GENTERA S.A.B. DE C.V. (GENTERA OR THE COMPANY)(BMV: GENTERA*) ANNOUNCED
24 Abril 2017 - 3:47PM
BMV General Information
GENTERAREPORTS 1Q17 RESULTS
MEXICO CITY, MEXICOAPRIL 24, 2017 GENTERA S.A.B. DE C.V. (GENTERA
OR THE COMPANY) (BMV: GENTERA*) ANNOUNCED TODAY NON-AUDITED
CONSOLIDATED FINANCIAL RESULTS FOR THE FIRST QUARTER ENDED MARCH
31, 2017. ALL FIGURES WERE PREPARED IN ACCORDANCE WITH REQUIREMENTS
FROM THE NATIONAL BANKING AND SECURITIES COMMISSION (CNBV) ARE
EXPRESSED IN NOMINAL MEXICAN PESOS (PS.)
1Q17 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHEDPS. 32,368 MILLION, A 14.0% INCREASE
COMPARED WITH 1Q16.LOAN PORTFOLIO PER SUBSIDIARY WAS DISTRIBUTED AS
FOLLOW:
BANCO COMPARTAMOS S.A. I.B.M. (MEXICO) (BANCO COMPARTAMOS) REACHED
PS. 24,214 MILLION, A 7.8% INCREASE VERSUS THE LOAN PORTFOLIO IN
1Q16;
COMPARTAMOS FINANCIERA (PERU) AT PS. 7,634 MILLION, A 37.5%
INCREASE VERSUS 1Q16; AND,
COMPARTAMOS S.A. (GUATEMALA) WAS PS. 520 MILLION, 42.0% HIGHER
COMPARED WITH 1Q16.
NET INCOME FOR THE FIRST QUARTER WAS PS. 1,017 MILLION, A 13.3%
GROWTH COMPARED WITH THE NET INCOME OF PS. 898 MILLION ACHIEVED IN
1Q16.
NIM STOOD AT 51.1%, COMPARED WITH 56.2% IN 1Q16.ROE STOOD AT 24.9%,
COMPARED WITH 25.9% DURING 1Q16.
ROA REACHED 9.6%, COMPARED WITH 9.8% IN 1Q16.NON-PERFORMING LOANS
(NPLS) FOR 1Q17 WERE 4.69%, COMPARED TO 3.83% IN 1Q16. EFFICIENCY
RATIO FOR 1Q17 WAS 66.0%, COMPARED TO 65.1% REPORTED IN 1Q16.
YASTAS1 RECORDED APPROXIMATELY 1.75 MILLION FINANCIAL TRANSACTIONS
DURING THE QUARTER, 58% HIGHER THAN THOSE EXECUTED IN 1Q16.ATERNA2
ENDED THE QUARTER WITH MORE THAN 5.2 MILLION ACTIVE LIFE INSURANCE
POLICIES THROUGHOUT ITS OPERATIONS IN MEXICO, PERU AND GUATEMALA,
WHICHREPRESENTED MORE THAN 800 THOUSAND ACTIVE LIFE INSURANCE
POLICIES COMPARED WITH THE FIGURE REACHED IN 1Q16.INTERMEX3 WITH
MORE THAN 1,800 AFFILIATES PROCESSED MORE THAN PS. 6,000 MILLION IN
REMITTANCES PAYMENTS.ON APRIL 20, 2017, GENTERA-COMPARTAMOS
COMMEMORATES ITS 10TH ANNIVERSARY AS A PUBLIC COMPANY.
ONAPRIL 20, 2017, AT THE COMPANYS ANNUAL SHAREHOLDERS MEETING,
APPROVED A DIVIDEND PAYMENT OF PS. 0.77 PER SHARE. THE DIVIDEND
WILL BE PAID IN TWO EXHIBITIONS; ONE EQUIVALENT TO PS. 0.39 THAT
WILL BE PAID BEFORE OR ON JULY 3RD, 2017; THE SECOND EQUIVALENT TO
PS. 0.38 WILL BE PAID BEFORE OR ON DECEMBER 1ST 2017.AT THE ANNUAL
SHAREHOLDERS MEETING HELD ON APRIL 20, 2017 GENTERAS SHAREHOLDERS
APPROVED REESTABLISHING THE ORIGINAL STOCK BUYBACK PROGRAM TO PS.
700 MILLION.
AT THE END OF THE FIRST QUARTER, GENTERA REPURCHASED 2,459,999
SHARES THROUGH THE COMPANYS STOCK BUYBACK PROGRAM ESTABLISHED ON
APRIL 20, 2016. SHARES OUTSTANDING AS OF MARCH 31,2017 AMOUNTED
1,624,551,415.
IN APRIL 2017, GENTERA RANKED #1 IN THE BEST PLACE TO WORK IN
MEXICO NOMINATIONS BY THE GREAT PLACE TO WORK INSTITUTE.
AT THE END OF 1Q17, GENTERAS STAFF PARTICIPATED IN 133 VOLUNTEER
ACTIVITIES, DEVOTING MORE THAN 10 THOUSAND HOURS IN BENEFIT OF
VARIOUS COMMUNITIES. 8,459 PEOPLE WERE BENEFITED FROM GENTERAS
CORPORATE SOCIAL RESPONSIBILITY AND FUNDACION GENTERA PROGRAMS; THE
COMPANY INVESTED APPROXIMATELY PS. 7.2 MILLION IN THESE
PROGRAMS.
1 GENTERAS CORRESPONDENT NETWORK MANAGER/ 2 GENTERAS
MICRO-INSURANCE BROKER/ 3 GENTERAS REMITTANCES COMPANY.
