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):
Interim consolidated financial statements as of June 30, 2018
together with the Reports on review of consolidated interim financial statements.
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.
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Translation of Financial statements
originally issued in Spanish – See Note 36)
(*) Total Shareholders´ Equity for Consolidated and Separate
Interim Balance sheet
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Translation of Financial statements
originally issued in Spanish – See Note 36)
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(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 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, strengthening
in this way its goal to be a multi-services bank. In addition, through its subsidiaries, the Bank performs transactions as a trustee
agent, direction and management of mutual funds and 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 the Bolsas y Mercados Argentinos (BYMA) since November 1994, as from March 24, 2006 they are listed on
the New York Stock Exchange (NYSE). Additionally, on October 15, 2015 they were authorized to list on the Mercado Abierto Electrónico
SA (MAE).
Since 1994, Banco Macro SA’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.
On August 22, 2018, 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.
As of June 30, 2018 and December
31, 2017 and 2016, the deposits held by the Misiones Provincial Government with the Bank amounted to 4,711,719, 3,255,353 and 2,495,781(including
357,883, 333,032 and 139,610 related to court deposits), respectively.
|
2.2.
|
Agreement with the Salta Provincial Government
|
The Bank and the Salta Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since March 1, 1996,
as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On February 22, 2005 and August
22, 2014, extensions to such agreements were agreed upon, making it currently effective through February 28, 2026.
As of June 30, 2018 and December
31, 2017 and 2016, the deposits held by the Salta Provincial Government with the Bank amounted to 2,816,581, 908,270 and 1,340,738
(including 552,288, 458,550 and 370,154 related to court deposits), respectively.
|
2.3.
|
Agreement with the Jujuy Provincial Government
|
The Bank and the Jujuy Provincial
Government entered into a special-relationship agreement whereby the Bank was appointed, for a ten-year term since January 12,
1998, as the Provincial Government’s exclusive financial agent, as well as revenue collection and obligation payment agent.
On April 29, 2005 and July
8, 2014, extensions to such agreement were agreed upon, making it currently effective through September 30, 2024.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
As of June 30, 2018 and December
31, 2017 and 2016, the deposits held by the Jujuy Provincial Government with the Bank amounted to 3,261,660, 4,649,184 and 1,580,312
(including 376,544, 320,825 and 253,622 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
and of the Municipality of San Miguel de Tucumán, respectively.
The service agreement with the
Tucumán Provincial Government is currently effective through the year 2021, while the agreement executed with the Municipality
of San Miguel de Tucumán was automatically extended through the year 2023, as set forth in the original agreement.
In addition, the legislative
body of the province of Tucumán, converted into law a project issued by the provincial executive power in which it was authorized
the sale of the shares held by the province of Tucumán in Banco de Tucumán SA to Banco Macro SA and also 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 shares, with a face value of Ps. 100 each one
and entitled to one vote of Banco del Tucumán SA, which is equivalent to 10% of its common stock and votes. For this transaction,
the Bank paid 456,462 which will be registred in the consolidated Financial Statements in the Shareholders equity at the carrying
amount while in the Separate financial statements will be registered at the purchase price method.
As of June 30, 2018 and December
31, 2017 and 2016, the deposits held by the Tucumán Provincial Government and the Municipality of San Miguel de Tucumán
with Banco del Tucumán SA amounted to 4,416,138, 1,913,801 and 2,450,436 (including 1,500,429, 1,225,993 and 943,683 related
to court deposits), respectively.
|
3.
|
BASIS FOR THE PRESENTATION OF THESE FINANCIAL STATEMENTS
AND APPLICABLE ACCOUNTING STANDARDS
|
Presentation basis
Applicable Accounting Standards
On February 12, 2014 the Central
Bank, through Communiqué “A” 5541 established the general guidelines towards conversion to the IFRS issued by
the International Accounting Standards Board (IASB) for preparing financial statements of the entities under its supervision, for
the annual fiscal years beginning on January 1, 2018 as well as those of interim-periods.
Additionally, through Communiqués
“A” 6114, the Central Bank 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. To the date of the present condensed
consolidated interim Financial Statements the Bank is in the process of determining and quantifying the effect the application
of section 5.5 “Impairment” mentioned in (i) above will have. Finally, through Communiqués “A” 6323
and 6324 and supplementary rules, the Central Bank defined the minimum chart of accounts and the provisions applicable to the preparation
and presentation of the financial statements of financial entities for the fiscal years beginning on January 1, 2018, respectively.
The accompanying condensed consolidated
interim Financial Statements of the Bank were prepared pursuant to Communiqué “A” 6114 and supplementary rules
of the Central Bank. Taking into account the exceptions described in the preceding paragraph, the new regulatory framework comprises
the Standards and Interpretations adopted by the IASB and includes:
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
-
|
the International Accounting Standards (IAS); and
|
|
-
|
the interpretations developed by the IFRS Interpretations
Committee (IFRIC) or former IFRIC (SIC).
|
In the preparation of this
Financial statements, the Bank further contemplated the exceptions and exemptions provided for in IFRS 1 “First-time Adoption
of International Financial Reporting Standards” and those applied for the preparation of the accompanying condensed consolidated
interim Financial Statements are described in the section “First-time Adoption of International Financial Reporting Standards
in accordance with Communiqué “A” 6114 of the Central Bank” of this Note.
Up to the fiscal year ended
December 31, 2017, the Bank prepared its consolidated Financial Statements in accordance with the rules and standards issued by
the Central Bank. The financial information for previous fiscal years and included in the accompanying consolidated Financial Statements
for comparative purposes, was modified and is disclosed in accordance with the basis described in the preceding paragraphs. The
effects of changes between the standards applied as of the end of the fiscal year ended December 31, 2017 and the IFRS are explained
in the reconciliations disclosed under the title “First-time Adoption to IFRS in accordance with Central Bank Communiqué
“A” 6114” on this Note.
The accounting policies comply
with the IFRS as currently approved and are applicable to the preparation of the first annual consolidated Financial Statements
(December 31, 2018). in accordance with the IFRS adopted by the Central Bank though Communique “A” 6114. Notwithstanding
the above, these accounting policies might change if, at the time of preparing those first annual Financial Statements in accordance
with the IFRS adopted by the Central Bank though Communique “A” 6114, new standards are issued or the existing ones
are modified, or the compulsory application to that date is modified, or if the Bank chooses to change its choice of any of the
exemptions under IFRS 1. Generally, the Central Bank does not allow the anticipated application of any IFRS, unless it expressly
states the contrary.
Basis for the preparation
and consolidation
These condensed consolidated
interim Financial Statements for the six-month period ended on June 30, 2018, have been prepared in accordance with the framework
set forth by the Central Bank as mentioned in the previous seccion “ Applicabe accouting standards”, for which this
condensed consolidated interim Financial Statements, is based on IAS 34 “Interim Financial Reporting”.
For the preparation of these
condensed consolidated interim Financial Statements 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 condensed consolidated interim Financial
Statements for the three months period ended on March 31, 2018, already issued. In this sense, the Bank has applied the same accounting
policies adopoted at the transition date.
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 December 31, 2017 and condensed consolidated interim
Financial Statements for the three-month period ended on March 31, 2018. 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, the accompanying condensed
consolidated interim Financial Statements must be read together with the annual consolidated financial statements for the fiscal
year ended December 31, 2017 and condensed consolidated interim Financial Statements for the three-month period ended on March
31, 2018.
As of June 30, 2018 and December
31, 2017 and 2016, the Bank has consolidated its Financial Statements with the Financial Statements of the following companies:
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
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)
|
|
Juana Manso 555 – 8th floor, Office A – Autonomous City of Buenos Aires
|
|
Argentina
|
|
Stock-Exchange Services
|
|
|
|
|
|
|
|
Macro Fiducia SA
|
|
Sarmiento 447 – 7th floor– Autonomous City of Buenos Aires
|
|
Argentina
|
|
Services
|
|
|
|
|
|
|
|
Macro Fondos SGFCISA
|
|
Juana Manso 555 – 9th floor, Office A – Autonomous City of Buenos Aires
|
|
Argentina
|
|
Direction and Management of Mutual Funds
|
|
|
|
|
|
|
|
Macro Bank Limited (c)
|
|
Caves Village, Building 8 Office 1 – West Bay St,, Nassau
|
|
Bahamas
|
|
Banking Entity
|
|
(a)
|
Consolidates with Macro Fondos SGFCI SA (80.90% Participating
and Voting Interest).
|
|
(b)
|
The indirect interest of Banco Macro SA comes from Macro
Fiducia SA.
|
|
(c)
|
Consolidates with Sud Asesores (ROU) SA (100% Voting Interest–Equity
interest 2,220).
|
The table below shows the Bank’s
participating interest in the companies it consolidates as of June 30, 2018 and December 31, 2017 and 2016:
|
|
Shares
|
|
Bank’s Participating Interest
|
|
|
Non-Controlling Interest
|
|
Subsidiaries
|
|
Type
|
|
Number
|
|
|
Total Capital
Stock
|
|
|
Voting
Interest
|
|
|
Total Capital
Stock
|
|
|
Voting
Interest
|
|
Banco del Tucumán SA
|
|
Common
|
|
|
395,341
|
|
|
|
89.932
|
%
|
|
|
89.932
|
%
|
|
|
10.068
|
%
|
|
|
10.068
|
%
|
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
|
%
|
|
|
-
|
|
Total assets, liabilities and
net equity of the Bank and each of its subsidiaries as of June 30, 2018 and December 31, 2017 and 2016 are as follows:
As of 06/30/2018
|
|
Banco Macro
SA
|
|
|
Banco del
Tucumán SA
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
255,311,664
|
|
|
|
18,192,290
|
|
|
|
3,813,042
|
|
|
|
(5,581,847
|
)
|
|
|
271,735,149
|
|
Liabilities
|
|
|
205,165,812
|
|
|
|
15,775,848
|
|
|
|
1,685,548
|
|
|
|
(1,282,172
|
)
|
|
|
221,345,036
|
|
Equity attributable to the owners of the Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,145,852
|
|
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
244,261
|
|
As of 12/31/2017
|
|
Banco Macro
SA
|
|
|
Banco del
Tucumán SA
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
213,157,890
|
|
|
|
14,789,934
|
|
|
|
2,922,315
|
|
|
|
(4,531,069
|
)
|
|
|
226,339,070
|
|
Liabilities
|
|
|
166,622,867
|
|
|
|
12,802,725
|
|
|
|
1,259,906
|
|
|
|
(1,082,293
|
)
|
|
|
179,603,205
|
|
Equity attributable to the owners of the Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,535,023
|
|
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
200,842
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
As of 12/31/2016
|
|
Banco Macro
SA
|
|
|
Banco del
Tucumán SA
|
|
|
Other
Subsidiaries
|
|
|
Eliminations
|
|
|
Consolidated
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
148,783,028
|
|
|
|
11,548,487
|
|
|
|
2,215,093
|
|
|
|
(3,176,013
|
)
|
|
|
159,370,595
|
|
Liabilities
|
|
|
123,812,335
|
|
|
|
9,489,193
|
|
|
|
1,107,074
|
|
|
|
(216,500
|
)
|
|
|
134,192,102
|
|
Equity attributable to the owners of the Bank
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24,970,693
|
|
Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
207,800
|
|
Transcription in the Books
of Accounts
To the date of the accompanying
Financial Statements, the same are in the process of being transcribed in the Bank’s Books of Account.
Figures expressed in thousands
of Pesos
The accompanying consolidated
Financial Statements disclose figures expressed in thousands of Argentine pesos and round the amounts in thousands of pesos to
the nearest whole number, unless it expressly states the contrary.
Comparative information
The present condensed consolidated
interim Balance sheet as of June 30, 2018, is presented comparatively with year-end data of the immediately preceding fiscal year,
while the Statement of income and Other comprehensive income for the three-month and six-month periods ended June 30, 2018, the
Statement of changes in shareholders’ equity and the Statement of cash flows and Cash equivalents for the six-month period
ended June 30, 2018, are presented comparatively with data as of same period of the immediately preceding fiscal year.
In compliance with IFRS 1 “First-time
Adoption of International Financial Reporting Standards” and since the accompanying condensed consolidated interim Financial
Statements are the first ones being submitted pursuant to Communiqué “A” 6114 of the Central Bank, we include
the opening Balance sheet to the transition date (December 31, 2016).
Unit of measure
IFRS require the restatement
in functional currency of an entity’s financial statements when the functional currency used is that of an economy considered
to be a high-inflation or a hyperinflationary economy. To achieve consistency in identifying an economic environment requiring
the restatement of financial statements, IAS 29 “
Financial Reporting in Hyperinflationary Economies”
establishes
certain qualitative indicators and a quantitative factor, which is considered to be relevant by international practices; and it
arises when the three-year cumulative inflation rate is around 100% or more; this also requires assessing whether it is not the
result of a circumstantial event that may be reversed in the short term. To quantify the inflation rate, IAS 29 requires the use
of a general price index reflecting the changes in the currency’s general purchasing power. In Argentina, the certified professional
accountants and corporate regulators agree that the most appropriate index to such end is the internal wholesale price index (WPI)
prepared by the
Instituto Nacional de Estadísticas y Censos
(INDEC). This consensus is driven by the fact that the
WPI combines several specific indexes that altogether cover a wider basket than the remaining price indicators, and also its geographic
scope includes the data gathered in different areas across the country. The three-year cumulative inflation measured based on the
WPI maintained in 2017 a downward trend as compared to 2016, and the three-year cumulative inflation rate was below 100%. However,
this trend was reversed during the first half of 2018 due to factors such as the exchange rate devaluation and the continuity of
the public services tariffs adjustment process, as well as the unfavorable international context in terms of financing. In this
scenario, the three-year cumulative inflation rate as of June 30, 2018, exceeds 100%; and the new goals reviewed by the Argentine
government and other available projections indicate that this trend will not be reversed in the short term. Therefore, under IAS
29, the Argentine economy should be considered hyperinflationary as of June 30, 2018. Consequently, the entities under the Central
Bank control that are required to apply the IFRSs adopted by the Central Bank through Communiqué “A” 6114 and
the functional currency of which is the Argentine peso should restate their financial statements as from the first applicable period,
which in the case of the Bank is July 1, 2018. However, the requirements of IAS 29 will be met provided that certain changes are
made to the BCRA’s regulations on the impossibility of using the method for restating the financial statements in constant
currency, pursuant to the Central Bank Communiqué “A” 3921, which resulted from Presidential Decree No. 664/2003.
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
The requirements of IAS 29 consist
in restating the financial statements so that they consider the changes in the general purchasing power of the currency to ensure
they are stated in the current unit of measure as of the end of the reported period. These requirements also comprise the comparative
information of the financial statements.
To sum up, the restating mechanism
provided by IAS 29 establishes that monetary assets and liabilities will not be restated, as they are already stated in terms of
the current unit of measure as of the end of the reporting period. Assets and liabilities subject to adjustments based on specific
agreements will be adjusted in accordance with such agreements. There is no need to restate the non-monetary items measured at
their market values as of the end of the reporting period, such as the net realization value, among others. The remaining non-monetary
assets and liabilities will be restated using a general price index. Gains or losses resulting from the net monetary position will
be included in net income (loss) for the reporting period.
As of the date of issuance of
these condensed consolidated interim Financial Statements, the Bank´s Management is analyzing the requirements under IAS
29.
First-time adoption of
IFRSs under Central Bank Communiqué “A” 6114
According with Central Bank
Communiqué “A” 6324, below are presented reconciliations of the consolidated equity as of June 30, 2017 and
the consolidated net income for the six-month and three-month periods ended on that date. The consolidated equity and the consolidated
net income reconciliations for the fiscal year ended December 31, 2016 (date of transition) and 2017, were included in the condensed
consolidated interim Financial Statements for the three-month period ended on March 31, 2018, already issued.
In preparing these reconciliations,
the Bank’s Management has considered the applicable IFRSs to the presentation of the first annual consolidated Financial
Statements that are the first consolidated Financial Statements presented in accordance with Central Bank Communiqué “A”
6114, for the fiscal year ending on December 31, 2018. However, items and figures included in these reconciliations could be amended.
The items and figures included in these reconciliations could be amended to the extent that, upon the preparation of those first
annual financial statements in accordance with IFRS adopted by the Central Bank through Communique “A” 6114, new standards
are issued or current standards are amended, with mandatory or early application as of that date, or it is opted to change the
selection of any of the exemptions under IFRS 1 “First-time adoption of International Financial Reporting Standards”.
As a general rule, the Central Bank does not admit early application of any IFRS, unless it is specified otherwise.
The optional exemptios and
the obligatory exceptions, chosen by the Bank, related with the non-retroactive application of certain IFRS and the main transitions
adjustments, have been disclosed, in detail, in the condensed consolidated Financial Statement for the three-month period ended
on March 31, 2018, already issued.
Reconciliations required
·
Reconciliation of consolidated equity as of June 30, 2017.
|
|
Previous
Central Bank
Standards
|
|
|
Adjustments and
Reclassifications
|
|
|
Balances according
Central Bank
Communiqué “A”
6114
|
|
Total Assets
|
|
|
187,767,925
|
|
|
|
1,245,817
|
|
|
|
189,013,742
|
|
Total Liabilities
|
|
|
151,940,385
|
|
|
|
(2,008,252
|
)
|
|
|
149,932,133
|
|
Equity
|
|
|
35,827,540
|
|
|
|
3,254,069
|
|
|
|
39,081,609
|
|
Net Shareholders’ Equity attributable to non-controlling interests
|
|
|
|
|
|
|
|
|
|
|
151,453
|
|
Net Shareholders´ Equity attributable to the owners of the Parent Company
|
|
|
|
|
|
|
|
|
|
|
38,930,156
|
|
Item
|
|
Balances as of
06/30/2017
|
|
According to previous Central Bank Standards
|
|
|
35,827,540
|
|
Adjustments and Reclassifications:
|
|
|
|
|
Debt securities and investment in equity instruments
|
|
|
152,662
|
|
Loans and other financing
|
|
|
(310,945
|
)
|
Property, plant and equipment and investment property
|
|
|
4,566,397
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Item
|
|
Balances as of
06/30/2017
|
|
Adjustments and Reclassifications (contd.):
|
|
|
|
|
Deferred income tax assets and liabilities
|
|
|
(1,097,486
|
)
|
Other non-financial assets
|
|
|
69,746
|
|
Corporate bonds
|
|
|
59,698
|
|
Other non-financial liabilities
|
|
|
(318,622
|
)
|
Other adjustments
|
|
|
(18,834
|
)
|
Non-controlling interest
|
|
|
151,453
|
|
Total adjustments and reclassifications
|
|
|
3,254,069
|
|
Net Shareholders equity according to Central Bank Communiqué “A” 6114
|
|
|
39,081,609
|
|
Net Shareholders´ Equity attributable to the owners of the Parent Company
|
|
|
38,930,156
|
|
Net Shareholders’ Equity attributable to non-controlling interests
|
|
|
151,453
|
|
|
·
|
Reconciliation of consolidated income
and other comprehensive income for the six-month and three-month periods ended June 30, 2017,
|
Reconciliation of income for the six-month
period as of 06/30/2017
|
|
Net income
for the
period
|
|
|
Other
comprehensive
income
|
|
|
Comprehensive
Income
|
|
According to previous Central Bank Standards
|
|
|
3,779,312
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(26,447
|
)
|
|
|
|
|
|
|
|
|
Commisions income
|
|
|
28,752
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
28,138
|
|
|
|
|
|
|
|
|
|
Other operating expenses
|
|
|
(49,154
|
)
|
|
|
|
|
|
|
|
|
Reclasifications of Issuance cost of shares
|
|
|
234,545
|
|
|
|
|
|
|
|
|
|
Income Tax
|
|
|
223,906
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences
|
|
|
|
|
|
|
36,267
|
|
|
|
|
|
Loss from financial instruments at fair value through OCI
|
|
|
|
|
|
|
(13,827
|
)
|
|
|
|
|
Other adjustment
|
|
|
46,830
|
|
|
|
|
|
|
|
|
|
Total adjustments and reclassifications
|
|
|
486,570
|
|
|
|
22,440
|
|
|
|
|
|
Balance according to Central BankCommuniqué “A” 6114
|
|
|
4,265,882
|
|
|
|
22,440
|
|
|
|
4,288,322
|
|
Attributable to parent company
|
|
|
4,228,757
|
|
|
|
22,921
|
|
|
|
4,251,678
|
|
Attributable to non-controlling interests
|
|
|
37,125
|
|
|
|
(481
|
)
|
|
|
36,644
|
|
Reconciliation of income for the three-month
period as of 06/30/2017
|
|
Net income
for the
period
|
|
|
Other
comprehensive
income
|
|
|
Comprehensive
Income
|
|
According to previous Central Bank Standards
|
|
|
2,015,267
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(38,209
|
)
|
|
|
|
|
|
|
|
|
Commissions income
|
|
|
(2,769
|
)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
34,548
|
|
|
|
|
|
|
|
|
|
Other operating expenses
|
|
|
(41,273
|
)
|
|
|
|
|
|
|
|
|
Reclasifications of Issuance cost of shares
|
|
|
234,545
|
|
|
|
|
|
|
|
|
|
Income Tax
|
|
|
120,987
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences
|
|
|
|
|
|
|
58,793
|
|
|
|
|
|
Loss from financial instruments at fair value through OCI
|
|
|
|
|
|
|
(10,889
|
)
|
|
|
|
|
Other adjustment
|
|
|
(79,826
|
)
|
|
|
|
|
|
|
|
|
Total adjustments and reclassifications
|
|
|
228,003
|
|
|
|
47,904
|
|
|
|
|
|
Balance according to Central BankCommuniqué “A” 6114
|
|
|
2,243,270
|
|
|
|
47,904
|
|
|
|
2,291,174
|
|
Attributable to parent company
|
|
|
2,223,509
|
|
|
|
48,040
|
|
|
|
2,271,549
|
|
Attributable to non-controlling interests
|
|
|
19,761
|
|
|
|
(136
|
)
|
|
|
19,625
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
New pronouncements
Pursuant to Communiqué
“A” 6114 of the Central Bank, as new IFRS are approved and existing IFRS are amended or revoked and, once these changes
are approved through Notices of Approval issued by the Argentine Federation of Professionals Councils in Economic Sciences (FACPCA
for its Spanish acronym), the Central Bank shall issue a statement on the approval thereof for financial entities. Generally, financial
entities shall not apply any IFRS in advance, except specifically authorized at the time of the approval thereof. In this case,
the Bank shall adopt the following standards:
|
·
|
IFRS 16 “Leases”: such standard
eliminates the dual accounting method for lessees that distinguishes between finance leases recognized within the Financial statements
and operating leases for which future lease payments are not required to be recognized, Instead, it develops a single model, within
the balance sheet, which is similar to the present finance lease, As to lessor, the standard maintains the present practice –i,e,,
lessors keep on classifying leases as finance and operating leases.
|
|
·
|
IFRIC 12 “Uncertainty over income
tax treatments”. This interpretation clarifies how to apply the recongnition and measurement requirements in IAS 12 “Income
tax” when there is uncertainty over income tax treatments.
|
These standards are applicable
to fiscal years beginning as of January 1, 2019. The Bank does not expect the above described standards 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 balance sheet, since they imply
a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the balance
sheet and are, therefore, an integral part of the total risk of the Bank.
As of June 30, 2018 and December
31, 2017 and 2016, the Bank maintains the following contingent transactions:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
Overdraft and unused agreed credits
|
|
|
839,311
|
|
|
|
255,710
|
|
|
|
191,007
|
|
Guarantees granted
|
|
|
697,621
|
|
|
|
253,350
|
|
|
|
287,497
|
|
Liabilities for foreign trade transactions
|
|
|
203,399
|
|
|
|
90,274
|
|
|
|
163,308
|
|
|
|
|
1,740,331
|
|
|
|
599,334
|
|
|
|
641,812
|
|
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 41 to the condensed consolidated interim Financial Statemetns as of March 31, 2018, already issued.
|
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 most advantageous market) duly informed and willing to transact
in an orderly and current transaction, at the measurement date in 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, In conclusion, the fair value may not be indicative of the net realizable
value or settlement value.
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
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 for identical assets or liabilities.
|
|
-
|
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 in the markets.
|
|
-
|
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.
|
Description
|
|
Financial assets and finacial liabilities measured at fair value on a
recurring basis as of June 30, 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
|
|
|
1,339,702
|
|
|
|
878,223
|
|
|
|
308,436
|
|
|
|
153,043
|
|
Derivative Financial Instruments
|
|
|
42,981
|
|
|
|
8,059
|
|
|
|
34,922
|
|
|
|
|
|
Other financial assets
|
|
|
226,540
|
|
|
|
164,334
|
|
|
|
|
|
|
|
62,206
|
|
Financial Assets delivered as guarantee
|
|
|
72,585
|
|
|
|
|
|
|
|
72,585
|
|
|
|
|
|
Investments in Equity Instruments
|
|
|
50,009
|
|
|
|
7,107
|
|
|
|
|
|
|
|
42,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
39,353,988
|
|
|
|
39,353,988
|
|
|
|
|
|
|
|
|
|
Financial Assets delivered as guarantee
|
|
|
1,961,931
|
|
|
|
1,961,931
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
43,047,736
|
|
|
|
42,373,642
|
|
|
|
415,943
|
|
|
|
258,151
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative Financial Instruments
|
|
|
34,151
|
|
|
|
3,650
|
|
|
|
30,501
|
|
|
|
|
|
Total
|
|
|
34,151
|
|
|
|
3,650
|
|
|
|
30,501
|
|
|
|
|
|
Description
|
|
Financial assets and finacial liabilities measured at fair value on a
recurring basis as of December 31, 2017
|
|
|
|
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
|
|
|
1,086,028
|
|
|
|
422,868
|
|
|
|
627,319
|
|
|
|
35,841
|
|
Derivative Financial Instruments
|
|
|
8,228
|
|
|
|
800
|
|
|
|
7,428
|
|
|
|
|
|
Other financial assets
|
|
|
483,246
|
|
|
|
321,495
|
|
|
|
|
|
|
|
161,751
|
|
Financial Assets delivered as guarantee
|
|
|
4,308
|
|
|
|
|
|
|
|
4,308
|
|
|
|
|
|
Investments in Equity Instruments
|
|
|
282,659
|
|
|
|
246,885
|
|
|
|
|
|
|
|
35,774
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
33,766,052
|
|
|
|
33,590,407
|
|
|
|
175,645
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
2,989,411
|
|
|
|
2,989,411
|
|
|
|
|
|
|
|
|
|
Investment in Equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
38,619,932
|
|
|
|
37,571,866
|
|
|
|
814,700
|
|
|
|
233,366
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities at fair value through income or loss
|
|
|
6,450
|
|
|
|
6,450
|
|
|
|
|
|
|
|
|
|
Derivatives financial liabilities
|
|
|
23,107
|
|
|
|
7,169
|
|
|
|
15,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
29,557
|
|
|
|
13,619
|
|
|
|
15,938
|
|
|
|
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
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 reporting period
or fiscal year, as applicable, in active markets for identical assets or liabilities, if representative. At present, for government
and private securities, there are two principal markets in which the Bank operates, to wit: 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 there are any available, as well as references to the current fair value of other 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 categorization were valued using identical 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,
which are similar to those that would be used by any other market participant. For this approach, the Bank mainly used the cash
flow discount model.
As
of June 30, 2018, December 31, 2017 and 2016, the Bank has neither changed the techniques nor the assumptions used to estimate
the fair value of the financial instruments.
Below
is presented the reconciliation between the balances at the beginning and the end of the period of the financial assets and liabilities
recognized at fair value, using the valuation techniques based on the Bank’s own assumptions, as of June 30, 2018 and December
31, 2017:
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
June 30, 2018
|
|
Description
|
|
Debt Securities
|
|
|
Other Financial
Assets
|
|
|
Investments in
Equity
Instruments
|
|
Balance at the beginning
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
35,774
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
|
|
|
(16,497
|
)
|
|
|
(28,208
|
)
|
|
|
7,128
|
|
Purchases, sales, issuance and settlement
|
|
|
133,699
|
|
|
|
(71,337
|
)
|
|
|
|
|
Balance at end of period
|
|
|
153,043
|
|
|
|
62,206
|
|
|
|
42,902
|
|
|
|
Fair values using valuation techniques based on the
Bank’s own assumptions (level 3)
December 31, 2017
|
|
Description
|
|
Debt Securities
|
|
|
Other Financial
Assets
|
|
|
Investments in
Equity
Instruments
|
|
Balance at the beginning
|
|
|
45,834
|
|
|
|
|
|
|
|
15,668
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
|
|
|
5,661
|
|
|
|
|
|
|
|
20,421
|
|
Purchases, sales, issuance and settlement
|
|
|
(15,654
|
)
|
|
|
161,751
|
|
|
|
(315
|
)
|
Balance at end of year
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
35,774
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Instruments
measured as level 3, include mainly debt securities and certificate of participation in financial trust, for which, the construction
of fair values was obtained based on the Bank’s own assumptions that are not easily observable in the market. The most significant
assumption was the placement cutoff rate of such instruments in the market at the end of the period, used to determine the actual
value of cash flows.
Any
increase (decrease) in these assumptions, considered separately, would derive in a higher or lower fair value.
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, 2018, December 31, 2017 and 2016, 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 the
methods and assumptions used to determine the fair values of financial instruments no recognized at their fair value in the accompanying
Financial Statements:
|
-
|
Assets
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 fiscal year, for financial instruments of similar characteristics. The estimated fair value of fixed-interest rate deposits
was assessed discounting future cash flows by using market interest rates for deposits with similar maturities to those of the
Bank’s portfolio.
|
Quoted assets and issued quoted
liabilities the fair value was determined based on market prices.
|
-
|
Other
financial instruments: financial assets and liabilities that are liquid or have short-term maturities were deemed to have a fair
value similar to the carrying amount. This assumption also applies to deposits in savings accounts, checking accounts and others.
|
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, 2018
and December 31, 2017 and 2016:
|
|
06/30/2018
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
50,309,607
|
|
|
|
50,309,607
|
|
|
|
|
|
|
|
|
|
|
|
50,309,607
|
|
Repo transactions
|
|
|
156,158
|
|
|
|
156,158
|
|
|
|
|
|
|
|
|
|
|
|
156,158
|
|
Other financial assets
|
|
|
2,288,839
|
|
|
|
2,288,839
|
|
|
|
|
|
|
|
|
|
|
|
2,288,839
|
|
Loans and other financing
|
|
|
155,620,519
|
|
|
|
|
|
|
|
166,204
|
|
|
|
144,656,424
|
|
|
|
144,822,628
|
|
Other debt securities
|
|
|
3,808,656
|
|
|
|
116,506
|
|
|
|
3,375,965
|
|
|
|
291,658
|
|
|
|
3,784,129
|
|
Financial assets delivered as guarantee
|
|
|
5,442,566
|
|
|
|
5,442,566
|
|
|
|
|
|
|
|
|
|
|
|
5,442,566
|
|
|
|
|
217,626,345
|
|
|
|
58,313,676
|
|
|
|
3,542,169
|
|
|
|
144,948,082
|
|
|
|
206,803,927
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
179,473,237
|
|
|
|
90,433,417
|
|
|
|
89,119,285
|
|
|
|
|
|
|
|
179,552,702
|
|
Other repo transactions
|
|
|
1,829,233
|
|
|
|
1,829,233
|
|
|
|
|
|
|
|
|
|
|
|
1,829,233
|
|
Other financial liabilities
|
|
|
11,195,051
|
|
|
|
9,577,911
|
|
|
|
1,619,280
|
|
|
|
|
|
|
|
11,197,191
|
|
Financing received from the Central Bank and other financial entities
|
|
|
1,828,974
|
|
|
|
1,176,005
|
|
|
|
627,365
|
|
|
|
|
|
|
|
1,803,370
|
|
Issued corporate bonds
|
|
|
8,125,300
|
|
|
|
|
|
|
|
7,666,548
|
|
|
|
|
|
|
|
7,666,548
|
|
Subordinated corporate bonds
|
|
|
11,646,217
|
|
|
|
|
|
|
|
10,829,371
|
|
|
|
|
|
|
|
10,829,371
|
|
|
|
|
214,098,012
|
|
|
|
103,016,566
|
|
|
|
109,861,849
|
|
|
|
|
|
|
|
212,878,415
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
12/31/2017
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
35,561,574
|
|
|
|
35,561,574
|
|
|
|
|
|
|
|
|
|
|
|
35,561,574
|
|
Repo transactions
|
|
|
1,419,808
|
|
|
|
1,419,808
|
|
|
|
|
|
|
|
|
|
|
|
1,419,808
|
|
Other financial assets
|
|
|
1,789,433
|
|
|
|
1,789,433
|
|
|
|
|
|
|
|
|
|
|
|
1,789,433
|
|
Loans and other financing
|
|
|
132,658,674
|
|
|
|
|
|
|
|
485,347
|
|
|
|
129,472,430
|
|
|
|
129,957,777
|
|
Other debt securities
|
|
|
937,713
|
|
|
|
944,876
|
|
|
|
|
|
|
|
7,916
|
|
|
|
952,792
|
|
Financial assets delivered as guarantee
|
|
|
4,644,633
|
|
|
|
4,644,633
|
|
|
|
|
|
|
|
|
|
|
|
4,644,633
|
|
|
|
|
177,011,835
|
|
|
|
44,360,324
|
|
|
|
485,347
|
|
|
|
129,480,346
|
|
|
|
174,326,017
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
144,129,177
|
|
|
|
77,959,810
|
|
|
|
66,265,387
|
|
|
|
|
|
|
|
144,225,197
|
|
Other repo transactions
|
|
|
2,688,093
|
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
Other financial liabilities
|
|
|
10,561,203
|
|
|
|
9,175,314
|
|
|
|
1,391,699
|
|
|
|
|
|
|
|
10,567,013
|
|
Financing received from the Central Bank and other financial entities
|
|
|
1,174,111
|
|
|
|
|
|
|
|
1,176,397
|
|
|
|
|
|
|
|
1,176,397
|
|
Issued corporate bonds
|
|
|
4,712,216
|
|
|
|
|
|
|
|
4,432,977
|
|
|
|
|
|
|
|
4,432,977
|
|
Subordinated corporate bonds
|
|
|
7,565,759
|
|
|
|
|
|
|
|
7,710,790
|
|
|
|
|
|
|
|
7,710,790
|
|
|
|
|
170,830,559
|
|
|
|
89,823,217
|
|
|
|
80,977,250
|
|
|
|
|
|
|
|
170,800,467
|
|
|
|
12/31/2016
|
|
|
|
Carrying Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
35,986,159
|
|
|
|
35,986,159
|
|
|
|
|
|
|
|
|
|
|
|
35,986,159
|
|
Repo transactions
|
|
|
19,124
|
|
|
|
19,124
|
|
|
|
|
|
|
|
|
|
|
|
19,124
|
|
Other financial assets
|
|
|
941,219
|
|
|
|
941,219
|
|
|
|
|
|
|
|
|
|
|
|
941,219
|
|
Loans and other financing
|
|
|
88,390,646
|
|
|
|
|
|
|
|
481,628
|
|
|
|
87,807,196
|
|
|
|
88,288,824
|
|
Other debt securities
|
|
|
855,832
|
|
|
|
843,708
|
|
|
|
3,223
|
|
|
|
11,677
|
|
|
|
858,608
|
|
Financial assets delivered as guarantee
|
|
|
2,489,665
|
|
|
|
2,489,665
|
|
|
|
|
|
|
|
|
|
|
|
2,489,665
|
|
|
|
|
128,682,645
|
|
|
|
40,279,875
|
|
|
|
484,851
|
|
|
|
87,818,873
|
|
|
|
128,583,599
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
111,862,805
|
|
|
|
58,773,034
|
|
|
|
53,175,424
|
|
|
|
|
|
|
|
111,948,458
|
|
Other repo transactions
|
|
|
1,095,634
|
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
Other financial liabilities
|
|
|
6,341,674
|
|
|
|
5,192,168
|
|
|
|
1,152,196
|
|
|
|
|
|
|
|
6,344,364
|
|
Financing received from the Central Bank and other financial entities
|
|
|
260,458
|
|
|
|
|
|
|
|
259,775
|
|
|
|
|
|
|
|
259,775
|
|
Issued corporate bonds
|
|
|
1,684,636
|
|
|
|
|
|
|
|
1,622,802
|
|
|
|
|
|
|
|
1,622,802
|
|
Subordinated corporate bonds
|
|
|
6,376,537
|
|
|
|
|
|
|
|
5,994,056
|
|
|
|
|
|
|
|
5,994,056
|
|
|
|
|
127,621,744
|
|
|
|
65,060,836
|
|
|
|
62,204,253
|
|
|
|
|
|
|
|
127,265,089
|
|
|
6.
|
INVESTMENTS IN ASSOCIATES AND JOINT ARRANGEMENTS
|
The Bank holds investments
in the 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, 2018. Additionally, the Bank has considered, when applicable, the material transactions or events occurring between March 31,
2018 and June 30, 2018.
