Grupo Financiero Interacciones reports net income up 32.84% YoY and 31.55% QoQ, to Ps.813 million
ROE of 20.46% in 2Q17, up 389 bps YoY and 502 bps QoQ
Loan portfolio up 11.82% YoY to Ps.103,841 million
NPL ratio of 0.05% in 2Q17, a 4 basis point YoY improvement
MEXICO CITY, July 26, 2017 /PRNewswire/ -- Grupo Financiero Interacciones, S.A. de C.V., (BMV: GFINTERO), ("Grupo Financiero Interacciones" or "GFI"), the largest specialized Mexican financial group with a business model focused on providing financing, risk management and financial advisory services mainly to the Mexican public sector, today announced results for the three and six month periods ended June 30, 2017.
Executive Summary: Simplified Financial Information ("SFI")
Disclaimer: As a result of the uniqueness of our business model, we simplified GFI´s financial information in an effort to make it more efficient to market participants to analyze our financial group. Simplified Financial Information ("SFI") is adjusted for valuations effects, non-recurring items and includes reclassifications of regulatory financial statements.
Fundamentals
- As part of GFI´s fundamentals during the quarter, states and municipalities exercised cautiousness before the publication of their indebtedness ranges within the Financial Discipline Law´s alert system that were disclosed on June the 30th. This, coupled with an excess liquidity of 6.9% and an annual six month federal transfer growth of 15.7%, explain a sequential 2.59% loan portfolio contraction in line with GFI´s business model seasonality. YoY GFI´s loan portfolio expanded 11.82%.
Simplified Financial Statements
| Simplified Financial Information ("SFI") |
2Q17 |
1Q17 |
2Q16 |
Var.vs |
6M17 |
6M16 |
Var.vs |
||
| 1Q17 |
2Q16 |
6M16 |
|||||||
| Bank - Interest Income |
2,952 |
2,679 |
1,810 |
10.19% |
63.09% |
5,631 |
3,500 |
60.89% |
|
| Bank - Interest Expense |
-2,281 |
-2,038 |
-1,265 |
11.92% |
80.32% |
-4,319 |
-2,372 |
82.08% |
|
| Bank´s Financial Margin |
670 |
642 |
545 |
4.36% |
22.94% |
1,312 |
1,128 |
16.31% |
|
| Provisions for Loan Losses |
-90 |
45 |
-82 |
-300.00% |
9.76% |
-45 |
187 |
-124.06% |
|
| Net Commissions |
740 |
377 |
782 |
96.29% |
-5.37% |
1,117 |
1,004 |
11.25% |
|
| Business Commissions |
475 |
327 |
552 |
45.26% |
-13.95% |
802 |
984 |
-18.50% |
|
| Temporary Commissions |
266 |
49 |
229 |
442.86% |
16.16% |
315 |
19 |
1557.89% |
|
| Income from Brokerage Activities |
241 |
99 |
80 |
143.43% |
201.25% |
340 |
139 |
144.60% |
|
| Other Operating Income (Expenses) |
-75 |
16 |
-77 |
-568.75% |
-2.60% |
-59 |
-184 |
-67.93% |
|
| IPAB |
-123 |
-120 |
-101 |
2.50% |
21.78% |
-243 |
-199 |
22.11% |
|
| Administrative and Promotional Expenses |
-548 |
-433 |
-413 |
26.56% |
32.69% |
-981 |
-757 |
29.59% |
|
| Bank´s Income before Income Taxes |
815 |
626 |
734 |
30.19% |
11.04% |
1,441 |
1,318 |
9.33% |
|
| Brokerage Unit´s Income before Income Taxes |
117 |
153 |
72 |
-23.53% |
62.50% |
270 |
133 |
103.01% |
|
| Insurance Unit´s Income before Income Taxes |
20 |
-37 |
9 |
154.05% |
122.22% |
-17 |
17 |
-200.00% |
|
| Other Subsidiary Results |
4 |
-13 |
-5 |
130.77% |
-180.00% |
-9 |
-9 |
0.00% |
|
| Taxes |
-144 |
-111 |
-198 |
29.73% |
-27.27% |
-255 |
-339 |
-24.78% |
|
| Net Income |
813 |
618 |
612 |
31.55% |
32.84% |
1,431 |
1,120 |
27.77% |
|
| *Millions of pesos |
|||||||||
| *Simplified Financial Information ("SFI") is adjusted for valuations effects, non-recurring items and includes reclassifications of regulatory financial statements |
|||||||||
| Main Indicators - Simplified Financial Information ("SFI") |
2Q17 |
1Q17 |
2Q16 |
Var.vs |
6M17 |
6M16 |
Var. vs |
||
| 1Q17 |
2Q16 |
||||||||
| Main Financial Ratios |
|||||||||
| Bank - Loan Portafolio Financial Margin |
2.55% |
2.32% |
2.42% |
23bp |
13bp |
2.67% |
2.59% |
8bp |
|
| ROE - Bank |
20.33% |
15.20% |
18.23% |
512bp |
209bp |
