BANCO DE GALICIA Y BUENOS AIRES S.A. REPORTS EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 2013

Transcription

1 FOR IMMEDIATE RELEASE Banco de Galicia y Buenos Aires S.A. Phone (54) (11) Fax (54) (11) BANCO DE GALICIA Y BUENOS AIRES S.A. REPORTS EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 2013 (Buenos Aires, Argentina, November 7, 2013) Banco de Galicia y Buenos Aires S.A. (the Bank, Buenos Aires Stock Exchange: GALI) today announced its financial results for the quarter ended September 30, Net income for the third quarter of amounted to Ps million, Ps million higher as compared to the profit for the third quarter of. During the first nine months of the fiscal year the Bank s net income totaled Ps.1,230.7 million, 31.0% higher than for the same period of fiscal year The growth of results when compared to the third quarter of was mainly due to the significant growth in operating income (1) which was higher than the increase in administrative expenses, and as a consequence there was an improvement in the efficiency ratio. The credit exposure to the private sector reached Ps.59,395 million, up 36.1% during the last twelve months, and deposits reached Ps.47,513 million, up 33.5% during the same period. As of September 30, 2013, the Bank s estimated market share of loans to the private sector was 8.70% while its estimated market share of deposits from the private sector was 9.07%, growing 18 b.p. and 24 b.p., respectively, during the last twelve months. As of the end of the quarter, shareholders equity amounted to Ps.6,135 million, and the computable capital was Ps.6,732 million, representing a Ps.1,411 million excess over the capital requirement, equivalent to 26.5%. The capital ratio was 13.73%. In the framework of the credit line for productive investment projects, in July the Bank began the placement of the second tranche of the 2013 quota, which amounts to Ps.1,872 million. Considering this tranche and the two previous ones, the amounts to be granted totaled Ps.4,843 million. As of September 30, 2013, the Bank and its subsidiaries had a staff of 12,526 employees, a network of 650 branches and other points of contact with clients, managed more than 2.8 million deposit accounts and more than 10.6 million credit cards. (1) Net financial income plus net income from services.

2 NET INCOME FOR THE QUARTER ENDED SEPTEMBER 30, 2013 In the third quarter of, the Bank recorded a Ps million profit, Ps million higher as compared with the profit for the same quarter of the previous year. Table I Evolution of Consolidated Results FY 2013 FY 2012 Absolute Variation 3 rd Q 2 nd Q 3 rd 3Q13 vs 3Q13 vs Q 2Q13 3Q12 Net Financial Income 1, , , Net Income from Services 1, , Provisions for Loan Losses (392.3) (434.7) (341.3) 42.4 (51.0) Administrative Expenses (1,848.2) (1,790.8) (1,447.0) (57.4) (401.2) Operating Income Net Other Income / (Loss) (*) (30.6) (26.2) Income Tax (307.2) (265.9) (199.7) (41.3) (107.5) Net Income (*) Includes income from equity investments and minority interest results. The variation in net income was a consequence of the Ps million increase in operating income, which was partially offset, mainly, by increases in administrative expenses, for Ps million, and in the accrued income tax, for Ps million. The operating income for the third quarter of fiscal year 2013 totaled Ps.3,009.4 million, up 34.4% from the Ps.2,238.9 million recorded in the same quarter of the prior year. This positive development was due both to a higher net financial income (up Ps million or 34.2%) and a higher net income from services (up Ps million or 34.8%). In pesos Table II FY 2013 FY 2012 Nine Months Ended Earnings per Share 3 rd Q 3 rd Q 09/30/13 09/30/12 Average Shares Outstanding (in thousands) 562, , , ,327 Book Value per Share Earnings per Share

