GENTERA REPORTS 2Q18 RESULTS
23 Julio 2018 - 4:27PM
BMV General Information
GENTERAREPORTS 2Q18 RESULTS
MEXICO CITY, MEXICO- JULY 23, 2018 - GENTERA S.A.B. DE C.V.
("GENTERA" OR "THE COMPANY") (BMV: GENTERA*) ANNOUNCED TODAY
NON-AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE SECONDQUARTER
ENDED JUNE 30, 2018. ALL FIGURES WERE PREPARED IN ACCORDANCE WITH
REQUIREMENTS FROM THE NATIONAL BANKING AND SECURITIES COMMISSION
(CNBV) AND ARE EXPRESSED IN NOMINAL MEXICAN PESOS (PS.)
2Q18 HIGHLIGHTS:- TOTAL LOAN PORTFOLIO REACHED PS. 32,258 MILLION,
A 2.6% INCREASE COMPARED WITH 2Q17. LOAN PORTFOLIO PER SUBSIDIARY
WAS DISTRIBUTED AS FOLLOWS:
- BANCO COMPARTAMOS S.A. I.B.M. (MEXICO) (BANCO COMPARTAMOS)
MICROCREDIT LOAN PORTFOLIO REACHED PS. 21,390 MILLION, SHOWING AN
8.7% CONTRACTION VERSUS THE FIGURE RECORDED IN 2Q17.
- COMPARTAMOS FINANCIERA (PERU) STOOD ATPS. 10,293 MILLION, A 37.3%
INCREASE VS. 2Q17; AND,
- COMPARTAMOS S.A. (GUATEMALA) WAS PS. 575 MILLION, 13.5% HIGHER
COMPARED TO 2Q17.
- NET INCOME FOR 2Q18 WAS PS. 821 MILLION, A 13.1% GROWTH COMPARED
TO PS. 726 MILLION REACHED IN 1Q18 AND A 3.3% INCREASE COMPARED TO
THE NET INCOME OF PS. 795 MILLION ACHIEVED IN 2Q17. EARNINGS PER
SHARE (EPS) IN 2Q18 STOOD AT $0.51.
- NET INTEREST INCOME AFTER PROVISIONS FOR 2Q18 WAS PS.4,069
MILLION, A 4.8% GROWTH COMPARED TO THE SAME PERIOD LAST YEAR, WHILE
NIM AFTER PROVISIONS STOOD AT 43.2%, SIMILAR TO 43.5% IN 2Q17.- ROE
STOOD AT 19.2%, COMPARED TO 17.1% IN THE PREVIOUS QUARTER AND 19.4%
DURING 2Q17.- ROA REACHED 7.2%, COMPARED TO 6.8% IN THE PREVIOUS
QUARTER AND 7.7% IN 2Q17.- NON-PERFORMING LOANS (NPLS) FOR 2Q18
IMPROVED TO 2.90%, COMPARED TO 3.95% IN 2Q17.- EFFICIENCY RATIO FOR
2Q18 WAS 76.3%, COMPARED TO 73.9% REPORTED IN 2Q17. FINANCIAL
RESULTS AND RATIOS1) IN 2Q18, 3,008,256 CREDIT CLIENTS AND 186,167
CLIENTS FROM SAVINGS AND INSURANCE PRODUCTS. IN THIS TABLE WE ARE
NOT REFLECTING THE USERS/CLIENTS OF THE REMITTANCES SERVICES
OFFERED BY INTERMEX.
IN THIS TABLE EMPLOYEES IN BANCO COMPARTAMOS INCLUDE EMPLOYEES FROM
ATERNA, YASTAS AND INTERMEX.
*PORTFOLIO AND NET INCOME ARE EXPRESSED IN MILLION (MEXICAN
PESOS)
** SOME SERVICE OFFICES IN MEXICO ARE BEING TRANSFORMED INTO
BRANCHES. 103 BRANCHES ARE INSIDEA SERVICE OFFICE (SAME
LOCATION)
COMMENTS FROM MR. ENRIQUE MAJS, GENTERA'S CEO:
GENTERA CONCLUDED THESECOND QUARTER OF THE YEAR WITH RESULTS
ALIGNED TO OUR PLAN FOR THE FIRST SEMESTER OF THE YEAR IN WHICH WE
REBUILT OUR PRODUCT AND SERVICE OFFERING; THESE RESULTS WILL HELP
US TO START A SECOND SEMESTER WITH MORE SOLID FOUNDATIONS THAT WILL
SUPPORT OUR MARKETING PROGRAM AND STRATEGIC INITIATIVES TO START
GROWING AGAIN.
AT THE CONCLUSION OF THIS SECOND QUARTER, GENTERA'S FINANCIAL
SUBSIDIARIES STOOD WITH A LOAN PORTFOLIO OF PS. 32,258 MILLION, A
2.6% INCREASE COMPARED TO 2Q17, SERVING OVER 3.0 MILLION CLIENTS,
THROUGH A NETWORK OF 733 SERVICE OFFICES AND 260 BRANCHES, WITH A
STAFF OF OVER 21.9 THOUSAND EMPLOYEES DISTRIBUTED IN MEXICO, PERU
AND GUATEMALA, ALL FULLY COMMITTED TO THE COMPANY'S OBJECTIVE OF
GIVING AN OUTSTANDING CUSTOMER SERVICE.GENTERA'S SUBSIDIARIES
ATERNA, YASTAS AND INTERMEX CONTINUED TO RECORD SOLID PERFORMANCE.
ATERNA CONCLUDED THE SECOND QUARTER WITH APPROXIMATELY 5 MILLION
ACTIVE LIFE INSURANCE POLICIES; YASTAS RECORDED 1.8 MILLION
FINANCIAL TRANSACTIONS EXECUTED THROUGH A NETWORK OF MORE THAN
2,900AFFILIATES; IN THE CASE OF INTERMEX, OVER 7,100 MILLION PESOS
IN REMITTANCES WERE PROCESSED, REPRESENTING AN 18.2% GROWTH
COMPARED TO 2Q17; AND, LASTLY, FIINLAB CONTINUED BUILDING ALLIANCES
WITH INNOVATION HUBS AND KEPT MOVING FORWARD TO DEVELOP NEW
BUSINESS MODELS FOCUSED ON IMPROVING THE WAY WE INTERACT WITH OUR
CLIENTS THROUGH THE USE OF DIGITAL TECHNOLOGIES.
THESE RESULTS CONFIRM THAT GENTERA IS ON THE RIGHT PATH TOWARDS ITS
OBJECTIVES FOR THE YEAR. WE, AT GENTERA, ARE ENTHUSIASTIC WITH THE
PROGRESS SEEN IN THE PAST MONTHS AND FEELING OPTIMISTIC ABOUT THE
FUTURE. WE WILL KEEPWORKING HARD IN GENERATING SHARED VALUE FOR OUR
CLIENTS AND STAKEHOLDERS.
