Financiera Independencia Reports 3Q09 Net Income of Ps.101.1 Million With Loan Portfolio Growth of 12.8% and ROE of 23.2%

Financiera Independencia Reports 3Q09 Net Income of Ps.101.1 Million With Loan
Portfolio Growth of 12.8% and ROE of 23.2%

MEXICO D.F., Oct. 15 /PRNewswire-FirstCall/ --

Third Quarter 2009 Highlights:

-- Net income down 18.5% year-on-year for the quarter and 29.4% for the
nine-month period.
-- Client base continues to expand, up 17.7% YoY with 49,028 new clients
in
3Q09, although 22.2% below the average quarterly growth rate in 2008.
-- The strongest absolute growth in performing loans of the last four
quarters, more than double 2Q09 growth, and almost four times 1Q09
growth. However, 3Q09 growth is still 26.2% below the average
quarterly
growth in 2008.
-- Approximately 92% of 3Q09 growth was driven by CrediPopular, a product
targeted to working capital needs, which recorded its highest absolute
growth since its launch in September 2004. CrediPopular posted a 74.8%
growth YoY.
-- Non-performing loans to total loans down to 12.5% in 3Q09 from 12.7%
in
2Q09, but up from 10.5% in 3Q08. Coverage ratio increased from 65.7%
in
2Q09 to 70.9% in 3Q09
-- NIM after provisions including fees declined to 46.0% in 3Q09 from
60.2%
in 3Q08.
-- Efficiency ratio deteriorated to 77.7% in 3Q09 from 69.9% in 2Q09 and
70.7% in 3Q08, mainly due to an increase in provisions. Provisions
represent 45.2% of financial margin, the highest level in the
Company's
history and 45% above the average for the last eight quarters.
-- Non-interest expense down to Ps.452.7 million in 3Q09 from Ps.454.1
million in 3Q08, the first YoY decline since the Company's IPO in
November 2007.
-- Funding costs decreased to 7.85% in 3Q09 from 10.56% in 3Q08.
-- ROE in 3Q09 down to 23.2% from 26.4% in 3Q08 and 33.7% in 2Q09.

-- Capital ratio at 31.5% continues to provide support in the current
environment.

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (BMV: FINDEP),
(Independencia) a Mexican microfinance lender of personal loans to lower
income segment individuals, today announced results for the three-month period
ended September 30, 2009. Net income for 3Q09 declined 18.5% YoY to Ps101.1
million.

Commenting on the results, Noel Gonzalez, Chief Executive Officer, said,
"Independencia's performance throughout the year demonstrates that our
CrediPopular clients, a relevant and fast growing segment of our client base
are resilient to economic downturns. However, our key product, CrediInmediato
continues to experience a slowdown in its growth rate. Despite signs of
improvement in the overall economy, we remain cautious. In fact, the level of
provisions during the quarter was a record high. And although we have
maintained the quality of our assets during the year, we will continue to
closely monitor Independencia's risk/return profile to avoid growing at the
expense of asset quality."

Financial & Operational Highlights
----------------------------------
3Q09 3Q08 %
---- ---- ----
Income Statement Data
Net Interest Income after Provisions* 389.0 455.1 -14.5%
Net Operating Income* 129.7 187.9 -31.0%
Net Income* 101.1 124.1 -18.5%
Total Shares Outstanding (million) 630.0 680.0 -7.4%
EPS 0.1605 0.1825 -12.0%
--- ------ ------ -----
Profitability & Efficiency
NIM before Provisions Excl. Fees 56.1% 59.9% -3.9 pp
NIM after Provisions Excl. Fees 30.7% 42.7% -11.9 pp
NIM after Provisions Incl. Fees 46.0% 60.2% -14.2 pp
ROA 7.1% 10.8% -3.7 pp
ROE 23.2% 26.4% -3.2 pp
Efficiency Ratio 77.7% 70.7% 7 pp
Operating Efficiency 31.7% 39.4% -7.7 pp
Fee Income 33.2% 29.1% 4.1 pp
---------- ---- ---- ------
Capitalization
Equity to Total Assets 31.5% 41.1% -9.5 pp
---------------------- ---- ---- -------
Credit Quality Ratios
NPL Ratio 12.5% 10.5% 2 pp
Coverage Ratio 70.9% 64.5% 6.4 pp
-------------- ---- ---- ------
Operational Data
Number of Clients 1,215,609 1,032,804 17.7%
Number of Offices 198 186 6.5%
Total Loan Portfolio* 4,793.1 4,249.0 12.8%
Average Balance (Ps.) 3,943.0 4,114.0 -4.2%
--------------------- ------- ------- ----

9M09 9M08 %
---- ---- ----
Income Statement Data
Net Interest Income after Provisions* 1,241.2 1,317.5 -5.8%
Net Operating Income* 60.5 643.8 -28.5%
Net Income* 355.2 502.8 -29.4%
Total Shares Outstanding (million) 630.0 680.0 -7.4%
EPS 0.5638 0.7394 -23.8%
--- ------ ------ -----
Profitability & Efficiency
NIM before Provisions Excl. Fees 54.7% 60.0% -5.3 pp
NIM after Provisions Excl. Fees 33.4% 43.9% -10.5 pp
NIM after Provisions Incl. Fees 48.2% 62.2% -14 pp
ROA 8.6% 15.6% -7 pp
ROE 29.7% 32.0% -2.3 pp
Efficiency Ratio 74.3% 65.5% 8.8 pp
Operating Efficiency 32.1% 37.9% -5.8 pp
Fee Income 30.7% 29.4% 1.3 pp
---------- ---- ---- ------
Capitalization
Equity to Total Assets 31.5% 41.1% -9.5 pp
---------------------- ---- ---- -------
Credit Quality Ratios
NPL Ratio 12.5% 10.5% 2 pp
Coverage Ratio 70.9% 64.5% 6.4 pp
-------------- ---- ---- ------
Operational Data
Number of Clients 1,215,609 1,032,804 17.7%
Number of Offices 198 186 6.5%
Total Loan Portfolio* 4,793.1 4,249.0 12.8%
Average Balance (Ps.) 3,943.0 4,114.0 -4.2%
--------------------- ------- ------- ----
* Figures in millions of Mexican Pesos.

