GENTERA REPORTS 4Q16 RESULTS
23 Febrero 2017 - 4:19PM
BMV General Information
GENTERAREPORTS 4Q16 RESULTS
MEXICO CITY, MEXICOFEBRUARY 23, 2017 GENTERA S.A.B. DE C.V.
(GENTERA OR THE COMPANY) (BMV: GENTERA*) ANNOUNCED TODAY AUDITED
CONSOLIDATED FINANCIAL RESULTS FOR THE FOURTH QUARTER ENDED
DECEMBER 31, 2016. ALL FIGURES WERE PREPARED IN ACCORDANCE WITH
REQUIREMENTS FROM THE NATIONAL BANKING AND SECURITIES COMMISSION
(CNBV) ARE EXPRESSED IN NOMINAL MEXICAN PESOS (PS.)
4Q16 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHEDPS. 33,508 MILLION, A 17.6% INCREASE
COMPARED WITH 4Q15.LOAN PORTFOLIO PER SUBSIDIARY WAS DISTRIBUTED AS
FOLLOW:
BANCO COMPARTAMOS S.A. I.B.M. (MEXICO) (BANCO COMPARTAMOS) REACHED
PS. 25,063 MILLION, A 9.7% INCREASE VERSUS THE LOAN PORTFOLIO FROM
MICROCREDIT IN 4Q15;COMPARTAMOS FINANCIERA (PERU) AT PS. 7,873
MILLION, A 50.3% INCREASE VERSUS 4Q15; ANDCOMPARTAMOS S.A.
(GUATEMALA) WAS PS. 572 MILLION, 40.0% HIGHER COMPARED WITH
4Q15.NET INCOME FOR 2016 WAS PS. 3,410 MILLION, A 7.9% GROWTH
COMPARED WITH 2015. NET INCOME FOR 2016, EXCLUDING NON-RECURRENT
EVENTS,GREW 15.2% REACHING PS. 3,642 MILLION.
NET INCOME FOR THE FOURTH QUARTER WAS PS. 540 MILLION, A37.9%
CONTRACTION COMPARED WITH THE NET INCOME OF PS. 870 MILLION
ACHIEVED IN 4Q15.
NIM STOOD AT 54.3%, COMPARED WITH 57.1% IN 4Q15. FOR FULL-YEAR
2016, NIM WAS 54.5%.
ROE STOOD AT 13.8%, COMPARED WITH 26.5% DURING 4Q15. FOR FULL-YEAR
2016, ROE STOOD AT 22.8%.
ROA REACHED 5.2%, COMPARED WITH 9.6% IN 4Q15. FOR FULL-YEAR 2016,
ROAWAS 8.6%.
NON-PERFORMING LOANS (NPLS) FOR 4Q16 WERE 4.22%, COMPARED TO 3.09%
IN 4Q15. EFFICIENCY RATIO FOR THE FULL-YEAR 2016 WAS 69.4% COMPARED
WITH 68.6% IN 2015.EFFICIENCY RATIO FOR 4Q16 WAS 80.1%, COMPARED TO
68.9% REPORTED IN 4Q15. YASTAS1 RECORDED APPROXIMATELY 1.7 MILLION
FINANCIAL TRANSACTIONS DURING THE QUARTER, 75% HIGHER THAN THOSE
RECORDED IN 4Q15.
ATERNA2 ENDED THE QUARTER WITH MORE THAN 5.5 MILLION ACTIVE LIFE
INSURANCE POLICIES THROUGHOUT ITS OPERATIONS IN MEXICO, PERU AND
GUATEMALA, WHICH REPRESENTED MORE THAN 1 MILLION ACTIVE LIFE
INSURANCE POLICIES THAN THE FIGURE REACHED IN 4Q15.INTERMEX3 WITH
MORE THAN 1,800 AFFILIATES RECORDED MORE THAN 1.1 MILLION
TRANSACTIONS, REPRESENTING MORE THAN PS. 6,000 MILLION PESOS.
DURING 2016, INTERMEX-COMPARTAMOS REGISTERED APPROXIMATELY 4.4
MILLION TRANSACTIONS, REPRESENTING MORE THAN PS. 21,400
MILLION.
AT QUARTER-END, 2,229,999 SHARES WERE REPURCHASED THROUGH THE
COMPANYS SHARE BUYBACK PROGRAM ESTABLISHED ON APRIL 20, 2016.
OUTSTANDING SHARES AS OF DECEMBER 31, 2016: 1,624,781,415
AT THE END OF 4Q16, MORE THAN81% OF GENTERAS STAFF PARTICIPATED IN
VOLUNTEER ACTIVITIES AND PROGRAMS IN VARIOUS COMMUNITIES, WHO
DEVOTED 74,386 HOURS BENEFITING MORE THAN 84,000 PEOPLE.1 GENTERAS
CORRESPONDENT NETWORK MANAGER / 2 GENTERAS MICRO-INSURANCE BROKER/
3 GENTERAS REMITTANCES COMPANY.COMMENTS FROM MR. CARLOS LABARTHE,
GENTERAS PRESIDENT & CEO:
GENTERA CONCLUDES ANOTHER YEAR EXCITED ABOUT THE EVOLUTION OF THE
DIFFERENT SUBSIDIARIES THAT INTEGRATE THE BUSINESS; OUR COMMITMENT
TO ERADICATE FINANCIAL EXCLUSION CONTINUES TO BE THE KEY ELEMENT
INOUR DECISIONS-MAKING PROCESS AND IN THE ACTIONS THAT WE UNDERTOOK
IN YEAR 2016.
AT THE END OF THE FOURTH QUARTER, THE COMPANY ACHIEVED GREAT GOALS,
AMONG OTHERS: SERVING CLOSE TO 3.4 MILLION PEOPLE THROUGH LOANS,
CONSOLIDATING ITS PRESENCE IN 3 COUNTRIES, PERU, GUATEMALA AND
MEXICO; AND COUNTING ON A GREAT TEAM OF MORE THAN 21,000 EMPLOYEES,
ALL WORKING TOGETHER FOR THE SAME PURPOSE. AT THE END OF 2016 THE
CONSOLIDATED LOAN PORTFOLIO GREW 17.6% COMPARED TO THE PREVIOUS
YEAR. ATERNA CONCLUDED WITH MORE THAN 5.5 MILLION ACTIVE LIFE
INSURANCE POLICIES, AND DURING THE YEAR IT SOLD OVER 16.9 MILLION
LIFE INSURANCE POLICIES, WHICH REPRESENTED A GROWTH OF 13.6%
COMPARED WITH THE POLICIES SOLD IN 2015; WITH REGARDS TO YASTAS, IT
WAS ITS FIRST YEAR IN BECOMING APROFITABLE COMPANY, REACHING OVER
2,700 AFFILIATES, REPRESENTING A MORE CONVENIENT OPTION FOR
FINANCIAL TRANSACTIONS FOR BANCO COMPARTAMOS CUSTOMERS;
INTERMEXEXECUTED OVER 1.1 MILLION REMITTANCES PAYMENTS IN THE
FOURTH QUARTER ALONE, AND 4.4 MILLION DURING THE YEAR.ALSO IN 2016
WE PRESENTED FIINLAB, OUR FINANCIAL INCLUSION AND INNOVATION
LABORATORY, WHICH ITS MAIN PURPOSE IS TO CREATE NEW BUSINESS MODELS
FOR FINANCIALINCLUSION AND PRODUCTS THAT WILL DRAMATICALLY IMPROVE
OUR CUSTOMERS EXPERIENCE.