2Q18 ANALYSIS & RESULTS OF OPERATIONS* PORTFOLIO, NET INCOME
AND WRITE-OFFS ARE EXPRESSED IN MILLIONS (MEXICAN PESOS)
** IN THIS TABLE EMPLOYEES IN BANCO COMPARTAMOS INCLUDE EMPLOYEES
FROMATERNA, YASTAS AND INTERMEX.
COMPARTAMOS FINANCIERA (PERU) IS REPORTED UNDER MEXICAN GAAP (ALL
FIGURESIN MILLIONS OF PESOS).
INCOME STATEMENT
THE FOLLOWING FINANCIAL RESULTS ANALYSIS IS DONE WITH CONSOLIDATED
FIGURES. THE PERCENTAGE COMPARISONS ARE CALCULATED FOR THE SECOND
QUARTER 2018 VERSUS THE SECOND QUARTER 2017, UNLESS OTHERWISE
SPECIFIED. THE READER MUST TAKE INTO CONSIDERATION THE FX MOVEMENTS
IN THE COMPARISON PERIODS.
INTEREST INCOMEIN 2Q18 WAS PS. 5,113 MILLION A SLIGHT DECREASE OF
1.7% COMPARED TO 2Q17, DRIVEN BY THE CONTRACTION EXPERIENCED IN THE
MEXICAN PORTFOLIO. HOWEVER, THE CONTRACTION OBSERVED IN THAT
SUBSIDIARY IS LESS THAN THE DECREASE PRESENTED IN THE PREVIOUS
QUARTER. ALSO WORTH HIGHLIGHTING IS THE PERFORMANCE OF THE PERUVIAN
SUBSIDIARY, COMPARTAMOS FINANCIERA, WHERE THE GROWTH OF THE LOAN
PORTFOLIO AND AS A CONSEQUENCE THE INTEREST INCOME GREW AT A VERY
SOLID PACE DURING THE PERIOD.BANCO COMPARTAMOS REPRESENTED MOST OF
GENTERA'S CURRENT PORTFOLIO AND INTEREST INCOME, WITH 66.3% AND
79.7%, RESPECTIVELY, COMPARED TO 2Q17 WHEN IT REPRESENTED 74.5% AND
84.6%.GENTERA'S THREE MAIN SUBSIDIARIES GRANT LOANS WITH DIFFERENT
AVERAGE OUTSTANDING BALANCES PER CLIENT (PS. 8,944 FOR BANCO
COMPARTAMOS, PS. 19,739 FOR COMPARTAMOS FINANCIERA AND PS. 6,044
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 FOR GENTERA'S
PORTFOLIO STOOD AT 64.8%.GENTERA'S INTEREST EXPENSE STOOD AT PS.
385 MILLION, OR A 1.0% GROWTH COMPARED TO THE FIGURE GENERATED IN
2Q17. THIS SLIGHT MOVEMENT IS THE GROWTH EXPERIENCED IN THE
REFERENCE INTEREST RATE IN MEXICO AND IS ALSO EXPLAINED BY THE
CONTRACTION EXPERIENCED IN THE MEXICAN SUBSIDIARY PORTFOLIO.ALSO
WORTH HIGHLIGHTING IS THAT THE PERUVIAN SUBSIDIARY IS GROWING AT A
VERY SOLID PACE, SO THE LIABILITIES REQUIRED TO FUND THE PORTFOLIO
GREW ACCORDING TO THOSE NEEDS, AND AS A CONSEQUENCE INTEREST
EXPENSES GREW. ADDITIONAL DETAILS ARE EXPLAINED BELOW: - THE
FUNDING COST OF BANCO COMPARTAMOS IN MEXICO, WHICH INCLUDES
WHOLESALE FUNDING AND DEPOSITS, STOOD AT 7.3% IN 2Q18 COMPARED TO
7.07% IN 2Q17. INTEREST EXPENSES AT THIS SUBSIDIARY CONTRACTED 6.9%
TO PS. 257 MILLION,COMPARED TO PS. 276 MILLION IN 2Q17. AT THE END
OF THE QUARTER, 60.1% OF BANCO COMPARTAMOS LIABILITIES (CONSIDERING
INTERBANK LIABILITIES AND LONG-TERM DEBT ISSUANCES) WERE CONTRACTED
AT A FIXED RATE.
- COMPARTAMOS FINANCIERA IN PERU INCREASED ITS INTEREST EXPENSES BY
19.1% TO PS. 132 MILLION VERSUS 2Q17, WHICH IMPLIES A SMALLER
GROWTH COMPARED TO THE 43.8% GROWTH MARK IN THE LIABILITIES USED TO
FUND THE PORTFOLIO. THIS WAS POSSIBLE THANKS TO BETTER TERMS AND
CONDITIONS IN CREDIT LINES AND IMPROVEMENTS IN THE REFERENCE
INTEREST RATE, WHICH AT THE END OF MARCH 2018 WAS AT 2.75%
COMPAREDTO 4.25% AT THE END OF MARCH 2017. COST OF FUNDING STOOD AT
5.6% COMPARED TO 6.6% IN 2Q17.
GENTERA'SNET INTEREST MARGIN (NIM) FOR THE SECOND QUARTER 2018
REACHED 50.2%, A SMALLER FIGURE COMPARED TO THE 54.0% ACHIEVED IN
2Q17. THIS MOVEMENT IS MAINLY EXPLAINEDDUE TO: 1) A SMALLER AVERAGE
LOAN PORTFOLIO DURING MOST OF THE DAYS IN 2Q18 COMPARED WITH THE
LARGER LOAN PORTFOLIO REACHED IN THE LAST DAYS OF THE SECOND
QUARTER 2018; 2) DURING THE LAST DAYS OF THE SECOND QUARTER 2018,
AS A PRUDENT APPROACH, BANCO COMPARTAMOS DECIDED TO HAVE EXTRA
LIQUIDITY IN ITS ACCOUNTS. DUE TOTHE DYNAMICS EXPLAINED PREVIOUSLY,
THE FOLLOWING HAPPENED: 1) A SMALLER INTEREST INCOME WAS GENERATED
IN THE PERIOD AND 2) THE EXTRA LIQUIDITY INCREASED THE LEVEL OF
"PRODUCTIVE ASSETS," AND, AS A CONSEQUENCE, THE NIM RATIO WAS
IMPACTED.