All financial figures discussed in this announcement are unaudited and are
prepared in accordance with Mexican Banking Accounting Principles unless
stated otherwise. Figures for 2008 and 2009 are expressed in nominal pesos.
Tables state figures in millions of pesos, unless otherwise noted.

3Q09 CONSOLIDATED RESULTS

Financial Margin after Provision for Loan Losses

Financial margin after provision for loan losses for 3Q09 declined 14.5%
year-on-year to Ps.389.0 million. This is principally explained by the
following:

Interest Income

Interest income for the quarter increased 12.0% year-on-year to Ps.782.9
million, principally as a result of the Ps.82.2 million, or 11.8%, increase in
interest on loans. The total loan portfolio increased 12.8% during the period,
reflecting the 17.7% increase in the number of clients and 4.2% decline in the
average balance per client.

The average lending rate(1) of the total loan portfolio decreased to 66.6%
from the 68.5% reported in 3Q08, and remained relatively unchanged from the
66.8% reported in 2Q09. This decline was mainly driven by higher level of
discounts offered to encourage past due installments, which more than offset
the increased share of loans targeted to the informal sector, which carry
higher interest rates. Discounts increased from Ps.75.6 million, or 10.8% of
interest income in 3Q08 to Ps.104.0 million, or 13.3% of interest income in
3Q09.

Loans to the informal sector rose 27.5% year-on-year, increasing their share
of the total loan portfolio by 4.0 percentage points to 34.8%, up from 30.8%
in 3Q08 and 33.2% in 2Q09. Growth in the informal sector was driven by the
CrediPopular product. CrediPopular loans, rose to 24.5% of total loans in the
quarter reaching 325,770 clients, up 107,196 clients, or 49.0%, year-on-year
and 10.8% on a sequential basis. CrediConstruye loans, in turn, reached 97,608
clients during the quarter, up 322 clients, or 0.3% year-on-year, but down
3.1%, on a sequential basis.

The CrediInmediato loan product, a revolving line of credit that targets the
formal sector, accounted for 65.2% of total loans down from 69.2.% in 3Q08 and
66.8% in 2Q09. The number of CrediInmediato clients in 3Q09 grew by 12.8%
year-on-year, while the total loan portfolio of this product rose by 6.3%, to
Ps.3,123.1 million. The average balance per client decreased from Ps.4,478 in
3Q08 to Ps.4,220, as clients in the formal economy are being more cautious on
the usage of their revolving line of credit. In fact, average draw down rate
declined from 77% in September 2008 to 75% in September 2009.

(1) Average lending rate: interest income / average balance of the total
loan portfolio.

Table 1: Financial Margin*
--------------------------
3Q09 2Q09 3Q08 QoQ % YoY % 9M09 9M08 %
-- ---- ---- ---- ----- ----- ---- ---- ----
Interest Income 782.9 756.0 698.7 3.6% 12.0% 2,283.5 1,944.9 17.4%
Interest on
Loans 779.4 753.7 697.2 3.4% 11.8% 2,274.6 1,940.9 17.2%
Interest from
Investment in
Securities 3.5 2.3 1.5 48.9% 126.8% 8.9 4.0 124.1%
Interest Expense 73.5 81.3 59.9 -9.5% 22.8% 249.8 144.7 72.6%
Financial Margin 709.3 674.7 638.9 5.1% 11.0% 2,033.7 1,800.2 13.0%
Provision for
Loan Losses 320.3 270.1 183.8 18.6% 74.3% 792.5 482.7 64.2%
Financial Margin
After Provision
for Loan Losses 389.0 404.7 455.1 -3.9% -14.5% 1,241.2 1,317.5 -5.8%
--
* Figures in millions of Mexican Pesos

Table 2: Loan Portfolio, Number of Clients & Average Balance
------------------------------------------------------------
3Q09 2Q09 3Q08 QoQ % YoY %
---- ---- ---- ----- -----
Loan Portfolio (million Ps.) 4,793.1 4,615.9 4,249.0 3.8% 12.8%
Number of Clients 1,215,609 1,166,581 1,032,804 4.2% 17.7%
Average Balance (Ps.) 3,943.0 3,956.8 4,114.0 -0.3% -4.2%
-------- ------- ------- ------- ---- ----

Table 3: Number of Clients by Product Type
------------------------------------------
3Q09 % of Total 2Q09 % of Total
---- ---------- ---- ----------

Formal Sector Loans 740,133 60.9% 720,166 61.7%
- CrediInmediato 740,133 60.9% 720,166 61.7%