WEARE VERY PROUD OF WHAT WE HAVE ACHIEVED TOGETHER TO DEVELOP THE
INDUSTRY, INTEGRATING MORE AND MORE CUSTOMERS INTO THE FORMAL
FINANCIAL SYSTEM, THROUGH A MORE COMPLETE PRODUCT OFFERING, THROUGH
CREDITS, SAVINGS, PAYMENTS, INSURANCES; AND IN THE FUTURE,
FINANCIAL SERVICES THROUGH DIGITAL PLATFORMS.
RESULTS OFOPERATIONS
FINANCIAL RESULTS AND ECONOMIC INDICATORS
* INTHIS TABLE EMPLOYEES IN BANCO COMPARTAMOS INCLUDE 280 EMPLOYEES
FROM ATERNA, YASTAS AND INTERMEX.COMPARTAMOS FINANCIERA (PERU) IS
REPORTED UNDER MEXICAN GAAP.
INCOME STATEMENTTHE FOLLOWING FINANCIAL RESULTS ANALYSIS IS BASED
ON CONSOLIDATED FIGURES. INTEREST INCOME REACHED PS.5,357 MILLION
IN 4Q16, A 14.7% INCREASE COMPARED WITH 4Q15, DUE TO SOLID
PORTFOLIO GROWTH AND THE NEW PORTFOLIO MIX. WHEN WE CONSIDER THE
INTEREST INCOME GENERATED IN THE FULL-YEAR 2016 THIS FIGURE
AMOUNTED TO PS. 20,017 MILLION, WHICH REPRESENTED A GROWTH OF 15.9%
YEAR-OVER-YEAR. THIS GROWTH RATE IS CONSISTENT WITH THE GROWTH
TREND EXPERIENCED THROUGHOUT THIS YEAR.BANCO COMPARTAMOS REPRESENTS
MOST OF GENTERAS CURRENT PORTFOLIO AND INTEREST INCOME, WITH
APPROXIMATELY 74.8% AND 85.8%,RESPECTIVELY.
GENTERAS THREE MAIN SUBSIDIARIES GRANT LOANS WITH DIFFERENT AVERAGE
OUTSTANDING BALANCE PER CLIENT (PS. 8,604 FOR BANCO COMPARTAMOS,
PS. 20,456 FOR COMPARTAMOS FINANCIERA AND PS. 6,825 FOR COMPARTAMOS
GUATEMALA). THESE VARIATIONS IN TICKET SIZE ARE RELATED WITH THE
SHARE OF THE GROUPLENDING OR INDIVIDUAL LENDING PRODUCTS IN ITS
RESPECTIVE PORTFOLIO. THE YIELD FOR GENTERAS PORTFOLIO STOOD AT
65.5%.INTEREST EXPENSE INCREASED BY PS. 110 MILLION, OR 46.2%,
COMPARED WITH 4Q15. THIS INCREASE REFLECTS THE EFFECT OF THE
REFERENCE RATE ADJUSTMENT IN MEXICO AND PERU. HOWEVER THIS INCREASE
IS MODERATE CONSIDERING THAT THE REFERENCE RATE IN MEXICO HAS GONE
UP CLOSE TO 100% ALONG 2016, WHILE IN PERU THE REFERENCE RATE HAS
INCREASED OVER 13% IN THE PAST 12 MONTHS. NET INTEREST MARGIN (NIM)
FOR THE FOURTH QUARTER 2016 REACHED 54.3%, DECREASING VERSUS THE
57.1%RATE REPORTED IN 4Q15.
PROVISIONS FOR LOAN LOSSES REACHED PS. 1,021 MILLION DURING THE
QUARTER. THIS LEVEL WAS PS. 363 MILLION, OR 55.2% HIGHER COMPARED
TO 4Q15, IN LINE WITH THE EVOLUTION OF THE PORTFOLIO MIX WHICH IS
INTEGRATED WITH DIFFERENT RISK PROFILE PRODUCTS. PROVISIONS ARE IN
ACCORDANCE WITH CNBV REGULATIONS AND METHODOLOGIES, REFLECTING THE
LEVEL REQUIRED FOR EACH PARTICULAR PRODUCT.NII AFTER PROVISIONS
ROSE TO PS. 3,988 MILLION, A 5.6% INCREASE COMPARED TO PS. 3,776
MILLION IN 4Q15.
NIM (NET INTEREST MARGIN) AFTER PROVISIONS (NII AFTER PROVISIONS
FOR LOSSES / AVERAGE YIELDING ASSETS) FOR 4Q16 WAS 43.2%, COMPARED
TO 48.6% IN 4Q15.
NET INTEREST MARGIN AFTER PROVISIONS / AVERAGE YIELDING ASSETS
COMMISSIONS AND FEE INCOME DURING THE QUARTER INCREASED 17.2% TO
PS. 403 MILLION, COMPARED WITH 4Q15. THIS LINE ITEM MAINLY
REFLECTED: I) LATE PAYMENT FEES CHARGED TO CLIENTS WITH DELINQUENT
LOANS AT BANCO COMPARTAMOS; II) FEES GENERATED AT YASTAS, ATERNA
AND INTERMEX; AND III) COMMISSIONS GENERATED AT COMPARTAMOS
FINANCIERA. THEFOLLOWING TABLE SHOWS CONSOLIDATED NUMBERS OF THE
DIFFERENT SUBSIDIARIES.
COMMISSIONS AND FEE EXPENSES DECREASED 4.0%, OR PS. 7 MILLION, TO
PS. 169 MILLION COMPARED WITH 4Q15. THIS LINE ITEM MAINLY INCLUDED:
I) FEES CHARGED BY THIRD PARTIES TO BANCO COMPARTAMOS FOR THE USE
OF THEIR NETWORKS, AS WELL AS II) FEES RELATED TO THE OPERATION OF
YASTAS AND INTERMEX. THE FOLLOWING TABLE SHOWS CONSOLIDATED NUMBERS
OF THE DIFFERENT SUBSIDIARIES.
THE NET EFFECT BETWEEN COMMISSIONS CHARGED AND COMMISSIONS PAID IN
4Q16 REACHED PS. 234 MILLION, AN INCREASE OF PS.66 MILLION, OR
39.3%, COMPARED WITH THE NET EFFECT OBTAINED IN 4Q15. THIS WAS
DERIVED MAINLY FROM COMMISSIONS CHARGED TO CUSTOMERS WITH
DELINQUENT ACCOUNTS ANDAN INCREASE IN COMMISSIONS COMING FROM
INSURANCE SALES IN ADDITION TO FEES CHARGED BY INTERMEX RELATED TO
REMITTANCES SERVICES.TRADING GAINS CAME IN AT PS. 5 MILLION DURING
THE QUARTER. THIS LINE ITEM REPRESENTED THE FX GAINS WITHIN THE
INTERMEX-BANCO COMPARTAMOS BRANCHES.