18.21% |
16.92% |
129bp |
|
| ROE - GFI |
20.46% |
15.44% |
16.57% |
502bp |
389bp |
18.39% |
15.45% |
294bp |
|
| Bank´s Efficiency Ratio |
42.57% |
48.77% |
38.64% |
-619bp |
393bp |
45.16% |
45.81% |
-65bp |
|
| NPL Ratio |
0.05% |
0.06% |
0.09% |
-1bp |
-4bp |
0.05% |
0.09% |
-4bp |
|
| Coverage Ratio |
27.55x |
23.34x |
16.47x |
4.21x |
11.08x |
27.55x |
16.47x |
11.08x |
|
| *Millions of pesos |
|||||||||
| *Simplified Financial Information ("SFI") is adjusted for valuations effects, non-recurring items and includes reclassifications of regulatory financial statements |
|||||||||
- The Bank´s financial margin for 2Q17 increased 22.94% YoY and 4.36% QoQ. The YoY change was driven by an 11.82% YoY loan growth that reflects GFI´s successful execution of opportunities stemming from the Financial Discipline Law. The QoQ change is explained by a sequential increase in interest income relative to interest expense as a result of interest rate increases, in spite of a sequential contraction in the loan portfolio.
- In 2Q17, GFI reserved Ps.90 million in provisions, mainly as a result of the change in the credit profile of GFI´s clients during both time periods, as per regulatory guidelines.
- Net Commissions decreased 5.37% YoY and increased 96.29% QoQ. The YoY change resulted from the structuring of higher complexity projects during 2Q16, as well as from the fundamental dynamics mentioned above at the Government Business unit, in spite of strong business commission growth of 42.18%, 258.33% and 500.00% in the Infrastructure, SME and Leasing units respectively.
The QoQ change reflects commissions stemming from advising on hedging solutions in the Government Business Unit, in addition to a strong business commission growth of 63.28%, 437.50% and 500.00% in the Infrastructure, SME and Leasing units respectively. It´s important to note that advisory commissions on hedging solutions for GFI´s clients are registered in the "Income from Brokerage Activities" line as per accounting guidelines on regulatory financial statements.
- Income from Brokerage Activities increased 201.25% YoY and 143.43% QoQ as a result from the widening of spreads, as well as from successful trading operations.
- Other Operating Income (Expenses) amounted to a Ps.75 million expense in 2Q17, compared to expenses of Ps.77 million in 2Q16 and to other operating income of Ps.16 million in 1Q17. This line includes changes in Other Real Estate Owned ("OREO") and OREO discount adjustments, among others.
- Administrative and Promotional Expenses increased 32.69% YoY and 26.56% QoQ mainly driven by an increase in the information technology infrastructure and processes, as well as by an expansion of GFI´s leasing and corporate banking teams.
- The Brokerage Unit reported income before taxes of Ps.117 million in 2Q17, increasing 62.50% YoY and decreasing 23.53% QoQ. The YoY change reflects an increase in revenue from trading activities. The QoQ change is explained by a decrease in the balance of the repo portfolio, in spite of a 7 basis point spread increase in its operations, as well as lower commissions.
- Aseguradora Interacciones, the Insurance unit, reported income before taxes of Ps.20 million in 2Q17 increasing 122.22% YoY and improving 154.05% QoQ, both changes result from the implementation of its new strategy, aligning its costs to revenues and releasing technical reserves, as well as from this quarter´s lower claims.
- Grupo Financiero Interacciones reported net income of Ps.813 million in 2Q17, representing an increase of 32.84% YoY and 31.55% QoQ. The YoY change is explained by an increase of 22.94% in the Bank´s financial margin, as well as by 201.25% higher trading income, which more than offset the 5.37% decrease in net commissions. The QoQ change reflects a 96.29% increase in net commissions, in addition to a 4.36% increase in the Bank´s financial margin.
