Financiera Independencia Reports 4Q11 Net Income of Ps.20.2 Million and Loan Portfolio Growth of 27.3%

News provided by

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.

Feb 23, 2012, 08:49 ET

MEXICO CITY, Feb. 23, 2012 /PRNewswire/ --

Total loan portfolio reached Ps.7,347.7 million, a 27.3% year-over-year increase, driven by the AEF and AFI acquisitions and significant growth at Finsol.
Independencia's individual new loan origination increased to Ps.1,207.5 million, up 32.6% YoY and 7.5% QoQ.
Non-performing loans ratio down to 9.4% in 4Q11 from 10.0% in 3Q11, and from 9.9% in 4Q10.
NIM after provisions including fees increased to 44.9% in 4Q11 from 43.0% in 3Q11.
Provisions for loan losses stood at 42.3% of financial margin in 4Q11, from 42.4% in 3Q11, but increased from 30.8% in 4Q10.
Funding cost decreased to 10.98% in 4Q11 from 11.65% in 4Q10, and 11.26% in 3Q11.
Net income was down 62.3% YoY, and up 7.7% on a sequential basis.
Equity to total assets of 27.7% compared to 34.0% in 4Q10, and 29.0% in 3Q11.
ROE in 4Q11 decreased to 2.6% from 7.2% in 4Q10.

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP; OTC: FNCRY), ("Findep" or the "Company") a leading Mexican microfinance lender of personal loans to lower income segment individuals and working capital loans through group lending microfinance, announced today results for the three- and twelve-month periods ended December 31, 2011. Net income for 4Q11 declined 62.3% YoY to Ps.20.2 million.

Commenting on the results, Noel Gonzalez, Chief Executive Officer, said, "Once again, top line performance was strong with solid growth across all of our business units. We continued to expand our loan portfolio, which was this quarter, up by 27.3% year-on-year to Ps.7.3 billion. Finsol remains a major growth driver, while the acquisitions of AEF and AFI earlier in the year also contributed to results. Independencia's individual loan growth continued its positive trend for the third consecutive quarter. Loan origination at this business segment was up 32.6% year-on-year, the highest growth rate posted in the last three and a half years."

Financial & Operational Highlights
	4Q11	4Q10	%	12M11	12M10	%
Income Statement Data
Net Interest Income after Provisions*	582.9	546.7	6.6%	2,275.2	2,119.6	7.3%
Net Operating Income*	43.4	93.7	-53.7%	304.9	569.5	-46.5%
Net Income*	20.2	53.4	-62.3%	185.8	451.7	-58.9%
Total Shares Outstanding (million)	715.9	715.9	0.0%	715.9	715.9	0.0%
EPS	0.0281	0.0746	-62.3%	0.2596	0.6309	-58.9%
Profitability & Efficiency
NIM before Provisions Excl. Fees	52.5%	47.1%	5.4 pp	49.8%	51.8%	-1.9 pp
NIM after Provisions Excl. Fees	30.3%	32.6%	-2.3 pp	31.1%	35.5%	-4.4 pp
NIM after Provisions Incl. Fees	44.9%	46.5%	-1.6 pp	44.2%	51.5%	-7.3 pp
ROA	0.7%	2.5%	-1.7 pp	1.9%	6.2%	-4.3 pp
ROE	2.6%	7.2%	-4.6 pp	6.2%	18.8%	-12.5 pp
Efficiency Ratio Incl. Provisions	95.0%	88.0%	7 pp	90.6%	81.5%	9.1 pp
Efficiency Ratio Excl. Provisions	63.5%	67.1%	-3.5 pp	63.6%	61.9%	1.7 pp
Operating Efficiency	30.6%	31.8%	-1.2 pp	29.7%	34.3%	-4.6 pp
Fee Income	23.8%	24.7%	-0.9 pp	23.6%	23.7%	-0.1 pp
Capitalization
Equity to Total Assets	27.7%	34.0%	-6.3 pp	27.7%	34.0%	-6.3 pp
Credit Quality Ratios
NPL Ratio	9.4%	9.9%	-0.4 pp	9.4%	9.9%	-0.4 pp
Coverage Ratio	76.4%	65.8%	10.6 pp	76.4%	65.8%	10.6 pp
Operational Data
Number of Clients	1,617,170	1,399,978	15.5%	1,617,170	1,399,978	15.5%
Number of Offices	509	371	37.2%	509	371	37.2%
Total Loan Portfolio*	7,347.7	5,773.0	27.3%	7,347.7	5,773.0	27.3%
Average Balance (Ps.)	4,543.5	4,123.7	10.2%	4,543.5	4,123.7	10.2%
* Figures in millions of Mexican Pesos.

"Our bottom line, however, continues to be impacted by higher interest expenses and provisions for loan losses. While interest expense reflects the financing of recent acquisitions average funding cost fell by 67 bps as we continue to diversify and optimize funding sources. The increase in provisions for loan losses, in turn, resulted from higher default probabilities and write-offs at Independencia's core business. The measures taken this quarter to redirect portfolio collections to our internal agents are proving to be effective. Looking ahead, we expect an overall positive environment for the year. We have successfully finalized the integration of recent acquisitions and are fully focused on continuing to maximize the results of our current operations while we leverage our position as a more resilient and diversified company," concluded Mr. Gonzalez.

__________

All financial figures discussed in this announcement are audited and are prepared in accordance with Mexican Banking Accounting Principles unless stated otherwise. Figures for 2010 and 2011 are expressed in nominal pesos. Tables state figures in millions of pesos, unless otherwise noted. Independencia: refers to operations excluding the recent acquisitions of Finsol, AEF and AFI.

4Q11 CONSOLIDATED RESULTS

Audited results for 4Q11 include the effect of the consolidation of the following acquisitions: Apoyo Economico Familiar ("AEF"), one of the largest unsecured personal lending institutions in Mexico, on March 15, 2011, of Apoyo Financiero Inc. ("AFI"), a microfinance company primarily serving the unbanked Hispanic community in San Francisco, California, on February 28, 2011, and of Financiera Finsol, one of the largest group lending microfinance institutions in Mexico, and Instituto Finsol Brazil (collectively, "Finsol") on February 19, 2010.

Financial Margin after Provision for Loan Losses

Financial margin after provision for loan losses for 4Q11 increased 6.6% year-on-year to Ps.582.9 million. This is principally explained by the following:

Interest Income

Interest income for the quarter increased 26.8% year-on-year to Ps.1,203.3 million, principally as a result of the Ps.257.3 million, or 27.3%, increase in interest income on loans. The total loan portfolio increased 27.3% during the period, driven by a 15.5% growth in the number of clients and a 10.2% increase in the average balance per client. Significant growth in Finsol since its acquisition and the integration of AEF into the Company's balance sheet drove the increase in the number of clients. The higher average balance per client reflects Finsol's larger share of the total loan portfolio, and the considerably higher average balance per client at AEF.

