MEXICO CITY, July 25, 2019 /PRNewswire/ -- UNIFIN Financiera, S.A.B. de C.V. ("UNIFIN" or "the Company") (BMV: UNIFINA), announces its results for the second quarter 2019 ("2Q19"). The Financial Statements have been prepared based on International Financial Reporting Standards ("IFRS"), in accordance with the accounting criteria of the Mexican National Banking and Securities Commission ("CNBV") and filed with the Mexican Stock Exchange ("BMV").
According to the Company's communication released on July 8th, 2019, UNIFIN retransmitted its financial information of 1Q19, which was prepared in accordance with IFRS to incorporate certain reclassifications as a result of the Company's IFRS implementation process. Therefore, the information contained herein for 2Q19, reflects such reclassifications.
Highlights from 2Q19
- Interest income increased by 23.8% to Ps. 2,611 million in 2Q19, compared to Ps. 2,110 million in 2Q18.
- Financial margin increased by 24.4% to Ps. 872 million during 2Q19, vs Ps. 701 million in 2Q18. The net interest margin ("NIM") remained stable at a solid 7.8% in 2Q19 vs. 2Q18.
- Operating and financial expenses closed at Ps. 334 million in 2Q19, compared to Ps. 242 million in 2Q18. OpEx as a percentage of sales ended at 13.5% during the quarter.
- Operating income closed at Ps. 538 million, an increase of 17.2% vs. 2Q18.
- In 2Q19 net income increased by 13.9% to Ps. 453 million compared to Ps. 397 million in 2Q18.
- As of June 30, 2019, the net portfolio reached Ps. 49,424 million, an increase of 21.4% compared to 2Q18.
- The NPL ratio was 3.8% of the loan portfolio at the end of 2Q19.
- Total assets for 2Q19 increased by 12.1% year-over-year, reaching Ps. 66,659 million.
- The weighted average funding cost for the quarter reached 10.1%, an increase of 13 bps vs. 9.9% in 2Q18.
- On July 3rd, UNIFIN closed a syndicated unsecured loan for the principal amount of US$220.6 million, due in 2022, whereby Bladex and Nomura acted as joint lead arrangers and joint book runners. The loan was partially used to refinance a previous syndicated facility.
- On July 12th, the Company carried out a new offering of senior notes in international markets for an aggregate principal amount of US$450.0 million with an annual interest rate of 8.375%. The maturity date is January 27, 2028.
For more information please refer to: http://www.unifin.com.mx/ri/en/informacion_financiera#a1
Second Quarter 2019 Earnings Conference Call:
Date: Friday, July 26, 2019
Time: 12:00 p.m. Eastern Time
11:00 a.m. Mexico City Time
To access the conference call:
+1-877-423-9813 (U.S. participants)
+1-201-689-8573 (International participants)
Conference ID: UNIFIN
SOURCE UNIFIN
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