Banco Hipotecario S.A. Reports Fourth Quarter 2010 Results

BUENOS AIRES, Argentina, Feb. 10, 2011 /PRNewswire/ -- Banco Hipotecario S.A. (BCBA: BHIP) announces its fourth quarter 2010 results.

• Total net income for the year was Ps. 195.3 million, compared to Ps. 197.8 million of 2009. Net income for the fourth quarter was Ps. 27.5 million, compared to Ps. 83.7 million and Ps. 79.3 million of last quarter and same quarter of previous year, respectively.
• Net financial margin for the year was Ps. 535.2 million and Ps. 581.2 for 2009. Net financial margin for the quarter was Ps. 108.3 million, compared to Ps. 182.6 million of last quarter and Ps. 197.6 million of same quarter of last year.
• Aggregated net income from services of Ps. 291.5 million was 23.9% higher than last 2009. Net income from services for the quarter was Ps. 84.0 million, 11.2% higher than previous quarter, and 45.7% higher than fourth quarter 2009.
• Loans to the private sector increased 9.8% in the quarter and 31.7% YoY.
• Deposits without significant changes in the quarter and a 30.7% YoY growth.
• NPL ratio decreased from 4.8% to 2.7% in the year while coverage ratio increased from 99.7% to 115.9% in the same period.
• Equity ratio of 27.3%, higher than the 24.3% of December 2010.
• BH ranks fifth in terms of net worth, seventh in terms of household financing, and thirteenth in terms of assets in the local financial system.

SOURCE Banco Hipotecario S.A.