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BFR.N

ISIN: US07329M1009
SEDOL: 2072029

Rating:

HOLD

Target Price:

2.98 USD

Investment Horizon:

6 to 24 months
8th Jan 2009 View Report   Download

3Q 08 Update Report

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BBVA Banco Frances S.A. (Banco Frances) reported healthy y-o-y growth in Net Interest Income (NII) during 3Q 08, driven by significant expansion in private sector lending. Growth in NII was supported by a fall in net other expenses, reflecting lower amortization costs related to legal injunctions, and growth in insurance income. However, provisions and administrative expenses rose y-o-y, reflecting deterioration in asset quality…

16th Dec 2008 View Report   Download

Company News Alert

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The BBVA Banco Frances S.A. (Banco Frances) common stock reached our target price on 15 December 2008, driven by positive investor reaction to the company’s 3Q 08 results, as well as a broad-based rally in domestic bond and equity markets. Meanwhile, our fundamental outlook remains unchanged. Therefore, we believe the stock’s fundamental…

12th Nov 2008 View Report   Download

3Q 08 News Alert

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BBVA Banco Frances S.A. (Banco Frances) reported healthy top- and bottom-line growth in 3Q 08, exceeding our forecasts. However, asset quality deteriorated during the quarter, due to growth in the retail loan portfolio. Going forward, we expect top-line growth to moderate, considering the slowdown in the Argentine economy and the impact of recent turbulence in local bond markets. Nevertheless, given these healthy results, we do not…

3rd Nov 2008 View Report   Download

2Q 08 Update Report

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BBVA Banco Frances S.A. (Banco Frances) reported strong y-o-y growth in its loan portfolio during 2Q 08, driven by higher private sector lending. However, rising funding costs led to a decline in Net Interest Income (NII). Meanwhile, although provisions and administrative expenses rose, the bottomline was supported by higher income from insurance, lower other expenses and a decrease in income tax. Going forward, we have lowered our…

22nd Oct 2008 View Report   Download

Company News Alert

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The BBVA Banco Frances S.A. (BFR) common stock depreciated significantly on 21 October 2008, as the Argentine president’s proposal to nationalize the country’s pension funds crippled bond prices (which will have a negative impact on the bank’s investment portfolio) and raised concerns over the company’s stake in Consolidar Group. Considering these developments, as well as ongoing volatility in global markets, we remain concerned about the…