OTHER OPERATING INCOME/LOSSES WHICH REFLECT THE NON-RECURRING
INCOME/EXPENSES STOOD WITH A LOSS OF PS. 117 MILLION. FOR THE
FOURTHQUARTER THIS LINE ITEM REFLECTED:
1) AN ADDITIONAL PROVISION LINKED TO THE INVESTMENT ANDCONVERTIBLE
LOANS THAT WERE GRANTED TO MIMONI IN THE PAST. THESE PROVISIONS
WERE CREATED DUE TO THE IMPAIRMENT IN ITS FINANCIALS, WHICH
ORIGINATED AN IMPACT OFPS. 110 MILLION. OPERATING EXPENSES REACHED
PS. 3,294 MILLION, A 19.7% INCREASE VERSUS THE PS. 2,753 MILLION
REACHED IN 4Q15. DURING THIS QUARTER BANCO COMPARTAMOS, GENTERAS
MAIN SUBSIDIARY, BOOKED A PROVISION OF PS. 165 MILLION; THIS
PROVISION IS LINKED TO PREVIOUS YEARS LEGAL DISPUTES OF
COMPARTAMOS, WHICH MAY OR MAYNOT BE MATERIALIZED IN THE SHORT
TERM.
GENTERAS SUBSIDIARIES JOINTLY TOTALED 21,184 EMPLOYEES, AN INCREASE
OF5.0% COMPARED WITH 4Q15, MAINLY DUE TO THE FOLLOWING:
I) THE MEXICAN OPERATION SHOWED A SLIGHT CONTRACTION IN THE NUMBER
OF EMPLOYEES AS A RESULT OF A BETTER USE OF THE TECHNOLOGY IN HANDS
OF OUR LOAN OFFICERS AND IMPROVEMENTS IN THE METHODOLOGY.
II)OUR PERUVIAN OPERATION GREW 31.7% ON A YEAR-ON-YEAR BASIS IN
TERMS OF THE NUMBER OF EMPLOYEES. THIS ADDITIONAL SALES FORCE WAS
REQUIRED TO ADEQUATELY SERVE THE CLIENT BASE AND ACHIEVE FURTHER
MARKET PENETRATION WITH CREDITO MUJER. THIS PRODUCT HAS EXPERIENCED
OUTSTANDING GROWTH IN THE PAST 12 MONTHS, ATTRACTING MORETHAN 100
THOUSAND CLIENTS, WHICH REPRESENTED A GROWTH OF 84.0% COMPARED TO
THE NUMBER OF CUSTOMERS SERVED IN 4Q15.
SALARIES ANDBENEFITS REPRESENTED APPROXIMATELY PS. 1,651.1 MILLION,
OR 50.1% OF OPERATING EXPENSES
DURING 4Q16, GENTERA HAD 567 SERVICE OFFICES AND 135 BRANCHES IN
MEXICO, 73 SERVICE OFFICES IN PERU AND 45 IN GUATEMALA FOR A TOTAL
NUMBER OF 685 SERVICE OFFICES AND 135 BRANCHES. TOGETHER, THESE
SERVICE OFFICES AND BRANCHES (SO & B) REPRESENTED PS. 823.2
MILLION, OR 25.0% OF OPERATING EXPENSES. THE CURRENT NUMBER OF
SERVICE OFFICES AND BRANCHES WAS 8.2% LARGER THAN THE 758 SERVICE
OFFICES AND BRANCHES REPORTED IN 4Q15.
OTHER STRATEGIC INITIATIVES AND ADVISORY SERVICES, SUCH AS: I) THE
SAP PLATFORM AND THE ERP; II) THE DEPOSIT PILOT PROJECTS; III)
YASTAS; AMONG OTHER INITIATIVES JOINTLY REPRESENTED PS. 560.1
MILLION OR 17.0% OF OPERATING EXPENSES DURING 4Q16.
MARKETING CAMPAIGNS REPRESENTED PS. 259.1 MILLION, OR 7.9% OF
OPERATING EXPENSES DURING THE FOURTH QUARTER, INCLUDING THE
INVESTMENT ASSOCIATED WITH THE LOYALTY PROGRAM THAT AMOUNTED TO PS.
118 MILLION THIS QUARTER.
PARTICIPATION IN NET INCOME FROM NON-CONSOLIDATED SUBSIDIARIES
REPRESENTED A PS. 16 MILLION LOSS DURING THE QUARTER, COMPAREDWITH
A PS. 20 MILLION LOSS IN 4Q15. THIS LINE ITEM REFLECTS THE
CONTRIBUTION OF MIMONI, THE ONLINE LENDING COMPANY IN WHICH GENTERA
IS INVESTING.FOR THE FOURTH QUARTER OF 2016, NET INCOME WAS PS. 540
MILLION, A DECREASE OF 37.9% COMPARED TO THE PS. 870 MILLION
REACHED IN 4Q15.FOR THE FULL-YEAR 2016, NET INCOME WAS PS. 3,410
MILLION, AN INCREASE OF 7.9% COMPARED TO THE PS. 3,161 MILLION
GENERATED IN THE SAME PERIOD LAST YEAR. WHEN ISOLATING THE
NON-RECURRENT EVENTS OF THE YEAR, NET INCOME WOULD HAVE REACHED PS.
3,642 MILLION, WHICH REPRESENTED A GROWTH OF 15.2% COMPARED WITH
YEAR 2015.
BALANCE SHEETCASH AND OTHER INVESTMENTS WERE PS. 6,570 MILLION
DURING THE FOURTH QUARTER OF 2016. THIS NEW LEVEL OF LIQUIDITY IS
DUE TO THE FACT THAT, BANCO COMPARTAMOS, GENTERAS MAIN SUBSIDIARY
DECIDED TO MAINTAIN A MORE CONSERVATIVE CASH POSITION THAT ENABLES
IT TO COVER OPERATING EXPENSE GROWTH, DEBT AMORTIZATIONS
ANDEXPECTED PORTFOLIO GROWTH FOR THE FOLLOWING 60 DAYS COMPARED TO
THE PREVIOUS POLICY IN WHICH BANCO COMPARTAMOS HAD THE LIQUIDITY
REQUIRED FOR THE FOLLOWING 30DAYS. IT IS IMPORTANT TO NOTE THAT
74.8% OF THE CASH ON THE BALANCE SHEET CORRESPONDED TO BANCO
COMPARTAMOS, WITH PS. 4,902 MILLION HELD IN HIGHLY LIQUID ASSETS.
THE REMAINDER IS HELD IN GENTERA ACCOUNTS THROUGHOUT ITS VARIOUS
SUBSIDIARIES.TOTAL LOAN PORTFOLIO REACHED PS. 33,508 MILLION IN
4Q16, 17.6% HIGHER THAN THE FIGURE REPORTED IN 4Q15. THE LOAN
PORTFOLIO WAS DISTRIBUTED AS FOLLOW: 74.8% AT BANCO COMPARTAMOS;
23.5% AT COMPARTAMOS FINANCIERA IN PERU AND 1.7% AT COMPARTAMOS IN
GUATEMALA.
