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Grupo Supervielle Q2 income soars amid 'strong pick-up' in economic activity

Grupo Supervielle SA on Aug. 9 posted net income of 579.7 million Argentine pesos for the second quarter of 2017, more than tripling the 167.9 million pesos booked in the second quarter of 2016.

EPS came to 1.6 pesos, up from 60 centavos a year earlier.

CEO Patricio Supervielle said the results came amid "a strong pick-up" in economic activity, with lower inflation. "In this context, we continued to drive profitable growth expanding higher-margin loans while attracting low-cost deposits." The company had also posted a 118.6% annual jump in its first-quarter earnings.

Net service fee income was 55.2% higher in the quarter, rising to 861.7 million pesos from 555.3 million pesos a year earlier. However, income from insurance activities fell 31.4% annually to 112.8 million pesos, from 164.4 million pesos. Grupo Supervielle's net interest margin stood at 19.8% in the quarter, down from 20.4% a year earlier.

Administrative expenses were up 38.5% annually to 2.02 billion pesos for the second quarter, compared to 1.46 billion pesos. Loan loss provisions grew 33.8% year over year to 396.0 million pesos, from 295.9 million pesos. The group's ratio of allowances to total loans was 2.6% in the quarter, flat from the year-ago period.

Total loans and leasing made by Grupo Supervielle reached 42.35 billion pesos as of June 2017, up 54.5% from 27.41 billion pesos 12 months earlier.

As of Aug. 9, US$1 was equivalent to 17.80 Argentine pesos.