Grupo Financiero Interacciones Reports Strong Financial Position in 4Q13; 18.46% ROE Following Equity Offering
- Loan portfolio up 13.11% YoY and 7.78% QoQ in 4Q13 to Ps.62,953 million
- NPL ratio stood at 0.22% at the end of 4Q13, a 44 basis points YoY improvement
- Net income for 4Q13 increased 90.56% YoY to Ps.444 million, while net income for full year 2013 increased 16.50% YoY to Ps.1,638 million
MEXICO CITY, Feb. 21, 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- and twelve-month periods ended December 31, 2013. In 4Q13, Grupo Financiero Interacciones reported net income of Ps.444 million, representing an increase of 90.56% YoY and a 0.89% decline QoQ. During 2013, Grupo Financiero Interacciones reported net income of Ps.1,638 million, representing an 16.50% increase from 2012.
Mr. Carlos Hank Gonzalez, Chief Executive Officer of Grupo Financiero Interacciones, noted, "We are very pleased with our fourth quarter performance. We reported net income of Ps.444 million, closing out yet another solid year of growth for Grupo Financiero Interacciones achieving net income of Ps.1,638 million in 2013. Return on equity for the quarter was 18.46% and reflects our recent capital increase, which will allow us to continue implementing our growth strategy over the next two years."
"Furthermore, we expanded our loan portfolio by 13.11% YoY this quarter, despite selling a portion of a loan portfolio with one of our state clients for a total of Ps.2,623 million. This sale reflects our commitment to maintaining adequate loan diversification in line with our internal policy, which is stricter than Mexican Financial Regulations. Excluding this transaction, the loan portfolio would have increased 17.82% YoY and 12.27% QoQ, reflecting acceleration in the growth of the loan portfolio of our three business lines: Government, Infrastructure, and SME banking during the quarter."
"Continuing with our commitment to corporate governance, we are pleased to report that we have added two highly-qualified independent directors to our Board this quarter, Mr. Jose Julian Sidaoui Dib and Mr. Andres Antonius Gonzalez, thus achieving our goal of having a Board with 50% representation of independent members."
"Looking ahead, we see very good growth prospects in all of our market segments - Government, Infrastructure and SME banking - driven by an expected stronger economy in Mexico this year, as well as higher infrastructure investments. Our optimistic view is further supported in the medium-term by the positive effects expected from the recently approved structural reforms, particularly in the energy field," concluded Mr. Hank Gonzalez.
| Grupo Financiero Interacciones |
|||||||||
| Main Indicators |
4Q13 |
3Q13 |
4Q12 |
Var.vs |
12M13 |
12M12 |
Var.vs |
||
| 3Q13 |
4Q12 |
12M12 |
|||||||
| Income Statement* |
|||||||||
| Financial Margin |
564 |
521 |
613 |
8.25% |
-7.99% |
2,249 |
1,953 |
15.16% |
|
| Provisions for Loan Losses |
-446 |
174 |
-357 |
-356.32% |
24.93% |
-975 |
-773 |
26.13% |
|
| Commissions Charged |
1,318 |
1,605 |
1,822 |
-17.88% |
-27.66% |
5,450 |
4,075 |
33.74% |
|
| Commissions Paid |
-813 |
-1,431 |
-816 |
-43.19% |
-0.37% |
-3,244 |
-1,878 |
72.74% |
|
| Other Non-Interest Income |
2,134 |
2,006 |
1,691 |
6.38% |
26.20% |
6,947 |
5,149 |
34.92% |
|
| Total Income |
4,300 |
4,205 |
3,894 |
2.26% |
10.43% |
15,524 |
13,180 |
17.78% |
|
| Administrative and Promotional Expenses |
-729 |
-690 |
-640 |
5.65% |
13.91% |
-2,700 |
-2,444 |
10.47% |
|
| Operating Income |
710 |
580 |
491 |
22.41% |
44.60% |
2,277 |
2,007 |
13.45% |
|
| Net Income |
444 |
448 |
233 |
-0.89% |
90.56% |
1,638 |
1,406 |
16.50% |
|
| Balance Sheet* |
|||||||||
| Total Assets |
173,780 |
149,467 |
140,173 |
16.27% |
23.98% |
173,780 |
140,173 |
23.98% |
|
| Investment in Securities |
94,886 |
74,975 |
72,348 |
26.56% |
31.15% |
94,886 |
72,348 |
31.15% |
|
| Loan Portfolio |
62,953 |
58,409 |
55,657 |
7.78% |
13.11% |
62,953 |
55,657 |
13.11% |
|
| Loan Portfolio - Net |
61,055 |
56,591 |
53,642 |
7.89% |
13.82% |
61,055 |
53,642 |
13.82% |
|
| Total Liabilities |
163,270 |
140,736 |
132,247 |
16.01% |
23.46% |
163,270 |
132,247 |
23.46% |
|
| Total Deposits |
37,984 |
48,765 |
37,391 |
-22.11% |
1.59% |
37,984 |
37,391 |
1.59% |
|
| Shareholders' Equity |
10,511 |
8,731 |
7,926 |
20.39% |
32.61% |
10,511 |
7,926 |
32.61% |
|
| Main Indicators |
|||||||||
| MIN |
1.47% |
1.45% |
1.88% |
2bp |
-42bp |
1.50% |
1.60% |
-9bp |
|
| Risk Adjusted NIM |
0.31% |
1.93% |
0.79% |
-163bp |
-48bp |
0.85% |
0.96% |
-11bp |
|
| ROE |
18.46% |
21.07% |
11.83% |
-261bp |
663bp |
17.77% |
18.84% |
-107bp |
|
| ROA |
1.10% |
1.19% |
0.69% |
-9bp |
41bp |
1.04% |
1.10% |
-5bp |
|
| Efficiency Ratio |
45.35% |
47.00% |
46.78% |
-165bp |
-144bp |
45.36% |
46.78% |
-142bp |
|
| Operating Efficiency Ratio |
1.80% |
1.83% |
1.89% |
-3bp |
-9bp |
1.72% |
1.90% |
-18bp |
|
| NPL Ratio |
0.22% |
0.24% |
0.66% |
-3bp |
-44bp |
0.22% |
0.66% |
-44bp |
|
| Coverage Ratio |
1394.85% |
1280.28% |
550.55% |
11,457bp |
84,431bp |
1394.85% |
550.55% |
84,431bp |
|
| * Millions of pesos |
|||||||||
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.
| 4Q13 EARNINGS CONFERENCE CALL |
|
| Date: |
Friday, February 21, 2014 |
| Time: |
9:00 am CT (Mexico); 10:00 am ET |
| To join, please dial: |
|
| U.S / Canada: |
+1-888-510-1785 |
| Mexico: |
001-800-514-1067 |
| Internacional: |
+1-719-325-2454 |
| Access Code: |
3398969 |
| Simultaneous webcast: |
|
| Replay: |
A telephonic replay of the conference call will be available between 1:00 pm ET on February 21, 2014 and 11:59 pm ET on February 28, 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 3398969. |
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.
SOURCE Grupo Financiero Interacciones, S.A. de C.V.
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