CREDIT QUALITY (NON-PERFORMING LOANS / TOTAL PORTFOLIO)
CONSOLIDATED NON-PERFORMING LOANS REACHED 4.22% IN 4Q16,
REPRESENTING A DETERIORATION WHEN COMPARED TO THE 3.33% RECORDED IN
3Q16, AND THE 3.09% IN 4Q15, RESPECTIVELY, DUE TO A HIGHER
PARTICIPATION OF DIFFERENT RISK PROFILE PRODUCTS IN THE PORTFOLIO
AND TO THE COMPETITION EXPERIENCED IN CERTAIN REGIONS OF MEXICO. IT
IS IMPORTANT TO MENTIONTHAT BANCO COMPARTAMOS POLICY IS TO
WRITE-OFF LOANS THAT ARE PAST DUE BY 180 DAYS OR MORE.
PERFORMANCE RATIOS AND METRICSTHE 4Q16 COVERAGE RATIO WAS 156.4%,
WHICH IS IN ACCORDANCE WITH THE NEW PORTFOLIO MIX AND WITH MEXICAN
FINANCIAL REGULATIONS.
GOODWILL AMOUNTED TO PS. 981 MILLION AND WAS RELATED TO THE
ACQUISITION OF COMPARTAMOS FINANCIERA AND INTERMEX, WHICH WAS
REGISTERED AS AN ASSET.
ROAE/ROAADURING 4Q16, GENTERA REACHED A RETURN ON AVERAGEEQUITY
(ROAE) OF 13.8%, COMPARED WITH 26.5% IN 4Q15. RETURN ON AVERAGE
ASSETS (ROAA) FOR 4Q16 WAS 5.2%, COMPARED WITH 9.6% IN
4Q15.CONSIDERING THE FULL-YEAR 2016, ROAE STOOD AT 22.8% WHEREAS IN
THE PREVIOUS YEAR IT WAS 25.1%. ROAA IN THE YEAR 2016 WAS 8.6%
COMPAREDWITH 9.3% IN 2015. GENTERA
CONSOLIDATED INCOME STATEMENTFOR THE PERIOD ENDED DECEMBER 31,
2016
(IN MILLIONS OF MEXICAN PESOS)GENTERA
CONSOLIDATED BALANCE SHEETFOR THE PERIOD ENDED DECEMBER 31,
2016
(IN MILLIONS OF MEXICAN PESOS)BANCO COMPARTAMOS
THE FOLLOWING SECTION SETS FORTH THE AUDITED FINANCIAL RESULTS FOR
THE FOURTHQUARTER OF 2016 (4Q16) FOR BANCO COMPARTAMOS, S.A. I.B.M.
(BANCO COMPARTAMOS OR THE BANK), WHICH IS GENTERAS MAIN SUBSIDIARY
AND IS LOCATED IN MEXICO. ALL FIGURES ARE EXPRESSED IN MEXICAN
PESOS IN ACCORDANCE WITH THE CNBV REGULATIONS APPLICABLE TO CREDIT
INSTITUTIONS AND MAY VARY DUE TO ROUNDING.
FINANCIAL HIGHLIGHTS
PORTFOLIO AND NET INCOME ARE EXPRESSED IN MILLIONS OF MEXICAN
PESOS. * SOME OF THESERVICE OFFICES TRANSFORMED INTO BRANCHES.
4Q16 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHED PS. 25,063 MILLION, 9.7% HIGHER WHEN
COMPARED WITH THE LOAN PORTFOLIO OF MICROCREDIT LOANS REACHED IN
4Q15.NON-PERFORMING LOANS REACHED 4.49% IN 4Q16, COMPARED WITH
2.86% IN 4Q15. NET INCOME FOR FULL-YEAR 2016 WAS PS. 3,119 MILLION,
A 3.9% GROWTH COMPARED WITH 2015
O NET INCOME FOR 4Q16 REACHED PS. 546 MILLION, A 28.0% CONTRACTION
VERSUS THE PS. 758 MILLION REPORTED IN 4Q15.
CAPITALIZATION RATIO STOOD AT27.5%.
ROA WAS 7.3%, COMPARED WITH 10.9% IN 4Q15.
ROE WAS 20.5%, COMPARED WITH 31.9% IN 4Q15.
BANCO COMPARTAMOS ENDED THE QUARTER WITH A TOTAL OF 567 SERVICE
OFFICES AND 135 BRANCHES.RESULTS OF OPERATIONS
NET INTEREST INCOME AFTER PROVISIONS (NII AFTER PROVISIONS)
INTEREST INCOME REACHED PS. 4,595 MILLION IN 4Q16, 10.5% HIGHER
THAN THAT OF 4Q15. CONSIDERING THE INTEREST INCOME GENERATEDDURING
THE YEAR 2016 IT STOOD AT PS. 17,420 MILLION, 12.9% HIGHER THAN
2015, IN LINE WITH THE PERFORMANCE OF THE PORTFOLIO DURING THIS
PERIOD.THE FUNDING COST, WHICH INCLUDES LIABILITIES AND DEPOSITS,
STOOD AT 5.64% DURING 4Q16 COMPARED TO 3.84% IN 4Q15. INTEREST
EXPENSES ROSE BY 51.2% TO PS. 248 MILLION, COMPARED WITH PS. 164
MILLION IN 4Q15. THIS GROWTH WAS EXPLAINED BY: I) THE INCREASE IN
THE REFERENCE RATE; II) THE INCREASE INTHE LIQUIDITY METRIC FROM 30
TO 60 DAYS; WHICH REPRESENTED THE FUNDS REQUIRED BY BANCO
COMPARTAMOS TO COVER OPERATING EXPENSES, DEBT MATURITIES AND LOAN
PORTFOLIO GROWTH. AS AFOREMENTIONED, THE COST OF FUNDS DURING 4Q16
WAS RELATIVELY STABLE CONSIDERING THAT THE CENTRAL BANK RAISED
INTEREST RATES BY 275 BPS SINCE DECEMBER 2015. THIS WAS POSSIBLE
GIVEN THE FACT THAT THE BANK OBTAINED BETTER CREDIT SPREADS FROM
THE CREDIT LINES USED IN THE PAST MONTHS. AS A RESULT, BANCO
COMPARTAMOS REPORTED NET INTEREST INCOME OF PS. 4,347 MILLION, 8.8%
HIGHER THAN IN 4Q15.PROVISIONS FOR LOAN LOSSES WERE PS. 891 MILLION
DUE TO A HIGHER PARTICIPATION OF CREDITO COMERCIANTE; CREDITO CRECE
Y MEJORA AND CREDITO INDIVIDUAL PRODUCTSIN THE PORTFOLIO DURING
4Q16, WHICH ACCOUNTED FOR 50.2% OF THE PORTFOLIO. NII AFTER
PROVISIONS ROSE TO PS. 3,456 MILLION, A 0.8% INCREASE COMPARED WITH
PS. 3,430 MILLION IN 4Q15.
