Earnings Presentation
3rd quarter 2022 (3Q22)
Nov 11th, 2022
POSITIVE RESULTS IN THIRD QUARTER OF 2022 (*)
Business income has increased compared to the third quarter of 2021. Cost reduction programs also achieved positive results. Financial income was more than enough to overcome inflation adjustment.
ARS Millions | Historical | Adjusted by inflation | |||||||||||
3Q21 | 3Q22 | 3Q21 | 3Q22 | ||||||||||
CSD | 684.6 | 1,034.9 | 1,303.6 | 1,098.5 | |||||||||
Exchange | 752.3 | 1,524.4 | 1,417.6 | 1,624.8 | |||||||||
Other operating income | - | 23.7 | 3,114.1 | - | 107.7 | 3,622.9 | |||||||
Revenues | 1413.1 | 5673.5 | 2613.5 | 6346.2 | |||||||||
Inflation adjustment impact | - | - | - | 3,797.4 | - | 6,949.0 | |||||||
Total expenses | - | 943.4 | - | 1,439.2 | - | 1,942.1 | - | 1,657.0 | |||||
Financial income | 1,130.5 | 4,357.6 | 2,191.3 | 4,455.2 | |||||||||
Other gain/loss | - | 17.4 | - | 31.6 | 11.1 | 7.7 | |||||||
Participation in other companies | 8.5 | 111.0 | 9.5 | 7.9 | |||||||||
Income tax | - | 167.8 | - | 765.9 | - | 195.2 | - | 551.6 | |||||
Net income | 1,423.6 | 7,905.3 | - 1,109.2 | 1,659.3 | |||||||||
(*) This slide is the only one showing inflation adjusted figures. The rest of the presentation shows historical data. | 2 |
CSD BUSINESS: ASSETS UNDER CUSTODY ACCELERATE THEIR GROWTH
Assets under custody (AUCs, 3Q22 average), measured at face value are recovering from their drop in June 2022, originated in the Central Bank (BCRA) repurchase program, although still not reaching the highest levels of the year.
AuCs valued at market prices (3Q22 average) experienced an increase in the values compared to 2Q22, reaching the highest levels of the year.
AuCby asset class | ||||
6% | Public Debt | |||
12% | Treasury and Central bank | |||
bills | ||||
40% | Trusts | |||
Equity | ||||
24% | Private Debt | |||
Others | ||||
2% | 16% | |||
AuC Nominal Value - Quarterly evolution | 3,314,371 | AuC Market value - Quaterly evolution | ||
Millions | 12,645,311 | |||
+28% | ARS Millions | |||
3,155,627 | +62% | |||
2,582,514 | 9,745,906 | |||
2,195,524 | 7,796,950 | |||
2,040,280 | ||||
1,606,582 | 6,195,235 | 6,200,051 | ||
3,799,752 |
1Q 20 | 2Q 20 | 3Q 20 | 4Q 20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 1Q 20 | 2Q 20 | 3Q 20 | 4Q 20 | 1Q21 | 2Q21 | 3Q21 | 4Q21 | 1Q22 | 2Q22 | 3Q22 | 3 |
CSD BUSINESS: REVENUES SHOWING MAXIMUM GROWTH IN 2022
CSD revenues were ARS 1.035 millions resulting in a 51% YoY growth, and 14,5% against 2Q22. This quarter shows an acceleration compared with a 40,1% YoY growth in 2Q22.
3Q 21 | 3Q 22 | YoY $ | YoY % | |
CSD (ARS Millions) | 684.6 | 1,034.9 | 350.3 | 51.2% |
ADC Services | 508.1 | 746.1 | 238.0 | 46.8% |
ACRyP Services | 12.9 | 18.0 | 5.1 | 39.5% |
Additional services | 163.6 | 270.7 | 107.1 | 65.5% |
All CSD revenue lines increased when compared to 3Q21, with Additional Services standing out, which accounted for two-thirds of the YoY increase, mainly due to the fees on foreign securities payment and the first impact of the increase in registry fees.
CSD Revenues
ARS Millions | 1,035 | |||||||||
904 | 271 | |||||||||
780 | 202 | |||||||||
702 | 18 | |||||||||
645 | 685 | |||||||||
644 | 200 | 16 | ||||||||
584 | ||||||||||
164 | 168 | |||||||||
139 | 166 | 14 | ||||||||
477 | 456 | 487 | 156 | 13 | 13 | |||||
11 | ||||||||||
12 | ||||||||||
100 | 96 | 11 | ||||||||
93 | ||||||||||
9 | 746 | |||||||||
10 | 10 | 686 | ||||||||
493 | 468 | 508 | 521 | 566 | ||||||
367 | 381 | 417 | ||||||||
353 | ||||||||||
1Q 20 | 2Q 20 | 3Q 20 | 4Q 20 | 1Q 21 | 2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 | 3Q 22 |
Additional services | ACRyP services | ADC services |
4
EXCHANGE BUSINESS: REVENUES GROW STRONGLY DUE TO INCREASED ACTIVITY
Exchange business revenues (ARS 1.524 millions) grew 103% YoY and 58% against the previous quarter. It is the fourth consecutive quarter in which exchange business revenues exceeds those of the CSD. Equity trading continues to be the main explanatory variable.
Exchange Revenues | 1,524 |
ARS Millions |
+103% | 84 | |||||||||
874 | 885 | 966 | ||||||||
70 | ||||||||||
51 | ||||||||||
752 | 44 | 1,346 | ||||||||
641 | 35 | |||||||||
564 | 581 | |||||||||
523 | 27 | |||||||||
449 | 22 | 24 | ||||||||
10 | 817 | |||||||||
765 | 759 | |||||||||
12 | ||||||||||
307 | 656 | |||||||||
492 | 496 | 553 | ||||||||
9 | 469 | |||||||||
398 | ||||||||||
261 | ||||||||||
37 | 39 | 44 | 50 | 61 | 61 | 61 | 65 | 75 | 79 | 94 |
1Q 20 | 2Q 20 | 3Q 20 | 4Q 20 | 1Q 21 | 2Q 21 | 3Q 21 | 4Q 21 | 1Q 22 | 2Q 22 | 3Q 22 |
Market Data | Trading C&S fees | Other fees |
Exchange Revenue Share | ||||
0.1% | 6.0% | 5.4% | Equity | |
0.2% | Fixed income | |||
3.4% | On-exchange repo | |||
50.5% | Options | |||
15.5% | ||||
Futures | ||||
Securities lending | ||||
18.9% | Market Data | |||
Others |
3Q 21 | 3Q 22 | YoY $ | YoY % | |
EXCHANGE (ARS Millions) | 752.3 | 1,524.4 | 772.2 | 102.6% |
Trading C&S fees | 656.2 | 1,346.4 | 690.2 | 105.2% |
Market Data | 60.9 | 94.0 | 33.1 | 54.4% |
Other fees | 35.2 | 84.1 | 48.9 | 138.8% |
The different asset classes reflected similar growth rates in their traded values.
5
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Bolsas y Mercados Argentinos SA published this content on 10 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 November 2022 23:09:12 UTC.