PROVISIONS FOR LOAN LOSSES REACHED PS. 659 MILLION DURING THE
QUARTER. THIS AMOUNT WAS PS. 280 MILLION OR 29.8% LESS WHEN
COMPARED TO 2Q17. THIS LEVEL WAS DUE TO IMPROVEMENTS IN EARLY
NPL'S(BETWEEN 9 AND 90 DAYS) PERFORMANCE. THE METHODOLOGY FOLLOWED
IS IN LINE WITH NEW CNBV REGULATIONS AND METHODS, REFLECTING THE
LEVEL REQUIRED FOR EACH PRODUCT.NII AFTER PROVISIONS ROSE TO PS.
4,069 MILLION, A 4.8% GROWTH COMPARED TO PS. 3,884 MILLION IN 2Q17.
AS EXPLAINED IN THE PREVIOUS REPORT ASSET QUALITY HAS BEEN
IMPROVING AND, IN THIS SECOND QUARTER, GENTERA CONTINUED BENEFITING
OF THOSE IMPROVEMENTS.AS A RESULT OF THE AFOREMENTIONED AND GIVEN
THE EXTRA LIQUIDITY AT BANCO COMPARTAMOS IN MEXICO, NIM AFTER
PROVISIONS (NII AFTERPROVISIONS FOR LOSSES / AVERAGE YIELDING
ASSETS) FOR 2Q18 STOOD AT 43.2%, COMPARED TO 43.5% IN 2Q17. IT IS
WORTH HIGHLIGHTING THAT GENTERA'S SUBSIDIARY, BANCOCOMPARTAMOS,
INCREASED ITS CASH POSITION AT THE END OF 2Q18 WITH THE PURPOSE OF
MITIGATING POTENTIAL VOLATILITY. THIS ADDITIONAL LIQUIDITY IMPACTED
THE NIM BEFORE AND AFTER PROVISIONS SINCE THE AVERAGE YIELDING
ASSETS INCREASED SUBSTANTIALLY.
THE NET EFFECT BETWEEN COMMISSIONS CHARGED AND COMMISSIONS PAID IN
2Q18 REACHED A TOTAL OF PS. 228 MILLION, A SLIGHT CONTRACTION OF
PS. 18 MILLION, OR 7.3%, COMPARED TO THE NET EFFECT OBTAINED IN
2Q17 OF PS. 246 MILLION,AND IS EXPLAINED AS FOLLOWS:
COMMISSIONS AND FEE INCOME DURING THE QUARTER CONTRACTED 6.5% TO
PS.332 MILLION, COMPARED TO 2Q17. 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 FOR THE DIFFERENT
SUBSIDIARIES.
COMMISSIONS AND FEE EXPENSES DURING THE QUARTER CONTRACTED 4.6%
COMPARED TO 2Q17, OR PS. 5 MILLION, TO PS. 104 MILLION. THE MAIN
REASON FOR THIS SLIGHT CONTRACTIONIN FEE EXPENSES HAD TO DO WITH
THE FACT THAT A LARGE NUMBER OF BANCO COMPARTAMOS' DISBURSEMENTS
AND COLLECTION OPERATIONS OF ITS CREDITS CONTINUED TO BE EXECUTED
IN GENTERA'S CHANNELS, REPRESENTING, AT THE END OF JUNE '18, 73.4%
AND 39.8%, RESPECTIVELY, COMPARED TO 77% AND 42% IN THE PREVIOUS
QUARTER. WE EXPECT THAT THIS PARTICIPATION IN GENTERA'S CHANNELS
WILL CHANGE IN THE COMING QUARTERS AS WE HAVE DECIDED TO GIVE
ADDITIONAL FLEXIBILITY TO BANCO COMPARTAMOS' CLIENTS TO EXECUTE
THOSE DISBURSEMENTS AND PAYMENTS IN DIFFERENT CHANNELS. THIS LINE
ITEM 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.TRADING GAINS DURING 2Q18 REPRESENTED AN INCOME OF PS.
9 MILLION.
OTHER OPERATING INCOME/EXPENSES DURING 2Q18 REPRESENTED AN INCOME
OF PS. 189 MILLION. THIS ITEM REFLECTED NON-RECURRING INCOME OR
EXPENSES WHICH FOR THE SECOND QUARTER WERE PRIMARILY DRIVEN BY
INCOME COMING FROM A PROVISION THAT WAS CANCELED. THAT PROVISION
WAS BOOKED BY COMPARTAMOS IN 4Q16 AND WAS LINKED TO PREVIOUS YEARS'
LEGAL DISPUTES AMOUNTING TO PS. 165 MILLION.
OPERATING EXPENSES STOOD AT PS. 3,429 MILLION, A 12.3% GROWTH
VERSUS THE PS. 3,054 MILLION REACHED IN 2Q17. THIS INCREASE WAS
MAINLY ATTRIBUTABLE TO THE INCREASE IN INFRASTRUCTURE (LARGER
NUMBER OF BRANCHES AND SERVICE OFFICES) AND AN INCREASE IN THE
NUMBER OF EMPLOYEES. THESE TWO CONCEPTS TYPICALLY REPRESENT 80% OF
TOTAL OPERATING EXPENSES, AS IS EXPLAINED BYTHE FOLLOWING:
GENTERA'S SUBSIDIARIES JOINTLY TOTALED 21,918 EMPLOYEES, AN
INCREASE OF 3.1% COMPARED TO 2Q17, EVEN CONSIDERING THE CORPORATE
RESTRUCTURING PROCESS IN THE HEADQUARTERS IN MEXICO THAT TOOK PLACE
IN 1Q18. HOWEVER, GENTERA HAS BEEN INCREASING THE NUMBER OF SALES
REPRESENTATIVES IN MEXICO, PERU AND GUATEMALA. THE NEW HIRES ARE
REQUIRED TO SERVE CURRENT AND FUTURE CUSTOMERS.
- SALARIES AND BENEFITS REPRESENTED APPROXIMATELY PS. 2,172MILLION,
OR 63.4% OF TOTAL OPERATING EXPENSES.
- DURING 2Q18, GENTERA HAD 484 SERVICE OFFICES AND 260 BRANCHESIN
MEXICO, 86 SERVICE OFFICES IN PERU AND 60 IN GUATEMALA FOR A TOTAL
OF 630 SERVICE OFFICES AND 260 BRANCHES. TOGETHER, THESE SERVICE
OFFICES AND BRANCHES (SO&B) AND THE HEADQUARTERS OFFICE
REPRESENTED PS. 559 MILLION, OR 16.3% OF OPERATING EXPENSES. THE
CURRENT NUMBER OF SERVICE OFFICES AND BRANCHES WAS 4.3% LARGER THAN
THE SERVICE OFFICES AND BRANCHES REPORTED IN 2Q17, TOTALING
890.