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
The following table presents
the summarized financial information on the Bank’s investment in the Associated:
Summarized Balance sheet
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Total Assets
|
|
|
18,994
|
|
|
|
19,798
|
|
|
|
17,110
|
|
Total Liabilities
|
|
|
4,784
|
|
|
|
3,265
|
|
|
|
3,424
|
|
Net Shareholders’ Equity
|
|
|
14,210
|
|
|
|
16,533
|
|
|
|
13,686
|
|
Proportional Interest in the entity
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
Carrying Amount of Investment
|
|
|
711
|
|
|
|
827
|
|
|
|
684
|
|
As of June 30, 2018, the investment
in Prisma Medios de Pagos SA was reclassificated as non-current assets held for sale (see Note 8). The following table presents
summarized financial information on the Bank´s investments as of December 31, 2017 and 2016:
Summarized Balance sheet
|
|
31/12/2017
|
|
|
31/12/2016
|
|
Total Assets
|
|
|
14,366,838
|
|
|
|
9,703,861
|
|
Total Liabilities
|
|
|
12,492,991
|
|
|
|
8,815,774
|
|
Net Shareholders’ Equity
|
|
|
1,873,847
|
|
|
|
888,087
|
|
Proportional Interest in the entity
|
|
|
7,61
|
%
|
|
|
7,61
|
%
|
Carrying Amount of Investment
|
|
|
142,600
|
|
|
|
67,583
|
|
|
6.2
|
Joint Ventures in which the Bank participates
|
The Bank participates in the
following joint ventures, instrumented through
Uniones Transitorias de Empresas
(UTE):
|
a)
|
Banco Macro SA – Siemens Itron Business Services
SA: 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.
|
|
b)
|
Banco Macro SA – Gestiva SA: 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 relates to rendering 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 authority of Misiones provincial government, entered into an agreement of “termination by mutual agreement”
of the adaptation agreement, without implying or modyfing the Bank´s rights and obligations as a financial agent of the province
for the services rendered established in the agreement.
Summarized Balance sheet
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Total Assets
|
|
|
218,707
|
|
|
|
195,826
|
|
|
|
133,188
|
|
Total Liabilities
|
|
|
37,918
|
|
|
|
54,646
|
|
|
|
30,362
|
|
Net Shareholders’ Equity
|
|
|
180,789
|
|
|
|
141,180
|
|
|
|
102,826
|
|
Proportional interest in the entity
|
|
|
50
|
%
|
|
|
50
|
%
|
|
|
50
|
%
|
Carrying Amount of Investment
|
|
|
90,395
|
|
|
|
70,590
|
|
|
|
51,413
|
|
Summarized Balance sheet
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Total Assets
|
|
|
153,459
|
|
|
|
116,885
|
|
|
|
107,376
|
|
Total Liabilities
|
|
|
19,677
|
|
|
|
18,319
|
|
|
|
15,616
|
|
Net Shareholders’ Equity
|
|
|
133,782
|
|
|
|
98,566
|
|
|
|
91,760
|
|
Proportional interest in the entity
|
|
|
5
|
%
|
|
|
5
|
%
|
|
|
5
|
%
|
Carrying Amount of Investment
|
|
|
6,689
|
|
|
|
4,928
|
|
|
|
4,588
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(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 member of the Risk Management Committee, Asset and Liability Committee and the Senior Credit Committee.
As of June 30, 2018 and December
31, 2017 and 2016, there is a total amount of 762,866, 363,543 and 305,417, respectively, as unpaid financial assistance granted
by the Bank to its associates and related parties and deposits of its associates and related parties of 2,506,971, 2,796,027 and
2,337,840, respectively:
|
|
Subsidiaries(1)
|
|
|
Associates and other related parties
|
|
|
|
Maximum balances
as of
06/30/2018
|
|
|
Balance as of
06/30/2018
|
|
|
Maximum balances
as of 06/30/2018
|
|
|
Balance as of
06/30/2018
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
408,676
|
|
|
|
397,657
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
35,395
|
|
|
|
29,734
|
|
Credit cards
|
|
|
567
|
|
|
|
377
|
|
|
|
48,791
|
|
|
|
43,809
|
|
Leases
|
|
|
6,309
|
|
|
|
6,309
|
|
|
|
1,851
|
|
|
|
1,751
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
845
|
|
|
|
440
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
45,489
|
|
|
|
45,445
|
|
Other loans
|
|
|
1,952,244
|
|
|
|
901,973
|
|
|
|
197,843
|
|
|
|
195,379
|
|
Guarantees granted
|
|
|
|
|
|
|
|
|
|
|
46,895
|
|
|
|
48,651
|
|
Total assistance
|
|
|
1,959,120
|
|
|
|
908,659
|
|
|
|
785,785
|
|
|
|
762,866
|
|
Deposits
|
|
|
|
|
|
|
345,317
|
|
|
|
2,506,971
|
|
|
|
|
|
|
|
Subsidiaries(1)
|
|
|
Associates and other related parties
|
|
|
|
Maximum balances
as of
12/31/2017
|
|
|
Balance as of
12/31/2017
|
|
|
Maximum balances
as of 12/31/2017
|
|
|
Balance as of
12/31/2017
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
147,763
|
|
|
|
147,733
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
25,301
|
|
|
|
7,831
|
|
Credit cards
|
|
|
397
|
|
|
|
389
|
|
|
|
35,203
|
|
|
|
35,203
|
|
Leases
|
|
|
6,973
|
|
|
|
6,973
|
|
|
|
2,204
|
|
|
|
2,157
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
786
|
|
|
|
785
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
14,015
|
|
|
|
13,968
|
|
Other loans
|
|
|
1,202,336
|
|
|
|
952,148
|
|
|
|
390,893
|
|
|
|
140,449
|
|
Guarantees granted
|
|
|
443
|
|
|
|
443
|
|
|
|
15,462
|
|
|
|
15,417
|
|
Total assistance
|
|
|
1,210,149
|
|
|
|
959,953
|
|
|
|
631,627
|
|
|
|
363,543
|
|
Deposits
|
|
|
|
|
|
|
108,606
|
|
|
|
|
|
|
|
2,796,027
|
|
|
|
Subsidiaries(1)
|
|
|
Associates and other related parties
|
|
|
|
Maximum balances
as of 12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
|
Maximum balances
as of 12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
103,927
|
|
|
|
103,336
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
17,804
|
|
|
|
7,459
|
|
Credit cards
|
|
|
191
|
|
|
|
191
|
|
|
|
22,057
|
|
|
|
19,573
|
|
Leases
|
|
|
8,036
|
|
|
|
8,036
|
|
|
|
1,189
|
|
|
|
1,168
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
Subsidiaries(1)
|
|
|
Associates and other related parties
|
|
|
|
Maximum balances
as of 12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
|
Maximum balances
as of 12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
1,388
|
|
|
|
1,362
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
10,862
|
|
|
|
10,858
|
|
Other loans
|
|
|
300,187
|
|
|
|
|
|
|
|
475,957
|
|
|
|
161,287
|
|
Guarantees granted
|
|
|
885
|
|
|
|
885
|
|
|
|
374
|
|
|
|
374
|
|
Total assistance
|
|
|
309,299
|
|
|
|
9,112
|
|
|
|
633,558
|
|
|
|
305,417
|
|
Deposits
|
|
|
|
|
|
|
134,911
|
|
|
|
|
|
|
|
2,337,840
|
|
|
(1)
|
These transactions are eliminated during the consolidation process,
|
Transactions generated by the
Bank with its subsidiaries and other related parties to it for transactions arranged within the scope of 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.
As of June 30, 2018, December
31, 2017 and 2016, the income from loan transactions totaled 16,100, 54,157 and 12,617, respectively, while expense generated from
deposit transactions totaled 62,489, 163,814 and 141,184, respectively.
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, 2018 and December 31, 2017 and 2016, totaled 52,123, 79,905
and 41,592 respectively.
In addition, fees received by
the Directors as of June 30, 2018 and December 31, 2017 and 2016 amounted to 315,616, 468,623 and 243,704 respectively.
Additionally, the composition
of the Board of Directors and key management personnel is as follows:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Board of Directors
|
|
|
24
|
|
|
|
22
|
|
|
|
21
|
|
SeniorManagement members of the key management personnel
|
|
|
15
|
|
|
|
14
|
|
|
|
14
|
|
|
|
|
39
|
|
|
|
36
|
|
|
|
35
|
|
|
8.
|
NON-CURRENT ASSETS HELD FOR SALE
|
On June 30, 2018 the Bank recorded
as non-current assets held for sale, its investment in Prisma Medios de Pago SA for an amount of 104,249, as the Bank intends to
transfer all shares within a year. Therefore the investment was valued according with 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.
This item includes the amounts
estimated to face a liability of probable occurrence, which in case it occurs, would originate a loss for the Bank.
Exhibit J “Changes in
Provisions” presents the changes in provisions during the six-month period ended June 30, 2018.
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
The expected terms to settle
these obligations are as follows:
|
|
06/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Within 12
months
|
|
|
Beyond 12
months
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal penalties
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
|
|
718
|
|
|
|
9,110
|
|
Others
|
|
|
371,613
|
|
|
|
412,243
|
|
|
|
783,856
|
|
|
|
694,201
|
|
|
|
325,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
371,613
|
|
|
|
412,961
|
|
|
|
784,574
|
|
|
|
694,919
|
|
|
|
335,007
|
|
In the opinion of the Management
of the Bank and its legal advisors, there are no other significant effects than those disclosed in the accompanying 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.
|
10.
|
ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED
|
The following tables show the
analysis of the balance of financial asset and liabilities the Bank expects to recover and settle as of June 30, 2018 and December
31, 2017 and 2016:
06/30/2018
|
|
Without due date
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
50,309,607
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
5,104
|
|
|
|
292,516
|
|
|
|
1,042,082
|
|
Derivative instruments
|
|
|
|
|
|
|
42,981
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
156,158
|
|
|
|
|
|
Other financial assets
|
|
|
1,107,370
|
|
|
|
1,357,466
|
|
|
|
50,543
|
|
Loans and other financing
|
|
|
1,049,649
|
|
|
|
89,644,497
|
|
|
|
64,926,373
|
|
Other debt securities
|
|
|
|
|
|
|
39,204,868
|
|
|
|
3,957,776
|
|
Financial assets delivered as guarantee
|
|
|
5,439,431
|
|
|
|
2,037,651
|
|
|
|
|
|
Investment in equity instruments
|
|
|
50,009
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
57,961,170
|
|
|
|
132,736,137
|
|
|
|
69,976,774
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
92,321,452
|
|
|
|
86,987,419
|
|
|
|
164,366
|
|
Derivative instruments
|
|
|
|
|
|
|
34,151
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
1,829,233
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
11,041,096
|
|
|
|
153,955
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
1,629,153
|
|
|
|
199,821
|
|
Issued Corporate bonds
|
|
|
|
|
|
|
307,910
|
|
|
|
7,817,390
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
101,537
|
|
|
|
11,544,680
|
|
Total Liabilities
|
|
|
92,321,452
|
|
|
|
101,930,499
|
|
|
|
19,880,212
|
|
12/31/2017
|
|
Without due date
|
|
|
Total up to12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
35,561,574
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
138,068
|
|
|
|
947,960
|
|
Derivative instruments
|
|
|
|
|
|
|
8,228
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
1,419,808
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
1,269,085
|
|
|
|
1,003,594
|
|
Loans and other financing
|
|
|
|
|
|
|
73,767,208
|
|
|
|
58,891,466
|
|
Other debt securities
|
|
|
|
|
|
|
34,704,765
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
4,644,633
|
|
|
|
2,993,719
|
|
|
|
|
|
Investment in equity instruments
|
|
|
282,659
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
40,488,866
|
|
|
|
114,300,881
|
|
|
|
60,843,020
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
12/31/2017
|
|
Without due date
|
|
|
Total up to12
months
|
|
|
Total over 12
months
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
74,499,451
|
|
|
|
69,068,373
|
|
|
|
561,346
|
|
Liabilities at fair value to profit or loss
|
|
|
|
|
|
|
6,450
|
|
|
|
|
|
Derivative instruments
|
|
|
|
|
|
|
23,107
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
2,688,093
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
10,372,665
|
|
|
|
188,538
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
1,087,979
|
|
|
|
86,132
|
|
Issued Corporate bonds
|
|
|
|
|
|
|
118,356
|
|
|
|
4,593,860
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
80,004
|
|
|
|
7,485,755
|
|
Total Liabilities
|
|
|
74,499,451
|
|
|
|
83,445,027
|
|
|
|
12,915,631
|
|
12/31/2016
|
|
Without due date
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
35,986,159
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
42,269
|
|
|
|
290,212
|
|
Derivative instruments
|
|
|
|
|
|
|
9,721
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
19,124
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
1,098,092
|
|
|
|
7,421
|
|
Loans and other financing
|
|
|
|
|
|
|
53,059,987
|
|
|
|
35,330,659
|
|
Other debt securities
|
|
|
|
|
|
|
20,395,499
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
2,489,700
|
|
|
|
1,200,994
|
|
|
|
|
|
Investment in equity instruments
|
|
|
406,868
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
38,882,727
|
|
|
|
75,825,686
|
|
|
|
35,628,292
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
50,613,570
|
|
|
|
60,941,747
|
|
|
|
307,488
|
|
Repo transactions
|
|
|
|
|
|
|
1,095,634
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
6,227,348
|
|
|
|
114,326
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
193,845
|
|
|
|
66,613
|
|
Issued Corporate bonds
|
|
|
|
|
|
|
1,684,636
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
67,429
|
|
|
|
6,309,108
|
|
Total Liabilities
|
|
|
50,613,570
|
|
|
|
70,210,639
|
|
|
|
6,797,535
|
|
|
11.
|
DISCLOSURES BY OPERATING SEGMENT
|
For management purposes the
Bank’s Management has determined that it has only one operating segment related to banking business. In this sense, the Bank
supervises the operating segment results for the period, in order to make decisions about resources to be allocated to the segment
and assess its performance, which is measured in a consistent basis with the profit or loss in the financial statements.
The main items of income tax expense in the condensed
consolidated interim Financial Statements are as follows:
|
|
06/30/2018
|
|
|
06/30/2017
|
|
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Current income tax expense
|
|
|
3,200,398
|
|
|
|
1,431,044
|
|
|
|
2,511,566
|
|
|
|
1,290,979
|
|
Gain for deferred income tax
|
|
|
(304,819
|
)
|
|
|
(160,278
|
)
|
|
|
(222,460
|
)
|
|
|
(98,101
|
)
|
Income tax expense recorded in the statement of income
|
|
|
2,895,579
|
|
|
|
1,270,766
|
|
|
|
2,289,106
|
|
|
|
1,192,878
|
|
Income tax gain recorded in other comprehensive income
|
|
|
(26,651
|
)
|
|
|
(10,071
|
)
|
|
|
(1,292
|
)
|
|
|
(5,844
|
)
|
|
|
|
2,868,928
|
|
|
|
1,260,695
|
|
|
|
2,287,814
|
|
|
|
1,187,034
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Performance obligations satisfied in one act (1)
|
|
|
3,941,446
|
|
|
|
2,110,785
|
|
|
|
3,076,762
|
|
|
|
1,557,039
|
|
Performance obligations satisfied over certain time period
|
|
|
10,225
|
|
|
|
5,387
|
|
|
|
7,982
|
|
|
|
102,659
|
|
|
|
|
3,951,671
|
|
|
|
2,116,172
|
|
|
|
3,084,744
|
|
|
|
1,659,698
|
|
|
(1)
|
Includes mainly account maintenance fees, agreements and credit card commissions.
|
|
14.
|
DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Translation of foreign currency assets and liabilities to pesos
|
|
|
(1,315,530
|
)
|
|
|
(1,336,523
|
)
|
|
|
339,013
|
|
|
|
270,211
|
|
Income from foreign currency Exchange
|
|
|
453,842
|
|
|
|
324,243
|
|
|
|
208,308
|
|
|
|
95,042
|
|
|
|
|
(861,688
|
)
|
|
|
(1,012,280
|
)
|
|
|
547,321
|
|
|
|
365,253
|
|
|
15.
|
OTHER OPERATING INCOME
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Services
|
|
|
2,108,343
|
|
|
|
1,095,438
|
|
|
|
1,759,784
|
|
|
|
836,742
|
|
Sale of investment property and other non-financial assets
|
|
|
137,123
|
|
|
|
27,202
|
|
|
|
10,313
|
|
|
|
10,313
|
|
Adjustments and interest from other receivables
|
|
|
80,095
|
|
|
|
40,181
|
|
|
|
26,373
|
|
|
|
15,793
|
|
Initial recognition of loans
|
|
|
56,530
|
|
|
|
33,750
|
|
|
|
|
|
|
|
|
|
Sale of property, plant and equipment
|
|
|
1,450
|
|
|
|
731
|
|
|
|
1,388
|
|
|
|
821
|
|
Other
|
|
|
296,203
|
|
|
|
178,411
|
|
|
|
333,702
|
|
|
|
204,508
|
|
|
|
|
2,679,744
|
|
|
|
1,375,713
|
|
|
|
2,131,560
|
|
|
|
1,068,177
|
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Remunerations
|
|
|
3,354,242
|
|
|
|
1,838,841
|
|
|
|
2,737,092
|
|
|
|
1,432,657
|
|
Social Security Contributions
|
|
|
657,121
|
|
|
|
364,336
|
|
|
|
530,168
|
|
|
|
270,824
|
|
Compensations and bonuses to employees
|
|
|
343,392
|
|
|
|
184,926
|
|
|
|
211,276
|
|
|
|
100,235
|
|
Employee services
|
|
|
106,078
|
|
|
|
54,984
|
|
|
|
102,931
|
|
|
|
57,336
|
|
|
|
|
4,460,833
|
|
|
|
2,443,087
|
|
|
|
3,581,467
|
|
|
|
1,861,052
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
17.
|
ADMINISTRATION EXPENSES
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Taxes
|
|
|
449,841
|
|
|
|
223,653
|
|
|
|
339,340
|
|
|
|
177,588
|
|
Maintenance, conservation and repair expenses
|
|
|
374,072
|
|
|
|
207,801
|
|
|
|
254,223
|
|
|
|
132,389
|
|
Security services
|
|
|
314,847
|
|
|
|
167,550
|
|
|
|
244,188
|
|
|
|
122,237
|
|
Fees to Directors and Syndics
|
|
|
309,878
|
|
|
|
147,389
|
|
|
|
185,266
|
|
|
|
98,542
|
|
Electricity and communications
|
|
|
237,298
|
|
|
|
121,874
|
|
|
|
165,032
|
|
|
|
83,897
|
|
Other fees
|
|
|
229,507
|
|
|
|
124,424
|
|
|
|
160,039
|
|
|
|
84,429
|
|
Leases
|
|
|
137,875
|
|
|
|
73,696
|
|
|
|
105,564
|
|
|
|
53,664
|
|
Advertising and publicity
|
|
|
87,564
|
|
|
|
55,312
|
|
|
|
81,841
|
|
|
|
38,356
|
|
Representation, travel and transportation expenses
|
|
|
53,260
|
|
|
|
30,423
|
|
|
|
36,979
|
|
|
|
20,067
|
|
Stationary and office supplies
|
|
|
26,127
|
|
|
|
13,251
|
|
|
|
20,929
|
|
|
|
10,670
|
|
Insurance
|
|
|
24,014
|
|
|
|
13,328
|
|
|
|
23,473
|
|
|
|
12,526
|
|
Hired administrative services
|
|
|
8,043
|
|
|
|
4,527
|
|
|
|
8,473
|
|
|
|
2,599
|
|
Other
|
|
|
699,208
|
|
|
|
366,296
|
|
|
|
488,604
|
|
|
|
263,524
|
|
|
|
|
2,951,534
|
|
|
|
1,549,524
|
|
|
|
2,113,951
|
|
|
|
1,100,488
|
|
|
18.
|
OTHER OPERATING EXPENSES
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross turnover tax
|
|
|
2,465,221
|
|
|
|
1,309,284
|
|
|
|
1,586,261
|
|
|
|
815,229
|
|
Charges for other provisions
|
|
|
353,418
|
|
|
|
187,593
|
|
|
|
204,642
|
|
|
|
134,800
|
|
Deposits Guarantee Fund contributions
|
|
|
132,926
|
|
|
|
68,972
|
|
|
|
99,899
|
|
|
|
50,471
|
|
Donations
|
|
|
47,584
|
|
|
|
24,647
|
|
|
|
45,905
|
|
|
|
23,707
|
|
Insurance claims
|
|
|
22,080
|
|
|
|
11,688
|
|
|
|
13,001
|
|
|
|
8,052
|
|
Initial loan recognition
|
|
|
|
|
|
|
|
|
|
|
48,951
|
|
|
|
41,935
|
|
Other
|
|
|
1,325,519
|
|
|
|
715,401
|
|
|
|
997,989
|
|
|
|
513,646
|
|
|
|
|
4,346,748
|
|
|
|
2,317,585
|
|
|
|
2,996,648
|
|
|
|
1,587,840
|
|
|
19.
|
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: are the normal revenue-producing activities of the Bank as well as other activities that cannot be qualified as investing
or financing activities.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
-
|
Investing activities: are the acquisition, sale and disposal
by other means of long-term assets and other investments not included in cash and cash equivalents.
|
|
-
|
Financing activities: are 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:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
06/30/2017
|
|
|
12/31/2016
|
|
Cash and deposits in banks
|
|
|
50,309,607
|
|
|
|
35,561,574
|
|
|
|
36,414,841
|
|
|
|
35,986,159
|
|
Debt securities at fair value
|
|
|
|
|
|
|
44
|
|
|
|
|
|
|
|
9,585
|
|
Other debt securities
|
|
|
38,037,240
|
|
|
|
5,548,056
|
|
|
|
17,214,527
|
|
|
|
16,074,409
|
|
Loans and other financing
|
|
|
144,308
|
|
|
|
93,871
|
|
|
|
82,992
|
|
|
|
|
|
|
|
|
88,491,155
|
|
|
|
41,203,545
|
|
|
|
53,712,360
|
|
|
|
52,070,153
|
|
The Bank’s subscribed
and paid-in capital as of June 30, 2018, amounted to 669,663. Since December 31, 2014, the Bank’s capital stock has changed
as follows:
As of December 31, 2014
|
|
|
594,563
|
|
Capital stock decrease as provided by Art, 67 of Law No, 26,831 (1)
|
|
|
(10,000
|
)
|
Capital stock increase as approved by Shareholders´ Meeting held on April 28, 2017 (2)
|
|
|
85,100
|
|
As of June 30, 2018
|
|
|
669,663
|
|
|
(1)
|
Related to capital stock decrease resulting from the
lapse of three years from acquisition from September through December 2011, involving 10,000,000 own registered Class B shares
of common stock for a total amount of 92,919. These shares have not been sold and the shareholders’ meeting has issued no
resolution as to the application thereof. On June 25, 2015, the capital stock decrease was registered in the Public Registry of
Commerce.
|
|
(2)
|
Related to 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 oversubscribed 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.
|
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 financial system.
Additionally, on August 8, 2018
the Board of Directors of Banco Macro SA, has established the terms and conditions for the acquisition of its own shares, in accordance
with section 64 of Law 26,831 and CNV rules, under the following conditions:
|
(1)
|
Maximum amount to invest: up to 5,000,000
|
|
(2)
|
Maximum number of shares for own acquisition: up to
5% of the capital stock
|
|
(3)
|
Maximum price to pay for shares: up to Ps. 158 per
share
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
(4)
|
Terms in which the acquisition will take place: 30
business days, beginning from the following day in which the information is published in the Bulletin of the Buenos Aires Stock
Exchange, subject to renewal or extension of the term, which will be informed to investors.
|
As mention in the preceding
paragraph, until the date of issuance of these condensed consolidated interim Financial Statements, the Bank has adquired 7,149,035
common shares Class B for a face value Ps.1 for an amount of 1,030,754.
Basic
earnings per share were calculated by dividing net profit attributable to ordinary equity holders of the Bank by the weighted average
number of ordinary shares outstanding during the period.
To
determine the weighted average number of ordinary shares outstanding during the period the Bank used the number of ordinary shares
outstanding at the beginning of the period adjusted, if applicable, by the number of ordinary shares bought back or issued during
the period multiplied by the number of days that the shares were outstanding in the period, Note 19 provides a detail 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 2017 and 2016 to the shareholders of the Bank amount to 701,476 and 596,254, respectively, which considering the number
of shares outstanding to the date of effective payment represented 1.20 and 1.10 pesos per share, respectively.
The Shareholders’ Meeting
held on April 27, 2018 resolved to distribute cash dividends for 3,348,315, which considering the number of shares outstanding
at the date of such resolution, represented 5 pesos per share. These cash dividends were paid on May 15, 2018.
|
22.
|
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 Act. The above mentioned legislation also provided for the organization of Sedesa with the exclusive
purpose of managing the Deposit Guarantee Fund (DGF). Sedesa was organized in August 1995.
Banco Macro SA holds an 8.4020%
interest in the capital stock of Sedesa according to the percentages disclosed by Central Bank Communiqué “B”
11681 on March 20, 2018.
According to the above mentioned
law and decree, all deposits in pesos and foreign currency placed in participating entities in the form of checking accounts, savings
accounts, fixed-term deposits or other forms of deposit that the Central Bank may determine from time to time shall be subject
to the above described Deposit Guaratee Insurance System, up to the amount of 450 and that meet the requirements provided for in
the Decree 540/1995 and other requirements that the regulatory Authority may from time to time determine. On the other hand, the
Central Bank provided for the exclusion of the guarantee system, among others, of any deposits made by other financial entities,
deposits made by persons related to the Bank and security deposits.
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
As of June 30, 2018 and December
31, 2017, the followings Bank´s assets are restricted:
Item
|
|
06/30/2018
|
|
|
12/31/2017
|
|
Debt securities at fair value through profit or loss and other debt securities
|
|
|
|
|
|
|
|
|
·
Central
Bank of Argentina Internal Bills in pesos, maturity 09-19-2018 as of June 30, 2018 and maturing 02-21-2018 as of December 31,
2017, for the performance of forward foreign currency transactions.
|
|
|
156,990
|
|
|
|
53,059
|
|
·
Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).
|
|
|
121,368
|
|
|
|
117,454
|
|
·
Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program – BID loan No. 3174/OC-AR.
|
|
|
86,851
|
|
|
|
98,541
|
|
·
Central Bank of Argentina Internal Bills in pesos, maturing 09-19-2018 as of June 30, 2018 and maturity 02-21-2018 as of December 31, 2017, securing the operation through negotiation secured transaction Segment as the main counterparty of the MAE.
|
|
|
50,407
|
|
|
|
9,647
|
|
Discount bonds in pesos regulated by Argentinian legislation, maturing 2033, for minimum counterpart required for Agents to act in the new categories contemplated under Resolution No. 622/13 of the CNV.
|
|
|
11,580
|
|
|
|
13,139
|
|
·
Discount bonds in pesos regulated by Argentinean legislation, maturing 2033 securing a BID loan of Province of San Juan No. 2763/OC-AR.
|
|
|
7,817
|
|
|
|
8,869
|
|
·
Discount bonds in pesos regulated by Argentinian legislation, maturing 2033 securing the sectorial Credit Program of the Province of San Juan, Production investment financing fund.
|
|
|
7,672
|
|
|
|
8,704
|
|
·
Secured bonds under Presidential Decree No, 1579/2002 as security for a loan received from Banco de Inversión y Comercio Exterior SA (Bice).
|
|
|
|
|
|
|
4,270
|
|
·
Other public and private securities.
|
|
|
26,309
|
|
|
|
26,490
|
|
Subtotal debt securities at fair value through profit or loss and other debt securities
|
|
|
468,994
|
|
|
|
340,173
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
·
Sundry debtors – foreclosure within the scope of the claim filed by the DGR against the City of Buenos Aires for differences on gross turnover tax. Subtotal Other financial assets
|
|
|
827
|
|
|
|
827
|
|
|
|
|
827
|
|
|
|
827
|
|
Loans and other financing – non financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
·
Interests derived from contributions made as protector (2)
|
|
|
113,998
|
|
|
|
113,998
|
|
Subtotal loans and other financing – non-financial private sector and foreign residents
|
|
|
113,998
|
|
|
|
110,848
|
|
|
|
|
|
|
|
|
|
|
Financial assets delivered as a guarantee
|
|
|
|
|
|
|
|
|
·
Special guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar entities.
|
|
|
4,821,479
|
|
|
|
4,005,730
|
|
·
Forward purchase for repo transactions.
|
|
|
2,034,516
|
|
|
|
2,993,719
|
|
·
Guarantee deposits related to credit and debit card transactions.
|
|
|
605,485
|
|
|
|
623,491
|
|
·
Other guarantee deposits.
|
|
|
15,602
|
|
|
|
15,412
|
|
Subtotal Financial assets delivered as a guarantee
|
|
|
7,477,082
|
|
|
|
7,638,352
|
|
Other non financial assets
|
|
|
|
|
|
|
|
|
·
Real property related to a call option sold.
|
|
|
115,888
|
|
|
|
222,023
|
|
Subtotal Other non-financial assets
|
|
|
115,888
|
|
|
|
222,023
|
|
Total
|
|
|
8,176,789
|
|
|
|
8,312,223
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed
in thousands of Pesos)
|
(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. The same correspond to the following risk funds:
Risk fund of Garantizar SGR, Risk fund of Los Grobo SGR and Risk fund of Avaluar SGR as of June 30, 2018 and December 31, 2017.
|
Additionally,
as of December 31, 2016, the amount of restricted assets was 4,191,090.
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:
|
24.1.
|
Financial trusts for investment purposes
|
Debt securities include mainly
prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through
underwriting agreements (Consubond, Garbarino, Accicom, Secubono, Mila, Credicuotas Consumo, Credimas and Pvcred, Naldo Lombardi).
The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the
public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the
market, the Bank recovers the disbursements made, plus an agreed-upon compensation (“underwriting Price”). If after
making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will retain the securities
subject to underwriting.
As of June 30, 2018 and December
31, 2017 and 2016, debt securities and certificates of participation in financial trusts administrated by the Bank for investment
purpose, total to 1,029,235, 1,011,828 and 730,672, 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.
|
24.2.
|
Trusts created using financial assets transferred
by the Bank
|
The Bank transferred financial
assets (loans) to trusts for the purpose of issuing and selling securities for which collection is guaranteed by the cash flow
resulting from such assets or group of assets. This way the funds that were originally used to finance the loans are obtained earlier.
As of June 30, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed consolidated
interim Financial Statements, the assets managed through Macro Fiducia SA (subsidiary) of this type of trusts amounted to 69,806,
116,697 and 59,128, respectively.
|
24.3.
|
Trusts guaranteeing loans granted by the Bank
|
As it is common in the Argentine
banking market, the Bank requires, in some cases, that the debtors present certain assets or entitlements to receive assets in
a trust as a guarantee for the loans granted. This way, the risk of losses is minimized and access to the security is guaranteed
in case of the debtor's noncompliance.
Trusts usually act as conduits
to collect cash from the debtor’s flow of operations and send it to the bank for the payment of the debtor’s loans
and thus ensure compliance with the obligations assumed by the trustor and guaranteed through the trust.
Additionally, other guarantee
trusts manage specific assets, mainly real property.
Provided there is no noncompliance
or delays by debtor in the obligations assumed with the beneficiary, the Trustee shall not execute the guaranty and all excess
amounts as to the value of the obligations are reimbursed by the Trustee to the debtor.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
As of June 30, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed consolidated
interim Financial Statements, the assets managed by the Bank amounted to 490,300, 328,268 and 451,569, respectively.
|
24.4.
|
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, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the accompanying condensed consolidated interim
Financial Statements, the assets managed by the Bank amounted to 3,200,292, 2,200,840 and 2,117,959, respectively.
|
25.
|
COMPLIANCE WITH CNV STANDARDS
|
|
25.1
|
Compliance with CNV standards to act in the different
agent categories defined by the CNV:
|
|
25.1.1
|
Operations of Banco Macro SA
|
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV General Resolution No, 622, 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 language), comprehensive clearing and settlement agent and trading agent (ALyC and AN – comprehensive,
for their acronyms in Spanish language), financial trustee Agent (FF for its acronym in Spanish language) 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 32,000, as well as the minimum
counterpart required of 11,000, which the Bank paid-in with government securities as described in Note 22 to the accompanying condensed
consolidated interim Financial Statements.
|
25.1.2
|
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 General Resolution No, 622,
the Bank is registered with this agency under the following agent categories: mutual investment funds placement and distribution
agent (ACyD FCI), financial trustee agent (FF) 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 3,500, as well as the minimum counterpart
required of 1,750, which the subsidiary paid-in with government securities.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
25.1.3
|
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 the General Resolution No.
622/2013 issued by such agency, the Company is registered with this agency CNV 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 this Company exceeds the minimum amount required by this regulation, amounting to 18,125 as well as the minimum counterpart
required of 9,000, which the Company paid-in with mutual fund units or shares.
|
25.1.4
|
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 the General Resolution No.
622/2013 issued by such agency, the Company is registered with the CNV 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 countpart amounting to 1,100 and is paid-in with mutual fund units or shares.
|
25.1.5
|
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 the General Resolution 622
issued by such agency, the Company is registered with the CNV as Financial Trustee agent and Non-Financial Trustee agent.
