EX-99.1

EX-99.1 2 d488170dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

LOGO

FOR IMMEDIATE RELEASE

For more information contact:

Jose Luis Gentile

Chief Financial Officer

Telefax: (5411) 4343-7528

investorelations@gfgsa.com

www.gfgsa.com

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR ITS

FOURTH QUARTER AND FISCAL YEAR ENDED DECEMBER 31, 2012

Buenos Aires, Argentina, February 15, 2013 – Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia”, “GFG”) (Buenos Aires Stock Exchange: GGAL /NASDAQ: GGAL) announced its consolidated financial results for the fourth quarter ended December 31, 2012.

NET INCOME FOR THE FISCAL YEAR ENDED DECEMBER 31, 2012

•

Net income for the fiscal year ended December 31, 2012, amounted to Ps. 1,336.2 million or Ps. 1.076 per share, equivalent to Ps. 10.76 per ADS.

•

During the same period, Banco de Galicia y Buenos Aires (the “Bank”) recorded a Ps. 1,301.1 million net income.

NET INCOME FOR THE QUARTER ENDED DECEMBER 31, 2012

•

Net income for the fourth quarter ended December 31, 2012, amounted to Ps. 368.2 million or Ps. 0.297 per share, equivalent to Ps. 2.97 per ADS.

•

This result was mainly attributable to the income derived from our interest in the Bank (Ps. 343.0 million), in Sudamericana Holding S.A. (Ps. 28.0 million) and from deferred tax adjustments (Ps. 11.8 million) partially offset by administrative and financial expenses of Ps. 16.9 million.

•

During the fourth quarter ended December 31, 2012, the Bank recorded a net income of Ps. 361.3 million, higher than the Ps. 359.0 million corresponding to the fourth quarter of FY 2011.

•

As of December 31, 2012, the Bank’s market share of loans to the private sector was 9.05%. The Bank’s market share of deposits from the private sector was 9.12%.


Press Release *\| 4°* *Q 2012*		Grupo Financiero \| *Galicia S.A.* 1

•

The table below shows results per share based on Grupo Financiero Galicia’s financial statements.


	In pesos
	FY 2012		FY 2011
	4^thQ.		4^thQ.		Twelve months ended at:
Earnings per Share	12/31/12		12/31/11		12/31/12		12/31/11
Total Average Shares (in thousands)		1,241,407		1,241,407		1,241,407		1,241,407
Total Shares Outstanding (in thousands)		1,241,407		1,241,407		1,241,407		1,241,407
Book Value per Share		3.923		2.861		3.923		2.861
Book Value per ADS (1 ADS = 10 ordinary shares)		39.230		28.610		39.230		28.610
Earnings per Share		0.297		0.286		1.076		0.892
Earnings per ADS (1 ADS = 10 ordinary shares)		2.970		2.860		10.760		8.920

•

Grupo Financiero Galicia’s net income for the quarter represents an annualized return of 2.76% on average assets and of 31.57% on average shareholders’ equity.

Percentages

FY 2012

FY 2011

4^th Q.

Twelve months ended at:

Profitability

12/31/12

12/31/11

12/31/12

12/31/11

Return on Average Assets (Annualized)

2.76

3.47

2.80

3.07

Return on Average Shareholders Equity (Annualized)

31.57

42.38

32.12

37.39

•

The table below shows Grupo Financiero Galicia’s income statement on a non consolidated basis, which includes the elimination of transactions with controlled companies.


	In millions of pesos
	Twelve months ended at:
GFG Income Statement (non consolidated)	12/31/12			12/31/11
Income from equity investments		1,396.9			1,153.1
Administrative expenses		(23.3	)		(20.0	)
Net other income		(1.7	)		6.5
Net financial income		(35.7	)		(31.8	)
Income tax		0.0			(0.9	)
Net income for the year		1,336.2			1,106.9


