Indicate by check mark whether the registrant files or will
file annual reports under cover of Form 20-F or Form 40-F.
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Indicate by check mark if the registrant is submitting the Form
6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Indicate by check mark whether by furnishing the information
contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b)
under the Securities Exchange Act of 1934.
If “Yes” is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b): 82-
N/A
The accompanying Notes 1 through 24 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
The accompanying Notes 1 through 24 and exhibits A through
L, N, O and the consolidated financial statements are an integral part of these financial statements.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
1.
|
BRIEF HISTORY OF THE BANK
|
Macro Compañía
Financiera SA was created in 1977 as a non-banking financial institution. In May 1988, it received the authorization to operate
as a commercial bank and it was incorporated as Banco Macro SA. Subsequently, as a result of the merger process with other entities,
it adopted other names (among them, Banco Macro Bansud SA) and since August 2006, Banco Macro SA (hereinafter, the Bank).
The Bank´s shares have
been publicly listed on the Merval (Mercado de Valores de Buenos Aires- Buenos Aires Stock Exchange) since November 1994, as from
March 24, 2006 they are listed on the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to
list on the Mercado Abierto Electrónico SA (MAE).
Since 1994, Banco Macro SA’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.
In 2001, 2004, 2006 and 2010,
the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones
SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013,
respectively. In addition, during fiscal year 2006, Banco Macro S.A. acquired control over Banco del Tucumán SA.
The Bank currently offers traditional
bank products and services to companies, including those operating in regional economies, as well as to individuals, thus reinforcing
the Bank's objective to be a multi-services bank.
In addition, the Bank performs
certain transactions through its subsidiaries, Banco del Tucumán SA, Macro Bank Limited (an entity organized under the
laws of Bahamas), Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA.
|
|
2.1.
|
Agreement with the Misiones Provincial Government
|
The Bank and the Misiones
Provincial Government entered into a special-relationship agreement whereby the Bank was appointed, for a five-year term since
January 1, 1996, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation
payment agent.
On November 25, 1999, and
December 28, 2006, extensions to such agreement were agreed upon, making it currently effective through December 31, 2019.
As of March 31, 2016 and December
31, 2015, the deposits held by the Misiones Provincial Government with the Bank amounted to 2,171,474 and 1,579,311 (including
204,909 and 86,650 related to court deposits), respectively.
|
|
2.2.
|
Agreement with the Salta Provincial Government
|
The Bank and the Salta Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996,
as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On February 22, 2005 and August
22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.
As of March 31, 2016 and December
31, 2015, the deposits held by the Salta Provincial Government with the Bank amounted to 627,102 and 877,967 (including 308,343
and 301,855 related to court deposits), respectively.
|
|
2.3.
|
Agreement with the Jujuy Provincial Government
|
The Bank and the Jujuy Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12,
1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On April 29, 2005 and July 8,
2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
As of March 31, 2016 and December
31, 2015, the deposits held by the Jujuy Provincial Government with the Bank amounted to 2,321,932 and 1,439,377 (including 206,303
and 186,700 related to court deposits), respectively.
|
|
2.4.
|
Banco del Tucumán S.A.
|
Banco del Tucumán SA
entered into special-relationship agreements with the Tucumán Provincial Government and with the Municipality of San Miguel
de Tucumán, appointing it their exclusive financial agent, as well as revenue collection and obligation payment agent,
through 2011 and 2013, respectively.
On June 30, 2010, the service
agreement with the Tucumán Provincial Government was extended through July 8, 2021, while the agreement executed with the
Municipality of San Miguel de Tucumán was automatically extended through July 8, 2018, as set forth in the original agreement.
As of March 31, 2016 and December
31, 2015, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán with
Banco del Tucumán SA amounted to 2,919,650 and 2,688,401 (including 806,713 and 750,818 related to court deposits), respectively.
|
|
2.5.
|
Uniones Transitorias de Empresas (joint ventures)
|
|
|
a)
|
Banco Macro SA - Siemens Itron
Business Services SA
|
On April 7, 1998, the Bank
entered into a joint venture agreement with Siemens Itron Business Services SA, in which each holds a 50% equity interest, whereby
a provincial data processing center would be provided to manage tax-related issues, to modernize tax collection systems and procedures
in the Province of Salta, and to manage and perform the recovery of taxes and municipal assessments payable.
|
4
|
b)
|
Banco Macro SA – Gestiva
SA
|
On May 4, 2010, and August
15, 2012, the Bank and Gestiva SA entered into a joint venture under the name “Banco Macro SA – Gestiva SA –
Unión Transitoria de Empresas” which is jointly controlled and is engaged in providing a comprehensive tax processing
and management system for the Province of Misiones, its administration and collection of taxes thereof. The Bank has a 5% interest
in its capital stock.
As of March 31, 2016 and December
31, 2015, the net assets of such joint ventures recorded and consolidated in the Bank’s financial statements through the
proportionate consolidation method amounted to 40,756 and 35,102, respectively.
Also, as of March 31, 2016
and 2015, net income recorded through the method mentioned in the previous paragraph amounted to 9,719 and 8,995, respectively.
|
|
3.
|
SIGNIFICANT ACCOUNTING POLICIES
|
These financial statements,
which are taken from the Bank’s books of account, are stated in thousands of pesos and have been prepared in accordance
with Central Bank rules.
|
|
3.1.
|
Consolidated financial statements
|
As required under Central
Bank rules, the Bank presents consolidated financial statements with its subsidiaries Banco del Tucumán SA, Macro Bank
Limited, Macro Securities SA, Macro Fiducia SA and Macro Fondos SGFCISA as supplementary information.
|
|
3.2.
|
Comparative information
|
As required under Central
Bank rules, the balance sheet as of March 31, 2016 and supplementary information, are presented comparatively with those of the
prior fiscal year, while the statements of income, changes in shareholders’ equity and cash flows and cash equivalents for
the three-month period ended March 31, 2016, are presented comparatively with data for the same period in the prior fiscal year.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
The Bank’s financial
statements recognize the changes in the peso purchasing power until February 28, 2003, when the adjustments to reflect those changes
were discontinued, as provided by the professional accounting standards effective in the City of Buenos Aires and as required
by Presidential Decree 664/2003, Article N° 312 of General Resolution No. 7/2015 of the Business Association Regulatory Agency,
Central Bank Communiqué “A” 3921 and CNV (Argentine Securities Commission) General Resolution No. 441.
However, the interpretation
of the financial statements should consider the fact that, in recent fiscal years, there have been significant changes in the
prices for relevant economic variables, such as salary cost, interest and exchange rates, which do not require such adjustments
according to the abovementioned regulations.
|
|
3.4.
|
Significant accounting judgments, estimates and assumptions
|
The preparation of financial
statements requires the Bank to make, in certain cases, estimates to determine the book values of assets and liabilities, income,
expenses and contingencies, as well as the disclosure thereof, as of each date of accounting information filing. The Bank´s
records are based on the best estimate regarding the probability of occurrence of different future events and, therefore, the
final amount may differ from such estimates, which may have a positive or negative impact on future fiscal years.
The main valuation methods
used to prepare the accompanying financial statements as of March 31, 2016 and 2015 and December 31, 2015, were as follows:
|
|
a)
|
Assets and liabilities denominated in foreign currency:
|
The assets and liabilities
denominated in US dollars were valued at Central Bank benchmark US dollar exchange rate effective as of the closing date of transactions
on the last respective business day. Additionally, assets and liabilities denominated in other foreign currencies were translated
at the exchange rate communicated by the Central Bank´s dealing room. Foreign exchange differences were recorded in the
related statements of income.
|
|
b)
|
Government and private securities:
|
|
|
b.1)
|
Government securities - Holdings
booked at market value:
|
They were valued at the quoted
prices or present values reported by the Central Bank, as the case may be. Differences in quoted prices and present values were
recorded in the related statements of income, translated into pesos, in accordance with the criterion stated in Note 3.5.a), wherever
applicable.
|
|
b.2)
|
Government securities - Holdings
booked at amortized cost:
|
As set forth in Central Bank
Communiqué “A” 5180, as supplemented, except what is mentioned in the third paragraph, they were valued at
acquisition cost increased by the accrued internal rate of return, net of the related offset account, also compared with the present
values calculated by the Bank, in accordance with the criterion stated in Note 3.5.a), wherever applicable. The acquisition value
previously mentioned is related to the present value of each security at acquisition date.
As of March 31, 2016 and December
31, 2015, the present value calculated by the Bank for these securities amounted to 763,054 and 796,534, respectively.
As required under Central Bank
Communiqué “A” 5506, BAADEs (Argentine saving bonds for the economy development) were valued at acquisition
cost increased by the accrued internal rate of return, in accordance with the criterion stated in Note 3.5.a).
|
|
b.3)
|
Listed Instruments issued by
the Central Bank – Holdings booked at market value:
|
They were valued at the quoted
price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
b.4)
|
Instruments issued by the Central
Bank – Holdings booked at amortized cost:
|
Holdings with no volatility published
by the Central Bank were valued at acquisition cost plus accrued interest, exponentially applying the internal rate of return
as per their issuance terms and conditions, in accordance with the criterion stated in Note 3.5.a), wherever applicable. The accruals
of the internal rate of return mentioned above were recorded in the related statements of income.
|
|
b.5)
|
Private Securities – Investment in listed private
securities:
|
They were valued at the quoted
price as of the last respective business day. Differences in quoted prices were recorded in the related statements of income.
|
|
c)
|
Guaranteed loans – Presidential Decree No. 1387/2001:
|
As set forth in Central Bank
Communiqués “A” 4898, “A” 5180, as supplemented, the guaranteed loans issued by the Argentine Government
under Presidential Decree No. 1387/01 were valued at the specific acquisition value of each security, increased by accrued income
including the benchmark stabilization coefficient (CER), net of the related offset account, compared in turn with the present
values reported by the Central Bank.
As of March 31, 2016 and December
31, 2015, the present value reported by the Central Bank for these securities amounted to 595,294 and 533,962, respectively.
Interest has been accrued according
to a compound interest formula in the period in which it was generated, except interest on transactions in foreign currency and
those whose maturity does not exceed 92 days, on which interest has been accrued according to a simple interest formula.
The Bank suspends the interest
accrual whenever loan payments are not settled (generally, after 90 days) or when the recoverability of the collection of principal
or interest accrued is doubtful. Accrued interest is considered part of the loan balance when determining the allowances for loan
losses. Afterwards, interest is only recognized on a cash basis.
Receivables and payables have
been indexed by the CER, wherever applicable, as follows:
|
|
e.1)
|
Guaranteed loans: as explained
in Note 3.5.c).
|
|
|
e.2)
|
Deposits and other assets and
liabilities: the CER as of the last respective business day was applied.
|
|
|
f)
|
Allowance for loan losses and provision for contingent
commitments:
|
These provisions have been
calculated based on the estimated uncollectibility risk of the Bank's credit portfolio, which, among other factors, results from
the evaluation of the degree of debtors compliance and the guarantee/security supporting the respective transactions, considering
Central Bank Communiqué “A” 2950, as supplemented, and the Bank’s provisioning policies.
When loans covered by specific
allowances are settled or generate a reversal of the allowances recorded in the current period, and in cases where the allowances
set in prior years exceed what is considered necessary, the excess allowance is reversed with effects on income for the current
period.
The recovery of receivables
previously classified under “Debit-balance control memorandum accounts - Receivables classified as irrecoverable”
are recorded directly in the related statements of income.
The Bank assesses the credit
risk related to possible commitments and determines the appropriate amount of allowances to be recorded. The allowances related
to amounts recorded in memorandum accounts, contingent commitments, are included under “Provisions”.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
g)
|
Other receivables from financial intermediation and Other
liabilities from financial intermediation:
|
|
|
g.1)
|
Amounts receivable from spot
and forward sales pending settlement and amounts payable for spot and forward purchases
pending settlement:
|
They were valued based on
the prices agreed upon for each transaction, plus related premiums accrued.
|
|
g.2)
|
Securities and foreign currency
to be received for spot and forward purchases pending settlement and to be delivered
for spot and forward sales pending settlement:
|
|
|
i.
|
With volatility (active market):
they were valued at the effective quoted prices for each of them at the last respective
business day. Differences in quoted prices were recorded in the related statements of
income.
|
|
|
ii.
|
Without volatility (without
active market): they were valued at their cost value increased exponentially by their
internal rate of return. Such accruals were recorded in the related statements of income.
|
|
|
g.3)
|
Debt securities and certificates
of participation in financial trusts:
|
|
|
i.
|
Debt securities: they were valued
as provided by Central Bank Communiqué “A” 4414, at their cost value,
increased exponentially by their internal rate of return, translated into pesos according
to the method described in Note 3.5.a), as the case may be.
|
|
|
ii.
|
Certificates of participation:
they were stated at cost or face value increased as the case may be, by interest accrued
until the last respective day, translated into Argentine pesos according to the method
described in Note 3.5.a), as appropriate.
|
The values recorded, net of allowances,
do not exceed the recoverable values from the respective trusts.
|
|
g.4)
|
Unlisted corporate bonds purchased:
|
They were valued by the accrual
method based on their internal rate of return, as provided by Central Bank Communiqué "A" 4414, as supplemented.
Such accruals were recorded in the related statements of income.
|
|
g.5)
|
Non subordinated corporate bonds
issued:
|
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
|
|
g.6)
|
Receivables from forward transactions
without delivery of underlying assets:
|
They were valued at the amounts
outstanding originated in forward transactions of foreign currency payables in pesos without delivery of the underlying asset.
Such amounts arise from the difference between quoted price of transactions on the last respective business day and the related
future price agreed.
|
|
h)
|
Receivables from financial leases:
|
In accordance with Central
Bank Communiqué “A” 5047, as supplemented, they were valued according to the discounted value of the sum of
minimum installments pending collection (excluding any contingent installments), from the previously agreed residual value and
the purchase options, for the financial lease agreements in which the Bank acts as lessor. The discounted value is calculated
by applying the imputed interest rate of each lease agreement.
The effective financial lease
agreements do not represent significant amounts with respect to the total financing granted by the Bank. Additionally, their characteristics
are among the usual ones for this kind of transactions, and there are no differentiating issues of any kind compared with the
transactions agreed on the Argentine financial market. These transactions are distributed among the Bank’s customers, and
there are no pre-established contingent installments or automatic renewal clauses.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
i)
|
Investments in other companies:
|
|
|
i.1)
|
In controlled financial institutions,
supplementary and authorized activities: they were valued by the equity method.
|
|
|
i.2)
|
In non-controlled financial
institutions, supplementary and authorized activities:
|
|
|
i.
|
In pesos: they were valued at
acquisition cost, plus the nominal value of share-dividends received, restated as explained
in Note 3.3., as the case may be.
|
|
|
ii.
|
In foreign currency: they were
valued at the acquisition cost in foreign currency, plus the nominal value of share-dividends
received, translated into pesos in accordance with the criterion stated in Note 1.3.
to the consolidated financial statements.
|
Such net values do not exceed
the values calculated by the equity method on the basis of the latest financial statements published by the companies.
|
|
i.3)
|
In other non-controlled companies:
they were valued at acquisition cost, plus the nominal value of share-dividends received,
restated as described in Note 3.3., as the case may be, net of allowances for impairment
in value. Such net values do not exceed the values calculated by the equity method on
the basis of the latest financial statements published by the companies.
|
|
|
j)
|
Bank premises and equipment, other assets and intangible
assets:
|
They were valued at their acquisition
cost, restated as explained in Note 3.3., less the related accumulated depreciation and amortization, calculated based on their
estimated useful life using the straight line method.
|
|
k)
|
Valuation of derivatives:
|
|
|
k.1)
|
Forward transactions without
delivery of underlying asset: they were valued at the quoted price of each transaction,
as of the last respective business day. Differences in quoted prices were recorded in
the related statements of income.
|
|
|
k.2)
|
Put options taken and call option
sold: valued at the agreed-upon exercise price.
|
See also Note 12.
The Bank charges these payments
directly to expenses.
|
|
m)
|
Provisions included in liabilities:
|
The Bank carries certain contingent
liabilities related to current or future claims, lawsuits and other proceedings, including those related to labor and other obligations.
Liabilities are recorded when it is probable that future costs will be incurred and whenever such costs may be reasonably estimated.
Additionally, and as provided
by Central Bank Communiqué “A” 5689, as supplemented, includes provisions for summary judgements and sanctions
applied by the Central Bank and other regulators, which are equivalent to the relevant amounts not yet paid (see Note 19.).
|
|
n)
|
Subordinated corporate bonds:
|
They were valued at the amount
due for principal and interest accrued, translated into pesos pursuant to the method described in Note 3.5.a). Such accruals were
recorded in the related statements of income.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
o)
|
Shareholders’ equity accounts:
|
They are restated as explained
in Note 3.3., except for the "Capital stock" account which has been kept at its original value. The adjustment resulting
from its restatement as explained in such note was included in the "Adjustments to shareholders’ equity" account.
|
|
p)
|
Statement-of-income accounts:
|
|
|
p.1)
|
The accounts comprising monetary
transactions (financial income (expense), service-charge income (expense), provision
for loan losses, administrative expenses, among others) were computed at their historical
amounts on a monthly accrual basis.
|
|
|
p.2)
|
The accounts reflecting the
effects on income from the sale, retirement or consumption of non-monetary assets were
computed on the basis of the amounts of such assets, which were restated as mentioned
in Note 3.3.
|
|
|
p.3)
|
The income (loss) from equity
interests in subsidiaries were computed on the basis of such companies’ income
(loss).
|
|
|
3.6.
|
Statement of cash flows and cash equivalents
|
The Bank considers “cash
and cash equivalents” to include the following accounts: Cash and investments which mature less than three months from their
date of acquisition. Below is a breakdown of the reconciliation of the “Cash” item on the Statement of cash flows
with the related balance sheet accounts:
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
19,016,410
|
|
|
|
17,123,904
|
|
|
|
9,702,141
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Instruments issued by the Central Bank
|
|
|
11,000,473
|
|
|
|
1,783,885
|
|
|
|
2,482,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
30,016,883
|
|
|
|
18,907,789
|
|
|
|
12,184,569
|
|
|
|
4.
|
INCOME TAX AND MINIMUM PRESUMED
INCOME TAX
|
The Bank calculates income
tax by applying the effective 35% rate to the estimated taxable income for each period, without considering the effect of temporary
differences between book and taxable income.
In 1998, Law No. 25,063 established
minimum presumed income tax for a ten-year term. At present, after subsequent extensions, such tax is effective through December
30, 2019. This tax is supplementary to income tax, while the latter is levied on the taxable income for the year, minimum presumed
income tax is a minimum levy assessment by applying 1% over 20% of certain assets as provided by the law for financial institutions.
Therefore, the Bank’s tax obligation for each year will be equal to the higher of these taxes. However, if minimum presumed
income tax exceeds income tax in a given tax year, such excess may be computed as a payment on account of any income tax in excess
of minimum presumed income tax that may occur in any of the following ten years, once accumulated net operating losses (NOLs)
have been used.
As of March 31, 2016 and 2015,
the Bank estimated an income tax charge of 676,000 and 618,000, respectively; hence, no minimum presumed income tax should be
assessed for the three-month periods ended on such dates.
Additionally, as of December
31, 2016, the Bank made income tax prepayments for 1,732,973 for the 2015 fiscal year, which will be applied to the tax amount
assessed in the 2015 tax return.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
5.
|
DIFFERENCES BETWEEN CENTRAL
BANK RULES AND THE ARGENTINE PROFESSIONAL ACCOUNTING STANDARDS EFFECTIVE IN THE CITY
OF BUENOS AIRES
|
Argentine professional accounting
standards effective in the City of Buenos Aires differ, in certain valuation aspects, from Central Bank accounting standards.