Informal Sector Loans 475,476 39.1% 446,415 38.3%
- CrediPopular 325,770 26.8% 293,993 25.2%
- CrediMama 52,098 4.3% 51,665 4.4%
- CrediConstruye 97,608 8.0% 100,757 8.6%
Total Number of Loans 1,215,609 100.0% 1,166,581 100.0%
--------------- --------- ----- --------- -----

3Q08 % of Total QoQ % YoY %
Change Change
---- ---------- ------- ------

Formal Sector Loans 656,269 63.5% 2.8% 12.8%
- CrediInmediato 656,269 63.5% 2.8% 12.8%
Informal Sector Loans 376,535 36.5% 6.5% 26.3%
- CrediPopular 218,574 21.2% 10.8% 49.0%
- CrediMama 60,675 5.9% 0.8% -14.1%
- CrediConstruye 97,286 9.4% -3.1% 0.3%
Total Number of Loans 1,032,804 100.0% 4.2% 17.7%
--------------- --------- ----- --- ----

Table 4: Total Loan Portfolio by Product Type*
----------------------------------------------
3Q09 % of Total 2Q09 % of Total
---- ---------- ---- ----------

Formal Sector Loan Portfolio 3,123.1 65.2% 3,083.4 66.8%
- CrediInmediato 3,123.1 65.2% 3,083.4 66.8%
Informal Sector Loan
Portfolio 1,670.0 34.8% 1,532.6 33.2%
- CrediPopular 1,174.7 24.5% 996.8 21.6%
- CrediMama 124.5 2.6% 122.8 2.7%
- CrediConstruye 370.8 7.7% 413.0 8.9%
Total Loan Portfolio 4,793.1 100.0% 4,615.9 100.0%
---------- ------- ----- ------- -----

3Q08 % of Total QoQ % YoY %
Change Change
---- ---------- ------ -------
Formal Sector Loan Portfolio 2,938.8 69.2% 1.3% 6.3%
- CrediInmediato 2,938.8 69.2% 1.3% 6.3%
Informal Sector Loan
Portfolio 1,310.2 30.8% 9.0% 27.5%
- CrediPopular 671.9 15.8% 17.9% 74.8%
- CrediMama 138.2 3.3% 1.4% -9.9%
- CrediConstruye 500.2 11.8% -10.2% -25.9%
Total Loan Portfolio 4,249.0 100.0% 3.8% 12.8%
---------- ------- ----- --- ----

* Figures in millions of Mexican Pesos.

Interest Expense

Interest expense during 3Q09 increased by Ps.13.7 million, or 22.8%, to
Ps.73.5 million from Ps.59.9 million on 3Q08, principally reflecting the
increase in the average balance on interest bearing liabilities during the
period. Debt increased by Ps.1,332.9 million year-on-year, principally to fund
the capital reduction announced on September 18, 2008, the 12.8% growth in the
Company's loan portfolio during the last twelve months and working capital
needs.

The reduction in TIIE (benchmark 28-day interbank lending rate) allowed
Independencia to decrease the average interest rate paid (2) on interest
bearing liabilities to 7.85% from 10.56 % in 3Q08 and from 9.22% reported in
2Q09. The average TIIE stood at 4.91% in 3Q09 from 5.89% in 2Q09 and 8.49% in
3Q08.

(2) average interest rate paid = interest expense / daily average balance of
interest bearing liabilities for the period.

Provision for Loan Losses

Provisions for loan losses rose year-on-year by 74.3%, or Ps.136.6 million, to
Ps.320.3 million in 3Q09. Quarter-on-quarter, provisions for loan losses rose
18.6%, or Ps.50.3 million, from Ps.270.1 million in 2Q09.

The increase in provisions for loan losses was driven by higher write-offs
during the period as well as a deterioration in the quality of the portfolio.
Write offs rose 47.3%, or by Ps.90.5 million, to Ps.281.8 million in 3Q09 from
Ps.191.3 million in 3Q08. Total non-performing loans reached Ps.599.2 million,
up 34.3% from Ps.446.1 million at September 30, 2008 and up 1.9% from the
previous quarter.

Net Operating Revenue

Net operating revenue declined year-on-year by Ps.59.7 million, or 9.3%, to
Ps.582.3 million in 3Q09 due to the reasons stated above, and partially offset
by the increase in non-interest income. Non-interest income (net) increased
3.4% to Ps.193.3 million in 3Q09 from Ps.186.9 million in 3Q08 driven by a
1.0% increase in the origination of new loans during the period. On a
sequential comparison, net operating revenue declined 2.4% from Ps.596.9
million in 2Q09, principally as a result of the 18.6% increase in provisions
for loan losses, which more than offset the 5.1% increase in financial margin.

Net Operating Income

Net operating income for 3Q09 declined year-on-year by Ps.58.2 million, or
31.0%, to Ps.129.7 million.
On a sequential comparison, net operating income declined 27.8% from Ps.179.5
million in 2Q09.

Independencia continued to make progress this quarter on its cost reduction
program initiated in 1Q09 to streamline operational and personnel expenses. As
a result, total non-interest expense decreased by Ps.1.5 million to Ps.452.7
million in 3Q09, from Ps.454.1 million in 3Q08. This was the first quarter
that expenses decreased year-on-year since the Company's IPO in November 2007.

This improvement was driven by a Ps.1.7 million reduction in operational
expenses achieved despite the Company's expansion over the last twelve months.
During this period, Independencia opened 12 new offices, four of which were
opened in 3Q09, bringing the total network to 198 units.

