Av. Eduardo Madero 1182
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):
August 18, 1972, August 10, 1973, July
15, 1975, May 30, 1985, September 3, 1992, May 10, 1993, November 8, 1995, October 8, 1996, March 23, 1999, September 6, 1999,
June 10, 2003, December 17, 2003, September 14, 2005, February 8, 2006, July 11, 2006, July 14, 2009, November 14, 2012, August
2, 2014, July 15, 2019.
The notes 1 to 38 to the condensed consolidated interim financial statements and the exhibits B to D, F to J, L, Q and R are an integral part of the condensed consolidated interim financial statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Banco Macro SA (hereinafter,
the Bank), is a stock corporation (sociedad anónima), organized in the Republic of Argentina that offers traditional
banking products and services to companies, including those companies operating in regional economies, as well as to individuals,
thus strengthening its goal to be a multiservice bank. In addition, through its subsidiaries, the Bank performs transactions as
a trustee agent, manager and administrator of mutual funds and renders stock exchange services.
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.
The Bank’s shares have
been publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994; and as from March 24, 2006 they are listed on
the New York Stock Exchange (NYSE). Additionally, on October 15, 2015, they were authorized to be listed 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.
On May 21, 2019, the Bank acquired
100% of Argenpay SAU for an amount of 100 conformed by 100,000 common, registered shares, with a face value of Ps. 1 each one and
entitled to one vote. The Entity’s purpose is the development of its own network or the incorporation into other networks
so that it can operate with individuals or companies, in-person or remotely, by using information and communication technologies,
grant, offer or accept electronic payments online or offline, digital and virtual wallets and electronic commerce
in general. As of the date of issuance of these condensed consolidated interim financial statements, this subsidiary has not started
to develop its principal activities.
On August 7, 2019, the Board
of Directors approved the issuance of these condensed consolidated interim financial statements.
|
2.
|
OPERATIONS OF THE BANK
|
|
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. Additionally,
on October 1, 2018, the above-mentioned agreement was extended for a ten-year term beginning on January 1, 2020, and being effective
through December 31, 2029.
As of June 30, 2019 and December
31, 2018, the deposits held by the Misiones Provincial Government with the Bank amounted to 7,584,997 and 5,540,994 (including
491,785 and 430,545 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.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
As of June 30, 2019 and December
31, 2018, the deposits held by the Salta Provincial Government with the Bank amounted to 4,327,421 and 2,630,532 (including 752,491
and 644,863 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.
As of June 30, 2019 and December
31, 2018, the deposits held by the Jujuy Provincial Government with the Bank amounted to 3,186,756 and 1,387,236 (including 723,003
and 436,972 related to court deposits), respectively.
|
2.4.
|
Banco del Tucumán SA
|
Banco del Tucumán SA
acts as an exclusive financial agent and as revenue collection and obligation payment agent of the Tucumán Provincial Government,
the Municipality of San Miguel de Tucumán and the Municipality of Yerba Buena. The services agreements with the Provincial
and Municipalities Governments are effective through years 2031, 2023 and 2020, respectively.
On July 4, 2018 the legislative
body of the province of Tucumán enacted, into law a bill issued by the provincial executive, authorizing the sale of the
shares held by such province in Banco de Tucumán SA to Banco Macro SA as well as the continuity as a provincial finance
agent for an additional period of ten years from the expiration of the contract, and if applicable, the possibility of merging
both entities.
On August 10, 2018, the province
of Tucumán transferred to Banco Macro SA, 43,960 Class B common registered nonendorsable shares, with a face value of Ps.
100 each one and entitled to one vote, which is equivalent to 10% of its common stock and votes. For this transaction, the Bank
paid 456,462. In addition, the Bank acquired from an individual shareholder 59 shares for an amount of 295.
This transaction was registered
in the Bank’s shareholders´ equity, derecognizing, at the carrying amount, the non-controlling interest. The difference
between the adjustment of the controlling and non-controlling interests and the fair value of the consideration paid was registered
in retained earnings. In the condensed separate interim financial statements this transaction was registered by the acquisition
method (see additionally note 2 to the condensed separate interim financial statements).
On April 30, and July 19, 2019,
the Shareholders' Meeting of Banco Macro SA and the Shareholders' Meeting of Banco del Tucumán SA, respectively, decided,
among other issues, to approve a preliminary merger agreement, the special consolidated financial statement of merger as of December
31, 2018, the exchange relationship of shares, the legal feasibility Report and technical, economic and financial feasibility Report
of the merger between Banco Macro SA and Banco del Tucumán SA - Consolidation of technical relationships regarding liquidity
and solvency. Once the regulatory authorities approve the merger, Banco Macro SA will incorporate with retroactive effect as of
January 1, 2019 Banco del Tucumán SA on the basis of the separate financial statements of each of the companies as of December
31, 2018 and of the special consolidated financial statement of merger status as of same date.
The exchange ratio has been
agreed at 0.65258 ordinary shares of Banco Macro SA for each face value $ 1 of common share of Banco del Tucumán SA. Therefore,
the minority shareholders of Banco del Tucumán SA will be entitled to receive at 0.65258 common shares of Banco Macro SA,
for each face value $ 1 of ordinary shares they hold in the capital of Banco del Tucumán SA. Consequently, Banco Macro will
issue 15,662 Class B common, registered shares, with a face value of Ps. 1 each one and entitled to one vote, to be delivered to
minority Shareholders’ of Banco del Tucumán SA.
As of the date of issuance
of these condensed consolidated interim financial statements, the merger has not been approved by the regulatory authorities.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
As of June 30, 2019 and December
31, 2018, the deposits held by the Tucumán Provincial Government, the Municipality of San Miguel de Tucumán and the
Municipality of Yerba Buena with Banco del Tucumán SA amounted to 4,065,531 and 6,047,312 (including 2,145,901 and 1,890,398
related to court deposits), respectively.
|
3.
|
BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS
|
Presentation basis
Applicable Accounting Standards
On February 12, 2014, through
Communiqué “A” 5541, the Central Bank of Argentina (BCRA, for its acronym in Spanish) 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.
Additionally, through Communiqués
“A” 6114, the BCRA set specific guidelines within the scope of such convergence process, among which it defined (i)
the transitory exception to the application of section 5.5 “Impairment” of the IFRS 9 “Financial Instruments”
(sections B5.5.1 to B5.5.55) up to the fiscal years beginning as of January 1, 2020; and (ii) in order to calculate the effective
interest rate of assets and liabilities so requiring it for the measurement thereof, pursuant to IFRS 9, up to December 31, 2019,
the Bank may transitorily make a global estimate of the calculation of the effective interest rate on a group of financial assets
or liabilities with similar characteristics which shall be applied such effective interest rate. If section 5.5 “Impairment”,
mentioned in (i) above had applied, according to a global estimation performed by the Bank, as of June 30, 2019 and December 31,
2018, the shareholders’ equity would have increased by 1,422,382 and 280,978, respectively. The figures stated as of June
30, 2019 includes 1,183,817 generated by the allowance mentioned in note 9.
As of June 30, 2019 the conditions
to apply inflation adjustment in the condensed consolidated interim financial statement for the six-month period ended on that
date, as established by IAS 29 “Financial Reporting in Hyperinflationary Economy” were met. However, for the reasons
described in section “measuring unit” of this note, financial institutions, transitorily, cannot apply the above-mentioned
standard.
These condensed consolidated
interim financial statements of the Bank were prepared pursuant with Conceptual Framework as established by BCRA based on IFRS
(Communiqué “A” 6114 and supplementary rules of the BCRA), with the exceptions described in the preceding paragraphs.
Taking into account these exceptions, the Conceptual Framework comprises the Standards and Interpretations adopted by the IASB
and includes:
|
-
|
the International Accounting Standards (IAS); and
|
|
-
|
the interpretations developed by the IFRS Interpretations Committee (IFRIC) or former IFRIC (SIC).
|
Generally, the BCRA does not
allow the anticipated application of any IFRS, unless otherwise expressly stated.
Basis for the preparation
and consolidation
These condensed consolidated
interim financial statements for the six-month period ended on June 30, 2019, have been prepared in accordance with the framework
set forth by the BCRA as mentioned in the previous section “Applicable accounting standards” which, particularly for
condensed consolidated interim financial statements, is based on IAS 34 “Interim Financial Reporting”.
For the preparation of these
condensed consolidated interim financial statements, in addition to section “new standards adopted” of this note, the
Bank has applied the basis for the preparation and consolidation, the accounting policies and the material accounting judgements,
estimates and assumptions described in the consolidated financial statements for the fiscal year ended on December 31, 2018, already
issued.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
These condensed consolidated
interim financial statements include all the necessary information for an appropriate understanding, by the users thereof, of the
basis for the preparation and disclosure used therein, as well as the relevant events and transactions occurred after the issuance
of the last annual consolidated financial statements for the fiscal year ended on December 31, 2018, already issued. Nevertheless,
the present condensed consolidated interim financial statements do not include all the information or all the disclosures required
for the annual consolidated financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”.
Therefore, these condensed consolidated interim financial statements must be read together with the annual consolidated financial
statements for the fiscal year ended December 31, 2018, already issued.
As of June 30, 2019 and December
31, 2018, the Bank has consolidated its financial statements with the financial statements of the following companies:
Subsidiaries
|
|
Principal Place of Business
|
|
|
Country
|
|
|
Main Activity
|
Banco del Tucumán SA
|
|
San Martín 721 – San Miguel de Tucumán – Province of Tucumán
|
|
|
Argentina
|
|
|
Banking entity
|
Macro Securities SA (a) and (b)
|
|
Av. Eduardo Madero 1182 – Autonomous City of Buenos Aires
|
|
|
Argentina
|
|
|
Stock exchange services
|
Macro Fiducia SA
|
|
Av. Leandro N. Alem 1110– 1st floor. Autonomous City of Buenos Aires
|
|
|
Argentina
|
|
|
Services
|
Macro Fondos SGFCISA
|
|
Av. Eduardo Madero 1182– 24th floor, Office B–. Autonomous City of Buenos Aires
|
|
|
Argentina
|
|
|
Management and administration of mutual funds
|
Macro Bank Limited (c)
|
|
Caves Village, Building 8 Office 1 – West Bay St., Nassau
|
|
|
Bahamas
|
|
|
Banking entity
|
Argenpay SAU
|
|
Av. Eduardo Madero 1182 –. Autonomous City of Buenos Aires
|
|
|
Argentina
|
|
|
Electronic payments services
|
|
(a)
|
Consolidated with Macro Fondos SGFCI SA (80.90% equity interest and voting rights).
|
|
(b)
|
The indirect interest of Banco Macro SA comes from Macro Fiducia SA.
|
(c)
Consolidated with Sud Asesores (ROU) SA (100% voting rights – Equity interest 7,539).
The table below shows the Bank’s
equity interest and voting rights in the companies it consolidates as of June 30, 2019 and December 31, 2018:
|
|
Shares
|
|
|
Bank’s interest
|
|
|
Noncontrolling interest
|
|
Subsidiaries
|
|
Type
|
|
|
Number
|
|
|
Total capital
stock
|
|
|
Voting
rights
|
|
|
Total capital
stock
|
|
|
Voting
rights
|
|
Banco del Tucumán SA
|
|
|
Common
|
|
|
|
439,360
|
|
|
|
99.945
|
%
|
|
|
99.945
|
%
|
|
|
0.055
|
%
|
|
|
0.055
|
%
|
Macro Securities SA
|
|
|
Common
|
|
|
|
12,776,680
|
|
|
|
99.921
|
%
|
|
|
99.932
|
%
|
|
|
0.079
|
%
|
|
|
0.068
|
%
|
Macro Fiducia SA
|
|
|
Common
|
|
|
|
6,475,143
|
|
|
|
98.605
|
%
|
|
|
98.605
|
%
|
|
|
1.395
|
%
|
|
|
1.395
|
%
|
Macro Fondos SGFCISA
|
|
|
Common
|
|
|
|
327,183
|
|
|
|
99.936
|
%
|
|
|
100.00
|
%
|
|
|
0.064
|
%
|
|
|
|
|
Macro Bank Limited
|
|
|
Common
|
|
|
|
39,816,899
|
|
|
|
99.999
|
%
|
|
|
100.00
|
%
|
|
|
0.001
|
%
|
|
|
|
|
Argenpay SAU (a)
|
|
|
Common
|
|
|
|
100,000
|
|
|
|
100.00
|
%
|
|
|
100.00
|
%
|
|
|
|
|
|
|
|
|
|
(a)
|
Equity interest acquired on May 21, 2019.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Total assets, liabilities and
net equity of the Bank and each of its subsidiaries as of June 30, 2019 and December 31, 2018, are as follows:
As of 06/30/2019
|
|
Banco
Macro
SA
|
|
|
Banco
del
Tucumán SA
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Assets
|
|
|
377,456,839
|
|
|
|
22,597,048
|
|
|
|
7,162,151
|
|
|
|
(6,183,805
|
)
|
|
|
401,032,233
|
|
Liabilities
|
|
|
314,512,686
|
|
|
|
19,900,480
|
|
|
|
4,322,151
|
|
|
|
(439,052
|
)
|
|
|
338,296,265
|
|
Equity attributable to the owners of the Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
62,733,226
|
|
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,742
|
|
As of 12/31/2018
|
|
Banco
Macro
SA
|
|
|
Banco
del
Tucumán SA
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
Assets
|
|
|
323,268,073
|
|
|
|
21,329,507
|
|
|
|
4,081,903
|
|
|
|
(5,796,889
|
)
|
|
|
342,882,594
|
|
Liabilities
|
|
|
268,421,503
|
|
|
|
18,883,250
|
|
|
|
1,739,951
|
|
|
|
(800,062
|
)
|
|
|
288,244,642
|
|
Equity attributable to the owners of the Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,635,643
|
|
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,309
|
|
Transcription in the Books
of Accounts
As of the date of these condensed
consolidated interim financial statements, the same are in the process of being transcribed in the Books of Accounts of Banco Macro
SA.
Figures expressed in thousands
of pesos
These condensed consolidated
interim financial statements disclose figures expressed in thousands of Argentine pesos and are rounded up to the nearest amount
in thousands of pesos, unless otherwise expressly stated.
Comparative information
The present condensed consolidated
interim statement of financial position as of June 30, 2019, is presented comparatively with year-end data of the immediately preceding
fiscal year, while the statement of income and the statement of other comprehensive income for the three-month and six-month periods
ended June 30, 2019, and the statement of changes in shareholders’ equity and the statement of cash flows and cash equivalents
for the six-month period ended June 30, 2019, are presented comparatively with data as of the same period of the immediately preceding
fiscal year.
Measuring unit
IFRS require that the financial
statements of an entity whose functional currency is the currency of a hyperinflationary economy be restated in terms of measuring
unit current at the end of the reporting period. To achieve consistency in identifying an economic environment of that nature,
IAS 29 establishes (i) certain qualitative indicators, not limited to, consisting of analyzing the general population behavior,
prices, interest rates and wages with changes to a price index and the loss of purchasing power, and (ii) a quantitative indicator
which is the most common in practice, consisting of a three-year cumulative inflation rate of 100% or above. Whilst in the recent
years there was an important increase in the general level of prices, the three-year cumulative inflation had maintained in Argentina
below 100%. However, due to miscellaneous macroeconomic factors the three-year inflation rate exceeds that figure, and, also the
Argentine government goals and other available estimates indicate that this trend will not be reversed in the short term.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Consequently, the Argentine
economy is currently considered hyperinflationary under IAS 29 and the Argentine financial entities that are required to apply
the IFRSs adopted by the BCRA through Communiqué “A” 6114 and the functional currency of which is the Argentine
peso should restate their financial statements. Such restatement should be applied as if the economy had always been hyperinflationary,
using a general price index that reflects changes in general purchasing power. To apply the restatement, a series of indexes will
be used, as prepared and published on a monthly basis by the Argentine Federation of Professionals Councils in Economic Sciences
(FACPCE, for its acronym in Spanish), which combines consumer price index (CPI) on a monthly basis published by the Argentine Institute
of Statistics and Censuses (INDEC, for its acronym in Spanish) since January 2017 (baseline month: December 2016) with the wholesale
prices indexes published by the INDEC until that date. For the months of November and December 2015, for which the INDEC did not
publish the wholesale price index (WPI) variation, the CPI variation for the CABA is used.
Considering the abovementioned
indexes, the inflation rate was 22.40% and 16.03% for the six-month periods ended on June 30, 2019 and 2018, respectively, and
47.64% for the fiscal year ended on December 31, 2018.
Notwithstanding the above, as
established by BCRA Communiqué “A” 6651, financial institutions shall start the inflation adjustment on its
financial statements according to IAS 29, for the fiscal years beginning on January 1, 2020.
The nonrecognition of changes
in the general purchasing power under hyperinflationary conditions, may distort accounting information and, therefore, this situation
should be taken into account in the interpretation of the Bank’s information on these condensed consolidated interim financial
statements over financial position, the result of its operations and its cash flows.
Below there is a description
of the main impacts if IAS 29 were to be applied:
|
(a)
|
Financial statements shall be restated considering the changes in the general purchasing power
of the currency to ensure that they are stated in the current measuring unit at end of the reporting period.
|
|
(b)
|
To sum up, the restating mechanism provided by IAS 29 is as follows:
|
|
(i)
|
Monetary items (the ones that are already stated in terms of the current measuring unit) are not
restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. In an inflationary
period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing
power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets, in some extend such
effects. The net gain or loss on a monetary basis shall be included in profit or loss for the period.
|
|
(ii)
|
Assets and liabilities subject to adjustments based on specific agreements will be adjusted in
accordance with such agreements.
|
|
(iii)
|
Nonmonetary items stated at current cost at the end of the reporting period, are not restated for
presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms
of constant measurement unit, the income or loss produced by holding these nonmonetary items.
|
|
(iv)
|
Nonmonetary items carried at historical cost or at current cost at some earlier date before the
reporting date, shall be restated by an index that reflects the general level of price variation from the acquisition or revaluation
date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Income
or loss for the period related to depreciation of property, plant and equipment and amortization of intangible assets and other
nonmonetary cost shall be determined over the new restated amounts.
|
|
(v)
|
When an entity capitalizes borrowing cost in the nonmonetary assets, the part of the borrowing
cost that compensates for the inflation during the same period will not be capitalized.
|
|
(vi)
|
The restatement of nonmonetary assets in terms of a current measurement unit at the end of the
reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income
tax liability is recognized and the contra account is recognized as profit or loss for the period. When, beyond the restatement,
there is a revaluation of nonmonetary assets, the deferred tax related to the restatement is recognized in profit or loss for the
period and deferred tax related with the revaluation is recognized in other comprehensive income for the period.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
(vii)
|
Income and expenses are restated from the date the items were recorded, except for those income
or loss items that reflect or include, in their determination, the consumption of assets measured at the currency purchasing power
from a date prior to that when the consumption was recorded, which is restated using as a basis the acquisition date of the assets
related to the item, and except for income or losses arising from comparing the two measurements at currency purchasing power of
different dates, for which it requires to identify the compared amounts, to restate them separately and to repeat the comparison,
with the restated amounts.
|
|
(viii)
|
At the beginning of the first period of application of the restatement of financial statements
in constant currency, the components of equity, except for the retained earnings, are restated according IAS 29, and the retained
earning amount is determinated as a difference, once the equity items were restated.
|
If the Bank, according to a
global estimation, had applied IAS 29 the Shareholders’ equity as of June 30, 2019 and December 31, 2018 would have increased
by 9,853,086 and 19,919,763, respectively, including the effects for the application of section 5.5. “Impairment” of
the IFRS 9 abovementioned; on the other hand, the comprehensive income for the six-month period would have decreased by 9,691,976.
New standards adopted
For the fiscal year beginning
on January 1, 2019, the following IFRS amendments and interpretation (hereinafter, “IFRIC”) are applicable and they
did not have a material impact over these condensed consolidated interim financial statements, as a whole.
IFRS 16 “Leases”
IFRS 16 replaced IAS 17 “Leases”
and sets out the principles for the recognition, measurement, presentation and disclosure of leases, introducing significant changes
when the Bank acts as lessee. When the Bank acts as a lessor, no significant changes were generated with respect to the preceding
IAS.
When the Bank acts as a lessee,
the lease contracts (and sub lease) are recognized under a single accounting model which eliminates the dual accounting method
that distinguishes between operating leases and finance leases and implies the recognition of an asset for the right of use of
the leased asset and a liability that represents the obligation to make future payments for the lease.
Additionally, on a separate
basis, interest expenses on the lease liabilities and depreciation charges for the right of use of the asset are recognized.
The Bank adopted IFRS 16 under
the modified retrospective approach from January 1, 2019, as the date of initial application.
The effect of adoption of IFRS
16 as of January 1, 2019 was an increase of the Bank’s assets and liabilities for the following amounts:
Assets
|
|
Right-of-use assets
|
401,037
|
Liabilities
|
|
Finance lease payable
|
401,037
|
The weighted average of the
incremental borrowing rate applied to lease liabilities was 45.98% for leases in pesos and 4.63% for leases in US Dollars.
|
a)
|
Nature of the effect of adoption of IFRS 16
|
The Bank has lease contracts
for real property in the Item “Property, plant and equipment”. Before the adoption of IFRS 16, the Bank classified
its leases (as lessee) at the inception date as either a finance lease or an operating lease. The Bank has neither acted nor acts
as a leese in agreements classified as finance lease. In an operating lease, the leased property was not capitalised and the lease
payments were recognised as rent expense in profit or loss on a straight-line basis over the lease term.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Since the adoption of IFRS
16, the Bank has applied a single accounting model for the recognition and measurement of all its leases. Additionally, the Bank
applied the following practical expedients established by the standard:
·
Used a single discount rate to a portfolio of leases with reasonably similar characteristics.
·
Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application.
·
Excluded the initial direct costs from the measurement of the right-of-use asset at the date of initial application.
|
b)
|
New accounting policies
|
Set out below are the new accounting
policies of the Bank upon adoption of IFRS 16, which have been applied from the date of initial application:
·
Right-of-use assets
The Bank recognises right-of-use
assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment
losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities
recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives
received. The right of use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the
lease term. Right-of-use assets are subject to impairment.
·
Lease liabilities
At the commencement date of
the lease, the Bank recognizes lease liabilities measured at the present value of lease payments to be made over the lease term.
The lease payments include fixed payments less any lease incentives receivable, variable lease payments that depend on an index
or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price
of a purchase option reasonably certain to be exercised by the Bank and payments of penalties for terminating a lease, if the lease
term reflects the Bank exercising the option to terminate. The variable lease payments that do not depend on an index or a rate
are recognized as expense in the period on which the event or condition that triggers the payment occurs.
In calculating the present value
of lease payments, the Bank uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in
the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the
accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured
if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment
to purchase the underlying asset.
|
c)
|
Amounts recognized in the statement of financial position and in the statement of income
|
As of June 30, 2019, the carrying
amount of assets recognized for the right-of-use assets identified in the lease contracts, depreciation expense for the period
and the additions to right-of-use assets are disclosed in Exhibit F to these condensed consolidated interim financial statements.
Additionally, the short term leases recognized as rent expense for the period amounted to 57,957.
On the other hand, the carrying
amount of liabilities generated by lease contracts as of June 30, 2019, amounted to 560,365 and were recorded in the item “Other
financial liabilities” (see additionally note 11 to these condensed consolidated interim financial statements). The accrued
interests of such liabilities for the six-month period ended on June 30, 2019, amounted to 37,531 and are recognized in the Item
“Other operating expenses”.
IFRIC 23 “Uncertainty
over income tax treatment”
This interpretation clarifies
how to apply the recognition and measurement requirements in IAS 12 “Income tax”. This interpretation addresses specifically
the following:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
·
whether an entity considers uncertain tax treatments separately;
·
the assumptions an entity makes about the examination of tax treatments by taxation authorities;
·
how an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; and
·
how an entity considers changes in facts and circumstances.
This interpretation did not
have a material impact on these condensed consolidated interim financial statements since, currently, there are not material uncertainties
over income tax treatments.
New pronouncements
Pursuant to Communiqué
“A” 6114 of the BCRA, as new IFRS are approved and existing IFRS are amended or revoked and, once these changes are
approved through the notices of approval issued by FACPCA, the BCRA shall issue a statement on the approval thereof for financial
entities. Generally, financial institutions shall not apply any IFRS in advance, except as specifically authorized at the time
of the adoption thereof. In this case, the Bank shall adopt the following standards:
|
·
|
IFRS 3 “Business Combination”
– amendments in definition of a business: the amendments will help entities determine whether an acquisition made is a business
or the purchase of a group of assets. The new amended definition emphasizes that the output of a business is to provide goods and
services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic
benefits. This standard is applicable to fiscal years beginning on January 1, 2020. The Bank does not expect this standard to have
a material impact on the consolidated financial statements.
|
|
·
|
IAS 1 “Presentation of Financial
Statements” and IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors” – amendments to
definition of material: the new definition states that information is material if omitting, misstating or obscuring it could reasonably
be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial
statements. The amendments clarify that materiality will depend on the nature or magnitude of information or both. These amendments
replaced the threshold “could influence” with “could reasonably be expected to influence”. This implies
that the materiality assessment will need to take into account how primary users could reasonably be expected to be influenced
in making economic decisions. This standard is applicable to fiscal years beginning on January 1, 2020. The Bank does not expect
this standard to have a material impact on the consolidated financial statements.
|
|
4.
|
CONTINGENT TRANSACTIONS
|
In order to meet specific financial
needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds,
letters of credit and documentary credits. Although these transactions are not recognized in the statement of financial position,
since they imply a possible liability for the Bank, they expose the Bank to credit risks other than those recognized in statement
of financial position and they are, therefore, an integral part of the total risk of the Bank.
As of June 30, 2019 and December
31, 2018, the Bank maintains the following contingent transactions:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Overdraft and unused agreed commitments (*)
|
|
|
1,677,392
|
|
|
|
634,288
|
|
Guarantees granted (*)
|
|
|
693,067
|
|
|
|
940,990
|
|
Letters of credit
|
|
|
99,438
|
|
|
|
256,788
|
|
|
|
|
2,469,897
|
|
|
|
1,832,066
|
|
|
(*)
|
Includes transactions not covered by BCRA debtor classification
standards. For overdraft and unused agreed commitments, it includes an amount of 405,623 and 221,220, as of June 30, 2019 and
December 31, 2018, respectively. For Guarantees granted it includes the amount of 190,954 and 166,650, as of June 30, 2019 and
December 31, 2018, respectively.
|
Risks related to the contingent
transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy
described in note 39 to consolidated financial statements as of December 31, 2018, already issued.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
5.
|
FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES
|
The
fair value is the amount at which an asset can be exchanged, or at which a liability can be settled, in mutual independent terms
and conditions between participants of the principal market (or the most advantageous market) who are duly informed and willing
to transact in an orderly and current transaction, at the measurement date under the current market conditions whether the price
is directly observable or estimated using a valuation technique under the assumption that the Bank is an ongoing business.
When
a financial instrument is quoted in a liquid and active market, its price in the market in a real transaction provides the most
reliable evidence of its fair value. Nevertheless, when there is no quoted price in the market or it cannot be an evidence of the
fair value of such instrument, in order to determine such fair value, the entities may use the market value of another instrument
with similar characteristics, the analysis of discounted cash flows or other applicable techniques, which shall be significantly
affected by the assumptions used.
Notwithstanding the above, the
Bank’s Management has used its best judgment to estimate the fair values of its financial instruments; any technique to perform
such estimate implies certain inherent fragility level.
Fair value hierarchy
The Bank uses the following
hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:
|
-
|
Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the
measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading
activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable
price quotes available at each reporting period.
|
|
-
|
Level 2: Valuation techniques for which the data and variables having a significant impact on the
determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly.
Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments
in inactive markets and observable inputs other than quoted prices such as interest rates and yield curves, implied volatilities,
and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the
extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable
inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.
|
|
-
|
Level 3: Valuation techniques for which the data and variables having a significant impact on the
determination of the fair value recognized or disclosed are not based on observable market information.
|
The following tables show the
hierarchy in the Bank’s financial asset and liability at fair value measurement, as of June 30, 2019 and December 31, 2018:
Description
|
|
Financial assets and financial liabilities measured at fair value on
a recurring basis as of June 30, 2019
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value through profit or loss
|
|
|
1,979,681
|
|
|
|
828,725
|
|
|
|
130,847
|
|
|
|
1,020,109
|
|
Derivative Financial Instruments
|
|
|
17,199
|
|
|
|
9,242
|
|
|
|
7,957
|
|
|
|
|
|
Other financial assets
|
|
|
485,296
|
|
|
|
460,452
|
|
|
|
|
|
|
|
24,844
|
|
Financial assets delivered as guarantee
|
|
|
123,867
|
|
|
|
123,867
|
|
|
|
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
1,510,031
|
|
|
|
6,555
|
|
|
|
|
|
|
|
1,503,476
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
88,635,012
|
|
|
|
88,635,012
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
92,751,086
|
|
|
|
90,063,853
|
|
|
|
138,804
|
|
|
|
2,548,429
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives financial instruments
|
|
|
11,395
|
|
|
|
1,936
|
|
|
|
9,459
|
|
|
|
|
|
Total
|
|
|
11,395
|
|
|
|
1,936
|
|
|
|
9,459
|
|
|
|
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Description
|
|
Financial assets and financial liabilities measured at fair value on
a recurring basis as of December 31, 2018
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value through profit or loss
|
|
|
2,635,247
|
|
|
|
982,116
|
|
|
|
362,079
|
|
|
|
1,291,052
|
|
Derivative Financial Instruments
|
|
|
17,293
|
|
|
|
13,732
|
|
|
|
3,561
|
|
|
|
|
|
Other financial assets
|
|
|
413,136
|
|
|
|
321,968
|
|
|
|
|
|
|
|
91,168
|
|
Financial Assets delivered as guarantee
|
|
|
150,456
|
|
|
|
150,456
|
|
|
|
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
51,518
|
|
|
|
6,110
|
|
|
|
|
|
|
|
45,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
56,433,583
|
|
|
|
42,646,037
|
|
|
|
13,787,546
|
|
|
|
|
|
Total
|
|
|
59,701,233
|
|
|
|
44,120,419
|
|
|
|
14,153,186
|
|
|
|
1,427,628
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives financial instruments
|
|
|
1,369
|
|
|
|
593
|
|
|
|
776
|
|
|
|
|
|
Total
|
|
|
1,369
|
|
|
|
593
|
|
|
|
776
|
|
|
|
|
|
Description
of valuation process
The
fair value of instruments categorized as Level 1 was assessed by using quoted prices effective at the end of each period or fiscal
year, as applicable, in active markets for identical assets or liabilities, if representative. Currently, for government and private
securities, there are two principal markets in which the Bank operates: BYMA and MAE. Additionally, in the case of derivatives,
both MAE and Mercado a Término de Rosario SA (ROFEX) are deemed active markets.
On
the other hand, for certain assets and liabilities that do not have an active market, categorized as Level 2, the Bank used valuation
techniques that included the use of market transactions performed under mutual independent terms and conditions, between interested
and duly informed parties, provided that they are available, as well as references to the current fair value of another instrument
being substantially similar, or otherwise the analysis of cash flows discounted at rates built from market information of similar
instruments.
In
addition, certain assets and liabilities included in this category were valued using price quotes of identical instruments in “less
active markets”.
Finally,
the Bank has categorized as level 3 those assets and liabilities for which there are no identical or similar transactions in the
market. In order to determine the market value of these instruments, the Bank used valuation techniques based on its own assumptions.
For this approach, the Bank mainly used the cash flow discount model.
As
of June 30, 2019 and December 31, 2018, the Bank has neither changed the techniques nor the assumptions used to estimate the fair
value of the financial instruments.
Below
there is the reconciliation between the amounts at the beginning and at the end of the period or fiscal year, as applicable, of
the financial instruments recognized at fair value, using the valuation technique based on the Bank’s own assumptions, as
of June 30, 2019 and December 31, 2018:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
June 30, 2019
|
|
Description
|
|
Debt securities
|
|
|
Other financial assets
|
|
|
Equity instruments
at fair value
through profit or
loss
|
|
Amount at the beginning
|
|
|
1,291,052
|
|
|
|
91,168
|
|
|
|
45,408
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss
|
|
|
218,246
|
|
|
|
4,606
|
|
|
|
37,372
|
|
Purchases, sales, issuance and settlement
|
|
|
(489,189
|
)
|
|
|
(70,930
|
)
|
|
|
1,420,696
|
(*)
|
Amount at end of the period
|
|
|
1,020,109
|
|
|
|
24,844
|
|
|
|
1,503,476
|
|
(*)
It is related to the reclassification from non current assets held for sale. Additionally, see note 9 to these condensed consolidated
interim financial statements.
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
December 31, 2018
|
|
Description
|
|
Debt securities
|
|
|
Other financial
assets
|
|
|
Equity
instruments at fair
value through
profit or loss
|
|
Amount at the beginning
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
35,774
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss
|
|
|
(200,279
|
)
|
|
|
(92,022
|
)
|
|
|
9,634
|
|
Purchases, sales, issuance and settlement
|
|
|
1,455,490
|
|
|
|
21,439
|
|
|
|
|
|
Amount at end of the fiscal year
|
|
|
1,291,052
|
|
|
|
91,168
|
|
|
|
45,408
|
|
Instruments
measured as level 3 include mainly Equity instruments at fair value through profit or loss and debt securities, for which the construction
of fair values was obtained based on the Bank’s own assumptions that are not easily available in the market.
Changes
in fair value levels
The
Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair
value hierarchy, as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.
As
of June 30, 2019 and December 31, 2018, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.
Financial assets and liabilities
not recognized at fair value
Next follows a description of
the methods and assumptions used to determine the fair values of financial instruments not recognized at their fair value in these
condensed consolidated interim financial statements:
|
-
|
Instruments with fair value similar to
the carrying amount: financial assets and liabilities that are liquid or have short-term maturities (less than three months) were
deemed to have a fair value similar to the carrying amount.
|
|
-
|
Fixed-rate financial instruments: the
fair value of financial assets was recognized discounting future cash flows at current market rates, for each period or fiscal
year, as applicable, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits
and liabilities was assessed discounting future cash flows by using estimated interest rates for deposits or placings with similar
maturities to those of the Bank’s portfolio.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
-
|
For public listed assets and liabilities,
or prices reported by certain renowned suppliers of prices, the fair value was determined based on such prices.
|
The following table shows a
comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of June 30, 2019
and December 31, 2018:
|
|
|
06/30/2019
|
|
|
|
|
Carrying
amount
|
|
|
|
Level
1
|
|
|
|
Level
2
|
|
|
|
Level
3
|
|
|
Fair
value
|
|
Financial
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
96,426,815
|
|
|
|
96,426,815
|
|
|
|
|
|
|
|
|
|
|
96,426,815
|
|
Other
financial assets
|
|
|
3,615,156
|
|
|
|
3,615,156
|
|
|
|
|
|
|
|
|
|
|
3,615,156
|
|
Loans
and other financing
|
|
|
178,851,248
|
|
|
|
|
|
|
|
134,303
|
|
|
|
160,296,868
|
|
|
160,431,171
|
|
Other
debt securities
|
|
|
8,746,236
|
|
|
|
146,837
|
|
|
|
8,587,579
|
|
|
|
|
|
|
8,734,416
|
|
Financial
assets delivered as guarantee
|
|
|
7,033,139
|
|
|
|
6,840,307
|
|
|
|
192,832
|
|
|
|
|
|
|
7,033,139
|
|
|
|
|
294,672,594
|
|
|
|
107,029,115
|
|
|
|
8,914,714
|
|
|
|
160,296,868
|
|
|
276,240,697
|
|
Financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
284,259,137
|
|
|
|
124,406,753
|
|
|
|
|
|
|
|
160,288,332
|
|
|
284,695,085
|
|
Repo
transactions
|
|
|
277,594
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
Other
financial liabilities
|
|
|
14,833,230
|
|
|
|
14,070,103
|
|
|
|
834,283
|
|
|
|
|
|
|
14,904,386
|
|
Financing
received from the BCRA and other financial entities
|
|
|
2,198,014
|
|
|
|
1,743,294
|
|
|
|
419,505
|
|
|
|
|
|
|
2,162,799
|
|
Issued
corporate bonds
|
|
|
6,193,414
|
|
|
|
|
|
|
|
4,669,286
|
|
|
|
|
|
|
4,669,286
|
|
Subordinated
corporate bonds
|
|
|
17,191,816
|
|
|
|
|
|
|
|
14,658,078
|
|
|
|
|
|
|
14,658,078
|
|
|
|
|
324,953,205
|
|
|
|
140,497,744
|
|
|
|
20,581,152
|
|
|
|
160,288,332
|
|
|
321,367,228
|
|
|
|
|
12/31/2018
|
|
|
|
|
Carrying
amount
|
|
|
|
Level
1
|
|
|
|
Level
2
|
|
|
|
Level
3
|
|
|
|
Fair
value
|
|
Financial
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
74,766,039
|
|
|
|
74,766,039
|
|
|
|
|
|
|
|
|
|
|
|
74,766,039
|
|
Other
financial assets
|
|
|
2,586,448
|
|
|
|
2,586,448
|
|
|
|
|
|
|
|
|
|
|
|
2,586,448
|
|
Loans
and other financing
|
|
|
178,874,755
|
|
|
|
|
|
|
|
186,951
|
|
|
|
162,375,447
|
|
|
|
162,562,398
|
|
Other
debt securities
|
|
|
8,151,176
|
|
|
|
173,337
|
|
|
|
7,165,102
|
|
|
|
2,749
|
|
|
|
7,341,188
|
|
Financial
assets delivered as guarantee
|
|
|
6,605,764
|
|
|
|
6,573,772
|
|
|
|
31,992
|
|
|
|
|
|
|
|
6,605,764
|
|
|
|
|
270,984,182
|
|
|
|
84,099,596
|
|
|
|
7,384,045
|
|
|
|
162,378,196
|
|
|
|
253,861,837
|
|
Financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
237,954,419
|
|
|
|
106,273,098
|
|
|
|
|
|
|
|
131,778,797
|
|
|
238,051,895
|
|
Repo
transactions
|
|
|
164,469
|
|
|
|
164,469
|
|
|
|
|
|
|
|
|
|
|
164,469
|
|
Other
financial liabilities
|
|
|
15,318,513
|
|
|
|
15,152,415
|
|
|
|
166,522
|
|
|
|
|
|
|
15,318,937
|
|
Financing
received from the BCRA and other financial entities
|
|
|
2,998,010
|
|
|
|
2,532,284
|
|
|
|
432,346
|
|
|
|
|
|
|
2,964,630
|
|
Issued
corporate bonds
|
|
|
6,377,311
|
|
|
|
|
|
|
|
4,981,686
|
|
|
|
|
|
|
4,981,686
|
|
Subordinated
corporate bonds
|
|
|
15,288,390
|
|
|
|
|
|
|
|
12,260,778
|
|
|
|
|
|
|
12,260,778
|
|
|
|
|
278,101,112
|
|
|
|
124,122,266
|
|
|
|
17,841,332
|
|
|
|
131,778,797
|
|
|
273,742,395
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
6.
|
INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS
|
6.1
Associates entities
The Bank holds an investment
in the associate Macro Warrants SA. The existence of significant influence is evidenced by the representation the Bank has in the
Board of Directors of the associate. In order to measure this investment, we used accounting information of Macro Warrants SA as
of March 31, 2019. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between
April 1, 2019, and June 30, 2019.
The following table presents
the summarized financial information on the Bank’s investment in the associate:
Summarized statement of financial position
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Total assets
|
|
|
24,638
|
|
|
|
18,111
|
|
Total liabilities
|
|
|
7,240
|
|
|
|
2,269
|
|
Shareholders’ equity
|
|
|
17,398
|
|
|
|
15,842
|
|
Proportional Bank’s interest
|
|
|
5
|
%
|
|
|
5
|
%
|
Investment carrying amount
|
|
|
870
|
|
|
|
792
|
|
As of June 30, 2019 and 2018
the investment carrying amount in the net income amounted to 243 and 84, respectively.
