BBVA Banco Francés SA reported net income of 1.42 billion Argentine pesos for the fourth quarter of 2017, 144.0% higher than the 582.4 million pesos earned in the year-ago period.

The amount corresponded to net income per share of 2.32 pesos for the quarter ended Dec. 31, 2017, compared to 1.08 pesos in the year-ago period.

Net financial income was 40.6% higher year over year to 4.57 billion pesos in the quarter, from 3.25 billion pesos. Net income from services also grew 51.6% yearly, to 1.63 billion pesos from 1.08 billion pesos. The bank's net interest margin stood at 10.6% for the quarter, compared to 12.4% a year earlier.

Administrative expenses grew to 3.52 billion pesos, 23.2% higher than the 2.86 billion pesos incurred in the year-ago period. Provisions for loan losses were also up slightly to 377.4 million pesos, 14.0% higher from 331.0 million pesos.

Return on average assets was 2.8% in the quarter, from 3.0% a year earlier. Return on average equity was 22.2%, from 14.3%.

Banco Francés' net total loans reached 128.37 billion pesos for the last quarter of 2017, an increase of 62.7% from the 78.89 billion pesos in total loans for the year-ago period. As of Dec. 31, 2017, non-performing loans as a ratio of total loans stood at 0.69%, lower than the 0.77% ratio for 2016.

Net income for full-year 2017 was slightly up to 3.88 billion pesos, compared to 3.64 billion pesos for 2016.

As of Feb. 13, US$1 was equivalent to 19.97 Argentine pesos.