The average balance per client increased from Ps.4,124 in 4Q10 to Ps.4,544 in 4Q11. The average lending rate(1) of the total loan portfolio increased to 67.0% in 4Q11 from 66.7% in 4Q10 and from 65.8% in 3Q11. The increase reflects the complete consolidation of AEF into the Company's results. Excluding AEF, the average lending rate was 66.0%.

Findep's total informal sector loans increased 30.9% year-on-year to Ps.3,770.7 million in 4Q11, representing 51.3% of the loan portfolio. Growth reflects the 26.4% increase in Finsol's group loans combined with the acquisition of AEF. Independencia's individual loans to the informal sector increased 8.0% year-on-year, driven by growth of 13.4% and 16.1% in the CrediPopular and CrediMama products, respectively. Growth was partially offset by a 33.8% decline in the CrediConstruye product. The share of non-Independencia loans to the informal sector increased from 21.8% of Findep's total loans in 4Q10 to 27.5% in 4Q11, reflecting the acquisitions of Finsol and AEF which have contributed to further diversify the Company's business.

The Company's total formal sector loans represented 48.7% of the total loan portfolio and increased by 23.6% to Ps.3,577.0 million in 4Q11, from Ps.2,893.2 million in 4Q10. Growth was mainly driven by the AEF and AFI acquisitions. The CrediInmediato loan product, a revolving line of credit that targets the formal sector, represented a lower share of Findep's total loan portfolio, accounting for 40.9% of total loans in 4Q11 from 50.1% in 4Q10 and 42.6% in 3Q11. The number of CrediInmediato clients in 4Q11 declined 0.2% year-on-year, while the total loan portfolio of this product increased 4.0% to Ps.3,007.5 million. However, on a sequential basis the number of CrediInmediato clients increased 0.6% and the loan portfolio grew 0.6%. CrediInmediato's average balance per contract was Ps.4,176 in 4Q11, up 4.2% year-on-year.

Finsol's total loans reached Ps.1,592.9 million in 4Q11, a 12.1% increase from the Ps.1,420.3 million reported in 3Q11 and a 26.4% increase from 4Q10. During 4Q11, a total of Ps.1,223.9 million loans were originated at Finsol Mexico and Ps.379.1 million at Finsol Brazil, representing a 11.7% and 2.9% sequential increase, respectively. Group loans represented 21.7% of the total loan portfolio, up from the 20.2% reported in 3Q11 and practically unchanged from the 21.8% posted in 4Q10.

Apoyo Economico Familiar total loan portfolio was Ps.943.0 million in 4Q11, a 3.0% sequential increase and a 20.0% increase from the Ps.785.6 million in 3Q10, date in which the acquisition was announced. Apoyo Financiero Inc.'s total loan portfolio was Ps.53.9 million in 4Q11, a 69.5% increase from the Ps.31.8 million at the date of the acquisition and represented 0.7% of the total consolidated portfolio.

Table 1: Financial Margin*
		4Q11	3Q11	4Q10	QoQ %	YoY %	12M11	12M10	%
Interest Income		1,203.3	1,132.3	948.9	6.3%	26.8%	4,378.1	3,595.7	21.8%
	Interest on Loans	1,199.1	1,129.5	941.8	6.2%	27.3%	4,357.8	3,539.8	23.1%
	Interest from Investment in Securities	4.1	2.8	7.1	45.7%	-41.8%	20.3	55.8	-63.7%
Interest Expense		192.6	191.1	159.0	0.8%	21.1%	734.9	504.6	45.7%
Financial Margin		1,010.6	941.3	789.8	7.4%	28.0%	3,643.2	3,091.1	17.9%
Provision for Loan Losses		427.7	399.3	243.1	7.1%	75.9%	1,368.0	971.5	40.8%
Financial Margin After Provision for Loan Losses		582.9	542.0	546.7	7.6%	6.6%	2,275.2	2,119.6	7.3%

* Figures in millions of Mexican Pesos

Table 2: Loan Portfolio, Number of Clients & Average Balance
	4Q11	3Q11	4Q10	QoQ %	YoY %
Loan Portfolio (million Ps.)	7,347.7	7,024.5	5,773.0	4.6%	27.3%
Number of Clients	1,617,170	1,559,466	1,399,978	3.7%	15.5%
Average Balance (Ps.)	4,543.5	4,504.4	4,123.7	0.9%	10.2%

Table 3: Number of Clients by Product Type
	4Q11	% of Total	3Q11	% of Total	4Q10	% of Total	QoQ % Change	YoY % Change
Formal Sector Loans	720,244	44.5%	716,071	45.9%	721,628	51.5%	0.6%	-0.2%
- CrediInmediato*	720,244	44.5%	716,071	45.9%	721,628	51.5%	0.6%	-0.2%
Informal Sector Loans	470,865	29.1%	446,517	28.6%	436,148	31.2%	5.5%	8.0%
- CrediPopular	383,493	23.7%	356,442	22.9%	334,893	23.9%	7.6%	14.5%
- CrediMama	55,459	3.4%	53,747	3.4%	49,617	3.5%	3.2%	11.8%
- CrediConstruye	31,913	2.0%	36,328	2.3%	51,638	3.7%	-12.2%	-38.2%
Finsol Loans	298,993	18.5%	272,613	17.5%	242,202	17.3%	9.7%	23.4%
- Finsol Mexico	243,140	15.0%	218,837	14.0%	201,285	14.4%	11.1%	20.8%
- Finsol Brasil	55,853	3.5%	53,776	3.4%	40,917	2.9%	3.9%	36.5%
Apoyo Economico Familiar Loans	125,685	7.8%	123,039	7.9%	0	0.0%	2.2%	n/a
Apoyo Financiero Inc Loans	1,383	0.1%	1,226	0.1%	0	0.0%	12.8%	n/a
Total Number of Loans	1,617,170	100.0%	1,559,466	100.0%	1,399,978	100.0%	3.7%	15.5%

