Banks. Banco CMF S.A. Banks Argentina Quarterly Report

Transcripción

1 Banks Argentina Quarterly Report Rating Banco CMF S.A. Long Term Debt Short Term Debt Outlook Banco CMF S.A. Financial Data S table A (arg) A1(arg) In millions ARS Assets 2, , Net Equity Net Result ROAA (%) ROAE (%) Equity/Assets (%) Related Reports - Global Financial Institutions Rating Criteria, 16 August Short-Term Ratings Criteria for Corporate Finance, 2 November Rating Manual registered with the Argentine National Securities Commission (CNV). Analysts Cecilia Garófalo (5411) cecilia.garofalo@fitchratings.com Darío Logiodice (5411) Dario.logiodice@fitchratings.com Ana Gavuzzo Fitch Argentina SA Banco CMF S.A. Assessment Banco CMF S.A. (CMF) s rating reflects the positive evolution of its performance and franchise in the segment it specializes in (medium-sized companies), its sound liquidity base, good credit quality and low exposure to the public sector. Likewise, the Bank s capitalization base is good in relation to the type of business it develops. At the closing of Q1 2011, the bank s net income was $9.4 million, 46.9% above that for March 2010, as a result of consistent operating results, based on increasing net interest revenue (+123.4%), and controlled operating costs. Fitch considers that if the dynamic growth of economic activity continues, the bank will continue to show good profitability ratios in the medium term. At end-march 2011, the bank s total stock of loans reported a strong rise against the previous year (+95%), driven by both commercial and consumer loans (+73.5% and %, respectively). Total non-performing loans was low (1.2%) and compared favourably with the average for the financial system (AFS) (1.7% at December 2010). Loan loss reserve coverage was ample (273.9%), which mitigates the risk of any severe weakening of the loan portfolio and with no compromise on the bank s equity. The bank s funding is largely from its deposits (59.5% of total liabilities), and to a lesser degree, from repos, calls and interbank loans. Because of the nature of the bank s main exposures, deposits are highly concentrated (the first 10 exposures representing 52%). The liquidity ratios were sound, the cash assetsto-deposits and short term funds ratio (41.6%) was reasonable given the high level of deposit concentration, and was above the average for the AFS (23.4% at December 2010). Historically, CMF has reported an adequate solvency ratio, measured as net equity-to-assets (10.5%), showing a decline compared to the previous fiscal year (19.55% at March 2010), largely due to total asset growth (+87.5% against March 2010). The indicator compares favourably with the average for the AFS (11.3% at December 2010). Finally, the Fitch Core Capital ratio represented 14.7% of the bank s risk weighted assets. Support/Legal Although the local authorities do not guarantee support to the banks, the Banco Central de la República Argentina (BCRA) may act as lender of last resort for certain terms. The insurance on deposits guarantees up to $120 thousand. Rating Outlook The rating outlook is stable. Nevertheless, any severe weakening of the environment having an adverse effect on asset quality and profitability could lead to a downgrade. On the other hand, high profitability in the medium and long terms, with good asset quality and adequate capitalization could have a positive effect on the bank s ratings. Background CMF specializes in providing services to medium-sized companies. It offers a range of financial products, which mainly target foreign trade, exchange rate services, financing of working capital, and other capital market- and investmentbased products. June 2011 Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3

2 The bank s strategy focuses on client loyalty and an in-depth knowledge of the market while on the other hand, its small structure leads to higher costs in certain investments that would require a minimum market scale. CMF owns 99% of the share capital of Eurobanco Bank Ltd. (incorporated under the laws of The Commonwealth of the Bahamas), which allows for the expansion of the bank s international distribution network and also controls Metrocorp Sociedad de Bolsa S.A. (a brokerage house). CMF is a single- branch bank with a light structure which allows for flexibility when designing and providing financial services to companies. The bank s market share is small, and it ranks 32nd in assets, 33rd in deposits, and 31st by equity, out of 80 banks. Profile Banco CMF (former Corporación Metropolitana de Finanzas S.A.) was originally a financial