6.2. Joint ventures
The Bank participates in the
following joint ventures, implemented through Uniones Transitorias de Empresas (UTE):
|
a)
|
Banco Macro SA – Wordline Argentina SA Unión transitoria: on April 7, 1998, the Bank
executed an agreement with Siemens Itron Services SA to organize an UTE controlled on a joint basis through a 50% interest, the
purpose of which is to facilitate a data processing center for the tax administration, to modernize the systems and tax collection
processes of the Province of Salta and manage and recover municipal taxes and fees.
|
The following table presents
the summarized financial information on the Bank’s investment in the UTE:
Summarized statement of financial position
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Total assets
|
|
|
302,455
|
|
|
|
270,287
|
|
Total liabilities
|
|
|
59,995
|
|
|
|
59,639
|
|
Shareholders’ equity
|
|
|
242,460
|
|
|
|
210,648
|
|
Proportional Bank’s interest
|
|
|
50
|
%
|
|
|
50
|
%
|
Investment carrying amount
|
|
|
121,230
|
|
|
|
105,324
|
|
As of June 30, 2019 and 2018
the investment carrying amount in the net income amounted to 48,174 and 24,425, respectively.
|
b)
|
Banco Macro SA – Gestiva SA Unión transitoria: on May 4, 2010 and August 15, 2012,
the Bank executed with Gestiva SA the UTE agreement to form “Banco Macro SA – Gestiva SA – Unión Transitoria
de Empresas”, under joint control, the purpose of which is to render the integral processing and management services of the
tax system of the Province of Misiones, the management thereof and tax collection services. The Bank holds a 5% interest in this
UTE.
|
On June 27, 2018, the Bank,
the UTE and the tax authorities of the Misiones provincial government entered into an agreement of “termination by mutual
agreement” of the adaptation agreement, without implying or modifying the Bank’s rights and obligations as a financial
agent of the province for the services provision established in the agreement. As of June 30, 2019 and December 31, 2018, according
to the abovementioned, the remaining investment amounted to 1,684 and 2,707, respectively. Additionally, as of June 30, 2018, the
investment carrying amount in the net income for Banco Macro SA – Gestiva SA Unión transitoria de empresas, amounted
to 15,639.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
7.
|
OTHER FINANCIAL AND NON FINANCIAL ASSETS
|
The breakdown of other financial and non financial
assets as of June 30, 2019 and December 31, 2018 is as follows:
Other financial assets
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Sundry debtors (note 9)
|
|
|
3,427,854
|
|
|
|
1,808,232
|
|
Receivables from spot sales of foreign currency pending settlement
|
|
|
689,019
|
|
|
|
235,643
|
|
Receivables from other spot sales pending settlement
|
|
|
622,040
|
|
|
|
421,261
|
|
Private securities
|
|
|
485,296
|
|
|
|
413,136
|
|
Receivables from spot sales of government securities pending settlement
|
|
|
23,853
|
|
|
|
111,699
|
|
Other
|
|
|
41,616
|
|
|
|
14,628
|
|
Allowances (note 9)
|
|
|
(1,189,226
|
)
|
|
|
(5,015
|
)
|
|
|
|
4,100,452
|
|
|
|
2,999,584
|
|
|
|
|
|
|
|
|
|
|
Other non financial assets
|
|
|
06/30/2019
|
|
|
|
12/31/2018
|
|
Advanced prepayments
|
|
|
350,819
|
|
|
|
157,835
|
|
Investments in property (Exhibit F)
|
|
|
303,845
|
|
|
|
273,604
|
|
Prepayments for the purchase of assets
|
|
|
159,398
|
|
|
|
159,231
|
|
Tax advances
|
|
|
59,820
|
|
|
|
147,091
|
|
Other
|
|
|
111,904
|
|
|
|
96,308
|
|
|
|
|
985,786
|
|
|
|
834,069
|
|
A related party is a person
or entity that is related to the Bank:
|
-
|
has control or joint control of the Bank;
|
|
-
|
has significant influence over the Bank;
|
|
-
|
is a member of the key management personnel of the Bank or of the
parent of the Bank;
|
|
-
|
members of the same group;
|
|
-
|
one entity is an associate (or an associate
of a member of a group of which the other entity is a member).
|
Key management personnel are
those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly
or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors
and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit
Committee.
As of June 30, 2019 and December
31, 2018, amounts related to transactions generated with related parties are as follows:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
|
Information
as of June 30, 2019
|
|
|
|
Main
subsidiaries (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
|
|
|
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340
|
|
Derivative
financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,096
|
|
|
|
3,096
|
|
Other
financial assets
|
|
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82
|
|
Loans
and other financing (2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
392,177
|
|
|
|
392,177
|
|
Overdrafts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
|
1,190,613
|
|
|
|
1,190,863
|
|
Credit
cards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,628
|
|
|
|
90,702
|
|
|
|
112,330
|
|
Leases
|
|
|
|
|
|
|
|
|
|
|
4,516
|
|
|
|
|
|
|
|
|
|
|
|
5,794
|
|
|
|
10,310
|
|
Personal
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
332
|
|
|
|
|
|
|
|
332
|
|
Mortgage
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
64,328
|
|
|
|
309
|
|
|
|
64,637
|
|
Other
loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
76,071
|
|
|
|
203,074
|
|
|
|
279,145
|
|
Guarantees
granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,908
|
|
|
|
272,908
|
|
Other
non financial assets
|
|
|
3,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
|
|
3,210
|
|
|
|
340
|
|
|
|
4,516
|
|
|
|
|
|
|
|
162,609
|
|
|
|
2,158,673
|
|
|
|
2,329,348
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
12
|
|
|
|
397,078
|
|
|
|
12,252
|
|
|
|
1,591,648
|
|
|
|
4,444,720
|
|
|
|
6,445,710
|
|
Other
financial liabilities
|
|
|
21,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49
|
|
|
|
304
|
|
|
|
21,848
|
|
Issued
corporate bonds
|
|
|
|
|
|
|
|
|
|
|
10,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,785
|
|
Total
liabilities
|
|
|
21,495
|
|
|
|
12
|
|
|
|
407,863
|
|
|
|
12,252
|
|
|
|
1,591,697
|
|
|
|
4,445,024
|
|
|
|
6,478,343
|
|
|
(1)
|
These
transactions are eliminated during the consolidation process.
|
|
(2)
|
The
maximum financing amount for loans and other financing as of June 30, 2019 for Banco
de Tucumán SA, Macro Securities SA, Key management personnel and other related
parties amounted to 2,980,000, 5,188, 195,372 and 2,955,515, respectively.
|
|
|
Information
as of December 31, 2018
|
|
|
|
Main
subsidiaries (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits
in banks
|
|
|
|
|
|
|
583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
583
|
|
Other financial assets
|
|
|
2,504
|
|
|
|
|
|
|
|
25,276
|
|
|
|
20,660
|
|
|
|
|
|
|
|
|
|
|
|
48,440
|
|
Loans and other financing
(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
331,699
|
|
|
|
331,699
|
|
Overdrafts
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
3,505
|
|
|
|
161,905
|
|
|
|
165,416
|
|
Credit cards
|
|
|
|
|
|
|
|
|
|
|
286
|
|
|
|
|
|
|
|
19,011
|
|
|
|
51,424
|
|
|
|
70,721
|
|
Leases
|
|
|
|
|
|
|
|
|
|
|
5,746
|
|
|
|
|
|
|
|
|
|
|
|
1,407
|
|
|
|
7,153
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,388
|
|
|
|
|
|
|
|
1,388
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
54,824
|
|
|
|
356
|
|
|
|
55,180
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,670
|
|
|
|
232,670
|
|
Guarantees granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
391,699
|
|
|
|
391,699
|
|
Other nonfinancial assets
|
|
|
|
|
|
|
|
|
|
|
83,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,178
|
|
Total assets
|
|
|
2,504
|
|
|
|
583
|
|
|
|
114,492
|
|
|
|
20,660
|
|
|
|
78,728
|
|
|
|
1,171,160
|
|
|
|
1,388,127
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
13
|
|
|
|
311,073
|
|
|
|
1,774,149
|
|
|
|
4,890,280
|
|
|
|
984,659
|
|
|
|
7,960,174
|
|
Other financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,232
|
|
|
|
31
|
|
|
|
514
|
|
|
|
101,777
|
|
Financing received from
the BCRA and other financial entities
|
|
|
301,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301,742
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
11,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,231
|
|
Subordinated corporate
bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,605
|
|
|
|
46,605
|
|
Other nonfinancial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
119
|
|
|
|
119
|
|
Total liabilities
|
|
|
301,742
|
|
|
|
13
|
|
|
|
322,304
|
|
|
|
1,875,381
|
|
|
|
4,890,311
|
|
|
|
1,031,897
|
|
|
|
8,421,648
|
|
|
(1)
|
These
transactions are eliminated during the consolidation process.
|
|
(2)
|
The
maximum financing amount for loans and other financing as of December 31, 2018 for Banco
del Tucumán SA, Macro Bank Limited, Macro Securities SA, associates, Key management
personnel and other related parties amounted to 2,550,000, 0, 7,216, 0, 82,297 and 1,551,047,
respectively.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
As of June 30, 2019 and 2018, income (loss) related
to transactions generated with related parties are as follows:
|
|
Information
as of June 30, 2019
|
|
|
|
Main
subsidiaries (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán
SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities
SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
INCOME / (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
33,844
|
|
|
|
|
|
|
|
2,155
|
|
|
|
|
|
|
|
2,049
|
|
|
|
79,420
|
|
|
|
117,468
|
|
Interest expense
|
|
|
(65,981
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,275
|
)
|
|
|
(367,890
|
)
|
|
|
(155,231
|
)
|
|
|
(590,377
|
)
|
Commissions income
|
|
|
4
|
|
|
|
|
|
|
|
285
|
|
|
|
81
|
|
|
|
21
|
|
|
|
2,028
|
|
|
|
2,419
|
|
Net income from measurement
of financial instruments at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,096
|
|
|
|
3,096
|
|
Other operating income
|
|
|
17,028
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5
|
|
|
|
17,034
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,271
|
)
|
|
|
(11,271
|
)
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,962
|
)
|
|
|
(31,962
|
)
|
(Loss) / income
|
|
|
(15,105
|
)
|
|
|
1
|
|
|
|
2,440
|
|
|
|
(1,194
|
)
|
|
|
(365,820
|
)
|
|
|
(113,915
|
)
|
|
|
(493,593
|
)
|
|
(1)
|
These transactions are eliminated during the consolidation process.
|
|
|
Information
as of June 30, 2018
|
|
|
|
Main
subsidiaries (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities
SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
INCOME
/ (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest
income
|
|
|
185,047
|
|
|
|
|
|
|
|
1,069
|
|
|
|
|
|
|
|
1,266
|
|
|
|
21,107
|
|
|
|
208,489
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(92,890
|
)
|
|
|
(69,810
|
)
|
|
|
(390
|
)
|
|
|
(163,090
|
)
|
Commissions
income
|
|
|
5
|
|
|
|
|
|
|
|
141
|
|
|
|
54
|
|
|
|
7
|
|
|
|
2,520
|
|
|
|
2,727
|
|
Other
operating income
|
|
|
11,693
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
11,701
|
|
Administrative
expenses
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,568
|
)
|
|
|
(4,572
|
)
|
Other
operating expenses
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
(473,715
|
)(2)
|
|
|
|
|
|
|
(11,051
|
)
|
|
|
(484,767
|
)
|
Income
/ (loss)
|
|
|
196,741
|
|
|
|
1
|
|
|
|
1,209
|
|
|
|
(566,551
|
)
|
|
|
(68,537
|
)
|
|
|
7,625
|
|
|
|
(429,512
|
)
|
|
(1)
|
These transactions are eliminated during the consolidation process.
|
|
(2)
|
These losses were mainly generated by debit and credit cards processing expenses billed by Prisma
Medios de Pago SA (see note 9).
|
Transactions generated by the
Bank with its related parties for transactions arranged the usual and ordinary course of business were performed in normal market
conditions, both as to interest rates and prices and as to the required guarantees.
The Bank does not have loans
granted to directors and other key management personnel secured with shares.
Total remunerations received
as salary and bonus by the key management personnel as of June 30, 2019 and 2018, totaled 93,601 and 52,123 respectively.
In addition, fees received
by the Directors as June 30, 2019 and 2018 amounted to 558,108 and 315,616 respectively.
Additionally, the composition
of the Board of Directors and key management personnel is as follows:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Board of Directors
|
|
|
23
|
|
|
|
24
|
|
Senior managers of the key management personnel
|
|
|
15
|
|
|
|
15
|
|
|
|
|
38
|
|
|
|
39
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
9.
|
NONCURRENT ASSETS HELD FOR SALE – PRISMA MEDIOS DE PAGO SA
|
As of December 31, 2018, the
Bank maintained recorded its investment in Prisma Medios de Pago SA (“Prisma”), under noncurrent assets held for sale,
due to the obligation to transfer all its shares within the scope of the Divestment obligation undertaken with the Argentine Antitrust
Commission. Therefore, the investment was valued according to IFRS 5 “Non-current assets held for sale and discontinued operations”,
at the lowest of its carrying amount and the best estimation of the fair value less costs until its sale. As of December 31, 2018
the investment amount, included in this item, amounted to 105,287.
On January 21, 2019, the Bank,
together with the other shareholders, accepted a purchase offer made by AI ZENITH (Netherlands) B.V. (a company related to Advent
International Corporation) for the acquisition of 1,933,051 common shares of par value Ps.1 each and entitled to one vote, representing
4.6775 % of its share capital, equivalent to 51% of the Bank’s capital stock in such company.
On February 1, 2019, the Bank
completed the transfer of such shares for a total purchase price of (in thousands) USD 64,542 out of which the Bank received on
the date hereof (in thousands) USD 38,311 and the payment of the balance for an amount of (in thousands) USD 26,231 shall be deferred
during the next 5 years as follows: (i) 30% of such amount in Pesos adjusted by UVA at a 15% nominal annual rate; and (ii) 70%
in US Dollars at a 10% nominal annual rate. The purchase price is guaranteed by the issuance of notes in favor of the Bank and
pledges of the transferred shares.
During July 2019, the process
to determine the final selling price of the shares of Prisma Medios de Pago SA was completed and the final price was (in thousands)
USD 63,456. The difference arising from a final price lower than the estimated price was deducted from the price balance, and therefore
there was no need for the Bank to return any amounts received. All other payment conditions were not modified and remain in full
force and effect under the terms described in this note.
Profits generated by the sale
were recorded in the item “Other operating income” (see note 17). The amounts receivable, in pesos and US dollars,
are recorded in the item “Other financial assets” and for such amounts an allowance was recorded, according to BCRA
rules (see note 7).
The remaining of the Bank holding
in Prisma Medios de Pago SA (equivalent to 49%), is recorded in “Equity instruments at fair value through profit or loss”
determined from valuations performed by independent experts and taking into account parameters established by BCRA on this subject.
In addition, sellers retained
the usufruct (dividends) of the shares sold to be reported by Prisma for the year ended December 31, 2018, which were collected
on April 26, 2019. Besides, the proportion applicable to the buyer of the dividends to be reported for the following fiscal years
–with the buyer’s commitment to voting in favor of the distribution of certain minimum percentages– will be used
to create a guarantee trust to repay the deferred price amount through the concession by the buyer and Prisma of a usufruct over
the economic rights of the shares in favor of such trust.
This item includes the amounts
estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.
Exhibit J “Changes in
Provisions” presents the changes in provisions as of June 30, 2019 and December 31, 2018.
The expected terms to settle
these obligations are as follows:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
Within 12
months
|
|
|
Beyond 12
months
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal penalties
|
|
|
718
|
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
Commercial claims in progress
|
|
|
484,003
|
|
|
|
89,646
|
|
|
|
573,649
|
|
|
|
571,394
|
|
Labor lawsuits
|
|
|
53,804
|
|
|
|
83,811
|
|
|
|
137,615
|
|
|
|
110,095
|
|
Pension funds - reimbursement
|
|
|
63,654
|
|
|
|
55,988
|
|
|
|
119,642
|
|
|
|
124,278
|
|
Other
|
|
|
163,727
|
|
|
|
31,129
|
|
|
|
194,856
|
|
|
|
239,409
|
|
|
|
|
765,906
|
|
|
|
260,574
|
|
|
|
1,026,480
|
|
|
|
1,045,894
|
|
In the opinion of the Management
of the Bank and its legal counsel, there are no other significant effects than those disclosed in these condensed consolidated
interim financial statements, the amounts and settlement terms of which have been recognized based on the current value of such
estimates, considering the probable settlement date thereof.
11.
|
OTHER FINANCIAL AND NON FINANCIAL LIABILITIES
|
The breakdown of other financial and non financial
liabilities as of June 30, 2019 and December 31, 2018 is as follows:
Other financial liabilities
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Financing liabilities
|
|
|
6,127,273
|
|
|
|
8,094,000
|
|
Payment orders pending settlement foreign exchange
|
|
|
2,088,659
|
|
|
|
1,594,191
|
|
Credit card settlement - due to merchants
|
|
|
1,795,629
|
|
|
|
1,606,821
|
|
Collections and other transactions on account and behalf others
|
|
|
984,483
|
|
|
|
740,331
|
|
Amounts payable for spot purchases pending settlement
|
|
|
859,974
|
|
|
|
931,910
|
|
Finance leases liabilities (note 3)
|
|
|
560,365
|
|
|
|
|
|
Amounts payable for spot purchases of foreign currency pending settlement
|
|
|
325,700
|
|
|
|
691,612
|
|
Amounts payable for spot purchases of government securities pending settlement
|
|
|
33,102
|
|
|
|
62,870
|
|
Other
|
|
|
2,058,045
|
|
|
|
1,596,778
|
|
|
|
|
14,833,230
|
|
|
|
15,318,513
|
|
Other non financial liabilities
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Salaries and payroll taxes payables (see note 32.1.c)
|
|
|
3,264,042
|
|
|
|
1,842,754
|
|
Withholdings
|
|
|
1,422,014
|
|
|
|
1,197,945
|
|
Taxes payables
|
|
|
1,320,813
|
|
|
|
1,372,317
|
|
Miscellaneous payables
|
|
|
684,085
|
|
|
|
623,265
|
|
Retirement pension payment orders pending settlement
|
|
|
349,382
|
|
|
|
255,331
|
|
Fees payables
|
|
|
218,909
|
|
|
|
154,072
|
|
Other
|
|
|
422,053
|
|
|
|
429,433
|
|
|
|
|
7,681,298
|
|
|
|
5,875,117
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
12.
|
ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED
|
The following tables show the
analysis of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2019 and December 31, 2018:
06/30/2019
|
|
Without due
date
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
96,426,815
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
635,721
|
|
|
|
621,396
|
|
|
|
722,564
|
|
Derivative instruments
|
|
|
|
|
|
|
17,199
|
|
|
|
|
|
Other financial assets
|
|
|
2,169,030
|
|
|
|
1,931,422
|
|
|
|
|
|
Loans and other financing (1)
|
|
|
1,031,983
|
|
|
|
113,439,172
|
|
|
|
64,380,093
|
|
Other debt securities
|
|
|
|
|
|
|
88,111,216
|
|
|
|
9,270,032
|
|
Financial assets delivered as guarantee
|
|
|
6,840,307
|
|
|
|
316,699
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
1,510,031
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
108,613,887
|
|
|
|
204,437,104
|
|
|
|
74,372,689
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
113,439,827
|
|
|
|
170,769,569
|
|
|
|
49,741
|
|
Derivative financial instruments
|
|
|
|
|
|
|
11,395
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
14,667,239
|
|
|
|
165,991
|
|
Financing received from BCRA and other financial entities
|
|
|
|
|
|
|
1,969,297
|
|
|
|
228,717
|
|
Issued corporate bonds
|
|
|
|
|
|
|
275,817
|
|
|
|
5,917,597
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
212,496
|
|
|
|
16,979,320
|
|
Total liabilities
|
|
|
113,439,827
|
|
|
|
188,183,407
|
|
|
|
23,341,366
|
|
12/31/2018
|
|
Without due date
|
|
|
Total up to 12 months
|
|
|
Total over 12 months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
74,766,039
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
1,680,677
|
|
|
|
954,570
|
|
Derivative instruments
|
|
|
|
|
|
|
17,293
|
|
|
|
|
|
Other financial assets
|
|
|
1,676,223
|
|
|
|
1,257,151
|
|
|
|
66,210
|
|
Loans and other financing (1)
|
|
|
1,208,855
|
|
|
|
112,131,606
|
|
|
|
65,534,294
|
|
Other debt securities
|
|
|
2,748
|
|
|
|
56,504,434
|
|
|
|
8,077,577
|
|
Financial assets delivered as guarantee
|
|
|
6,573,772
|
|
|
|
182,448
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
51,518
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
84,279,155
|
|
|
|
171,773,609
|
|
|
|
74,632,651
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
103,394,451
|
|
|
|
134,489,434
|
|
|
|
70,534
|
|
Derivative financial instruments
|
|
|
|
|
|
|
1,369
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
164,469
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
15,172,438
|
|
|
|
146,075
|
|
Financing received from BCRA and other financial entities
|
|
|
|
|
|
|
2,827,666
|
|
|
|
170,344
|
|
Issued corporate bonds
|
|
|
|
|
|
|
305,759
|
|
|
|
6,071,552
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
165,070
|
|
|
|
15,123,320
|
|
Total liabilities
|
|
|
103,394,451
|
|
|
|
153,126,205
|
|
|
|
21,581,825
|
|
|
(1)
|
The amounts included in “without due date”, are related with the non-performing portfolio.
|
|
13.
|
DISCLOSURES BY OPERATING SEGMENT
|
For management purposes the
Bank’s Management has determined that it has only one operating segment related to the banking business. In this sense, the
Bank supervises the operating segment income (loss) for the period in order to make decisions about resources to be allocated to
the segment and assess its performance, which is measured on a consistent basis with the profit or loss in the financial statements.
NOTES TO THE CONDENSED CONSOLIDATED
INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
a)
|
Inflation adjustment on income tax
|
Tax Reform Act 27430, amended
by Act 27468, established the following, regarding to inflation adjustment on income tax for the fiscal years beginning on January
1, 2018.
|
a)
|
Such adjustment will be applicable in the fiscal year in which the variation of the IPC will be
higher than 100% for the thirty-six months before the end of the tax period;
|
|
b)
|
Regarding to the first, second and third fiscal year after its effective date, this procedure will
be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal
years exceeds 55%, 30% and 15% for the first, second and third fiscal year of application, respectively; and
|
|
c)
|
The positive or negative inflation adjustment, as the case may be, corresponding to the first,
second and third fiscal years beginning on January 1, 2018, must be calculated if the assumptions mentioned in items (a) and (b)
are verified and shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds
in equal parts in the following immediate fiscal years.
|
At the closing date of an intermediate
period, the Bank shall assess whether the parameters established by the income tax Act to restart the inflation adjustment are
met at the closing date of the fiscal year, and, if it is applicable, to recognize an income tax for an intermediate period (current
and deferred), according to the abovementioned standard. In that regard, particularly as applicable to the necessary estimates
for the issuance of these condensed consolidated interim financial statements as of June 30, 2019 the Bank assessed that as of
the date of issuance thereof, it can not be concluded yet that for the fiscal year ended 2019 the inflation adjustment shall be
applied. The Bank shall continue monitoring the real and projected inflation level, for the fiscal year ended 2019, in order to
conclude about the need to apply the inflation adjustment on income tax.
|
b)
|
The main items of income tax expense in the condensed consolidated interim financial statements are as follows:
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Current income tax expense
|
|
|
5,900,056
|
|
|
|
2,849,458
|
|
|
|
3,200,398
|
|
|
|
1,431,044
|
|
Loss / (Gain) for deferred income tax
|
|
|
139,735
|
|
|
|
24,227
|
|
|
|
(304,819
|
)
|
|
|
(160,278
|
)
|
Income tax expense recorded in the statement of income
|
|
|
6,039,791
|
|
|
|
2,873,685
|
|
|
|
2,895,579
|
|
|
|
1,270,766
|
|
Income tax (gain) / loss recorded in other comprehensive income
|
|
|
(22,139
|
)
|
|
|
22,578
|
|
|
|
(26,651
|
)
|
|
|
(10,071
|
)
|
|
|
|
6,017,652
|
|
|
|
2,896,263
|
|
|
|
2,868,928
|
|
|
|
1,260,695
|
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Performance obligations satisfied at a point in time
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to obligations
|
|
|
4,255,095
|
|
|
|
2,121,867
|
|
|
|
3,443,186
|
|
|
|
1,850,189
|
|
Commissions related to credit cards
|
|
|
2,071,842
|
|
|
|
1,055,210
|
|
|
|
1,430,914
|
|
|
|
744,782
|
|
Commissions related to insurance
|
|
|
457,522
|
|
|
|
232,398
|
|
|
|
341,735
|
|
|
|
172,118
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
163,412
|
|
|
|
91,827
|
|
|
|
85,468
|
|
|
|
47,084
|
|
Commissions related to securities
|
|
|
115,249
|
|
|
|
94,504
|
|
|
|
47,276
|
|
|
|
25,506
|
|
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description (contd.)
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Commissions related to loans and other financing
|
|
|
57,233
|
|
|
|
34,497
|
|
|
|
41,745
|
|
|
|
24,726
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
2,441
|
|
|
|
237
|
|
|
|
178
|
|
|
|
33
|
|
Performance obligations satisfied over certain time period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to credit cards
|
|
|
86,074
|
|
|
|
30,767
|
|
|
|
33,606
|
|
|
|
20,714
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
6,172
|
|
|
|
5,085
|
|
|
|
1,033
|
|
|
|
770
|
|
Commissions related to loans and other financing
|
|
|
4,906
|
|
|
|
2,969
|
|
|
|
6,710
|
|
|
|
3,720
|
|
Commissions related to obligations
|
|
|
1,385
|
|
|
|
567
|
|
|
|
2,207
|
|
|
|
1,290
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
|
|
|
|
|
|
|
|
275
|
|
|
|
12
|
|
|
|
|
7,221,331
|
|
|
|
3,669,928
|
|
|
|
5,434,333
|
|
|
|
2,890,944
|
|
|
16.
|
DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Translation of foreign currency assets and liabilities into pesos
|
|
|
(609,059
|
)
|
|
|
(128,614
|
)
|
|
|
(1,315,530
|
)
|
|
|
(1,336,523
|
)
|
Income from foreign currency exchange
|
|
|
891,282
|
|
|
|
461,460
|
|
|
|
453,842
|
|
|
|
324,243
|
|
|
|
|
282,223
|
|
|
|
332,846
|
|
|
|
(861,688
|
)
|
|
|
(1,012,280
|
)
|
|
17.
|
OTHER OPERATING INCOME
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Sale of noncurrent assets held for sale (note 9)
|
|
|
2,340,692
|
|
|
|
413
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
697,310
|
|
|
|
330,888
|
|
|
|
624,977
|
|
|
|
320,962
|
|
Adjustments and interest from other receivables
|
|
|
245,570
|
|
|
|
130,581
|
|
|
|
80,095
|
|
|
|
40,181
|
|
Sale of investment property and other nonfinancial assets
|
|
|
170,270
|
|
|
|
166,224
|
|
|
|
137,123
|
|
|
|
27,202
|
|
Initial recognition of loans
|
|
|
69,565
|
|
|
|
42,010
|
|
|
|
56,530
|
|
|
|
33,750
|
|
Adjustments from other receivables with CER clauses
|
|
|
54,951
|
|
|
|
37,370
|
|
|
|
|
|
|
|
|
|
Sale of property, plant and equipment
|
|
|
5,376
|
|
|
|
3,110
|
|
|
|
1,450
|
|
|
|
731
|
|
Other
|
|
|
513,074
|
|
|
|
273,584
|
|
|
|
296,203
|
|
|
|
178,412
|
|
|
|
|
4,096,808
|
|
|
|
984,180
|
|
|
|
1,196,378
|
|
|
|
601,238
|
|
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Salary
|
|
|
5,303,440
|
|
|
|
3,004,538
|
|
|
|
3,354,242
|
|
|
|
1,838,841
|
|
Payroll taxes (see note 32.1.c)
|
|
|
2,031,005
|
|
|
|
1,555,035
|
|
|
|
657,121
|
|
|
|
364,336
|
|
Compensations and bonuses to employees
|
|
|
553,595
|
|
|
|
275,502
|
|
|
|
343,392
|
|
|
|
184,926
|
|
Employee services
|
|
|
161,040
|
|
|
|
81,421
|
|
|
|
106,078
|
|
|
|
54,984
|
|
|
|
|
8,049,080
|
|
|
|
4,916,496
|
|
|
|
4,460,833
|
|
|
|
2,443,087
|
|
|
19.
|
ADMINISTRATIVE EXPENSES
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Maintenance, conservation and repair expenses
|
|
|
596,100
|
|
|
|
316,388
|
|
|
|
374,072
|
|
|
|
207,801
|
|
Taxes
|
|
|
565,679
|
|
|
|
299,353
|
|
|
|
449,841
|
|
|
|
223,653
|
|
Fees to directors and statutory audits
|
|
|
613,377
|
|
|
|
290,701
|
|
|
|
309,878
|
|
|
|
147,389
|
|
Electricity and communications
|
|
|
442,715
|
|
|
|
234,239
|
|
|
|
237,298
|
|
|
|
121,874
|
|
Security services
|
|
|
432,170
|
|
|
|
220,331
|
|
|
|
314,847
|
|
|
|
167,550
|
|
Other fees
|
|
|
363,367
|
|
|
|
199,076
|
|
|
|
229,507
|
|
|
|
124,424
|
|
Advertising and publicity
|
|
|
142,926
|
|
|
|
91,635
|
|
|
|
87,564
|
|
|
|
55,312
|
|
Leases
|
|
|
100,890
|
|
|
|
48,082
|
|
|
|
137,875
|
|
|
|
73,696
|
|
Representation, travel and transportation expenses
|
|
|
72,993
|
|
|
|
39,528
|
|
|
|
53,260
|
|
|
|
30,423
|
|
Insurance
|
|
|
45,557
|
|
|
|
24,338
|
|
|
|
24,014
|
|
|
|
13,328
|
|
Stationery and office supplies
|
|
|
36,784
|
|
|
|
19,196
|
|
|
|
26,127
|
|
|
|
13,251
|
|
Hired administrative services
|
|
|
7,720
|
|
|
|
4,093
|
|
|
|
8,043
|
|
|
|
4,527
|
|
Other
|
|
|
977,101
|
|
|
|
514,549
|
|
|
|
699,208
|
|
|
|
366,296
|
|
|
|
|
4,397,379
|
|
|
|
2,301,509
|
|
|
|
2,951,534
|
|
|
|
1,549,524
|
|
|
20.
|
OTHER OPERATING EXPENSES
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Turnover tax
|
|
|
3,685,837
|
|
|
|
1,830,344
|
|
|
|
2,465,221
|
|
|
|
1,309,284
|
|
For credit cards
|
|
|
1,303,648
|
|
|
|
676,416
|
|
|
|
857,347
|
|
|
|
479,720
|
|
Charges for other provisions
|
|
|
421,181
|
|
|
|
235,852
|
|
|
|
353,418
|
|
|
|
187,593
|
|
Deposit guarantee fund contributions
|
|
|
222,117
|
|
|
|
118,069
|
|
|
|
132,926
|
|
|
|
68,972
|
|
Donations
|
|
|
71,712
|
|
|
|
37,165
|
|
|
|
47,584
|
|
|
|
24,647
|
|
Interest on the lease liability
|
|
|
37,531
|
|
|
|
20,598
|
|
|
|
|
|
|
|
|
|
Loss from sale or impairment of investments in properties and other non financial assets
|
|
|
1,102
|
|
|
|
1,102
|
|
|
|
|
|
|
|
|
|
Insurance claims
|
|
|
20,806
|
|
|
|
9,955
|
|
|
|
22,080
|
|
|
|
11,688
|
|
Other
|
|
|
1,288,964
|
|
|
|
1,019,561
|
|
|
|
468,172
|
|
|
|
235,681
|
|
|
|
|
7,052,898
|
|
|
|
3,949,062
|
|
|
|
4,346,748
|
|
|
|
2,317,585
|
|
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
|
21.
|
ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS
|
The statement of cash flows
presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities
during the period. For the preparation of the statement of cash flows, the Bank adopted the indirect method for operating activities
and the direct method for investment activities and financing activities.
The Bank considers as “Cash
and cash equivalents” the item Cash and deposits in banks and those financial assets that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
For the preparation of the statement
of cash flows the Bank considered the following:
|
-
|
Operating activities: the normal revenue-producing
activities of the Bank as well as other activities that cannot qualify as investing or financing activities.
|
|
-
|
Investing activities: the acquisition,
sale and disposal by other means of long-term assets and other investments not included in cash and cash equivalents.
|
|
-
|
Financing activities: activities that
result in changes in the size and composition of the shareholders´ equity and liabilities of the Bank and that are not part
of the operating or investing activities.
|
The table
below presents the reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the
relevant accounting items of the statement of financial position:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
Cash and deposits in banks
|
|
|
96,426,815
|
|
|
|
74,766,039
|
|
|
|
50,309,607
|
|
|
|
35,561,574
|
|
Debt securities at fair value through profit or loss
|
|
|
270,291
|
|
|
|
|
|
|
|
|
|
|
|
20,415
|
|
Other debt securities
|
|
|
88,017,438
|
|
|
|
55,674,674
|
|
|
|
38,037,240
|
|
|
|
20,009,665
|
|
Loans and other financing
|
|
|
212,242
|
|
|
|
189,042
|
|
|
|
144,308
|
|
|
|
93,871
|
|
|
|
|
184,926,786
|
|
|
|
130,629,755
|
|
|
|
88,491,155
|
|
|
|
55,685,525
|
|
The Bank’s subscribed
and paid-in capital as of June 30, 2019, amounted to 669,663. Since December 31, 2016, the Bank’s capital stock has changed
as follows:
|
|
Capital stock issued
and paid-in
|
|
|
Issued
outstanding
|
|
|
In treasury
|
|
As of December 31, 2016
|
|
|
584,563
|
|
|
|
584,563
|
|
|
|
|
|
Capital stock increase as approved by Shareholders’ Meeting held on April 28, 2017 (1)
|
|
|
85,100
|
|
|
|
85,100
|
|
|
|
|
|
As of December 31, 2017
|
|
|
669,663
|
|
|
|
669,663
|
|
|
|
|
|
Own shares acquired (2)
|
|
|
|
|
|
|
(28,948
|
)
|
|
|
28,948
|
|
As of December 31, 2018
|
|
|
669,663
|
|
|
|
640,715
|
|
|
|
28,948
|
|
Own shares acquired (2)
|
|
|
|
|
|
|
(1,317
|
)
|
|
|
1,317
|
|
As of June 30, 2019
|
|
|
669,663
|
|
|
|
639,398
|
|
|
|
30,265
|
|
|
(1)
|
Related to the capital stock increase arising from (i) the issue of 74,000,000 new, common, registered
Class “B” shares with a face value of Ps. 1, each one entitled to one vote, and entitled to dividends under the same
conditions as common, registered Class “B” shares, outstanding upon issuance, formalized on June 19, 2017, and (ii)
additionally, as established by the abovementioned Meeting, the international underwriters exercised the option to oversubscribe
15% of the capital stock which was formalized on July 13, 2017 through the issuance of 11,099,993 new, common, registered, Class
“B” shares each one entitled to one vote and with a face value of Ps.1. On August 14, 2017, such capital increases
were registered with the Public Registry of Commerce.
|
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
The public offering of the
new shares was authorized by CNV Resolution No, 18,716 dated on May 24, 2017 and by the BCBA on May 26, 2017. As required by CNV
regulations, it is advised that the funds arising from the public subscription of shares shall be used to finance its general business
operations, to increase its borrowing capacity and leverage the potential acquisitions opportunities in the Argentine banking system.
|
(2)
|
Related to the repurchase of the Bank’s own shares under the programs established by the
Bank’s Board of Directors on August 8, 2018, October 17, 2018 and December 20, 2018 with the purpose of reducing share price
fluctuations, minimizing possible temporary imbalances between market supply and demand.
|
The Program dated on August
8, 2018, established, that the maximum amount of the investment amounted to 5,000,000 and the maximum numbers of shares to be acquired
were equivalent to 5% of the capital stock. At the end of this program the Bank had acquired 21,463,005 common, registered, Class
B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 3,113,925.
The Program dated on October
17, 2018, established the start over of the repurchase of the Bank’s own shares, with the pending use of funds of the abovementioned
Program, already expired. At the end of this program, the Bank had acquired 6,774,019 common, registered, Class B shares with a
face value of Ps. 1 each one entitled with one vote for an amount of 995,786.
The Program dated on December
20, 2018, established that the maximum amount of the investment amounted to 900,000 and the maximum numbers of shares to be acquired
were equivalent to 1% of the capital stock. At the end of this program the Bank had acquired 2,028,251 common, registered, Class
B shares with a face value of Ps. 1 each one entitled with one vote for an amount of 298,196 of which, as of December 31, 2018
were settled 711,386 common shares for an amount of 98,353, and in January 2019 were settled 1,316,865 common shares for an amount
of 199,843.
On April 30, 2019, the Shareholders’
Meeting of Banco Macro SA, decided, among other issues, to decrease capital stock for an amount of 30,265, equivalent to 30,265,275
common, registered, Class B shares with a face value of Ps. 1 each one entitled with one vote, according to section 98, from BYMA
Regulations, equivalent to all the own shares acquired abovementioned which, as of the date of issuance of these condensed consolidated
interim financial statements, was not effective. In addition, the abovementioned Shareholders’ Meeting decided to increase
capital stock from 669,663 to 669,679 through the issuance of 15,662 common, registered, Class B shares with a face value of Ps.
1 each one entitled with one vote, due to the merger effects between Banco Macro SA and Banco del Tucumán SA (see additionally
note 2.4).
|
23.
|
EARNINGS PER SHARE - DIVIDENDS
|
Basic
earnings per share were calculated by dividing net profit attributable to common shareholders of the Bank by the weighted average
number of common shares outstanding during the period.
To
determine the weighted average number of common shares outstanding during the period, the Bank used the number of common shares
outstanding at the beginning of the period adjusted, if applicable, by the number of common shares bought back or issued during
the period multiplied by the number of days that the shares were outstanding in the period. Note 22 provides a breakdown of the
changes in the Bank’s capital stock.
The calculation of basic
earnings per share is disclosed in the table of Earnings per share included in the condensed consolidated interim statement of
income.
Dividends
paid and proposed
Cash dividends paid during the
fiscal years 2018 and 2017 to the shareholders of the Bank amount to 3,348,315 and 701,476, respectively, which considering the
number of shares outstanding to the date of effective payment represented 5 and 1.20 pesos per share, respectively.
The Shareholders’ Meeting
held on April 30, 2019, resolved to distribute cash dividends for 6,393,978, which considering the number of shares outstanding
at the date of such resolution, represented 10 pesos per share. These cash dividends were paid and were available on May 14, 2019.
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
|
24.
|
DEPOSIT GUARANTEE INSURANCE
|
Law No. 24485 and Decree No.
540/1995 created the Deposit Guarantee Insurance System, which was featured as a limited, compulsory and onerous system, aimed
at covering the risks of bank deposits, as subsidiary and supplementary to the deposit privilege and protection system established
under the Financial Entities Law. The above-mentioned legislation also provided for the incorporation of Sedesa with the exclusive
purpose of managing the Deposit Guarantee Fund (DGF). Sedesa was incorporated in August 1995.
Banco Macro SA holds an 8.300%
interest in the capital stock of Sedesa according to the percentages disclosed by BCRA Communiqué “B” 11816
on February 28, 2019.
All deposits in pesos and foreign
currency placed in participating entities in the form of checking accounts, savings accounts, certificates of deposits or other
forms of deposit that the BCRA may determine from time to time shall be subject to the abovementioned Deposit Guarantee Insurance
System up to the amount of 1,000 (from March 1, 2019) which must meet the requirements provided for in Presidential Decree 540/1995
and other requirements that the regulatory authority may from time to time determine. On the other hand, the BCRA provided for
the exclusion of the guarantee system, among others, any deposits made by other financial entities, deposits made by persons related
to the Bank and securities deposits.
