Compartamos Banco Reports Results for Fourth Quarter and Twelve-Month Periods En...

Feb 2009
Mexico sity, Mexico, February, 25 2009 - Banco Compartamos, S.A. I.B.M. ("Compartamos", "the Company" or "the Bank") the leading Mexican microfinance bank today announced its audited financial results for the fourth quarter and twelve-month periods ended December 31, 2008.

All figures were prepared in accordance with the requirements of the Comision Nacional Bancaria y de Valores (CNBV). 2008 figures are expressed in nominal pesos. Figures for periods prior to 2008 are expressed in constant Mexican pesos as of December 31, 2007.

Highlights for 4Q08 and Full-Year 2008 Periods:

  • The number of active clients reached 1,155,850, a 37.8% increase compared to full-year 2007 and above the Company's growth projections for the year.
  • The total loan portfolio reached Ps. 5,733 million, a 37.0% increase compared to full-year 2007 and a 13.7% increase compared to 3Q08.
  • Net income reached Ps. 1,120 million, a 27.7% increase compared to full-year 2007; for 4Q08 it reached Ps. 346 million, 53.1% higher than the Ps. 226 million reported in 4Q07.
  • EPS, excluding shares repurchased for 4Q08, reached Ps. 0.83 versus Ps. 0.53 in 4Q07 and Ps. 2.69 in 2008 versus Ps. 2.05 in 2007; representing 56.6% and 31.2% growth, respectively.
  • For the 4Q08 period, equity to assets remained strong at 35.1% while ROAE reached 50.3% in the same period as a result of higher leverage. Full-year 2008 ROAE stood at 43.6%.
  • As of December 31, 2008, the Bank repurchased 12,055,800 shares; 5,568,500 during 4Q08.
  • In 4Q08, the Company opened 7 new service offices for a total of 314 service offices in the network, 62 more than in 4Q07; for the 4Q08, the total number of employees grew by 233, reaching 5,946.
  • Compartamos' Series "O" shares (COMPARTO) remained on the Mexican Stock Exchange's IPC Index (Indice de Precios y Cotizaciones) for a second consecutive year due to the Company's trading volume and liquidity levels.

Comments from the Co-Chief Executive Officer

Carlos Danel, the Company's Co-Chief Executive Officer, stated, "Despite a very challenging global environment, 2008 was another successful year for Compartamos in which we reached key goals for the Company, surpassing the one millionth client target mark months ahead of expected. We expanded our regional coverage to include the entire country, while maintaining high capitalization levels, good asset quality and continued earnings growth."

"Additionally, the Company was able to meet and surpass the guidance issued in early 2008, while the size of our total loan portfolio grew significantly year-over-year, rising 37.0% in the last twelve months. Our customer base grew 37.8% and the bottom line rose 27.7%. In terms of credit quality, the NPL ratio for 4Q08 was 1.71% of the total loan portfolio; it continues to compare favorably with the Mexican banking industry."

"The Company's quarterly and annual results mark yet another historic record for Compartamos, surpassing expectations, due to strong financial results across several revenue lines as well as the benefit from a lower effective tax rate."

He concluded, "We are aware of the global economic challenges that we will face in 2009, however, we expect that Compartamos will experience yet another year of growth. Despite the economic situation, we are committed to provide loans for our customers, especially when they need them the most. Among our goals, we will be focused on growing the loan portfolio, expanding our customer base and posting net income growth while maintaining competitive credit quality and executing a business model that is efficient as well as effective."

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Source : Yahoo Canada

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