Additionally, the shareholders’
equity of this Company exceeds the minimum amount required by this regulation, amounting to 6,000, and the minimum countpart amounting
to 3,000 and is paid-in with mutual fund units or shares.
|
25.2
|
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, 2015 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).
|
25.3
|
As depositary of Mutual Funds
|
As of June 30, 2018 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:
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Fund
|
|
Number of shares
|
|
|
Equity
|
|
Pionero Pesos
|
|
|
1,264,531,571
|
|
|
|
4,994,823
|
|
Pionero Renta Ahorro
|
|
|
1,524,811,495
|
|
|
|
11,329,957
|
|
Pionero F F
|
|
|
140,720,374
|
|
|
|
839,993
|
|
Pionero Renta
|
|
|
9,575,695
|
|
|
|
151,691
|
|
Pionero Acciones
|
|
|
21,260,560
|
|
|
|
415,217
|
|
Pionero Renta Plus
|
|
|
82,805,233
|
|
|
|
1,468,883
|
|
Pionero Empresas FCI Abierto PYMES
|
|
|
196,578,848
|
|
|
|
526,126
|
|
Pionero Pesos Plus
|
|
|
224,633,209
|
|
|
|
533,296
|
|
Pionero Renta Ahorro Plus
|
|
|
642,792,339
|
|
|
|
1,095,645
|
|
Pionero Renta Mixta I
|
|
|
119,555,896
|
|
|
|
164,496
|
|
Pionero Renta Mixta II
|
|
|
494,755,103
|
|
|
|
742,491
|
|
Pionero Renta Estratégico
|
|
|
422,791,472
|
|
|
|
421,901
|
|
Pionero Renta Capital
|
|
|
50,000
|
|
|
|
50
|
|
Pionero Argentina Bicentenario
|
|
|
50,000
|
|
|
|
50
|
|
Pionero Ahorro Dólares
|
|
|
276,964,256
|
|
|
|
8,319,382
|
|
Pionero Renta Global
|
|
|
50,000
|
|
|
|
1,443
|
|
Pionero Renta Fija Dólares
|
|
|
28,233,767
|
|
|
|
816,353
|
|
Argenfunds Renta Pesos
|
|
|
455,725,857
|
|
|
|
1,100,176
|
|
Argenfunds Renta Argentina
|
|
|
111,145,931
|
|
|
|
361,384
|
|
Argenfunds Ahorro Pesos
|
|
|
371,626,423
|
|
|
|
1,448,983
|
|
Argenfunds Renta Privada FCI
|
|
|
157,163,807
|
|
|
|
704,456
|
|
Argenfunds Abierto Pymes
|
|
|
98,771,168
|
|
|
|
85,691
|
|
Argenfunds Renta Total
|
|
|
1,041,548,885
|
|
|
|
1,915,919
|
|
Argenfunds Renta Flexible
|
|
|
446,637,628
|
|
|
|
658,134
|
|
Argenfunds Renta Dinámica
|
|
|
150,250,705
|
|
|
|
203,776
|
|
Argenfunds Renta Mixta
|
|
|
77,935,608
|
|
|
|
128,458
|
|
Argenfunds Renta Global
|
|
|
138,538,228
|
|
|
|
200,176
|
|
Argenfunds Renta Capital
|
|
|
7,234,449
|
|
|
|
215,120
|
|
Argenfunds Renta Balanceada
|
|
|
208,789,752
|
|
|
|
290,291
|
|
Argenfunds Renta Crecimiento
|
|
|
8,785,320
|
|
|
|
261,934
|
|
|
26.
|
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 2018 are listed below, indicating the balances as of month-end
of the related items:
Description
|
|
Banco Macro
SA
|
|
|
Banco del
Tucumán SA
|
|
Cash and deposits in banks
|
|
|
|
|
|
|
|
|
Amounts in Central Bank accounts
|
|
|
35,343,995
|
|
|
|
3,185,490
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
Government securities computable for the minimum cash requierements
|
|
|
3,373,000
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
|
|
|
|
|
|
Special guarantee accounts with the Central bank
|
|
|
4,520,583
|
|
|
|
300,896
|
|
Total
|
|
|
43,237,578
|
|
|
|
3,486,386
|
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
27.
|
PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY
PROCEEDINGS INITIATED BY THE CENTRAL BANK
|
The Central Bank Communiqué
“A” 5689 requires banks to disclose in their financial statements certain information regarding summaries and sanctions
received from certain regulatory authorities, regardless of the amounts involved and the final conclusions of each cause.
Next follows a description of
the situation of Banco Macro SA and Banco del Tucumán SA as of June 30, 2018:
Banco Macro SA
Summary proceedings filed by
the Central Bank
Criminal foreign exchange
regime summary proceedings
: No. 6545 dated 09/03/2015.
Reason:
Alleged breach
of article No, 1 subsections e) and f) of the CFEL and the Central Bank Communiqué “A” 5264, as amended and
supplemented, for foreign exchange transactions with a customer without the documentation to support the genuineness of the transaction.
Proceeding filed against
:
Banco Macro SA and the officer responsible for Foreign Trade and Foreign Exchange (Susana Lerman, José Luis Vejo, Jorge
Francisco Scarinci and Horacio Ricardo Javier Sistac, Carlos Daniel Gomez and Oscar Luis Romero).
Status
: On 11/11/2015
Banco Macro SA and the individuals accused under the summary proceedings filed their defenses offering evidence and requesting
their acquittal. Furthermore, through resolution dated 05/23/2016, the Central Bank decided to dismiss the motion to declare the
criminal action no longer enforceable under the statute of limitations filed by Banco Macro SA and the above mentioned individuals.
On 05/31/2016 the Bank filed a motion for annulment with a supplementary appeal. On 07/11/2016 the Central bank decided to dismiss
such motion for annulment. Against such decision, the Bank filed a motion on 07/15/2016 reserving the right to re-edit the motion
to declare the criminal action no longer enforceable under the statute of limitations before the relevant competent National Court
of First Instance in Criminal Economic Matters under the situation provided for in section 9 of the CFEL. On 08/09/2016 the Bank
filed its memorial due to the closing of the evidentiary stage and on 08/18/2016, filed a motion requesting the retroactive application
of the more benign foreign exchange rule. On 04/12/2018 the Bank was served notice of the decision of the Central Bank which, based
on the application of the more benign foreign exchange rule, declared its accusation against the individuals involved in the summary
proceedings null and void and therefore ordered the closing of the proceedings.
Financial Summary proceedings:
No. 1496 dated 02/24/2016.
Reason:
deficiencies
on the consolidated supervision exercised by the Bank regarding its subsidiaries, with non-compliance of internal controls.
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 Central Bank. On 04/07/2016, we filed the defenses and evidence. On 05/18/2016 we requested on behalf of the accused
Delfin Jorge Ezequiel Carballo the resolution of the motion for lack of standing to be sued. To date this motion is still pending
resolution.
Penalties imposed by the Central
Bank
Financial Summary proceedings:
No. 1380 dated 03/11/2013.
Reason:
Alleged excess
in the assets used for guarantee purposes which should have been used for related statutory operation ratios; failure to fulfill
with the limitations of deposit increase, lack of veracity in book records, neglect to present the corresponding accounting disclosure
of such excess and failures according to Central Bank’s requirements. Penalty amount: 2,000.
Proceeding filed against
:
former Banco Privado de Inversiones SA, Directors, Supervisory 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).
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Status
: On 06/12/2015
the Central Bank passed Judgment No. 527, imposing fines to those responsible. On 06/25/2015 the fine was paid. On 07/10/2015 a
direct appeal was filed against such resolution to CNACAF (Court of Appeals in Contentious Administrative Matters). On December
2015, the penalty amount was recovered by the Bank as a result of the guarantee provided by the sellers at the moment of acquisition
of the shares of former BPI SA. On September 2015, the appeals were filed with Courtroom II, under case No. 48607/2015 of CNACAF.
On 05/10/2016, Courtroom II decided to confirm the penalties imposed by the Central Bank. Upon such decision, the Bank filed an
extraordinary appeal that was dismissed by the Courtroom II of the CNACAF on 08/02/2016, On 08/16/2016 a motion for reconsideration
of dismissal of appeal was lodged on behalf of the Bank and of Mr. Carlos Soulé before the Argentine Supreme Court of Justice
(CSJN) upon rejection of the federal extraordinary appeal, which is still pending to date.
Financial Summary proceedings:
No. 1401 dated 08/14/2013.
Reason:
alleged failure
in financing to the non-financial 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 Central Bank passed Resolution No. 183/15 imposing fines to the Bank, which were debited from the Bank´s account 00285
on 03/12/2015. On 03/30/2015 a direct appeal was filed with the CNACAF against such resolution. On April 2015 the appeal was presented
at Courtroom IV of the CNACAF under No. 19,971/2015. On 06/23/2015 the Court informed the Central Bank about the appeal lodged
by Banco Macro. On 07/13/2016 Courtroom IV of the CNACAF sustained the appeal filed by the Bank and annulled the decision imposing
the fines to the Bank. The Central Bank filed an extraordinary appeal, which was answered by the Bank on 08/29/2016. On 09/06/2016
Courtroom IV of the CNACAF dismissed Central Bank’s extraordinary appeal. On 09/14/2016 the Central Bank lodged a motion
for reconsideration of dismissal of the extraordinary appeal with the CSJN (Argentine Supreme Court of Justice), which is still
pending resolution.
Penalties imposed by the Financial
Information Unit (UIF)
File
: No. 62/2009 dated
01/16/2009.
Reason
: Purchase of
foreign currency from April 2006 through August 2007. 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. An appeal was lodged with the CNACAF. On 10/31/2016
the Courtroom III decided the following: (i) on the one hand, as to the transactions carried out between 10/11/2006 and 08/22/2007,
to declare that the punitive power of the UIF had expired at the time of the summary proceedings, rendering UIF`s Resolution 72/2011
invalid, (ii) on the other hand, as to the transactions performed from 03/05/2007 and from 04/17/2007 through 08/22/2007, to refer
these proceedings again to the UIF for a new resolution readjusting the fines imposed on the Bank and Messrs. Juan Pablo Brito
Devoto and Luis Carlos Cerolini. Upon such court order, both the UIF and the Bank lodged an extraordinary appeal. Such appeals
were rejected by the Court on April 25, 2017. On May 10, 2017 both the Bank and the UIF filed a motion for reconsideration of dismissal
of appeal before the Argentine Supreme Court which is still pending resolution.
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
: upon notice
of the summary proceedings, on 05/08/2015 the Bank filed its defense, offering evidence and requesting its acquittal. On 12/26/2016
the UIF passed Resolution 164/16 imposing fines on those responsible and issuing a favorable decision on the plea of lack of locus
standi lodged by Messrs. Carballo and Magnanini. On 01/30/2017 the Bank paid the fine imposed by the UIF, due to the the non-staying
effect thereof. On 03/13/2017 a Direct Appeal was filed against such resolution, and the legal action it be decided at Room III
of the CNACAF, entitled “Banco Macro SA et al vs, UIF on Criminal Code – Law 25246 – Decree 290/07 sect. 25”
(Court File No. 13500/2017). This court file is pending resolution.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
Although the above described
penalties do not involve material amounts, as of the date of issuance of the accompanying consolidated 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 Central Bank’s 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 non-compliance
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 Supervisory 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.
File
: 2577/2014 (CNV
Resolution No. 18863) dated 07/20/2017.
Reason
: potential non-compliance
with de provisions of section 59 of 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 Supervisory 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 07/28/2017
the Bank and the persons subject to these summary proceedings were given notice of this action and were given 10 business days
to make the relevant filing. On August 11, 2017, the Bank filed its defense requesting the nullity of the accusation, the expiration
of the time limit to file the administrative criminal actions and the lack of responsibility of the people subject to these summary
proceedings for the acts subject matter of this action since such supervisory obligation is not in accordance with the role of
the Custody Agent. On 12/06/2017 the court held the firs preliminary hearing and the summary proceedings turned to be under the
analysis of the CNV, who shall decide whether it allows for the production of evidence or directly decides on the merits of the
case.
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 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 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 03/08/2018
the Bank and the persons subject to these summary proceedings filed their defenses. Additionally, the UIF ordered the production
of evidence and therefore on 03/28/2018 and 04/03/2018 official information written notices were given to the Central Bank and
CNV. The evidence offered was provided; therefore, on May 21, 2018, the UIF declared that the trial stage was concluded and set
the case for the closing arguments. On June 8, 2018, the Bank, the directors and the compliance officer provided their closing
arguments. To date, the UIF is analyzing the file in order to issue a resolution.
File
: No. 1208/2014
(UIF Resolution No. 13/2016) dated January 15, 2016.
Reason
: Alleged failure
to comply with the Anti-Money Laundering Law, as amended, and UIF Resolution No. 121/11.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
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 May 17, 2018,
the Bank and the individuals were notified about Resolution No. 13/2016, whereby the summary proceedings were opened. The proceedings
began due to the Central Bank submission on May 12, 2014, of the background related to the overall inspection performed in Banco
Macro SA from November 26, 2013, through January 17, 2014, by the Special Operations Oversight Management in order to evaluate
the measures adopted by the Bank for the prevention of money laundering and terrorism financing. The UIF stated in the resolution
that summary proceedings should be filed “to discharge any responsability that may be borne by Banco Macro SA, its Board
of Directors and/or compliance officers that were holding office during the term of the alleged infringements described in the
recitals hereof, so as to determine whether they committed the crime punished under section 24(1) and (2), Law No. 25,246, as amended”.
On May 17, 2018, the Bank was notified about such case file. On June 15, 2018, Banco Macro SA, the members of the Board of Directors
and the compliance officer filed their defense briefs. On July 2, 2018, the UIF sustained the lack of capacity to be sued of Delfín
Jorge Ezequiel Carballo, discarding his responsability in this summary proceeding.
Banco del Tucumán
SA
Summary proceedings
filed by the Central Bank
Criminal Foreign Exchange
Regime Summary Proceedings
: No. 3078 dated 06/24/2008.
Reason
: Alleged breach
of Section 8 of the Criminal Foreign Exchange Regime Act, for irregularities in US dollar sale transactions of the financial intermediary
established in Communiqué “B” 7174.
Proceedings filed against
:
Banco del Tucumán SA, manager and responsible for Operations, Treasurer and Cashiers (Francisco Carlos Bustamante, Juan
Ramón Lemoine, Héctor Gaspar Taranto, Héctor Arnaldo Brito, Ana Carolina De Genova Palomar, Jorge Marcelo
Albertinetti, Sergio Fabián Intile, Lorena Natalia Frías and Carla Andrea Rocha).
Status
: On 12/29/2011
the Federal Judge No. 1 of Tucumán decided to declare the criminal action expired under the statute of limitations. This
decision was appealed on 02/01/2012 by the District Attorney No, 1 of Tucumán. On 07/31/2013 the relevant Court of Appeals
sustained such decision and the case was subsequently sent to Room I of the Court of Criminal Appeals in Cassation as a result
of a Cassation Appeal filed by the District Attorney. On 05/26/2016 Room I sustained the Cassation Appeal, revoking the decision
of the Federal Judge No. 1 in the case in which a new decision shall have to be issued in accordance with the ruling of Room I
of the Court of Criminal Appeals in Cassation. As of June 30, 2018, (i) on June 27, 2018, the law firm became aware of Criminal
Foreign Exchange Regime Summary Proceedings No. 3078 of the Central bank and was notified that, on October 22, 2012, Federal Court
No. 1 of Tucumán declared the criminal action to be extinguished due to the lapse of the statute of limitations in relation
to the facts punished by the foreign exchange criminal regime that gave rise to the summary proceedings; and (ii) as to the main
charged person, former employee of the Bank, Francisco Carlos Bustamante, on May 24, 2018, Federal Court No. 2 decided to declare
the criminal action to be barred by the statute of limitations pursuant to section 59(3) of the Criminal Code and, consequently,
acquit such person. This resolution is final.
Penalties
imposed by the Central Bank
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
Non-Financial Public Sector, for the acquisition of secured loans without the appropriate authorization by the Central Bank. 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).
Status
: On 03/12/2014
the Central Bank issued Res, 149/14 applying the fine. On 03/19/2014 such fine was debited from the account number 00060 of the
Bank. On 04/08/2014 the Bank filed a direct appeal against the resolution of the SEFyC, on behalf of the Bank and of the individuals
involved in the summary proceedings, before the CNACAF, who sustained Resolution 149/14. On 11/14/2014 the Bank filed an extraordinary
appeal for arbitrariness of the decision issued by the Court of Appeals. On 02/18/2015 Room III of the National and Federal Court
of Appeals (CNAF for its acronym in Spanish language) dismissed the Extraordinary Appeal filed by the Bank with court costs. On
02/26/2015 the Bank lodged a motion for reconsideration of dismissal of the Extraordinary Appeal, which is still pending to date.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
The Bank Management and its
legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned judicial
proceedings,
|
28.
|
CORPORATE BONDS ISSUANCE
|
The corporate bond liabilities
recorded by Banco Macro SA in the accompanying condensed consolidated interim Financial Statements amount to:
Corporate Bonds
|
|
Original value
|
|
|
Residual face
value as of
06/30/2018
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Resettable – Class A
|
|
USD
|
400,000,000
|
(a.1)
|
|
USD
|
400,000,000
|
|
|
|
11,646,217
|
|
|
|
7,565,759
|
|
Non-subordinated – Class B
|
|
Ps.
|
4,620,570,000
|
(a.2)
|
|
Ps.
|
4,620,570,000
|
|
|
|
4,710,409
|
|
|
|
4,712,216
|
|
Non-subordinated – Class C
|
|
Ps.
|
3,207,500,000
|
(a.3)
|
|
Ps.
|
3,207,500,000
|
|
|
|
3,414,891
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
19,771,517
|
|
|
|
12,277,975
|
|
|
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´s Meeting resolved to extend of the maximum amount of the abovementioned Global Program up to USD 1,500,000,000
(one thousand five hundred millions 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 point, according terms and conditions abovementioned.
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 Central Bank guidelines.
As of December 31, 2016, the
recorded amount related to these corporate bonds was 6,376,537.
|
a.2)
|
On May 8, 2017, under Global Program mention 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 Central Bank guidelines.
As of the date of issuance
of these condensed consolidated interim Financial Statement, the Bank made purchases of this issuance for a face value of Ps. 644,691,000.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
a.3)
|
On April 9, 2018, under 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 quarterlyfor 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 Central Bank guidelines.
As of the date of issuance
of these condensed consolidated interim Financial Statement, the Bank made purchases of this issuance for a face value of Ps, 195,000,000.
As of December 31, 2016 the
Bank had recorded 1,684,636, related to Non-subordinated Corporate Bonds – Class 2, for a face value of USD 150,000,000.
Moreover, on April 27, 2018,
the Shareholder´s Meeting 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, according to the Board of
Directors opportunely determines.
|
29.
|
ACCOUNTING ITEMS OUTSIDE THE BALANCE SHEET
|
In addition to the expressed
in Note 4, the Bank recognizes different transactions outside its Balance sheet, pursuant to the Central Bank standards.
As of June 30, 2018, December
31, 2017 and 2016, the main balances outside the Bank’s Balance sheet position include the preferred and non-preferred guarantees
received from customers, under the applicable rules in force in this matter, to secure loans transactions and other financing,
the value of which totals 44,342,619, 39,247,291 and 22,116,120, respectively; the custody of government and private bonds and
other assets held by third parties, the value of which totals 109,156,613, 82,906,533 and 51,936,124, respectively; checks already
deposited and pending clearance amount to 1,279,844, 1,266,306 and 1,134,949, respectively and outstanding checks not yet paid
amount to 2,810,633, 2,032,128 and 1,852,989, respectively.
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 gross 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.
|
b)
|
Ex-officio gross turnover tax assessments in progress
and/or adjustments pending resolution by the tax authorities of certain jurisdiction.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed in thousands of Pesos)
|
c)
|
On February 20, 2018, the AFIP required the Bank to
amend the returns in connection with Employer’s Contributions for the period between November, 2012 to December, 2016, or
otherwise explain the reasons why it had applied the tax rate set forth in Section 2b) of Presidential Decree No. 814/01 (text
as per Section 9 of Law No. 25,453). On March 14, 2018, the Bank submitted a detailed explanation of the grounds supporting its
position. As of the date hereof, the Bank has not received an answer from AFIP. In the understanding of the bank´s management
and its tax and legal advisors, no amount for Employer’s Contributions should be claimed for the indicated periods.
|
The Bank’s Management
and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned
proceedings other than those disclosed in the accompanying Condensed consolidated interim Financial Statements.
In addition, before merging
with and into the Bank, Banco Privado de Inversiones (BPI) had a pending class action styled “Adecua v, Banco Privado de
Inversiones on ordinary proceedings”, File No. 19073/2007, before 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.
Moreover, the Bank is also
subject to three lawsuits filed with consumers’ associations for the same purpose: a) Adecua v, Banco Macro on ordinary proceedings,
File No. 20495/2007, pending with Commercial Court No. 26 in and for the City of Buenos Aires, Clerk’s Office No. 52; 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. 26 in and for the City of Buenos Aires, Clerk’s Office No. 52; 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 lawsuits
filed by consumer protections associations in relation to the collection of certain commissions and/or financial charges and certain
withholdings made by the Bank to individuals as Buenos Aires City stamp tax withholding agent.
The Bank’s Management
and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned
proceedings other than those disclosed in the accompanying Financial Statements.
|
31.
|
RESTRICTION ON PROFIT DISTRIBUTION
|
|
a)
|
According to Central Bank regulations, 20% of 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 Reserve.
|
|
b)
|
Pursuant to Law No. 25,063, dividends to be distributed
in cash or in kind in excess of taxable income accumulated as of the end of the fiscal year immediately preceding the payment
or distribution date shall be subject to a 35% income tax withholding as a single and definitive payment. For this purpose, income
to be considered in each year will result from adding dividends or earnings from other corporations not computed in the calculation
of those earnings in the same tax period(s) to the earnings determined under application of Income Tax Law, and deducting the
tax paid for the tax period(s) in which the earnings, or the related proportional amount, being distributed were generated, This
withholding shall not be applicable to earnings distributions payable in the fiscal years beginning as of January 1, 2018.
|
NOTES TO THE CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed
in thousands of Pesos)
|
c)
|
Through Communiqué “A” 6464, the
Central Bank 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 Central Bank 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 Act (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 non-accounting basis, from retained earnings and
earnings reserves – other for future distribution of profits, (i) the amounts of the legal and other earnings reserves which
are mandatory, (ii) all debit balances of each one of the accounting items recognized in “Other Comprehensive Income”,
(iii) the income derived 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 Central Bank for those instruments recognized at amortized cost, (v) the adjustments identified by the
Superintendency of Financial and Exchange Entities of the Central Bank or by the independent external auditor and that have not
been recognized in the accounting records and (vi) certain franchises granted by the Central Bank. Additionally, no profit distributions
shall be made out of the profit originated as a result of the first-time application of the IFRS, which profit shall be included
as a special reserve, the amount of which as of June 30, 2018 is 3,475,669 and is recognized in Retained Earnings.
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 level-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 earningsl reserves additional to the Legal reserve or a combination of any of these applications.
|
|
32.
|
CAPITAL MANAGEMENT AND 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 Act No. 21,526, as supplemented,
and the regulations issued by the Central Bank and are exposed to intrinsic risks related to the financial industry. Moreover,
they adhere to the good banking practices laid out in Central Bank Communiqué “A” 5201 (Financial Entities Corporate
Governance Guidelines) as supplemented. Details explanations about the main aspects related to capital management and corporate
governance transparency policy and risk management related to the Bank, are disclose in Note 41 to the condensed consolidated interim
Financial Statements as of march 31, 2018, already issued.
Aditionally, the table below
shows the minimum capital requirements measured on a consolidated basis, effective for the month of June 2018, together with the
integration thereof (computable equity) as of the end of such month:
Description
|
|
06/30/2018
|
|
Minimum capital requirements
|
|
|
17,478,311
|
|
Computable equity
|
|
|
58,988,830
|
|
Capital surplus
|
|
|
41,510,519
|
|
NOTES TO THE CONDENSED
CONSOLIDATED INTERIM FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 36)
(Figures expressed
in thousands of Pesos)
|
33.
|
ADDITIONAL DISCLOSURES
|
The table below shows the amounts corresponding to
the detail of Government and private debt securities as of June 30, 2018, December 31, 2017 and 2016.
Description
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt securities
|
|
|
1,107,525
|
|
|
|
720,015
|
|
|
|
276,780
|
|
Private securities
|
|
|
232,177
|
|
|
|
366,013
|
|
|
|
55,701
|
|
Total debt securities at fair value through profit or loss
|
|
|
1,339,702
|
|
|
|
1,086,028
|
|
|
|
332,481
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through OCI
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt securities
|
|
|
1,315,125
|
|
|
|
1,090,423
|
|
|
|
3,983,642
|
|
Central Bank internal bills
|
|
|
38,038,863
|
|
|
|
32,655,908
|
|
|
|
15,132,569
|
|
Private securities
|
|
|
|
|
|
|
18,583
|
|
|
|
423,456
|
|
At amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
Government debt securities
|
|
|
3,516,998
|
|
|
|
121,723
|
|
|
|
124,885
|
|
Private securities
|
|
|
291,658
|
|
|
|
817,128
|
|
|
|
730,947
|
|
Total other debt securities
|
|
|
43,162,644
|
|
|
|
34,703,765
|
|
|
|
20,395,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
At fair value through profit or loss
|
|
|
50,009
|
|
|
|
282,659
|
|
|
|
406,868
|
|
Total equity instruments
|
|
|
50,009
|
|
|
|
282,659
|
|
|
|
406,868
|
|
|
34.
|
CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF
THE FINANCIAL AND CAPITAL SYSTEM
|
The international and local
macroeconomic context generates a certain degree of uncertainty regarding its future progress as a result of the financial asstes
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.
|
35.
|
EVENTS AFTER REPORTING PERIOD
|
No events occurred between the
end of the reporting period and the issuance of the accompanying condensed consolidated interim Financial Statements that may materially
affect the financial position or the profit and loss for the period, not disclosed in the accompanying Financial Statements.
|
36.
