||||||||||
95.0% | 65% | 35% | 100.0% | ||||||||||||
Float | Julio Patricio | ||||||||||||||
5.0% | 95.0% | Supervielle | |||||||||||||
Votes: 58.1% | 100.0% | ||||||||||||||
Invertir | Supervielle | Espacio | Supervielle | ||||||||||||
Online.com S.A. | Bolsillo | Banco | Supervielle | Tarjeta | Cordial | ||||||||||
Microlending | SOFITAL | Asset | Cordial de | Productores | |||||||||||
and | Digital | Supervielle | Seguros | Automática | Compañía | ||||||||||
S.A.U | S.A.F. e I.I. | Management | Servicios | Asesores de | |||||||||||
InvertirOnline.com | S.A.U. | S.A. | S.A. | S.A. | Financiera | ||||||||||
S.A. | S.A. | Seguros S.A. | |||||||||||||
Argentina S.A. | |||||||||||||||
100% | 100% | 100% | 97.1% | 96.8%% | 95.0% | 95.0% | 95.0% | 95.0% | 87.5% | 5.0% | |||||
100% | 100% | 100% | 99.90% | 100% | 100% | 100% | 100% | 95.00% | 99.99% | 99.90% | |||||
26
Annex II
Support
Material
SUPPORT MATERIAL
The Argentine banking business has the potential for a growth cycle when the economy rebounds.
Under-developedBanking System
4.7% | 3.0% | 2.8% | 1.7% | 2.3% | 2.2% | |||||
Estimated | ||||||||||
93 | 9.6 | December | ||||||||
2019 | ||||||||||
47 | 47 | 32 | 22 | 15 | ||||||
Chile | Brazil | Colombia | Peru | Mexico | Argentina | |||||
Loans to the Private Sector as a % of GDP (%) as of December 2018 except Brazil (as of Jun-19) | ||||||||||
Insurance Premiums Written as of December, 2018. | ||||||||||
Source: Each country's financial regulatory agencies | ||||||||||
Lower Credit Penetration | …In a less concentrated Banking System… | |||||||||
in all segments [%of GDP]1) |
93 | |||||||||||||||||||||||
26 | |||||||||||||||||||||||
14 | 47 | 47 | 6 | 37 | |||||||||||||||||||
9 | 14 | 6 | 22 | ||||||||||||||||||||
18 | 4 | 4 | 15 | ||||||||||||||||||||
53 | 20 | 27 | 27 | 4 | 14 | 6 | 1 | ||||||||||||||||
8 | |||||||||||||||||||||||
Chile | Brazil | Colombia | Peru | Mexico | Argentina | ||||||||||||||||||
Commercial | Consumer | Mortgages | |||||||||||||||||||||
December 2018 Market Share of the Top 5 Banks of Each Country
86.7 | 76.4 | 70.7 | 69.2 | 68.0 | |||||
52.3 | |||||||||
Peru | Chile | Mexico | Brazil | Colombia Argentina |
28 1) Total gross loans for each loan type (Source: Each country's financial regulatory agencies) as a percentage of the nominal GDP (Source IMF), as of EOP 2018 except Brazil (June, 2019)
SUPPORT MATERIAL
Small industry size and low leverage levels with ample room for growth
ARGENTINA: Third largest economy of Latin America but small industry size
748.3 | 263.9 | 60.5 | 141.1 | 257.5 | 80.1 | |||||||||||||
Small financial | ||||||||||||||||||
industry considering | ||||||||||||||||||
the size of the | ||||||||||||||||||
16.2% | 20.6% | economy | ||||||||||||||||
20.5% | 14.9% | 26.0% | 14.2% | |||||||||||||||
3,365 | ||||||||||||||||||
2,570 | 915 | 745 | 482 | 458 | ||||||||||||||
Brazil | Mexico | Argentina | Colombia | Chile | Peru | |||||||||||||
Total loans of the Financial System as of December, 2018 | 2018 GDP (PPP US$ Bn)1) | |||||||||||||||||