The main items with differences
in valuation matters as of March 31, 2016 and December 31, 2015 are as follows:
|
|
|
Adjustments under professional accounting standards
|
|
|
|
|
Stand-alone financial statements
|
|
|
Consolidated financial statements
|
|
|
|
|
to equity
|
|
|
to total
income
(1)
|
|
|
to equity
|
|
|
to total
income
(1)
|
|
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2016
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities and assistance to the government sector (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities - Holdings booked at amortized cost
|
|
|
6,324
|
|
|
|
(28,208
|
)
|
|
|
34,532
|
|
|
|
8,196
|
|
|
|
(26,399
|
)
|
|
|
34,595
|
|
|
Instruments issued by the Central Bank and booked at amortized cost
|
|
|
20,803
|
|
|
|
4,005
|
|
|
|
16,798
|
|
|
|
23,294
|
|
|
|
4,058
|
|
|
|
19,236
|
|
|
Guaranteed loans – Presidential Decree No. 1387/01
|
|
|
47,332
|
|
|
|
95,083
|
|
|
|
(47,751
|
)
|
|
|
47,332
|
|
|
|
95,083
|
|
|
|
(47,751
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business combinations (b)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition of Nuevo Banco Bisel SA
|
|
|
(71,140
|
)
|
|
|
(73,544
|
)
|
|
|
2,404
|
|
|
|
(71,140
|
)
|
|
|
(73,544
|
)
|
|
|
2,404
|
|
|
Other
|
|
|
(47,682
|
)
|
|
|
(48,846
|
)
|
|
|
1,164
|
|
|
|
(47,682
|
)
|
|
|
(48,846
|
)
|
|
|
1,164
|
|
|
Interests in other companies (c)
|
|
|
65,707
|
|
|
|
56,820
|
|
|
|
8,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred assets – Income tax (d)
|
|
|
44,240
|
|
|
|
38,635
|
|
|
|
5,605
|
|
|
|
105,584
|
|
|
|
93,593
|
|
|
|
11,991
|
|
|
Liabilities – Provisions (e)
|
|
|
(21,366
|
)
|
|
|
(9,009
|
)
|
|
|
(12,357
|
)
|
|
|
(21,366
|
)
|
|
|
(9,009
|
)
|
|
|
(12,357
|
)
|
|
Total
|
|
|
44,218
|
|
|
|
34,936
|
|
|
|
9,282
|
|
|
|
44,218
|
|
|
|
34,936
|
|
|
|
9,282
|
|
|
|
(1)
|
Additionally, according to the
Argentine professional accounting standards effective in the City of Buenos Aires, individual
and consolidated income for the three-month period ended March 31, 2015, would have increased
by 83,315.
|
|
|
(a)
|
Holdings of government securities,
instruments issued by the Central Bank and credit assistance to the nonfinancial government
sector: these holdings and financing are valued based on the specific regulations and
standards issued by the Argentine government and the Central Bank, which set forth, among
other issues, the use of present values, technical values and offset accounts, as explained
in Notes 3.5.b.2), 3.5.b.4) and 3.5.c). Pursuant to the Argentine professional accounting
standards effective in the City of Buenos Aires, the securities, instruments and assistance
mentioned in those notes should be stated at their market and/or present values, as the
case may be. In addition, current Central Bank regulations establish that financing to
the nonfinancial government sector is not subject to loan-loss provisioning, whereas
the Argentine professional accounting standards effective in the City of Buenos Aires
require that assets in general to be compared with their recoverable value every time
financial statements are prepared.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
(b)
|
Business combinations: under
the standards set forth by Central Bank, business acquisitions are recorded according
to the book values of the acquired company and, if the purchase price exceeds the book
value, the excess amount is recorded in the acquiring company´s books as a positive
goodwill. On the other hand, if the purchase price is lower than book value, the difference
is recorded in the acquiring company´s books as a negative goodwill. If the goodwill
is positive, Central Bank standards establish that such goodwill should be amortized
under the straight-line method based on an estimated useful life of ten years. If the
goodwill is negative, Central Bank Communiqué “A” 3984 establishes
specific amortization methods; the maximum amortization allowed per year is 20%.
|
According to the Argentine
professional accounting standards effective in the City of Buenos Aires, business combinations are recorded based on the market
values of the acquired company’s identifiable net assets and the difference between the purchase price and the identifiable
net asset measurement value is recorded as either a positive or a negative goodwill, as the case may be. If a positive goodwill
is recognized, this goodwill will be amortized systematically over the estimated useful life, unless it has an indefinite useful
life considering the estimates made by the Bank´s Management, in which case it shall not be amortized, but compared with
its recoverable value as of each year-end. If a negative goodwill is recognized due to expected losses or future expenses of the
acquired entity and which should not have been recorded as liabilities as of the acquisition date, it will either be charged to
the statement of income according to the change in specific circumstances that gave rise to it or systematically, taking into
account an average weighted useful life of the acquired entity’s assets subject to depreciation and amortization.
|
|
(c)
|
Subsidiary Banco del Tucumán
SA prepares its financial statements in conformity with Central Bank rules which differ
from the Argentine professional accounting standards effective in the City of Buenos
Aires.
|
|
|
(d)
|
Income tax: The Bank and its
subsidiaries determine income tax applying the effective rate to the estimated taxable
income, without considering the effect of the temporary differences between book and
taxable income. According to the Argentine professional accounting standards effective
in the City of Buenos Aires, income tax should be booked following the deferred tax method,
according to which (i) in addition to the current tax payable, either an asset (if certain
conditions are met) or a liability is recognized for deferred taxes related to the tax
effect of the temporary differences between the book and tax valuation of assets and
liabilities, and (ii) a tax expense (income) is recognized in relation to the portion
involving the current tax expense (income) as well as the one involving the deferred
tax expense (income), resulting from the creation and reversal of the abovementioned
temporary differences in the year. Under Argentine professional accounting standards
effective in the City of Buenos Aires, a deferred tax asset is recognized when there
are unused NOLs or tax credits that can be deducted from future taxable income, provided
they are likely.
|
|
|
(e)
|
The Bank books the effects
of the Argentine Supreme Court (CSJN) rulings dated December 27, 2006, and August 28,
2007, upon payment of such precautionary measures, in conformity with Central Bank indications
in the notice dated August 4, 2008. According to the Argentine professional accounting
standards effective in the City of Buenos Aires, the Bank should have recorded a liability
related to this item. Additionally, as explained in Note 3.5.m), the Bank booked certain
provisions that should not have been booked under the Argentine professional accounting
standards effective in the City of Buenos Aires, in view of their remote probability
of occurrence (see Note 19.).
|
|
|
6.
|
IMPLEMENTATION PLAN TOWARDS
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
|
On February 12, 2014 the Central
Bank, through Communiqué “A” 5541 established the general guidelines towards conversion to the IFRS issued
by the International Accounting Standards Board (IASB) for preparing financial statements of the entities under its supervision,
for the annual fiscal years beginning on January 1, 2018 as well as those of interim-periods.
According to such conversion
process, on March 27, 2015, the Bank presented to the Central Bank, their own implementation plan together with the appointment
of a person in charge, according to Central Bank Communiqué “A” 5635, which was considered and approved by
the Board of Directors on March 10, 2015. Additionally, on September 30, 2015 and March 31, 2016, the Bank presented to the Central
Bank the implementation plan update.
As of the date of issuance
of these financial statements, the Bank is implementing the abovementioned IFRS conversion process.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
7.
|
BREAKDOWN OF THE ITEMS INCLUDED
IN “OTHER” AND MAIN SUBACCOUNTS
|
The breakdown of the “Other”
account in the balance sheet and statement of income is as follows:
|
Other loans
|
|
|
5,603,619
|
|
|
|
6,244,564
|
|
|
Export financing and prefinancing
|
|
|
1,207,844
|
|
|
|
736,209
|
|
|
|
|
|
6,811,463
|
|
|
|
6,980,773
|
|
|
|
7.2.
|
Other Receivables from financial
intermediation - Other receivables not covered by debtor classification standards
|
|
Debt securities issued by financial trusts (See Note 16.)
|
|
|
551,563
|
|
|
|
180,458
|
|
|
Certificates of participation in financial trusts (a)
|
|
|
227,444
|
|
|
|
232,088
|
|
|
Other
|
|
|
|
|
|
|
2
|
|
|
|
|
|
779,007
|
|
|
|
412,548
|
|
|
|
(a)
|
As of March 31, 2016 and December 31, 2015 the Bank booked
an allowance for impairment for 224,043.
|
|
|
7.3.
|
Other receivables –
Other
|
|
Sundry receivables
|
|
|
534,038
|
|
|
|
406,353
|
|
|
Security deposits
|
|
|
403,276
|
|
|
|
371,446
|
|
|
Advanced prepayments
|
|
|
106,687
|
|
|
|
100,568
|
|
|
Other
|
|
|
40,050
|
|
|
|
33,221
|
|
|
|
|
|
1,084,051
|
|
|
|
911,588
|
|
|
|
7.4.
|
Deposits - Nonfinancial
government sector
|
|
Time deposits
|
|
|
2,748,650
|
|
|
|
981,076
|
|
|
Checking accounts
|
|
|
2,622,215
|
|
|
|
2,627,558
|
|
|
Savings accounts
|
|
|
75,903
|
|
|
|
2,092,086
|
|
|
Investment accounts
|
|
|
52,213
|
|
|
|
31,137
|
|
|
Accrued interest, adjustments and foreign exchange differences payable
|
|
|
48,220
|
|
|
|
18,695
|
|
|
Other
|
|
|
63,610
|
|
|
|
535,076
|
|
|
|
|
|
5,610,811
|
|
|
|
6,285,628
|
|
|
|
7.5.
|
Deposits - From the non-financial
private sector and foreign residents - Other
|
|
Expired time deposits
|
|
|
972,260
|
|
|
|
741,932
|
|
|
Attachments
|
|
|
282,574
|
|
|
|
236,103
|
|
|
Unemployment fund for workers of the construction industry
|
|
|
260,049
|
|
|
|
254,716
|
|
|
Other
|
|
|
63,831
|
|
|
|
38,038
|
|
|
|
|
|
1,578,714
|
|
|
|
1,270,789
|
|
|
|
7.6.
|
Other liabilities from financial
intermediation - Other
|
|
Purchase financing payables
|
|
|
1,780,166
|
|
|
|
1,928,432
|
|
|
Miscellaneous not subject to minimum cash requirements
|
|
|
702,050
|
|
|
|
694,659
|
|
|
Other withholdings and additional withholdings
|
|
|
524,963
|
|
|
|
811,441
|
|
|
Other payment orders pending settlement
|
|
|
493,972
|
|
|
|
665,973
|
|
|
Collections and other transactions on account and behalf of others
|
|
|
468,980
|
|
|
|
329,702
|
|
|
Miscellaneous subject to minimum cash requirements
|
|
|
221,788
|
|
|
|
83,324
|
|
Sociedad Seguro de Depósitos (Sedesa) – Purchase of preferred
shares of former Nuevo Banco Bisel SA (see Note 8.)
|
|
|
94,300
|
|
|
|
94,300
|
|
|
Retirement pension payment orders pending settlement
|
|
|
59,153
|
|
|
|
48,564
|
|
|
Other
|
|
|
122,893
|
|
|
|
120,724
|
|
|
|
|
|
4,468,265
|
|
|
|
4,777,119
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
7.7.
|
Other Liabilities - Other
|
|
Taxes payable (net of prepayments)
|
|
|
1,464,423
|
|
|
|
1,184,346
|
|
|
Salaries and payroll taxes payable
|
|
|
445,367
|
|
|
|
341,874
|
|
|
Miscellaneous payables
|
|
|
180,648
|
|
|
|
179,396
|
|
|
Withholdings on salaries
|
|
|
54,567
|
|
|
|
65,236
|
|
|
Prepayment for the sale of assets
|
|
|
2,700
|
|
|
|
2,873
|
|
|
|
|
|
2,147,705
|
|
|
|
1,773,725
|
|
|
|
7.8.
|
Memorandum accounts –
Debit-balance accounts – Control – Other
|
|
Securities in custody – Other
|
|
|
26,932,504
|
|
|
|
23,856,634
|
|
|
Checks and securities not yet collected
|
|
|
3,742,848
|
|
|
|
5,011,117
|
|
|
Managed portfolios (see Note 13.)
|
|
|
1,110,484
|
|
|
|
1,101,992
|
|
|
Checks and securities to be debited
|
|
|
1,016,052
|
|
|
|
997,516
|
|
|
Checks and securities to be collected
|
|
|
381,654
|
|
|
|
335,657
|
|
|
Checks and securities in custody – Anses (Argentine social security administration)
|
|
|
|
|
|
|
173,556,927
|
|
|
|
|
|
33,183,542
|
|
|
|
204,859,843
|
|
|
|
7.9.
|
Financial income –
Interest on other loans
|
|
Personal loans
|
|
|
1,948,085
|
|
|
|
1,313,838
|
|
|
Other
|
|
|
476,174
|
|
|
|
321,811
|
|
|
|
|
|
2,424,259
|
|
|
|
1,635,649
|
|
|
|
7.10.
|
Financial income –
Net income from government and private securities
|
|
Government and private securities
|
|
|
842,761
|
|
|
|
1,030,242
|
|
|
Financial trusts
|
|
|
25,570
|
|
|
|
12,665
|
|
|
Other
|
|
|
40,177
|
|
|
|
17,812
|
|
|
|
|
|
908,508
|
|
|
|
1,060,719
|
|
|
|
7.11.
|
Financial income –
Other
|
|
Forward foreign-currency transactions offset
|
|
|
48,602
|
|
|
|
213
|
|
|
Premiums on reverse repurchase agreements with the financial sector
|
|
|
39,756
|
|
|
|
19,775
|
|
|
Interests on loans for export prefinancing and financing
|
|
|
21,953
|
|
|
|
18,990
|
|
|
Other
|
|
|
40
|
|
|
|
|
|
|
|
|
|
110,351
|
|
|
|
38,978
|
|
|
|
7.12.
|
Financial expense –
Other
|
|
Turnover tax and municipal assessments
|
|
|
433,694
|
|
|
|
284,498
|
|
|
Premiums on repurchase agreements with the financial sector
|
|
|
2,181
|
|
|
|
4,171
|
|
|
|
|
|
435,875
|
|
|
|
288,669
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
7.13.
|
Service-charge income -
Other
|
|
Debit and credit card income
|
|
|
436,147
|
|
|
|
315,499
|
|
|
Rental of safe deposit boxes
|
|
|
25,887
|
|
|
|
21,322
|
|
|
Service commissions – Joint ventures (see Note 2.5.)
|
|
|
23,013
|
|
|
|
21,575
|
|
|
Other
|
|
|
78,930
|
|
|
|
79,091
|
|
|
|
|
|
563,977
|
|
|
|
437,487
|
|
|
|
7.14.
|
Service-charge expense
- Other
|
|
Debit and credit card expenses
|
|
|
245,709
|
|
|
|
139,188
|
|
|
Turnover tax and municipal assessments
|
|
|
84,594
|
|
|
|
61,441
|
|
|
Commissions paid to lending agents
|
|
|
66,461
|
|
|
|
23,785
|
|
|
Other
|
|
|
27,088
|
|
|
|
9,661
|
|
|
|
|
|
423,852
|
|
|
|
234,075
|
|
|
|
7.15.
|
Administrative expenses
– Other operating expenses
|
|
Maintenance, conservation and repair expenses
|
|
|
89,095
|
|
|
|
64,681
|
|
|
Security services
|
|
|
83,095
|
|
|
|
62,967
|
|
|
Electric power and communications
|
|
|
59,809
|
|
|
|
33,407
|
|
|
Leases
|
|
|
41,884
|
|
|
|
27,415
|
|
|
Stationery and office supplies
|
|
|
7,644
|
|
|
|
7,304
|
|
|
Insurance
|
|
|
6,571
|
|
|
|
5,235
|
|
|
|
|
|
288,098
|
|
|
|
201,009
|
|
|
|
7.16.
|
Other income – Other
|
|
Other adjustments and interest on other receivables
|
|
|
52,498
|
|
|
|
8,056
|
|
|
Services provided to Banco del Tucumán SA
|
|
|
4,194
|
|
|
|
2,737
|
|
|
Gain on sale of bank premises and equipment, and other assets
|
|
|
1,240
|
|
|
|
912
|
|
|
Other
|
|
|
10,731
|
|
|
|
6,876
|
|
|
|
|
|
68,663
|
|
|
|
18,581
|
|
|
|
7.17.
|
Other expense – Other
|
|
Donations
|
|
|
15,991
|
|
|
|
22,935
|
|
|
Municipal assessment
|
|
|
7,848
|
|
|
|
545
|
|
|
Turnover tax
|
|
|
4,099
|
|
|
|
1,880
|
|
|
Portfolio transactions
|
|
|
|
|
|
|
21,539
|
|
|
Summary and sanctions (see Note 19.)
|
|
|
|
|
|
|
13,776
|
|
|
Other
|
|
|
11,007
|
|
|
|
59,281
|
|
|
|
|
|
38,945
|
|
|
|
119,956
|
|
As of March 31, 2016 and December
31, 2015 the following Bank’s assets are restricted:
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017 used as security in favor of Sedesa (1).
|
|
|
95,747
|
|
|
|
97,292
|
|
|
• Secured Bonds under Presidential Decree No. 1579/02 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).
|
|
|
30,919
|
|
|
|
32,606
|
|
|
• Discount bonds regulated by Argentinean legislation, maturing 2033 for the performance of forward foreign currency trading transactions.
|
|
|
19,497
|
|
|
|
33,651
|
|
|
• Discount securities in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of San Juan Provincial Government No. 2763/OC-AR.
|
|
|
17,490
|
|
|
|
9,414
|
|
|
• Federal Government bond in pesos at Badlar Private + 200 basis points, maturing in 2017, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013.
|
|
|
12,000
|
|
|
|
15,528
|
|
|
• Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the role of custodian of Sustainability Guarantee Fund investments.
|
|
|
790
|
|
|
|
308,570
|
|
|
• Federal Government bond in pesos at Badlar Private + 250 basis points, maturing in 2019, securing the role of custodian of Sustainability Guarantee Fund investments.
|
|
|
|
|
|
|
103,524
|
|
|
• Central Bank of Argentina Internal Bills in pesos, maturity 01-06-2016 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.
|
|
|
|
|
|
|
19,915
|
|
|
• Other government and private securities.
|
|
|
1,143
|
|
|
|
1,129
|
|
|
Subtotal government and private securities
|
|
|
177,586
|
|
|
|
621,629
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Guaranteed Loans under Presidential Decree No. 1387/01 – Global 17 at a variable rate provided as guarantee in favor of the Central Bank in relation to the auctions of advances intended for the production sector under the Bicentennial Production Financing Program.
|
|
|
72,512
|
|
|
|
64,619
|
|
|
Subtotal Loans
|
|
|
72,512
|
|
|
|
64,619
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.
|
|
|
1,696,745
|
|
|
|
1,368,704
|
|
|
|
|
|
|
|
|
|
|
|
|
• Interests resulting in contributions made in the Bank´s capacity by contributory partner of the following venture funds: (2)
|
|
|
|
|
|
|
|
|
|
- Risk Fund of Los Grobo SGR (mutual guarantee association), with an original contribution of 30,000 made on December 23, 2014.
|
|
|
30,000
|
|
|
|
30,000
|
|
|
- Risk Fund of Garantizar SGR, with an original contribution of 20,000 made on December 22, 2014.
|
|
|
20,000
|
|
|
|
20,000
|
|
|
- Risk Fund of Los Grobo SGR (mutual guarantee association), with an original contribution of 10,000 made on December 30, 2015.
|
|
|
10,000
|
|
|
|
10,000
|
|
|
- Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 22, 2014.
|
|
|
7,000
|
|
|
|
7,000
|
|
|
- Risk Fund of Intergarantías SGR, with an original contribution of 7,000 made on December 28, 2015.
|
|
|
7,000
|
|
|
|
7,000
|
|
|
Subtotal other receivables from financial intermediation
|
|
|
1,770,745
|
|
|
|
1,442,704
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
Item (cont.)