REGULATORY FINANCIAL STATEMENTS - Income Statement
| Main Indicators - Regulatory Income Statement |
2Q17 |
1Q17 |
2Q16 |
Var.vs |
6M17 |
6M16 |
Var. vs |
||
| 1Q17 |
2Q16 |
||||||||
| Main Financial Ratios |
|||||||||
| NIM |
0.93% |
0.21% |
1.50% |
72bp |
-57bp |
0.56% |
1.41% |
-85bp |
|
| ROE - Bank |
20.33% |
15.20% |
18.23% |
513bp |
210bp |
18.21% |
16.92% |
129bp |
|
| ROE -GFI |
20.46% |
15.44% |
16.57% |
502bp |
389bp |
18.39% |
15.45% |
294bp |
|
| Bank´s Efficiency Ratio |
43.54% |
46.99% |
41.30% |
-345bp |
224bp |
45.00% |
42.08% |
292bp |
|
| Efficiency Ratio - GFI |
45.36% |
49.48% |
46.09% |
-412bp |
-73bp |
47.16% |
47.12% |
4bp |
|
| NPL Ratio |
0.05% |
0.06% |
0.09% |
-1bp |
-4bp |
0.05% |
0.09% |
-4bp |
|
| Coverage Ratio |
27.55x |
23.34x |
16.47x |
4.21x |
11.08x |
27.55x |
16.47x |
11.08x |
|
| *Millions of pesos |
|||||||||
| Grupo Financiero Interacciones |
|||||||||
| Regulatory Income Statement |
2Q17 |
1Q17 |
2Q16 |
Var.vs |
6M17 |
6M16 |
Var.vs |
||
| 1Q17 |
2Q16 |
6M16 |
|||||||
| Interest Income |
4,535 |
4,256 |
2,931 |
6.56% |
54.73% |
8,791 |
5,625 |
56.28% |
|
| Premium Income (Net) |
8 |
10 |
72 |
-20.00% |
-88.89% |
18 |
146 |
-87.67% |
|
| Interest Expense |
-4,013 |
-4,134 |
-2,184 |
-2.93% |
83.75% |
-8,147 |
-4,245 |
91.92% |
|
| Net Increase in Technical Reserves |
-3 |
-3 |
-3 |
0.00% |
0.00% |
-6 |
-7 |
14.29% |
|
| Damages, Claims and Other Obligations (Net) |
- |
-8 |
-37 |
100.00% |
100.00% |
-8 |
-71 |
-88.73% |
|
| Financial Margin |
527 |
121 |
779 |
335.54% |
-32.35% |
648 |
1,448 |
-55.25% |
|
| Provisions for Loan Losses |
-55 |
- |
1 |
100.00% |
5600.00% |
-55 |
-1 |
5400.00% |
|
| Financial Margin Adjusted for Credit Risk |
472 |
121 |
780 |
290.08% |
-39.49% |
593 |
1,447 |
-59.02% |
|
| Commissions and Fees Charged |
839 |
806 |
1,431 |
4.09% |
-41.37% |
1,645 |
2,201 |
-25.26% |
|
| Commissions and Fees Paid |
-192 |
-208 |
-585 |
-7.69% |
-67.18% |
-400 |
-866 |
-53.81% |
|
| Commissions (Net) |
647 |
598 |
846 |
8.19% |
-23.52% |
1,245 |
1,335 |
-6.74% |
|
| Income from Brokerage Actiities |
686 |
769 |
6 |
-10.79% |
11333.33% |
1,455 |
148 |
883.11% |
|
| Other Operating Income (Expenses) |
-8 |
-45 |
-136 |
82.22% |
94.12% |
-53 |
-174 |
69.54% |
|
| Administrative and Promotional Expenses |
-840 |
-714 |
-689 |
17.65% |
21.92% |
-1,554 |
-1,299 |
19.63% |
|
| Operating Income |
957 |
729 |
807 |
31.28% |
18.59% |
1,686 |
1,457 |
15.72% |
|
| Equity in Results of Non-Consolidated Subsidiaries and Associates |
- |
- |
3 |
0.00% |
-100.00% |
- |
2 |
-100.00% |
|
| Income before Income Taxes |
957 |
729 |
810 |
31.28% |
18.15% |
1,686 |
1,459 |
15.56% |
|
| Income Taxes |
-217 |
-100 |
-273 |
117.00% |
-20.51% |
-317 |
-299 |
6.02% |
|
| Deferred Income Taxes |
73 |
-11 |
75 |
763.64% |
-2.67% |
62 |
-40 |
255.00% |
|
| Income Before Discontinued Operations |
813 |
618 |
612 |
31.55% |
32.84% |
1,431 |
1,120 |
27.77% |
|
| Discontinued Operations |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Net Income |
813 |
618 |
612 |
31.55% |
32.84% |
1,431 |
1,120 |
27.77% |
|
| Non-Controlling Interest |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Total Net Income |
813 |
618 |
612 |
31.55% |
32.84% |
1,431 |
1,120 |
27.77% |