As of June 30, 2019 and December
31, 2018, the following Bank’s assets are restricted:
Item
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Debt
securities at fair value through profit or loss and other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1).
|
|
|
89,046
|
|
|
|
92,659
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing the regional economies Competitiveness Program – IDB loan No. 3174/OC-AR.
|
|
|
78,007
|
|
|
|
108,633
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.
|
|
|
70,216
|
|
|
|
64,703
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 for minimum statutory guarantee account required for Agents to act in the categories contemplated under General Resolution No. 622/2013 of the CNV, as amended.
|
|
|
21,245
|
|
|
|
24,998
|
|
· Federal government treasury bonds in pesos, maturing 2021 for minimum statutory guarantee account required for Agents to act in the categories contemplated under General Resolution No. 731 of the CNV
|
|
|
10,421
|
|
|
|
10,378
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing a IDB loan of Province of San Juan No. 2763/OC-AR.
|
|
|
2,019
|
|
|
|
6,609
|
|
· Other public and private securities.
|
|
|
23,202
|
|
|
|
23,881
|
|
Subtotal debt securities at fair value through profit or loss and other debt securities
|
|
|
294,156
|
|
|
|
331,861
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Sundry debtors – Other
|
|
|
769
|
|
|
|
2,414
|
|
· Sundry debtors – attachment within the scope of the claim filed by the DGR against the City of Buenos Aires for differences on turnover tax.
|
|
|
827
|
|
|
|
827
|
|
Subtotal Other financial assets
|
|
|
1,596
|
|
|
|
3,241
|
|
|
|
|
|
|
|
|
|
|
Loans and other financing – non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
· Interests derived from contributions made as contributing partner (2)
|
|
|
28,232
|
|
|
|
32,501
|
|
Subtotal loans and other financing
|
|
|
28,232
|
|
|
|
32,501
|
|
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
Item (contd.)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Financial assets delivered as a guarantee
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Special guarantee checking accounts opened in the BCRA for transactions related to the electronic clearing houses and similar entities.
|
|
|
5,991,836
|
|
|
|
5,719,689
|
|
· Guarantee deposits related to credit and debit card transactions.
|
|
|
614,505
|
|
|
|
747,487
|
|
· Forward purchase for repo transactions
|
|
|
316,699
|
|
|
|
182,448
|
|
· Other guarantee deposits
|
|
|
233,966
|
|
|
|
106,596
|
|
Subtotal Financial assets delivered as a guarantee
|
|
|
7,157,006
|
|
|
|
6,756,220
|
|
Other nonfinancial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Real property related to a call option sold
|
|
|
100,854
|
|
|
|
73,006
|
|
Subtotal Other nonfinancial assets
|
|
|
100,854
|
|
|
|
73,006
|
|
Total
|
|
|
7,581,844
|
|
|
|
7,196,829
|
|
|
(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. They are related to the following risk funds: Risk fund
of Los Grobo SGR and Risk fund of Avaluar SGR as of June 30, 2019 and December 31, 2018.
|
The Bank is related to several
types of trusts. The different trust agreements according to the business purpose sought by the Bank are disclosed below:
|
26.1.
|
Financial trusts for investment purposes
|
Debt securities include mainly
prepayments towards the placement price of provisional trust securities of the financial trusts under public offerings (Consubond,
Garbarino, Accicom, Secubono, Carfacil Agrocap and Red Surcos). 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. If after making the best efforts, such trust securities cannot be placed, the Bank will retain the definitive trust
securities.
In addition, the Bank’s
portfolio is completed with financial trusts for investment purposes, trust securities of definitive financial trusts in public
offering (Consubond, PVCRED, Credimas, Garbarino, Chubut Regalías Hidrocarburíferas, Secubono, Megabono, Credicuotas
Consumos and Corebono) and certificates of participation (Saenz Créditos, Gas Tucumán and Arfintech).
As of June 30, 2019 and December
31, 2018, debt securities and certificates of participation in financial trusts for investment purposes total 985,352 and 1,383,743,
respectively.
According to the latest accounting
information available as of the date of issuance of these condensed consolidated interim financial statements, the corpus assets
of the trusts exceed the carrying amount in the related proportions.
|
26.2.
|
Trusts created using financial assets transferred by the Bank (securitization)
|
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. Through this way the funds that were originally used by the Bank to finance the
loans are obtained earlier.
NOTES
TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF
JUNE 30, 2019
(Translation
of Financial statements originally issued in Spanish – See Note 38)
(Figures expressed
in thousands of Pesos)
As of June 30, 2019 and December
31, 2018, considering the latest available accounting information as of the date of these condensed consolidated interim financial
statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 39,850 and 69,842, respectively.
|
26.3.
|
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 guarantee and all excess
amounts as to the value of the obligations are reimbursed by the trustee to the debtor.
As of June 30, 2019 and December
31, 2018, considering the latest available accounting information as of the date of these condensed consolidated interim financial
statements, the assets managed by the Bank amounted to 167,599 and 269,507, respectively.
|
26.4.
|
Trusts in which the Bank acts as trustee (management)
|
The Bank, through its subsidiaries,
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.
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 June 30, 2019 and December
31, 2018, considering the latest available accounting information as of these condensed consolidated interim financial statements,
the assets managed by the Bank amounted to 4,865,035 and 3,021,849, respectively.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
27.
|
COMPLIANCE WITH CNV REGULATIONS
|
27.1 Compliance with CNV standards to act in the
different agent categories defined by the CNV:
27.1.1 Operations of Banco Macro SA
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV rules (as per General Resolution No.
622/2013, as amended), the Bank is registered with this agency as agent for the custody of collective investment products of mutual
funds (AC PIC FCI, for their acronyms in Spanish), comprehensive clearing and settlement agent and trading agent (ALyC and AN –
comprehensive, for their acronyms in Spanish), financial trustee agent (FF, for its acronym in Spanish) and Guarantee Entity (in
the process of being registered).
Additionally, the Bank’s
shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 21,000, as well as the minimum
statutary guarantee account required of 12,000, which the Bank paid-in with government securities as described in note 25 and the
cash deposits in BCRA accounts 000285 and 80285 belogning to the Bank.
27.1.2 Operations of Banco del Tucumán SA
Considering Banco del Tucumán
SA’s current operations, and according to the different categories of agents established by CNV rules (as per General Resolution
No. 622/2013, as amended), such Bank is registered with this agency under the following agent categories: mutual investment funds
placement and distribution agent (ACyD FCI), and clearing and settlement agent and trading agent (ALyC and AN – Individual).
Additionally, the shareholders’
equity of this Subsidiary exceeds the minimum amount required by this regulation, amounting to 18,250, as well as the minimum statutary
guarantee account required of 9,000, which the subsidiary paid-in with government securities.
27.1.3 Operations of Macro Securities SA
Considering the current operations
of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013,
as amended, issued by such agency, such Company is registered under the following categories: clearing and settlement agent, trading
agent, comprehensive trading agent and mutual investment funds placement and distribution agent (ALyC, AN, AN – comprehensive
and ACyD FCI).
Additionally, the shareholders’
equity of such Company exceeds the minimum amount required by this regulation, amounting to 18,125 and the minimum statutary guarantee
account required of 9,000, which the Company paid-in with mutual fund shares.
27.1.4 Operations of Macro
Fondos Sociedad Gerente de Fondos Comunes de Inversión SA
Considering the current operations
of this subsidiary, and according to the provisions established by CNV effective as of the approval of General Resolution No. 622/2013,
as amended, issued by such agency, such Company is registered as agent for the Administration of Collective Investment Products
of Mutual Funds.
Additionally, the shareholders’
equity of this Company exceeds the minimum amount required by this regulation, amounting to 500 plus 100 per each additional mutual
fund it administers, and the minimum statutary guarantee account amounting to 1,100 and is paid-in with mutual fund shares.
27.1.5
Operations of Macro Fiducia SA
Considering the current operations
of this subsidiary and according to the provisions established by CNV effective as of the approval of General Resolution 622/2013,
as amended, issued by such agency, such Company is registered as financial trustee agent and nonfinancial trustee agent.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Additionally, the shareholders’
equity of such Company exceeds the minimum amount required by this regulation, amounting to 6,000, and the minimum statutary guarantee
account amounting to 3,000 and is paid-in with mutual fund shares.
27.2 Documents 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 placed (i) the
Inventory Books for fiscal years ended through December 31, 2016 included, and (ii) certain documentation supporting the economic
transactions for fiscal years ended through December 31, 2017, 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 Agustín Tosco with no number, Colectora Sur, between
Puente San Carlos and Puente 60 blocks, Province of Córdoba and Avenida Luis Lagomarsino 1750, formerly Ruta 8 Km 51.200,
Pilar, Province of Buenos Aires).
27.3 As depositary of mutual
funds
As of June 30, 2019 Banco Macro
SA, in its capacity as depositary company, holds in custody the shares in mutual funds subscribed by third parties and assets from
the following mutual funds (see Note 31):
Fund
|
|
Number of shares
|
|
|
Equity
|
|
Pionero Pesos
|
|
|
1,479,082,668
|
|
|
|
8,632,558
|
|
Pionero Renta Ahorro
|
|
|
624,200,261
|
|
|
|
6,850,075
|
|
Pionero F F
|
|
|
60,612,133
|
|
|
|
552,462
|
|
Pionero Renta
|
|
|
5,426,681
|
|
|
|
120,492
|
|
Pionero Acciones
|
|
|
9,564,636
|
|
|
|
286,314
|
|
Pionero Renta Plus
|
|
|
988,883
|
|
|
|
26,285
|
|
Pionero Empresas FCI Abierto Pymes
|
|
|
209,532,535
|
|
|
|
782,266
|
|
Pionero Pesos Plus
|
|
|
491,706,100
|
|
|
|
1,716,160
|
|
Pionero Renta Ahorro Plus
|
|
|
177,289,379
|
|
|
|
462,163
|
|
Pionero Renta Mixta I
|
|
|
24,205,841
|
|
|
|
48,792
|
|
Pionero Renta Mixta II
|
|
|
26,374
|
|
|
|
50
|
|
Pionero Renta Estratégico
|
|
|
531,964,850
|
|
|
|
796,913
|
|
Pionero Renta Capital
|
|
|
50,000
|
|
|
|
50
|
|
Pionero Argentina Bicentenario
|
|
|
258,169,862
|
|
|
|
299,740
|
|
Pionero Ahorro Dólares
|
|
|
61,176,823
|
|
|
|
2,734,477
|
|
Pionero Renta Global
|
|
|
50,000
|
|
|
|
2,122
|
|
Pionero Renta Fija Dólares
|
|
|
10,082,207
|
|
|
|
374,378
|
|
Argenfunds Renta Pesos
|
|
|
580,223,698
|
|
|
|
1,886,731
|
|
Argenfunds Renta Argentina
|
|
|
26,390,536
|
|
|
|
116,813
|
|
Argenfunds Ahorro Pesos
|
|
|
200,970,568
|
|
|
|
1,186,150
|
|
Argenfunds Renta Privada FCI
|
|
|
47,257,500
|
|
|
|
307,294
|
|
Argenfunds Abierto Pymes
|
|
|
195,990,306
|
|
|
|
247,503
|
|
Argenfunds Renta Total
|
|
|
947,208,901
|
|
|
|
2,200,403
|
|
Argenfunds Renta Flexible
|
|
|
385,303,238
|
|
|
|
844,940
|
|
Argenfunds Renta Dinámica
|
|
|
182,638,682
|
|
|
|
368,575
|
|
Argenfunds Renta Mixta
|
|
|
336,888
|
|
|
|
40
|
|
Argenfunds Renta Global
|
|
|
84,940,967
|
|
|
|
187,178
|
|
Argenfunds Renta Capital
|
|
|
34,960,515
|
|
|
|
1,509,185
|
|
Argenfunds Renta Balanceada
|
|
|
85,988,206
|
|
|
|
178,960
|
|
Argenfunds Liquidez
|
|
|
740,067,271
|
|
|
|
761,978
|
|
Argenfunds Retorno Absoluto
|
|
|
162,281,555
|
|
|
|
162,709
|
|
Argenfunds Renta Crecimiento
|
|
|
466,648
|
|
|
|
18,112
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
28.
|
ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS
|
The items recognized by the
Bank to constitute the minimum cash requirement effective for June 2019 are listed below, indicating the amounts as of month-end
of the related items:
Description
|
|
Banco Macro
SA
|
|
|
Banco del
Tucumán SA
|
|
Cash and deposits in banks
|
|
|
|
|
|
|
|
|
Amounts in BCRA accounts
|
|
|
66,298,607
|
|
|
|
3,817,355
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
BCRA Internal Bills computable for the minimum cash requirements
|
|
|
18,610,722
|
|
|
|
|
|
Government securities computable for the minimum cash requirements
|
|
|
8,355,004
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
|
|
|
|
|
|
Special guarantee accounts with the BCRA
|
|
|
5,444,752
|
|
|
|
547,084
|
|
Total
|
|
|
98,709,085
|
|
|
|
4,364,439
|
|
|
29.
|
PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA
|
BCRA Communiqué “A”
5689, as supplemented and amended, requires financial institutions to disclose in their financial statements certain information
regarding summaries and penalties received from certain regulatory authorities, regardless of the amounts involved and the final
conclusions of each case.
Next follows a description of
the situation of Banco Macro SA and Banco del Tucumán SA as of June 30, 2019:
Banco Macro SA
Summary proceedings filed
by the BCRA
Financial summary proceedings:
No. 1496 dated 02/24/2016.
Reason: control observations
over subsidiaries.
Proceeding filed against:
Banco Macro SA and the Members of the Board of 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: pending resolution
before the BCRA. On 04/07/2016, we filed the defenses and evidence. On 05/18/2016 we requested on behalf of Mr. Delfín Jorge
Ezequiel Carballo the resolution of the motion for lack of standing to be sued.
Penalties imposed by the
BCRA
Financial summary proceedings:
No. 1380 dated 03/11/2013.
Reason: alleged excess
in the assets used for guarantee purposes, with effects on related statutory operation ratios; alleged failure to fulfill with
the limitations of deposit increase, book records observations, neglect to present the corresponding accounting disclosure of such
excess and failures according to Bank’s requirements. Penalty amount: 2,000.
Proceeding filed against:
former Banco Privado de Inversiones SA, Directors, Statutory Audit Committee and Corporate Services Manager (Alejandro Manuel Estrada,
Raúl Fernandez, 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 BCRA passed Judgment No. 527, imposing fines to those responsible. For that reason on 07/10/2015 a direct appeal was filed
against such resolution with the Court of Appeals in Contentious Administrative Matters (CNACAF, for its acronyms in Spanish),
which was confirmed. Upon such decision, the Bank filed a Federal Extraordinary Appeal which was also dismissed. Therefore, on
08/16/2016 a motion for reconsideration of dismissal of appeal was lodged before the Argentine Supreme Court of Justice (CSJN,
for its acronyms in Spanish). On 06/19/2019, the CSJN decided to dismiss the appeal, ending the fine imposed by the Central Bank.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Financial summary proceedings:
No. 1401 dated 08/14/2013.
Reason: alleged failure
in financing to the nonfinancial public sector, for temporary overdrafts through checking accounts of the Municipality of Córdoba
and Reconquista. Penalty amount: 2,400.
Proceeding filed against:
Banco Macro SA and the members of the Board (Jorge Horacio Brito, Jorge Pablo Brito and Marcos Brito).
Status: on 03/02/2015
the BCRA passed Resolution No. 183/15 imposing fines to the Bank. Therefore and against such resolution, a direct appeal was filed
to the CNACAF. Courtroom IV of the CNACAF sustained the appeal filed by the Bank and annulled the decision imposing the fines to
the Bank. Consequently, the BCRA filed a federal extraordinary appeal, which was dismissed. Finally, BCRA lodged a motion for reconsideration
of dismissal of the extraordinary appeal with the CSJN, which is still pending resolution.
Penalties imposed by the
Financial Information Unit (UIF)
File: No. 62/2009 dated
01/16/2009.
Reason: observations
on the purchase of foreign currency from April 2006 through August 2007. Penalty amount: 718.
Penalty imposed on:
Banco Macro SA and those in charge of anti-money laundering regulation compliance (Juan Pablo Brito Devoto and Luis Carlos Cerolini).
Status: the UIF passed
Resolution No. 72/2011 on 06/09/2011, imposing fines to those responsible. After successive remedies filed by the Bank, part of
the fines were dismissed in relation to statute-barred periods, and the decision became final on June 25, 2019; therefore, the
case file will be submitted to the UIF to readjust fines to the open period.
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. Penalty amount: 330.
Penalty imposed on:
Banco Macro SA, the members of the Board and those in charge of anti-money laundering regulation compliance (Luis Carlos Cerolini
– both as Compliance Officer and Director - and Jorge Horacio Brito, Delfín 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).
Status: on 12/26/2016
the UIF passed Resolution No. 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of
capacity to be sued lodged by Messrs. Carballo and Magnanini. Against such resolution, the Bank and the individual responsibles
filed direct appeals, which will be decided at Room III of the CNACAF. Such appeals were dismissed through a final sentence dated
07/18/2019. The term to file the federal extraordinary appeal against such resolution is already running.
Although the above described
penalties do not involve material amounts, as of the date of issuance of these condensed consolidated interim financial statements,
the total amount of monetary penalties received, pending payment due to any appeal lodged by the Bank, amounts to 718 and was recognized
according to the BCRA Communiqués “A” 5689 and 5940, as amended and supplemented.
Additionally, there are pending
summary proceedings before the CNV and the UIF, as described below:
File: No. 1480/2011
(CNV Resolution No. 17529) dated 09/26/2014.
Reason: potential noncompliance
with the obligation to inform a “Significant Event”.
Persons subject to summary
proceedings: Banco Macro SA, the members of the Board, the regular members of the Statutory Audit Committee and the person/s
responsible for 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
the Bank and the persons involved filed their defenses offering evidence and requesting their acquittal. On 08/03/2015 the term
to produce evidence was closed and on 08/19/2015 the defendants lodged their memorials. To the date hereof this action is still
pending resolution.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
File: 2577/2014 (CNV
Resolution No. 18863) dated 07/20/2017.
Reason: potential noncompliance
with de provisions of section 59, Law 19550, and paragraph 1 of Chapter 6 Section 19 of Article IV of Chapter II of CNV Rules (Revised
2013, as amended) in force at the time of the issues under analysis.
Persons subject to summary
proceedings: Banco Macro SA, in its capacity as custody agent of collective investment products of mutual funds, regular directors
and regular members of the Statutory Audit Committee (Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Jorge Pablo Brito,
Marcos Brito, Juan Pablo Brito Devoto, Luis Carlos Cerolini, Federico Pastrana, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo
Eduardo Stanley, Constanza Brito, Emmanuel Antonio Alvarez Agis, Alejandro Almarza, Carlos Javier Piazza and Vivian Haydee Stenghele).
Status: On May 22, 2019,
the CNV (Argentine Securities Commission) issued Resolution No. 80/2019, whereby a warning penalty was imposed on the persons subject
to the summary proceedings (except for Delfín J. E. Carballo and Federico Pastrana, as to whom the lack of capacity to be
sued was sustained). On June 7, 2019, the Bank, its directors and statutory auditors filed a direct remedy requesting the abrogation
of the penalty. The case file is still pending submission to the Federal Civil and Commercial Court of Appeals in and for the City
of Buenos Aires.
File: No. 137/2015 (UIF
Resolution No. 136/2017) dated 12/19/2017.
Reason: alleged breach
to the contents of the Code of Procedure applicable to Anti-money Laundering and Terrorism Financing as Settlement and Clearing Agent
at the time of an inspection of the CNV and to the Internal Audit Process referred to in its capacity as comprehensive settlement
and clearing agent (UIF Resolution No. 229/2011, as amended).
Persons subject to summary
proceedings: Banco Macro SA, members of the Management Body during the period that is the subject matter of these summary proceedings
(Jorge Horacio Brito, Jorge Pablo Brito, Juan Pablo Brito Devoto, Constanza Brito, Marcos Brito, Delfín Jorge Ezequiel Carballo,
Delfín Federico Ezequiel Carballo, Carlos Enrique Videla, Alejandro Macfarlane, Guillermo Eduardo Stanley, Emmanuel Antonio
Alvarez Agis, Nicolás Alejandro Todesca, Carlos Alberto Giovanelli, José Alfredo Sanchez, Martín Estanislao
Gorosito, Roberto Julio Eilbaum, Mario Luis Vicens, Nelson Damián Pozzoli, Luis María Blaquier, Ariel Marcelo Sigal,
Alejandro Eduardo Fargosi, Juan Martin Monge Varela and Luis Cerolini in his double capacity as Compliance Officer and member of
the Management Body).
Status: on 04/23/2019,
UIF passed Resolution No. 41, whereby it imposed fines to responsibles. Against such resolution, the Bank, its Board of Directors
and its Statutary audits filed a direct appeal on 06/12/2019, requesting a repeal of the penalty imposed. Such appeal is in process
at CNACAF.
File: No. 1208/2014
(UIF Resolution No. 13/2016) dated 1/15/2016.
Reason: alleged failure
to comply with the Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.
Persons subject to the summary
proceedings: Banco Macro SA, Jorge Horacio Brito, Delfín Jorge Ezequiel Carballo, Juan Pablo Brito Devoto, Jorge Pablo
Brito, Luis Carlos Cerolini, Alejandro Macfarlane, Carlos Enrique Videla, Guillermo Eduardo Stanley, Constanza Brito, Marcos Brito
and Emmanuel Antonio Álvarez Agis.
Status: on 05/17/2019
UIF passed resolution No. 13/2016, whereby it filed the summary proceedings related with observations over an overall inspection
performed by BCRA. On 06/15/218, the responsibles filed their defenses. On 7/2/2018, the UIF sustained the lack of capacity to
be sued of Delfín Jorge Ezequiel Carballo, discarding his responsibility in this summary proceeding. The proceedings were
opened to the production of evidence and closing of the evidence stage; on September 2018 the defendants lodged their memorial.
As of the date, is pending to issue an administrative resolution.
Banco del Tucumán
SA
Penalties imposed
by the BCRA
Financial Summary Proceedings:
No. 1349 dated 09/07/2012.
Reason: alleged breach
of the provisions of Communiqué “A” 3054, OPRAC 1-476, Exhibit, Article 2, section 2.1 and Article 3, section
3.1.2.; and Communiqué “A” 4798, OPRAC 1-613, Exhibit, Article 4, section 41., regarding the financing to the
nonfinancial public sector, for the acquisition of secured loans without the appropriate authorization by the BCRA. Penalty amount:
1,440.
Proceedings filed against:
Banco del Tucumán SA and the members of the Board of Directors (Jorge Horacio Brito, Luis Carlos Cerolini, Delfín
Jorge Ezequiel Carballo, Jorge Pablo Brito, Claudio Alejandro Cerezo and Waldo Camilo López).
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Status: on 03/12/2014
the BCRA issued Resolution No. 149/14 applying the fine to responsibles. For that reason, the Bank filed a direct appeal against
the resolution of the SEFyC, before the CNACAF, who sustained Resolution No. 149/14. On 11/14/2014 the Bank filed a federal extraordinary
appeal for arbitrariness of the decision issued by the Court of Appeals, which was dismissed; consequently the Bank filed lodged
a motion for reconsideration of dismissal to the CSJN. This institution ordered the trial court to issue a new ruling on the request
for unconstitutionality filed upon appealing the BCRA’s penalty. As a consequence, on 06/13/2019 the Courtroom IV of CNACAF
issued a new resolution, whereby decided to dismissed the unconstitutionality request, thus it became final.
|
30.
|
CORPORATE BONDS ISSUANCE
|
The corporate bond liabilities
recorded by Banco Macro SA in these condensed consolidated interim financial statements amount to:
Corporate Bonds
|
|
Original value
|
|
Residual face value
as of 06/30/2019
|
|
|
06/30/2019
|
|
12/31/2018
|
|
Subordinated Resettable – Class A
|
|
USD
|
400,000,000
|
(a.1)
|
|
USD
|
400,000,000
|
|
|
|
17,191,816
|
|
|
|
15,288,390
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsubordinated – Class B
|
|
Ps.
|
4,620,570,000
|
(a.2)
|
|
Ps.
|
3,391,052,000
|
|
|
|
3,308,957
|
|
|
|
3,460,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsubordinated – Class C
|
|
Ps.
|
3,207,500,000
|
(a.3)
|
|
Ps.
|
3,207,500,000
|
|
|
|
2,884,457
|
|
|
|
2,916,412
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
23,385,230
|
|
|
|
21,665,701
|
|
a.1)
On April 26, 2016, the general regular shareholders’ meeting approved the creation of a Global Program for the Issuance of
Medium-Term Debt Securities, in accordance with the provisions of Law No. 23,576, as amended 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 is possible to issue simple corporate bonds, not convertible into shares in
one or more classes. Also, on April 28, 2017, the General and Special Shareholder’ Meeting resolved to extend the maximum
amount of the abovementioned Global Program up to USD 1,500,000,000 (one thousand five hundred million US dollars).
On November
4, 2016, under the abovementioned Global Program, Banco Macro SA issued Subordinated Resettable Corporate Bonds, class A, at a
fixed rate of 6.750% p.a. until reset date, fully amortizable upon maturity (November 4, 2026) for a face value of USD 400,000,000
(four hundred million US dollars), under the terms and conditions set forth in the pricing supplement dated October 21, 2016. Interest
is paid semiannually on May 4 and November 4 of every year and the reset date will be November 4, 2021. Since reset date, these
Corporate Bonds will accrue a benchmark reset rate plus 546.3 basis points, according to the abovementioned terms and conditions.
In addition, the Bank has the
option to fully redeem the issuance as the reset date and under the conditions established in the pricing supplement after that
date. The Bank used the funds derived from such issuance to grant loans in accordance with BCRA guidelines.
a.2)
On May 8, 2017, under the Global Program mentioned on item a.1), Banco Macro SA issued non-subordinated simple corporate bonds
Class B not convertible into shares, at a fixed rate of 17.50%, fully amortizable upon maturity (May 8, 2022) for a face value
of pesos 4,620,570,000 equivalent to USD 300,000,000 (three hundred million US dollars), under the terms and conditions set forth
in the price supplement dated April 21, 2017. Interest is paid semiannually on November 8 and May 8 of every year, beginning on
November 8, 2017.
In addition, the Bank may fully
redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance
with BCRA guidelines.
On October 17, 2018 the Board
of Directors decided to pay off these corporate bonds for a face value of 1,229,518,000, equivalent to the amount of purchases
made to that date.
As of the date of issuance
of these condensed consolidated interim financial statements, the Bank made purchases of this issuance for a face value of pesos
147,955,000, with a remaining outstanding face value of 3,243,097,000.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
a.3)
On April 9, 2018, under the Global Program mention on item a.1), Banco Macro SA issued non subordinated simple corporate bonds
Class C, for a face value of pesos 3,207,500,000, at an annual variable rate equivalent to the sum of (i) Badlar private rate applicable
for the related accrued period; plus (ii) applicable margin of 3.5% p.a., fully amortizable upon maturity (April 9, 2021). Interest
will be paid quarterly for the periods due on July 9, October 9, January 9 and April 9 of every year, beginning on July 9, 2018.
In addition, the Bank may fully
redeem the issuance for tax matters, but not partially. The Bank used the funds derived from such issuance to grant loans in accordance
with BCRA guidelines.
As of the date of issuance
of these condensed consolidated interim financial statements, the Bank made purchases of this issuance for a face value of pesos
523,000,000, with a remaining outstanding face value of pesos 2,684,500,000.
The Shareholder´s Meeting
held on April 27, 2019, resolved to increase the maximum amount of the Global Program for the Issuance of Corporate Bonds for a
face value from USD 1,500,000,000 to USD 2,500,000,000 or an equal amount in other currencies, as determinated by the Board of
Directors in due time. During the meeting held on April 10, 2019 the Board of Directors decided to use the maximum amount of the
Global Program for the Issuance of Corporate Bonds approved on April 27, 2018, i.e., U$S 1,000,000,000 (one billon US dollars)
or an equal amount in other currencies or value units, for the issuance of Corporate Bonds under CNV frequent system.
|
31.
|
OFF BALANCE SHEET TRANSACTIONS
|
In addition to note 4, the
Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off
Balance sheet transactions as of June 30, 2019 and December 31, 2018:
Item
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Custody of government and private securities and other assets held by third parties
|
|
|
101,637,543
|
|
|
|
80,052,243
|
|
|
|
|
|
|
|
|
|
|
Preferred and other collaterals received from customers (1)
|
|
|
45,936,328
|
|
|
|
45,544,953
|
|
|
|
|
|
|
|
|
|
|
Outstanding checks not paid yet
|
|
|
4,122,382
|
|
|
|
3,353,434
|
|
|
|
|
|
|
|
|
|
|
Checks already deposited and pending clearance
|
|
|
1,874,690
|
|
|
|
1,680,896
|
|
|
(1)
|
Related to collaterals used to secure loans transactions and other financing, under the applicable
rules in force in this matter.
|
The AFIP (Federal Public Revenue
Agency) and tax authorities of the relevant jurisdictions have reviewed the tax returns filed by the Bank related to income tax,
minimum presumed income tax and other taxes (mainly turnover tax). As a result, there are claims pending at court and/or administrative
levels, either subject to discussion or appeal. The most significant claims are summarized below:
|
a)
|
AFIP’s challenges against the income tax returns filed by 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
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.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
|
b)
|
Ex-officio turnover tax assessments in progress and/or adjustments pending resolution by the tax
authorities of certain jurisdictions.
|
|
c)
|
Pursuant to section 2, Presidential Decree No. 814/01, the Bank began applying the 17% rate instead
of the 21% rate to settle payroll taxes as from November 2012. According to such presidential decree, the contributions made by
private sector employers and by those governed by section 1, Law No. 22,016, would be taxable at a single and reduced 16% rate
(subsequently, 17%).
|
The Bank was included in the
scope of the abovementioned presidential decree merely due to the state’s interest governed by General Business Associations
Law No. 19,550 and based on the clarifications included subsequently in Tax Reform Law No. 27,430. The Argentine Government has
an interest on the Bank through the ANSES-FGS (Sustainability Guarantee Fund), as a result of the nationalization of funds from
AFJPs (private pension fund managers) in 2008. As of June 30, 2019, such interest represents 27.49% of the capital stock of Banco
Macro S.A. and, by exercising its voting rights, it managed to appoint the members of the Board of Directors and the Statutory
Audit Committee.
On February 20, 2018, the AFIP
(Federal Public Revenue Agency) required Banco Macro to clarify the reasons for using such reduced rate. On March 14, 2018, the
Bank provided a detailed explanation ratifying its position.
After different procedures and
the submission of factual and legal grounds, as the Bank is allowed to do by law, the AFIP submitted the case file for consultation
to the Ministry of Economy, which in turn submitted it to the Argentine Attorney General’s Office on April 3, 2019, to request
its participation in its capacity as the superior authority of the body of Argentine Government’s attorneys and legal services
for federal public administration, where the case file is lodged as of the date of issuance of the accompanying condensed consolidated
financial statements.
Even though the Argentine Attorney
General’s Office has issued no resolution in this regard as of the date of the accompanying interim condensed consolidated
financial statements, the Bank decided to join the installment-payment plan from November 2012 through March 2019, pursuant to
AFIP General Resolution No. 4477/2019. The plan offered 60 installments, an interest rate that is significantly lower than current
rates applicable to tax or social security obligations and a material fine reduction. This entailed an economic and financial benefit
for the Bank because, in connection with the settlement of the abovementioned social security payables and even within the context
of appeals against resolutions affecting its rights, it would have required the full payment of the periods challenged –potentially
obtaining the reimbursement of the amounts paid– at a 6% annual nominal rate, in accordance with the legal framework then
effective.
The Bank’s Management
and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above-mentioned
proceedings other than those disclosed in these condensed consolidated interim financial statements.
In addition, before merging
with and into the Bank, Banco Privado de Inversiones SA (BPI) had a pending class action styled “Adecua v. Banco Privado
de Inversiones on ordinary proceedings”, File No. 19073/2007, pending with Commercial Court No. 3 in and for the City of
Buenos Aires, Clerk’s Office No. 5, whereby it was required to reimburse to its clients the life insurance amounts overcharged
to amounts payable, as well as to reduce the amounts charged in this regard in the future; this legal proceeding was concluded
upon the abovementioned merger because BPI complied in full with the terms of the court-approved agreement reached with Adecua
before answering the complaint. However, in March 2013, when BPI had already been merged with and into the Bank, the trial court
resolved to amend the terms of the agreement and ordered the reimbursement of amounts of money to a larger number of clients as
compared to the number arising from the terms approved by the court in due time. Such resolution was appealed by the Bank as BPI’s
surviving company. The appeal was dismissed by the Court of Appeals, which abrogated both the trial court decision and the court-approved
agreement, thus ordering the Bank to answer the complaint. This gave rise to the filing of an extraordinary appeal against such
decision, as well as the subsequent filing of a complaint for the extraordinary appeal denied. It is currently pending with the
Argentine Supreme Court.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Moreover, the Bank is also
subject to three class actions initiated by consumers’ associations for the same purpose: a) Adecua v, Banco Macro on ordinary
proceedings, File No. 20495/2007, pending with Commercial Court No.7 in and for the City of Buenos Aires, Clerk’s Office
No. 13; b) Damnificados Financieros Asociación Civil Para Su Defensa et al v, Banco Macro on summary proceedings, File No.
37729/2007, pending with Commercial Court No. 7 in and for the City of Buenos Aires, Clerk’s Office No. 13; c) Unión
de Usuarios y Consumidores v. Nuevo Banco Bisel on ordinary proceedings, File No. 44704/2008, pending with Commercial Court No.
26 in and for the City of Buenos Aires, Clerk’s Office No. 52.
There are also other class
actions initiated by consumer protection associations in relation to the collection of certain commissions and/or financial charges
or practices and certain withholdings made by the Bank to individuals as Buenos Aires City stamp tax withholding agent.
Furthermore, there is a case
challenging the Bank for charging credit card users until December 2014 a commission for “purchase limit excess” that
consisted of a percentage over the purchase limit excess amount. It is styled “User and Consumer Union et. al v. Banco Macro
SA on summary proceedings” [Unión de Usuarios y Consumidores y otro c/ Banco Macro SA s/ Sumarísimo], file
No. 31958/2010, pending with Commercial Court No. 1 in and for the City of Buenos Aires, Clerk’s Office No 1. On 03/15/2019
a court order was passed against the Bank from a trial court that ordered the reimbursement for all the collected amounts plus
VAR and interest. Although this court decision shall be appeal, the Entity understands that there is a low probability that a favorable
ruling shall be obtained from the trial court, as the Entity became aware that the Court of Appeals approved related actions against
other two banks.
The Bank’s Management
and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above-mentioned
proceedings other than those disclosed in these condensed consolidated interim financial statements.
|
33.
|
RESTRICTION ON DIVIDENDS DISTRIBUTION
|
|
a)
|
According to BCRA regulations, 20% of Banco Macro SA income for the year plus/less prior-year adjustments
and less accumulated losses as for the prior year-end, if any, should be allocated to the legal retained earnings.
|
|
b)
|
Pursuant to Law No. 25,063, dividends to be distributed in cash or in kind in excess of taxable
income accumulated at 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. This withholding shall not be applicable to earnings distributions
accrue in the fiscal years beginning as of January 1, 2018.
|
|
c)
|
Through Communiqué “A” 6464, the BCRA establishes the general procedure to distribute
earnings. According to that procedure, earnings may only be distributed if certain circumstances are met such as no records of
financial assistance from the BCRA due to illiquidity or shortages in payments of minimum capital or minimum cash requirement deficiencies
and not being subject to the provisions of sections 34 and 35 bis of the Financial Entities Law (sections dealing with tax payment
and restructuring agreements and reorganization of the Bank), among other conditions listed in the abovementioned communiqué
that must be met.
|
In addition, profits may only
be distributed to the extent there are positive results, after deducting, on a nonaccounting basis, from retained earnings and
the optional reserves for the future distribution of profits, (i) the amounts of the legal and other earnings reserves which are
mandatory, (ii) all debit amounts of each one of the accounting items recognized in “Other Comprehensive Income”, (iii)
income from of the revaluation of property, plant and equipment, intangible assets and investment property, (iv) the positive net
difference between the amortized cost and the fair value of government debt instruments and/or monetary regulation instruments
issued by the BCRA for those instruments recognized at amortized cost, (v) the adjustments identified by the Superintendency of
Financial and Exchange Entities of the BCRA or by the independent external auditor and that have not been recognized in the accounting
records and (vi) certain franchises granted by the BCRA. Additionally, no profit distributions shall be made out of the profit
originated as a result of the first-time application of the IFRS, which as of June 30, 2019 amounted to 3,475,669 and is recognized
in a special reserve in the Shareholders’ Equity.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Additionally, the maximum amount
to be distributed shall not be over the minimum capital excess recalculating, exclusively for these purposes, the position in order
to consider the above-mentioned adjustments, among other issues.
Finally, the Bank must verify
that, after completion of the proposed profit distribution, a capital maintenance margin equal to 3.5% of risk-weighted assets
is kept, apart from the minimum capital required by law, to be integrated by Tier 1(Con1) ordinary capital, net of deductible items
(CDCOn1).
|
d)
|
Pursuant to CNV General Resolution No. 593, the Shareholders’ Meeting in charge of analyzing
the annual financial statements will be required to decide on the application of the Bank’s retained earnings, such as the
actual distribution of dividends, the capitalization thereof through the delivery of bonus shares, the creation of earnings reserves
additional to the Legal earnings retained or a combination of any of these applications.
|
|
34.
|
CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT
|
As financial institutions, the
activities of Banco Macro SA and Banco del Tucumán SA are governed by the Financial Entities Law No. 21,526, as supplemented,
and the regulations issued by the BCRA and are exposed to intrinsic risks related to the financial industry. Moreover, they adhere
to the good banking practices laid out in BCRA Communiqué “A” 5201 (Financial Entities Corporate Governance
Guidelines) as supplemented. Detailed explanations about the main aspects related to capital management and corporate governance
transparency policy and risk management related to the Bank, are disclosed in note 39 to the consolidated financial statements
as of December 31, 2018, already issued.
Additionally, the table below
shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2019, together with the
integration thereof (computable equity) as of the end of such month:
Description
|
|
06/30/2019
|
|
Minimum capital requirements
|
|
|
23,020,664
|
|
Computable equity
|
|
|
73,986,138
|
|
Capital surplus
|
|
|
50,965,474
|
|
|
35.
|
ADDITIONAL DISCLOSURES
|
The table below shows the amounts
corresponding to the detail of Government and private debt securities as of June 30, 2019 and December 31, 2018.
Description
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Government debt securities
|
|
|
949,525
|
|
|
|
1,242,849
|
|
Private securities
|
|
|
1,030,156
|
|
|
|
1,392,398
|
|
Total debt securities at fair value through profit or loss
|
|
|
1,979,681
|
|
|
|
2,635,247
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
617,574
|
|
|
|
758,909
|
|
Central Bank internal bills
|
|
|
85,343,976
|
|
|
|
55,069,908
|
|
Government securities – Foreign
|
|
|
2,673,462
|
|
|
|
604,766
|
|
Total at fair value through OCI
|
|
|
88,635,012
|
|
|
|
56,433,583
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 38)
(Figures expressed in thousands of Pesos)
Description (contd.)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
At amortized cost Government
securities
|
|
|
8,746,236
|
|
|
|
8,148,427
|
|
Private securities
|
|
|
|
|
|
|
2,749
|
|
Total at amortized cost
|
|
|
8,746,236
|
|
|
|
8,151,176
|
|
Total other debt securities
|
|
|
97,381,248
|
|
|
|
64,584,759
|
|
Equity instruments
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
1,510,031
|
|
|
|
51,518
|
|
Total equity instruments
|
|
|
1,510,031
|
|
|
|
51,518
|
|
|
36.
|
CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF THE FINANCIAL AND CAPITAL MARKETS
|
The international and local
macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the financial assets
and foreign exchange market volatility and, additionally certain political events and the level of economic growth, among other
issues. At a local level, there is an increase in the prices for other relevant economic variables, such as salary costs, exchange
rate, interest rates and prices of the main raw materials.
