financiera independencia 3q19 results · independencia’s loans represented 40.2% of the...

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Contact: Carlos Gálvez Investor Relations Officer +52 (55) 5229-2475 [email protected]

Financiera Independencia 3Q19 Results

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FINDEP’s 3Q19 Loan Portfolio grew to Ps.8,753.1 million, a 10.4% growth YoY; And reached an NPL of 5.6%

1

Loan Portfolio of Ps.8,753.1 million, a 10.4% increase YoY.

NPL Ratio of 5.6%, 2 bps higher than in 3Q18, 56 bps lower than the previous quarter.

Year to Date Net Income of Ps.226.6 million, a 24.3% growth vs the previous year.

The Average Effective Lending Rate decreased by 142 bps to 63.5% in 3Q19 versus 3Q18.

The Average Funding Cost was 11.7%, 38 bps higher than in 3Q18.

Equity to Total Assets of 34.5%, 15 bps lower than in 3Q18.

ROAE in 3Q19 was 7.1%, versus 7.3% in 3Q18, 19 bps lower.

Mexico City, October 17th

, 2019.- Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP; OTC: FNCRY), (“FINDEP” or the “Company”) a leading Mexican microfinance lender to lower income segment individuals under the personal, payroll and group loans methodologies in Mexico, USA and Brazil, announces results for the three and nine month period ended September 30

th, 2019.

Commenting on the results, Eduardo Messmacher, Chief Executive Officer, said:

“We are glad to report a 10.4% increase YoY in loan portfolio and an accumulated net income record of MX$226.6 mm, our best year to date income since 2014.”

1All financial figures discussed in this earnings release are non-audited and prepared in accordance with Mexican Banking Accounting Principles unless stated

otherwise. / Figures for 2019 and 2018 are expressed in nominal pesos. / Tables state figures in millions of pesos, unless otherwise noted. / FINDEP: refers to

Financiera Independencia and all of its subsidiaries / Independencia: refers to operations excluding Finsol, AEF and AFI.

Financiera Independencia 3Q19 For Immediate Release

Financial & Operational Highlights

3Q19 3Q18 % 9M19 9M18 %

Income Statement Data

Net Interest Income after Provisions* 739.9 725.8 1.9% 2,259.5 2,162.0 4.5%

Net Operating Income (Loss)* 113.5 95.9 18.3% 325.9 244.2 33.5%

Net Income (Loss)* 76.0 73.7 3.1% 226.6 182.3 24.3%

Total Shares Outstanding (million) 715.9 715.9 0.0% 715.9 715.9 0.0%

Earnings (Loss) Per Share 0.1062 0.1029 3.1% 0.3165 0.2546 24.3%

Profitability & Efficiency

NIM before Provisions Excl. Fees 52.0% 53.7% -1.7 pp 51.0% 50.7% 0.3 pp

NIM after Provisions Excl. Fees 33.3% 36.2% -2.9 pp 33.9% 35.0% -1.1 pp

NIM after Provisions Incl. Fees 40.6% 45.5% -4.9 pp 41.2% 43.5% -2.3 pp

ROA 2.5% 2.5% -0.1 pp 2.4% 2.0% 0.4 pp

ROE 7.1% 7.3% -0.2 pp 7.0% 5.9% 1.1 pp

Efficiency Ratio Incl. Provisions 87.4% 89.5% -2.1 pp 88.1% 90.9% -2.8 pp

Efficiency Ratio Excl. Provisions 59.9% 64.6% -4.7 pp 62.3% 66.8% -4.5 pp

Operating Efficiency 25.6% 28.0% -2.4 pp 26.0% 27.3% -1.3 pp

Fee Income 10.3% 12.2% -1.9 pp 9.8% 11.3% -1.5 pp

Capitalization

Equity to Total Assets 34.5% 34.7% -0.1 pp 34.5% 34.7% -0.1 pp

Credit Quality Ratios

NPL Ratio 5.6% 5.6% 0 pp 5.6% 5.6% 0 pp

Coverage Ratio 114.5% 117.2% -2.7 pp 114.5% 117.2% -2.7 pp

Operational Data

Number of Clients 575,682 652,709 -11.8% 575,682 652,709 -11.8%

Number of Offices 548 538 1.9% 548 538 1.9%

Total Loan Portfolio* 8,753.1 7,932.0 10.4% 8,753.1 7,932.0 10.4%

Average Balance (Ps.)** 15,188.5 12,104.8 25.5% 15,188.5 12,104.8 25.5%

* Figures in millions of Mexican Pesos.

** Excludes Other Loans from the average calculation

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3Q19 CONSOLIDATED RESULTS

Non-audited results for the periods discussed in this release include the effect of the consolidation of the following subsidiaries: Apoyo Economico Familiar (“AEF”), one of the largest unsecured personal lending institutions in Mexico; Apoyo Financiero Inc. (“AFI”), a microfinance company primarily serving the unbanked Hispanic community in California; Financiera Finsol (“Finsol Mexico”), one of the largest group lending microfinance institutions in Mexico; and Instituto Finsol (“Finsol Brasil”) a leading group lending microfinance institution in Brazil.

Net Interest Income after Provision for Loan Losses

Net Interest Income after Provision for Loan Losses for 3Q19 was Ps.739.9 million, 1.9% higher YoY, as a result of the following: Interest Income

Interest Income for the quarter increased 7.5% YoY to Ps.1,363.8 million, this is consistent with a 10.4% increase YoY loan portfolio expansion and was partially offset by a decrease of 142 bps in the Average Effective Lending Rate

2.