*Includes 1,744 clients of payroll lending product

Table 4: Total Loan Portfolio by Product Type*
	4Q11	% of Total	3Q11	% of Total	4Q10	% of Total	QoQ % Change	YoY % Change
Formal Sector Loan Portfolio	3,007.5	40.9%	2,989.8	42.6%	2,893.2	50.1%	0.6%	4.0%
- CrediInmediato**	3,007.5	40.9%	2,989.8	42.6%	2,893.2	50.1%	0.6%	4.0%
Informal Sector Loan Portfolio	1,750.3	23.8%	1,652.5	23.5%	1,620.1	28.1%	5.9%	8.0%
- CrediPopular	1,454.2	19.8%	1,341.9	19.1%	1,282.6	22.2%	8.4%	13.4%
- CrediMama	169.1	2.3%	165.8	2.4%	145.7	2.5%	2.0%	16.1%
- CrediConstruye	126.9	1.7%	144.8	2.1%	191.8	3.3%	-12.3%	-33.8%
Finsol Loan Portfolio	1,592.9	21.7%	1,420.3	20.2%	1,259.7	21.8%	12.1%	26.4%
- Finsol Mexico	1,049.1	14.3%	912.1	13.0%	860.0	14.9%	15.0%	22.0%
- Finsol Brasil	543.7	7.4%	508.3	7.2%	399.7	6.9%	7.0%	36.0%
Apoyo Economico Familiar Loans	943.0	12.8%	915.4	13.0%	0.0	0.0%	3.0%	n/a
Apoyo Financiero Inc Loans	53.9	0.7%	46.5	0.7%	0.0	0.0%	16.0%	n/a
Total Loan Portfolio	7,347.7	100.0%	7,024.5	100.0%	5,773.0	100.0%	4.6%	27.3%

* Figures in millions of Mexican Pesos.
**Includes Ps.20.7 million of payroll lending product.

Table 5: Total Loan Portfolio by Segment*
	4Q11	% of Total	3Q11	% of Total	4Q10	% of Total	QoQ % Change	YoY % Change
Formal Sector Loan Portfolio	3,577.0	48.7%	3,543.9	50.5%	2,893.2	50.1%	0.9%	23.6%
- Independencia (CrediInmediato)	3,007.5	40.9%	2,989.8	42.6%	2,893.2	50.1%	0.6%	4.0%
- AEF Formal	515.5	7.0%	507.6	7.2%	0.0	0.0%	1.6%	n/a
- AFI	53.9	0.7%	46.5	0.7%	0.0	0.0%	16.0%	n/a
Informal Sector Loan Portfolio	3,770.7	51.3%	3,480.6	49.5%	2,879.9	49.9%	8.3%	30.9%
- Independencia	1,750.3	23.8%	1,652.5	23.5%	1,620.1	28.1%	5.9%	8.0%
- Finsol Mexico	1,049.1	14.3%	912.1	13.0%	860.0	14.9%	15.0%	22.0%
- Finsol Brasil	543.7	7.4%	508.3	7.2%	399.7	6.9%	7.0%	36.0%
- AEF Informal	427.5	5.8%	407.8	5.8%	0.0	0.0%	4.8%	n/a
Total Loan Portfolio	7,347.7	100.0%	7,024.5	100.0%	5,773.0	100.0%	4.6%	27.3%

* Figures in millions of Mexican Pesos.

Interest Expense

Interest expense during 4Q11 increased by Ps.33.6 million, or 21.1%, year-on-year, to Ps.192.6 million. The increase was principally the result of a 30.8% increase in the daily average balance of interest bearing liabilities from Ps.5,248.9 million in 4Q10 to Ps.6,865.1 million in 4Q11. The higher balance of interest bearing liabilities reflects the 27.3% growth of the loan portfolio and additional debt incurred to finance the Ps.1,180 million AEF and AFI acquisitions. However, this was partially offset by a decrease in the average interest rate paid(2) to 10.98% in 4Q11 from the 11.65% in 4Q10. The average TIIE stood relatively stable at 4.8% in 4Q11 compared with 4.9% in 4Q10.

Provision for Loan Losses

Provisions for loan losses increased year-on-year by 75.9%, or Ps.184.6 million, to Ps.427.7 million in 4Q11, reflecting the increase in default probabilities in Independencia's loan portfolio and higher write offs during the period. Excluding AEF and AFI, provisions for loan losses rose year-on-year by 61.8% or Ps.150.2 million. Write-offs in 4Q11 increased 53.5%, or by Ps.142.4 million, to Ps.408.7 million from Ps.266.3 million in 4Q10. Excluding AEF and AFI, write-offs rose by 40.7% to Ps.374.7 million. Total non-performing loans reached Ps.694.1 million, up 21.7% from Ps.570.2 million on 4Q10, but decreased from Ps.703.5 million in 3Q11. AEF reported Ps.11.8 million in non-performing loans, representing an NPL ratio of 1.2%.

Market Related Income

During 4Q11, the Company reported a Ps.10.0 million gain, principally as a result of foreign exchange operations between Financiera Independencia, Finsol Brazil and Apoyo Financiero Incorporated. As explained in previous reports, since 3Q10 the mark-to-market impact of the cross currency swap to hedge the US dollar bond issuance has been reported in the Stockholders Equity line of the Balance Sheet.

Net Operating Revenue

The new Accounting Standards for Credit Institutions published in the Official Gazette of the Federation (DOF) applicable for Fiscal Year 2011, establish changes in the presentation of the Income Statement. Financiera Independencia has adopted these changes starting 4Q11. As a result, the line item "Other Income (expenses), which previously was presented below the Net Operating Income, is now included within "Other Operating Income (Expenses)". The most relevant items under "Other Operating Income (Expenses)" now include: recovery and sale of written-off loans, income from the sale of micro-insurance, fees from receiving payment of third-party services at branches, fees from commercial correspondents and sale of fixed assets, among others. For comparison purposes, figures for fiscal years 2011 and 2010 were reclassified under this new accounting criterion.

Net operating revenue increased year-on-year by Ps.84.9 million, or 10.9%, to Ps.864.6 million in 4Q11 due to the reasons stated above as well as an increase in other operating income (expense) and an increase in non-interest income. Other operating income increased to Ps.66.1 million in 4Q11 from Ps.36.4 million in 4Q10. The increase was mainly driven by a Ps.27.8 million extraordinary income at Finsol Mexico as a result of the cancellation of an excess tax provision for fiscal years 2007 and 2008 recorded prior to being acquired by Findep. Non-interest income increased to Ps.223.6 million in 4Q11 from Ps.204.7 million in 4Q10. The increase is the result of a reclassification of collection fees from 2Q11 and 3Q11 at Apoyo Economico Familiar for a total of Ps.20.4 million that were previously included in the interest income on loans line item. Excluding this reclassification Non-interest income for the quarter would have been Ps.203.2 million, or a 0.7% decrease vs. the year-ago period. On a sequential comparison, net operating revenue increased 8.6% from Ps.796.4 million in 3Q11.

Net Operating Income

Net operating income for 4Q11 decreased year-on-year by Ps.50.3 million, or 53.7%, to Ps.43.4 million. On a sequential comparison, net operating income decreased 10.7% from Ps.48.6 million in 3Q11.

Non-interest expense increased by Ps.135.2 million year-on-year, or 19.7%, below the 27.3% growth in total loans achieved during the period. The consolidation of AEF into the Company's results and expenses related to Finsol's operation and expansion plan were the main drivers behind the increase. Excluding AEF and AFI, non-interest expense decreased year-on-year by Ps.12.4 million, or 1.8%, to Ps.673.6 million, reflecting efficiencies from cost reduction initiatives implemented in 4Q10. On a sequential basis, non-interest expense increased by Ps.73.4 million, or 9.8%.