services provider. It was incorporated as a joint stock company on June 20, 1978 under the laws of Argentina. Later, on April 10, 1996, Corporación Metropolitana de Finanzas was licensed by BCRA resolution 208/96 to operate as a bank. On June 11, 1998, the Bank s Special Stockholders Meeting authorized a change of name to Banco CMF S.A. CMF is owned by three individual shareholders: José Alberto Benegas Lynch (57%), Miguel Tiphaine (35%) and Ricardo Orgoroso (8%). All three shareholders are members of the Board of Directors. CMF is a single-branch bank with a light structure which allows for flexibility when designing and providing financial services to companies (its target market). The bank s market share is small and it ranks 32nd in assets, 33rd in deposits and 31st by equity at January 2011, out of 80 banks. The bank s strategy is aimed at gaining leadership in the corporate banking segment. Accordingly, it specializes in medium- and large-sized companies and operates with a small professional organization. This makes it flexible when offering differentiated tailor-made services, simultaneously gaining an in-depth knowledge of the market sectors and its customers. Our analysis of the Bank s condition is based on its consolidated financial statements as of March 31, 2011, audited by Pistrelli, Henry Martin y Asoc., in accordance with the accounting standards established by the BCRA. In view of the limited nature of the audit, the auditor issued no opinion on the bank s financial condition, except in respect of the differences in the asset valuation criteria of the CPCECABA (Consejo Profesional de Ciencias Económicas de la Ciudad de Buenos Aires) professional standards and the Argentine Central Bank rules. Performance At the closing of the IH 2011, the bank reported a net income of $9.4 million, 46.9% above that for March 2010, as a result of rising net interest revenue and controlled operating costs. Average ROA (1.6%) was slightly below the average in March 2010 (1.8%) and end-december 2010 (2.6%), in both cases largely due to the growth in assets (+32.9%), arising from robust lending growth; while average ROE (13.5%) was above that of March 2010 though falling short of figures at end-december 2010 (9.2% and 16.6%, respectively), due to an increase in net equity. Fitch considers the bank s profitability ratios should remain sound in the short and medium terms providing business and lending growth dynamics continue. Operating Income. Net interest revenue was well above the closing of the previous fiscal year (+123.4%), resulting largely from an increase in implicit interest rate spreads. This stems from a rise in implicit active rates, as shown by the line Interest on loans to gross loans (18.2% at March 2011 vs. 16.4% at March 2010), which offsets the implicit passive rates. Historically, CMF s Operating Result (excluding interest) has accounted for approximately half of total income; nevertheless, at the closing of Q this ratio stood at only 23.2%. It should be noted that around 60% of this income stemmed from earnings on the bank s security holdings, which are subject to volatility. Therefore, it is convenient to weigh fee income in this category as it lends stability to the bank s results and at the end of Q1 posted a 36.4% rise against March Likewise, Fitch considers that during this year the fee margins will continue to have a positive effect on operating income (without interest), due to the increased volume of transactions and the rise in fees, which makes operating income more stable. Administrative Costs. At the closing of the quarter, total administrative costs increased by a mere 14.4% against the previous year. Hence, the administrative costs-to-total income ratio (40.8%) remained at an adequate level, showing almost Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 2

3 Commercial loans account for the larger portion of the bank s loan book, and consumer loans continue to show growth in line with the bank s strategy to capitalize on some of the advantages of overall consumer growth. Non performing loans were historically low, in line with the type of loans granted. The bank s loan loss reserve policy has resulted in no compromise on equity. no change in comparison to December 2010, and well below its historical average (50.8%), comparing favourably with the average for the AFS (61.2% at December 2010). With regard to assets, during Q1 expenses remained stable in comparison to the figures at the closing of the fiscal year (3.1% at March 2011 and 3.8% at December 2010), well below the average for the AFS (6.4% at December 2010). It should be noted that this rise in expense includes the accrual in January of a 25% wage increase (even though less than 100% of the employees are unionized), as a result of the wage agreement finally signed in March, which authorized a 20% hike for the first 4 months of the year. On the other hand, a slight rise in expenses was offset by a reduction in other administrative costs (-5.3%), even though the bank made provisions for a 25% increase in monthly payments to its main suppliers. Loan Loss Provisions. At end-march 2011 loan loss provisions totalled $10 million, 47.1% above those recorded in March Nevertheless, as a result of the increase in loans, the loan impairment charges-to-average gross loans ratio (3.8%) declined against that period, and remained in line with those at end-december 2010 (3.5%). Fitch expects the bank to continue its prudential policies throughout this fiscal year, maintaining a surplus coverage on its non-performing loan book. Perspectives. The bank expects credit growth to increase during the first half of the year by 16.2% (in nominal terms), maintaining its current capitalization, reserve coverage, and profitability indicators stable. In this sense, Fitch considers that CMF will continue to show sound profitability ratios in the short term, although it could be adversely affected by a rise in systemic risk in the event of a change in prospects based on economic indicator performance. Credit Risk At end-march 2011 the total stock of loans showed a significant rise against the previous year (95%), surpassing the bank s budget for the first quarter (+5.4%). This increase was largely driven by commercial loans (advances and discounted documents), reporting an interannual rise of +73.6%; and to a significant growth in the consumer book (190%), in line with the bank s strategy to capitalize on some of the advantages of overall consumer growth reflected in the economy, through the acquisition of personal loans portfolios or investment in financial trusts with underlying assets of this kind. Therefore, the consumer loan book continues to show growth in the overall share of total loans (18.4% at March 2011 vs. 11.3% at March 2010), although the commercial book still accounts for the largest share (81.6% at March 2011 vs. 88.7% at March 2010). Loan book concentration is commensurate with the bank s business model. The ten major debtors represented 18% of total loans. It should be noted that there was no bad debt within the first 50 exposures, and concentration by business activity was adequate. Total non performing loans remained low at the closing of Q (1.2%), below the average for the AFS (1.7% at December 2010) and the national private banks (2.4% at December 2010). Loan loss reserve coverage continued to be sound (273.9%), thus mitigating the risk of any further weakening of the loan book and with no compromise on the bank s equity. In accord with the macroeconomic indicators, Fitch considers that asset quality will show no significant weakening in the short term, nevertheless the evolution of these indicators will depend on inflation, unemployment and levels of confidence in the economy. Market Risk. CMF has no significant security trading activities and maintains a marginal position to take advantage of market opportunities. The bank has loans to the public sector worth $63 thousand and a final position in national government securities worth $-7.8 million, mostly deposit-related. Interest Rate and Currency Risks. The loans are short term (approximately 6- month terms) and at a variable rate (in general BADLAR plus a differential), therefore the short term nature of funding poses no significant interest rate risks. Transactions in foreign currency are matched, and in general are related to foreign Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 3

4 The Bank s funding is largely from deposits, and to a lesser degree, from repos, calls and interbank loans. Liquidity indicators are ample in accord with the bank s current deposit concentration. CMF s current capitalization base is considered to be adequate. trade operations. Currency positions and interest rate spreads are reviewed daily and sensitivity analyses are performed in order to reduce the risk of unexpected losses. Liquidity and Capital Funding and Liquidity. The bank s funding is largely from deposits, which represent 59.5% of total liabilities, and to a lesser degree, from repos and interbank loans. It should be emphasized that the bank has good access to credit lines, both with local financial entities and