DUE TO THE AFOREMENTIONED, NIM (NET INTEREST MARGIN) AFTER
PROVISIONS (NII AFTER PROVISIONS FOR LOSSES / AVERAGE YIELDING
ASSETS) FOR 4Q16 WAS 50.3%, COMPARED WITH 56.2% IN 4Q15.NET
OPERATING INCOME
COMMISSIONS ANDFEE INCOME REACHED PS. 244 MILLION, A 23.2% INCREASE
VERSUS 4Q15. THIS LINE ITEM WAS MAINLY DRIVEN BY COLLECTION FEES
AND PENALTIES CHARGED TO CLIENTS WITH DELINQUENT ACCOUNTS,
REPRESENTING 44.8% OF INCOME, AS WELL AS COMMISSIONS FOR SOLD
VOLUNTARY LIFE INSURANCE POLICIES, WHICH ACCOUNTED FOR 49.4%. THE
REMAINING 5.8%WAS RELATED TO OTHER CONCEPTS AND FEES.
COMMISSIONS AND FEE EXPENSES TOTALED PS. 151 MILLION, AN INCREASE
OF 60.6% COMPARED TO 4Q15. THIS LINE ITEM MAINLY REFLECTED: I)
38.6% COLLECTION AND DISBURSEMENT FEE COSTS; II) 27.3% FOR
ALTERNATIVE LOCATIONS TO PAY AND WITHDRAW LOANS FROM BANCO
COMPARTAMOS AND III) 11.4% FOR THE FREE VOLUNTARY LIFE INSURANCE
COVERAGE INCLUDED IN THE CREDITO MUJER PRODUCT AND IV) 21.4% FEES
PAID TO YASTS; AND THE REMAINDER LINKED TO ADMINISTRATIVE FEES.
TRADING GAINS REACHED PS. 4 MILLION DURING THE QUARTER DUE TO FX
GAINS FROM THE COMPARTAMOS-INTERMEX OPERATION.OTHER INCOME/EXPENSES
REACHED A PS. 43 MILLION LOSS. THIS LINE ITEM REFLECTED
NON-RECURRING INCOME OR EXPENSES, WHICH FORTHE FOURTH QUARTER WERE
PRIMARILY DRIVEN BY RECOVERY EXPENSES OF DELINQUENT ACCOUNTS AND
DONATIONS.
OPERATING EXPENSES FOR 4Q16 ROSE 10.8% WHEN COMPARED TO 4Q15,
PRIMARILY ATTRIBUTABLE TO: I) NEW BRANCHES AND SERVICE OFFICES; II)
THE IMPLEMENTATION OF OUR STRATEGIC INITIATIVES; AND, III) A LEGAL
PROVISIONOF PS. 165 MILLION RECORDED THIS QUARTER IN THE OPEX LINE.
THIS PROVISION IS LINKED TO PREVIOUS YEARS LEGAL DISPUTES, WHICH
MAY OR MAY NOT BE MATERIALIZED IN THE SHORT TERM.
NET INCOME
BANCO COMPARTAMOS REPORTED NET INCOME OF PS. 546 MILLION,
REPRESENTING A 28.0% CONTRACTION VERSUS 4Q15.
FOR FULL-YEAR 2016, NET INCOME WAS PS. 3,119 MILLION, AN INCREASEOF
3.9% COMPARED TO THE PS. 3,001 MILLION RECORDED LAST YEAR.
BALANCE SHEETCASH AND OTHER INVESTMENTS INCREASED BY 169.2% TO PS.
4,902 MILLION, COMPARED WITH PS. 1,821 MILLION IN 4Q15. THIS AMOUNT
REPRESENTED THE FUNDS REQUIRED BY BANCO COMPARTAMOS TO COVER
OPERATING EXPENSES, DEBT MATURITIES AND LOAN PORTFOLIO GROWTH FOR
THE FOLLOWING 60 DAYS (PREVIOUSLY, THIS POLICY DEMANDED ONLY 30
DAYS, HOWEVER DUE TO THE CURRENT VOLATILITY IN THE MARKETS AND AS
PRUDENT APPROACH THE LIQUIDITY WAS INCREASED TO 60 DAYS). DURING
4Q16, CASH AND OTHER INVESTMENTS REPRESENTED 15.5% OF TOTAL ASSETS,
WHILE DURING 4Q15 THIS LINE ITEM REPRESENTED 6.6% OF TOTAL ASSETS.
CASH AND OTHER INVESTMENTS ARE PLACED IN SHORT-TERMINSTRUMENTS
WHERE THE COUNTERPARTY RISK IS APPROVED BY THE BOARDS RISK
COMMITTEE.
TOTAL LOANPORTFOLIO
LOAN PORTFOLIO(PS. MILLION)
THE LOAN PORTFOLIO FROM MICROCREDIT LOANS REACHED PS. 25,063
MILLION, 9.7% HIGHER THAN THE PS. 22,850 MILLION REPORTED IN 4Q15.
THIS GROWTH WAS DUE TO A HIGHER AVERAGE OUTSTANDING BALANCE PER
CLIENT, AND A LARGER PARTICIPATION OF CREDITO COMERCIANTE (MERCHANT
CREDIT) AND CREDITO INDIVIDUAL (INDIVIDUAL LOAN) IN THE PORTFOLIO,
WHICH HAVE LARGER AVERAGE TICKET SIZES. CREDITO COMERCIANTE NOW HAS
A 4.4% LARGER CUSTOMERBASE THAN THAT OF 4Q15 (956,216 CLIENTS IN
4Q16 COMPARED WITH 915,831 DURING 4Q15).
THE AVERAGE OUTSTANDING BALANCEPER CLIENT IN 4Q16 WAS PS. 8,604,
7.8% ABOVE THE PS. 7,985 REPORTED IN 4Q15. THIS INCREASE WAS DUE TO
A SLIGHTLY HIGHER PARTICIPATION OF THE PORTFOLIO REPRESENTED BY
CREDITO COMERCIANTE AND CREDITO INDIVIDUAL (34.7% IN 4Q16 COMPARED
TO 34.0% IN 4Q15) LOANS IN THE PORTFOLIO, BOTH WITH LARGER AVERAGE
TICKET SIZES, AND FROM A LARGER AVERAGE OUTSTANDING BALANCE PER
CLIENT IN CREDITO MUJER, WHICH GREW BY 9.0% FROM 4Q15 TO 4Q16.
LOAN PRODUCTS & CREDIT QUALITYTHE LOAN PRODUCTS OFFERED BY
BANCO COMPARTAMOS ARE DISTRIBUTED UNDER TWO MAIN CATEGORIES (SEE
DETAIL ON PAGE 7):1. GROUP LENDING METHODOLOGY: MERCHANT CREDIT
(CREDITO COMERCIANTE) AND GROUP LOANS (CREDITO MUJER) REPRESENTED
73.9% OF THE TOTAL LOAN PORTFOLIO IN 4Q16, WHICH IN AGGREGATED
PRESENTED AN NPL OF 4.11% FOR THIS 4Q16, COMPARED WITH 2.33% IN
4Q15.2. INDIVIDUAL LENDING METHODOLOGY: IMPROVEMENT LOANS (CRECE Y
MEJORA), ADDITIONAL LOANS (CRDITO ADICIONAL) AND PERSONAL LOANS
(CREDITOINDIVIDUAL) REPRESENTED A 26.1% SHARE OF THE TOTAL LOAN
PORTFOLIO IN 4Q16, WITH A CONSOLIDATED NPL OF 5.57% IN 4Q16,
COMPARED WITH 4.36% ONE YEAR AGO.DURING 4Q16, TOTAL NPLS REACHED
4.49%, DETERIORATION WHEN COMPARED TO THE NPLS OF 2.86% AND 3.21%
REPORTED IN 4Q15 AND 3Q16, RESPECTIVELY.GROUP LOANS (CREDITO MUJER)
IS STILL BANCO COMPARTAMOS MOST IMPORTANT PRODUCT, REPRESENTING
49.8% OF THE PORTFOLIO, WITH NPLS OF 2.48% HIGHER LEVEL THAN THAT
REPORTED IN 3Q16 AT 1.57%, AND ALSO SHOWING A DETERIORATION WHEN
COMPARED TO THE 1.32% REACHED IN 4Q15.BANCO COMPARTAMOS POLICY IS
TO WRITE-OFF PAST DUE NPLS OF OVER 180 DAYS. DURING THE FOURTH
QUARTER, THIS FIGURE REACHED PS. 579 MILLION OR 53.6% MORE THAN
THAT REACHED IN 4Q15.
