[May 21, 2018] |
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Grupo Supervielle S.A. Reports 1Q18 Consolidated Results
Grupo Supervielle S.A. (NYSE: SUPV) (BYMA: SUPV), ("Supervielle"
or the "Company") a universal financial services group headquartered in
Argentina with a nationwide presence, today reported results for the
three-month period ended March 31, 2018. All figures presented
throughout this document are expressed in nominal Argentine pesos (AR$)
and all financial information has been prepared in accordance with IFRS
in compliance with the first adoption ruled by the Central Bank. In
order to facilitate the analysis and comparison, the Company includes
under Appendix I the description of principal differences between
previous BCRA GAAP and IFRS, along with the impacts on different line
items of financials statements and ratios.
First Quarter 2018 Highlights
-
Total gross loans, increased 61.6% YoY and 9.5% QoQ to AR$66.5 billion.
-
Attributable Comprehensive Income of AR$744.8 million, up 138.7% YoY,
and 57.6% QoQ. ROAE of 20.6% in 1Q18 higher than 18.0% in 1Q17 and
13.3% in 4Q17. ROAA of 3.3% in 1Q18, increasing by 120 bps YoY and 110
bps QoQ.
-
Attributable Net income of AR$722.6 million, up 147.6% YoY, and 54.5%
QoQ.
-
NIM of 19.6% in 1Q18, increased by 10 bps YoY and contracted by 40 bps
QoQ.
-
Efficiency ratio improved to 59.0% in 1Q18 compared with 71.1% in
1Q17, and 67.6% in 4Q17.
-
Non-performing loan ratio increased by 10bps at 3.2% in 1Q18 from 4Q17
and 1Q17, while allowances as a percentage of non-performing loans
increased to 89.7% in 1Q18 from 85.2% in 1Q17 and 88.0% in 4Q17. 1Q18
presented consumer behavior seasonality largely similar to that
observed in prior years.
-
Proforma Consolidated Common Equity Tier 1 Ratio of 15.8% in 1Q18,
down from 18.4% in 4Q17 reflecting the initial IFRS adjustments (the
restated 4Q17 proforma consolidated Tier1 ratio is 17.2%) and loan
growth in the loan portfolio. AR$4.3 billion remained at the holding
level for future capital injections. Equity to Asset ratio of 15.7% in
1Q18 compared to 11.3% at March 2017 and 15.6% at December 2017.
CEO Message
Commenting on first quarter 2018 results, Patricio Supervielle, Grupo
Supervielle's Chairman and CEO, noted: "The momentum
continued from 2017 into the first quarter as we again posted strong
results that underscore our profitable growth strategy. This was
evident with loan growth up 10% QoQ and 62% YoY exceeding financial
system growth, with operating leverage driving further efficiency
improvements. Our diversified deposit base increased 43% YoY, again
exceeding industry growth and remained stable sequentially following
robust growth in 4Q17. As a point of reference, system deposits grew 11%
in the first quarter of 2018. Furthermore, our competitive retail
deposits have proven a key aspect in our ability to mitigate the impact
of increases in funding costs."
"Our focus on high margin SMEs and attention to their unique needs
continued to drive lending in the corporate segment and was the main
driver of loan expansion this quarter. With 45% of this portfolio
collateralized and benefits to a more competitive export environment,
this portfolio remains a strong credit. By contrast, during the
quarter we took a more conservative approach to growing our consumer
finance business given increasing inflation and hikes in utilities
prices, as we have previously discussed. We remain confident in the
long-term growth prospects of this segment."
"The acquisition of MILA announced during the quarter positions us
well to continue capturing the attractive growth potential we see in the
auto financing market, both in new and previously owned cars, and obtain
synergies from the integration. New and previously owned car sales are
robust growth segments, and their financing are new asset classes for
Supervielle, and another example of how we are executing on our growth
strategy which enhances cross-selling opportunities across our Company."
"We adopted IFRS in the current quarter and reported an increase in
Attributable Comprehensive Income of 139% YoY and 58% QoQ, despite the
typically seasonally lower first half in our industry. Looking
ahead, we believe that despite current economic and currency headwinds,
the long-term growth story for the financial sector in Argentina remains
intact. In the current context, which is one that we have
successfully navigated in the past, we remain focused on healthy loan
growth, mitigating risk and enhancing efficiency and profitability. We
believe we can achieve results within the range of the guidance
previously set out. Given the rapidly changing macroeconomic scenario,
we are consistently closely monitoring the macro variables and how that
impacts our guidance," concluded Mr. Supervielle.
