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SYS-CON MEDIA Authors: VictorOps Blog, Tim Hinds, Mike Kavis, Elizabeth White, Peter Silva

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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

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:    

http://public.viavid.com/index.php?id=107733.



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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