Source: Each country's financial regulatory agencies | …% 2018 GDP Per Capita (PPP US$) | |||||||||||||||||
Source: IMF |
Corporate leverage1)
Debt service ratio
(% of disposable income)
Low leverage both in companies and families
Lower corporate | ||||||||||
3.4 | leverage highlights | |||||||||
2.6 | 2.6 | 2.5 | 2.4 | significant room for | ||||||
1.3 | ||||||||||
further penetration | ||||||||||
Low household | ||||||||||
20.8 | 17.1 | 5.9 | 17.8 | leverage provides | ||||||
7.1 | 12.0 | |||||||||
capacity to increase | ||||||||||
Brazil | Chile | Peru | Colombia | Mexico | Argentina | interest payments |
- 2015 Net Debt to EBITDA Source: Wall Street Research
29
RANKING
Competition | Financial System in million of Ps as of September 2019
11th | Argentine Financial | 13th | Argentine Financial System | |||||||||||||
System in terms of Loans | in terms of Deposits | |||||||||||||||
Loans | Share | Assets | Share | Deposits | Share | |||||||||||
Banco de la Nación Argentina S.A. | 430.208,8 | 16,5% | 1.233.517,2 | 19,6% | 1.030.884,3 | 22,6% | ||||||||||
Banco de Galicia y Buenos Aires S.A. | 289.632,6 | 11,1% | 602.048,0 | 9,5% | 382.810,1 | 8,4% | ||||||||||
Banco Santander Río S.A. | ||||||||||||||||
257.139,1 | 9,9% | 557.030,3 | 8,8% | 429.235,0 | 9,4% | |||||||||||
Banco de la Provincia de Buenos Aires | 232.731,8 | 8,9% | 525.930,5 | 8,3% | 429.296,8 | 9,4% | ||||||||||
Banco Macro S.A. | 193.089,4 | 7,4% | 403.172,7 | 6,4% | 257.751,2 | 5,7% | ||||||||||
BBVA Banco Francés S.A. | 189.663,5 | 7,3% | 402.335,7 | 6,4% | 275.241,4 | 6,0% | ||||||||||
Banco de la Ciudad de Buenos Aires | ||||||||||||||||
108.802,8 | 4,2% | 225.288,0 | 3,6% | 171.697,6 | 3,8% | |||||||||||
HSBC Bank Argentina S.A. | 104.886,2 | 4,0% | 252.506,7 | 4,0% | 190.672,0 | 4,2% | ||||||||||
ICBC S.A. | ||||||||||||||||
94.330,8 | 3,6% | 214.681,1 | 3,4% | 129.609,5 | 2,8% | |||||||||||
Banco Patagonia S.A. | 79.300,6 | 3,0% | 178.346,9 | 2,8% | 111.935,6 | 2,5% | ||||||||||
Banco Supervielle S.A. | 75.170,7 | 2,9% | 152.403,4 | 2,4% | 103.969,4 | 2,3% | ||||||||||
Banco de la Provincia de Córdoba S.A. | 52.000,0 | 2,0% | 137.827,1 | 2,2% | 120.866,4 | 2,7% | ||||||||||
BICE SA | ||||||||||||||||
46.988,7 | 1,8% | 84.633,5 | 1,3% | 36.610,8 | 0,8% | |||||||||||
Banco Hipotecario S.A. | 39.419,3 | 1,5% | 81.371,1 | 1,3% | 30.907,3 | 0,7% | ||||||||||
Credicoop Cooperativo Limitado | ||||||||||||||||
36.974,6 | 1,4% | 211.261,6 | 3,3% | 172.003,7 | 3,8% | |||||||||||
Itau Argentina | 36.385,4 | 1,4% | 79.110,8 | 1,3% | 51.404,8 | 1,1% | ||||||||||
Citibank N.A. | ||||||||||||||||
33.311,0 | 1,3% | 142.043,0 | 2,3% | 90.374,0 | 2,0% | |||||||||||
Nuevo Santa Fe | 33.246,4 | 1,3% | 81.462,8 | 1,3% | 61.769,2 | 1,4% | ||||||||||
Cordial Cía. Financiera | 5.768,1 | 0,2% | 8.289,3 | 0,1% | 835,2 | 0,0% | ||||||||||
Others | 262.044,6 | 10,1% | 734.472,6 | 11,6% | 476.785,3 | 10,5% | ||||||||||
Total | 2.601.094,4 | 6.307.732,3 | 4.554.659,6 | |||||||||||||
- Banco Supervielle on a stand alone basis, not including Cordial Cia Financiera.
