BUENOS AIRES, Argentina, Aug. 11, 2011 /PRNewswire/ — Banco Hipotecario S.A. (BCBA: BHIP) announces its second quarter 2011 results.
Executive Summary
Total net income for the quarter was Ps. 59.9 million, 26.4% and 36.1% higher than last quarter and same quarter of previous year, respectively.
Net financial margin for the quarter was Ps. 139.4 million, compared to Ps. 140.3 million of last quarter and Ps. 119.1 million of 2Q10.
Aggregated net income from services was Ps. 88.8 million, 20.8% and 25.3% higher than previous quarter and same quarter of last year, respectively.
Loans to the private sector increased 8.3% in the quarter and 27.6% YoY growth, non-mortgage loans increased 15.7% QoQ and 44.0% YoY.
Deposits without changes in the quarter and 18.0% YoY increase.
NPL ratio decreased from 3.2% to 2.4% in the year, while coverage ratio was 119.9% compared to 118.5% of 2Q10.
Equity ratio of 26.8%, higher than the 25.6% of June 2010.
BH ranks fifth in terms of net worth and thirteenth in terms of assets in the local financial system.
Second Quarter 2011 Conference Call
Contacts:
Tomas Godino
Capital Markets
Tel. (54-11) 4347-5122
Fax (54-11) 4347-5874
Buenos Aires, Argentina
tgodino@hipotecario.com.ar
Gabriel Saidon
Chief Financial Officer
Tel. (54-11) 4347-5759 /5212
Fax (54-11) 4347-5874 /5113
Buenos Aires, Argentina
gsaidon@hipotecario.com.ar
SOURCE :Banco Hipotecario S.A.