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Security deposits related to credit card transactions
|
|
|
309,653
|
|
|
|
255,957
|
|
|
|
|
|
|
|
|
|
|
|
|
• Security deposits related to transactions of forward transactions offset
|
|
|
89,991
|
|
|
|
111,743
|
|
|
|
|
|
|
|
|
|
|
|
|
• Sundry receivables includes an item related to the attachment ordered in the context of a claim initiated by the City of Buenos Aires tax authorities on turnover tax differences
|
|
|
827
|
|
|
|
827
|
|
|
|
|
|
|
|
|
|
|
|
|
• Other guarantee security
|
|
|
3,632
|
|
|
|
3,746
|
|
|
Subtotal other receivables
|
|
|
404,103
|
|
|
|
372,273
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
·
Building related to a call option sold (see Note 12.(c)).
|
|
|
103,065
|
|
|
|
103,531
|
|
|
Subtotal other assets
|
|
|
103,065
|
|
|
|
103,531
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,528,011
|
|
|
|
2,604,756
|
|
|
(1)
|
As replacement for the preferred
shares of former Nuevo Banco Bisel SA to secure to Sedesa the price payment and the fulfillment
of all the obligations assumed in the purchase and sale agreement dated May 28, 2007,
maturing on August 11, 2021.
|
|
(2)
|
In order to keep tax benefits
related to these contributions, they must be maintained between two and three years from
the date they were made.
|
|
|
9.
|
TRANSACTIONS WITH RELATED
PARTIES
|
The receivables/payables and
income (loss) from transactions performed with subsidiaries and affiliates are as follows (see also Note 3. to the consolidated
financial statements):
|
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
|
10,367
|
|
|
|
|
|
|
|
|
|
|
|
10,367
|
|
|
|
9,246
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
289,811
|
|
|
|
289,811
|
|
|
|
433,559
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,685
|
|
|
|
76,685
|
|
|
|
6,414
|
|
|
Receivables from financial lease
|
|
|
|
|
|
|
|
|
|
|
8,552
|
|
|
|
1,260
|
|
|
|
9,812
|
|
|
|
10,178
|
|
|
Other receivables
|
|
|
278
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
278
|
|
|
|
|
|
|
Items pending allocation
|
|
|
6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
Total assets
|
|
|
284
|
|
|
|
10,367
|
|
|
|
8,552
|
|
|
|
367,756
|
|
|
|
386,959
|
|
|
|
459,397
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
3
|
|
|
|
89,852
|
|
|
|
236,428
|
|
|
|
326,283
|
|
|
|
440,460
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
59
|
|
|
|
59
|
|
|
|
82,558
|
|
|
Other liabilities
|
|
|
|
|
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
169
|
|
|
|
138
|
|
|
Total liabilities
|
|
|
|
|
|
|
172
|
|
|
|
89,852
|
|
|
|
236,487
|
|
|
|
326,511
|
|
|
|
523,156
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Credit-balance accounts – Contingent
|
|
|
|
|
|
|
|
|
|
|
1,328
|
|
|
|
112,762
|
|
|
|
114,090
|
|
|
|
130,955
|
|
Credit-balance accounts –
Derivatives
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
152,067
|
|
|
|
152,067
|
|
|
|
393,836
|
|
|
|
|
Banco del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Other
subsidiaries
and related
parties
(1)
|
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
INCOME (EXPENSE)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial income
|
|
|
31
|
|
|
|
|
|
|
|
698
|
|
|
|
8,967
|
|
|
|
9,696
|
|
|
|
3,949
|
|
|
Financial expense
|
|
|
(1,832
|
)
|
|
|
|
|
|
|
|
|
|
|
(12,152
|
)
|
|
|
(13,984
|
)
|
|
|
(6,280
|
)
|
|
Service-charge income
|
|
|
5
|
|
|
|
2
|
|
|
|
17
|
|
|
|
816
|
|
|
|
840
|
|
|
|
814
|
|
|
Service-charge expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(144
|
)
|
|
Administrative expenses
|
|
|
(3
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3
|
)
|
|
|
(3
|
)
|
|
Other income
|
|
|
4,512
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,512
|
|
|
|
2,963
|
|
|
Total income
|
|
|
2,713
|
|
|
|
2
|
|
|
|
715
|
|
|
|
(2,369
|
)
|
|
|
1,061
|
|
|
|
1,299
|
|
|
|
(1)
|
Includes amounts generated by
the Bank with its subsidiaries and its related parties regarding transactions performed
in the normal course of business, under normal market conditions, in terms of interest
rates and prices, as well as guarantees required.
|
The Bank’s subscribed
and paid-in capital as of March 31, 2016, amounted to 584,563. Since December 31, 2012, the Bank’s capital stock has changed
as follows.
|
As of December 31, 2012
|
|
|
594,485
|
|
|
|
|
|
|
|
|
Capital stock increase approved by the General Special Shareholders’ Meeting of June 10, 2013 (1)
|
|
|
78
|
|
|
|
|
|
|
|
|
Capital stock decrease as provided by Art. 67 of Law No. 26,831 (2)
|
|
|
(10,000
|
)
|
|
|
|
|
|
|
|
As of March 31, 2016
|
|
|
584,563
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
(1)
|
Related to the capital increase
in the amount of 77,860 Class B shares of common stock with a face value of Ps 1, each
one entitled to one vote, and delivered to the minority shareholders of former Banco
Privado de Inversiones SA, in the merger process with Banco Macro SA.
|
|
|
(2)
|
Related to capital stock decrease
resulting from the lapse of three years from acquisition from September through December
2011, involving 10,000,000 own registered Class B shares of common stock for a total
amount of 92,919. These shares have not been sold and the shareholders’ meeting
has issued no resolution as to the application thereof. On June 25, 2015, the capital
stock decrease was registered in the Public Registry of Commerce.
|
|
|
11.
|
CORPORATE BONDS ISSUANCE
|
The corporate bond liabilities
recorded in the accompanying financial statements amount to:
|
Corporate Bonds
|
|
Original value
|
|
Residual face
value as of
03/31/2016
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated – Class 1
|
|
USD 150,000,000
|
|
(a.1)
|
|
USD 150,000,000
|
|
|
2,248,270
|
|
|
|
1,957,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-subordinated – Class 2
|
|
USD 150,000,000
|
|
(a.2)
|
|
USD 106,395,000
|
|
|
1,573,398
|
|
|
|
1,432,672
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
3,821,668
|
|
|
|
3,390,290
|
|
On September 1, 2006, June
4, 2007, April 26, 2011 and April 23, 2015 the general regular shareholders’ meeting approved the creation, and subsequent
extension, of a Global Program for the Issuance of Simple Corporate Bonds in a short, medium or long term, either subordinated
or non-subordinated, with or without guarantee, in accordance with the provisions of Law No, 23,576, as amended by Law No. 23,962,
and further applicable regulations, up to a maximum amount outstanding at any time during the term of the program of USD 1,000,000,000
(one billion US dollars), or an equal amount in other currencies, under which it will be possible to issue different classes and/or
series of corporate bonds denominated in US dollars or other currencies and reissue the successive classes or series to be amortized.
|
|
a.1)
|
On December 18, 2006, under
the abovementioned Global Program, Banco Macro SA issued the 1st series of Class 1 subordinated
Notes for a face value of USD 150,000,000 (US dollars one hundred and fifty million).
The main characteristics of this issuance are:
|
|
|
-
|
Computable
to the Bank’s required minimum capital (computable equity), as established by Communiqué
“A” 4576.
|
|
|
-
|
The
Notes fall due within a 30-year term, with full amortization upon maturity (December
18, 2036), with full redemption option in 10 years since the issuance date.
|
|
|
-
|
Interest
payments will be made with a semiannual frequency (June 18 and December 18, every year).
|
|
|
-
|
During
the first 10 years, the interest rate will be a fixed one (9.75%), and a variable one
for the remaining years (six-month LIBOR, plus 7.11%). As established by Communiqué
“A” 4576, the interest rate payable can be increased only once over the life
of the instrument and subsequent to the 10-year term since their issuance.
|
|
|
-
|
They
do not include covenants that change the subordination order.
|
|
|
-
|
No
interest on the Notes will neither fall due and payable if: (i) payments of such interest is the distributable amount, as defined
in the pricing supplement dated November 23, 2006; (ii) there is a general prohibition by the Central Bank; (iii) the Bank is
subject to the provisions of Articles 34 or 35 bis, Financial Institutions Law; (iv) the Bank is receiving financial assistance
from Central Bank for illiquidity under Article 17 of Central Bank Charter; (v) the Bank is not in compliance with or has
failed to comply in a timely basis with reporting obligations to the Central Bank; and/or (vi) the Bank is not in compliance with
minimum capital requirements (both on an individual and consolidated basis levels) or with minimum cash reserves (on average).
|
|
|
-
|
Unpaid
interest is not cumulative.
|
|
|
-
|
They
have authorizations both for their public offering and their listing on domestic or foreign
stock exchanges or markets.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
-
|
In
no case, the payment of financial services may exceed net unappropriated retained earnings
as per the financial statements for the last fiscal year, with an external auditor’s
report, which should be appropriated to a reserve created to such end, as established
by Communiqué “A” 4576 (see Note 24.b)).
|
The
Bank used the funds derived from such issuance to grant loans.
|
|
a.2)
|
On January 29, 2007, Banco
Macro SA issued the 1st series of Class 2 non-subordinated simple corporate bonds at
a fixed rate of 8.5% p.a., not convertible into shares, fully amortizable upon maturity
(February 1, 2017) for a face value of USD 150,000,000 (one hundred and fifty million
US dollars), under the terms and conditions set forth in the price supplement dated January
10, 2007. Interest is paid semiannually on February 1 and August 1 of every year.
|
Additionally, the Bank has
the option to redeem such issuance, either fully or partially, at any time and from time to time. The Bank used the funds derived
from such issuance to grant loans.
On August 16, 2007, the Securities
and Exchange Commission (SEC) authorized the abovementioned exchange offers mentioned in a.1) and a.2).
|
|
12.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
The Bank performs transactions
that involve derivative financial instruments, as established by Central Bank rules. Such instruments mainly relate to:
|
|
-
|
Forward
transactions involving securities and foreign currency.
|
|
|
-
|
Forward
transactions without delivery of the underlying asset.
|
Such transactions were valued
as explained in Notes 3.5.g.1), 3.5.g.2) and 3.5.k).
Positions of transactions effective
as of March 31, 2016 and December 31, 2015 are as follows:
|
Transaction
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Net position of repurchase agreements
|
|
|
(1,190,565
|
)
|
|
|
(1,403
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net position of forward transactions without delivery of the underlying asset (a)
|
|
|
209,676
|
|
|
|
(45,239
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Position of put options taken (b)
|
|
|
13,254
|
|
|
|
11,821
|
|
|
|
|
|
|
|
|
|
|
|
|
Position of call options sold (c)
|
|
|
(146,013
|
)
|
|
|
(138,521
|
)
|
Net income (loss) resulting
from these transactions for the three-month periods ended March 31, 2016 and 2015, amount to income (loss):
|
Transaction
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
|
|
|
|
|
|
|
|
Premiums on reverse repurchase agreements
|
|
|
39,796
|
|
|
|
19,775
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums on repurchase agreements
|
|
|
(2,181
|
)
|
|
|
(4,171
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Forward foreign-currency transactions offset
|
|
|
48,602
|
|
|
|
213
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
86,217
|
|
|
|
15,817
|
|
|
|
|
|
|
|
|
|
|
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
(a)
|
It is related to negotiation transactions
of forward foreign currency exchange rates, carried out through MAE and “over the
counter”. For transactions carried out through MAE, the differences of such trading
transactions are settled on a daily basis based on the prices agreed upon and their quoted
price upon maturity while “over the counter” transactions are settled upon
maturity. In both cases, the underlying asset is not delivered or received.
|
|
|
(b)
|
It is related to a put option
taken with a Bank´s customer of a property received by the Bank as payment of loans
granted by it for an amount of USD 908,975, and the option’s exercise period is
from September 24, 2015, through September 23, 2016, both dates included. As of the date
of the issuance of these financial statements, the Bank has not exercised the option.
|
|
|
(c)
|
It is related to a call option
sold to a bank´s customer on a building received by the Bank as payment of loans
granted by it. The initial price was set at 104,135, and will accrue interest at a corrected
Badlar rate, re-calculated on a monthly basis, plus 200 basic points and the option’s
exercise period is from July 24, 2014, through July 31, 2016, both dates included. As
of the date of issuance of these financial statements, the holder has not exercised the
option.
|
As of March 31, 2016 and December
31, 2015, the Bank manages the following portfolios:
|
|
|
Managed portfolio as of
|
|
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
• On March 1, 1996, former Banco de Salta SA (which was absorbed by the Bank) and the Salta Provincial Government entered into an Agreement to Manage the Loan Portfolio of Banco Provincial de Salta (in liquidation) related to the nonfinancial private sector.
|
|
|
13,976
|
|
|
|
13,976
|
|
|
|
|
|
|
|
|
|
|
|
|
• On August 11, 1998, former Banco de Jujuy SA (which was absorbed by the Bank) and the Jujuy provincial Government entered into an agreement to manage the loan portfolio of the former Banco de la Provincia de Jujuy and to provide a monthly report on the tasks performed.
|
|
|
40,354
|
|
|
|
40,389
|
|
|
|
|
|
|
|
|
|
|
|
|
• On April 6, 2001, through Provincial Decree No. 806, the Ministry of the Treasury of the Province of Salta approved an extension to the “Contract for the service of collecting, processing and arranging information, managing the loan portfolio and performing collection procedures related to the receivables of the IPDUV (Provincial Institute of Urban and Housing Development)" entered into on March 27, 2001, between such Agency and Banco Macro SA.
|
|
|
98,509
|
|
|
|
89,380
|
|
|
|
|
|
|
|
|
|
|
|
|
• On June 30, 2006, the Bank and Macro Fiducia SA entered into a management and custody agreement regarding the “RETUC 1” trust loan portfolio.
|
|
|
55,812
|
|
|
|
55,712
|
|
|
|
|
|
|
|
|
|
|
|
|
• On November 22, 2012 and 2013, November 26, 2014 and November 30, 2015, the Bank (trustor) and Macro Fiducia SA (trustee), created the financial trusts Fideicomiso Financiero Privado “SECANE I”, “SECANE II”, “SECANE III” and “SECANE IV”, respectively; in the trusts agreement the trustor assumes the role of collection agent, administration and custodian.
|
|
|
603,543
|
|
|
|
612,457
|
|
|
|
|
|
|
|
|
|
|
|
|
• Other portfolios managed by the Bank.
|
|
|
298,290
|
|
|
|
290,078
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,110,484
|
|
|
|
1,101,992
|
|
As of March 31, 2016, the Bank,
in its capacity as Depository Company, held in custody the interest in Mutual Funds subscribed by third parties and assets from
the following mutual funds:
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
Fund
|
|
Shares of
interest
|
|
|
Equity
|
|
|
Assets (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pionero Pesos
|
|
|
446,289,565
|
|
|
|
1,132,603
|
|
|
|
911,874
|
|
|
Pionero Renta Ahorro
|
|
|
1,023,221,557
|
|
|
|
4,341,575
|
|
|
|
4,485,979
|
|
|
Pionero F F
|
|
|
64,114,361
|
|
|
|
227,813
|
|
|
|
234,974
|
|
|
Pionero Renta
|
|
|
82,309,281
|
|
|
|
823,423
|
|
|
|
834,164
|
|
|
Pionero Acciones
|
|
|
3,518,879
|
|
|
|
34,565
|
|
|
|
35,091
|
|
|
Pionero Renta Dólares
|
|
|
6,027
|
|
|
|
27
|
|
|
|
|
|
|
Pionero Empresas FCI Abierto PYMES
|
|
|
125,276,926
|
|
|
|
212,037
|
|
|
|
213,492
|
|
|
Pionero Consumo
|
|
|
80,081
|
|
|
|
130
|
|
|
|
119
|
|
|
Pionero Renta Ahorro Plus
|
|
|
89,931,469
|
|
|
|
90,168
|
|
|
|
89,909
|
|
|
Pionero Renta Mixta I
|
|
|
100,000
|
|
|
|
100
|
|
|
|
|
|
|
Pionero Renta Mixta II
|
|
|
100,000
|
|
|
|
100
|
|
|
|
|
|
|
Argenfunds Renta Pesos
|
|
|
344,735,296
|
|
|
|
496,406
|
|
|
|
497,364
|
|
|
Argenfunds Renta Argentina
|
|
|
96,034,647
|
|
|
|
156,204
|
|
|
|
201,790
|
|
|
Argenfunds Ahorro Pesos
|
|
|
721,221,054
|
|
|
|
1,603,222
|
|
|
|
1,671,822
|
|
|
Argenfunds Renta Privada FCI
|
|
|
138,261,228
|
|
|
|
303,524
|
|
|
|
401,166
|
|
|
Argenfunds Abierto Pymes
|
|
|
123,275,328
|
|
|
|
65,522
|
|
|
|
65,558
|
|
|
|
(1)
|
These amounts reflect the mutual
funds’ assets and are recorded under the “Checks and securities in custody”
memorandum account.
|
|
|
15.
|
BANK DEPOSIT GUARANTEE INSURANCE
SYSTEM
|
Law No. 24,485, and Presidential
Decree No, 540/1995, provided for the organization of a Bank Deposit Guarantee Insurance System, characterized as being limited,
mandatory and for valuable consideration, designed to provide coverage for risks inherent in bank deposits, subsidiary and supplementary
to the bank deposit privileges and protection offered by the system created by Financial Institutions Law. Such law also provided
for the organization of Sedesa to manage the Deposit Guarantee Fund. Such company was organized in August 1995. The Bank holds
an 8.3648% equity interest therein, according to the percentages set forth in Central Bank Communiqué “B” 11250
of April 4, 2016.
This system shall cover the
deposits up to the amount of 350 in Argentine pesos (450 beginning on May 1, 2016) and foreign currency with the participating
institutions as checking accounts, savings accounts, certificates of deposit or any other modes determined by the Central Bank,
as long as the requirements under Presidential Decree No. 540/1995 and any others established by the enforcement agency are fulfilled.
On the other hand, Central Bank established that the deposits made by other financial institutions, those made by persons related
to the Bank, and deposits of securities, among others, must be excluded from the deposit guarantee system.
The Bank is related to different
types of trusts. The different trust agreements are disclosed below, according to the Bank’s business purpose:
|
|
16.1
|
Financial trusts for investment purposes
|
The Bank holds investment
as describe in Note 7.2.
Debt securities include mainly:
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
-
|
prepayments towards the
placement price of trust securities of the financial trusts under public offerings, made
by the Bank through underwriting agreements (Consubond, Mila, Garbarino, Accicom, PVCred,
CCF Créditos and Credicuotas consumo). The assets managed for these trusts are
mainly related to securitizations of consumer loans. Trust securities are placed once
the public offering is authorized by the CNV. Upon expiry of the placement period, once
all trust securities have been placed on the market, the Bank recovers the disbursements
made, plus an agreed-upon compensation (“underwriting Price”). If after making
the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”)
will retain the securities subject to underwriting and,
|
|
|
-
|
debt securities related
to Loma Blanca Financial Trust.
|
According to the latest accounting
information available as of the date of issuance of these financial statements, the corpus assets of the trusts, exceed the carrying
amount in the related proportions.
Additionally, Note 7.1. to
the consolidated financial statements, includes a list of the holdings for investment held by the Bank´s subsidiaries.
|
|
16.2
|
Trusts created using financial assets transferred by the
Bank
|
The Bank transferred financial
assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow
resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained
earlier.
As of March 31, 2016 and December
31, 2015, considering the latest available accounting information as of the date of the financial statements, the assets managed
through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 32,384 and 35,339, respectively.
Additionally, Note 7.2. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
created with corpus assets transferred by the Bank’s subsidiaries.
|
|
16.3
|
Trusts guaranteeing loans granted by the Bank
|
As it is common in the Argentine
banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in
a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed
in case of the debtor's noncompliance.
Trusts usually act as conduits
to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans
and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.
Additionally, other guarantee
trusts manage specific assets, mainly real property.
Provided there is no noncompliance
or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess
amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.
As of March 31, 2016 and December
31, 2015, considering the latest available accounting information as of the date of the financial statements, the assets managed
by the Bank and Macro Fiducia SA (subsidiary) amounted to 181,124 and 176,113, respectively.
|
|
16.4
|
Trusts in which the Bank acts as trustee (management)
|
The Bank performs management
duties of the corpus assets directly according to the agreements, performing only trustee duties and has no other interests in
the trust.
In no case shall the Trustee
be liable with its own assets or for any obligation deriving from the performance as trustee. Such obligations do not imply any
type of indebtedness or commitment for the trustee and they will be fulfilled only through trust assets. In addition, the trustee
will not encumber the corpus assets or dispose of them beyond the limits established in the related trust agreements. The fees
earned by the Bank from its role as trustee are calculated according to the terms and conditions of the agreements.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
Trusts usually manage funds
derived from the activities performed by trustors, for the following main purposes:
|
|
-
|
Guaranteeing, in favor of the
beneficiary the existence of the resources required to finance and/or pay certain obligations,
such as the payment of amortization installments regarding work or service certificates,
and the payment of invoices and fees stipulated in the related agreements.
|
|
|
-
|
Promoting the production development
of the private economic sector at a provincial level.
|
|
|
-
|
Being a party to public work
concession agreements granting road exploitation, management, keeping and maintenance.
|
As of March 31, 2016 and December
31, 2015, considering the latest available accounting information as of the date of the financial statements, the assets managed
by the Bank amounted to 808,613 and 772,102, respectively.
Additionally, Note 7.3. to
the consolidated financial statements includes a list of those trusts with similar purposes to those included in this note, but
managed by the Bank’s subsidiaries.
|
|
17.
|
INFORMATION REQUIRED BY
THE CNV
|
|
|
17.1
|
Compliance with requirements
to act in the capacity of agents belonging to different categories of agents defined
by the CNV.
|
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV General Resolution 622, the Bank is
registered with this agency as an agent for the custody of collective investment products of mutual funds (AC PIC FCI), comprehensive
clearing and settlement agent and trading agent (ALyC y AN - integral), and financial trustee Agent category (FF).
Additionally, the Bank’s
shareholders´ equity exceeds the minimum amount required by this regulation, amounting to 26,500, as well as the minimum
offsetting required of 11,000, which the Bank paid-in at the end of the period with government securities as described in Note
8.
|
|
17.2
|
Documentation in custody
|
As a general policy, the Bank
delivers for custody to third parties, the documentary support of its aged accounting and management operations, i.e those whose
date is prior to the last fiscal year-end, except for the inventory book, in which aging is deemed to include those with a date
prior to the two fiscal years ended. In compliance with CNV General Resolution No. 629 requirements, the Bank has kept (i) the
inventory books for fiscal years ended through December 31, 2012 included, and (ii) certain documentation supporting the economic
transactions for fiscal years ended through December 31, 2015, included, under the custody of the following companies: AdeA Administradora
de Archivos SA (warehouse located at Ruta 36, km 31.5, Florencio Varela, Province of Buenos Aires) and ADDOC Administración
de Documentos SA (warehouse located at avenida Circunvalación, between Camino San Carlos and 60 cuadras, Province of Cordoba
and avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51.2, Pilar, Province of Buenos Aires).
|
|
18.
|
MINIMUM CASH AND MINIMUM
CAPITAL REQUIREMENTS
|
|
|
18.1
|
Accounts identifying compliance with the minimum cash requirements:
|
The items computed by the
Bank to constitute the minimum cash requirement effective for March 2016 are listed below, indicating the balances as of month-end
of the related accounts:
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
Item
|
|
03/31/2016
|
|
|
|
|
|
|
|
Cash
|
|
|
|
|
|
Amounts in Central Bank accounts
|
|
|
13,477,737
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
Special guarantee accounts with the Central Bank
|
|
|
1,696,745
|
|
|
Total
|
|
|
15,174,482
|
|
|
|
18.2
|
Minimum capital requirements:
|
As the table disclosed, the
minimum capital requirements measured on an individual basis, effective for March 2016, along with its computable capital as of
the end of that month:
|
Item
|
|
03/31/2016
|
|
|
|
|
|
|
|
Minimum capital requirement
|
|
|
7,542,347
|
|
|
Computable capital
|
|
|
15,474,958
|
|
|
Excess amount
|
|
|
7,932,611
|
|
|
|
19
.
|
SUMMARY JUDGEMENTS AND SANCTIONS APPLIED BY THE CENTRAL
BANK AND CERTAIN REGULATORS
|
The Central Bank Communiqué
“A” 5689 requires banks to disclose in their financial statements certain information regarding summaries and sanctions
received from certain regulators, regardless of the amounts involved and the final conclusions of each cause. The information
required as of March 31, 2016 is disclosed below:
|
|
19.1.
|
Summary Judgements initiated
by the Central Bank:
|
Criminal Foreign Exchange
Regime Summary
: No. 4674 dated 04/14/2011.
