Form 6-K

0001193125-19-068539.txt : 20190308 0001193125-19-068539.hdr.sgml : 20190308 20190308113735 ACCESSION NUMBER: 0001193125-19-068539 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20190308 FILED AS OF DATE: 20190308 DATE AS OF CHANGE: 20190308 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GRUPO FINANCIERO GALICIA SA CENTRAL INDEX KEY: 0001114700 STANDARD INDUSTRIAL CLASSIFICATION: COMMERCIAL BANKS, NEC [6029] IRS NUMBER: 000000000 STATE OF INCORPORATION: C1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-30852 FILM NUMBER: 19668182 BUSINESS ADDRESS: STREET 1: TTE. GRAL. JUAN D. PERON 430 STREET 2: 25TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: CP1038AAJ BUSINESS PHONE: 0115411434 MAIL ADDRESS: STREET 1: TTE. GRAL. JUAN D. PERON 430 STREET 2: 25TH FLOOR CITY: BUENOS AIRES STATE: C1 ZIP: CP1038AAJ 6-K 1 d713665d6k.htm FORM 6-K Form 6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

For the month of March, 2019

Commission File Number: 0-30852

GRUPO FINANCIERO GALICIA S.A.

(the “Registrant”)

Galicia Financial Group S.A.

(translation of Registrant’s name into English)

Tte. Gral. Juan D. Perón 430, 25^th Floor

(CP1038AAJ) Buenos Aires, Argentina

(address of principal executive offices)

Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F X Form 40-F

Indicate by check mark whether by furnishing the information contained in this form, the Registrant is also thereby furnishing the information to the Securities and Exchange Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes No X

If “Yes” is marked, indicate below the file number assigned to the Registrant in connection with Rule 12g3-2(b): 82-

FORM 6-K

Commission File No. 0-30852


Month Filed	Event and Summary	Exhibit No.

March, 2019	Press Release regarding the Financial Results of the Registrant for the Quarter that ended on December 31, 2018.	99.1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	GRUPO FINANCIERO GALICIA S.A.
	(Registrant)

Date: March 8, 2019	By:	/s/ Pedro Alberto Richards
		Name: Pedro Alberto Richards
		Title: Chief Executive Officer

EX-99.1 2 d713665dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

LOGO

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR

THE FOURTH QUARTER THAT ENDED ON DECEMBER 31, 2018

Buenos Aires, Argentina, March 7, 2019 – Grupo Financiero Galicia S.A. (BYMA / NASDAQ: GGAL) announced its financial results for the fourth quarter that ended on December 31, 2018 (the “Quarter”).

HIGHLIGHTS

For the 2018 fiscal year, the results of Grupo Financiero Galicia S.A. (“Grupo Financiero Galicia” or “GFG”) and its subsidiaries are reported in accordance with the International Financial Reporting Standards (“IFRS”) as established by the Argentine Central Bank. For a comparative purposes, figures for 2017 are also presented in accordance with IFRS. In addition, balances of certain items from previous quarters have been reclassified.

Net income attributable to GFG for the 2018 fiscal year amounted to Ps.14,427 million, 67% higher than the Ps.8,631 million recorded in the prior fiscal year. The profit per share amounted to Ps.10.11, as compared to Ps.6.05 per share recorded for the 2017 fiscal year.

The results of the 2018 fiscal year were mainly attributable to the income derived from GFG’s interests held in Banco de Galicia y Buenos Aires S.A.U. (“Banco Galicia” or “the Bank”), for Ps.11,536 million, Tarjetas Regionales S.A., for Ps.1,768 million, Sudamericana Holding S.A., for Ps.571 million, and Galicia Administradora de Fondos S.A. (“GAF”), for Ps.402 million, which were also increased by a net operating income of Ps.286 million, and partially offset by administrative expenses of Ps.117 million.

Net income attributable to Grupo Financiero Galicia for the Quarter amounted to Ps.4,428 million, 55% higher than the Ps.2,851 million recorded in the same quarter of the prior fiscal year. The profit per share for the Quarter amounted to Ps.3.10, compared to Ps.2.00 per share for the same quarter of the 2017 fiscal year.

The results of the Quarter were mainly attributable to the income derived from GFG’s interest in Banco Galicia, for Ps.4,208 million, in Sudamericana Holding S.A., for Ps.140 million, and in GAF, for Ps.44 million, which were partially offset by a Ps.22 million loss relating to Tarjetas Regionales S.A.

The Bank’s market share of loans to the private sector was 10.52% and its market share for deposits from the private sector was 11.08%, increasing 87 bp and 88 bp, respectively, as compared to December 31, 2017.

Conference Call:

March 8, 2019, 11:00 am Eastern Time (1:00 pm Buenos Aires Time)

Call-in number: +1 323-994-2082

Conference ID: 8637758

For more information contact:

José Luis Ronsini - CFO

Pablo Firvida - IRO

Tel.: (5411) 6329-4881

inversores@gfgsa.com

www.gfgsa.com


				1

CONSOLIDATED INFORMATION


Consolidated Financial Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18			vs 4Q17
Financial Information
Assets		565,234		517,801		327,295		9			73
Net loans and other financing		286,953		293,940		192,802		(2	)		49
Deposits		360,097		320,052		200,729		13			79
Shareholders’ equity attributable to GFG		54,878		50,439		41,221		9			33
Shares outstanding (in thousands of shares)⁽¹⁾		1,426,765		1,426,765		1,426,765		-			-
Book value per share (in pesos)		38.46		35.35		28.89		311 bp			957 bp
Net income attributable to GFG		4,428		4,212		2,851		5			55
Net income per share (in pesos)		3.10		2.95		2.00		15 bp			110 bp

(1) 10 ordinary shares = 1 ADS.


Selected Ratios			2018		2017		Variation (bp)						Fiscal Year
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18			vs 4Q17			2018		2017
Return⁽¹⁾ on average assets⁽²⁾		3.24		3.55		3.91		(31	)		(67	)		3.37		3.49
Return⁽¹⁾ on average shareholders’ equity⁽²⁾		33.43		34.63		29.03		(120	)		440			30.53		30.19
Financial Margin^(2) (3)		14.66		14.54		12.41		12			225			13.68		12.05
Efficiency ratio⁽⁴⁾		51.75		47.85		53.56		390			(181	)		52.07		57.25
Total capital ratio⁽⁵⁾		15.11		14.30		10.69		81			442			-		-
Non-performing loans / Private-sector loans		3.51		3.07		2.86		44			65			-		-
Allowance for loan losses / Private-sector loans		3.88		3.13		3.06		75			82			-		-
Allowance for loan losses / Non-accrual loans		110.59		101.80		107.08		879			351			-		-
Cost of risk⁽²⁾		4.74		4.15		2.74		59			200			3.89		2.74

(1) Net income attributable to GFG.

(2) Annualized.

(3) Net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income and expenses, divided by the average balance of interest-earning assets.

(4) Personnel expenses plus administrative expenses plus depreciation and devaluations of assets, divided by net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income.

(5) Banco Galicia consolidated with Tarjetas Regionales S.A..


Market Indicators			2018		2017					Variation
In pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18			vs 4Q17
Market price											(bp	)
Shares – BYMA		103.30		105.65		123.70		(235	)		(2,040	)
ADS – NASDAQ (in US$)		27.57		25.43		65.85		214			(3,828	)
Price BYMA / book value		2.69		2.99		4.28		(30	)		(159	)
Average daily volume (in thousands of shares)										(%)
BYMA		1,238		1,587		644		(22	)		92
NASDAQ⁽¹⁾		9,164		14,035		4,927		(35	)		86
Market share (%)										(bp)
Banco Galicia
Loans to the private sector		10.52		10.58		9.65		(6	)		87
Deposits from the private sector		11.08		11.04		10.20		4			88
Galicia Administradora de Fondos S.A.		10.08		10.17		12.50		(9	)		(242	)

(1) Expressed in equivalent shares: 10 ordinary shares = 1 ADS.