On a sequential basis, however, total expenses rose by 8.5% from Ps.417.3
million in 2Q09. This was mainly the result of a 10.2% increase in salaries
and employee benefits reflecting additional incentives and commissions paid to
Independencia's sales and collection force as well as the addition of 278
employees to the labor force, 221 of which were added to further strengthen
the Company's collection processes.

Table 5: Net Operating Income*

Change

3Q09 2Q09 3Q08 QoQ % YoY % 9M09 9M08 % Change
---- ---- ---- ----- ----- ---- ---- --------
Financial Margin 709.3 674.7 638.9 5.1% 11.0% 2,033.7 1,800.2 13.0%
Provision for
Loan Losses 320.3 270.1 183.8 18.6% 74.3% 792.5 482.7 64.2%
Financial
Margin After
Provision for
Loan Losses 389.0 404.7 455.1 -3.9% -14.5% 1,241.2 1,317.5 -5.8%
Non-Interest
Income, net 193.3 192.2 186.9 0.6% 3.4% 550.8 548.7 0.4%
- Commissions
and Fees
Collected 196.3 195.0 188.5 0.6% 4.1% 559.9 555.1 0.9%
- Commissions
and Fees Paid 2.9 2.8 1.6 2.7% 82.0% 9.1 6.4 42.0%
Net Operating
Revenue 582.3 596.9 642.0 -2.4% -9.3% 1,792.0 1,866.2 -4.0%
Non-Interest
Expense 452.7 417.3 454.1 8.5% -0.3% 1,331.5 1,222.4 8.9%
- Other
Administrative
& Operational
Expenses 127.1 121.7 128.8 4.4% -1.4% 369.2 354.3 4.2%
- Salaries &
Employee
Benefits 325.6 295.6 325.3 10.2% 0.1% 962.3 868.1 10.9%
Net Operating
Income 129.7 179.5 187.9 -27.8% -31.0% 460.5 643.8 -28.5%
------------- ----- ----- ----- ----- ----- ----- ----- -----
Operational Data
Number of
Offices 198 194 186 2.1% 6.5% 198 186 6.5%
Total Labor
Force 9,586 9,308 9,825 3.0% -2.4% 9,586 9,825 -2.4%
- Full Time
Personnel 9,412 9,106 9,275 3.4% 1.5% 9,412 9,275 1.5%
- Independent
Sales Agents 174 202 550 -13.9% -68.4% 174 550 -68.4%
-------------- --- --- --- ----- ----- --- --- -----
* Financial data in millions of Mexican Pesos.

Net Income

As a result of the factors discussed above, and after other income and
expenses, as well as income tax, net income for 3Q09 decreased year-on-year by
Ps.23.0 million, or 18.5%, to Ps.101.1 million. Earnings per share (EPS) for
the quarter were Ps.0.1605 compared with Ps.0.1825 for the same period of last
year.

FINANCIAL POSITION

Total Loan Portfolio

The total loan portfolio rose year-on-year by 12.8% to Ps.4,793.1 million,
reflecting the 17.7% increase in the number of clients during the period and
the 4.2% decline in the average outstanding balance. As of September 30, 2009
Independencia had 1,215,609 clients.

The total loan portfolio represented 84.5% of Independencia's total assets as
of September 30, 2009, compared with 88.4% of total assets in year-ago
quarter. Cash and Investments represented 6.5% of total loans for 3Q09
compared with 3.8% in 3Q08.

Non-Performing Loan Portfolio

Total non-performing loans reached Ps.599.2 million, up 1.9% on a sequential
basis from Ps.588.2 million at June 30, 2009 and up 34.3% from September 30,
2008. The NPL ratio declined to 12.5% in 3Q09 from 12.7% in 2Q09, but
increased from the 10.5% posted in 3Q08.

The NPL ratio in the CrediInmediato product in 3Q09 was 13.2%, compared with
12.1% in 3Q08 and 13.9% in 2Q09. The NPL ratio for the informal segment rose
to 11.2% in 3Q09, from 6.9% in 3Q08 and 10.3% in 2Q09.

The coverage ratio for 3Q09 was 70.9% compared with 64.5% in 3Q08 and 65.7% in
2Q09.

Liabilities

As of September 30, 2009 total liabilities were Ps.3,884.7 million, a 37.1%
increase from Ps.2,833.2
million in September 30, 2008. This increase was the result of higher
financing needs as a consequence of reducing the excess capital accumulated as
of 3Q08. On a sequential comparison, total liabilities declined 3.8% from
Ps.4,037.2 million in June 30, 2009.

At the end of 3Q09, Independencia's debt consisted of Ps.784.0 million in
medium-term notes "Certificados Bursatiles" (due June 2011) as well as
Ps.2,882.3 million of bank and other entities loans. Independencia's total
available lines of credit amount to Ps.4,200 million. Of the total lines of
credit, Ps.700 million are due in March 2011, Ps.2,500 million in September
2011 and the remaining Ps.1,000 million has an evergreen feature. All of the
Company's debt is denominated in Mexican Pesos.
In line with the Independencia's strategy of diversifying its funding sources
so that no source represents more than 25% of its debt, during the quarter
Sociedad Hipotecaria Federal (SHF) increased its line of credit to the Company
from Ps.600 million to Ps.700 million. The line now matures on March 2011 and
represents the Company's earliest maturity in its funding. As of September 30,
2009, and assuming the line of credit with SHF and Nafinsa (Ps.1,000 million)
had been drawn down in their entirety, Independencia's reliance on its main
source of funding (HSBC) would have declined to 32.2% from 56.4% of total
funding.