|
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 Central Bank, as mention
in Note 3. These accounting standards may not conform with accounting principles generally accepted in other countries.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
44
|
|
EXHIBIT B
CONSOLIDATED CLASSIFICATION OF LOANS
AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
58,340,617
|
|
|
|
48,364,751
|
|
|
|
34,766,790
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,382,479
|
|
|
|
3,822,852
|
|
|
|
2,545,541
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
9,310,470
|
|
|
|
7,594,429
|
|
|
|
5,297,800
|
|
Without Senior guarantees or counter-guarantees
|
|
|
45,647,668
|
|
|
|
36,947,470
|
|
|
|
26,923,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
297,350
|
|
|
|
299,221
|
|
|
|
27,887
|
|
In observation
|
|
|
|
|
|
|
|
|
|
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,484
|
|
|
|
6,042
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
71,681
|
|
|
|
66,613
|
|
|
|
18,875
|
|
Without Senior guarantees or counter-guarantees
|
|
|
218,519
|
|
|
|
226,566
|
|
|
|
9,012
|
|
In negotiation or with financing agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
Without Senior guarantees or counter-guarantees
|
|
|
3,666
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
195,576
|
|
|
|
37,164
|
|
|
|
50,039
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
450
|
|
|
|
3,441
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
98,003
|
|
|
|
22,971
|
|
|
|
50,039
|
|
Without Senior guarantees or counter-guarantees
|
|
|
97,123
|
|
|
|
10,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
171,609
|
|
|
|
144,001
|
|
|
|
137,431
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,178
|
|
|
|
729
|
|
|
|
1,882
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
129,522
|
|
|
|
86,437
|
|
|
|
61,374
|
|
Without Senior guarantees or counter-guarantees
|
|
|
38,909
|
|
|
|
56,835
|
|
|
|
74,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
437
|
|
|
|
6,500
|
|
|
|
7,372
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
|
|
|
|
|
|
|
|
813
|
|
Without Senior guarantees or counter-guarantees
|
|
|
437
|
|
|
|
6,500
|
|
|
|
6,559
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
59,005,589
|
|
|
|
48,851,637
|
|
|
|
34,989,519
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
45
|
|
EXHIBIT B
(Continued)
CONSOLIDATED CLASSIFICATION OF LOANS
AND OTHER FINANCING
BY SITUATION AND COLLATERAL RECEIVED
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER AND MORTGAGE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
98,851,176
|
|
|
|
85,407,541
|
|
|
|
55,204,350
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,890,854
|
|
|
|
2,140,761
|
|
|
|
771,053
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
10,202,180
|
|
|
|
7,272,856
|
|
|
|
2,573,886
|
|
Without Senior guarantees or counter-guarantees
|
|
|
86,758,142
|
|
|
|
75,993,924
|
|
|
|
51,859,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
1,512,066
|
|
|
|
1,050,600
|
|
|
|
555,222
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
26,027
|
|
|
|
7,823
|
|
|
|
1,486
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
61,503
|
|
|
|
32,681
|
|
|
|
20,699
|
|
Without Senior guarantees or counter-guarantees
|
|
|
1,424,536
|
|
|
|
1,010,096
|
|
|
|
533,037
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
1,001,983
|
|
|
|
647,332
|
|
|
|
443,357
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
6,231
|
|
|
|
1,447
|
|
|
|
3,188
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
15,967
|
|
|
|
13,672
|
|
|
|
7,676
|
|
Without Senior guarantees or counter-guarantees
|
|
|
979,785
|
|
|
|
632,213
|
|
|
|
432,493
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
652,016
|
|
|
|
479,925
|
|
|
|
317,466
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,016
|
|
|
|
496
|
|
|
|
2,099
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
24,385
|
|
|
|
18,106
|
|
|
|
20,486
|
|
Without Senior guarantees or counter-guarantees
|
|
|
625,615
|
|
|
|
461,323
|
|
|
|
294,881
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
202,802
|
|
|
|
148,425
|
|
|
|
92,508
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
371
|
|
|
|
18,375
|
|
|
|
18,222
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
18,358
|
|
|
|
130,050
|
|
|
|
74,286
|
|
Without Senior guarantees or counter-guarantees
|
|
|
184,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
522
|
|
|
|
249
|
|
|
|
210
|
|
Without Senior guarantees or counter-guarantees
|
|
|
522
|
|
|
|
249
|
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal consumer and mortgage
|
|
|
102,220,565
|
|
|
|
87,734,072
|
|
|
|
56,613,113
|
|
Total
|
|
|
161,226,154
|
|
|
|
136,585,709
|
|
|
|
91,602,632
|
|
This exhibit disclosures the contractual figures in accordance
as established by Central Bank. The conciliation with the Condensed consolidated interim balance sheet, is listed below:
|
|
As of 06/30/2018
|
|
|
As of 12/31/2017
|
|
|
As of 12/31/2016
|
|
Loans and other financing
|
|
|
155,620,519
|
|
|
|
132,658,674
|
|
|
|
88,390,646
|
|
+ Allowances for loans and other financing
|
|
|
3,321,929
|
|
|
|
2,666,738
|
|
|
|
1,839,422
|
|
+ Adjustment amortized cost and fair value
|
|
|
261,477
|
|
|
|
298,538
|
|
|
|
244,608
|
|
+ Private securities - Debt securities of financial trust
|
|
|
294,546
|
|
|
|
|
|
|
|
|
|
+ Corporate bonds
|
|
|
|
|
|
|
362,425
|
|
|
|
486,144
|
|
Guarantees provided and contingent liabilities
|
|
|
1,727,683
|
|
|
|
599,334
|
|
|
|
641,812
|
|
Total computable concepts
|
|
|
161,226,154
|
|
|
|
136,585,709
|
|
|
|
91,602,632
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
46
|
|
EXHIBIT C
CONSOLIDATED CONCENTRATION OF LOANS AND
FINANCING-FACILITIES
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Cutoff
balance
|
|
|
% of total
portfolio
|
|
|
Cutoff
balance
|
|
|
% of total
portfolio
|
|
|
Cutoff
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
11,404,623
|
|
|
|
7.07
|
|
|
|
10,886,705
|
|
|
|
7.97
|
|
|
|
6,363,324
|
|
|
|
6.95
|
|
50 next largest customers
|
|
|
15,353,287
|
|
|
|
9.52
|
|
|
|
11,082,657
|
|
|
|
8.11
|
|
|
|
9,003,785
|
|
|
|
9.83
|
|
100 next largest customers
|
|
|
9,808,121
|
|
|
|
6.08
|
|
|
|
7,511,713
|
|
|
|
5.50
|
|
|
|
5,580,023
|
|
|
|
6.09
|
|
Other customers
|
|
|
124,660,123
|
|
|
|
77.33
|
|
|
|
107,104,634
|
|
|
|
78.42
|
|
|
|
70,655,500
|
|
|
|
77.13
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (1)
|
|
|
161,226,154
|
|
|
|
100.00
|
|
|
|
136,585,709
|
|
|
|
100.00
|
|
|
|
91,602,632
|
|
|
|
100.00
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
47
|
|
EXHIBIT D
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER
FINANCING BY TERMS
AS OF JUNE 30, 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
|
|
|
212
|
|
|
|
61,477
|
|
|
|
305,172
|
|
|
|
326,580
|
|
|
|
624,373
|
|
|
|
943,173
|
|
|
|
643,120
|
|
|
|
2,904,107
|
|
Financial sector
|
|
|
|
|
|
|
1,175,694
|
|
|
|
337,751
|
|
|
|
374,487
|
|
|
|
767,441
|
|
|
|
1,018,746
|
|
|
|
55,823
|
|
|
|
3,729,942
|
|
Non-financial private sector and foreign residents
|
|
|
1,127,150
|
|
|
|
46,215,878
|
|
|
|
19,031,714
|
|
|
|
19,524,021
|
|
|
|
25,839,946
|
|
|
|
35,610,346
|
|
|
|
68,217,680
|
|
|
|
215,566,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,127,362
|
|
|
|
47,453,049
|
|
|
|
19,674,637
|
|
|
|
20,225,088
|
|
|
|
27,231,760
|
|
|
|
37,572,265
|
|
|
|
68,916,623
|
|
|
|
222,200,784
|
|
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER
FINANCING BY TERMS
AS OF DECEMBER 31, 2017
(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
|
|
|
|
|
|
|
51,827
|
|
|
|
225,501
|
|
|
|
183,337
|
|
|
|
543,855
|
|
|
|
982,347
|
|
|
|
876,255
|
|
|
|
2,863,122
|
|
Financial sector
|
|
|
|
|
|
|
892,707
|
|
|
|
452,162
|
|
|
|
715,857
|
|
|
|
767,396
|
|
|
|
1,009,635
|
|
|
|
259,275
|
|
|
|
4,097,032
|
|
Non-financial private sector and foreign residents
|
|
|
889,510
|
|
|
|
36,721,574
|
|
|
|
18,795,821
|
|
|
|
17,988,857
|
|
|
|
20,395,038
|
|
|
|
30,679,594
|
|
|
|
53,884,831
|
|
|
|
179,355,225
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
847,585
|
|
|
|
37,666,108
|
|
|
|
19,473,484
|
|
|
|
18,888,051
|
|
|
|
21,706,289
|
|
|
|
32,671,576
|
|
|
|
55,020,361
|
|
|
|
186,315,379
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
48
|
|
EXHIBIT D
(Continued)
CONSOLIDATED BREAKDOWN OF LOANS AND OTHER
FINANCING BY TERMS
AS OF DECEMBER 31, 2016
(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
|
|
|
|
|
|
|
748,521
|
|
|
|
127,713
|
|
|
|
384,876
|
|
|
|
142,487
|
|
|
|
272,196
|
|
|
|
230,432
|
|
|
|
1,906,225
|
|
Financial sector
|
|
|
|
|
|
|
404,396
|
|
|
|
516,771
|
|
|
|
488,482
|
|
|
|
389,927
|
|
|
|
255,790
|
|
|
|
74,260
|
|
|
|
2,129,626
|
|
Non-financial private sector and foreign residents
|
|
|
542,275
|
|
|
|
29,757,384
|
|
|
|
13,015,559
|
|
|
|
12,247,535
|
|
|
|
13,861,833
|
|
|
|
19,345,839
|
|
|
|
25,649,597
|
|
|
|
114,420,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
542,275
|
|
|
|
30,910,301
|
|
|
|
13,660,043
|
|
|
|
13,120,893
|
|
|
|
14,394,247
|
|
|
|
19,873,825
|
|
|
|
25,954,289
|
|
|
|
118,455,873
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
49
|
|
EXHIBIT F
CONSOLIDATED CHANGE OF PROPERTY, PLANT
AND EQUIPMENT
AS OF JUNE 30, 2018
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
|
|
Item
|
|
Origination
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 measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
4,479,080
|
|
|
50
|
|
|
|
176,574
|
|
|
|
101,574
|
|
|
|
354,502
|
|
|
|
9,386
|
|
|
|
48,523
|
|
|
|
393,639
|
|
|
|
4,160,441
|
|
Furniture and facilities
|
|
|
367,151
|
|
|
10
|
|
|
|
15,135
|
|
|
|
1,052
|
|
|
|
135,457
|
|
|
|
3
|
|
|
|
17,864
|
|
|
|
153,318
|
|
|
|
227,916
|
|
Machinery and equipment
|
|
|
1,046,209
|
|
|
5
|
|
|
|
227,714
|
|
|
|
110,685
|
|
|
|
570,491
|
|
|
|
|
|
|
|
96,996
|
|
|
|
667,487
|
|
|
|
495,751
|
|
Vehicles
|
|
|
117,488
|
|
|
5
|
|
|
|
17,069
|
|
|
|
3,537
|
|
|
|
78,198
|
|
|
|
3,085
|
|
|
|
9,459
|
|
|
|
84,572
|
|
|
|
46,448
|
|
Other
|
|
|
27
|
|
|
|
|
|
|
|
3
|
|
|
|
3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
Work in progress
|
|
|
2,076,352
|
|
|
|
|
|
|
|
618,528
|
|
|
|
34,223
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,660,657
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant
and equipment
|
|
|
8,086,307
|
|
|
|
|
|
|
|
1,055,023
|
|
|
|
251,074
|
|
|
|
1,138,648
|
|
|
|
12,474
|
|
|
|
172,842
|
|
|
|
1,299,016
|
|
|
|
7,591,240
|
|
CONSOLIDATED CHANGE OF PROPERTY, PLANT
AND EQUIPMENT
AS OF DECEMBER 31, 2017
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
|
|
Item
|
|
Origination
Value at
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
the
end
|
|
|
Residual
value at the
end of the
fiscal year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
4,440,545
|
|
|
50
|
|
|
|
46,353
|
|
|
|
7,818
|
|
|
|
224,692
|
|
|
|
30,695
|
|
|
|
68,012
|
|
|
|
262,009
|
|
|
|
4,217,071
|
|
Furniture and facilities
|
|
|
318,675
|
|
|
10
|
|
|
|
48,718
|
|
|
|
242
|
|
|
|
101,332
|
|
|
|
242
|
|
|
|
34,367
|
|
|
|
135,457
|
|
|
|
231,694
|
|
Machinery and equipment
|
|
|
802,315
|
|
|
5
|
|
|
|
259,261
|
|
|
|
15,367
|
|
|
|
415,260
|
|
|
|
2,548
|
|
|
|
157,779
|
|
|
|
570,491
|
|
|
|
475,718
|
|
Vehicles
|
|
|
97,543
|
|
|
5
|
|
|
|
24,883
|
|
|
|
4,938
|
|
|
|
66,666
|
|
|
|
3,800
|
|
|
|
15,332
|
|
|
|
78,198
|
|
|
|
39,290
|
|
Other
|
|
|
39
|
|
|
|
|
|
|
|
|
|
|
|
12
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27
|
|
Work in progress
|
|
|
1,215,539
|
|
|
|
|
|
|
|
913,343
|
|
|
|
52,530
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,076,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant
and equipment
|
|
|
6,874,656
|
|
|
|
|
|
|
|
1,292,558
|
|
|
|
80,665
|
|
|
|
807,950
|
|
|
|
37,043
|
|
|
|
275,490
|
|
|
|
1,046,155
|
|
|
|
7,040,152
|
|
As of December 31, 2016, the deemed cost of the Bank´s
buildings amounted to 4,211,760 and the adjustment for this concept up to 3,396,192.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
50
|
|
EXHIBIT F
(Continued)
CONSOLIDATED CHANGE IN INVESTMENT
PROPERTY
AS OF JUNE 30, 2018
(Translation of the Financial
statements originally issued in Spanish - See Note 36)
(Figures stated in thousands
of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the period
|
|
|
|
|
Item
|
|
Origination
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 measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investment properties
|
|
|
1,959,459
|
|
|
50
|
|
|
|
296,544
|
|
|
|
517,734
|
|
|
|
15,677
|
|
|
|
1,736
|
|
|
|
2,752
|
|
|
|
16,693
|
|
|
|
1,721,576
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,959,459
|
|
|
|
|
|
|
|
296,544
|
|
|
|
517,734
|
|
|
|
15,677
|
|
|
|
1,736
|
|
|
|
2,752
|
|
|
|
16,693
|
|
|
|
1,721,576
|
|
CONSOLIDATED CHANGE IN INVESTMENT
PROPERTY
AS OF DECEMBER 31, 2017
(Translation of the Financial
statements originally issued in Spanish - See Note 36)
(Figures stated in thousands
of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
|
|
Item
|
|
Origination
Value at
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
the
end
|
|
|
Residual
value at the
end of the
fiscal year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other investment properties
|
|
|
1,754,087
|
|
|
50
|
|
|
|
245,300
|
|
|
|
39,928
|
|
|
|
17,934
|
|
|
|
7,839
|
|
|
|
5,582
|
|
|
|
15,677
|
|
|
|
1,943,782
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,754,087
|
|
|
|
|
|
|
|
245,300
|
|
|
|
39,928
|
|
|
|
17,934
|
|
|
|
7,839
|
|
|
|
5,582
|
|
|
|
15,677
|
|
|
|
1,943,782
|
|
As of December 31, 2016, the deemed cost of the Bank´s
buildings amounted to 2,910,087 and the adjustment for this concept up to 2,353,159. Part of this adjustment is recorded on Property,
Plant and Equipment in Work in progress.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
51
|
|
EXHIBIT G
CONSOLIDATED CHANGE IN INTANGIBLE
ASSETS
AS OF JUNE 30, 2018
(Translation of the Financial
statements originally issued in Spanish - See Note 36)
(Figures stated in thousands
of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation for the period
|
|
|
|
|
Item
|
|
Origination
Value at
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
end
|
|
|
Residual
value at the
end of the
period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
350,735
|
|
|
5
|
|
|
|
84,982
|
|
|
|
6,064
|
|
|
|
195,751
|
|
|
|
|
|
|
|
26,804
|
|
|
|
222,555
|
|
|
|
207,098
|
|
Other intangible assets
|
|
|
1,403,278
|
|
|
5
|
|
|
|
59,234
|
|
|
|
15,465
|
|
|
|
744,713
|
|
|
|
217,427
|
|
|
|
133,106
|
|
|
|
660,392
|
|
|
|
786,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
|
1,754,013
|
|
|
|
|
|
|
|
144,216
|
|
|
|
21,529
|
|
|
|
940,464
|
|
|
|
217,427
|
|
|
|
159,910
|
|
|
|
882,947
|
|
|
|
993,752
|
|
CONSOLIDATED CHANGE IN INTANGIBLE ASSETS
AS OF DECEMBER 31, 2017
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
|
|
Item
|
|
Origination
Value at
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
end
|
|
|
Residual
value at the
end of the
fiscal year
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill - Bussiness combination
|
|
|
20,609
|
|
|
|
|
|
|
|
35,596
|
|
|
|
56,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
185,252
|
|
|
5
|
|
|
|
165,623
|
|
|
|
140
|
|
|
|
76,625
|
|
|
|
2
|
|
|
|
53,331
|
|
|
|
129,954
|
|
|
|
220,781
|
|
Other intangible assets
|
|
|
1,060,153
|
|
|
5
|
|
|
|
649,649
|
|
|
|
306,524
|
|
|
|
533,211
|
|
|
|
156,867
|
|
|
|
367,032
|
|
|
|
743,376
|
|
|
|
659,902
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,266,014
|
|
|
|
|
|
|
|
850,868
|
|
|
|
362,869
|
|
|
|
609,836
|
|
|
|
156,869
|
|
|
|
420,363
|
|
|
|
873,330
|
|
|
|
880,683
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
52
|
|
EXHIBIT H
CONSOLIDATED DEPOSIT CONCENTRATION
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
14,412,228
|
|
|
|
8.03
|
|
|
|
9,022,672
|
|
|
|
6.26
|
|
|
|
7,222,118
|
|
|
|
6.45
|
|
50 next largest customers
|
|
|
9,839,787
|
|
|
|
5.48
|
|
|
|
8,056,114
|
|
|
|
5.59
|
|
|
|
7,316,128
|
|
|
|
6.54
|
|
100 next largest customers
|
|
|
5,853,775
|
|
|
|
3.26
|
|
|
|
4,988,300
|
|
|
|
3.46
|
|
|
|
4,255,954
|
|
|
|
3.80
|
|
Other customers
|
|
|
149,367,447
|
|
|
|
83.23
|
|
|
|
122,062,091
|
|
|
|
84.70
|
|
|
|
93,068,605
|
|
|
|
83.21
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
179,473,237
|
|
|
|
100.00
|
|
|
|
144,129,177
|
|
|
|
100.00
|
|
|
|
111,862,805
|
|
|
|
100.00
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
53
|
|
EXHIBIT I
CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 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
|
|
|
151,236,711
|
|
|
|
23,781,709
|
|
|
|
4,157,159
|
|
|
|
1,592,530
|
|
|
|
78,823
|
|
|
|
10,299
|
|
|
|
180,857,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
16,034,771
|
|
|
|
3,211,918
|
|
|
|
265,095
|
|
|
|
18,193
|
|
|
|
29
|
|
|
|
|
|
|
|
19,530,006
|
|
From the financial sector
|
|
|
125,377
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,377
|
|
From the non-financial private sector and foreign residents
|
|
|
135,076,563
|
|
|
|
20,569,791
|
|
|
|
3,892,064
|
|
|
|
1,574,337
|
|
|
|
78,794
|
|
|
|
10,299
|
|
|
|
161,201,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
28,425
|
|
|
|
2,825
|
|
|
|
2,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,112
|
|
Other financial liabilities
|
|
|
11,072,448
|
|
|
|
16,902
|
|
|
|
10,113
|
|
|
|
14,944
|
|
|
|
22,148
|
|
|
|
149,960
|
|
|
|
11,286,515
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from the Central Bank of Argentina and other financial institutions
|
|
|
505,194
|
|
|
|
644,278
|
|
|
|
441,244
|
|
|
|
83,913
|
|
|
|
89,444
|
|
|
|
168,174
|
|
|
|
1,932,247
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
206,929
|
|
|
|
|
|
|
|
589,783
|
|
|
|
824,565
|
|
|
|
1,653,749
|
|
|
|
10,277,430
|
|
|
|
13,552,456
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
369,951
|
|
|
|
389,633
|
|
|
|
779,266
|
|
|
|
16,609,908
|
|
|
|
18,148,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
164,880,819
|
|
|
|
24,445,714
|
|
|
|
5,571,151
|
|
|
|
2,905,585
|
|
|
|
2,623,430
|
|
|
|
27,215,771
|
|
|
|
227,642,470
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
54
|
|
EXHIBIT I
(Continued)
CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2017
(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
|
|
|
122,606,290
|
|
|
|
19,818,078
|
|
|
|
2,777,820
|
|
|
|
538,046
|
|
|
|
28,735
|
|
|
|
7,852
|
|
|
|
145,776,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
11,486,433
|
|
|
|
1,149,425
|
|
|
|
319,233
|
|
|
|
1,131
|
|
|
|
17,565
|
|
|
|
|
|
|
|
12,973,787
|
|
From the financial sector
|
|
|
81,359
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,359
|
|
From the non-financial private sector and foreign residents
|
|
|
111,038,498
|
|
|
|
18,668,653
|
|
|
|
2,458,587
|
|
|
|
536,915
|
|
|
|
11,170
|
|
|
|
7,852
|
|
|
|
132,721,675
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities at fair value through profit or loss
|
|
|
6,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
23,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
Other financial liabilities
|
|
|
10,336,524
|
|
|
|
21,720
|
|
|
|
10,720
|
|
|
|
16,518
|
|
|
|
25,559
|
|
|
|
163,965
|
|
|
|
10,575,006
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from the Central Bank of Argentina and other financial institutions
|
|
|
727,440
|
|
|
|
91,695
|
|
|
|
11,605
|
|
|
|
15,967
|
|
|
|
34,289
|
|
|
|
94,109
|
|
|
|
975,105
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
118,044
|
|
|
|
|
|
|
|
|
|
|
|
4,620,570
|
|
|
|
4,738,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
80,260
|
|
|
|
|
|
|
|
|
|
|
|
7,509,680
|
|
|
|
7,589,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
136,387,904
|
|
|
|
19,931,493
|
|
|
|
2,998,449
|
|
|
|
570,531
|
|
|
|
88,583
|
|
|
|
12,396,176
|
|
|
|
172,373,136
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
55
|
|
EXHIBIT I
(Continued)
CONSOLIDATED BREAKDOWN OF FINANCIAL LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2016
(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
|
|
|
93,898,937
|
|
|
|
17,277,022
|
|
|
|
1,752,894
|
|
|
|
314,926
|
|
|
|
9,514
|
|
|
|
3,643
|
|
|
|
113,256,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
7,114,659
|
|
|
|
2,189,871
|
|
|
|
266,598
|
|
|
|
86,676
|
|
|
|
117
|
|
|
|
|
|
|
|
9,657,921
|
|
From the financial sector
|
|
|
55,866
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,866
|
|
From the non-financial private sector and foreign residents
|
|
|
86,728,412
|
|
|
|
15,087,151
|
|
|
|
1,486,296
|
|
|
|
228,250
|
|
|
|
9,397
|
|
|
|
3,643
|
|
|
|
103,543,149
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
Other financial liabilities
|
|
|
5,638,427
|
|
|
|
480,634
|
|
|
|
6,909
|
|
|
|
6,868
|
|
|
|
10,826
|
|
|
|
147,157
|
|
|
|
6,290,821
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from the Central Bank of Argentina and other financial institutions
|
|
|
838,138
|
|
|
|
49,164
|
|
|
|
90,378
|
|
|
|
14,207
|
|
|
|
9,867
|
|
|
|
12,780
|
|
|
|
1,014,534
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
|
|
|
|
1,696,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,696,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
213,978
|
|
|
|
213,978
|
|
|
|
427,955
|
|
|
|
9,763,723
|
|
|
|
10,619,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
101,471,136
|
|
|
|
19,503,658
|
|
|
|
2,064,159
|
|
|
|
549,979
|
|
|
|
458,162
|
|
|
|
9,927,303
|
|
|
|
133,974,397
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
56
|
|
EXHIBIT J
CONSOLIDATED CHANGES IN PROVISIONS
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
|
|
|
|
|
|
Decreases
|
|
|
|
|
|
|
|
|
|
|
Breakdown
|
|
Balances at
beginning of
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Administrative, disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
|
|
9,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
694,201
|
|
|
|
353,418
|
|
|
|
210
|
|
|
|
263,553
|
|
|
|
783,856
|
|
|
|
694,201
|
|
|
|
325,897
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Provisions
|
|
|
694,919
|
|
|
|
353,418
|
|
|
|
210
|
|
|
|
263,553
|
|
|
|
784,574
|
|
|
|
694,919
|
|
|
|
335,007
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
57
|
|
EXHIBIT L
CONSOLIDATED FOREIGN CURRENCY BALANCES
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
Total per currency
|
|
|
|
|
|
|
|
Items
|
|
Total Parent
company and
local branches
|
|
|
US dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Other
|
|
|
Total
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
27,819,249
|
|
|
|
27,621,431
|
|
|
|
135,414
|
|
|
|
21,319
|
|
|
|
41,085
|
|
|
|
21,049,391
|
|
|
|
21,394,875
|
|
Debt securities at fair value through profit or loss
|
|
|
230,761
|
|
|
|
230,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,860
|
|
|
|
12,788
|
|
Derivative instruments
|
|
|
667
|
|
|
|
667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
564
|
|
|
|
|
|
Other financial assets
|
|
|
1,233,822
|
|
|
|
1,233,821
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
875,422
|
|
|
|
376,008
|
|
Loans and other financing
|
|
|
27,830,107
|
|
|
|
27,830,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,771,033
|
|
|
|
10,137,360
|
|
To the non-financial government sector
|
|
|
20
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial intitutions
|
|
|
254,735
|
|
|
|
254,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
175,116
|
|
|
|
94,834
|
|
From the non-financial private sector and foreign residents
|
|
|
27,575,352
|
|
|
|
27,575,352
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,595,917
|
|
|
|
10,042,526
|
|
Other debt securities
|
|
|
1,306,606
|
|
|
|
1,306,606
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,092,925
|
|
|
|
1,916,324
|
|
Financial assets delivered as guarantee
|
|
|
581,887
|
|
|
|
579,862
|
|
|
|
2,025
|
|
|
|
|
|
|
|
|
|
|
|
246,958
|
|
|
|
98,977
|
|
Investments in equity instruments
|
|
|
5,927
|
|
|
|
5,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,002
|
|
|
|
149,801
|
|
Investments in subsidieries, associates and joint ventures
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
78
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
59,009,026
|
|
|
|
58,809,182
|
|
|
|
137,439
|
|
|
|
21,319
|
|
|
|
41,086
|
|
|
|
42,091,156
|
|
|
|
34,086,211
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
47,875,303
|
|
|
|
47,875,283
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
31,150,622
|
|
|
|
23,299,436
|
|
Non-financial government sector
|
|
|
2,676,038
|
|
|
|
2,676,038
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,926,989
|
|
|
|
852,177
|
|
Financial sector
|
|
|
77,408
|
|
|
|
77,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,895
|
|
|
|
27,972
|
|
Non-financial private sector and foreign residents
|
|
|
45,121,857
|
|
|
|
45,121,837
|
|
|
|
20
|
|
|
|
|
|
|
|
|
|
|
|
27,177,738
|
|
|
|
22,419,287
|
|
Other financial liabilities
|
|
|
2,406,006
|
|
|
|
2,339,516
|
|
|
|
63,388
|
|
|
|
|
|
|
|
3,102
|
|
|
|
1,382,688
|
|
|
|
965,308
|
|
Financing from Central Bank and other financial Institutions
|
|
|
1,180,106
|
|
|
|
1,180,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
887,321
|
|
|
|
131,361
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,684,636
|
|
Subordinated corporate bonds
|
|
|
11,646,217
|
|
|
|
11,646,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,565,759
|
|
|
|
6,376,537
|
|
Other non-financial liabilities
|
|
|
24,880
|
|
|
|
24,880
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,067
|
|
|
|
2,239
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
63,132,512
|
|
|
|
63,066,002
|
|
|
|
63,408
|
|
|
|
|
|
|
|
3,102
|
|
|
|
41,035,457
|
|
|
|
32,459,517
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
58
|
|
EXHIBIT Q
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 36)
(Figures stated in
thousands of pesos)
|
|
Net financial Income/
Expense
|
|
|
|
Obligatory 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 profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from government securities
|
|
|
38,986
|
|
|
|
93,984
|
|
Profit or loss from private securities
|
|
|
20,149
|
|
|
|
50,918
|
|
Profit or loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(3,295
|
)
|
|
|
|
|
Profit or loss from other financial assets
|
|
|
8,943
|
|
|
|
45,120
|
|
From investment in equity instruments
|
|
|
5,293
|
|
|
|
39,925
|
|
Loss (Profit) from sold assets liabilities at fair value
|
|
|
(110,462
|
)
|
|
|
(21,084
|
)
|
For measurement of financial liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(5,970
|
)
|
|
|
(5,970
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
(46,356
|
)
|
|
|
202,893
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
59
|
|
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ Expense
|
|
Interest and adjustment for the aplication of the efective 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 government securities
|
|
|
27,090
|
|
|
|
30,127
|
|
For debt securities
|
|
|
50,221
|
|
|
|
102,372
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
204,521
|
|
|
|
371,391
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
961,674
|
|
|
|
1,742,250
|
|
Mortgage loans
|
|
|
785,018
|
|
|
|
1,363,695
|
|
Pledge loans
|
|
|
142,589
|
|
|
|
291,419
|
|
Personal loans
|
|
|
5,021,197
|
|
|
|
9,596,122
|
|
Credit cards
|
|
|
1,545,210
|
|
|
|
2,901,411
|
|
Financial leases
|
|
|
33,844
|
|
|
|
67,702
|
|
Other
|
|
|
1,680,746
|
|
|
|
3,200,244
|
|
Cental Bank of Argentina
|
|
|
7,068
|
|
|
|
22,656
|
|
Other financial institutions
|
|
|
38,698
|
|
|
|
58,244
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
10,499,875
|
|
|
|
19,752,603
|
|
|
|
|
|
|
|
|
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
From deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
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
|
|
|
|
5,331
|
|
For issued corporate bonds
|
|
|
422,246
|
|
|
|
623,074
|
|
For subordinated corporate bonds
|
|
|
174,356
|
|
|
|
313,406
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,524,040
|
|
|
|
7,919,719
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
60
|
|
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of 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
aplication of the efective 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
|
|
|
3,116,949
|
|
|
|
5,200,992
|
|
|
|
(61,725
|
)
|
|
|
(123,475
|
)
|
Total
|
|
|
3,116,949
|
|
|
|
5,200,992
|
|
|
|
(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
|
|
|
2,014,615
|
|
|
|
3,768,281
|
|
|
|
|
|
|
|
|
|
Commissions related to credits
|
|
|
25,202
|
|
|
|
43,483
|
|
|
|
|
|
|
|
|
|
Commissions related to loans commiments and financial guarantees
|
|
|
45
|
|
|
|
453
|
|
|
|
|
|
|
|
|
|
Commissions related to securities value
|
|
|
25,506
|
|
|
|
47,276
|
|
|
|
|
|
|
|
|
|
Commissions related to trading and foreign Exchange transactions
|
|
|
50,804
|
|
|
|
92,178
|
|
|
|
|
|
|
|
|
|
|
|
|
2,116,172
|
|
|
|
3,951,671
|
|
|
|
|
|
|
|
|
|
|
|
Income 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
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
209,482
|
|
|
|
394,275
|
|
|
|
|
|
|
|
|
|
|
|
|
209,558
|
|
|
|
394,483
|
|
|
|
|
|
|
|
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
61
|
|
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ Expense
|
|
|
|
Obligatory measurement
|
|
Items
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from
beginning of
period up to
06/30/2017
|
|
|
|
|
|
|
|
|
For measurement of financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from government securities
|
|
|
81,196
|
|
|
|
83,609
|
|
Profit or loss from private securities
|
|
|
13,495
|
|
|
|
18,271
|
|
Profit or loss from other financial assets
|
|
|
18,089
|
|
|
|
33,122
|
|
From investment in equity instruments
|
|
|
18,266
|
|
|
|
33,530
|
|
For measurement of financial liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(6,522
|
)
|
|
|
(14,667
|
)
|
Total
|
|
|
124,524
|
|
|
|
153,865
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
62
|
|
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(Translation of the Financial statements
originally issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Net
financial Income/
Expense
|
|
Interest and
adjustment for the aplication of the efective interest rate of financial assets measured at
amortized cost
|
|
Quarter
ended
06/30/2017
|
|
|
Accumulated
from
beginning of
period up to
06/30/2017
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
775
|
|
|
|
908
|
|
For private securities
|
|
|
50,702
|
|
|
|
117,522
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
98,928
|
|
|
|
200,110
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
622,348
|
|
|
|
1,274,095
|
|
Mortgage loans
|
|
|
194,772
|
|
|
|
374,087
|
|
Pledge loans
|
|
|
116,707
|
|
|
|
223,873
|
|
Personal loans
|
|
|
3,394,825
|
|
|
|
6,497,132
|
|
Credit cards
|
|
|
1,085,831
|
|
|
|
2,157,674
|
|
Financial leases
|
|
|
24,483
|
|
|
|
45,509
|
|
Other
|
|
|
977,390
|
|
|
|
1,886,615
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Cental Bank of Argentina
|
|
|
79,624
|
|
|
|
525,797
|
|
Other financial institutions
|
|
|
6,054
|
|
|
|
13,642
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
6,652,439
|
|
|
|
13,316,964
|
|
|
|
|
|
|
|
|
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
From deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Saving accounts
|
|
|
26,153
|
|
|
|
50,124
|
|
Time deposits and investments accounts
|
|
|
2,114,575
|
|
|
|
4,218,137
|
|
For Financing received from Central Bank of Argentina and other
financial institutions
|
|
|
7,366
|
|
|
|
12,954
|
|
For repo transactions
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
10,981
|
|
|
|
30,215
|
|
For other financial liabilities
|
|
|
1,869
|
|
|
|
14,779
|
|
For issued corporate bonds
|
|
|
90,201
|
|
|
|
90,201
|
|
For subordinated corporate bonds
|
|
|
99,229
|
|
|
|
210,550
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,350,374
|
|
|
|
4,626,960
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
63
|
|
EXHIBIT Q
(Continued)
CONSOLIDATED BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(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 aplication of the efective
interest rate of financial assets measured at fair value through other comprehensive income
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From debt government securities
|
|
|
1,167,803
|
|
|
|
1,961,688
|
|
|
|
(16,733
|
)
|
|
|
(15,119
|
)
|
Total
|
|
|
1,167,803
|
|
|
|
1,961,688
|
|
|
|
(16,733
|
)
|
|
|
(15,119
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period
|
|
|
|
|
|
|
|
Commissions income
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to obligations
|
|
|
1,569,218
|
|
|
|
2,930,387
|
|
|
|
|
|
|
|
|
|
Commissions related to credits
|
|
|
35,647
|
|
|
|
55,741
|
|
|
|
|
|
|
|
|
|
Commissions related to loans commiments and financial guarantees
|
|
|
1,148
|
|
|
|
1,663
|
|
|
|
|
|
|
|
|
|
Commissions related to securities value
|
|
|
16,597
|
|
|
|
27,426
|
|
|
|
|
|
|
|
|
|
Commissions related to trading and foreign Exchange transactions
|
|
|
37,088
|
|
|
|
69,527
|
|
|
|
|
|
|
|
|
|
|
|
|
1,659,698
|
|
|
|
3,084,744
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period
|
|
|
|
|
|
|
|
Commissions expenses
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to transactions to debt securities
|
|
|
25
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
165,322
|
|
|
|
319,766
|
|
|
|
|
|
|
|
|
|
|
|
|
165,347
|
|
|
|
319,791
|
|
|
|
|
|
|
|
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
64
|
|
EXHIBIT R
VALUE CORRECTION FOR CREDIT LOSSES -
CONSOLIDATED ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of Financial statements originally
issued in Spanish - See Note 36)
(Figures stated in thousands of pesos)
|
|
Balances
at
beginning
of the
|
|
|
|
|
|
Decreases
|
|
|
|
|
|
|
|
|
|
|
Item
|
|
fiscal year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge off
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
5,131
|
|
|
|
981
|
|
|
|
33
|
|
|
|
1,231
|
|
|
|
4,848
|
|
|
|
5,131
|
|
|
|
4,147
|
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
31,251
|
|
|
|
123
|
|
|
|
4,701
|
|
|
|
|
|
|
|
26,673
|
|
|
|
31,251
|
|
|
|
17,256
|
|
To the non-financial private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
139,833
|
|
|
|
60,438
|
|
|
|
6,332
|
|
|
|
22,544
|
|
|
|
171,395
|
|
|
|
139,833
|
|
|
|
134,725
|
|
Documents
|
|
|
202,505
|
|
|
|
70,533
|
|
|
|
1,359
|
|
|
|
14,890
|
|
|
|
256,789
|
|
|
|
200,750
|
|
|
|
123,881
|
|
Mortgage loans
|
|
|
152,116
|
|
|
|
90,586
|
|
|
|
12,365
|
|
|
|
8,634
|
|
|
|
221,703
|
|
|
|
152,116
|
|
|
|
74,824
|
|
Pledge loans
|
|
|
74,380
|
|
|
|
8,759
|
|
|
|
3,830
|
|
|
|
19,250
|
|
|
|
60,059
|
|
|
|
74,380
|
|
|
|
41,816
|
|
Personal loans
|
|
|
1,207,483
|
|
|
|
718,073
|
|
|
|
267
|
|
|
|
385,004
|
|
|
|
1,540,285
|
|
|
|
1,207,470
|
|
|
|
814,696
|
|
Credit cards
|
|
|
590,483
|
|
|
|
261,924
|
|
|
|
988
|
|
|
|
124,993
|
|
|
|
726,426
|
|
|
|
590,482
|
|
|
|
442,882
|
|
Financial leases
|
|
|
6,486
|
|
|
|
93
|
|
|
|
875
|
|
|
|
|
|
|
|
5,704
|
|
|
|
6,487
|
|
|
|
3,994
|
|
Other
|
|
|
263,338
|
|
|
|
101,693
|
|
|
|
1,798
|
|
|
|
50,338
|
|
|
|
312,895
|
|
|
|
265,107
|
|
|
|
186,842
|
|
Other debt securities
|
|
|
329
|
|
|
|
2,888
|
|
|
|
329
|
|
|
|
|
|
|
|
2,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of allowances
|
|
|
2,673,335
|
|
|
|
1,316,091
|
|
|
|
32,877
|
|
|
|
626,884
|
|
|
|
3,329,665
|
|
|
|
2,673,367
|
|
|
|
1,845,063
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
65
|
|
CONDENSED SEPARATED INTERIM BALANCE SHEET
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Deposits in Banks
|
|
|
|
|
45,389,232
|
|
|
|
32,473,987
|
|
|
|
32.992.475
|
|
Cash
|
|
|
|
|
5,652,615
|
|
|
|
5,951,218