FOR 4Q16, THE COVERAGE RATIO (ALLOWANCE FOR LOAN LOSSES /
NON-PERFORMING LOANS) WAS150.5% COMPARED WITH 179.9% IN 4Q15.
ALLOWANCE FOR LOAN LOSSES IS BASED ON THE METHODOLOGY ESTABLISHED
BY THE CNBV, WHICH REQUIRES SPECIFIC RESERVE COVERAGE FOR EACH
ORIGINATED LOAN: GROUP LOANS WITH A SOLIDARITY FIGURE; AND A
DIFFERENT COVERAGE FOR INDIVIDUAL LOANS. IT IS IMPORTANT TO
HIGHLIGHT THAT OUR METHODOLOGY ADHERES TO THE RULES THAT APPLY FOR
PERSONAL CREDIT CATEGORY INSTEAD OF THE CONSUMER LOANS, NOT
REVOLVING, OTHERS CATEGORY, DESCRIBED PREVIOUSLY.THE ALLOWANCE FOR
LOAN LOSSES BY QUALIFICATION WAS DISTRIBUTED AS FOLLOWS:
CLASSIFICATION FOR ALLOWANCE FOR LOAN LOSSES IS IN ACCORDANCE WITH
CNBV REGULATIONS (SECTION V, ARTICLE 129, AND PARAGRAPH II)
APPLICABLE TO CREDIT INSTITUTIONS SINCE JULY 2013 . ALLOWANCE FOR
LOAN LOSSES CONTINUED TO SUFFICIENTLY COVER NON-PERFORMING
LOANS.
OTHER ACCOUNTS RECEIVABLE ANDOTHER ASSETS
OTHER ACCOUNTS RECEIVABLE REACHED PS. 829 MILLION IN 4Q16, 53.0%
LOWER THAN THE PS. 1,762 MILLION RECORDED IN 4Q15. PS. 558.3
MILLION, OR 67.3%, WERE COMPRISED OF ACCOUNTS RECEIVABLE FROM
RETAILERS, SUCH AS SUPERMARKETS AND CONVENIENCE STORES, WHICH
COLLECT CLIENT PAYMENTS AT THEIR LOCATIONS. TOTAL RECEIVABLES FROM
THESE ALTERNATIVE PAYMENT CHANNELS CONTINUE DEMONSTRATING STRONG
CUSTOMER DEMAND DUE TO THEIR CONVENIENT LOCATIONS.
FIXED ASSETS REACHED PS. 463 MILLION, BELOW THE PS. 591 MILLION
REPORTED IN 4Q15. THIS LINE REPRESENTS FURNITURE & EQUIPMENT,
AMONG OTHER CONCEPTS.
OTHER ASSETS REACHED PS. 2,005 MILLION IN 4Q16, PRIMARILY
REPRESENTED BY INVESTMENTS IN SAP, SOFTWARE AND ALSO DEFERRED
TAXES.TOTAL LIABILITIES
DURING 4Q16, TOTAL LIABILITIES REACHED PS. 20,649 MILLION, 14.0%
ABOVE THAN THE PS. 18,120 MILLION REPORTED DURING 4Q15. ALL OF
BANCO COMPARTAMOS CURRENT LIABILITIES ARE FULLY PESO-DENOMINATED;
THEREFORE, THERE IS NO FX EXPOSURE. BANCO COMPARTAMOS MAINTAINS A
WELL-DIVERSIFIED FUNDING MIX THAT RAISES FUNDS FROM VARIOUS
SOURCES.CURRENTLY, IT FINANCES ASSETS WITH THE FOLLOWING
ALTERNATIVES:
I) LONG-TERM DEBT ISSUANCES: BANCO COMPARTAMOS IS A FREQUENT ISSUER
IN THE DEBT CAPITAL MARKETS. AS OF DECEMBER 31, 2016, IT HAD PS.
10,556 MILLION OUTSTANDING IN CERTIFICADOS BURSTILES BANCARIOS
(BANK BONDS)II) STRONG CAPITAL BASE: 34.6% OF TOTAL ASSETS WERE
FUNDED WITH EQUITY.
III) CREDIT LINES WITH BANKS AND OTHER INSTITUTIONS: BANCO
COMPARTAMOS HAD PS. 6,978 MILLION IN CREDIT LINES AMONG VARIOUS
BANKING CREDITORS. (DEVELOPMENT BANKS; COMMERCIAL BANKS AND
MULTILATERALS)IV) DEPOSITS: FOR 4Q16, DEPOSITS FROM CLIENTS STOOD
AT PS. 540 MILLION, WHICH WERE GENERATED WITH OVER 500 THOUSAND
DEBIT ACCOUNTS FROM THE DEPOSIT PROJECT. PS. 625 MILLION
REPRESENTED DEPOSITS MAINLY FROM GENTERAS SUBSIDIARIES. TOTAL
STOCKHOLDERS EQUITY
THE CAPITALIZATION RATIO WAS 27.5% COMPARED WITH 29.1% REPORTED IN
4Q15. THE CURRENT RATIO CONTINUES REFLECTING THE BANKS STRENGTH IN
ACCORDANCE WITH LEVELS REQUIRED BY BASEL III AND IS WELL ABOVE
MEXICAN BANKING SYSTEM STANDARDS. BANCO COMPARTAMOS REPORTED PS.
9,661 MILLION IN TIER I CAPITAL AND RISK-WEIGHTED ASSETS OF
PS.35,121 MILLION.
PERFORMANCE RATIOS AND METRICS
RETURN ON AVERAGE EQUITY (ROAE) FOR 4Q16 WAS 20.5% COMPARED WITH
31.9% IN 4Q15. RETURN ON AVERAGE ASSETS (ROAA) FOR 4Q16 WAS 7.3%
COMPARED WITH 10.9% IN 4Q15.CONSIDERING FULL-YEAR 2016, ROAE STOOD
AT 30.4% WHEREAS IN THE PREVIOUS YEAR IT WAS 31.7%. ROAA IN THE
YEAR 2016 WAS 10.8% COMPARED WITH 11.6% IN 2015.
