Banco Hipotecario SA reports Fourth Quarter 2016 consolidated results

BUENOS AIRES, Argentina, Feb. 14, 2017 /PRNewswire/ -- Banco Hipotecario S.A. (BCBA: BHIP) reports Fourth Quarter 2016 consolidated results.

Highlights
Executive Summary

• Total net income for the year was Ps. 615.3 million, compared to Ps. 1,085.8 million of 2015. Net income for the fourth quarter was Ps. 136.4 million, compared to Ps. 103.6 million and Ps. 522.7 million of last quarter and same quarter of previous year, respectively.
• Net financial margin for the year was Ps. 2,819.4 million, compared to Ps. 3.034,5 million for 2015. Net financial margin for the quarter was Ps. 776.0 million, compared to Ps. 576.4 million of last quarter and Ps. 1,211.6 million of same quarter of last year.
• Aggregated net income from services of Ps. 3,888.4 million, 28.5% higher than 2015. Net income from services for the quarter was Ps. 1,144.4 million, 13.3% higher than previous quarter and 35.9% higher than fourth quarter 2015.
• Loans to the private sector increased 17.4% in the quarter and 31.1% YoY.
• Deposits decreased 1.8% in the quarter and 6.9% YoY while our financial indebtedness increased 64.5% in the quarter and 129.7% YoY.
• NPL increased to 2.7 % from 2.0% of 2015. Coverage ratio was 89.3%.
• Equity ratio of 11.6%, compared to 13.8% of 2015.
• In the second quarter of the year, the Bank reopened its Series 29 for US$ 150 million, while in the fourth quarter issued Ps. 6,078.3 million at Badlar + 2.5% bonds due 2020 in the international DCM.

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SOURCE Banco Hipotecario S.A.