- OTHER STRATEGIC INITIATIVES AND ADVISORY SERVICES, SUCH AS: I)
INVESTMENTSIN TECHNOLOGY: THE SAP PLATFORM AND THE ERP; II) THE
DEPOSIT/SAVINGS PROGRAM; AND, III) YASTAS AND FIINLAB; AND, IV)
STRATEGIES TO IMPROVE CUSTOMER EXPERIENCE,AMONG OTHERS, JOINTLY
REPRESENTED PS. 484.5 MILLION, OR 14.1% OF OPERATING EXPENSES
DURING 2Q18.
- MARKETING CAMPAIGNS REPRESENTED PS. 213.5 MILLION, OR 6.2% OF
OPERATING EXPENSES, DURING THE SECOND QUARTER, INCLUDING THE
INVESTMENT ASSOCIATED WITH THE LOYALTY PROGRAM IN BANCO COMPARTAMOS
WHICH TOTALED PS. 152 MILLION THIS QUARTER.
PARTICIPATION INNET INCOME FROM NON-CONSOLIDATED SUBSIDIARIES
REPRESENTED A PS. 2 MILLION LOSS DURING THE QUARTER, COMPARED TO A
PS. 5 MILLION LOSS IN 2Q17. THIS LINE ITEM REFLECTS GENTERA'S
MINORITY CONTRIBUTION IN COMPANIES IN WHICH IT HAS BEEN INVESTING.
FOR 2Q18 GENTERA STARTED TO REFLECT THE CONTRIBUTION OF ITS
MINORITY STAKE INCONCREDITO, WHICH FOR THIS QUARTER ACCOUNTED FOR
APPROXIMATELY 2 WEEKS.
FOR 2Q18, NET INCOME AMOUNTEDTO PS. 821 MILLION, WHICH REPRESENTS A
3.3% GROWTH COMPARED TO THE PS. 795 MILLION IN NET INCOME RECORDED
IN 2Q17. FOR THIS SECOND QUARTER, COMPARTAMOS REPRESENTED 63.5% OF
GENTERA'S TOTAL NET INCOME, WHEREAS COMPARTAMOS FINANCIERA IN PERU
REPRESENTED 16.1% AND THE OTHER SUBSIDIARIES, YASTAS, INTERMEX,
COMPARTAMOS SERVICIOS, AND GENTERA SAB GENERATED THE REMAINING
20.4%. IN THIS 2Q18 GENTERA SAB UNLOCKED PS.71 MILLION AS A RESULT
OF THE TAX SHIELD RELATED TO THE CUMULATED FISCAL LOSSES DURING ITS
FIRST YEARS OF OPERATION.
BALANCE SHEETCASH AND OTHER INVESTMENTS STOOD AT PS. 8,521 MILLION
DURING THE SECOND QUARTER OF 2018. THIS LEVEL OF LIQUIDITY ENABLES
US TOCOVER OPERATING EXPENSE GROWTH, DEBT AMORTIZATIONS AND
EXPECTED PORTFOLIO GROWTH FOR THE FOLLOWING 30 DAYS. IT IS
IMPORTANT TO NOTE THAT AT THE END OF THE SECOND QUARTER, BANCO
COMPARTAMOS DECIDED TO HAVE EXTRA LIQUIDITY IN ITS ACCOUNT WITH THE
PURPOSE OF MITIGATING POTENTIAL VOLATILITY IN THE MARKET. 63.3% OF
THE CASHON THE BALANCE SHEET CORRESPONDED TO BANCO COMPARTAMOS,
WITH PS. 5,397 MILLION HELD IN HIGHLY LIQUID ASSETS. THE REMAINDER
IS HELD IN GENTERA ACCOUNTS IN ITS VARIOUS SUBSIDIARIES.
TOTAL LOAN PORTFOLIO REACHED PS. 32,258 MILLION IN 2Q18, A 2.6%
GROWTH COMPARED TO THE FIGURE REPORTED IN 2Q17. THE LOAN PORTFOLIO
WAS DISTRIBUTED AS FOLLOWS: 66.3% AT BANCO COMPARTAMOS, 31.9% AT
COMPARTAMOS FINANCIERA IN PERU AND 1.8% AT COMPARTAMOS IN
GUATEMALA.
BANCO COMPARTAMOS CONTINUED TAKING ACTIONS DURING THE QUARTER TO
IMPROVECUSTOMER EXPERIENCE, AMONG MANY OTHER INITIATIVES WITH THE
GOAL OF RETURNING TO HIGH LEVELS OF CUSTOMER SERVICE.CREDIT QUALITY
(NON-PERFORMING LOANS / TOTAL PORTFOLIO)
CONSOLIDATED NON-PERFORMING LOANS REACHED 2.90% IN 2Q18, A
SUBSTANTIAL IMPROVEMENT COMPARED TO THE 3.95% NPL RECORDED IN 2Q17
AND 4.11% IN 1Q18. THIS IMPROVEMENT WAS POSSIBLE DUE TO RETURNING
TO HIGH LEVELS OF ORIGINATION PROCESSES, BETTER SERVICE LEVELS TO
ALL THE CLIENTS COMPARED TO PREVIOUS QUARTERS AND AN ADEQUATE
MONITORING OF CUSTOMER PERFORMANCE.
WORTH HIGHLIGHTING IS THAT GENTERA'S SHORT TO MEDIUM TERM
EXPECTATIONS, AND CONSIDERING THE DIFFERENT RISK PROFILE PRODUCTS
IN THE PORTFOLIO AND TO THE EFFECTS OF MORE COMPETITION IN SOME
REGIONS OF MEXICO, NPLS SHOULD BE MOVING IN A SIMILAR LEVEL TO THE
RATIOS REACHED IN THE 1Q18. 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 2Q18 COVERAGE RATIO WAS215.4%, WHICH IS WELL IN ACCORDANCE WITH
THE PORTFOLIO MIX AND ITS CURRENT DYNAMICS, AS WELL AS WITH MEXICAN
FINANCIAL REGULATIONS.GOODWILL AMOUNTED TO PS. 962 MILLION AND WAS
RELATED TO THE ACQUISITION OF COMPARTAMOS FINANCIERA AND INTERMEX,
WHICH WAS RECORDED AS AN ASSET.