The loan portfolio to the formal segment grew by 14.8% YoY reaching Ps.6,132.5 million, representing 70.1% of the total versus 67.3% in 3Q18. This increase was driven by a Ps.657.9 million or 41.3% increase in AFI’s loan portfolio, a Ps.37.4 million or 4.2% increase in AEF´s loan portfolio for the formal segment, and a Ps.95.9 million or 3.3% increase in Independencia’s portfolio for the formal segment. The loan portfolio for the informal segment increased by 2.0% YoY to Ps.2,611.2 million in 3Q19, and now represents 29.8% of the total versus 32.3% in 3Q18. This is mainly explained by a Ps.16.3 million or 4.4% increase in Finsol Brasil’s loan portfolio, a Ps.60.3 million or 7.5% increase in AEF’s loan portfolio for the informal segment, and a Ps.25.6 million or 3.3% YoY increase in Finsol Mexico’s loan portfolio, which was offset by Ps.50.6 million or 8.3% decrease in Independencia’s loan portfolio for the informal segment. Independencia’s loan portfolio reached Ps.3,515.3 million, a 1.3%

3 increase YoY. As of 3Q19, the loan

portfolio breakdown between formal and informal was of 84.2% and 15.8% respectively. Independencia’s loans represented 40.2% of the Company’s loan portfolio, compared to 43.7% in 3Q18. Finsol’s loan portfolio reached Ps.1,189.3 million in 3Q19, a 3.7% expansion from 3Q18. This was driven by a 4.4% YoY increase in Finsol Brasil’s loan portfolio and a 3.3% increase in Finsol Mexico’s loan portfolio. As of 3Q19, Finsol’s loans represented 13.6% of the Company’s loan portfolio, compared to 14.5% in 3Q18. Apoyo Economico Familiar’s loan portfolio was Ps.1,786.6 million in 3Q19, a 5.8% increase from 3Q18. As of 3Q19, AEF’s loan portfolio represented 20.4% of the Company’s loan portfolio, compared to 21.3% in 3Q18. Apoyo Financiero Inc.’s loan portfolio was Ps.2,252.5 million in 3Q19, a 41.3% increase from 3Q18. As of 3Q19, AFI’s loan portfolio represented 25.7% of the Company’s loan portfolio, compared to 20.1% in 3Q18. In addition, the Company’s loan portfolio considers Ps.9.3 million in Other Loans. This line reflects a loan granted to Siempre Creciendo SA de CV SOFOM E.N.R. in 4Q15 in exchange for the collection rights to part of its payroll portfolio through 2021. This loan represents 0.1% of the Company’s loan portfolio.

2 Average Effective Lending Rate: interest income / average balance of the total loan portfolio

3 If “Other Loans” are considered, Independencia’s loan portfolio would have increased by 0.7% YoY. “Other Loans” are included in Independencia’s balance sheet.

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Table 1: Financial Margin*

3Q19 2Q19 3Q18 QoQ % YoY % 9M19 9M18 %

Interest Income 1,363.8 1,313.6 1,269.2 3.8% 7.5% 3,985.4 3,691.3 8.0%

Interest on Loans 1,360.6 1,310.2 1,266.9 3.8% 7.4% 3,974.9 3,682.5 7.9%

Interest from Investment in Securities 3.1 3.4 2.3 -7.2% 38.7% 10.5 8.8 19.4%

Interest Expense 208.4 188.6 190.9 10.5% 9.2% 587.5 561.0 4.7%

Net Interest Income 1,155.4 1,125.0 1,078.3 2.7% 7.1% 3,397.9 3,130.3 8.6%

Provision for Loan Losses 415.5 361.3 352.5 15.0% 17.9% 1,138.4 968.3 17.6%

Net Interest Income After Provision for Loan Losses 739.9 763.7 725.8 -3.1% 1.9% 2,259.5 2,162.0 4.5%

* Figures in millions of Mexican Pesos

Table 2: Loan Portfolio, Number of Clients & Average Balance

3Q19 2Q19 3Q18 QoQ % YoY %

Loan Portfolio (million Ps.) 8,753.1 8,421.3 7,932.0 3.9% 10.4%

Number of Clients 575,682 587,302 652,709 -2.0% -11.8%

Average Balance (Ps.)* 15,188.5 14,315.5 12,104.8 6.1% 25.5%

*: Excludes Other Loans for Ps.9.3 millions

Table 3: Number of Clients by Product Type

3Q19 % of Total 2Q19 % of Total 3Q18 % of Total

QoQ %

Change

YoY %

Change

Independencia Loans

-Formal Sector Loans 219,386 38.1% 224,982 38.3% 258,306 39.6% -2.5% -15.1%

- CrediInmediato 184,072 32.0% 189,532 32.3% 210,750 32.3% -2.9% -12.7%

- Más Nómina 35,314 6.1% 35,450 6.0% 47,556 7.3% -0.4% -25.7%

-Informal Sector Loans 72,881 12.7% 75,946 12.9% 85,273 13.1% -4.0% -14.5%

- CrediPopular 69,818 12.1% 72,683 12.4% 81,201 12.4% -3.9% -14.0%

- CrediMama 3,044 0.5% 3,240 0.6% 4,025 0.6% -6.0% -24.4%

- CrediConstruye 19 0.0% 23 0.0% 47 0.0% -17.4% -59.6%

Finsol Loans 138,782 24.1% 142,051 24.2% 151,029 23.1% -2.3% -8.1%

- Finsol México 102,940 17.9% 104,332 17.8% 111,489 17.1% -1.3% -7.7%

- Finsol Brazil 35,842 6.2% 37,719 6.4% 39,540 6.1% -5.0% -9.4%

Apoyo Económico Familiar Loans 114,593 19.9% 116,017 19.8% 133,637 20.5% -1.2% -14.3%

Apoyo Financiero Inc Loans 30,040 5.2% 28,306 4.8% 24,464 3.7% 6.1% 22.8%

Total Number of Loans 575,682 100.0% 587,302 100.0% 652,709 100.0% -2.0% -11.8%

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Interest Expense Interest Expense during 3Q19 increased by Ps.17.5 million YoY, to Ps.208.4 million, mostly related to a 21.7% increase in our loans with Banks. Consistent with loan portfolio growth. The average TIIE

4 increased to 8.3% in 3Q19 from 8.1% in 3Q18.