Reason
: Supposed infraction
of article No. 1 incs. e) and f) and No. 2 inc f) of the Criminal Foreign Exchange Law (“CFEL”), in an exchange operation
transaction with a suspended customer with no Central Bank authorization.
Responsible
: Banco Macro
SA, as the follow-on of Nuevo Banco Bisel SA and Branch Manager (Mariano Raúl Misino and Roberto David Luna).
Status
: The Central
Bank raised the summary to the Criminal Office of the Federal Court No. 3 of the Judicial Department in Córdoba which is
in process under No. FCB 3612/2014.
Criminal Foreign Exchange
Regime Summary
: No. 5645 dated 01/07/2014.
Reason
: Supposed infraction
of article No. 1 incs. e) and f) y No. 2 inc f) of the CFEL, for foreign exchange transactions with no Central Bank authorization.
Responsible
: Banco Macro
S.A and Responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and
Horacio Ricardo Javier Sistac).
Status
: In process at
the Central Bank. On 05/22/2015 the summary evidence period was initiated. This probationary period has already concluded. The
BCRA ordered that the proceedings be filed with a criminal court and, therefore, they are currently pending with the Economic
Criminal Trial Court in and for the City of Buenos Aires No. 11, Clerk’s Office No. 22, under case file No. 1282/2015.
Criminal Foreign Exchange
Regime Summary
: No. 6545 dated 09/03/2015.
Reason
: Supposed infraction
of article No. 1 incs e) and f) of CFEL and Central Bank Communiqué “A” 5264, as supplemented, for foreign
exchange transactions with a customer without the documentation to support the genuineness of the transaction.
Responsible
: Banco Macro
S.A and Responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge Francisco Scarinci and
Horacio Ricardo Javier Sistac, Carlos Daniel Gomez and Oscar Luis Romero).
Status
: In process at
the Central Bank.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
Financial summary
: No.
1496 dated 02/24/2016
Reason
: Deficiencies
on supervision on a consolidated basis, exercised by the Bank over its subsidiaries, related to Anti-money laundering procedures.
Responsible
: Banco Macro
SA and Banco Macro SA Directors (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito, Marcos Brito,
Juan Pablo Brito Devoto, Luis Carlos Cerolini, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Constanza
Brito and Emanuel Antonio Alvarez Agis).
Status
: In process at
the Central Bank. Rebuttal evidence was presented on April 7, 2016.
|
|
19.2.
|
Sanctions imposed by the Central
Bank:
|
Financial summary
: No.
1227 dated 04/10/2008.
Reason
: Supposed infraction
of Communiqué “A" 2241; CREFI-2; Chapter IV, Section 4, point 4.1. and 4.2., involving two capital contributions
to its subsidiary Sudbank and Trust Company Ltd. (currently Macro Bank Limited) with no previous Limited) with no previous Central
Bank authorization. Original sanction amount: 2,625, current sanction amount: 1,400
Responsible
: Banco Macro
SA Directors (Jorge Horacio Brito; Delfín Jorge Ezequiel Carballo; Juan Pablo Brito Devoto; Luis Carlos Cerolini; Carlos
Enrique Videla; Fernando Andrés Sansuste, Enrique Jaratz and Jorge Pablo Brito).
Status
: On 11/05/2013
the fine was debited from Banco Macro´s account 00285 at the Central Bank. On 11/20/2013 a direct appeal was filed against
Resolution No. 723 issued by SEFyC (Argentine regulatory agency of financial and foreign exchange institutions), on 10/10/2013,
representing the Bank and the natural persons subject to the summary proceeding, before the Federal Court of Appeals in Contentious
and Administrative Matters in the City of Buenos Aires (CNACAF). As a result of the appeal filed, on 04/14/2015, the Bank was
notified about the resolution that reduced the amount of the fine. On 04/29/2015 the Central Bank filed a federal extraordinary
appeal to CNACAF. El 06/10/2015 se acusó la caducidad de la instancia extraordinaria atento a la falta de impulso procesal
del BCRA; in the alternative, notice of the extraordinary appeal filed was answered. On October 6, 2015, notice was served regarding
the request made to the BCRA. On November 24, 2015, Courtroom IV declared the nullity of the extraordinary instance, with charges
to be borne by the losing BCRA. Measures are being taken for reimbursement of the amounts paid for fines exceeding the reductions
established by the court. The request was dismissed because the court understands that it is beyond its jurisdiction.
Financial summary
: No.
1380 dated 03/11/2013.
Reason
: Supposed excess
in the assets used for guarantee purpose which should have been used for related statutory operation ratios; failure to fulfill
with the limitations of deposits increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure
of such excess and failures according to Central Bank requirements. Sanction amount: 2,000
Responsible
: Former
Banco Privado de Inversiones SA, Directors, Statutory Audit Committee and Corporate Service Manager (Alejandro Manuel Estrada,
Raúl Fernández, Alejandro Carlos Estrada, Eduardo Guillermo Castro, Jorge Norberto Cerrotta, Armando Rogelio Pomar,
Carlos Soulé and Baruki Luis Alberto Gonzalez).
Status
: On 06/12/2015
the Central Bank passed Sentence No. 527, imposing fines to those responsible. On 06/25/2015 the fine was paid. On 07/10/2015
a direct appeal was filed against such resolution to CNACAF. On December 2015, the sanction amount was recovered by the Entity
as a result of the guarantee provided by the sellers at the moment of acquisition of the shares of former BPI SA. On September
2015, the appeals were presented at the Sala II of CNACAF. On 10/07/2015, the Court informed BCRA about the appeal presented by
the Bank and on 11/12/2015, on December 11, 2015, the court took into account the answer to the service of notice of the direct
appeal granted to the BCRA. Proceedings were referred to the Prosecutor’s Office, where they are pending to date. The bank
appealed the resolution under the terms of Art. 42 law 21,256, giving rise to the below-referenced proceeding.
Financial summary
: No.
1394 dated 08/01/2013.
Reason
: Supposed failure
of Communiqué “A” 3700. CREFI 2-36, Exhibit, Item I, Sub-item 5.2. For presenting out of term the corresponding
documentation regarding the appointment of authorities.
Responsible
: Banco Macro
SA and Chairman (Jorge Horacio Brito).
Status
: On 12/02/2014
the Central Bank passed Sentence No. 828, imposing the sanction to those responsible. On 02/02/2015 the Bank rejected the resolution
and presented an appeal to revoke the sentence at the Central Bank. On 03/27/2015 the Central Bank passed Sentence No. 272, whereby
the appeal was dismissed and the sanction was confirmed.
Financial summary
: No.
1401 dated 08/14/2013.
Reason:
Supposed failure
of financing to the non-financial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba
and Reconquista. Sanction amount: 2,400.
Responsible
: Banco Macro
SA and Directors (Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito).
Status
: On 03/02/2015
the Central Bank passed Resolution No. 183/15 imposing fines to the Bank, which were debited from the Bank´s account 00285
on 03/12/2015. On 03/30/2015 a direct appeal was filed against such resolution to CNACAF. On April 2015 the appeal was presented
at the Sala IV of the Federal Contentious Administrative Court of Appeals under No. 19,971/2015. On 06/23/2015 the Court informed
BCRA about the appeal presented by Banco Macro. On 09/24/2015 proceedings were returned and are ready for the issuance of a decision.
The bank appealed the resolution under the terms of Art. 42 law 21,256, giving rise to the below-referenced proceeding.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
19.3.
|
Sanctions imposed by the Financial
Information Unit (UIF).
|
File
: No. 62/2009 dated
01/16/2009.
Reason
: Purchase of
foreign currency from April 2006 through August 2007. Sanction amount: 718
Responsible
: Banco Macro
SA and those in charge of Anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).
Status
: UIF passed Resolution
No. 72/2011 on 06/09/2011, imposing fines to those responsible. An appeal was presented at CNACAF.
File
: No. 62/2009 (extension)
dated 09/06/2011.
Reason:
Extension of
the summary issued by Resolution 72/2011 for transaction performed from 04/03/2006 through 10/11/2006. Sanction amount: 538.
Responsible
: Banco Macro
SA and those in charge of Anti-money laundering regulation compliance (Fernando Andrés Sansuste).
Status
: UIF passed Resolution
No. 04/2014 imposing fines to those responsible. An appeal was presented at CNACAF.
File
: No. 6338/2011
dated 11/23/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 2,136
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 110/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The Bank has appealed the sanction imposed
via a direct appeal and such appeal (No.16,411/14) is currently underway before the CNACAF.
File
: No. 6420/2011
dated 11/23/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 822.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 124/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 04/21/2015 the Court rejected the appeal
presented and confirmed UIF resolution No. 124/2014. On 05/08/2015, an extraordinary appeal was presented to the Argentine Supreme
Court (CSJN). On 06/09/2015 the Court denied the extraordinary appeal presented, with cost. On 06/17/2015 a complaint appeal was
presented to CSJN, as denial of extraordinary appeal. As of the date, the file was sent to the Attorney General’s Office
to issue its resolution prior to the Argentine Supreme Court’s decision.
File
: No. 6406/2011
dated 11/23/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 677.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 171/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct
appeal presented and annulled the Resolution No. 171/2014, admitting the prescription defense. UIF presented an extraordinary
appeal against such CNACAF sentence. On November 17, 2015, the Court decided to dismiss the extraordinary appeal filed by the
Financial Information Unit (“UIF”). As of the date, the file is pending with the Argentine Supreme Court due to the
petition for denied appeal filed by the UIF. The UIF appealed such resolution to the CNACAF. The appeal was dismissed on 04/05/2016.
As a result, this ruling is final.
File
: No. 6407/2011
dated 11/23/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 802.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 132/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 09/18/2015, the court ordered that the
file be rendered for final decision.
File
: No. 6405/2011
dated 12/07/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 1,504.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 26/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct
appeal presented and annulled the Resolution No. 26/2014, admitting the prescription defense. UIF presented an extraordinary appeal
against such CNACAF sentence. On November, 17, 2015, the Court decided to dismiss the extraordinary appeal filed by the Financial
Information Unit (“UIF”). As of the date, the file is pending with the Argentine Supreme Court due to the petition
for denied appeal filed by the UIF.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
File
: No. 6491/2011
dated 12/07/2011.
Reason
:
Banco Suquía SA –Deposits in checking account. Sanction amount: 791.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini
– as Compliance Officers and Directors- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés
Sansuste, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla) Guillermo Eduardo Stanley and
Constanza Brito – as Directors of Banco Macro SA).
Status
: UIF passed Resolution
No. 118/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 10/08/2015 the Court admitted the direct
appeal presented and annulled the Resolution No. 118/2014, admitting the prescription defense. UIF presented an extraordinary
appeal against such CNACAF sentence. The court ordered service of notice of such appeal to the Bank for a term of 10 business
days. On November, 17, 2015, the Court decided to dismiss the extraordinary appeal filed by the Financial Information Unit (“UIF”).
The UIF appealed such resolution to the CNACAF. The appeal was dismissed on 04/05/2016. As a result, this ruling is final.
File
: No. 6612/2011
dated 12/28/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 688.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 53/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The court ordered that the file be rendered
for final decision.
File
: No. 6614/2011
dated 12/28/2011.
Reason
: Purchase of
foreign currency. Sanction amount: 843.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (1)
Status
: UIF passed Resolution
No. 6/2014 imposing fines to those responsible. An appeal was presented at CNACAF. The court ordered that the file be rendered
for final decision.
File
: No. 160/2012 dated
05/10/2012.
Reason
: Purchase of
foreign currency. Sanction amount: 376.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (Jorge Horacio Brito, Delfín Jorge Ezequiel
Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos
Enrique Videla, Guillermo Eduardo Stanley and Constanza Brito).
Status
: UIF passed Resolution
No. 160/2015 imposing fines to those responsible. An appeal was presented at CNACAF. On 11/23/2015 the Attorney General issued
a resolution stating that the court should dismiss the request for unconstitutionality filed by the Bank. On November 30, 2015,
the court ordered that the file be rendered for final decision. On 04/07/2016, the fines imposed by the UIF were revoked, based
on prescription. The ruling was passed down 04/11/2016 and the UIF has not yet filed an extraordinary appeal.
File
: No. 517/2012 dated
06/27/2012.
Reason
: Purchase of
foreign currency. Sanction amount: 1,857.
Responsible
: Banco Macro
SA, Directors and those in charge of Anti-money laundering regulation compliance. (Luis Carlos Cerolini – as Compliance
Officer and Director - and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Fernando Andrés Sansuste, Juan Pablo
Brito Devoto, Jorge Pablo Brito, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley
and Constanza Brito – as Directors of Banco Macro SA).
Status
: UIF passed Resolution
No. 500/2014 imposing fines to those responsible. An appeal was presented at CNACAF. On 09/01/2015 the UIF answered the service
of notice of the direct appeal filed. On October 9, 2015, the Bank filed a brief whereby it dismissed informative evidence and
requested documentary evidence. On October 9, 2015, the court took into account the Bank’s request and ordered that the
file be rendered for final decision.
|
|
(1)
|
Fernando Andrés Sansuste,
Juan Pablo Brito Devoto y Luis Carlos Cerolini – as Compliance Officer and Director
- and Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito,
Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo
Stanley and Constanza Brito – as Directors of Banco Macro SA.
|
Although, sanctions do not involve material
amounts, as of the date of issuance of these financial statements, the total amount of monetary sanctions received, pending to
be paid for been appealed or about to be appealed, amounted to 11,752, which was recorded according to Communiqué “A”
5689 of Central Bank.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
Additionally, there are pending summaries
at CNV and UIF, as described below:
File
: No.1480/2011 (CNV Resolution
No. 17,529 dated 09/26/2014).
Reason
: Potential non-compliance
with the obligation to inform a “Significant Event”.
Responsible
: Banco Macro SA, Directors,
Statutory Audit Committee members and person in charge of Market relations (Jorge Horacio Brito, Delfín Jorge Ezequiel
Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Luis Carlos Cerolini, Roberto Julio Eilbaum, Alejandro Macfarlane, Carlos
Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Daniel Hugo Violatti, Ladislao Szekely, Santiago Marcelo Maidana and
Herman Fernando Aner).
Status
: On 10/28/2014, rebuttal
evidence was presented by the bank and all the responsibles, requesting a ruling in their favor.
File
: No. 248/2014 (UIF note presidency
245/2013 11/26/2013) dated 07/30/2014.
Reason
: Alleged deficiencies in
preparing certain “Reports on suspicious transactions (ROS)” due to cases of infringement detected in certain customer
files.
Responsible
: Banco Macro SA, Directors
and those in charge of Anti-money laundering regulation compliance (Luis Carlos Cerolini (as Compliance Officer and Director)
and Jorge Horacio Brito, Delfin Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo Brito, Alejandro Macfarlane, Carlos
Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Emanuel Antonio Alvarez Agis, Marcos Brito and Rafael Magnanini –as
Directors of Banco Macro SA).
The Bank Management and its legal advisors
consider no further significant accounting effects than could arise from the effect of the above mentioned situations.
|
|
20.1.
|
The AFIP (Federal Public Revenue
Agency) and provincial tax authorities have reviewed the tax returns filed by the Bank
related to income tax, minimum presumed income tax and other taxes (mainly turnover tax).
|
The most significant ongoing
claims arising from the previous paragraph are detailed below:
|
|
a)
|
Afip challenged the income tax
returns filed by the former Banco Bansud SA (for the fiscal years since June 30, 1995,
through June 30, 1999, and of the irregular six-month period ended December 31, 1999)
and by the former Banco Macro SA (for the fiscal years ended since December 31, 1998,
through December 31, 2000).
|
The matter under discussion
that has not been resolved as yet and on which the regulatory agency bases its position is the impossibility of deducting credits
that have collateral security, an issue that has been addressed by the Federal Administrative Tax Court and CSJN in similar cases,
which have issued resolutions that are favorable to the Bank’s position.
|
|
b)
|
Afip challenged a compensation
amount arising from the tax on bank account transactions for 2008, which was used to
settle the amount reported in the income tax return filed by former Banco Bisel for tax
period 2008, taking into account that the origin could only be computed as from the tax
period following the one in which it was used. An appeal was filed with the Federal Administrative
Tax Court in order to challenge the resolution issued by the Afip.
|
|
|
c)
|
City of Buenos Aires tax authorities
attributed a turnover tax difference to Banco Macro SA for fiscal period 2002, in relation
to the treatment of the compensation bond, over which a precautionary measure was issued
in 2009 in favor of the Bank by the Federal Court of First Instance in Countentios and
Administrative No. 6, which was confirmed by the Sala IV of the CNACAF.
|
|
|
d)
|
City of Buenos Aires tax authorities
attributed a turnover tax difference to former Banco Privado de Inversiones for fiscal
periods 2002 and 2003. On October 19, 2015, Courtroom II of the Administrative and Tax
Contentious Court of Appeals confirmed the trial court decision as it agreed with the
Bank in that the “compensation bond” is not subject to turnover tax. On December
21, 2015, the Bank was notified that the Buenos Aires City Government filed an action
for declaration of unconstitutionality with the Buenos Aires City Highest Court, which
is pending resolution. In 2009, the Buenos Aires City Government filed a collection claim
and obtained an attachment for 827 (see also Note 8).
|
Additionally, there are other
appeals filed with the Tax Court, which are not relevant.
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
|
|
20.2.
|
Moreover, as a result of a
lawsuit filed in 2007 by consumers’ association “ADECUA” claiming about
various aspects related to the collection of the “life insurance” charge
for products marketed by former Banco Privado de Inversiones SA, on November 29, 2010,
the parties reached a settlement agreement, approved by the Federal Commercial Court
in and for the City of Buenos Aires No. 3, clerk’s office No. 5, and complied with
by the Bank.
|
However, on March 22, 2013,
the judge hearing the case ordered to adjust the performance of the agreement, as regards the reimbursement of the funds to the
customers from whom the charge had been collected, a resolution which was appealed by the Bank.
On April 24, 2014, the Court
of Appeals dismissed the appeals filed and changed what was resolved in First Instance, ordered the Agreement nullity, to continue
with the proceeding and to allow the Bank to answer the complaint. Such resolution was appealed by the Bank.
Additionally, there are other
claims filed by consumers’ associations against the Bank, which are not relevant.
The Bank’s Management
and its tax and legal advisors believe there are no additional significant effects to those already recognized in the books that
may result from the final outcome of such claims.
|
|
21.
|
CHANGES IN THE ARGENTINE
MACROECONOMIC ENVIRONMENT, AND THE SITUATIONS OF THE FINANCIAL AND CAPITAL SYSTEM AND
THE BANK
|
The international and local
macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the volatility of
financial assets, the foreign exchange market and the economic level growth, among other issues, which has been observed globally
with various degrees of intensity and different behavior, over the last few years. In addition, at a local level, there is high
volatility of government and private securities and in interest rates, as well as somewhat increase significant changes in the
prices for other relevant economic variables, such as salary costs, the prices of the main raw materials and the exchange rate.
In addition, although negotiations have shown a significant progress in recent months, the final resolution is currently pending
in a claim against the Argentine Government by holders of government securities who did not join the debt restructuring carried
out in 2005 and 2010, which has generated consequences in the interest payment service of certain government securities.
Specifically in connection
with the Argentine foreign exchange market, from October 2011 through mid-December 2015, there were certain restrictions to access
the MUyLC (single and freely-floating foreign exchange market), the only market approved by Argentine regulations for purchasing
and selling foreign exchange. As from that date, the new authorities of the Federal Government made appropriate amendments to
current foreign exchange regulations, while there was a significant Argentine peso depreciation with respect to the US dollar.
The Federal Government has
also implemented new monetary and tax policies, such as the regulation of lending and borrowing rates, restrictions to foreign
currency positions and operations involving foreign-currency futures at the different markets, among others.
