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Banco Hipotecario S.A. Reports First Quarter 2010 Results

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BUENOS AIRES, Argentina, May 10 /PRNewswire-FirstCall/ -- Banco Hipotecario S.A. (BCBA: BHIP) announces its first quarter 2010 results.

(Logo:  http://www.newscom.com/cgi-bin/prnh/20060810/ARTH004LOGO )

Highlights

Executive Summary

  • Total net income for the quarter was Ps. 40.1 million, compared to the Ps. 79.3 million of last quarter and Ps. 30.0 million of the same quarter of last year.
  • Net financial margins of Ps. 125.3 million were 36.6% and 1.2% lower than the previous quarter and a year ago, respectively.
  • Net income from services for the quarter was Ps. 61.1 million, 6.0% higher than the previous quarter and 9.9% higher than first quarter 2009.
  • Loans to the private sector increased 3.0% in the quarter and 10.7% YoY.
  • Deposits increased 8.8% in the quarter and 18.9% YoY.
  • NPL ratio decreased from 6.6% to 3.8% in the year while coverage ratio increased from 83.8% to 114.0% in the same period.
  • Equity ratio of 24.3%, higher than the 21.0% of March 2009.
  • BH ranks fifth in terms of net worth, seventh in terms of household financing, and eleventh in terms of assets in the local financial system.

Contacts:


Luis Carlei

Gabriel Saidon

Tomas Godino

Chief Financial Officer

Capital Markets

Tel. (54-11) 4347-5759 / 5212

Tel. (54-11) 4347-5122 / 5798

Fax (54-11) 4347-5874 / 5113

Fax (54-11) 4347-5874

gsaidon@hipotecario.com.ar

plcarlei@hipotecario.com.ar


tgodino@hipotecario.com.ar




SOURCE Banco Hipotecario S.A.



RELATED LINKS
http://www.hipotecario.com.ar

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