Therefore, the Bank’s
Management permanently monitors any changes in the abovementioned situations in international and local markets, to determine the
possible actions to adopt and to identify the possible impact on its financial situation that may need to be reflected in the financial
statements for future periods.
|
37.
|
EVENTS AFTER REPORTING PERIOD
|
No events occurred between the
end of the period and the issuance of these condensed consolidated interim financial statements that may materially affect the
financial position or the profit and loss for the period, not disclosed in these condensed consolidated interim financial statements.
|
38.
|
ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These condensed consolidated
interim financial statements are presented in accordance with the accounting framework established by the BCRA, as mentioned in
note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT B
CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING
BY
SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
71,788,477
|
|
|
|
70,071,286
|
|
With senior “A” collateral and counter-collateral
|
|
|
2,439,754
|
|
|
|
2,554,501
|
|
With senior “B” collateral and counter-collateral
|
|
|
8,908,098
|
|
|
|
8,453,117
|
|
Without senior collateral or counter-collateral
|
|
|
60,440,625
|
|
|
|
59,063,668
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
160,069
|
|
|
|
213,632
|
|
In observation
|
|
|
|
|
|
|
|
|
With senior “A” collateral and counter-collateral
|
|
|
1,254
|
|
|
|
3,226
|
|
With senior “B” collateral and counter-collateral
|
|
|
51,844
|
|
|
|
68,007
|
|
Without senior collateral or counter-collateral
|
|
|
106,971
|
|
|
|
41,805
|
|
In negotiation or with financing agreements
|
|
|
|
|
|
|
|
|
With senior “A” collateral and counter-collateral
|
|
|
|
|
|
|
43,592
|
|
Without senior collateral or counter-collateral
|
|
|
|
|
|
|
57,002
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
183,185
|
|
|
|
633,432
|
|
With senior “A” collateral and counter-collateral
|
|
|
5,466
|
|
|
|
|
|
With senior “B” collateral and counter-collateral
|
|
|
50,387
|
|
|
|
179,598
|
|
Without senior collateral or counter-collateral
|
|
|
127,332
|
|
|
|
453,834
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
380,267
|
|
|
|
283,394
|
|
With senior “A” collateral and counter-collateral
|
|
|
10,610
|
|
|
|
1,223
|
|
With senior “B” collateral and counter-collateral
|
|
|
287,374
|
|
|
|
182,130
|
|
Without senior collateral or counter-collateral
|
|
|
82,283
|
|
|
|
100,041
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
11,549
|
|
|
|
|
|
With senior “B” collateral and counter-collateral
|
|
|
11,313
|
|
|
|
|
|
Without senior collateral or counter-collateral
|
|
|
236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
72,523,547
|
|
|
|
71,201,744
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT B
(Continued)
CONSOLIDATED CLASSIFICATION OF LOANS AND OTHER FINANCING
BY
SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
31/12/2018
|
|
CONSUMER AND MORTGAGE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
107,770,757
|
|
|
|
108,845,927
|
|
With senior “A” collateral and counter-collateral
|
|
|
2,190,007
|
|
|
|
2,959,968
|
|
With senior “B” collateral and counter-collateral
|
|
|
14,605,791
|
|
|
|
14,552,408
|
|
Without senior collateral or counter-collateral
|
|
|
90,974,959
|
|
|
|
91,333,551
|
|
Low risk
|
|
|
1,804,919
|
|
|
|
2,074,849
|
|
With senior “A” collateral and counter-collateral
|
|
|
17,508
|
|
|
|
48,130
|
|
With senior “B” collateral and counter-collateral
|
|
|
126,509
|
|
|
|
192,993
|
|
Without senior collateral or counter-collateral
|
|
|
1,660,902
|
|
|
|
1,833,726
|
|
Medium risk
|
|
|
1,571,138
|
|
|
|
1,420,894
|
|
With senior “A” collateral and counter-collateral
|
|
|
15,558
|
|
|
|
16,916
|
|
With senior “B” collateral and counter-collateral
|
|
|
71,329
|
|
|
|
79,214
|
|
Without senior collateral or counter-collateral
|
|
|
1,484,251
|
|
|
|
1,324,764
|
|
High risk
|
|
|
1,375,888
|
|
|
|
961,047
|
|
With senior “A” collateral and counter-collateral
|
|
|
23,608
|
|
|
|
13,707
|
|
With senior “B” collateral and counter-collateral
|
|
|
75,559
|
|
|
|
39,126
|
|
Without senior collateral or counter-collateral
|
|
|
1,276,721
|
|
|
|
908,214
|
|
Irrecuperable
|
|
|
415,484
|
|
|
|
234,151
|
|
With senior “A” collateral and counter-collateral
|
|
|
7,898
|
|
|
|
1,260
|
|
With senior “B” collateral and counter-collateral
|
|
|
43,487
|
|
|
|
26,998
|
|
Without senior collateral or counter-collateral
|
|
|
364,099
|
|
|
|
205,893
|
|
Irrecoverable according to Central Bank's rules
|
|
|
207
|
|
|
|
904
|
|
Without senior collateral or counter-collateral
|
|
|
207
|
|
|
|
904
|
|
Subtotal consumer and mortgage
|
|
|
112,938,393
|
|
|
|
113,537,772
|
|
Total
|
|
|
185,461,940
|
|
|
|
184,739,516
|
|
This exhibit discloses
the contractual figures as established by the BCRA. The conciliation with the consolidated statement of financial position is
listed below:
|
|
|
06/30/2019
|
|
|
|
12/31/2018
|
|
Loans and other financing
|
|
|
178,851,248
|
|
|
|
178,874,755
|
|
+ Allowances for loans and other financing
|
|
|
4,573,068
|
|
|
|
4,160,745
|
|
+ Adjustment IFRS (adjustment amortized cost and fair value)
|
|
|
164,304
|
|
|
|
257,071
|
|
+ Debt securities of financial trust - Measured at amortized cost
|
|
|
|
|
|
|
2,749
|
|
Guarantees provided and contingent liabilities
|
|
|
1,873,320
|
|
|
|
1,444,196
|
|
Total computable items
|
|
|
185,461,940
|
|
|
|
184,739,516
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT C
CONSOLIDATED CONCENTRATION OF LOANS AND FINANCING FACILITIES
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Number of customers
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
10 largest customers
|
|
|
24,038,393
|
|
|
|
12.96
|
|
|
|
19,431,965
|
|
|
|
10.52
|
|
50 next largest customers
|
|
|
21,711,343
|
|
|
|
11.71
|
|
|
|
22,338,631
|
|
|
|
12.09
|
|
100 next largest customers
|
|
|
13,553,418
|
|
|
|
7.31
|
|
|
|
13,694,432
|
|
|
|
7.41
|
|
Other customers
|
|
|
126,158,786
|
|
|
|
68.02
|
|
|
|
129,274,488
|
|
|
|
69.98
|
|
Total (1)
|
|
|
185,461,940
|
|
|
|
100.00
|
|
|
|
184,739,516
|
|
|
|
100.00
|
|
(1) See reconciliation in Exhibit B
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT D
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
|
|
|
Remaining
terms 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
|
|
|
|
|
|
|
596,190
|
|
|
|
254,518
|
|
|
|
167,744
|
|
|
|
150,247
|
|
|
|
124,629
|
|
|
|
|
|
|
|
1,293,328
|
|
Financial
sector
|
|
|
|
|
|
|
1,487,587
|
|
|
|
1,621,942
|
|
|
|
163,437
|
|
|
|
760,572
|
|
|
|
580,231
|
|
|
|
1,443
|
|
|
|
4,615,212
|
|
Non
financial private sector and foreign residents
|
|
|
1,889,810
|
|
|
|
35,531,942
|
|
|
|
53,031,720
|
|
|
|
21,641,257
|
|
|
|
25,417,456
|
|
|
|
37,724,165
|
|
|
|
66,737,420
|
|
|
|
241,973,770
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,889,810
|
|
|
|
37,615,719
|
|
|
|
54,908,180
|
|
|
|
21,972,438
|
|
|
|
26,328,275
|
|
|
|
38,429,025
|
|
|
|
66,738,863
|
|
|
|
247,882,310
|
|
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER FINANCING BY TERM
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures
stated in thousands of pesos)
|
|
|
|
|
Remaining
terms 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
|
|
|
|
|
|
|
156,275
|
|
|
|
403,613
|
|
|
|
434,592
|
|
|
|
745,089
|
|
|
|
968,517
|
|
|
|
323,784
|
|
|
|
3,031,870
|
|
Financial
sector
|
|
|
|
|
|
|
1,097,205
|
|
|
|
1,733,758
|
|
|
|
1,205,293
|
|
|
|
1,698,740
|
|
|
|
598,110
|
|
|
|
22,143
|
|
|
|
6,355,249
|
|
Non
financial private sector and foreign residents
|
|
|
1,896,929
|
|
|
|
52,337,082
|
|
|
|
23,411,664
|
|
|
|
25,455,967
|
|
|
|
30,819,902
|
|
|
|
35,342,048
|
|
|
|
69,687,361
|
|
|
|
238,950,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,896,929
|
|
|
|
53,590,562
|
|
|
|
25,549,035
|
|
|
|
27,095,852
|
|
|
|
33,263,731
|
|
|
|
36,908,675
|
|
|
|
70,033,288
|
|
|
|
248,338,072
|
|
This
exhibit discloses the contractual future cash flows that include interest and accessories to be accrued until maturity of the
contracts.
|
Delfín Jorge Ezequiel Carballo
|
|
Chairperson
|
EXHIBIT F
CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
value at
|
|
|
Total life
|
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value at
the end
|
|
Item
|
|
beginning
of
fiscal year
|
|
|
estimated in
years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
the
end
|
|
|
of
the
period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
property
|
|
|
7,368,876
|
|
|
|
50
|
|
|
|
28,025
|
|
|
|
9,310
|
|
|
|
340,877
|
|
|
|
3,978
|
|
|
|
69,253
|
|
|
|
406,152
|
|
|
|
6,981,439
|
|
Furniture
and facilities
|
|
|
644,620
|
|
|
|
10
|
|
|
|
44,078
|
|
|
|
3,219
|
|
|
|
182,535
|
|
|
|
2,881
|
|
|
|
31,732
|
|
|
|
211,386
|
|
|
|
474,093
|
|
Machinery
and equipment
|
|
|
1,515,832
|
|
|
|
5
|
|
|
|
228,714
|
|
|
|
30,290
|
|
|
|
781,852
|
|
|
|
30,035
|
|
|
|
139,166
|
|
|
|
890,983
|
|
|
|
823,273
|
|
Vehicles
|
|
|
139,588
|
|
|
|
5
|
|
|
|
19,053
|
|
|
|
6,164
|
|
|
|
85,201
|
|
|
|
4,627
|
|
|
|
13,569
|
|
|
|
94,143
|
|
|
|
58,334
|
|
Other
|
|
|
1,149
|
|
|
|
0
|
|
|
|
41
|
|
|
|
|
|
|
|
1,129
|
|
|
|
37
|
|
|
|
88
|
|
|
|
1,180
|
|
|
|
10
|
|
Work
in progress
|
|
|
724,223
|
|
|
|
0
|
|
|
|
538,414
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
|
|
|
|
|
|
|
|
1,262,637
|
|
Right
of use of leasing property
|
|
|
0
|
|
|
|
5
|
|
|
|
620,101
|
|
|
|
13,380
|
|
|
|
0
|
|
|
|
1,274
|
|
|
|
96,107
|
|
|
|
94,833
|
|
|
|
511,888
|
|
Total
property, plant and equipment
|
|
|
10,394,288
|
|
|
|
|
|
|
|
1,478,426
|
|
|
|
62,363
|
|
|
|
1,391,594
|
|
|
|
42,832
|
|
|
|
349,915
|
|
|
|
1,698,677
|
|
|
|
10,111,674
|
|
CONSOLIDATED CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual
value at
the end
|
|
Item
|
|
value
at
beginning of
fiscal year
|
|
|
Total
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For
the
fiscal
year
|
|
|
At
the
end
|
|
|
of
the
fiscal
year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
property (1)
|
|
|
5,291,944
|
|
|
|
50
|
|
|
|
2,856,372
|
|
|
|
779,441
|
|
|
|
422,212
|
|
|
|
177,032
|
|
|
|
95,697
|
|
|
|
340,877
|
|
|
|
7,027,998
|
|
Furniture
and facilities
|
|
|
375,248
|
|
|
|
10
|
|
|
|
275,681
|
|
|
|
6,309
|
|
|
|
143,554
|
|
|
|
11
|
|
|
|
38,992
|
|
|
|
182,535
|
|
|
|
462,085
|
|
Machinery
and equipment
|
|
|
1,046,933
|
|
|
|
5
|
|
|
|
585,627
|
|
|
|
116,728
|
|
|
|
571,215
|
|
|
|
|
|
|
|
210,637
|
|
|
|
781,852
|
|
|
|
733,980
|
|
Vehicles
|
|
|
117,949
|
|
|
|
5
|
|
|
|
38,465
|
|
|
|
16,825
|
|
|
|
78,659
|
|
|
|
14,150
|
|
|
|
20,692
|
|
|
|
85,201
|
|
|
|
54,388
|
|
Other
|
|
|
1,122
|
|
|
|
0
|
|
|
|
40
|
|
|
|
13
|
|
|
|
1,095
|
|
|
|
0
|
|
|
|
34
|
|
|
|
1,129
|
|
|
|
20
|
|
Work
in progress
|
|
|
2,576,980
|
|
|
|
0
|
|
|
|
1,556,054
|
|
|
|
3,408,811
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
724,223
|
|
Total
property, plant and equipment
|
|
|
9,410,176
|
|
|
|
|
|
|
|
5,312,239
|
|
|
|
4,328,127
|
|
|
|
1,216,735
|
|
|
|
191,193
|
|
|
|
366,052
|
|
|
|
1,391,594
|
|
|
|
9,002,694
|
|
|
Delfín Jorge Ezequiel Carballo
|
|
Chairperson
|
EXHIBIT F
(Continued)
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
Value at
beginning of
|
|
|
Useful life
estimated in
|
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value at
the end
of the
|
|
Item
|
|
fiscal year
|
|
|
years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
the
end
|
|
|
period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rented
properties
|
|
|
90,485
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
8,127
|
|
|
|
|
|
|
|
514
|
|
|
|
8,641
|
|
|
|
81,844
|
|
Other
investment properties
|
|
|
198,596
|
|
|
|
50
|
|
|
|
34,073
|
|
|
|
2,164
|
|
|
|
7,350
|
|
|
|
159
|
|
|
|
1,313
|
|
|
|
8,504
|
|
|
|
222,001
|
|
Total
investment property
|
|
|
289,081
|
|
|
|
|
|
|
|
34,073
|
|
|
|
2,164
|
|
|
|
15,477
|
|
|
|
159
|
|
|
|
1,827
|
|
|
|
17,145
|
|
|
|
303,845
|
|
CONSOLIDATED CHANGE IN INVESTMENT PROPERTY
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
Value at
|
|
|
Useful life
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual
value at
the end
|
|
Item
|
|
beginning
of
fiscal year
|
|
|
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For
the fiscal year
|
|
|
At
the
end
|
|
|
of
the
fiscal year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rented
properties
|
|
|
|
|
|
|
50
|
|
|
|
90,485
|
|
|
|
0
|
|
|
|
8,027
|
|
|
|
|
|
|
|
100
|
|
|
|
8,127
|
|
|
|
82,358
|
|
Other
investment properties
|
|
|
658,974
|
|
|
|
50
|
|
|
|
303,503
|
|
|
|
763,881
|
|
|
|
19,965
|
|
|
|
18,680
|
|
|
|
6,065
|
|
|
|
7,350
|
|
|
|
191,246
|
|
Total
investment property (1)
|
|
|
658,974
|
|
|
|
|
|
|
|
393,988
|
|
|
|
763,881
|
|
|
|
27,992
|
|
|
|
18,680
|
|
|
|
6,165
|
|
|
|
15,477
|
|
|
|
273,604
|
|
(1) During the fiscal year 2018, this item observed transfers to and from property, plant and equipment and/or non current assets held for sale.
|
Delfín Jorge Ezequiel Carballo
|
|
Chairperson
|
EXHIBIT G
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
Value at
beginning of
|
|
|
Useful life
estimated in
|
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value at
the end
of the
|
|
Item
|
|
fiscal
year
|
|
|
years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the period
|
|
|
At
the end
|
|
|
period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
600,446
|
|
|
|
5
|
|
|
|
265,405
|
|
|
|
37,497
|
|
|
|
271,952
|
|
|
|
37,495
|
|
|
|
63,763
|
|
|
|
298,220
|
|
|
|
530,134
|
|
Other
intangible assets
|
|
|
1,887,767
|
|
|
|
5
|
|
|
|
458,122
|
|
|
|
11,263
|
|
|
|
815,244
|
|
|
|
11,262
|
|
|
|
191,740
|
|
|
|
995,722
|
|
|
|
1,338,904
|
|
Total
intangible assets
|
|
|
2,488,213
|
|
|
|
|
|
|
|
723,527
|
|
|
|
48,760
|
|
|
|
1,087,196
|
|
|
|
48,757
|
|
|
|
255,503
|
|
|
|
1,293,942
|
|
|
|
1,869,038
|
|
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Original
Value at
|
|
|
Useful
life
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual value
|
|
Item
|
|
beginning of
fiscal year
|
|
|
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For
the fiscal year
|
|
|
At
the end
|
|
|
at
the end of the fiscal year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
344,671
|
|
|
|
5
|
|
|
|
256,269
|
|
|
|
494
|
|
|
|
195,765
|
|
|
|
3
|
|
|
|
66,425
|
|
|
|
262,187
|
|
|
|
338,259
|
|
Other
intangible assets
|
|
|
1,206,227
|
|
|
|
5
|
|
|
|
754,508
|
|
|
|
72,968
|
|
|
|
527,111
|
|
|
|
|
|
|
|
297,898
|
|
|
|
825,009
|
|
|
|
1,062,758
|
|
Total
intangible assets (1)
|
|
|
1,550,898
|
|
|
|
|
|
|
|
1,010,777
|
|
|
|
73,462
|
|
|
|
722,876
|
|
|
|
3
|
|
|
|
364,323
|
|
|
|
1,087,196
|
|
|
|
1,401,017
|
|
(1) During the fiscal year 2018, there were transfers between different lines of the item, that produce differences between the amounts at the end of one year and the beginning of other, without implying modifications of total this item.
|
Delfín Jorge Ezequiel Carballo
|
|
Chairperson
|
EXHIBIT H
CONSOLIDATED DEPOSIT CONCENTRATION
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Number of customers
|
|
Outstanding balance
|
|
|
% of total portfolio
|
|
|
Outstanding balance
|
|
|
% of total portfolio
|
|
10 largest customers
|
|
|
14,920,850
|
|
|
|
5.25
|
|
|
|
19,840,988
|
|
|
|
8.34
|
|
50 next largest customers
|
|
|
16,912,452
|
|
|
|
5.95
|
|
|
|
17,271,242
|
|
|
|
7.26
|
|
100 next largest customers
|
|
|
12,489,564
|
|
|
|
4.39
|
|
|
|
10,956,612
|
|
|
|
4.60
|
|
Other customers
|
|
|
239,936,271
|
|
|
|
84.41
|
|
|
|
189,885,577
|
|
|
|
79.80
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
284,259,137
|
|
|
|
100.00
|
|
|
|
237,954,419
|
|
|
|
100.00
|
|
|
Delfín Jorge Ezequiel Carballo
|
|
Chairperson
|
EXHIBIT I
CONSOLIDATED
BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Remaining
terms 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
|
|
|
237,763,676
|
|
|
|
41,603,375
|
|
|
|
6,848,067
|
|
|
|
1,888,476
|
|
|
|
49,652
|
|
|
|
16,511
|
|
|
|
288,169,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial
government sector
|
|
|
19,377,561
|
|
|
|
4,020,918
|
|
|
|
512,872
|
|
|
|
127,379
|
|
|
|
|
|
|
|
|
|
|
|
24,038,730
|
|
From the financial sector
|
|
|
243,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,587
|
|
From
the non-financial private sector and foreign residents
|
|
|
218,142,529
|
|
|
|
37,582,457
|
|
|
|
6,335,195
|
|
|
|
1,761,097
|
|
|
|
49,652
|
|
|
|
16,511
|
|
|
|
263,887,441
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
instruments
|
|
|
2,349
|
|
|
|
8,128
|
|
|
|
918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,395
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo
transactions
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial entities
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Liabilities
|
|
|
14,629,337
|
|
|
|
79,724
|
|
|
|
28,745
|
|
|
|
29,862
|
|
|
|
33,136
|
|
|
|
152,227
|
|
|
|
14,953,031
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
received from the Central Bank of Argentina and other financial institutions
|
|
|
187,417
|
|
|
|
996,990
|
|
|
|
489,924
|
|
|
|
264,396
|
|
|
|
159,767
|
|
|
|
102,225
|
|
|
|
2,200,719
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
corporate bonds
|
|
|
361,854
|
|
|
|
|
|
|
|
602,474
|
|
|
|
804,614
|
|
|
|
4,088,870
|
|
|
|
3,806,391
|
|
|
|
9,664,203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
corporate bonds
|
|
|
|
|
|
|
|
|
|
|
573,052
|
|
|
|
573,052
|
|
|
|
1,146,104
|
|
|
|
23,854,247
|
|
|
|
26,146,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
253,222,227
|
|
|
|
42,688,217
|
|
|
|
8,543,180
|
|
|
|
3,560,400
|
|
|
|
5,477,529
|
|
|
|
27,931,601
|
|
|
|
341,423,154
|
|
This exhibit discloses contractual future cash flows that include interests and accessories to be accrued until maturity of the contracts.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT I
CONSOLIDATED
BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Remaining terms 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
|
|
|
198,459,625
|
|
|
|
33,817,014
|
|
|
|
7,493,854
|
|
|
|
1,310,113
|
|
|
|
64,511
|
|
|
|
15,985
|
|
|
|
241,161,102
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial
government sector
|
|
|
17,319,378
|
|
|
|
1,670,962
|
|
|
|
639,754
|
|
|
|
46,091
|
|
|
|
206
|
|
|
|
|
|
|
|
19,676,391
|
|
From
the financial sector
|
|
|
148,275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,275
|
|
From
the non-financial private sector and foreign residents
|
|
|
180,991,972
|
|
|
|
32,146,052
|
|
|
|
6,854,100
|
|
|
|
1,264,022
|
|
|
|
64,305
|
|
|
|
15,985
|
|
|
|
221,336,436
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities at fair
value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
1,019
|
|
|
|
|
|
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial entities
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Liabilities
|
|
|
15,140,459
|
|
|
|
18,645
|
|
|
|
9,221
|
|
|
|
13,064
|
|
|
|
20,085
|
|
|
|
140,505
|
|
|
|
15,341,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received
from the Central Bank of Argentina and other financial institutions
|
|
|
425,053
|
|
|
|
918,813
|
|
|
|
1,083,024
|
|
|
|
470,177
|
|
|
|
87,151
|
|
|
|
125,173
|
|
|
|
3,109,391
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate
bonds
|
|
|
362,534
|
|
|
|
|
|
|
|
584,698
|
|
|
|
734,105
|
|
|
|
1,441,379
|
|
|
|
7,387,182
|
|
|
|
10,509,898
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate
bonds
|
|
|
|
|
|
|
|
|
|
|
510,412
|
|
|
|
510,412
|
|
|
|
1,020,824
|
|
|
|
21,757,164
|
|
|
|
23,798,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
214,553,357
|
|
|
|
34,754,472
|
|
|
|
9,681,559
|
|
|
|
3,037,871
|
|
|
|
2,633,950
|
|
|
|
29,426,009
|
|
|
|
294,087,218
|
|
This exhibit discloses contractual future cash flows that include interests and accessories to be accrued until maturity of the contracts.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT
J
CONSOLIDATED
CHANGES IN PROVISIONS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Amounts
at beginning of
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
fiscal
year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge
off
|
|
|
06/30/2019
|
|
For Administrative,
disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
50
|
|
|
|
0
|
|
|
|
50
|
|
|
|
718
|
|
Other
|
|
|
1,045,176
|
|
|
|
421,177
|
|
|
|
18,045
|
|
|
|
422,546
|
|
|
|
1,025,762
|
|
Total
Provisions
|
|
|
1,045,894
|
|
|
|
421,227
|
|
|
|
18,045
|
|
|
|
422,596
|
|
|
|
1,026,480
|
|
CONSOLIDATED
CHANGES IN PROVISIONS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
Amounts
at beginning of
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
fiscal
year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
12/31/2018
|
|
For Administrative,
disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718
|
|
Other
|
|
|
694,201
|
|
|
|
1,103,870
|
|
|
|
17,424
|
|
|
|
735,471
|
|
|
|
1,045,176
|
|
Total
Provisions
|
|
|
694,919
|
|
|
|
1,103,870
|
|
|
|
17,424
|
|
|
|
735,471
|
|
|
|
1,045,894
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
EXHIBIT L
CONSOLIDATED
FOREIGN CURRENCY AMOUNTS
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish - See Note 38)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
|
Total
|
|
|
Total per currency
|
|
|
|
|
Items
|
|
headquarter
company and
local branches
|
|
|
US
dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Other
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
57,164,219
|
|
|
|
56,892,852
|
|
|
|
192,644
|
|
|
|
21,030
|
|
|
|
57,693
|
|
|
|
42,745,328
|
|
Debt
securities at fair value through profit or loss
|
|
|
380,168
|
|
|
|
380,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
388,276
|
|
Derivative
instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,738
|
|
Other
financial assets
|
|
|
1,771,085
|
|
|
|
1,771,085
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,545,982
|
|
Loans
and other financing
|
|
|
54,590,604
|
|
|
|
54,590,604
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,040,211
|
|
To
the non-financial government sector
|
|
|
5
|
|
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80
|
|
Other
financial institutions
|
|
|
452,943
|
|
|
|
452,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
480,324
|
|
From
the non-financial private sector and foreign residents
|
|
|
54,137,656
|
|
|
|
54,137,656
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,559,807
|
|
Other
debt securities
|
|
|
3,142,575
|
|
|
|
3,142,575
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,217,229
|
|
Financial
assets delivered as guarantee
|
|
|
1,240,639
|
|
|
|
1,240,639
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
929,442
|
|
Investments
in equity instruments
|
|
|
7,357
|
|
|
|
7,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,746
|
|
TOTAL
ASSETS
|
|
|
118,296,647
|
|
|
|
118,025,280
|
|
|
|
192,644
|
|
|
|
21,030
|
|
|
|
57,693
|
|
|
|
92,874,952
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
92,506,709
|
|
|
|
92,506,709
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
71,357,886
|
|
Non-financial
government sector
|
|
|
2,806,799
|
|
|
|
2,806,799
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,295,035
|
|
Financial
sector
|
|
|
163,035
|
|
|
|
163,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,200
|
|
Non-financial
private sector and foreign residents
|
|
|
89,536,875
|
|
|
|
89,536,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,962,651
|
|
Other
financial liabilities
|
|
|
3,457,167
|
|
|
|
3,377,505
|
|
|
|
71,690
|
|
|
|
|
|
|
|
7,972
|
|
|
|
2,618,946
|
|
Financing
from Central Bank and other financial Institutions
|
|
|
1,924,070
|
|
|
|
1,924,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,598,810
|
|
Subordinated
corporate bonds
|
|
|
17,191,816
|
|
|
|
17,191,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,288,390
|
|
Other
non-financial liabilities
|
|
|
43,893
|
|
|
|
43,893
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,948
|
|
TOTAL
LIABILITIES
|
|
|
115,123,655
|
|
|
|
115,043,993
|
|
|
|
71,690
|
|
|
|
|
|
|
|
7,972
|
|
|
|
91,898,980
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
CONSOLIDATED
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
|
|
Mandatory measurement
|
|
Items
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated from
beginning of period up
to 06/30/2019
|
|
For measurement of financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Gain from government securities
|
|
|
39,083
|
|
|
|
202,949
|
|
Gain from private securities
|
|
|
144,985
|
|
|
|
294,131
|
|
(Loss)/ Gain from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(12,515
|
)
|
|
|
286,841
|
|
Gain from other financial assets
|
|
|
49,783
|
|
|
|
100,839
|
|
Gain from equity instruments at fair value through profit or loss
|
|
|
8,625
|
|
|
|
1,410,040
|
|
Loss from sales of financial assets at fair value
|
|
|
(97,298
|
)
|
|
|
(188,296
|
)
|
TOTAL
|
|
|
132,663
|
|
|
|
2,106,504
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT
Q
(Continued)
CONSOLIDATED
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
Interest and adjustment for the application of the effective interest
rate of financial assets measured at amortized cost
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated from
beginning of period
up to 06/30/2019
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
34,533
|
|
|
|
65,998
|
|
For government securities
|
|
|
537,906
|
|
|
|
1,046,042
|
|
For debt securities
|
|
|
|
|
|
|
1,398
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
355,590
|
|
|
|
849,476
|
|
Non-financial private sector
|
|
|
0
|
|
|
|
|
|
Overdrafts
|
|
|
1,739,288
|
|
|
|
3,610,841
|
|
Documents
|
|
|
1,086,052
|
|
|
|
2,286,975
|
|
Mortgage loans
|
|
|
1,673,353
|
|
|
|
2,983,388
|
|
Pledge loans
|
|
|
124,676
|
|
|
|
253,203
|
|
Personal loans
|
|
|
6,004,506
|
|
|
|
11,789,678
|
|
Credit cards
|
|
|
2,677,605
|
|
|
|
5,244,447
|
|
Financial leases
|
|
|
43,372
|
|
|
|
87,278
|
|
Other
|
|
|
1,027,347
|
|
|
|
2,151,197
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
0
|
|
|
|
9,381
|
|
Other financial institutions
|
|
|
1,616,883
|
|
|
|
1,929,589
|
|
TOTAL
|
|
|
16,921,111
|
|
|
|
32,308,891
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
From deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
(52,003
|
)
|
|
|
(170,003
|
)
|
Saving accounts
|
|
|
(152,855
|
)
|
|
|
(249,564
|
)
|
Time deposits and investments accounts
|
|
|
(13,368,251
|
)
|
|
|
(23,740,014
|
)
|
For Financing received from Central Bank of Argentina and other financial institutions
|
|
|
(61,353
|
)
|
|
|
(104,681
|
)
|
For repo transactions
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
(107,558
|
)
|
|
|
(178,415
|
)
|
For other financial liabilities
|
|
|
(26,266
|
)
|
|
|
(57,276
|
)
|
Issued corporate bonds
|
|
|
(469,695
|
)
|
|
|
(921,882
|
)
|
For subordinated corporate bonds
|
|
|
(310,708
|
)
|
|
|
(591,200
|
)
|
TOTAL
|
|
|
(14,548,689
|
)
|
|
|
(26,013,035
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT
Q
(Continued)
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
|
Other comprehensive
income
|
|
Interest and adjustment for the application of
the effective interest rate of financial assets
measured at fair value through other
comprehensive income
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated
from beginning
of period up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
period up to
06/30/2019
|
|
From Equity Instruments at fair value through profit or loss
|
|
|
14,413,076
|
|
|
|
23,420,010
|
|
|
|
66,463
|
|
|
|
(82,771
|
)
|
Total
|
|
|
14,413,076
|
|
|
|
23,420,010
|
|
|
|
66,463
|
|
|
|
(82,771
|
)
|
|
|
Income for the period
|
|
Commissions income
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated
from
beginning of
period up to
06/30/2019
|
|
Commissions related to obligations
|
|
|
2,122,434
|
|
|
|
4,256,480
|
|
Commissions related to credits
|
|
|
39,582
|
|
|
|
63,405
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
237
|
|
|
|
2,441
|
|
Commissions related to securities value
|
|
|
94,504
|
|
|
|
115,249
|
|
Commissions for credit cards
|
|
|
1,085,977
|
|
|
|
2,157,916
|
|
Commissions for insurance
|
|
|
232,398
|
|
|
|
457,522
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
94,796
|
|
|
|
168,318
|
|
Total
|
|
|
3,669,928
|
|
|
|
7,221,331
|
|
|
|
Loss for the period
|
|
Commissions expenses
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated
from
beginning of
period up to
06/30/2019
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
(19,120
|
)
|
|
|
(28,294
|
)
|
Other
|
|
|
|
|
|
|
|
|
Commissions paid ATM exchange
|
|
|
(124,422
|
)
|
|
|
(235,679
|
)
|
Checkbooks commissions and compensating cameras
|
|
|
(65,611
|
)
|
|
|
(121,919
|
)
|
Commissions Credit cards and foreign trade
|
|
|
(69,084
|
)
|
|
|
(133,729
|
)
|
Total
|
|
|
(278,237
|
)
|
|
|
(519,621
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
|
|
Mandatory measurement
|
|
Items
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated from
beginning of period up to
06/30/2018
|
|
For measurement of financial assets at fair value through gain or loss
|
|
|
|
|
|
|
|
|
Gain from government securities
|
|
|
38,986
|
|
|
|
93,984
|
|
Gain from private securities
|
|
|
20,149
|
|
|
|
50,918
|
|
Loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(3,295
|
)
|
|
|
|
|
Gain from other financial assets
|
|
|
8,943
|
|
|
|
45,121
|
|
Gain from equity instruments at fair value through profit or loss
|
|
|
5,293
|
|
|
|
39,924
|
|
Loss from sales of financial assets at fair value
|
|
|
(110,462
|
)
|
|
|
(21,084
|
)
|
For measurement of financial liabilities at fair value through gain or loss
|
|
|
|
|
|
|
|
|
Loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(5,970
|
)
|
|
|
(5,970
|
)
|
Total
|
|
|
(46,356
|
)
|
|
|
202,893
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT
Q
(Continued)
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2018
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures
stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
Interest and adjustment for the application of the
effective interest rate of financial assets measured
at amortized cost
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated from
beginning
of period up to
06/30/2018
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
1,999
|
|
|
|
4,970
|
|
For debt securities
|
|
|
50,221
|
|
|
|
102,372
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
204,521
|
|
|
|
371,391
|
|
Non-financial private sector
|
|
|
0
|
|
|
|
|
|
Overdrafts
|
|
|
961,674
|
|
|
|
1,742,250
|
|
Documents
|
|
|
727,134
|
|
|
|
1,384,429
|
|
Mortgage loans
|
|
|
784,990
|
|
|
|
1,363,590
|
|
Pledge loans
|
|
|
142,293
|
|
|
|
292,123
|
|
Personal loans
|
|
|
5,021,197
|
|
|
|
9,596,118
|
|
Credit cards
|
|
|
1,545,210
|
|
|
|
2,901,411
|
|
Financial leases
|
|
|
33,844
|
|
|
|
67,702
|
|
Other
|
|
|
953,640
|
|
|
|
1,815,923
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
7,068
|
|
|
|
22,656
|
|
Other financial institutions
|
|
|
38,698
|
|
|
|
58,244
|
|
Total
|
|
|
10,472,489
|
|
|
|
19,723,179
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
For deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
0
|
|
|
|
|
|
Saving accounts
|
|
|
(64,207
|
)
|
|
|
(117,841
|
)
|
Time deposits and investments accounts
|
|
|
(3,813,810
|
)
|
|
|
(6,769,747
|
)
|
For Financing received from Central Bank of Argentina and other financial institutions
|
|
|
(21,627
|
)
|
|
|
(35,008
|
)
|
For repo transactions
|
|
|
|
|
|
|
|
|
Other financial
institutions
|
|
|
(24,342
|
)
|
|
|
(55,312
|
)
|
For other financial liabilities
|
|
|
(3,452
|
)
|
|
|
(32,472
|
)
|
Issued corporate bonds
|
|
|
(422,246
|
)
|
|
|
(595,933
|
)
|
For subordinated corporate bonds
|
|
|
(174,356
|
)
|
|
|
(313,406
|
)
|
Total
|
|
|
(4,524,040
|
)
|
|
|
(7,919,719
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2018
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
Other comprehensive income
|
|
Interest and adjustment for the application of the effective interest rate of financial assets measured at fair value through other comprehensive income
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
From government debt securities
|
|
|
3,144,039
|
|
|
|
5,231,120
|
|
|
|
(61,725
|
)
|
|
|
(123,475
|
)
|
Total
|
|
|
3,144,039
|
|
|
|
5,231,120
|
|
|
|
(61,725
|
)
|
|
|
(123,475
|
)
|
|
|
Income for the period
|
Commissions income
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
Commissions related to obligations
|
|
|
1,851,479
|
|
|
|
3,445,393
|
|
Commissions related to credits
|
|
|
25,496
|
|
|
|
42,778
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
45
|
|
|
|
453
|
|
Commissions related to securities value
|
|
|
25,506
|
|
|
|
47,276
|
|
Commissions for credit cards
|
|
|
765,496
|
|
|
|
1,464,520
|
|
Commissions for insurance
|
|
|
172,118
|
|
|
|
341,735
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
50,804
|
|
|
|
92,178
|
|
Total
|
|
|
2,890,944
|
|
|
|
5,434,333
|
|
|
|
Loss for the period
|
Commissions expenses
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
Portfolio transfer for administration service
|
|
|
|
|
|
|
|
|
Commissions related to debt securities
|
|
|
(76
|
)
|
|
|
(208
|
)
|
Commissions related to trading and foreign exchange transactions
|
|
|
(10,275
|
)
|
|
|
(17,028
|
)
|
Other
|
|
|
|
|
|
|
|
|
Commissions paid ATM exchange
|
|
|
(72,597
|
)
|
|
|
(135,317
|
)
|
Checkbooks commissions and compensating cameras
|
|
|
(43,657
|
)
|
|
|
(80,997
|
)
|
Commissions Credit cards and foreign trade
|
|
|
(82,953
|
)
|
|
|
(160,933
|
)
|
Total
|
|
|
(209,558
|
)
|
|
|
(394,483
|
)
|
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT R
VALUE ADJUSTMENT FOR CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
Balances at
beginning of the
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
06/30/2019
|
|
Other financial assets
|
|
|
5,015
|
|
|
|
1,184,268
|
|
|
|
46
|
|
|
|
11
|
|
|
|
1,189,226
|
|
Loans and other financing
|
|
|
4,160,745
|
|
|
|
2,092,741
|
|
|
|
69,715
|
|
|
|
1,610,703
|
|
|
|
4,573,068
|
|
Other financial institutions
|
|
|
52,121
|
|
|
|
5,150
|
|
|
|
26,758
|
|
|
|
0
|
|
|
|
30,513
|
|
To the non-financial private sector and foreign
residents
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
Overdrafts
|
|
|
282,498
|
|
|
|
91,473
|
|
|
|
2,698
|
|
|
|
41,650
|
|
|
|
329,623
|
|
Documents
|
|
|
354,248
|
|
|
|
79,277
|
|
|
|
1,003
|
|
|
|
40,218
|
|
|
|
392,304
|
|
Mortgage loans
|
|
|
272,753
|
|
|
|
63,820
|
|
|
|
1,566
|
|
|
|
18,886
|
|
|
|
316,121
|
|
Pledge loans
|
|
|
77,524
|
|
|
|
10,619
|
|
|
|
1,021
|
|
|
|
985
|
|
|
|
86,137
|
|
Personal loans
|
|
|
1,720,698
|
|
|
|
969,398
|
|
|
|
51
|
|
|
|
711,445
|
|
|
|
1,978,600
|
|
Credit cards
|
|
|
814,844
|
|
|
|
369,406
|
|
|
|
459
|
|
|
|
271,012
|
|
|
|
912,779
|
|
Financial leases
|
|
|
5,570
|
|
|
|
1,129
|
|
|
|
771
|
|
|
|
0
|
|
|
|
5,928
|
|
Other
|
|
|
580,489
|
|
|
|
502,469
|
|
|
|
35,388
|
|
|
|
526,507
|
|
|
|
521,063
|
|
TOTAL OF ALLOWANCES
|
|
|
4,165,760
|
|
|
|
3,277,009
|
|
|
|
69,761
|
|
|
|
1,610,714
|
|
|
|
5,762,294
|
|
VALUE ADJUSTMENT FOR
CREDIT LOSSES - CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 38)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
Balances
at
beginning of the
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge
off
|
|
|
12/31/2018
|
|
Other
financial assets
|
|
|
5,131
|
|
|
|
1,850
|
|
|
|
131
|
|
|
|
1,835
|
|
|
|
5,015
|
|
Loans
and other financing
|
|
|
2,666,738
|
|
|
|
3,100,127
|
|
|
|
40,961
|
|
|
|
1,565,159
|
|
|
|
4,160,745
|
|
Other
financial institutions
|
|
|
31,251
|
|
|
|
25,571
|
|
|
|
4,701
|
|
|
|
|
|
|
|
52,121
|
|
To
the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
Overdrafts
|
|
|
139,833
|
|
|
|
201,391
|
|
|
|
7,209
|
|
|
|
51,517
|
|
|
|
282,498
|
|
Documents
|
|
|
202,505
|
|
|
|
193,753
|
|
|
|
1,546
|
|
|
|
40,464
|
|
|
|
354,248
|
|
Mortgage
loans
|
|
|
152,116
|
|
|
|
153,332
|
|
|
|
14,208
|
|
|
|
18,487
|
|
|
|
272,753
|
|
Pledge
loans
|
|
|
74,380
|
|
|
|
29,647
|
|
|
|
3,929
|
|
|
|
22,574
|
|
|
|
77,524
|
|
Personal
loans
|
|
|
1,207,483
|
|
|
|
1,495,470
|
|
|
|
267
|
|
|
|
981,988
|
|
|
|
1,720,698
|
|
Credit
cards
|
|
|
590,483
|
|
|
|
575,386
|
|
|
|
1,005
|
|
|
|
350,020
|
|
|
|
814,844
|
|
Financial
leases
|
|
|
6,487
|
|
|
|
273
|
|
|
|
1,190
|
|
|
|
0
|
|
|
|
5,570
|
|
Other
|
|
|
262,200
|
|
|
|
425,304
|
|
|
|
6,906
|
|
|
|
100,109
|
|
|
|
580,489
|
|
TOTAL
OF ALLOWANCES
|
|
|
2,671,869
|
|
|
|
3,101,977
|
|
|
|
41,092
|
|
|
|
1,566,994
|
|
|
|
4,165,760
|
|
Delfín
Jorge Ezequiel Carballo
Chairperson
CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2019 AND DECEMBER 31,2018
(Translation of the Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
Exhibits
|
|
06/30/2019
|
|
|
12/31/2018
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Deposits in Banks
|
|
|
|
|
|
|
89,670,120
|
|
|
|
68,178,537
|
|
Cash
|
|
|
|
|
|
|
8,043,423
|
|
|
|
9,319,226
|
|
Central Bank of Argentina
|
|
|
|
|
|
|
66,298,607
|
|
|
|
46,046,332
|
|
Other Local and Foreign Entities
|
|
|
|
|
|
|
15,325,435
|
|
|
|
12,370,152
|
|
Other
|
|
|
|
|
|
|
2,655
|
|
|
|
442,827
|
|
Debt Securities at fair value through profit or loss
|
|
|
|
A
|
|
|
1,589,311
|
|
|
|
2,150,737
|
|
Derivative Financial Instruments
|
|
|
|
|
|
|
17,199
|
|
|
|
14,555
|
|
Other financial assets
|
|
7
|
|
R
|
|
|
2,893,806
|
|
|
|
2,263,655
|
|
Loans and other financing
|
|
|
|
B, C, D and R
|
|
|
165,014,934
|
|
|
|
165,209,389
|
|
Non financial Public Sector
|
|
|
|
|
|
|
1,093,219
|
|
|
|
1,768,254
|
|
Other Financial Entities
|
|
|
|
|
|
|
4,024,374
|
|
|
|
5,573,806
|
|
Non financial Private Sector and Foreign Residents
|
|
|
|
|
|
|
159,897,341
|
|
|
|
157,867,329
|
|
Other Debt Securities
|
|
|
|
A
|
|
|
91,672,704
|
|
|
|
62,654,466
|
|
Financial Assets delivered as guarantee
|
|
24
|
|
|
|
|
6,547,992
|
|
|
|
6,323,938
|
|
Equity Instruments at fair value through profit or loss
|
|
9
|
|
A
|
|
|
1,502,944
|
|
|
|
47,020
|
|
Investment in associates and joint arrangements
|
|
|
|
|
|
|
5,648,805
|
|
|
|
4,888,171
|
|
Property, Plant and Equipment
|
|
|
|
F
|
|
|
9,543,492
|
|
|
|
8,512,492
|
|
Intangible Assets
|
|
|
|
G
|
|
|
2,054,322
|
|
|
|
1,591,857
|
|
Other Non financial Assets
|
|
7
|
|
|
|
|
860,415
|
|
|
|
629,239
|
|
Non current assets held for sale
|
|
9
|
|
|
|
|
440,795
|
|
|
|
804,017
|
|
TOTAL ASSETS
|
|
|
|
|
|
|
377,456,839
|
|
|
|
323,268,073
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
CONDENSED SEPARATE INTERIM STATEMENT OF FINANCIAL POSITION
AS OF JUNE 30, 2019 AND DECEMBER 31,2018
(Translation of the Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
Exhibits
|
|
06/30/2019
|
|
|
12/31/2018
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
H and I
|
|
|
262,545,318
|
|
|
|
219,761,923
|
|
Non financial Public Sector
|
|
|
|
|
|
|
17,723,361
|
|
|
|
11,729,037
|
|
Financial Sector
|
|
|
|
|
|
|
243,581
|
|
|
|
148,269
|
|
Non financial Private Sector and Foreign Residents
|
|
|
|
|
|
|
244,578,376
|
|
|
|
207,884,617
|
|
Derivative Financial Instruments