During the last twelve months, the Company added a total of 138 branches to its network, 18 of which were added during the quarter and 97 resulted from the acquisition of AEF and AFI. Out of the 18 additional branches, eight were opened by Finsol Mexico, eight by AEF and two more by Financiera Independencia bringing the total network to 509 units.

Table 6: Net Operating Income*				Change
	4Q11	3Q11	4Q10	QoQ %	YoY %	12M11	12M10	% Change
Financial Margin	1,010.6	941.3	789.8	7.4%	28.0%	3,643.2	3,091.1	17.9%
Provision for Loan Losses	427.7	399.3	243.1	7.1%	75.9%	1,368.0	971.5	40.8%
Financial Margin After Provision for Loan Losses	582.9	542.0	546.7	7.6%	6.6%	2,275.2	2,119.6	7.3%
Non-Interest Income, net	205.5	172.5	192.4	19.1%	6.8%	762.8	728.9	4.7%
- Commissions and Fees Collected	223.6	188.4	204.7	18.7%	9.2%	823.9	775.8	6.2%
- Commissions and Fees Paid	18.1	15.8	12.3	14.2%	46.7%	61.1	46.8	30.4%
Market Related Income	10.0	29.0	4.2	-65.6%	135.8%	24.1	95.5	-74.7%
Other Operating Income (expense)	66.1	52.9	36.4	25.0%	81.9%	168.9	132.0	28.0%
Net Operating Revenue	864.6	796.4	779.7	8.6%	10.9%	3,231.1	3,076.0	5.0%
Non-Interest Expense	821.2	747.8	686.0	9.8%	19.7%	2,926.2	2,506.5	16.7%
- Other Administrative & Operational Expenses	313.7	265.4	227.1	18.2%	38.2%	1,037.0	798.3	29.9%
- Salaries & Employee Benefits	507.5	482.5	458.9	5.2%	10.6%	1,889.3	1,708.2	10.6%
Net Operating Income	43.4	48.6	93.7	-10.7%	-53.7%	304.9	569.5	-46.5%

Operational Data
Number of Offices	509	491	371	3.7%	37.2%	509	371	37.2%
- Financiera Independencia	204	202	207	1.0%	-1.4%	204	207	-1.4%
- Finsol	191	183	164	4.4%	16.5%	191	164	16.5%
- Apoyo Economico Familiar	112	104	0	7.7%	n/a	112	0	n/a
- Apoyo Financiero Inc	2	2	0	0.0%	n/a	2	0	n/a
Total Labor Force	11,947	11,354	9,763	5.2%	22.4%	11,947	9,763	22.4%
- Financiera Independencia	8,252	7,853	8,266	5.1%	-0.2%	8,252	8,266	-0.2%
- Finsol	2,052	1,917	1,497	7.0%	37.1%	2,052	1,497	37.1%
- Apoyo Economico Familiar	1,631	1,575	0	3.6%	n/a	1,631	0	n/a
- Apoyo Financiero Inc	12	9	0	33.3%	n/a	12	0	n/a

* Financial data in millions of Mexican Pesos.

Net Income

As a result of the factors discussed above, and after income tax, net income for 4Q11 increased 7.7% on a sequential basis and decreased 62.3% year-on-year to Ps.20.2 million.

Earnings per share (EPS) for the quarter were Ps.0.0281 compared with Ps.0.0746 for the same period last year.

Apoyo Economico Familiar Contribution

During 4Q11 AEF generated financial margin after provisions of Ps.118.3 million, or 20.3% of consolidated results, and net operating revenue of Ps.178.2 million, or 20.6% of consolidated results. Additionally, AEF contributed with Ps.142.0 million of non-interest expense, or 17.3% of consolidated results.

Apoyo Financiero Inc. Contribution

During 4Q11 AFI generated financial margin after provisions of Ps.4.1 million, or 0.7% of consolidated results, and net operating revenue of Ps.5.3 million. Additionally, AFI contributed with Ps.5.6 million of non-Interest expense, or 0.7% of consolidated results.

FINANCIAL POSITION

Total Loan Portfolio

The total loan portfolio rose year-on-year by 27.3% to Ps.7,347.7 million, reflecting a 15.5% increase in the number of clients during the period, and a 10.2% increase in the average outstanding balance. At the end of the quarter, Findep had a total of 1,617,170 clients. Of these, 298,993 were Finsol clients, 125,685 AEF clients and 1,383 AFI clients.

As of December 31, 2011, the total loan portfolio represented 66.6% of Findep's total assets, compared with 66.5% as of December 31, 2010. Cash and Investments represented 5.8% of total assets for 4Q11 compared with 9.9% in 4Q10.

Non-Performing Loan Portfolio

Total non-performing loans reached Ps.694.1 million, down 1.3% on a sequential basis from Ps.703.5 million and up 21.7% year-over-year. The NPL ratio declined to 9.4% in 4Q11 from 9.9% in 4Q10 and from 10.0% in 3Q11. Excluding Finsol, AEF, and AFI, total non-performing loans reached Ps.602.6 million, up 11.3% year-on-year.

The NPL ratio for the CrediInmediato product in 4Q11 fell to 12.2%, from 13.0% in 3Q11. The NPL ratio for Independencia's individual informal segment was 13.5% in 4Q11, from 14.3% in 3Q11 and 11.3% in 4Q10. The NPL ratio in 4Q11 for the group lending segment (Finsol) was 4.9% in Mexico and 4.7% in Brazil, compared to 2.7% and 1.4% respectively, in 4Q10. The year-on-year increase in Finsol Mexico's NPLs is mainly the result of a higher exposure in the loan portfolio to clients within their first three loan cycles which historically experience higher NPL rates than those with a history of more than three cycles. A more challenging competitive environment has also impacted collections performance.

For the quarter, AEF's NPL ratio stood at 1.2% compared to 1.3% in 3Q11.

The coverage ratio for 4Q11 was 76.4%, compared with 72.7% in 3Q11 and 65.8% in 4Q10. The increase in the coverage ratio reflects the increase in default probabilities of the loan portfolio and AEF's high coverage ratio.

Liabilities

As of December 31, 2011 total liabilities were Ps.7,973.3 million, a 39.1% increase from Ps.5,732.6 million reported on December 31, 2010. The year-on-year increase was the result of the AEF acquisition, as well as higher working capital needs. On a sequential comparison, total liabilities increased 7.2% from Ps.7,438.5 million in September 30, 2011.

During the quarter, the Company reached an agreement with HSBC Bank Brasil to modify the terms and conditions of Finsol's Brasil existing line of credit. As December 2011, the line of credit increased from Rs.45 million to Rs.90 million. The terms include a floating interest rate based on the SELIC plus 390 basis points and the line matures on December 2012.