3 INFORMATION DISCLOSURE The data shown in the tables of this report and the consolidated financial statements correspond to Banco de Galicia y Buenos Aires S.A. consolidated with the subsidiaries under its direct or indirect control. The Bank refers to the consolidated Banco de Galicia y Buenos Aires S.A., except where otherwise noted. The Bank s consolidated financial statements and the figures included in the different tables of this report correspond to Banco de Galicia y Buenos Aires S.A., Banco Galicia Uruguay S.A. (in liquidation), Galicia (Cayman) Limited, Tarjetas Regionales S.A. and its subsidiaries, Tarjetas del Mar S.A., Galicia Valores S.A. Sociedad de Bolsa, Galicia Administradora de Fondos S.A., Compañía Financiera Argentina S.A. and Cobranzas y Servicios S.A. THIRD QUARTER OF RESULTS Percentages Table III Nine Months Ended Profitability and Efficiency 3 rd Q 3 rd Q 09/30/13 09/30/12 Return on Average Assets (*) Return on Average Shareholders Equity (*) Financial Margin (*) (1) Net Income from Services as a % of Operating Income (2) Net Income from Services as a % of Administrative Expenses Administrative Expenses as a % of Operating Income (2) (*) Annualized. (1) Financial Margin: Financial Income minus Financial Expenses, divided by Average Interest-earning Assets. (2) Operating Income: Net Financial Income plus Net Income from Services. Net financial income for the third quarter of fiscal year 2013 amounted to Ps.1,761.4 million, up Ps million from the same quarter of the previous fiscal year. The net financial income for the third quarter of fiscal year 2013 includes a Ps million profit from quotation differences (including the results from foreign-currency forward transactions), compared to a Ps.73.9 million loss in the third quarter of fiscal year The quarter s profit was composed of a Ps.48.1 million gain from FX brokerage and of a Ps.59.5 million profit from the valuation of the foreigncurrency net position and the results from foreign-currency forward transactions. Such items in the third quarter of fiscal year 2012 were a Ps.29.6 million profit and a Ps million loss, respectively. The quarter s net financial income before quotation differences amounted to Ps.1,653.8 million, with a Ps million increase as compared to the Ps.1,386.7 million income of the same quarter of fiscal year 2012, as a consequence of the increase in the volume of activity with the private sector partially offset by a decrease in the spread of these transactions. The average interest-earning assets grew Ps.12,545 million (29.1%) as compared to the third quarter of the previous fiscal year, mainly as a consequence of the Ps.13,377 million increase in the average portfolio of loans to the private sector, partially offset by a Ps.1,110 million decrease, mainly, in the average portfolio of government securities (Lebac issued by the Argentine Central Bank). Interestbearing liabilities increased Ps.9,805 million (31.4%) during the same period, due to the increase of the average balances of deposits in saving accounts and in time deposits, and of debt securities. The average yield on interest-earning assets for the third quarter of fiscal year 2013 was 22.65%, with a 138 basis points ( b.p. ) increase compared to the same quarter of the prior year. This increase was mainly due to the higher average interest rate on the portfolio of loans to the private sector (+107 b.p.). Likewise, the average cost of interest-bearing liabilities was 12.83%, with a 318 b.p. increase compared 3

4 to the third quarter of the prior year, mainly due to increases in the cost of time deposits (+377 b.p.) and of debt securities (+217 b.p.). Average balances in millions of pesos. Yields and rates in annualized nominal % Table IV Average Balances, Yield and Rates (*) Av. B. Int. Av. B. Int. Av. B. Int. Av. B. Int. Av. B. Int. Interest-Earning Assets 55, , , , , Government Securities 4, , , , , Loans 49, , , , , Financial Trusts Securities Other Interest-Earning Assets 1, , , Interest-Bearing Liabilities 40, , , , , Saving Accounts 8, , , , , Time Deposits 24, , , , , Debt Securities 6, , , , , Other Interest-Bearing Liabilities 2, , , , , (*) Does not include quotation differences. Annual nominal interest rates were calculated using a 360-day denominator. Provisions for loan losses for the third quarter of amounted to Ps million, Ps.51.0 million higher than in the same quarter of the prior year, increase mainly focused in the individuals portfolio. Net income from services amounted to Ps.1,248.0 million, up 34.8% from the Ps million recorded in the third quarter of the previous fiscal year. In line with the strategic positioning of the Bank in each segment and product, the increase of fees which stood out were deposit accounts fees (39.2%), fees related to national and regional credit cards (35.8%) and insurance fees (35.2%). Table V Income from Services, Net National Cards Regional Credit Cards CFA Deposit Accounts Insurance Financial Fees Credit-Related Fees Foreign Trade Collections Utility-Bills Collection Services Mutual Funds Other Total Income 1, , , , ,291.0 Total Expenditures Income from Services, Net 1, , , , Administrative expenses for the quarter totaled Ps.1,848.2 million, up 27.7% from the same quarter of the previous year. Personnel expenses amounted to Ps.1,038.8 million, growing 24.7%, mainly as a consequence of the salary increase agreements with the unions, partially offset by a 3.5% decrease in staff. The remaining administrative expenses amounted to Ps million, with a Ps million increase (31.9%) as compared to Ps million from the third quarter of, mainly due to the greater level of activity and to the increase of costs of different services provided to the Bank. 4