2 Grupo Financiero \| *Galicia S.A.*		Press Release *\| 4°* *Q 2012*


	In millions of pesos
	FY 2012
	4^thQ.			3^rdQ.			Twelve months ended at:
Net Income by Business	12/31/12			09/30/12			12/31/12			12/31/11
Income from stake in Banco Galicia (94.9%)		343.0			323.1			1,235.2			1,050.1
Income from stake in Sudamericana Holding (87.5%)		28.0			30.0			101.4			81.4
Income from stake in Compañía Financiera Argentina (3%)		1.7			2.0			6.4			2.3
Income from stake in other companies		0.6			4.1			4.9			(1.2	)
Deferred tax adjustment in Banco Galicia’s subsidiaries		11.8			6.7			50.4			20.1
Other Income GFG		(16.9	)		(18.7	)		(62.1	)		(44.9	)
Income tax		—			—			—			(0.9	)
Net Income for the period		368.2			347.2			1,336.2			1,106.9

NET INCOME BY BUSINESS

•

“Income from stake in other companies” includes the results from our interests in Net Investment S.A., Galicia Warrants S.A, G.V. Mandataria de Valores S.A. and Galval Agente de Valores S.A.

•

“Deferred tax Adjustment” shows the income tax charge determined by the Bank’s subsidiaries in accordance with the deferred tax method. This adjustment was not made in the Bank’s financial statements because Argentine Central Bank regulations do not contemplate the application of the deferred tax method.

•

“Other income GFG” for the fourth quarter ended December 31, 2012 mainly includes Ps. 7.4 million of administrative expenses and Ps. 10.2 million of financial expenses.

•

“Income from Insurance Activities” included in the consolidated Income Statement, which includes premiums net of claims and production costs. The other results (financial, administrative and taxes) were consolidated in the corresponding accounts.


Press Release *\| 4°* *Q 2012*		Grupo Financiero \| *Galicia S.A.* 3

CONFERENCE CALL

On Tuesday, February 19, 2013, at 11:00 A.M. Eastern Standard Time (13:00 PM Buenos Aires Time), GFG will host a conference call to review this results.

The call-in number is: 719-325-2402—Passcode: 4540518.

This report is a summary analysis of the Grupo Financiero Galicia’s financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with the Bank’s press release (www.bancogalicia.com.ar) and GFG’s financial statements, as well as with all other material periodically filed with the Comisión Nacional de Valores (www.cnv.gob.ar), Securities and Exchange Commission (www.sec.gov), Bolsa de Comercio de Buenos Aires (www.bolsar.com.ar), Bolsa de Comercio de Córdoba and Nasdaq (www.nasdaq.com).Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.


4 Grupo Financiero \| *Galicia S.A.*		Press Release *\| 4°* *Q 2012*

SELECTED FINANCIAL INFORMATION — CONSOLIDATED DATA^*


	In millions of pesos
	12/31/12		09/30/12		06/30/12		03/31/12		12/31/11
Cash and due from banks		8,345.0		7,296.7		6,636.5		6,272.1		6,418.9
Government and Corporate Securities		3,627.1		5,047.9		5,210.7		6,114.4		5,230.9
Net Loans		42,593.0		36,505.9		34,184.0		32,099.7		30,904.5
Other Receivables Resulting from Financial Brokerage		4,418.6		5,821.4		5,137.3		5,392.3		5,013.8
Equity Investments in other Companies		76.1		80.4		65.3		52.2		56.2
Bank Premises and Equipment, Miscellaneous and Intangible Assets		2,461.2		2,254.3		2,113.2		2,020.7		1,920.6
Other Assets		1,937.3		2,017.5		1,819.2		1,753.7		1,648.1
TOTAL ASSETS		63,458.3		59,024.1		55,166.2		53,705.1		51,193.0
Deposits		39,945.2		35,155.7		33,236.8		32,325.6		30,135.1
Other Liabilities Resulting from Financial Brokerage		14,281.7		15,141.5		13,945.4		13,663.0		13,927.1
Subordinated Negotiable Obligations		1,188.0		1,099.9		1,053.1		1,000.0		984.4
Other Liabilities		2,471.4		2,465.4		2,163.6		2,308.7		2,065.5
Minority Interest		701.9		659.7		612.6		574.5		529.3
TOTAL LIABILITIES		58,588.2		54,522.2		51,011.5		49,871.8		47,641.4
SHAREHOLDERS’ EQUITY		4,870.1		4,501.9		4,154.7		3,833.3		3,551.6
INFLATION AND EXCHANGE RATE
Retail Price Index (%) **		2.85		2.59		2.38		2.61		2.08
Wholesale Price Index (%) **		2.99		3.15		3.18		3.16		2.81
C.E.R. (%) **		2.68		2.41		2.59		2.48		2.12
Exchange Rate ($/U$S)^***		4.9173		4.6942		4.5253		4.3785		4.3032

*	Grupo Financiero Galicia S.A., consolidated with subsidiary companies (Art.33 — Law 19550).