At the end of 4Q11, Findep's debt consisted of Ps.2,614.0 million (US$200 million) of senior guaranteed notes due March 2015, Ps.1,500.0 million in medium-term notes "Certificados Bursatiles" due May 2014, as well as Ps.3,363.5 million of bank and other entities loans. The Company's total lines of credit amounted to Ps.5,393 million at the end of 4Q11, of which Ps.1,594 million or 29.6% are available. This includes the lines of credit at Finsol and AEF.

Of the total lines of credit, Ps. 50 million in May 2012, Ps.2,003 million mature in December 2012, Ps.70 million in October 2013, Ps.1,500 million in December 2013, Ps.70 million in July 2014 and the remaining Ps.1,700 million have an evergreen feature. These amounts include the available lines of credit at Finsol and AEF.

On August 30 2011, the Company entered into a step-up interest rate swap from a floating to a fixed rate for a notional amount of Ps.1,500.0 million to hedge the medium-term notes "Certificados Bursatiles" for a three-year period starting on September 7, 2011. The interest rate is 6.95% for the first twelve months and 7.80% until maturity.

Stockholders' Equity

As of December 31, 2011 stockholder's equity was Ps.3,052.9 million, a 3.6% increase from Ps.2,946.6 million in the same year-ago period. This increase principally reflects net income generated during the current period partially offset by the Ps.150.3 million dividend paid for 2010.

As a result of the revaluation of foreign currency denominated debt and the underlying derivatives position to hedge for foreign exchange risk, in 4Q11 the Company posted a Ps.15.5 million impact recorded as Financial Instruments - Derivatives. This impact will be naturally eliminated as the contract progresses and expires and the breakdown of it is as follows: a Ps.143.0 million gain from marking-to-market the Cross Currency Swap, a Ps.175.5 million loss from the revalorization of the bond, and Ps.6.6 million in deferred taxes. In this same line-item, the Company recorded a Ps.10.5 million gain from the mark-to-market of the interest rate swap of the Certificados Bursatiles outstanding.

PROFITABILITY AND EFFICIENCY RATIOS

ROAE/ROAA

ROAE for 4Q11 was 2.6% compared with 7.2% in 4Q10 and 2.7% in 3Q11. These figures reflect the Ps.850 million capital increase in 1Q10.

ROAA for 4Q11 was 0.7% compared with 2.5% in 4Q10 and in line with the 0.8% posted in 3Q11.

Efficiency Ratio & Operating Efficiency

From 4Q10 to 4Q11 Independencia increased the size of its loan portfolio by 27.3% and the number of clients by 15.5%. During the quarter, the Company added a total of 18 offices and increased its total labor force by 5.2% to 11,947 people.

During 4Q11 the Company's efficiency ratio was 95.0%, compared with 88.0% in 4Q10 and 93.9% in 3Q11. The year-on-year increase is principally the result of the 75.9% rise in provisions for loan losses during the period. Excluding provisions for loan losses, the efficiency ratio in 4Q11 was 63.5% compared to 67.1% in 4Q10. Operating efficiency was 30.6% in 4Q11, down 1.2 pps year-on-year and up 2.0 pps quarter-on-quarter.

DISTRIBUTION NETWORK

At the end of the quarter, Independencia operated 509 offices in Mexico, Brazil, and the US, 18 of which were added during the quarter. This includes 484 offices in Mexico of which 204 operated under the Financiera Independencia brand name, 168 offices under the Finsol brand name, and 112 offices under the Apoyo Economico Familiar brand name. The Company also operated 23 branches in Brazil under the Finsol Brazil brand name, and two branches in San Francisco, CA under the Apoyo Financiero Inc. brand name.

The Company's total loan portfolio is well diversified and no federal entity represents more than 10.0% of the total loan portfolio. The three federal entities with the highest loan portfolio concentration are Veracruz, Tamaulipas and Estado de Mexico, with a 9.8%, 8.0%, and 8.0% share of the total portfolio, respectively.

4Q11 EARNINGS CONFERENCE CALL

Day:	Friday, February 24, 2012

Time:	11:00 AM US ET; 10:00 AM Mexico City time

Dial-in number:	866-393-9621 (US & Canada)
	706-758-4196 (International & Mexico)

Access Code:	47055771

Web cast:	A live web cast of the conference call and replay will be available at www.findep.mx

Replay:	Starting at 2:00 pm EST on February 24 and ending at 11:59 pm ET on March 3, 2012. The replay is accessible by dialing (855) 859-2056 (U.S./Canada) or 404-537-3406 (international) and entering pass code 47055771.

About Financiera Independencia:

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a Mexican microfinance lender of personal loans to individuals and working capital loans through group lending microfinance. Independencia provides microcredit loans on an unsecured basis to individuals in the low-income segments in Mexico in urban and rural areas of both the formal and informal economy. As of December 31, 2011, Independencia had a total outstanding loan balance of Ps.7,347.7 million, operated 509 offices in Mexico, Brazil, and the US and had a total labor force of 11,947 people. The Company listed on the Mexican Stock Exchange on November 1, 2007, where it trades under the symbol "FINDEP". On November 30, 2009 Independencia launched a sponsored Level I American Depositary Receipt (ADR) program in the United States. Each ADR represents 15 shares of Independencia common stock and trades over-the-counter (OTC). More information can be found at www.findep.mx.

Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in Financiera Independencia's filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

________________________

(1) Average lending rate: interest income / average balance of the total loan portfolio.

(2) average interest rate paid = interest expense / daily average balance of interest bearing liabilities for the period.

# # # TABLES TO FOLLOW # # #

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.

Consolidated Income Statement

For the Three and Twelve-Months Periods Ended December 31, 2011 and 2010

(Millions of Mexican Pesos)

4Q11 vs 4Q10

4Q11

3Q11

2Q11

1Q11

4Q10

Absolute

12M11

12M10

Absolute

Interest Income

1,203.3

1,132.3

1,092.7

949.8

948.9

254.4

26.8%

4,378.1

3,595.7

782.5

21.8%

Interest Expense

192.6

191.1

188.7

162.5

159.0

33.6

21.1%

734.9

504.6

230.4

45.7%

Financial Margin

1,010.6

941.3

904.0

787.3

789.8

220.8

28.0%

3,643.2

3,091.1

552.1

17.9%

Provision for Loan Losses

427.7

399.3

307.8

233.2

243.1

184.6

75.9%

1,368.0

971.5

396.5

40.8%

Financial Margin After Provision for Loan Losses

582.9

542.0

596.2

554.0

546.7

36.2

6.6%

2,275.2

2,119.6

155.6

7.3%

Commissions and Fees Collected

223.6

188.4

208.5

203.4

204.7

18.9

9.2%

823.9

775.8

48.1

6.2%

Commissions and Fees Paid

18.1

15.8

14.7

12.5

12.3

5.8

46.7%

61.1

46.8

14.2

30.4%

Market Related Income

10.0

29.0

0.1

(14.9)