EFFICIENCY RATIO 1)THE EFFICIENCY RATIO FOR 4Q16 WAS 79.3%, ABOVE
THAN THE 70.9% REACHED IN 4Q15 MAINLY ATTRIBUTABLE TO: I) HIGHER
LEVELS OF PROVISIONS; II) THE NON-RECURRENT IMPACTS DURING THE
YEAR; AND, III) BANCO COMPARTAMOS STRATEGIC INITIATIVES, SUCH AS
THE OPENING OF NEW BRANCHES TO SERVE IN A BETTER MANNER TO OUR
CLIENTS. CONSIDERING THE FULL-YEAR 2016, EFFICIENCYRATIO STOOD AT
68.5% VERSUS 68.1% IN LAST YEAR.
1 OPERATING EXPENSES / NET OPERATING REVENUEBANCO COMPARTAMOS,
S.A., INSTITUCIN DE BANCA MLTIPLE
INCOME STATEMENTFOR THE PERIOD ENDED DECEMBER 31, 2016
(IN MILLIONS OF MEXICAN PESOS)BANCO COMPARTAMOS, S.A., INSTITUCIN
DE BANCA MLTIPLE
BALANCE SHEETFOR THE PERIOD ENDED DECEMBER 31, 2016
(IN MILLIONS OF MEXICAN PESOS)COMPARTAMOS FINANCIERA (PERU)
THE FOLLOWING SECTION SETS FORTH THE AUDITED FINANCIAL RESULTS
FORTHE FOURTH QUARTER OF 2016 (4Q16) FOR COMPARTAMOS FINANCIERA,
GENTERAS PERUVIAN SUBSIDIARY. ALL FIGURES ARE IN MEXICAN PESOS AND
MAY VARY DUE TO ROUNDING.NOTE: IT IS IMPORTANT TO HIGHLIGHT THAT
THE ANALYSIS AND FIGURES ARE EXPRESSED IN ACCORDANCE WITH MEXICAN
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES AND CNBV (NATIONAL BANKING
AND SECURITIES COMMISSION) REGULATIONS. THESE FIGURES ARE NOT
COMPARABLE TO THE FINANCIAL STATEMENTS SUBMITTED TO THE PERUVIAN
SUPERINTENDENCIA DE BANCA, SEGUROS Y AFP (PERUVIAN BANKING,
INSURANCE AND PENSION FUND COMMISSION).
FINANCIAL HIGHLIGHTS
COMPARTAMOS FINANCIERAS FIGURES ARE REPORTED UNDER MEXICAN
GAAP.
PORTFOLIOAND NET INCOME ARE EXPRESSED IN MEXICAN PESOS (MILLIONS)
AND WITH THEIR CORRESPONDING FX FOR THE QUARTER.
4Q16 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHED PS. 7,873 MILLION, 50.3% HIGHER THAN
THAT IN 4Q15.NON-PERFORMING LOANS STOOD AT 3.37% IN 4Q16, COMPARED
WITH 4.18% IN 4Q15. ACTIVE CLIENTS REACHED 384,883, A 42.2%
INCREASE COMPARED TO 4Q15.
O GROUP LOANS (CREDITO MUJER) PRODUCT REPRESENTED 60.8% OF THE
CLIENTS SERVED IN PERU, ENDING THE PERIOD WITH 234,033 CLIENTS,
84.0% MORE CLIENTS THAN IN 4Q15.
COMPARTAMOS FINANCIERA REACHED A TOTAL OF 73 SERVICE OFFICES, 13
MORE OFFICES THAN IN 4Q15.
ON JANUARY 17, 2017, COMPARTAMOS FINANCIERA ISSUED S/. 70 MILLION
IN THE PERUVIAN DEBT MARKET. THE TENOR OF THIS ISSUANCE IS ONE YEAR
WITH AN INTEREST RATE OF 6.67% AND WAS OVERSUBSCRIBED BY1.68 TIMES.
THIS ISSUANCE WAS, AS OF THE DATE OF THIS REPORT, THE MOST
SUCCESSFUL ONE IN TERMS OF SIZE AND INTEREST RATE.RESULTS OF
OPERATIONS
NET INTEREST INCOME AFTER PROVISIONSINTEREST INCOME GREW BY 51.5%
COMPARED WITH 4Q15,REACHING PS. 632 MILLION. THIS INCREASE WAS
SIMILAR TO THE LOAN PORTFOLIO GROWTH, WHICH REACHED 50.3% AT
QUARTER-END.INTEREST EXPENSES INCREASED BY 45.9%, TO PS. 104
MILLION VERSUS 4Q15, BELOW THE 63.3% GROWTH IN LIABILITIES USED TO
FUND THE PORTFOLIO.THIS WAS POSSIBLE AS A RESULT OF BETTER TERMS
AND CONDITIONS IN CREDIT LINES. IN TERMS OF COST OF FUND, IT STOOD
AT 6.92%.PROVISIONS FOR LOAN LOSSES REACHED PS. 114 MILLION, AN
INCREASE OF 41.8% COMPARED TO THE PS. 81 MILLION REACHED IN 4Q15.
PROVISIONS MOVED IN ACCORDANCE WITH THE RISK PROFILE OF THE
PORTFOLIO.
DUE TO THE AFOREMENTIONED, NIM (NET INTEREST MARGIN) AFTER
PROVISIONS(NII / AVERAGE YIELDING ASSETS) WAS 20.5% FOR 4Q16,
COMPARED WITH 19.7% IN 4Q15
COMPARTAMOS FINANCIERA REACHED A COVERAGE RATIO OF 183.8% FOR
4Q16.NET OPERATING INCOME
COMMISSIONS AND FEE INCOME DURING 4Q16 REACHED PS. 29 MILLION,
26.7% HIGHERTHAN THAT REACHED IN 4Q15, MAINLY AS A RESULT OF
PENALTY FEES CHARGED TO CLIENTS WITH DELINQUENT ACCOUNTS AND FEES
OBTAINED FROM THE LIFE INSURANCE POLICIES SOLD DURING THE
QUARTER.
COMMISSIONS AND FEE EXPENSES WERE PS. 6 MILLION, A GROWTH OF 30.6%,
COMPARED TO PS. 4.6 MILLION REACHED IN 4Q15. THIS LINE REPRESENTED
MAINLY THE COLLECTION AND DISBURSEMENT FEE COSTS CHARGED BY THIRD
PARTIES.
OTHER OPERATING INCOME/EXPENSES STOOD AT PS. 17 MILLION, AN
INCREASE OF PS. 6 MILLION, 50.0%, COMPARED TO 4Q15.
OPERATING EXPENSES WERE PS. 391 MILLION, 65.1% HIGHER THAN THAT IN
4Q15, DUE TO A LARGER INFRASTRUCTURE AT COMPARTAMOS FINANCIERA,
WITH 73 SERVICE OFFICES IN 4Q16 THAT COMPARES FAVORABLY WITH THE 60
RECORDED IN 4Q15, AND A 31.7% LARGER SALES FORCE ORIENTED TO
ADEQUATELY SERVE OUR CUSTOMERS IN THE GROUP LENDING
METHODOLOGY.
NET OPERATING INCOME REACHED PS. 62 MILLION, A GROWTH OF 7.6%
COMPARED WITH PS. 58 MILLION IN 4Q15.