|
REGULATORY FINANCIAL STATEMENTS - Balance Sheet
| Grupo Financiero Interacciones |
|||||||||
| Regulatory Balance Sheet |
2Q17 |
1Q17 |
2Q16 |
Var.vs |
6M17 |
6M16 |
Var.vs |
||
| 1Q17 |
2Q16 |
6M16 |
|||||||
| Cash and Due from Banks |
11,355 |
19,539 |
14,350 |
-41.89% |
-20.87% |
11,355 |
14,350 |
-20.87% |
|
| Margin Accounts |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Investment in Securities |
113,531 |
96,390 |
98,289 |
17.78% |
15.51% |
113,531 |
98,289 |
15.51% |
|
| Debtors Under Sale and Repurchase Agreements |
- |
4 |
- |
-100.00% |
0.00% |
- |
- |
0.00% |
|
| Derivatives |
237 |
274 |
5 |
-13.50% |
4640.00% |
237 |
5 |
4640.00% |
|
| Total Loan Portoflio (Net) |
102,326 |
105,173 |
91,429 |
-2.71% |
11.92% |
102,326 |
91,429 |
11.92% |
|
| Loan Portfolio |
103,841 |
106,597 |
92,862 |
-2.59% |
11.82% |
103,841 |
92,862 |
11.82% |
|
| Performing Loan Portfolio |
103,786 |
106,536 |
92,775 |
-2.58% |
11.87% |
103,786 |
92,775 |
11.87% |
|
| Commercial Loans |
103,626 |
106,368 |
92,512 |
-2.58% |
12.01% |
103,626 |
92,512 |
12.01% |
|
| Commercial or Business Activity |
24,821 |
24,540 |
21,373 |
1.15% |
16.13% |
24,821 |
21,373 |
16.13% |
|
| Financial Entities |
348 |
608 |
1,459 |
-42.76% |
-76.15% |
348 |
1,459 |
-76.15% |
|
| Government Entities |
78,457 |
81,220 |
69,680 |
-3.40% |
12.60% |
78,457 |
69,680 |
12.60% |
|
| Consumer Loans |
20 |
20 |
24 |
0.00% |
-16.67% |
20 |
24 |
-16.67% |
|
| Mortgages |
140 |
148 |
239 |
-5.41% |
-41.42% |
140 |
239 |
-41.42% |
|
| Non-Performing Loan Portfolio |
55 |
61 |
87 |
-9.84% |
-36.78% |
55 |
87 |
-36.78% |
|
| Commercial Non-Performing Loans |
50 |
50 |
82 |
0.00% |
-39.02% |
50 |
82 |
-39.02% |
|
| Commercial or Business Activity |
50 |
50 |
55 |
0.00% |
-9.09% |
50 |
55 |
-9.09% |
|
| Government Entities |
- |
- |
27 |
0.00% |
-100.00% |
- |
27 |
-100.00% |
|
| Non-Performing Mortgages |
5 |
11 |
5 |
-54.55% |
0.00% |
5 |
5 |
0.00% |
|
| Allowances for Loan Losses |
-1,515 |
-1,424 |
-1,433 |
6.39% |
5.72% |
-1,515 |
-1,433 |
5.72% |
|
| Accounts Receivables Loan Derivatives, Discounts and Credits (Net) |
3 |
3 |
3 |
0.00% |
0.00% |
3 |
3 |
0.00% |
|
| Premium Debtors (Net) |
47 |
59 |
98 |
-20.34% |
-52.04% |
47 |
98 |
-52.04% |
|
| Accounts Receivables from Reinsurers and Re-guarantee Companies (Net) |
633 |
804 |
1,487 |
-21.27% |
-57.43% |
633 |
1,487 |
-57.43% |
|
| Accounts Receivables (Net) |
5,626 |
6,572 |
4,126 |
-14.39% |
36.35% |
5,626 |
4,126 |
36.35% |
|
| Foreclosed Assets (Net) |
157 |
164 |
197 |
-4.27% |
-20.30% |
157 |
197 |
-20.30% |
|
| Real Estate, Furniture & Equipment (Net) |
743 |
752 |
150 |
-1.20% |
395.33% |
743 |
150 |
395.33% |
|
| Investment in Subsidiaries |
63 |
61 |
53 |
3.28% |
18.87% |
63 |
53 |
18.87% |
|
| Deferred Taxes (Net) |
886 |
812 |
763 |
9.11% |
16.12% |
886 |
763 |
16.12% |
|
| Other Assets |
806 |
1,829 |
1,067 |
-55.93% |
-24.46% |
806 |
1,067 |
-24.46% |
|
| Total Assets |
236,413 |
232,436 |
212,017 |
1.71% |
11.51% |
236,413 |
212,017 |
11.51% |
|
| Traditional Funding |
109,403 |
112,410 |
89,928 |
-2.68% |
21.66% |
109,403 |
89,928 |
21.66% |
|
| Demand Deposits |
63,232 |
55,101 |
42,621 |
14.76% |
48.36% |
63,232 |
42,621 |
48.36% |
|
| Term Deposits |
