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Mercantil, C.A. Banco Universal (Subsidiary of Mercantil Servicios Financieros, C.A.)

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Mercantil, C.A. Banco Universal (Subsidiary of Mercantil Servicios Financieros, C.A.) Mercantil, C.A. Banco Universal (Subsidiary of Mercantil Servicios Financieros, C.A.) Independent Auditor’s Report and Financial Statements June 30, 2019 Mercantil, C.A. Banco Universal Index to the financial statements June 30, 2019 and December 31, 2018 Pages I - Independent Auditor’s Report 1 - 3 II - Financial statements 1 - 5 III - Notes to the financial statements 1 - Operations and regulatory environment 6 - 8 2 - Basis of preparation 8 - 16 3 - Cash and due from banks 16 4 - Investment securities 17 - 21 5 - Loan portfolio 22 - 24 6 - Interest and commissions receivable 24 7 - Investments in subsidiaries and affiliates 25 - 27 8 - Available-for-sale assets 27 9 - Property and equipment 28 10 - Other assets 29 - 30 11 - Deposits 30 - 31 12 - Deposits and liabilities with Banco Nacional de Vivienda y Hábitat (BANAVIH) 31 13 - Borrowings 31 14 - Other liabilities from financial intermediation 32 15 - Interest and commissions payable 32 16 - Accruals and other liabilities 32 - 33 17 - Taxes 33 - 34 18 - Employee benefits and employee benefit plan 34 - 37 19 - General and administrative expenses 38 20 - Other operating income 38 21 - Other operating expenses 39 22 - Extraordinary expenses 39 23 - Equity 39 - 42 24 - Financial assets and liabilities in foreign currency 42 - 44 25 - Memorandum accounts 44 - 49 26 - Credit-related commitments 50 - 51 27 - Balances and transactions with related companies 51 - 53 28 - Fundación Mercantil 54 29 - Maturity of financial assets and liabilities 54 30 - Fair value of financial instruments 54 -55 31 - Risk management 56 - 57 32 - Liabilities and contingencies 57 33 - Money laundering prevention and terrorism financing 57 34 - Investments and loans granted in excess of legal limits 57 35 - Legal contributions 57 - 58 Mercantil, C.A. Banco Universal (Subsidiary of Mercantil Servicios Financieros, C.A.) Balance sheet June 30, 2019 and December 31, 2018 June 30, December 31, 2019 2018 (In bolivars) Assets Cash and due from banks (Note 3) 1,083,644,477,045 74,958,012,463 Cash 28,704,474,214 2,534,565,048 Central Bank of Venezuela 800,978,447,635 43,349,590,754 Venezuelan banks and other financial institutions 8,892,646 150 Foreign and correspondent banks 246,943,798,761 27,301,929,964 Pending cash items 7,008,863,789 1,771,926,547 Investment securities (Note 4) 197,602,876,211 13,839,246,209 Deposits with the Central Bank of Venezuela and overnight deposits - 50,078,010 Investments in available-for-sale securities 147,217,122,131 5,771,511,975 Investments in held-to-maturity securities 314,936 315,855 Restricted investments 50,373,213,894 8,005,102,663 Investments in other securities 12,225,250 12,237,706 Loan portfolio (Note 5) 269,466,875,780 47,107,862,424 Current 273,187,602,832 48,045,696,715 Rescheduled 91,255 104,154 Overdue 1,579,747,071 211,671,908 (Allowance for losses on loan portfolio) (5,300,565,378) (1,149,610,353) Interest and commissions receivable (Note 6) 3,568,095,302 336,035,528 Interest receivable on investment securities 694,567,968 88,061,337 Interest receivable on loan portfolio 1,816,136,980 154,024,318 Commissions receivable 1,057,995,027 95,153,683 (Provision for interest receivable and other) (604,673) (1,203,810) Investments in subsidiaries and affiliates (Note 7) 8,409,864,951 372,779,852 Property and equipment (Note 9) 4,508,346 1,548,964 Other assets (Note 10) 129,925,966,442 7,695,026,520 Total assets 1,692,622,664,077 144,310,511,960 Memorandum accounts (Note 25) Contingent debtor accounts 267,293,757,026 38,853,397,071 Assets received in trust 201,351,726,989 17,631,390,152 Other debtor memorandum accounts 4,282,196,832,111 464,278,882,868 Other debtor control accounts 37 37 4,750,842,316,163 520,763,670,128 The accompanying notes are an integral part of the financial statements 1 Mercantil, C.A. Banco Universal (Subsidiary of Mercantil Servicios Financieros, C.A.) Balance sheet June 30, 2019 and December 31, 2018 June 30, December 31, 2019 2018 (In bolivars) Liabilities and Equity Liabilities Deposits (Note 11) 979,090,802,540 91,091,750,414 Demand deposits 830,758,646,397 76,935,489,578 Non-interest-bearing checking accounts 619,048,949,991 58,319,813,826 Interest-bearing checking accounts 136,162,732,815 12,237,834,875 Checking accounts under Exchange Agreement No. 20 56,588,101,296 5,942,006,183 Demand deposits and certificates 18,958,862,295 435,834,694 Other demand deposits 32,779,391,747 1,637,172,404 Savings deposits 115,533,951,976 12,517,081,116 Time deposits 748 783 Restricted deposits 18,811,672 2,006,533 Deposits and liabilities with Banco Nacional de Vivienda y Hábitat (Note 12) 9,748 1,022 Borrowings (Note 13) 68,235,539,929 