ROAE/ROAADURING 2Q18, GENTERA REACHED A RETURN ON AVERAGE EQUITY
(ROAE) OF 19.2%, COMPARED TO 19.4% IN 2Q17, WHILE IMPROVING
COMPARED TO THE 17.1% ACHIEVED IN 1Q18. RETURN ON AVERAGE ASSETS
(ROAA) FOR 2Q18 WAS 7.2% COMPARED TO 7.7% IN 2Q17. OTHER 2Q18
HIGHLIGHTS:- WITH 1.57 MILLION DEBIT ACCOUNTS, DEPOSITS FROM
CLIENTS IN BANCO COMPARTAMOS STOOD AT PS. 2,054 MILLION, WHICH WERE
GENERATED FROM DEMAND AND TIME DEPOSITS, GROWING MORE THAN 70%
COMPARED TO THE PS. 1,199 MILLION REACHED AT THE END OF 2Q17.-
YASTAS RECORDED 1.80 MILLION FINANCIAL TRANSACTIONS DURING THE
QUARTER, REPRESENTING A SLIGHT 2% INCREASE COMPARED TO THE NUMBER
OFFINANCIAL TRANSACTIONS RECORDED IN 2Q17. AT THE END OF 2Q18
YASTAS HAD A NETWORK OF MORE THAN 2,900 AFFILIATES.- ATERNA ENDED
THE QUARTER WITH 5 MILLION ACTIVE LIFE INSURANCE POLICIES
THROUGHOUT ITS OPERATIONS IN MEXICO, PERU AND GUATEMALA.- INTERMEX,
WITH MORE THAN 2.8 THOUSAND POINTS OF PAYMENT PROCESSED MORE THAN
PS. 7,100 MILLION IN REMITTANCES PAYMENTS, REPRESENTING AN 18.2%
GROWTH COMPARED WITH THE FIGURE REACHED IN 2Q17.
- ON JUNE 13, 2018 GENTERA ANNOUNCED THAT THE INVESTMENT PROCESS IN
CONCRDITO WAS FORMALIZED. THE TRANSACTION WAS COVERED WITH
GENTERA'S OWN RESOURCES AND IMPLIES A GLOBAL AMOUNT OF MXN 2,585
MILLION, INCLUDING MXN 2,085 MILLION FOR A 36.8% STAKE OF THE
COMPANY'S CAPITAL AND MXN 500 MILLION IN CONVERTIBLE DEBT.
-ON APRIL 26, 2018, FITCH RATINGS AFFIRMED BANCO COMPARTAMOS?
VIABILITY RATING (VR) AT "BBB?, AS WELL AS ITS FOREIGN- AND
LOCAL-CURRENCY LONG AND SHORT-TERM ISSUER DEFAULT RATINGS (IDRS) AT
"BBB? AND "F2?, RESPECTIVELY. THE RATING OUTLOOK ON THE LONG-TERM
IDRS IS STABLE. ITS NATIONAL SCALE LONG- AND SHORT-TERM RATINGS
WERE ALSO AFFIRMED AT "AA+(MEX)? AND "F1+(MEX)?.
- ON MAY 29, 2018, S&P GLOBAL RATINGS AFFIRMED BANCO
COMPARTAMOS GLOBAL AND NATIONAL SCALE RATINGS AT "BBB/A-2? AND
"MXAAA/MXA-1+?, RESPECTIVELY. OUTLOOK REMAINED NEGATIVE
- AT THE END OF THE SECOND QUARTER, GENTERA REPURCHASED 7,900,000
SHARES THROUGH THE COMPANY'S STOCK BUYBACK PROGRAM ESTABLISHED ON
APRIL 20, 2018. SHARES OUTSTANDING AS OF JUNE30, 2018, AMOUNTED TO
1,604,673,717.
- DURING 2Q18, FUNDACIN GENTERA MADE ALLIANCES BENEFITING MORE THAN
NINE HUNDRED PEOPLE WITH EDUCATIONAL OPPORTUNITIES AND VOLUNTEER
ACTIONS. 31% OF GENTERA'S EMPLOYEES PARTICIPATED IN AT LEAST ONE
VOLUNTEER ACTIVITY DURING THIS QUARTER; THROUGH THIS EFFORT,
MORETHAN 15 THOUSAND HOURS WERE DEVOTED IN DIFFERENT ACTIVITIES,
BENEFITING MORE THAN 19 THOUSAND PEOPLE.
GENTERACONSOLIDATED INCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 2018
(IN MILLIONS OF MEXICAN PESOS)GENTERA
CONSOLIDATED BALANCE SHEETAS OF JUNE 30, 2017 AND 2018
(IN MILLIONS OF MEXICAN PESOS)THE FOLLOWING SECTION SETS FORTH THE
NON-AUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2018 (2Q18)
FOR BANCO COMPARTAMOS, S.A. I.B.M. ("BANCO COMPARTAMOS" OR "THE
BANK"), WHICH IS GENTERA'S MAIN SUBSIDIARY AND IS LOCATED IN
MEXICO. ALL FIGURES ARE EXPRESSED IN MEXICAN PESOS IN ACCORDANCE
WITH THECNBV REGULATIONS APPLICABLE TO CREDIT INSTITUTIONS AND MAY
VARY DUE TO ROUNDING. FINANCIAL HIGHLIGHTS*PORTFOLIO AND NET INCOME
ARE EXPRESSED IN MILLIONSOF MEXICAN PESOS.
** SOME OF THE SERVICE OFFICES TRANSFORMED INTO BRANCHES. 103
BRANCHES ARE INSIDEA SERVICE OFFICE (SAME LOCATION)
2Q18 HIGHLIGHTS:
- TOTAL LOAN PORTFOLIO REACHED PS. 22,244 MILLION, DISTRIBUTED AS
FOLLOWS: O LOAN PORTFOLIO FROM CREDIT LOANS AT PS. 21,390 MILLION,
AN 8.7% CONTRACTION COMPARED WITH 2Q17.
O RELATED PARTY LOANS AT PS. 854 MILLION.- NON-PERFORMING LOANS
STOOD AT 2.94% IN 2Q18, COMPARED TO 4.17% IN 2Q17. - NET INCOME
FOR2Q18 REACHED PS. 521 MILLION, A CONTRACTION COMPARED TO THE PS.
678 MILLION IN 2Q17.
- CAPITALIZATION RATIO STOOD AT 28.3%.
- ROA WAS 7.3%, COMPARED TO 9.6% IN 2Q17, WHILE ROE WAS 18.9%,
COMPARED TO 23.1% IN 2Q17.RESULTS OF OPERATIONS
INTEREST INCOME REACHED PS. 4,078 MILLION IN 2Q18, 7.4% LESS THAN
2Q17; HOWEVER, IT WAS NOT IMPACTED IN THE SAME PROPORTION AS THE
CONTRACTION IN THE LOAN PORTFOLIO.THE FUNDING COST, WHICH INCLUDES
LIABILITIES AND DEPOSITS FROM THE PUBLIC, STOOD AT 7.3% IN 2Q18
COMPARED TO 7.07% IN2Q17. INTEREST EXPENSES CONTRACTED 6.9% TO PS.