4.2

5.7

135.8%

24.1

95.5

(71.3)

(74.7%)

Other Operating Income (expense)

66.1

52.9

33.3

16.6

36.4

29.8

81.9%

168.9

132.0

37.0

28.0%

Net Operating Revenue

864.6

796.4

823.5

746.7

779.7

84.9

10.9%

3,231.1

3,076.0

155.1

5.0%

Non-Interest Expense

821.2

747.8

732.6

624.7

686.0

135.2

19.7%

2,926.2

2,506.5

419.8

16.7%

Net Operating Income

43.4

48.6

90.9

122.0

93.7

(50.3)

(53.7%)

304.9

569.5

(264.6)

(46.5%)

Income Tax and Employees' Statutory Profit Sharing

Current

41.2

6.9

65.8

83.0

19.9

21.3

106.7%

196.8

101.6

95.2

93.7%

Deferred

(17.9)

21.3

(31.7)

(50.9)

20.3

(38.2)

(187.8%)

(79.1)

16.2

(95.3)

(587.4%)

Total Income Before Minority Interest

20.0

20.4

56.8

89.9

53.4

(33.4)

(62.5%)

187.1

451.7

(264.5)

(58.6%)

Minority Interest

0.1

(1.7)

0.1

0.1

n/a

(1.3)

(1.3)

n/a

Net Income

20.2

18.7

57.0

90.0

53.4

(33.2)

(62.3%)

185.8

451.7

(265.8)

(58.9%)

Weighted Average Number of Shares

715.9

715.9

715.9

0.0%

715.9

0.0%

EPS

0.0281

0.0261

0.0796

0.1258

0.0746

(0.0464)

(62.3%)

0.2596

0.6309

(0.3713)

(58.9%)

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.

Consolidated Balance Sheet

As of December 31, 2011 and 2010

(Millions of Mexican Pesos)

4Q11 vs 4Q10

4Q11

3Q11

2Q11

1Q11

4Q10

Absolute

ASSETS

Cash

202.1

203.1

133.3

172.6

153.7

48.4

31.5%

Investments in Securities

439.1

177.1

522.5

297.3

702.0

(262.8)

(37.4%)

Cash and Cash Equivalents

641.2

380.2

655.9

469.9

855.7

(214.4)

(25.1%)

Performing Loans

6,653.6

6,321.1

6,080.0

6,025.8

5,202.8

1,450.8

27.9%

Non-Performing Loans

694.1

703.5

662.9

535.9

570.2

123.9

21.7%

Total Loan Portfolio

7,347.7

7,024.5

6,742.9

6,561.7

5,773.0

1,574.6

27.3%

Allowances for Loan Losses

(530.5)

(511.7)

(461.4)

(404.8)

(375.5)

(155.0)

41.3%

Total Loan Portfolio - Net

6,817.2

6,512.9

6,281.5

6,156.9

5,397.6

1,419.6

26.3%

Other Accounts Receivable - Net

344.0

387.8

397.7

205.7

410.6

(66.6)

(16.2%)

Property, Plant & Equipment - Net

437.8

430.7

451.7

461.4

403.3

34.5

8.6%

Deferred Income Tax

814.7

800.3

851.5

833.6

708.4

106.3

15.0%

Derivative Financial Instruments

153.4

134.6

153.4

n/a

Other Assets

1,817.9

1,823.1

1,853.8

1,845.9

903.7

914.2

101.2%

Total Assets

11,026.2

10,469.6

10,492.0

9,973.5

8,679.2

2,347.0

27.0%

LIABILITIES

Commercial Paper

1,500.9

1,506.7

1,504.7

784.0

787.1

713.8

90.7%

Bank and Other Entities Loans

5,976.6

5,494.1

5,155.6

5,683.5

4,342.5

1,634.1

37.6%

Derivative Financial Instruments

396.1

315.5

232.4

(232.4)

(100.0%)

Other Accounts Payable

495.8

437.7

453.9

196.3

370.7

125.1

33.7%

Total Liabilities

7,973.3

7,438.5

7,510.3

6,979.3

5,732.6

2,240.6

39.1%

STOCKHOLDERS' EQUITY

Capital Stock

157.2

157.2

157.2

0.0%

Additional Paid-In Capital

1,579.2

1,579.2

1,577.4

1,550.8

28.4

1.8%

Capital Reserves

14.3

14.3

14.3

0.0

0.1%

Retained Earnings

1,121.1

1,125.4

1,163.6

1,205.2

837.3

283.8

33.9%

Net Income for the Year

185.8

165.7

147.0

90.0

451.7

(265.8)

(58.9%)

Financial Instruments - Derivatives

(15.5)

(21.4)

(88.7)

(59.2)

(64.7)

49.2

(76.1%)

Minority Interest

10.7

10.9

9.2

9.3

10.7

n/a

Total Stockholders' Equity

3,052.9

3,031.2

2,981.7

2,994.2

2,946.6

106.3

3.6%

Total Liabilities and Stockholders' Equity

11,026.2

10,469.6

10,492.0

9,973.5

8,679.2

2,347.0

27.0%

Finsol Mexico Income Statement For the Three and Twelve-Months Periods Ended December 31, 2011 and 2010 (Millions of Mexican Pesos)



						4Q11 vs 4Q10
	4Q11	3Q11	2Q11	1Q11	4Q10	Absolute	%	12M11

Interest Income	185.9	171.6	173.8	178.4	163.1	22.8	14.0%	709.8
Interest Expense	17.7	16.3	17.3	29.7	31.9	(14.2)	(44.5%)	80.9

Financial Margin	168.2	155.4	156.5	148.8	131.3	37.0	28.2%	628.9

Provision for Loan Losses	34.2	33.1	34.5	40.1	34.3	(0.1)	(0.3%)	142.0

Financial Margin After Provision for Loan Losses	134.0	122.3	122.0	108.6	96.9	37.1	38.3%	486.9

Commissions and Fees Collected	0.0	0.0	0.0	(0.0)	0.0	(0.0)	(86.0%)	0.0
Commissions and Fees Paid	5.3	4.0	4.2	3.6	4.1	1.2	29.6%	17.1
Market Related Income	(0.0)	0.0	(0.0)	0.5	(0.4)	0.4	(94.6%)	0.5
Other Operating Income (expense)	30.1	17.0	2.0	2.3	4.6	25.5	5.5	51.5