Stockholders' Equity

As of September 30, 2009 stockholder's equity was Ps.1,790.1 million, a 9.3%
decrease from Ps.1,973.7 million in September 30, 2008. This decline was
attributable to the capital reduction as announced on September 18, 2008, a
total of Ps.510 million dividends paid for the year and the share buyback
program of the Company, which was partially compensated by net income
generated during the period.

PROFITABILITY AND EFFICIENCY RATIOS

ROAE/ROAA

ROAE for 3Q09 was 23.2% compared with 26.4% in 3Q08 and 33.7% in 2Q09. ROAE
for 3Q09 and 2Q09 reflects the capital reduction announced on September 18,
2008.

ROAA for 3Q09 was 7.1% compared with 10.8% in 3Q08 and 9.8% in 2Q09.

Efficiency Ratio & Operating Efficiency

From 3Q08 to 3Q09, Independencia increased the size of its loan portfolio by
12.8% and the number of clients by 17.7%. The Company also added a net of 12
offices and reduced its total labor force by 2.4% down to 9,586 people.

During 3Q09 the Company's efficiency ratio was 77.7%, compared with 70.7% in
3Q08 and 69.9% in 2Q09. The year-on-year comparison was principally the result
of the 74.3% increase in provisions for loan losses and the slowdown in
interest income. As a result of the measures being implemented during 2009,
total non-interest expense declined 0.3% year-on-year, well below the 11.0%
increase in financial margin for the period.

Operating efficiency was 31.7% in 3Q09, down 770 bps year-on-year, but up 180
bps quarter-on-quarter.

EXPANSION OF OUR DISTRIBUTION NETWORK

At the end of the quarter, Independencia operated 198 offices in 143 cities
with more than 50,000 inhabitants. During the last twelve months, the Company
opened a net of 12 offices, four of which were opened during 3Q09 in the
states of Morelos, Oaxaca, Puebla and Sonora.

The Company's loan portfolio is well diversified and no federal entity
represents more than 10.0% of the total loan portfolio. The three federal
entities with the highest portfolio concentration are Tamaulipas, Veracruz and
Jalisco, with a 9.6%, 9.5%, and 7.8% share of the total portfolio,
respectively.

KEY EVENTS

Maturity Date of Credit Facility with HSBC Extended
On October 14, 2009 Independencia reached an agreement with HSBC to modify the
terms and conditions of the existing line of credit. Although the total
commitment remains unchanged, the structure has been modified from a Ps.2,500
million revolving line of credit to a Ps.1,250 million term loan and a
Ps.1,250 million revolving line of credit. The term loan matures in September
2012 and the revolving line of credit matures in September 2013. As a result,
the commitment has been extended by one and two years, respectively. Under the
revised terms of the agreement, the coupon is set at a rate of TIIE plus a
credit spread which will be driven by Independencia's credit rating, initially
set at 3.85%. These terms and conditions are subject to the approval of the
Board of Directors of HSBC Mexico which is scheduled to take place on October
22, 2009. We expect that new terms and conditions will become effective
beginning November 2009.

Financiera Independencia Announced Increase in Line of Credit With Sociedad
Hipotecaria Federal From Ps.600 Million to Ps.700 Million
On September 18, 2009 the Company announced that Sociedad Hipotecaria Federal
(SHF), increased its line of credit to Independencia from Ps.600 million to
Ps.700 million. The line now matures on March 2011 and represents the
Company's earliest maturity in its funding.

Interest Rate Hedging
During this quarter, Independencia purchased a cap on interest rate to hedge
the risk of a significant increase in interest rates in Mexico. The Company is
hedged for the following twelve months for any increase in TIIE beyond 7.0%
for a notional amount of Ps.3,600 million, or 100% of its funding.

INDEPENDENCIA REPORTS ACCORDING TO MEXICAN BANKING ACCOUNTING PRINCIPLES

On September 19, 2008 the Mexican Securities and Exchange Commission (CNBV)
revised its general regulations applicable to listed companies in the Mexican
Stock Exchange. Among the changes introduced, starting on 2009 it is mandatory
that unregulated SOFOMs report according to Mexican Banking Accounting
Principles. As a result, financial statements for 1Q09, 2Q09 and 3Q09 have
been prepared in accordance to such principles. Independencia adopted in
advance these changes for 2008 as well. For comparison purposes, tables with
restated historical balance sheet and income statement data can be found on
page 9 and 10 of this report.

The main line items impacted include:

Non-performing loans: non-performing revolving credit line products are
recognized at 60 days past due, instead of 90 days past due.

Loan loss reserve: Mexican Banking Accounting Principles recognize two
methodologies to estimate loan loss reserves. One using Mexican Banking
Commission parameters and another one based on parameters developed internally
by Financial Institutions. Both methodologies estimate probability of default
and expected losses. Therefore, both are forward-looking methodologies rather
than backward-looking as Independencia used to have by keeping reserves of
125% of past due loans. Given the Company's 16-year experience in the sector
and its strong database, management decided to estimate internally both the
probability of default and the expected losses. Under the new methodology, we
are required to have lower reserves. It is important to note that such
reduction is based on statistical methodologies and as such, the level of
reserves presented in balance sheet are in line with the risks being incurred.
For transparency purposes, Independencia is making its methodology available
to selected investors (upon signing a confidentiality agreement).