				2

GRUPO FINANCIERO GALICIA

RESULTS FOR THE FISCAL YEAR


Income Statement	2018		2017		Variation (%)
In millions of pesos, except otherwise noted
Results from Equity Investments		14,316		8,039		78
Banco de Galicia y Buenos Aires S.A.U.		11,536		7,178		61
Tarjetas Regionales S.A. ⁽¹⁾		1,768		-		N/A
Galicia Administradora de Fondos S.A.		402		428		(6)
Sudamericana Holding S.A.		571		409		40
Other subsidiaries ⁽²⁾		39		24		63
Net operating income		286		699		(59)
Administrative expenses		(117)		(94)		24
Other operating income and expenses		(4)		3		(233)
Income tax		(54)		(16)		238
Net income attributable to GFG		14,427		8,631		67
Other comprehensive income		(75)		(267)		(72)
Comprehensive income attributable to GFG		14,352		8,364		72

(1) 83% since January 1, 2018 (77% from the split-merger agreement with Banco Galicia and 6% from the acquisition of a minority interest).

(2) Includes the result from the interest in Galicia Warrants S.A. (87.5%) and Galicia Valores S.A. (1%).

Net income attributable to GFG for the 2018 fiscal year amounted to Ps.14,427 million, which represented a 3.37% annualized return on average assets and a 30.53% return on average shareholder’s equity.

The results described above are mainly attributable to profits from GFG’s interests in Banco Galicia, for Ps.11,536 million, Tarjetas Regionales S.A., for Ps.1,768 million, Sudamericana Holding S.A., for Ps.571 million, and GAF, for Ps.402 million. In the 2017 fiscal year, results from equity investments in Banco Galicia also included the interest in Tarjetas Regionales S.A.

RESULTS FOR THE QUARTER


Income Statement			2018		2017				Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Results from Equity Investments		4,368		4,190		2,169		4		101
Banco de Galicia y Buenos Aires S.A.U.		4,208		3,404		1,913		24		120
Tarjetas Regionales S.A. ⁽¹⁾		(22)		524		-		(104)		N/A
Galicia Administradora de Fondos S.A.		44		78		132		(44)		(67)
Sudamericana Holding S.A.		140		166		125		(16)		12
Other subsidiaries ⁽²⁾		(2)		18		(1)		(111)		100
Net operating income		105		57		712		84		(85)
Administrative expenses		(15)		(24)		(17)		(38)		(12)
Other operating income and expenses		(5)		(1)		3		400		(267)
Income tax		(25)		(10)		(16)		150		56
Net income attributable to GFG		4,428		4,212		2,851		5		55
Other comprehensive income		4		(81)		9		(105)		(56)
Comprehensive income attributable to GFG		4,432		4,131		2,860		7		55

(1) 83% since January 1, 2018 (77% from the split-merger agreement with Banco Galicia and 6% from the acquisition of a minority interest).

(2) Includes the result from the interest in Galicia Warrants S.A. (87.5%) and Galicia Valores S.A. (1%).

Net income attributable to GFG for the Quarter amounted to Ps.4,428 million, which represented a 3.24% annualized return on average assets and a 33.43% return on average shareholders’ equity.


				3

This result was mainly due to profits from GFG’s interests in Banco Galicia, for Ps.4,208 million, Sudamericana Holding S.A., for Ps.140 million, and GAF, for Ps.44 million, which were partially offset by a Ps.22 million loss recorded relating to Tarjetas Regionales S.A. In the fourth quarter of the 2017 fiscal year, results from equity investments in Banco Galicia included its interest in Tarjetas Regionales S.A.

SELECTED FINANCIAL INFORMATION - CONSOLIDATED


Balance Sheet			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Assets
Cash and due from banks		143,309		116,815		58,955		23		143
Debt securities		75,989		22,563		28,953		237		162
Net loans and other financing		286,953		293,940		192,802		(2)		49
Other financial assets		38,312		65,817		26,338		(42)		45
Property, bank premises, equipment		10,885		10,522		9,790		3		11
Intangible assets		3,744		1,112		906		237		313
Other assets		5,638		6,788		3,666		(17)		54
Assets available for sale⁽¹⁾		404		244		5,885		66		(93)
Total assets		565,234		517,801		327,295		9		73
Liabilities
Deposits		360,097		320,052		200,729		13		79
Financing from financial entities		19,446		26,457		7,869		(26)		147
Other financial liabilities		69,165		64,966		39,193		6		76
Notes		29,984		26,794		13,735		12		118
Subordinated notes		9,768		10,357		4,828		(6)		102
Other liabilities		20,175		17,011		17,785		19		13
Total liabilities		508,635		465,637		284,139		9		79
Shareholders’ equity attributable to third parties		1,721		1,725		1,935		-		(11)
Shareholders’ equity attributable to GFG		54,878		50,439		41,221		9		33
Shareholders’ equity		56,599		52,164		43,156		9		31

(1) Includes the interest in Compañía Financiera Argentina and in Cobranzas y Servicios until the fourth quarter of 2017, and the interest in Prisma Medios de Pago since the third quarter of 2017.


				4


Income Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Net interest income		6,667		7,745		5,681		(14)		17
Interest income		22,760		18,591		9,995		22		128
Interest related expenses		(16,093)		(10,846)		(4,314)		48		273
Net fee income		5,246		4,775		4,938		10		6
Fee income		6,038		5,590		5,521		8		9
Fee related expenses		(792)		(815)		(583)		(3)		36
Net results from financial instruments		6,239		5,192		1,484		20		320
Gold and foreign currency quotation differences		1,619		(54)		648		3,098		150
Other operating income		2,181		1,926		337		13		547
Underwriting income from insurance business		507		626		405		(19)		25
Loan loss provisions		(3,489)		(2,827)		(1,287)		23		171
Net operating income		18,970		17,383		12,206		9		55
Personnel expenses		(4,291)		(3,390)		(2,993)		27		43
Administrative expenses		(4,345)		(3,783)		(2,761)		15		57
Depreciations and devaluations of assets		(353)		(297)		(8)		19		4,313
Other operating expenses		(3,619)		(3,610)		(2,449)		-		48
Operating income		6,362		6,303		3,995		1		59
Results from associates and joint businesses		-		-		16		-		(100)
Income tax		(1,939)		(1,983)		(990)		(2)		96
Net income		4,423		4,320		3,021		2		46
Net income attributable to third parties		(5)		108		170		(105)		(103)
Net income attributable to GFG		4,428		4,212		2,851		5		55
Other comprehensive income⁽¹⁾		4		(81)		9		105		(56)
Total comprehensive income		4,427		4,239		3,030		4		46
Comprehensive income attributable to third parties		(5)		108		170		(105)		(103)
Comprehensive income attributable to GFG		4,432		4,131		2,860		7		55

(1) Net of income tax.


Additional Information							2018		2017
(Number of, except otherwise noted)	4Q		3Q		2Q		1Q		4Q
Employees		10,209		10,455		10,574		10,581		10,532
Banco Galicia		6,294		6,457		6,478		6,393		6,214
Tarjetas Regionales		3,488		3,564		3,657		3,760		3,896
Galicia Administradora de Fondos		22		21		19		19		19
Sudamericana Holding		381		386		391		381		375
Other companies		24		27		29		28		28
Branches and other points of sales		560		556		558		564		563
Banco Galicia		325		319		309		308		306
Tarjetas Regionales		238		237		249		256		257
Deposit Accounts at Banco Galicia (in thousands)		4,760		4,637		4,505		4,348		4,249
Credit Cards (in thousands)		13,916		14,286		14,205		13,391		13,234
Banco Galicia		5,098		5,029		4,953		4,222		4,086
Tarjetas Regionales		8,818		9,257		9,252		9,169		9,148
GAF assets under management (millions of pesos)		64,404		58,115		72,922		91,609		67,771
Inflation, exchange rate and interest rates
Consumer price index (IPC) (%)		11.50		14.10		8.80		6.70		6.14
Wholesale price index (IPIM) (%)		4.50		27.50		16.60		11.80		4.67
Acquisition value unit (UVA)		31.06		26.73		24.31		22.61		21.15
Exchange rate (Ps./US$)⁽¹⁾		37.81		40.90		28.86		20.14		18.77
Badlar (quarterly averages)⁽²⁾		50.21		37.08		27.31		22.86		22.48

(1) Reference foreign currency exchange rate in accordance to Communiqué “A” 3500 from the Argentine Central Bank, as of the last working day of the Quarter.

