Fiancial Situation



Profit & Loss Statement

In 2012, the Interest Revenue totaled Ps. 2,090.4 million, representing a 9.3% increase as compared to 2011. This growth resulted from the 22.1% increase of the portfolio deriving from an improved performance in the origination of payroll loans, which stemmed from our interest in Kondinero, Credifiel and Crédito Maestro.

The Interest Expenses for 2012 accounted for Ps. 654.8 million, a 6.9% increase as compared to the Ps. 612.8 million in 2011. This growth resulted from the 20.3% increase in the average debt for the year.

The Financial Margin at the closing of 2012 increased by Ps. 136.1 million or 10.5%, totaling Ps. 1,435.6 million as compared to the Ps. 1,299.5 million recorded for 2011. The margin's improvement is an effect of the funding cost reduction, which went from 10.7% to 9.5% in 2012.

Allowances for Loan Losses in 2012 decreased to Ps. 272.8 million as compared to the Ps. 309.0 million recorded for 2011. The 11.7% reduction reflects the healthy behavior of our credit portfolio.

The Administration Expenses for 2012 reached Ps. 480.5 million, representing a 3.2% growth as compared to the Ps. 465.6 million in 2011. This increase results from the business growth.

The Interest in Associated Parties' Profits from the three distributors —Kondinero, Credifiel and Crédito Maestro— totaled Ps. 125.1 million. It is worth noting that in 2011, Crédito Maestro did not participate in Crédito Real's results and Credifiel had a marginal contribution.

The Net Profit for 2012 totaled Ps. 614.1 million, a 47.8% increase as compared to the Ps. 415.5 million for 2011.

Financial Ratios

In 2012, the efficiency ratio improved to 35.2% from 37.6% in 2011. Despite the increased administration expenses, in 2012, the ROAA was 6.5% as compared to 5.8% in 2011. The annualized return on average equity ("ROAE") was 27.9% as compared to 33.3% in 2011.

Balance Sheet

The Total Assets at the close of 2012 represented Ps. 10,965.3 million, a 31.3% increase over the Ps. 8,352.7 million in 2011. This increase was mainly driven by the growth of the credit portfolio and the long-term investments.

The Total Loan Portfolio at the close of 2012 reached Ps. 6,732.5 million, a 22.1% increase as compared to the previous year. Such growth resulted from: (i) more origination from Kondinero and Credifiel; (ii) the exclusive origination of Crédito Maestro as of 4Q12; and (iii) the 10.4% increase in the portfolio of loans for durable goods.

The Past-due Loan Portfolio as a percentage of the total loan portfolio, at the close of 4Q12, was 1.6% as compared with 2.0% for 2011. The low levels of the past-due loan portfolio resulted from the good collection of payroll loans throughout the year.

Allowances for Loan Losses in 2012 totaled Ps. 141.3 million, equivalent to 132.2% of coverage over the Ps. 106.9 million reported as past-due loan portfolio.

Other Accounts Receivable increased by Ps. 930.3 million, equivalent to 59.1%, for a total of Ps. 2,504.3 million at the closing of 2012, as compared to the Ps. 1,574.0 million at the closing of 2011. Such an increase results from the portfolio's growth based on the income participation agreements entered into with the distributors.

Total Liabilities reported at the close of 2012 totaled Ps. 7,368.9 million, a 6.9% increase as compared to the Ps. 6,892.3 million at the end of 2011.

The Total Debt as of December 31, 2012 amounted to Ps. 6,847.3 million, showing a 3.2% increase as compared to the Ps. 6,636.3 million at the close of 2011.

·Market Debt outstanding in domestic and international markets was Ps. 4,565.3 million, representing a 9.9% decrease as compared to the Ps. 5,066.1 million recorded in 2011.

·Bank Debt at the close of 4Q12 totaled Ps. 2,282.0 million, representing a 45.4% increase as compared to the Ps. 1,569.9 million at the close of 2011.



Shareholders' Equity totaled Ps. 3,596.4 million, a 146.3% increase as compared to the Ps. 1,460.4 million reported for 2011. Such an increase resulted from the Ps. 1,617.9 million received from the primary portion of the Initial Public Offering ("IPO") launched on October 17, 2012, as well as to the Ps. 614.1 million of Net Profit in 2012.

Stock Behavior & Yields



Crédito Real vs Index of Prices & Quotes (IPC)

Stock Behavior & Yields



Crédito Real vs Index of Prices & Quotes (IPC)