international ones. Deposit stocks increased by 104.8% against March 2010, due to a rise in volumes of term deposits and savings accounts. Historically, the bank s deposits are highly concentrated (the first 10 exposures representing 52%). Although the bank has expressed its intention to reduce the risk of concentration, it is likely to continue being a significant risk, given the type of business it specializes in, aimed at delivering tailor-made services to corporate clients, and its light structure (single branch bank), which limits the possibility to broaden the deposit base to individuals in order to atomize these holdings. The bank s liquidity indicators are ample. The cash assets-to-total deposits and short term funds ratio totalled 41.6%, above the average for the AFS (23.4% at December 2010). Nevertheless, given the concentration of deposits, the level of these ratios will be above the average for the system. Capital. Banco CMF reported a reasonable excess in minimum capital requirements (72.9%) as well as adequate solvency ratios, measured as net equity-to-assets (10.5%), showing a decline against the previous fiscal year (19.55% at March 2010). This was largely due to a rise in total assets (+87.5% against March 2010). The ratio compares favourably against the average for the AFS (11.3% at December 2010). Finally, the Fitch Core Capital ratio represented 14.69% of risk weighted assets. Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 4

5 Opinion The Rating Committee, in the meeting held on June 21, 2011, confirmed Banco CMF S.A. s Short Term Debt in Category A1(arg) and its Long Term Debt in Category A(arg) with a stable outlook. Category A(arg): Shows that the obligations correspond to local issuers with a sound credit quality in relation to other issuers or issues. However, changes in economic situations or conditions could affect repayment capacity in due time and form to a greater extent than those financial obligations rated in higher categories. Category A1(arg): Indicates the strongest capacity for timely payment of financial commitments relative to other issuers or issues in the same country. Under their national rating scale, this rating is assigned to the "best" credit risk relative to all others in the same country. The modifiers "+" or "-" may be appended to a rating to denote relative status within major rating categories and do not alter the definition of the Category to which they are added. Banco CMF S.A. (CMF) s rating reflects the positive evolution of its performance and franchise in the segment it specializes in (medium-sized companies), its sound liquidity base, good credit quality and low exposure to the public sector. Likewise, the Bank s capitalization base is good in relation to the type of business it develops. Our analysis of the Bank s condition is based on its consolidated financial statements as of March 31, 2011, audited by Pistrelli, Henry Martin y Asoc., in accordance with the accounting standards established by the BCRA. In view of the limited nature of the audit, the auditor issued no opinion on the bank s financial condition, except in respect of the differences in the asset valuation criteria of the CPCECABA professional standards and the Argentine Central Bank rules. Information Sources The data provided for the analysis are considered adequate and sufficient, thus the application of category E was unnecessary. The issuer provided, among other, the following information: Audited quarterly financial statements (last March 31, 2011) Audited General Balance Sheet (last December 31, 2010) Information on asset quality Information on liquidity management. Ana Gavuzzo Fitch Argentina SA Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 5

6 Banco CMF Income Statement 31 Mar Dic Mar Dic Dic Months - 1st Quarter As % of Year End As % of 3 Months - 1st Quarter As % of Year End As % of Year End As % of ARSm Earning ARSm Earning ARSm Earning ARSm Earning ARSm Earning Unqualified Assets Unqualified Assets Audited/Report not seen Assets Qualified Assets Unqualified Assets 1. Interest Income on Loans 48,1 9,89 114,6 7,28 22,0 7,64 88,5 8,04 101,8 11,40 2. Other Interest Income n.a. - 0,1 0,01 n.a. - 0,1 0,01 1,0 0,11 3. Dividend Income 0,0 0,00 n.a. - 0,0 0,00 n.a. - n.a Gross Interest and Dividend Income 48,1 9,89 114,7 7,29 22,0 7,64 88,6 8,05 102,8 11,52 5. Interest Expense on Customer Deposits 11,6 2,38 28,6 1,82 5,6 1,94 27,8 2,53 38,2 4,28 6. Other Interest Expense 2,1 0,43 7,0 0,44 1,0 0,35 4,4 0,40 5,8 0,65 7. Total Interest Expense 13,7 2,82 35,6 2,26 6,6 2,29 32,2 2,93 44,0 