5 Income from equity investments amounted to Ps.59.4 million, recording a 53.1% increase from the Ps.38.8 million of the third quarter of. This increase was mainly as a consequence of the collection of dividends from Visa SA, for Ps.29.4 million, Ps.20.9 million higher than those collected a year before. Net other income for the third quarter amounted to Ps.43.5 million, down Ps.36.8 million as compared to the Ps.80.3 million profit for the same quarter of the prior year, mainly due to higher net other provisions recorded, for Ps.62.9 million, partially offset by higher punitive interests and higher credits recovered, for Ps.32.4 million. The income tax charge was Ps million, Ps million higher than in the third quarter of fiscal year LEVEL OF ACTIVITY As of September 30, 2013, the Bank s total exposure to the private sector reached Ps.59,395 million, with an increase of 36.1% from a year before and of a 10.6% annualized increase during the quarter. Total loans include Ps.11,199 million corresponding to the regional credit card companies, which registered a 35.4% increase during the last twelve months and a 26.1% annualized increase during the quarter. They also include Ps.3,007 million from CFA, which were up 34.1% during the last twelve months and 41.3% annualized during the quarter. The Bank s market share of loans to the private sector as of September 30, 2013, without considering those granted by the regional credit card companies, was 8.70%, compared to a 9.09% and an 8.52% from June 30, 2013, and September 30, 2012, respectively. Table VI Exposure to the Private Sector Loans 51,924 50,311 46,058 44,303 38,165 Financial Leases 1,056 1, Corporate Securities Other Financing (*) 5,781 6,181 5,987 5,824 4,659 Total Credit 59,395 57,913 53,146 51,180 43,651 (*) Includes certain accounts under the balance sheet heading Other Receivables from Financial Brokerage, Guarantees Granted and Unused Balances of Loans Granted. During the year, loans to the private sector registered growth in those granted to SMEs (49.3%), individuals (34.3%), and large corporations (24.5%). By sector of activity, the higher growth was recorded in the agriculture and livestock sector (63.9%), the retail and wholesale trade sector (54.1%), and in the consumer sector (35.6%). Table VII Loans by Type of Borrower Large Corporations 6,703 7,173 5,374 6,257 5,382 SMEs 15,326 14,406 13,841 12,785 10,266 Individuals 29,348 27,812 26,021 24,609 21,850 Financial Sector Non-Financial Public Sector Total Loans 51,924 50,365 46,058 44,303 38,165 Allowances 2,169 2,067 1,870 1,732 1,673 Total Loans, Net 49,755 48,298 44,188 42,571 36,492 5

6 Table VIII Loans by Sector of Activity Financial Sector Services 2,823 3,109 2,869 2,473 2,114 - Public Sector Other 2,823 3,055 2,869 2,473 2,114 Agriculture and Livestock 6,084 5,559 5,594 4,845 3,712 Consumer 28,963 27,375 25,583 24,168 21,356 Retail and Wholesale Trade 5,234 5,433 4,529 4,226 3,397 Construction Manufacturing 7,284 7,155 5,923 7,212 6,148 Other Total Loans 51,924 50,365 46,058 44,303 38,165 Allowances 2,169 2,067 1,870 1,732 1,673 Total Loans, Net 49,755 48,298 44,188 42,571 36,492 As of September 30, 2013, the Bank s exposure to the public sector amounted to Ps.6,499 million. Excluding debt securities issued by the Argentine Central Bank said exposure reached Ps.2,160 million (2.9% of total assets), while as of September 30, 2012, it amounted to Ps.1,382 million (2.4% of total assets). This increase during the last twelve months was due to the acquisition of government securities, as Bonar 2014 and provincial treasury bills and debt securities. Table IX Exposure to the Argentine Public Sector (*) Government Securities Net Position 5,392 3,459 3,007 3,949 5,051 Held for Trading 5,008 2,986 2,545 3,391 4,493 Bonar 2015 Bonds Loans Other Receivables Resulting from Financial Brokerage 1,107 1,098 1,070 1, Trust Certificates of Participation and Securities 1,103 1,094 1, Other Total Exposure 6,499 4,611 4,077 4,950 6,031 (*) Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with the Argentine Central Bank s minimum cash requirement. As of September 30, 2013, the Bank s deposits amounted to Ps.47,513 million, representing a 33.5% increase during the last twelve months and a 29.3% annualized increase during the quarter. Table X Deposits (*) In Pesos 44,385 41,677 38,450 37,148 32,674 Current Accounts 10,940 10,800 9,376 9,941 8,667 Saving Accounts 8,626 9,024 8,248 7,942 6,843 Time Deposits 24,083 21,208 20,253 18,710 16,667 Other In Foreign Currency 3,128 2,879 2,856 3,127 2,912 Total Deposits 47,513 44,556 41,306 40,275 35,586 (*) Includes CFA. 6