COMMENTS FROM MR. CARLOS LABARTHE, GENTERAS PRESIDENT:
GENTERA INITIATES A NEW YEAR WITH A SOLID PERFORMANCE. WE RECOGNIZE
THAT 2017 WILL BRING CHALLENGES AND OPPORTUNITIES AND WE ARE
CERTAIN THAT OUR SENSE OF PURPOSE AND STRATEGIC INITIATIVES WILL
CONTRIBUTE ON DEVELOPING NEW WAYS OF SERVICE AND PRODUCTS ACROSS
THE VARIOUS COMPANIES THAT INTEGRATE THE GROUP. AT THE END OF THE
FIRST QUARTER, GENTERAS SUBSIDIARIES IN MEXICO, PERU, AND
GUATEMALA, SERVED OVER 3.7 MILLION CLIENTS WITH ITS CREDIT,SAVINGS,
REMITTANCES AND INSURANCE PRODUCTS. THE FINANCIAL SUBSIDIARIES
STOOD WITH A LOAN PORTFOLIO OF 32,368 MILLION PESOS, A GROWTH OF
14.0% ON A YEAR-ON-YEAR BASIS, AND A NET INCOME INCREASE OF 13.3%
COMPARED WITH 1Q16.
YASTS, OUR BANKING CORRESPONDENT NETWORK MANAGER CONCLUDED THE
QUARTER WITH APPROXIMATELY 2.7 THOUSAND AFFILIATES WHICH EXECUTED
MORE THAN 1.75 MILLION FINANCIAL TRANSACTIONS; BECOMING EVERY TIME
A MORE CONVENIENT OPTION TODISBURSE OR PAY THE CREDITS THAT BANCO
COMPARTAMOS GRANTS IN MEXICO, WHILE ATERNA STOOD AT THE END OF THE
QUARTER WITH OVER 5.2 MILLION ACTIVE LIFE INSURANCES POLICIES,
INTERMEX-COMPARTAMOS PROCESSED MORE THAN 6,000 MILLION PESOS IN
REMITTANCES PAYMENTSGENTERA IS A COMPANY IN CONSTANT EVOLUTION
WHICH STRIVES EVERY DAY TO OFFER TO ITS CLIENTS THE BEST SERVICE
AND PRODUCT OFFERING. WE WILL CONTINUE WORKING HARDIN OUR
TRANSFORMATION PROCESS WHICH WILL HELP US TO SERVE MORE CLIENTS,
WHILE FULLY COMMITTED TO GENERATING SHARED VALUE.
RESULTSOF OPERATIONS
FINANCIAL RESULTS AND ECONOMIC INDICATORS* IN THIS TABLE EMPLOYEES
IN BANCO COMPARTAMOS INCLUDE EMPLOYEES FROM ATERNA, YASTAS AND
INTERMEX.
COMPARTAMOS FINANCIERA (PERU) IS REPORTED UNDER MEXICAN GAAP. (ALL
FIGURES IN MILLION PESOS)
INCOME STATEMENTTHE FOLLOWING FINANCIAL RESULTS ANALYSIS IS DONE
WITH CONSOLIDATED FIGURES. INTEREST INCOME REACHED PS.5,137 MILLION
IN 1Q17, AN 11.1% INCREASE COMPARED WITH 1Q16, DUE TO THE DYNAMICS
EXPERIENCED IN THE 7.8% PORTFOLIO GROWTH IN THE MEXICAN SUBSIDIARY
COMPARED TOTHE GROWTH OF MORE THAN 37% IN THE INTERNATIONAL
SUBSIDIARIES. THE LOAN PORTFOLIO OF THE MEXICAN SUBSIDIARY IS NOT
CAPTURING YET THE RE-PRICING INITIATIVE OF THE CREDIT PRODUCTS THAT
STARTED IN THIS FIRST QUARTER. THE INTEREST INCOME GROWTH RATE IS
CONSISTENT WITH THE EXPECTATIONS FOR THE FIRST QUARTER AND SHOULD
ACCELERATE THROUGHOUT THE YEAR.
BANCO COMPARTAMOS REPRESENTS MOST OF GENTERAS CURRENT PORTFOLIO AND
INTEREST INCOME, WITH 74.8% AND 83.9%, RESPECTIVELY.
GENTERAS THREE MAIN SUBSIDIARIES GRANT LOANS WITH DIFFERENT AVERAGE
OUTSTANDING BALANCE PER CLIENT (PS. 8,541 FOR BANCO COMPARTAMOS,
PS. 18,964 FOR COMPARTAMOS FINANCIERA AND PS. 6,147 FOR COMPARTAMOS
GUATEMALA). THESE VARIATIONS IN TICKET SIZE ARE RELATED TO THE
SHARE OF THE GROUP LENDING OR INDIVIDUAL LENDING PRODUCTS IN THEIR
RESPECTIVE PORTFOLIO. THE YIELD FORGENTERAS PORTFOLIO STOOD AT
63.8%.
INTEREST EXPENSE INCREASED BY PS. 149 MILLION, OR 58.9%, COMPARED
WITH 1Q16. THIS INCREASE REFLECTS THE EFFECT OF THE REFERENCE
INTEREST RATE ADJUSTMENT IN MEXICO, WHICH HAS INCREASED 325 BPS
FROM JANUARY 2016 TO MARCH2017 AND THE ADJUSTMENT IN PERU. THE
INCREASE IN INTEREST EXPENSES IS ALSO A CONSEQUENCE OF THE EXTRA
LIQUIDITY THAT BANCO COMPARTAMOS HELD DURING THE FIRST 2 MONTHS OF
THE YEAR TO MITIGATE THE POTENTIAL VOLATILITY OF THE MEXICAN MARKET
DUE TO EXTERNAL FACTORS. AS A CONSEQUENCE NET INTEREST MARGIN (NIM)
FOR THE FIRST QUARTER 2017 REACHED 51.1%, VERSUS THE 56.2% REPORTED
IN 1Q16.
