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Grupo Financiero Interacciones Reports 19.46% ROE in 1Q14

- Loan portfolio up 10.90% YoY to Ps.62,001 million

- NPL ratio stood at 0.21% at 1Q14, a 50 basis points YoY improvement

- Net income for 1Q14 increased 62.62% YoY to Ps.522 million


News provided by

Grupo Financiero Interacciones, S.A. de C.V.

Apr 28, 2014, 11:51 ET

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MEXICO CITY, April 28, 2014 /PRNewswire/ -- Grupo Financiero Interacciones, S.A. de C.V., (BMV: GFINTERO), ("Grupo Financiero Interacciones" or "GFI"), the largest specialized Mexican financial group with a business model focused on providing financing, risk management and financial advisory services mainly to the Mexican public sector, today announced results for the three-month period ended March 31, 2014. In 1Q14, Grupo Financiero Interacciones reported net income of Ps.522 million, representing increases of 62.62% YoY and 17.57% QoQ.

Mr. Carlos Hank Gonzalez, Chief Executive Officer of Grupo Financiero Interacciones, noted: "The solid results reported in the first quarter of the year demonstrate the strength of our business model, focused on providing financing and advisory services to the Mexican public sector and related SME suppliers. This strategy has allowed us to expand our loan portfolio by 10.90% YoY, mainly driven by our Infrastructure Banking business.  This performance is further underscored by the 62.62% YoY increase in net income, representing a 19.46% return on equity to investors.

"This reflects our efforts to expand our loan portfolio and profitability, while maintaining our focus on diversifying funding sources and keeping tight cost controls. The strong 51.35% YoY increase in deposits provides GFI with a lower cost funding source mainly focused on institutional deposits. This, together with the Ps.1,500 million debt issuance of Certificados Bursatiles for a 3.5 year term, successfully placed during the quarter, has allowed us to further reduce our cost of funding.

"While the first half of the year is seasonally lower for our business, we are pleased with the strong performance achieved this quarter and look forward to continuing implementing our growth strategy, seizing the attractive opportunities that our market presents," concluded Mr. Hank Gonzalez.

Grupo Financiero Interacciones






Main Indicators

 

1Q14

 

4Q13
Audited Figures

1Q13

 

Var.vs 

4Q13
Audited Figures

1Q13

 

Income Statement*






Financial Margin

556

564

583

-1.42%

-4.63%

Provisions for Loan Losses

-420

-446

-177

-5.83%

137.29%

Commissions Charged

716

1,318

988

-45.68%

-27.53%

Commissions Paid

-366

-813

-529

-54.98%

-30.81%

Other Non-Interest Income

1,627

2,134

1,194

-23.76%

36.26%

Total Income

3,716

4,300

3,276

-13.58%

13.43%

Administrative and Promotional Expenses

-650

-729

-614

-10.84%

5.86%

Operating Income

747

710

457

5.21%

63.46%

Net Income

522

444

321

17.57%

62.62%

Balance Sheet*






Total Assets

171,219

173,190

123,509

-1.14%

38.63%

Investment in Securities

94,594

94,886

57,134

-0.31%

65.57%

Loan Portfolio

62,001

62,952

55,908

-1.51%

10.90%

Loan Portfolio (Net)

60,459

61,055

54,096

-0.98%

11.76%

Total Liabilities

160,269

162,680

115,338

-1.48%

38.96%

Total Deposits

53,555

37,984

35,386

40.99%

51.35%

Shareholders' Equity

10,950

10,510

8,171

4.19%

34.01%

Main Indicators






NIM

1.36%

1.47%

1.84%

-11bp

-48bp

Risk Adjusted NIM

0.33%

0.31%

1.28%

2bp

-95bp

ROE

19.46%

18.46%

15.95%

100bp

351bp

ROA

1.21%

1.10%

0.97%

11bp

24bp

Efficiency Ratio

35.77%

45.36%

49.20%

-959bp

-1,343bp

Operating Efficiency Ratio

1.51%

1.81%

1.86%

-30bp

-35bp

NPL Ratio

0.21%

0.22%

0.71%

-1bp

-50bp

Coverage Ratio

1159.40%

1394.85%

456.42%

-23,545bp

70,298bp

*Millions of pesos






1Q14 EARNINGS CONFERENCE CALL



Date:

Tuesday, April 29, 2014



Time:

9:00 am CT (Mexico); 10:00 am ET



To join, please dial:




U.S / Canada:

+1-888-389-5988

Mexico:

001-800-514-1067

International:

+1-719-325-2452

Access Code:

3210361



Simultaneous webcast:

http://public.viavid.com/index.php?id=108622



Replay:

 

         

A telephonic replay of the conference call will be available between 1:00 pm ET on April 29, 2014 and 11:59 pm ET on May 6, 2014. The replay can be accessed by dialing +1-877-870-5176 or for international callers +1-858-384-5517. The passcode for the replay is 3210361.

About Grupo Financiero Interacciones

Grupo Financiero Interacciones, S.A. de C.V. ("Grupo Interacciones" or "GFI"), is the largest specialized Mexican financial group with a business model focused on providing financing, risk management and financial advisory services mainly to the Mexican public sector, which includes federal, state and municipal governments, quasi-government entities and government suppliers. Grupo Financiero Interacciones conducts its business mainly through Banco Interacciones, its banking subsidiary, and through Interacciones Casa de Bolsa, its broker-dealer subsidiary, and Aseguradora Interacciones, its insurance company subsidiary. Grupo Financiero Interacciones is listed on the Bolsa Mexicana de Valores under the symbol "GFINTERO". For more information, please visit www.investorsinteracciones.com

This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. By their very nature, forward-looking statements and such information involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved or will differ from actual results. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Should one or more of these factors or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. Grupo Interacciones assumes no obligation to update or correct the information contained in this press release.

To obtain the full text of this earnings release, please visit our Investor Relations website at www.investorsinteracciones.com under the Financial Information / Quarterly Financial Results section.

SOURCE Grupo Financiero Interacciones, S.A. de C.V.

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