BALANCE SHEET For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos

Transcription

1 BALANCE SHEET For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos ASSETS A Cash and cash resources (Note 3.2.) 871, ,461 Cash 92,205 86,429 Financial Institutions and Correspondents 779, ,032 - Argentine Central Bank (B.C.R.A.) 483, ,553 - Other domestic institutions 802 2,102 - Other foreign institutions 295,158 91,377 B Government and Corporate Securities (Schedule A and Note 3.4.) 1,356, ,127 Holding in investment accounts 507, ,040 Holding of trading securities 184, ,500 Unlisted government securities 216, ,440 Investments in listed corporate securities 2,439 2,871 Securities issued by the BCRA 446, ,291 Allowances (Schedule J) (15) (15) C Loans (Schedules B, C and D and Notes 3.3. and 3.5.) 4,233,784 4,385,195 To the non-financial public sector 81,672 87,688 To the financial sector 26,137 9,574 Interfinancial (calls granted) 20,000 - Other loans to domestic financial entities 6,074 9,481 Accrued interest, adjustments and quotation differences receivable To the non-financial private sector and foreign residents 4,368,307 4,513,577 Overdraft facilities 187, ,882 Promissory notes 31,563 24,674 Mortgage loans 2,113,720 2,147,166 Pledge loans - 1 Consumer loans 634, ,579 Credit cards 892, ,711 Unallocated collections (7,809) (7,489) Other 460, ,781 Accrued interest and quotation differences receivable 57,844 53,362 Documented interest (2,352) (3,090) Allowances (Schedule J and Note 8) (242,332) (225,644) D Other receivables for financial transactions (Schedules B, C and D and Notes 3.3. and 3.6.) 4,147,324 3,833,074 Argentine Central Bank 290, ,313 Amounts receivable for spot and forward sales to be settled 305, ,480 Securities to be received under spot and forward purchases to be settled 2,596,149 2,253,337 Negotiable obligations without quotation 59,954 55,528 Balances of forward transactions not yet settled without delivery of underlying asset 46,855 61,183 Others not included in the debtor classification regulations (Note 11) 778, ,972 Others included in the debtor classification regulations (Notes 11 and 12) 110, ,255 Accrued interest receivable included in the debtor classification regulations (Note 12) 8,688 9,596 Allowances (Schedule J and Note 8) (48,539) (32,590) See our report dated General Accounting On behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For the Public Accountant (UBA) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

2 BALANCE SHEET For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos F Investments in other companies (Schedule E and Notes 3.7., 28 and 31) 133, ,734 In financial institutions 83,915 80,768 Others 49,971 44,966 G Miscellaneous Receivables (Note 3.8.) 1,673,535 1,642,850 Minimum deemed income tax - fiscal credit (Notes and 36) 103, ,168 Others (Note 13) 1,572,769 1,542,138 Other accrued interest receivable Allowances (Schedule J and Note 8) (3,032) (3,091) H Bank Premises and Equipment (Schedule F and Note 3.9.) 108, ,147 I Miscellaneous Assets (Schedule F and Note 3.9.) 15,610 17,109 J Intangible Assets (Schedule G and Note 3.11.) 62,762 63,807 Organization and development expenses 62,762 63,807 K Items pending allocation TOTAL ASSETS 12,604,712 11,396,482 See our report dated General Accounting On behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For the Public Accountant (UBA) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

3 BALANCE SHEET For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos LIABILITIES L Deposits (Schedules H and I and Notes 3.3., and 27) 3,416,026 2,621,554 Non-financial public sector 855, ,684 Financial Sector 3,788 4,477 Non-financial private sector and foreign residents 2,556,951 2,106,393 Current accounts 22,939 26,176 Savings Accounts 179, ,683 Time deposits 2,207,911 1,824,668 Investment accounts 89,815 37,784 Others 30,619 25,343 Accrued interest and quotation differences payable 26,402 24,739 M Other liabilities for financial trading transactions (Schedule I and Notes 3.3. and 3.13) 6,321,598 5,937,694 Argentine Central Bank 208, ,772 Other 208, ,772 Unsubordinated negotiable obligations (Note 15) 3,014,724 3,035,665 Amounts payable under spot and forward purchases to be settled 1,214,505 1,074,424 Securities to be delivered under spot and forward sales to be settled 1,615,689 1,404,678 Balances of forward transactions not yet settled without delivery of underlying asset 711 1,107 Others (Note 18) 139, ,677 Accrued interest and quotation differences payable 127,875 66,371 N Miscellaneous Liabilities 75,627 85,286 Fees 4,290 3,559 Others (Note 19) 71,337 81,727 O Provisions (Schedule J and Notes 3.10., 3.14., 3,15., and 20.) 140, ,742 Q Items pending allocation 1,661 3,983 TOTAL LIABILITIES 9,955,449 8,777,259 SHAREHOLDERS' EQUITY (per related statement) (Note 3.19.) 2,649,263 2,619,223 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 12,604,712 11,396,482 Notes and Schedules are an integral part of these financial statements. See our report dated General Accounting On behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For the Public Accountant (UBA) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