PROVISIONS FOR LOAN LOSSES REACHED PS. 870 MILLION DURING THE
QUARTER. THISAMOUNT WAS PS. 213 MILLION, OR 32.4% HIGHER COMPARED
TO 1Q16. THIS EFFECT IS IN LINE WITH THE EVOLUTION OF THE PORTFOLIO
MIX WHICH IS INTEGRATED WITH DIFFERENTRISK 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. 3,865 MILLION, A 4.1%
INCREASE COMPARED TO PS. 3,712 MILLION IN 1Q16.
NIM (NET INTEREST MARGIN) AFTER PROVISIONS (NII AFTER PROVISIONS
FOR LOSSES / AVERAGE YIELDING ASSETS) FOR 1Q17 WAS 41.7%, COMPARED
TO 47.7% IN 1Q16.
NET INTEREST MARGIN AFTER PROVISIONS / AVERAGE YIELDING ASSETS
COMMISSIONS AND FEE INCOME DURING THE QUARTER INCREASED 4.7% TO PS.
332 MILLION, COMPARED WITH 1Q16. 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.
THE FOLLOWING TABLE SHOWS CONSOLIDATED NUMBERS OF THE DIFFERENT
SUBSIDIARIES.COMMISSIONS AND FEE EXPENSES CONTRACTED 36.7%, OR PS.
62 MILLION, TO PS. 107 MILLION COMPARED WITH 1Q16. 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 1Q17
REACHED PS. 225 MILLION, AN INCREASE OF PS. 77 MILLION, OR 52.0%,
COMPARED WITH THE NET EFFECT OBTAINED IN 1Q16.
TRADING GAINS/LOSSES RECORDED A LOSS OF PS. 9 MILLION DURING THE
QUARTER. THIS LINE ITEM REPRESENTED THE FX LOSSES IN THE
INTERMEX-BANCO COMPARTAMOS BRANCHES, WHICH FOR THIS QUARTER AND
GIVEN THE VOLATILE FX ENVIRONMENT REPRESENTED A LOSS COMPARED TO
PREVIOUS QUARTERS.
OTHER OPERATING INCOME/LOSSES WHICH REFLECT THE NON-RECURRING
INCOME/EXPENSES STOOD AT PS. 47 MILLION.
OPERATING EXPENSES REACHED PS. 2,725 MILLION, AN 8.3% INCREASE
VERSUS THE PS. 2,515 MILLION REACHED IN 1Q16.
GENTERAS SUBSIDIARIES JOINTLY TOTALED 20,837 EMPLOYEES, AN INCREASE
OF 0.8% COMPARED WITH 1Q16, MAINLY DUE TO THE FOLLOWING:
I) THE MEXICAN OPERATION SHOWED A 2.7% CONTRACTION IN THE NUMBER
OFEMPLOYEES 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 12.2% ON A YEAR-ON-YEAR BASIS IN TERMS OF
THE NUMBER OF EMPLOYEES. THIS ADDITIONAL SALES FORCE WAS REQUIRED
TO ADEQUATELYSERVE THE CLIENT BASE AND ACHIEVE FURTHER MARKET
PENETRATION WITH CREDITO MUJER. THIS PRODUCT HAS EXPERIENCED
OUTSTANDING GROWTH IN THE PAST 12 MONTHS IN PERU,ATTRACTING MORE
THAN 100 THOUSAND CLIENTS, WHICH REPRESENTED A GROWTH OF 74.0%
COMPARED TO THE NUMBER OF CUSTOMERS SERVED IN 1Q16.
SALARIES AND BENEFITS REPRESENTED APPROXIMATELY PS. 1,787 MILLION,
OR 65.6% OF TOTAL OPERATING EXPENSES
DURING 1Q17, GENTERA HAD 553 SERVICE OFFICES AND 145 BRANCHES IN
MEXICO, 74 SERVICE OFFICES IN PERU AND 53 IN GUATEMALA FOR A TOTAL
NUMBER OF 680 SERVICE OFFICES AND 145BRANCHES. TOGETHER, THESE
SERVICE OFFICES AND BRANCHES (SO & B) REPRESENTED PS. 464
MILLION, OR 17.0% OF THE OPERATING EXPENSES. THE CURRENT NUMBER OF
SERVICEOFFICES AND BRANCHES WAS 6.7% LARGER THAN THE 773 SERVICE
OFFICES AND BRANCHES REPORTED IN 1Q16.
OTHER STRATEGIC INITIATIVES AND ADVISORY SERVICES, SUCH AS: I) THE
SAP PLATFORM AND THE ERP; II) THE DEPOSIT PILOT PROJECTS; AND, III)
YASTAS; AMONG OTHER INITIATIVES JOINTLY REPRESENTED PS. 344 MILLION
OR 12.6% OF OPERATING EXPENSES DURING 1Q17.
MARKETING CAMPAIGNS REPRESENTED PS. 130 MILLION OR 4.8% OF
OPERATING EXPENSES DURING THE FIRST QUARTER, INCLUDING THE
INVESTMENT ASSOCIATED WITH THE LOYALTY PROGRAM WHICH TOTALED PS.
83.2MILLION THIS QUARTER.
PARTICIPATION IN NET INCOME FROM NON-CONSOLIDATED SUBSIDIARIES
REPRESENTED A PS. 5 MILLION LOSS DURING THE QUARTER, COMPARED WITH
A PS. 29 MILLION LOSS IN 1Q16. THIS LINE ITEM REFLECTS THE
CONTRIBUTION OF MIMONI, THE ONLINE LENDING COMPANY IN WHICH GENTERA
IS INVESTING.FOR THE FIRST QUARTER OF 2017, NET INCOME AMOUNTED TO
PS. 1,017 MILLION, AN INCREASE OF 13.3% COMPARED TO THE PS. 898
MILLIONREACHED IN 1Q16.