257 MILLION, COMPARED TO PS. 276 MILLION IN 2Q17. THIS CONTRACTION
IS EXPLAINED BY THE REDUCTION IN THE LIABILITIES IN FLOATING RATE
USED TO FUND THE PORTFOLIO AND DUE TO A LARGER PARTICIPATION OF
CLIENT'S DEPOSITS IN THE FUNDING STRUCTURE.IT IS WORTH HIGHLIGHTING
THAT AT THE END OF THE QUARTER, 60.1% OF THE COMPANY'S LIABILITIES
WERE CONTRACTED AT A FIXED RATE.AS A RESULT OF THE AFOREMENTIONED,
BANCO COMPARTAMOS REPORTED A NET INTEREST INCOME OF PS. 3,821
MILLION, A 7.5% CONTRACTION COMPAREDTO 2Q17.
PROVISIONS FOR LOAN LOSSES WERE PS. 505 MILLION, WHICH REPRESENTED
A 35.5% INCREASE COMPARED TO PS. 783 MILLION REACHED IN 2Q17,
DRIVEN BY THE IMPROVEMENTS IN EARLY NPLS "BELOW 90 DAYS"
PERFORMANCE.
NII AFTER PROVISIONS ROSE TO PS. 3,316 MILLION, A 0.9% CONTRACTION
COMPARED TO PS. 3,346 MILLION IN 2Q17.
NIM (NET INTEREST MARGIN) AFTER PROVISIONS (NII AFTER PROVISIONS
FOR LOSSES / AVERAGE YIELDING ASSETS) FOR 2Q18 WAS 53.2%, COMPARED
TO 52.8% IN 2Q17. EVEN THOUGH THIS RATIO SHOWED A SLIGHT
IMPROVEMENT WHEN COMPARED TO THE 2Q17LEVEL AND WAS ATTRIBUTED TO
BETTER DYNAMICS IN THE ASSET QUALITY (EARLY NPL) COMPARED TO THE
PERFORMANCE THAT THE CONSOLIDATED PORTFOLIO HAD IN 2Q17, IT IS
IMPORTANT TO HIGHLIGHT THAT DURING 2Q18 BANCO COMPARTAMOS INCREASED
ITS CASH POSITION WITH THE PURPOSE OF MITIGATING POTENTIAL
VOLATILITY. THIS ADDITIONAL LIQUIDITY IMPACTED THE NIM BEFORE AND
AFTER PROVISIONS SINCE THE AVERAGE YIELDING ASSETS INCREASED
SUBSTANTIALLY AT THE END OF THE SECOND QUARTER.
NET OPERATING INCOME
- COMMISSIONS AND FEE INCOME REACHED PS. 221 MILLION, A 16.3%
CONTRACTION VERSUS 2Q17. THIS LINE ITEM REFLECTED THE COLLECTION
FEES AND PENALTIES CHARGED TO CLIENTS WITH DELINQUENT ACCOUNTS,
REPRESENTING 30.6% OF FEE INCOME, AS WELL AS SALES COMMISSIONS FOR
VOLUNTARY LIFE INSURANCE POLICIES, WHICH ACCOUNTED FOR 61.6%. THE
REMAINING 7.8% WAS RELATED TO OTHER CONCEPTS AND FEES.
- COMMISSIONSAND FEE EXPENSES TOTALED PS. 122 MILLION, REPRESENTING
A 3.9% DECREASE WHEN COMPARED TO 2Q17. THIS LINE ITEM MAINLY
REFLECTED: I) 20.1% COLLECTION AND DISBURSEMENT FEE COSTS; II)
32.8% FOR ALTERNATIVE LOCATIONS TO PAY AND WITHDRAW LOANS FROM
BANCO COMPARTAMOS; III) 11.2% FOR THE FREE VOLUNTARY LIFE INSURANCE
COVERAGE INCLUDED IN THE CREDITO MUJER PRODUCT; AND IV) 35.9% FEES
PAID TO YASTAS AND OTHER FEES.
- OTHER INCOME/EXPENSES REACHED A PS. 154 MILLION INCOME. THIS ITEM
REFLECTED NON-RECURRING INCOME OR EXPENSES, WHICH FOR THE SECOND
QUARTER WERE PRIMARILY DRIVEN BY AN INCOME COMING FROM A LEGAL
DISPUTE PROVISION THAT WAS CANCELED IN APRIL OF THIS YEAR. THAT
PROVISION WAS MADE IN DECEMBER 2016.
- OPERATING EXPENSES FOR 2Q18 ROSE10.0% TO PS. 2,829 MILLION WHEN
COMPARED TO 2Q17, PRIMARILY ATTRIBUTABLE TO: I) THE OPERATION OF
BRANCHES, AND II) THE EXECUTION OF STRATEGIC INITIATIVES, ANDTHE
HIRING OF NEW SALES FORCE (LOAN OFFICERS) WITH THE EXPLICIT PURPOSE
OF IMPROVING CUSTOMER EXPERIENCE.
NET INCOMEBANCO COMPARTAMOS REPORTED A NET INCOME OF PS. 521
MILLION, REPRESENTING A CONTRACTION OF 23.2% VERSUS 2Q17.BALANCE
SHEET
CASH AND OTHER INVESTMENTS INCREASED BY 101.8% TO PS.5,397 MILLION,
COMPARED TO PS. 2,675 MILLION IN 2Q17. THE AMOUNT SHOWN AT THE END
OF 2Q18 REPRESENTS EXTRA LIQUIDITY WITH THE OBJECTIVE OF MITIGATING
POTENTIALVOLATILITY IN THE MARKETS. NORMALLY, THE FUNDS REQUIRED BY
BANCO COMPARTAMOS ARE USED TO COVER OPERATING EXPENSES, DEBT
MATURITIES AND LOAN PORTFOLIO GROWTH FOR THE FOLLOWING 30 DAYS.
CASH AND OTHER INVESTMENTS ARE PLACED IN SHORT-TERM INSTRUMENTS
WHERE THE COUNTERPARTY RISK IS APPROVED BY THE BOARD'S RISK
COMMITTEE.TOTAL LOAN PORTFOLIOLOAN PORTFOLIO (PS. MILLIONS)
THE LOAN PORTFOLIO FROM MICROCREDIT LOANS REACHED PS. 21,390
MILLION, AN8.7% CONTRACTION COMPARED TO THE PS. 23,421 MILLION
REPORTED IN 2Q17. THE PERFORMANCE EXPERIENCED IN THE PORTFOLIO
DURING 2Q18 SHOWED SIGNALS OF STABILIZATION,CONSIDERING THE 12.6%
CONTRACTION EXPERIENCED AT THE END OF DECEMBER 2017 AND 9.9%
CONTRACTION IN 1Q18.