1,376,853 Venezuelan financial institutions, up to one year 68,235,527,371 1,367,981 Foreign financial institutions, up to one year 12,558 8,872 Other liabilities from financial intermediation (Note 14) 1,650,929 334,414 Interest and commissions payable (Note 15) 692,724,743 22,932 Expenses payable on deposits 11,249,743 22,932 Expenses payable on borrowings 681,475,000 - Accruals and other liabilities (Note 16) 246,924,842,140 14,369,206,704 Total liabilities 1,294,945,570,029 105,462,692,339 Equity (Note 23) Capital stock 2,924 2,924 Contributions pending capitalization 633,084 633,084 Capital reserves 3,173 3,158 Equity adjustments 377,565,995,333 37,156,702,429 Retained earnings 18,841,149,229 1,743,882,728 Unrealized gain (loss) on investment securities (Note 4) 1,269,310,305 (53,404,702) Total equity 397,677,094,048 38,847,819,621 Total liabilities and equity 1,692,622,664,077 144,310,511,960 The accompanying notes are an integral part of the financial statements 2 Mercantil, C.A. Banco Universal Income statement Six-month periods ended June 30, 2019 and December 31, 2018 June 30, December 31, 2019 2018 (In bolivars) Interest income 62,189,273,054 4,483,191,662 Income from cash and due from banks 1,523,044,481 4,008,516 Income from investment securities 3,248,219,883 57,953,599 Income from loan portfolio 36,381,873,340 2,577,573,168 Income from other accounts receivable 21,036,135,345 1,843,656,334 Other interest income 5 45 Interest expense (15,372,378,936) (199,058,778) Expenses from deposits (7,969,920,420) (164,635,574) Expenses from liabilities with the Central Bank of Venezuela (2,681,844,314) - Expenses from borrowings (4,292,940,752) (1,398,598) Expenses from other liabilities from financial intermediation - (31) Other interest expense (427,673,450) (33,024,575) Gross financial margin 46,816,894,118 4,284,132,884 Income from financial assets recovered (Note 5) 33,956,971 37,554,019 Expenses from uncollectible accounts and write-down of financial assets (Notes 2 and 5) (2,937,586,011) (984,590,957) Uncollectible loans and other accounts receivable (2,937,586,011) (984,590,957) Net financial margin 43,913,265,078 3,337,095,946 Other operating income (Note 20) 100,035,810,078 3,051,785,365 Other operating expenses (Note 21) (12,281,452,732) (584,102,240) Financial intermediation margin 131,667,622,424 5,804,779,071 Operating expenses (107,004,959,477) (3,091,060,763) Salaries and employee benefits (31,857,898,389) (827,645,589) General and administrative expenses (Note 19) (72,952,327,193) (2,213,233,724) Fees paid to the Social Bank Deposit Protection Fund (Note 35) (612,166,590) (15,371,205) Fees paid to the Superintendency of Banking Sector Institutions (Note 35) (1,582,567,305) (34,810,245) Gross operating margin 24,662,662,947 2,713,718,308 Income from available-for-sale assets (Note 8) 200,000 - Sundry operating income 2,499,866,808 46,705,676 Expenses from available-for-sale assets (Note 8) - (63) Sundry operating expenses (3,205,273,445) (508,425,156) Net operating margin 23,957,456,310 2,251,998,765 Extraordinary expenses (Note 22) (1,323,627,822) (28,717,755) Gross income before tax 22,633,828,488 2,223,281,010 Income tax (Note 17) (345,559,670) (376,782,422) Net income 22,288,268,818 1,846,498,588 Appropriation of net income Retained earnings 22,288,268,818 1,846,498,588 Provision for the Antidrug Law (Notes 16 and 33) 241,884,365 22,735,018 The accompanying notes are an integral part of the financial statements 3 Mercantil, C.A. Banco Universal Statement of changes in equity Six-month periods ended June 30, 2019 and December 31, 2018 Retained earnings Equity adjustments Unappropriated surplus Capital reserves Adjustments Equity Employee Contributions Other from adjustments from Adjustments benefit plan Unrealized Capital pending Legal mandatory translation of exchange from asset Restricted Unappropriated remeasurement gain (loss) Total stock capitalization reserve reserves subsidiaries fluctuations, net revaluation surplus earnings (Note 2-k) on investments equity (In bolivars) Balances at June 30, 2018 2,924 633,084 2,924 219 102,733 102,943,977 1,044,403 16,580,389 16,659,955 135,734 168,033 138,274,375 Net income - - - - - - - - 1,846,498,588 - - 1,846,498,588 Reserve for the Social Contingency Fund - - - 15 - - - - (15) - - - Unrealized loss on investments (Note 4) - - - - - - - - - - (53,572,735) (53,572,735) Restricted surplus from equity in subsidiaries and affiliates (Note 7) - - - - - - - 248,760,696 (248,760,696) - - - Translation adjustment of net assets of subsidiaries abroad - - - - (1,304,206) - - - - - - (1,304,206) Adjustment from exchange differences, net - - - - - 37,053,915,522 - - - - - 37,053,915,522 Adjustment from employee benefit plan remeasurement, net of deferred income tax - - - - - - - - - (135,991,923) - (135,991,923) Reclassification of 50% of net income to restricted
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