4 STATEMENT OF INCOME For the three-month period ended 03/31/2009 in comparative format with same period of previous year In thousands of Argentine Pesos A Financial income 368, ,114 Interest on cash and cash resources 23 1,968 Interest on loans to the financial sector 388 1,739 Interest on overdraft facilities 14,104 8,828 Interest on promissory notes 1,037 2,785 Interest on mortgage loans 56,863 54,462 Interest on pledge loans - 36 Interest on credit card loans 52,528 24,312 Interest on other loans 55,346 49,513 Interest on other receivables for financial transactions 3,767 4,184 Net income from government and corporate securities 104,819 78,950 Net income from secured loans Decree 1387/ Adjustment from application of CER (coefficient for reference stabilization) clause 7,873 20,182 Adjustment from application of CVS (salary variation coefficient) clause 5 7 Gold and foreign currency quotation difference Others (Note 21) 71,246 5,442 B Financial Expenses 241, ,163 Interest on current account deposits Interest on savings account deposits Interest on time deposits 103,884 34,144 Interest on interfinancial loans received 12 1,243 Interest on other liabilities resulting from financial transactions 31,752 80,357 Other interest 2,541 1,373 Adjustment from application of CER (coefficient for reference stabilization) clause 2,688 4,644 Gold and foreign currency quotation difference 66,589 - Contribution to the deposits security fund 1, Others (Note 21) 32,251 65,416 GROSS INTERMEDIATION MARGIN 126,774 64,951 C Loan Loss Provision 64,152 36,469 D Income from services 84,603 70,127 Linked with lending transactions 35,946 26,263 Linked with borrowing transactions 5,588 3,989 Other commissions Others (Note 22) 42,999 39,819 E Expenses for Services 28,976 24,972 Commissions 2,805 3,151 Other (Note 23) 26,171 21,821 See our report dated General Accounting On behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For the Public Accountant (UBA) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

5 STATEMENT OF INCOME For the three-month period ended 03/31/2009 in comparative format with same period of previous year In thousands of Argentine Pesos G Administrative expenses 90,238 88,268 Personnel expenses 54,175 48,854 Directors and syndics fees Other fees 9,280 12,061 Advertising and publicity 761 2,469 Taxes 3,956 5,565 Depreciation of bank premises and equipment 3,574 2,934 Amortization of organization and development expenses 3,163 1,897 Other operating expenses (Note 24) 12,303 10,893 Other 2,294 3,057 NET INCOME FROM FINANCIAL TRANSACTIONS 28,011-14,631 I Miscellaneous income 30,988 55,755 Net income from long term equity investments 8,151 4,695 Penalty interest 2,730 1,709 Loans recovered and allowances reversed 15,271 42,253 Others (Note 25) 4,836 7,098 J Miscellaneous losses 28,959 14,538 Penalty interest and charges in favor of the BCRA Loan loss provision for miscellaneous receivables and other provisions 21,863 6,576 Depreciation and loss of miscellaneous assets Others (Note 26) 6,934 7,793 NET INCOME BEFORE INCOME TAX 30,040 26,586 NET INCOME FOR THE PERIOD 30,040 26,586 Notes and Schedules are an integral part of these financial statements. See our report dated General Accounting On behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For the Public Accountant (UBA) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

6 STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos Non-capitalized Contributions Profit reserves Changes Capital Stock Share issuance Irrevocable contributions Equity Legal Other Retained Total for the Total for the premiums for future capital Adjustments period period increases earnings 03/31/ /31/ Opening balances 1,500, , , ,196 2,619,223 2,642, Subtotal 1,500, , , ,196 2,619,223 2,642, Net income for the period ,040 30,040 26, Closing balances 1,500, , , ,236 2,649,263 2,668,809 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 Page 17 Dr. Norberto Montero For Public Accountant (U.B.A.) Banco Hipotecario S.A the Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

7 STATEMENT OF CASH FLOW AND CASH EQUIVALENTS For the three-month period ended 03/31/2009 in comparative format with same period of previous year In thousand of Argentine Pesos Changes of cash and cash equivalent Cash at Beginning of Fiscal Year (Note 33) 424, ,967 Cash at period / fiscal year end (Note 33) 803, ,104 Net Increase in Cash (in constant currency) 378,825 (25,863) Causes of cash changes (in constant currency) Operating activities Net collection (payment) on: Government and corporate securities (353,671) 70,624 Loans To the Financial Sector 5,930 4,162 To the Non-financial Public Sector (16,593) 37,850 To the Non-financial Private Sector and Foreign Res. (11,630) (149,336) Other receivables for financial transactions: 59,310 (93,872) Deposits To the Financial Sector (689) 52,876 To the Non-financial Public Sector 334,211 (1,575) To the Non-financial Private Sector and Foreign Res. 452, ,319 Other (except for liabilities under Financing activities) (381,200) 13,762 Collection linked with revenues from services 84,603 70,127 Payments linked with expenses for services (28,976) (24,972) Administrative expenses paid (83,501) (83,437) Payment of organization and development expenses - (7,127) Collection /(payment) net of penalty interest 2,730 1,709 Other collection/ (payment) linked to miscellaneous profits and losses 15,294 58,597 Net collection (payment) from other operating activities 117,569 (5,152) Payment of Income Tax/Minimum notional income tax - (4,250) Net cash flow originated from (used for) operating activities 195, ,305 Investment Activities Net collection/payment on bank premises and equipment 1,616 (39) Net collection/payment on miscellaneous assets 1,499 1,224 Net cash flow originated from (used for) investment activities 3,115 1,185 Financing Activities Net collection (payment) on: Unsubordinated negotiable obligations (20,941) (158,214) Loans received from domestic financial institutions - (107,000) Net cash flow originated from (used for) financing activities (20,941) (265,214) Financial gain (loss), holding of cash and cash equivalent (including interest and monetary results) 201,044 28,861 Net increase (decrease) of cash 378,825 (25,863) See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