Net Operating Revenue	158.8	135.3	119.8	107.9	97.1	61.7	63.6%	521.7

Non-Interest Expense	111.6	104.8	98.5	95.7	90.5	21.1	23.3%	410.6

Net Operating Income	47.2	30.4	21.3	12.2	6.6	40.6	619.8%	111.1

Income Tax and Employees' Statutory Profit Sharing
Current	2.8	4.5	-	-	10.8	(8.1)	(0.7)	7.3
Deferred	11.0	8.0	8.0	0.9	(5.3)	16.3	(310.0%)	28.0

Total Income Before Minority Interest	33.4	17.9	13.2	11.3	1.0	32.4	3256.4%	75.8

Net Income	33.4	17.9	13.2	11.3	1.0	32.4	3256.4%	75.8


Finsol Mexico Balance Sheet As of December 31, 2011 and 2010 (Millions of Mexican Pesos)



						4Q11 vs 4Q10
	4Q11	3Q11	2Q11	1Q11	4Q10	Absolute	%

ASSETS

Cash and Cash Equivalents	103.2	131.0	345.4	113.3	193.1	(89.9)	(46.6%)

Performing Loans	997.5	868.5	822.7	839.6	837.0	160.4	19.2%
Non-Performing Loans	51.7	43.6	41.3	37.3	23.0	28.7	124.7%

Total Loan Portfolio	1,049.1	912.1	864.0	876.9	860.0	189.1	22.0%

Allowances for Loan Losses	(51.7)	(60.4)	(67.5)	(69.3)	(52.3)	0.6	(1.2%)

Total Loan Portfolio - Net	997.5	851.6	796.5	807.6	807.8	189.7	23.5%

Assets, Accounts Receivable & Other Assets	245.9	254.3	285.0	642.2	884.6	(638.7)	(72.2%)

Total Assets	1,346.5	1,237.0	1,426.9	1,563.1	1,885.5	(538.9)	(28.6%)

LIABILITIES

Bank and Other Entities Loans	840.1	722.1	851.1	732.4	370.2	469.9	126.9%
Other Accounts Payable	155.0	196.8	275.6	543.0	1,238.9	(1,083.9)	(87.5%)

Total Liabilities	995.1	918.9	1,126.7	1,275.4	1,609.1	(614.0)	(38.2%)

Total Stockholders' Equity	351.4	318.0	300.2	287.7	276.4	75.0	27.2%

Total Liabilities and Stockholders' Equity	1,346.5	1,237.0	1,426.9	1,563.1	1,885.5	(538.9)	(28.6%)

Finsol Brasil Income Statement For the Three and Twelve-Months Periods Ended December 31, 2011 and 2010 (Millions of Mexican Pesos)



						4Q11 vs 4Q10
	4Q11	3Q11	2Q11	1Q11	4Q10	Absolute	%	12M11

Interest Income	85.0	71.6	53.2	55.1	51.5	33.6	65.2%	265.0
Interest Expense	23.7	24.3	18.4	17.9	10.7	13.0	121.4%	84.2

Financial Margin	61.3	47.3	34.9	37.2	40.8	20.6	50.5%	180.7

Provision for Loan Losses	9.1	9.3	6.3	3.9	1.3	7.8	584.9%	28.5

Financial Margin After Provision for Loan Losses	52.2	38.0	28.6	33.3	39.4	12.8	32.5%	152.2

Commissions and Fees Paid	1.5	1.0	0.8	0.8	0.8	0.7	86.1%	4.1
Market Related Income	4.8	(35.8)	1.2	(10.8)	0.9	3.9	450.7%	(40.7)
Other Operating Income (expense)	(0.4)	0.1	0.1	0.3	0.4	(0.8)	(2.1)	0.1

Net Operating Revenue	55.1	1.4	29.1	22.0	39.9	15.2	38.1%	107.5

Non-Interest Expense	67.7	45.0	40.7	37.1	33.1	34.6	104.4%	190.6

Net Operating Income	(12.7)	(43.6)	(11.7)	(15.1)	6.7	(19.4)	(287.7%)	(83.1)

Total Income Before Income Tax and Employees' Statutory Profit Sharing	(12.7)	(43.6)	(11.7)	(15.1)	6.7	(19.4)	(287.7%)	(83.1)

Net Income	(12.7)	(43.6)	(11.7)	(15.1)	6.7	(19.4)	(287.7%)	(83.1)


Finsol Brasil Balance Sheet As of December 31, 2011 and 2010 (Millions of Mexican Pesos)



						4Q11 vs 4Q10
	4Q11	3Q11	2Q11	1Q11	4Q10	Absolute	%

ASSETS

Cash and Cash Equivalents	40.6	30.5	45.8	113.7	32.0	8.7	27.1%

Performing Loans	517.9	488.0	444.0	395.4	394.1	123.9	31.4%
Non-Performing Loans	25.8	20.3	13.2	7.7	5.6	20.2	358.2%

Total Loan Portfolio	543.7	508.3	457.2	403.1	399.7	144.0	36.0%

Allowances for Loan Losses	(25.8)	(20.3)	(13.2)	(7.7)	(5.6)	(20.2)	358.2%

Total Loan Portfolio - Net	517.9	488.0	444.0	395.4	394.1	123.9	31.4%

Assets, Accounts Receivable & Other Assets	8.4	36.2	17.1	16.3	11.2	(2.7)	(24.4%)

Total Assets	567.0	554.8	506.9	525.4	437.2	129.8	29.7%

LIABILITIES

Bank and Other Entities Loans	629.3	375.0	363.0	339.3	-	629.3	n/a
Other Accounts Payable	161.5	390.9	311.4	341.9	575.1	(413.5)	(71.9%)

Total Liabilities	790.8	765.9	674.4	681.2	575.1	215.8	37.5%

Total Stockholders' Equity	(223.8)	(211.2)	(167.5)	(155.9)	(137.9)	(86.0)	62.4%

Total Liabilities and Stockholders' Equity	567.0	554.8	506.9	525.4	437.2	129.8	29.7%

Apoyo Economico Familiar

Income Statement

For the Twelve Months Periods Ended December 31, 2011

(Millions of Mexican Pesos)

4Q11 vs 3Q11

4Q11

3Q11

2Q11

From 3/15/11 to 3/31/11

From 1/1/11 to 3/14/11

Absolute

12M11

Interest Income

173.2

201.5

194.8

35.1

142.2

(28.2)

(14.0%)

746.8

Interest Expense

21.5

21.2

16.3

3.1

18.6

0.2

1.1%

80.6

Financial Margin

151.8

180.2

178.5

32.0

123.6

(28.5)

(15.8%)

666.2

Provision for Loan Losses

33.5

31.4

22.9

3.5

18.0

2.1

6.6%

109.3

Financial Margin After Provision for Loan Losses

118.3

148.8

155.6

28.6

105.6

(30.5)

(20.5%)

556.9

Commissions and Fees Collected

42.3

15.6

14.3

4.3

23.3

26.7

171.3%

99.7

Commissions and Fees Paid

0.2

0.6

0.5

0.1

0.3

(0.4)