Therefore, the Bank’s
Management permanently monitors the change of the abovementioned situations in international and local markets, to determine the
possible actions to adopt and to identify the possible impacts on its financial situation that may need to be reflected in the
financial statements for future periods.
|
|
22.
|
RESTRICTION ON EARNINGS
DISTRIBUTION
|
|
|
a)
|
According to Central Bank regulations
20% of income for the year plus / minus prior-year adjustments and less accumulated losses
as for the prior year-end, if any, should be allocated to the Legal Reserve. Consequently,
upcoming Shareholders´ Meeting shall apply 1,001,684 out of “Unappropriated
retained earnings” to increase such legal reserve.
|
|
|
b)
|
As established in the issuance
conditions for the instruments representing long term debt mentioned in Note 11.a.1),
the upcoming Shareholders’ Meeting shall apply 190,198 out of “Unappropriated
retained earnings” to set a special reserve for the interest to be paid upon the
maturities, taking place in June and December 2016.
|
|
|
c)
|
Under Law No. 25,063, dividends
to be distributed in cash or in kind in excess of taxable income accumulated as of the
end of the fiscal year immediately preceding the payment or distribution date shall be
subject to a 35% income tax withholding as a single and definitive payment. For this
purpose, income to be considered in each year will result from adding dividends or earnings
from other corporations not computed in the calculation of those earnings in the same
tax period(s) to the earnings determined under application of Income Tax Law, and deducting
the tax paid for the tax period(s) in which the earnings, or the related proportional
amount, being distributed were generated.
|
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish – See Note 24)
(Figures stated in thousands of pesos,
except for where indicated)
Additionally, from the amendments
introduced by Law No. 26,893, distributions of dividends (except for shares) to individuals of the country or foreign individuals
or legal entities shall be subject to a 10% income tax.
|
|
d)
|
Through Communiqué “A”
5827 with effective date January 1, 2016, the Central Bank establishes the general procedure
to distribute earnings, keeping the provisions under Communiqué “A”
5694 effective through December 31, 2015. According to that procedure, earnings may only
be distributed previously express authorization of the Central Bank, and only if the
following circumstances are met like not records of financial assistance from the Central
Bank due to illiquidity or shortages in payments of minimum capital or minimum cash requirement
deficiencies, there are no sanctions established by certain regulators entities, weighted
to be significant, and/or no corrective measures have been applied, among other previous
conditions listed in the abovementioned communiqué.
|
Therefore, earnings may only
be distributed to the extent that income was booked, after deducting, on a nonaccounting basis, from unappropriated retained earnings
and the voluntary reserve for future distribution of earnings, the amounts of the legal and statutory reserves which are mandatory,
the positive net difference between the book value and market value or present value reported by the Central Bank, as the case
may be, of government debt securities and/or monetary regulation instruments issued by the Central Bank not valued at market value
and the amounts recognized in the bank assets due to court cases related to deposits, among other items.
In addition, the maximum amount
to be distributed cannot exceed the minimum capital requirements, considering solely for this purpose a 75% incremental adjustment
to the total minimum capital required.
Finally, the Bank shall verify
whether –after the proposed earning distribution– a capital maintenance margin equal to 0.875% of risk-weighted assets
is kept, apart from the minimum capital required by regulations, to be integrated by of level-1 ordinary capital (COn1), net of
deductible items (CDCOn1).
|
|
e)
|
Under CNV General Resolution No.
593, the Shareholders’ Meeting in charge of analyzing the annual financial statements
will be required to establish a specific use for the Bank’s retained earnings,
whether through the actual distribution of dividends, the capitalization thereof through
the delivery of bonus shares, the creation of voluntary reserves additional to the legal
reserve or a combination of any of these applications.
|
Among other issues, the Regular Shareholders´
Meeting held on April 23, 2015, decided to distribute cash dividends up to the amount of 596,254. On February 24, 2016 the Central
Bank informed the Bank the authorization for the cash dividends distribution for an amount of 227,708 for the fiscal year ended
December 31, 2014, related to the Regular Shareholders´ Meeting decision. As a result, the amount of 368,546 in excess was
refunded to the Voluntary Reserve for future distribution of earnings. As of the date of issuance of these consolidated financial
statements, the cash dividends were fully paid.
|
|
23.
|
FINANCIAL STATEMENTS PUBLICATION
|
Under Communiqué “A”
760, the Central Bank prior intervention is not required for the publication of these financial statements.
|
|
24.
|
ACCOUNTING PRINCIPLES –
EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These financial statements
are presented on the basis of the accounting standards set forth by the Central Bank and, except for the effects of the matters
mentioned in Note 5., in accordance with argentine professional accounting standards effective in the City of Buenos Aires. Certain
accounting practices applied by the Bank may not conform with accounting principles generally accepted in other countries.
EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2016
|
|
|
Name
|
|
Market
or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options
(1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GOVERNMENT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount bonds denominated in pesos at 5.83% - Maturity: 2033
|
|
|
|
|
|
|
1,752,153
|
|
|
|
1,596,215
|
|
|
|
1,612,051
|
|
|
|
|
|
|
|
1,612,051
|
|
|
Federal government bonds in pesos at Badlar + 2% - Maturity: 03-28-2017
|
|
|
|
|
|
|
465,732
|
|
|
|
484,928
|
|
|
|
465,732
|
|
|
|
|
|
|
|
465,732
|
|
|
Federal government bonds in pesos at Badlar Private + 2% - Maturity: 2016
|
|
|
|
|
|
|
344,325
|
|
|
|
337,075
|
|
|
|
343,333
|
|
|
|
|
|
|
|
343,333
|
|
|
Federal government treasury bonds - Maturity: May 2016
|
|
|
|
|
|
|
375,037
|
|
|
|
313,686
|
|
|
|
364,382
|
|
|
|
|
|
|
|
364,382
|
|
|
Federal government bonds in US dollars at 8.75% 2024
|
|
|
|
|
|
|
128,480
|
|
|
|
2,968
|
|
|
|
(2,257
|
)
|
|
|
|
|
|
|
(2,257
|
)
|
|
Consolidation bonds in pesos - 8° Serie
|
|
|
|
|
|
|
112,661
|
|
|
|
119,030
|
|
|
|
121,506
|
|
|
|
|
|
|
|
121,506
|
|
|
Discount bonds denominated in US dollars 2033 (regulated by Argentinean legislation)
|
|
|
|
|
|
|
64,470
|
|
|
|
|
|
|
|
215
|
|
|
|
|
|
|
|
215
|
|
|
Federal government bonds in pesos at Badlar Private + 325 basis point Maturity: 2020
|
|
|
|
|
|
|
50,705
|
|
|
|
|
|
|
|
42,550
|
|
|
|
|
|
|
|
42,550
|
|
|
Federal government bonds in pesos at Badlar Private + 275 basis point 2018
|
|
|
|
|
|
|
50,550
|
|
|
|
|
|
|
|
50,478
|
|
|
|
|
|
|
|
50,478
|
|
|
Federal government bonds in pesos at Badlar Private + 250 basis point 2019
|
|
|
|
|
|
|
45,475
|
|
|
|
47,577
|
|
|
|
30,218
|
|
|
|
|
|
|
|
30,218
|
|
|
Other
|
|
|
|
|
|
|
169,302
|
|
|
|
300,152
|
|
|
|
105,029
|
|
|
|
|
|
|
|
105,029
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal holdings booked at market value
|
|
|
|
|
|
|
3,558,890
|
|
|
|
3,201,631
|
|
|
|
3,133,237
|
|
|
|
|
|
|
|
3,133,237
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Province of Chubut Treasury Bills Series XVI - Maturity 11-24-16
|
|
|
358,599
|
|
|
|
361,233
|
|
|
|
400,682
|
|
|
|
358,599
|
|
|
|
|
|
|
|
358,599
|
|
|
Argentine saving bond for the economy development U$S at 4% - Maturity: 07-27-2016
|
|
|
217,761
|
|
|
|
217,923
|
|
|
|
196,411
|
|
|
|
217,761
|
|
|
|
|
|
|
|
217,761
|
|
|
Province of Neuquén Treasury Bills Class I Series III in pesos
|
|
|
125,339
|
|
|
|
125,681
|
|
|
|
130,764
|
|
|
|
125,339
|
|
|
|
|
|
|
|
125,339
|
|
|
Federal government bonds in pesos at Badlar Private + 250 basis point 2019
|
|
|
110,255
|
|
|
|
112,977
|
|
|
|
115,302
|
|
|
|
110,255
|
|
|
|
|
|
|
|
110,255
|
|
|
Province of Neuquén guarantee Treasury Bills Class I in pesos - Maturity: 07-03-2017
|
|
|
68,229
|
|
|
|
68,229
|
|
|
|
67,704
|
|
|
|
68,229
|
|
|
|
|
|
|
|
68,229
|
|
|
Municipality of City of Córdoba Treasury Bills Series XXI - Maturity: 03-21-2017
|
|
|
30,753
|
|
|
|
31,022
|
|
|
|
|
|
|
|
30,753
|
|
|
|
|
|
|
|
30,753
|
|
|
Province of Santa Fe Treasury Bills 2015-2016 - Series I Class A in pesos at 91 days to Maturity 04-04-16
|
|
|
27,672
|
|
|
|
27,672
|
|
|
|
|
|
|
|
27,672
|
|
|
|
|
|
|
|
27,672
|
|
|
Province of Entre Ríos Treasury Bills - Maturity: 12-11-2016
|
|
|
19,191
|
|
|
|
19,191
|
|
|
|
26,031
|
|
|
|
19,191
|
|
|
|
|
|
|
|
19,191
|
|
|
Province of Santa Fe Treasury Bills 2015-2016 - Series II Class A in pesos at 161 days to Maturity 08-26-16
|
|
|
10,000
|
|
|
|
10,000
|
|
|
|
|
|
|
|
10,000
|
|
|
|
|
|
|
|
10,000
|
|
|
Province of Neuquén guarantee Treasury Bills in pesos at Badlar Private + 450 basis point - Maturity: 05-28-16
|
|
|
8,614
|
|
|
|
8,614
|
|
|
|
19,723
|
|
|
|
8,614
|
|
|
|
|
|
|
|
8,614
|
|
|
Other
|
|
|
4,402
|
|
|
|
4,402
|
|
|
|
46,676
|
|
|
|
4,402
|
|
|
|
|
|
|
|
4,402
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Holdings booked at amortized cost
|
|
|
|
|
|
|
986,944
|
|
|
|
1,003,293
|
|
|
|
980,815
|
|
|
|
|
|
|
|
980,815
|
|
|
|
-
38
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2016
|
|
|
Name
|
|
Market
value
or
Present
Value
|
|
|
Book
balance
|
|
|
Book balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INSTRUMENTS ISSUED BY THE CENTRAL BANK OF ARGENTINA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at market value - Own portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-13-2016
|
|
|
|
|
|
|
2,309,127
|
|
|
|
|
|
|
|
2,315,054
|
|
|
|
|
|
|
|
2,315,054
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-06-2016
|
|
|
|
|
|
|
2,041,273
|
|
|
|
|
|
|
|
2,041,273
|
|
|
|
|
|
|
|
2,041,273
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-06-2016
|
|
|
|
|
|
|
|
|
|
|
317,920
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-13-2016
|
|
|
|
|
|
|
|
|
|
|
189,282
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-20-2016
|
|
|
|
|
|
|
|
|
|
|
205,738
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 01-27-2016
|
|
|
|
|
|
|
|
|
|
|
903,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-03-2016
|
|
|
|
|
|
|
|
|
|
|
523,342
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-10-2016
|
|
|
|
|
|
|
|
|
|
|
528,381
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-17-2016
|
|
|
|
|
|
|
|
|
|
|
530,132
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 02-24-2016
|
|
|
|
|
|
|
|
|
|
|
306,585
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
976,978
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Internal Bills at market value - Own Portfolio
|
|
|
|
|
|
|
4,350,400
|
|
|
|
4,482,147
|
|
|
|
4,356,327
|
|
|
|
|
|
|
|
4,356,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills - Under Repo Transactions
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-11-2016
|
|
|
|
|
|
|
531,079
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-13-2016
|
|
|
197,584
|
|
|
|
197,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 10-12-2016
|
|
|
|
|
|
|
150,080
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-26-2016
|
|
|
|
|
|
|
42,792
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Internal Bills - Under repo Transactions
|
|
|
|
|
|
|
921,535
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills at amortized cost - Own Portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-27-2016
|
|
|
|
|
|
|
2,172,214
|
|
|
|
|
|
|
|
2,172,214
|
|
|
|
|
|
|
|
2,172,214
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-20-2016
|
|
|
|
|
|
|
2,100,874
|
|
|
|
|
|
|
|
2,100,874
|
|
|
|
|
|
|
|
2,100,874
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 05-04-2016
|
|
|
|
|
|
|
1,739,215
|
|
|
|
|
|
|
|
1,863,989
|
|
|
|
|
|
|
|
1,863,989
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-13-2016
|
|
|
|
|
|
|
295,826
|
|
|
|
93,062
|
|
|
|
295,826
|
|
|
|
|
|
|
|
295,826
|
|
|
Central Bank of Argentina Internal Bills in pesos – Maturity: 04-06-2016
|
|
|
|
|
|
|
165,701
|
|
|
|
139,436
|
|
|
|
165,701
|
|
|
|
|
|
|
|
165,701
|
|
|
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 06-08-2016
|
|
|
|
|
|
|
32,069
|
|
|
|
28,322
|
|
|
|
32,069
|
|
|
|
|
|
|
|
32,069
|
|
|
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 04-27-2016
|
|
|
|
|
|
|
30,912
|
|
|
|
27,301
|
|
|
|
30,912
|
|
|
|
|
|
|
|
30,912
|
|
|
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 04-20-2016
|
|
|
|
|
|
|
27,892
|
|
|
|
24,633
|
|
|
|
27,892
|
|
|
|
|
|
|
|
27,892
|
|
|
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 05-26-2016
|
|
|
|
|
|
|
24,630
|
|
|
|
21,752
|
|
|
|
24,630
|
|
|
|
|
|
|
|
24,630
|
|
|
Central Bank of Argentina Bills in USD payables in dollars – Maturity: 05-18-2016
|
|
|
|
|
|
|
23,730
|
|
|
|
20,957
|
|
|
|
23,730
|
|
|
|
|
|
|
|
23,730
|
|
|
Other
|
|
|
|
|
|
|
152,750
|
|
|
|
2,746,395
|
|
|
|
152,750
|
|
|
|
|
|
|
|
152,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Internal Bills at amortized cost - Own portfolio
|
|
|
|
|
|
|
6,765,813
|
|
|
|
3,101,858
|
|
|
|
6,890,587
|
|
|
|
|
|
|
|
6,890,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Instruments issued by the Central Bank of Argentina
|
|
|
|
|
|
|
12,037,748
|
|
|
|
7,584,005
|
|
|
|
11,246,914
|
|
|
|
|
|
|
|
11,246,914
|
|
|
Total Government securities
|
|
|
|
|
|
|
16,583,582
|
|
|
|
11,788,929
|
|
|
|
15,360,966
|
|
|
|
|
|
|
|
15,360,966
|
|
|
|
-
39
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT A
(Continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2016
|
|
|
Name
|
|
Market
value or
Present
Value
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options (1)
|
|
|
Options
|
|
|
Final
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in listed private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Petrolera Pampa S.A.
|
|
|
|
|
|
|
300,020
|
|
|
|
276,211
|
|
|
|
300,020
|
|
|
|
|
|
|
|
300,020
|
|
|
YPF S.A.
|
|
|
|
|
|
|
234,422
|
|
|
|
196,423
|
|
|
|
234,422
|
|
|
|
|
|
|
|
234,422
|
|
|
Siderar S.A.I.C.
|
|
|
|
|
|
|
187,381
|
|
|
|
218,781
|
|
|
|
187,381
|
|
|
|
|
|
|
|
187,381
|
|
|
Telecom Argentina Stet-France Telecom S.A.
|
|
|
|
|
|
|
180,835
|
|
|
|
156,951
|
|
|
|
180,835
|
|
|
|
|
|
|
|
180,835
|
|
|
Aluar Aluminio Argentino
|
|
|
|
|
|
|
173,741
|
|
|
|
195,354
|
|
|
|
173,741
|
|
|
|
|
|
|
|
173,741
|
|
|
Petrobras Energía S.A.
|
|
|
|
|
|
|
54,925
|
|
|
|
45,674
|
|
|
|
54,925
|
|
|
|
|
|
|
|
54,925
|
|
|
Molinos Rio de la Plata S.A.
|
|
|
|
|
|
|
22,633
|
|
|
|
20,419
|
|
|
|
22,633
|
|
|
|
|
|
|
|
22,633
|
|
|
Cresud S.A.I.C.
|
|
|
|
|
|
|
12,355
|
|
|
|
13,015
|
|
|
|
12,355
|
|
|
|
|
|
|
|
12,355
|
|
|
IRSA Inversiones y Prestaciones S.A.
|
|
|
|
|
|
|
3,574
|
|
|
|
2,833
|
|
|
|
3,574
|
|
|
|
|
|
|
|
3,574
|
|
|
IRSA Propiedades Comerciales S.A.