8 MEMORANDUM ACCOUNTS For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos DEBIT 15,358,534 15,597,343 Contingencies 9,066,195 8,986,614 Loans obtained (unused balances) 80,683 80,683 Guarantees received 2,166,123 2,130,528 Others not included in the debtor classification regulations 391, ,513 Contingencies re. contra items 6,427,876 6,383,890 Control 3,487,126 3,429,436 Loans classified as non-recoverable 879, ,345 Other 2,299,931 2,276,968 Control re. contra items 308, ,123 Derivatives 2,805,213 3,181,293 "Notional" value of forward transactions without delivery of the underlying asset 2,252,618 1,877,845 Interest rate swap 115, ,994 Derivatives - re. contra items 437, ,454 CREDIT 15,358,534 15,597,343 Contingencies 9,066,195 8,986,614 Loans granted (unused balances) included in the debtor classification regulations (Schedules B, C, and D) 5,470 14,358 Guarantees provided to the BCRA 75,757 75,930 Other guarantees provided included in the debtor classification regulations (Schedules B, C, and D) 29,500 27,200 Other guarantees provided not included in the debtor classification regulations 1,288,263 1,324,568 Contingencies re. contra items 7,667,205 7,544,558 Control 3,487,126 3,429,436 Amounts to be credited 5,257 3,388 Other 231, ,442 Control re. contra items 3,250,220 3,210,606 Derivatives 2,805,213 3,181,293 "Notional" value of forward transactions without delivery of the underlying asset 337, ,259 Derivatives re. contra items 2,467,831 2,861,034 Notes and Schedules are an integral part of these financial statements. See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

9 Description Identification GOVERNMENT AND CORPORATE SECURITIES For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos Market value Holding Book value 03/31/2009 Book value 12/31/2008 Position without options SCHEDULE A Options Final position LISTED GOVERNMENT SECURITIES - Holdings of investment accounts Argentina 417, , , , ,388 In Argentine Pesos 417, , , , ,388 BOCON PR XII 953 2,220 2,301 2,220 2,220 Social Security Debt Consolidation Bond in Argentine Pesos Series 3 PRE VIII 36,104 36,555 35,900 36,555-36,555 Argentine Nation Bond due 2014 BONAR XIV 317, , , ,244 Bonar V ARS AJ 12 BONAR V 6,400 13,700 9,590 13,700-13,700 Central Bank Notes NOBAC 56,669 56,669 94,249 56,669-56,669 Total investment accounts 417, , , , ,388 - Holdings of trading securities Argentina In Argentine Pesos Par Bond in Argentine Pesos PARP Discount Bond in Argentine Pesos DICP GDP-Linked Negotiable Securities in Argentine Pesos TVPP Bocon Pre IX BOCON PRE IX Argentina 184, , , , ,110 In foreign currency 184, , , , ,110 BODEN 2012 BODEN ,910 52,910 9,256 52,910-52,910 BONAR X BONAR X 131, , , ,200 BONAR VI AS13-228, Subtotal trading securities 184, , , , ,538 TOTAL LISTED GOVERNMENT SECURITIES 602, , , , ,926 UNLISTED GOVERNMENT SECURITIES Argentina - 216, , , ,065 In Argentine Pesos - 216, , , ,065 National Government Secured Bonds BOGAR - 187,024 84, , ,024 BOGAR RIO NEGRO RNG Discount Bond in Argentine Pesos DICP - 28,596 28,595 28,596-28,596 BOCON PR PAR ARS PAR ARS BOCON PRE V BOCON PRO VII BOCON PRO VIIl TOTAL UNLISTED GOVERNMENT SECURITIES - 216, , , ,065 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