4,93 8. Net Interest Income 34,4 7,07 79,1 5,03 15,4 5,35 56,4 5,13 58,8 6,59 9. Net Gains (Losses) on Trading and Derivatives n.a. - n.a. - n.a. - n.a. - n.a Net Gains (Losses) on Other Securities 3,7 0,76 48,2 3,06 10,8 3,75 43,6 3,96 25,9 2, Net Gains (Losses) on Assets at FV through Income Statement n.a. - n.a. - n.a. - n.a. - n.a Net Insurance Income n.a. - n.a. - n.a. - n.a. - n.a Net Fees and Commissions 7,5 1,54 25,6 1,63 5,5 1,91 19,1 1,74 18,7 2, Other Operating Income -0,8-0,16 3,6 0,23 2,1 0,73 14,6 1,33 17,0 1, Total Non-Interest Operating Income 10,4 2,14 77,4 4,92 18,4 6,39 77,3 7,03 61,6 6, Personnel Expenses 11,2 2,30 33,7 2,14 8,5 2,95 28,3 2,57 22,2 2, Other Operating Expenses 7,1 1,46 29,7 1,89 7,5 2,60 34,2 3,11 34,3 3, Total Non-Interest Expenses 18,3 3,76 63,4 4,03 16,0 5,55 62,5 5,68 56,5 6, Equity-accounted Profit/ Loss - Operating 0,0 0,00 1,8 0,11 0,4 0,14-0,7-0,06 0,9 0, Pre-Impairment Operating Profit 26,5 5,45 94,9 6,03 18,2 6,32 70,5 6,41 64,8 7, Loan Impairment Charge 10,0 2,06 25,0 1,59 6,8 2,36 15,5 1,41 1,2 0, Securities and Other Credit Impairment Charges 0,0 0,00 0,0 0,00 0,0 0,00 0,1 0,01 0,1 0, Operating Profit 16,5 3,39 69,9 4,44 11,4 3,96 54,9 4,99 63,5 7, Equity-accounted Profit/ Loss - Non-operating n.a. - n.a. - n.a. - n.a. - n.a Non-recurring Income 1,2 0,25 6,3 0,40 0,8 0,28 12,5 1,14 5,5 0, Non-recurring Expense 0,1 0,02 0,8 0,05 0,1 0,03 0,7 0,06 1,0 0, Change in Fair Value of Own Debt n.a. - n.a. - n.a. - n.a. - n.a Other Non-operating Income and Expenses n.a. - n.a. - n.a. - n.a. - n.a Pre-tax Profit 17,6 3,62 75,4 4,79 12,1 4,20 66,7 6,06 68,0 7, Tax expense 8,2 1,69 30,7 1,95 5,7 1,98 21,1 1,92 22,7 2, Profit/Loss from Discontinued Operations n.a. - n.a. - n.a. - n.a. - n.a Net Income 9,4 1,93 44,7 2,84 6,4 2,22 45,6 4,14 45,3 5, Change in Value of AFS Investments n.a. - n.a. - n.a. - n.a. - n.a Revaluation of Fixed Assets n.a. - n.a. - n.a. - n.a. - n.a Currency Translation Differences n.a. - n.a. - n.a. - n.a. - n.a Remaining OCI Gains/(losses) n.a. - n.a. - n.a. - n.a. - n.a Fitch Comprehensive Income 9,4 1,93 44,7 2,84 6,4 2,22 45,6 4,14 45,3 5, Memo: Profit Allocation to Non-controlling Interests n.a. - n.a. - n.a. - n.a. - n.a Memo: Net Income after Allocation to Non-controlling Interests 9,4 1,93 44,7 2,84 6,4 2,22 45,6 4,14 45,3 5, Memo: Common Dividends Relating to the Period n.a. - n.a. - n.a. - n.a. - n.a Memo: Preferred Dividends Related to the Period n.a. - n.a. - n.a. - n.a. - n.a. - Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 6

7 Banco CMF Balance Sheet 31 Mar Dic Mar Dic Dic Months - 1st Quarter As % of Year End As % of 3 Months - 1st Quarter As % of Year End As % of Year End As % of ARSm Assets ARSm Assets ARSm Assets ARSm Assets ARSm Assets Assets A. Loans 1. Residential Mortgage Loans 24,2 0,89 26,1 1,27 24,8 1,71 23,4 1,71 43,1 3,36 2. Other Mortgage Loans n.a. - n.a. - n.a. - n.a. - n.a Other Consumer/ Retail Loans 246,1 9,03 173,9 8,48 84,9 5,84 81,4 5,94 14,3 1,11 4. Corporate & Commercial Loans 531,6 19,50 490,5 23,93 306,3 21,07 267,3 19,50 316,4 24,64 5. Other Loans 309,2 11,34 313,0 15,27 154,0 10,59 129,2 9,43 238,2 18,55 6. Less: Reserves for Impaired Loans/ NPLs 48,2 1,77 38,2 1,86 27,2 1,87 20,8 1,52 9,0 0,70 7. Net Loans 1.062,9 39,00 965,3 47,09 542,8 37,34 480,5 35,05 603,0 46,96 8. Gross Loans 1.111,1 40, ,5 48,95 570,0 39,21 501,3 36,57 612,0 47,66 9. Memo: Impaired Loans included above 17,6 0,65 13,6 0,66 16,1 1,11 11,5 0,84 5,8 0, Memo: Loans at Fair Value included above n.a. - n.a. - n.a. - n.a. - n.a. - B. Other Earning Assets 1. Loans and Advances to Banks 76,1 2,79 57,9 2,82 25,1 1,73 22,3 1,63 9,9 0,77 2. Reverse Repos and Cash Collateral n.a. - n.a. - n.a. - n.a. - n.a Trading Securities and at FV through Income 160,1 5,87 69,1 3,37 46,0 3,16 85,3 6,22 11,7 0,91 4. Derivatives n.a. - n.a. - n.a. - n.a. - n.a Available for Sale Securities n.a. - n.a. - n.a. - n.a. - 0,0 0,00 6. Held to Maturity Securities 0,0 0,00-0,2-0,01 n.a. - 37,2 2,71 20,1 1,57 7. At-equity Investments in Associates 5,1 0,19 5,1 0,25 3,8 0,26 3,4 0,25 5,0 0,39 8. Other Securities 15,0 0,55 18,7 0,91 7,0 0,48 6,8 0,50 0,0 0,00 9. Total Securities 180,2 6,61 92,7 4,52 56,8 3,91 132,7 9,68 36,8 2, Memo: Government Securities included Above n.a. - 0,0 0,00 n.a. - n.a. - 6,3 0, Memo: Total Securities Pledged n.a. - n.a. - n.a. - n.a. - n.a Investments in Property n.a. - n.a. - n.a. - n.a. - n.a Insurance Assets n.a. - n.a. - n.a. - n.a. - n.a Other Earning Assets 653,5 23,98 457,8 22,33 543,5 37,38 464,7 33,90 243,0 18, Total Earning Assets 1.972,7 72, ,7 