(2) Private banks’ 30-day time deposits rate for amounts over Ps.1 million.


				5

BANCO GALICIA

HIGHLIGHTS

Net income attributable to Banco Galicia for the 2018 fiscal year amounted to Ps.11,536 million, Ps.4,358 million (61%) higher than the figure accounted for in the 2017 fiscal year, mainly due to an increase in net operating income (69%).

Net income for the Quarter amounted to Ps.4,208 million, Ps.2,295 million (120%) higher than the figure accounted for in the same quarter of the 2017 fiscal year, mainly due to an increase in net operating income (103%). Excluding the results from the split-up of Tarjetas Regionales S.A. (effective as of January 1, 2018), net income increased 224%.

The credit exposure to the private sector reached Ps.287,891 million, up 58% from the Ps. 182,655 million recorded in the fourth quarter of the 2017 fiscal year, and deposits reached Ps.361,302 million, up 80% from Ps.200,835 million. As of December 31, 2018, the Bank’s estimated market share of loans to the private sector was 10.52%, while its estimated market share of deposits from the private sector was 11.08%.

The non-accrual loan portfolio represented 2.88% of total loans to the private sector, recording an increase of 88 basis points (“bp”) from the 2.00% recorded at the end of the same quarter of the 2017 fiscal year.

As of the end of the Quarter, the minimum capital requirement amounted to Ps.27,163 million (up Ps.8,968 million or 49%), and the computable capital was Ps.49,329 million (up Ps.26,525 million or 116%). The excess over the capital requirement amounted to Ps.22,166 million, and the total capital ratio was 15.14%.

INFORMATION DISCLOSURE

The data shown in this report and the consolidated financial statements correspond to Banco de Galicia y Buenos Aires S.A.U., as consolidated, except where otherwise noted.

For comparison purposes, figures for the 2017 fiscal year corresponding to the Bank’s interest in Tarjetas Regionales S.A.⁽¹⁾ (“Tarjetas Regionales”), Compañía Financiera Argentina S.A. (“CFA”)⁽²⁾and Cobranzas y Servicios S.A. (“CyS”)⁽²⁾ are presented in the line of results from associates and joint businesses. In addition, balances of certain items were adjusted or reclassified.

⁽¹⁾ Beginning in January 1, 2018, the financial statements of Tarjetas Regionales were consolidated line by line with Grupo Financiero Galicia.

⁽²⁾ On February 2, 2018, the sale of each of Companñĺa Financiera Argentina and Cobranzas y Servicios was completed.


				6

RESULTS FOR THE FISCAL YEAR


Income Statement	2018		2017		Variation (%)
In millions of pesos, except otherwise noted
Net interest income		19,247		12,806		50
Net fee income		10,248		7,588		35
Net results from financial instruments		14,018		4,193		234
Gold and foreign currency quotation differences		3,100		2,087		49
Other operating income		5,896		3,190		85
Loan loss provisions		(6,511)		(2,587)		152
Net operating income		45,998		27,277		69
Personnel expenses		(9,498)		(7,103)		34
Administrative expenses		(8,618)		(5,824)		48
Depreciations and devaluations of assets		(837)		(552)		52
Other operating expenses		(10,646)		(6,611)		61
Operating income		16,399		7,187		128
Results from associates and joint businesses		110		2,374		(95)
Income tax		(5,023)		(2,198)		129
Results from discontinued activities^{(1) (2)}		51		(185)		(128)
Net income		11,537		7,178		61
Net income attributable to third parties		1		-		N/A
Net income attributable to Banco Galicia		11,536		7,178		61
Other comprehensive income⁽¹⁾		(65)		(281)		(77)
Total comprehensive income		11,472		6,897		66
(1) Net of income tax.


Profitability and Efficiency	2018		2017		Variation (bp)
Percentages, except otherwise noted
Return⁽¹⁾ on average assets		3.17		3.06		11
Return⁽¹⁾ on average shareholders´ equity		30.86		26.07		479
Financial margin^(1) (2)		12.93		10.43		250
Efficiency ratio⁽³⁾		40.35		52.98		(1,263)

(1) Annualized.

(2) Net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus certain items included in other operating income, divided by average interest-earning assets.

(3) Personnel expenses plus administrative expenses plus depreciation and devaluations of assets, divided by net interest income plus net fee income plus net result from financial instruments plus foreign currency quotation differences plus insurance premiums earned plus certain items included in other operating income.

In fiscal year 2018 net income attributable to Banco Galicia amounted to Ps.11,536 million, Ps.4,358 million (61%) higher than the Ps.7,178 million profit for the same quarter of the previous fiscal year, which represented a 3.17% annualized return on average assets and a 30.86% return on average shareholders’ equity.


				7

RESULTS FOR THE QUARTER


Income Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Net interest income		4,623		5,770		3,577		(20)		29
Net fee income		2,978		2,691		1,976		11		51
Net results from financial instruments		6,026		4,843		989		24		509
Gold and foreign currency quotation differences		1,678		(83)		645		2,122		160
Other operating income		1,707		1,602		944		7		81
Loan loss provisions		(2,055)		(2,032)		(795)		1		158
Net operating income		14,957		12,791		7,336		17		104
Personnel expenses		(2,916)		(2,324)		(2,007)		25		45
Administrative expenses		(2,522)		(2,248)		(1,669)		12		51
Other operating expenses		(3,489)		(3,259)		(2,033)		7		72
Operating income		6,030		4,960		1,627		22		271
Results from associates and joint businesses		24		30		606		(20)		(96)
Income tax		(1,846)		(1,585)		(320)		16		477
Net income		4,208		3,405		1,913		24		120
Net income attributable to third parties		-		1		-		(100)		-
Net income attributable to Banco Galicia		4,208		3,404		1,913		24		120
Other comprehensive income⁽¹⁾		3		(82)		4		104		(25)
Total comprehensive income		4,211		3,323		1,917		27		120
(1) Net of income tax.


Profitability and Efficiency			2018		2017		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Return⁽¹⁾ on average assets		3.68		3.36		2.84		32		84
Return⁽¹⁾ on average shareholders´ equity		39.99		35.60		21.94		439		1,805
Financial margin^(1) (2)		14.71		14.00		9.96		71		475
Efficiency ratio⁽³⁾		42.97		41.21		52.24		176		(927)

(1) Annualized.

In the fourth quarter of the 2018 fiscal year a Ps.4,208 million net income attributable to Banco Galicia was recorded, Ps.2,295 million (120%) higher than the Ps.1,913 million for the same quarter of the previous fiscal year, which resulted from a higher net operating income (104%) due to the growth in the net income from financial instruments (509%).


				8


Net Interest Income			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Interest income		18,840		15,265		7,282		23		159
Private sector securities		34		41		(1)		(17)		3,500
Public sector securities ⁽¹⁾		576		469		(58)		23		1,093
Loans and other financing		18,183		14,384		7,092		26		156
Financial sector		621		624		220		-		182
Non-financial private sector		17,562		13,760		6,872		28		156
Overdrafts		3,052		2,985		809		2		277
Promissory notes		3,193		2,845		1,664		12		92
Mortgage loans		2,568		1,350		239		90		974
Pledge loans		71		109		43		(35)		65
Personal loans		2,119		1,973		1,452		7		46
Credit-card loans		5,269		3,562		2,285		48		131
Financial leases		171		127		91		35		88
Other		1,119		809		289		38		287
Other interest-earning assets		47		371		180		(87)		(74)
Interest expenses		(14,217)		(9,495)		(3,705)		50		284
Deposits from the non-financial private sector		(12,309)		(7,821)		(3,058)		57		303
Saving accounts		(1)		(1)		(1)		-		-
Time deposits and term investments		(10,626)		(6,652)		(2,889)		60		268
Other		(1,682)		(1,168)		(168)		44		901
Financing from financial institutions		(356)		(270)		(137)		32		160
Repurchase agreement transactions		(22)		(40)		(94)		(45)		77
Other interest-bearing liabilities		(195)		(242)		(47)		(19)		315
Notes		(1,335)		(1,122)		(369)		19		262
Net interest income		4,623		5,770		3,577		(20)		29

(1) Corresponds to interest on Bote 2020.

