Banco Hipotecario Announces Fourth Quarter Results

USA - English

• USA - English
• USA - English
• USA - English

BUENOS AIRES, Argentina, Feb. 11 /PRNewswire-FirstCall/ -- Banco Hipotecario S.A. (BCBA: BHIP) announces fourth quarter 2009 results.

(Logo: http://www.newscom.com/cgi-bin/prnh/20060810/ARTH004LOGO )

Highlights

-- Total net income for the year was Ps. 197.8 million, compared to Ps. (23.0) million of 2008. Net income for the fourth quarter was Ps. 79.3 million, 123.0% and 439.9% higher than last quarter and same quarter of previous year, respectively.

-- Net financial margin for the year increased to Ps. 581.2 million from Ps. 187.3 million of last year. In the quarter, net financial margin was Ps. 197.6 million, Ps. 102.3 million and Ps. 131.9 million higher than last quarter and same quarter of previous year, respectively.

-- Aggregated net income from services of Ps. 235.3 million was 19.0% higher than 2008. Net income from services for the quarter was Ps. 57.7 million, compared to Ps. 68.6 million of previous quarter, and Ps. 68.2 million of fourth quarter 2008.

-- Deposits increased 42.3% YoY and 7.3% QoQ.

-- NPL ratio decreased from 6.0% to 4.8% in the year while coverage ratio increased from 84.8% to 99.7% in the same period.

-- Equity ratio of 24.3%, higher than the 23.0% of December 2008.

-- BH ranks eleventh in terms of assets, seventh in terms of household financing and fifth in terms of net worth in the local financial system.

    Contacts:
    Luis Carlei                     Gabriel Saidon
    Tomas Godino                    Chief Financial Officer
    Capital Markets                 Tel. (54-11) 4347-5759 / 5212
    Tel. (54-11) 4347-5122 / 5798   Fax (54-11) 4347-5874 / 5113
    Fax (54-11) 4347-5874           [email protected]
    [email protected]
    [email protected]

SOURCE Banco Hipotecario S.A.