Our results

Operational and financial outlook

We are convinced that an outstanding economic performance will allow us to improve our clients’ loan conditions (price and benefit) and the service experience, as well as to generate a greater sense of belonging within the Group, since employees are proud to be part of a company with exceptional results and in permanent growth.

We have clear policies, objectives and goals regarding economic performance, such as ROA, ROE, net income, UPA efficiency indicator, hedge indicator, Net margin, financial expenditure, total loan portfolio and the ratio of non-performing loans.

Budget control has a financial indicators’ dashboard which are reported to the corporate governance bodies (committees and Board) and to several external entities (rating agencies, BMV, sponsors, authorities and regulating parties) to monitor the progress against the established goals and objectives.

In the last year we achieved a portfolio loan increase of over 15% and the loan portfolio’s compound growth in the last three year has been more than 18%. Net profit at year’s close amounted to PS. 3,162 million, which implies a compound growth in the last three years superior to 16%. Also, Return on Equity (ROE) amounted to 29% and Return on Assets (ROA) was 11%.

During the last three years, the number of clients increased in over 400,000, at the end of December, 2014 we have almost 2.9 million clients. In addition, in the same period of time the number of employees increased substantially, going from 14,561 in December, 2011 to 18,999 in December, 2014.

Financial and operational results

Concept	2012	2013	2014	Variation 14/13 %
Clients	2’675,758	2’754,860	2’874,488	4.3%
Employees	16,601	19,339	18,999	-1.8%
Branches1	536	577	635	10.1%
Loan portfolio (millions)	18,161	20,706	23,951	15.7%
Average outstanding balance per client	6,787	7,516	8,332	11.0%
Non-performance loan ratio	2.88%	3.12%	3.28%	0.16 pp
(Millions)
Loan portfolio interest	9,986	12,475	14,348	15.0%
Net sales	N/A	N/A	N/A
Income from financial investments (amount derived from interest on financial loans, shareholding dividends, royalties and direct income from assets)	116	115	103	-10.4%
Income from asset sales (tangibles and intangibles)			7	-117.9%
Interest income	10,102	12,590	14,451	14.8%
Interest expenses	718	818	822	0.5%
Financial margin	9,384	11,772	13,629	15.8%
Financial margin adjusted for risk	8,393	10,164	11,937	17.4%
Operating expenses	5,365	6,763	7,939	17.4%
Taxes	1,053	1,241	981	-21.0%
Community investments (pesos)
Economic + in-kind donations	35’487,871	29’399,590	32’127,827	9.3%
One on one contributions	N/A	N/A	N/A
Volunteering	1’432,902	394,508	1’126,352	185.5%
Service or equipment in-kind contributions	2’412,014	3’624,766	2’762,103	-23.8%
Donation, volunteering and programs directed to communities management expenses	1’153,754	1’410,888	757,635	-46.3%
Environmental protection expenses and investments (pesos)
Waste and emissions treatment expenses	670,000	512,500	225,000	-56.1%
Prevention and Environmental management (Reforestamos, camellones and aventones)	1’405,055	780,194	789,987	1.3%
(Millions)
Operating results	3,074	3,512	4,147	18.1%
Net results	2,021	2,271	3,162	39.2%
Average loan portfolio	16,308	20,359	22,801	12.0%
Average productive assets	18,352	22,399	25,442	13.6%
Operating margin = (operating results / average loan portfolio)	18.9%	17.3%	18.2%	0.9pp
Net margin = (net results / average loan portfolio)	12.4%	11.2%	13.9%	2.7pp
Operating margin = (operating results / average productive assets)	16.7%	15.7%	16.3%	0.6pp
Net margin = ( net results / average productive assets)	11.0%	10.1%	12.4%	2.3pp
Assets
Cash and other investments	2,955	2,533	3,363	32.8%
Assets	22,833	25,362	30,543	20.4%
Liquidity (cash + other investments) / total assets	12.9%	10.0%	11.0%	1.0pp
Total loan portfolio	18,161	20,706	23,951	15.7%
Non-performing loan portfolio	523	645	785	21.7%
Fixed assets	733	976	921	-5.6%
Liabilities
Total liabilities	14,189	16,419	18,483	12.6%
Liabilities with cost	13,128	15,222	16,083	5.7%
Stockholders' equity	8,644	8,943	12,060	34.9%
Net earnings per share (pesos)	1.2	1.4	1.9	35.7%
Average assets	20,249	25,025	28,726	14.8%
Average stockholders' equity	8,038	8,977	10,758	19.8%
ROA (net results / average assets)	10.0%	9.1%	11.0%	1.9pp
ROE (net results / average stockholders' equity)	25.1%	25.3%	29.4%	4.1pp
Book value per share (pesos)	5.2	5.4	7.3	35.2%
Share price at period’s close (pesos)	18.4	24.4	29.7	21.7%
Total shares for calculating EPS and BVS	1,662’382,704	1,648’211,536	1,648’211,536	0.0%
1 Includes Mexico, Peru and Guatemala.