10 GOVERNMENT AND CORPORATE SECURITIES For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE A (Continued) Holding Description Identification Market value Book value 03/31/2009 Book value 12/31/2008 Position without options Options Final position INVESTMENTS IN LISTED CORPORATE SECURITIES Other securities representing capital Argentina 2,046 2,046 2,439 2,046-2,046 In Argentine Pesos 2,046 2,046 2,439 2,046-2,046 Banco Francés 1,283 1,283 1,658 1,283-1,283 Banco Macro Telecom S.A Pampa Holding SA Foreign In foreign currency ADR Banco Francés TOTAL INVESTMENTS IN LISTED CORPORATE SECURITIES 2,439 2,439 2,871 2,439-2,439 SECURITIES ISSUED BY THE BCRA Securities issued by the BCRA 446, , , , ,272 BCRA Bills ARVEY43=BA 265, , , , ,627 BCRA Notes 180, ,645 26, , ,645 TOTAL SECURITIES ISSUED BY THE BCRA 446, , , , ,272 TOTAL 1,050,987 1,356, ,142 1,356,702-1,356,702 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

11 CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE B COMMERCIAL PORTFOLIO Normal situation 985, ,722 With "B" preferred collateral and counter-guarantees 168, ,024 Without any preferred collateral or counter-guarantees 816, ,698 Potential risk 11,206 9,492 With "B" preferred collateral and counter-guarantees 2,441 - Without any preferred collateral or counter-guarantees 8,765 9,492 Problematic 10,191 10,467 With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees 10,191 10,467 High risk of insolvency 10,637 8,976 With "B" preferred collateral and counter-guarantees - 3,000 Without any preferred collateral or counter-guarantees 10,637 5,976 Uncollectible 6,060 5,240 With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees 6,060 5,240 Uncollectible for technical reasons - - With "B" preferred collateral and counter-guarantees - - Without any preferred collateral or counter-guarantees - - TOTAL COMMERCIAL PORTFOLIO 1,023, ,897 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

12 CLASSIFICATION OF FINANCING ACCORDING TO LOANS AND GUARANTEES RECEIVED For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE B (Continued) CONSUMER AND HOUSING PORTFOLIO Normal Situation 3,237,443 3,438,373 With "B" preferred collateral and counter-guarantees 1,878,139 1,843,677 Without any preferred collateral or counter-guarantees 1,359,304 1,594,696 Low risk 145, ,177 With "B" preferred collateral and counter-guarantees 57,338 45,852 Without any preferred collateral or counter-guarantees 87,742 93,325 Mid risk 95,900 93,250 With "B" preferred collateral and counter-guarantees 18,275 17,830 Without any preferred collateral or counter-guarantees 77,625 75,420 High risk 141, ,059 With "B" preferred collateral and counter-guarantees 23,650 24,110 Without any preferred collateral or counter-guarantees 117, ,949 Uncollectible 42,652 37,354 With "B" preferred collateral and counter-guarantees 14,356 13,680 Without any preferred collateral or counter-guarantees 28,296 23,674 Uncollectible for technical reasons 3,965 5,666 With "B" preferred collateral and counter-guarantees 3,143 4,355 Without any preferred collateral or counter-guarantees 822 1,311 TOTAL CONSUMER AND HOUSING PORTFOLIO 3,666,525 3,845,879 GENERAL TOTAL 4,689,952 4,829,776 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

13 CONCENTRATION OF FINANCING For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE C Number of customers FINANCING Debt balance % of total portfolio Amount % on total portfolio 10 largest customers 510, % 512, % 50 following largest customers 424, % 382, % 100 following largest customers 68, % 73, % Rest of customers 3,686, % 3,861, % Total 4,689, % 4,829, % See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

14 BREAKDOWN OF FINANCING ACCORDING TO MATURITY DATES For the three-month period ended 03/31/2009 In thousands of Argentine Pesos SCHEDULE D Item Remaining terms to maturity Past due portfolio 1 month 3 months 6 months 12 months 24 months More than 24 months Non-financial public sector , ,672 Financial sector - 21,646 1,289 1,273 1, ,137 Non-financial private sector and foreign residents 265, , , , , ,930 1,768,587 4,582,143 Total Total 266, , , , , ,384 1,768,727 4,689,952 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

15 BREAKDOWN OF INVESTMENTS IN OTHER COMPANIES For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Pesos SCHEDULE E In thousands of Argentine Pesos Item Shares and/or units Information on the issuer Description Class Face value per unit Votes per share Number Amount at 03/31/2009 Amount at 12/31/2008 Principal line of Business End of period / fiscal year Data on latest fin. statement Capital Stock Shareholders Equity Result for the period / fiscal year - In Financial Institutions, supplementary and authorized activities Controlled - Argentina - BACS Banco de Crédito y Securitización S.A. ordinary ,750,000 83,915 80,768 Banking 03/31/ , ,879 4,496 - BH Valores SA Soc. de Bolsa ordinary 1 1 1,425,000 4,117 5,055 Brokerage 03/31/2009 1,500 4,334 (987) - BHN Sociedad de Inversión S.A. ordinary ,127,849 45,843 39,900 Investments 03/31/ ,132 45,848 5,943 Subtotal controlled - Argentina 133, ,723 - In Other Companies Non-controlled - Argentina (*) - BHN Vida S.A. ordinary Insurance 03/31/2009 5,112 32,438 4,829 (*) - BHN Seguros Generales S.A. ordinary Insurance 03/31/2009 5,112 12,374 1,139 - Mercado Abierto Electrónico S.A. ordinary 1, Securities open market 12/31/ ,041 1,229 - ACH S.A. ordinary 1 1 2, Electronic payment company 12/31/ , Subtotal Non-controlled - Argentina Total investments in other companies 133, ,734 (*) TOTAL EQUITY INVESTMENT IN ARGENTINE PESOS - BHN Vida S.A BHN Seguros Generales S.A. 120 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