- Includes 58 financial entities with loans below Ps. 25 billion, as of September, 2019. 30 Source: Central Bank of Argentina
KEY MACRO INDICATORS
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 | Lastest | 2019e | ||||||||||||
information | ||||||||||||||
GDP real growth (%)
Primary fiscal balance (excludes interest) (as a % of GDP
Fiscal balance (as a % of GDP)
Balance of payments (as % of GDP)
Total public debt (as a % of GDP)
Trade balance (in million U.S.$)
Total deposits (as a % of GDP)
Loans to the private sector (as a % of GDP)
Unemployment rate-end year (%)
Inflation in consumer prices - Dec./Dec. - CPI INDEC (%)
Nominal exchange rate (in Ps. Per U.S.$)
8.0 | 9.0 | 4.1 | (5.9) | 10.1 | 6.0 | (1.0) | 2.4 | (2.5) | 2.7 | (2.1) | 2.7 | (2.5) | (2.3)1 | (2.6) |
2.7 | 2.4 | 0.5 | -0.1 | -0.6 | -1.0 | -2.1 | -3.1 | -3.7 | -4.2 | -3.8 | -2.3 | 0.12 | (0.5) | |
3.1 | ||||||||||||||
1.5 | 0.9 | 0.8 | -0.9 | -1.0 | -1.8 | -2.4 | -2.9 | -4.1 | -5.1 | -5.8 | -5.9 | -5.0 | -2.72 | |
2.8 | 2.1 | 1.5 | 2.2 | -0.4 | -1.1 | -0.4 | -2.1 | -1.6 | -2.7 | -2.7 | -4.9 | -5.3 | -2.33 | |
70.6 | 62.1 | 53.8 | 55.4 | 43.5 | 38.9 | 40.4 | 43.5 | 44.7 | 52.6 | 53.3 | 56.6 | 63.9 | 68.15 | NA |
12,393 | 11,273 | 12,577 | 16,886 | 11,382 | 9,020 | 12,010 | 1,523 | 2,669 | (3,420) | 2,059 | (8,309) | (3,821) | 15,1312 | NA |
23.3 | 22.4 | 20.1 | 15.8 | 22.4 | 20.8 | 22.2 | 22.5 | 21.4 | 22.8 | 23.9 | 23.0 | 27.3 | 20.46 | 17.0 |
10.4 | 11.9 | 11.2 | 8.4 | 11.8 | 13.2 | 14.2 | 15.0 | 13.2 | 13.8 | 13.2 | 15.1 | 14.6 | 10.66 | 9.6 |
8.7 | 7.5 | 7.3 | 8.4 | 7.3 | 6.7 | 6.9 | 6.4 | 6.9 | 5.9 | 7.6 | 7.2 | 9.1 | 9.76 | NA |
9.8 | 8.5 | 7.2 | 7.7 | 10.9 | 9.5 | 10.8 | 10.9 | 23.9 | 26.9 | 41.0 | 24.8 | 47.6 | 52.14 | 54.3 |
3.01 | 3,15 | 3,45 | 3.80 | 3.98 | 4.30 | 4.92 | 6.52 | 8.55 | 13.00 | 15.85 | 18.77 | 37.81 | 59.897 | 59.89 |
Source: Indec, Ministry of Finance, Central Bank
- As of October 19.
- From January to November 2019
- From January to September 2019
- As of November 30, 2019. Last twelve months
- As of September 2019. Gross debt., includes intragovernmental holdings. Avg Fx rate since Dec 2018
- As of September, 2019
31 7) As of December 31, 2019
2019 and 2020 estimates: Source market expectations survey as of December 2019
GDP 2020: (1.6)%
Inflation 2020: 42.2%
FX 2020: ARS80.5
INCOME STATEMENT & BALANCE SHEET
Income Statement [AR$ Mill]
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | QoQ | YoY | |
Net Interest Income | 1,523.8 | 1,370.7 | 1,218.3 | 2,023.2 | 2,722.9 | 11.2% | -44.0% |
NIFFI & Exchange Rate Differences | 3,754.4 | 5,189.6 | 4,259.4 | 3,235.0 | 1,663.4 | -27.7% | 125.7% |
Net Financial Income | 5,278.1 | 6,560.3 | 5,477.7 | 5,258.1 | 4,386.2 | -19.5% | 20.3% |
Net Service Fee Income1) | |||||||
1,348.5 | 1,241.7 | 1,227.8 | 1,065.1 | 1,026.9 | 8.6% | 31.3% | |
Income from Insurance activities | 258.1 | 217.2 | 204.0 | 180.4 | 183.1 | 18.9% | 41.0% |
Loan Loss Provisions | -2,007.4 | -1,210.8 | -1,893.0 | -1,382.8 | -1,122.5 | 65.8% | 78.8% |
Personnel & Administrative Expenses | -4,265.4 | -4,395.8 | -3,597.7 | -3,591.2 | -3,045.2 | -3.0% | 40.1% |
Profit before income tax | -116.5 | 1,566.1 | 748.7 | 903.8 | 1,027.6 | -107.4% | -111.3% |