3Q09 EARNINGS CONFERENCE CALL

Day: Friday, October 16, 2009

Time: 11:00 AM US ET; 10:00 AM Mexico City time

Dial-in number: 866-393-9621 (US & Canada)
706-758-4196 (International & Mexico)

Access Code: 34520758

Presentation: A slide presentation will also be available beginning
October 16, 2009 at 8:00 am U.S. ET (7:00 am Mexico City
Time) for download from the investor relations section
(quarterly earnings) of the Company's corporate website
at http://www.independencia.com.mx.

Web cast: A live web cast of the conference call and replay will be
available at http://www.independencia.com.mx.

Replay: Starting Friday, October 16, 2009 at 12:00 PM US ET,
ending at midnight US ET on Friday, October 23,
2009. Dial-in number: 800-642-1687 (US & Canada);
706-645-9291 (International & Mexico).
Access Code: 34520758.

About Financiera Independencia:

Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R. (Independencia), is a
Mexican microfinance lender of personal loans to individuals. Independencia
provides microcredit loans on an unsecured basis to individuals in the
low-income segments in Mexico in urban areas of both the formal and informal
economy. As of September 30, 2009, Independencia had a total outstanding loan
balance of Ps.4,793.1 million, operated 198 offices in 143 cities throughout
31 of Mexico's 32 federal entities and had a total labor force of 9,586
people. The Company listed on the Mexican Stock Exchange on November 1, 2007,
where it trades under the symbol "FINDEP". More information can be found at
www.independencia.com.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 Financiera
Independencia'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 # # #

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Consolidated Balance Sheet
As of September 30, 2009 and 2008
(Millions of Mexican Pesos)
-------------------------------------------------------
3Q09 2Q09 1Q09 4Q08 3Q08 2Q08
---- ---- ---- ---- ---- ----

ASSETS
------
Cash 106.5 120.0 107.4 134.3 108.7 81.9
Investments in Securities 206.3 279.9 200.5 209.5 52.1 121.3

Cash and Cash Equivalents 312.8 399.9 307.9 343.9 160.8 203.2

Performing Loans 4,193.9 4,027.8 3,957.4 3,913.0 3,802.9 3,476.2
Non-Performing Loans 599.2 588.2 486.0 560.8 446.1 438.4

Total Loan Portfolio 4,793.1 4,615.9 4,443.4 4,473.8 4,249.0 3,914.6

Allowances for Loan
Losses (424.9) (386.4) (326.0) (350.6) (287.9) (295.4)

Total Loan Portfolio -
Net 4,368.2 4,229.5 4,117.4 4,123.2 3,961.1 3,619.2

Other Accounts
Receivables - Net 181.5 330.0 288.8 282.6 115.6 86.1
Property, Plant & Equipment
- Net 297.2 288.6 282.2 256.0 227.8 206.4
Deferred Income Tax 445.6 424.8 360.6 321.3 274.2 230.1
Other Assets 69.5 66.7 66.2 60.4 67.5 63.1

Total Assets 5,674.8 5,739.5 5,423.2 5,387.4 4,806.9 4,408.1

LIABILITIES
-----------
Commercial Paper 785.8 784.6 789.3 787.7 786.5 784.9
Bank and Other Entities
Loans 2,893.7 2,857.1 2,832.7 2,826.4 1,560.1 1,236.9
Other Accounts Payable 205.2 395.5 256.5 370.5 486.6 598.3

Total Liabilities 3,884.7 4,037.2 3,878.5 3,984.6 2,833.2 2,620.0

STOCKHOLDERS' EQUITY
--------------------
Capital Stock 148.6 148.6 148.6 148.6 153.6 153.6
Additional Paid-In Capital 727.9 727.9 733.1 813.9 1,433.5 1,457.7
Capital Reserves 12.6 12.6 13.6 13.6 13.6 13.6
Retained Earnings 545.8 559.2 532.1 (196.2) (129.8) (215.6)
Net Income for the Year 355.2 254.0 117.2 622.9 502.8 378.7
Minority Interest - - - - - -

Total Stockholders'
Equity 1,790.1 1,702.3 1,544.6 1,402.8 1,973.7 1,788.0

Total Liabilities and
Stockholders' Equity 5,674.8 5,739.5 5,423.2 5,387.4 4,806.9 4,408.1
------- ------- ------- ------- ------- -------

3Q09 vs 3Q08
1Q08 4Q07 3Q07 Absolute %
---- ---- ---- -------- ----

ASSETS
------
Cash 76.5 99.9 26.3 (2.2) (2.0%)
Investments in Securities 84.9 143.3 87.1 154.2 295.8%

Cash and Cash Equivalents 161.4 243.1 113.5 152.0 94.6%

Performing Loans 3,209.2 3,012.1 2,927.9 391.1 10.3%
Non-Performing Loans 379.1 338.8 177.6 153.1 34.3%

Total Loan Portfolio 3,588.3 3,350.9 3,105.5 544.1 12.8%

Allowances for Loan Losses (265.2) (213.9) (222.0) (137.0) 47.6%

Total Loan Portfolio
- Net 3,323.0 3,137.0 2,883.5 407.1 10.3%

Other Accounts Receivables
- Net 76.7 43.8 31.1 65.9 57.0%
Property, Plant & Equipment
- Net 187.3 172.1 117.8 69.5 30.5%
Deferred Income Tax 199.5 154.6 145.7 171.4 62.5%
Other Assets 46.1 39.6 55.8 2.0 2.9%