|
|
|
|
4.208.880
|
|
Central Bank of Argentina
|
|
|
|
|
35,343,995
|
|
|
|
21,939,645
|
|
|
|
26.666.365
|
|
Other Local and Foreign Entities
|
|
|
|
|
4,352,316
|
|
|
|
3,267,903
|
|
|
|
2.116.239
|
|
Other
|
|
|
|
|
40,306
|
|
|
|
1,315,221
|
|
|
|
991
|
|
Debt Securities at fair value through profit or loss
|
|
|
|
|
1,190,958
|
|
|
|
975,371
|
|
|
|
275.386
|
|
Derivative Financial Instruments
|
|
|
|
|
42,314
|
|
|
|
7,664
|
|
|
|
9.721
|
|
Repo Transactions
|
|
|
|
|
156,158
|
|
|
|
1,419,808
|
|
|
|
19.124
|
|
Other financial assets
|
|
|
|
|
1,934,452
|
|
|
|
1,523,930
|
|
|
|
743.194
|
|
Loans and other financing
|
|
|
|
|
143,296,147
|
|
|
|
122,173,846
|
|
|
|
81.475.324
|
|
Non-financial Public Sector
|
|
|
|
|
2,033,133
|
|
|
|
1,865,273
|
|
|
|
1.581.955
|
|
Other Financial Entities
|
|
|
|
|
4,165,259
|
|
|
|
4,191,658
|
|
|
|
1.713.170
|
|
Non-financial Private Sector and Foreign Residents
|
|
|
|
|
137.097.755
|
|
|
|
116,116,915
|
|
|
|
78,180,199
|
|
Other Debt Securities
|
|
|
|
|
41,369,370
|
|
|
|
33,611,201
|
|
|
|
17,974,087
|
|
Financial Assets delivered as guarantee
|
|
22
|
|
|
7,134,066
|
|
|
|
7,344,011
|
|
|
|
3,462,469
|
|
Investments in Equity Instruments
|
|
|
|
|
44,924
|
|
|
|
36,885
|
|
|
|
337,309
|
|
Investment in subsidiaries, associated and joint arrangements
|
|
|
|
|
4,390,097
|
|
|
|
3,662,374
|
|
|
|
3,081,485
|
|
Property, plant and equipment
|
|
|
|
|
7,104,731
|
|
|
|
6,586,803
|
|
|
|
5,636,685
|
|
Intangible Assets
|
|
|
|
|
973,047
|
|
|
|
858,336
|
|
|
|
635,261
|
|
Other Non-financial Assets
|
|
|
|
|
2,159,523
|
|
|
|
2,283,784
|
|
|
|
2,050,860
|
|
Non-current Assets held for sale
|
|
8
|
|
|
126,645
|
|
|
|
199,890
|
|
|
|
89,648
|
|
TOTAL ASSETS
|
|
|
|
|
255,311,664
|
|
|
|
213,157,890
|
|
|
|
148,783,028
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
66
|
|
CONDENSED SEPARATED INTERIM BALANCE SHEET
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
165,016,459
|
|
|
|
132,716,174
|
|
|
|
102,498,623
|
|
Non-financial Public Sector
|
|
|
|
|
13,876,689
|
|
|
|
9,504,522
|
|
|
|
5,964,863
|
|
Financial Sector
|
|
|
|
|
125,371
|
|
|
|
81,357
|
|
|
|
55,861
|
|
Non-financial Private Sector and Foreign Residents
|
|
|
|
|
151.014.399
|
|
|
|
123,130,295
|
|
|
|
96,477,899
|
|
Liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
6,450
|
|
|
|
-
|
|
Derivative Financial Instruments
|
|
|
|
|
34,151
|
|
|
|
23,107
|
|
|
|
-
|
|
Repo Transactions
|
|
|
|
|
1,829,233
|
|
|
|
2,688,093
|
|
|
|
1,095,634
|
|
Other Financial Liabilities
|
|
|
|
|
10,175,697
|
|
|
|
9,808,877
|
|
|
|
5,895,687
|
|
Financing received from the Central Bank of Argentina and other financial entities
|
|
|
|
|
1,828,488
|
|
|
|
1,173,840
|
|
|
|
260,266
|
|
Issued Corporate Bonds
|
|
27
|
|
|
8,135,980
|
|
|
|
4,712,216
|
|
|
|
1,745,851
|
|
Current Income Tax Liabilities
|
|
|
|
|
1,528,058
|
|
|
|
3,642,484
|
|
|
|
1,544,046
|
|
Subordinated Corporate Bonds
|
|
27
|
|
|
11,646,217
|
|
|
|
7,565,759
|
|
|
|
6,376,537
|
|
Provisions
|
|
9
|
|
|
679,820
|
|
|
|
595,995
|
|
|
|
251,366
|
|
Deferred Income Tax Liabilities
|
|
12
|
|
|
201,734
|
|
|
|
416,850
|
|
|
|
1,280,028
|
|
Other Non-financial Liabilities
|
|
|
|
|
4,089,975
|
|
|
|
3,273,022
|
|
|
|
2,864,297
|
|
TOTAL LIABILITIES
|
|
|
|
|
205,165,812
|
|
|
|
166,622,867
|
|
|
|
123,812,335
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock
|
|
|
|
|
669,663
|
|
|
|
669,663
|
|
|
|
584,563
|
|
Non-capital contributions
|
|
|
|
|
12,428,461
|
|
|
|
12,428,461
|
|
|
|
399,499
|
|
Adjustments to Shareholders’ Equity
|
|
|
|
|
4,511
|
|
|
|
4,511
|
|
|
|
4,511
|
|
Earnings Reserved
|
|
|
|
|
26,403,844
|
|
|
|
20,363,386
|
|
|
|
14,384,820
|
|
Unappropiated Retained Earnings
|
|
|
|
|
3,475,669
|
|
|
|
2,799,085
|
|
|
|
2,990,757
|
|
Other Comprehensive Income
|
|
|
|
|
505,872
|
|
|
|
204,560
|
|
|
|
65,711
|
|
Net Income for the period
|
|
|
|
|
6,657,832
|
|
|
|
10,065,357
|
|
|
|
6,540,832
|
|
TOTAL SHAREHOLDERS’ EQUITY
|
|
|
|
|
50,145,852
|
|
|
|
46,535,023
|
|
|
|
24,970,693
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
67
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF INCOME
FOR THE THREE AND SIX MONTHS PERIODS
ENDED JUNE 30, 2018 AND 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
Quarter
ended
06/30/2018
|
|
|
Quarter
ended
06/30/2017
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
|
Accumulated
from
beginning of
year up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
12,583,775
|
|
|
|
7,026,544
|
|
|
|
22,969,474
|
|
|
|
13,730,366
|
|
Interest expense
|
|
|
|
|
(4,206,052
|
)
|
|
|
(2,177,907
|
)
|
|
|
(7,343,191
|
)
|
|
|
(4,255,304
|
)
|
Net interest income
|
|
|
|
|
8,377,723
|
|
|
|
4,848,637
|
|
|
|
15,626,283
|
|
|
|
9,475,062
|
|
Commissions income
|
|
13
|
|
|
1,952,629
|
|
|
|
1,546,230
|
|
|
|
3,655,192
|
|
|
|
2,875,596
|
|
Commissions expense
|
|
|
|
|
(187,226
|
)
|
|
|
(152,398
|
)
|
|
|
(344,842
|
)
|
|
|
(290,357
|
)
|
Net commissions income
|
|
|
|
|
1,765,403
|
|
|
|
1,393,832
|
|
|
|
3,310,350
|
|
|
|
2,585,239
|
|
Subtotal (Net interest income + Net commissions income)
|
|
|
|
|
10,143,126
|
|
|
|
6,242,469
|
|
|
|
18,936,633
|
|
|
|
12,060,301
|
|
Net Income from measurement of financial instruments at fair value through profit or loss
|
|
|
|
|
(85,021
|
)
|
|
|
83,165
|
|
|
|
96,157
|
|
|
|
83,048
|
|
Loss from sold assets at amortized cost
|
|
|
|
|
75
|
|
|
|
31,977
|
|
|
|
(2,870
|
)
|
|
|
18,294
|
|
Differences in quoted prices of gold and foreign currency
|
|
14
|
|
|
(1,127,210
|
)
|
|
|
348,255
|
|
|
|
(1,002,687
|
)
|
|
|
528,994
|
|
Other operating income
|
|
15
|
|
|
1,158,243
|
|
|
|
889,953
|
|
|
|
2,259,063
|
|
|
|
1,792,382
|
|
Provision for loan losses
|
|
|
|
|
(508,939
|
)
|
|
|
(417,650
|
)
|
|
|
(1,026,020
|
)
|
|
|
(735,482
|
)
|
Net Operating Income
|
|
|
|
|
9,580,274
|
|
|
|
7,178,169
|
|
|
|
19,260,276
|
|
|
|
13,747,537
|
|
Employee benefits
|
|
16
|
|
|
(2,214,303
|
)
|
|
|
(1,697,024
|
)
|
|
|
(4,051,480
|
)
|
|
|
(3,258,935
|
)
|
Administration expenses
|
|
17
|
|
|
(1,390,793
|
)
|
|
|
(978,075
|
)
|
|
|
(2,652,897
|
)
|
|
|
(1,880,233
|
)
|
Depreciation of Property, plant and equipment
|
|
|
|
|
(157,560
|
)
|
|
|
(120,829
|
)
|
|
|
(304,752
|
)
|
|
|
(237,244
|
)
|
Other Operating Expenses
|
|
18
|
|
|
(2,094,705
|
)
|
|
|
(1,424,178
|
)
|
|
|
(3,913,040
|
)
|
|
|
(2,699,933
|
)
|
Operating Income
|
|
|
|
|
3,722,913
|
|
|
|
2,958,063
|
|
|
|
8,338,107
|
|
|
|
5,671,192
|
|
Income from subisdiaries, associates and joint arrangements
|
|
|
|
|
496,314
|
|
|
|
287,352
|
|
|
|
896,270
|
|
|
|
548,293
|
|
Income before tax on continuing operations
|
|
|
|
|
4,219,227
|
|
|
|
3,245,415
|
|
|
|
9,234,377
|
|
|
|
6,219,485
|
|
Income tax on continuing operations
|
|
12
|
|
|
(1,103,578
|
)
|
|
|
(1,021,906
|
)
|
|
|
(2,576,545
|
)
|
|
|
(1,990,728
|
)
|
Net Income from continuing operations
|
|
|
|
|
3,115,649
|
|
|
|
2,223,509
|
|
|
|
6,657,832
|
|
|
|
4,228,757
|
|
Net Income for the period
|
|
|
|
|
3,115,649
|
|
|
|
2,223,509
|
|
|
|
6,657,832
|
|
|
|
4,228,757
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
68
|
|
CONDENSED SEPARATE INTERIM EARNINGS PER
SHARE
FOR THE THREE AND SIX MONTHS PERIODS
ENDED JUNE 30, 2018 AND 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Quarter
ended
06/30/2018
|
|
|
Quarter
ended
06/30/2017
|
|
|
Accumulated
from beginning
of year up to
06/30/2018
|
|
|
Accumulated
from beginning
of year up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit attributable to Parent’s shareholders
|
|
|
3,115,649
|
|
|
|
2,223,509
|
|
|
|
6,657,832
|
|
|
|
4,228,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUS: Potential diluted earnings per common share
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit attributable to Parent’s shareholders adjusted as per diluted earnings
|
|
|
3,115,649
|
|
|
|
2,223,509
|
|
|
|
6,657,832
|
|
|
|
4,228,757
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of outstanding common shares for the period
|
|
|
669,663
|
|
|
|
594,321
|
|
|
|
669,663
|
|
|
|
589,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PLUS: Weighted average of the number of additional common shares with dilution effects
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average of outstanding common shares for the period adjusted as per dilution effect
|
|
|
669,663
|
|
|
|
594,321
|
|
|
|
669,663
|
|
|
|
589,469
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share
|
|
|
4.6526
|
|
|
|
3.7413
|
|
|
|
9.9421
|
|
|
|
7.1738
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
69
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF OTHER COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS PERIODS
ENDED JUNE 30, 2018 AND 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
Quarter
ended
06/30/2018
|
|
|
Quarter
ended
06/30/2017
|
|
|
Accumulated
from
beginning of
year up to
06/30/2018
|
|
|
Accumulated
from
beginning of
year up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income for the period
|
|
|
|
|
3,115,649
|
|
|
|
2,223,509
|
|
|
|
6,657,832
|
|
|
|
4,228,757
|
|
Items of Other Comprehensive Income that will be reclassified to profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences in financial statements conversion
|
|
|
|
|
344,455
|
|
|
|
58,793
|
|
|
|
398,114
|
|
|
|
36,267
|
|
Foreign currency translation differences for the period
|
|
|
|
|
344,455
|
|
|
|
58,793
|
|
|
|
398,114
|
|
|
|
36,267
|
|
Profit or loss for financial instruments measured at fair value through OCI (IFRS 9 4.1.2)(a)
|
|
|
|
|
(23,164
|
)
|
|
|
(6,017
|
)
|
|
|
(61,999
|
)
|
|
|
2,570
|
|
Income for the period from financial instruments at fair value through OCI
|
|
|
|
|
(33,092
|
)
|
|
|
(9,258
|
)
|
|
|
(88,570
|
)
|
|
|
3,952
|
|
Income tax
|
|
|
|
|
9,928
|
|
|
|
3,241
|
|
|
|
26,571
|
|
|
|
(1,382
|
)
|
Interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method
|
|
|
|
|
(28,488
|
)
|
|
|
(4,736
|
)
|
|
|
(34,803
|
)
|
|
|
(15,916
|
)
|
Income for the period from interest in Other Comprehensive Income of associates and joint ventures accounted for using the participation method
|
|
|
|
|
(28,488
|
)
|
|
|
(4,736
|
)
|
|
|
(34,803
|
)
|
|
|
(15,916
|
)
|
Total Other Comprehensive Income that will be reclassified to profit or loss of the period
|
|
|
|
|
292,803
|
|
|
|
48,040
|
|
|
|
301,312
|
|
|
|
22,921
|
|
Total Other Comprehensive Income
|
|
|
|
|
292,803
|
|
|
|
48,040
|
|
|
|
301,312
|
|
|
|
22,921
|
|
Total Comprehensive Income
|
|
|
|
|
3,408,452
|
|
|
|
2,271,549
|
|
|
|
6,959,144
|
|
|
|
4,251,678
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
70
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS PERIOD ENDED JUNE
30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
|
Capital Stock
|
|
|
Non-capital,
Contributions
|
|
|
|
|
|
Other Comprehensive
Income
|
|
|
Earnings Reserved
|
|
|
|
|
|
|
|
|
|
|
|
|
Outstanding
shares
|
|
|
Stock
Issuance
Premium
|
|
|
Adjustments
to
Shareholders´
Equity
|
|
|
Accumulat,
Foreign
Currency
translation
differences
in financial
statements
|
|
|
Other
|
|
|
Legal
|
|
|
Other
|
|
|
Unappropiated
Retained
Earnings
|
|
|
Total Equity
net of
Controlling
Interests
|
|
|
Total
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of 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
|
|
|
|
46,535,023
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,657,832
|
|
|
|
6,657,832
|
|
|
|
6,657,832
|
|
- Other comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
398,114
|
|
|
|
(96,802
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
301.312
|
|
|
|
301,312
|
|
- Distribution of unappropiated retained earnings as approved by
Shareholders´ Meeting held on April 27, 2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Legal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,877,755
|
|
|
|
|
|
|
|
(1,877,755
|
)
|
|
|
|
|
|
|
|
|
Cash dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(3,348,315
|
)
|
|
|
|
|
|
|
(3,348,315
|
)
|
|
|
(3,348,315
|
)
|
Others
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,511,018
|
|
|
|
(7,511,018
|
)
|
|
|
|
|
|
|
|
|
Balance at the end of
period
|
|
|
669,663
|
|
|
|
12,428,461
|
|
|
|
4,511
|
|
|
|
535,262
|
|
|
|
(29,390
|
)
|
|
|
6,872,687
|
|
|
|
19,531,157
|
|
|
|
10,133,501
|
|
|
|
50,145,852
|
|
|
|
50,145,852
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF CHANGES IN SHAREHOLDERS’ EQUITY
FOR THE SIX MONTHS PERIOD ENDED JUNE
30, 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
|
Capital
Stock
|
|
|
Non-capital,
Contributions
|
|
|
|
|
|
Other
Comprehensive
Income
|
|
|
Earnings
Reserved
|
|
|
|
|
|
|
|
|
|
|
Changes
|
|
Outstanding
shares
|
|
|
Stock
Issuance
Premium
|
|
|
Adjustments
to
Shareholders´
Equity
|
|
|
Accumulat,
Foreign
Currency
translation
differences
in financial
statements
|
|
|
Other
|
|
|
Legal
|
|
|
Other
|
|
|
Unappropiated
Retained
Earnings
|
|
|
Total
Equity
net of
Controlling
Interests
|
|
|
Total
Equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at the beginning of fiscal year
|
|
|
584,563
|
|
|
|
399,499
|
|
|
|
4,511
|
|
|
|
|
|
|
|
65,711
|
|
|
|
3,686,472
|
|
|
|
10,698,348
|
|
|
|
9,531,589
|
|
|
|
24,970,693
|
|
|
|
24,970,693
|
|
Total comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Net income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,228,757
|
|
|
|
4,228,757
|
|
|
|
4,228,757
|
|
- Other comprehensive income for the period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
36,267
|
|
|
|
(13,346
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22,921
|
|
|
|
22,921
|
|
- Distribution of unappropiated retained earnings as approved by
Shareholders´ Meeting held on April 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Legal
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,308,460
|
|
|
|
|
|
|
|
(1,308,460
|
)
|
|
|
|
|
|
|
|
|
- Cash dividends
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(701,476
|
)
|
|
|
|
|
|
|
(701,476
|
)
|
|
|
(701,476
|
)
|
- Others
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,371,582
|
|
|
|
(5,424,045
|
)
|
|
|
(52,463
|
)
|
|
|
(52,463
|
)
|
Increase of Capital Stock as approved by Shareholders´
Meeting held on April 28, 2017
|
|
|
74,000
|
|
|
|
10,387,724
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10,461,724
|
|
|
|
10,461,724
|
|
Balance at the end of
period
|
|
|
658,563
|
|
|
|
10,787,223
|
|
|
|
4,511
|
|
|
|
36,267
|
|
|
|
52,365
|
|
|
|
4,994,932
|
|
|
|
15,368,454
|
|
|
|
7,027,841
|
|
|
|
38,930,156
|
|
|
|
38,930,156
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
71
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS PERIODS ENDED JUNE
30, 2018 AND 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
06/30/2018
|
|
|
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM OPERATING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period before Income Tax
|
|
|
|
|
9,234,377
|
|
|
|
6,219,485
|
|
Adjustments to obtain cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
Amortization and depreciation
|
|
|
|
|
304,752
|
|
|
|
237,244
|
|
Provision for loan losses
|
|
|
|
|
1,026,020
|
|
|
|
735,482
|
|
Other adjustments
|
|
|
|
|
(3,028,200
|
)
|
|
|
133,211
|
|
Net increase / decrease from operating assets:
|
|
|
|
|
|
|
|
|
|
|
Debt Securities at fair value though profit and loss
|
|
|
|
|
(215,631
|
)
|
|
|
(450,174
|
)
|
Derivative financial instruments
|
|
|
|
|
(34,650
|
)
|
|
|
7,885
|
|
Repo transactions
|
|
|
|
|
1,263,650
|
|
|
|
(2,033,671
|
)
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
|
|
(167,862
|
)
|
|
|
1,040,908
|
|
Other financial entities
|
|
|
|
|
26,399
|
|
|
|
(517,962
|
)
|
Non-financial private sector and foreign residents
|
|
|
|
|
(22,005,852
|
)
|
|
|
(17,058,737
|
)
|
Other debt securities
|
|
|
|
|
24,127,743
|
|
|
|
(7,943,253
|
)
|
Financial assets delivered as guarantee
|
|
|
|
|
209,945
|
|
|
|
1,060,244
|
|
Investments in equity instruments
|
|
|
|
|
(8,039
|
)
|
|
|
308,199
|
|
Other assets
|
|
|
|
|
(1,163,749
|
)
|
|
|
(672,915
|
)
|
Net increase / decrease from operating liabilities:
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
|
|
|
|
|
|
|
|
Non-financial public sector
|
|
|
|
|
4,372,167
|
|
|
|
1,197,702
|
|
Financial sector
|
|
|
|
|
44,014
|
|
|
|
1,494
|
|
Non-financial private sector and foreign residents
|
|
|
|
|
27,884,104
|
|
|
|
8,493,501
|
|
Liabilities at fair value through profit or loss
|
|
|
|
|
(6,450
|
)
|
|
|
|
|
Derivative financial instruments
|
|
|
|
|
11,044
|
|
|
|
217
|
|
Repo transactions
|
|
|
|
|
(858,860
|
)
|
|
|
(1,095,634
|
)
|
Other liabilities
|
|
|
|
|
1,272,399
|
|
|
|
1,527,697
|
|
Payments for Income Tax
|
|
|
|
|
(3,941,745
|
)
|
|
|
(2,251,016
|
)
|
TOTAL CASH FROM OPERATING ACTIVITIES (A)
|
|
|
|
|
38,345,576
|
|
|
|
(11,060,093
|
)
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
72
|
|
CONDENSED SEPARATE INTERIM STATEMENT
OF CASH FLOWS
FOR THE SIX MONTHS PERIODS ENDED JUNE
30, 2018 AND 2017
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Items
|
|
Notes
|
|
06/30/2018
|
|
|
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
CASH FLOWS FROM INVESTING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
|
Acquisition of PPE, intangible assets and other assets
|
|
|
|
|
(599,556
|
)
|
|
|
(559,060
|
)
|
Proceeds:
|
|
|
|
|
|
|
|
|
|
|
TOTAL CASH USED IN INVESTING ACTIVITIES (B)
|
|
|
|
|
(599,556
|
)
|
|
|
(559,060
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES
|
|
|
|
|
|
|
|
|
|
|
Payments:
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
|
|
|
(3,348,315
|
)
|
|
|
(701,476
|
)
|
Non-subordinated corporate bonds
|
|
|
|
|
(242,604
|
)
|
|
|
(1,766,904
|
)
|
Financing from local financial entities
|
|
|
|
|
(74,671
|
)
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
(206,280
|
)
|
Issued equity instruments
|
|
|
|
|
|
|
|
|
10,461,724
|
|
Non-subordinated corporate bonds
|
|
|
|
|
3,206,999
|
|
|
|
4,604,398
|
|
Central Bank of the Republic of Argentina
|
|
|
|
|
4,376
|
|
|
|
2,070
|
|
Financing to local financial entities
|
|
|
|
|
|
|
|
|
748,697
|
|
Other proceeds related to financing activities
|
|
|
|
|
|
|
|
|
213,379
|
|
TOTAL CASH (USED IN)/ FROM FINANCING ACTIVITIES (C)
|
|
|
|
|
(454,215
|
)
|
|
|
13,355,608
|
|
|
|
|
|
|
|
|
|
|
|
|
EFFECT OF EXCHANGE RATE FLUCTUATIONS (D)
|
|
|
|
|
7,509,308
|
|
|
|
458,857
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CHANGES IN CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C+D)
|
|
|
|
|
44,801,113
|
|
|
|
2,195,312
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE FISCAL YEAR
|
|
19
|
|
|
37,302,039
|
|
|
|
47,150,300
|
|
|
|
|
|
|
|
|
|
|
|
|
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD
|
|
19
|
|
|
82,103,152
|
|
|
|
49,345,612
|
|
|
|
Delfín Jorge Ezequiel Carballo
Chairperson
|
|
73
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(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, strengthening in this way its goal to be a multi-service 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 the year 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 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 list on the Mercado Abierto Electrónico
SA (MAE).
Since 1994, Banco Macro SA’s
market strategy was mainly focused on the regional areas outside the City of Buenos Aires. Following this strategy, in 1996, Banco
Macro SA started the process to acquire entities and assets and liabilities during the privatization of provincial and other banks.
In 2001, 2004, 2006 and 2010,
the Bank acquired the control of Banco Bansud SA, Nuevo Banco Suquía SA, Nuevo Banco Bisel SA and Banco Privado de Inversiones
SA, respectively. Such entities merged with and into Banco Macro SA in December 2003, October 2007, August 2009 and December 2013,
respectively. In addition, during the fiscal year 2006, Banco Macro SA acquired control over Banco del Tucumán SA.
On August 22, 2018, the Bank’s
Board of Directors approved the issuance of the accompanying 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 to the provincial Governments.
|
3.
|
BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS AND APPLICABLE ACCOUNTING STANDARDS
|
On February 12, 2014 the Central
Bank, through Communiqué “A” 5541 established the general guidelines towards conversion to the IFRS issued by
the International Accounting Standards Board (IASB) for preparing financial statements of the entities under its supervision, for
the annual fiscal years beginning on January 1, 2018 as well as those of interim-periods,
Additionally, through Communiqué
“A” 6114, the Central Bank 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) that in order to calculate the effective
interest rate of assets and liabilities so requiring it for the measurement thereof, pursuant to IFRS 9, transitorily up to 31
December 2019, the Bank may 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. To the date of the accompanying
condensed separate interim Financial Statements the Bank is in the process of quantifying the effect the application of section
5.5 “Impairment” mentioned in (i) above would have. Finally, through Communiqués “A” 6323 and 6324
and supplementary provisions the BRCA defined the chart of account and the provisions applicable to the preparation and presentation
of the financial statements of financial entities for the fiscal years beginning on January 1, 2018, respectively.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
The accounting policies comply
with the IFRS presently approved through Central Bank Comunique “A” 6114 and are applicable to the preparation of the
first annual consolidated Financial statements as provided for in the IFRS (December 31, 2018). Nevertheless, these accounting
policies may be modified if, at the time of preparing such first annual Financial Statements under Communiqué “A”
6114, new rules or standards are issued or the current ones are amended, with compulsory application to such date, or if the Bank
chooses to change the election of the exemptions under IFRS 1. As a general rule, the Central Bank does not admit the early application
of any IFRS, unless it establishes any provision the contrary.
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, 2017 and condensed
separate interim Financial Statements for the three-month period ended on March 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, the accompanying
condensed separate interim Financial Statements must be read together with the annual separate Financial Statements for the fiscal
year ended December 31, 2017 and condensed separate interim Financial Statements for the three-month period ended on March 31,
2018. Additionally, Note 3 to the condensed consolidated interim Financial Statements presents a detailed description of the basis
for the presentation of such Financial Statements. All that is explained therein shall apply to the accompanying condensed separate
interim Financial Statements, as well as the main accounting policies used and the relevant information of the subsidiaries.
Subsidiaries
As mentioned in Note 1, the
Bank performs certain transactions through its subsidiaries.
Subsidiaries are all the entities
controlled by the Bank. A Company controls other 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”.
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.
Share in profits and losses
of subsidiaries and associates are recognized in the line “Income from subsidiaries, associates and joint arrangements”
in the Statement of income. Ownership interest in other comprehensive income of subsidiaries is accounted for in the line “Income
for the period for interest in other comprehensive income of subsidiaries, associates and joint arrangements accounted for using
the participation method”, in the statement of other comprehensive income.
Transcription in the Books
of Accounts
To the date of the accompanying
Condensed separate interim Financial Statements, the same are in the process of being transcribed in the Bank’s Books of
Account.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
First-time Adoption of
International Financial Reporting Standards in accordance with Central Bank Communiqué “A” 6114
Note 3 to the condensed consolidated
interim Financial Statements explains the convergence process under Central Bank Communiqué “A” 6114, The obligatory
exceptions and exemptions used by the Bank in relation to not apply certain IFRS in a retrospectively way and the first time adoption
adjustment, have been explained in the condensed consolidated interim Financial Statement for the three-month period ended on March
31, 2018, already issued.
Required
reconciliations
|
·
|
Reconciliation of equity as of June 30,
2017.
|
|
|
Previous
Central Bank
Standards
|
|
|
Adjustments and
Reclassifications
|
|
|
IFRS
according
Communiqué
“A” 6114
|
|
Total Assets
|
|
|
175,528,509
|
|
|
|
1,258,465
|
|
|
|
176,786,974
|
|
Total Liabilities
|
|
|
139,700,969
|
|
|
|
(1,844,151
|
)
|
|
|
137,856,818
|
|
Net Shareholders´Equity
|
|
|
35,827,540
|
|
|
|
3,102,616
|
|
|
|
38,930,156
|
|
Balance as of 06/30/2017
|
|
Net
Shareholders´
equity
|
|
According to previous Central Bank Standards
|
|
|
35,827,540
|
|
Adjustments and Reclassifications:
|
|
|
|
|
Debt securities and investment in equity instruments
|
|
|
57,490
|
|
Loans and other financing
|
|
|
(298,581
|
)
|
Investment in subsidiaries, associated and joint arrangements
|
|
|
302,537
|
|
Property, plant and equipment and investment property
|
|
|
4,251,074
|
|
Other non-financial assets
|
|
|
68,093
|
|
Deferred income tax liabilities
|
|
|
(1,061,256
|
)
|
Other non-financial liabilities
|
|
|
(288,717
|
)
|
Corporate bonds
|
|
|
59,698
|
|
Other adjustments
|
|
|
12,278
|
|
Total adjustments
|
|
|
3,102,616
|
|
Net Shareholders equity according Communiqué “A” 6114
|
|
|
38,930,156
|
|
|
·
|
Reconciliation of separate income and
other comprehensive income for the six-month and three-month periods ended June 30, 2017.
|
Reconciliation of income for the six-
month period as of 06/30/2017
|
|
Net income
for the
period
|
|
|
Other
comprehensive
income
|
|
|
Comprehensive
Income
|
|
According to previous Central Bank Standards
|
|
|
3,779,312
|
|
|
|
|
|
|
|
|
|
Adjustments and reclasifications
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
(49,406
|
)
|
|
|
|
|
|
|
|
|
Commissions income
|
|
|
28,464
|
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
28,138
|
|
|
|
|
|
|
|
|
|
Other operating expenses
|
|
|
(48,951
|
)
|
|
|
|
|
|
|
|
|
Reclasifications of Issuance cost of shares
|
|
|
234,545
|
|
|
|
|
|
|
|
|
|
Income Tax
|
|
|
218,772
|
|
|
|
|
|
|
|
|
|
Investment in subsidiaries, associated and joint arrangements
|
|
|
24,321
|
|
|
|
(15,916
|
)
|
|
|
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Reconciliation of income for the six-
month period as of 06/30/2018
(contd.)
|
|
Net income
for the
period
|
|
|
Other
comprehensive
income
|
|
|
Comprehensive
Income
|
|
Foreign currency translation differences
|
|
|
|
|
|
|
36,267
|
|
|
|
|
|
Income from financial instruments at fair value through OCI
|
|
|
|
|
|
|
2,570
|
|
|
|
|
|
Other adjustment
|
|
|
13,562
|
|
|
|
|
|
|
|
|
|
Total adjustments and reclassifications
|
|
|
449,445
|
|
|
|
22,921
|
|
|
|
|
|
Balances accordance Communiqué “A” 6114
|
|
|
4,228,757
|
|
|
|
22,921
|
|
|
|
4,251,678
|
|
Reconciliation of income for the three-
month period as of 06/30/2017
|
|
Net income
for the
period
|
|
|
Other
comprehensive
income
|
|
|
Comprehensive
Income
|
|
According to previous Central Bank Standards
|
|
|
2,015,267
|
|
|
|
|
|
|
|
|
|
Adjustments and reclasifications
|
|
|
|
|
|
|
|
|
|
|
|
|
Interesst income
|
|
|
(56,337
|
)
|
|
|
|
|
|
|
|
|
Commissions income
|
|
|
(2,769
|
)
|
|
|
|
|
|
|
|
|
Interest expense
|
|
|
34,548
|
|
|
|
|
|
|
|
|
|
Other operating expenses
|
|
|
(41,935
|
)
|
|
|
|
|
|
|
|
|
Employee benefits
|
|
|
(48,563
|
)
|
|
|
|
|
|
|
|
|
Investment in subsidiaries, associated and joint arrangements
|
|
|
14,102
|
|
|
|
(4,736
|
)
|
|
|
|
|
Reclasifications of Issuance cost of shares
|
|
|
234,545
|
|
|
|
|
|
|
|
|
|
Foreign currency translation differences
|
|
|
|
|
|
|
58,793
|
|
|
|
|
|
Income from financial instruments at fair value through OCI
|
|
|
|
|
|
|
(6,017
|
)
|
|
|
|
|
Income tax
|
|
|
118,718
|
|
|
|
|
|
|
|
|
|
Other adjustment
|
|
|
(44,067
|
)
|
|
|
|
|
|
|
|
|
Total adjustments and reclassifications
|
|
|
208,242
|
|
|
|
48,040
|
|
|
|
|
|
Balances accordance Communiqué “A” 6114
|
|
|
2,223,509
|
|
|
|
48,040
|
|
|
|
2,271,549
|
|
|
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 Balance sheet, since they imply
a possible obligation or liability for the Bank, they expose the Bank to additional credit risk to those recognized in the Balance
sheet and are, therefore, an integral part of the total risk of the Bank.
As of June 30, 2018 and December
31, 2017 and 2016, the Bank maintains the following contingent transactions:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
Overdraft and unused agreed credits
|
|
|
826,663
|
|
|
|
255,710
|
|
|
|
191,007
|
|
Guarantees granted
|
|
|
697,621
|
|
|
|
253,793
|
|
|
|
288,382
|
|
Liabilities for foreign trade transactions
|
|
|
203,399
|
|
|
|
90,274
|
|
|
|
163,308
|
|
|
|
|
1,727,683
|
|
|
|
599,777
|
|
|
|
642,697
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
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 41 to the condensed consolidated interim Financial Statements as of March 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 the accompanying 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.
Below we present the reconciliation
between the balances at the beginning and the end of the period of the financial assets and liabilities recognized at fair value,
using the valuation technical information based on the Bank’s own assumptions, as of June 30, 2018 and December 31, 2017:
|
|
Fair values using valuation
techniques based on
the Bank’s own assumptions (level 3)
June 30, 2018
|
|
Description
|
|
Debt
Securities
|
|
|
Other
Financial
Assets
|
|
|
Investments in Equity
Instruments
|
|
Balance at the beginning
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
33,197
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
|
|
|
(16,497
|
)
|
|
|
(28,208
|
)
|
|
|
6,540
|
|
Purchases, sales, issuance and settlement
|
|
|
133,699
|
|
|
|
(71,337
|
)
|
|
|
|
|
Balance at end of period
|
|
|
153,043
|
|
|
|
62,206
|
|
|
|
39,737
|
|
|
|
Fair values using valuation
techniques based on the
Bank’s own assumptions (level 3)
December 31, 2017
|
|
Description
|
|
Debt
Securities
|
|
|
Other
Financial
Assets
|
|
|
Investments in Equity
Instruments
|
|
Balance at the beginning
|
|
|
45,834
|
|
|
|
|
|
|
|
14,741
|
|
Transfers to Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Transfers from Level 3
|
|
|
|
|
|
|
|
|
|
|
|
|
Profit and Loss
|
|
|
5,661
|
|
|
|
|
|
|
|
18,771
|
|
Purchases, sales, issuance and settlement
|
|
|
(15,654
|
)
|
|
|
161,751
|
|
|
|
(315
|
)
|
Balance at end of year
|
|
|
35,841
|
|
|
|
161,751
|
|
|
|
33,197
|
|
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,
2018 and December 31, 2017 and 2016:
|
|
06/30/2018
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
45,389,232
|
|
|
|
45,389,232
|
|
|
|
|
|
|
|
|
|
|
|
45,389,232
|
|
Repo transactions
|
|
|
156,158
|
|
|
|
156,158
|
|
|
|
|
|
|
|
|
|
|
|
156,158
|
|
Other financial assets
|
|
|
1,872,246
|
|
|
|
1,872,246
|
|
|
|
|
|
|
|
|
|
|
|
1,872,246
|
|
Loans and other financing
|
|
|
143,296,147
|
|
|
|
|
|
|
|
153,249
|
|
|
|
133,102,337
|
|
|
|
133,255,586
|
|
Other debt securities
|
|
|
3,802,923
|
|
|
|
116,506
|
|
|
|
3,375,965
|
|
|
|
285,925
|
|
|
|
3,778,396
|
|
Financial assets delivered as guarantee
|
|
|
5,099,550
|
|
|
|
5,099,550
|
|
|
|
|
|
|
|
|
|
|
|
5,099,550
|
|
|
|
|
199,616,256
|
|
|
|
52,633,692
|
|
|
|
3,529,214
|
|
|
|
133,388,262
|
|
|
|
189,551,168
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
|
06/30/2018
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
165,016,459
|
|
|
|
84,231,479
|
|
|
|
80,838,745
|
|
|
|
|
|
|
|
165,070,224
|
|
Other repo transactions
|
|
|
1,829,233
|
|
|
|
1,829,233
|
|
|
|
|
|
|
|
|
|
|
|
1,829,233
|
|
Other financial liabilities
|
|
|
10,175,697
|
|
|
|
8,656,568
|
|
|
|
1,521,269
|
|
|
|
|
|
|
|
10,177,837
|
|
Financing received from the Central Bank and other financial entities
|
|
|
1,828,488
|
|
|
|
1,176,005
|
|
|
|
626,879
|
|
|
|
|
|
|
|
1,802,884
|
|
Issued corporate bonds
|
|
|
8,135,980
|
|
|
|
|
|
|
|
7,677,228
|
|
|
|
|
|
|
|
7,677,228
|
|
Subordinated corporate bonds
|
|
|
11,646,217
|
|
|
|
|
|
|
|
10,829,371
|
|
|
|
|
|
|
|
10,829,371
|
|
|
|
|
198,632,074
|
|
|
|
95,893,285
|
|
|
|
101,493,492
|
|
|
|
|
|
|
|
197,386,777
|
|
|
|
12/31/2017
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
32,473,987
|
|
|
|
32,473,987
|
|
|
|
|
|
|
|
|
|
|
|
32,473,987
|
|
Repo transactions
|
|
|
1,419,808
|
|
|
|
1,419,808
|
|
|
|
|
|
|
|
|
|
|
|
1,419,808
|
|
Other financial assets
|
|
|
1,362,179
|
|
|
|
1,362,179
|
|
|
|
|
|
|
|
|
|
|
|
1,362,179
|
|
Loans and other financing
|
|
|
122,173,846
|
|
|
|
|
|
|
|
477,188
|
|
|
|
119,183,156
|
|
|
|
119,660,344
|
|
Other debt securities
|
|
|
931,281
|
|
|
|
945,655
|
|
|
|
|
|
|
|
|
|
|
|
945,655
|
|
Financial assets delivered as guarantee
|
|
|
4,350,292
|
|
|
|
4,350,292
|
|
|
|
|
|
|
|
|
|
|
|
4,350,292
|
|
|
|
|
162,711,393
|
|
|
|
40,551,921
|
|
|
|
477,188
|
|
|
|
119,183,156
|
|
|
|
160,212,265
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
132,716,174
|
|
|
|
72,265,769
|
|
|
|
60,523,556
|
|
|
|
|
|
|
|
132,789,325
|
|
Other repo transactions
|
|
|
2,688,093
|
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
Other financial liabilities
|
|
|
9,808,877
|
|
|
|
8,515,027
|
|
|
|
1,299,660
|
|
|
|
|
|
|
|
9,814,687
|
|
Financing received from the Central Bank and other financial entities
|
|
|
1,173,840
|
|
|
|
|
|
|
|
1,176,126
|
|
|
|
|
|
|
|
1,176,126
|
|
Issued corporate bonds
|
|
|
4,712,216
|
|
|
|
|
|
|
|
4,432,977
|
|
|
|
|
|
|
|
4,432,977
|
|
Subordinated corporate bonds
|
|
|
7,565,759
|
|
|
|
|
|
|
|
7,710,790
|
|
|
|
|
|
|
|
7,710,790
|
|
|
|
|
158,664,959
|
|
|
|
83,468,889
|
|
|
|
75,143,109
|
|
|
|
|
|
|
|
158,611,998
|
|
|
|
12/31/2016
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
32,992,475
|
|
|
|
32,992,475
|
|
|
|
|
|
|
|
|
|
|
|
32,992,475
|
|
Repo transactions
|
|
|
19,124
|
|
|
|
19,124
|
|
|
|
|
|
|
|
|
|
|
|
19,124
|
|
Other financial assets
|
|
|
743,194
|
|
|
|
743,194
|
|
|
|
|
|
|
|
|
|
|
|
743,194
|
|
Loans and other financing
|
|
|
81,475,324
|
|
|
|
|
|
|
|
477,464
|
|
|
|
79,877,385
|
|
|
|
80,354,849
|
|
Other debt securities
|
|
|
841,943
|
|
|
|
841,943
|
|
|
|
|
|
|
|
|
|
|
|
841,943
|
|
Financial assets delivered as guarantee
|
|
|
2,261,440
|
|
|
|
2,261,440
|
|
|
|
|
|
|
|
|
|
|
|
2,261,440
|
|
|
|
|
118,333,500
|
|
|
|
36,858,176
|
|
|
|
477,464
|
|
|
|
79,877,385
|
|
|
|
117,213,025
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
|
12/31/2016
|
|
|
|
Carrying
Amount
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Fair
Value
|
|
Financial Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
102,498,623
|
|
|
|
54,202,915
|
|
|
|
48,367,480
|
|
|
|
|
|
|
|
102,570,395
|
|
Other repo transactions
|
|
|
1,095,634
|
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
Other financial liabilities
|
|
|
5,895,687
|
|
|
|
4,823,083
|
|
|
|
1,075,294
|
|
|
|
|
|
|
|
5,898,377
|
|
Financing received from the Central Bank and other financial entities
|
|
|
260,266
|
|
|
|
|
|
|
|
259,583
|
|
|
|
|
|
|
|
259,583
|
|
Issued corporate bonds
|
|
|
1,745,851
|
|
|
|
|
|
|
|
1,466,612
|
|
|
|
|
|
|
|
1,466,612
|
|
Subordinated corporate bonds
|
|
|
6,376,537
|
|
|
|
|
|
|
|
5,994,056
|
|
|
|
|
|
|
|
5,994,056
|
|
|
|
|
117,872,598
|
|
|
|
60,121,632
|
|
|
|
57,163,024
|
|
|
|
|
|
|
|
117,284,657
|
|
|
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.