|
|
|
|
|
|
|
|
|
|
|
1,738
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
|
Subtotal Capital Instruments
|
|
|
|
|
|
|
1,169,886
|
|
|
|
1,127,399
|
|
|
|
1,169,886
|
|
|
|
|
|
|
|
1,169,886
|
|
|
Total Investments in listed private securities
|
|
|
|
|
|
|
1,169,886
|
|
|
|
1,127,399
|
|
|
|
1,169,886
|
|
|
|
|
|
|
|
1,169,886
|
|
|
Total government and private Securities
|
|
|
|
|
|
|
17,753,468
|
|
|
|
12,916,328
|
|
|
|
16,530,852
|
|
|
|
|
|
|
|
16,530,852
|
|
(1) The position without options as of March 31, 2016, results
from the following disclosure:
|
Holdings as of March 31, 2016
|
|
|
17,747,339
|
|
|
Plus: Loans of goverment securities
|
|
|
5,927
|
|
|
Plus: Spot and forward purchases pending settlement
|
|
|
255,726
|
|
|
Less: Spot and forward sales pending settlement
|
|
|
1,478,140
|
|
|
|
|
|
16,530,852
|
|
|
|
-
40
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT B
FINANCING-FACILITIES CLASSIFICATION
BY SITUATION
AND GUARANTEES RECEIVED
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
21,419,839
|
|
|
|
21,682,457
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,138,568
|
|
|
|
3,255,449
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
4,354,906
|
|
|
|
4,311,545
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
13,926,365
|
|
|
|
14,115,463
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
38,715
|
|
|
|
31,441
|
|
|
In observation
|
|
|
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
17,818
|
|
|
|
2,465
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
20,897
|
|
|
|
28,976
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
32,244
|
|
|
|
40,872
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
32,131
|
|
|
|
38,984
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
113
|
|
|
|
1,888
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
218,787
|
|
|
|
245,205
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,589
|
|
|
|
2,788
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
123,423
|
|
|
|
133,476
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
92,775
|
|
|
|
108,941
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
119,190
|
|
|
|
108,845
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
119,190
|
|
|
|
108,845
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
21,828,775
|
|
|
|
22,108,820
|
|
|
|
-
41
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT B
(Continued)
FINANCING-FACILITIES CLASSIFICATION
BY SITUATION
AND GUARANTEES RECEIVED
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
38,180,719
|
|
|
|
37,573,849
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
514,017
|
|
|
|
556,449
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
2,082,838
|
|
|
|
2,296,924
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
35,583,864
|
|
|
|
34,720,476
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
502,645
|
|
|
|
420,514
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,642
|
|
|
|
1,701
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
14,777
|
|
|
|
17,903
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
486,226
|
|
|
|
400,910
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
268,981
|
|
|
|
238,470
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
135
|
|
|
|
47
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
7,888
|
|
|
|
8,370
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
260,958
|
|
|
|
230,053
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
211,334
|
|
|
|
205,910
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
822
|
|
|
|
805
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
9,516
|
|
|
|
13,685
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
200,996
|
|
|
|
191,420
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
78,126
|
|
|
|
76,323
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
16,848
|
|
|
|
12,372
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
61,278
|
|
|
|
63,951
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
272
|
|
|
|
462
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
272
|
|
|
|
462
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
39,242,077
|
|
|
|
38,515,528
|
|
|
Total
|
|
|
61,070,852
|
|
|
|
60,624,348
|
|
|
|
-
42
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT C
FINANCING-FACILITIES CONCENTRATION
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
4,166,063
|
|
|
|
6.82
|
|
|
|
3,625,405
|
|
|
|
5.98
|
|
|
50 next largest customers
|
|
|
4,598,624
|
|
|
|
7.53
|
|
|
|
4,478,695
|
|
|
|
7.39
|
|
|
100 next largest customers
|
|
|
3,652,698
|
|
|
|
5.98
|
|
|
|
3,530,211
|
|
|
|
5.82
|
|
|
Other customers
|
|
|
48,653,467
|
|
|
|
79.67
|
|
|
|
48,990,037
|
|
|
|
80.81
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
61,070,852
|
|
|
|
100.00
|
|
|
|
60,624,348
|
|
|
|
100.00
|
|
|
|
-
43
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT D
BREAKDOWN BY FINANCING TERMS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
Terms remaining to maturity
|
|
|
|
|
|
Item
|
|
Matured
|
|
|
Up to 1
month
|
|
|
Over 1
month and
up to 3
months
|
|
|
Over 3
months
and up to
6 months
|
|
|
Over 6
months
and up to
12 months
|
|
|
Over 12
months
and up to
24 months
|
|
|
Over 24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial government sector
|
|
|
54
|
|
|
|
36,459
|
|
|
|
14
|
|
|
|
13,050
|
|
|
|
597,725
|
|
|
|
101,429
|
|
|
|
90,000
|
|
|
|
838,731
|
|
|
Financial sector
|
|
|
|
|
|
|
192,632
|
|
|
|
9,464
|
|
|
|
139,430
|
|
|
|
72,622
|
|
|
|
53,828
|
|
|
|
4,270
|
|
|
|
472,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial private sector and foreign residents
|
|
|
790,495
|
|
|
|
21,313,944
|
|
|
|
5,879,800
|
|
|
|
6,300,973
|
|
|
|
5,618,744
|
|
|
|
7,937,908
|
|
|
|
11,918,011
|
|
|
|
59,759,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
790,549
|
|
|
|
21,543,035
|
|
|
|
5,889,278
|
|
|
|
6,453,453
|
|
|
|
6,289,091
|
|
|
|
8,093,165
|
|
|
|
12,012,281
|
|
|
|
61,070,852
|
|
|
|
-
44
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT E
DETAIL OF INVESTMENT IN OTHER COMPANIES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Information on the issuer
|
|
|
|
03/31/2016
|
|
12/31/2015
|
|
|
Data from latest financial statements
|
|
Name
|
|
Class
|
|
Unit
face
value
|
|
|
Votes
per
share
|
|
|
Number
|
|
|
Amount
|
|
|
Amount
|
|
|
Main business activity
|
|
Year-
end
date /
Period
|
|
Capital
stock
|
|
|
Shareholders'
equity
|
|
|
Income
for the
year /
Period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions, supplementary and authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del Tucumán SA
|
|
Common
|
|
|
100
|
|
|
|
1
|
|
|
|
395,341
|
|
|
|
1,237,573
|
|
|
|
1,142,776
|
|
|
Financial institution
|
|
03-31-16
|
|
|
43,960
|
|
|
|
1,376,121
|
|
|
|
105,410
|
|
|
Macro Securities SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
12,776,680
|
|
|
|
198,502
|
|
|
|
167,968
|
|
|
Brokerage house
|
|
03-31-16
|
|
|
12,886
|
|
|
|
199,025
|
|
|
|
29,309
|
|
|
Macro Fiducia SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
6,475,143
|
|
|
|
18,884
|
|
|
|
18,032
|
|
|
Services
|
|
03-31-16
|
|
|
6,567
|
|
|
|
17,619
|
|
|
|
704
|
|
|
Macro Fondos SGFCISA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
327,183
|
|
|
|
20,819
|
|
|
|
15,545
|
|
|
Mutual funds management
|
|
03-31-16
|
|
|
1,713
|
|
|
|
105,552
|
|
|
|
24,350
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Bank Limited
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
39,816,899
|
|
|
|
667,143
|
|
|
|
595,553
|
|
|
Financial institution
|
|
03-31-16
|
|
|
86,501
|
|
|
|
667,143
|
|
|
|
71,589
|
|
|
Subtotal subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,142,921
|
|
|
|
1,939,874
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provincanje SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
600,000
|
|
|
|
603
|
|
|
|
603
|
|
|
Processing servicies
|
|
12-31-14
|
|
|
7,200
|
|
|
|
5,813
|
|
|
|
(1,571
|
)
|
|
Prisma Medio de Pagos (former Visa Argentina SA)
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
1,141,503
|
|
|
|
3,554
|
|
|
|
3,554
|
|
|
Business services
|
|
12-31-15
|
|
|
15,000
|
|
|
|
436,525
|
|
|
|
300,971
|
|
|
COEL SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
86,236
|
|
|
|
138
|
|
|
|
138
|
|
|
Financial Services
|
|
12-31-14
|
|
|
1,000
|
|
|
|
3,874
|
|
|
|
593
|
|
|
Mercado Abierto Electrónico SA
|
|
Common
|
|
|
1,200
|
|
|
|
1
|
|
|
|
8
|
|
|
|
121
|
|
|
|
121
|
|
|
Electronic market
|
|
12-31-15
|
|
|
242
|
|
|
|
85,710
|
|
|
|
48,325
|
|
|
Argentina Clearing SA
|
|
Common
|
|
|
2,500
|
|
|
|
1
|
|
|
|
30
|
|
|
|
31
|
|
|
|
31
|
|
|
Services
|
|
07-31-15
|
|
|
10,250
|
|
|
|
137,525
|
|
|
|
47,626
|
|
|
Garantizar SGR
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
10,000
|
|
|
|
10
|
|
|
|
10
|
|
|
Mutual guarantee association
|
|
12-31-15
|
|
|
20,484
|
|
|
|
2,115,289
|
|
|
|
121,445
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano de Exportaciones SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
7,303
|
|
|
|
1,149
|
|
|
|
1,025
|
|
|
Financial institution
|
|
12-31-15
|
|
|
3,641,140
|
|
|
|
12,639,963
|
|
|
|
1,352,312
|
|
|
Subtotal non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,606
|
|
|
|
5,482
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total in financial institutions, supplementary and authorized activities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,148,527
|
|
|
|
1,945,356
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Non-subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,862
|
|
|
|
1,829
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SWIFT SA
|
|
Common
|
|
|
1
|
|
|
|
1
|
|
|
|
5
|
|
|
|
72
|
|
|
|
64
|
|
|
Services
|
|
12-31-14
|
|
|
2,693,104
|
|
|
|
3,386,078
|
|
|
|
301,403
|
|
|
Total in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,934
|
|
|
|
1,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,150,461
|
|
|
|
1,947,249
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) As of March 31, 2016 and December 31, 2015 the Bank booked
allowances for impairment in value amounting to 568 (see Exhibit J).
|
|
-
45
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT F
MOVEMENT OF BANK PREMISES AND EQUIPMENT
AND OTHER ASSETS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
Net book
value at
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for
the period
|
|
|
Net book
|
|
|
Item
|
|
beginning
of fiscal
year
|
|
|
Increases
|
|
|
Transfers
|
|
|
Decreases
|
|
|
Years of
useful
life
|
|
|
Amount
|
|
|
value at
end of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
623,008
|
|
|
|
13,585
|
|
|
|
33,199
|
|
|
|
|
|
|
|
50
|
|
|
|
6,390
|
|
|
|
663,402
|
|
|
Furniture and facilities
|
|
|
148,972
|
|
|
|
15,130
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
5,728
|
|
|
|
158,374
|
|
|
Machinery and equipment
|
|
|
276,791
|
|
|
|
37,024
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
26,666
|
|
|
|
287,149
|
|
|
Vehicles
|
|
|
24,503
|
|
|
|
2,660
|
|
|
|
|
|
|
|
1,063
|
|
|
|
5
|
|
|
|
2,550
|
|
|
|
23,550
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,073,274
|
|
|
|
68,399
|
|
|
|
33,199
|
|
|
|
1,063
|
|
|
|
|
|
|
|
41,334
|
|
|
|
1,132,475
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Works in progress
|
|
|
756,855
|
|
|
|
118,121
|
|
|
|
(33,199
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
841,777
|
|
|
Works of art
|
|
|
1,198
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,198
|
|
|
Prepayments for the purchase of assets
|
|
|
153,921
|
|
|
|
10,692
|
|
|
|
16,831
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
181,444
|
|
|
Foreclosed assets
|
|
|
110,415
|
|
|
|
|
|
|
|
|
|
|
|
423
|
|
|
|
50
|
|
|
|
450
|
|
|
|
109,542
|
|
|
Stationery and office supplies
|
|
|
26,931
|
|
|
|
|
|
|
|
|
|
|
|
2,580
|
|
|
|
|
|
|
|
|
|
|
|
24,351
|
|
|
Other assets
|
|
|
334,862
|
|
|
|
18,436
|
|
|
|
(16,831
|
)
|
|
|
|
|
|
|
50
|
|
|
|
454
|
|
|
|
336,013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,384,182
|
|
|
|
147,249
|
|
|
|
(33,199
|
)
|
|
|
3,003
|
|
|
|
|
|
|
|
904
|
|
|
|
1,494,325
|
|
|
|
-
46
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT G
DETAIL OF INTANGIBLE ASSETS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
Net book
value at
|
|
|
|
|
|
|
|
|
Amortization for
the period
|
|
|
Net book
|
|
|
Item
|
|
beginning
of fiscal
year
|
|
|
Increases
|
|
|
Decreases
|
|
|
Years of
useful
life
|
|
|
Amount
|
|
|
value at
end of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill (a)
|
|
|
30,684
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
3,513
|
|
|
|
27,171
|
|
|
Organization and development costs (b)
|
|
|
437,939
|
|
|
|
51,491
|
|
|
|
|
|
|
|
5
|
|
|
|
39,933
|
|
|
|
449,497
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
468,623
|
|
|
|
51,491
|
|
|
|
|
|
|
|
|
|
|
|
43,446
|
|
|
|
476,668
|
|
|
|
(a)
|
Related to the difference between the total price of the transaction
and the value by the equity method of Banco del Tucumán SA, former Nuevo Banco
Bisel SA and former Banco Privado de Inversiones SA acquisitions.
|
|
|
(b)
|
Includes the cost of information technology projects hired from
independent parties and leasehold improvements.
|
|
|
-
47
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT H
DEPOSIT CONCENTRATION
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
6,734,153
|
|
|
|
9.10
|
|
|
|
6,922,528
|
|
|
|
10.19
|
|
|
50 next largest customers
|
|
|
5,464,577
|
|
|
|
7.38
|
|
|
|
5,708,638
|
|
|
|
8.41
|
|
|
100 next largest customers
|
|
|
3,340,699
|
|
|
|
4.51
|
|
|
|
3,602,795
|
|
|
|
5.31
|
|
|
Other customers
|
|
|
58,476,015
|
|
|
|
79.01
|
|
|
|
51,677,293
|
|
|
|
76.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
74,015,444
|
|
|
|
100.00
|
|
|
|
67,911,254
|
|
|
|
100.00
|
|
|
|
-
48
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT I
BREAKDOWN OF DEPOSITS, OTHER LIABILITIES
FROM FINANCIAL INTERMEDIATION AND
SUBORDINATED CORPORATE BONDS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
Terms remaining to maturity
|
|
|
|
|
|
Item
|
|
Up to 1
month
|
|
|
Over 1
month and
up to 3
months
|
|
|
Over 3
months
and up to
6 months
|
|
|
Over 6
months
and up to
12
months
|
|
|
Over 12
months
and up to
24
months
|
|
|
Over 24
months
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
56,130,526
|
|
|
|
13,840,883
|
|
|
|
2,963,182
|
|
|
|
1,068,201
|
|
|
|
9,162
|
|
|
|
3,490
|
|
|
|
74,015,444
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
5,344
|
|
|
|
1,090
|
|
|
|
1,668
|
|
|
|
1,142
|
|
|
|
106
|
|
|
|
105
|
|
|
|
9,455
|
|
|
International Banks and Institutions
|
|
|
8,769
|
|
|
|
10,313
|
|
|
|
10,616
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,698
|
|
|
Non-subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
21,978
|
|
|
|
1,551,420
|
|
|
|
|
|
|
|
|
|
|
|
1,573,398
|
|
|
Financing received from Argentine financial institutions
|
|
|
1,950
|
|
|
|
3,165
|
|
|
|
4,789
|
|
|
|
9,741
|
|
|
|
19,127
|
|
|
|
3,939
|
|
|
|
42,711
|
|
|
Other
|
|
|
4,067,118
|
|
|
|
273,179
|
|
|
|
28,360
|
|
|
|
2,258
|
|
|
|
3,060
|
|
|
|
94,290
|
|
|
|
4,468,265
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,083,181
|
|
|
|
287,747
|
|
|
|
67,411
|
|
|
|
1,564,561
|
|
|
|
22,293
|
|
|
|
98,334
|
|
|
|
6,123,527
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
61,015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,187,255
|
|
|
|
2,248,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
60,213,707
|
|
|
|
14,189,645
|
|
|
|
3,030,593
|
|
|
|
2,632,762
|
|
|
|
31,455
|
|
|
|
2,289,079
|
|
|
|
82,387,241
|
|
|
|
-
49
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT J
CHANGES IN ALLOWANCES AND PROVISIONS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
Balances at
beginning of
|
|
|
Increases
|
|
|
Decreases
|
|
|
Balances at
end of the
|
|
|
Breakdown
|
|
fiscal
year
|
|
|
(1)
|
|
|
Charge off
|
|
|
Reversals
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment in value
|
|
|
1,355,295
|
|
|
|
178,307
|
|
|
|
144,143
|
|
|
|
11,427
|
|
|
|
1,378,032
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk and impairment in value
|
|
|
231,490
|
|
|
|
2,665
|
|
|
|
1,152
|
|
|
|
|
|
|
|
233,003
|
|
|
Receivables from financial leases
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
5,312
|
|
|
|
422
|
|
|
|
|
|
|
|
|
|
|
|
5,734
|
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For impairment in value
|
|
|
568
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
568
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For uncollectibility risk
|
|
|
4,459
|
|
|
|
153
|
|
|
|
19
|
|
|
|
5
|
|
|
|
4,588
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total allowances
|
|
|
1,597,124
|
|
|
|
181,547
|
|
|
|
145,314
|
|
|
|
11,432
|
|
|
|
1,621,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PROVISIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent commitments
|
|
|
6,590
|
|
|
|
799
|
|
|
|
|
|
|
|
|
|
|
|
7,389
|
|
|
For other contingencies
|
|
|
153,838
|
|
|
|
19,582
|
|
|
|
20,211
|
|
|
|
|
|
|
|
153,209
|
|
|
Difference from court deposits dollarization
|
|
|
27,924
|
|
|
|
3,386
|
|
|
|
|
|
|
|
|
|
|
|
31,310
|
|
|
Administrative, disciplinary and criminal sanctions
|
|
|
11,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Provisions
|
|
|
200,104
|
|
|
|
23,767
|
|
|
|
20,211
|
|
|
|
|
|
|
|
203,660
|
|
(1) See Notes 3.5.f). and 3.5.m).
|
|
-
50
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT K
CAPITAL STRUCTURE
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
Shares
|
|
Capital stock (1)
|
|
|
|
|
|
|
|
Votes per
|
|
|
Issued
|
|
|
|
|
|
Class
|
|
Stock number
|
|
|
share
|
|
|
Outstanding
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
|
5
|
|
|
|
11,236
|
|
|
|
11,236
|
|
|
Registered common stock B
|
|
|
573,327,358
|
|
|
|
1
|
|
|
|
573,327
|
|
|
|
573,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
584,563,028
|
|
|
|
|
|
|
|
584,563
|
|
|
|
584,563
|
|
(1) See Note 10.
|
|
-
51
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT L
FOREIGN CURRENCY BALANCES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
Total Parent
|
|
|
Total per currency
|
|
|
|
|
|
|
|
company and
|
|
|
|
|
|
Pound
|
|
|
Swiss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items
|
|
local branches
|
|
|
US dollar
|
|
|
sterling
|
|
|
franc
|
|
|
Yen
|
|
|
Euro
|
|
|
Other
|
|
|
Total
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
11,135,750
|
|
|
|
11,031,246
|
|
|
|
1,238
|
|
|
|
4,641
|
|
|
|
912
|
|
|
|
66,904
|
|
|
|
30,809
|
|
|
|
8,884,780
|
|
|
Government and private securities
|
|
|
773,992
|
|
|
|
773,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,216,743
|
|
|
Loans
|
|
|
2,544,055
|
|
|
|
2,535,564
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,491
|
|
|
|
|
|
|
|
1,865,929
|
|
|
Other receivables from financial intermediation
|
|
|
189,800
|
|
|
|
189,794
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
133,206
|
|
|
Investments in other companies
|
|
|
668,364
|
|
|
|
668,364
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
596,642
|
|
|
Other receivables
|
|
|
249,720
|
|
|
|
249,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
166,107
|
|
|
Items pending allocation
|
|
|
5,591
|
|
|
|
5,591
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
15,567,272
|
|
|
|
15,454,271
|
|
|
|
1,238
|
|
|
|
4,641
|
|
|
|
912
|
|
|
|
75,401
|
|
|
|
30,809
|
|
|
|
13,867,698
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
9,003,767
|
|
|
|
9,003,767
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,778,623
|
|
|
Other liabilities from financial intermediation
|
|
|
2,828,156
|
|
|
|
2,786,085
|
|
|
|
76
|
|
|
|
914
|
|
|
|
19
|
|
|
|
41,012
|
|
|
|
50
|
|
|
|
2,322,008
|
|
|
Subordinated corporate bonds
|
|
|
2,248,270
|
|
|
|
2,248,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,957,618
|
|
|
Items pending allocation
|
|
|
65
|
|
|
|
65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
14,080,258
|
|
|
|
14,038,187
|
|
|
|
76
|
|
|
|
914
|
|
|
|
19
|
|
|
|
41,012
|
|
|
|
50
|
|
|
|
12,058,258
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra debit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
2,142,674
|
|
|
|
2,142,665
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9
|
|
|
|
|
|
|
|
1,534,612
|
|
|
Control
|
|
|
5,731,053
|
|
|
|
5,568,842
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
162,202
|
|
|
|
9
|
|
|
|
62,036,844
|
|
|
Derivatives
|
|
|
13,254
|
|
|
|
13,254
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,821
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(except contra credit-balance accounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
2,028,925
|
|
|
|
2,028,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,279,632
|
|
|
Control
|
|
|
2,329
|
|
|
|
2,329
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,307
|
|
|
|
-
52
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT N
CREDIT ASSISTANCE TO RELATED PARTIES
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
|
Item
|
|
03/31/2016 (1)
|
|
|
12/31/2015 (1)
|
|
|
|
|
|
|
|
|
|
|
Loans
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
35,392
|
|
|
|
66,312
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
35,392
|
|
|
|
66,312
|
|
|
Documents
|
|
|
|
|
|
|
48,365
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
|
|
|
|
31,144
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
|
|
|
|
17,221
|
|
|
Mortgage and pledge
|
|
|
7,932
|
|
|
|
3,554
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
7,729
|
|
|
|
3,346
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
203
|
|
|
|
208
|
|
|
Personal
|
|
|
499
|
|
|
|
811
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
499
|
|
|
|
811
|
|
|
Credit cards
|
|
|
31,534
|
|
|
|
32,305
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
31,534
|
|
|
|
32,305
|
|
|
Other
|
|
|
194,754
|
|
|
|
188,423
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
194,754
|
|
|
|
188,423
|
|
|
Total loans
|
|
|
270,111
|
|
|
|
339,770
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
3,232
|
|
|
|
6,414
|
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases and other
|
|
|
9,829
|
|
|
|
10,195
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent Commitments
|
|
|
114,090
|
|
|
|
130,955
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
2,143,396
|
|
|
|
1,940,348
|
|
|
Total
|
|
|
2,540,658
|
|
|
|
2,427,682
|
|
|
|
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
3,282
|
|
|
|
4,014
|
|
(1) As of March 31, 2016 and December 31, 2015 all debtors
are classified in performing situation.