BALANCE SHEETCASH AND OTHER INVESTMENTS STOOD AT PS. 4,658 MILLION
DURING THE FIRST QUARTER OF 2017. THIS LEVEL OF LIQUIDITY ENABLES
US TO COVER OPERATING EXPENSE GROWTH, DEBT AMORTIZATIONS AND
EXPECTED PORTFOLIO GROWTH FOR THE FOLLOWING 30 DAYS. IT IS
IMPORTANT TO NOTE THAT 55.2% OF THE CASH ON THE BALANCE SHEET
CORRESPONDED TO BANCO COMPARTAMOS, WITH PS. 2,573 MILLION HELD IN
HIGHLY LIQUID ASSETS. THE REMAINDER IS HELD IN GENTERA ACCOUNTS IN
ITS VARIOUS SUBSIDIARIES.
TOTAL LOAN PORTFOLIO REACHED PS. 32,368 MILLION IN 1Q17, 14.0%
HIGHER THAN THE FIGURE REPORTED IN 1Q16. THE LOAN PORTFOLIO WAS
DISTRIBUTED AS FOLLOWS: 74.8% AT BANCO COMPARTAMOS; 23.6% AT
COMPARTAMOS FINANCIERA IN PERU AND 1.6%AT COMPARTAMOS IN
GUATEMALA.
CREDIT QUALITY (NON-PERFORMING LOANS / TOTAL PORTFOLIO)CONSOLIDATED
NON-PERFORMING LOANS REACHED 4.69% IN 1Q17, REPRESENTING A
DETERIORATION WHEN COMPARED TO THE 4.22% RECORDED IN 4Q16, AND THE
3.83% IN 1Q16, RESPECTIVELY, DUE TO A HIGHER PARTICIPATION OF
DIFFERENT RISK PROFILE PRODUCTS IN THE PORTFOLIO AND TO THE EFFECTS
OF COMPETITION EXPERIENCED IN CERTAIN REGIONS OFMEXICO. IT IS
IMPORTANT TO MENTION THAT BANCO COMPARTAMOS POLICY IS TO WRITE-OFF
LOANS THAT ARE PAST DUE AFTER 180 DAYS.PERFORMANCE RATIOS AND
METRICS
THE 1Q17 COVERAGE RATIO WAS 142.5%, WHICH IS IN ACCORDANCE WITH THE
NEW PORTFOLIO MIX AND MEXICAN FINANCIAL REGULATIONS.
GOODWILL AMOUNTEDTO PS. 927 MILLION AND WAS RELATED TO THE
ACQUISITION OF COMPARTAMOS FINANCIERA AND INTERMEX, AND WAS
RECORDED AS AN ASSET.ROAE/ROAADURING 1Q17, GENTERA REACHED A RETURN
ON AVERAGE EQUITY (ROAE) OF 24.9%, COMPARED WITH 25.9% IN 1Q16.
RETURN ON AVERAGE ASSETS (ROAA) FOR 1Q17 WAS 9.6%, COMPARED WITH
9.8% IN 1Q16.
GENTERACONSOLIDATED INCOME STATEMENT
FOR THE PERIOD ENDED MARCH 31, 2017(IN MILLIONS OF MEXICAN
PESOS)GENTERA
CONSOLIDATED BALANCE SHEETFOR THE PERIOD ENDED MARCH 31, 2017
(IN MILLIONS OF MEXICAN PESOS)THE FOLLOWING SECTION SETS FORTH THE
NON-AUDITED FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2017 (1Q17)
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 HIGHLIGHTSPORTFOLIO AND NET INCOME ARE EXPRESSED IN
MILLIONS OF MEXICANPESOS. * SOME OF THE SERVICE OFFICES TRANSFORMED
INTO BRANCHES.
1Q17 HIGHLIGHTS:TOTAL LOAN PORTFOLIO REACHED PS. 24,214 MILLION,
7.8% HIGHER WHEN COMPARED WITH THE LOAN PORTFOLIO IN
1Q16.NON-PERFORMING LOANS REACHED 5.14% IN 1Q17, COMPARED TO 3.78%
IN 1Q16.
NET INCOME FOR 1Q17 REACHED PS. 829 MILLION, A MARGINAL CONTRACTION
COMPARED TO THE PS. 831 MILLION IN 1Q16.
CAPITALIZATION RATIO STOOD AT 27.1%.
ROA WAS 11.0%, COMPARED TO 12.2% IN 1Q16 WHILE, ROE WAS 29.3%,
COMPARED TO 34.1% IN 1Q16.BANCO COMPARTAMOS ENDED THE QUARTER WITH
A TOTAL OF 553 SERVICE OFFICES AND 145 BRANCHES.ON APRIL 21, 2017,
S&P GLOBAL RATINGS CHANGED THE OUTLOOK TO NEGATIVE FROM STABLE.
GLOBAL AND NATIONAL SCALE LONG TERM AND SHORT TERM RATINGS WERE
AFFIRMED AT BBB/A-2 AND MXAAA/MXA-1+ RESPECTIVELY.
RESULTS OF OPERATIONSNET INTEREST INCOME AFTER PROVISIONS (NII
AFTER PROVISIONS)
INTEREST INCOME REACHED PS. 4,310 MILLION IN 1Q17, 6.2% HIGHER THAN
1Q16, AND SLIGHTLY BELOW ITS PORTFOLIOS GROWTH DURING THIS
PERIOD.