76, ,2 80, ,2 80,26 892,7 69,51 C. Non-Earning Assets 1. Cash and Due From Banks 710,2 26,06 441,3 21,53 241,3 16,60 231,3 16,87 356,1 27,73 2. Memo: Mandatory Reserves included above n.a. - n.a. - n.a. - n.a. - n.a Foreclosed Real Estate 4,1 0,15 3,3 0,16 4,2 0,29 3,8 0,28 3,9 0,30 4. Fixed Assets 13,4 0,49 13,8 0,67 14,1 0,97 14,2 1,04 14,8 1,15 5. Goodwill 0,0 0,00 0,0 0,00 n.a. - 0,0 0,00 0,0 0,00 6. Other Intangibles 0,1 0,00 0,0 0,00 0,0 0,00 0,0 0,00 0,0 0,00 7. Current Tax Assets n.a. - n.a. - n.a. - n.a. - n.a Deferred Tax Assets n.a. - n.a. - n.a. - n.a. - n.a Discontinued Operations n.a. - n.a. - n.a. - n.a. - n.a Other Assets 25,0 0,92 17,9 0,87 26,0 1,79 21,3 1,55 16,7 1, Total Assets 2.725,5 100, ,0 100, ,8 100, ,8 100, ,2 100,00 Liabilities and Equity D. Interest-Bearing Liabilities 1. Customer Deposits - Current 199,5 7,32 222,6 10,86 267,2 18,38 252,9 18,45 406,7 31,67 2. Customer Deposits - Savings 734,8 26,96 312,9 15,26 165,7 11,40 183,4 13,38 49,4 3,85 3. Customer Deposits - Term 516,8 18,96 508,2 24,79 266,2 18,31 242,2 17,67 255,5 19,90 4. Total Customer Deposits 1.451,1 53, ,7 50,91 699,1 48,09 678,5 49,50 711,6 55,41 5. Deposits from Banks 132,8 4,87 161,2 7,86 72,0 4,95 34,8 2,54 76,9 5,99 6. Repos and Cash Collateral n.a. - n.a. - n.a. - n.a. - n.a Other Deposits and Short-term Borrowings 123,2 4,52 93,7 4,57 62,5 4,30 63,3 4,62 21,4 1,67 8. Total Deposits, Money Market and Short-term Funding 1.707,1 62, ,6 63,35 833,6 57,34 776,6 56,65 809,9 63,07 9. Senior Debt Maturing after 1 Year 240,0 8,81 203,3 9,92 24,1 1,66 41,5 3,03 44,0 3, Subordinated Borrowing n.a. - n.a. - n.a. - n.a. - 0,0 0, Other Funding n.a. - n.a. - n.a. - n.a. - n.a Total Long Term Funding 240,0 8,81 203,3 9,92 24,1 1,66 41,5 3,03 44,0 3, Derivatives n.a. - n.a. - n.a. - n.a. - n.a Trading Liabilities 429,9 15,77 219,8 10,72 264,1 18,17 233,7 17,05 152,0 11, Total Funding 2.377,0 87, ,7 83, ,8 77, ,8 76, ,9 78,33 E. Non-Interest Bearing Liabilities 1. Fair Value Portion of Debt 0,0 0,00 0,0 0,00 n.a. - 0,0 0,00 0,0 0,00 2. Credit impairment reserves n.a. - n.a. - n.a. - n.a. - n.a Reserves for Pensions and Other 0,0 0,00 0,0 0,00 0,1 0,01 0,1 0,01 0,1 0,01 4. Current Tax Liabilities n.a. - n.a. - n.a. - n.a. - n.a Deferred Tax Liabilities n.a. - n.a. - n.a. - n.a. - n.a Other Deferred Liabilities n.a. - n.a. - n.a. - n.a. - n.a Discontinued Operations n.a. - n.a. - n.a. - n.a. - n.a Insurance Liabilities n.a. - n.a. - n.a. - n.a. - n.a Other Liabilities 62,5 2,29 51,8 2,53 47,7 3,28 41,1 3,00 46,2 3, Total Liabilities 2.439,5 89, ,5 86, ,6 80, ,0 79, ,2 81,93 F. Hybrid Capital 1. Pref. Shares and Hybrid Capital accounted for as Debt n.a. - n.a. - n.a. - n.a. - n.a Pref. Shares and Hybrid Capital accounted for as Equity n.a. - n.a. - n.a. - n.a. - n.a. - G. Equity 1. Common Equity 284,8 10,45 275,3 13,43 283,1 19,47 276,7 20,19 231,0 17,99 2. Non-controlling Interest 1,2 0,04 1,2 0,06 1,1 0,08 1,1 0,08 1,0 0,08 3. Securities Revaluation Reserves n.a. - n.a. - n.a. - n.a. - n.a Foreign Exchange Revaluation Reserves n.a. - n.a. - n.a. - n.a. - n.a Fixed Asset Revaluations and Other Accumulated OCI n.a. - n.a. - n.a. - n.a. - n.a Total Equity 286,0 10,49 276,5 13,49 284,2 19,55 277,8 20,27 232,0 18,07 7. Total Liabilities and Equity 2.725,5 100, ,0 100, ,8 100, ,8 100, ,2 100,00 8. Memo: Fitch Core Capital n.a ,5 13,49 n.a ,8 20,27 232,0 18,07 9. Memo: Fitch Eligible Capital n.a ,5 13,49 n.a ,8 20,27 232,0 18,07 Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 7

8 Banco CMF Summary Analytics 31 Mar Dic Mar Dic Dic Months - 1st Quarter Year End 3 Months - 1st Quarter Year End Year End A. Interest Ratios 1. Interest Income on Loans/ Average Gross Loans 18,20 16,29 16,43 18,83 16,13 2. Interest Expense on Customer Deposits/ Average Customer Deposits 3,77 3,50 3,30 4,12 5,44 3. Interest Income/ Average Earning Assets 11,00 8,58 7,87 9,32 9,88 4. Interest Expense/ Average Interest-bearing Liabilities 2,71 2,59 2,46 3,28 4,11 5. Net Interest Income/ Average Earning Assets 7,87 5,92 5,51 5,93 5,65 6. Net Int. Inc Less Loan Impairment Charges/ Av. Earning Assets 5,58 4,05 3,08 4,30 5,53 7. Net Interest Inc Less Preferred Stock Dividend/ Average Earning Assets 7,87 5,92 5,51 5,93 5,65 B. Other Operating Profitability Ratios 1. Non-Interest Income/ Gross Revenues 23,21 49,46 54,44 57,82 51,16 2. Non-Interest Expense/ Gross Revenues 40,85 40,51 47,34 46,75 46,93 3. Non-Interest Expense/ Average Assets 3,11 3,76 4,59 4,92 4,30 4. Pre-impairment Op. Profit/ Average Equity 38,21 35,27 26,27 28,42 30,62 5. Pre-impairment Op. Profit/ Average