Net interest income for the Quarter amounted to Ps.4,623 million, representing a Ps.1,046 million (29%) increase as compared to the Ps.3,577 million profit from the same quarter of the 2017 fiscal year. This increase was primarily a consequence of a Ps.11,091 million (156%) increase in interest on loans and other financing.



Yields and Rates⁽¹⁾							2018				2017						Variation (% / bp)
Average balances: in millions of pesos			4Q				3Q				4Q		vs 3Q18						vs 4Q17
Yields and rates: annualized nominal %	Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.		Av. B.		Int.
Interest-earning assets		287,490		35.47		263,420		27.85		180,915		18.72		9		762		59		1,675
In pesos		194,081		49.70		180,451		37.94		137,287		23.54		8		1,176		41		2,616
Government securities		49,073		57.71		28,941		42.78		17,245		23.33		70		1,493		185		3,438
Loans		141,109		46.74		144,153		36.54		114,293		23.34		(1)		1,020		23		2,340
Other interest-earning assets		3,899		56.21		7,357		46.21		5,749		27.97		(47)		1,000		(32)		2,824
In foreign currency		93,409		5.90		82,969		5.93		43,628		3.55		13		(3)		114		235
Government securities		2,627		(1.07)		3,522		13.86		5,302		3.85		(25)		(1,493)		(50)		(492)
Loans		88,812		6.07		78,101		5.49		37,802		3.22		14		58		135		285
Other interest-earning assets		1,970		7.51		1,346		10.40		524		24.43		46		(289)		276		(1,692)
Interest-bearing liabilities		296,389		19.22		262,623		14.43		156,551		9.46		13		479		89		976
In pesos		144,635		38.03		129,511		27.47		96,364		14.72		12		1,056		50		2,331
Saving accounts		27,358		1.46		27,515		0.81		28,499		0.21		(1)		65		(4)		125
Time deposits		103,448		47.02		88,122		34.86		56,362		21.41		17		1,216		84		2,561
Debt securities		10,503		42.31		10,380		33.14		4,350		25.38		1		917		141		1,693
Other interest-bearing liabilities		3,326		45.82		3,494		34.23		7,153		13.25		(5)		1,159		(54)		3,257
In foreign currency		151,754		1.29		133,112		1.73		60,187		1.06		14		(44)		152		23
Saving accounts		90,227		-		78,830		-		41,468		-		14		-		118		-
Time deposits		33,926		0.61		26,008		1.28		9,595		1.04		30		(67)		254		(43)
Debt securities		12,910		7.56		11,137		8.40		4,391		8.56		16		(84)		194		(100)
Other interest-bearing liabilities		14,691		5.25		17,137		6.07		4,733		3.38		(14)		(82)		210		187

(1) Does not include foreign currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator.


				9

The average interest-earning assets for the Quarter amounted to Ps.287,490 million, growing Ps.106,575 million (59%) as compared to the figure recorded for the fourth quarter of the previous fiscal year, primarily as a consequence of the Ps.31,828 million (185%) increase in the average portfolio of peso-denominated government securities and of the Ps.51,010 million (135%) increase in the average balance of loans to the private sector.

Interest-bearing liabilities reached Ps.296,389 million, increasing Ps.139,838 million (89%) during the same period, primarily due to a Ps.48,759 million (118%) increase in the average balances of dollar-denominated saving accounts as a consequence of the evolution of the exchange rate and a Ps.47,086 million (84%) increase in peso-denominated time deposits.

The average yield on interest-earning assets for the fourth quarter of the 2018 fiscal year was 35.47%, with an 1,675 bp increase compared to the same quarter of the prior fiscal year, mainly due to an increase of 3,438 bp in the yield on peso-denominated government securities and of an increase of 2,824 bp in the interest rate on other interest earning assets. Likewise, the average cost of interest-bearing liabilities was 19.22%, with a 976 bp increase as compared to the fourth quarter of the prior fiscal year, mainly due to the 3,257 bp increase in the average interest rate on other interest-bearing liabilities and of 2,561 bp on peso-denominated time deposits.


Net Fee Income			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Credit cards		1,576		1,289		1,103		22		43
Deposit accounts		847		815		500		4		69
Insurance		163		153		127		7		28
Financial fees		58		64		52		(9)		12
Credit-related fees		27		34		66		(21)		(59)
Foreign trade		248		230		174		8		43
Collections		176		161		137		9		28
Utility-bills collection services		228		199		136		15		68
Mutual funds		125		127		38		(2)		229
Other		233		214		182		9		28
Total fee income		3,681		3,286		2,515		12		(46)
Total expenditures		(703)		(595)		(539)		18		30
Net fee income		2,978		2,691		1,976		11		51

Net fee income for the Quarter amounted to Ps.2,978 million, up 51% from the Ps.1,976 million recorded in the fourth quarter of the previous fiscal year. The increases in fees which stood out were those related to credit-cards (Ps.473 million or 43%) and to deposit accounts (Ps.347 million or 69%).


Net Income from Financial Instruments			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Government securities		6,482		2,684		1,061		142		511
Private sector securities		174		201		107		(13)		63
Derivative financial instruments		(630)		1,958		(179)		(132)		252
Forward transactions		(546)		1,974		(179)		(128)		205
Interest-rate swaps		(84)		(16)		-		425		-
Net income from financial instruments		6,026		4,843		989		24		509


				10

Net income from financial instruments for the Quarter amounted to Ps.6,026 million, up Ps.5,037 million (509%) from the Ps.989 million recorded in the same quarter of the 2017 fiscal year, as a consequence of the increase in gains from government securities (511%).

Profits from gold and foreign currency quotation differences for the Quarter amounted to Ps.1,678 million, 160% higher than the Ps.645 million profit recorded in the same quarter of the 2017 fiscal year. This result includes a Ps. 1,623 million profit from foreign-currency trading.


Other Operating Income			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Other financial income / (losses)^{(1) (2)}		73		89		44		(18)		66
Fees from bundles of products⁽¹⁾		642		584		497		10		29
Rental of safe deposit boxes⁽¹⁾		120		108		89		11		35
Other fee income⁽¹⁾		130		124		94		5		38
Other adjustments and interest on miscellaneous receivables		412		507		109		(19)		278
Other		330		190		111		74		197
Total other operating income		1.707		1.602		944		7		81

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating income for the Quarter reached Ps.1,707 million, increasing Ps.763 million (81%) from the Ps.944 million net profit recorded in the fourth quarter of 2017.

Provisions for loan losses for the fourth quarter of the 2018 fiscal year amounted to Ps.2,055 million, Ps.1,260 million (158%) higher than those recorded in the same quarter of the prior year. This was due to the evolution of credits in arrears of the consumer portfolio and to higher regulatory provisions on the portfolio in normal situation as a consequence of the increase in the volume of credit.

Personnel expenses amounted to Ps.2,916 million for the Quarter, increasing 45% from the same quarter of the 2017 fiscal year, mainly due to salary increase agreements with the union.


Administrative Expenses			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Fees and compensations for services		168		200		73		(16)		130
Fees to directors and syndics		9		7		5		29		80
Publicity, promotion and research expenses		167		128		134		30		25
Taxes		492		395		330		25		49
Maintenance		342		275		145		24		136
Electricity and communications		185		168		128		10		45
Stationery and office supplies		30		23		19		30		58
Rentals		144		129		74		12		95
Hired administrative services		303		284		232		7		31
Security		123		117		106		5		16
Insurance		18		13		11		38		64
Other		541		509		412		6		31
Total administrative expenses		2,522		2,248		1,669		12		51

Administrative expenses for the Quarter totaled Ps.2,522 million, up 51% in the same period, as a consequence of a Ps.197 million (136%) increase in maintenance expenses and of the Ps.162 million (49%) increase in taxes.


