Compartamos Banco Reports 3Q09 Results

Oct 2009
Mexico City, Mexico, October, 20 2009 - Banco Compartamos, S.A. I.B.M. ("Compartamos" or "the Bank") (BMV: COMPART), the leading Mexican microfinance bank, today announced its non-audited financial results for the third quarter ended September 30, 2009.

All figures were prepared in accordance with the requirements of the Comision Nacional Bancaria y de Valores (CNBV) and are expressed in nominal pesos.

Highlights for 3Q09:

-- The number of active clients reached 1,423,239 in 3Q09, a 36.0% increase compared to 3Q08.

-- The total loan portfolio reached Ps. 7,071 million in 3Q09, a 40.2% increase compared to 3Q08.

-- Net income reached Ps. 359 million in 3Q09, a 31.0% increase compared to 3Q08.

-- EPS, excluding shares repurchased, reached Ps. 0.86 in 3Q09, versus Ps. 0.65 in 3Q08, representing 32.8% growth.

-- For the 3Q09 period, Tier 1 Ratio remained strong at 41.3%, while ROAE reached 42.6%.

-- During the quarter, Compartamos issued Ps. 1.5 billion in long-term debt (Certificados Bursatiles Bancarios).

-- NPLs stabilized at 2.26%, when compare with 2Q09.

-- During 3Q09, the total number of service offices was 327, that is, two more service offices added to the network during the quarter, and 20 more than in 3Q08.

-- The total number of employees reached 7,264, 27.2% growth when compared to 3Q08 or 1,551 net new employees.

Comments from the Executive Vice-President Mr. Carlos Danel , the Bank's Executive Vice President, stated, "Compartamos has experienced four successful and consecutive quarters of growth despite a challenging market environment, particularly in the hard-hit financial sector. We are very pleased with the results of our clear strategy, which has allowed Compartamos to reach very aggressive numbers -- interest income growth of 36.7%, total loan portfolio growth of 40.2% and a client base increase of 36.0% -- compared to the third quarter of 2008. Additionally, despite the strong growth we have experienced, during the third quarter of 2009, we were able to control costs and improve the efficiency ratio to 55.0%, even though we grew the number employees as well as the number of service offices; this demonstrates Compartamos' ability to generate strong results while controlling spending.

"We look ahead to the fourth quarter, typically the strongest one of the year, with optimism. We are confident that Compartamos' strategy will continue to generate growth; however, we will be working very hard to maintain and achieve our targets during a difficult period for the Mexican economy. 2009 has been filled with many unpleasant surprises for the microfinance sector, thus we know that we must remain focused and driven to maintain the momentum in the quarters to come."


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