Financial Highlights & Key Ratios
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(In millions of Argentine Ps.)
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% Change
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INCOME STATEMENT
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1Q18
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4Q17
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3Q17
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2Q17
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1Q17
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QoQ
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YoY
|
Net Interest Income
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|
2,818.1
|
|
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2,562.0
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|
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2,124.8
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1,950.2
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1,926.5
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10.0
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%
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46.3
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%
|
Net Service Fee Income (excluding income from insurance activities)
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891.0
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846.5
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844.8
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868.4
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740.1
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5.3
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%
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20.4
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%
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Income from Insurance activities
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148.7
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148.3
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108.0
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112.8
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110.0
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0.3
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%
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35.2
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%
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Loan Loss Provisions
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-726.1
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-606.3
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-518.9
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-442.8
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-360.8
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19.8
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%
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101.2
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%
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Personnel & Administrative Expenses
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-2,446.5
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-2,604.5
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-2,121.4
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-2,060.1
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-1,935.2
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-6.1
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%
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26.4
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%
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Profit before income tax
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1,020.4
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651.1
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737.4
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666.9
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456.0
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56.7
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%
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123.8
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%
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Attributable Net income
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722.6
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467.6
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555.2
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505.2
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291.8
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54.5
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%
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147.6
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%
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Attributable Comprehensive income
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744.8
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472.6
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560.0
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533.8
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312.0
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57.6
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%
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138.7
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%
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Earnings per Share (AR$)
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1.58
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1.02
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1.43
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1.39
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0.80
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Earnings per ADRs (AR$)
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7.91
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5.12
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7.17
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6.94
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4.01
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Average Outstanding Shares (in millions)
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456.7
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456.7
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387.3
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363.8
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363.8
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BALANCE SHEET
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mar 18
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dec 17
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sep 17
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jun 17
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mar 17
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QoQ
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YoY
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Total Assets
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96,569.6
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92,202.4
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81,557.9
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69,684.3
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63,152.9
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4.7
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%
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52.9
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%
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Average Assets1
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90,832.7
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85,498.9
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73,226.9
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64,741.4
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60,784.9
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6.2
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%
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49.4
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%
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Total Loans & Leasing
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66,479.5
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60,692.9
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53,154.2
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44,536.2
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41,148.7
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9.5
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%
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61.6
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%
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Total Deposits
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55,540.2
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56,408.7
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47,170.8
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42,817.0
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38,817.0
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-1.5
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%
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43.1
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%
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Attributable Shareholders' Equity
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15,114.2
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14,369.6
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14,032.8
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7,490.6
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7,126.4
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5.2
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%
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112.1
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%
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Average AttributableShareholders' Equity1
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14,490.1
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14,188.7
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10,824.9
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7,419.5
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6,946.3
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2.1
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%
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108.6
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%
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KEY INDICATORS
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1Q18
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4Q17
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3Q17
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2Q17
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1Q17
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Profitability & Efficiency
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ROAE
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20.6
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%
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13.3
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%
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20.7
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%
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28.8
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%
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18.0
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%
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ROAA
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3.3
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%
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2.2
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%
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3.1
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%
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3.3
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%
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2.1
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%
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Net Interest Margin
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19.6
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%
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20.0
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%
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19.6
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%
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21.5
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%
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19.5
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%
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Net Financial Margin