16 BANK PREMISES AND EQUIPMENT AND MISCELLANEOUS ASSETS For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE F Item Net book value at beginning of fiscal year Additions Transfers Deletions Losses due to impairment of value Depreciation for the period Useful life (years) Amount Net book value at 03/31/2009 Net book value at 12/31/2008 BANK PREMISES AND EQUIPMENT - Real estate properties 80, ,465 80,100 - Furniture and facilities 9, ,740 9,539 - Machinery and equipment 7, ,381 7,705 - Computer equipment 12,335 1,176 - (89) - 3 1,922 11,500 12,335 - Vehicles Sundry Total 110,147 2,047 - (89) - 3, , ,147 MISCELLANEOUS ASSETS - Construction in progress Works of art and collectors items Leased assets 3, ,433 3,451 - Assets acquired through foreclosures 3, (280) ,152 3,304 - Other miscellaneous assets 9, (1,248) ,403 9,732 Total 17, (1,528) ,610 17,109 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

17 INTANGIBLE ASSETS For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE G Item Net book value at beginning of fiscal year Additions Transfers Deletions Losses due to impairment of value Amortization for the period Useful life (years) Amount Net book value at the end of the period 03/31/2009 Net book value at the end of the fiscal year 12/31/08 Organization and development expenses 63,807 2, ,163 62,762 63,807 Total 63,807 2, ,163 62,762 63,807 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

18 CONCENTRATION OF DEPOSITS For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE H Number of customers Debt balance % of total portfolio Debt balance % of total portfolio 10 largest customers 1,037, % 663, % 50 following largest customers 896, % 723, % 100 following largest customers 429, % 329, % Rest of customers 1,052, % 905, % Total 3,416, % 2,621, % See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

19 Item BREAKDOWN OF DEPOSITS, OTHER LIABILITIES FOR FINANCIAL TRANSACTIONS AND SUBORDINATED NEGOTIABLE OBLIGATIONS ACCORDING TO MATURITY DATE For the three-month period ended 03/31/2009 In thousands of Argentine Pesos Remaining terms to maturity 1 month (*) 3 months (*) 6 months (*) 12 months (*) 24 months (*) SCHEDULE I More than 24 months (*) Deposits 2,089, , ,742 68,462 27,219-3,416,026 - Time deposits 1,730, , ,742 68,462 27,219 3,056,505 - Investment account 94,543 94,543 - Savings accounts 197, ,089 - Current accounts 46,623 46,623 - Other deposits 21,266 21,266 Other liabilities for financial transactions 258,049 53, ,890 1,106,907 1,833,953 3,490,693 - Argentine Central Bank , ,873 Others , ,873 - Banks and international entities Short-term facilities in US dollars Unsubordinated negotiable obligations 118,804 53, ,890 1,106,907 1,625,080 3,142,575 EMTN Series III GMTN Series I 13, ,046 GMTN Series VI GMTN Series XVI 34, ,868 GMTN Series XXII GMTN Series XXIII 23, ,335 GMTN Series XXIV GMTN Series XXV 7, ,762 Long-term Bond denominated in US dollars - 8,807-88,065 88, , ,132 Long-term Bond denominated in euros - 14, , , , ,016 Newly Issued Bond 38,721 30, , ,409 1,849,344 Loans from domestic financial institutions Domestic institutions Others 139, ,245 Others 139, ,245 Total 2,347, , , ,352 1,134,126 1,833,953 6,906,719 (*) These figures are exposed pursuant to contract clauses. Total See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Pulic Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

20 ALLOWANCES AND PROVISIONS For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE J Breakdown Opening balances Increases in constant currency Decreases in constant currency Reversals Allocations Balances at period end 03/31/2009 Balances at fiscal year end 12/31/2008 ASSET OFFSETTING ACCOUNTS Government and corporate securities Allowance for impairment Loans For uncollectibility risk and loss of value (a) 225,644 64,152-47, , ,644 Other receivables for financial transactions For uncollectibility risk and loss of value (b) 32,590 15, ,539 32,590 Miscellaneous receivables For uncollectibility risk and loss of value (c) 3, ,032 3,091 Total 261,340 80,101-47, , ,340 LIABILITIES OFFSETTING ACCOUNTS Other contingencies (d) 128,742 21,863-10, , ,742 Total 128,742 21,863-10, , ,742 a) FOR UNCOLLECTIBILITY RISKS OF LOANS: Stems from the analysis covering uncollectibility risks of the loan portfolio performed by the Bank, which considers the regulations laid down by the Argentine Central Bank and estimates for the period, as mentioned in Note 8. b) FOR UNCOLLECTIBILITY RISKS OF OTHER RECEIVABLES FOR FINANCIAL TRANSACTIONS: Reflects the potential uncollectibility of mortgage loans transferred in trust, but not yet securitized. c) FOR UNCOLLECTIBILITY RISKS OF MISCELLANEOUS RECEIVABLES: Set up to cover any possible uncollectibility of miscellaneous receivables. d) FOR OTHER CONTINGENCIES: This provision was set up to cover contingencies involving lawsuits, legal fees, certain expenses related to the administrative restructuring undertaken by the Bank. In addition, the balance as of 03/31/2009 and 12/31/2008 includes the reserve for pending insurance claims as required by the National Insurance Superintendency. See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