				11


Other Operating Expenses			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Contribution to the Deposit Insurance Fund^{(1) (2)}		143		108		72		32		99
Other financial expenses^{(1) (2)}		368		122		73		202		404
Turnover tax⁽¹⁾		1,779		1,581		866		13		105
On operating income⁽²⁾		1,228		1,094		601		12		104
On fees		487		430		234		13		108
On other items		64		57		31		12		106
Other fee-related expenditures ⁽²⁾		808		778		560		4		44
Other		391		670		462		(42)		(15)
Total other operating expenses		3,489		3,259		2,033		7		72

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating expenses reached Ps.3,489 million, increasing Ps.1,456 million (72%) from the Ps.2,033 million recorded in the fourth quarter of the 2017 fiscal year.

The income tax charge was Ps.1,846 million, Ps.1,526 million (477%) higher than in the fourth quarter of the 2017 fiscal year.

SELECTED FINANCIAL INFORMATION


Balance Sheet			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Assets
Cash and due from banks		142,049		116,288		58,461		22		143
Debt securities		75,974		22,019		26,602		245		186
Net loans and other financing		243,276		253,978		160,904		(4)		51
Other financial assets		33,135		62,321		22,841		(47)		45
Equity investments in subsidiaries, associates and joint businesses		203		180		6,650		13		(97)
Property, bank premises, equipment		9,869		9,567		8,973		3		10
Intangible assets		3,260		685		600		376		443
Other assets		3,068		4,307		1,820		(29)		69
Assets available for sale⁽¹⁾		404		244		5,716		66		(93)
Total assets		511,238		469,588		292,567		9		75
Liabilities
Deposits		361,302		320,367		200,835		13		80
Financing from financial entities		17,491		23,637		7,728		(26)		126
Other financial liabilities		47,483		47,481		22,948		-		107
Notes		15,528		15,273		4,489		2		246
Subordinated notes		9,768		10,357		4,828		(6)		102
Other liabilities		15,695		12,712		12,762		23		23
Total liabilities		467,267		429,827		253,590		9		84
Shareholders’ equity		43,971		39,761		38,978		11		13
Foreign currency assets and liabilities
Assets		200,001		193,734		85,788		3		133
Liabilities		200,421		195,557		83,745		2		139
Net forward purchases/(sales) of foreign currency⁽²⁾		102		2,728		(2,807)		(96)		(104)
Net global position in foreign currency		(318)		905		(764)		(135)		(58)

(1) Includes the interests in Compañía Financiera Argentina S.A. and in Cobranzas y Servicios S.A. until 2017, and the interest in Prisma Medios de Pago S.A. since the fourth quarter of 2017.

(2) Recorded off-balance sheet.


				12

LEVEL OF ACTIVITY


Financing to the Private Sector⁽¹⁾			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
In pesos		170,640		174,882		137,236		(2)		24
Loans		131,792		140,542		116,882		(6)		13
UVA-adjusted loans		17,438		13,332		4,060		31		330
Financial leases		1,361		1,495		1,562		(9)		(13)
Debt securities		411		492		696		(16)		(41)
Other financing⁽²⁾		19,638		19,021		14,036		3		40
In foreign currency		117,251		124,518		45,419		(6)		158
Loans		93,773		98,580		39,342		(5)		138
Financial leases		1,013		1,037		311		(2)		226
Debt securities		4,293		5,359		1,544		(20)		178
Other financing⁽²⁾		18,172		19,542		4,222		(7)		330
Total financing to the private sector		287,891		299,400		182,655		(4)		58

(1) Includes IFRS adjustment.

(2) Includes certain off-balance sheet accounts related to guarantees granted.

As of December 31, 2018, total financing to the private sector reached Ps.287,891 million, representing a 58% increase from a year before, mainly as a consequence of the growth of the loan portfolio, both in pesos (23%) and in foreign currency (138%). Dollar-denominated loans increased 18% from the same quarter of the 2017 fiscal year.


Market Share⁽¹⁾			2018		2017		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Total loans		10.63		10.67		9.53		(4)		110
Loans to the private sector		10.52		10.58		9.65		(6)		87

(1) According to the daily information on loans published by the Argentine Central Bank. Only principal as of the last day of each quarter.

The Bank’s market share of loans to the private sector as of December 31, 2018, was 10.52%, increasing 87 bp from December 31, 2017.


				13


Break down of loans and other financing			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Financial entities		7,943		8,866		4,703		(10)		69
Loans		7,942		8,860		4,700		(10)		69
Other financing		1		6		3		(83)		(67)
Non-financial private sector and residents abroad		242,691		251,352		159,868		(3)		52
Loans		235,061		243,594		155,584		(4)		51
Overdrafts		14,430		24,697		11,298		(42)		28
Promissory notes		36,101		43,849		35,533		(18)		2
Mortgage loans		11,793		11,826		5,713		-		106
Pledge loans		998		1,112		1,078		(10)		(7)
Personal loans		25,312		24,792		18,333		2		38
Credit-card loans		67,709		62,892		53,853		8		26
Other		74,735		71,509		30,433		5		146
Accrued interest, adjustments and foreign currency quotation differences receivable		5,395		4,031		267		34		1,921
Documented interest		(1,412)		(1,114)		(924)		27		53
Financial leases		2,374		2,532		1,873		(6)		27
Other financing		5,256		5,226		2,411		1		118
Non-financial public sector		12		1		-		1,100		N/A
Total loans and other financing		250,646		260,219		164,571		(4)		52
Allowances		(7,370)		(6,241)		(3,667)		18		99
Loans		(7,263)		(6,157)		(3,594)		18		102
Financial leases		(29)		(31)		(22)		(6)		32
Other financing		(78)		(53)		(51)		47		(7)
Net loans and other financing		243,276		253,978		160,904		(4)		51

As of December 31, 2018, net loans and other financing provisions amounted to Ps.243,276 million, growing 51% from December 31, 2017, mainly due to a Ps.13,856 (26%) million increase in credit-card loans and of Ps.6,979 million (38%) in personal loans.


Loans by Type of Borrower			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Large corporations		91,754		103,416		39,232		(11)		134
SMEs		48,462		51,066		49,421		(5)		(2)
Individuals		93,253		88,066		68,009		6		37
Financial sector		7,942		8,860		4,700		(10)		69
Residents abroad		5,248		3,830		274		37		1,815
Other		554		698		800		(21)		(31)
IFRS adjustment		(4,198)		(3,481)		(359)		21		1,069
Total loans		243,015		252,455		162,077		(4)		50
Allowances		(7,263)		(6,157)		(3,595)		18		102
Net total loans		235,752		246,298		158,482		(4)		49


				14


Loans by Sector of Activity			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Financial sector		7,942		8,860		4,700		(10)		69
Residents abroad		5,248		3,830		274		37		1,815
Services		13,771		16,311		14,259		(16)		(3)
Agriculture and livestock		31,852		30,573		18,606		4		71
Consumer		93,282		88,105		68,076		6		37
Retail and wholesale trade		20,589		23,029		19,939		(11)		3
Construction		3,224		3,662		2,435		(12)		32
Manufacturing industry		50,537		58,199		30,261		(13)		67
Other		20,768		23,367		3,886		(11)		434
IFRS adjustment		(4,198)		(3,481)		(359)		21		1,069
Total loans		243,015		252,455		162,077		(4)		50
Allowances		(7,263)		(6,157)		(3,595)		18		102
Net total loans		235,752		246,298		158,482		(4)		49

When compared to the previous fiscal year, loans to the private sector registered growth, mainly in those granted to large corporations (Ps.52,522 million or 134%) and to individuals (Ps.25,244 million or 37%). By sector of activity, the higher growth was recorded in the consumer sector (Ps.25,206 million or 37%) and in the manufacturing industry (Ps.20,276 million or 67%).