THE FUNDING COST, WHICH INCLUDES LIABILITIES AND DEPOSITS, STOOD AT
6.51% IN 1Q17 COMPARED TO 4.15% IN 1Q16. INTEREST EXPENSES ROSE
71.9% TO PS. 294 MILLION, COMPARED TO PS. 171 MILLION IN 1Q16.THIS
GROWTH WAS EXPLAINED BY: I) THE INCREASE IN THE REFERENCE INTEREST
RATE; II) THE 60 DAYS LIQUIDITY METRIC (ABOVE THE NORMAL 30 DAYS
METRIC) THAT WAS ACTIVE DURING JANUARY AND FEBRUARY AS A WAY OF
MITIGATING THE POTENTIAL MARKET VOLATILITY DUE TO EXTERNAL FACTORS.
AS AFOREMENTIONED, THE COST OF FUNDS DURING 1Q17 WAS RELATIVELY
STABLE CONSIDERING THAT THE CENTRAL BANK RAISED INTEREST RATES BY
350 BPS OR MORE THAN 100% SINCE DECEMBER 2015. THIS WAS POSSIBLE
GIVEN THE FACT THAT THE BANK CONTINUED OBTAINING BETTER CREDIT
SPREADS FROM THE CREDIT LINES USED IN THE PAST MONTHS, AND AS OF
TODAY MORE THAN 30% OF THE COMPANYS LIABILITIES ARE CONTRACTED AT
FIXED RATE. AS A RESULT, BANCO COMPARTAMOS REPORTED NET INTEREST
INCOME OF PS. 4,016 MILLION, 3.3% HIGHER THAN IN 1Q16.PROVISIONS
FOR LOAN LOSSES WERE PS. 744 MILLION DUE TO THE CONTRIBUTION OF
CREDITO COMERCIANTE; CREDITO CRECE Y MEJORA AND CREDITO
INDIVIDUALPRODUCTS IN THE PORTFOLIO DURING 1Q17, WHICH ACCOUNTED
FOR 48.7% OF THE PORTFOLIO.
NII AFTER PROVISIONS ROSE TO PS. 3,272 MILLION, A 1.3%
CONTRACTIONCOMPARED WITH PS. 3,316 MILLION IN 1Q16.
NIM (NET INTEREST MARGIN) AFTER PROVISIONS (NII AFTER PROVISIONS
FOR LOSSES / AVERAGE YIELDING ASSETS) FOR 1Q17 WAS 48.1%, COMPARED
WITH 56.0% IN 1Q16. THE CONTRACTION IN MARGINS IS DUE TO: I) THE
HIGHER FUNDING COST; II) THE ADDITIONAL LIQUIDITY THAT BANCO
COMPARTAMOS HAD IN 2 MONTHS OF THE QUARTER; AND III) HIGHER COST OF
RISK. THESE IMPACTS SHOULD BE MITIGATED BY THE RE-PRICING
INITIATIVE OF THE CREDIT PRODUCTS THAT STARTED IN THIS QUARTER.
NET OPERATING INCOME
COMMISSIONS AND FEE INCOME REACHED PS. 238 MILLION, A 24.0%
INCREASE VERSUS 1Q16. THIS LINE ITEM WAS MAINLY DRIVEN BY
COLLECTION FEES AND PENALTIES CHARGED TO CLIENTS WITH DELINQUENT
ACCOUNTS, REPRESENTING 42.3% OF INCOME, AS WELL AS SALES
COMMISSIONS FOR VOLUNTARY LIFE INSURANCE POLICIES, WHICH ACCOUNTED
FOR 52.0%. THE REMAINING 5.7% WAS RELATED TO OTHER CONCEPTS AND
FEES.
COMMISSIONS AND FEE EXPENSES TOTALED PS. 138 MILLION, A SLIGHT
INCREASE OF 0.7% COMPARED TO 1Q16. THIS LINE ITEM MAINLY REFLECTED:
I) 35.3% COLLECTION AND DISBURSEMENT FEE COSTS; II) 28.7% FOR
ALTERNATIVE LOCATIONS TO PAY AND WITHDRAW LOANS FROM BANCO
COMPARTAMOS; III) 10.8% FOR THE FREE VOLUNTARY LIFE INSURANCE
COVERAGE INCLUDED IN THE CREDITO MUJER PRODUCT; AND IV) 25.2% FEES
PAID TO YASTS.TRADING GAINS/LOSSES STOOD WITH A LOSS OF PS. 8
MILLION DURING THE QUARTER DUE TO FX VOLATILITY DURING THESE 3
FIRST MONTHS OF THE YEAR.
OTHER INCOME/EXPENSES REACHED A PS. 27 MILLION LOSS. THIS ITEM
REFLECTED NON-RECURRING INCOME OR EXPENSES, WHICH FOR THE FIRST
QUARTER WERE PRIMARILY DRIVEN BY A PROVISION LINKED TO THE FEES OF
DELINQUENT ACCOUNTS, AND BY FX LOSSES. OPERATING EXPENSES FOR 1Q17
ROSE ONLY 2.3% TO PS. 2,212 WHEN COMPARED TO 1Q16, PRIMARILY
ATTRIBUTABLE TO: I) BETTER LEVELS OF PRODUCTIVITY II) NEW BRANCHES;
III) STRATEGIC INITIATIVES.NET INCOME
BANCO COMPARTAMOS REPORTED NET INCOME OF PS.829 MILLION,
REPRESENTING A SLIGHT CONTRACTION OF 0.2% VERSUS 1Q16.
BALANCE SHEETCASH AND OTHER INVESTMENTS INCREASED BY 46.8% TO PS.