Provision for Loan Losses Provision for Loan Losses increased to Ps.415.5 million, a 17.9% increase YoY. Write Offs were Ps.414.5 million in 3Q19, a 21.0% increase YoY. Non-performing Loans increased to Ps.488.8 million, or 10.8% YoY. Net Operating Revenue Net Operating Revenue was Ps.903.3 million in 3Q19, a 1.2% decrease versus 3Q18 as a result of the following:

4 TIIE: Mexico’s Interbank Interest Rate

Table 4: Total Loan Portfolio by Product Type*


QoQ %

Change

YoY %

Change

Independencia Loans

-Formal Sector Loan Portoflio 2,959.8 33.8% 2,876.0 34.2% 2,863.9 36.1% 2.9% 3.3%

- CrediInmediato 1,992.9 22.8% 2,012.2 23.9% 2,090.6 26.4% -1.0% -4.7%

- Más Nómina 966.9 11.0% 863.8 10.3% 773.3 9.7% 11.9% 25.0%

-Informal Sector Loan Portfolio 555.5 6.3% 556.4 6.6% 606.0 7.6% -0.2% -8.3%

- CrediPopular 532.6 6.1% 531.9 6.3% 577.4 7.3% 0.1% -7.8%

- CrediMama 22.7 0.3% 24.4 0.3% 28.3 0.4% -6.8% -19.7%

- CrediConstruye 0.2 0.0% 0.2 0.0% 0.3 0.0% -2.8% -55.7%

Finsol Loans 1,189.3 13.6% 1,208.3 14.3% 1,147.3 14.5% -1.6% 3.7%

- Finsol México 799.0 9.1% 790.0 9.4% 773.4 9.8% 1.1% 3.3%

- Finsol Brazil 390.3 4.5% 418.3 5.0% 373.9 4.7% -6.7% 4.4%

Apoyo Económico Familiar Loans 1,786.6 20.4% 1,754.2 20.8% 1,689.0 21.3% 1.9% 5.8%

Apoyo Financiero Inc Loans 2,252.5 25.7% 2,012.7 23.9% 1,594.6 20.1% 11.9% 41.3%

Other Loans 9.3 0.1% 13.7 0.2% 31.1 0.4% -32.0% -70.0%

Total Loan Portfolio 8,753.1 100.0% 8,421.3 100.0% 7,932.0 100.0% 3.9% 10.4%


Table 5: Total Loan Portfolio by Segment*


QoQ %

Change

YoY %

Change

Formal Sector Loan Portfolio 6,132.5 70.1% 5,788.2 68.7% 5,341.4 67.3% 5.9% 14.8%

- Independencia 2,959.8 33.8% 2,876.0 34.2% 2,863.9 36.1% 2.9% 3.3%

- AEF Formal 920.2 10.5% 899.6 10.7% 882.8 11.1% 2.3% 4.2%

- AFI 2,252.5 25.7% 2,012.7 23.9% 1,594.6 20.1% 11.9% 41.3%

Informal Sector Loan Portfolio 2,611.2 29.8% 2,619.3 31.1% 2,559.5 32.3% -0.3% 2.0%

- Independencia 555.5 6.3% 556.4 6.6% 606.0 7.6% -0.2% -8.3%

- Finsol México 799.0 9.1% 790.0 9.4% 773.4 9.8% 1.1% 3.3%

- Finsol Brazil 390.3 4.5% 418.3 5.0% 373.9 4.7% -6.7% 4.4%

- AEF Informal 866.5 9.9% 854.5 10.1% 806.2 10.2% 1.4% 7.5%

Other Loan 9.3 0.1% 13.7 0.2% 31.1 0.4% -32.0% -70.0%

Total Loan Portfolio 8,753.1 100.0% 8,421.3 100.0% 7,932.0 100.0% 3.9% 10.4%


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Commissions and Fees Collected decreased by 10.7% YoY to Ps.114.6 million in 3Q19. Commissions and Fees Paid increased by 26.9% YoY, to Ps.21.4 million in 3Q19. Other Operating Income decreased 1.1% to Ps.74.6 million in 3Q19. Market related income reflects the impact from foreign exchange fluctuations primarily between the Mexican Peso and the Brazilian Real from intercompany loans from Independencia to Finsol Brazil. Market related expense was Ps.4.4 million in the 3Q19 a Ps.5.9 million decrease versus 3Q18. Net Operating Income (Loss) During 3Q19, the Company reported a Net Operating Income of Ps.113.5 million, 18.3% higher than in 3Q18. Non-interest Expense Non-Interest Expense decreased by Ps.28.5 million YoY, or 3.5%; explained by a 6.2% and a 2.1% decrease in operational expenses and personnel costs respectively. This decrease was related to Finsol México, Independencia, and Finsol Brasil, that saw reductions of 8.5%, 8.2% and 1.0% YoY respectively. On the other hand, AFI and AEF grew 19.6%, 0.7%, YoY respectively.

Net Income (Loss) As a result of the above, and after income tax, the Company reported a Net Income of Ps.76.0 million in 3Q19, a 3.1% increase YoY. These resulted in an increase in earnings per share (EPS) for the quarter to Ps.0.1062 compared with Ps.0.1029 for the same period last year.

Table 6: Net Operating Income* Change

3Q19 2Q19 3Q18 QoQ % YoY % 9M19 9M18 % Change

Financial Margin 1,155.4 1,125.0 1,078.3 2.7% 7.1% 3,397.9 3,130.3 8.6%

Provision for Loan Losses 415.5 361.3 352.5 15.0% 17.9% 1,138.4 968.3 17.6%

Financial Margin After Provision for Loan Losses 739.9 763.7 725.8 -3.1% 1.9% 2,259.5 2,162.0 4.5%

Non-Interest Income, net 93.2 89.0 111.5 4.7% -16.4% 268.0 302.2 -11.3%

- Commissions and Fees Collected 114.6 108.6 128.4 5.5% -10.7% 327.0 354.1 -7.7%

- Commissions and Fees Paid 21.4 19.6 16.8 9.3% 26.9% 59.1 51.9 13.8%

Market Related Income -4.4 -6.3 1.5 -30.5% -390.9% 4.0 1.1 267.3%

Other Operating Income (expense) 74.6 71.8 75.4 3.9% -1.1% 212.6 219.1 -3.0%

Net Operating Revenue 903.3 918.2 914.3 -1.6% -1.2% 2,744.0 2,684.5 2.2%

Non-Interest Expense 789.9 801.5 818.4 -1.4% -3.5% 2,418.1 2,440.3 -0.9%

- Other Administrative & Operational Expenses 261.0 275.6 278.2 -5.3% -6.2% 832.3 834.9 -0.3%

- Salaries & Employee Benefits 528.9 525.8 540.2 0.6% -2.1% 1,585.8 1,605.4 -1.2%