THEAVERAGE OUTSTANDING BALANCE PER CLIENT IN 2Q18 WAS PS. 8,944,
3.9% ABOVE THE PS. 8,606 REPORTED IN 2Q17.
LOAN PRODUCTS & CREDIT QUALITY
THE LOAN PRODUCTS OFFERED BY BANCO COMPARTAMOS ARE DISTRIBUTED
UNDER TWO MAIN CATEGORIES(GROUP AND INDIVIDUAL METHODOLOGIES):
1. GROUP LENDING METHODOLOGY: MERCHANT CREDIT (CREDITO COMERCIANTE)
AND WOMEN CREDIT (CREDITO MUJER) REPRESENTED 75.2% OF THE TOTAL
LOAN PORTFOLIO IN 2Q18, WHICH COMBINED PRESENTED AN NPL OF 2.37%
FOR 2Q18, COMPARED TO 3.61% IN 2Q17.2. INDIVIDUAL LENDING
METHODOLOGY: IMPROVEMENT LOANS (CRECE Y MEJORA), ADDITIONAL LOANS
(CREDITO ADICIONAL) AND PERSONAL LOANS (CREDITO INDIVIDUAL)
REPRESENTED A 24.8% SHARE OF THE TOTAL LOANS PORTFOLIO IN 2Q18,
WITH A CONSOLIDATED NPL OF 4.67% IN 2Q18, COMPARED TO 5.82% ONE
YEAR AGO.
DURING 2Q18 TOTAL NPLS REACHED 2.94%, COMPARED TO THE 4.17%
RECORDED IN 2Q17. BANCO COMPARTAMOS' POLICY IS TOWRITE-OFF LOANS
THAT ARE PAST DUE AFTER 180 DAYS. DURING THE SECOND QUARTER
WRITE-OFFS REACHED PS. 816 MILLION OR 19.0% LESS THAN THE AMOUNT
RECORDED IN 2Q17.FOR 2Q18, THE COVERAGE RATIO (ALLOWANCE FOR LOAN
LOSSES / NON-PERFORMING LOANS) WAS 197.6% COMPARED TO 146.9% IN
2Q17. ALLOWANCE FOR LOAN LOSSES IS BASED ON THE METHODOLOGY
ESTABLISHED BY THE CNBV, WHICH REQUIRES SPECIFIC RESERVE COVERAGE
FOR EACH ORIGINATED LOAN: GROUP LOANSWITH A SOLIDARITY FIGURE AND A
DIFFERENT COVERAGE FOR INDIVIDUAL LOANS. IT IS IMPORTANT TO
HIGHLIGHT THAT OUR METHODOLOGY FOLLOWS THE RULES THAT APPLY TO THE
'PERSONAL CREDIT' CATEGORY INSTEAD OF THE 'CONSUMER LOANS, NOT
REVOLVING, OTHERS' CATEGORY, AS 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) APPLICABLETO CREDIT INSTITUTIONS SINCE JULY 2013 .
ALLOWANCE FOR LOAN LOSSES CONTINUED TO SUFFICIENTLY COVER
NON-PERFORMING LOANS. THE RATINGS AND THE ALLOWANCE
REPORTEDCONSIDER THE MODIFICATIONS TO THE GENERAL PROVISIONS FOR
CREDIT INSTITUTIONS PUBLISHED IN THE DOF (DIARIO OFICIAL FEDERACIN)
ON JANUARY 6, 2017, AND FOR WHICHITS INITIAL EFFECT MAY BE
CONSTITUTED OVER A PERIOD OF TWELVE MONTHS ACCORDING TO THE
APPLICABLE REGULATION.TOTAL LIABILITIES
DURING 2Q18, TOTAL LIABILITIES REACHED PS. 19,801 MILLION, 20.1%
ABOVE THEPS. 16,488 MILLION RECORDED DURING 2Q17. ALL OF BANCO
COMPARTAMOS' CURRENT LIABILITIES ARE FULLY PESO-DENOMINATED;
THEREFORE, THERE IS NO FX EXPOSURE.
BANCO COMPARTAMOS MAINTAINS A WELL-DIVERSIFIED FUNDING MIX WITH
DIFFERENT SOURCES:
I) LONG-TERM DEBT ISSUANCES: BANCO COMPARTAMOS IS A FREQUENT ISSUER
IN THE MEXICAN DEBT CAPITAL MARKET. AS OF JUNE 30, 2018, IT HAD PS.
7,565 MILLION OUTSTANDING INCERTIFICADOS BURSATILES BANCARIOS (BANK
BONDS).
II) STRONG CAPITAL BASE: 34.2% OF TOTAL ASSETS WERE FUNDED WITH
EQUITY.
III) CREDIT LINES WITH BANKS AND OTHER INSTITUTIONS: BANCO
COMPARTAMOS HAD PS. 8,840 MILLION IN CREDIT LINES AMONG VARIOUS
BANKING CREDITORS (DEVELOPMENT BANKS AND COMMERCIAL BANKS).
IV) DEPOSITS: FOR 2Q18, DEPOSITS FROM CLIENTS STOOD AT PS. 2,054
MILLION, A FIGURE 71.3% LARGER THAN THE PS. 1,199 MILLION RECORDED
IN 2Q17. AT THE END OF 2Q18, BANCO COMPARTAMOS HAD OVER 1.57
MILLION DEBIT ACCOUNTS.
TOTAL STOCKHOLDERS' EQUITY
THE CAPITALIZATION RATIO WAS 28.3% COMPARED TO 35.1% REPORTED IN
2Q17. THE CURRENT RATIO CONTINUES TO REFLECT THE BANK'S STRENGTH IN
ACCORDANCE WITH LEVELS REQUIRED BY BASEL III AND IS WELL ABOVE THE
MEXICAN BANKING SYSTEM STANDARDS. BANCO COMPARTAMOS REPORTED PS.
8,944.3 MILLION IN TIER I CAPITAL AND RISK-WEIGHTED ASSETS OF PS.
31,559.8 MILLION.BANCO COMPARTAMOS, S.A., INSTITUCIN DE BANCA
MLTIPLE
INCOME STATEMENTFOR THE THREE MONTHS ENDED JUNE 30, 2017 AND
2018
(IN MILLIONS OF MEXICAN PESOS)BANCO COMPARTAMOS, S.A., INSTITUCIN
DE BANCA MLTIPLE
BALANCE SHEET
AS OF JUNE 30, 2017 AND 2018(IN MILLIONS OF MEXICAN
PESOS)COMPARTAMOS FINANCIERA (PERU)THE FOLLOWING SECTION SETS FORTH
THE NON-AUDITED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2018
(2Q18) FOR COMPARTAMOS FINANCIERA, GENTERA'SPERUVIAN SUBSIDIARY.