|
|
|
|
I
|
|
|
10,782
|
|
|
|
1,369
|
|
Repo Transactions
|
|
|
|
I
|
|
|
277,594
|
|
|
|
164,469
|
|
Other Financial Liabilities
|
|
11
|
|
I
|
|
|
13,437,901
|
|
|
|
14,128,235
|
|
Financing received from the Central Bank of Argentina and other financial entities
|
|
|
|
I
|
|
|
2,194,956
|
|
|
|
3,297,393
|
|
Issued Corporate Bonds
|
|
29
|
|
I
|
|
|
6,204,199
|
|
|
|
6,388,191
|
|
Current Income Tax Liabilities
|
|
14.a)
|
|
|
|
|
4,022,214
|
|
|
|
2,712,536
|
|
Subordinated Corporate Bonds
|
|
29
|
|
I
|
|
|
17,191,816
|
|
|
|
15,288,390
|
|
Provisions
|
|
10
|
|
J
|
|
|
953,692
|
|
|
|
969,754
|
|
Deferred Income Tax Liabilities
|
|
|
|
|
|
|
457,879
|
|
|
|
254,957
|
|
Other Non-financial Liabilities
|
|
11
|
|
|
|
|
7,216,335
|
|
|
|
5,454,286
|
|
TOTAL LIABILITIES
|
|
|
|
|
|
|
314,512,686
|
|
|
|
268,421,503
|
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
22
|
|
K
|
|
|
669,663
|
|
|
|
669,663
|
|
Non capital contributions
|
|
|
|
|
|
|
12,428,461
|
|
|
|
12,428,461
|
|
Adjustments to Shareholders’ Equity
|
|
|
|
|
|
|
4,511
|
|
|
|
4,511
|
|
Earnings Reserved
|
|
|
|
|
|
|
34,806,871
|
|
|
|
21,995,937
|
|
Unappropriated Retained Earnings
|
|
|
|
|
|
|
|
|
|
|
3,475,669
|
|
Other Comprehensive Income
|
|
|
|
|
|
|
658,908
|
|
|
|
543,086
|
|
Net Income for the period/ fiscal year
|
|
|
|
|
|
|
14,375,739
|
|
|
|
15,729,243
|
|
TOTAL SHAREHOLDERS’
EQUITY
|
|
|
|
|
|
|
62,944,153
|
|
|
|
54,846,570
|
|
TOTAL SHAREHOLDERS’
EQUITY AND LIABILITIES
|
|
|
|
|
|
|
377,456,839
|
|
|
|
323,268,073
|
|
The notes 1 to 36 to the condensed separate interim financial statements and the exhibits A to D, F to L, O, Q and R are an integral part of the condensed separate interim financial statements.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
CONDENSED SEPARATE INTERIM STATEMENT OF INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Translation of the Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
|
Exhibits
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
Interest income
|
|
|
|
|
|
Q
|
|
|
29,480,872
|
|
|
|
52,257,246
|
|
|
|
12,583,479
|
|
|
|
22,970,178
|
|
Interest expense
|
|
|
|
|
|
Q
|
|
|
(13,549,669
|
)
|
|
|
(24,085,331
|
)
|
|
|
(4,206,052
|
)
|
|
|
(7,343,191
|
)
|
Net Interest income
|
|
|
|
|
|
|
|
|
15,931,203
|
|
|
|
28,171,915
|
|
|
|
8,377,427
|
|
|
|
15,626,987
|
|
Commissions income
|
|
|
15
|
|
|
Q
|
|
|
3,354,194
|
|
|
|
6,642,141
|
|
|
|
2,727,401
|
|
|
|
5,137,854
|
|
Commissions expense
|
|
|
|
|
|
Q
|
|
|
(243,742
|
)
|
|
|
(447,329
|
)
|
|
|
(187,226
|
)
|
|
|
(344,842
|
)
|
Net Commissions income
|
|
|
|
|
|
|
|
|
3,110,452
|
|
|
|
6,194,812
|
|
|
|
2,540,175
|
|
|
|
4,793,012
|
|
Subtotal (Net Interest income +Net Commissions
income)
|
|
|
|
|
|
|
|
|
19,041,655
|
|
|
|
34,366,727
|
|
|
|
10,917,602
|
|
|
|
20,419,999
|
|
Net Income/ (Loss) from measurement of financial instruments
at fair value through profit or loss
|
|
|
|
|
|
Q
|
|
|
(1,691
|
)
|
|
|
1,852,791
|
|
|
|
(85,021
|
)
|
|
|
96,157
|
|
Profit/ (Loss) from sold assets at amortized cost
|
|
|
|
|
|
|
|
|
(624
|
)
|
|
|
6,397
|
|
|
|
75
|
|
|
|
(2,870
|
)
|
Differences in quoted prices of gold and foreign currency
|
|
|
16
|
|
|
|
|
|
328,440
|
|
|
|
232,826
|
|
|
|
(1,127,210
|
)
|
|
|
(1,002,687
|
)
|
Other operating income
|
|
|
17
|
|
|
|
|
|
912,541
|
|
|
|
3,832,736
|
|
|
|
383,768
|
|
|
|
775,697
|
|
Allowances for loan losses
|
|
|
|
|
|
|
|
|
(780,438
|
)
|
|
|
(2,859,882
|
)
|
|
|
(508,939
|
)
|
|
|
(1,026,020
|
)
|
Net Operating Income
|
|
|
|
|
|
|
|
|
19,499,883
|
|
|
|
37,431,595
|
|
|
|
9,580,275
|
|
|
|
19,260,276
|
|
Employee benefits
|
|
|
18
|
|
|
|
|
|
(4,561,328
|
)
|
|
|
(7,396,204
|
)
|
|
|
(2,214,303
|
)
|
|
|
(4,051,480
|
)
|
Administrative expenses
|
|
|
19
|
|
|
|
|
|
(2,069,084
|
)
|
|
|
(3,960,843
|
)
|
|
|
(1,390,793
|
)
|
|
|
(2,652,897
|
)
|
Depreciation of Property, plant and equipment
|
|
|
|
|
|
F and G
|
|
|
(301,735
|
)
|
|
|
(576,949
|
)
|
|
|
(157,560
|
)
|
|
|
(304,752
|
)
|
Other Operating Expenses
|
|
|
20
|
|
|
|
|
|
(3,676,182
|
)
|
|
|
(6,539,949
|
)
|
|
|
(2,094,705
|
)
|
|
|
(3,913,040
|
)
|
Operating Income
|
|
|
|
|
|
|
|
|
8,891,554
|
|
|
|
18,957,650
|
|
|
|
3,722,914
|
|
|
|
8,338,107
|
|
Income from associates and joint arrangements
|
|
|
|
|
|
|
|
|
893,966
|
|
|
|
1,226,344
|
|
|
|
496,314
|
|
|
|
896,270
|
|
Income before tax on continuing operations
|
|
|
|
|
|
|
|
|
9,785,520
|
|
|
|
20,183,994
|
|
|
|
4,219,228
|
|
|
|
9,234,377
|
|
Income tax on continuing operations
|
|
|
14
|
|
|
|
|
|
(2,753,213
|
)
|
|
|
(5,808,255
|
)
|
|
|
(1,103,578
|
)
|
|
|
(2,576,545
|
)
|
Net Income from continuing operations
|
|
|
|
|
|
|
|
|
7,032,307
|
|
|
|
14,375,739
|
|
|
|
3,115,650
|
|
|
|
6,657,832
|
|
Net Income for the period
|
|
|
|
|
|
|
|
|
7,032,307
|
|
|
|
14,375,739
|
|
|
|
3,115,650
|
|
|
|
6,657,832
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
SEPARATE EARNINGS PER SHARE
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Translation of Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
Net Profit
|
|
|
7,032,307
|
|
|
|
14,375,739
|
|
|
|
3,115,650
|
|
|
|
6,657,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUS: Potential diluted earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit
|
|
|
7,032,307
|
|
|
|
14,375,739
|
|
|
|
3,115,650
|
|
|
|
6,657,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of outstanding common shares for the fiscal year
|
|
|
639,398
|
|
|
|
639,406
|
|
|
|
669,663
|
|
|
|
669,663
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUS: Weighted average of the number of additional common shares with dilution effects
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of outstanding common shares
for the fiscal year adjusted as per dilution effect
|
|
|
639,398
|
|
|
|
639,406
|
|
|
|
669,663
|
|
|
|
669,663
|
|
Basic earnings per share
|
|
|
10.9983
|
|
|
|
22.4830
|
|
|
|
4.6526
|
|
|
|
9.9421
|
|
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
CONDENSED SEPARATE INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Translation
of the Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
Exhibits
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
Net Income for the period
|
|
|
|
|
|
|
7,032,307
|
|
|
|
14,375,739
|
|
|
|
3,115,650
|
|
|
|
6,657,832
|
|
Foreign currency translation differences in
financial statements conversion
|
|
|
|
|
|
|
(34,318
|
)
|
|
|
176,449
|
|
|
|
344,455
|
|
|
|
398,114
|
|
Foreign currency translation differences for the period
|
|
|
|
|
|
|
(34,318
|
)
|
|
|
176,449
|
|
|
|
344,455
|
|
|
|
398,114
|
|
Profit or losses for financial instruments measured
at fair value through OCI (IFRS 9(4.1.2)(a))
|
|
|
|
|
|
|
45,114
|
|
|
|
(42,601
|
)
|
|
|
(23,164
|
)
|
|
|
(61,999
|
)
|
Profit or losses for the period from financial instruments at fair value through OCI
|
|
|
|
Q
|
|
|
64,449
|
|
|
|
(60,859
|
)
|
|
|
(33,092
|
)
|
|
|
(88,570
|
)
|
Income tax
|
|
14
|
|
|
|
|
(19,335
|
)
|
|
|
18,258
|
|
|
|
9,928
|
|
|
|
26,571
|
|
Interest in Other Comprehensive Income of associates
and joint ventures accounted for using the participation method
|
|
|
|
|
|
|
(1,232
|
)
|
|
|
(18,026
|
)
|
|
|
(28,488
|
)
|
|
|
(34,803
|
)
|
Income for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method
|
|
|
|
|
|
|
(1,232
|
)
|
|
|
(18,026
|
)
|
|
|
(28,488
|
)
|
|
|
(34,803
|
)
|
Total Other Comprehensive Income that will be
reclassified to profit or loss for the period
|
|
|
|
|
|
|
9,564
|
|
|
|
115,822
|
|
|
|
292,803
|
|
|
|
301,312
|
|
Total Other Comprehensive Income
|
|
|
|
|
|
|
9,564
|
|
|
|
115,822
|
|
|
|
292,803
|
|
|
|
301,312
|
|
Total Comprehensive Income
|
|
|
|
|
|
|
7,041,871
|
|
|
|
14,491,561
|
|
|
|
3,408,453
|
|
|
|
6,959,144
|
|
The notes 1 to 36 to the condensed separate interim financial statements and the exhibits A to D, F to L, O, Q and R, are an integral part of the condensed separate interim financial statements.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
CONDENSED SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2019
(Translation of Financial
statements originally issued in Spanish – See Note 36)
(Figures
expressed in thousands of Pesos)
|
|
|
|
|
Capital stock
|
|
|
Non capital
contributions
|
|
|
|
|
|
Other comprehensive
income
|
|
|
Earnings Reserved
|
|
|
|
|
|
|
|
Changes
|
|
Notes
|
|
|
Outstanding
shares
|
|
|
In
portfolio
|
|
|
Additional paid-in
capital
|
|
|
Adjustments to
Shareholders’
Equity
|
|
|
Accumulative
foreign currency
translation
difference in
financial
statements
conversion
|
|
|
Other
|
|
|
Legal
|
|
|
Other
|
|
|
Unappropriated
Retained
Earnings
|
|
|
Total
Equity
|
|
Amount at the beginning of the fiscal year
|
|
|
|
|
|
|
640,715
|
|
|
|
28,948
|
|
|
|
12,428,461
|
|
|
|
4,511
|
|
|
|
869,961
|
|
|
|
(326,875
|
)
|
|
|
6,872,687
|
|
|
|
15,123,250
|
|
|
|
19,204,912
|
|
|
|
54,846,570
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14,375,739
|
|
|
|
14,375,739
|
|
-Other comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
176,449
|
|
|
|
(60,627
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
115,822
|
|
Own shares in portfolio
|
|
|
22
|
|
|
|
(1,317
|
)
|
|
|
1,317
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distribution of unappropied retained earnings as approved by Shareholders´ Meeting held on April 30, 2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,145,849
|
|
|
|
|
|
|
|
(3,145,849
|
)
|
|
|
|
|
Normative Reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,475,669
|
|
|
|
(3,475,669
|
)
|
|
|
|
|
Cash Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(6,393,978
|
)
|
|
|
|
|
|
|
(6,393,978
|
)
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,583,394
|
|
|
|
(12,583,394
|
)
|
|
|
|
|
Amount at the end of the period
|
|
|
|
|
|
|
639,398
|
|
|
|
30,265
|
|
|
|
12,428,461
|
|
|
|
4,511
|
|
|
|
1,046,410
|
|
|
|
(387,502
|
)
|
|
|
10,018,536
|
|
|
|
24,788,335
|
|
|
|
14,375,739
|
|
|
|
62,944,153
|
|
CONDENSED
SEPARATE INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2018
(Translation of Financial
statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
|
|
|
Capital stock
|
|
|
Non capital
contributions
|
|
|
|
|
|
Other comprehensive
income
|
|
|
Earnings Reserved
|
|
|
|
|
|
|
|
Changes
|
|
Notes
|
|
|
Outstanding
shares
|
|
|
In portfolio
|
|
|
Additional paid-in
capital
|
|
|
Adjustments to
Shareholders’
Equity
|
|
|
Accumulative
foreign currency
translation
difference in
financial
statements
conversion
|
|
|
Other
|
|
|
Legal
|
|
|
Other
|
|
|
Unappropriated
Retained
Earnings
|
|
|
Total
Equity
|
|
Amount at the beginning of the fiscal year
|
|
|
|
|
|
|
669,663
|
|
|
|
|
|
|
|
12,428,461
|
|
|
|
4,511
|
|
|
|
137,148
|
|
|
|
67,412
|
|
|
|
4,994,932
|
|
|
|
15,368,454
|
|
|
|
12,864,442
|
|
|
|
46,535,023
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,657,832
|
|
|
|
6,657,832
|
|
-Other comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
398,114
|
|
|
|
(96,802
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301,312
|
|
Distribution of unappropied retained earnings as approved by Shareholders´ Meeting held on April 27, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal Reserve
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,877,755
|
|
|
|
|
|
|
|
(1,877,755
|
)
|
|
|
|
|
Cash Dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,348,315
|
)
|
|
|
|
|
|
|
(3,348,315
|
)
|
- Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,511,018
|
|
|
|
(7,511,018
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount at the end of the period
|
|
|
|
|
|
|
669,663
|
|
|
|
|
|
|
|
12,428,461
|
|
|
|
4,511
|
|
|
|
535,262
|
|
|
|
(29,390
|
)
|
|
|
6,872,687
|
|
|
|
19,531,157
|
|
|
|
10,133,501
|
|
|
|
50,145,852
|
|
The notes 1 to 36 to the condensed separate interim financial
statements and the exhibits A to D, F to L, O, Q and R, are an integral part of the condensed separate interim financial statements.
Delfín Jorge Ezequiel Carballo
|
Chairperson
|
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Translation of Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period before Income Tax
|
|
|
|
|
|
|
20,183,994
|
|
|
|
9,234,377
|
|
Adjustments to obtain cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization and depreciation
|
|
|
|
|
|
|
576,949
|
|
|
|
304,752
|
|
Allowance for loan losses
|
|
|
|
|
|
|
2,859,882
|
|
|
|
1,026,020
|
|
Difference in quoted prices of foreign currency
|
|
|
|
|
|
|
(2,413,455
|
)
|
|
|
(3,449,362
|
)
|
Other adjustments
|
|
|
|
|
|
|
(33,466
|
)
|
|
|
891,568
|
|
Net increase/ (decrease) from operating assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value though profit and loss
|
|
|
|
|
|
|
561,426
|
|
|
|
(236,002
|
)
|
Derivative financial instruments
|
|
|
|
|
|
|
(2,644
|
)
|
|
|
(34,650
|
)
|
Repo transactions
|
|
|
|
|
|
|
-
|
|
|
|
1,263,650
|
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
|
|
|
|
675,035
|
|
|
|
(156,165
|
)
|
Other financial entities
|
|
|
|
|
|
|
1,549,432
|
|
|
|
26,402
|
|
Non-financial private sector and foreign residents
|
|
|
|
|
|
|
(4,889,894
|
)
|
|
|
(22,018,558
|
)
|
Other debt securities
|
|
|
|
|
|
|
(1,308,515
|
)
|
|
|
9,661,225
|
|
Financial assets delivered as guarantee
|
|
|
|
|
|
|
(224,054
|
)
|
|
|
209,945
|
|
Equity instruments at fair value through profit or loss
|
|
|
|
|
|
|
(35,228
|
)
|
|
|
(8,039
|
)
|
Other assets
|
|
|
|
|
|
|
(1,047,235
|
)
|
|
|
(1,162,743
|
)
|
Net increase/ (decrease) from operating liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
|
|
|
|
5,994,324
|
|
|
|
4,372,167
|
|
Financial sector
|
|
|
|
|
|
|
95,312
|
|
|
|
44,014
|
|
Non-financial private sector and foreign residents
|
|
|
|
|
|
|
36,693,759
|
|
|
|
27,884,104
|
|
Liabilities at fair value through profit or loss
|
|
|
|
|
|
|
-
|
|
|
|
(6,450
|
)
|
Derivative financial instruments
|
|
|
|
|
|
|
9,413
|
|
|
|
11,044
|
|
Repo transactions
|
|
|
|
|
|
|
113,125
|
|
|
|
(858,860
|
)
|
Other liabilities
|
|
|
|
|
|
|
(127,258
|
)
|
|
|
1,556,580
|
|
Payments for Income Tax
|
|
|
|
|
|
|
(4,068,971
|
)
|
|
|
(3,941,745
|
)
|
TOTAL CASH FROM OPERATING ACTIVITIES (A)
|
|
|
|
|
|
|
55,161,931
|
|
|
|
24,613,274
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
CONDENSED CONSOLIDATED INTERIM STATEMENT OF CASH FLOWS
FOR THE SIX MONTH PERIODS ENDED JUNE 30, 2019 AND 2018
(Translation of Financial statements originally issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
CASH
FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
of PPE, intangible assets and other assets
|
|
|
|
|
|
|
(1,492,922
|
)
|
|
|
(599,556
|
)
|
TOTAL
CASH USED IN INVESTING ACTIVITIES (B)
|
|
|
|
|
|
|
(1,492,922
|
)
|
|
|
(599,556
|
)
|
CASH
FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
|
|
(6,393,978
|
)
|
|
|
(3,348,315
|
)
|
Acquisition
or redemption of equity instruments
|
|
|
|
|
|
|
(199,843
|
)
|
|
|
-
|
|
Non
subordinated corporate bonds
|
|
|
|
|
|
|
(1,048,284
|
)
|
|
|
(404,300
|
)
|
Central
Bank of Argentina
|
|
|
|
|
|
|
(1,246
|
)
|
|
|
|
|
Financing
from local financial entities
|
|
|
|
|
|
|
(415,473
|
)
|
|
|
(374,669
|
)
|
Subordinated
Corporate Bonds
|
|
|
|
|
|
|
(606,105
|
)
|
|
|
(292,893
|
)
|
Other
payments related to financing activities
|
|
|
|
|
|
|
(134,559
|
)
|
|
|
-
|
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
to local financial entities
|
|
|
|
|
|
|
-
|
|
|
|
3,206,999
|
|
Central
Bank of Argentina
|
|
|
|
|
|
|
-
|
|
|
|
4,376
|
|
TOTAL
CASH USED IN FINANCING ACTIVITIES (C)
|
|
|
|
|
|
|
(8,799,488
|
)
|
|
|
(1,208,802
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT
OF EXCHANGE RATE FLUCTUATIONS (D)
|
|
|
|
|
|
|
4,331,785
|
|
|
|
7,509,308
|
|
TOTAL
CHANGES IN CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
NET
INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)
|
|
|
|
|
|
|
49,201,306
|
|
|
|
30,314,224
|
|
CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE FISCAL YEAR
|
|
|
21
|
|
|
|
123,248,445
|
|
|
|
51,788,928
|
|
CASH
AND CASH EQUIVALENTS AT THE END OF THE PERIOD
|
|
|
21
|
|
|
|
172,449,751
|
|
|
|
82,103,152
|
|
The notes 1 to 36 to the condensed separate interim financial statements and the exhibits A to D, F to L, O, Q and R, are an integral part of the condensed separate interim financial statements.
Delfín Jorge Ezequiel Carballo
Chairperson
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Banco Macro SA (hereinafter,
the “Bank”) is a business corporation (sociedad anónima) organized in the Republic of Argentina that offers
traditional banking products and services to companies, including those companies operating in regional economies, as well as to
individuals, thus strengthening its goal to be a multiservice bank. In addition, the Bank performs certain transactions through
its subsidiaries banco del Tucumán SA, Macro Bank Limited (a company organized under the laws of Bahamas), Macro Securities
SA, Macro Fiducia SA and Macro Fondos SGFCISA.
Macro Compañía
Financiera SA was created in 1977 as a nonbanking 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.
The Bank’s shares are
publicly listed on Bolsas y Mercados Argentinos (BYMA) since November 1994 and as from March 24, 2006, they are listed on the New
York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to be listed 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 the fiscal year 2006, Banco Macro SA acquired control over Banco del Tucumán SA. Additionally,
on May 21, 2019 the Bank acquired 100% of Argenpay SA (see note 1 to the condensed consolidated interim financial statements).
On August 7, 2019, the Bank’s
Board of Directors approved the issuance of these condensed separate interim financial statements.
2.
|
OPERATIONS OF THE BANK
|
Note 2 to the condensed consolidated
interim financial statements includes a detailed description of the agreements that relate the Bank and its subsidiary Banco del
Tucumán SA to the provincial and municipal governments.
In addition, as mentioned in
note 2.4 to the condensed consolidated interim financial statement, the Bank acquired shares of Banco del Tucumán SA for
an amount of 456,757. This transaction was registered by the acquisition method. The difference between the consideration paid
and the application of the purchase price method gave rise to goodwill recognition for an amount of 210,927.
On the other hand, on October
17, 2018, the Board of Directors of Banco Macro SA, decided to initiate negotiations for the merger reorganization between Banco
Macro SA and Banco del Tucuman SA (see additionally note 2 to the condensed consolidated interim financial statements).
On April 30, and July 19, 2019,
the Shareholders' Meeting of Banco Macro SA and the Shareholders' Meeting Banco del Tucumán SA, respectively, decided, among
other issues, to approve a preliminary merger agreement, the special consolidated financial statement of merger as of December
31, 2018, the exchange relationship of shares, the legal feasibility Report and the technical, economic and financial feasibility
Report of the merger between Banco Macro SA and Banco del Tucumán SA (see additionally note 2 to the condensed consolidated
interim financial statements).
3.
|
BASIS FOR THE PREPARATION OF THESE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS
|
On February 12, 2014 the BCRA,
through Communiqué “A” 5541 established the general guidelines towards conversion to the IFRS issued by the
International Accounting Standards Board (IASB) for preparing the 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.
NOTES TO THE CONDENSED
SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Additionally, through Communiqués
“A” 6114, the BCRA set specific guidelines within the scope of such convergence process, among which it defined (i)
the transitory exception to the application of section 5.5 “Impairment” of the IFRS 9 “Financial Instruments”
(sections B5.5.1 to B5.5.55) up to the fiscal years beginning as of January 1, 2020; and (ii) in order to calculate the effective
interest rate of assets and liabilities so requiring it for the measurement thereof, pursuant to IFRS 9, up to December 31, 2019,
the Bank may transitorily make a global estimate of the calculation of the effective interest rate on a group of financial assets
or liabilities with similar characteristics which shall be applied such effective interest rate. If section 5.5 “Impairment”,
mentioned in (i) above had applied, according to a global estimation performed by the Bank, as of June 30, 2019 and December 31,
2018, the shareholders’ equity would have increased by 1,338,696 and 202,257, respectively. The figures stated as of June
30, 2019 includes 1,183,817 generated by the allowance mentioned in note 9 to the condensed consolidated interim financial statements.
As of June 30, 2019, the conditions
to apply inflation adjustments in the separate financial statement for the six-month period ended on that date, as established
by IAS 29 “Financial Reporting in Hyperinflationary Economy” were met. However, for the reasons described in section
“measuring unit” of this note, financial institutions, transitorily, cannot apply the abovementioned standard.
Note 3 to the condensed consolidated
interim financial statements presents a detailed description of the basis for the presentation of these condensed separate interim
financial statements. The main accounting policies used and the relevant information of the subsidiaries as well as all that is
explained therein shall apply to these condensed separate interim financial statements.
These condensed separate interim
financial statements, were prepared in accordance with the framework set forth by the Central Bank as mentioned in the previous
paragraphs, for which these condensed separate interim financial statements, are based on IAS 34 “Interim Financial Reporting”.
In that sense, these condensed separate interim financial statements include all the necessary information for an appropriate understanding,
by the users thereof, of the basis for the preparation and disclosure used therein, as well as the relevant events and transactions
occurred after the issuance of the last annual separate financial statements for the fiscal year ended December 31, 2018. Nevertheless,
the present condensed separate interim financial statements do not include all the information or all the disclosures required
for the annual separate financial statements prepared in accordance with the IAS 1 “Presentation of Financial Statements”.
Therefore, these condensed separate interim Financial Statements must be read together with the annual separate financial statements
for the fiscal year ended December 31, 2018, already issued.
Measuring unit
IFRS require that the financial
statements of an entity whose functional currency is the currency of a hyperinflationary economy be restated in terms of measuring
unit current at the end of the reporting period. To achieve consistency in identifying an economic environment of that nature,
IAS 29 establishes (i) certain qualitative indicators, not limited to, consisting of analyzing the general population behavior,
prices, interest rates and wages with changes to a price index and the loss of purchasing power, and (ii) a quantitative indicator
which is the most common in practice, consisting of a three-year cumulative inflation rate of 100% or above. Whilst in the recent
years there was an important increase in the general level of prices, the three-year cumulative inflation had maintained in Argentina
below 100%. However, due to miscellaneous macroeconomic factors the three-year inflation rate exceeds that figure, and, also the
Argentine government goals and other available estimates indicate that this trend will not be reversed in the short term.
Consequently, the
Argentine economy is currently considered hyperinflationary under IAS 29 and the Argentine financial entities that are
required to apply the IFRSs adopted by the BCRA through Communiqué “A” 6114 and the functional currency of
which is the Argentine peso should restate their financial statements. Such restatement should be applied as if the economy
had always been hyperinflationary, using a general price index that reflects changes in general purchasing power. To apply
the restatement, a series of indexes will be used, as prepared and published on a monthly basis by the Argentine Federation
of Professionals Councils in Economic Sciences (FACPCE, for its acronym in Spanish), which combines consumer price index
(CPI) on a monthly basis published by the Argentine Institute of Statistics and Censuses (INDEC, for its acronym in Spanish)
since January 2017 (baseline month: December 2016) with the wholesale prices indexes published by the INDEC until that date.
For the months of November and December 2015, for which the INDEC did not publish the wholesale price index (WPI) variation,
the CPI variation for the CABA is used.
NOTES TO THE CONDENSED
SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Considering the abovementioned indexes, the inflation rate was 22.40% and 16.03% for
the six-month periods ended on June 30, 2019 and 2018, respectively, and 47.64% for the fiscal year ended on December 31,
2018.
Notwithstanding the above, as
established by BCRA Communiqué “A” 6651, financial institutions shall start the inflation adjustment on its
financial statements according to IAS 29, for the fiscal years beginning on January 1, 2020.
The nonrecognition of changes
in the general purchasing power under hyperinflationary conditions, may distort accounting information and, therefore, this situation
should be taken into account in the interpretation of the Bank’s information on these condensed separate interim financial
statements over financial position, the result of its operations and its cash flows.
Below there is a description
of the main impacts if IAS 29 were to be applied:
|
(a)
|
Financial Statements shall be restated considering the changes in the general purchasing power
of the currency to ensure that they are stated in the current measuring unit at end of the reporting period.
|
|
(b)
|
To sum up, the restating mechanism provided by IAS 29 is as follows:
|
|
(i)
|
Monetary items (the ones that are already stated in terms of the current measuring unit) are not
restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. In an inflationary
period, an entity holding monetary assets generates purchasing power loss and holding monetary liabilities generates purchasing
power gain, provided that the assets and liabilities are not linked to an adjustment mechanism that offsets, in some extend such
effects. The net gain or loss on a monetary basis shall be included in profit or loss for the period.
|
|
(ii)
|
Assets and liabilities subject to adjustments based on specific agreements will be adjusted in
accordance with such agreements.
|
|
(iii)
|
Nonmonetary items stated at current cost at the end of the reporting period, are not restated for
presentation purposes in the statement of financial position, but the adjustment process must be completed to determine, in terms
of constant measurement unit, the income or loss produced by holding these nonmonetary items.
|
|
(iv)
|
Nonmonetary items carried at historical cost or at current cost at some earlier date before the
reporting date, shall be restated by an index that reflects the general level of price variation from the acquisition or revaluation
date to the closing date, proceeding then to compare the restated amounts of those assets with their recoverable amounts. Income
or loss for the period related to depreciation of property, plant and equipment and amortization of intangible assets and other
nonmonetary cost shall be determined over the new restated amounts.
|
|
(v)
|
When an entity capitalizes borrowing cost in the nonmonetary assets, the part of the borrowing
cost that compensates for the inflation during the same period will not be capitalized.
|
|
(vi)
|
The restatement of nonmonetary assets in terms of a current measurement unit at the end of the
reporting period, without an equivalent adjustment for tax purposes generates a taxable temporary difference and a deferred income
tax liability is recognized and the contra account is recognized as profit or loss for the period. When, beyond the restatement,
there is a revaluation of nonmonetary assets, the deferred tax related to the restatement is recognized in profit or loss for the
period and deferred tax related with the revaluation is recognized in other comprehensive income for the period.
|
|
(vii)
|
Income and expenses are restated from the date the items were recorded, except for those income
or loss items that reflect or include, in their determination, the consumption of assets measured at the currency purchasing power
from a date prior to that when the consumption was recorded, which is restated using as a basis the acquisition date of the assets
related to the item, and except for income or losses arising from comparing the two measurements at currency purchasing power of
different dates, for which it requires to identify the compared amounts, to restate them separately and to repeat the comparison,
with the restated amounts.
|
NOTES TO THE CONDENSED
SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
(viii)
|
At the beginning of the first period of application of
the restatement of financial statements in constant currency, the components of equity, except for the retained earnings, are
restated according IAS 29, and the retained earning amount is determinated as a difference, once the equity items were restated.
|
If the Bank, according to a
global estimation, had applied IAS 29, the Shareholders’ equity as of June 30, 2019 and December 31, 2018 would have increased
by 9,948,569 and 20,014,790, respectively, including the effects for the application of section 5.5. “Impairment” of
the IFRS 9 abovementioned; on the other hand, the comprehensive income for the six-month period would have decreased by 9,691,520.
Subsidiaries
As mentioned in note 1, the
Bank performs certain transactions through its subsidiaries.
Subsidiaries are all the entities
controlled by the Bank. An entity controls another entity when it is exposed, or has rights, to variable returns from its continuing
involvement with such other entity, and has the ability to use its power to direct the operating and financing policies of such
other entity, to affect the amounts of such returns.
As provided under IAS 27 “Consolidated
and Separate Financial Statements”, investments in subsidiaries were accounted for using the “equity method”,
established in IAS 28. When using this method, investments are initially recognized at cost, and such amount increases or decreases
to recognize investor’s interest in profits and losses of the entity after the date of acquisition or creation.
Shares in profits and losses
of subsidiaries and associates are recognized under “Income from subsidiaries, associates and joint ventures” in the
statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for under “Income for
the fiscal year in other comprehensive income of subsidiaries, associates and joint ventures accounted for using the participation
method”, in the statement of other comprehensive income.
Transcription in the Books
of Accounts
As of the date of these condensed
separate interim financial statements, the same are in the process of being transcribed in the Books of Accounts of Banco Macro
SA.
New standards adopted
New pronouncements are described
in note 3 to the condensed consolidated interim financial statements.
New pronouncements
New pronouncements are described
in note 3 to the condensed consolidated interim financial statements.
4.
|
CONTINGENT TRANSACTIONS
|
In order to meet specific financial
needs of customers, the Bank’s credit policy also includes, among others, the granting of guarantees, securities, bonds,
letters of credit and documentary credits. Although these transactions are not recognized in the statement of financial position,
since they imply a possible liability for the Bank, they expose the Bank to credit risks other than those recognized in the statement
of financial position and are, therefore, an integral part of the total risk of the Bank.
As of June 30, 2019 and December
31, 2018, the Bank maintains the following contingent transactions:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Overdraft and unused agreed commitments (*)
|
|
|
1,677,392
|
|
|
|
634,288
|
|
Guarantees granted (*)
|
|
|
693,067
|
|
|
|
940,990
|
|
Letters of credit
|
|
|
99,438
|
|
|
|
256,788
|
|
|
|
|
2,469,897
|
|
|
|
1,832,066
|
|
NOTES TO THE CONDENSED
SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
(*)
|
Includes transactions not covered by BCRA debtor classification
standards. For overdraft and unused agreed commitments, it includes an amount of 405,623 and 221,220, as of June 30, 2019 and
December 31, 2018, respectively. For guarantees granted it includes the amount of 190,954 and 166,650, as of June 30, 2019 and
December 31, 2018, respectively.
|
Risks related to the contingent
transactions described above have been evaluated and are controlled within the framework of the Bank’s credit risk policy
detail in note 39 to the consolidated financial statements as of December 31, 2018, already issued.
5.
|
FAIR VALUE QUANTITATIVE AND QUALITATIVE DISCLOSURES
|
Note 5 to the condensed consolidated
interim financial statements describes the methods and assumptions used to determine the fair value, both of the financial instruments
recognized at fair value as of those not accounted for at such fair value in these condensed separate interim financial statements.
In addition, the Bank discloses the relevant information as to instruments included in Level 3 of the fair value hierarchy.
Notwithstanding the above, the
Bank’s Management has used its best judgment to estimate the fair values of its financial instruments; any technique to perform
such estimate implies certain inherent fragility level.
Fair value hierarchy
The Bank uses the following
hierarchy to determine and disclose the fair value of financial instruments, according to the valuation technique applied:
|
-
|
Level 1: quoted prices (unadjusted) observable in active markets that the Bank accesses to at the
measurement day for identical assets or liabilities. The Bank considers markets as active only if there are sufficient trading
activities with regards to the volume and liquidity of the identical assets or liabilities and when there are binding and exercisable
price quotes available at each reporting period.
|
|
-
|
Level 2: Valuation techniques for which the data and variables having a significant impact on the
determination of the fair value recognized or disclosed are observable for the asset or liability, either directly or indirectly.
Such inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical instruments
in inactive markets and observable inputs other than quoted prices such as interest rates and yield curves, implied volatilities,
and credit spreads. In addition, adjustments to level 2 inputs may be required for the condition or location of the asset or the
extent to which it relates to items that are comparable to the valued instrument. However, if such adjustments are based on unobservable
inputs which are significant to the entire measurement, the Bank will classify the instruments as Level 3.
|
|
-
|
Level 3: Valuation techniques for which the data and variables having a significant impact on the
determination of the fair value recognized or disclosed are not based on observable market information.
|
The following tables show the
hierarchy in the Bank’s financial assets and liabilities at fair value measurement, as of June 30, 2019 and December 31,
2018:
Description
|
|
Financial assets and financial liabilities measured at fair
value on a recurring basis as of June 30, 2019
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value through profit or loss
|
|
|
1,589,311
|
|
|
|
498,824
|
|
|
|
130,847
|
|
|
|
959,640
|
|
Derivative Financial Instruments
|
|
|
17,199
|
|
|
|
9,242
|
|
|
|
7,957
|
|
|
|
|
|
Other financial assets
|
|
|
24,844
|
|
|
|
|
|
|
|
|
|
|
|
24,844
|
|
Financial assets delivered as guarantee
|
|
|
123,867
|
|
|
|
123,867
|
|
|
|
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
1,502,944
|
|
|
|
6,458
|
|
|
|
|
|
|
|
1,496,486
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
82,926,468
|
|
|
|
82,926,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
86,184,633
|
|
|
|
83,564,859
|
|
|
|
138,804
|
|
|
|
2,480,970
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Description
(contd.)
|
|
Financial
assets and financial liabilities measured at fair value
on a recurring basis as of June 30, 2019
|
|
|
|
Total
|
|
|
Level
1
|
|
|
Level
2
|
|
|
|
Level
3
|
|
Financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At
fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives
financial instruments
|
|
|
10,782
|
|
|
|
1,323
|
|
|
|
9,459
|
|
|
|
|
|
Total
|
|
|
10,782
|
|
|
|
1,323
|
|
|
|
9,459
|
|
|
|
|
|
Description
|
|
Financial assets and financial liabilities measured at fair value
on a recurring basis as of December 31, 2018
|
|
|
|
Total
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
Financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value through profit or loss
|
|
|
2,150,737
|
|
|
|
591,483
|
|
|
|
268,202
|
|
|
|
1,291,052
|
|
Derivative Financial Instruments
|
|
|
14,555
|
|
|
|
10,994
|
|
|
|
3,561
|
|
|
|
|
|
Other financial assets
|
|
|
91,168
|
|
|
|
|
|
|
|
|
|
|
|
91,168
|
|
Financial Assets delivered as guarantee
|
|
|
150,456
|
|
|
|
150,456
|
|
|
|
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
47,020
|
|
|
|
4,777
|
|
|
|
|
|
|
|
42,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
55,296,382
|
|
|
|
41,508,836
|
|
|
|
13,787,546
|
|
|
|
|
|
Total
|
|
|
57,750,318
|
|
|
|
42,266,546
|
|
|
|
14,059,309
|
|
|
|
1,424,463
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivatives financial instruments
|
|
|
1,369
|
|
|
|
593
|
|
|
|
776
|
|
|
|
|
|
Total
|
|
|
1,369
|
|
|
|
593
|
|
|
|
776
|
|
|
|
|
|
Below there is the reconciliation between
the amounts at the beginning and the end of the period or fiscal year, as applicable, of the financial instruments recognized at
fair value, using the valuation technical information based on the Bank’s own assumptions, as of June 30, 2019 and December
31, 2018:
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
June 30, 2019
|
|
Description
|
|
Debt
Securities
|
|
|
Other
financial
assets
|
|
|
Equity
instruments at
fair value
through profit
or loss
|
|
Amount at the beginning
|
|
|
1,291,052
|
|
|
|
91,168
|
|
|
|
42,243
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss
|
|
|
218,246
|
|
|
|
4,606
|
|
|
|
33,547
|
|
Purchases, sales, issuance and settlement
|
|
|
(549,658
|
)
|
|
|
(70,930
|
)
|
|
|
1,420,696
|
(*)
|
Amount at end of the period
|
|
|
959,640
|
|
|
|
24,844
|
|
|
|
1,496,486
|
|
(*)
|
It is related to the reclassification according to IFRS
5 of non current assets held for sale. Additionally, see note 9 to the condensed consolidated interim financial statements.