Net Operating Income (Loss) 113.5 116.7 95.9 -2.8% 18.3% 325.9 244.2 33.5%

Operational Data

Number of Offices 548 533 538 2.8% 1.9% 548 538 1.9%

- Independencia 174 159 158 9.4% 10.1% 174 158 10.1%

- Finsol México 147 147 148 0.0% -0.7% 147 148 -0.7%

- Finsol Brazil 30 31 31 -3.2% -3.2% 30 31 -3.2%

- Apoyo Económico Familiar 168 167 172 0.6% -2.3% 168 172 -2.3%

- Apoyo Financiero Inc 29 29 29 0.0% 0.0% 29 29 0.0%

Total Labor Force 8,001 7,892 8,155 1.4% -1.9% 8,001 8,155 -1.9%

- Independencia 4,325 4,320 4,431 0.1% -2.4% 4,325 4,431 -2.4%

- Finsol México 1,188 1,153 1,213 3.0% -2.1% 1,188 1,213 -2.1%

- Finsol Brazil 306 309 366 -1.0% -16.4% 306 366 -16.4%

- Apoyo Económico Familiar 1,956 1,889 1,943 3.5% 0.7% 1,956 1,943 0.7%

- Apoyo Financiero Inc 226 221 202 2.3% 11.9% 226 202 11.9%

* Financial data in millions of Mexican Pesos.

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FINANCIAL POSITION

Total Loan Portfolio

The Company’s total Loan Portfolio increased to Ps.8,753.1 million, a 10.4% YoY growth. All subsidiaries loan portfolios grew YoY (AFI: 41.3% AEF: 5.8%, Finsol Brasil: 4.4%, Finsol México: 3.3%, and Independencia

5: 1.3%). Since 4Q15, the Company’s loan portfolio includes Other Loans,

which for 3Q19 amounted to Ps.9.3 million from a loan granted to Siempre Creciendo SA de CV SOFOM E.N.R. in exchange for the collection rights to part of its payroll portfolio. Consistent with the strategic focus on quality over size, the average loan balance per client increased by 25.5% YoY to Ps.15,189, as the Company keeps the strategy on higher quality clients. As a result, the number of clients decreased YoY by 11.8% in 3Q19. FINDEP had a total of 575,682 clients; of these, 292,267 clients were from Independencia

6, 138,782 from Finsol, 114,593 from AEF and 30,040

from AFI. As of September 30

th, 2019, the loan portfolio represented 69.8% of FINDEP’s total assets, compared

with 68.0% as of September 30th, 2018. Cash and Investments represent 2.7% of total assets for 3Q19

when compared to 1.8% in 3Q18. Non-Performing Loans Portfolio (NPLs) NPLs were Ps.488.8 million, an increase of 10.8% YoY. The NPL ratio was 5.6% in 3Q19, just 2 bps higher than in 3Q18. The NPL ratio by subsidiary:

AFI: 2.1%, 16 bps higher than in 3Q18. 47 bps higher than in 2Q19.

AEF: 8.0%, 146 bps higher than in 3Q18. 45 bps lower than in 2Q19.

Finsol Mexico: 5.4%, 165 bps higher than in 3Q18. 120 bps lower than in 2Q19.

Independencia7: 6.9%, 37 bps lower than in 3Q18. 96 bps lower than in 2Q19

Finsol Brasil: 3.3%, 122 bps lower than in 3Q18. 2 bps higher than in 2Q19.

The Coverage Ratio

8 for 3Q19 was 114.5%, compared to 117.2% in 3Q18. Starting January 2013, the

Company’s policy is to maintain an NPL Coverage Ratio at or above 100% at all times. Liabilities As of September 30

th, 2019 total liabilities were Ps.8,204.3 million, a 7.7% increase from the

Ps.7,616.2 million reported on September 30th, 2018.

In 3Q19, FINDEP’s debt

9 consisted of Ps.4,774.2 million of Senior Guaranteed Notes due on July 2024

as well as Ps.2,739.4 million of Bank and Other Entities Loans. The Company’s total credit lines

5 If “Other Loans” are considered, Independencia’s loan portfolio would have increased by 0.7% YoY. “Other Loans” are included in Independencia’s balance sheet. 6 Independencia will only be reporting active clients that do not have loans over 180 days past-due. 7 It considers “Other Loans” 8 Coverage Ratio: Allowances for loan losses / Non-performing loans

9 It includes interest provision

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amounted to Ps.5,764.5 million at the end of 3Q19, of which Ps.3,037.0 million, or 52.7%, are available. The contractual maturity of the credit line agreements are the following: Ps.28.4 million in 2019, Ps.2,215.4 million in 2020, Ps.678.9 million in 2021, Ps.280.0 million in 2022, and the remaining Ps.2,561.8 million have an evergreen feature. Stockholders’ Equity As of September 30

th, 2019, stockholder’s equity was Ps.4,328.1 million, a 7.0% increase from

Ps.4,043.8 million in September 30th, 2018. This reflects the Ps.226.6 million in Net Income generated

during 2019 plus a positive foreign exchange effect of Ps.30.2 million and a Ps.75.8 million negative impact in Derivative Financial Instruments. As a result of the variation of foreign currency denominated debt and the underlying derivatives position to hedge for foreign exchange risk, in 3Q19 the Company posted a Ps.75.8 million negative impact, booked as Derivative Financial Instruments. It’s composed of the following items: Ps.280.2 million positive impacts from marking-to-market the Cross Currency Swap, a Ps.388.5 million negative impact from the revaluation of the bond, and a Ps.32.5 million income in deferred taxes. PROFITABILITY AND EFFICIENCY RATIOS

ROE

10/ROA

11

During 3Q19, the Company posted a ROAE of 7.1% compared with 7.3% in 3Q18. ROAA for 3Q19 was 2.5%, the same as in 3Q18. Efficiency Ratio

12 & Operating Efficiency

13

Over the quarter, the Company increased 15 branches and increased its total labor force by 1.4% to 8,001 people. During 3Q19, the Efficiency Ratio was 87.4%, compared with 89.5% in 3Q18. Excluding the Provision for Loan Losses, the Efficiency Ratio in 3Q19 was 59.9% compared to 64.6% in 3Q18. Operating Efficiency was 25.6% in 3Q19, compared to 28.0% in 3Q18. DISTRIBUTION NETWORK