ALL FIGURES ARE IN MEXICAN PESOS AND MAY VARY DUE TO ROUNDING. THE
READER MUST TAKE INTO CONSIDERATION THE FX MOVEMENTS IN THE
COMPARISON PERIODS. NOTE: IT IS IMPORTANT TO HIGHLIGHT THAT THE
ANALYSIS AND FIGURES ARE EXPRESSED IN ACCORDANCE WITH MEXICAN
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES ANDCNBV (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 FINANCIERA'S FIGURES ARE REPORTED
UNDER MEXICAN GAAP.
PORTFOLIO AND NET INCOME ARE EXPRESSED IN MEXICAN PESOS (MILLIONS)
WITH THEIR CORRESPONDING FX FOR THE QUARTER.
2Q18 HIGHLIGHTS:
- TOTAL LOANPORTFOLIO REACHED PS. 10,293 MILLION, 37.3% HIGHER THAN
THAT OF 2Q17.
- NON-PERFORMINGLOANS STOOD AT 2.80% IN 2Q18, COMPARED TO 3.24% IN
2Q17. - ACTIVE CLIENTS REACHED 521,464, A 24.5% INCREASE COMPARED
TO 2Q17.
O GROUP LOANS (CREDITOMUJER) PRODUCT REPRESENTED 68.6% OF THE
CLIENTS SERVED IN PERU, ENDING THE PERIOD WITH 357,678 CLIENTS,
31.6% MORE CLIENTS THAN IN 2Q17.- ON JUNE 6, COMPARTAMOS FINANCIERA
ISSUED LOCAL BONDS FOR THE FIRST TIME IN THE AMOUNT OF 70 MILLION
SOLES AND A TENOR OF 2 YEARS, WITH A 4.8125% INTEREST RATE. THE
ISSUANCE WAS OVERSUBSCRIBED BY 1.6 TIMES.
- COMPARTAMOS FINANCIERA REACHEDA TOTAL OF 86 SERVICE OFFICES,
SEVEN MORE OFFICES THAN IN 2Q17.
COMPARTAMOS FINANCIERAINCOME STATEMENT
FOR THE THREE MONTHS ENDED JUNE 30, 2017 AND 2018
(IN MILLIONS OF MEXICAN PESOS)COMPARTAMOS FINANCIERA
BALANCE SHEETAS OF JUNE 30, 2017 AND 2018
(IN MILLIONS OF MEXICAN PESOS)COMPARTAMOS, S.A. (GUATEMALA)THE
FOLLOWING SECTION SETS FORTH THE NON-AUDITED FINANCIAL RESULTS FOR
THE SECOND QUARTER OF 2018 (2Q18) FOR COMPARTAMOS S.A., THE
COMPANY'S GUATEMALAN SUBSIDIARY. ALL FIGURES ARE EXPRESSED IN
MEXICAN PESOS IN ACCORDANCE WITH MEXICAN ACCOUNTING PRINCIPLES AND
REGULATIONS, AND MAY VARY DUE TO ROUNDING. THE READER MUST TAKE
INTO CONSIDERATION THE FX MOVEMENTS IN THE COMPARISON PERIODS.
FIGURES ARE EXPRESSED IN MEXICAN PESOS WITH ITS CORRESPONDING FX
FOR THE QUARTER.
EXCHANGE RATE AS OF JUNE 30, 2018, FROM QUETZALES TO USD: 7.49
EXCHANGE RATE AS OF JUNE 30, 2018, FROM USD TO MXP: 19.69
PORTFOLIO AND NET INCOME ARE EXPRESSED IN MEXICAN PESOS (MILLIONS)
WITH THEIR CORRESPONDING FX FOR THE QUARTER.
SOURCE: BANCO DE GUATEMALA AND BANCO DE MEXICO.
2Q18 HIGHLIGHTS:
- TOTAL LOAN PORTFOLIO REACHED PS. 575 MILLION, 13.5% HIGHER WHEN
COMPARED TO 2Q17.- NET INCOME FOR 2Q18 STOOD WITH A LOSS OF PS. 3.0
MILLION COMPARED TO PS. 14.0 MILLION GENERATED IN 2Q17.
- NON-PERFORMING LOANS STOOD AT 3.55% IN 2Q18, COMPARED TO 4.32% IN
2Q17. - ACTIVE CLIENTS REACHED 95,127, A 9.0% INCREASE COMPARED TO
2Q17.
COMPARTAMOS S.A.
INCOME STATEMENTFOR THE THREE MONTHS ENDED JUNE 30, 2017 AND
2018
(IN MILLIONSOF MEXICAN PESOS)
COMPARTAMOS S.A.BALANCE SHEET
AS OF JUNE 30, 2017 AND 2018
(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 PRIMARY OBJECTIVE IS TO
PROMOTE, ORGANIZEAND 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 CONTAIN FORWARD-LOOKING STATEMENTS.
THESESTATEMENTS ARE STATEMENTS THAT ARE NOT HISTORICAL FACTS, AND
ARE BASED ON MANAGEMENT'S CURRENT VIEW AND ESTIMATES OF FUTURE
ECONOMIC CIRCUMSTANCES, INDUSTRY CONDITIONS, COMPANY PERFORMANCE
AND FINANCIAL RESULTS. THE WORDS "ANTICIPATES", "BELIEVES",
"ESTIMATES", "EXPECTS", "PLANS" AND SIMILAR EXPRESSIONS, AS THEY
RELATETO THE COMPANY, ARE INTENDED TO IDENTIFY FORWARD-LOOKING
STATEMENTS. STATEMENTS REGARDING THE DECLARATION OR PAYMENT OF
DIVIDENDS, THE IMPLEMENTATION OF PRINCIPAL OPERATING AND FINANCING
STRATEGIES AND CAPITAL EXPENDITURE PLANS, THE DIRECTION OF FUTURE
OPERATIONS AND THE FACTORS OR TRENDS AFFECTING FINANCIAL CONDITION,
LIQUIDITY OR RESULTS OF OPERATIONS ARE EXAMPLES OF FORWARD-LOOKING
STATEMENTS. SUCH STATEMENTS REFLECT THE CURRENT VIEWS OF MANAGEMENT
AND ARE SUBJECT TO A NUMBER OF RISKS AND UNCERTAINTIES. THERE IS NO
GUARANTEE THAT THE EXPECTED EVENTS, TRENDS OR RESULTS WILL ACTUALLY
OCCUR. THE STATEMENTS ARE BASED ON MANY ASSUMPTIONS AND FACTORS,
INCLUDING GENERAL ECONOMIC AND MARKET CONDITIONS, INDUSTRY
CONDITIONS, AND OPERATING FACTORS. ANY CHANGES IN SUCH ASSUMPTIONS
OR FACTORS COULD