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19.9
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%
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20.0
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%
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19.8
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%
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20.6
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%
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20.5
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%
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Net Fee Income Ratio
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22.3
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%
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22.8
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%
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25.2
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%
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27.8
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%
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27.3
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%
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Cost / Assets
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11.1
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%
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12.6
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%
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12.0
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%
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13.1
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%
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13.2
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%
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Efficiency Ratio
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59.0
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%
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68.2
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%
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63.5
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%
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65.7
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%
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71.1
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%
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Liquidity & Capital
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Loans to Total Deposits3
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119.7
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%
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107.6
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%
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112.7
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%
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104.0
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%
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106.0
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%
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Liquidity Coverage Ratio (LCR)4
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116.9
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%
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113.9
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%
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122.6
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%
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126.5
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%
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125.9
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%
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Total Equity / Total Assets
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15.7
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%
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15.6
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%
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17.2
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%
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10.7
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%
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11.3
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%
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Proforma Consolidated Capital / Risk weighted assets 5
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17.0
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%
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19.6
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%
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20.7
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%
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13.0
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%
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13.4
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%
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Proforma Consolidated Tier1 Capital / Risk weighted assets 6
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15.8
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%
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18.4
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%
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19.5
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%
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11.6
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%
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12.0
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%
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Risk Weighted Assets / Total Assets
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88.1
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%
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80.1
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%
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85.2
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%
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88.2
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%
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83.0
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%
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Asset Quality
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NPL Ratio
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3.2
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%
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3.1
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%
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3.1
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%
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3.0
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%
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3.1
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%
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Allowances as a % of Total Loans
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2.8
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%
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2.6
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%
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2.5
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%
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2.6
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%
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2.5
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%
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Coverage Ratio
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89.7
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%
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88.0
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%
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85.2
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%
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85.9
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%
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85.2
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%
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Cost of Risk
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4.7
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%
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4.4
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%
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4.5
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%
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4.4
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%
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3.9
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%
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MACROECONOMIC RATIOS
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Retail Price Index (%)7
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|
6.7
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%
|
|
6.1
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%
|
|
5.1
|
%
|
|
5.4
|
%
|
|
6.1
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%
|
|
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UVA (var)
|
|
6.9
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%
|
|
4.9
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%
|
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4.3
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%
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7.1
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%
|
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4.6
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%
|
|
|
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Pesos/US$ Exchange Rate
|
|
20.14
|
|
|
18.77
|
|
|
17.32
|
|
|
16.60
|
|
|
15.38
|
|
|
|
|
|
Badlar Interest Rate (eop)
|
|
22.6
|
%
|
|
23.3
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%
|
|
21.8
|
%
|
|
20.1
|
%
|
|
19.1
|
%
|
|
|
|
|
Badlar Interest Rate (avg)
|
|
22.9
|
%
|
|
22.5
|
%
|
|
20.8
|
%
|
|
19.6
|
%
|
|
19.8
|
%
|
|
|
|
|
TM20 (eop)
|
|
22.6
|
%
|
|
23.7
|
%
|
|
22.8
|
%
|
|
20.9
|
%
|
|
19.8
|
%
|
|
|
|
|
TM20 (avg)
|
|
23.4
|
%
|
|
23.4
|
%
|
|
21.6
|
%
|
|
20.3
|
%
|
|
20.3
|
%
|
|
|
|
|
OPERATING DATA
|
|
|
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Active Customers (in millions)
|
|
1.9
|
|
|
1.9
|
|
|
1.9
|
|
|
1.9
|
|
|
1.8
|
|
|
|
|
|
Access Points 8
|
|
340
|
|
|
326
|
|
|
324
|
|
|
321
|
|
|
325
|
|
|
|
|
|
Employees
|
|
5,406
|
|
|
5,320
|
|
|
5,222
|
|
|
5,146
|
|
|
5,049
|
|
|
1.6
|
%
|
|
7.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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1.
|
|
Average Assets and average Shareholder´s Equity calculated on a
daily basis
|
2.
|
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Total Portfolio: Loans and Leasing before Allowances. According to
IFRS, this line item includes Securitized Loan Portfolio and loans
transferred with recourse.
|
3.
|
|
Loans/Total Deposits ratio was restated in previous quarters due to
the inclusion in the balance sheet of the securitized and
transferred loans.
|
4.
|
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This ratio includes the liquidity held at the holding company level.
|
5.
|
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Regulatory capital divided by risk weighted assets taking into
account operational and market risk. The regulatory capital ratio
applies only to the Bank and CCF on a consolidated basis and does
not include the liquidity held at the holding company level- The
Proforma consolidated capital ratio, includes the liquidity retained
at Grupo Supervielle level after the equity offering, which is
available for growth. As of March 31, 2018, the liquidity amounted
to Ps. 4.3 billion. This ratio has not been restated for 2017
quarters.
|
6.
|
|
Tier 1 capital divided by risk weighted assets taking into account
operational and market risk. The regulatory Tier 1 capital ratio
applies only to the Bank and CCF on a consolidated basis and does
not include the liquidity held at the holding company level. The.
Proforma Consolidated Tier 1 capital ratio includes the liquidity
retained at Grupo Supervielle level after the equity offering, which
is available for growth. As of March 31, 2018, the liquidity
amounted to Ps. 4.3 billion. This ratio has not been restated for
2017 quarters.
|
7.
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Source (News - Alert): INDEC
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8.
|
|
The increase in the number of Access Points in 1Q18, reflects the
opening of 1 bank branches located in Neuquen and the presence in 13
Walmart Stores.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20180521006138/en/
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