Total Assets 4,50 5,63 5,23 5,55 4,93 6. Loans and securities impairment charges/ Pre-impairment Op. Profit 37,74 26,34 37,36 22,13 2,01 7. Operating Profit/ Average Equity 23,79 25,98 16,45 22,13 30,01 8. Operating Profit/ Average Total Assets 2,80 4,14 3,27 4,32 4,83 9. Taxes/ Pre-tax Profit 46,59 40,72 47,11 31,63 33, Pre-Impairment Operating Profit / Risk Weighted Assets n.a. 5,73 n.a. 6,37 6, Operating Profit / Risk Weighted Assets n.a. 4,22 n.a. 4,96 5,94 C. Other Profitability Ratios 1. Net Income/ Average Total Equity 13,55 16,61 9,24 18,38 21,41 2. Net Income/ Average Total Assets 1,60 2,65 1,84 3,59 3,45 3. Fitch Comprehensive Income/ Average Total Equity 13,55 16,61 9,24 18,38 21,41 4. Fitch Comprehensive Income/ Average Total Assets 1,60 2,65 1,84 3,59 3,45 5. Net Income/ Av. Total Assets plus Av. Managed Securitized Assets n.a. 2,40 n.a. 2,68 3,16 6. Net Income/ Risk Weighted Assets n.a. 2,70 n.a. 4,12 4,24 7. Fitch Comprehensive Income/ Risk Weighted Assets n.a. 2,70 n.a. 4,12 4,24 D. Capitalization 1. Fitch Core Capital/Weighted Risks n.a. 16,70 n.a. 25,12 21,70 2. Fitch Eligible Capital/ Weighted Risks n.a. 16,70 n.a. 25,12 21,70 3. Tangible Common Equity/ Tangible Assets 10,49 13,49 19,55 20,27 18,07 4. Tier 1 Regulatory Capital Ratio n.a. n.a. n.a. n.a. n.a. 5. Total Regulatory Capital Ratio n.a. n.a. n.a. n.a. n.a. 6. Core Tier 1 Regulatory Capital Ratio n.a. n.a. n.a. n.a. n.a. 7. Equity/ Total Assets 10,49 13,49 19,55 20,27 18,07 8. Cash Dividends Paid & Declared/ Net Income n.a. n.a. n.a. n.a. n.a. 9. Cash Dividend Paid & Declared/ Fitch Comprehensive Income n.a. n.a. n.a. n.a. n.a. 10. Cash Dividends & Share Repurchase/Net Income n.a. n.a. n.a. n.a. n.a. 11. Net Income - Cash Dividends/ Total Equity 13,33 16,17 9,13 16,41 19,53 E. Loan Quality 1. Growth of Total Assets 32,95 49,55 6,05 6,74-6,02 2. Growth of Gross Loans 10,72 100,18 13,70-18,09-3,33 3. Impaired Loans(NPLs)/ Gross Loans 1,18 1,00 2,82 1,48 0,80 4. Reserves for Impaired Loans/ Gross loans 3,24 2,81 4,77 2,68 1,25 5. Reserves for Impaired Loans/ Impaired Loans 273,86 280,88 168,94 180,87 155,17 6. Impaired Loans less Reserves for Imp Loans/ Equity -10,70-8,90-3,91-3,35-1,38 7. Loan Impairment Charges/ Average Gross Loans 3,84 3,55 5,15 3,30 0,19 8. Net Charge-offs/ Average Gross Loans n.a. 0,54 n.a. -4,45-0,19 9. Impaired Loans + Foreclosed Assets/ Gross Loans + Foreclosed Assets 1,95 1,68 3,54 3,03 1,57 F. Funding 1. Loans/ Customer Deposits 76,57 96,15 81,53 73,88 86,00 2. Interbank Assets/ Interbank Liabilities 57,30 35,92 34,86 64,08 12,87 3. Customer Deposits/ Total Funding excl Derivatives 61,05 60,62 62,32 64,51 70,74 Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 8

9 TODAS LAS CALIFICACIONES CREDITICIAS DE FITCH ESTAN SUJETAS A CIERTAS LIMITACIONES Y ESTIPULACIONES. POR FAVOR LEA ESTAS LIMITACIONES Y ESTIPULACIONES SIGUIENDO ESTE ENLACE: HTTP: / / FITCHRATINGS.COM / UNDERSTANDINGCREDITRATINGS. ADEMÁS, LAS DEFINICIONES DE CALIFICACIÓN Y LAS CONDICIONES DE USO DE TALES CALIFICACIONES ESTÁN DISPONIBLES EN NUESTRO SITIO WEB LAS CALIFICACIONES PUBLICAS, CRITERIOS Y METODOLOGÍAS ESTÁN DISPONIBLES EN ESTE SITIO EN TODO MOMENTO. EL CÓDIGO DE CONDUCTA DE FITCH, Y LAS POLITICAS SOBRE CONFIDENCIALIDAD, CONFLICTOS DE INTERESES, BARRERAS PARA LA INFORMACION PARA CON SUS AFILIADAS, CUMPLIMIENTO, Y DEMÁS POLÍTICAS Y PROCEDIMIENTOS ESTÁN TAMBIÉN DISPONIBLES EN LA SECCIÓN DE CÓDIGO DE CONDUCTA DE ESTE SITIO. Derechos de autor 2011 por Fitch, Inc. y Fitch Ratings, Ltd. y sus subsidiarias. One State Street Plaza, NY, NY Teléfono: , (212) Fax: (212) La reproducción o distribución total o parcial está prohibida, salvo con permiso. Todos los derechos reservados. En la asignación y el mantenimiento de sus calificaciones, Fitch se basa en información factual que recibe de los emisores y sus agentes y de otras fuentes que Fitch considera creíbles. Fitch lleva a cabo una investigación razonable de la información factual sobre la que se basa de acuerdo con sus metodologías de calificación, y obtiene verificación razonable de dicha información de fuentes independientes, en la medida de que dichas fuentes se encuentren disponibles para una emisión dada o en una determinada jurisdicción. La forma en que Fitch lleve a cabo la investigación factual y el alcance de la verificación por parte de terceros que se obtenga variará dependiendo de la naturaleza de la emisión calificada y el emisor, los requisitos y prácticas en la jurisdicción en que se ofrece y coloca la emisión y/o donde el emisor se encuentra, la disponibilidad y la naturaleza de la información