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 member of the Risk Management Committee, Assets and Liabilities Committee and the Senior Credit Committee.
As of June 30, 2018 and December
31, 2017 and 2016, there is a total amount of 1,663,900, 1,358,575 and 316,742, respectively, as unpaid financial assistance granted
by the Bank to its associates and related parties and deposits of its associates and related parties of 2,149,794, 2,472,648 and
2,302,098, respectively:
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
|
Subsidiaries
|
|
|
Associates and other related parties
|
|
|
|
Maximum
balances as of
06/30/2018
|
|
|
Balance as of
06/30/2018
|
|
|
Maximum
balances as of
06/30/2018
|
|
|
Balance as of
06/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
407,999
|
|
|
|
397,080
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
34,215
|
|
|
|
28,554
|
|
Credit cards
|
|
|
567
|
|
|
|
377
|
|
|
|
45,224
|
|
|
|
41,355
|
|
Leases
|
|
|
6,309
|
|
|
|
6,309
|
|
|
|
1,851
|
|
|
|
1,751
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
10
|
|
|
|
8
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
42,474
|
|
|
|
42,464
|
|
Other loans
|
|
|
1,952,244
|
|
|
|
901,973
|
|
|
|
197,842
|
|
|
|
195,378
|
|
Guarantees granted
|
|
|
|
|
|
|
|
|
|
|
46,895
|
|
|
|
48,651
|
|
Total assistance
|
|
|
1,959,120
|
|
|
|
908,659
|
|
|
|
776,510
|
|
|
|
755,241
|
|
Deposits
|
|
|
|
|
|
|
345,317
|
|
|
|
|
|
|
|
1,804,477
|
|
|
|
Subsidiaries
|
|
|
Associates and other related parties
|
|
|
|
Maximum
balances as of
12/31/2017
|
|
|
Balance as of
12/31/2017
|
|
|
Maximum
balances as of
12/31/2017
|
|
|
Balance as of
12/31/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
147,026
|
|
|
|
147,026
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
25,300
|
|
|
|
7,830
|
|
Credit cards
|
|
|
397
|
|
|
|
389
|
|
|
|
35,430
|
|
|
|
33,827
|
|
Leases
|
|
|
6,973
|
|
|
|
6,973
|
|
|
|
2,204
|
|
|
|
2,157
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
18
|
|
|
|
17
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
13,559
|
|
|
|
13,526
|
|
Other loans
|
|
|
952,148
|
|
|
|
952,148
|
|
|
|
140,661
|
|
|
|
140,448
|
|
Guarantees granted
|
|
|
443
|
|
|
|
443
|
|
|
|
53,950
|
|
|
|
53,791
|
|
Total assistance
|
|
|
959,961
|
|
|
|
959,953
|
|
|
|
418,148
|
|
|
|
398,622
|
|
Deposits
|
|
|
|
|
|
|
108,606
|
|
|
|
|
|
|
|
2,364,042
|
|
|
|
Subsidiaries
|
|
|
Associates and other related
parties
|
|
|
|
Maximum
balances as of
12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
|
Maximum
balances as of
12/31/2016
|
|
|
Balance as of
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Documents
|
|
|
|
|
|
|
|
|
|
|
99,725
|
|
|
|
99,347
|
|
Overdraft
|
|
|
|
|
|
|
|
|
|
|
17,799
|
|
|
|
7,454
|
|
Credit cards
|
|
|
191
|
|
|
|
191
|
|
|
|
20,673
|
|
|
|
18,603
|
|
Leases
|
|
|
8,036
|
|
|
|
8,036
|
|
|
|
1,189
|
|
|
|
1,168
|
|
Personal loans
|
|
|
|
|
|
|
|
|
|
|
647
|
|
|
|
647
|
|
Mortgage loans
|
|
|
|
|
|
|
|
|
|
|
4,759
|
|
|
|
4,759
|
|
Other loans
|
|
|
|
|
|
|
|
|
|
|
175,770
|
|
|
|
161,287
|
|
Guarantees granted
|
|
|
885
|
|
|
|
885
|
|
|
|
14,532
|
|
|
|
14,365
|
|
Total assistance
|
|
|
9,112
|
|
|
|
9,112
|
|
|
|
335,094
|
|
|
|
307,630
|
|
Deposits
|
|
|
|
|
|
|
134,911
|
|
|
|
|
|
|
|
2,167,187
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Transactions generated by the
Bank with its subsidiaries and other related parties to it for transactions arranged within the scope of 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.
As of June 30, 2018, December,
31 2017 and 2016, the income from loan transactions totaled 201,642, 83,850 and 15,781, respectively, while income generated from
deposit transactions totaled 62,318, 163,814 and 141,184, respectively.
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, 2018 and December 31, 2017 and 2016, totaled 41,285, 64,409
and 30,807 respectively.
In addition, fees received by
the Directors as of June 30, 2018 and December 31, 2017 and 2016 amounted to 287,368, 421,033 and 205,822 respectively.
Additionally, the composition
of the Board of Directors and key management personnel is as follows:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Board of Directors
|
|
|
15
|
|
|
|
13
|
|
|
|
12
|
|
Top Management members of the key management personnel
|
|
|
10
|
|
|
|
10
|
|
|
|
10
|
|
|
|
|
25
|
|
|
|
23
|
|
|
|
22
|
|
|
8.
|
NON-CURRENT ASSETS HELD FOR SALE
|
Non-current assets held for
sale as of June 30, 2018 are described in Note 8 to the condensed consolidated interim Financial Statements.
This item includes the amounts
estimated to face a liability of probable occurrence, which in case it occurs, would originate a loss for the Bank.
Exhibit J “Changes in
Provisions” presents the changes in provisions during the six-month period ended June 30, 2018.
The expected terms to settle
these obligations are as follows:
|
|
06/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
Within 12
months
|
|
|
Beyond 12
months
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For administrative, disciplinary and criminal penalties
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
|
|
718
|
|
|
|
9,110
|
|
Others
|
|
|
315,031
|
|
|
|
364,071
|
|
|
|
679,102
|
|
|
|
595,277
|
|
|
|
242,256
|
|
|
|
|
315,031
|
|
|
|
364,789
|
|
|
|
679,820
|
|
|
|
595,995
|
|
|
|
251,366
|
|
In the opinion of the Management
of the Bank and its legal advisors, there are no other significant effects than those disclosed in the accompanying 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.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
10.
|
ANALYSIS OF FINANCIAL ASSETS TO BE RECOVERED AND FINANCIAL LIABILITIES TO BE SETTLED
|
The following tables show the analysis of the balance
of financial assets and liabilities the Bank expects to recover and settle as of June 30, 2018 and December 31, 2017 and 2016:
06/30/2018
|
|
No maturity
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
45,389,232
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
5,104
|
|
|
|
263,630
|
|
|
|
922,224
|
|
Derivative instruments
|
|
|
|
|
|
|
42,314
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
156,158
|
|
|
|
|
|
Other financial assets
|
|
|
943,036
|
|
|
|
940,873
|
|
|
|
50,543
|
|
Loans and other financing
|
|
|
1,014,726
|
|
|
|
85,461,228
|
|
|
|
56,820,193
|
|
Other debt securities
|
|
|
|
|
|
|
37,778,534
|
|
|
|
3,590,836
|
|
Financial assets delivered as guarantee
|
|
|
5,099,550
|
|
|
|
2,034,516
|
|
|
|
|
|
Investment in equity instruments
|
|
|
44,924
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
52,496,572
|
|
|
|
126,677,253
|
|
|
|
61,383,796
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
82,659,062
|
|
|
|
82,194,152
|
|
|
|
163,245
|
|
Derivatives financial instruments
|
|
|
|
|
|
|
34,151
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
1,829,233
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
10,021,742
|
|
|
|
153,955
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
1,628,667
|
|
|
|
199,821
|
|
Issued corporate bonds
|
|
|
|
|
|
|
307,910
|
|
|
|
7,828,070
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
101,537
|
|
|
|
11,544,680
|
|
Total Liabilities
|
|
|
82,659,062
|
|
|
|
96,117,392
|
|
|
|
19,889,771
|
|
12/31/2017
|
|
No maturity
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
32,473,987
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
113,181
|
|
|
|
862,190
|
|
Derivative instruments
|
|
|
|
|
|
|
7,664
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
1,419,808
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
846,983
|
|
|
|
676,947
|
|
Loans and other financing
|
|
|
|
|
|
|
67,826,931
|
|
|
|
54,346,915
|
|
Other debt securities
|
|
|
|
|
|
|
33,611,201
|
|
|
|
|
|
Financial assets delivered as security
|
|
|
4,350,292
|
|
|
|
2,993,719
|
|
|
|
|
|
Investment in equity instruments
|
|
|
36,885
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
36,861,164
|
|
|
|
106,819,487
|
|
|
|
55,886,052
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
69,069,176
|
|
|
|
63,100,594
|
|
|
|
546,404
|
|
Liabilities at fair value to profit or loss
|
|
|
|
|
|
|
6,450
|
|
|
|
|
|
Derivative instruments
|
|
|
|
|
|
|
23,107
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
2,688,093
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
9,625,147
|
|
|
|
183,730
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
1,006,966
|
|
|
|
166,874
|
|
Issued corporate bonds
|
|
|
|
|
|
|
118,356
|
|
|
|
4,593,860
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
80,004
|
|
|
|
485,755
|
|
Total Liabilities
|
|
|
69,069,176
|
|
|
|
76,648,717
|
|
|
|
5,976,623
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
12/31/2016
|
|
No maturity
|
|
|
Total up to 12
months
|
|
|
Total over 12
months
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in Banks
|
|
|
32,992,475
|
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss
|
|
|
|
|
|
|
31,956
|
|
|
|
243,430
|
|
Derivative instruments
|
|
|
|
|
|
|
9,721
|
|
|
|
|
|
Repo transactions
|
|
|
|
|
|
|
19,124
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
739,306
|
|
|
|
3,888
|
|
Loans and other financing
|
|
|
|
|
|
|
49,014,679
|
|
|
|
32,460,645
|
|
Other debt securities
|
|
|
|
|
|
|
17,974,087
|
|
|
|
|
|
Financial assets delivered as security
|
|
|
2,261,475
|
|
|
|
1,200,994
|
|
|
|
|
|
Investment in equity instruments
|
|
|
337,309
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
35,591,259
|
|
|
|
68,989,867
|
|
|
|
32,707,963
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
46,192,528
|
|
|
|
56,003,619
|
|
|
|
302,476
|
|
Repo transactions
|
|
|
|
|
|
|
1,095,634
|
|
|
|
|
|
Other financial liabilities
|
|
|
|
|
|
|
5,784,361
|
|
|
|
111,326
|
|
Financing received from Central Bank and other financial entities
|
|
|
|
|
|
|
193,618
|
|
|
|
66,648
|
|
Issued corporate bonds
|
|
|
|
|
|
|
1,745,851
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
67,429
|
|
|
|
6,309,108
|
|
Total Liabilities
|
|
|
46,192,528
|
|
|
|
64,890,511
|
|
|
|
6,789,558
|
|
|
11.
|
DISCLOSURES BY OPERATING SEGMENT
|
The
Bank has an approach of its banking business that is described in Note 11 to the condensed consolidated interim Financial Statements.
The main items of income tax expense in the condensed
consolidated interim Financial Statements are as follows:
|
|
06/30/2018
|
|
|
06/30/2017
|
|
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Current income tax expense
|
|
|
2,791,661
|
|
|
|
1,227,018
|
|
|
|
2,208,117
|
|
|
|
1,121,961
|
|
Gain for deferred income tax
|
|
|
(215,116
|
)
|
|
|
(123,440
|
)
|
|
|
(217,389
|
)
|
|
|
(100,055
|
)
|
Income tax expense recorded in the statement of income
|
|
|
2,576,545
|
|
|
|
1,103,578
|
|
|
|
1,990,728
|
|
|
|
1,021,906
|
|
Income tax gain recorded in other comprehensive income
|
|
|
(26,571
|
)
|
|
|
(9,928
|
)
|
|
|
1,382
|
|
|
|
(3,241
|
)
|
|
|
|
2,549,974
|
|
|
|
1,093,650
|
|
|
|
1,992,110
|
|
|
|
1,018,665
|
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Performance obligations satisfied in one act (1)
|
|
|
3,644,967
|
|
|
|
1,946,836
|
|
|
|
2,867,552
|
|
|
|
1,443,706
|
|
Performance obligations satisfied over certain time period
|
|
|
10,225
|
|
|
|
5,793
|
|
|
|
8,044
|
|
|
|
102,524
|
|
|
|
|
3,655,192
|
|
|
|
1,952,629
|
|
|
|
2,875,596
|
|
|
|
1,546,230
|
|
|
(1)
|
Includes principally account maintenance fees, agreements and credit card commissions.
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
14.
|
DIFFERENCE IN QUOTED PRICES OF GOLD AND FOREIGN CURRENCY
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated
from beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Translation of foreign currency assets and liabilities to pesos
|
|
|
(1,446,555
|
)
|
|
|
(1,445,083
|
)
|
|
|
329,679
|
|
|
|
258,010
|
|
Income from foreign currency Exchange
|
|
|
443,868
|
|
|
|
317,873
|
|
|
|
199,315
|
|
|
|
90,245
|
|
|
|
|
(1,002,687
|
)
|
|
|
(1,127,210
|
)
|
|
|
528,994
|
|
|
|
348,255
|
|
|
15.
|
OTHER OPERATING INCOME
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated from
beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Services
|
|
|
1,708,754
|
|
|
|
892,328
|
|
|
|
1,456,544
|
|
|
|
688,744
|
|
Sale of investment property and other non-financial assets
|
|
|
137,123
|
|
|
|
27,202
|
|
|
|
10,313
|
|
|
|
10,313
|
|
Other adjustments and interest from other receivables
|
|
|
79,638
|
|
|
|
39,806
|
|
|
|
25,408
|
|
|
|
15,719
|
|
Initial recognition of loans
|
|
|
49,749
|
|
|
|
29,292
|
|
|
|
|
|
|
|
|
|
Sale of property, plant and equipment
|
|
|
1,450
|
|
|
|
731
|
|
|
|
821
|
|
|
|
254
|
|
Other
|
|
|
282,349
|
|
|
|
168,884
|
|
|
|
299,296
|
|
|
|
174,923
|
|
|
|
|
2,259,063
|
|
|
|
1,158,243
|
|
|
|
1,792,382
|
|
|
|
889,953
|
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated from
beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Remunerations
|
|
|
3,047,406
|
|
|
|
1,662,263
|
|
|
|
2,485,167
|
|
|
|
1,306,028
|
|
Social Security Contributions
|
|
|
604,346
|
|
|
|
335,957
|
|
|
|
488,885
|
|
|
|
245,062
|
|
Compensations and bonuses to employees
|
|
|
307,339
|
|
|
|
168,114
|
|
|
|
192,148
|
|
|
|
93,716
|
|
Employee services
|
|
|
92,389
|
|
|
|
47,969
|
|
|
|
92,735
|
|
|
|
52,218
|
|
|
|
|
4,051,480
|
|
|
|
2,214,303
|
|
|
|
3,258,935
|
|
|
|
1,697,024
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
17.
|
ADMINISTRATION EXPENSES
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated from
beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Taxes
|
|
|
406,124
|
|
|
|
201,302
|
|
|
|
301,887
|
|
|
|
156,626
|
|
Maintenance, conservation and repair expenses
|
|
|
336,298
|
|
|
|
185,454
|
|
|
|
228,781
|
|
|
|
118,700
|
|
Security services
|
|
|
284,705
|
|
|
|
152,259
|
|
|
|
220,610
|
|
|
|
110,423
|
|
Fees to Directors and Syndics
|
|
|
280,021
|
|
|
|
133,011
|
|
|
|
159,318
|
|
|
|
85,861
|
|
Electricity and communications
|
|
|
212,692
|
|
|
|
109,198
|
|
|
|
146,401
|
|
|
|
74,441
|
|
Other fees
|
|
|
211,607
|
|
|
|
114,454
|
|
|
|
147,329
|
|
|
|
78,870
|
|
Leases
|
|
|
127,666
|
|
|
|
68,321
|
|
|
|
96,603
|
|
|
|
49,069
|
|
Advertising and publicity
|
|
|
82,013
|
|
|
|
52,863
|
|
|
|
77,399
|
|
|
|
36,003
|
|
Representation, travel and transportation expenses
|
|
|
41,190
|
|
|
|
22,375
|
|
|
|
29,198
|
|
|
|
15,991
|
|
Stationary and office supplies
|
|
|
20,966
|
|
|
|
10,558
|
|
|
|
16,966
|
|
|
|
8,542
|
|
Insurance
|
|
|
17,609
|
|
|
|
9,816
|
|
|
|
17,329
|
|
|
|
8,531
|
|
Hired administrative services
|
|
|
2,979
|
|
|
|
2,093
|
|
|
|
5,167
|
|
|
|
715
|
|
Other
|
|
|
629,027
|
|
|
|
329,089
|
|
|
|
433,245
|
|
|
|
234,303
|
|
|
|
|
2,652,897
|
|
|
|
1,390,793
|
|
|
|
1,880,233
|
|
|
|
978,075
|
|
|
18.
|
OTHER OPERATING EXPENSES
|
|
|
06/30/2018
|
|
|
06/30/2017
|
|
Description
|
|
Accumulated
from beggining
year up to
06/30/2018
|
|
|
Quarter
ended
06/30/2018
|
|
|
Accumulated from
beggining
year up to
06/30/2017
|
|
|
Quarter
ended
06/30/2017
|
|
Gross turnover tax
|
|
|
2,149,319
|
|
|
|
1,145,035
|
|
|
|
1,401,149
|
|
|
|
719,858
|
|
Charges for other provisions
|
|
|
317,921
|
|
|
|
167,968
|
|
|
|
155,645
|
|
|
|
90,230
|
|
Deposit Guarantee Fund contributions
|
|
|
122,578
|
|
|
|
63,600
|
|
|
|
91,742
|
|
|
|
46,404
|
|
Donations
|
|
|
40,726
|
|
|
|
21,114
|
|
|
|
39,275
|
|
|
|
20,342
|
|
Insurance claims
|
|
|
21,565
|
|
|
|
11,485
|
|
|
|
12,288
|
|
|
|
7,522
|
|
Initial loan recognition
|
|
|
|
|
|
|
|
|
|
|
48,951
|
|
|
|
41,935
|
|
Other
|
|
|
1,260,931
|
|
|
|
685,503
|
|
|
|
950,883
|
|
|
|
497,887
|
|
|
|
|
3,913,040
|
|
|
|
2,094,705
|
|
|
|
2,699,933
|
|
|
|
1,424,178
|
|
|
19.
|
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:
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
-
|
Operating activities: are the normal revenue-producing
activities of the Bank as well as other activities that cannot be qualified as investing or financing activities.
|
|
-
|
Investing activities: are the acquisition, sale and disposal
by other means of long-term assets and other investments not included in cash and cash equivalents.
|
|
-
|
Financing activities: are 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:
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
06/30/2017
|
|
|
12/31/2016
|
|
Cash and Deposits in Banks
|
|
|
45,389,232
|
|
|
|
32,473,987
|
|
|
|
33,698,812
|
|
|
|
32,992,475
|
|
Debt securities at fair value
|
|
|
|
|
|
|
44
|
|
|
|
|
|
|
|
9,585
|
|
Other debt securities
|
|
|
36,713,920
|
|
|
|
4,828,008
|
|
|
|
15,646,800
|
|
|
|
14,148,240
|
|
|
|
|
82,103,152
|
|
|
|
37,302,039
|
|
|
|
49,345,612
|
|
|
|
47,150,300
|
|
Note 20 to the condensed consolidated
interim Financial Statements, presents the changes in the Bank´s capital stock.
|
21.
|
DEPOSIT GUARANTEE INSURANCE
|
Note 22 to the condensed consolidated
interim Financial Statements describes the Deposit Guarantee Insurance System and the scope thereof.
Banco Macro SA holds an 8.4020%
interest in the capital stock according to the percentages disclosed by Central Bank Communiqué “B” 11681 issued
on March 20, 2018.
As of June 30, 2018 and December 31, 2017 the following
Bank’s assets are restricted:
Item
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
|
Debt securities at fair value through profit or loss and other debt securities
|
|
|
|
|
|
|
|
|
·
Central
Bank of Argentina Internal Bills in pesos, maturity 19-09-2018 as of June 30, 2018 and maturity 02-21-2018 as of December
31, 2017 securing the fulfillment of the offsetting forward exchange buy and sell operations.
|
|
|
156,990
|
|
|
|
53,059
|
|
·
Discount
bonds in pesos regulated by Argentinean legislation, maturing 2033 used as security in favor of Sedesa (1).
|
|
|
121,368
|
|
|
|
117,454
|
|
·
Discount
bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the regional economies Competitiveness Program
– BID Loan No. 3174/OC-AR.
|
|
|
86,851
|
|
|
|
98,541
|
|
·
Central
Bank of Argentina Internal Bills in pesos, maturity 09-19-2018 as of June 30, 2018 and maturity 02/21/2018 as of December 31,
2017 securing operations through negotiation secured transaction Segment as the main counterparty of the MAE.
|
|
|
50,407
|
|
|
|
9,647
|
|
·
Discount
bonds in pesos regulated by Argentinean legislation, maturing 2033, for minimum counterpart required for Agents to act in the
new categories contemplated under Resolution No. 622/13 of the CNV.
|
|
|
11,580
|
|
|
|
13,139
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Item (contd.)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
|
·
Discount
bonds in pesos regulated by Argentinean legislation, maturing 2033 securing BID Loan of the Province of San Juan No,
2763/OC-AR.
|
|
|
7,817
|
|
|
|
8,869
|
|
·
Discount
bonds in pesos regulated by Argentinean legislation, maturing 2033 securing the sectorial Credit Program of the Province of
San Juan, Production investment financing fund.
|
|
|
7,672
|
|
|
|
8,704
|
|
·
Secured
Bonds under Presidential Decree No, 1579/02 as security for a loan received from Banco de Inversión y Comercio
Exterior SA (Bice).
|
|
|
|
|
|
|
4,270
|
|
·
Other
government and private securities.
|
|
|
1,499
|
|
|
|
2,331
|
|
Subtotal Debt securities at fair value through profit or loss and other debt securities
|
|
|
444,184
|
|
|
|
316,014
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
|
|
|
|
|
|
·
Sundry
debtors – foreclosure within the scope of the claim filed by the DGR against the City of Buenos Aires for differences
in gross turnover tax.
|
|
|
827
|
|
|
|
827
|
|
Subtotal other financial assets
|
|
|
827
|
|
|
|
827
|
|
|
|
|
|
|
|
|
|
|
Loans and other financing – Non-financial sector and foreign residents
|
|
|
|
|
|
|
|
|
·
Interests
derived from contributions made as protector (2)
|
|
|
90,000
|
|
|
|
90,000
|
|
Subtotal Loans and other financing - Non-financial private sector and foreign residents
|
|
|
90,000
|
|
|
|
90,000
|
|
|
|
|
|
|
|
|
|
|
Financial assets delivered as guarantee
|
|
|
|
|
|
|
|
|
·
Special
guarantee checking accounts opened in Central Bank for transactions related to the electronic clearing houses and similar
entities.
|
|
|
4,520,583
|
|
|
|
3,750,952
|
|
·
Forward
purchase for repo transactions.
|
|
|
2,034,516
|
|
|
|
2,993,719
|
|
·
Guarantee
deposits related to credit and debit card transactions.
|
|
|
573,688
|
|
|
|
592,890
|
|
·
Other
guarantee deposits.
|
|
|
5,279
|
|
|
|
6,450
|
|
Subtotal Other financial assets delivered as guarantee
|
|
|
7,134,066
|
|
|
|
7,344,011
|
|
|
|
|
|
|
|
|
|
|
Other non-financial assets
|
|
|
|
|
|
|
|
|
·
Real
property related to call options sold
|
|
|
115,888
|
|
|
|
222,023
|
|
Subtotal Other non-financial assets
|
|
|
115,888
|
|
|
|
222,023
|
|
Total
|
|
|
7,784,965
|
|
|
|
7,972,875
|
|
|
(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. The same correspond to the following risk funds: Garantizar SGR Risk Fund, Los Grobo
SGR Risk Fund and Avaluar SGR Risk Fund as of June 30, 2018 and December 31, 2017.
|
Additionally, as of December
31, 2016, the amount of restricted assets was 3,877,051.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
Note 24 to the condensed consolidated
interim Financial Statements describes the different trust agreements according to the business purpose sought by the Bank, which
may be summarized as follows:
|
1)
|
Financial trusts for investment purposes
|
Debt securities include mainly
prepayments towards the placement price of trust securities of the financial trusts under public offerings, made by the Bank through
underwriting agreements (Consubond, Garbarino, Secubono, Accicom, Mila, Credicuotas Consumo, Credimas, Pvcred and Naldo Lombardi).
The assets managed for these trusts are mainly related to securitizations of consumer loans. Trust securities are placed once the
public offering is authorized by the CNV. Upon expiry of the placement period, once all trust securities have been placed on the
market, the Bank recovers the disbursements made, plus an agreed-upon compensation (“underwriting Price”). If after
making the best efforts, such trust securities cannot be placed, the Bank (“Underwriter”) will retain the securities
subject to underwriting.
As of June 30, 2018 and December
31, 2017 and 2016 the debt securities administered by the Bank with investment purposes and certificate of participation in financial
trusts total 1,023,502, 1,003,312 and 719,918, 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.
|
2)
|
Trusts created using financial assets transferred by the Bank
|
As of June 30, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed separate
interim Financial Statements, the assets managed through Macro Fiducia SA of this type of trusts amount to 69,444, 116,387 and
58,633, respectively.
|
3)
|
Trusts guaranteeing loans granted by the Bank
|
As of June 30, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying condensed separate
interim Financial Statements, the assets managed by the Bank amount to 490,300, 328,268 and 451,569, respectively.
|
4)
|
Trusts in which the Bank acts as Trustee (Management)
|
As of June 30, 2018 and December
31, 2017 and 2016, considering the latest available accounting information as of the date of the accompanying Financial Statements,
the assets managed by the Bank amount to 1,413,939, 1,302,687 and 1,396,421, respectively.
|
24.
|
COMPLIANCE WITH CNV STANDARDS
|
Considering Banco Macro SA’s
current operations, and according to the different categories of agents established by CNV General Resolution 622, the Bank is
registered with this agency as agent for the custody of collective investment products of mutual funds (AC PIC FCI for their acronyms
in Spanish language), comprehensive clearing and settlement agent and trading agent (ALyC and AN – comprehensive, for their
acronyms in Spanish language), financial trustee Agent (FF for its acronym in Spanish language ) 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 32,000, as well as the minimum
counterpart required of 11,000, which the Bank paid-in with government securities as described in Note 22 to the accompanying condensed
separate interim Financial Statements.
In addition, Note 25.2 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.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
25.
|
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 2018 are listed below, indicating the balances as of month-end
of the related items:
Description
|
|
Banco
Macro SA
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
|
|
Amounts in Central Bank accounts
|
|
|
35,343,995
|
|
Other debt securities
|
|
|
|
|
Government securities computable for the minimum cash requierements
|
|
|
3,373,000
|
|
Financial assets delivered as guarantee
|
|
|
|
|
Special guarantee accounts with the Central Bank
|
|
|
4,520,583
|
|
Total
|
|
|
43,237,578
|
|
|
26.
|
PENALTIES APPLIED TO THE FINANCIAL ENTITY AND SUMMARY PROCEEDINGS INITIATED BY THE CENTRAL BANK
|
Note 27 to the condensed consolidated
interim Financial Statements describes the penalties applied and the proceedings filed by the Central Bank against the Bank, classified
as follows:
|
-
|
Summary proceedings filed by the Central Bank
|
|
-
|
Penalties applied by the Central Bank
|
|
-
|
Penalties applied by the UIF
|
The Bank’s Management
and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned
judicial proceedings other than those disclosed in the accompanying Financial Statements.
|
27.
|
ISSUANCE OF CORPORATE BONDS
|
Note 28 to the condensed consolidated
interim Financial Statements describes liabilities for corporate bonds recognized by the Bank as of June 30, 2018 and December
31, 2017, under the terms and conditions therein expressed.
The liabilities amounts for
corporate bonds recorded by the Bank in these condensed separate interim Financial Statements are as follows:
Corporate Bonds
|
|
Original value
|
|
|
Residual face
value as of
06/30/2018
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated Resettable – Class A
|
|
|
USD 400,000,000
|
|
|
|
USD 400,000,000
|
|
|
|
11,646,217
|
|
|
|
7,565,759
|
|
Non-subordinated – Class B
|
|
|
Ps. 4,620,570,000
|
|
|
|
Ps. 4,620,570,000
|
|
|
|
4,710,409
|
|
|
|
4,712,216
|
|
Non-subordinated – Class C
|
|
|
Ps. 3,207,500,000
|
|
|
|
Ps. 3,207,500,000
|
|
|
|
3,425,571
|
|
|
|
|
|
Total
|
|
|
|
|
|
|
|
|
|
|
19,782,197
|
|
|
|
12,277,975
|
|
Additionally, as of December
31, 2016, the Bank recognized Class A subordinated resettable corporate bonds for 6,376,537 and Class 2 non-subordinated corporate
bonds for 1,745,851.
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
28.
|
ACCOUNTING ITEMS OUTSIDE THE BALANCE SHEET
|
In addition to the expressed
in Note 4, the Bank recognizes different transactions outside its Balance sheet, pursuant to the Central Bank standards.
As of June 30, 2018 and December
31, 2017 and 2016, the main balances outside the Bank’s Balance sheet include the preferred and non-preferred guarantees
received from customers, under the applicable rules in force in this matter, to secure the loans transactions and other financing,
the value of which totals 43,174,628, 38,139,862 and 21,261,105, respectively; custody of government and private bonds and of other
third-party assets, the value of which totals 88,117,824, 70,772,660 and 41,094,883, respectively; checks pending clearance amount
to 1,279,844, 1,266,305 and 1,134,949, respectively and outstanding checks not yet paid amount to 2,670,988, 2,032,128 and 1,852,989,
respectively.
29.1. Tax claims
Note 30.1 to the consolidated
Financial Statements describes the most relevant claims pending resolution and filed by AFIP and the tax authorities of the relevant
jurisdiction.
The Bank’s Management
and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned
proceedings other than those disclosed in the accompanying Financial Statements.
29.2. Other claims
Note 30.2 to the consolidated
financial statements describes the most relevant claims pending resolution and filed by the different consumer protection associations.
The Bank’s Management
and its legal advisors consider no further significant accounting effects could arise from the final outcome of the above mentioned
proceedings other than those disclosed in the accompanying Financial Statements.
|
30.
|
RESTRICTION ON PROFIT DISTRIBUTION
|
Note 31 to the Condensed consolidated
interim Financial Statements describes the main legal provisions regulating the restriction on profit distribution.
|
31.
|
CAPITAL MANAGEMENT AND CORPORATE GOVERNANCE TRANSPARENCY POLICY AND RISKS MANAGEMENTS
|
Note 32 to the condensed consolidated
interim Financial Statements describes the main guidelines of the Bank as to capital management and corporate governance transparency
policy and risks management.
Aditionally, the table below
shows the minimum capital requirements effective for the month of June 2018, together with the integration thereof (computable
equity) as of the end of such month:
Description
|
|
06/30/2018
|
|
Minimum capital requirements
|
|
|
15,975,395
|
|
Computable equity
|
|
|
55,839,473
|
|
Capital surplus
|
|
|
39,864,078
|
|
NOTES TO THE CONDENSED SEPARATE INTERIM
FINANCIAL STATEMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish – See Note 34)
(Figures expressed in thousands of Pesos)
|
32.
|
CHANGES IN THE ARGENTINE MACROECONOMIC ENVIRONMENT OF THE FINANCIAL AND CAPITAL SYSTEM
|
The international macroeconomic
environment in general and the one in which the Bank operates and its impacts are described in Note 34 to the Condensed consolidated
interim Financial statements.
|
33.
|
EVENTS AFTER REPORTING PERIOD
|
No events occurred between the
end of the reporting period and the issuance of the accompanying interim Financial Statements that may materially affect the financial
position or the profit and loss for the period, not disclosed in the accompanying condensed separate interim Financial Statements.
|
34.
|
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 Central, as mention in Note 3.