Net Exposure to the Argentine Public Sector⁽¹⁾			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Government securities’ net position		84,205		29,614		26,367		184		219
Lebac		-		1,260		15,843		(100)		(100)
Leliq		70,157		12,923		-		443		N/A
Bote		8,976		9,355		-		(4)		N/A
Other		5,072		6,076		10,524		(17)		(52)
Other receivables resulting from financial brokerage		57		63		39		(10)		46
Loans and other financing		13		7		2		86		550
Trust certificates of participation and securities		44		56		37		(21)		19
Total exposure to the public sector		84,262		29,677		26,406		184		219

(1) Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with minimum cash requirements.

As of December 31, 2018, the Bank’s exposure to the public sector amounted to Ps.84,262 million, recording a 219% increase during the last twelve months, due to an increase in the portfolio of government securities, mainly of debt securities issued by the Argentine Central Bank, partially offset by the sale of Lebacs. Excluding Argentine Central Bank paper, net exposure to the public sector reached Ps.14,105 million (3% of total assets), while, as of December 31, 2017, it amounted to Ps.10,563 million (4% of total assets).


				15


Deposits			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
In pesos		198,601		167,113		130,421		19		52
Current accounts		40,069		34,347		33,210		17		21
Saving accounts		61,129		45,870		41,362		33		48
Time deposits		90,143		80,204		52,933		12		70
UVA-adjusted time deposits		1,984		2,278		603		(13)		229
Other		1,273		1,196		886		6		44
Interests and adjustments		4,003		3,218		1,427		24		181
In foreign currency		162,701		153,254		70,414		6		131
Saving accounts		137,796		125,680		59,054		10		133
Time deposits		24,064		26,545		10,946		(9)		120
Other		793		952		398		(17)		99
Interests and adjustments		48		77		16		(38)		200
Total deposits		361,302		320,367		200,835		13		80

As of December 31, 2018, the Bank’s deposits amounted to Ps.361,302 million, representing an 80% increase during the last twelve months. Peso-denominated deposits increased 52% in the same period, mainly due to a Ps.37,210 million (70%) increase in time deposits and Ps.19,767 million (48%) increase in deposits in saving accounts. Dollar-denominated deposits increased 131% in the last twelve months, as a consequence of the evolution of the exchange rate. Deposits in dollar-denominated saving accounts reached Ps.137,796, increasing 13% measured in dollars (133% measured in pesos) from December 31, 2017.

At the end of the Quarter there were 4.8 million deposit accounts, 12% more than the 4.2 million recorded from a year before.


Market Share⁽¹⁾			2018		2017		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Total deposits		8.85		8.39		8.23		46		62
Private sector deposits		11.08		11.04		10.20		4		88

(1) According to the daily information on loans published by the Argentine Central Bank. Balances as of the last day of each quarter.

As of December 31, 2018, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 11.08%, recording a 88 bp increase from a year before.


Financial Liabilities			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Financial entities		17,491		23,637		7,728		(26)		126
Financing from credit-card purchases		15,274		11,120		10,514		37		45
Notes		15,528		15,273		4,489		2		246
Subordinated notes		9,768		10,357		4,828		(6)		102
Creditors for purchases of foreign currency		14,410		15,658		5,049		(8)		185
Collections on account of third parties		7,647		6,009		3,148		27		143
Other financial liabilities		10,152		14,694		4,237		(31)		140
Total financial liabilities		90,270		96,748		39,993		(7)		116

Financial liabilities at the end of the fourth quarter of the 2018 fiscal year amounted to Ps.90,270 million, Ps.48,483 million (116%) higher than the Ps.39,993 million recorded a year before. This growth was mainly due to the increase in notes (Ps.11,039 million or 246%) and in financing from financial entities (Ps.9,763 million or 126%).


				16

ASSET QUALITY


Loan Portfolio Quality			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Non-accrual loans⁽¹⁾		7,003		5,976		3,203		17		119
With preferred guarantees		492		446		194		10		154
With other guarantees		737		703		206		5		258
Without guarantees		5,774		4,827		2,803		20		106
Allowance for loan losses		7,263		6,157		3,594		18		102
Relevant ratios (%)								Variation (bp)
Non-accrual loans to private-sector loans		2.88		2.37		2.00		51		88
Allowance for loan losses to private-sector loans		2.99		2.44		2.24		55		75
Allowance for loan losses to non-accrual loans		103.73		103.03		112.24		70		(851)
Non-accrual loans with guarantees to non-accrual loans		17.54		19.23		12.49		(169)		505
Cost of risk⁽²⁾		3.56		3.45		2.05		11		151

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons.

(2) Annualized.

The Bank’s non-accrual loan portfolio amounted to Ps.7,003 million as of December 31, 2018, accounting for 2.88% of total loans to the private-sector, increasing 88 bp from the 2.00% ratio of a year before.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 103.73% as of the end of the Quarter, compared to 112.24% from a year before.

In terms of total financing (defined as loans, certain other receivable financial asset accounts, guarantees granted and unused balances of loans granted) the Bank’s non-accrual portfolio represented 2.54% of total financing to the private-sector, and its coverage with allowances for loan losses reached 101.82%, compared to 2.08% and 117.46% from a year before, respectively.


Analysis of Loan Loss Experience			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Allowance for loan losses at the beginning of the Quarter		6,157		4,918		3,077		25		100
Changes in the allowance for loan losses
Provisions charged to income		1,954		1,888		743		3		163
Charge offs		(848)		(649)		(226)		31		275
Allowance for loan losses at the end of the Quarter		7,263		6,157		3,594		18		102
Charge to the income statement
Provisions charged to income⁽¹⁾		(1,954)		(1,888)		(743)		3		163
Direct charge offs⁽¹⁾		(90)		(92)		(46)		(2)		96
Bad debts recovered		43		33		31		30		39
Net charge to the income statement		(2,001)		(1,947)		(758)		3		164

(1) Item included for calculating the cost of risk.

During the Quarter, Ps.848 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.90 million were made. Net charge to the income statement amounted to Ps.2,001 million.


				17

CAPITALIZATION AND LIQUIDITY

Regulatory Capital

2018

2017

Variation (%)

In millions of pesos, except otherwise noted

vs 3Q18

vs 4Q17

Minimum capital required (A)

27,163

29,120

18,195

(7)

Allocated to credit risk

22,171

24,642

14,414

(10)

Allocated to market risk

969

943

1,126

(14)

Allocated to operational risk

4,023

3,535

2,655

Computable capital (B)

49,329

48,774

22,804

116

Tier I

36,584

35,322

16,221

126

Tier II

12,745

13,452

6,583

(5)

Excess over required capital (B) - (A)

22,166

19,654

4,609

381

Risk weighted assets

325,853

348,263

221,472

(6)

Variation (bp)

Total capital ratio (%)

15.14

14.01

10.90

113

424

Tier I capital ratio (%)

11.23

10.14

7.80

109

343

As of December 31, 2018, the Bank’s computable capital amounted to Ps.49,329 million, Ps.22,166 million (82%) higher than the Ps.27,163 million capital requirement. As of December 31, 2017, this excess amounted to Ps.4,609 million (25%).

The minimum capital requirement increased Ps.8,968 million as compared to December 31, 2017, mainly due to the growth of the private-sector loan portfolio, and computable capital increased Ps.26,525 million in the same period, primarily as consequence of the Ps.10,000 million capitalization and of the application of IFRS. The total capital ratio was 15.14%, increasing 424 bp during the last twelve months.


Liquidity			2018		2017		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Cash and due from banks		142,049		116,288		58,461		22		143
Government securities		62,388		15,897		19,771		292		216
Call-money		938		1,074		935		(13)		-
Overnight placements in correspondent banks		6,256		4,895		491		28		1,174
Repurchase agreement transactions		(419)		14,652		8,415		(103)		(105)
Escrow accounts		5,188		4,459		3,610		16		44
Total liquid assets		216,400		157,265		91,683		38		136
Liquidity ratios								Variation (bp)
Liquid assets (*) as a percentage of transactional deposits		90.55		76.38		68.61		1,417		2,194
Liquid assets (*) as a percentage of total deposits		59.89		49.09		45.65		1,080		1,424

(*) Liquid assets include cash and due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac (Argentine Central Bank’s bills), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market.