Attributable Net income | 301.0 | 1,901.5 | 589.1 | 706.8 | 867.4 | -84.2% | -65.3% |
Attributable Comprehensive income | 732.1 | 1,909.3 | 615.4 | 935.3 | 874.5 | -61.7% | -16.3% |
Balance Sheet [AR$ Mill]
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | QoQ | YoY | |
Total Assets | 159,815.8 | 166,144.7 | 163,849.3 | 141,115.5 | 146,122.7 | -3.8% | 9.4% |
Average Assets | 165,375.6 | 162,952.7 | 156,054.4 | 143,525.2 | 128,633.2 | 1.5% | 28.6% |
Total Loans & Leasing | 87,524.6 | 82,117.7 | 81,827.1 | 80,171.5 | 83,378.1 | 6.6% | 5.0% |
Total Deposits | 102,060.3 | 112,638.3 | 109,676.8 | 94,906.0 | 97,185.5 | -9.4% | 5.0% |
Attributable Shareholders' Equity | 20,109.7 | 19,377.6 | 17,771.0 | 17,155.6 | 16,220.0 | 3.8% | 24.0% |
Average Attributable Shareholders' Equity | 19,347.7 | 18,015.9 | 17,361.2 | 16,547.0 | 15,638.9 | 7.4% | 23.7% |
32 1) Excluding income from insurance activities
INTEREST RATES AND SECURITIES
Interest Rates [%]
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | QoQ | YoY | |
Interest earned on Loans | 41.8% | 41.0% | 39.7% | 42.1% | 33.8% | 80 | 806 |
AR$ | 56.5% | 54.6% | 52.1% | 55.0% | 44.2% | 197 | 1,238 |
U$S | 7.2% | 7.1% | 6.8% | 7.2% | 6.1% | 13 | 116 |
Yield on Investment Porfolio | 35.8% | 56.0% | 51.2% | 48.2% | 57.1% | (2,016) | (2,126) |
AR$ | 58.3% | 63.0% | 52.2% | 60.6% | 45.4% | (472) | 1,292 |
U$S | -177.1% | 7.1% | 43.4% | -17.8% | 137.3% | - | - |
Cost of Funds | 24.3% | 22.6% | 21.6% | 22.8% | 17.0% | 170 | 724 |
AR$ | 36.2% | 34.1% | 31.7% | 33.8% | 24.8% | 213 | 1,144 |
U$S | 1.2% | 1.1% | 1.3% | 1.5% | 1.5% | 9 | (29) |
Securities Breakdown [AR$ Bill]
Sep 19 | Jun 19 | Mar 19 | Dec 18 | |
Held for trading | 31,555.0 | 41,912.5 | 35,258.0 | 15,130.2 |
Government Securities | 1,544.7 | 2,608.1 | 3,048.7 | 3,762.4 |
Securities Issued by the Central Bank | 29,853.1 | 39,237.1 | 32,205.8 | 11,305.3 |
Corporate Securities | 157.3 | 67.3 | 3.6 | 62.4 |
Held to maturity | 3,829.9 | 3,168.8 | 3,323.4 | 4,173.4 |
Government Securities | 3,811.6 | 3,142.0 | 3,282.9 | 4,130.7 |
Corporate Securities | 18.3 | 26.8 | 40.4 | 42.7 |
Available for sale | 8.8 | 9.1 | 14.5 | 119.6 |
Government Securities | - | - | 4.4 | 119.6 |
Securities Issued by the Central Bank | - | - | - | - |
Corporate Securities | 8.8 | 9.1 | 10.1 | 10.4 |
Total | 35,393.6 | 45,090.4 | 38,595.9 | 19,423.2 |
- Amortized cost ("Held to maturity"): Assets measured to collect contractual cash flows. Interest income amortized cost are held within a business model with the objective to hold assets in order e is recognized in net interest margin. Assets in this category include the Company's loan portfolio and certain government (mainly holdings of Bote) and corporate securities.
- Fair value through other comprehensive income ("Available for sale"): Assets measured at fair value through other comprehensive income are held in a business model with the objective of both collecting contractual cash flows and selling financial assets. Interest income is recognized in net interest margin in the income statement, while changes in fair value are recognized in other comprehensive income.