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
December 31, 2018
|
|
Description
|
|
Debt
securities
|
|
|
Other
financial
assets
|
|
|
Investments in equity instruments
|
|
Amount at the beginning
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
33,197
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and loss
|
|
|
(200,279
|
)
|
|
|
(92,022
|
)
|
|
|
9,046
|
|
Purchases, sales, issuance and settlement
|
|
|
1,455,490
|
|
|
|
21,439
|
|
|
|
|
|
Amount at end of the fiscal year
|
|
|
1,291,052
|
|
|
|
91,168
|
|
|
|
42,243
|
|
Instruments
measured as level 3 include mainly equity instruments at fair value through profit or loss and debt securities, for which the construction
of fair values was obtained based on the Bank’s own assumptions that are not easily observable in the market.
Changes
in fair value levels
The
Bank monitors the availability of information in the market to evaluate the classification of financial instruments into the fair
value hierarchy, as well as the resulting determination of transfers between levels 1, 2 and 3 at each period end.
As
of June 30, 2019 and December 31, 2018, the Bank has not recognized any transfers between levels 1, 2 and 3 of the fair value hierarchy.
Financial assets and liabilities
not recognized at fair value
The following table shows a
comparison between the fair value and the carrying amount of financial instruments not recognized at fair value as of June 30,
2019 and December 31, 2018:
|
|
|
06/30/2019
|
|
|
|
|
Carrying
amount
|
|
|
|
Level
1
|
|
|
|
Level
2
|
|
|
|
Level
3
|
|
|
Fair value
|
|
Financial
assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
89,670,120
|
|
|
|
89,670,120
|
|
|
|
|
|
|
|
|
|
|
89,670,120
|
|
Other
financial assets
|
|
|
2,868,962
|
|
|
|
2,868,962
|
|
|
|
|
|
|
|
|
|
|
2,868,962
|
|
Loans
and other financing
|
|
|
165,014,934
|
|
|
|
|
|
|
|
121,413
|
|
|
|
148,475,254
|
|
|
148,596,667
|
|
Other
debt securities
|
|
|
8,746,236
|
|
|
|
146,837
|
|
|
|
8,587,579
|
|
|
|
|
|
|
8,734,416
|
|
Financial
assets delivered as guarantee
|
|
|
6,424,125
|
|
|
|
6,231,293
|
|
|
|
192,832
|
|
|
|
|
|
|
6,424,125
|
|
|
|
|
272,724,377
|
|
|
|
98,917,212
|
|
|
|
8,901,824
|
|
|
|
148,475,254
|
|
|
256,294,290
|
|
Financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
262,545,318
|
|
|
|
113,760,087
|
|
|
|
|
|
|
|
149,194,888
|
|
|
262,954,975
|
|
Repo
transactions
|
|
|
277,594
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
Other
financial liabilities
|
|
|
13,437,901
|
|
|
|
12,681,740
|
|
|
|
827,317
|
|
|
|
|
|
|
13,509,057
|
|
Financing
received from the BCRA and other financial entities
|
|
|
2,194,956
|
|
|
|
1,743,294
|
|
|
|
416,447
|
|
|
|
|
|
|
2,159,741
|
|
Issued
corporate bonds
|
|
|
6,204,199
|
|
|
|
|
|
|
|
4,680,071
|
|
|
|
|
|
|
4,680,071
|
|
Subordinated
corporate bonds
|
|
|
17,191,816
|
|
|
|
|
|
|
|
14,658,078
|
|
|
|
|
|
|
14,658,078
|
|
|
|
|
301,851,784
|
|
|
|
128,462,715
|
|
|
|
20,581,913
|
|
|
|
149,194,888
|
|
|
298,239,516
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
12/31/2018
|
|
|
|
Carrying
amount
|
|
|
Level
1
|
|
|
Level
2
|
|
|
Level
3
|
|
|
Fair
value
|
|
Financial
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
68,178,537
|
|
|
|
68,178,537
|
|
|
|
|
|
|
|
|
|
|
68,178,537
|
|
Other
financial assets
|
|
|
2,172,487
|
|
|
|
2,172,487
|
|
|
|
|
|
|
|
|
|
|
2,172,487
|
|
Loans
and other financing
|
|
|
165,209,389
|
|
|
|
|
|
|
|
175,685
|
|
|
|
150,201,015
|
|
|
150,376,700
|
|
Other
debt securities
|
|
|
7,358,084
|
|
|
|
173,337
|
|
|
|
7,158,360
|
|
|
|
|
|
|
7,331,697
|
|
Financial
assets delivered as guarantee
|
|
|
6,173,482
|
|
|
|
6,141,490
|
|
|
|
31,992
|
|
|
|
|
|
|
6,173,482
|
|
|
|
|
249,091,979
|
|
|
|
76,665,851
|
|
|
|
7,366,037
|
|
|
|
150,201,015
|
|
|
234,232,903
|
|
Financial
liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
219,761,923
|
|
|
|
99,926,237
|
|
|
|
|
|
|
|
119,925,037
|
|
|
219,851,274
|
|
Repo
transactions
|
|
|
164,469
|
|
|
|
164,469
|
|
|
|
|
|
|
|
|
|
|
164,469
|
|
Other
financial liabilities
|
|
|
14,128,235
|
|
|
|
13,962,137
|
|
|
|
166,522
|
|
|
|
|
|
|
14,128,659
|
|
Financing
received from the BCRA and other financial entities
|
|
|
3,297,393
|
|
|
|
2,532,284
|
|
|
|
731,729
|
|
|
|
|
|
|
3,264,013
|
|
Issued
corporate bonds
|
|
|
6,388,191
|
|
|
|
|
|
|
|
4,992,566
|
|
|
|
|
|
|
4,992,566
|
|
Subordinated
corporate bonds
|
|
|
15,288,390
|
|
|
|
|
|
|
|
12,260,778
|
|
|
|
|
|
|
12,260,778
|
|
|
|
|
259,028,601
|
|
|
|
116,585,127
|
|
|
|
18,151,595
|
|
|
|
119,925,037
|
|
|
254,661,759
|
|
6.
|
INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS
|
The Bank’s interests on
associates and joint ventures are disclosed in note 6 to the condensed consolidated interim financial statements.
7.
|
OTHER FINANCING AND NON FINANCING ASSETS
|
The breakdown of other financial and non financial
assets as of June 30, 2019 and December 31, 2018 is as follows:
Other financial assets
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Sundry debtors (note 9)
|
|
|
3.303.763
|
|
|
|
1.676.034
|
|
Amounts receivables from spot sales of foreign currency pending settlements
|
|
|
689.019
|
|
|
|
235.643
|
|
Private securities
|
|
|
24.844
|
|
|
|
91.168
|
|
Amounts receivables from spot sales of government securities pending settlements
|
|
|
23.853
|
|
|
|
253.992
|
|
Other
|
|
|
41.515
|
|
|
|
11.749
|
|
Allowances (note 9)
|
|
|
(1.189.188
|
)
|
|
|
(4.931
|
)
|
|
|
|
2.893.806
|
|
|
|
2.263.655
|
|
Other non financial assets
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Advanced prepayment
|
|
|
333,754
|
|
|
|
141,654
|
|
Investment in property (Exhibit F)
|
|
|
246,415
|
|
|
|
213,874
|
|
Prepayments for the purchase of assets
|
|
|
159,398
|
|
|
|
159,231
|
|
Tax advances
|
|
|
34,108
|
|
|
|
33,185
|
|
Other
|
|
|
86,740
|
|
|
|
81,295
|
|
|
|
|
860,415
|
|
|
|
629,239
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
A related party is a person
or entity that is related to the Bank:
|
-
|
has control or joint control of the Bank;
|
|
-
|
has significant influence over the Bank;
|
|
-
|
is a member of the key management personnel
of the Bank or of a parent of the Bank;
|
|
-
|
members of the same group;
|
|
-
|
one entity is an associate (or an associate
of a member of a group of which the other entity is a member).
|
Key management personnel are
those persons having authority and responsibility for planning, directing and controlling the activities of the Bank, directly
or indirectly. The Bank considers as key management personnel, for the purposes of IAS 24, the members of the Board of Directors
and the senior management members of the Risk Management Committee, the Assets and Liabilities Committee and the Senior Credit
Committee.
The amounts related to transactions
generated with related parties as of June 30, 2019 and December 31, 2019 for the periods or fiscal year, as applicable, are as
follows:
|
|
Information as of June 30, 2019
|
|
|
|
Main subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán SA
|
|
|
Macro Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
|
|
|
|
340
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
340
|
|
Derivative financial instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,096
|
|
|
|
3,096
|
|
Other financial assets
|
|
|
82
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82
|
|
Loans and other financing (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
391,903
|
|
|
|
391,903
|
|
Overdrafts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
250
|
|
|
|
1,166,475
|
|
|
|
1,166,725
|
|
Credit cards
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,662
|
|
|
|
90,663
|
|
|
|
109,325
|
|
Leases
|
|
|
|
|
|
|
|
|
|
|
4,516
|
|
|
|
|
|
|
|
|
|
|
|
5,794
|
|
|
|
10,310
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
60,375
|
|
|
|
|
|
|
|
60,375
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
279,143
|
|
|
|
279,143
|
|
Guarantees granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
272,908
|
|
|
|
272,908
|
|
Other non financial assets
|
|
|
3,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
3,210
|
|
|
|
340
|
|
|
|
4,516
|
|
|
|
|
|
|
|
79,287
|
|
|
|
2,209,982
|
|
|
|
2,297,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
12
|
|
|
|
397,078
|
|
|
|
12,252
|
|
|
|
1,545,443
|
|
|
|
1,335,777
|
|
|
|
3,290,562
|
|
Other financial liabilities
|
|
|
21,495
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46
|
|
|
|
304
|
|
|
|
21,845
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
10,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,785
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities
|
|
|
21,495
|
|
|
|
12
|
|
|
|
407,863
|
|
|
|
12,252
|
|
|
|
1,545,489
|
|
|
|
1,336,081
|
|
|
|
3,323,192
|
|
|
(1)
|
The
maximum financing amount for loans and other financing as of June 30, 2019 for Banco
del Tucumán SA, Macro Securities SA, Key management personnel and other related
parties amounted to 2,980,000, 5,188, 106,580 and 3,036,205, respectively.
|
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
Information as of December 31, 2018
|
|
|
|
Main subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del
Tucumán SA
|
|
|
Macro Bank
Limited
|
|
|
Macro
Securities SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
|
|
|
|
583
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
583
|
|
Other financial assets
|
|
|
2,504
|
|
|
|
|
|
|
|
25,276
|
|
|
|
20,660
|
|
|
|
|
|
|
|
|
|
|
|
48,440
|
|
Loans and other financing (1)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
331,265
|
|
|
|
331,265
|
|
Overdrafts
|
|
|
|
|
|
|
|
|
|
|
6
|
|
|
|
|
|
|
|
3,505
|
|
|
|
143,936
|
|
|
|
147,447
|
|
Credit cards
|
|
|
|
|
|
|
|
|
|
|
286
|
|
|
|
|
|
|
|
17,012
|
|
|
|
50,948
|
|
|
|
68,246
|
|
Leases
|
|
|
|
|
|
|
|
|
|
|
5,746
|
|
|
|
|
|
|
|
|
|
|
|
1,407
|
|
|
|
7,153
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,003
|
|
|
|
|
|
|
|
1,003
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
51,559
|
|
|
|
|
|
|
|
51,559
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
232,670
|
|
|
|
232,670
|
|
Guarantees granted
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
391,699
|
|
|
|
391,699
|
|
Other nonfinancial assets
|
|
|
|
|
|
|
|
|
|
|
83,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
83,178
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
2,504
|
|
|
|
583
|
|
|
|
114,492
|
|
|
|
20,660
|
|
|
|
73,079
|
|
|
|
1,151,925
|
|
|
|
1,363,243
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
13
|
|
|
|
311,073
|
|
|
|
1,774,149
|
|
|
|
4,859,377
|
|
|
|
589,610
|
|
|
|
7,534,222
|
|
Other financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
101,232
|
|
|
|
29
|
|
|
|
514
|
|
|
|
101,775
|
|
Financing received from the BCRA and other financial entities
|
|
|
301,742
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301,742
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
11,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,231
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,605
|
|
|
|
46,605
|
|
Total Liabilities
|
|
|
301,742
|
|
|
|
13
|
|
|
|
322,304
|
|
|
|
1,875,381
|
|
|
|
4,859,406
|
|
|
|
636,729
|
|
|
|
7,995,575
|
|
|
(1)
|
The
maximum financing amount for loans and other financing as of December 31, 2018 for Banco
del Tucumán SA, Macro Bank Limited, Macro Securities SA, associates, Key management
personnel and other related parties amounted to 2,550,000, 0, 7,216, 0, 79,066 and 1,533,270,
respectively.
|
As of June 30, 2019 and 2018, income (loss) related
to transactions generated with related parties are as follows:
|
|
Information
as of June 30, 2019
|
|
|
|
Main
subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
del
Tucumán SA
|
|
|
Macro
Bank
Limited
|
|
|
Macro
Securities
SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
INCOME / (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
33,844
|
|
|
|
|
|
|
|
2,155
|
|
|
|
|
|
|
|
1,850
|
|
|
|
74,071
|
|
|
|
111,920
|
|
Interest expense
|
|
|
(65,981
|
)
|
|
|
|
|
|
|
|
|
|
|
(1,275
|
)
|
|
|
(365,946
|
)
|
|
|
(155,460
|
)
|
|
|
(588,662
|
)
|
Commissions income
|
|
|
4
|
|
|
|
|
|
|
|
285
|
|
|
|
81
|
|
|
|
8
|
|
|
|
2,022
|
|
|
|
2,400
|
|
Net income from measurement
of financial instruments at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,096
|
|
|
|
3,096
|
|
Other operating income
|
|
|
17,028
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
17,039
|
|
Administrative expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(11,271
|
)
|
|
|
(11,271
|
)
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(31,962
|
)
|
|
|
(31,962
|
)
|
(Loss)
/ income
|
|
|
(15,105
|
)
|
|
|
1
|
|
|
|
2,440
|
|
|
|
(1,194
|
)
|
|
|
(364,088
|
)
|
|
|
(119,494
|
)
|
|
|
(497,440
|
)
|
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
Information as of June 30, 2018
|
|
|
|
Main subsidiaries
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco del
Tucumán SA
|
|
|
Macro Bank
Limited
|
|
|
Macro
Securities
SA
|
|
|
Associates
|
|
|
Key
management
personnel
|
|
|
Other
related
parties
|
|
|
Total
|
|
INCOME / (LOSS)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
185,047
|
|
|
|
|
|
|
|
1,069
|
|
|
|
|
|
|
|
873
|
|
|
|
15,981
|
|
|
|
202,970
|
|
Interest expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(92,890
|
)
|
|
|
(69,006
|
)
|
|
|
(371
|
)
|
|
|
(162,267
|
)
|
Commissions income
|
|
|
5
|
|
|
|
|
|
|
|
141
|
|
|
|
54
|
|
|
|
7
|
|
|
|
2,520
|
|
|
|
2,727
|
|
Other operating income
|
|
|
11,693
|
|
|
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7
|
|
|
|
11,701
|
|
Administrative expenses
|
|
|
(4
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(4,568
|
)
|
|
|
(4,572
|
)
|
Other operating expenses
|
|
|
|
|
|
|
|
|
|
|
(1
|
)
|
|
|
(473,715)
|
(1)
|
|
|
|
|
|
|
(11,051
|
)
|
|
|
(484,767
|
)
|
Income / (loss)
|
|
|
196,741
|
|
|
|
1
|
|
|
|
1,209
|
|
|
|
(566,551
|
)
|
|
|
(68,126
|
)
|
|
|
2,518
|
|
|
|
(434,208
|
)
|
|
(1)
|
These losses are mainly generated by debit and credit cards processing expenses billed by Prisma
Medios de Pago SA.
|
Transactions generated by the
Bank with related parties for transactions arranged within the usual and ordinary course of business were performed in normal market
conditions, both as to interest rates and prices and as to the required guarantees.
The Bank does not have loans
granted to Directors and other key management personnel secured with shares.
Total remunerations received
as salary and bonus by the key management personnel as of June 30, 2019 and 2018, totaled 77,112 and 41,285, respectively.
In addition, fees received by
the Directors as of June 30, 2019 and 2018 amounted to 523,124 and 287,368, respectively.
Additionally, the composition
of the Board of Directors and key management personnel is as follows:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Board of Directors
|
|
|
13
|
|
|
|
14
|
|
Senior manager of the key management personnel
|
|
|
10
|
|
|
|
10
|
|
|
|
|
23
|
|
|
|
24
|
|
|
9.
|
NONCURRENT ASSETS HELD FOR SALE – PRISMA MEDIOS DE PAGO SA
|
The Bank’s holding on
Prisma Medios de Pago SA as of June 30, 2019 and December 31, 2018, is detailed in note 9 to the condensed consolidated interim
financial statements.
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
This item includes the amounts
estimated to face a liability of probable occurrence, which if occurring, would originate a loss for the Bank.
Exhibit J “Changes in
Provisions” presents the changes in provisions as of June 30, 2019 and December 31, 2018.
The expected terms to settle
these obligations are as follows:
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
Within 12
months
|
|
|
Beyond 12
months
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
For administrative, disciplinary and criminal penalties
|
|
|
718
|
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
Commercial claims
|
|
|
476,258
|
|
|
|
40,239
|
|
|
|
516,497
|
|
|
|
513,859
|
|
Labor lawsuits in progress
|
|
|
53,804
|
|
|
|
83,810
|
|
|
|
137,614
|
|
|
|
110,095
|
|
Pension funds - reimbursement
|
|
|
51,894
|
|
|
|
55,989
|
|
|
|
107,883
|
|
|
|
116,061
|
|
Other
|
|
|
159,851
|
|
|
|
31,129
|
|
|
|
190,980
|
|
|
|
229,021
|
|
|
|
|
742,525
|
|
|
|
211,167
|
|
|
|
953,692
|
|
|
|
969,754
|
|
In the opinion of the Management
of the Bank and its legal counsel, there are no other significant effects than those disclosed in these condensed separate interim
financial statements, the amounts and settlement terms of which have been recognized based on the current value of such estimates,
considering the probable settlement date thereof.
|
11.
|
OTHER FINANCIAL AND NON FINANCIAL LIABILITIES
|
The breakdown of other financial and non financial
liabilities as of June 30, 2019 and December 31, 2018 is as follows:
Other financial liabilities
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Financing liabilities
|
|
|
5,817,705
|
|
|
|
7,719,014
|
|
Payments orders pending settlement foreign exchange
|
|
|
2,088,265
|
|
|
|
1,584,612
|
|
Credit card settlement - due to merchants
|
|
|
1,673,974
|
|
|
|
1,487,529
|
|
Collections and other transactions on account and behalf others
|
|
|
960,992
|
|
|
|
723,352
|
|
Finance leases liabilities
|
|
|
553,399
|
|
|
|
|
|
Amounts payable for spot purchases of foreign currency pending settlement
|
|
|
347,195
|
|
|
|
678,307
|
|
Amounts payable for spot purchases of government securities pending settlement
|
|
|
33,102
|
|
|
|
146,910
|
|
Amounts payable for spot purchases of other pending settlement
|
|
|
|
|
|
|
284,535
|
|
Other
|
|
|
1,963,269
|
|
|
|
1,503,976
|
|
|
|
|
13,437,901
|
|
|
|
14,128,235
|
|
Other non financial liabilities
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Salaries and payroll taxes payables (note 31.1)
|
|
|
3,094,762
|
|
|
|
1,706,975
|
|
Withholdings
|
|
|
1,369,684
|
|
|
|
1,151,327
|
|
Taxes payables
|
|
|
1,196,982
|
|
|
|
1,220,814
|
|
Miscellaneous payables
|
|
|
633,995
|
|
|
|
577,105
|
|
Retirement pension payment orders pending settlement
|
|
|
308,515
|
|
|
|
234,275
|
|
Fees payables
|
|
|
195,065
|
|
|
|
140,036
|
|
Other
|
|
|
417,332
|
|
|
|
423,754
|
|
|
|
|
7,216,335
|
|
|
|
5,454,286
|
|
|
12.
|
ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED
|
The following tables show the analysis of financial
assets and liabilities the Bank expects to recover and settle as of June 30, 2019 and December 31, 2018:
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
06/30/2019
|
|
Without due date
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
89,670,120
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
635,721
|
|
|
|
343,146
|
|
|
|
610,444
|
|
Derivative instruments
|
|
|
|
|
|
|
17,199
|
|
|
|
|
|
Other financial assets
|
|
|
1,708,578
|
|
|
|
1,185,228
|
|
|
|
|
|
Loans and other financing (1)
|
|
|
1,024,155
|
|
|
|
107,938,606
|
|
|
|
56,052,173
|
|
Other debt securities
|
|
|
|
|
|
|
82,779,631
|
|
|
|
8,893,073
|
|
Financial assets delivered as guarantee
|
|
|
6,231,293
|
|
|
|
316,699
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
1,502,944
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
100,772,811
|
|
|
|
192,580,509
|
|
|
|
65,555,690
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
110,482,451
|
|
|
|
152,015,117
|
|
|
|
47,750
|
|
Derivative instruments
|
|
|
|
|
|
|
10,782
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
13,271,910
|
|
|
|
165,991
|
|
Financing received from BCRA and other financial entities
|
|
|
|
|
|
|
1,966,239
|
|
|
|
228,717
|
|
Issued corporate bonds
|
|
|
|
|
|
|
276,602
|
|
|
|
5,927,597
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
212,496
|
|
|
|
16,979,320
|
|
Total liabilities
|
|
|
110,482,451
|
|
|
|
168,030,740
|
|
|
|
23,349,375
|
|
12/31/2018
|
|
Without due date
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
68,178,537
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
1,349,106
|
|
|
|
801,631
|
|
Derivative instruments
|
|
|
|
|
|
|
14,555
|
|
|
|
|
|
Other financial assets
|
|
|
1,354,255
|
|
|
|
843,190
|
|
|
|
66,210
|
|
Loans and other financing (1)
|
|
|
1,198,862
|
|
|
|
106,719,119
|
|
|
|
57,291,408
|
|
Other debt securities
|
|
|
|
|
|
|
55,778,747
|
|
|
|
6,875,719
|
|
Financial assets delivered as guarantee
|
|
|
6,141,490
|
|
|
|
182,448
|
|
|
|
|
|
Equity instruments at fair value through profit or loss
|
|
|
47,020
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
76,920,164
|
|
|
|
164,887,165
|
|
|
|
65,034,968
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
97,057,501
|
|
|
|
122,635,635
|
|
|
|
68,787
|
|
Derivative instruments
|
|
|
|
|
|
|
1,369
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
164,469
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
13,982,160
|
|
|
|
146,075
|
|
Financing received from BCRA and other financial entities
|
|
|
|
|
|
|
3,127,049
|
|
|
|
170,344
|
|
Issued corporate bonds
|
|
|
|
|
|
|
306,639
|
|
|
|
6,081,552
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
165,070
|
|
|
|
15,123,320
|
|
Total liabilities
|
|
|
97,057,501
|
|
|
|
140,382,391
|
|
|
|
21,590,078
|
|
(1) The amounts included in “without due date”, are related with the non-performing portfolio.
|
13.
|
DISCLOSURES BY OPERATING SEGMENT
|
The
Bank has an approach of its banking business that is described in note 13 to the condensed consolidated interim financial statements.
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
a)
|
Inflation adjustment on income tax
|
Tax Reform Act 27430, amended
by Act 27468, established the following, regarding to inflation adjustment on income tax for the fiscal years beginning on January
1, 2018.
|
a)
|
Such adjustment will be applicable in the fiscal year in which the variation of the IPC will be
higher than 100% for the thirty-six months before the end of the tax period;
|
|
b)
|
Regarding to the first, second and third fiscal year after its effective date, this procedure will
be applicable if the variation of the abovementioned index, calculated from the beginning until the end of each of those fiscal
years exceeds 55%, 30% and 15% for the first, second and third fiscal year of application, respectively; and
|
|
c)
|
The positive or negative inflation adjustment, as the case may be, corresponding to the first,
second and third fiscal years beginning on January 1, 2018, must be calculated if the assumptions mentioned in items (a) and (b)
are verified and shall be allocated one third in the fiscal year for which the adjustment is calculated and the remaining two thirds
in equal parts in the following immediate fiscal years.
|
At the closing date of an intermediate
period, the Bank shall assess whether the parameters established by the income tax Act to restart the inflation adjustment are
met at the closing date of the fiscal year, and, if it is applicable, to recognize an income tax for an intermediate period (current
and deferred), according to the abovementioned standard. In that regard, particularly as applicable to the necessary estimates
for the issuance of these condensed consolidated interim financial statements as of June 30, 2019, the Bank assessed that as of
the date of issuance thereof, it can not be concluded yet that for the fiscal year ended 2019 the inflation adjustment shall be
applied. The Bank shall continue monitoring the real and projected inflation level, for the fiscal year ended 2019, in order to
conclude about the need to apply the inflation adjustment on income tax.
|
b)
|
The main items of income tax expense in the condensed separate interim financial statements are as follows:
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
|
|
Accumulated
from
beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Current income tax expense
|
|
|
5,639,258
|
|
|
|
2,714,665
|
|
|
|
2,791,661
|
|
|
|
1,227,018
|
|
Loss / (Gain) for deferred income tax
|
|
|
168,997
|
|
|
|
38,548
|
|
|
|
(215,116
|
)
|
|
|
(123,440
|
)
|
Income tax expense recorded in the statement of income
|
|
|
5,808,255
|
|
|
|
2,753,213
|
|
|
|
2,576,545
|
|
|
|
1,103,578
|
|
Income tax (gain) / loss recorded in other comprehensive income
|
|
|
(18,258
|
)
|
|
|
19,335
|
|
|
|
(26,571
|
)
|
|
|
(9,928
|
)
|
|
|
|
5,789,997
|
|
|
|
2,772,548
|
|
|
|
2,549,974
|
|
|
|
1,093,650
|
|
|
|
|
06/30/2019
|
|
|
|
06/30/2018
|
|
Description
|
|
|
Accumulated
from
beginning
of year up to
06/30/2019
|
|
|
|
Quarter
ended
06/30/2019
|
|
|
|
Accumulated
from
beginning
of year up to
06/30/2018
|
|
|
|
Quarter
ended
06/30/2018
|
|
Performance obligations satisfied at a point in time
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to obligations
|
|
|
3,911,329
|
|
|
|
1,955,824
|
|
|
|
3,148,944
|
|
|
|
1,687,673
|
|
Commissions related to credit cards
|
|
|
1,959,492
|
|
|
|
1,002,489
|
|
|
|
1,430,914
|
|
|
|
744,782
|
|
Commissions related to insurance
|
|
|
402,191
|
|
|
|
203,138
|
|
|
|
341,735
|
|
|
|
172,118
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
|
06/30/2019
|
|
|
|
06/30/2018
|
|
Description (contd.)
|
|
|
Accumulated
from
beginning
of year up to
06/30/2019
|
|
|
|
Quarter
ended
06/30/2019
|
|
|
|
Accumulated
from
beginning
of year up to
06/30/2018
|
|
|
|
Quarter
ended 06/30/2018
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
163,412
|
|
|
|
91,827
|
|
|
|
85,468
|
|
|
|
47,084
|
|
Commissions related to loans and other financing
|
|
|
57,180
|
|
|
|
34,477
|
|
|
|
39,686
|
|
|
|
23,839
|
|
Commissions related to securities
|
|
|
47,559
|
|
|
|
26,814
|
|
|
|
47,098
|
|
|
|
25,366
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
2,441
|
|
|
|
237
|
|
|
|
178
|
|
|
|
33
|
|
Performance obligations satisfied over certain time period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to credit cards
|
|
|
86,074
|
|
|
|
30,767
|
|
|
|
33,606
|
|
|
|
20,714
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
4,906
|
|
|
|
2,969
|
|
|
|
6,710
|
|
|
|
3,720
|
|
Commissions related to loans and other financing
|
|
|
6,172
|
|
|
|
5,085
|
|
|
|
1,033
|
|
|
|
770
|
|
Commissions related to obligations
|
|
|
1,385
|
|
|
|
567
|
|
|
|
2,207
|
|
|
|
1,290
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
|
|
|
|
|
|
|
|
275
|
|
|
|
12
|
|
|
|
|
6,642,141
|
|
|
|
3,354,194
|
|
|
|
5,137,854
|
|
|
|
2,727,401
|
|
|
16.
|
DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from
beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of year up to 06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Translation of foreign currency assets and liabilities into pesos
|
|
|
(621,537
|
)
|
|
|
(116,136
|
)
|
|
|
(1,446,555
|
)
|
|
|
(1,445,083
|
)
|
Income from foreign currency exchange
|
|
|
854,363
|
|
|
|
444,576
|
|
|
|
443,868
|
|
|
|
317,873
|
|
|
|
|
232,826
|
|
|
|
328,440
|
|
|
|
(1,002,687
|
)
|
|
|
(1,127,210
|
)
|
|
17.
|
OTHER OPERATING INCOME
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from
beginning
of year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning
of year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Sale of noncurrent assets held for sale (note 9)
|
|
|
2,340,692
|
|
|
|
413
|
|
|
|
|
|
|
|
|
|
Services
|
|
|
490,266
|
|
|
|
274,069
|
|
|
|
225,388
|
|
|
|
117,852
|
|
Adjustments and interest from other receivables
|
|
|
220,194
|
|
|
|
124,769
|
|
|
|
79,638
|
|
|
|
39,806
|
|
Sale of investment property and other nonfinancial assets
|
|
|
170,270
|
|
|
|
166,224
|
|
|
|
137,123
|
|
|
|
27,202
|
|
Initial recognition of loans
|
|
|
67,826
|
|
|
|
41,192
|
|
|
|
49,749
|
|
|
|
29,292
|
|
Adjustments from other receivables with CER clauses
|
|
|
54,951
|
|
|
|
37,370
|
|
|
|
|
|
|
|
|
|
Sale of property, plant and equipment
|
|
|
5,376
|
|
|
|
3,110
|
|
|
|
1,450
|
|
|
|
731
|
|
Other
|
|
|
483,161
|
|
|
|
265,394
|
|
|
|
282,349
|
|
|
|
168,885
|
|
|
|
|
3,832,736
|
|
|
|
912,541
|
|
|
|
775,697
|
|
|
|
383,768
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures
expressed in thousands of Pesos)
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from
beginning of
year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Salary
|
|
|
4,823,087
|
|
|
|
2,732,396
|
|
|
|
3,047,406
|
|
|
|
1,662,263
|
|
Payroll taxes (see note 31.1)
|
|
|
1,932,056
|
|
|
|
1,502,000
|
|
|
|
604,346
|
|
|
|
335,957
|
|
Compensations and bonuses to employees
|
|
|
501,167
|
|
|
|
256,387
|
|
|
|
307,339
|
|
|
|
168,114
|
|
Employee services
|
|
|
139,894
|
|
|
|
70,545
|
|
|
|
92,389
|
|
|
|
47,969
|
|
|
|
|
7,396,204
|
|
|
|
4,561,328
|
|
|
|
4,051,480
|
|
|
|
2,214,303
|
|
19.
|
ADMINISTRATIVE EXPENSES
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from
beginning of
year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Fees to directors and statutory audits
|
|
|
578,863
|
|
|
|
274,475
|
|
|
|
280,021
|
|
|
|
133,011
|
|
Maintenance, conservation and repair expenses
|
|
|
526,488
|
|
|
|
277,751
|
|
|
|
336,298
|
|
|
|
185,454
|
|
Taxes
|
|
|
518,294
|
|
|
|
274,923
|
|
|
|
406,124
|
|
|
|
201,302
|
|
Electricity and communications
|
|
|
394,253
|
|
|
|
207,461
|
|
|
|
212,692
|
|
|
|
109,198
|
|
Security services
|
|
|
389,864
|
|
|
|
199,437
|
|
|
|
284,705
|
|
|
|
152,259
|
|
Other fees
|
|
|
331,183
|
|
|
|
184,500
|
|
|
|
211,607
|
|
|
|
114,454
|
|
Advertising and publicity
|
|
|
131,330
|
|
|
|
82,161
|
|
|
|
82,013
|
|
|
|
52,863
|
|
Leases
|
|
|
88,248
|
|
|
|
41,431
|
|
|
|
127,666
|
|
|
|
68,321
|
|
Representation, travel and transportation expenses
|
|
|
56,371
|
|
|
|
30,216
|
|
|
|
41,190
|
|
|
|
22,375
|
|
Insurance
|
|
|
35,015
|
|
|
|
18,437
|
|
|
|
17,609
|
|
|
|
9,816
|
|
Stationery and office supplies
|
|
|
29,246
|
|
|
|
15,403
|
|
|
|
20,966
|
|
|
|
10,558
|
|
Hired administrative services
|
|
|
1,205
|
|
|
|
529
|
|
|
|
2,979
|
|
|
|
2,093
|
|
Other
|
|
|
880,483
|
|
|
|
462,360
|
|
|
|
629,027
|
|
|
|
329,089
|
|
|
|
|
3,960,843
|
|
|
|
2,069,084
|
|
|
|
2,652,897
|
|
|
|
1,390,793
|
|
|
20.
|
OTHER OPERATING EXPENSES
|
|
|
06/30/2019
|
|
|
06/30/2018
|
|
Description
|
|
Accumulated
from
beginning of
year up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
Turnover tax
|
|
|
3,332,591
|
|
|
|
1,650,410
|
|
|
|
2,149,319
|
|
|
|
1,145,035
|
|
For credit cards
|
|
|
1,246,487
|
|
|
|
639,368
|
|
|
|
825,139
|
|
|
|
462,644
|
|
Charges for other provisions
|
|
|
379,049
|
|
|
|
213,327
|
|
|
|
317,921
|
|
|
|
167,968
|
|
Deposit guarantee fund contributions
|
|
|
206,123
|
|
|
|
109,880
|
|
|
|
122,578
|
|
|
|
63,600
|
|
Donations
|
|
|
71,476
|
|
|
|
37,027
|
|
|
|
40,726
|
|
|
|
21,114
|
|
Interest on the lease liability
|
|
|
36,112
|
|
|
|
19,918
|
|
|
|
|
|
|
|
|
|
Insurance claims
|
|
|
20,165
|
|
|
|
9,708
|
|
|
|
21,565
|
|
|
|
11,485
|
|
Other
|
|
|
1,247,946
|
|
|
|
996,544
|
|
|
|
435,792
|
|
|
|
222,859
|
|
|
|
|
6,539,949
|
|
|
|
3,676,182
|
|
|
|
3,913,040
|
|
|
|
2,094,705
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures
expressed in thousands of Pesos)
|
21.
|
ADDITIONAL DISCLOSURES IN THE STATEMENT OF CASH FLOWS
|
The statement of cash flows
presents the changes in cash and cash equivalents derived from operating activities, investing activities and financing activities
during the period. For the preparation of the statement of cash flows the Bank adopted the indirect method for operating activities
and the direct method for investment activities and financing activities.
The Bank considers as “Cash
and cash equivalents” the item Cash and Deposits in Banks and those financial assets that are readily convertible to known
amounts of cash and which are subject to an insignificant risk of changes in value.
For the preparation of the statement
of cash flows the Bank considered the following:
|
-
|
Operating activities: the normal revenue-producing activities of the Bank as well as other activities
that cannot qualify as investing or financing activities.
|
|
-
|
Investing activities: the acquisition, sale and disposal by other means of long-term assets and
other investments not included in cash and cash equivalents.
|
|
-
|
Financing activities: activities that result in changes in the size and composition of the shareholders´
equity and liabilities of the Bank and that are not part of the operating or investing activities.
|
The table below presents the
reconciliation between the item “Cash and cash equivalents” in the statement of cash flows and the relevant accounting
items of the Balance Sheet:
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
Cash and deposits in banks
|
|
|
89,670,120
|
|
|
|
68,178,537
|
|
|
|
45,389,232
|
|
|
|
32,473,987
|
|
Debt securities at fair value
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20,415
|
|
Other debt securities
|
|
|
82,779,631
|
|
|
|
55,069,908
|
|
|
|
36,713,920
|
|
|
|
19,294,526
|
|
|
|
|
172,449,751
|
|
|
|
123,248,445
|
|
|
|
82,103,152
|
|
|
|
51,788,928
|
|
Note 22 to the condensed consolidated
interim financial statements presents the changes in the Bank’s capital stock.
|
23.
|
DEPOSIT GUARANTEE INSURANCE
|
Note 24 to the condensed consolidated
interim financial statements describes the Deposit Guarantee Insurance System and the scope thereof.
Banco Macro SA holds an 8.300%
interest in the capital stock according to the percentages disclosed by BCRA Communiqué “B” 11816 issued on
February 28, 2019.
As of June 30, 2019 and December 31, 2018 the following
Bank’s assets are restricted:
Item
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Debt securities at fair value through profit or loss and other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 used as security in favor of Sedesa (1).
|
|
|
89,046
|
|
|
|
92,659
|
|
|
|
|
|
|
|
|
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing the regional economies Competitiveness Program – IDB Loan No. 3174/OC-AR.
|
|
|
78,007
|
|
|
|
108,633
|
|
|
|
|
|
|
|
|
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing the sectorial Credit Program of the Province of San Juan. Production investment financing fund.
|
|
|
70,216
|
|
|
|
64,703
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures
expressed in thousands of Pesos)
Item (contd.)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033, for minimum statutory guarantee account required for Agents to act in the new categories contemplated under Resolution No. 622/13, as amended, of the CNV.
|
|
|
21,245
|
|
|
|
14,620
|
|
· Discount bonds in pesos regulated by Argentine legislation, maturing 2033 securing IBD Loan of the Province of San Juan No. 2763/OC-AR.
|
|
|
2,019
|
|
|
|
6,609
|
|
Subtotal Debt securities at fair value through profit or loss and other debt securities
|
|
|
260,533
|
|
|
|
287,224
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
· Sundry debtors – attachment within the scope of the claim filed by the DGR against the City of Buenos Aires for differences in turnover tax
|
|
|
827
|
|
|
|
827
|
|
Subtotal other financial assets
|
|
|
827
|
|
|
|
827
|
|
Loans and other financing – Nonfinancial sector and foreign residents
|
|
|
|
|
|
|
|
|
· Interests derived from contributions made as contributing partner (2)
|
|
|
7,934
|
|
|
|
10,000
|
|
Subtotal loans and other financing -
|
|
|
7,934
|
|
|
|
10,000
|
|
|
|
|
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
|
|
|
|
|
|
· Special guarantee checking accounts opened in BCRA for transactions related to the electronic clearing houses and similar entities.
|
|
|
5,444,752
|
|
|
|
5,330,580
|
|
· Guarantee deposits related to credit and debit card transactions
|
|
|
571,390
|
|
|
|
715,022
|
|
· Forward purchase for repo transactions
|
|
|
316,699
|
|
|
|
182,448
|
|
· Other guarantee deposits
|
|
|
215,151
|
|
|
|
95,888
|
|
Subtotal Other financial assets delivered as guarantee
|
|
|
6,547,992
|
|
|
|
6,323,938
|
|
Other nonfinancial assets
|
|
|
|
|
|
|
|
|
· Real property related to call options sold
|
|
|
100,854
|
|
|
|
73,006
|
|
Subtotal Other nonfinancial assets
|
|
|
100,854
|
|
|
|
73,006
|
|
Total
|
|
|
6,918,140
|
|
|
|
6,694,995
|
|
|
(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. They correspond to the following risk funds: Risk Fund of Los Grobo SGR as of June
30, 2019 and December 31, 2018.
|
Note 26 to the condensed consolidated
interim financial statements describe the different trust agreements according to the business purpose sought by the Bank, which
may be summarized as follows:
|
25.1
|
Financial trusts for investment purposes
|
As of June 30, 2019 and December
31, 2018, the debt securities with investment purposes and certificate of participation in financial trusts for investment purpose
total 985,352 and 1,380,994, respectively.
