Banco Hipotecario S.A. reports First Quarter 2018 consolidated results

BUENOS AIRES, Argentina, May 9, 2018 /PRNewswire/ -- Banco Hipotecario S.A. (BCBA: BHIP) reports First Quarter 2018 consolidated results.

Highlights 
Executive Summary

• The consolidated financial statements as of March 31, 2018 have been prepared under IFRS according to Central Bank's convergence plan.
  
  
• Net income for the first quarter was Ps. 519.1 million, compared to Ps. 294.6 million of same quarter of last year, which represented a 76.2% increase.
  
  
• Net financial margin for the quarter was Ps. 1,380.4 million, 51.5% higher than the Ps. 911.1 million of same quarter of last year.
  
  
• Aggregated net income from services was Ps. 1,333.4 million, 14.6% higher than the Ps. 1,163.7 million of same quarter of last year.
  
  
• Loans to the private sector increased 27.8% YoY, while personal loans increased 44.8% YoY.
  
  
• Deposits increased 27.9% YoY while financial indebtedness increased 67.2% YoY.
  
  
• On an individual basis, NPL increased from 1.7% in Q1 2017 to 1.9% in Q1 2018. Coverage ratio was 102.7%. On a consolidated basis, NPL increased from 3.5% in Q1 2017 to 4.7% in Q1 2018. Coverage ratio was 83.0%. Unifying the write off criteria of the Bank with its subsidiaries, the consolidated NPL increased from 2.7% in Q1 2017 to 3.6% in Q1 2018.
  
  
• Equity ratio as of March 31, 2018 was 11.5%, compared to 13.0% of same quarter of last year.
  
  
• In the first quarter the Bank issued Ps. 1,102.8 million at Badlar + 3.6% bonds due 2020 and UVA + 4.9% due 2022 in the local DCM.
  
  
• The ordinary shareholders meeting held on April 9^th 2018 approved a dividend of Ps 200 million.

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SOURCE Banco Hipotecario S.A.