During the last three months, the Company increased a net total of 15 branches to its network. Independencia and AEF opened 15 and 1 branches respectively, while Finsol Brasil closed 1 branch. At the end of 3Q19, the Company operated 548 branches in Mexico, Brazil, and the US. The breakdown is the following: 489 offices in Mexico (Independencia: 174, Finsol: 147 and AEF: 168), 30 offices in Brazil (Finsol Brasil), and 29 offices in California (AFI). The Company’s loan portfolio in Mexico is well diversified and no federal entity represents more than 13.0% of the total loan portfolio. The three federal entities in Mexico with the highest loan portfolio concentration are Estado de Mexico, Mexico City and Veracruz, with a 13.0%, 12.9% and 8.0% share of the total portfolio, respectively

10

ROAE: Net Income for the quarter annualized / Average Stockholders’ Equity of the current and previous quarters 11

ROAA: Net Income for the quarter annualized / Average Total Assets of the current and previous quarters 12

Efficiency Ratio: No-interest expense for the quarter annualized / Average Total Assets of the current and previous quarters 13

Operating Efficiency: Non-interest Expense of the quarter / Net Interest Income of the quarter

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3Q19 EARNINGS CONFERENCE CALL

Day: Friday, October 18

th, 2019

Time: 11:00 AM US (ET); 10:00 AM Mexico (CT)

Dial-in number: 888-204-4368 (US & Canada) 929-477-0402 (International & Mexico) Access Code: 7297837 Web cast: A live web cast of the conference call and replay will be available at

www.findep.mx Replay: Starting at 2:00 pm (ET) on October 18

th and ending at 11:59 pm (ET) on

November 1st, 2019. The replay will be accessible by dialing 844-512-2921

(U.S./Canada) or 412-317-6671 (International) and entering passcode 7297837.

About Financiera Independencia: Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (FINDEP), is a Mexican institution that provides microcredit loans on an unsecured basis to individuals in the low-income segments in urban areas of both the formal and informal economy and working capital loans through group lending microfinance in rural areas. As of September 30

th, 2019, FINDEP had a total outstanding loan balance

of Ps.8,753.1 million, operated 548 offices in Mexico, Brazil, and the US and had a total labor force of 8,001 people. The Company listed on the Mexican Stock Exchange on November 1

st, 2007, where it

trades under the symbol “FINDEP”. More information can be found at www.findep.mx Some of the statements contained in this press release discuss future expectations or state other forward-looking information. Those statements are subject to risks identified in this press release and in FINDEP’s filings with the Mexican Stock Exchange. Actual developments could differ significantly from those contemplated in these forward-looking statements. The forward-looking information is based on various factors and was derived using numerous assumptions. Our forward-looking statements speak only as of the date they are made and, except as may be required by applicable law, we do not have an obligation to update or revise them, whether as a result of new information, future or otherwise.

# # # TABLES TO FOLLOW # # #

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FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.

Consolidated Income StatementFor the Nine Months Periods Ended September 30, 2019 and 2018(Millions of Mexican Pesos)

3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 1,363.8 1,313.6 1,269.2 94.6 7.5% 3,985.4 3,691.3 294.1 8.0%

Interest Expense 208.4 188.6 190.9 17.5 9.2% 587.5 561.0 26.5 4.7%

Net Interest Income 1,155.4 1,125.0 1,078.3 77.1 7.1% 3,397.9 3,130.3 267.7 8.6%

Provision for Loan Losses 415.5 361.3 352.5 63.0 17.9% 1,138.4 968.3 170.2 17.6%

Net Interest Income After Provision for Loan Losses 739.9 763.7 725.8 14.1 1.9% 2,259.5 2,162.0 97.5 4.5%

Commissions and Fees Collected 114.6 108.6 128.4 (13.7) (10.7%) 327.0 354.1 (27.1) (7.7%)

Commissions and Fees Paid 21.4 19.6 16.8 4.5 26.9% 59.1 51.9 7.2 13.8%

Market Related Income (4.4) (6.3) 1.5 (5.9) (390.9%) 4.0 1.1 2.9 267.3%

Other Operating Income (expense) 74.6 71.8 75.4 (0.8) (1.1%) 212.6 219.1 (6.5) (3.0%)

Net Operating Revenue 903.3 918.2 914.3 (10.9) (1.2%) 2,744.0 2,684.5 59.6 2.2%

Non-Interest Expense 789.9 801.5 818.4 (28.5) (3.5%) 2,418.1 2,440.3 (22.2) (0.9%)

Net Operating Income (Loss) 113.5 116.7 95.9 17.6 18.3% 325.9 244.2 81.7 33.5%

Income Tax

Current 42.6 21.3 10.2 32.4 317.4% 95.9 36.7 59.1 161.1%

Deferred (5.1) 7.6 12.0 (17.2) (142.8%) 3.5 25.1 (21.7) (86.2%)

Total Income (Loss) Before Minority Interest 76.0 87.9 73.7 2.3 3.1% 226.6 182.3 44.3 24.3%

Minority Interest 0.0 0.0 (0.0) 0.0 (500.0%) 0.0 (0.0) 0.0 (266.7%)

Net Income (Loss) 76.0 87.9 73.7 2.3 3.1% 226.6 182.3 44.3 24.3%

Weighted Average Number of Shares 715.9 715.9 715.9 - 0.0% 715.9 715.9 - 0.0%

EPS 0.1062 0.1228 0.1029 0.0032 3.1% 0.3165 0.2546 0.0619 24.3%

n/a: Not applicable

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Consolidated Balance SheetAs of September 30, 2019 and 2018(Millions of Mexican Pesos)

3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS

Cash and Cash Equivalents 333.1 279.2 214.2 119.0 55.5%

Performing Loans 8,264.3 7,904.1 7,490.9 773.4 10.3%

Non-Performing Loans 488.8 517.2 441.1 47.6 10.8%

Total Loan Portfolio 8,753.1 8,421.3 7,932.0 821.1 10.4%

Allowances for Loan Losses (559.7) (558.7) (517.0) (42.7) 8.3%

Total Loan Portfolio - Net 8,193.4 7,862.5 7,415.0 778.4 10.5%

Other Accounts Receivable - Net 534.0 596.8 595.1 (61.1) (10.3%)