Economic Value

Share variation	2012	2013	2014	Share variation compar c / gentera
				Pesos	%	Dollars
Share price on the year's last business day	18.4	24.4	29.7	5.2	21.4%	0.4
Exchange rate published on January 2, 2015 in the DOF	12.9658	13.0843	14.7414
Number of shares	1,662’382,704	1,648’211,536	1,648’211,536
Number of effective shareholders	5	5	5

Loan portfolio (millions)
	2012	2013	2014
Mexico	14,887	16,447	18,961
Peru	3,147	4,045	4,7683
Guatemala	114	189	221
Total *	18,148	20,681	23,951
* In 2013, the loan portfolio, unlike the Financial Statements' portfolio does not consider a commercial portfolio for PS. 25 million.

2014 Income for interest
	Millons	%
Mexico	12,907	89.3%
Peru	1,374	9.5%
Guatemala	170	1.2%
Total *	14,451	100.0%

Main indicators	Mexico		Peru		Guatemala
	2014	∆ vs 2013	2014	∆ vs 2013	2014	∆ vs 2013
Non-performing loans / loan portfolio	2.66%	-0.23pp	5.65%	1.65pp	4.97%	1.20pp
Hedge rate	175.0%	-9.2pp	148.6%	-63.1pp	106.1%	-5.7pp

Portfolio percentage distributed by region and/or business unit	Compartamos Banco	Yastás	Aterna	Gentera	Compartamos Financiera	Compartamos S.A.
	79.2%	0%	0%	0%	19.9%	0.9%

Main indicators	Mexico		Peru		Guatemala
	2014	∆ vs 2013	2014	∆ vs 2013	2014	∆ vs 2013
ROAA	15.0%	2.0pp	4.4%	2.4pp	0.1%	5.8pp
ROAE	38.9%	4.0pp	33.7%	16.2pp	0.2%	6.1pp

Net income (millions)
	2012	2013	2014
Mexico	2,051	2,496	3,233
Peru	94.08	76.08	205.79
Guatemala	Does not generate income yet	Does not generate income yet	0.77
Gentera, S.A.B. and subsidiaries	2,021	2,271	3,162

Economic value created, distributed and retained

Concept (millions)	2012	2013	2014
Direct economic created value1	10,576	13,307	15,257
Economic distributed value2	7,446	9,136	10,071
Economic retained value3	3,130	4,171	5,186
Net result	2,021	2,271	3,162
1 Direct economic created value = net income + income from financial products + assets sale + other operating income, net. 2 Economic distributed value = sales costs + salaries + employees benefits + training + other financial expenses + taxes + dividends + interest payment + community investments. 3 Economic retained value = direct economic value created – economic value distributed.

Concept	2012	2013	2014
Number of clients	2'675,758	2'754,860	2'874,488
Financial margin (millions)	9,384	11,772	13,629
Operating efficiency	26.5%	27%	27.6%
Operation result (millions)	3,074	3,512	4,147
Net income (millions)	2,021	2,271	3,162

Funding

Bank Information	Equity	Commercial Banking	Development Banking	Multilateral	Bonds	Collection	Total
Dec-12	40.2%	3.1%	10.7%	3.3%	39.0%	3.7%	100%
Dec-13	36.6%	0.0%	13.3%	2.7%	47.2%	0.2%	100%
Dec-14	44.4%	0.4%	10.0%	1.0%	44.0%	0.2%	100%

Peru Information	Equity	Commercial Banking	Development Banking	MultilateralFunds	Investment Funds	Total
Dec-12	14.8%	13.0%	30.2%	3.6%	38.4%	100%
Dec-13	13.1%	11.8%	35.8%	4.4%	34.9%	100%
Dec-14	17.5%	13.1%	23.2%	9.7%	36.5%	100%

	2013		2014
	Compartamos Banco	Gentera	Compartamos Banco	Gentera
Accumulated efficiency Index	62.2%	65.8%	63.0%	65.7%
Stockholders' equity / Total assets	35.5%	35.3%	41.4%	39.5%
ICAP	27.8%	N/A(Gentera is not a bank)	33.1%	N/A