21 CAPITAL STOCK For the three-month period ended 03/31/2009 In thousands of Argentine Peso SCHEDULE K Shares Capital Stock Class Number (1) Votes per share Outstanding Issued Treasury Stock Pending issuance or distribution Allotted Paid-in Not yet paid-in Ordinary Book-entry shares 1,500,000,000 (1) 1,500, ,500,000 - Total 1,500, ,500,000 - (1) Notes 2 and 44.1 to the Financial Statements. See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

22 FOREIGN CURRENCY BALANCES For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE L CAPTIONS Head office and branches in Argentina Total for the period at 03/31/2009 Total for the period Total for the fiscal year at 12/31/2008 US$ EUROS YENS ASSETS Cash and cash resources 495, , ,890 25, ,287 Government and corporate securities 184, , , ,491 Loans 439, , , ,147 Other receivables for financial transactions 2,844,966 2,844,966 1,888, ,362-2,819,341 Miscellaneous receivables 1,310,497 1,310,497 1,310, ,334,565 Total 5,275,332 5,275,332 4,292, , ,991,831 LIABILITIES Deposits 503, , , ,766 Other liabilities for financial transactions 5,303,858 5,303,858 4,314, ,487-4,946,902 Miscellaneous liabilities 1,037 1,037 1, ,762 Unallocated items Total 5,808,854 5,808,854 4,819, ,489-5,312,430 MEMORANDUM ACCOUNTS DEBIT (Except for contra items) 406, , , ,388 Contingencies 362, , , ,250 Control 44,829 44,829 44, ,138 CREDIT (Except for contra items) 1,519,912 1,519,912 1,519, ,540,010 Contingencies 1,288,263 1,288,263 1,288, ,324,568 Control 231, , , ,442 See our report dated General Accounting on behalf of the General May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

23 FINANCIAL ASSISTANCE OF RELATED PARTIES For the three-month period ended 03/31/2009 in comparative format with the previous fiscal year In thousands of Argentine Pesos SCHEDULE N Situation Normal Potential risk / inadequate performance With problems / deficient performance High risk of insolvency / difficult collection Uncollectible Uncollectible for technical reasons Total Item Not yet due Past due Not yet due Past due 03/31/ /31/ Loans 8, ,894 8,948 - Overdraft facilities 4, ,847 4,753 With "B" preferred collateral and counter-guarantees 4, ,841 4,747 Without preferred collateral and counter-guarantees Mortgage and pledge loans 1,359 1,359 1,368 With "B" preferred collateral and counter-guarantees 1, ,276 1,285 Without preferred collateral and counter-guarantees Credit Cards Without preferred collateral and counter-guarantees Other 2,655 2,655 2,756 With "B" preferred collateral and counter-guarantees 2, ,655 2, Equity investments in other companies 133, , ,723 Total 142, , ,671 Allowances See our report dated General Accounting May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

24 DERIVATIVE FINANCIAL INSTRUMENTS For the three-month period ended 03/31/2009 In thousands of Argentine Pesos SCHEDULE O Kind of agreement Purpose of transactions Underlying assets Kind of settlement Trading environment or counterparty Average weighted term originally agreed upon Average residual weighted term Average weighted term for the settlement of differences Amount Swap (Note 17.1.) Foreign currency hedge Foreign currency With delivery of the underlying asset Foreign residents ,813 Swap (Note 17.1.) Foreign currency hedge Foreign currency With delivery of the underlying asset Foreign residents ,280 Swap (Note 17.2.) Brokerage own account Others Upon maturity of differences Foreign residents ,683 Swap (Note 17.3.) Brokerage own account Others Upon maturity of differences Foreign residents ,350 Swap (Note 17.6.) Brokerage own account Others Upon maturity of differences Foreign residents ,575 Domestic residents- Swap (Note 17.4.) Brokerage own account Others Upon maturity of differences Financial sector ,000 Futures (Note 17.9.) Brokerage own account Foreign currency Daily difference MAE ,561,435 Other (Note 17.7.) Brokerage own account Domestic government securities With delivery of the underlying asset Foreign residents ,280,607 Other (Note 17.8.) Brokerage own account Domestic government securities With delivery of the underlying asset MAE ,864 See our report dated General Accounting May 11, 2009 Banco Hipotecario S.A. Banco Hipotecario S.A C.P.C.E.C.A.B.A. Book 1 -Page 17 Dr. Norberto Montero For the Public Accountant (U.B.A.) Banco Hipotecario S.A Syndics Committee C.P.C.E. Autonomous City of Buenos Aires Book 167 Page 179