**	Variation within the quarter.

***	Last working day of the quarter. Source B.C.R.A. — Comunique “A” 3500 — Reference Exchange Rate


Press Release *\| 4°* *Q 2012*		Grupo Financiero \| *Galicia S.A.* 5

SELECTED FINANCIAL INFORMATION — CONSOLIDATED DATA^*


	In millions of pesos
	12/31/12			09/30/12			06/30/12			03/31/12			12/31/11
FINANCIAL INCOME		2,539.3			2,312.6			2,226.1			2,051.0			1,907.4
Interest on Cash and Due From Banks		—			—			0.1			—			0.1
Interest on Loans to the Financial Sector		18.5			14.8			11.9			14.1			12.3
Interest on Overdrafts		188.0			192.7			163.0			155.0			158.8
Interest on Notes		471.0			368.7			267.1			286.5			273.8
Interest on Mortgage Loans		35.7			30.0			29.5			30.4			29.6
Interest on Pledge Loans		10.7			8.6			8.1			8.3			7.7
Interest on Credit Card Loans		830.6			723.8			722.2			656.2			522.2
Interest on Financial Leases		37.4			30.8			29.1			31.6			31.0
Interest on Other Loans		699.3			646.8			620.0			577.5			545.3
Net Income from Government and Corporate Securities		212.5			259.5			273.1			216.6			300.7
Net Income from Options		-4.9			6.0			—			0.4			—
On Other Receivables Resulting from Financial Brokerage		13.9			9.9			10.8			10.8			10.1
Net Income from Guaranteed Loans-Decree 1387/01		1.1			1.0			1.0			0.9			0.9
Adjustment by application of adjusting index		0.2			0.3			0.2			0.2			0.3
Quotations Differences on Gold and Foreign Currency		—			—			—			—			(21.5	)
Other		25.3			19.7			90.0			62.5			36.1
FINANCIAL EXPENSES		1,174.3			994.1			891.8			880.4			721.5
Interest on Saving Accounts Deposits		1.0			1.0			1.3			1.5			1.1
Interest on Time Deposits		663.2			524.5			468.2			529.5			453.2
Interest on Interbank Loans Received ( Call Money Loans)		3.1			1.3			2.4			2.8			2.2
Interest on Loans from Financial Sector		12.1			13.3			13.0			15.6			14.9
For Other Liabilities resulting from Financial Brokerage		188.9			159.1			137.2			122.3			116.0
Interest on Subordinated Negotiable Obligations		32.8			31.5			29.6			28.9			28.3
Other interest		7.9			19.0			14.0			13.7			6.6
Net Income from Options		—			—			—			—			0.1
Adjustment by application of adjusting index		—			0.1			—			—			—
Contributions to the Deposit Insurance Fund		15.5			14.6			14.1			13.1			12.7
Quotations Differences on Gold and Foreign Currency		50.1			67.7			60.8			10.6			4.1
Other		199.7			162.0			151.2			142.4			82.3
GROSS BROKERAGE MARGIN		1,365.0			1,318.5			1,334.3			1,170.6			1,185.9
PROVISIONS FOR LOAN LOSSES		401.7			341.3			348.7			255.6			271.6
INCOME FROM SERVICES, NET		898.4			831.0			742.2			728.4			690.5
INCOME FROM INSURANCE ACTIVITIES		190.1			172.2			156.6			133.0			120.0
ADMINISTRATIVE EXPENSES		1,591.9			1,485.3			1,405.4			1,291.0			1,162.9
Personnel Expenses		872.8			813.8			790.3			733.6			630.9
Directors’ and Syndics’ Fees		13.5			12.4			12.5			11.5			11.0
Other Fees		78.6			63.0			55.0			48.7			55.2
Advertising and Publicity		102.3			101.9			83.6			71.5			83.2
Taxes		120.9			111.2			109.0			94.6			84.8
Depreciation of Premises and Equipment		34.4			29.0			27.3			26.5			24.4
Amortization of Organization and Development Expenses		56.6			51.2			46.7			44.2			35.0
Other Operating Expenses		191.5			188.5			171.8			162.4			142.7
Other		121.3			114.3			109.2			98.0			95.7
MINORITY INTEREST		(42.2	)		(47.2	)		(48.7	)		(48.3	)		(49.8	)
INCOME FROM EQUITY INVESTMENTS		37.4			32.3			27.1			20.6			32.7
NET OTHER INCOME		108.2			79.3			61.1			26.5			122.1
INCOME TAX		195.1			212.3			179.4			202.5			311.8
NET INCOME		368.2			347.2			339.1			281.7			355.1