7 As of September 30, 2013, the Bank s estimated market share of deposits in the Argentine financial system was 6.77%, compared to 6.83% of the prior quarter and to 6.51% of a year before. Considering only private-sector deposits, the Bank s estimated market share reached 9.07% as of September 30, 2013, compared to 8.97% and 8.83% from June 30, 2013 and September 30, 2012, respectively. Percentages Table XI Market Share (*) Total Deposits Private Sector Deposits Total Loans Loans to the Private Sector (*) Banco de Galicia and CFA, within the Argentine financial system, according to the daily information on deposits and loans published by the Argentine Central Bank. Deposits and Loans include only principal. The regional credit-card companies' data is not included. End-ofperiod data. As of September 30, 2013, other financial liabilities amounted to Ps.18,509 million, Ps.2,389 million or 14.8% higher than the Ps.16,120 million recorded a year before. This growth was due to the increase of the balance of negotiable obligations, of financing from merchants in connection with credit card activities and of credit lines from domestic financial institutions and credit entities. These increases were partially offset by the decrease recorded in the balance of liabilities in connection with spot and forward transactions, and of credit lines from foreign financial institutions and credit agencies. The growth of domestic financial institutions and credit agencies and of negotiable obligations was mainly in connection with transactions of Tarjeta Naranja SA, Tarjetas Cuyanas SA and CFA SA. Table XII Other Financial Liabilities Domestic Financial Institutions and Credit Entities 1,369 1,286 1,203 1,106 1,001 Foreign Financial Institutions and Credit Entities ,275 Negotiable Obligations (*) 6,495 6,182 5,672 5,165 4,992 Obligations in Connection with Spot Transactions Pending Settlement and Repurchase Agreement Transactions ,395 Obligations in Connection with Debts with Merchants due to Credit-Card Actividies 6,429 5,728 5,489 5,715 4,536 Other 2,404 2,461 2,285 2,190 1,921 Total 18,509 17,469 15,832 15,326 16,120 (*) Includes subordinated negotiable obligations. As of September 30, 2013, the Bank had 2.8 million deposit accounts, which represent an increase of approximately 266 thousand accounts as compared with the same date of the previous year. Likewise, the number of credit cards reached 10.6 million, 1.2 million more than those managed a year before. 7

8 ASSET QUALITY The Bank s non-accrual loan portfolio amounted to Ps.2,133 million as of September 30, 2013, representing 4.11% of total loans to the private-sector, compared to the 3.64% ratio recorded a year before. This increase was mainly related to the increase in the level of non-performing loans of the consumer portfolio. The coverage of the non-accrual loan portfolio with allowances for loan losses reached % as of the end of the third quarter of 2013, as compared to % as of September 30, 2012., except percentages Table XIII Loan Portfolio Quality Non-Accrual Loans (*) 2,133 1,979 1,708 1,495 1,390 With Preferred Guarantees With Other Guarantees Without Guarantees 2,063 1,917 1,652 1,453 1,360 Allowance for Loan Losses 2,169 2,067 1,870 1,732 1,673 Non-Accrual Loans to Private-Sector Loans (%) Allowance for Loan Losses to Private-Sector Loans (%) Allowance for Loan Losses to Non-Accrual Loans (%) Non-Accrual Loans with Guarantees to Non-Accrual Loans (%) (*) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk, Uncollectible and Uncollectible due to Technical Reasons. During the quarter, Ps.275 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.13 million were made. Table XIV Consolidated Analysis of Loan Loss Experience Allowance for Loan Losses at the Beginning of the Quarter 2,067 1,870 1,732 1,673 1,568 Changes in the Allowance for Loan Losses Provisions Charged to Income Provisions Reversed (30) (30) Charge Offs (275) (220) (284) (297) (193) Allowance for Loan Losses at Quarter End 2,169 2,067 1,870 1,732 1,673 Charge to the Income Statement Provisions Charged to Income Direct Charge Offs Bad Debts Recovered (62) (64) (38) (45) (46) Provisions Reversed (*) (30) (30) Net Charge to the Income Statement (*) Recorded under Net Other Income/(Loss). 8