- Fair value through profit or loss ("Held for trading"): Assets measured at fair value through profit or loss are held in a business model with the objective of trading financial assets. Changes in fair value are recognized in the "Net income from financial instruments" line item of the income statement. Assets in this category include most government securities (including Letes and Lecaps that were reprofiled) and securities issued by the Central Bank, other than those classified as amortized cost.
33
INTEREST EARNING ASSETS
Interest Earning Assets [AR$ Mill]
Investment Portfolio
Government and Corporate Securities Securities Issued by the Central Bank Total Investment Portfolio Loans Loans to the Financial Sector Overdrafts
Promissory Notes Mortgage loans Automobile and Other Secured Loans
Retail Banking Personal Loans Consumer Finance Personal Loans Corporate Unsecured Loans Retail Banking Credit Card Loans
Consumer Finance Credit Card Loans Receivables from Financial Leases
Total Loans excl. Foreign trade and U$S Loans1
Foreign Trade Loans & U$S loans Total Loans
Securities Issued by the Central Bank in Repo Transaction
Total Interest-Earning Assets
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | |||||
Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. |
Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate |
8,955.1 | -72.0% | 10,557.4 | 18.4% | 9,984.9 | 38.4% | 10,113.1 | 21.6% | 6,567.3 | 65.9% |
26,341.9 | 72.5% | 27,268.3 | 70.5% | 28,242.3 | 55.7% | 15,062.3 | 66.0% | 14,183.7 | 53.0% |
35,296.9 | 35.8% | 37,825.8 | 56.0% | 38,227.3 | 51.2% | 25,175.4 | 48.2% | 20,751.0 | 57.1% |
634.6 | 39.3% | 737.2 | 12.3% | 101.0 | 33.4% | 619.8 | 91.8% | 458.7 | 73.3% |
6,343.9 | 70.8% | 5,156.0 | 67.0% | 4,484.2 | 70.0% | 5,677.0 | 76.2% | 4,962.4 | 59.8% |
7,817.3 | 68.4% | 7,426.6 | 63.0% | 6,585.3 | 59.5% | 7,365.6 | 62.6% | 7,760.1 | 45.6% |
6,790.3 | 38.9% | 6,232.1 | 50.6% | 5,597.9 | 42.1% | 4,961.1 | 65.1% | 4,226.7 | 44.2% |
1,488.5 | 50.4% | 1,477.5 | 42.6% | 1,581.7 | 34.0% | 1,637.4 | 22.7% | 1,644.7 | 28.5% |
13,981.1 | 61.2% | 14,282.3 | 52.5% | 13,994.0 | 50.0% | 13,733.9 | 46.8% | 13,472.1 | 42.8% |
3,858.0 | 65.2% | 4,676.0 | 61.3% | 5,148.5 | 56.8% | 5,585.2 | 55.9% | 5,936.5 | 54.9% |
7,771.6 | 54.7% | 7,836.1 | 57.3% | 7,932.8 | 55.6% | 7,463.2 | 56.4% | 6,983.4 | 37.4% |
7,292.1 | 40.8% | 6,661.4 | 44.3% | 6,408.7 | 41.9% | 6,184.0 | 42.8% | 6,019.3 | 32.3% |
2,352.5 | 31.5% | 2,393.9 | 43.3% | 2,498.3 | 46.9% | 2,510.5 | 44.2% | 2,178.3 | 38.6% |
3,571.9 | 24.7% | 3,643.4 | 26.2% | 3,432.3 | 28.8% | 3,481.2 | 28.5% | 3,313.2 | 24.6% |
61,901.8 | 54.0% | 60,522.5 | 52.5% | 57,764.8 | 50.5% | 59,218.9 | 53.4% | 56,955.4 | 42.9% |
21,692.7 | 7.2% | 20,562.8 | 7.1% | 18,848.8 | 6.7% | 19,305.2 | 7.3% | 18,599.7 | 5.9% |
83,594.5 | 41.8% | 81,085.3 | 41.0% | 76,613.5 | 39.7% | 78,524.2 | 42.1% | 75,555.2 | 33.8% |
2,631.6 | 70.4% | 86.7 | 62.7% | 101.8 | 37.8% | 48.4 | 62.8% | 145.8 | 37.0% |
121,523.0 | 40.7% | 118,997.8 | 45.8% | 114,942.6 | 43.5% | 103,748.0 | 43.6% | 96,451.9 | 38.8% |
-
In 3Q19, 2Q19, 1Q19, 4Q18 and 3Q18 include AR$3.3 billion, AR$2.6 billion, AR$ 2.1 billion AR$ 1.9 billion and AR$2.0 billion respectively of US$ loans, mainly credit cards