Property, Plant & Equipment - Net 266.2 260.6 270.6 (4.5) (1.6%)

Deferred Income Tax 975.9 975.4 920.2 55.8 6.1%

Derivative Financial Instruments 308.5 224.2 214.7 93.8 43.7%

Other Assets 1,921.2 1,913.2 2,030.2 (109.0) (5.4%)

Total Assets 12,532.4 12,111.9 11,660.0 872.4 7.5%

LIABILITIES

Long term debt issuance 4,774.2 4,753.8 4,688.5 85.7 1.8%

Bank and Other Entities Loans 2,739.4 2,378.5 2,250.1 489.3 21.7%

Derivative Financial Instruments - - - - n/a

Other Accounts Payable 690.7 715.0 677.6 13.1 1.9%

Total Liabilities 8,204.3 7,847.3 7,616.2 588.0 7.7%

STOCKHOLDERS' EQUITY

Capital Stock 157.2 157.2 157.2 - 0.0%

Additional Paid-In Capital 1,574.7 1,574.7 1,574.7 - 0.0%

Capital Reserves 14.3 14.3 14.3 - 0.0%

Retained Earnings 2,405.9 2,405.9 2,191.9 214.0 9.8%

Net Income (Loss) for the Year 226.6 150.6 182.3 44.3 24.3%

Financial Instruments - Derivatives (75.8) (54.6) (81.6) 5.8 (7.1%)

Foreign exchange effect 30.2 21.4 9.1 21.1 232.8%

Other comprehensive income movement ent related to NIF D-3 (5.0) (5.0) (4.1) (0.8) 20.6%

Minority Interest 0.0 0.0 0.0 0.0 186.9%

Total Stockholders' Equity 4,328.1 4,264.6 4,043.8 284.3 7.0%

Total Liabiliies and Stockholders' Equity 12,532.4 12,111.9 11,660.0 872.4 7.5%

n/a: Not applicable

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Independencia

Income StatementFor the Nine Months Periods Ended September 30, 2019 and 2018(Millions of Mexican Pesos)

3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 620.6 612.0 615.4 5.2 0.8% 1,851.2 1,782.7 68.5 3.8%


Net Interest Income 498.1 502.4 502.0 (3.9) (0.8%) 1,506.6 1,459.8 46.7 3.2%

Provision for Loan Losses 164.3 137.6 184.7 (20.3) (11.0%) 458.6 485.6 (27.0) (5.6%)

Net Interest Income After Provision for Loan Losses 333.8 364.8 317.4 16.4 5.2% 1,047.9 974.2 73.7 7.6%

Commissions and Fees Collected 53.6 52.8 76.5 (22.9) (29.9%) 157.0 210.3 (53.3) (25.3%)


Market Related Income (4.4) (6.3) 1.5 (5.9) (393.8%) 4.0 1.1 2.9 271.3%

Other Operating Income (expense) 42.4 44.4 41.5 0.8 2.0% 128.6 124.5 4.2 3.4%

Net Operating Revenue 414.8 445.5 428.1 (13.3) (3.1%) 1,307.8 1,281.6 26.2 2.0%

Non-Interest Expense 364.7 374.5 397.3 (32.6) (8.2%) 1,134.5 1,169.5 (35.0) (3.0%)


Income Tax

Current 5.7 3.6 4.8 0.9 18.5% 12.8 13.1 (0.3) (2.1%)

Deferred 8.5 18.0 5.6 3.0 53.5% 41.0 24.6 16.4 66.5%

Total Income (Loss) Before Minority Interest 35.9 49.4 20.4 15.4 75.5% 119.5 74.4 45.2 60.7%

Minority Interest (0.0) 0.0 (0.0) (0.0) 800.0% (0.0) (0.0) (0.0) 125.0%

Net Income (Loss) 35.9 49.4 20.4 15.4 75.5% 119.5 74.4 45.2 60.7%

Independencia

Balance SheetAs of September 30, 2019 and 2018(Millions of Mexican Pesos)

3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS



Non-Performing Loans 242.3 270.0 253.5 (11.2) (4.4%)


Allowances for Loan Losses (208.1) (220.3) (237.5) 29.4 (12.4%)


Other Accounts Receivable - Net 2,992.8 2,675.1 2,461.1 531.7 21.6%

Property, Plant & Equipment - Net 150.5 140.0 142.2 8.2 5.8%

Deferred Income Tax 682.2 681.6 673.7 8.5 1.3%

Derivative Financial Instruments 279.2 218.0 164.2 114.9 70.0%

Other Assets 3,711.0 3,699.4 3,442.7 268.3 7.8%

Total Assets 11,249.0 10,732.9 10,231.1 1,017.9 9.9%

LIABILITIES

Long term debt issuance 4,774.2 4,753.8 4,688.5 85.7 1.8%

Bank and Other Entities Loans 1,819.0 1,343.9 1,239.0 580.0 46.8%



Total Stockholders' Equity 4,221.0 4,197.6 3,935.9 285.2 7.2%

Total Liabiliies and Stockholders' Equity 11,249.0 10,732.9 10,231.1 1,017.9 9.9%

n/a: Not applicable

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Finsol México


3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 172.8 168.3 182.2 (9.4) (5.1%) 515.2 526.4 (11.2) (2.1%)

Interest Expense 11.6 10.7 12.4 (0.8) (6.8%) 33.1 36.4 (3.3) (9.0%)

Net Interest Income 161.3 157.5 169.8 (8.5) (5.0%) 482.1 490.0 (7.9) (1.6%)

Provision for Loan Losses 48.9 49.5 36.2 12.7 35.1% 149.1 106.5 42.5 39.9%

Net Interest Income After Provision for Loan Losses 112.3 108.0 133.6 (21.2) (15.9%) 333.1 383.4 (50.4) (13.1%)

Commissions and Fees Collected 1.9 1.8 2.1 (0.2) (11.0%) 5.4 2.1 3.3 157.1%


Market Related Income - - - - n/a - - - n/a


Net Operating Revenue 120.3 114.4 143.3 (22.9) (16.0%) 354.1 404.0 (49.9) (12.4%)

Non-Interest Expense 108.1 106.8 118.2 (10.0) (8.5%) 324.9 343.2 (18.3) (5.3%)