26,221 |
36,731 |
31,380 |
-28.61% |
-16.44% |
26,221 |
31,380 |
-16.44% |
|
| Credit Instruments Issued |
19,950 |
20,578 |
15,927 |
-3.05% |
25.26% |
19,950 |
15,927 |
25.26% |
|
| Bank Loans |
15,623 |
16,877 |
16,593 |
-7.43% |
-5.85% |
15,623 |
16,593 |
-5.85% |
|
| Instant Loans Flexibility |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Short Term |
5,053 |
6,271 |
5,762 |
-19.42% |
-12.30% |
5,053 |
5,762 |
-12.30% |
|
| Long Term |
10,570 |
10,606 |
10,831 |
-0.34% |
-2.41% |
10,570 |
10,831 |
-2.41% |
|
| Assigned Values For Liquidity |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Technical Reserves |
1,063 |
1,222 |
1,988 |
-13.01% |
-46.53% |
1,063 |
1,988 |
-46.53% |
|
| Creditors For Repurchase / Resale Agreements |
85,763 |
76,508 |
80,670 |
12.10% |
6.31% |
85,763 |
80,670 |
6.31% |
|
| Collateral Sold |
- |
457 |
- |
-100.00% |
0.00% |
- |
- |
0.00% |
|
| Derivatives |
116 |
- |
76 |
100.00% |
52.63% |
116 |
76 |
52.63% |
|
| Valuation Ajustment For Financial Coverage Of Liabilities |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Accounts Payables To Reinsurers And Re-Guarantee Companies |
32 |
79 |
80 |
-59.49% |
-60.00% |
32 |
80 |
-60.00% |
|
| Outstanding Debt In Securitization Transactions |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Other Payables |
4,907 |
4,503 |
3,796 |
8.97% |
29.27% |
4,907 |
3,796 |
29.27% |
|
| Outstanding Subordinated Debt |
3,562 |
3,559 |
3,560 |
0.08% |
0.06% |
3,562 |
3,560 |
0.06% |
|
| Deferred Taxes And Employee Profits Sharing (Net) |
29 |
15 |
- |
93.33% |
100.00% |
29 |
- |
100.00% |
|
| Deferred Credits And Advanced Collections |
472 |
454 |
297 |
3.96% |
58.92% |
472 |
297 |
58.92% |
|
| Total Liabilities |
220,970 |
216,084 |
196,988 |
2.26% |
12.17% |
220,970 |
196,988 |
12.17% |
|
| Paid-In Capital |
4,208 |
4,231 |
4,158 |
-0.54% |
1.20% |
4,208 |
4,158 |
1.20% |
|
| Capital Stock |
2,345 |
2,345 |
2,343 |
0.00% |
0.09% |
2,345 |
2,343 |
0.09% |
|
| Share Subscription Premiums |
1,863 |
1,886 |
1,815 |
-1.22% |
2.64% |
1,863 |
1,815 |
2.64% |
|
| Subscribed Capital |
11,235 |
12,121 |
10,871 |
-7.31% |
3.35% |
11,235 |
10,871 |
3.35% |
|
| Capital Reserves |
801 |
671 |
671 |
19.37% |
19.37% |
801 |
671 |
19.37% |
|
| Retained Earnings |
8,722 |
10,515 |
8,705 |
-17.05% |
0.20% |
8,722 |
8,705 |
0.20% |
|
| Surplus (deficit) from Mark-to-Market of Securities Available for Sale |
278 |
315 |
373 |
-11.75% |
-25.47% |
278 |
373 |
-25.47% |
|
| Foreign currency translation adjustment |
4 |
5 |
4 |
-20.00% |
0.00% |
4 |
4 |
0.00% |
|
| Results from Non-monetary Assets |
-1 |
-3 |
-2 |
-66.67% |
-50.00% |
-1 |
-2 |
-50.00% |
|
| Net Income with Participation of Subsidiaries |
1,431 |
618 |
1,120 |
131.55% |
27.77% |
1,431 |
1,120 |
27.77% |
|
| Not Holding Interest |
- |
- |
- |
0.00% |
0.00% |
- |
- |
0.00% |
|
| Shareholders' Equity |
15,443 |
16,352 |
15,029 |
-5.56% |
2.75% |
15,443 |
15,029 |
2.75% |
|
| * Millions of pesos |
|||||||||
RELEVANT EVENTS
- On May 9th, 2017 Grupo Financiero Interacciones paid a dividend of Ps.4.27 per share, which is equivalent to Ps.1,154 million.
- As per the Financial Discipline Law´s indebtedness ranges publication disclosed on June 30th:
- Only one state was classified within the high indebtedness range vs. seven in the original proposal.
- The "Public Debt and Obligations over Free Disposal Income" (Debt over Income) indicator for the medium and high indebtedness range increased from 100% to 200%, this increase provides a potential market of Ps.915 billion for GFI vs. Ps.420 billion in the original proposal.
On July the 11th, 2017 BBVA Bancomer initiated coverage of Grupo Financiero Interacciones (GFINTER O MM) with a target price of Ps.108.1.
To obtain the full text of this earnings release, please visit
2Q17 EARNINGS CONFERENCE CALL
Date: Thursday, July 27, 2017
Time: 9:00 am CT (Mexico), 10:00 am ET
The conference call can be accessed by dialing +1-844-824-3835 (U.S. / Canada), 001-855-817-7630 (Mexico), or +1-412-317-5160 (Other International) and asking to be joined into the Grupo Financiero Interacciones call. The earnings release for the second quarter ending June 30, 2017 will be issued after the close of the U.S. market on Wednesday, July 26, 2017.
A simultaneous webcast of the conference call can be accessed by clicking the following link:
https://www.webcaster4.com/Webcast/Page/1449/21787
A telephonic replay of the conference call will be available after 12:00pm on July 28, 2017 on GFI's Investor Relations website at www.investorsinteracciones.com.
About Grupo Financiero Interacciones
Grupo Financiero Interacciones, S.A. de C.V. ("Grupo Financiero Interacciones" or "GFI"), is the largest specialized Mexican financial group with a business model focused on providing financing, risk management and financial advisory services mainly to the Mexican public sector, which includes federal, state and municipal governments, quasi-government entities and government suppliers. Grupo Financiero Interacciones conducts its business mainly through Banco Interacciones, its banking subsidiary, and through Interacciones Casa de Bolsa, its broker-dealer subsidiary, and Aseguradora Interacciones, its insurance company subsidiary. Grupo Financiero Interacciones is listed on the Bolsa Mexicana de Valores under the symbol "GFINTERO". For more information, please visit http://www.investorsinteracciones.com
This press release contains forward-looking statements and information that are necessarily subject to risks, uncertainties, and assumptions. By their very nature, forward-looking statements and such information involve inherent risks and uncertainties, both general and specific, and risks exist that the predictions, forecasts, projections and other forward-looking statements will not be achieved or will differ from actual results. A number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed or implied in such forward-looking statements. Should one or more of these factors or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein as anticipated, believed, estimated, expected or intended. Grupo Interacciones assumes no obligation to update or correct the information contained in this press release.
Contact:
Adolfo Werner Fritz Rubio, Corporate Development Officer & Head of Investor Relations
Telephone: +52 55 53 26 86 00 Ext: 6825
E-mail: [email protected]
SOURCE Grupo Financiero Interacciones, S.A. de C.V.
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