2,573 MILLION, COMPARED WITH PS. 1,753 MILLION IN 1Q16. THIS AMOUNT
REPRESENTED THE FUNDS REQUIRED BY BANCO COMPARTAMOS TO COVER
OPERATING EXPENSES, DEBT MATURITIES AND LOAN PORTFOLIO GROWTH FOR
THE FOLLOWING 30 DAYS (DURING THE FIRST 2 MONTHS OF 2017, THIS
POLICY REQUIRED A PRUDENT APPROACH OF 60 DAYS DUE TO THE POTENTIAL
VOLATILITY IN THE MEXICAN MARKET). DURING 1Q17, CASH AND OTHER
INVESTMENTS REPRESENTED 9.0% OF TOTAL ASSETS, WHILE DURING 1Q16
THIS LINE ITEM REPRESENTED 6.5% OF TOTAL ASSETS. CASH AND OTHER
INVESTMENTS ARE PLACED IN SHORT-TERM INSTRUMENTS WHERE THE
COUNTERPARTY RISK IS APPROVED BY THE BOARDS RISK COMMITTEE.
TOTAL LOAN PORTFOLIOLOAN PORTFOLIO (PS. MILLION)THE LOAN PORTFOLIO
FROM MICROCREDIT LOANS REACHED PS. 24,214 MILLION, 7.8% HIGHER THAN
THE PS. 22,470 MILLION REPORTED IN 1Q16. THIS GROWTH EXPLAINED BY
THE AVERAGE OUTSTANDING BALANCE PER CLIENT GIVEN THE LARGER TICKET
SIZES THAT CLIENTS CAN TAKE FROM THE DIFFERENT PRODUCTS THAT
COMPARTAMOS HOLDS IN ITS PORTFOLIO.
THE AVERAGE OUTSTANDING BALANCE PER CLIENT IN 1Q17 WAS PS. 8,541,
8.9% ABOVE THE PS.7,842 REPORTED IN 1Q16.
LOAN PRODUCTS & CREDIT QUALITY
THE 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 WOMEN CREDIT (CREDITO MUJER) REPRESENTED 74.7% OF THE TOTAL
LOAN PORTFOLIO IN 1Q17, WHICH COMBINED PRESENTED AN NPL OF 4.66%
FOR THIS 1Q17, COMPARED WITH 3.19% IN 1Q16.
2. INDIVIDUAL LENDINGMETHODOLOGY: IMPROVEMENT LOANS (CRECE Y
MEJORA), ADDITIONAL LOANS (CRDITO ADICIONAL) AND PERSONAL LOANS
(CREDITO INDIVIDUAL) REPRESENTED A 25.3% SHARE OF THE TOTAL LOANS
PORTFOLIO IN 1Q17, WITH A CONSOLIDATED NPL OF 5.64% IN 1Q17,
COMPARED WITH 5.48% ONE YEAR AGO.
DURING 1Q17 TOTAL NPLS REACHED5.14%, A DETERIORATION WHEN COMPARED
TO 3.78% AND 4.49% REPORTED IN 1Q16 AND 4Q16 RESPECTIVELY.
BANCO COMPARTAMOS POLICY IS TO WRITE-OFF LOANS THAT ARE PAST DUE
AFTER 180 DAYS. DURING THE FIRST QUARTER, THIS FIGURE REACHED PS.
780 MILLION OR 70.3% MORE THAN THAT RECORDED IN 1Q16.FOR 1Q17, THE
COVERAGE RATIO (ALLOWANCE FOR LOAN LOSSES / NON-PERFORMING LOANS)
WAS 133.4% COMPARED WITH 151.8% IN 1Q16.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 FOLLOWS
THE RULES THAT APPLY TO PERSONAL CREDIT CATEGORY INSTEAD OF
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 AND OTHER ASSETSOTHER ACCOUNTS RECEIVABLE
REACHED PS. 755 MILLION IN 1Q17, 60.0% LOWER THAN THE PS. 1,887
MILLION RECORDED IN 1Q16. PS. 481.7 MILLION, OR 63.8%, COMPRISED
ACCOUNTS RECEIVABLE FROM RETAILERS, SUCH AS SUPERMARKETS AND
CONVENIENCE STORES, WHICH COLLECT CLIENT PAYMENTS AT THEIR
LOCATIONS. TOTAL RECEIVABLES FROMTHESE ALTERNATIVE PAYMENT CHANNELS
CONTINUE TO DEMONSTRATE STRONG CUSTOMER DEMAND DUE TO THEIR
CONVENIENT LOCATIONS.
FIXED ASSETS REACHED PS. 458 MILLION, BELOW THE PS. 550 MILLION
REPORTED IN 1Q16. THIS LINE REPRESENTS FURNITURE & EQUIPMENT,
AMONG OTHER CONCEPTS.
OTHERASSETS REACHED PS. 2,217 MILLION IN 1Q17, PRIMARILY
REPRESENTED BY INVESTMENTS IN SAP, SOFTWARE AND ALSO DEFERRED
TAXES.
TOTAL LIABILITIES
DURING 1Q17, TOTAL LIABILITIES REACHED PS. 16,811 MILLION, 0.7%
BELOW THAN THE PS. 16,928 MILLION RECORDED DURING 1Q16. ALL OF
BANCO COMPARTAMOS CURRENT LIABILITIES ARE FULLY PESO-DENOMINATED;
THEREFORE, THERE IS NO FX EXPOSURE. BANCO COMPARTAMOSMAINTAINS A
WELL-DIVERSIFIED FUNDING MIX WITH DIFFERENT SOURCES:
I) LONG-TERM DEBT ISSUANCES: BANCO COMPARTAMOS IS A FREQUENT ISSUER
IN THE DEBT CAPITAL MARKETS. AS OF MARCH 31, 2017, IT HAD PS. 9,593
MILLION OUTSTANDING IN CERTIFICADOS BURSTILES BANCARIOS (BANK
BONDS)
II) STRONG CAPITAL BASE: 41.1% OF TOTAL ASSETS WERE FUNDED WITH
EQUITY.
