MEXICO CITY--(EON: Enhanced Online News)--GENTERA (“Compartamos S.A.B. de C.V.” or “the Company”) (BMV: COMPARC*), announced today non-audited consolidated financial results for the third quarter ended September 30, 2013. All figures were prepared in accordance with requirements from the National Banking and Securities Commission (CNBV) and are expressed in nominal Mexican Pesos (Ps.).
Total Loan Portfolio reached Ps. 20,686 million, a 23.5%
increase compared with 3Q12, distributed in the following manner:
- Banco Compartamos S.A. I.B.M. (Mexico) (Banco Compartamos) reached Ps. 17,147 million, a 22.2% increase versus 3Q12;
- Compartamos Financiera (Peru) reached Ps. 3,669.6 million, a 26.8% increase versus 3Q12; and
- Compartamos S.A. (Guatemala) reached Ps. 153.0 million, 58.3% higher compared with 3Q12.
- Net Operating Income for 9M13 was Ps. 2,657 million, 21.6% higher when compared with 9M12. For 3Q13 was Ps. 928 million, 15.9% higher than 3Q12.
Net Income for the first nine months was Ps. 1,574 million,
8.7% higher when compared with 9M12. For this third quarter was Ps.
574 million, an increase of 6.9% compared with 3Q12.
- Net Income for Banco Compartamos was Ps. 548 million, 4.0% higher than 3Q12.
- NIM for 3Q13 was 53.1%, compared with 53.0% in 3Q12.
- ROAE for 3Q13 was 25.7%, compared with 27.3% during 3Q12.
- ROAA in 3Q13 was 9.0%, compared with 10.6% in 3Q12.
- Non-performing loans (NPLs) during 3Q13 stood at 4.29%, from 4.16% in 2Q13.
- Efficiency ratio was 65.8% for the quarter, an increase compared with 63.2% reported in 3Q12.
- YASTAS, GENTERA’s correspondent network manager, has affiliated over 3,200 small businesses at the end of the third quarter.
- ATERNA, the Company’s micro-insurance broker currently serves 3.5 million customers with life insurance policies.
- At the close of the third quarter, 6,804,901 shares were repurchased through the stock buyback program, at an average price of Ps. 22.74 per share.
- On October 10, GENTERA´s main subsidiary, Banco Compartamos obtained global investment grade ‘BBB/A-2’ and its local rating was affirmed at ‘AAA/mxA-1+’ by Standard and Poor’s.
- Over 2,700 of GENTERA’s employees participated in volunteering activities and programs in various communities as well as the support of various foundations during this quarter.
- More than one million financial literacy articles were distributed during the third quarter to clients, employees and communities served by the Company.
Comments from Mr. Carlos Labarthe, GENTERA’s CEO:
As we approach the end of the year, we at GENTERA are very enthusiastic regarding the actions that we undertook in recent months as well as those we expect to execute in the months to come.
During the third quarter, as part of our evolution we announced the name of the holding company GENTERA, which represents a combination of the Spanish words ‘Gente’ and ‘Entera’ (in English, ‘People’ and ‘Integrity’). GENTERA will spearhead the group of companies that share our ideals: attention to the individual, profound market knowledge, product innovation and long-term value, all via microfinance. In other words: credit, savings, insurance and payment instruments, as well as financial education.
GENTERA continues to demonstrate solid performance. During the quarter, the Company delivered 23% growth in the total loan portfolio, compared with the third quarter of 2012. As a result, we currently have the privilege of serving more than 2.8 million clients throughout our various companies.
Our largest subsidiary, Banco Compartamos, obtained global investment grade rating ‘BBB/A-2’ from S&P and was affirmed on a national scale at ‘AAA’. The bank’s operation continues growing strongly and in accordance with our projections. The Group credit methodology is growing over 10% on a year-on-year basis, whereas Banco Compartamos’ individual credit methodology is the one experiencing fastest growth over 50% year on year.
Compartamos Financiera, our Peruvian operation, now serves more than 180 thousand clients, 32 thousand of these clients use the Credito Mujer product. In Guatemala, Compartamos S.A., is serving more than 60 thousand clients exclusively with Credito Mujer. YASTAS, our correspondent network manager is operating with more than 3,200 affiliates and our micro insurance broker ATERNA, had over 3.5 million active life insurance policies.
Since our inception, we have remained focused on the person, seeking to generate social, economic and human value to the highest number people as possible in the shortest amount of time. Three years ago, the Company was one Bank in one country; today, under GENTERA, we are a group of companies with operations in three countries. Now more than ever, our purpose remains to eradicate financial exclusion throughout the region of the Americas.
For the full version of this release, please visit www.gentera.com.mx