9 In the following table, asset quality information is also shown in terms of Total Credit. Total Credit is defined as loans, certain accounts included in Other Receivables Resulting from Financial Brokerage representing credit transactions, assets under financial leases, guarantees granted and unused balances of loans granted., except percentages Table XV Asset Quality - Total Credit Non-Accrual Portfolio (*) 2,170 2,007 1,734 1,517 1,411 With Preferred Guarantees With Other Guarantees Without Guarantees 2,094 1,940 1,675 1,473 1,380 Allowance for Credit Losses 2,209 2,106 1,904 1,761 1,697 Non-Accrual Portfolio to Private-Sector Credit (%) Allowance for Credit Losses to Private-Sector Credit (%) Allowance for Credit Losses to Non-Accrual Portfolio (%) Non-Accrual Portfolio with Guarantees to Non-Accrual Portfolio (%) (*) Includes credits classified under the categories mentioned in the note to Table XIII. CAPITALIZATION AND LIQUIDITY As of September 30, 2013, the Bank s consolidated computable capital amounted to Ps.6,732 million, representing a Ps.1,411 million excess over the capital requirement (or 26.5%), while as of September 30, 2012 this excess was of 37.1%. The decrease was mainly as a consequence of higher requirements on operational risk, 100% of which began to be considered since January 2013 due to regulations in force. The minimum capital requirement increased Ps.1,461 million (37.8%) as compared with September 30, 2012, mainly as a result of: i) higher requirements in connection with financing to the private sector, due to the growth of this portfolio; ii) higher requirements on operational risk for Ps.557 million, due to the above mentioned reason; and iii) the net impact of the regulatory changes established by the Argentine Central Bank beginning in January Computable capital increased Ps.1,441 million (27.2%) as compared to September 30, 2012, mainly a consequence of: i) a higher Tier I capital, for Ps.971 million, mainly due to 2012 fiscal year s net income, partially offset by higher deductions, resulting from organization and development expenses; and ii) an increase in Tier II capital as a result of: a) considering 100% of the provisions for loan losses in connection with the loan portfolio in normal situation (previous regulations admitted 50%); and b) a higher balance of subordinated negotiable obligations (due to the exchange rate evolution during the period, partially offset by the 90% limit on its balance admitted by the new regulations). 9

10 Table XVI Consolidated Regulatory Capital, except ratios Minimum Capital Required (A) 5,321 4,923 4,924 4,265 3,860 Allocated to Financial Assets, Fixed Assets, Other Assets and to Lending to the Public Sector 4,072 3,773 3,867 3,485 3,171 Allocated to Market Risk Allocated to Interest-Rate Risk Allocated to Operational Risk 1,214 1,125 1, Computable Capital (B) 6,732 6,421 6,047 5,610 5,291 Tier I 5,007 4,804 4,546 4,272 4,036 Tier II 1,670 1,565 1,483 1,313 1,248 Additional Capital Market Variation Excess over Required Capital (B) - (A) 1,411 1,498 1,123 1,345 1,431 Total Capital Ratio (%) As of September 30, 2013, the Bank s liquid assets represented 68.45% of the Bank s transactional deposits and 30.88% of its total deposits, recording a significant improvement as compared to the previous 3 quarters. As of September 30, 2012 they represented 74.15% and 36.10%, respectively. Table XVII Liquidity (unconsolidated) Liquid Assets (*) as a percentage of Transactional Deposits Liquid Assets (*) as a percentage of Total Deposits (*) Liquid assets include cash and due from banks (including deposits with the Argentine Central Bank and the special escrow accounts with the monetary authority), holdings of Lebac and Nobac (Argentine Central Bank s bills and notes, respectively), net call money interbank loans, short-term placements with correspondent banks and reverse repurchase agreement transactions with the local market. This report is a summary analysis of the Bank s financial condition and results of operations as of and for the period indicated. For a correct interpretation, this report must be read in conjunction with the Bank s financial statements, as well as with all other material periodically filed with the National Securities Commission ( and the Buenos Aires Stock Exchange ( In addition, the Argentine Central Bank ( may publish information related to the Bank as of a date subsequent to the last date for which the Bank has published information. Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish. 10