III) CREDIT LINES WITH BANKSAND OTHER INSTITUTIONS: BANCO
COMPARTAMOS HAD PS. 4,348 MILLION IN CREDIT LINES AMONG VARIOUS
BANKING CREDITORS. (DEVELOPMENT BANKS; COMMERCIAL BANKS AND
MULTILATERALS)
IV) DEPOSITS: FOR 1Q17, DEPOSITS FROM CLIENTS STOOD AT PS. 855
MILLION, WHICH WERE GENERATED WITH OVER 742 THOUSANDDEBIT ACCOUNTS
FROM THE TERM INVESTMENT PRODUCT,; AND PS. 432 MILLION REPRESENTED
DEPOSITS FROM GENTERAS SUBSIDIARIES.TOTAL STOCKHOLDERS EQUITYTHE
CAPITALIZATION RATIO WAS 27.1% COMPARED WITH 32.3% REPORTED IN
1Q16. THE CURRENT RATIO CONTINUES REFLECTING THE BANKS STRENGTH IN
ACCORDANCE WITH LEVELS REQUIRED BY BASEL III, AND IS WELL ABOVE THE
MEXICAN BANKING SYSTEM STANDARDS. BANCO COMPARTAMOS REPORTED PS.
10,460 MILLION IN TIER I CAPITAL AND RISK-WEIGHTED ASSETS OF PS.
38,618 MILLION.
PERFORMANCE RATIOS AND METRICSRETURN ON AVERAGE EQUITY (ROAE) FOR
1Q17 WAS 29.3% COMPARED WITH 34.1% IN 1Q16. RETURN ON AVERAGE
ASSETS (ROAA) FOR 1Q17 WAS 11.0% COMPARED WITH 12.2% IN
1Q16.EFFICIENCY RATIO 1)THE EFFICIENCY RATIO FOR 1Q17 WAS 66.3%,
SLIGHTLY ABOVE THAN THE 64.4% REACHED IN 1Q16 MAINLY ATTRIBUTABLE
TO: I) HIGHER LEVELS OF INTEREST EXPENSES AND PROVISIONS1 OPERATING
EXPENSES / NET OPERATING REVENUE
BANCO COMPARTAMOS, S.A., INSTITUCIN DE BANCA MLTIPLEINCOME
STATEMENT
FOR THE PERIOD ENDED MARCH 31, 2017
(IN MILLIONS OF MEXICAN PESOS)BANCO COMPARTAMOS, S.A., INSTITUCIN
DE BANCA MLTIPLE
BALANCE SHEET
FOR THE PERIOD ENDED MARCH 31, 2017
(IN MILLIONS OF MEXICAN PESOS)
COMPARTAMOS FINANCIERA (PERU)
THE FOLLOWING SECTION SETS FORTH THE NON-AUDITED FINANCIAL RESULTS
FOR THE FIRST QUARTER OF 2017 (1Q17) 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 HIGHLIGHTSCOMPARTAMOS FINANCIERAS FIGURES ARE
REPORTED UNDER MEXICAN GAAP.
PORTFOLIO AND NET INCOME ARE EXPRESSED INMEXICAN PESOS (MILLIONS)
AND WITH THEIR CORRESPONDING FX FOR THE QUARTER.
1Q17 HIGHLIGHTS:TOTAL LOAN PORTFOLIO REACHED PS. 7,633 MILLION,
37.5% HIGHER THAN THAT IN 1Q16.NON-PERFORMING LOANS STOOD AT 3.28%
IN 1Q17, COMPARED WITH 3.93% IN 1Q16. ACTIVE CLIENTS REACHED
402,529, A 39.4% INCREASE COMPAREDTO 1Q16.
O GROUP LOANS (CREDITO MUJER) PRODUCT REPRESENTED 62.3% OF THE
CLIENTS SERVED IN PERU, ENDING THE PERIOD WITH 250,900 CLIENTS,
74.0% MORE CLIENTS THAN IN 1Q16.
COMPARTAMOS FINANCIERA REACHED A TOTAL OF 74 SERVICE OFFICES, 5
MORE OFFICES THAN IN 1Q16.
RESULTS OF OPERATIONSNET INTEREST INCOME AFTER PROVISIONSINTEREST
INCOME GREW BY 49.4% COMPARED WITH 1Q16, REACHING PS. 687 MILLION.
THIS INCREASE WAS ABOVE THE LOAN PORTFOLIO GROWTH, WHICH REACHED
37.5% AT QUARTER-END.
INTEREST EXPENSES INCREASED BY 45.9%, TO PS. 115 MILLION VERSUS
1Q16, BELOW THE 55.8% GROWTH MARK 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
6.8%.
PROVISIONS FOR LOAN LOSSES REACHED PS. 112 MILLION, AN INCREASE OF
50.8% COMPARED TO THE PS. 74 MILLION REACHED IN 1Q16. PROVISIONS
MOVED IN LINE WITH THE RISK PROFILE OF THE PORTFOLIO.
DUE TO THE AFOREMENTIONED, NIM (NET INTEREST MARGIN) AFTER
PROVISIONS (NII / AVERAGE YIELDING ASSETS) WAS 21.6% FOR 1Q17,
COMPARED WITH 21.8% IN 1Q16
COMPARTAMOS FINANCIERA REACHED A COVERAGE RATIO OF 189.3% FOR
1Q17.