NET INCOMEFOLLOWING THE AFOREMENTIONED, COMPARTAMOS FINANCIERA
REPORTED A NET INCOME OF PS. 39 MILLION DURING 4Q16, 2.3% HIGHER
THAN THE PS.38 MILLION RECORDED IN 4Q15. FOR THE FULL-YEAR 2016,
NET INCOME WAS PS. 159 MILLION, AN INCREASE OF 6.6% COMPARED TO THE
PS.149.1 MILLION GENERATED LAST YEAR.
COMPARTAMOS FINANCIERA (PERU)
INCOME STATEMENTFOR THE PERIOD ENDED DECEMBER 31, 2016
(IN MILLIONS OF MEXICAN PESOS)COMPARTAMOS FINANCIERAS FIGURES ARE
REPORTED UNDER MEXICAN GAAP.
FIGURES ARE EXPRESSED IN MEXICAN PESO WITH ITS CORRESPONDING
FX.
SOURCE: BANCO DE MEXICO AND BANCO CENTRAL DE PERU.
FINANCIERA (PERU)BALANCE SHEET
FOR THE PERIOD ENDED DECEMBER 31, 2016(IN MILLIONS OF MEXICAN
PESOS)
COMPARTAMOS FINANCIERAS FIGURES ARE REPORTED UNDER MEXICAN
GAAPFIGURES ARE EXPRESSED IN MEXICAN PESO WITH ITS CORRESPONDING
FX
SOURCE: BANCO DE MEXICO AND BANCO CENTRAL DE PERUCOMPARTAMOS, S.A.
(GUATEMALA)THE FOLLOWING SECTION SETS FORTH THE AUDITED FINANCIAL
RESULTS FOR THE FOURTH QUARTER OF 2016 (4Q16) FOR COMPARTAMOS S.A.,
THE COMPANYS GUATEMALAN SUBSIDIARY. ALL FIGURES ARE EXPRESSED IN
MEXICAN PESOS IN ACCORDANCE WITH MEXICAN ACCOUNTING PRINCIPLES AND
REGULATIONS AND MAY VARY DUE TO ROUNDING.
FINANCIAL HIGHLIGHTS
FIGURES ARE EXPRESSED IN MEXICAN PESOS WITH ITS CORRESPONDING
FX.
EXCHANGE RATE AS OF DECEMBER 31, 2016, FROM QUETZALES TO USD:
7.522
EXCHANGE RATE AS OF DECEMBER 31, 2016, FROM USD TO MXP: 20.619
PORTFOLIOAND NET INCOME ARE EXPRESSED IN MEXICAN PESOS (MILLIONS)
AND WITH THEIR CORRESPONDING FX FOR THE QUARTER.
SOURCE: BANCODE GUATEMALA AND BANCO DE MEXICO.
4Q16 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHED PS. 572 MILLION, 40.0% HIGHER WHEN
COMPARED WITH 4Q15.
NET INCOME FOR 4Q16STOOD AT PS. 13.7 MILLION COMPARED WITH PS. 23.0
MILLION IN 4Q15.
NON-PERFORMING LOANS STOOD AT 3.95% IN 4Q16, COMPARED WITH 2.23% IN
4Q15. ACTIVE CLIENTS REACHED 83,786, AN 11.0% INCREASE COMPARED TO
4Q15.
RESULTS OF OPERATIONSNET INTEREST INCOME - NII
NET INTEREST INCOME REACHED PS. 124.8 MILLION, AN INCREASE OF 40.4%
COMPARED WITH PS. 88.9 MILLION IN 4Q15. THIS WAS THE RESULT OF
SOLID PORTFOLIO GROWTH. AS PER PREVIOUS DISCUSSIONS, A PERCENTAGE
OF COMPARTAMOS S.A.S TOTAL LOAN PORTFOLIO WAS PROVISIONED FOR THE
PREVENTION OF ASSET DETERIORATION. IN 4Q16, PROVISIONS REACHED PS.
15.8 MILLION.NET OPERATING INCOME
COMMISSIONS AND FEE EXPENSES, INCLUDING COLLECTIONS, WERE PS. 1.8
MILLION. THIS LINE ITEM REPRESENTED THE FEES THAT COMPARTAMOS PAID
TO THIRD PARTIES RELATED TO THE COLLECTION AND DISBURSEMENT OF ITS
CREDITS.
OPERATING EXPENSES WERE PS. 94.1 MILLION, AN INCREASE OF PS. 44.6
MILLION, OR 90.0% WHEN COMPARED TO 4Q15. OPERATING EXPENSES WERETHE
RESULT OF A LARGER NUMBER OF SERVICE OFFICES, ENDING THE 4Q16 WITH
45 VERSUS 31 IN 4Q15, AND A LARGER SALES FORCE WHICH GREW BY 51.1%
COMPARED WITH 4Q15.NET INCOME
COMPARTAMOS REPORTED NET INCOME OF PS. 13.7 MILLION DURING THE
FOURTH QUARTER COMPARED WITH PS. 23.0 MILLION REACHED IN 4Q15.
FOR THE FULL-YEAR 2016, NET INCOME WAS PS. 48.9 MILLION, AN
INCREASE OF MORE THAN 3 TIMES WHEN COMPARED TO THE PS. 15.3 MILLION
RECORDED IN 2015.
COMPARTAMOS, S.A. (GUATEMALA)INCOME STATEMENT
FOR THE PERIOD ENDED DECEMBER 31, 2016(IN MILLIONS OF MEXICAN
PESOS)
FIGURES ARE EXPRESSED IN MILLIONS OF MEXICAN PESOS WITH THEIR
CORRESPONDINGFX FOR THE QUARTER
COMPARTAMOS, S.A. (GUATEMALA)
BALANCE SHEET
FOR THE PERIOD ENDED DECEMBER 31, 2016
(IN MILLIONS OF MEXICAN PESOS)
FIGURES ARE EXPRESSED IN MEXICAN PESOS (MILLIONS) WITH THEIR
CORRESPONDING FX FOR THE QUARTER.
***
ABOUT GENTERAGENTERA, S.A.B. DE C.V. (FORMERLY COMPARTAMOS, S.A.B.
DE C.V.) IS A HOLDING COMPANY WHOSE PRIMARYOBJECTIVE IS TO PROMOTE,
ORGANIZE AND MANAGE COMPANIES, DOMESTIC AND INTERNATIONAL, THAT ARE
SUBJECT TO ITS INVESTMENT POLICIES. GENTERA WAS ESTABLISHED IN 2010
AND IS HEADQUARTERED IN MEXICO. ITS STOCK BEGAN TRADING ON THE
MEXICAN STOCK EXCHANGE ON DECEMBER 24, 2010 UNDER THE TICKER SYMBOL
COMPARC*. ON JANUARY 2, 2014, THE TICKER SYMBOL WAS CHANGED TO
GENTERA*. NOTE ON FORWARD-LOOKING STATEMENTS
THIS PRESS RELEASE MAY CONTAINFORWARD-LOOKING STATEMENTS. THESE
STATEMENTS ARE STATEMENTS THAT ARE NOT HISTORICAL FACTS, AND ARE
BASED ON MANAGEMENTS CURRENT VIEW AND ESTIMATES OF FUTURE ECO