(65.0%)

1.8

Market Related Income

0.1

0.0

(0.1)

(0.0)

(0.1)

0.1

1512.9%

(0.1)

Other Operating Income (expense)

17.8

13.3

10.6

0.5

1.4

4.5

33.5%

43.6

Net Operating Revenue

178.2

177.1

180.0

33.2

129.9

1.1

0.6%

698.2

Non-Interest Expense

142.0

136.1

138.9

22.6

113.8

5.9

4.3%

553.5

Net Operating Income

36.2

41.0

41.1

10.5

16.0

(4.8)

(11.6%)

144.7

Income Tax and Employees' Statutory Profit Sharing

Current

13.7

15.7

14.9

5.3

4.5

(2.0)

(12.7%)

54.2

Deferred

(2.8)

(3.7)

(3.0)

(2.4)

0.2

0.9

(24.8%)

(11.6)

Total Income Before Minority Interest

25.2

28.9

29.1

7.6

11.3

(3.7)

(12.7%)

102.1

Net Income

25.2

28.9

29.1

7.6

11.3

(3.7)

(12.7%)

102.1


Apoyo Economico Familiar Balance Sheet As of December 31, 2011 (Millions of Mexican Pesos)



						4Q11 vs 3Q11
	4Q11	3Q11	2Q11	1Q11	as of Mar. 14, 2011	Absolute	%

ASSETS

Cash and Cash Equivalents	72.9	54.6	34.8	56.6	72.9	18.3	33.5%

Performing Loans	931.2	903.3	875.1	833.6	822.5	27.9	3.1%
Non-Performing Loans	11.8	12.1	9.9	8.7	8.5	(0.3)	(2.5%)

Total Loan Portfolio	943.0	915.4	885.0	842.3	831.0	27.6	3.0%

Allowances for Loan Losses	(38.1)	(38.1)	(34.6)	(34.6)	(34.6)	(0.0)	0.0%

Total Loan Portfolio - Net	904.9	877.3	850.4	807.7	796.4	27.6	3.2%

Assets, Accounts Receivable & Other Assets	165.3	163.4	176.4	187.3	189.0	1.9	1.2%

Total Assets	1,143.1	1,095.3	1,061.6	1,051.6	1,058.4	47.9	4.4%

LIABILITIES

Bank and Other Entities Loans	278.3	203.2	65.4	81.7	87.2	75.1	36.9%
Other Accounts Payable	558.1	610.6	743.6	747.2	755.9	(52.5)	(8.6%)

Total Liabilities	836.4	813.8	809.0	828.8	843.2	22.6	2.8%

Total Stockholders' Equity	306.8	281.5	252.6	222.8	215.2	25.2	9.0%

Total Liabilities and Stockholders' Equity	1,143.1	1,095.3	1,061.6	1,051.6	1,058.4	47.9	4.4%

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R. Key Ratios & Operating Data For the Three and Twelve-Months Periods Ended December 31, 2011 and 2010 (Millions of Mexican Pesos)




	4Q11	3Q11	4Q10	QoQ %	YoY %	12M11	12M10	%
Key Ratios
Profitability & Efficiency
NIM after Provisions Excl. Fees (1)	30.3%	29.3%	32.6%	1 pp	-2.3 pp	31.1%	35.5%	-4.4 pp
NIM after Provisions Incl. Fees (2)	44.9%	43.0%	46.5%	1.9 pp	-1.6 pp	44.2%	51.5%	-7.3 pp
Provisions / Financial Margin	42.3%	42.4%	30.8%	-0.1 pp	11.5 pp	37.5%	31.4%	6.1 pp
ROAA (3)	0.7%	0.8%	2.5%	0 pp	-1.7 pp	1.9%	6.2%	-4.3 pp
ROAE (4)	2.6%	2.7%	7.2%	-0.1 pp	-4.6 pp	6.2%	18.8%	-12.5 pp
Efficiency Ratio Incl. Provisions (5)	95.0%	93.9%	88.0%	1.1 pp	7 pp	90.6%	81.5%	9.1 pp
Efficiency Ratio Excl. Provisions (6)	63.5%	62.5%	67.1%	1 pp	-3.5 pp	63.6%	61.9%	1.7 pp
Operating Efficiency (7)	30.6%	28.5%	31.8%	2 pp	-1.2 pp	29.7%	34.3%	-4.6 pp
Fee Income (8)	23.8%	21.7%	24.7%	2.1 pp	-0.9 pp	23.6%	23.7%	-0.1 pp
Capitalization
Equity to Total Assets	27.7%	29.0%	34.0%	-1.3 pp	-6.3 pp	27.7%	34.0%	-6.3 pp
Credit Quality Ratios
NPL Ratio (9)	9.4%	10.0%	9.9%	-0.6 pp	-0.4 pp	9.4%	9.9%	-0.4 pp
Coverage Ratio (10)	76.4%	72.7%	65.8%	3.7 pp	10.6 pp	76.4%	65.8%	10.6 pp
Operating Data
Number of Clients	1,617,170	1,559,466	1,399,978	3.7%	15.5%	1,617,170	1,399,978	15.5%
- Formal Sector	720,244	716,071	721,628	0.6%	-0.2%	720,244	721,628	-0.2%
- Informal Sector	470,865	446,517	436,148	5.5%	8.0%	470,865	436,148	8.0%
- Finsol Mexico	243,140	218,837	201,285	11.1%	20.8%	243,140	201,285	20.8%
- Finsol Brasil	55,853	53,776	40,917	3.9%	36.5%	55,853	40,917	36.5%
- Apoyo Economico Familiar	125,685	123,039	0	2.2%	n/a	125,685	0	n/a
- Apoyo Financiero Inc	1,383	1,226	0	12.8%	n/a	1,383	0	n/a
Number of Offices	509	491	371	3.7%	37.2%	509	371	37.2%
Total Labor Force	11,947	11,354	9,763	5.2%	22.4%	11,947	9,763	22.4%
(1) Net Interest Margin after Provisions (excluding Fees): Net Interest Margin after Provision for Loan Losses / Average Interest-Earning Assets (2) Net Interest Margin after Provisions (including Fees): Net Interest Margin after Provision for Loan Losses + Fees Collected - Fees Paid / Average Interest-Earning Assets (3) ROAA: Net Income / Average Total Assets (4) ROAE: Net Income / Average Total Equity (5) Efficiency Ratio: Non-Interest Expense / Net Operating Revenues (6) Efficiency Ratio: Non-Interest Expense / Net Operating Revenues + Provision for Loan Losses (7) Operating Efficiency: Non-interest Expense / Average Assets (8) Commissions and Fees (Net) / Net Operating Revenue (9) NPL Ratio: Non-Performing Loans / Total Loan Portfolio (10) Coverage Ratio: Allowances for Loan Losses / Non-Performing Loans