Total Assets 3,994.0 3,790.2 3,347.4 867.9 18.1%

LIABILITIES
-----------
Commercial Paper - - - (0.8) (0.1%)
Bank and Other Entities
Loans 1,642.4 1,336.0 2,007.8 1,333.6 85.5%
Other Accounts Payable 197.7 232.5 237.1 (281.4) (57.8%)

Total Liabilities 1,840.1 1,568.5 2,245.0 1,051.4 37.1%

STOCKHOLDERS' EQUITY
--------------------
Capital Stock 153.6 153.6 149.1 (5.0) (3.3%)
Additional Paid-In
Capital 1,640.1 1,640.1 607.1 (705.5) (49.2%)
Capital Reserves 71.8 71.8 71.8 (1.0) (7.4%)
Retained Earnings 91.7 (218.1) (100.1) 675.6 (520.7%)
Net Income for the Year 196.7 574.3 374.5 (147.6) (29.4%)
Minority Interest - - - - n/a

Total Stockholders'
Equity 2,153.9 2,221.7 1,102.4 (183.5) (9.3%)

Total Liabilities and
Stockholders' Equity 3,994.0 3,790.2 3,347.4 867.9 18.1%
------- ------- ------- ----- -----

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Consolidated Income Statement
For the Nine Months Periods Ended September 30, 2009 and 2008
(Millions of Mexican Pesos)
--------------------------------------------------------------
3Q09 2Q09 1Q09 4Q08 3Q08 2Q08
---- ---- ---- ---- ---- ----

Interest Income 782.9 756.0 744.7 771.0 698.7 635.7
Interest Expense 73.5 81.3 95.0 86.7 59.9 46.9
Monetary Loss - Net - - - - - -

Financial Margin 709.3 674.7 649.7 684.3 638.9 588.8

Provision for Loan
Losses 320.3 270.1 202.1 218.4 183.8 173.6

Financial Margin After
Provision for Loan
Losses 389.0 404.7 447.6 465.8 455.1 415.2

Commissions and Fees
Collected 196.3 195.0 168.6 196.2 188.5 197.9
Commissions and Fees
Paid 2.9 2.8 3.4 3.7 1.6 2.8
Market Related Income - - - - - -

Net Operating Revenue 582.3 596.9 612.8 658.3 642.0 610.3

Non-Interest Expense 452.7 417.3 461.6 480.7 454.1 401.3

Net Operating Income 129.7 179.5 151.3 177.7 187.9 209.0

Other Income - Net 10.2 7.5 8.2 6.9 7.5 3.6

Total Income Before
Income Tax and
Employees' Statutory
Profit Sharing 139.8 187.1 159.5 184.6 195.4 212.6

Income Tax and
Employees' Statutory
Profit Sharing
Current 60.5 112.5 81.5 91.4 87.0 92.7
Deferred (21.8) (62.3) (39.3) (27.0) (15.8) (62.0)

Total Income Before
Minority Interest 101.1 136.8 117.2 120.2 124.1 181.9

Minority Interest - - - - - -

Net Income 101.1 136.8 117.2 120.2 124.1 181.9

Weighted Average Number
of Shares 630.0 630.0 630.0 630.0 680.0 680.0
EPS 0.1605 0.2172 0.1861 0.1907 0.1825 0.2676
------ ------ ------ ------ ------ ------

3Q09 vs 3Q08
------------
1Q08 4Q07 3Q07 Absolute %
---- ---- ---- -------- ----

Interest Income 610.5 596.8 540.8 84.1 12.0%
Interest Expense 38.0 43.3 53.2 13.7 22.8%
Monetary Loss - Net - (20.9) (11.4) - n/a

Financial Margin 572.5 532.6 476.1 70.5 11.0%

Provision for Loan Losses 125.3 107.8 145.3 136.6 74.3%

Financial Margin After
Provision for Loan Losses 447.2 424.8 330.8 (66.1) (14.5%)

Commissions and Fees
Collected 168.7 167.0 167.1 7.7 4.1%
Commissions and Fees Paid 2.0 0.3 0.3 1.3 82.0%
Market Related Income - - - - n/a

Net Operating Revenue 613.9 591.5 497.6 (59.7) (9.3%)

Non-Interest Expense 366.9 327.7 323.4 (1.5) (0.3%)

Net Operating Income 247.0 263.8 174.2 (58.2) (31.0%)

Other Income - Net 5.0 28.4 (31.9) 2.7 36.3%

Total Income Before Income
Tax and Employees' Statutory
Profit Sharing 252.0 292.3 142.4 (55.5) (28.4%)

Income Tax and Employees'
Statutory Profit Sharing
Current 92.1 99.0 67.6 (26.5) (30.4%)
Deferred (36.9) (6.5) (24.1) (6.1) 38.6%

Total Income Before Minority
Interest 196.7 199.7 98.8 (23.0) (18.5%)

Minority Interest - - - - n/a

Net Income 196.7 199.7 98.8 (23.0) (18.5%)
Weighted Average Number of
Shares 680.0 680.0 635.0 (50.0) (7.4%)
EPS 0.2893 0.2937 0.1557 - (12.0%)
------ ------ ------ ---- -----

9M09 9M08 Absolute %
---- ---- -------- ----

Interest Income 2,283.5 1,944.9 338.7 17.4%
Interest Expense 249.8 144.7 105.1 72.6%
Monetary Loss - Net - - - n/a

Financial Margin 2,033.7 1,800.2 233.6 13.0%

Provision for Loan Losses 792.5 482.7 309.8 64.2%

Financial Margin After
Provision for Loan Losses 1,241.2 1,317.5 (76.3) (5.8%)