pública relevante, el acceso a representantes de la administración del emisor y sus asesores, la disponibilidad de verificaciones preexistentes de terceros tales como los informes de auditoria, cartas de procedimientos acordadas, evaluaciones, informes actuariales, informes técnicos, dictámenes legales y otros informes proporcionados por terceros, la disponibilidad de fuentes de verificación independiente y competentes de terceros con respecto a la emisión en particular o en la jurisdicción del emisor, y una variedad de otros factores. Los usuarios de calificaciones de Fitch deben entender que ni una investigación mayor de hechos ni la verificación por terceros puede asegurar que toda la información en la que Fitch se basa en relación con una calificación será exacta y completa. En última instancia, el emisor y sus asesores son responsables de la exactitud de la información que proporcionan a Fitch y al mercado en los documentos de oferta y otros informes. Al emitir sus calificaciones, Fitch debe confiar en la labor de los expertos, incluyendo los auditores independientes con respecto a los estados financieros y abogados con respecto a los aspectos legales y fiscales. Además, las calificaciones son intrínsecamente una visión hacia el futuro e incorporan las hipótesis y predicciones sobre acontecimientos futuros que por su naturaleza no se pueden comprobar como hechos. Como resultado, a pesar de la comprobación de los hechos actuales, las calificaciones pueden verse afectadas por eventos futuros o condiciones que no se previeron en el momento en que se emitió o afirmo una calificación. La información contenida en este informe se proporciona "tal cual" sin ninguna representación o garantía de ningún tipo. Una calificación de Fitch es una opinión en cuanto a la calidad crediticia de una emisión. Esta opinion se basa en criterios establecidos y metodogolías que Fitch evalua y actualiza en forma continua. Por lo tanto, las calificaciones son un producto de trabajo colectivo de Fitch y ningún individuo, o grupo de individuos, es únicamente responsable por la calificación. La calificación no incorpora el riesgo de pérdida debido a los riesgos que no sean relacionados a riesgo de crédito, a menos que dichos riesgos sean mencionados específicamente. Fitch no está comprometido en la oferta o venta de ningún título. Todos los informes de Fitch son de autoría compartida. Los individuos identificados en un informe de Fitch estuvieron involucrados en, pero no son individualmente responsables por, las opiniones vertidas en él. Los individuos son nombrados solo con el propósito de ser contactos. Un informe con una calificación de Fitch no es un prospecto de emisión ni un substituto de la información elaborada, verificada y presentada a los inversores por el emisor y sus agentes en relación con la venta de los títulos. Las calificaciones pueden ser modificadas, suspendidas, o retiradas en cualquier momento por cualquier razón a sola discreción de Fitch. Fitch no proporciona asesoramiento de inversión de cualquier tipo. Las calificaciones no son una recomendación para comprar, vender o mantener cualquier titulo. Las calificaciones no hacen ningún comentario sobre la adecuación del precio de mercado, la conveniencia de cualquier titulo para un inversor particular, o la naturaleza impositiva o fiscal de los pagos efectuados en relación a los títulos. Fitch recibe honorarios por parte de los emisores, aseguradores, garantes, otros agentes y originadores de títulos, por las calificaciones. Dichos honorarios generalmente varían desde USD1.000 a USD (u otras monedas aplicables) por emisión. En algunos casos, Fitch calificará todas o algunas de las emisiones de un emisor en particular, o emisiones aseguradas o garantizadas por un asegurador o garante en particular, por una cuota anual. Se espera que dichos honorarios varíen entre USD y USD (u otras monedas aplicables). La asignación, publicación o diseminación de una calificación de Fitch no constituye el consentimiento de Fitch a usar su nombre como un experto en conexión con cualquier declaración de registro presentada bajo las leyes de mercado de Estados Unidos, el Financial Services and Markets Act of 2000 de Gran Bretaña, o las leyes de títulos y valores de cualquier jurisdicción en particular. Debido a la relativa eficiencia de la publicación y distribución electrónica, los informes de Fitch pueden estar disponibles hasta tres días antes para los suscriptores electrónicos que para otros suscriptores de imprenta. Fitch Argentina Calificadora de Riesgo S.A. - Reg.CNV Nº3 - Banco CMF S.A. 9