These accounting standards may not conform with accounting principles generally accepted in other countries.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
92
|
|
EXHIBIT A
SEPARATE DETAIL OF GOVERNMENT
AND PRIVATE SECURITIES
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Holdings
|
|
|
Position
|
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
06/30/2018
|
|
Name
|
|
Fair
Value
|
|
|
Fair
Value
Level
|
|
|
Book
balance
|
|
|
Book balance
|
|
|
Position
without
options
|
|
|
Options
|
|
|
Final
position
|
|
DEBT SECURITIES AT FAIR VALUE TROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Discount bonds denominated in pesos at 5.83% - Maturity: 12-31-2033
|
|
|
|
|
|
|
1
|
|
|
|
322,442
|
|
|
|
89,691
|
|
|
|
322,442
|
|
|
|
|
|
|
|
322,442
|
|
Debt Securities of Province of Río Negro in pesos - Badlar Private + 500 basis point - Maturity: 07-06-2020
|
|
|
|
|
|
|
2
|
|
|
|
115,131
|
|
|
|
281,881
|
|
|
|
115,131
|
|
|
|
|
|
|
|
115,131
|
|
Consolidation bonds in pesos 8° Serie - Maturity: 10-04-2022
|
|
|
|
|
|
|
1
|
|
|
|
109,230
|
|
|
|
105,882
|
|
|
|
109,230
|
|
|
|
|
|
|
|
109,230
|
|
Federal government treasury bonds in pesos - Maturity: 10-03-2021
|
|
|
|
|
|
|
1
|
|
|
|
100,390
|
|
|
|
|
|
|
|
100,390
|
|
|
|
|
|
|
|
100,390
|
|
Par bonds denominated in pesos - Maturity: 12-31-2038
|
|
|
|
|
|
|
1
|
|
|
|
74,456
|
|
|
|
38,677
|
|
|
|
74,456
|
|
|
|
|
|
|
|
74,456
|
|
Federal government bonds in pesos - Badlar Private + 200 basis point - Maturity 04-03-2022
|
|
|
|
|
|
|
1
|
|
|
|
55,108
|
|
|
|
292
|
|
|
|
55,108
|
|
|
|
|
|
|
|
55,108
|
|
Consolidation bonds in pesos 6° Serie at 2% - Maturity: 03-15-2024
|
|
|
|
|
|
|
1
|
|
|
|
50,762
|
|
|
|
4
|
|
|
|
50,762
|
|
|
|
|
|
|
|
50,762
|
|
Federal government bonds in US dollars 7.25% - Maturity: 04-22-2026
|
|
|
|
|
|
|
2
|
|
|
|
46,611
|
|
|
|
|
|
|
|
46,611
|
|
|
|
|
|
|
|
46,611
|
|
Secured bonds in pesos - Badlar Private + 250 basis point - Maturity: 03-11-2019
|
|
|
|
|
|
|
1
|
|
|
|
30,462
|
|
|
|
3,012
|
|
|
|
30,462
|
|
|
|
|
|
|
|
30,462
|
|
Federal government bonds in US dollars 8.75% - Maturity: 05-07-2024
|
|
|
|
|
|
|
1
|
|
|
|
30,188
|
|
|
|
8,934
|
|
|
|
30,188
|
|
|
|
|
|
|
|
30,188
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
103,135
|
|
|
|
191,033
|
|
|
|
175,720
|
|
|
|
|
|
|
|
175,720
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal local government securities
|
|
|
|
|
|
|
|
|
|
|
1,037,915
|
|
|
|
719,406
|
|
|
|
1,110,500
|
|
|
|
|
|
|
|
1,110,500
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt Securities in Financial Class A Consubond 143
|
|
|
|
|
|
|
3
|
|
|
|
104,099
|
|
|
|
|
|
|
|
104,099
|
|
|
|
|
|
|
|
104,099
|
|
Debt Securities in Financial Trusts Chubut Regalías Hidrocarburíferas - Maturity: 07-01-2020
|
|
|
|
|
|
|
3
|
|
|
|
47,874
|
|
|
|
34,932
|
|
|
|
47,874
|
|
|
|
|
|
|
|
47,874
|
|
Securities of public service companies
|
|
|
|
|
|
|
3
|
|
|
|
1,070
|
|
|
|
909
|
|
|
|
1,070
|
|
|
|
|
|
|
|
1,070
|
|
Corporate Bonds Banco de Inversión y Comercio Exterior S.A. Class 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
98,602
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds Inversora Juramento S.A. Class 6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
80,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Bonds Rombo Compañía Financiera S.A. Series 38
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
40,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal local private securities
|
|
|
|
|
|
|
|
|
|
|
153,043
|
|
|
|
255,965
|
|
|
|
153,043
|
|
|
|
|
|
|
|
153,043
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL DEBT SECURITIES AT FAIR VALUE TROUGH PROFIT OR LOSS
|
|
|
|
|
|
|
|
|
|
|
1,190,958
|
|
|
|
975,371
|
|
|
|
1,263,543
|
|
|
|
|
|
|
|
1,263,543
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
93
|
|
EXHIBIT A
(Continued)
SEPARATE DETAIL OF GOVERNMENT
AND PRIVATE SECURITIES
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Holdings
|
|
|
Position
|
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
06/30/2018
|
|
Name
|
|
Fair
Value
|
|
|
Fair
Value
Level
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options
|
|
Options
|
|
Final
position
|
|
OTHER DEBT SECURITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value thought other comprehensive
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International bonds of the Argentina
Republic in US dollars at 7.125 - Maturity: 06-28-2117
|
|
|
|
|
|
|
1
|
|
|
|
66,600
|
|
|
|
|
|
|
|
66,600
|
|
|
|
|
66,600
|
|
Discount bonds denominated in pesos at 5.83%
- Maturity: 12-31-2033
|
|
|
|
|
|
|
1
|
|
|
|
7,238
|
|
|
|
|
|
|
|
7,238
|
|
|
|
|
7,238
|
|
Consolidation bonds in pesos
8° Serie - Maturity: 10-04-2022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
49,726
|
|
|
|
|
|
|
|
|
|
|
Subtotal local government securities
|
|
|
|
|
|
|
|
|
|
|
73,838
|
|
|
|
49,726
|
|
|
|
73,838
|
|
|
|
|
73,838
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Bills
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 07-18-2018
|
|
|
|
|
|
|
1
|
|
|
|
31,584,972
|
|
|
|
175,645
|
|
|
|
33,071,625
|
|
|
|
|
33,071,625
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 08-15-2018
|
|
|
|
|
|
|
1
|
|
|
|
5,032,299
|
|
|
|
777
|
|
|
|
5,507,577
|
|
|
|
|
5,507,577
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 09-19-2018
|
|
|
|
|
|
|
1
|
|
|
|
875,153
|
|
|
|
6,949
|
|
|
|
875,153
|
|
|
|
|
875,153
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 11-21-2018
|
|
|
|
|
|
|
1
|
|
|
|
103
|
|
|
|
|
|
|
|
103
|
|
|
|
|
103
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 10-17-2018
|
|
|
|
|
|
|
1
|
|
|
|
82
|
|
|
|
|
|
|
|
82
|
|
|
|
|
82
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 03-21-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,333,072
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 01-17-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,045,824
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 05-16-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,769,624
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 04-18-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,626,984
|
|
|
|
|
|
|
|
|
|
|
Central Bank of Argentina Internal Bills in pesos
– Maturity: 02-21-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5,341,770
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,329,550
|
|
|
|
|
|
|
|
|
|
|
Subtotal Central Bank of Argentina Bills
|
|
|
|
|
|
|
|
|
|
|
37,492,609
|
|
|
|
32,630,195
|
|
|
|
39,454,540
|
|
|
|
|
39,454,540
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Other debt securities
measured at fair value thought other comprehensive income
|
|
|
|
|
|
|
|
|
|
|
37,566,447
|
|
|
|
32,679,921
|
|
|
|
39,528,378
|
|
|
|
|
39,528,378
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at amortized cost
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
- Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debt securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
International bonds of the Argentina Republic
in pesos - Fix rate 26 - Maturity: 11-21-2020
|
|
|
3,375,965
|
|
|
|
2
|
|
|
|
3,395,630
|
|
|
|
|
|
|
|
3,395,630
|
|
|
|
|
3,395,630
|
|
Discount bonds denominated in pesos at 5.83%
- Maturity: 12-31-2033
|
|
|
116,506
|
|
|
|
1
|
|
|
|
121,368
|
|
|
|
117,454
|
|
|
|
121,368
|
|
|
|
|
121,368
|
|
Secured bonds in pesos under
Presidential Decree No. 1579/02 at 2% - Maturity: 02-04-2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,270
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal local Debt secutities
|
|
|
3,492,471
|
|
|
|
|
|
|
|
3,516,998
|
|
|
|
121,724
|
|
|
|
3,516,998
|
|
|
|
|
3,516,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Trust Underwriting Naldo Lombardi
|
|
|
89,064
|
|
|
|
3
|
|
|
|
89,064
|
|
|
|
|
|
|
|
89,064
|
|
|
|
|
89,064
|
|
Financial Trust Underwriting Mila
|
|
|
72,603
|
|
|
|
3
|
|
|
|
72,603
|
|
|
|
32,955
|
|
|
|
72,603
|
|
|
|
|
72,603
|
|
Financial Trust Underwriting PVCRED
|
|
|
60,647
|
|
|
|
3
|
|
|
|
60,647
|
|
|
|
|
|
|
|
60,647
|
|
|
|
|
60,647
|
|
Financial Trust Underwriting Credicuotas Consumo
|
|
|
57,713
|
|
|
|
3
|
|
|
|
57,713
|
|
|
|
50,223
|
|
|
|
57,713
|
|
|
|
|
57,713
|
|
Financial Trust Underwriting Accicom Préstamos
Personales
|
|
|
5,898
|
|
|
|
3
|
|
|
|
5,898
|
|
|
|
51,041
|
|
|
|
5,898
|
|
|
|
|
5,898
|
|
Financial Trust Underwriting Consubond
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
360,363
|
|
|
|
|
|
|
|
|
|
|
Financial Trust Underwriting Secubono
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
110,554
|
|
|
|
|
|
|
|
|
|
|
Financial Trust Underwriting Garbarino
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
68,070
|
|
|
|
|
|
|
|
|
|
|
Financial Trust Underwriting Agrocap
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,482
|
|
|
|
|
|
|
|
|
|
|
Financial Trust Underwriting Best Consumer Directo
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32,136
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
57,732
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal local Private securities
|
|
|
285,925
|
|
|
|
|
|
|
|
285,925
|
|
|
|
809,556
|
|
|
|
285,925
|
|
|
|
|
285,925
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other debt securities
measured at amortized cost
|
|
|
|
|
|
|
|
|
|
|
3,802,923
|
|
|
|
931,280
|
|
|
|
3,802,923
|
|
|
|
|
3,802,923
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL OTHER DEBT SECURITIES
|
|
|
3,778,396
|
|
|
|
|
|
|
|
41,369,370
|
|
|
|
33,611,201
|
|
|
|
43,331,301
|
|
|
|
|
43,331,301
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
94
|
|
EXHIBIT A
(Continued)
SEPARATE DETAIL OF GOVERNMENT
AND PRIVATE SECURITIES
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Holdings
|
|
|
Position
|
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
06/30/2018
|
|
Name
|
|
Fair
Value
|
|
|
Fair
Value
Level
|
|
|
Book
balance
|
|
|
Book
balance
|
|
|
Position
without
options
|
|
|
Options
|
|
|
Final
position
|
|
Equity Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Measured at fair value trough profit or loss
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Local
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Mercado Abierto Electrónico
S.A.
|
|
|
|
|
|
|
3
|
|
|
|
22,292
|
|
|
|
18,441
|
|
|
|
22,292
|
|
|
|
|
|
|
|
22,292
|
|
C.O.E.L.S.A.
|
|
|
|
|
|
|
3
|
|
|
|
4,826
|
|
|
|
3,048
|
|
|
|
4,826
|
|
|
|
|
|
|
|
4,826
|
|
Sedesa
|
|
|
|
|
|
|
3
|
|
|
|
3,975
|
|
|
|
3,909
|
|
|
|
3,975
|
|
|
|
|
|
|
|
3,975
|
|
Argentina Clearing S.A.
|
|
|
|
|
|
|
3
|
|
|
|
3,217
|
|
|
|
3,217
|
|
|
|
3,217
|
|
|
|
|
|
|
|
3,217
|
|
Mercado a Término Rosario S.A.
|
|
|
|
|
|
|
3
|
|
|
|
2,569
|
|
|
|
2,569
|
|
|
|
2,569
|
|
|
|
|
|
|
|
2,569
|
|
Sanatorio Las Lomas S.A.
|
|
|
|
|
|
|
3
|
|
|
|
600
|
|
|
|
404
|
|
|
|
600
|
|
|
|
|
|
|
|
600
|
|
Proin S.A.
|
|
|
|
|
|
|
3
|
|
|
|
513
|
|
|
|
513
|
|
|
|
513
|
|
|
|
|
|
|
|
513
|
|
Provincanje S.A.
|
|
|
|
|
|
|
3
|
|
|
|
379
|
|
|
|
271
|
|
|
|
379
|
|
|
|
|
|
|
|
379
|
|
El Taura S.A.
|
|
|
|
|
|
|
3
|
|
|
|
185
|
|
|
|
185
|
|
|
|
185
|
|
|
|
|
|
|
|
185
|
|
Argencontrol S.A.
|
|
|
|
|
|
|
3
|
|
|
|
179
|
|
|
|
184
|
|
|
|
179
|
|
|
|
|
|
|
|
179
|
|
Other
|
|
|
|
|
|
|
|
|
|
|
262
|
|
|
|
141
|
|
|
|
262
|
|
|
|
|
|
|
|
262
|
|
Subtotal local
|
|
|
|
|
|
|
|
|
|
|
38,997
|
|
|
|
32,882
|
|
|
|
38,997
|
|
|
|
|
|
|
|
38,997
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Banco Latinoamericano de Comercio Exterior S.A.
|
|
|
|
|
|
|
1
|
|
|
|
5,187
|
|
|
|
3,688
|
|
|
|
5,187
|
|
|
|
|
|
|
|
5,187
|
|
Sociedad de Telecomunicaciones
Financieras Interbancarias Mundiales
|
|
|
|
|
|
|
3
|
|
|
|
740
|
|
|
|
315
|
|
|
|
740
|
|
|
|
|
|
|
|
740
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal
foreign
|
|
|
|
|
|
|
|
|
|
|
5,927
|
|
|
|
4,003
|
|
|
|
5,927
|
|
|
|
|
|
|
|
5,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
measured at fair value trough profit or loss
|
|
|
|
|
|
|
|
|
|
|
44,924
|
|
|
|
36,885
|
|
|
|
44,924
|
|
|
|
|
|
|
|
44,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Equity Instruments
|
|
|
|
|
|
|
|
|
|
|
44,924
|
|
|
|
36,885
|
|
|
|
44,924
|
|
|
|
|
|
|
|
44,924
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
GOVERNMENT AND PRIVATE SECURITIES
|
|
|
|
|
|
|
|
|
|
|
42,605,252
|
|
|
|
34,623,457
|
|
|
|
44,639,768
|
|
|
|
|
|
|
|
44,639,768
|
|
As of December 31, 2016, debt securities at fair
value through profit or loss amounted to 275,386, Other Debt Securities to 17,974,087 and Equity instruments to 337,309.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
95
|
|
EXHIBIT B
SEPARATE CLASSIFICATION OF
LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL
RECEIVED
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017 AND 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
COMMERCIAL
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
In normal situation
|
|
|
58,716,286
|
|
|
|
48,622,186
|
|
|
|
34,128,374
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,355,302
|
|
|
|
3,795,181
|
|
|
|
2,538,782
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
9,182,153
|
|
|
|
7,426,689
|
|
|
|
5,119,268
|
|
Without Senior guarantees or counter-guarantees
|
|
|
46,178,831
|
|
|
|
37,400,316
|
|
|
|
26,470,324
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subject to special monitoring
|
|
|
293,684
|
|
|
|
298,886
|
|
|
|
27,887
|
|
In observation
|
|
|
|
|
|
|
|
|
|
|
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,484
|
|
|
|
6,042
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
71,681
|
|
|
|
66,613
|
|
|
|
18,875
|
|
Without Senior guarantees or counter-guarantees
|
|
|
218,519
|
|
|
|
226,231
|
|
|
|
9,012
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Troubled
|
|
|
195,236
|
|
|
|
37,164
|
|
|
|
50,039
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
450
|
|
|
|
3,441
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
98,003
|
|
|
|
22,971
|
|
|
|
50,039
|
|
Without Senior guarantees or counter-guarantees
|
|
|
96,783
|
|
|
|
10,752
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
With high risk of insolvency
|
|
|
171,609
|
|
|
|
143,881
|
|
|
|
137,431
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
3,178
|
|
|
|
729
|
|
|
|
1,882
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
129,522
|
|
|
|
86,437
|
|
|
|
61,374
|
|
Without Senior guarantees or counter-guarantees
|
|
|
38,909
|
|
|
|
56,715
|
|
|
|
74,175
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
437
|
|
|
|
|
|
|
|
4
|
|
Without Senior guarantees or counter-guarantees
|
|
|
437
|
|
|
|
|
|
|
|
4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal Commercial
|
|
|
59,377,252
|
|
|
|
49,102,117
|
|
|
|
34,343,735
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
96
|
|
EXHIBIT B
(Continued)
SEPARATE CLASSIFICATION OF
LOANS AND OTHER FINANCING
BY SITUATION AND COLLATERAL
RECEIVED
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017 AND 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
6/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
CONSUMER AND MORTGAGE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
|
|
|
86,303,182
|
|
|
|
74,624,457
|
|
|
|
48,698,468
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
1,888,617
|
|
|
|
2,129,722
|
|
|
|
767,733
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
9,542,256
|
|
|
|
6,847,800
|
|
|
|
2,483,434
|
|
Without Senior guarantees or counter-guarantees
|
|
|
74,872,309
|
|
|
|
65,646,935
|
|
|
|
45,447,301
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Low risk
|
|
|
1,362,407
|
|
|
|
941,697
|
|
|
|
502,812
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
26,027
|
|
|
|
6,359
|
|
|
|
1,486
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
60,325
|
|
|
|
31,801
|
|
|
|
20,622
|
|
Without Senior guarantees or counter-guarantees
|
|
|
1,276,055
|
|
|
|
903,537
|
|
|
|
480,704
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Medium risk
|
|
|
870,563
|
|
|
|
544,375
|
|
|
|
390,339
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
6,231
|
|
|
|
1,447
|
|
|
|
3,188
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
15,967
|
|
|
|
13,506
|
|
|
|
7,634
|
|
Without Senior guarantees or counter-guarantees
|
|
|
848,365
|
|
|
|
529,422
|
|
|
|
379,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High risk
|
|
|
541,219
|
|
|
|
397,696
|
|
|
|
268,927
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
2,016
|
|
|
|
496
|
|
|
|
2,099
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
23,933
|
|
|
|
18,106
|
|
|
|
20,284
|
|
Without Senior guarantees or counter-guarantees
|
|
|
515,270
|
|
|
|
379,094
|
|
|
|
246,544
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable
|
|
|
186,306
|
|
|
|
139,268
|
|
|
|
87,190
|
|
With Senior “A” guarantees and counter-guarantees
|
|
|
371
|
|
|
|
|
|
|
|
|
|
With Senior “B” guarantees and counter-guarantees
|
|
|
18,358
|
|
|
|
17,924
|
|
|
|
16,642
|
|
Without Senior guarantees or counter-guarantees
|
|
|
167,577
|
|
|
|
121,344
|
|
|
|
70,548
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Irrecoverable according to Central Bank's rules
|
|
|
484
|
|
|
|
206
|
|
|
|
210
|
|
Without Senior guarantees or counter-guarantees
|
|
|
484
|
|
|
|
206
|
|
|
|
210
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal consumer and mortgage
|
|
|
89,264,161
|
|
|
|
76,647,699
|
|
|
|
49,947,946
|
|
Total
|
|
|
148,641,413
|
|
|
|
125,749,816
|
|
|
|
84,291,681
|
|
This exhibit disclosures the contractual figures
in accordance as established by Central Bank. The conciliation with the condensed separated interim balance sheet, is listed below:
|
|
As of 06/30/2018
|
|
|
As of 12/31/2017
|
|
|
As of 12/31/2016
|
|
Loans and other financing
|
|
|
143,296,147
|
|
|
|
122,173,846
|
|
|
|
81,475,324
|
|
+ Allowances for loans and other financing losses
|
|
|
3,074,940
|
|
|
|
2,470,302
|
|
|
|
1,662,752
|
|
+ Adjustment NIIF
|
|
|
253,830
|
|
|
|
279,293
|
|
|
|
233,242
|
|
+ Debt securities of financial trust - Measurement at amortized cost
|
|
|
288,813
|
|
|
|
|
|
|
|
|
|
+ Corporate bonds
|
|
|
|
|
|
|
226,598
|
|
|
|
277,666
|
|
Guarantees provided and contingent liabilities
|
|
|
1,727,683
|
|
|
|
599,777
|
|
|
|
642,697
|
|
Total computable concepts
|
|
|
148,641,413
|
|
|
|
125,749,816
|
|
|
|
84,291,681
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
97
|
|
EXHIBIT C
SEPARATE CONCENTRATION OF
LOANS AND FINANCING-FACILITIES
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017 AND 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
|
Cut off
balance
|
|
|
% of total
portfolio
|
|
10 largest customers
|
|
|
11,704,861
|
|
|
|
7.87
|
|
|
|
11,151,842
|
|
|
|
8.87
|
|
|
|
6,353,953
|
|
|
|
7.54
|
|
50 next largest customers
|
|
|
15,786,059
|
|
|
|
10.62
|
|
|
|
11,488,939
|
|
|
|
9.14
|
|
|
|
8,920,400
|
|
|
|
10.58
|
|
100 next largest customers
|
|
|
9,808,056
|
|
|
|
6.60
|
|
|
|
7,505,554
|
|
|
|
5.97
|
|
|
|
5,525,254
|
|
|
|
6.55
|
|
Other customers
|
|
|
111,342,437
|
|
|
|
74.91
|
|
|
|
95,603,481
|
|
|
|
76.02
|
|
|
|
63,492,074
|
|
|
|
75.33
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total (1)
|
|
|
148,641,413
|
|
|
|
100.00
|
|
|
|
125,749,816
|
|
|
|
100.00
|
|
|
|
84,291,681
|
|
|
|
100.00
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
98
|
|
EXHIBIT D
SEPARATE BREAKDOWN OF LOANS
AND OTHER FINANCING BY TERMS
AS OF JUNE 30, 2018
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
212
|
|
|
|
52,346
|
|
|
|
305,172
|
|
|
|
326,580
|
|
|
|
624,373
|
|
|
|
943,173
|
|
|
|
643,120
|
|
|
|
2,894,976
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
|
|
|
|
2,077,667
|
|
|
|
337,751
|
|
|
|
374,487
|
|
|
|
767,441
|
|
|
|
1,018,746
|
|
|
|
55,823
|
|
|
|
4,631,915
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial private sector and foreign residents
|
|
|
1,088,888
|
|
|
|
43,444,961
|
|
|
|
17,871,178
|
|
|
|
17,951,618
|
|
|
|
22,941,106
|
|
|
|
30,813,182
|
|
|
|
58,959,566
|
|
|
|
193,070,499
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
1,089,100
|
|
|
|
45,574,974
|
|
|
|
18,514,101
|
|
|
|
18,652,685
|
|
|
|
24,332,920
|
|
|
|
32,775,101
|
|
|
|
59,658,509
|
|
|
|
200,597,390
|
|
SEPARATE BREAKDOWN OF LOANS
AND OTHER FINANCING BY TERMS
AS OF DECEMBER 31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
|
|
|
|
51,131
|
|
|
|
219,501
|
|
|
|
183,337
|
|
|
|
543,855
|
|
|
|
982,347
|
|
|
|
876,255
|
|
|
|
2,856,426
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
|
|
|
|
1,844,657
|
|
|
|
450,276
|
|
|
|
710,764
|
|
|
|
755,578
|
|
|
|
1,005,476
|
|
|
|
228,185
|
|
|
|
4,994,936
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial private sector and foreign residents
|
|
|
847,585
|
|
|
|
34,163,062
|
|
|
|
17,642,583
|
|
|
|
16,550,145
|
|
|
|
18,000,025
|
|
|
|
26,527,720
|
|
|
|
46,828,878
|
|
|
|
160,559,998
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
847,585
|
|
|
|
36,058,850
|
|
|
|
18,312,360
|
|
|
|
17,444,246
|
|
|
|
19,299,458
|
|
|
|
28,515,543
|
|
|
|
47,933,318
|
|
|
|
168,411,360
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
99
|
|
EXHIBIT D
(Continued)
SEPARATE BREAKDOWN OF LOANS
AND OTHER FINANCING BY TERMS
AS OF DECEMBER 31, 2016
(Translation of financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
|
|
|
|
747,993
|
|
|
|
124,713
|
|
|
|
384,876
|
|
|
|
142,487
|
|
|
|
272,196
|
|
|
|
230,432
|
|
|
|
1,902,697
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
|
|
|
|
403,961
|
|
|
|
453,069
|
|
|
|
486,055
|
|
|
|
384,924
|
|
|
|
239,092
|
|
|
|
52,674
|
|
|
|
2,019,775
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-financial private sector and foreign residents
|
|
|
512,311
|
|
|
|
27,908,295
|
|
|
|
12,322,113
|
|
|
|
11,244,077
|
|
|
|
12,270,971
|
|
|
|
16,758,463
|
|
|
|
22,362,248
|
|
|
|
103,378,478
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
512,311
|
|
|
|
29,060,249
|
|
|
|
12,899,895
|
|
|
|
12,115,008
|
|
|
|
12,798,382
|
|
|
|
17,269,751
|
|
|
|
22,645,354
|
|
|
|
107,300,950
|
|
This exhibit disclosoures contractual future cash
flows that included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
100
|
|
EXHIBIT F
SEPARATE CHANGE IN PROPERTY,
PLANT AND EQUIPMENT
AS OF JUNE 30, 2018
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
beginning
|
|
|
Useful
life
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value at
|
|
Item
|
|
of
fiscal
year
|
|
|
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
the
end
|
|
|
end
of the
period
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings
|
|
|
4,096,890
|
|
|
50
|
|
|
159,716
|
|
|
|
101,574
|
|
|
|
339,529
|
|
|
|
9,154
|
|
|
|
43,933
|
|
|
|
374,308
|
|
|
|
3,780,724
|
|
Furniture and facilities
|
|
|
339,327
|
|
|
10
|
|
|
10,800
|
|
|
|
951
|
|
|
|
126,282
|
|
|
|
|
|
|
|
16,418
|
|
|
|
142,700
|
|
|
|
206,476
|
|
Machinery and equipment
|
|
|
939,919
|
|
|
5
|
|
|
204,916
|
|
|
|
110,655
|
|
|
|
509,167
|
|
|
|
|
|
|
|
86,990
|
|
|
|
596,157
|
|
|
|
438,023
|
|
Vehicles
|
|
|
109,825
|
|
|
5
|
|
|
13,365
|
|
|
|
3,502
|
|
|
|
75,696
|
|
|
|
2,767
|
|
|
|
8,434
|
|
|
|
81,363
|
|
|
|
38,325
|
|
Work in progress
|
|
|
2,068,485
|
|
|
|
|
|
604,669
|
|
|
|
31,971
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,641,183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant
and equipment
|
|
|
7,554,446
|
|
|
|
|
|
993,466
|
|
|
|
248,653
|
|
|
|
1,050,674
|
|
|
|
11,921
|
|
|
|
155,775
|
|
|
|
1,194,528
|
|
|
|
7,104,731
|
|
SEPARATE CHANGE IN PROPERTY,
PLANT AND EQUIPMENT
AS OF DECEMBER 31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual
|
|
Item
|
|
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
the
end
|
|
|
value
at
end of the
fiscal year
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Buildings (1)
|
|
|
4,066,401
|
|
|
50
|
|
|
38,307
|
|
|
|
7,818
|
|
|
|
216,134
|
|
|
|
25,896
|
|
|
|
66,260
|
|
|
|
256,498
|
|
|
|
3,840,392
|
|
Furniture and facilities
|
|
|
302,023
|
|
|
10
|
|
|
37,304
|
|
|
|
|
|
|
|
94,493
|
|
|
|
|
|
|
|
31,789
|
|
|
|
126,282
|
|
|
|
213,045
|
|
Machinery and equipment
|
|
|
713,262
|
|
|
5
|
|
|
229,575
|
|
|
|
2,918
|
|
|
|
370,753
|
|
|
|
2,548
|
|
|
|
140,962
|
|
|
|
509,167
|
|
|
|
430,752
|
|
Vehicles
|
|
|
91,142
|
|
|
5
|
|
|
23,587
|
|
|
|
4,904
|
|
|
|
65,079
|
|
|
|
3,800
|
|
|
|
14,417
|
|
|
|
75,696
|
|
|
|
34,129
|
|
Work in progress
|
|
|
1,210,316
|
|
|
|
|
|
899,056
|
|
|
|
40,887
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,068,485
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total property, plant
and equipment
|
|
|
6,383,144
|
|
|
|
|
|
1,227,829
|
|
|
|
56,527
|
|
|
|
746,459
|
|
|
|
32,244
|
|
|
|
253,428
|
|
|
|
967,643
|
|
|
|
6,586,803
|
|
As of December 31, 2016, the deemed cost of the Bank´s
buildings amounted to 3,837,616 and the adjustment for this concept up to 3,081,894.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
101
|
|
EXHIBIT F
(Continued)
SEPARATE CHANGE IN INVESTMENT
PROPERTY
AS OF JUNE 30, 2018
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
beginning
|
|
|
Useful life
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value
at
|
|
Item
|
|
of
fiscal
year
|
|
|
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
the
end
|
|
|
end
of the
period
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others investment properties
|
|
|
1,935,289
|
|
|
50
|
|
|
296,544
|
|
|
|
517,551
|
|
|
|
15,611
|
|
|
|
1,736
|
|
|
|
2,733
|
|
|
|
16,608
|
|
|
|
1,697,674
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,935,289
|
|
|
|
|
|
296,544
|
|
|
|
517,551
|
|
|
|
15,611
|
|
|
|
1,736
|
|
|
|
2,733
|
|
|
|
16,608
|
|
|
|
1,697,674
|
|
SEPARATE CHANGE IN INVESTMENT
PROPERTY
AS OF DECEMBER 31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual
|
|
Item
|
|
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
the
end
|
|
|
value
at
end of the
fiscal year
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Others investment properties (1)
|
|
|
1,726,340
|
|
|
50
|
|
|
237,381
|
|
|
|
28,432
|
|
|
|
17,879
|
|
|
|
7,784
|
|
|
|
5,516
|
|
|
|
15,611
|
|
|
|
1,919,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,726,340
|
|
|
|
|
|
237,381
|
|
|
|
28,432
|
|
|
|
17,879
|
|
|
|
7,784
|
|
|
|
5,516
|
|
|
|
15,611
|
|
|
|
1,919,678
|
|
As of December 31, 2016, the deemed cost of the Bank´s
buildings amounted to 2,891,947 and the adjustment for this concept up to 2,353,159. Part of this adjustment is recorded on Property,
Plant and Equipment in Work in progress.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
102
|
|
EXHIBIT G
INDIVIDUAL CHANGE IN INTANGIBLE
ASSETS
AS OF JUNE 30, 2018
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
beginning
|
|
|
Useful life
|
|
|
|
|
|
|
|
Depreciation
for the period
|
|
|
Residual
value at
|
|
Item
|
|
of
fiscal
year
|
|
|
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
period
|
|
|
At
the
end
|
|
|
end
of the
period
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
312,484
|
|
|
5
|
|
|
74,080
|
|
|
|
6,064
|
|
|
|
163,527
|
|
|
|
|
|
|
|
22,510
|
|
|
|
186,037
|
|
|
|
194,463
|
|
Other intangible assets
|
|
|
1,361,934
|
|
|
5
|
|
|
51,946
|
|
|
|
|
|
|
|
718,353
|
|
|
|
206,790
|
|
|
|
123,733
|
|
|
|
635,296
|
|
|
|
778,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total intangible assets
|
|
|
1,674,418
|
|
|
|
|
|
126,026
|
|
|
|
6,064
|
|
|
|
881,880
|
|
|
|
206,790
|
|
|
|
146,243
|
|
|
|
821,333
|
|
|
|
973,047
|
|
INDIVIDUAL CHANGE IN INTANGIBLE
ASSETS
AS OF DECEMBER 31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Origination
Value at
|
|
|
|
|
|
|
|
|
|
|
Depreciation
for the fiscal year
|
|
|
Residual
|
|
Item
|
|
beginning
of fiscal
year
|
|
|
Useful
life
estimated
in years
|
|
Increases
|
|
|
Decreases
|
|
|
Accumulated
|
|
|
Decrease
|
|
|
Of
the
fiscal
year
|
|
|
At
the
end
|
|
|
value
at
end of the
fiscal year
|
|
Cost measurement
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill - Bussiness combination
|
|
|
20,609
|
|
|
|
|
|
35,596
|
|
|
|
56,205
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Licenses
|
|
|
161,335
|
|
|
5
|
|
|
151,289
|
|
|
|
140
|
|
|
|
54,331
|
|
|
|
2
|
|
|
|
43,400
|
|
|
|
97,729
|
|
|
|
214,755
|
|
Other intangible assets
|
|
|
1,023,323
|
|
|
5
|
|
|
645,135
|
|
|
|
306,524
|
|
|
|
515,675
|
|
|
|
156,867
|
|
|
|
359,545
|
|
|
|
718,353
|
|
|
|
643,581
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total investment property
|
|
|
1,205,267
|
|
|
|
|
|
832,020
|
|
|
|
362,869
|
|
|
|
570,006
|
|
|
|
156,869
|
|
|
|
402,945
|
|
|
|
816,082
|
|
|
|
858,336
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
103
|
|
EXHIBIT H
SEPARATE DEPOSIT CONCENTRATION
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017 AND 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
Number of customers
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
Outstanding
balance
|
|
|
% of total
portfolio
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 largest customers
|
|
|
12,510,721
|
|
|
|
7.58
|
|
|
|
8,879,036
|
|
|
|
6.69
|
|
|
|
6,187,859
|
|
|
|
6.04
|
|
50 next largest customers
|
|
|
8,652,470
|
|
|
|
5.24
|
|
|
|
6,701,842
|
|
|
|
5.05
|
|
|
|
6,415,928
|
|
|
|
6.26
|
|
100 next largest customers
|
|
|
5,455,304
|
|
|
|
3.31
|
|
|
|
4,617,386
|
|
|
|
3.48
|
|
|
|
3,954,135
|
|
|
|
3.86
|
|
Other customers
|
|
|
138,397,964
|
|
|
|
83.87
|
|
|
|
112,517,910
|
|
|
|
84.78
|
|
|
|
85,940,701
|
|
|
|
83.84
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
165,016,459
|
|
|
|
100.00
|
|
|
|
132,716,174
|
|
|
|
100.00
|
|
|
|
102,498,623
|
|
|
|
100.00
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
104
|
|
EXHIBIT I
SEPARATE BREAKDOWN OF FINANCIAL
LIABILITIES
FOR RESIDUAL TERMS
AS OF JUNE 30, 2018
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
140,149,530
|
|
|
|
20,509,748
|
|
|
|
3,975,160
|
|
|
|
1,585,970
|
|
|
|
77,468
|
|
|
|
10,231
|
|
|
|
166,308,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
12,712,722
|
|
|
|
985,836
|
|
|
|
264,634
|
|
|
|
18,165
|
|
|
|
29
|
|
|
|
|
|
|
|
13,981,386
|
|
From the financial sector
|
|
|
125,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
125,371
|
|
From the non-financial
private sector and foreign residents
|
|
|
127,311,437
|
|
|
|
19,523,912
|
|
|
|
3,710,526
|
|
|
|
1,567,805
|
|
|
|
77,439
|
|
|
|
10,231
|
|
|
|
152,201,350
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
28,425
|
|
|
|
2,825
|
|
|
|
2,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
34,151
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
1,831,112
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,831,112
|
|
Other financial liabilities
|
|
|
9,984,358
|
|
|
|
17,151
|
|
|
|
10,513
|
|
|
|
15,818
|
|
|
|
24,234
|
|
|
|
152,239
|
|
|
|
10,204,313
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from
the Central Bank of Argentina and other financial institutions
|
|
|
504,708
|
|
|
|
644,278
|
|
|
|
441,244
|
|
|
|
83,913
|
|
|
|
89,444
|
|
|
|
168,174
|
|
|
|
1,931,761
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
206,929
|
|
|
|
|
|
|
|
589,783
|
|
|
|
824,565
|
|
|
|
1,653,749
|
|
|
|
10,288,110
|
|
|
|
13,563,136
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
369,951
|
|
|
|
389,633
|
|
|
|
779,266
|
|
|
|
16,609,908
|
|
|
|
18,148,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
152,705,062
|
|
|
|
21,174,002
|
|
|
|
5,389,552
|
|
|
|
2,899,899
|
|
|
|
2,624,161
|
|
|
|
27,228,662
|
|
|
|
212,021,338
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
105
|
|
EXHIBIT I
(Continued)
SEPARATE BREAKDOWN OF FINANCIAL
LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2017
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
113,423,914
|
|
|
|
17,903,144
|
|
|
|
2,517,574
|
|
|
|
525,834
|
|
|
|
27,666
|
|
|
|
7,458
|
|
|
|
134,405,590
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
8,897,189
|
|
|
|
419,219
|
|
|
|
242,413
|
|
|
|
963
|
|
|
|
17,565
|
|
|
|
|
|
|
|
9,577,349
|
|
From the financial sector
|
|
|
81,357
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
81,357
|
|
From the non-financial private sector and
foreign residents
|
|
|
104,445,368
|
|
|
|
17,483,925
|
|
|
|
2,275,161
|
|
|
|
524,871
|
|
|
|
10,101
|
|
|
|
7,458
|
|
|
|
124,746,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities at fair value
through profit or loss
|
|
|
6,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6,450
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Derivative instruments
|
|
|
23,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23,107
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
2,688,093
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,688,093
|
|
Other financial liabilities
|
|
|
9,601,982
|
|
|
|
21,720
|
|
|
|
10,720
|
|
|
|
16,518
|
|
|
|
25,559
|
|
|
|
163,965
|
|
|
|
9,840,464
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from
the Central Bank of Argentina and other financial institutions
|
|
|
927,139
|
|
|
|
91,695
|
|
|
|
11,605
|
|
|
|
15,967
|
|
|
|
34,289
|
|
|
|
94,109
|
|
|
|
1,174,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
119,044
|
|
|
|
|
|
|
|
|
|
|
|
4,620,570
|
|
|
|
4,739,614
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
80,260
|
|
|
|
|
|
|
|
|
|
|
|
7,509,680
|
|
|
|
7,589,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
126,670,685
|
|
|
|
18,016,559
|
|
|
|
2,739,203
|
|
|
|
558,319
|
|
|
|
87,514
|
|
|
|
12,395,782
|
|
|
|
160,468,062
|
|
This exhibit disclosoures contractual future cash flows that
included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
106
|
|
EXHIBIT I
(Continued)
SEPARATE BREAKDOWN OF FINANCIAL
LIABILITIES
FOR RESIDUAL TERMS
AS OF DECEMBER 31, 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(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
|
|
|
86,801,634
|
|
|
|
15,016,867
|
|
|
|
1,669,383
|
|
|
|
311,924
|
|
|
|
8,678
|
|
|
|
3,413
|
|
|
|
103,811,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From the non-financial government sector
|
|
|
4,904,400
|
|
|
|
851,853
|
|
|
|
209,803
|
|
|
|
86,529
|
|
|
|
117
|
|
|
|
|
|
|
|
6,052,702
|
|
From the financial sector
|
|
|
55,860
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
55,860
|
|
From the non-financial private
sector and foreign residents
|
|
|
81,841,374
|
|
|
|
14,165,014
|
|
|
|
1,459,580
|
|
|
|
225,395
|
|
|
|
8,561
|
|
|
|
3,413
|
|
|
|
97,703,337
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo Transactions
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
1,095,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,095,634
|
|
Other financial liabilities
|
|
|
5,197,724
|
|
|
|
480,634
|
|
|
|
6,909
|
|
|
|
6,868
|
|
|
|
10,826
|
|
|
|
147,157
|
|
|
|
5,850,118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing received from
the Central Bank of Argentina and other financial institutions
|
|
|
85,690
|
|
|
|
49,164
|
|
|
|
90,378
|
|
|
|
14,207
|
|
|
|
9,867
|
|
|
|
12,780
|
|
|
|
262,086
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued corporate bonds
|
|
|
|
|
|
|
1,758,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,758,053
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subordinated corporate bonds
|
|
|
|
|
|
|
|
|
|
|
213,978
|
|
|
|
213,978
|
|
|
|
427,955
|
|
|
|
9,763,723
|
|
|
|
10,619,634
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
93,180,682
|
|
|
|
17,304,718
|
|
|
|
1,980,648
|
|
|
|
546,977
|
|
|
|
457,326
|
|
|
|
9,927,073
|
|
|
|
123,397,424
|
|
This exhibit disclosoures contractual future cash
flows that included interests and accesories to be accrued until maturity of the contracts.