According to the latest accounting
information available as of the date of issuance of these condensed separate interim financial statements, the corpus assets of
the trusts exceed the carrying amount in the related proportions.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures
expressed in thousands of Pesos)
|
25.2
|
Trusts created using financial assets transferred by the Bank (Securitization)
|
June 30, 2019 and December
31, 2018, considering the latest available accounting information as of the date of these condensed separate interim financial
statements, the assets managed through Macro Fiducia SA of this type of trusts amount to 34,788 and 69,444, respectively.
|
25.3
|
Trusts guaranteeing loans granted by the Bank
|
As of June 30, 2019 and December
31, 2018, considering the latest available accounting information as of the date of these condensed separate interim financial
statements, the assets managed by the Bank amount to 167,599 and 269,507, respectively.
|
25.4
|
Trusts in which the Bank acts as Trustee (Management)
|
As of June 30, 2019 and December
31, 2018, considering the latest available accounting information as of the date of these condensed separate interim financial
statements, the assets managed by the Bank amount to 1,811,334 and 1,480,540, respectively.
26.
|
COMPLIANCE WITH CNV REGULATIONS
|
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV rules (as per General Resolution 622/2013,
as amended), the Bank is registered with this agency as agent for the custody of collective investment products of mutual funds
(AC PIC FCI, for their acronyms in Spanish), comprehensive clearing and settlement agent and trading agent (ALyC and AN –
comprehensive, for their acronyms in Spanish), financial trustee Agent (FF, for its acronym in Spanish) and Guarantee Entity (in
the process of being registered). Note 27.3 to the condensed consolidated interim financial statements describes the number of
shares subscribed by third parties and the assets held by the Bank in its capacity as depositary company.
Additionally, the Bank’s
shareholders’ equity exceeds the minimum amount required by this regulation, amounting to 21,000, as well as the minimum
statutory guarantee account required of 12,000, which the Bank paid-in with government securities as described in note 24 to the
these condensed separated interim financial statements and with cash deposits in BCRA accounts 00285 and 80285 belogning to the
Bank.
In addition, note 27.2 to the
condensed consolidated interim financial statements presents the general policy of documents in custody, describing which information
has been disclosed and delivered to third parties for custody.
27.
|
ACCOUNTING ITEMS THAT IDENTIFY THE COMPLIANCE WITH MINIMUM CASH REQUIREMENTS
|
The items recognized by the
Bank to constitute the minimum cash requirement effective for June 2019 are listed below, indicating the amounts as of month-end
of the related items:
Description
|
|
Banco Macro SA
|
|
Cash and deposits in banks
|
|
|
|
|
Amounts in BCRA accounts
|
|
|
66,298,607
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
BCRA Internal Bills computable for the minimum cash requirements
|
|
|
18,610,722
|
|
Government securities computable for the minimum cash requirements
|
|
|
8,355,004
|
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
|
|
Special guarantee accounts with the BCRA
|
|
|
5,444,752
|
|
Total
|
|
|
98,709,085
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
28.
|
PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE BCRA
|
Note 29 to the condensed consolidated
interim financial statements describes the penalties applied and the proceedings filed by the BCRA against the Bank, classified
as follows:
|
-
|
Summary proceedings filed by the BCRA
|
|
-
|
Penalties applied by the BCRA
|
|
-
|
Penalties applied by the UIF
|
The Bank’s Management
and its legal counsel consider no further significant accounting effects, other than those previous mentioned, should be recorded
or disclosed.
|
29.
|
ISSUANCE OF CORPORATE BONDS
|
Note 30 to the condensed consolidated
interim financial statements describes liabilities for corporate bonds recognized by the Bank as June 30, 2019 and December 31,
2018, under the terms and values therein expressed.
The carrying amount for corporate
bonds recorded by the Bank in its separate interim financial statements is as follows:
Corporate
Bonds
|
|
Original
value
|
|
|
Residual
face value
as of 06/30/2019
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Subordinated
Resettable – Class A
|
|
USD
|
400,000,000
|
|
|
USD
|
400,000,000
|
|
|
|
17,191,816
|
|
|
|
15,288,390
|
|
Nonsubordinated
– Class B
|
|
Ps.
|
4,620,570,000
|
|
|
Ps.
|
3,391,052,000
|
|
|
|
3,308,957
|
|
|
|
3,460,899
|
|
Nonsubordinated
– Class C
|
|
Ps.
|
3,207,500,000
|
|
|
Ps.
|
3,207,500,000
|
|
|
|
2,895,242
|
|
|
|
2,927,292
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
23,396,015
|
|
|
|
21,676,581
|
|
|
30.
|
OFF BALANCE SHEET TRANSACTIONS
|
In addition to note 4, the
Bank recognizes different off balance sheet transactions, pursuant to the BCRA standards. Below are the amounts of the main off
balance sheet transactions as of June 30, 2019 and December 31, 2018:
Item
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Custody of government and private securities and other assets held by third parties
|
|
|
82,160,439
|
|
|
|
63,662,007
|
|
Preferred and other collaterals received from customers (1)
|
|
|
44,698,951
|
|
|
|
44,383,138
|
|
Outstanding checks not paid yet
|
|
|
3,987,178
|
|
|
|
3,224,266
|
|
Checks already deposited and pending clearance
|
|
|
1,874,690
|
|
|
|
1,680,896
|
|
|
(1)
|
Related to collaterals used to secure loans transactions and other financing, under the applicable rules in force in this matter.
|
31.1. Tax claims
Note 32.1 to the condensed consolidated
interim financial statements describes the most relevant claims pending resolution and filed by AFIP and the tax authorities of
the relevant jurisdiction.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2019
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
The Bank’s Management
and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above mentioned
proceedings other than those already disclosed.
31.2. Other claims
Note 32.2. to the condensed
consolidated interim financial statements describes the most relevant claims pending resolution and filed by the different consumer´s
associations.
The Bank’s Management
and its legal counsel consider no further significant accounting effects could arise from the final outcome of the above-mentioned
proceedings other than those already disclosed.
|
32.
|
RESTRICTION ON DIVIDENDS DISTRIBUTION
|
Note 33 to the condensed consolidated
interim financial statements describes the main legal provisions regulating the restriction on profit distribution.
|
33.
|
CAPITAL MANAGEMENT, CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISK MANAGEMENT
|
Note 34 to the condensed consolidated
interim financial statements describes the main guidelines of the Bank as to capital management, corporate governance transparency
policy and risk management.
Additionally, the table below
shows the minimum capital requirements measured on a separate basis, effective for the month of June 2019 together with the integration
thereof (computable equity) as of the end of such month:
Description
|
|
06/30/2019
|
|
Minimum capital requirements
|
|
|
20,905,731
|
|
Computable equity
|
|
|
69,654,752
|
|
Capital surplus
|
|
|
48,749,021
|
|
|
34.
|
CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF THE FINANCIAL AND CAPITAL MARKETS
|
The international and domestic
macroeconomics environments in which the Bank operates and its impacts are described in note 36 to the condensed consolidated interim
financial statements.
|
35.
|
EVENTS AFTER REPORTING PERIOD
|
No events occurred between the
end of the reporting period and the issuance of these condensed separate interim financial statements that may materially affect
the financial position or the profit and loss for the period, not disclosed in these condensed separate interim financial statements.
|
36.
|
ACCOUNTING PRINCIPLES – EXPLANATION ADDED FOR TRANSLATION INTO ENGLISH
|
These condensed separate interim
financial statements are presented in accordance with the accounting framework established by the BCRA, as mention in note 3. These
accounting standards may not conform with accounting principles generally accepted in other countries.
Delfín Jorge Ezequiel
Carballo
Chairperson
EXHIBIT A
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
Holdings
|
|
|
Position
|
|
|
|
|
|
|
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
|
|
|
|
|
|
Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
value
|
|
|
|
Book
|
|
|
Book
|
|
|
without
|
|
|
|
|
|
Final
|
|
Name
|
|
|
Identification
|
|
|
|
Value
|
|
|
|
level
|
|
|
|
amounts
|
|
|
amounts
|
|
|
options
|
|
|
Options
|
|
|
position
|
|
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033
|
|
|
45696
|
|
|
|
|
|
|
|
1
|
|
|
|
234,383
|
|
|
2,274
|
|
|
234,383
|
|
|
|
|
|
234,383
|
|
Debt Securities of Province of Río Negro in pesos - Badlar Private + 500 basis point - Maturity: 07-06-2020
|
|
|
32922
|
|
|
|
|
|
|
|
2
|
|
|
|
120,672
|
|
|
122,869
|
|
|
120,672
|
|
|
|
|
|
120,672
|
|
Bonds Par denominated in pesos - Maturity: 12-31-2038
|
|
|
45695
|
|
|
|
|
|
|
|
1
|
|
|
|
111,139
|
|
|
36,656
|
|
|
111,139
|
|
|
|
|
|
111,139
|
|
Consolidation bonds in pesos 6° Serie at 2%- Maturity: 03-15-2024
|
|
|
2420
|
|
|
|
|
|
|
|
1
|
|
|
|
58,585
|
|
|
48,396
|
|
|
58,585
|
|
|
|
|
|
58,585
|
|
Federal government treasury bonds in pesos adjustment by CER - Maturity: 07-22-2021
|
|
|
5315
|
|
|
|
|
|
|
|
1
|
|
|
|
38,143
|
|
|
66,862
|
|
|
38,143
|
|
|
|
|
|
38,143
|
|
Federal government treasury bonds in pesos - Maturity: 10-03-2021
|
|
|
5318
|
|
|
|
|
|
|
|
1
|
|
|
|
19,835
|
|
|
79,622
|
|
|
19,835
|
|
|
|
|
|
19,835
|
|
Federal government treasury bonds US dollars at 8% - Maturity: 10-08-2020
|
|
|
5468
|
|
|
|
|
|
|
|
1
|
|
|
|
10,392
|
|
|
34,844
|
|
|
10,392
|
|
|
|
|
|
10,392
|
|
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022
|
|
|
2571
|
|
|
|
|
|
|
|
1
|
|
|
|
6,767
|
|
|
169,663
|
|
|
6,767
|
|
|
|
|
|
6,767
|
|
Federal government bonds in pesos- Badlar Private + 200 Basic Points - Maturity: 04-03-2022
|
|
|
5480
|
|
|
|
|
|
|
|
1
|
|
|
|
4,383
|
|
|
38,419
|
|
|
4,383
|
|
|
|
|
|
4,383
|
|
Federal government treasury bonds in pesos adjustment by CER - Maturity: 03-06-2023
|
|
|
5324
|
|
|
|
|
|
|
|
1
|
|
|
|
3,757
|
|
|
5,622
|
|
|
3,757
|
|
|
|
|
|
3,757
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11,568
|
|
|
246,989
|
|
|
11,568
|
|
|
|
|
|
11,568
|
|
Subtotal local government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
619,624
|
|
|
852,216
|
|
|
619,624
|
|
|
|
|
|
619,624
|
|
Private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities in Financial Trusts Surcos
|
|
|
80034
|
|
|
|
|
|
|
|
3
|
|
|
|
261,247
|
|
|
|
|
|
261,247
|
|
|
|
|
|
261,247
|
|
Debt Securities in Financial Trusts Garbarino
|
|
|
80032
|
|
|
|
|
|
|
|
3
|
|
|
|
117,709
|
|
|
21,574
|
|
|
117,709
|
|
|
|
|
|
117,709
|
|
Debt Securities in Financial Trusts Consubond
|
|
|
80035
|
|
|
|
|
|
|
|
3
|
|
|
|
87,243
|
|
|
377,725
|
|
|
87,243
|
|
|
|
|
|
87,243
|
|
Debt Securities in Financial Trusts Megabono Series 180 Class A - Maturity: 12-24-2019
|
|
|
53887
|
|
|
|
|
|
|
|
3
|
|
|
|
76,150
|
|
|
165,980
|
|
|
76,150
|
|
|
|
|
|
76,150
|
|
Debt Securities in Financial Trust provisional Accicom Préstamos Personales
|
|
|
80033
|
|
|
|
|
|
|
|
3
|
|
|
|
66,191
|
|
|
32,716
|
|
|
66,191
|
|
|
|
|
|
66,191
|
|
Debt Securities in Financial Trusts Agrocap
|
|
|
80038
|
|
|
|
|
|
|
|
3
|
|
|
|
64,288
|
|
|
130,735
|
|
|
64,288
|
|
|
|
|
|
64,288
|
|
Debt Securities in Financial Trusts Secubono Series 189 Class A - Maturity: 03-30-2020
|
|
|
54228
|
|
|
|
|
|
|
|
3
|
|
|
|
62,341
|
|
|
|
|
|
62,341
|
|
|
|
|
|
62,341
|
|
Debt Securities in Financial Trusts Consubond Series 149 Class A - Maturity:10-25-2019
|
|
|
53968
|
|
|
|
|
|
|
|
3
|
|
|
|
42,450
|
|
|
111,017
|
|
|
42,450
|
|
|
|
|
|
42,450
|
|
Debt Securities in Financial Trusts Chubut Regalías Hidrocarburíferas - Maturity: 07-01-2020
|
|
|
36425
|
|
|
|
|
|
|
|
3
|
|
|
|
38,064
|
|
|
48,366
|
|
|
38,064
|
|
|
|
|
|
38,064
|
|
Debt Securities in Financial Trusts Secubono Series 182 - Maturity: 11-28-2019
|
|
|
54035
|
|
|
|
|
|
|
|
3
|
|
|
|
21,700
|
|
|
|
|
|
21,700
|
|
|
|
|
|
21,700
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
132,304
|
|
|
410,408
|
|
|
132,304
|
|
|
|
|
|
132,304
|
|
Subtotal local private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
969,687
|
|
|
1,298,521
|
|
|
969,687
|
|
|
|
|
|
969,687
|
|
TOTAL DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,589,311
|
|
|
2,150,737
|
|
|
1,589,311
|
|
|
|
|
|
1,589,311
|
|
Delfín Jorge Ezequiel
Carballo
Chairperson
EXHIBIT
A
(continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
Holdings
|
|
|
Position
|
|
|
|
|
|
|
|
|
06/30/2019
|
|
|
|
12/31/2018
|
|
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
|
|
|
|
|
|
|
|
Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
value
|
|
|
|
Book
|
|
|
|
Book
|
|
|
|
without
|
|
|
|
|
|
|
|
Final
|
|
Name
|
|
|
Identification
|
|
|
|
Value
|
|
|
|
level
|
|
|
|
amounts
|
|
|
|
amounts
|
|
|
|
options
|
|
|
|
Options
|
|
|
|
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER DEBT
SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at fair value through other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount
bonds denominated in pesos at 5.83% - Maturity: 12-31-2033
|
|
|
45696
|
|
|
|
|
|
|
|
1
|
|
|
|
146,837
|
|
|
|
144,844
|
|
|
|
146,837
|
|
|
|
|
|
|
|
146,837
|
|
'International
bonds of the Argentina Republic in US dollars at 7.125 - Maturity: 06-28-2117
|
|
|
92208
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,630
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
local government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
146,837
|
|
|
|
226,474
|
|
|
|
146,837
|
|
|
|
|
|
|
|
146,837
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central
Bank of Argentina Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 07-05-2019
|
|
|
80013
|
|
|
|
|
|
|
|
1
|
|
|
|
23,221,658
|
|
|
|
|
|
|
|
23,221,658
|
|
|
|
|
|
|
|
23,221,658
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 07-03-2019
|
|
|
80009
|
|
|
|
|
|
|
|
1
|
|
|
|
17,300,434
|
|
|
|
|
|
|
|
17,300,434
|
|
|
|
|
|
|
|
17,300,434
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 07-01-2019
|
|
|
80005
|
|
|
|
|
|
|
|
1
|
|
|
|
16,954,951
|
|
|
|
|
|
|
|
16,954,951
|
|
|
|
|
|
|
|
16,954,951
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity:. 07-04-2019
|
|
|
80011
|
|
|
|
|
|
|
|
1
|
|
|
|
13,607,552
|
|
|
|
|
|
|
|
13,607,552
|
|
|
|
|
|
|
|
13,607,552
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity:. 07-02-2019
|
|
|
80007
|
|
|
|
|
|
|
|
1
|
|
|
|
11,695,036
|
|
|
|
|
|
|
|
11,695,036
|
|
|
|
|
|
|
|
11,695,036
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 01-04-2019
|
|
|
80007
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,546,415
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity:. 01-08-2019
|
|
|
80010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13,787,546
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity:. 01-02-2019
|
|
|
80005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12,404,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 01-03-2019
|
|
|
80006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,926,384
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liquidity
letters of Central Bank of Argentina in pesos - Maturity: 01-07-2019
|
|
|
80009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,404,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
Central Bank of Argentina Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,779,631
|
|
|
|
55,069,908
|
|
|
|
82,779,631
|
|
|
|
|
|
|
|
82,779,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Other debt securities measured at fair value though other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
82,926,468
|
|
|
|
55,296,382
|
|
|
|
82,926,468
|
|
|
|
|
|
|
|
82,926,468
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government
securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal
government bonds in pesos - Fixed rate 26% - Maturity: 11-21-2020
|
|
|
5330
|
|
|
|
8,587,579
|
|
|
|
2
|
|
|
|
8,587,579
|
|
|
|
7,201,040
|
|
|
|
8,587,579
|
|
|
|
|
|
|
|
8,587,579
|
|
Discount
bonds denominated in pesos at 5.83% - Maturity: 12-31-2033
|
|
|
45696
|
|
|
|
146,837
|
|
|
|
1
|
|
|
|
158,657
|
|
|
|
157,044
|
|
|
|
158,657
|
|
|
|
|
|
|
|
158,657
|
|
Subtotal
local government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,746,236
|
|
|
|
7,358,084
|
|
|
|
8,746,236
|
|
|
|
|
|
|
|
8,746,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
local private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Other debt securities measured at cost amortized
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8,746,236
|
|
|
|
7,358,084
|
|
|
|
8,746,236
|
|
|
|
|
|
|
|
8,746,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OTHER DEBT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
91,672,704
|
|
|
|
62,654,466
|
|
|
|
91,672,704
|
|
|
|
|
|
|
|
91,672,704
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT A
(continued)
DETAIL OF GOVERNMENT AND PRIVATE SECURITIES
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation
of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
Holdings
|
|
|
Position
|
|
|
|
|
|
|
|
|
06/30/2019
|
|
|
|
12/31/2018
|
|
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
|
|
|
|
|
|
|
|
Position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair
|
|
|
|
value
|
|
|
|
Book
|
|
|
|
Book
|
|
|
|
without
|
|
|
|
|
|
|
|
Final
|
|
Name
|
|
|
Identification
|
|
|
|
Value
|
|
|
|
level
|
|
|
|
amounts
|
|
|
|
amounts
|
|
|
|
options
|
|
|
|
Options
|
|
|
|
position
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity
Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured
at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Prisma
Medios de Pago SA
|
|
|
80030
|
|
|
|
|
|
|
|
3
|
|
|
|
1,420,696
|
|
|
|
|
|
|
|
1,420,696
|
|
|
|
|
|
|
|
1,420,696
|
|
Mercado
Abierto Electrónico SA
|
|
|
80023
|
|
|
|
|
|
|
|
3
|
|
|
|
46,181
|
|
|
|
22,292
|
|
|
|
46,181
|
|
|
|
|
|
|
|
46,181
|
|
C.O.E.L.S.A
|
|
|
80024
|
|
|
|
|
|
|
|
3
|
|
|
|
9,605
|
|
|
|
4,826
|
|
|
|
9,605
|
|
|
|
|
|
|
|
9,605
|
|
Sedesa
|
|
|
80015
|
|
|
|
|
|
|
|
3
|
|
|
|
6,973
|
|
|
|
3,975
|
|
|
|
6,973
|
|
|
|
|
|
|
|
6,973
|
|
Argentina
Clearing SA
|
|
|
80025
|
|
|
|
|
|
|
|
3
|
|
|
|
4,569
|
|
|
|
4,569
|
|
|
|
4,569
|
|
|
|
|
|
|
|
4,569
|
|
Mercado
a Término Rosario SA
|
|
|
80020
|
|
|
|
|
|
|
|
3
|
|
|
|
3,663
|
|
|
|
3,663
|
|
|
|
3,663
|
|
|
|
|
|
|
|
3,663
|
|
Proin
SA
|
|
|
80019
|
|
|
|
|
|
|
|
3
|
|
|
|
1,478
|
|
|
|
513
|
|
|
|
1,478
|
|
|
|
|
|
|
|
1,478
|
|
Provincanje
SA
|
|
|
80027
|
|
|
|
|
|
|
|
3
|
|
|
|
1,218
|
|
|
|
379
|
|
|
|
1,218
|
|
|
|
|
|
|
|
1,218
|
|
Sanatorio
Las Lomas SA
|
|
|
80017
|
|
|
|
|
|
|
|
3
|
|
|
|
694
|
|
|
|
600
|
|
|
|
694
|
|
|
|
|
|
|
|
694
|
|
Argencontrol
SA
|
|
|
80018
|
|
|
|
|
|
|
|
3
|
|
|
|
232
|
|
|
|
179
|
|
|
|
232
|
|
|
|
|
|
|
|
232
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
278
|
|
|
|
278
|
|
|
|
278
|
|
|
|
|
|
|
|
278
|
|
Subtotal
local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,495,587
|
|
|
|
41,274
|
|
|
|
1,495,587
|
|
|
|
|
|
|
|
1,495,587
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco
Latinoamericano de Comercio Exterior SA
|
|
|
80028
|
|
|
|
|
|
|
|
1
|
|
|
|
6,458
|
|
|
|
4,777
|
|
|
|
6,458
|
|
|
|
|
|
|
|
6,458
|
|
Sociedad
de Telecomunicaciones Financieras Interbancarias Mundiales
|
|
|
80029
|
|
|
|
|
|
|
|
3
|
|
|
|
899
|
|
|
|
969
|
|
|
|
899
|
|
|
|
|
|
|
|
899
|
|
Subtotal
foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,357
|
|
|
|
5,746
|
|
|
|
7,357
|
|
|
|
|
|
|
|
7,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
measured at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,502,944
|
|
|
|
47,020
|
|
|
|
1,502,944
|
|
|
|
|
|
|
|
1,502,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
EQUITY INSTRUMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,502,944
|
|
|
|
47,020
|
|
|
|
1,502,944
|
|
|
|
|
|
|
|
1,502,944
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
94,764,959
|
|
|
|
64,852,223
|
|
|
|
94,764,959
|
|
|
|
|
|
|
|
94,764,959
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT B
CLASSIFICATION OF LOANS AND OTHER FINANCING
BY
SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
COMMERCIAL
|
|
|
|
|
|
|
In normal situation
|
|
|
71,430,640
|
|
|
|
69,702,689
|
|
With senior “A” collateral and counter-collateral
|
|
|
2,429,294
|
|
|
|
2,542,734
|
|
With senior “B” collateral and counter-collateral
|
|
|
8,867,120
|
|
|
|
8,381,277
|
|
Without senior collateral or counter-collateral
|
|
|
60,134,226
|
|
|
|
58,778,678
|
|
Subject to special monitoring
|
|
|
158,765
|
|
|
|
213,632
|
|
In observation
|
|
|
|
|
|
|
|
|
With senior “A” collateral and counter-collateral
|
|
|
1,254
|
|
|
|
3,226
|
|
With senior “B” collateral and counter-collateral
|
|
|
50,540
|
|
|
|
68,007
|
|
Without senior collateral or counter-collateral
|
|
|
106,971
|
|
|
|
41,805
|
|
In
negotiation or with financing agreements
|
|
|
|
|
|
|
|
|
With senior “A” collateral and counter-collateral
|
|
|
|
|
|
|
43,592
|
|
With senior “B” collateral and counter-collateral
|
|
|
|
|
|
|
|
|
Without senior collateral or counter-collateral
|
|
|
|
|
|
|
57,002
|
|
Troubled
|
|
|
183,185
|
|
|
|
633,432
|
|
With senior “A” collateral and counter-collateral
|
|
|
5,466
|
|
|
|
|
|
With senior “B” collateral and counter-collateral
|
|
|
50,387
|
|
|
|
179,598
|
|
Without senior collateral or counter-collateral
|
|
|
127,332
|
|
|
|
453,834
|
|
With high risk of insolvency
|
|
|
380,267
|
|
|
|
277,016
|
|
With senior “A” collateral and counter-collateral
|
|
|
10,610
|
|
|
|
1,223
|
|
With senior “B” collateral and counter-collateral
|
|
|
287,374
|
|
|
|
180,785
|
|
Without senior collateral or counter-collateral
|
|
|
82,283
|
|
|
|
95,008
|
|
Irrecoverable
|
|
|
11,549
|
|
|
|
|
|
With senior “B” collateral and counter-collateral
|
|
|
11,313
|
|
|
|
|
|
Without senior collateral or counter-collateral
|
|
|
236
|
|
|
|
|
|
Subtotal Commercial
|
|
|
72,164,406
|
|
|
|
70,826,769
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT B
(continued)
CLASSIFICATION OF LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
CONSUMER
AND MORTGAGE
|
|
|
|
|
|
|
Performing
|
|
|
94,511,354
|
|
|
|
95,744,514
|
|
With
senior “A” collateral and counter-collateral
|
|
|
2,181,355
|
|
|
|
2,949,577
|
|
With
senior “B” collateral and counter-collateral
|
|
|
13,573,295
|
|
|
|
13,676,510
|
|
Without
senior collateral or counter-collateral
|
|
|
78,756,704
|
|
|
|
79,118,427
|
|
Low
risk
|
|
|
1,662,770
|
|
|
|
1,926,667
|
|
With
senior “A” collateral and counter-collateral
|
|
|
17,508
|
|
|
|
48,130
|
|
With
senior “B” collateral and counter-collateral
|
|
|
122,685
|
|
|
|
187,262
|
|
Without
senior collateral or counter-collateral
|
|
|
1,522,577
|
|
|
|
1,691,275
|
|
Medium
risk
|
|
|
1,401,726
|
|
|
|
1,250,021
|
|
With
senior “A” collateral and counter-collateral
|
|
|
15,558
|
|
|
|
16,916
|
|
With
senior “B” collateral and counter-collateral
|
|
|
70,510
|
|
|
|
74,792
|
|
Without
senior collateral or counter-collateral
|
|
|
1,315,658
|
|
|
|
1,158,313
|
|
High
risk
|
|
|
1,176,608
|
|
|
|
818,569
|
|
With
senior “A” collateral and counter-collateral
|
|
|
23,608
|
|
|
|
13,707
|
|
With
senior “B” collateral and counter-collateral
|
|
|
75,154
|
|
|
|
38,991
|
|
Without
senior collateral or counter-collateral
|
|
|
1,077,846
|
|
|
|
765,871
|
|
Irrecuperable
|
|
|
391,381
|
|
|
|
211,895
|
|
With
senior “A” collateral and counter-collateral
|
|
|
7,898
|
|
|
|
1,260
|
|
With
senior “B” collateral and counter-collateral
|
|
|
43,063
|
|
|
|
26,682
|
|
Without
senior collateral or counter-collateral
|
|
|
340,420
|
|
|
|
183,953
|
|
Irrecoverable
according to Central Bank's rules
|
|
|
207
|
|
|
|
872
|
|
Without
senior collateral or counter-collateral
|
|
|
207
|
|
|
|
872
|
|
Subtotal
consumer and mortgage
|
|
|
99,144,046
|
|
|
|
99,952,538
|
|
Total
|
|
|
171,308,452
|
|
|
|
170,779,307
|
|
This
exhibit discloses the contractual figures as established by the BCRA. The conciliation with the consolidated statement of financial
position is listed below:
|
|
At 06/30/2019
|
|
|
At 12/31/2018
|
|
Loans and other financing
|
|
|
165,014,934
|
|
|
|
165,209,389
|
|
+ Allowances for loans and other financing
|
|
|
4,258,643
|
|
|
|
3,875,164
|
|
+ Adjustment IFRS (adjustment amortized cost and fair value)
|
|
|
161,555
|
|
|
|
250,558
|
|
Guarantees provided and contingent liabilities
|
|
|
1,873,320
|
|
|
|
1,444,196
|
|
Total computable items
|
|
|
171,308,452
|
|
|
|
170,779,307
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT C
CONCENTRATION OF LOANS AND FINANCING FACILITIES
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Number of customers
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
|
Cut off
balance
|
|
|
% of
total
portfolio
|
|
10 largest customers
|
|
|
24,038,393
|
|
|
|
14.03
|
|
|
|
19,431,966
|
|
|
|
11.38
|
|
50 next largest customers
|
|
|
21,711,343
|
|
|
|
12.67
|
|
|
|
22,338,628
|
|
|
|
13.08
|
|
100 next largest customers
|
|
|
13,423,112
|
|
|
|
7.84
|
|
|
|
13,582,068
|
|
|
|
7.95
|
|
Other customers
|
|
|
112,135,604
|
|
|
|
65.46
|
|
|
|
115,426,645
|
|
|
|
67.59
|
|
Total (1)
|
|
|
171,308,452
|
|
|
|
100.00
|
|
|
|
170,779,307
|
|
|
|
100.00
|
|
(1)
See reconciliation in Exhibit B
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT D
BREAKDOWN
OF LOANS AND OTHER FINANCING BY TERMS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish – See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
Remaining
terms 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 - Central Bank
|
|
|
|
|
|
|
584,863
|
|
|
|
254,518
|
|
|
|
167,744
|
|
|
|
150,247
|
|
|
|
124,629
|
|
|
|
|
|
|
|
1,282,001
|
|
Financial
sector
|
|
|
|
|
|
|
1,487,587
|
|
|
|
1,621,942
|
|
|
|
163,437
|
|
|
|
760,572
|
|
|
|
580,231
|
|
|
|
1,443
|
|
|
|
4,615,212
|
|
Non-financial
private sector and foreign residents
|
|
|
1,841,505
|
|
|
|
32,853,774
|
|
|
|
51,512,996
|
|
|
|
19,791,144
|
|
|
|
22,168,593
|
|
|
|
32,491,480
|
|
|
|
57,485,390
|
|
|
|
218,144,882
|
|
Total
|
|
|
1,841,505
|
|
|
|
34,926,224
|
|
|
|
53,389,456
|
|
|
|
20,122,325
|
|
|
|
23,079,412
|
|
|
|
33,196,340
|
|
|
|
57,486,833
|
|
|
|
224,042,095
|
|
BREAKDOWN OF LOANS AND OTHER FINANCING
BY TERMS
AS OF DECEMBER 31, 2018
(Translation of the financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
Remaining
terms 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 - Central Bank
|
|
|
|
|
|
|
147,547
|
|
|
|
403,613
|
|
|
|
434,592
|
|
|
|
745,089
|
|
|
|
968,517
|
|
|
|
323,784
|
|
|
|
3,023,142
|
|
Financial
sector
|
|
|
|
|
|
|
1,098,948
|
|
|
|
1,733,758
|
|
|
|
1,205,293
|
|
|
|
1,698,740
|
|
|
|
598,110
|
|
|
|
22,143
|
|
|
|
6,356,992
|
|
Non-financial
private sector and foreign residents
|
|
|
1,844,588
|
|
|
|
49,760,432
|
|
|
|
21,985,020
|
|
|
|
23,678,562
|
|
|
|
27,665,062
|
|
|
|
30,337,330
|
|
|
|
60,455,954
|
|
|
|
215,726,948
|
|
Total
|
|
|
1,844,588
|
|
|
|
51,006,927
|
|
|
|
24,122,391
|
|
|
|
25,318,447
|
|
|
|
30,108,891
|
|
|
|
31,903,957
|
|
|
|
60,801,881
|
|
|
|
225,107,082
|
|
This exhibit disclosures contractual future cash flows that include interests and accessories to be accrued
until maturity of the contracts.
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT F
CHANGE
OF PROPERTY, PLANT AND EQUIPMENT
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the period
|
|
|
|
|
Item
|
|
Original
value at
beginning
of fiscal
year
|
|
|
Total life
estimated
in
years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of the period
|
|
|
At the
end
|
|
|
Residual
value at the
end
of the
period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
property
|
|
|
6,961,072
|
|
|
|
50
|
|
|
|
13,329
|
|
|
|
5,690
|
|
|
|
308,138
|
|
|
|
358
|
|
|
|
63,818
|
|
|
|
371,598
|
|
|
|
6,597,113
|
|
Furniture
and facilities
|
|
|
588,044
|
|
|
|
10
|
|
|
|
29,679
|
|
|
|
1,119
|
|
|
|
161,859
|
|
|
|
845
|
|
|
|
29,084
|
|
|
|
190,098
|
|
|
|
426,506
|
|
Machinery
and equipment
|
|
|
1,378,179
|
|
|
|
5
|
|
|
|
210,782
|
|
|
|
383
|
|
|
|
698,999
|
|
|
|
382
|
|
|
|
127,664
|
|
|
|
826,281
|
|
|
|
762,297
|
|
Vehicles
|
|
|
127,543
|
|
|
|
5
|
|
|
|
17,984
|
|
|
|
5,237
|
|
|
|
80,201
|
|
|
|
4,156
|
|
|
|
12,294
|
|
|
|
88,339
|
|
|
|
51,951
|
|
Work
in progress
|
|
|
706,851
|
|
|
|
|
|
|
|
493,387
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
0
|
|
|
|
1,200,238
|
|
'Right
of use of leasing property
|
|
|
|
|
|
|
5
|
|
|
|
611,816
|
|
|
|
13,380
|
|
|
|
|
|
|
|
1,274
|
|
|
|
94,323
|
|
|
|
93,049
|
|
|
|
505,387
|
|
Total
property, plant and equipment
|
|
|
9,761,689
|
|
|
|
|
|
|
|
1,376,977
|
|
|
|
25,809
|
|
|
|
1,249,197
|
|
|
|
7,015
|
|
|
|
327,183
|
|
|
|
1,569,365
|
|
|
|
9,543,492
|
|
CHANGE OF PROPERTY, PLANT AND EQUIPMENT
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the fiscal year
|
|
|
|
|
Item
|
|
Original
value at
beginning
of fiscal
year
|
|
|
Total
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For
the fiscal
year
|
|
|
At the
end
|
|
|
Residual
value at the
end of the
fiscal year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Real
property
|
|
|
4,885,709
|
|
|
|
50
|
|
|
|
2,819,803
|
|
|
|
744,440
|
|
|
|
397,490
|
|
|
|
176,473
|
|
|
|
87,121
|
|
|
|
308,138
|
|
|
|
6,652,934
|
|
Furniture
and facilities
|
|
|
339,327
|
|
|
|
10
|
|
|
|
254,999
|
|
|
|
6,282
|
|
|
|
126,282
|
|
|
|
10
|
|
|
|
35,587
|
|
|
|
161,859
|
|
|
|
426,185
|
|
Machinery
and equipment
|
|
|
939,919
|
|
|
|
5
|
|
|
|
554,843
|
|
|
|
116,583
|
|
|
|
509,167
|
|
|
|
|
|
|
|
189,832
|
|
|
|
698,999
|
|
|
|
679,180
|
|
Vehicles
|
|
|
109,825
|
|
|
|
5
|
|
|
|
34,399
|
|
|
|
16,681
|
|
|
|
75,696
|
|
|
|
13,940
|
|
|
|
18,445
|
|
|
|
80,201
|
|
|
|
47,342
|
|
Work
in progress
|
|
|
2,569,113
|
|
|
|
|
|
|
|
1,539,596
|
|
|
|
3,401,858
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
706,851
|
|
Total
property, plant and equipment (1)
|
|
|
8,843,893
|
|
|
|
|
|
|
|
5,203,640
|
|
|
|
4,285,844
|
|
|
|
1,108,635
|
|
|
|
190,423
|
|
|
|
330,985
|
|
|
|
1,249,197
|
|
|
|
8,512,492
|
|
(1) During the fiscal year 2018,
this item observed transfers to and from property, plant and equipment and/or non current assets held for sale.
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT
F
(Continued)
CHANGE
IN INVESTMENT PROPERTY
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the period
|
|
|
|
|
Item
|
|
Original
Value
at
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of the
period
|
|
|
At the
end
|
|
|
Residual
value
at
the end of
the period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rented
properties
|
|
|
90,485
|
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
8,127
|
|
|
|
|
|
|
|
514
|
|
|
|
8,641
|
|
|
|
81,844
|
|
Other
investment properties
|
|
|
137,606
|
|
|
|
50
|
|
|
|
34,073
|
|
|
|
4
|
|
|
|
6,090
|
|
|
|
1
|
|
|
|
1,015
|
|
|
|
7,104
|
|
|
|
164,571
|
|
Total
investment property
|
|
|
228,091
|
|
|
|
|
|
|
|
34,073
|
|
|
|
4
|
|
|
|
14,217
|
|
|
|
1
|
|
|
|
1,529
|
|
|
|
15,745
|
|
|
|
246,415
|
|
CHANGE
IN INVESTMENT PROPERTY
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the fiscal year
|
|
|
|
|
Item
|
|
Original
Value
at
beginning
of fiscal
year
|
|
|
Useful life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For the
fiscal
year
|
|
|
At the
end
|
|
|
Residual
value
at
the end of
the fiscal
year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Rented properties
|
|
|
|
|
|
|
50
|
|
|
|
90,485
|
|
|
|
|
|
|
|
8,027
|
|
|
|
|
|
|
|
100
|
|
|
|
8,127
|
|
|
|
82,358
|
|
Other
investment properties
|
|
|
634,771
|
|
|
|
50
|
|
|
|
258,330
|
|
|
|
755,495
|
|
|
|
19,306
|
|
|
|
18,680
|
|
|
|
5,464
|
|
|
|
6,090
|
|
|
|
131,516
|
|
Total
investment property (1)
|
|
|
634,771
|
|
|
|
|
|
|
|
348,815
|
|
|
|
755,495
|
|
|
|
27,333
|
|
|
|
18,680
|
|
|
|
5,564
|
|
|
|
14,217
|
|
|
|
213,874
|
|
(1)
During the fiscal year 2018, this item observed transfers to and from property, plant and equipment and/or non current assets
held for sale.
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT G
CHANGE
IN INTANGIBLE ASSETS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the period
|
|
|
|
|
Item
|
|
Original
Value
at
beginning
of fiscal
year
|
|
|
Useful life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of the
period
|
|
|
At
the
end
|
|
|
Residual
value
at the end of the
period
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
549,788
|
|
|
|
5
|
|
|
|
263,670
|
|
|
|
0
|
|
|
|
224,722
|
|
|
|
0
|
|
|
|
62,198
|
|
|
|
286,920
|
|
|
|
526,538
|
|
Goodwill
- Business combination
|
|
|
210,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210,927
|
|
Other
intangible assets
|
|
|
1,847,186
|
|
|
|
5
|
|
|
|
447,032
|
|
|
|
0
|
|
|
|
791,322
|
|
|
|
0
|
|
|
|
186,039
|
|
|
|
977,361
|
|
|
|
1,316,857
|
|
Total
intangible assets
|
|
|
2,607,901
|
|
|
|
|
|
|
|
710,702
|
|
|
|
|
|
|
|
1,016,044
|
|
|
|
|
|
|
|
248,237
|
|
|
|
1,264,281
|
|
|
|
2,054,322
|
|
CHANGE
IN INTANGIBLE ASSETS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures
stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the fiscal year
|
|
|
|
|
Item
|
|
Original
Value
at
beginning
of fiscal
year
|
|
|
Useful life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
For the
fiscal
year
|
|
|
At the
end
|
|
|
Residual value
at the end of the
fiscal year
|
|
Cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
306,420
|
|
|
|
|
|
|
|
243,862
|
|
|
|
494
|
|
|
|
163,541
|
|
|
|
2
|
|
|
|
61,183
|
|
|
|
224,722
|
|
|
|
325,066
|
|
Goodwill
- Business combination
|
|
|
|
|
|
|
5
|
|
|
|
210,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
210,927
|
|
Other
intangible assets
|
|
|
1,179,178
|
|
|
|
5
|
|
|
|
740,976
|
|
|
|
72,968
|
|
|
|
511,548
|
|
|
|
|
|
|
|
279,774
|
|
|
|
791,322
|
|
|
|
1,055,864
|
|
Total
intangible assets (1)
|
|
|
1,485,598
|
|
|
|
|
|
|
|
1,195,765
|
|
|
|
73,462
|
|
|
|
675,089
|
|
|
|
2
|
|
|
|
340,957
|
|
|
|
1,016,044
|
|
|
|
1,591,857
|
|
(1) During the fiscal year 2018, there
were transfers between different lines of the item, that produce differences between the amounts at the end of one year and the
beginning of other, without implying modifications of total this item.