*	Grupo Financiero Galicia, consolidated with subsidiary companies (Art.33 — Law 19550).


6 Grupo Financiero \| *Galicia S.A.*		Press Release *\| 4°* *Q 2012*

SELECTED FINANCIAL INFORMATION — CONSOLIDATED DATA*


	In millions of pesos
Twelve months ended at:	12/31/12			12/31/11
FINANCIAL INCOME		9,129.0			6,017.7
Interest on Cash and Due From Banks		0.1			0.6
Interest on Loans to the Financial Sector		59.3			24.8
Interest on Overdrafts		698.7			398.5
Interest on Notes		1,393.3			797.1
Interest on Mortgage Loans		125.6			112.7
Interest on Pledge Loans		35.7			24.4
Interest on Credit Card loans		2,932.8			1,744.2
Interest on Leasings / Financial leases		128.9			95.8
Interest on Other Loans		2,543.6			1,881.4
Net Income from Government and Corporate Securities		961.7			753.0
Net Income from Options		1.5			—
On Other Receivables Resulting from Financial Brokerage		45.4			34.6
Net Income from Guaranteed Loans-Decree 1387/01		4.0			4.4
Adjustment by application of adjusting index		0.9			2.0
-Quotations Differences on Gold and Foreign Currency		—			—
Other		197.5			144.2
FINANCIAL EXPENSES		3,940.6			2,274.2
Interest on Demand Accounts Deposits		—			—
Interest on Saving Accounts Deposits		4.8			6.9
Interest on Time Deposits		2,185.4			1,272.9
Interest on Interbank Loans Received ( Call Money Loans)		9.6			2.8
Interest on Loans from Financial Sector		54.0			44.3
For other Liabilities resulting from Financial Brokerage		607.5			350.4
Interest on Subordinated Negotiable Obligations		122.8			114.5
Other interest		54.6			25.9
Net Income from Options		—			0.1
Adjustment by application of adjusting index		0.1			0.1
Contributions to the Deposit Insurance Fund		57.3			44.9
Quotations Differences on Gold and Foreign Currency		189.2			4.1
Other		655.3			407.3
GROSS BROKERAGE MARGIN		5,188.4			3,743.5
PROVISIONS FOR LOAN LOSSES		1,347.3			843.4
INCOME FROM SERVICES, NET		3,200.0			2,451.7
INCOME FROM INSURANCE ACTIVITIES		651.9			457.4
ADMINISTRATIVE EXPENSES		5,773.6			4,205.2
Personnel Expenses		3,210.5			2,333.9
Directors’ and Syndics’ Fees		49.9			38.2
Other Fees		245.3			188.2
Advertising and Publicity		359.3			280.5
Taxes		435.7			298.6
Depreciation of Premises and Equipment		117.2			92.9
Amortization of Organization and Development Expenses		198.7			104.6
Other Operating Expenses		714.2			526.3
Other		442.8			342.0
MINORITY INTEREST		(186.4	)		(171.0	)
INCOME FROM EQUITY INVESTMENTS		117.4			132.7
NET OTHER INCOME		275.1			295.1
INCOME TAX		789.3			753.9
NET INCOME		1,336.2			1,106.9

*	Grupo Financiero Galicia, consolidated with subsidiary companies ( Art. 33 — Law 19550).


Press Release *\| 4°* *Q 2012*		Grupo Financiero \| *Galicia S.A.* 7