11 SELECTED FINANCIAL INFORMATION CONSOLIDATED DATA (*) Cash and Due from Banks 9, , , , ,294.2 Government and Corporate Securities 5, , , , ,006.0 Net Loans 49, , , , ,492.4 Other Receivables Resulting from Financial Brokerage 5, , , , ,604.3 Equity Investments in Other Companies Bank Premises and Equipment, Miscellaneous and Intangible Assets 2, , , , ,218.2 Other Assets 1, , , , ,653.6 Total Assets 74, , , , ,363.5 Deposits 47, , , , ,195.4 Other Liabilities Resulting from Financial Brokerage 17, , , , ,015.7 Subordinated Negotiable Obligations 1, , , , ,104.1 Other 2, , , , ,092.3 Minority Interests Total Liabilities 68, , , , ,820.9 Shareholders' Equity 6, , , , ,542.6 Foreign-Currency Assets and Liabilities Assets 7, , , , ,430.0 Liabilities 9, , , , ,960.1 Net Forward Purchases/(Sales) of Foreign Currency (1) 2, , , , ,918.7 (*) Banco de Galicia y Buenos Aires S.A. consolidated with subsidiary companies (Section 33 - Law No. 19,550). (1) Recorded off-balance sheet. 11

12 SELECTED FINANCIAL INFORMATION CONSOLIDATED DATA (*) FINANCIAL INCOME 3, , , , ,303.6 Interest on Cash and Due from Banks Interest on Loans to the Financial Sector Interest on Overdrafts Interest on Promissory Notes Interest on Mortgage Loans Interest on Pledge Loans Interest on Credit-Card Loans 1, , Interest on Financial Leases Interest on Other Loans Net Income from Government and Corporate Securities Net Income from Options (4.9) 6.0 Interest on Other Receivables Resulting from Financial Brokerage CER Adjustment Other FINANCIAL EXPENSES 1, , , , Interest on Saving Accounts Deposits Interest on Time Deposits Interest on Subordinated Obligations Other Interest Interest on Interbank Loans Received (Call Money Loans) Interest on Other Financing from Financial Entities Net Losses from Options Interest on Other Liabilities Resulting from Financial Brokerage Contributions to the Deposit Insurance Fund Quotation Differences on Gold and Foreign Currency CER Adjustment (0.2) Other GROSS FINANCIAL MARGIN 1, , , , ,312.8 PROVISIONS FOR LOAN LOSSES INCOME FROM SERVICES, NET 1, , , , ADMINISTRATIVE EXPENSES 1, , , , ,447.0 Personnel Expenses 1, , Directors and Syndics Fees Other Fees Advertising and Publicity Taxes Depreciation of Premises and Equipment Amortization of Organization Expenses Other Operating Expenses Other MINORITY INTEREST RESULTS (39.6) (28.6) (26.6) (21.2) (29.6) INCOME FROM EQUITY INVESTMENTS NET OTHER INCOME / (LOSS) INCOME TAX NET INCOME / (LOSS) (*) Banco de Galicia y Buenos Aires S.A., consolidated with subsidiary companies (Section 33 Law No. 19,550). 12

13 ADDITIONAL INFORMATION Mutual Funds () (*) 5, , , , ,678.9 Physical Data (Number of) Employees 12,526 12,803 13,160 13,102 12,980 Banco Galicia 5,608 5,650 5,897 5,734 5,706 Regional Credit-Card Companies 5,767 5,925 6,031 6,109 6,028 Compañía Financiera Argentina 1,129 1,202 1,207 1,233 1,220 Other companies Branches Bank Branches Regional Credit-Card Companies Compañía Financiera Argentina Other Points of Sale Regional Credit-Card Companies Compañía Financiera Argentina Deposit Accounts (in thousands) 2,812 2,711 2,632 2,597 2,546 Credit Cards (in thousands) 10,616 10,376 10,001 9,742 9,441 Inflation and Exchange Rates Retail Price Index (%) (**) Wholesale Price Index (IPIM) (%) (**) CER Coefficient (%) (**) Exchange Rate (Pesos per US$) (***) (*) Market value of the FIMA mutual fund units under custody. (**) Variation within the quarter. (***) As of the last working day of the quarter. 13