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
107
|
|
EXHIBIT J
SEPARATE CHANGES IN PROVISIONS
AS OF JUNE 30, 2018 AND DECEMBER
31, 2017 AND 2016
(Translation of Financial statements
originally issued in Spanish - See Note 34)
(Figures stated in thousands
of pesos)
|
|
Balances at
beginning of
|
|
|
|
|
|
Decreases
|
|
|
|
|
|
|
|
|
|
|
Breakdown
|
|
fiscal year
|
|
|
Increases
|
|
|
Charge off
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For Administrative, disciplinary and criminal sanctions
|
|
|
718
|
|
|
|
|
|
|
|
|
|
|
|
718
|
|
|
|
718
|
|
|
|
9,110
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
595,277
|
|
|
|
317,921
|
|
|
|
234,096
|
|
|
|
679,102
|
|
|
|
595,277
|
|
|
|
242,256
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Provisions
|
|
|
595,995
|
|
|
|
317,921
|
|
|
|
234,096
|
|
|
|
679,820
|
|
|
|
595,995
|
|
|
|
251,366
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
108
|
|
EXHIBIT K
SEPARATE COMPOSITION OF CAPITAL STOCK
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
Shares
|
|
Capital stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face
|
|
Votes per
|
|
Issued
|
|
|
|
|
Class
|
|
Stock number
|
|
|
Value
|
|
share
|
|
Outstanding
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
1
|
|
5
|
|
|
11,236
|
|
|
|
11,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock B
|
|
|
658,427,351
|
|
|
1
|
|
1
|
|
|
658,427
|
|
|
|
658,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
669,663,021
|
|
|
|
|
|
|
|
669,663
|
|
|
|
669,663
|
|
SEPARATE COMPOSITION OF CAPITAL STOCK
AS OF DECEMBER 31, 2017
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
Shares
|
|
Capital stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Face
|
|
Votes per
|
|
Issued
|
|
|
|
|
Class
|
|
Stock number
|
|
|
Value
|
|
share
|
|
Outstanding
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
1
|
|
5
|
|
|
11,236
|
|
|
|
11,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock B
|
|
|
658,427,351
|
|
|
1
|
|
1
|
|
|
658,427
|
|
|
|
658,427
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
669,663,021
|
|
|
|
|
|
|
|
669,663
|
|
|
|
669,663
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
109
|
|
EXHIBIT K
(Continued)
SEPARATE COMPOSITION OF CAPITAL STOCK
AS OF DECEMBER 31, 2016
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
Shares
|
|
Capital stock
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Votes per
|
|
Issued
|
|
|
|
|
Class
|
|
Stock number
|
|
|
Face Value
|
|
share
|
|
Outstanding
|
|
|
Paid in
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock A
|
|
|
11,235,670
|
|
|
1
|
|
5
|
|
|
11,236
|
|
|
|
11,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Registered common stock B
|
|
|
573,327,358
|
|
|
1
|
|
1
|
|
|
573,327
|
|
|
|
573,327
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
584,563,028
|
|
|
|
|
|
|
|
584,563
|
|
|
|
584,563
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
110
|
|
EXHIBIT L
SEPARATE FOREIGN CURRENCY BALANCES
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
Total Parent
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
company and
|
|
|
Total per currency
|
|
|
|
|
|
|
|
Items
|
|
local branches
|
|
|
US dollar
|
|
|
Euro
|
|
|
Real
|
|
|
Other
|
|
|
Total
|
|
|
Total
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and deposits in banks
|
|
|
25,836,890
|
|
|
|
25,650,053
|
|
|
|
127,618
|
|
|
|
18,821
|
|
|
|
40,398
|
|
|
|
19,751,378
|
|
|
|
20,074,325
|
|
Debt securities at fair value through profit or loss
|
|
|
201,875
|
|
|
|
201,875
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
50,860
|
|
|
|
12,734
|
|
Other financial assets
|
|
|
1,024,014
|
|
|
|
1,024,013
|
|
|
|
|
|
|
|
|
|
|
|
1
|
|
|
|
681,269
|
|
|
|
333,169
|
|
Loans an other financing
|
|
|
27,657,354
|
|
|
|
27,657,354
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,651,478
|
|
|
|
10,105,068
|
|
Other financial institutions
|
|
|
254,735
|
|
|
|
254,735
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
175,116
|
|
|
|
94,834
|
|
From the non-financial private sector and
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign residents
|
|
|
27,402,619
|
|
|
|
27,402,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18,476,362
|
|
|
|
10,010,234
|
|
Other debt securities
|
|
|
66,600
|
|
|
|
66,600
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
46,482
|
|
|
|
937,900
|
|
Financial assets delivered as guarantee
|
|
|
572,580
|
|
|
|
572,580
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
240,882
|
|
|
|
95,174
|
|
Investments in equity instruments
|
|
|
5,927
|
|
|
|
5,927
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,002
|
|
|
|
3,578
|
|
Investments in subsidieries, associates and joint ventures
|
|
|
1,124,246
|
|
|
|
1,124,246
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
912,766
|
|
|
|
823,876
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets
|
|
|
56,489,486
|
|
|
|
56,302,648
|
|
|
|
127,618
|
|
|
|
18,821
|
|
|
|
40,399
|
|
|
|
40,339,117
|
|
|
|
32,385,824
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
|
|
46,141,940
|
|
|
|
46,141,940
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29,799,489
|
|
|
|
21,793,774
|
|
Non-financial government sector
|
|
|
2,460,707
|
|
|
|
2,460,707
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3,794,318
|
|
|
|
536,942
|
|
Financial sector
|
|
|
77,408
|
|
|
|
77,408
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,895
|
|
|
|
27,972
|
|
Non-financial private sector and foreign residents
|
|
|
43,603,825
|
|
|
|
43,603,825
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25,959,276
|
|
|
|
21,228,860
|
|
Other financial liabilities
|
|
|
1,963,221
|
|
|
|
1,896,731
|
|
|
|
63,388
|
|
|
|
|
|
|
|
3,102
|
|
|
|
1,182,283
|
|
|
|
876,089
|
|
Financing from BCRA and other financial Institutions
|
|
|
1,180,106
|
|
|
|
1,180,106
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
887,321
|
|
|
|
131,361
|
|
Issued corporate bonds
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,745,851
|
|
Subordinated corporate bonds
|
|
|
11,646,217
|
|
|
|
11,646,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7,565,759
|
|
|
|
6,376,537
|
|
Other non-financial liabilities
|
|
|
22,022
|
|
|
|
22,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
45,920
|
|
|
|
61
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
60,953,506
|
|
|
|
60,887,016
|
|
|
|
63,388
|
|
|
|
|
|
|
|
3,102
|
|
|
|
39,480,772
|
|
|
|
30,923,673
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
111
|
|
EXHIBIT O
SEPARATE DERIVATIVE FINANCIAL INSTRUMENTS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
Type of
contract
|
|
Purpose of the
transactions
performed
|
|
Underlying
asset
|
|
Type of settlement
|
|
Negotiation environment or
counter-party
|
|
Originally
agreed
weighted
monthly
average term
|
|
Residual
weighted
monthly
average
term
|
|
Weighted
daily
average term
settlement of
differences
|
|
Amount
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
MAE (over-the-counter
electronic market)
|
|
1
|
|
1
|
|
1
|
|
|
658,347
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Futures
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Daily settlement of differences
|
|
ROFEX (over-the-counter
electronic market) electronic market)
|
|
2
|
|
2
|
|
1
|
|
|
821,073
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Forward
|
|
Intermediation
- own account
|
|
Foreign currency
|
|
Maturity settlement of differences
|
|
Over The Counter - Residents
in Argentina - Non-financial sector
|
|
3
|
|
2
|
|
30
|
|
|
1,030,573
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Options
|
|
Intermediation
- own account
|
|
Other
|
|
With delivery of underlying asset
|
|
Over The Counter - Residents in Argentina - Non-financial sector
|
|
12
|
|
5
|
|
|
|
|
199,146
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Repo transactions
|
|
Intermediation
- own account
|
|
Federal government securities
|
|
With delivery of underlying asset
|
|
Other markets in the country
|
|
1
|
|
1
|
|
|
|
|
2,212,252
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
112
|
|
EXHIBIT Q
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Net financial Income/
Expense
|
|
|
|
Obligatory 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 profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from government securities
|
|
|
35,589
|
|
|
|
84,963
|
|
Profit or loss from private securities
|
|
|
3,554
|
|
|
|
22,335
|
|
Profit or loss investment in derivative financing instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(3,841
|
)
|
|
|
|
|
Profit or loss from other financial assets
|
|
|
12,272
|
|
|
|
28,330
|
|
From investment in equity instruments
|
|
|
1,962
|
|
|
|
6,115
|
|
Loss (Profit) from sold assets liabilities at fair value
|
|
|
(128,587
|
)
|
|
|
(39,616
|
)
|
Profit or loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(5,970
|
)
|
|
|
(5,970
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
(85,021
|
)
|
|
|
96,157
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
113
|
|
EXHIBIT Q
(Continued)
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Net financial Income/
Expense
|
|
Interest and adjustment for the aplication of the efective 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 government securities
|
|
|
27,090
|
|
|
|
30,127
|
|
For debt securities
|
|
|
49,753
|
|
|
|
100,021
|
|
For loans and other financing
|
|
|
|
|
|
|
|
|
Financial sector
|
|
|
339,001
|
|
|
|
556,438
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
955,080
|
|
|
|
1,729,824
|
|
Mortgage loans
|
|
|
730,301
|
|
|
|
1,264,292
|
|
Pledge loans
|
|
|
138,444
|
|
|
|
282,855
|
|
Personal loans
|
|
|
4,113,855
|
|
|
|
7,893,947
|
|
Credit cards
|
|
|
1,425,203
|
|
|
|
2,669,474
|
|
Financial leases
|
|
|
34,275
|
|
|
|
68,542
|
|
Other
|
|
|
1,662,667
|
|
|
|
3,165,445
|
|
Foreign residents
|
|
|
|
|
|
|
|
|
for repo transactions
|
|
|
|
|
|
|
|
|
Cental Bank of Argentina
|
|
|
7,068
|
|
|
|
21,248
|
|
Other financial institutions
|
|
|
38,698
|
|
|
|
58,244
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
9,523,426
|
|
|
|
17,845,409
|
|
|
|
|
|
|
|
|
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
from deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
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
|
|
|
|
5,331
|
|
for issued corporate bonds
|
|
|
422,246
|
|
|
|
623,074
|
|
for subordinated corporate bonds
|
|
|
174,356
|
|
|
|
313,406
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
4,206,052
|
|
|
|
7,343,191
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
114
|
|
EXHIBIT Q
(Continued)
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2018
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
|
Other comprehensive income
|
|
Interest and adjustment for the aplication of the efective 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
|
|
|
3,060,349
|
|
|
|
5,124,065
|
|
|
|
(33,092
|
)
|
|
|
(88,570
|
)
|
Total
|
|
|
3,060,349
|
|
|
|
5,124,065
|
|
|
|
(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
|
|
|
1,852,099
|
|
|
|
3,474,039
|
|
|
|
|
|
|
|
|
|
Commissions related to credits
|
|
|
24,315
|
|
|
|
41,424
|
|
|
|
|
|
|
|
|
|
Commissions related to loans commiments and financial guarantees
|
|
|
45
|
|
|
|
453
|
|
|
|
|
|
|
|
|
|
Commissions related to securities value
|
|
|
25,366
|
|
|
|
47,098
|
|
|
|
|
|
|
|
|
|
Commissions related to trading and foreign Exchange transactions
|
|
|
50,804
|
|
|
|
92,178
|
|
|
|
|
|
|
|
|
|
|
|
|
1,952,629
|
|
|
|
3,655,192
|
|
|
|
|
|
|
|
|
|
|
|
Income for the
period
|
|
|
|
|
|
|
|
|
|
Commissions Expense
|
|
Quarter ended
06/30/2018
|
|
|
Accumulated
from beginning
of period up to
06/30/2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to transactions to debt securities
|
|
|
76
|
|
|
|
208
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
187,150
|
|
|
|
344,634
|
|
|
|
|
|
|
|
|
|
|
|
|
187,226
|
|
|
|
344,842
|
|
|
|
|
|
|
|
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
115
|
|
EXHIBIT Q
(Continued)
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ Expense
|
|
|
|
Obligatory measurement
|
|
Items
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
For measurement of financial assets at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from government securities
|
|
|
80,121
|
|
|
|
80,121
|
|
Profit or loss from private securities
|
|
|
466
|
|
|
|
|
|
Profit or loss from other financial assets
|
|
|
9,318
|
|
|
|
12,316
|
|
Loss (Profit) from sold assets at fair value
|
|
|
(218
|
)
|
|
|
5,278
|
|
For measurement of financial liabilities at fair value through profit or loss
|
|
|
|
|
|
|
|
|
Profit or loss from derivative financial instruments
|
|
|
|
|
|
|
|
|
Fowards transactions
|
|
|
(6,522
|
)
|
|
|
(14,667
|
)
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
83,165
|
|
|
|
83,048
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
116
|
|
EXHIBIT Q
(Continued)
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Net financial Income/ Expense
|
|
Interest and adjustment for the aplication of the efective interest rate of financial assets
measured at amortized cost
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from
beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
|
|
For cash and bank deposits
|
|
|
772
|
|
|
|
899
|
|
For private securities
|
|
|
49,841
|
|
|
|
114,789
|
|
Financial sector
|
|
|
97,780
|
|
|
|
197,154
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
618,336
|
|
|
|
1,266,943
|
|
Mortgage loans
|
|
|
180,576
|
|
|
|
347,769
|
|
Pledge loans
|
|
|
112,511
|
|
|
|
215,994
|
|
Personal loans
|
|
|
2,810,359
|
|
|
|
5,406,313
|
|
Credit cards
|
|
|
989,957
|
|
|
|
1,964,639
|
|
Financial leases
|
|
|
24,883
|
|
|
|
46,333
|
|
Other
|
|
|
962,709
|
|
|
|
1,857,545
|
|
for repo transactions
|
|
|
|
|
|
|
|
|
Cental Bank of Argentina
|
|
|
33,924
|
|
|
|
431,805
|
|
Other financial institutions
|
|
|
6,054
|
|
|
|
13,642
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
5,887,702
|
|
|
|
11,863,825
|
|
|
|
|
|
|
|
|
|
|
Interest expenses
|
|
|
|
|
|
|
|
|
From deposits
|
|
|
|
|
|
|
|
|
Non-financial private sector
|
|
|
|
|
|
|
|
|
Saving accounts
|
|
|
24,992
|
|
|
|
47,902
|
|
Time deposits and investments accounts
|
|
|
1,942,239
|
|
|
|
3,846,954
|
|
for Financing received from Central Bank of Argentina and other financial institutions
|
|
|
8,379
|
|
|
|
14,475
|
|
for repo transactions
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
10,981
|
|
|
|
30,215
|
|
for other financial liabilities
|
|
|
1,886
|
|
|
|
15,007
|
|
for issued corporate bonds
|
|
|
90,201
|
|
|
|
90,201
|
|
for subordinated corporate bonds
|
|
|
99,229
|
|
|
|
210,550
|
|
|
|
|
|
|
|
|
|
|
Total
|
|
|
2,177,907
|
|
|
|
4,255,304
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
117
|
|
EXHIBIT Q
(Continued)
SEPARATE BREAKDOWN OF PROFIT OR LOSS
AS OF JUNE 30, 2017
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Income for the period
|
|
|
Other comprehensive income
|
|
Interest and adjustment for the aplication of the efective interest rate of financial assets measured at fair value through other comprehensive income
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From debt government securities
|
|
|
1,138,842
|
|
|
|
1,866,541
|
|
|
|
(9,258
|
)
|
|
|
3,952
|
|
Total
|
|
|
1,138,842
|
|
|
|
1,866,541
|
|
|
|
(9,258
|
)
|
|
|
3,952
|
|
|
|
Income for the period
|
|
|
|
|
|
|
|
|
|
Commissions income
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to obligations
|
|
|
1,455,441
|
|
|
|
2,723,096
|
|
|
|
|
|
|
|
|
|
Commissions related to credits
|
|
|
35,985
|
|
|
|
53,929
|
|
|
|
|
|
|
|
|
|
Commissions related to loans commiment and financial guarantees
|
|
|
1,148
|
|
|
|
1,663
|
|
|
|
|
|
|
|
|
|
Commissions related to securities value
|
|
|
16,568
|
|
|
|
27,381
|
|
|
|
|
|
|
|
|
|
Commissions related to transactions trade and foreign Exchange transactions
|
|
|
37,088
|
|
|
|
69,527
|
|
|
|
|
|
|
|
|
|
|
|
|
1,546,230
|
|
|
|
2,875,596
|
|
|
|
|
|
|
|
|
|
|
|
Income for the period
|
|
|
|
|
|
|
|
|
|
Commissions Expense
|
|
Quarter ended
06/30/2017
|
|
|
Accumulated
from beginning
of period up to
06/30/2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commissions related to transactions to debt securities
|
|
|
25
|
|
|
|
25
|
|
|
|
|
|
|
|
|
|
Other
|
|
|
152,373
|
|
|
|
290,332
|
|
|
|
|
|
|
|
|
|
|
|
|
152,398
|
|
|
|
290,357
|
|
|
|
|
|
|
|
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
118
|
|
EXHIBIT R
VALUE CORRECTION FOR CREDIT LOSSES -
SEPARATES ALLOWANCES FOR UNCOLLECTIBILITY RISK
AS OF JUNE 30, 2018 AND DECEMBER 31,
2017 AND 2016
(Translation of Financial statements originally
issued in Spanish - See Note 34)
(Figures stated in thousands of pesos)
|
|
Balances
at
beginning
of the
|
|
|
|
|
|
Decreases
|
|
|
|
|
|
|
|
|
|
|
Item
|
|
fiscal
year
|
|
|
Increases
|
|
|
Reversals
|
|
|
Charge
off
|
|
|
06/30/2018
|
|
|
12/31/2017
|
|
|
12/31/2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial assets
|
|
|
4,916
|
|
|
|
981
|
|
|
|
|
|
|
|
1,231
|
|
|
|
4,666
|
|
|
|
4,916
|
|
|
|
4,147
|
|
Loans and other financing
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other financial institutions
|
|
|
31,251
|
|
|
|
123
|
|
|
|
4,701
|
|
|
|
|
|
|
|
26,673
|
|
|
|
31,251
|
|
|
|
17,256
|
|
To the non-financial
private sector and foreign residents
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Overdrafts
|
|
|
138,311
|
|
|
|
60,260
|
|
|
|
6,074
|
|
|
|
22,544
|
|
|
|
169,953
|
|
|
|
138,311
|
|
|
|
133,644
|
|
Documents
|
|
|
200,750
|
|
|
|
70,533
|
|
|
|
646
|
|
|
|
14,794
|
|
|
|
255,843
|
|
|
|
200,750
|
|
|
|
123,881
|
|
Mortgage
loans
|
|
|
146,296
|
|
|
|
88,138
|
|
|
|
12,007
|
|
|
|
8,634
|
|
|
|
213,793
|
|
|
|
146,296
|
|
|
|
70,570
|
|
Pledge
loans
|
|
|
73,070
|
|
|
|
8,759
|
|
|
|
3,681
|
|
|
|
19,041
|
|
|
|
59,107
|
|
|
|
73,070
|
|
|
|
40,717
|
|
Personal
loans
|
|
|
1,055,897
|
|
|
|
613,616
|
|
|
|
267
|
|
|
|
324,951
|
|
|
|
1,344,295
|
|
|
|
1,055,897
|
|
|
|
683,837
|
|
Credit
cards
|
|
|
557,682
|
|
|
|
257,777
|
|
|
|
896
|
|
|
|
124,574
|
|
|
|
689,989
|
|
|
|
557,682
|
|
|
|
406,779
|
|
Financial
leases
|
|
|
6,487
|
|
|
|
87
|
|
|
|
873
|
|
|
|
|
|
|
|
5,701
|
|
|
|
6,487
|
|
|
|
3,994
|
|
Other
|
|
|
260,558
|
|
|
|
100,277
|
|
|
|
919
|
|
|
|
50,330
|
|
|
|
309,586
|
|
|
|
260,558
|
|
|
|
182,075
|
|
Other debt securities
|
|
|
|
|
|
|
2,888
|
|
|
|
|
|
|
|
|
|
|
|
2,888
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total of allowances
|
|
|
2,475,218
|
|
|
|
1,203,439
|
|
|
|
30,064
|
|
|
|
566,099
|
|
|
|
3,082,494
|
|
|
|
2,475,218
|
|
|
|
1,666,900
|
|
|
|
Delfin Jorge Ezequiel Carballo
Chairman
|
|
119
|
|
REVIEW REPORT ON CONDENSED CONSOLIDATED
INTERIM-PERIOD FINANCIAL STATEMENTS
To the Directors of
BANCO MACRO S.A.
Registered office: Sarmiento 447
City of Buenos Aires
|
I.
|
Report on the financial statements
|
Introduction
|
1.
|
We have reviewed the accompanying condensed consolidated interim financial statements of BANCO
MACRO S.A. (“the Bank”), and its subsidiaries which comprise: (a) the consolidated balance sheet as of June 30, 2018,
(b) the consolidated statements of income and other comprehensive income for the three and six months periods ended June 30, 2018
and the statement of 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 Management
and Board of Directors in connection with the financial statements
|
2.
|
The Bank’s Management and Board of Directors are
responsible for the preparation and presentation of the consolidated financial statements in accordance with the accounting framework
established by the BCRA (Central Bank of Argentina), which, as mentioned in Note 3. to the accompanying financial statements,
are based on the International Financial Reporting Standards (“IFRS”), and in particular for the condensed interim
financial statements in the International Accounting Standard 34 "Intermediate Financial Reporting", as those standards
were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine Federation of Professionals
Councils in Economic Sciences (FACPCA for its Spanish acronym) and with the only exception of section 5.5. "Impairment"
of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA from the accounting framework applicable
to financial institutions. The Bank’s Management and Board of Directors and are also responsible for performing the internal
control procedures that they may deem necessary to allow for the preparation of consolidated financial information of interim-period
that are free from material misstatements, either 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 of the Argentine Federation of Professional Councils
in Economic Sciences Technical Resolution 37 and with the “Minimum external auditing standards” issued by the BCRA,
applicable to the review of interim period financial statements, and in compliance with the ethical requirements relevant to the
audit of the Bank’s annual financial statements. A review of interim period financial statements consists of making inquiries,
mainly of 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.
|
Emphasis on certain aspects disclosed
in the financial statements and other issues
|
5.
|
We draw attention to the information contained in the following note 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
“Preparation basis - Applicable Accounting Standards”, in which the Bank indicates is in the process of
determining and quantifying the effect on the financial statements of the application of section 5.5 "Impairment”
of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA of the accounting framework
applicable to financial institutions. This issue does not change the conclusion expressed in paragraph 4., but must be taken
into account by those users who use IFRS for the interpretation of the accompanying financial statements.
(b) Note
3. “ Basis for the preparation of these financial statements and applicable accounting standards”, section ”Preparation
basis - Applicable Accounting Standards”, in which the Bank indicates that the items and figures contained in these reconciliations
may be subject to change and they may only be considered final when preparing the annual financial statements for the 2018. This
issue does not change the conclusion expressed in paragraph 4.
|
6.
|
As further explained in Note 36. to the accompanying condensed consolidated interim financial statements,
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 issues
|
7.
|
We have issued a separate report on the condensed separate interim financial statements of BANCO
MACRO S.A. on the same date and for the same period mentioned in paragraph 1.
|
|
II.
|
Report on other legal and regulatory requirements
|
|
8.
|
In compliance with current legal requirements, we report that:
|
|
a)
|
The financial statements mentioned in paragraph 1., as
mentioned in Note 3. to them, are in process of being transcribed into the financial statements book 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 General Associations Law provisions and the
CNV (Argentine Securities Commission) regulations.
|
|
b)
|
The condensed separate interim financial statements of BANCO MACRO S.A. as of June 30, 2018 arise
from the accounting books kept, in all formal respects, pursuant to current legal requirements.
|
|
c)
|
As of June 30, 2018, the liabilities accrued in employee and employer contributions to the Integrated
Pension Fund System, as recorded in BANCO MACRO S.A. books, amounted to Ps. 137,588,817, none of which was due as of that date.
|
City of Buenos Aires,
August 22, 2018
|
PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
|
|
C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
|
|
|
|
NORBERTO M. NACUZZI
|
|
Partner
|
|
Certified Public Accountant (U.B.A.)
|
|
C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142
|
REVIEW REPORT ON CONDENSED SEPARATE
INTERIM-PERIOD FINANCIAL STATEMENTS
To the Directors of
BANCO MACRO S.A.
Registered office: Sarmiento 447
City of Buenos Aires
|
III.
|
Report on the financial statements
|
Introduction
|
9.
|
We have reviewed the accompanying condensed separate interim financial statements of BANCO MACRO
S.A. (“the Bank”), which comprise: (a) the separate balance sheet as of June 30, 2018, (b) the separate statements
of income and other comprehensive income for the three and six months periods ended June 30, 2018 and the statement of 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 Management
and Board of Directors in connection with the financial statements
|
10.
|
The Bank’s Management and Board of Directors are
responsible for the preparation and presentation of the separate financial statements in accordance with the accounting framework
established by the BCRA (Central Bank of Argentina), which, as mentioned in Note 3. to the accompanying financial statements,
are based on the International Financial Reporting Standards (“IFRS”), and in particular for the condensed interim
financial statements in the International Accounting Standard 34 "Intermediate Financial Reporting", as those standards
were issued by the International Accounting Standards Board ("IASB") and adopted by the Argentine Federation of Professionals
Councils in Economic Sciences (FACPCA for its Spanish acronym) and with the only exception of section 5.5. "Impairment"
of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA from the accounting framework applicable
to financial institutions. The Bank’s Management and Board of Directors and are also responsible for performing the internal
control procedures that they may deem necessary to allow for the preparation of financial information of interim-period that are
free from material misstatements, either due to errors or irregularities.
|
Auditor’s responsibility
|
11.
|
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 of the Argentine Federation of Professional Councils
in Economic Sciences Technical Resolution 37 and with the “Minimum external auditing standards” issued by the BCRA,
applicable to the review of interim period financial statements, and in compliance with the ethical requirements relevant to the
audit of the Bank’s annual financial statements. A review of interim period financial statements consists of making inquiries,
mainly of 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
|
12.
|
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.
|
Emphasis on certain aspects disclosed
in the financial statements and other issues
|
13.
|
We draw attention to the information contained in the following note to the 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
indicates is in the process of determining and quantifying the effect on the financial statements of the application of section
5.5 "Impairment” of IFRS 9 "Financial Instruments", which was temporarily excluded by the BCRA of the accounting
framework applicable to financial institutions. This issue does not change the conclusion expressed in paragraph 4., but must be
taken into account by those users who use IFRS for the interpretation of the accompanying financial statements.
(b) Note
3. “ Basis for the preparation of these financial statements and applicable accounting standards”, in which the Bank
indicates that the items and figures contained in these reconciliations may be subject to change and they may only be considered
final when preparing the annual financial statements for the 2018. This issue does not change the conclusion expressed in paragraph
4.
|
14.
|
As further explained in Note 34. to the accompanying condensed separate interim financial statements,
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 issues
|
15.
|
We have issued a separate report on the condensed consolidated interim financial statements of
BANCO MACRO S.A. and its subsidiaries on the same date and for the same period mentioned in paragraph 1.
|
|
IV.
|
Report on other legal and regulatory requirements
|
|
16.
|
In compliance with current legal requirements, we 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 General Associations Law provisions and the CNV (Argentine Securities Commission) regulations.
|
|
b)
|
The financial statements mentioned in paragraph 1. as mentioned in Note 3. to them, are in progress
of being transcribed to the “Inventory and Financial Statements” Books 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, 2018, the liabilities accrued in employee and employer contributions to the Integrated
Pension Fund System, as recorded in the Bank’s books, amounted to Ps. 137,588,817, none of which was due as of that date.
|
|
d)
|
As of June 30, 2018, as stated in Note 24. to the financial statements mentioned in paragraph 1.,
the Bank carries shareholder´s equity and offsetting eligible assets that exceed the minimum amounts required by applicable
CNV regulations for these items.
|
City of Buenos Aires,
August 22, 2018
|
PISTRELLI, HENRY MARTIN Y ASOCIADOS S.R.L.
|
|
C.P.C.E.C.A.B.A. Vol. 1 – Fo. 13
|
|
|
|
NORBERTO M. NACUZZI
|
|
Partner
|
|
Certified Public Accountant (U.B.A.)
|
|
C.P.C.E.C.A.B.A. Vol. 196 – Fo. 142
|