|
|
-
53
-
|
Jorge H. Brito
Chairperson
|
EXHIBIT O
DERIVATIVE FINANCIAL INSTRUMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish - See Note 24)
(Figures stated in thousands of pesos)
Type
of
contract
|
|
Purpose
of the
transactions
performed
|
|
Underlying
asset
|
|
Type
of
settlement
|
|
Negotiation
environment or
counter-party
|
|
Originally
agreed
weighted
monthly
average
term
|
|
|
Residual
weighted
monthly
average
term
|
|
|
Weighted
daily
average
term
settlement of
differences
|
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
Intermediation
- own account
|
|
Federal government securities
|
|
With delivery of
underlying asset
|
|
MAE (over-the-counter electronic market)
|
|
|
1
|
|
|
|
1
|
|
|
|
|
|
|
|
1,197,125
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
MAE (over-the-counter electronic market)
|
|
|
7
|
|
|
|
3
|
|
|
|
1
|
|
|
|
2,696,487
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Intermediation
- own account
|
|
Other
|
|
With delivery of underlying asset
|
|
Over The Counter - Residents in Argentina -
Non-financial sector
|
|
|
25
|
|
|
|
4
|
|
|
|
|
|
|
|
159,267
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Maturity settlement of differences
|
|
Over The Counter - Residents in Argentina -
Non-financial sector
|
|
|
7
|
|
|
|
3
|
|
|
|
222
|
|
|
|
2,325,863
|
|
|
|
-
54
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
CASH
|
|
|
|
|
|
|
|
|
|
|
|
Cash on hand
|
|
|
4,610,434
|
|
|
|
5,575,677
|
|
|
|
|
Due from banks and correspondents
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
14,226,836
|
|
|
|
11,956,958
|
|
|
|
|
Local Other
|
|
|
20,781
|
|
|
|
17,046
|
|
|
|
|
Foreign
|
|
|
2,330,377
|
|
|
|
1,852,327
|
|
|
|
|
Other
|
|
|
912
|
|
|
|
813
|
|
|
|
|
|
|
|
21,189,340
|
|
|
|
19,402,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
5,759,092
|
|
|
|
4,955,290
|
|
|
|
|
Holdings booked at amortized cost
|
|
|
989,170
|
|
|
|
1,005,691
|
|
|
|
|
Instruments issued by the Central Bank of Argentina
|
|
|
13,585,061
|
|
|
|
8,302,992
|
|
|
|
|
Investments in listed private securities
|
|
|
1,169,886
|
|
|
|
1,127,399
|
|
|
|
|
|
|
|
21,503,209
|
|
|
|
15,391,372
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
LOANS
|
|
|
|
|
|
|
|
|
|
|
|
To the non-financial government sector
|
|
|
805,167
|
|
|
|
748,067
|
|
|
|
|
To the financial sector
|
|
|
|
|
|
|
|
|
|
|
|
Interfinancing - (granted call)
|
|
|
245,921
|
|
|
|
160,000
|
|
|
|
|
Other financing to Argentine financial institutions
|
|
|
237,041
|
|
|
|
67,010
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
8,754
|
|
|
|
380
|
|
|
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
4,478,278
|
|
|
|
4,707,889
|
|
|
|
|
Documents
|
|
|
5,401,827
|
|
|
|
6,550,151
|
|
|
|
|
Mortgage loans
|
|
|
3,286,278
|
|
|
|
3,508,512
|
|
|
|
|
Pledge loans
|
|
|
1,958,171
|
|
|
|
2,152,645
|
|
|
|
|
Personal loans
|
|
|
24,566,145
|
|
|
|
23,231,551
|
|
|
|
|
Credit cards
|
|
|
14,896,391
|
|
|
|
14,793,346
|
|
|
|
|
Other
|
|
|
6,868,426
|
|
|
|
7,078,576
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences receivable
|
|
|
1,220,908
|
|
|
|
1,186,116
|
|
|
|
|
less: Unearned discount
|
|
|
(296,230
|
)
|
|
|
(355,864
|
)
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(1,528,733
|
)
|
|
|
(1,495,964
|
)
|
|
|
|
|
|
|
62,148,344
|
|
|
|
62,332,415
|
|
|
|
-
55
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
D.
|
|
OTHER RECEIVABLES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
1,877,640
|
|
|
|
1,606,203
|
|
|
|
|
Amounts receivable from spot and forward sales pending settlement
|
|
|
1,951,386
|
|
|
|
187,196
|
|
|
|
|
Securities and foreign currency receivables from spot and forward purchases pending settlement
|
|
|
262,823
|
|
|
|
119,752
|
|
|
|
|
Unlisted corporate bonds
|
|
|
716,504
|
|
|
|
603,567
|
|
|
|
|
Other receivables not covered by debtors classification standards
|
|
|
947,801
|
|
|
|
604,344
|
|
|
|
|
Other receivables covered by debtors classification standards
|
|
|
484,289
|
|
|
|
416,946
|
|
|
|
|
Accrued interest receivables covered by debtors classification standards
|
|
|
472
|
|
|
|
273
|
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(244,532
|
)
|
|
|
(243,028
|
)
|
|
|
|
|
|
|
5,996,383
|
|
|
|
3,295,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
RECEIVABLES FROM FINANCIAL LEASES
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from financial leases
|
|
|
416,498
|
|
|
|
432,506
|
|
|
|
|
Accrued interest and adjustments
|
|
|
6,890
|
|
|
|
6,778
|
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(5,774
|
)
|
|
|
(5,352
|
)
|
|
|
|
|
|
|
417,614
|
|
|
|
433,932
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
INVESTMENTS IN OTHER COMPANIES
|
|
|
|
|
|
|
|
|
|
|
|
In financial institutions
|
|
|
1,150
|
|
|
|
1,025
|
|
|
|
|
Other
|
|
|
11,518
|
|
|
|
11,479
|
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(1,595
|
)
|
|
|
(1,595
|
)
|
|
|
|
|
|
|
11,073
|
|
|
|
10,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER RECEIVABLES
|
|
|
|
|
|
|
|
|
|
|
|
Receivables from sale of assets
|
|
|
26
|
|
|
|
36
|
|
|
|
|
Other
|
|
|
1,161,499
|
|
|
|
983,440
|
|
|
|
|
Accrued interest and adjustments receivable on from sale of assets
|
|
|
1
|
|
|
|
1
|
|
|
|
|
less: Allowances (Note 4.)
|
|
|
(4,725
|
)
|
|
|
(4,596
|
)
|
|
|
|
|
|
|
1,156,801
|
|
|
|
978,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
BANK PREMISES AND EQUIPMENT, NET
|
|
|
1,237,501
|
|
|
|
1,180,959
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
OTHER ASSETS
|
|
|
1,516,661
|
|
|
|
1,405,155
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
J.
|
|
INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill
|
|
|
27,171
|
|
|
|
30,684
|
|
|
|
|
Organization and development costs
|
|
|
477,133
|
|
|
|
464,415
|
|
|
|
|
|
|
|
504,304
|
|
|
|
495,099
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
K.
|
|
ITEMS PENDING ALLOCATION
|
|
|
16,496
|
|
|
|
25,163
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ASSETS
|
|
|
115,697,726
|
|
|
|
104,951,959
|
|
|
|
-
56
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
L.
|
|
DEPOSITS
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
9,197,937
|
|
|
|
9,588,378
|
|
|
|
|
From the financial sector
|
|
|
41,142
|
|
|
|
40,145
|
|
|
|
|
From the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
15,381,431
|
|
|
|
14,062,853
|
|
|
|
|
Savings accounts
|
|
|
15,836,678
|
|
|
|
15,507,850
|
|
|
|
|
Time deposits
|
|
|
40,359,380
|
|
|
|
34,719,816
|
|
|
|
|
Investment accounts
|
|
|
446,762
|
|
|
|
545,092
|
|
|
|
|
Other
|
|
|
1,668,310
|
|
|
|
1,348,989
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
840,345
|
|
|
|
708,475
|
|
|
|
|
|
|
|
83,771,985
|
|
|
|
76,521,598
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
M.
|
|
OTHER LIABILITIES FROM FINANCIAL INTERMEDIATION
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
10,312
|
|
|
|
12,917
|
|
|
|
|
International Banks and Institutions
|
|
|
29,477
|
|
|
|
97,789
|
|
|
|
|
Non-subordinated Corporate Bonds
|
|
|
1,551,420
|
|
|
|
1,383,667
|
|
|
|
|
Amounts payable for spot and forward purchases pending settlement
|
|
|
378,033
|
|
|
|
279,858
|
|
|
|
|
Securities and foreign currency to be delivered under spot and forward sales pending settlement
|
|
|
1,957,253
|
|
|
|
42,752
|
|
|
|
|
Financing received from Argentine financial institutions Interfinancing (received call)
|
|
|
800
|
|
|
|
44,000
|
|
|
|
|
Other financing received from Argentine financial institutions
|
|
|
13,711
|
|
|
|
15,106
|
|
|
|
|
Accrued interest payable
|
|
|
1
|
|
|
|
39
|
|
|
|
|
Receivables from forward transactions without delivery of underlying asset
|
|
|
431,060
|
|
|
|
562,123
|
|
|
|
|
Other
|
|
|
4,688,584
|
|
|
|
5,022,561
|
|
|
|
|
Accrued interest, adjustments, foreign exchange and quoted price differences payable
|
|
|
50,398
|
|
|
|
76,553
|
|
|
|
|
|
|
|
9,111,049
|
|
|
|
7,537,365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N.
|
|
OTHER LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Payable
|
|
|
|
|
|
|
596,254
|
|
|
|
|
Fees
|
|
|
40,885
|
|
|
|
25,721
|
|
|
|
|
Other
|
|
|
2,448,732
|
|
|
|
2,028,484
|
|
|
|
|
|
|
|
2,489,617
|
|
|
|
2,650,459
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
O.
|
|
PROVISIONS
(Note 4.)
|
|
|
272,105
|
|
|
|
259,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
P.
|
|
SUBORDINATED CORPORATE BONDS
|
|
|
2,248,270
|
|
|
|
1,957,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q.
|
|
ITEMS PENDING ALLOCATION
|
|
|
13,493
|
|
|
|
21,039
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTERESTS IN SUBSIDIARIES
|
|
|
138,950
|
|
|
|
128,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
|
|
|
98,045,469
|
|
|
|
89,075,877
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS' EQUITY
|
|
|
17,652,257
|
|
|
|
15,876,082
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
115,697,726
|
|
|
|
104,951,959
|
|
|
|
-
57
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
MEMORANDUM ACCOUNTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEBIT-BALANCE ACCOUNTS
|
|
|
71,299,640
|
|
|
|
241,010,767
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
20,046,518
|
|
|
|
19,539,120
|
|
|
Guarantees received
|
|
|
17,264,086
|
|
|
|
17,998,080
|
|
|
Other not covered by debtors classification standards
|
|
|
56
|
|
|
|
60
|
|
|
Contingent debit-balance contra accounts
|
|
|
2,782,376
|
|
|
|
1,540,980
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
45,281,118
|
|
|
|
214,365,689
|
|
|
Receivables classified as irrecoverable
|
|
|
1,793,538
|
|
|
|
1,641,179
|
|
|
Other
|
|
|
42,686,298
|
|
|
|
212,111,015
|
|
|
Control debit-balance contra accounts
|
|
|
801,282
|
|
|
|
613,495
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
5,181,617
|
|
|
|
6,703,049
|
|
|
Notional value of put options taken
|
|
|
13,254
|
|
|
|
11,821
|
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
2,616,013
|
|
|
|
3,253,734
|
|
|
Derivatives debit-balance contra accounts
|
|
|
2,552,350
|
|
|
|
3,437,494
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
790,387
|
|
|
|
402,909
|
|
|
Trust funds
|
|
|
790,387
|
|
|
|
402,909
|
|
|
|
|
|
|
|
|
|
|
|
|
CREDIT-BALANCE ACCOUNTS
|
|
|
71,299,640
|
|
|
|
241,010,767
|
|
|
|
|
|
|
|
|
|
|
|
|
Contingent
|
|
|
20,046,518
|
|
|
|
19,539,120
|
|
|
Other guarantees provided covered by debtors classification standards
|
|
|
163,032
|
|
|
|
163,905
|
|
|
Other guarantees provided not covered by debtors classification standards
|
|
|
140,955
|
|
|
|
137,227
|
|
|
Other covered by debtors classification standards
|
|
|
1,959,182
|
|
|
|
1,227,180
|
|
|
Other not covered by debtors classification standards
|
|
|
519,207
|
|
|
|
12,668
|
|
|
Contingent credit-balance contra accounts
|
|
|
17,264,142
|
|
|
|
17,998,140
|
|
|
|
|
|
|
|
|
|
|
|
|
Control
|
|
|
45,281,118
|
|
|
|
214,365,689
|
|
|
Checks to be credited
|
|
|
801,282
|
|
|
|
613,495
|
|
|
Control credit-balance contra accounts
|
|
|
44,479,836
|
|
|
|
213,752,194
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
|
|
|
5,181,617
|
|
|
|
6,703,049
|
|
|
Notional value of call options sold
|
|
|
146,013
|
|
|
|
138,521
|
|
|
Notional value of forward transactions without delivery of underlying asset
|
|
|
2,406,337
|
|
|
|
3,298,973
|
|
|
Derivatives credit-balance contra account
|
|
|
2,629,267
|
|
|
|
3,265,555
|
|
|
|
|
|
|
|
|
|
|
|
|
Trust activity
|
|
|
790,387
|
|
|
|
402,909
|
|
|
Trust activity credit-balance contra accounts
|
|
|
790,387
|
|
|
|
402,909
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
|
-
58
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2016 AND 2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
A.
|
|
FINANCIAL INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Interest on cash and due from banks
|
|
|
332
|
|
|
|
35
|
|
|
|
|
Interest on loans to the financial sector
|
|
|
32,762
|
|
|
|
20,028
|
|
|
|
|
Interest on overdrafts
|
|
|
520,273
|
|
|
|
350,234
|
|
|
|
|
Interest on documents
|
|
|
395,427
|
|
|
|
248,888
|
|
|
|
|
Interest on mortgage loans
|
|
|
184,877
|
|
|
|
120,643
|
|
|
|
|
Interest on pledge loans
|
|
|
100,465
|
|
|
|
83,556
|
|
|
|
|
Interest on credit card loans
|
|
|
919,302
|
|
|
|
603,428
|
|
|
|
|
Interest on financial leases
|
|
|
23,474
|
|
|
|
18,766
|
|
|
|
|
Interest on other loans
|
|
|
2,784,929
|
|
|
|
1,880,903
|
|
|
|
|
Net income from government and private securities
|
|
|
1,015,637
|
|
|
|
1,105,431
|
|
|
|
|
Interest on other receivables from financial intermediation
|
|
|
1,191
|
|
|
|
1,290
|
|
|
|
|
Income from guaranteed loans - Presidential Decree No. 1,387/01
|
|
|
6,961
|
|
|
|
7,068
|
|
|
|
|
CER (Benchmark Stabilization Coefficient) adjustment
|
|
|
56,933
|
|
|
|
9,278
|
|
|
|
|
CVS (Salary Variation Coefficient) adjustment
|
|
|
226
|
|
|
|
44
|
|
|
|
|
Difference in quoted prices of gold and foreign currency
|
|
|
258,783
|
|
|
|
77,727
|
|
|
|
|
Other
|
|
|
117,673
|
|
|
|
41,109
|
|
|
|
|
|
|
|
6,419,245
|
|
|
|
4,568,428
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
B.
|
|
FINANCIAL EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Interest on savings accounts
|
|
|
20,656
|
|
|
|
14,088
|
|
|
|
|
Interest on time deposits
|
|
|
2,453,567
|
|
|
|
1,391,401
|
|
|
|
|
Interest on interfinancing received loans (received call)
|
|
|
1,043
|
|
|
|
3,073
|
|
|
|
|
Interest on other financing from financial institutions
|
|
|
51
|
|
|
|
|
|
|
|
|
Interest on other liabilities from financial intermediation
|
|
|
35,671
|
|
|
|
22,451
|
|
|
|
|
Interest on subordinated bonds
|
|
|
53,629
|
|
|
|
31,923
|
|
|
|
|
Other interest
|
|
|
912
|
|
|
|
689
|
|
|
|
|
CER adjustment
|
|
|
3,473
|
|
|
|
1,245
|
|
|
|
|
Contribution to Deposit Guarantee Fund
|
|
|
96,449
|
|
|
|
93,007
|
|
|
|
|
Other
|
|
|
488,454
|
|
|
|
315,871
|
|
|
|
|
|
|
|
3,153,905
|
|
|
|
1,873,748
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GROSS INTERMEDIATION MARGIN - GAIN
|
|
|
3,265,340
|
|
|
|
2,694,680
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
C.
|
|
PROVISION FOR LOAN LOSSES
|
|
|
178,233
|
|
|
|
201,692
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
D.
|
|
SERVICE-CHARGE INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Related to lending transactions
|
|
|
17,378
|
|
|
|
20,988
|
|
|
|
|
Related to deposits
|
|
|
1,026,419
|
|
|
|
779,735
|
|
|
|
|
Other commissions
|
|
|
46,067
|
|
|
|
22,081
|
|
|
|
|
Other
|
|
|
648,017
|
|
|
|
485,795
|
|
|
|
|
|
|
|
1,737,881
|
|
|
|
1,308,599
|
|
|
|
-
59
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2016 AND 2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
|
|
|
|
|
|
|
|
|
|
E.
|
|
SERVICE-CHARGE EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Commissions
|
|
|
114,351
|
|
|
|
87,316
|
|
|
|
|
Other
|
|
|
461,464
|
|
|
|
252,336
|
|
|
|
|
|
|
|
575,815
|
|
|
|
339,652
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
F.
|
|
ADMINISTRATIVE EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
Personnel expenses
|
|
|
1,245,604
|
|
|
|
945,521
|
|
|
|
|
Directors' and statutory auditors' fees
|
|
|
67,571
|
|
|
|
52,004
|
|
|
|
|
Other professional fees
|
|
|
57,891
|
|
|
|
46,887
|
|
|
|
|
Advertising and publicity
|
|
|
47,829
|
|
|
|
37,825
|
|
|
|
|
Taxes
|
|
|
115,146
|
|
|
|
88,703
|
|
|
|
|
Depreciation of bank premises and equipment
|
|
|
46,360
|
|
|
|
38,457
|
|
|
|
|
Amortization of organization costs
|
|
|
43,286
|
|
|
|
34,962
|
|
|
|
|
Other operating expenses
|
|
|
318,662
|
|
|
|
221,464
|
|
|
|
|
Other
|
|
|
178,585
|
|
|
|
120,990
|
|
|
|
|
|
|
|
2,120,934
|
|
|
|
1,586,813
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FROM FINANCIAL INTERMEDIATION - GAIN
|
|
|
2,128,239
|
|
|
|
1,875,122
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
G.
|
|
OTHER INCOME
|
|
|
|
|
|
|
|
|
|
|
|
Income from long-term investments
|
|
|
13,058
|
|
|
|
2,863
|
|
|
|
|
Penalty interest
|
|
|
20,483
|
|
|
|
15,175
|
|
|
|
|
Recovered loans and allowances reversed
|
|
|
39,872
|
|
|
|
25,816
|
|
|
|
|
CER adjustment
|
|
|
|
|
|
|
9
|
|
|
|
|
Others
|
|
|
65,817
|
|
|
|
16,334
|
|
|
|
|
|
|
|
139,230
|
|
|
|
60,197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H.
|
|
OTHER EXPENSE
|
|
|
|
|
|
|
|
|
|
|
|
Penalty interest and charges payable to the Central Bank of Argentina
|
|
|
30
|
|
|
|
17
|
|
|
|
|
Charges for other receivables uncollectibility and other allowances
|
|
|
32,822
|
|
|
|
12,483
|
|
|
|
|
Depreciation and loss of other assets
|
|
|
907
|
|
|
|
1,002
|
|
|
|
|
Goodwill amortization
|
|
|
3,513
|
|
|
|
3,513
|
|
|
|
|
Other
|
|
|
49,538
|
|
|
|
124,705
|
|
|
|
|
|
|
|
86,810
|
|
|
|
141,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MINORITY INTEREST IN SUBSIDIARIES
|
|
|
(10,646
|
)
|
|
|
(7,660
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME BEFORE INCOME TAX - GAIN
|
|
|
2,170,013
|
|
|
|
1,785,939
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I.
|
|
INCOME TAX
|
|
|
762,384
|
|
|
|
671,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCOME FOR THE PERIOD - GAIN
|
|
|
1,407,629
|
|
|
|
1,114,219
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
|
-
60
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
AND CASH EQUIVALENTS
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2016 AND 2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
CHANGES IN CASH AND CASH EQUIVALENTS (Note 1.5.)