Net Operating Income (Loss) 12.2 7.6 25.1 (12.9) (51.4%) 29.2 60.8 (31.6) (52.0%)

Income Tax

Current 4.1 5.8 3.8 0.3 8.2% 16.0 15.1 0.9 5.9%

Deferred (0.5) (3.6) 3.8 (4.3) (113.4%) (7.4) 3.0 (10.5) (344.2%)

Total Income Before Minority Interest 8.6 5.3 17.5 (8.9) (50.9%) 20.6 42.7 (22.0) (51.7%)

Net Income (Loss) 8.6 5.3 17.5 (8.9) (50.9%) 20.6 42.7 (22.0) (51.7%)

n/a: Not applicable

Finsol México


3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS


Performing Loans 755.7 737.7 744.2 11.5 1.5%


Total Loan Portfolio 799.0 790.0 773.4 25.6 3.3%


Total Loan Portfolio - Net 725.6 709.9 723.0 2.6 0.4%

Assets, Accounts Receivable & Other Assets 248.9 277.7 312.0 (63.1) (20.2%)

Total Assets 1,006.6 1,010.2 1,057.8 (51.2) (4.8%)

LIABILITIES

Bank and Other Entities Loans 237.2 392.5 435.3 (198.1) (45.5%)


Total Liabilities 587.5 599.7 680.9 (93.4) (13.7%)

Total Stockholders' Equity 419.1 410.5 376.9 42.2 11.2%

Total Liabiliies and Stockholders' Equity 1,006.6 1,010.2 1,057.8 (51.2) (4.8%)

n/a: Not applicable

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Finsol Brazil


3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 61.0 62.3 55.0 6.0 10.8% 187.7 192.3 (4.5) (2.4%)

Interest Expense 8.6 8.5 7.4 1.2 16.9% 26.4 29.6 (3.2) (10.8%)

Net Interest Income 52.3 53.8 47.6 4.7 9.9% 161.3 162.7 (1.4) (0.8%)

Provision for Loan Losses 9.2 9.9 9.3 (0.1) (0.7%) 28.7 53.4 (24.8) (46.3%)

Net Interest Income After Provision for Loan Losses 43.1 43.9 38.3 4.8 12.4% 132.6 109.2 23.4 21.4%

Commissions and Fees Paid 1.5 1.3 2.0 (0.5) (24.6%) 4.3 5.5 (1.2) (21.3%)


Other Operating Income (expense) 6.3 4.7 5.6 0.7 11.6% 15.6 15.4 0.2 1.4%

Net Operating Revenue 47.9 47.4 41.9 5.9 14.1% 143.9 119.1 24.8 20.8%

Non-Interest Expense 41.2 41.3 41.6 (0.4) (1.0%) 127.1 136.4 (9.3) (6.8%)

Net Operating Income (Loss) 6.7 6.0 0.3 6.4 1850.4% 16.8 (17.3) 34.1 (197.3%)

Income Tax

Current 1.5 3.8 - 1.5 n/a 5.3 - 5.3 n/a

Deferred (0.3) (2.8) 2.2 (2.5) (113.4%) (1.2) 0.3 (1.5) (470.5%)

Total Income Before Minority Interest 5.5 5.0 (1.9) 7.4 (393.7%) 12.7 (17.6) 30.3 (172.4%)

Net Income (Loss) 5.5 5.0 (1.9) 7.4 (393.7%) 12.7 (17.6) 30.3 (172.4%)

n/a: Not applicable

Finsol Brazil


3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS


Performing Loans 377.6 404.8 357.2 20.4 5.7%

Non-Performing Loans 12.7 13.6 16.8 (4.0) (24.1%)

Total Loan Portfolio 390.3 418.3 373.9 16.3 4.4%

Allowances for Loan Losses (18.8) (20.6) (21.3) 2.4 (11.4%)

Total Loan Portfolio - Net 371.4 397.7 352.7 18.8 5.3%

Assets, Accounts Receivable & Other Assets 48.5 27.1 70.2 (21.6) (30.8%)

Total Assets 465.9 462.1 439.0 26.9 6.1%

LIABILITIES

Bank and Other Entities Loans 28.5 30.1 32.9 (4.4) (13.3%)


Total Liabilities 349.7 345.0 340.7 9.1 2.7%


Total Liabiliies and Stockholders' Equity 465.9 462.1 439.0 26.9 6.1%

n/a: Not applicable

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Apoyo Económico Familiar


3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 321.2 310.2 281.1 40.1 14.3% 932.4 810.6 121.8 15.0%


Net Interest Income 289.4 278.6 251.1 38.2 15.2% 837.9 722.7 115.1 15.9%


Net Interest Income After Provision for Loan Losses 143.4 144.6 157.3 (14.0) (8.9%) 451.5 476.1 (24.7) (5.2%)

Commissions and Fees Collected 43.8 38.6 35.8 8.0 22.3% 119.9 104.1 15.8 15.2%


Market Related Income 0.0 (0.0) 0.0 (0.0) (95.5%) (0.0) 0.0 (0.0) (127.9%)


Net Operating Revenue 205.2 199.4 212.8 (7.5) (3.5%) 619.2 637.7 (18.5) (2.9%)

Non-Interest Expense 191.1 194.0 189.7 1.4 0.7% 586.4 572.9 13.5 2.4%

Net Operating Income (Loss) 14.1 5.4 23.0 (8.9) (38.7%) 32.8 64.9 (32.0) (49.4%)

Income Tax

Current 16.6 6.9 1.6 15.0 956.2% 35.0 7.8 27.2 346.4%

Deferred (12.9) (5.5) 0.5 (13.3) (2919.4%) (28.9) (2.8) (26.1) 921.2%

Total Income Before Minority Interest 10.4 3.9 21.0 (10.6) (50.6%) 26.7 59.8 (33.1) (55.4%)