34 US$ balances.
INTEREST BEARING LIABILITIES
Interest Bearing Liabilities [AR$ Mill]
Time Deposits AR$ Time Deposits FX Time Deposits
Special Checking Accounts AR$ Special Checking Accounts FX Special Checking Accounts
Borrowings from Other Fin. Inst. & Medium Term Notes
Subordinated Loans and Negotiable Obligations
Total Interest-Bearing Liabilities Low & Non-Interest Bearing Deposits Savings Accounts AR$ Savings Accounts FX Savings Accounts Checking Accounts
AR$ Checking Accounts
FX Checking Accounts
Total Low & Non-Interest Bearing Deposits
Total Interest-Bearing Liabilities & Low
-
Non-InterestBearing Deposits AR$
FX
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | |||||
Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. | Avg. |
Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate | Balance | Rate |
40,554.5 | 46.6% | 35,666.3 | 41.3% | 38,735.1 | 37.9% | 26,774.1 | 37.3% | 23,546.8 | 25.4% |
35,905.2 | 52.4% | 30,557.6 | 48.0% | 33,508.8 | 43.6% | 22,043.6 | 44.9% | 19,101.0 | 31.0% |
4,649.2 | 1.1% | 5,108.7 | 1.1% | 5,226.3 | 1.4% | 4,730.6 | 1.7% | 4,445.8 | 1.7% |
21,013.0 | 23.6% | 23,238.4 | 26.0% | 21,606.4 | 25.0% | 27,849.8 | 32.7% | 21,457.3 | 27.0% |
10,881.8 | 45.4% | 13,214.6 | 45.5% | 14,287.4 | 37.6% | 21,567.1 | 42.1% | 16,863.7 | 34.2% |
10,131.2 | 0.2% | 10,023.8 | 0.3% | 7,319.0 | 0.4% | 6,282.6 | 0.4% | 4,593.6 | 0.5% |
17,266.6 | 36.1% | 20,369.4 | 35.8% | 18,680.0 | 33.1% | 19,560.6 | 34.8% | 19,170.1 | 27.8% |
1,840.9 | 7.3% | 1,601.0 | 6.9% | 1,425.0 | 6.8% | 1,355.5 | 7.0% | 1,169.8 | 7.1% |
80,675.0 | 37.5% | 80,875.2 | 34.8% | 80,446.5 | 32.8% | 75,540.1 | 34.4% | 65,344.0 | 26.3% |
26,535.3 | 1.6% | 26,360.2 | 1.4% | 23,193.6 | 0.3% | 21,340.8 | 0.3% | 20,420.1 | 0.2% |
12,654.6 | 3.3% | 12,505.9 | 2.9% | 11,312.4 | 0.5% | 10,564.5 | 0.5% | 10,632.8 | 0.3% |
13,880.7 | 0.0% | 13,854.3 | 0.0% | 11,881.2 | 0.0% | 10,776.3 | 0.0% | 9,787.3 | 0.0% |
19,039.0 | 19,284.7 | 18,564.4 | 17,406.5 | 15,469.3 | |||||
11,809.5 | 10,781.9 | 10,094.8 | 9,362.9 | 8,603.5 | |||||
7,229.5 | 8,502.9 | 8,469.6 | 8,043.7 | 6,865.8 | |||||
45,574.2 | 45,645.0 | 41,758.1 | 38,747.4 | 35,889.4 | |||||
126,249.2 | 24.3% | 126,520.2 | 22.6% | 122,204.5 | 21.6% | 114,287.4 | 22.8% | 101,233.4 | 17.0% |
83,133.5 | 36.2% | 82,141.4 | 34.1% | 81,754.1 | 31.7% | 75,417.7 | 33.8% | 67,496.9 | 24.8% |
43,115.7 | 1.2% | 44,378.7 | 1.1% | 40,450.5 | 1.3% | 38,869.7 | 1.5% | 33,736.6 | 1.5% |
35
FX POSITION
Global Net Position[US$ Ths]
Sep 19 | Aug 19 | Jul 19 | Jun 19 | May 19 | Apr 19 | Mar 19 | Dec 18 | Sep 18 | |
Assets | |||||||||
Cash and due from banks | 248,202 | 311,291 | 445,023 | 450,562 | 415,146 | 421,594 | 393,171 | 432,668 | 385,131 |
Secuities at fair value through profit or loss | 17,723 | 26,722 | 51,719 | 36,404 | 46,206 | 39,165 | 64,231 | 102,321 | 56,629 |
Loans | 386,488 | 432,876 | 477,277 | 469,108 | 479,243 | 494,621 | 496,663 | 521,106 | 571,211 |
Other Receivables from Financial Intermediation | 6,652 | 4,491 | 7,620 | 4,446 | 33,705 | 13,494 | 9,686 | 3,565 | 3,659 |
Other Receivable from Financial Leases | 31,726 | 32,469 | 33,361 | 33,946 | 34,695 | 35,233 | 36,127 | 30,339 | 31,567 |
Other Assets | 26,534 | 31,235 | 47,192 | 55,744 | 48,036 | 82,688 | 53,264 | 29,482 | 46,025 |