As of December 31, 2018, the Bank’s liquid assets represented 90,55% of the Bank’s transactional deposits and 59.89% of its total deposits, as compared to 68.61% and 45.65%, respectively, as of December 31, 2017.


				18

TARJETAS REGIONALES

INFORMATION DISCLOSURE

The data shown in the following tables correspond to Tarjetas Regionales, consolidated line by line with its subsidiaries.

RESULTS FOR THE FISCAL YEAR


Income Statement	2018		2017		Variation (%)
In millions of pesos, except otherwise noted
Net interest income		7,516		6,414		17
Net fee income		9,136		7,599		20
Net results from financial instruments		696		(1)		69,700
Gold and foreign currency quotation differences		(50)		9		(656)
Other operating income		956		759		26
Loan loss provisions		(3,816)		(2,018)		89
Net operating income		14,438		12,762		13
Personnel expenses		(3,940)		(3,142)		25
Administrative expenses		(5,304)		(3,593)		48
Depreciations and devaluations of assets		(286)		(203)		41
Other operating expenses⁽¹⁾		(1,907)		(1,440)		32
Operating income		3,001		4,384		(32)
Income tax		(871)		(1,665)		(48)
Net income		2,130		2,719		(22)

(1) In the third quarter of 2018 this includes sales tax for Ps.204 million. Item included for calculating the financial margin.


Profitability and Efficiency	2018		2017		Variation (bp)
Percentages, except otherwise noted
Return⁽¹⁾ on average assets		4.86		8.50		(364)
Return⁽¹⁾ on average shareholders´ equity		22.36		33.95		(1,159)
Financial margin^(1) (2)		17.02		17.98		(96)
Efficiency ratio⁽³⁾		61.62		54.79		683

(1) Annualized.

(2) Net interest income plus net result from financial instruments plus foreign currency quotation differences plus certain items included in other operating income and expenses, divided by average interest-earning assets.

RESULTS FOR THE QUARTER


Income Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Net interest income		1,792		1,857		2,054		(4)		(13)
Net fee income		2,511		2,342		2,141		7		17
Net results from financial instruments		218		221		(252)		(1)		187
Gold and foreign currency quotation differences		(50)		(4)		(5)		1,150		900
Other operating income		292		258		173		13		69
Loan loss provisions		(1,432)		(797)		(493)		80		190
Net operating income		3,331		3,877		3,618		(14)		(8)
Personnel expenses		(1,200)		(942)		(869)		27		38
Administrative expenses		(1,598)		(1,468)		(984)		9		62
Depreciations and devaluations of assets		(83)		(75)		(54)		11		54
Other operating expenses		(512)		(495)		(421)		3		22
Operating income		(62)		897		1,290		(107)		(105)
Income tax		36		(266)		(557)		(114)		(106)
Net income		(26)		631		733		(104)		(104)


				19


Profitability and Efficiency			2018		2017		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Return⁽¹⁾ on average assets		(0.21)		5.33		8.37		(554)		(858)
Return⁽¹⁾ on average shareholders´ equity		(1.02)		25.36		36.31		(2,638)		(3,733)
Financial margin^(1) (2)		14.61		16.36		18.28		(175)		(367)
Efficiency ratio⁽³⁾		72.42		63.02		53.96		940		1,846

(1) Annualized.

In the fourth quarter of the 2018 fiscal year, Tarjetas Regionales recorded a Ps.26 million loss, as compared to the Ps.733 million profit recorded in the same quarter of the 2017 fiscal year. This loss represented a -0.21% (minus 0.21%) annualized return on average assets and a -1.02% (minus 1.02%) return on average shareholder’s equity, as compared to 8.37% and 36.31%, respectively, recorded from the fourth quarter of the 2017 fiscal year.

Net operating income amounted to Ps.3,331 million, decreasing 8% from the fourth quarter of the 2017 fiscal year, mainly due to a 13% lower net interest income.

Provisions for loan losses for the Quarter amounted to Ps.1,432 million, 190% higher than the Ps.493 million recorded in the same quarter of the prior year.


				20

SELECTED FINANCIAL INFORMATION


Balance Sheet			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Assets
Cash and due from banks		1,365		646		537		111		154
Debt securities		54		749		251		(93)		(78)
Net loans and other financing		45,313		40,516		32,364		12		40
Other financial assets		3,628		2,047		2,174		77		67
Property, bank premises, equipment		835		777		669		7		25
Intangible assets		423		368		250		15		69
Other non-financial assets		1,090		1,072		772		2		41
Total assets		52,708		46,175		37,017		14		42
Liabilities
Financing from financial entities		2,131		2,999		332		(29)		542
Other financial liabilities		23,244		18,770		16,533		24		41
Notes		14,979		12,096		9,482		24		58
Other non-financial liabilities		2,232		2,163		2,255		3		(1)
Total liabilities		42,586		36,028		28,602		18		49
Shareholders’ equity		10,122		10,147		8,415		-		20

ASSET QUALITY


Loan Portfolio Quality			2018		2017		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Non-accrual loans⁽¹⁾		3,322		3,127		2,361		6		41
Allowances for loan losses		4,045		3,110		2,380		30		70
Ratios (%)							Variation (bp)
Non-accrual loans to loans to the private sector		6.84		7.17		6.81		(33)		3
Allowance for loan losses to loans to the private sector		8.33		7.13		6.86		120		142
Allowance for loan losses to non-accrual loans		121.76		99.46		100.80		2,230		2,096
Cost of risk⁽²⁾		12.44		8.19		6.03		425		641

(2) Annualized.


Analysis of Loan Loss Experience			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Allowance for loan losses
At the beginning of the Quarter		3,110		2,802		2,297		11		35
Changes in the allowance for loan losses
Provisions charged to income		1,350		718		446		88		203
Charge offs⁽¹⁾		(415)		(410)		(363)		1		14
Allowance for loan losses at the end of the Quarter		4,045		3,110		2,380		30		70
Charge to the income statement
Provisions charged to income⁽²⁾		(1,350)		(718)		(446)		88		203
Direct charge offs⁽²⁾		(83)		(93)		(46)		(11)		80
Bad debts recovered		59		105		46		(44)		28
Net charge to the income statement		(1,374)		(706)		(446)		95		208

(1) includes Ps.785 million from the sale of bad- loans in the third quarter of 2018.

(2) Item included for calculating the cost of risk.


				21

GALICIA ADMINISTRADORA DE FONDOS

RESULTS FOR THE FISCAL YEAR


Income Statement	2018		2017		Variation (%)
In millions of pesos, except otherwise noted
Net interest income		20		3		567
Net fee income		(1)		(1)		-
Net results from financial instruments		153		72		113
Gold and foreign currency quotation differences		6		-		N/A
Other operating income		591		725		(18)
Net operating income		769		799		(4)
Personnel and administrative expenses		(126)		(65)		94
Other operating expenses		(39)		(40)		(3)
Operating income		604		694		(13)
Income tax		(182)		(244)		(25)
Net income		422		450		(6)

RESULTS FOR THE QUARTER


Income Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Net interest income		10		-		-		N/A		N/A
Net fee income		-		-		(1)		-		100
Net results from financial instruments		3		63		34		(95)		(91)
Gold and foreign currency quotation differences		(1)		6		-		(117)		N/A
Other operating income		90		92		218		(2)		(59)
Net operating income		102		161		251		(37)		(59)
Personnel and administrative expenses		(29)		(36)		(23)		(19)		26
Other operating expenses		(6)		(8)		(13)		(25)		(54)
Operating income		67		117		215		(43)		(69)
Income tax		(21)		(35)		(76)		(40)		(72)
Net income		46		82		139		(44)		(67)