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT H
DEPOSIT
CONCENTRATION
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
10 largest customers
|
|
|
13,917,168
|
|
|
|
5.30
|
|
|
|
17,296,726
|
|
|
|
7.87
|
|
50 next largest customers
|
|
|
15,880,027
|
|
|
|
6.05
|
|
|
|
15,385,676
|
|
|
|
7.00
|
|
100 next largest customers
|
|
|
11,838,868
|
|
|
|
4.51
|
|
|
|
10,281,792
|
|
|
|
4.68
|
|
Other customers
|
|
|
220,909,255
|
|
|
|
84.14
|
|
|
|
176,797,729
|
|
|
|
80.45
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
262,545,318
|
|
|
|
100.00
|
|
|
|
219,761,923
|
|
|
|
100.00
|
|
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT I
BREAKDOWN
OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Remaining terms 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
|
|
|
218,130,222
|
|
|
|
39,468,830
|
|
|
|
6,695,729
|
|
|
|
1,874,781
|
|
|
|
46,559
|
|
|
|
16,511
|
|
|
|
266,232,632
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
the non-financial government sector
|
|
|
13,897,221
|
|
|
|
3,661,865
|
|
|
|
479,599
|
|
|
|
127,341
|
|
|
|
|
|
|
|
|
|
|
|
18,166,026
|
|
From
the financial sector
|
|
|
243,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
243,581
|
|
From
the non-financial private sector and foreign residents
|
|
|
203,989,420
|
|
|
|
35,806,965
|
|
|
|
6,216,130
|
|
|
|
1,747,440
|
|
|
|
46,559
|
|
|
|
16,511
|
|
|
|
247,823,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
1,736
|
|
|
|
8,128
|
|
|
|
918
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
entities
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
277,594
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Financial Liabilities
|
|
|
13,229,799
|
|
|
|
80,042
|
|
|
|
29,251
|
|
|
|
30,399
|
|
|
|
35,630
|
|
|
|
152,581
|
|
|
|
13,557,702
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received
from the Central Bank of Argentina and other financial institutions
|
|
|
184,359
|
|
|
|
996,990
|
|
|
|
489,924
|
|
|
|
264,396
|
|
|
|
159,767
|
|
|
|
102,225
|
|
|
|
2,197,661
|
|
Issued corporate
bonds
|
|
|
362,258
|
|
|
|
|
|
|
|
603,146
|
|
|
|
805,512
|
|
|
|
4,093,433
|
|
|
|
3,810,639
|
|
|
|
9,674,988
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate
bonds
|
|
|
|
|
|
|
|
|
|
|
573,052
|
|
|
|
573,052
|
|
|
|
1,146,104
|
|
|
|
23,854,247
|
|
|
|
26,146,455
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
232,185,968
|
|
|
|
40,553,990
|
|
|
|
8,392,020
|
|
|
|
3,548,140
|
|
|
|
5,481,493
|
|
|
|
27,936,203
|
|
|
|
318,097,814
|
|
This
exhibit discloses contractual future cash flows that include interests and accessories to be accrued until maturity of the contracts.
Delfín
Jorge Ezequiel Carballo
Chairperson
ANEXO I
(Continued)
BREAKDOWN
OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Remaining terms 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
|
|
|
182,738,073
|
|
|
|
31,261,800
|
|
|
|
7,363,772
|
|
|
|
1,293,292
|
|
|
|
61,860
|
|
|
|
15,985
|
|
|
|
222,734,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From
the non-financial government sector
|
|
|
10,262,572
|
|
|
|
1,021,797
|
|
|
|
639,422
|
|
|
|
46,091
|
|
|
|
206
|
|
|
|
|
|
|
|
11,970,088
|
|
From
the financial sector
|
|
|
148,269
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
148,269
|
|
From
the non-financial private sector and foreign residents
|
|
|
172,327,232
|
|
|
|
30,240,003
|
|
|
|
6,724,350
|
|
|
|
1,247,201
|
|
|
|
61,654
|
|
|
|
15,985
|
|
|
|
210,616,425
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative
instruments
|
|
|
1,019
|
|
|
|
|
|
|
|
350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,369
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo
transactions
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial
entities
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
164,667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Financial Liabilities
|
|
|
13,945,078
|
|
|
|
18,936
|
|
|
|
9,668
|
|
|
|
14,045
|
|
|
|
22,435
|
|
|
|
141,539
|
|
|
|
14,151,701
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing
received from the Central Bank of Argentina and other financial institutions
|
|
|
724,436
|
|
|
|
918,813
|
|
|
|
1,083,024
|
|
|
|
470,177
|
|
|
|
87,151
|
|
|
|
125,173
|
|
|
|
3,408,774
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued
corporate bonds
|
|
|
362,870
|
|
|
|
|
|
|
|
585,301
|
|
|
|
735,047
|
|
|
|
1,443,264
|
|
|
|
7,394,296
|
|
|
|
10,520,778
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated
corporate bonds
|
|
|
|
|
|
|
|
|
|
|
510,412
|
|
|
|
510,412
|
|
|
|
1,020,824
|
|
|
|
21,757,164
|
|
|
|
23,798,812
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
197,936,143
|
|
|
|
32,199,549
|
|
|
|
9,552,527
|
|
|
|
3,022,973
|
|
|
|
2,635,534
|
|
|
|
29,434,157
|
|
|
|
274,780,883
|
|
This exhibit discloses contractual future cash flows that include interests and accessories to be accrued until maturity of the contracts.
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT J
CONSOLIDATED
CHANGES IN PROVISIONS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Amounts at
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
beginning of
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge
off
|
|
|
06/30/2019
|
|
For Administrative,
disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
50
|
|
|
|
|
|
|
|
50
|
|
|
|
718
|
|
Other
|
|
|
969,036
|
|
|
|
379,049
|
|
|
|
18,045
|
|
|
|
377,066
|
|
|
|
952,974
|
|
Total
Provisions
|
|
|
969,754
|
|
|
|
379,099
|
|
|
|
18,045
|
|
|
|
377,116
|
|
|
|
953,692
|
|
CONSOLIDATED
CHANGES IN PROVISIONS
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Amounts at
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
beginning of
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
12/31/2018
|
|
For Administrative, disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718
|
|
Other
|
|
|
595,277
|
|
|
|
1,031,170
|
|
|
|
14,119
|
|
|
|
643,292
|
|
|
|
969,036
|
|
Total Provisions
|
|
|
595,995
|
|
|
|
1,031,170
|
|
|
|
14,119
|
|
|
|
643,292
|
|
|
|
969,754
|
|
Delfín
Jorge Ezequiel Carballo
Chairperson
EXHIBIT
K
COMPOSITION
OF CAPITAL STOCK
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
Shares
|
|
|
Capital
Stock
|
|
|
|
|
|
|
|
|
|
Votes
per
|
|
|
Issued
|
|
|
In treasury
|
|
|
|
|
Class
|
|
Stock
number
|
|
|
Face
value
|
|
|
share
|
|
|
outstanding
|
|
|
(1)
|
|
|
Paid
in
|
|
Registered
common stock A
|
|
|
11,235,670
|
|
|
|
1
|
|
|
|
5
|
|
|
|
11,236
|
|
|
|
|
|
|
|
11,236
|
|
Registered common stock
B
|
|
|
658,427,351
|
|
|
|
1
|
|
|
|
1
|
|
|
|
628,162
|
|
|
|
30,265
|
|
|
|
658,427
|
|
Total
|
|
|
669,663,021
|
|
|
|
|
|
|
|
|
|
|
|
639,398
|
|
|
|
30,265
|
|
|
|
669,663
|
|
COMPOSITION OF CAPITAL STOCK
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
Shares
|
|
|
Capital
Stock
|
|
|
|
|
|
|
|
|
|
Votes
per
|
|
|
Issued
|
|
|
In treasury
|
|
|
|
|
Class
|
|
Stock
number
|
|
|
Face
value
|
|
|
share
|
|
|
outstanding
|
|
|
(1)
|
|
|
Paid
in
|
|
Registered
common stock A
|
|
|
11,235,670
|
|
|
|
1
|
|
|
|
5
|
|
|
|
11,236
|
|
|
|
|
|
|
|
11,236
|
|
Registered
common stock B
|
|
|
658,427,351
|
|
|
|
1
|
|
|
|
1
|
|
|
|
629,479
|
|
|
|
28,948
|
|
|
|
658,427
|
|
Total
|
|
|
669,663,021
|
|
|
|
|
|
|
|
|
|
|
|
640,715
|
|
|
|
28,948
|
|
|
|
669,663
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT L
FOREIGN CURRENCY AMOUNTS
AS OF JUNE 30, 2019 AND DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2019
|
|
|
12/31/2018
|
|
|
|
Total
parent
|
|
|
Total
per currency
|
|
|
|
|
Item
|
|
company
and local
branches
|
|
|
US
dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Other
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
and deposits in banks
|
|
|
53,289,828
|
|
|
|
53,036,837
|
|
|
|
178,451
|
|
|
|
17,799
|
|
|
|
56,741
|
|
|
|
39,768,830
|
|
Debt
securities at fair value through profit or loss
|
|
|
380,168
|
|
|
|
380,168
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
332,797
|
|
Other
financial assets
|
|
|
1,627,760
|
|
|
|
1,627,760
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,375,996
|
|
Loans
and other financing
|
|
|
54,316,881
|
|
|
|
54,316,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,803,582
|
|
Other financial institutions
|
|
|
452,943
|
|
|
|
452,943
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
480,324
|
|
From the non financial private sector and foreign residents
|
|
|
53,863,938
|
|
|
|
53,863,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,323,258
|
|
Other
debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,630
|
|
Financial
assets delivered as guarantee
|
|
|
1,221,561
|
|
|
|
1,221,561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
916,165
|
|
Equity
instruments at fair value through profit or loss
|
|
|
7,357
|
|
|
|
7,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,746
|
|
Investments
in associates and joint ventures
|
|
|
1,585,949
|
|
|
|
1,585,949
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,417,060
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSETS
|
|
|
112,429,504
|
|
|
|
112,176,513
|
|
|
|
178,451
|
|
|
|
17,799
|
|
|
|
56,741
|
|
|
|
89,701,806
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
87,418,159
|
|
|
|
87,418,159
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
69,034,060
|
|
Non financial government sector
|
|
|
2,438,114
|
|
|
|
2,438,114
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,008,915
|
|
Financial sector
|
|
|
163,035
|
|
|
|
163,035
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
100,200
|
|
Non financial private sector and foreign residents
|
|
|
84,817,010
|
|
|
|
84,817,010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
66,924,945
|
|
Other
financial liabilities
|
|
|
3,037,074
|
|
|
|
2,957,412
|
|
|
|
71,690
|
|
|
|
|
|
|
|
7,972
|
|
|
|
2,142,161
|
|
Financing
from the Central Bank and other financial institutions
|
|
|
1,924,070
|
|
|
|
1,924,070
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,598,810
|
|
Subordinated
corporate bonds
|
|
|
17,191,816
|
|
|
|
17,191,816
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,288,390
|
|
Other
non financial liabilities
|
|
|
36,506
|
|
|
|
36,506
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,566
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES
|
|
|
109,607,625
|
|
|
|
109,527,963
|
|
|
|
71,690
|
|
|
|
|
|
|
|
7,972
|
|
|
|
89,092,987
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT O
DERIVATIVE FINANCIAL INSTRUMENTS
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(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 (in
months)
|
|
|
Residual
weighted
monthly
average
term (in
months)
|
|
|
Weighted
daily
average
term
settlement
of
differences
(in days)
|
|
|
Amount (*)
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign
currency
|
|
Daily
settlement of differences
|
|
MAE
(over-the-counter electronic market) (ROFEX)
|
|
|
5
|
|
|
|
2
|
|
|
|
1
|
|
|
|
325,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
|
|
Intermediation
- own account
|
|
Foreign
currency
|
|
Maturity settlement of differences
|
|
Over The
Counter - Residents in Argentina - Non-financial sector
|
|
|
6
|
|
|
|
2
|
|
|
|
30
|
|
|
|
413,962
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
Intermediation
- own account
|
|
Local government securities
|
|
With delivery of underlying
asset
|
|
Other
countries of local
|
|
|
1
|
|
|
|
1
|
|
|
|
0
|
|
|
|
316,699
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Intermediation
- own account
|
|
Other
|
|
With delivery of underlying
asset
|
|
Over The Counter -
Residents in Argentina - Non-financial sector
|
|
|
33
|
|
|
|
27
|
|
|
|
|
|
|
|
154,087
|
|
(*) Related to the valuation of the underlying traded, exposed
in absolute value.
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
|
|
Mandatory measurement
|
|
Item
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated
from beginning
of period up to
06/30/2019
|
|
For measurement of financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|
|
(Loss)/ Gain from government securities
|
|
|
(22,368
|
)
|
|
|
93,143
|
|
Gain from private securities
|
|
|
121,011
|
|
|
|
240,862
|
|
(Loss)/ Gain from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(11,893
|
)
|
|
|
289,114
|
|
Gain from other financial assets
|
|
|
3,502
|
|
|
|
14,209
|
|
Gain from equity instruments at fair value through profit or loss
|
|
|
5,458
|
|
|
|
1,403,862
|
|
Loss from sales or low of financial assets at fair value
|
|
|
(97,401
|
)
|
|
|
(188,399
|
)
|
Total
|
|
|
(1,691
|
)
|
|
|
1,852,791
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
(Continued)
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures
stated in thousands of pesos)
|
|
Net financial income/ (loss)
|
|
Interest and adjustment for the application of the
effective interest rate of financial assets measured
at amortized cost
|
|
Quarter ended
06/30/2019
|
|
|
Accumulated from
beginning of period up to
06/30/2019
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
34,417
|
|
|
|
65,817
|
|
For government securities
|
|
|
537,909
|
|
|
|
1,046,043
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
355,589
|
|
|
|
865,567
|
|
Non financial private sector
|
|
|
0
|
|
|
|
0
|
|
Overdrafts
|
|
|
1,732,633
|
|
|
|
3,596,912
|
|
Documents
|
|
|
1,080,510
|
|
|
|
2,275,892
|
|
Mortgage loans
|
|
|
1,551,192
|
|
|
|
2,768,493
|
|
Pledge loans
|
|
|
120,039
|
|
|
|
245,466
|
|
Personal loans
|
|
|
4,903,771
|
|
|
|
9,663,307
|
|
Credit cards
|
|
|
2,477,907
|
|
|
|
4,853,326
|
|
Financial leases
|
|
|
40,252
|
|
|
|
82,185
|
|
Other
|
|
|
1,018,188
|
|
|
|
2,132,850
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
0
|
|
|
|
9,381
|
|
Other financial institutions
|
|
|
1,616,883
|
|
|
|
1,947,341
|
|
Total
|
|
|
15,469,290
|
|
|
|
29,552,580
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
From deposits
|
|
|
|
|
|
|
|
|
Non financial private sector
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
(52,003
|
)
|
|
|
(170,003
|
)
|
Saving accounts
|
|
|
(149,944
|
)
|
|
|
(244,235
|
)
|
Time deposits and investments accounts
|
|
|
(12,372,143
|
)
|
|
|
(21,751,659
|
)
|
For Financing received from Central Bank of Argentina and other financial institutions
|
|
|
(61,352
|
)
|
|
|
(170,661
|
)
|
For repo transactions
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
(107,558
|
)
|
|
|
(178,415
|
)
|
For other financial liabilities
|
|
|
(26,266
|
)
|
|
|
(57,276
|
)
|
Issued corporate bonds
|
|
|
(469,695
|
)
|
|
|
(921,882
|
)
|
For subordinated corporate bonds
|
|
|
(310,708
|
)
|
|
|
(591,200
|
)
|
Total
|
|
|
(13,549,669
|
)
|
|
|
(24,085,331
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT
Q
(Continued)
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
|
Other comprehensive income
|
|
Interest and adjustment for the
application of the effective
interest rate of financial assets
measured at fair value through
other comprehensive income
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of
period up to
06/30/2019
|
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of
period up to
06/30/2019
|
|
From debt government securities
|
|
|
14,011,582
|
|
|
|
22,704,666
|
|
|
|
64,449
|
|
|
|
(60,859
|
)
|
Total
|
|
|
14,011,582
|
|
|
|
22,704,666
|
|
|
|
64,449
|
|
|
|
(60,859
|
)
|
|
|
Income for the period
|
|
Commissions income
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of period up to
06/30/2019
|
|
Commissions related to obligations
|
|
|
1,956,391
|
|
|
|
3,912,714
|
|
Commissions related to credits
|
|
|
39,562
|
|
|
|
63,352
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
237
|
|
|
|
2,441
|
|
Commissions related to securities value
|
|
|
26,814
|
|
|
|
47,559
|
|
Commissions for credit cards
|
|
|
1,033,256
|
|
|
|
2,045,566
|
|
Commissions for insurance
|
|
|
203,138
|
|
|
|
402,191
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
94,796
|
|
|
|
168,318
|
|
Total
|
|
|
3,354,194
|
|
|
|
6,642,141
|
|
|
|
Loss for the period
|
|
Commissions expenses
|
|
Quarter
ended
06/30/2019
|
|
|
Accumulated
from beginning
of period up to
06/30/2019
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
(19,073
|
)
|
|
|
(28,197
|
)
|
Other
|
|
|
|
|
|
|
|
|
Commissions paid ATM exchange
|
|
|
(110,163
|
)
|
|
|
(208,195
|
)
|
Checkbooks commissions and compensating cameras
|
|
|
(63,554
|
)
|
|
|
(118,351
|
)
|
Commissions Credit cards and foreign trade
|
|
|
(50,952
|
)
|
|
|
(92,586
|
)
|
|
|
|
(243,742
|
)
|
|
|
(447,329
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ (Loss)
|
|
|
|
Mandatory measurement
|
|
Item
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated from
beginning of
period up to
06/30/2018
|
|
For measurement of financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Gain from government securities
|
|
|
35,589
|
|
|
|
84,963
|
|
Gain from private securities
|
|
|
3,554
|
|
|
|
22,335
|
|
Loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(3,841
|
)
|
|
|
|
|
Gain from other financial assets
|
|
|
12,272
|
|
|
|
28,331
|
|
Gain from equity instruments at fair value through profit or loss
|
|
|
1,962
|
|
|
|
6,114
|
|
Loss from sales or low of financial assets at fair value
|
|
|
(128,587
|
)
|
|
|
(39,616
|
)
|
For measurement of financial liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Gain from derivative financial instruments
|
|
|
|
|
|
|
|
|
Forward transactions
|
|
|
(5,970
|
)
|
|
|
(5,970
|
)
|
Total
|
|
|
(85,021
|
)
|
|
|
96,157
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
EXHIBIT Q
|
|
|
(continued)
|
|
|
|
BREAKDOWN OF STATEMENT OF INCOME
|
AS OF JUNE 30, 2018
|
(Translation of the financial statements originally issued in Spanish - See Note 36)
|
(Figures stated in thousands of pesos)
|
|
|
Net financial income/ (loss)
|
|
Interest and adjustment for the application of the effective
interest rate of financial assets measured at amortized cost
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from
beginning of
period up to
06/30/2018
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
1,991
|
|
|
|
4,952
|
|
for debt securities
|
|
|
49,753
|
|
|
|
100,021
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
339,001
|
|
|
|
556,438
|
|
Overdrafts
|
|
|
955,080
|
|
|
|
1,729,824
|
|
Documents
|
|
|
719,358
|
|
|
|
1,367,483
|
|
Mortgage loans
|
|
|
730,273
|
|
|
|
1,264,187
|
|
Pledge loans
|
|
|
138,148
|
|
|
|
283,559
|
|
Personal loans
|
|
|
4,113,856
|
|
|
|
7,893,947
|
|
Credit cards
|
|
|
1,425,203
|
|
|
|
2,669,474
|
|
Financial leases
|
|
|
34,275
|
|
|
|
68,542
|
|
Other
|
|
|
943,336
|
|
|
|
1,798,067
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Central Bank of Argentina
|
|
|
7,068
|
|
|
|
21,248
|
|
Other financial institutions
|
|
|
38,698
|
|
|
|
58,244
|
|
Total
|
|
|
9,496,040
|
|
|
|
17,815,986
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
For deposits
|
|
|
|
|
|
|
|
|
Non financial private sector
|
|
|
|
|
|
|
|
|
Checking accounts
|
|
|
|
|
|
|
|
|
Saving accounts
|
|
|
(62,204
|
)
|
|
|
(113,967
|
)
|
Time deposits and investments accounts
|
|
|
(3,499,567
|
)
|
|
|
(6,199,003
|
)
|
For Financing received from Central Bank of Argentina and other financial institutions
|
|
|
(19,885
|
)
|
|
|
(33,098
|
)
|
For repo transactions
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
(24,342
|
)
|
|
|
(55,312
|
)
|
For other financial liabilities
|
|
|
(3,452
|
)
|
|
|
(32,472
|
)
|
Issued corporate bonds
|
|
|
(422,246
|
)
|
|
|
(595,933
|
)
|
For subordinated corporate bonds
|
|
|
(174,356
|
)
|
|
|
(313,406
|
)
|
Total
|
|
|
(4,206,052
|
)
|
|
|
(7,343,191
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT Q
(Continued)
BREAKDOWN OF STATEMENT OF INCOME
AS OF JUNE 30, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
|
Other comprehensive income
|
|
Interest and adjustment for the
application of the effective
interest rate of financial assets
measured at fair value through
other comprehensive income
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from
beginning of
period up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
From debt government securities
|
|
|
3,087,439
|
|
|
|
5,154,192
|
|
|
|
(33,092
|
)
|
|
|
(88,570
|
)
|
Total
|
|
|
3,087,439
|
|
|
|
5,154,192
|
|
|
|
(33,092
|
)
|
|
|
(88,570
|
)
|
|
|
Income for the period
|
|
Commissions income
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
Commissions related to obligations
|
|
|
1,688,963
|
|
|
|
3,151,151
|
|
Commissions related to credits
|
|
|
24,609
|
|
|
|
40,719
|
|
Commissions related to loans commitments and financial guarantees
|
|
|
45
|
|
|
|
453
|
|
Commissions related to securities value
|
|
|
25,366
|
|
|
|
47,098
|
|
Commissions for credit cards
|
|
|
765,496
|
|
|
|
1,464,520
|
|
Commissions for insurance
|
|
|
172,118
|
|
|
|
341,735
|
|
Commissions related to trading and foreign exchange transactions
|
|
|
50,804
|
|
|
|
92,178
|
|
Total
|
|
|
2,727,401
|
|
|
|
5,137,854
|
|
|
|
Loss for the period
|
|
Commissions expenses
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
Commissions related to transactions to debt securities
|
|
|
(76
|
)
|
|
|
(208
|
)
|
Commissions related to trading and foreign exchange transactions
|
|
|
(10,247
|
)
|
|
|
(16,862
|
)
|
Other
|
|
|
|
|
|
|
|
|
Commissions paid ATM exchange
|
|
|
(64,912
|
)
|
|
|
(120,440
|
)
|
Checkbooks commissions and compensating cameras
|
|
|
(42,649
|
)
|
|
|
(78,568
|
)
|
Commissions Credit cards and foreign trade
|
|
|
(69,342
|
)
|
|
|
(128,764
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
(187,226
|
)
|
|
|
(344,842
|
)
|
Delfín Jorge Ezequiel Carballo
Chairperson
EXHIBIT
R
VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2019
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Amounts at
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
the fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
06/30/2019
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
4,931
|
|
|
|
1,184,268
|
|
|
|
0
|
|
|
|
11
|
|
|
|
1,189,188
|
|
Loans and other financing
|
|
|
3,875,164
|
|
|
|
1,950,215
|
|
|
|
68,164
|
|
|
|
1,498,572
|
|
|
|
4,258,643
|
|
Other financial institutions
|
|
|
52,121
|
|
|
|
5,150
|
|
|
|
26,758
|
|
|
|
0
|
|
|
|
30,513
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
Overdrafts
|
|
|
278,910
|
|
|
|
91,367
|
|
|
|
2,683
|
|
|
|
40,145
|
|
|
|
327,449
|
|
Documents
|
|
|
352,955
|
|
|
|
79,108
|
|
|
|
943
|
|
|
|
40,218
|
|
|
|
390,902
|
|
Mortgage loans
|
|
|
262,750
|
|
|
|
62,152
|
|
|
|
892
|
|
|
|
18,886
|
|
|
|
305,124
|
|
Pledge loans
|
|
|
75,762
|
|
|
|
10,619
|
|
|
|
972
|
|
|
|
874
|
|
|
|
84,535
|
|
Personal loans
|
|
|
1,497,309
|
|
|
|
834,667
|
|
|
|
52
|
|
|
|
601,547
|
|
|
|
1,730,377
|
|
Credit cards
|
|
|
772,847
|
|
|
|
363,842
|
|
|
|
457
|
|
|
|
270,395
|
|
|
|
865,837
|
|
Financial leases
|
|
|
5,567
|
|
|
|
1,129
|
|
|
|
771
|
|
|
|
0
|
|
|
|
5,925
|
|
Other
|
|
|
576,943
|
|
|
|
502,181
|
|
|
|
34,636
|
|
|
|
526,507
|
|
|
|
517,981
|
|
Total allowances
|
|
|
3,880,095
|
|
|
|
3,134,483
|
|
|
|
68,164
|
|
|
|
1,498,583
|
|
|
|
5,447,831
|
|
VALUE ADJUSTMENT FOR CREDIT LOSSES - ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF DECEMBER 31, 2018
(Translation of the financial statements originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Amounts at
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
beginning of
|
|
|
|
|
|
Decreases
|
|
|
|
|
Item
|
|
the fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
12/31/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
4,916
|
|
|
|
1,850
|
|
|
|
|
|
|
|
1,835
|
|
|
|
4,931
|
|
Loans and other financing
|
|
|
2,470,303
|
|
|
|
2,867,749
|
|
|
|
37,684
|
|
|
|
1,425,204
|
|
|
|
3,875,164
|
|
Other financial institutions
|
|
|
31,251
|
|
|
|
25,571
|
|
|
|
4,701
|
|
|
|
|
|
|
|
52,121
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
0
|
|
Overdrafts
|
|
|
138,311
|
|
|
|
198,938
|
|
|
|
6,822
|
|
|
|
51,517
|
|
|
|
278,910
|
|
Documents
|
|
|
200,750
|
|
|
|
193,380
|
|
|
|
807
|
|
|
|
40,368
|
|
|
|
352,955
|
|
Mortgage loans
|
|
|
146,296
|
|
|
|
148,407
|
|
|
|
13,466
|
|
|
|
18,487
|
|
|
|
262,750
|
|
Pledge loans
|
|
|
73,070
|
|
|
|
28,738
|
|
|
|
3,681
|
|
|
|
22,365
|
|
|
|
75,762
|
|
Personal loans
|
|
|
1,055,897
|
|
|
|
1,284,557
|
|
|
|
267
|
|
|
|
842,878
|
|
|
|
1,497,309
|
|
Credit cards
|
|
|
557,682
|
|
|
|
565,559
|
|
|
|
905
|
|
|
|
349,489
|
|
|
|
772,847
|
|
Financial leases
|
|
|
6,487
|
|
|
|
268
|
|
|
|
1,188
|
|
|
|
0
|
|
|
|
5,567
|
|
Other
|
|
|
260,559
|
|
|
|
422,331
|
|
|
|
5,847
|
|
|
|
100,100
|
|
|
|
576,943
|
|
Total allowances
|
|
|
2,475,219
|
|
|
|
2,869,599
|
|
|
|
37,684
|
|
|
|
1,427,039
|
|
|
|
3,880,095
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
REVIEW REPORT ON CONDENSED CONSOLIDATED INTERIM FINANCIAL
STATEMENTS
To the Directors of
BANCO MACRO S.A.
CUIT (Argentine tax identification
number): 30-50001008-4
Registered office: Avenida Eduardo
Madero 1182
Buenos Aires City
|
I.
|
Report on the financial statements
|
Introduction
|
1.
|
We have reviewed the accompanying condensed consolidated interim financial
statements of BANCO MACRO S.A. and its subsidiaries (“the Bank”), which comprise: (a) the consolidated statement of
financial position as of June 30, 2019, (b) the consolidated statements of income and other comprehensive income for the three
and six month periods ended at June 30, 2019, and the changes in shareholders’ equity and cash flows for the six-month period
then ended, and (c) explanatory notes and other supplementary information.
|
Responsibility of the Bank’s
Board of Directors and Management in connection with the financial statements
|
2.
|
The Bank’s Board of Directors and Management are responsible for the
preparation and presentation of the financial statements mentioned in paragraph 1. in accordance with the accounting framework
established by the Central Bank of Argentina (“BCRA”), which, as indicated in note 3. to the financial statements mentioned
in paragraph 1., is based on International Financial Reporting Standards (“IFRS”), and in particular for the condensed
interim financial statements on the International Accounting Standard (“IAS”) 34 "Interim Financial Reporting",
as those standards were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine
Federation of Professional Councils in Economic Sciences (“FACPCE” for its Spanish acronym), only subject to the exceptions
stated in (i) point 5.5. "Impairment" of IFRS 9 "Financial instruments", and (ii) International Accounting
Standards (“IAS”) 29 “Financial Reporting in Hyperinflationary Economies”, which were temporarily excluded
by the BCRA from the accounting framework applicable to financial institutions. The Bank’s Board of Directors and Management
are also responsible for the internal control they may deem necessary to allow the interim financial statements to be prepared
free of material misstatements, whether due to errors or irregularities.
|
Auditor’s responsibility
|
3.
|
Our responsibility is to express a conclusion on the financial statements
mentioned in paragraph 1. based on our review, which was performed in accordance with the standards established by FACPCE Technical
Resolution No. 37 and with the “Minimum external auditing standards” issued by the BCRA, applicable to the review of
interim financial statements, and in compliance with the ethical requirements relevant to the audit of the Bank’s annual
financial statements. A review of interim financial statements consists of making inquiries, mainly to the persons in charge of
accounting and financial matters, as well as applying analytical procedures and other review procedures. A review is substantially
less in scope than an audit of financial statements; therefore, we cannot obtain reasonable assurance that we will become aware
of all the material issues that may arise in an audit. Therefore, we do not express an audit opinion.
|
Conclusion
|
4.
|
Based on our review, we have not become aware of anything that may lead
us to believe that the financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in accordance
with the accounting framework established by the BCRA mentioned in paragraph 2.
|
Delfín Jorge Ezequiel Carballo
Chairperson
Emphasis
on certain aspects disclosed in the financial statements and other issues
|
5.
|
We would like to draw attention to the information contained
in the following notes to the consolidated financial statements mentioned in paragraph 1.:
|
(a)Note
3. “Basis for the preparation of these financial statements and applicable accounting standards”, section “Applicable
Accounting Standards”, in which the Bank quantifies the effect that the application of section 5.5 “Impairment”
of IFRS 9 “Financial instruments” would have on the financial statements mentioned in paragraph 1., which was temporarily
excluded by the BCRA from the accounting framework applicable to financial entities. This issue does not change the conclusion
stated in paragraph 4., but it should be taken into account by the users of IFRS for interpreting the financial statements mentioned
in paragraph 1.
(b)
Note 3. “Basis for the preparation of these financial statements and applicable accounting standards”, section “Measuring
unit”, which (a) explains that although as of June 30, 2019, the conditions mentioned in IAS 29 for the inflation adjustment
of the financial statements into measuring unit current are met, BCRA Communiqué "A" 6651 does not allow such
inflation adjustment temporarily; (b) describes the main impacts that would be derived from applying IAS 29, together with a quantification
of certain global effects on the attached financial statements, and (c) warns that the nonrecognition of changes occurred in the
general purchasing power may distort the accounting information and should be taken into account in the interpretation of the information
included by the Bank in the accompanying financial statements over financial position, results of operations and cash flows. This
issue does not modify the conclusion mentioned in paragraph 4, but we expressly state that although the financial statements mentioned
in paragraph 1. were prepared pursuant to the accounting information framework established by the BCRA, the practices within this
information framework concerning the measuring unit do not allow to make a presentation according to professional accounting standards.
|
6.
|
As further explained in Note 38. to the consolidated financial statements
mentioned in paragraph 1., certain accounting practices used by the Bank to prepare the accompanying financial statements conform
with the accounting framework established by the BCRA but may not conform with the accounting principles generally accepted in
other countries.
|
Other matters
|
7.
|
We also issued a separate report on the condensed separate
interim financial statements of BANCO MACRO S.A. as of the same date and for the same period indicated in paragraph 1.
|
|
II.
|
Report on other legal and regulatory requirements
|
|
8.
|
In compliance with current legal requirements, we further
report that:
|
|
(a)
|
The financial statements mentioned in paragraph 1., as mentioned in note
3. thereto, are in process of being transcribed into the Books of Accounts of BANCO MACRO S.A. and, based on our review, we have
not become aware of anything that may lead us to believe that these financial statements have not been prepared, in all material
respects, in conformity with the applicable Argentine Business Associations Law provisions and Argentine Securities Commission
(“CNV”) regulations.
|
|
(b)
|
The condensed separate interim financial statements of BANCO MACRO S.A.
as of June 30, 2019, arise from the accounting books kept, in all formal respects, pursuant to current legal requirements.
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
(c)
|
As of June 30, 2019, the liabilities accrued from employee and employer
contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 238,261,227, none of
which was due and payable as of that date.
|
Buenos Aires City,
August 7, 2019
|
PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
|
|
C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
|
|
|
|
|
|
CARLOS M. SZPUNAR
|
|
Partner
|
|
Certified Public Accountant (U.B.A.)
|
|
C.P.C.E.C.A.B.A. Vol. 192 – Fo. 110
|
REVIEW REPORT ON CONDENSED
SEPARATE INTERIM FINANCIAL STATEMENTS
To the Directors of
BANCO MACRO S.A.
CUIT (Argentine tax identification
number): 30-50001008-4
Registered office: Avenida Eduardo
Madero 1182
Buenos Aires City
|
III.
|
Report on the financial statements
|
Introduction
|
1.
|
We have reviewed the accompanying condensed separate interim financial statements
of BANCO MACRO S.A. (“the Bank”), which comprise: (a) the separate statement of financial position as of June 30, 2019,
(b) the separate statements of income and other comprehensive income for the three and six-month periods ended at June 30, 2019,
and the changes in shareholders’ equity and cash flows for the six-month period then ended, and (c) explanatory notes and
other supplementary information.
|
Responsibility of the Bank’s
Board of Directors and Management in connection with the financial statements
|
2.
|
The Bank’s Board of Directors and Management are responsible for the
preparation and presentation of the financial statements mentioned in paragraph 1. in accordance with the accounting framework
established by the Central Bank of Argentina (“BCRA”), which, as indicated in note 3. to the financial statements mentioned
in paragraph 1., is based on International Financial Reporting Standards (“IFRS”), and in particular for the condensed
interim financial statements on the International Accounting Standard (“IAS”) 34 "Interim Financial Reporting",
as those standards were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine
Federation of Professional Councils in Economic Sciences (“FACPCE” for its Spanish acronym), only subject to the exceptions
stated in (i) point 5.5. "Impairment" of IFRS 9 "Financial instruments", and (ii) International Accounting
Standards (“IAS”) 29 “Financial Reporting in Hyperinflationary Economies”, which were temporarily excluded
by the BCRA from the accounting framework applicable to financial institutions. The Bank’s Board of Directors and Management
are also responsible for the internal control they may deem necessary to allow the interim financial statements to be prepared
free of material misstatements, whether due to errors or irregularities.
|
Auditor’s responsibility
|
3.
|
Our responsibility is to express a conclusion on the financial statements
mentioned in paragraph 1. based on our review, which was performed in accordance with the standards established by FACPCE Technical
Resolution No. 37 and with the “Minimum external auditing standards” issued by the BCRA, applicable to the review of
interim financial statements, and in compliance with the ethical requirements relevant to the audit of the Bank’s annual
financial statements. A review of interim financial statements consists of making inquiries, mainly to the persons in charge of
accounting and financial matters, as well as applying analytical procedures and other review procedures. A review is substantially
less in scope than an audit of financial statements; therefore, we cannot obtain reasonable assurance that we will become aware
of all the material issues that may arise in an audit. Therefore, we do not express an audit opinion.
|
Conclusion
|
4.
|
Based on our review, we have not become aware of anything that may lead
us to believe that the financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in accordance
with the accounting framework established by the BCRA mentioned in paragraph 2.
|
Delfín Jorge Ezequiel Carballo
Chairperson
Emphasis on certain aspects disclosed
in the financial statements and other issues
|
5.
|
We would like to draw attention to the information contained
in the following notes to the separate financial statements mentioned in paragraph 1.:
|
(a)Note
3. “Basis for the preparation of these financial statements and applicable accounting standards”, in which the Bank
quantifies the effect that the application of section 5.5 "Impairment” of IFRS 9 "Financial instruments" would
have on the financial statements mentioned in paragraph 1., which was temporarily excluded by the BCRA from the accounting framework
applicable to financial entities. This issue does not change the conclusion stated in paragraph 4., but it should be taken into
account by the users of IFRS for interpreting the financial statements mentioned in paragraph 1.
(b)
Note 3. “Basis for the preparation of these financial statements and applicable accounting standards”, section “Measuring
unit”, which (a) explains that although as of June 30, 2019, the conditions mentioned in IAS 29 for the inflation adjustment
of the financial statements into measuring unit current are met, BCRA Communiqué "A" 6651 does not allow such
inflation adjustment temporarily; (b) describes the main impacts that would be derived from applying IAS 29, together with a quantification
of certain global effects on the attached financial statements, and (c) warns that the nonrecognition of changes occurred in the
general purchasing power may distort the accounting information and should be taken into account in the interpretation of the information
included by the Bank in the accompanying financial statements over financial position, results of operations and cash flows. This
issue does not modify the conclusion mentioned in paragraph 4, but we expressly state that although the financial statements mentioned
in paragraph 1. were prepared pursuant to the accounting information framework established by the BCRA, the practices within this
information framework concerning the measuring unit do not allow to make a presentation according to professional accounting standards.
|
6.
|
As further explained in note 36. to the separate financial statements mentioned
in paragraph 1., certain accounting practices used by the Bank to prepare the accompanying financial statements conform with the
accounting framework established by the BCRA but may not conform with the accounting principles generally accepted in other countries.
|
Other matters
|
7.
|
We also issued a separate report on the condensed consolidated
interim financial statements of BANCO MACRO S.A. and its subsidiaries as of the same date and for the same period indicated in
paragraph 1.
|
|
IV.
|
Report on other legal and regulatory requirements
|
|
8.
|
In compliance with current legal requirements, we further
report that:
|
|
(a)
|
Based on our review, we have not become aware of anything that may lead
us to believe that the financial statements mentioned in paragraph 1. have not been prepared, in all material respects, in conformity
with the applicable Argentine Business Associations Law provisions and Argentine Securities Commission (“CNV”) regulations.
|
|
(b)
|
The financial statements mentioned in paragraph 1. as mentioned in note
3. thereto, are in process of being transcribed into the Books of Accounts of BANCO MACRO S.A. and arise from the accounting books
kept, in all formal respects, pursuant to current legal requirements.
|
|
(c)
|
As of June 30, 2019, the liabilities accrued from employee and employer
contributions to the Integrated Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 238,261,227, none of
which was due and payable as of that date.
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
(d)
|
As of June 30, 2019, as stated in note 26. to the financial statements mentioned
in paragraph 1., the Bank carries shareholders’ equity and a statutory guarantee account to eligible assets that exceed the
minimum amounts required by relevant CNV regulations for these items.
|
Buenos Aires City,
August 7, 2019
|
PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
|
|
C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
|
|
|
|
|
|
CARLOS M. SZPUNAR
|
|
Partner
|
|
Certified Public Accountant (U.B.A.)
|
|
C.P.C.E.C.A.B.A. Vol. 192 – Fo. 110
|