|
|
|
|
|
|
|
|
|
|
Cash at the beginning of the fiscal year
|
|
|
22,672,977
|
|
|
|
18,193,305
|
|
|
Cash at the end of the period
|
|
|
35,686,675
|
|
|
|
15,650,057
|
|
|
Net increase/ (decrease) in cash
|
|
|
13,013,698
|
|
|
|
(2,543,248
|
)
|
|
|
|
|
|
|
|
|
|
|
|
CAUSES OF CHANGES IN CASH
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
Net collections / (payments) for:
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
7,085,397
|
|
|
|
(1,218,866
|
)
|
|
Loans
|
|
|
|
|
|
|
|
|
|
To the financial sector
|
|
|
(231,564
|
)
|
|
|
(249,545
|
)
|
|
To the non-financial government sector
|
|
|
6,727
|
|
|
|
50,304
|
|
|
To the non-financial private sector and foreign residents
|
|
|
5,247,236
|
|
|
|
(640,379
|
)
|
|
Other receivables from financial intermediation
|
|
|
(2,438,140
|
)
|
|
|
(1,311,351
|
)
|
|
Receivables from financial leases
|
|
|
39,370
|
|
|
|
10,072
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
From the financial sector
|
|
|
997
|
|
|
|
(8,558
|
)
|
|
From the non-financial government sector
|
|
|
(589,558
|
)
|
|
|
(36,273
|
)
|
|
From the non-financial private sector and foreign residents
|
|
|
5,266,625
|
|
|
|
2,227,179
|
|
|
Other liabilities from financial intermediation
|
|
|
|
|
|
|
|
|
|
Financing facilities from the financial sector (received calls)
|
|
|
(45,081
|
)
|
|
|
121,495
|
|
|
Others (except liabilities included under financing activities)
|
|
|
111,202
|
|
|
|
(226,205
|
)
|
|
Collections related to service-charge income
|
|
|
1,734,420
|
|
|
|
1,311,790
|
|
|
Payments related to service-charge expenses
|
|
|
(556,266
|
)
|
|
|
(338,295
|
)
|
|
Administrative expenses paid
|
|
|
(1,907,777
|
)
|
|
|
(1,429,283
|
)
|
|
Payment of organization and development costs
|
|
|
(56,004
|
)
|
|
|
(43,775
|
)
|
|
Net collections from penalty interest
|
|
|
20,471
|
|
|
|
15,170
|
|
|
Differences from payments related to court orders
|
|
|
(569
|
)
|
|
|
(2,424
|
)
|
|
Collections of dividends from other companies
|
|
|
380
|
|
|
|
24
|
|
|
Other collections/ (payments) related to other income and losses
|
|
|
41,426
|
|
|
|
(71,740
|
)
|
|
Net payments from other operating activities
|
|
|
(405,690
|
)
|
|
|
(283,954
|
)
|
|
Payment of income tax
|
|
|
(466,226
|
)
|
|
|
(315,997
|
)
|
|
Net cash flows generated in (used in) operating activities
|
|
|
12,857,376
|
|
|
|
(2,440,611
|
)
|
|
|
-
61
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
AND CASH EQUIVALENTS
FOR THE THREE-MONTH PERIODS ENDED MARCH
31, 2016 AND 2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
03/31/2015
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
Net payments for bank premises and equipment
|
|
|
(69,884
|
)
|
|
|
(109,315
|
)
|
|
Net payments for other assets
|
|
|
(166,376
|
)
|
|
|
(113,344
|
)
|
|
Net cash flows used in investing activities
|
|
|
(236,260
|
)
|
|
|
(222,659
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
Net collections / (payments) for:
|
|
|
|
|
|
|
|
|
|
Non-subordinated corporate bonds
|
|
|
(62,871
|
)
|
|
|
(39,108
|
)
|
|
Central Bank of Argentina:
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
(2,717
|
)
|
|
|
673
|
|
|
International Banks and Institutions
|
|
|
(69,018
|
)
|
|
|
(49,924
|
)
|
|
Financing received from Argentine financial institutions
|
|
|
(1,446
|
)
|
|
|
(1,300
|
)
|
|
Payment of dividends
|
|
|
(227,708
|
)
|
|
|
|
|
|
Net cash flows used in financing activities
|
|
|
(363,760
|
)
|
|
|
(89,659
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Financial income and holding gains on cash and cash equivalents
|
|
|
756,342
|
|
|
|
209,681
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase/ (decrease) in cash
|
|
|
13,013,698
|
|
|
|
(2,543,248
|
)
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
|
-
62
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
22,500,881
|
|
|
|
22,725,716
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,147,602
|
|
|
|
3,276,576
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
4,480,534
|
|
|
|
4,438,261
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
14,872,745
|
|
|
|
15,010,879
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
38,715
|
|
|
|
31,441
|
|
|
In observation
|
|
|
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
17,818
|
|
|
|
2,465
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
20,897
|
|
|
|
28,976
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
32,244
|
|
|
|
48,167
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
32,131
|
|
|
|
39,735
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
113
|
|
|
|
8,432
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
219,602
|
|
|
|
248,685
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,589
|
|
|
|
2,788
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
124,176
|
|
|
|
133,476
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
92,837
|
|
|
|
112,421
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
125,690
|
|
|
|
108,845
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
125,690
|
|
|
|
108,845
|
|
|
Subtotal Commercial
|
|
|
22,917,132
|
|
|
|
23,162,854
|
|
|
|
-
63
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED STATEMENTS OF DEBTORS BY
SITUATION
AS OF MARCH 31, 2016 AND DECEMBER 31,
2015
(Translation of financial statements originally
issued in Spanish -
See Note 24 to the stand-alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
CONSUMER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
43,296,395
|
|
|
|
42,462,761
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
515,639
|
|
|
|
558,274
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
2,152,665
|
|
|
|
2,370,316
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
40,628,091
|
|
|
|
39,534,171
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
556,463
|
|
|
|
449,008
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,642
|
|
|
|
1,701
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
15,581
|
|
|
|
19,309
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
539,240
|
|
|
|
427,998
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
308,282
|
|
|
|
273,825
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
135
|
|
|
|
47
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
8,630
|
|
|
|
9,784
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
299,517
|
|
|
|
263,994
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
257,787
|
|
|
|
247,828
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
822
|
|
|
|
805
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
10,271
|
|
|
|
13,879
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
246,694
|
|
|
|
233,144
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
87,640
|
|
|
|
82,833
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
18,302
|
|
|
|
13,925
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
69,338
|
|
|
|
68,908
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
272
|
|
|
|
462
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
272
|
|
|
|
462
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Consumer
|
|
|
44,506,839
|
|
|
|
43,516,717
|
|
|
Total
|
|
|
67,423,971
|
|
|
|
66,679,571
|
|
The accompanying Notes 1 through 7 to the consolidated financial
statements are an integral part of these financial statements, which are part of the stand-alone financial statements of Banco
Macro SA and should be read together with them.
|
|
-
64
-
|
Jorge H. Brito
Chairperson
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
|
|
1.
|
SIGNIFICANT ACCOUNTING POLICIES
AND SUBSIDIARIES
|
|
|
1.1.
|
Valuation and disclosure criteria:
|
According to the procedures
provided by Central Bank rules - Communiqué “A” 2227, as supplemented - and Argentine Federation of Professionals
Councils in Economic Sciences Technical Resolution No. 21, the Bank has consolidated line-by-line (i) its balance sheets as of
March 31, 2016 and December 31, 2015 and (ii) the statements of income and cash flows and cash equivalents for the three-month
periods ended March 31, 2016 and 2015, with the financial statements of the subsidiaries listed in Note 1.2., as of each respective
date.
The financial statements of
the Bank’s subsidiaries have been prepared based on methods similar to those applied by the Bank to prepare its own financial
statements, with respect to assets and liabilities valuation and disclosure, income (loss) measurement and restatement procedures,
as explained in Note 3. to the Bank’s stand-alone financial statements.
The receivables/payables and
transactions between the companies were eliminated in the consolidation process.
|
|
1.2.
|
List of subsidiaries:
|
The table below shows the
equity interests that Banco Macro SA holds in subsidiaries (percentage of equity interest and votes held directly or indirectly
as of March 31, 2016):
|
|
|
Banco Macro SA’s
direct equity interest
|
|
Banco Macro SA’s
direct and indirect
equity interest
|
|
|
|
|
Shares
|
|
Percentage of
|
|
|
Percentage of
|
|
|
Company
|
|
Type
|
|
Number
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
Capital
stock
|
|
|
Possible
votes
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del Tucumán SA
|
|
Common
|
|
|
395,341
|
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Bank Limited (a)
|
|
Common
|
|
|
39,816,899
|
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
99.999
|
%
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Securities SA (b) and (c)
|
|
Common
|
|
|
12,776,680
|
|
|
|
99.154
|
%
|
|
|
99.154
|
%
|
|
|
99.921
|
%
|
|
|
99.932
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fiducia SA
|
|
Common
|
|
|
6,475,143
|
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Macro Fondos SGFCI SA
|
|
Common
|
|
|
327,183
|
|
|
|
19.100
|
%
|
|
|
19.100
|
%
|
|
|
99.936
|
%
|
|
|
100.00
|
%
|
|
|
(a)
|
Consolidated with Sud Asesores
(ROU) SA (voting rights: 100%, equity interest: 3,597).
|
|
|
(b)
|
Consolidated with Macro Fondos SGFCI SA (percentage of
capital stock and votes 80.90%).
|
|
|
(c)
|
The indirect equity interest of Banco Macro SA comes from
Macro Fiducia SA.
|
|
|
1.3.
|
Methods of incorporating foreign subsidiaries:
|
The financial statements of
Macro Bank Limited were adapted to Central Bank rules. Also, as they are originally stated in US dollars, they were translated
into pesos following the procedures indicated below:
|
|
a)
|
Assets and liabilities were
converted at the reference exchange rate at the closing of transactions on the last business
day as of March 31, 2016 and December 31, 2015.
|
|
|
b)
|
Figures related to the owners’
contributions (capital stock, additional paid-in capital and irrevocable capital contributions)
were translated applying the effective exchange rates as of the date on which such contributions
were paid in.
|
|
|
c)
|
Retained earnings were estimated
by the difference between assets, liabilities and owners’ contributions, translated
into pesos, as indicated above.
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
|
|
d)
|
The amounts of the accounts
in the statements of income for the three-month periods ended March 31, 2016 and 2015,
were converted into pesos, as described in a). In both cases, the difference between
the sum of the amounts thus obtained and lump-sum income (loss) for each period (difference
between retained earnings at beginning of fiscal year and retained earnings at period)
was recorded in “Other income – Income from long-term investments”
and “Financial income – Difference in quoted prices of gold and foreign currency”
or “Financial expense – Difference in quoted prices of gold and foreign currency”,
as the case may be, in the stand-alone and consolidated financial statements, respectively.
|
The main figures included
in the consolidated financial statements arising from the figures of Macro Bank Limited (consolidated with Sud Asesores (ROU)
SA) as of March 31, 2016, considering the translation process mentioned above are as follows:
|
|
|
Macro Bank Limited
|
|
|
|
|
In thousands of
USD
|
|
|
In thousands of
Ps.
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
240,571
|
|
|
|
3,507,928
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
194,819
|
|
|
|
2,840,786
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
45,752
|
|
|
|
667,142
|
|
|
|
1.4.
|
The table below shows total assets,
liabilities, shareholders’ equity and income (loss) of Banco Macro SA and each
of its subsidiaries as of March
31, 2016:
|
|
|
|
Banco
Macro SA
|
|
|
Banco del
Tucumán SA
|
|
|
Macro
Bank
Limited
(1)
|
|
|
Other
subsidiaries
(2)
|
|
|
Eliminations
|
|
|
Banco
Macro SA
(consolidated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
104,855,529
|
|
|
|
9,179,452
|
|
|
|
3,507,928
|
|
|
|
413,159
|
|
|
|
2,258,342
|
|
|
|
115,697,726
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
87,203,272
|
|
|
|
7,803,331
|
|
|
|
2,840,786
|
|
|
|
193,809
|
|
|
|
(4,271
|
)
|
|
|
98,045,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders’ equity
|
|
|
17,652,257
|
|
|
|
1,376,121
|
|
|
|
667,142
|
|
|
|
219,350
|
|
|
|
2,262,613
|
|
|
|
17,652,257
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income
|
|
|
1,407,629
|
|
|
|
105,410
|
|
|
|
71,589
|
|
|
|
31,661
|
|
|
|
208,660
|
|
|
|
1,407,629
|
|
|
|
(1)
|
Figures related to Macro Bank Limited consolidated with
Sud Asesores (ROU) SA.
|
|
|
(2)
|
Figures related to the subsidiaries
Macro Securities SA, (consolidated with Macro Fondos Sociedad Gerente de Fondos Comunes
de Inversión SA) and Macro Fiducia SA.
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
|
|
1.5.
|
Statement of cash flows and cash
equivalents
|
The Bank and its subsidiaries
consider “Cash and cash equivalents” to be the Cash account and Government and investments which mature less than
three months since their date of acquisition/constitution, Below is a breakdown of the reconciliation of the “Cash”
item in the consolidated statement of cash flows with the related consolidated balance sheets accounts:
|
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
03/31/2015
|
|
|
Cash
|
|
|
21,189,340
|
|
|
|
19,402,821
|
|
|
|
11,808,743
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Holdings booked at market value
|
|
|
1,905,736
|
|
|
|
997,435
|
|
|
|
784,946
|
|
|
Instruments issued by the Central Bank
|
|
|
12,307,111
|
|
|
|
2,018,994
|
|
|
|
2,871,072
|
|
|
Other receivables for financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other covered by debtor classification standards
|
|
|
284,488
|
|
|
|
253,727
|
|
|
|
185,296
|
|
|
Cash and cash equivalents
|
|
|
35,686,675
|
|
|
|
22,672,977
|
|
|
|
15,650,057
|
|
In addition, to the assets
broken down in Note 8. to the stand-alone financial statements, certain assets are restricted as follows:
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
2.1. Banco del Tucumán SA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and Private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Secured bonds in pesos under Presidential Decree No. 1579/2002, maturing in 2018, for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013
|
|
|
5,322
|
|
|
|
5,613
|
|
|
• Central Bank of Argentina Internal Bills in pesos, maturing in 2016 securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE
|
|
|
736
|
|
|
|
747
|
|
|
Subtotal Government and Private securities
|
|
|
6,058
|
|
|
|
6,360
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Special guarantee checking accounts opened in the Central Bank for transactions related to the electronic clearing houses and similar entities
|
|
|
180,895
|
|
|
|
172,659
|
|
|
Subtotal other receivables from financial intermediation
|
|
|
180,895
|
|
|
|
172,659
|
|
|
|
|
|
|
|
|
|
|
|
|
Other receivables
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Deposits mainly provided in guarantee for the credit card transaction and related to court deposits and MAEClear transactions
|
|
|
22,479
|
|
|
|
21,327
|
|
|
Subtotal other receivables
|
|
|
22,479
|
|
|
|
21,327
|
|
|
Total
|
|
|
209,432
|
|
|
|
200,346
|
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
2.2. Macro Securities SA:
|
|
|
|
|
|
|
|
|
|
Other receivables from financial intermediation
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
·
Share of interest of the mutual fund Pionero Renta for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013
|
|
|
9,124
|
|
|
|
8,492
|
|
|
Subtotal other receivables from financial intermediation
|
|
|
9,124
|
|
|
|
8,492
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in other companies
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• Other
|
|
|
1,453
|
|
|
|
1,453
|
|
|
Subtotal investments in other companies
|
|
|
1,453
|
|
|
|
1,453
|
|
|
Total
|
|
|
10,577
|
|
|
|
9,945
|
|
|
|
|
|
|
|
|
|
|
|
|
2.3. Macro Fiducia SA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government and private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
·
Federal secured bonds maturing 2018 for the minimum amount required to perform as an Agent in the new categories provided by CNV General Resolution No. 622/2013
|
|
|
3,193
|
|
|
|
3,352
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
3,193
|
|
|
|
3,352
|
|
|
|
3.
|
TRANSACTIONS WITH RELATED
PARTIES
|
In relation to the transactions
performed by the Bank’s subsidiaries with parties related to Macro Group, as part of the ordinary course of business, and
in addition to those described in Note 9. to the stand-alone financial statements, the consolidated financial statements as of
March 31, 2016 and December 31, 2015, include assets amounted to 90,226 and 38,248, generated by Loans and other receivables from
financial intermediation; liabilities amounted to 1,254,444 and 870,564 generated mainly by Deposits; and memorandum accounts
amounted to 2,561,790 and 2,089,274, mainly generated by Items in custody, respectively.
Additionally, as of March 31,
2016 and 2015, net income generated by those transactions amounted to 1,839 and 1,881, respectively.
Lastly, the balances as of
those dates for transactions between Macro Group companies amounted to 906 and 551, respectively. Net income from those transactions
for three-month periods ended March 31, 2016 and 2015 amount to 0 and 1, respectively. Both balances and income were eliminated
in the consolidation process.
|
|
4.
|
CHANGES IN ALLOWANCES AND PROVISIONS
|
The following are the changes
in the Bank’s allowances and provisions consolidated with its subsidiaries as of March 31, 2016:
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
|
|
|
Balances at
beginning
of fiscal
|
|
|
|
|
|
Decreases
|
|
|
Balances at
end of the
|
|
|
Breakdown
|
|
Year
|
|
|
Increases
|
|
|
Charge off
|
|
|
Reversals
|
|
|
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowances
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For loans
|
|
|
1,495,964
|
|
|
|
207,888
|
|
|
|
160,360
|
|
|
|
14,759
|
|
|
|
1,528,733
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables from financial intermediation
|
|
|
243,028
|
|
|
|
4,688
|
|
|
|
1,157
|
|
|
|
2,027
|
|
|
|
244,532
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For receivables from financial leases
|
|
|
5,352
|
|
|
|
422
|
|
|
|
|
|
|
|
|
|
|
|
5,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For interests in other companies
|
|
|
1,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,595
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other receivables
|
|
|
4,596
|
|
|
|
153
|
|
|
|
19
|
|
|
|
5
|
|
|
|
4,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,750,535
|
|
|
|
213,151
|
|
|
|
161,536
|
|
|
|
16,791
|
|
|
|
1,785,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For contingent commitments
|
|
|
6,590
|
|
|
|
799
|
|
|
|
|
|
|
|
|
|
|
|
7,389
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For other contingencies
|
|
|
196,506
|
|
|
|
26,364
|
|
|
|
20,211
|
|
|
|
|
|
|
|
202,659
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For differences from court deposits dollarization
|
|
|
44,645
|
|
|
|
5,660
|
|
|
|
|
|
|
|
|
|
|
|
50,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal sanctions
|
|
|
11,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
259,493
|
|
|
|
32,823
|
|
|
|
20,211
|
|
|
|
|
|
|
|
272,105
|
|
|
|
5.
|
DERIVATIVE FINANCIAL INSTRUMENTS
|
Below is a breakdown of the
volumes, in absolute values, by type of derivative financial instrument involved in the transactions between the Bank and its
subsidiaries, which are effective as of March 31, 2016 and December 31, 2015:
|
Type of contract / underlying asset
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Futures / foreign currency
|
|
|
2,696,487
|
|
|
|
3,447,291
|
|
|
Repo transactions / Federal Government Securities
|
|
|
1,427,086
|
|
|
|
5,497
|
|
|
Forward contracts / foreign currency
|
|
|
2,325,863
|
|
|
|
3,105,416
|
|
|
Options / Other
|
|
|
159,267
|
|
|
|
150,342
|
|
Additionally, positions
of transactions effective as of March 31, 2016 and December 31, 2015 are as follows:
|
Transaction
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Net position of repurchase agreements
|
|
|
(1,420,526
|
)
|
|
|
(1,403
|
)
|
|
Net asset position of forward transactions without delivery of the underlying asset
|
|
|
206,676
|
|
|
|
(45,239
|
)
|
|
Position of put options taken
|
|
|
13,254
|
|
|
|
11,821
|
|
|
Position of call options sold
|
|
|
(146,013
|
)
|
|
|
(138,521
|
)
|
CONSOLIDATED BALANCE SHEETS
(Section 33, Law No. 19,550)
NOTES TO THE FINANCIAL STATEMENTS
AS OF MARCH 31, 2016
(Translation of financial statements originally
issued in Spanish –
See Note 24 to the stand alone financial
statements)
(Figures stated in thousands of pesos)
In addition to what was mentioned
in Note 13. to the Bank’s stand-alone financial statements, as of March 31, 2016 and December 31, 2015, Banco del Tucumán
SA manages the following portfolios:
|
|
|
Managed
portfolio as of
|
|
|
Item
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
• On July 31, 2006, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “Gas Tucumán I” trust loan portfolio.
|
|
|
18,066
|
|
|
|
21,173
|
|
|
|
|
|
|
|
|
|
|
|
|
• On December 31, 2008, Banco del Tucumán SA and Macro Fiducia SA entered into a management and custody agreement regarding the “BATUC 1” trust loan portfolio.
|
|
|
15,310
|
|
|
|
15,329
|
|
|
|
|
|
|
|
|
|
|
|
|
• Other managed portfolios.
|
|
|
3,751
|
|
|
|
2,577
|
|
|
Total
|
|
|
37,127
|
|
|
|
39,079
|
|
In addition to what was mentioned
in Note 16. to the Bank’s stand-alone financial statements, the subsidiaries have the following trust agreements as of March
31, 2016 and December 31, 2015:
|
|
7.1.
|
Financial trusts for investment purposes
|
|
Financial trust
|
|
03/31/2016
|
|
|
12/31/2015
|
|
|
|
|
|
|
|
|
|
|
Certificates of participation
|
|
|
1,576
|
|
|
|
2,257
|
|
|
Debt securities
|
|
|
13,605
|
|
|
|
15,094
|
|
|
Total
|
|
|
15,181
|
|
|
|
17,351
|
|
|
|
7.2.
|
Trusts created using financial assets transferred by the
Bank’s subsidiaries.
|
In addition to what has been
mentioned in Note 16.2., to the stand-alone financial statements, which includes the trusts created with financial assets transferred
by Banco Macro SA, subsidiary Banco del Tucumán SA transferred financial assets (loans) to trusts for the purpose of issuing
and selling securities, the collection of which is guaranteed by the cash flow resulting from such assets or group of assets.
This way, the funds originally used to finance loans are recovered earlier, increasing the entities lending capacity.
As of March 31, 2016 and December
31, 2015, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed by the trustors of these types of trusts amount to 495 and 182, respectively.
|
|
7.3.
|
Trusts in which the Bank’s subsidiaries act as trustees
(management).
|
As mentioned in Note 16.4.
to the stand-alone financial statements, and in addition to those included in that Note, in these trusts the Bank, through Macro
Fiducia SA (subsidiary) only carries out administrative duties regarding the corpus assets, in accordance with the agreements.
As of March 31, 2016 and December
31, 2015, considering the latest available accounting information as of the date of the financial statements, the trusts’
assets managed through Macro Fiducia SA (subsidiary) of these types of trusts amount to 705,516 and 408,671, respectively.
|
|
-
70
-
|
Jorge H. Brito
Chairperson
|