Commissions and Fees Collected 559.9 555.1 4.7 0.9%
Commissions and Fees Paid 9.1 6.4 2.7 42.0%
Market Related Income - - - n/a

Net Operating Revenue 1,792.0 1,866.2 (74.2) (4.0%)

Non-Interest Expense 1,331.5 1,222.4 109.2 8.9%

Net Operating Income 460.5 643.8 (183.4) (28.5%)

Other Income - Net 25.9 16.1 9.8 61.1%

Total Income Before Income Tax
and Employees' Statutory
Profit Sharing 486.4 659.9 (173.6) (26.3%)

Income Tax and Employees'
Statutory Profit Sharing
Current 254.6 271.8 (17.2) (6.3%)
Deferred (123.4) (114.7) (8.8) 7.6%

Total Income Before Minority
Interest 355.2 502.8 (147.6) (29.4%)

Minority Interest - - - n/a

Net Income 355.2 502.8 (147.6) (29.4%)
Weighted Average Number of
Shares 630.0 680.0 (50.0) (7.4%)
EPS 0.5638 0.7394 (0.18) 23.8%)
------ ------ ----- -----

FINANCIERA INDEPENDENCIA S.A.B. DE C.V., SOFOM, E.N.R.
Key Ratios & Operating Data
For the Nine Months Periods Ended September 30, 2009 and 2008
(Millions of Mexican Pesos)

3Q09 2Q09 3Q08 QoQ % YoY %
---- ---- ---- ----- -----
Key Ratios
Profitability & Efficiency
NIM after Provisions Excl.
Fees (1) 30.7% 33.1% 42.7% -2.4 pp -11.9 pp
NIM after Provisions Incl.
Fees (2) 46.0% 48.9% 60.2% -2.9 pp -14.2 pp
ROAA (3) 7.1% 9.8% 10.8% -2.7 pp -3.7 pp
ROAE (4) 23.2% 33.7% 26.4% -10.5 pp -3.2 pp
Efficiency Ratio (5) 77.7% 69.9% 70.7% 7.8 pp 7 pp
Operating Efficiency (6) 31.7% 29.9% 39.4% 1.8 pp -7.7 pp
Fee Income (7) 33.2% 32.2% 29.1% 1 pp 4.1 pp
-------------- ---- ---- ---- ---- ------
Capitalization
Equity to Total Assets 31.5% 29.7% 41.1% 1.9 pp -9.5 pp
---------------------- ---- ---- ---- ------ -------
Credit Quality Ratios
NPL Ratio (8) 12.5% 12.7% 10.5% -0.2 pp 2 pp
Coverage Ratio (9) 70.9% 65.7% 64.5% 5.2 pp 6.4 pp
------------------ ---- ---- ---- ------ ------
Operating Data
Number of Clients 1,215,609 1,166,581 1,032,804 4.2% 17.7%
- Formal Sector 740,133 720,166 656,269 2.8% 12.8%
- Informal Sector 475,476 446,415 376,535 6.5% 26.3%
Number of Offices 198 194 186 2.1% 6.5%
Total Labor Force 9,586 9,308 9,825 3.0% -2.4%
- Full Time Personnel 9,412 9,106 9,275 3.4% 1.5%
- Independent Sales
Agents 174 202 550 -13.9% -68.4%
---------------------- --- --- --- ----- -----

9M09 9M08 %
---- ---- ----
Key Ratios
Profitability & Efficiency
NIM after Provisions Excl. Fees (1) 33.4% 43.9% -10.5 pp
NIM after Provisions Incl. Fees (2) 48.2% 62.2% -14 pp
ROAA (3) 8.6% 15.6% -7 pp
ROAE (4) 29.7% 32.0% -2.3 pp
Efficiency Ratio (5) 74.3% 65.5% 8.8 pp
Operating Efficiency (6) 32.1% 37.9% -5.8 pp
Fee Income (7) 30.7% 29.4% 1.3 pp
-------------- ---- ---- ------
Capitalization
Equity to Total Assets 31.5% 41.1% -9.5 pp
---------------------- ---- ---- -------
Credit Quality Ratios
NPL Ratio (8) 12.5% 10.5% 2 pp
Coverage Ratio (9) 70.9% 64.5% 6.4 pp
------------------ ---- ---- ------
Operating Data
Number of Clients 1,215,609 1,032,804 17.7%
- Formal Sector 740,133 656,269 12.8%
- Informal Sector 475,476 376,535 26.3%
Number of Offices 198 186 6.5%
Total Labor Force 9,586 9,825 -2.4%
- Full Time Personnel 9,412 9,275 1.5%
- Independent Sales Agents 174 550 -68.4%
--------------------------- --- --- -----

(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
(3) ROAA: Net Income / Average Total Assets
(4) ROAE: Net Income / Average Total Equity
(5) Efficiency Ratio: Non-Interest Expense / Net Operating Revenues
(6) Operating Efficiency: Non-interest Expense / Average Assets
(7) Commissions and Fees (Net) / Net Operating Revenue
(8) NPL Ratio: Non-Performing Loans / Total Loan Portfolio
(9) Coverage Ratio: Allowances for Loan Losses / Non-Performing Loans

SOURCE Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.

Vicente Gutierrez, Financiera Independencia, S.A.B. de C.V., SOFOM, E.N.R.,
Investor Relations, +52-55-5229-0291, vgutierrez@independencia.com.mx