NET OPERATING INCOME
COMMISSIONS AND FEE INCOME DURING 1Q17 REACHED PS. 27 MILLION,
24.0% HIGHER THAN THAT REACHED IN 1Q16, 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. 6.4 MILLION, A GROWTH
OF 29.5%, COMPARED TO PS. 4.9 MILLION REACHED IN 1Q16. THIS LINE
REPRESENTED MAINLY THE COLLECTION AND DISBURSEMENT FEE COSTS
CHARGED BY THIRD PARTIES.
OTHER OPERATING INCOME/EXPENSES STOOD AT PS. 21.8 MILLION, AN
INCREASE OF PS. 11 MILLION, 91.6%, COMPARED TO 1Q16.
OPERATING EXPENSES WERE PS. 416 MILLION, 44.3% HIGHER THAN THAT IN
1Q16, DUE TO A LARGER INFRASTRUCTURE AT COMPARTAMOS FINANCIERA,
WITH 74 SERVICE OFFICES IN 1Q17 THAT COMPARES FAVORABLY WITH THE 69
RECORDED IN 1Q16, AND A 12.2% LARGER BASE OF EMPLOYEES ORIENTED TO
ADEQUATELY SERVE OUR CUSTOMERS IN THE GROUP LENDING METHODOLOGY.NET
OPERATING INCOME REACHED PS. 87 MILLION, A GROWTH OF 84.7% COMPARED
WITH PS. 47 MILLION IN 1Q16.NET INCOME
FOLLOWING THE AFOREMENTIONED, COMPARTAMOS FINANCIERA REPORTEDA NET
INCOME OF PS. 58.2 MILLION DURING 1Q17, 83.1% HIGHER THAN THE
PS.31.8 MILLION RECORDED IN 1Q16.COMPARTAMOS FINANCIERA (PERU)
INCOME STATEMENTFOR THE PERIOD ENDED MARCH 31, 2017
(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.
COMPARTAMOS FINANCIERA (PERU)
BALANCESHEET
FOR THE PERIOD ENDED MARCH 31, 2017
(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 PERUCOMPARTAMOS, S.A.
(GUATEMALA)THE FOLLOWING SECTION SETS FORTH THE NON-AUDITED
FINANCIAL RESULTS FOR THE FIRST QUARTER OF 2017 (1Q17) FOR
COMPARTAMOS S.A., THE COMPANYS GUATEMALAN SUBSIDIARY. ALL FIGURES
ARE EXPRESSED IN MEXICAN PESOS IN ACCORDANCE WITH MEXICAN
ACCOUNTING PRINCIPLES AND REGULATIONSAND MAY VARY DUE TO
ROUNDING.
FINANCIAL HIGHLIGHTSFIGURES ARE EXPRESSED IN MEXICAN PESOS WITH ITS
CORRESPONDING FX.
EXCHANGE RATE AS OF MARCH 31, 2017, FROM QUETZALES TO USD:
7.3398
EXCHANGE RATE AS OF MARCH 31, 2017, FROM USD TO MXP:18.7955
PORTFOLIO AND NET INCOME ARE EXPRESSED IN MEXICAN PESOS (MILLIONS)
AND WITH THEIR CORRESPONDING FX FOR THE QUARTER.
SOURCE: BANCO DE GUATEMALA AND BANCO DE MEXICO.1Q17 HIGHLIGHTS:
TOTAL LOAN PORTFOLIO REACHED PS. 520 MILLION, 42.0% HIGHER WHEN
COMPARED WITH 1Q16.
NET INCOME FOR 1Q17 STOOD AT PS. 19.1 MILLION COMPARED WITH PS.
14.8 MILLION IN 1Q16.
NON-PERFORMING LOANS STOOD AT 4.46% IN 1Q17, COMPARED WITH 5.36% IN
1Q16. ACTIVE CLIENTS REACHED 84,620, A 19.1% INCREASE COMPARED TO
1Q16.
RESULTS OF OPERATIONSNET INTEREST INCOME - NII
NET INTEREST INCOME REACHED PS. 132.0 MILLION, AN INCREASE OF 46.0%
COMPARED WITH PS. 90.4 MILLION IN 1Q16. 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 1Q17, PROVISIONS REACHED PS.
14.4 MILLION.
NET OPERATING INCOME
COMMISSIONS AND FEE EXPENSES, INCLUDING COLLECTIONS, WERE PS. 1.9
MILLION. THIS LINE ITEM REPRESENTED THE FEES THAT COMPARTAMOS PAID
TO THIRD PARTIES RELATED TO THE COLLECTION AND DISBURSEMENT OF ITS
CREDITS.
OPERATINGEXPENSES WERE PS. 92.5 MILLION, AN INCREASE OF PS. 37.5
MILLION, OR 68.1% WHEN COMPARED TO 1Q16. OPERATING EXPENSES WERE
THE RESULT OF A LARGER NUMBER OF SERVICE OFFICES, ENDING THE 1Q17
WITH 53 VERSUS 37 IN 1Q16, AND A LARGER SALES FORCE WHICH GREW BY
52.9% COMPARED WITH 1Q16.
NET INCOMECOMPARTAMOS REPORTED NET INCOME OF PS. 19.1 MILLION
DURING THE FIRST QUARTER COMPARED WITH PS. 14.8MILLION REACHED IN
1Q16.
COMPARTAMOS, S.A. (GUATEMALA)
INCOME STATEMENTFOR THE PERIOD ENDED MARCH 31, 2017
(IN MILLIONS OF MEXICAN PESOS)FIGURES ARE EXPRESSED IN MILLIONS OF
MEXICAN PESOS WITH THEIR CORRESPONDING FX FOR THE
QUARTERCOMPARTAMOS, S.A. (GUATEMALA)
BALANCE SHEET