Other non-financial assets | 47 | 155 | 36 | 64 | 10 | 13 | 201 | 37 | 197 |
Total assets | 717,372 | 839,239 | 1,062,228 | 1,050,274 | 1,057,040 | 1,086,807 | 1,053,344 | 1,119,518 | 1,094,419 |
Liabilities and shareholders' equity | |||||||||
Deposits | 461,955 | 670,422 | 848,683 | 842,882 | 851,405 | 835,158 | 815,630 | 844,996 | 797,420 |
Other financial liabilities | 222,702 | 133,546 | 147,448 | 146,117 | 178,898 | 209,971 | 203,528 | 215,011 | 260,997 |
Other Liabilities | 19,354 | 21,894 | 22,436 | 23,118 | 23,626 | 23,726 | 24,967 | 13,616 | 14,058 |
Subordinated Notes | 36,461 | 36,253 | 36,815 | 36,599 | 36,392 | 36,644 | 36,438 | 36,601 | 36,439 |
Total liabilities | 740,472 | 862,115 | 1,055,382 | 1,048,716 | 1,090,321 | 1,105,499 | 1,080,562 | 1,110,223 | 1,108,914 |
Net Position on Balance | -23,100 | -22,876 | 6,846 | 1,558 | -33,281 | -18,691 | -27,218 | 9,295 | -14,495 |
Net Derivatives Position | 1,000 | -13,170 | 3,770 | 2,822 | 32,288 | 49,938 | - | -19,239 | 7,877 |
Global Net Position | -22,100 | -36,046 | 10,616 | 4,380 | -993 | 31,247 | -27,218 | -9,944 | -6,618 |
Financial Income from US$ Operations & Securities [AR$ Mill]
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 | QoQ | |
Net Income from U$S denominated Operations & Securities | 144.4 | (13.2) | 540.3 | (204.2) | 1,359.2 | (11.9) |
NIFFI | 146.4 | (15.2) | 451.8 | (97.1) | 980.2 | (10.6) |
U$S Government Securities 3 | (410.1) | 38.0 | 392.6 | (76.5) | 579.4 | (11.8) |
Term Operations | 556.5 | (53.3) | 59.2 | (20.5) | 400.9 | (11.4) |
Interest Income | (2.0) | 2.0 | 88.5 | (107.1) | 379.0 | (2.0) |
U$S Government Securities2 | (2.0) | 2.0 | 88.5 | (107.1) | 379.0 | (2.0) |
Exchange rate differences on gold and foreign currency | (604.4) | 270.8 | (328.3) | 534.8 | (1,074.1) | (3.2) |
Total Income from U$S Operations & Securities1 | -460.0 | 257.6 | 211.9 | 330.6 | 285.2 | - |
- Includes gains on trading from retail FX operations
- Securities held to maturity
36 3 Securities held for trading
RATIOS
Key Performance Indicators [%]
Profitability
ROAE
ROAA Net Interest Margin Net Fee Income Ratio Cost / Assets Efficiency Ratio Liquidity & Capital
AR$ Loans to AR$ Deposits US$ Loans to US$ Deposits Loans to Total Deposits Liquidity Coverage Ratio (LCR)1 Total Equity / Total Assets
Proforma Consolidated Capital / Risk weighted assets2
Tier1 Capital / Risk weighted assets (Proforma Consolidated)3
Risk Weighted Assets / Total Assets
Asset Quality NPL Ratio
Allowances as a % of Total Loans
Coverage Ratio Cost of Risk5
3Q19 | 2Q19 | 1Q19 | 4Q18 | 3Q18 |
6.2% | 42.2% | 13.6% | 17.1% | 22.2% |
0.7% | 4.7% | 1.5% | 2.0% | 2.7% |
17.4% | 22.1% | 19.1% | 20.3% | 18.2% |
23.3% | 18.2% | 20.7% | 19.2% | 21.4% |
10.9% | 11.3% | 9.7% | 10.3% | 9.7% |
70.4% | 62.4% | 59.0% | 61.9% | 59.3% |
82.2% | 78.5% | 78.3% | 92.9% | 89.6% |
95.9% | 60.9% | 66.8% | 67.5% | 78.1% |
85.8% | 72.9% | 74.6% | 84.5% | 85.8% |
141.7% | 164.5% | 143.9% | 173.4% | 132.1% |
12.6% | 11.7% | 10.8% | 12.2% | 11.1% |
12.8% | 12.9% | 13.2% | 14.0% | 13.8% |
11.8% | 11.9% | 12.1%4 | 12.9% | 12.5% |
76.7% | 68.5% | 67.9% | 73.0% | 70.5% |
6.9% | 5.1% | 5.3% | 4.1% | 3.7% |
6.0% | 5.5% | 5.3% | 4.1% | 3.5% |
86.1% | 107.7% | 100.0% | 100.0% | 94.0% |
9.6% | 6.0% | 9.9% | 7.0% | 5.9% |
- This ratio includes the liquidity held at the holding company level.