Net Income (Loss) 10.4 3.9 21.0 (10.6) (50.6%) 26.7 59.8 (33.1) (55.4%)

n/a: Not applicable

Apoyo Económico Familiar


3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS







Assets, Accounts Receivable & Other Assets 327.8 320.5 308.0 19.8 6.4%

Total Assets 2,019.2 1,977.5 1,896.9 122.2 6.4%

LIABILITIES

Long term debt issuance - - - - n/a

Bank and Other Entities Loans 561.6 521.1 454.6 106.9 23.5%

Other Accounts Payable 626.4 635.6 665.0 (38.7) (5.8%)




n/a: Not applicable

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Apoyo Financiero Inc


3Q19 vs 3Q18 9M19 vs 9M18

3Q19 2Q19 3Q18 $ % 9M19 9M18 $ %

Interest Income 187.7 160.8 135.5 52.2 38.6% 498.4 379.4 118.9 31.3%


Net Interest Income 153.8 132.7 107.7 46.1 42.8% 409.6 295.0 114.5 38.8%


Net Interest Income After Provision for Loan Losses 106.8 102.4 79.3 27.6 34.8% 293.9 219.0 74.9 34.2%

Commissions and Fees Collected 12.3 12.0 9.4 2.9 30.5% 34.1 25.4 8.7 34.4%



Other Operating Income (expense) (0.1) 1.0 2.1 (2.2) (103.1%) 2.6 5.0 (2.4) (48.5%)

Net Operating Revenue 118.8 115.2 90.6 28.2 31.2% 330.0 248.7 81.2 32.7%

Non-Interest Expense 88.5 88.5 74.0 14.5 19.6% 256.2 225.0 31.2 13.9%


Income Tax

Current 14.7 2.5 (0.0) 14.7 (1213307.9%) 26.8 0.7 26.1 3722.5%

Deferred - - - - n/a - - - n/a

Total Income (Loss) Before Minority Interest 15.7 24.2 16.6 (0.9) (5.7%) 47.0 23.0 24.0 104.2%

Net Income (Loss) 15.7 24.2 16.6 (0.9) (5.7%) 47.0 23.0 24.0 104.2%

n/a: Not applicable

Apoyo Financiero Inc


3Q19 vs 3Q18

3Q19 2Q19 3Q18 $ %

ASSETS







Assets, Accounts Receivable & Other Assets 51.8 63.5 36.9 14.9 40.5%

Total Assets 2,278.6 2,061.8 1,615.5 663.1 41.0%

LIABILITIES

Bank and Other Entities Loans 93.2 90.8 88.4 4.8 5.5%

Other Accounts Payable 1,595.8 1,412.4 1,178.3 417.5 35.4%




n/a: Not applicable

of 17


Key Ratios & Operating DataFor the Nine Months Periods Ended September 30, 2019 and 2018(Millions of Mexican Pesos)

3Q19 2Q19 3Q18 QoQ % YoY % 9M19 9M18 %

Key Ratios

Profitability & Efficiency

NIM after Provisions Excl. Fees (1) 33.3% 35.5% 36.2% -2.3 pp -2.9 pp 33.9% 35.0% -1.1 pp

NIM after Provisions Incl. Fees (2) 40.6% 42.7% 45.5% -2.1 pp -4.9 pp 41.2% 43.5% -2.3 pp

Provisions / Financial Margin 36.0% 32.1% 32.7% 3.8 pp 3.3 pp 33.5% 30.9% 2.6 pp

ROAA (3) 2.5% 2.9% 2.5% -0.5 pp -0.1 pp 2.4% 2.0% 0.4 pp

ROAE (4) 7.1% 8.3% 7.3% -1.2 pp -0.2 pp 7.0% 5.9% 1.1 pp

Efficiency Ratio Incl. Provisions (5) 87.4% 87.3% 89.5% 0.2 pp -2.1 pp 88.1% 90.9% -2.8 pp

Efficiency Ratio Excl. Provisions (6) 59.9% 62.6% 64.6% -2.7 pp -4.7 pp 62.3% 66.8% -4.5 pp

Operating Efficiency (7) 25.6% 26.6% 28.0% -1 pp -2.4 pp 26.0% 27.3% -1.3 pp

Fee Income (8) 10.3% 9.7% 12.2% 0.6 pp -1.9 pp 9.8% 11.3% -1.5 pp

Capitalization

Equity to Total Assets 34.5% 35.2% 34.7% -0.7 pp -0.1 pp 34.5% 34.7% -0.1 pp

Credit Quality Ratios

NPL Ratio (9) 5.6% 6.1% 5.6% -0.6 pp 0 pp 5.6% 5.6% 0 pp

Coverage Ratio (10) 114.5% 108.0% 117.2% 6.5 pp -2.7 pp 114.5% 117.2% -2.7 pp

Operating Data

Number of Clients 575,682 587,302 652,709 -2.0% -11.8% 575,682 652,709 -11.8%

- Financiera Independencia 292,267 300,928 343,579 -2.9% -14.9% 292,267 343,579 -14.9%

- Finsol México 102,940 104,332 111,489 -1.3% -7.7% 102,940 111,489 -7.7%

- Finsol Brazil 35,842 37,719 39,540 -5.0% -9.4% 35,842 39,540 -9.4%

- Apoyo Económico Familiar 114,593 116,017 133,637 -1.2% -14.3% 114,593 133,637 -14.3%

- Apoyo Financiero Inc 30,040 28,306 24,464 6.1% 22.8% 30,040 24,464 22.8%

Number of Offices 548 533 538 2.8% 1.9% 548 538 1.9%

Total Labor Force 8,001 7,892 8,155 1.4% -1.9% 8,001 8,155 -1.9%

(3) ROAA: Net Income / Average Total Assets

(4) ROAE: Net Income / Average Total Equity

(5) Eff iciency Ratio: Non-Interest Expense / Net Operating Revenues

(6) Eff iciency Ratio: Non-Interest Expense / Net Operating Revenues + Provision for Loan Losses

(7) Operating Eff iciency: Non-interest Expense / Average Assets

(8) Commissions and Fees (Net) / Net Operating Revenue

(9) NPL Ratio: Non-Performing Loans / Total Loan Portfolio

(10) Coverage Ratio: Allow ances for Loan Losses / Non-Performing Loans

(1) Net Interest Margin after Provisions (excluding Fees): Net Interest Margin after Provision for Loan Losses / Average

Interest-Earning Assets

(2) Net Interest Margin after Provisions (including Fees): Net Interest Margin after Provision for Loan Losses + Fees

Collected - Fees Paid / Average Interest-Earning Assets

financiera independencia 3q19 results · independencia’s loans represented 40.2% of the...

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