ASSETS UNDER MANAGEMENT


Mutual Fund	Assets Under Management as of:						Variation
In millions of pesos, except otherwise noted	4Q18		3Q18		4Q17		vs 3Q18		vs 4Q17
Fima Premium		29,475		29,671		10,099		(1)		192
Fima Ahorro Pesos		9,892		7,154		20,823		38		(52)
Fima Ahorro Plus		9,968		4,690		17,239		113		(42)
Fima Capital Plus		205		242		379		(15)		(46)
Fima Renta en Pesos		245		346		526		(29)		(53)
Fima Renta Plus		145		167		370		(13)		(61)
Fima Abierto Pymes		313		329		264		(5)		19
Fima Acciones		328		463		413		(29)		(21)
Fima PB Acciones		718		1,141		1,143		(37)		(37)
Fima Mix I		7		10		165		(30)		(96)
Fima Renta Dólares I		7,352		10,847		12,233		(32)		(40)
Fima Renta Dólares II		1,564		3,055		4,117		(49)		(62)
Fima Renta Acciones Latinoamerica		13		-		-		N/A		N/A
Fima Renta Fija Internacional		179		-		-		N/A		N/A
Total Assets Under Management		60,404		58,115		67,771		4		(11)


				22

SELECTED FINANCIAL INFORMATION


Balance Sheet			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Assets
Cash and due from banks		35		26		12		35		192
Other financial assets		635		451		634		41		-
Other non-financial assets		4		124		90		(97)		(96)
Total assets		674		601		736		12		(8)
Liabilities
Other non-financial liabilities		229		203		276		13		(17)
Total liabilities		229		203		276		13		(17)
Shareholders’ equity		445		398		460		12		(3)


				23

SUDAMERICANA HOLDING

INFORMATION DISCLOSURE

The data shown in the tables of this report and the consolidated financial statements correspond to Sudamericana Holding S.A., consolidated line by line with the subsidiaries under its control.

RESULTS FOR THE FISCAL YEAR


Income Statement	2018		2017		Variation (%)
In millions of pesos, except otherwise noted
Earned premium		3,784		3,206		18
Incurred claims		(478)		(380)		26
Withdrawals		(5)		(4)		25
Life annuities		(7)		(6)		17
Acquisition and general expenses		(2,016)		(1,682)		20
Other income and expenses		(44)		(110)		(60)
Underwriting income		1,234		1,024		21
Interest income		423		290		46
Net results from financial instruments		96		29		231
Gold and foreign currency quotation differences		4		1		300
Other operating income		89		8		1,013
Net operating income		1,846		1,352		37
Personnel expenses		(472)		(339)		39
Administrative expenses		(340)		(276)		23
Depreciations and devaluations of assets		(59)		(24)		146
Operating income		975		713		37
Results from associates and joint businesses		-		2		(100)
Income tax		(322)		(247)		30
Net income		653		468		40
Other comprehensive income		(11)		15		(173)
Total comprehensive income		642		483		33


Profitability	2018		2017		Variation (pb)
Percentages, except otherwise noted	4Q		3Q		4Q
Return on average assets⁽¹⁾		22.99		19.39		360
Return on average shareholders’ equity⁽¹⁾		54.18		42.66		1.152
Efficiency ratio⁽²⁾		53.90		54.33		(43)
Combined ratio⁽³⁾		62.03		62.16		(13)

(1) Annualized.

(2) Acquisition and general expenses divided by earned premiums plus other income and expenses.

(3) Acquisition and general expenses divided by earned premiums plus incurred claims plus withdrawals plus life annuities plus other income and expenses.


				24

RESULTS FOR THE QUARTER


Income Statement			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Earned premium		1,009		943		837		7		21
Incurred claims		(133)		(117)		(76)		14		75
Withdrawals		(2)		(3)		-		(33)		N/A
Life annuities		(2)		(1)		(2)		100		-
Acquisition and general expenses		(725)		(398)		(526)		82		38
Other income and expenses		28		(54)		(52)		(152)		(154)
Underwriting income		175		370		181		(53)		(3)
Interest income		142		100		66		42		115
Net results from financial instruments		36		29		45		24		(20)
Gold and foreign currency quotation differences		(2)		-		1		N/A		(300)
Other operating income		9		35		(22)		(74)		(141)
Net operating income		360		534		271		(33)		33
Personnel expenses		(139)		(120)		(94)		16		48
Administrative expenses		(118)		(77)		(78)		53		51
Depreciations and devaluations of assets		(20)		(15)		(8)		33		150
Other operating expenses		147		(51)		122		(388)		20
Operating income		230		271		213		(15)		8
Income tax		(70)		(81)		(70)		(100)		-
Net income		160		190		143		(16)		12
Other comprehensive income		1		1		5		-		(80)
Total comprehensive income		161		191		148		(16)		9


Profitability			2018		2017		Variation (pb)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Return on average assets⁽¹⁾		20.50		24.77		23.31		(427)		(281)
Return on average shareholders’ equity⁽¹⁾		53.12		57.50		60.10		(438)		(698)
Efficiency ratio⁽²⁾		69.91		44.77		67.01		2,514		290
Combined ratio⁽³⁾		80.56		60.76		74.40		1,980		616

(1) Annualized.

(2) Acquisition and general expenses divided by earned premiums plus other income and expenses.

(3) Acquisition and general expenses divided by earned premiums plus incurred claims, withdrawals, life annuities, other income and expenses.

SELECTED FINANCIAL INFORMATION


Balance Sheet			2018		2017		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q18		vs 4Q17
Assets
Cash and due from banks		55		36		23		53		139
Debt securities		83		174		718		(52)		(88)
Net loans and other financing		426		293		14		45		2,943
Other financial assets		1,226		1,045		655		17		87
Property, bank premises, equipment		178		175		144		2		24
Intangible assets		61		59		56		3		9
Other non-financial assets		1,105		1,065		797		4		39
Total assets		3,134		2,847		2,407		10		30
Liabilities
Financial entities		-		-		4		-		(100)
Other non-financial liabilities		1,881		1,755		1,353		7		39
Total liabilities		1,881		1,755		1,357		7		39
Shareholders’ equity		1,253		1,092		1,050		15		19


				25

RECENT DEVELOPMENTS

SALE OF PRISMA MEDIOS DE PAGO S.A.

On January 21, 2019, the Bank accepted an offer from Advent International Global Private Equity to purchase Prisma Medios de Pago S.A., pursuant to a divestment commitment entered into by Prisma Medios de Pago S.A. and its shareholders before the National Commission for the Defense of Competition. The total estimated price of the transaction amounted to US$106 million. On February 1, the Bank transferred shares representing 7.7% of Prisma Medios de Pago S.A.’s capital to Advent International Global Private Equity and received US$63 million. The remaining balance will be paid over the course of the next 5 years. Banco Galicia maintains a 7.4% interest in Prisma Medios de Pago S.A.

NOTES

On February 14, 2019, Banco Galicia issued Class VI Notes, for a nominal value of US$82.7 million, with a fixed rate of 4.8% and with a maturity date of 7 months from the applicable issue and settlement date.

DISTRIBUTION NETWORK

During the Quarter, the Bank increased its distribution network via the opening of six new branches, two in the province of Buenos Aires, one in Santa Fe and three in the city of Buenos Aires.

REGULATORY CHANGES

INFLATION ADJUSTMENT

Through its Communquee “A” 6651, the Argentine Central Bank established that the presentation of information restated in homogeneous currency shall be applied for financial periods beginning on or after January 1, 2020, in accordance with Law 27,468. In accordance therewith, the criteria for restating the financial information established in IAS 29 have not been used. Such application would have widespread effects on the financial statements, and as a consequence the reported balances would be significantly affected. As of December 31,2018, GFG’s equity would have amounted to Ps.63,483 million and the result for the fiscal year would have been a Ps.455 million loss, approximately.

This report is a summary analysis of GFG’s financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with GFG’s financial statements, as well as with all other material periodically filed with the Argentine National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsacba.com.ar) and the Nasdaq (www.nasdaq.com). In addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which the Bank has published information.

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.


				26

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