25 1. ECONOMIC SITUATION Over the past few months, the financial markets in the most important countries in the world have been affected by volatility, lack of liquidity and credit, which entailed a significant drop in international stock indexes, and an economic slow-down started to become evident worldwide. Despite the actions taken by central countries, the international markets' future is still uncertain. As regards Argentina, stock markets reflected significant drops in the prices of government and corporate securities, as well as an increase in interest rates, country risk and exchange rates. The Bank's management is permanently evaluating and monitoring the effects derived from the above situation in order to implement the necessary measures to mitigate its effect. These financial statements must be analyzed taking into consideration the scenario described above. 2. Pursuant to Law enacted on July 2, 1997 and promulgated by the National Executive Branch through Decree 677 dated July 22, 1997, and decree 924/97 Banco Hipotecario Nacional was declared "subject to privatization" under the terms of Law and the National Executive Branch should proceed to its transformation into a corporation ("sociedad anónima"). The new entity arising from this transformation will do business under the denomination of "Banco Hipotecario Sociedad Anónima", and as a commercial bank in accordance with Law and complementary rules, as amended, with the scope envisaged by the regulations, and with the rights and obligations of its predecessor. Law and its regulatory decree provide that for ten years as from the promulgation of the Law, Banco Hipotecario Sociedad Anónima should, among other things, finance the construction and/or acquisition of dwellings throughout the national territory and offer credit lines for an amount equivalent to 10% of the total loans it grants for housing construction, to finance the construction of dwellings in small towns. Furthermore, it established that Banco Hipotecario Nacional should set up a special fund for subsidizing the repayment services of borrowers undergoing a serious economic emergency situation, whose situation could not be resolved through the renegotiation of the loan (Article 13 of Law 24143). This fund, whose regulations were issued by the Bank, is being formed as from that moment, with 2% of the interest collected on housing loans. Law requires the Bank to continue to contribute to this special fund for 10 years as from July 22, 1997 under the terms of Law Consequently, the fund's balance was completely consumed. Banco Hipotecario Sociedad Anónima has a corporate capital of ARS 1,500,000 thousand, fully subscribed and paid-in, represented by 1,500,000,000 ordinary book-entry Class A, B, C and D shares, with General Accounting 25

26 a face value of ARS 1 each and one vote per share (according to the decision made by the General and Extraordinary Shareholder's Meeting held on July 21, 2006), except for the special multiple vote right for the Class D shares envisaged by the Bank's by-laws. On February 2, 1999, Banco de la Nación Argentina, as trustee of the Assistance to the Federal Trust Fund for Regional Infrastructure Trust Fund, made the combined public offering of 42,000,000 ordinary Class D shares and 270,000 options, each of the latter representing the right to purchase 100 shares, and the investors are required to acquire a minimum quantity of Class D shares so as to be awardees of the options. This right expired on February 2, With the authorization of the National Securities Commission of Argentina, the Bank placed 13,616,606 Class D shares and 61,289 options on the local capital market, and 28,383,394 ADSs (Shares Deposited in Custody), each representing one Class D share and 208,711 options, on the international capital market in compliance with Rule 144A of the Securities Act of 1933 of the United States of America. As a result of the expiration of the time frame for exercising the options indicated above, on February 2, 2004 certain holders of those options acquired 17,909,500 class D shares. The following table shows the capital status, as of March 31, 2009, detailing the classes of shares and their face value. Class Shares Face value Capital Stock A 658,530, ,530,880 B 75,000, ,000,000 C 75,000, ,000,000 D 691,469, ,469,120 1,500,000,000 1,500,000,000 General Accounting 26

27 3. BASIS FOR PRESENTATION OF THE FINANCIAL STATEMENTS These financial statements have been prepared in line with accounting standards established by the Argentine Central Bank through CONAU 1 Circular, supplementary rules and amendments. The financial statements of the predecessor entity, Banco Hipotecario Nacional, have been adjusted for inflation in conformity with the guidelines set in Communication "A" 551 of the Argentine Central Bank up to the financial year ended December 31, 1994, and prepared in accordance with the standards laid down by CONAU 1 Circular. As from January 1, 1995, and according to the authorization accorded by Resolution No. 388 of the Argentine Central Bank's Superintendency of Financial and Exchange Institutions, the Bank discontinued the adjustment for inflation of its financial statements until December 31, As from January 1, 2002, as a result of the application of Communication "A" 3702 which established the repeal of any legal and regulatory rule that did not allow companies to restate their accounting balances at period-end currency values, the Bank resumed the application of the adjustment for inflation. To this end, it followed the restatement method established by Technical Pronouncement No. 6 of the Argentine Federation of Professional Councils in Economic Sciences (FACPCE), using the domestic wholesale price index published by the National Statistics and Census Institute (INDEC). Furthermore, it has been considered that the accounting measurements derived from the changes in the purchasing power of the currency between December 31, 1994 and 2001 are stated in the currency value as of the latter date. On March 25, 2003, the Executive Branch issued Decree 664 establishing that the financial statements for years ending as from that date are to be stated in nominal currency. Consequently, in accordance with Communication "A" 3921 of the BCRA, restatement of the financial statements was discontinued as from March 1, These financial statements have been prepared in line with accounting standards established by the Argentine Central Bank and the professional standards in force in the Autonomous City of Buenos Aires issued by Argentine Federation of Professional Councils in Economic Sciences as adopted by the Professional Council in Economic Sciences of the Autonomous City of Buenos Aires (CPCECABA) through Resolution CD N 93/05, and additionally, with some amendments issued by the National Securities Commission (CNV). The differences between the Argentine Central Bank regulations and the professional accounting standards in force in the Autonomous city of Buenos Aires are detailed in Note 4. The principal disclosure and valuation criteria followed for preparing these financial statements is described below: 3.1. Foreign currency assets and liabilities US dollar assets and liabilities have been valued at the rate of exchange between the peso and the US dollar published by the Argentine Central Bank. Assets and liabilities valued in foreign currencies other than the US dollar were converted into the latter currency using the swap rates General Accounting 27