- Regulatory capital divided by risk weighted assets taking into account operational and market risk. The regulatory capital ratio applies only to the Bank and CCF on a consolidated basis and does not include the liquidity held at the holding company level- The Proforma consolidated capital ratio, includes the liquidity retained at Grupo Supervielle level which as of September 30, 2019, amounted to AR$ 654 million.
- Tier 1 capital divided by risk weighted assets taking into account operational and market risk. The regulatory Tier 1 capital ratio applies only to the Bank and CCF on a consolidated basis and does not include the liquidity held at the holding company level. The Proforma Consolidated Tier 1 capital ratio includes AR$654 million retained at the holding company.
- During 2Q19 the Central Bank clarified an interpretation regarding deductions on Tier1 Capital related to deferred tax assets, requesting not to offset deferred tax assets and liabilities even when offsetting is required by IFRS (IAS 12) and Basel framework, hence increasing the deductions on Tier 1 Capital. If the Central Bank criteria would have been adopted in 1Q19, Common Equity Tier 1 Ratio (Consolidated Proforma) would have been 11.8%.
- Excluding a voluntary AR$462 million LLP in 1Q19, in excess of the 25% regulatory provisioning related to a delinquent commercial loan, Cost of risk would have been 7.5%. Cost of Risk in 4Q18, excluding the AR$ 231 million additional voluntary loan loss provisions made to increase coverage, was 5.9%.
37
SUPERVIELLE LOAN PORTFOLIO
Small Atomized, diversified and collateralized loan book
Breakdown by Economic Activity [%] | Collaterals of the Corporate Portfolio [%] | ||||||||||||
SMES & | LARGE | TOTAL | |||||||||||
Families and individuals | 43.0% | ||||||||||||
MIDDLE MARKET | |||||||||||||
Services | 12.2% | Collateralized | |||||||||||
42% | 43% | 42% | |||||||||||
Civil Construction | 6.7% | ||||||||||||
Portfolio | |||||||||||||
Commerce | 5.9% | Unsecured | |||||||||||
Manufactures | 5.2% | 58% | 57% | 58% | |||||||||
Portfolio | |||||||||||||
Chemicals & Plastics | 5.0% | ||||||||||||
Oil, Gas & Mining | 3.8% | ||||||||||||
Food & Beverage | 3.7% | Portfolio Atomization [%] | |||||||||||
Electricity & Water | 3.0% | ||||||||||||
Fruits & Vegetables | 2.0% | ||||||||||||
TOP | |||||||||||||
Primary Production | 1.6% | 12.8% | |||||||||||
10 | |||||||||||||
Wine | 1.5% | ||||||||||||
Cereals | 1.3% | TOP | 19.0% | ||||||||||
Sugar | 1.2% | 20 | |||||||||||
Vehicles | 0.3% | TOP | 28.5% | ||||||||||
50 | |||||||||||||
Others | 3.9% | ||||||||||||
- LOANS TO PAYROLL AND PENSION CLIENTS REPRESENT 67.2% OF TOTAL RETAIL PORTFOLIO
- COLLATERALIZED NON-PERFORMING COMMERCIAL LOANS WERE 55% OF TOTAL
38
Thank You!
Company
Presentation
01.10.2020
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Grupo Supervielle SA published this content on 13 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 January 2020 19:17:00 UTC