Grupo Compartamos Reports 1Q13 Results

Grupo Compartamos Reports 1Q13 Results

MEXICO CITY--(BUSINESS WIRE)-- Compartamos, S.A.B. de C.V. ("Grupo Compartamos" or "the Company") (BMV: COMPARC*) announced today non-audited consolidated financial results for the first quarter ended March 31, 2013. All figures were prepared in accordance with the requirements of the National Banking and Securities Commission (CNBV) and are expressed in nominal Mexican Pesos (Ps.).

1Q13 Highlights:

  • Total Loan Portfolio reached Ps. 19,607 million, a 31.7% increase compared to 1Q12, distributed in the following manner:

    • Banco Compartamos S.A. I.B.M. in Mexico (Banco Compartamos) reached Ps. 16,377 million, a 32.4% increase versus 1Q12;

    • Financiera CREAR in Peru (CREAR) reached Ps. 3,091 million, a 26.0% increase versus 1Q12;

    • Compartamos S.A. (Guatemala) with Ps. 139 million, 150.0% higher compared to 1Q12.

  • Active clients reached 2,688,133 an 8.7% increase compared with 1Q12.

  • Net Income for the first quarter was Ps. 509 million, an increase of 1.2% compared with 1Q12.

    • Net Income for Banco Compartamos was Ps.581 million, 14.8% higher than 1Q12

  • Non-performing loans (NPLs) during 1Q13 stood at 3.64%, from 2.88% in 4Q12.

  • ROAE for 1Q13 was 23.0%, compared to 26.5% during 1Q12.

  • ROAA in 1Q13 was 8.8%, compared to 11.4% in 1Q12.

  • Efficiency ratio for the quarter was 63.1%,a similar figure compared to 62.0% reported in 1Q12.

  • YASTAS, Grupo Compartamos' correspondent network manager, which offers convenient payment alternatives to the low-income sectors throughout four states in Mexico, has affiliated over 2,200 small businesses at the end of the quarter.

  • ATERNA, the Company's micro-insurancebroker currentlyserves 2.5 million customers with life insurance products.

  • Carlos Danel Cendoya was appointed Chairman of the Board, replacing Alvaro Rodriguez Arregui. Mr. Rodriguez will continue as an Independent Board member and was named Vice President of Banco Compartamos.

  • Carlos Labarthe Costas will remain as Chief Executive Officer of Grupo Compartamos.

  • Enrique Majos Ramirez was appointed Chief Executive Officer of Banco Compartamos replacing Fernando Alvarez Toca, who will now be responsible to coordinate the shared services across the Company's subsidiaries; Mr. Majos Ramirez is the former Chief Operating Officer of Banco Compartamos.

  • On April 25, 2013,shareholders approved a dividend of Ps. 0.48 per share (Ps. 791.14 million) at the Annual Shareholders' Meeting. The payment date is May 23, 2013.

  • Shareholders approved the cancellation of 14,171,168 shares that were repurchased through the stock buyback program. As a consequence, Grupo Compartamos has 1,648,211,536 shares outstanding to date.

  • Grupo Compartamos' shareholders also approved the reestablishment of the original amount for the share buyback program at Ps. 700 million.

  • Over 1,500 Grupo Compartamos' employees participated in volunteer activities, programs in various communities and the support of various foundations, during this first quarter.

  • More than one million financial literacy articles were distributed to the clients, employees and communities served by the Company.

For a full version of this release, please

Company Description

Compartamos is a holding company whose primary objective is to promote, organize and manage companies, domestic and international, that are subject to its investment policies. Compartamos began in Mexico in 2010 and its shares began trading on the Mexican Stock Exchange on December 24, 2010, under the ticker symbol "COMPARC*".

Note on Forward-Looking Statements

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, Bank performance and financial results. The words "anticipates," "believes," "estimates," "expects," "plans" and similar expressions, as they relate to the Bank, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

For additional information visit:

Compartamos, S.A.B. de C.V.
Enrique Barrera Flores, +52 (55) 5276-7250
Investor Relations Officer
Beatriz Sánchez Covarrubias, +52 (55) 5276-7250
Investor Relations

KEYWORDS: United States Mexico North America Central America New York


The article Grupo Compartamos Reports 1Q13 Results originally appeared on

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.