28 communicated by the Argentine Central Bank s operations desk, in force at the close of operations on the last business day of the period ended March 31, 2009 and the fiscal year ended December 31, Gold and other precious metals Holdings of gold were valued at the latest selling quotation on the London market, in US dollars, net of the direct selling expenses, converted into pesos at the rate of exchange between the peso and the US dollar published by the Argentine Central Bank, in force at the close of operations on the last business day of the period ended March 31, 2009 and the fiscal year ended December 31, Interest accruals and adjustments of principal amounts (CER and CVS) Interest accruals were determined using the exponential method for all lending and certain borrowing transactions in local and foreign currency the total term of which was more than 92 days, and interest accruals for loans overdue more than ninety days were discontinued. Adjustments of principal amounts from application of the CER and CVS were accrued as established by Argentine Central Bank regulations, and interest accruals on loans overdue more than ninety days were discontinued Government and corporate securities Listed - In Argentina and abroad: The securities classified as "Holdings of trading securities", "Investment in listed corporate securities" and "Securities issued by the BCRA" have been valued at period-end or year-end market quotation. The BODEN 2012 Government securities in US$ classified as "Holdings in investment accounts" have been recognized at their technical value, in accordance with the whereas clauses of Communication "A"3785, supplementary rules and amendments. Such technical values increase on the basis of interest accrued under the issue terms and conditions at the end of each period or year. The new foreign currency balance is converted into pesos at the reference exchange rate published by the Argentine Central Bank. The government securities reclassified into Holdings in special investment accounts in accordance with the provisions of Communication A 4861 have been recognized at their carrying value as of September 30, 2008, and they increase monthly on the basis of the internal rate of return resulting from the interest rate which, used as discount, matches the cash flow s present value with the initial value. General Accounting 28

29 3.5. Loans The Bonds received in exchange for debt as resolved by Joint Resolution 8/2009 and 5/2009 of the Treasury and Finance Secretaries of the Ministry of Economy, BONAR in Argentine Pesos Badlar bps 2014, classified in Holdings in special investment accounts, have been valued at cost. This value increases monthly on the basis of the internal rate of return resulting from the interest rate which, used as discount, matches the cash flow s present value with the initial value. The National Government Securities originally issued in foreign currency subject to Argentine legislation have been converted into pesos at the exchange rate of $ 1.40 per US dollar, as provided for by Law 25561, Decree 214 and complementary rules and amendments. Unlisted - In Argentina The Bank has recorded Secured Bonds issued by the Fiduciary Fund for Provincial Development received within the framework of Decree 1579/02, Ministry of Economy Technical Pronouncement 539/02 and complementary rules. These bonds have been stated at their average book value (for those securities that will be used as collateral for the subscription of Hedge Bonds) or the higher value arising from comparing the listed value as of the measurement date and the book value as of January 31, 2009, net of contra accounts and financial services collected since such date (for the other securities). Both criteria are in compliance with the guidelines established by Communication "A" 4898, complementary rules and amendments. The Discount Bonds exchanged in the sovereign debt restructuring process have been valued according to the criteria established by Communication "A" 4270, supplementary rules and amendments thereto, at the lower value arising from comparing the aggregate nominal cash flow until maturity, under the issuance conditions for the new securities, with the carrying value of the securities offered, which is equivalent to the present value of the Secured Bonds (BOGAR 2018). The portfolio of performing loans and loans due ninety days or less has been valued in terms of the principal amounts actually lent, plus capitalized interest, net of principal amortization collected and debt balance refinancing, plus adjustments (from the application of the CER, and CVS where applicable) and accrued interest receivable and less the estimated reserve for loan losses. Other loans to the public sector: i) at their net book value as of January 31, 2009, net of contra accounts and financial services collected after that date (Communiqué "A" 4898, supplementary rules and amendments thereto), General Accounting 29