6-K
Banco BBVA Argentina S.A. (BBAR)
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May 2025
Commission File Number: 001-12568
BBVA Argentina Bank S.A.
(Translation of registrant’s name into English)
111 Córdoba Av, C1054AAA
Buenos Aires, Argentina
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
| Form 20-F | X | Form 40-F |
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
| Yes | No | X |
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Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
| Yes | No | X |
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Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
| Yes | No | X |
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If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
Banco BBVA Argentina S.A.
TABLE OF CONTENTS
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| 1. | Banco BBVA Argentina S.A. reports consolidated first quarter earnings for fiscal year 2025. |
Banco BBVA ArgentinaS.A. announcesFirst Quarter 2025 results
Buenos Aires,May 21, 2025 – Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) (“BBVA Argentina” or “BBVA” or “the Bank”) announced today its consolidated results for the first quarter (1Q25), ended on March 31, 2025.
As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2024 and 2025 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to March 31, 2025.
1Q25 Highlights
| · | BBVA Argentina’s inflation adjusted net income<br>in 1Q25 was $81.6 billion, 16.2% above the $70.2 billion reported on the fourth quarter of 2024 (4Q24), and 53.2% higher than the $53.3<br>billion reported on the first quarter of 2024 (1Q24). |
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| · | In 1Q25, BBVA Argentina posted an inflation adjusted average return on assets (ROAA)<br>of 2.0% versus 1,7% the prior quarter, and an inflation adjusted average return on equity (ROAE) of 11.4% versus 9,5% the prior quarter. |
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| · | Operating income in 1Q25 was $280.7 billion, 56.9% higher than the $178.9 billion<br>recorded in 4Q24 and 71.5% lower than the $984.2 billion recorded in 1Q24. |
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| · | In terms of activity, total consolidated financing<br>to the private sector in 1Q25 totaled $9.2 trillion, increasing 11.2% in real terms compared to 4Q24, and 122.9% compared to 1Q24. In<br>the quarter, the variation was driven by an overall growth in all lines, especially in prefinancing and financing of exports by<br>21.4%, in other loans by 24.5% and in consumer loans by 22.9%. BBVA’s consolidated market share of private sector<br>loans reached 11.28% as of 1Q25, versus 10.10% in 1Q24, gaining 118 bps in the year. |
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| · | Total consolidated deposits in 1Q25 totaled $10.9<br>trillion, increasing 2.0% in real terms during the quarter, and 51.0% YoY. Quarterly increase was mainly explained by an increment in<br>investment accounts by 163.1%, offset by a decrease in savings accounts by 7.4%. The Bank’s consolidated market share of private<br>deposits reached 9.15% as of 1Q25 versus 7.37% as of 1Q24, gaining 178 bps in the year. |
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| · | As of 1Q25, the non-performing loan ratio (NPL) reached<br>1.38%, with a 164.32% coverage ratio. |
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| · | The accumulated efficiency ratio in 1Q25 was 56.3%, improving compared to 4Q24’s<br>62.2%, and 1Q24’s 65.4%. |
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| · | As of 1Q25, BBVA Argentina reached a regulatory capital ratio of 21.5%, entailing<br>a $1.5 trillion or 161.3% excess over minimum regulatory requirement. Tier I ratio was 21.5%. |
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| · | Total liquid assets represented 47.6% of the Bank’s<br>total deposits as of 1Q25. |
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Message from the CFO
"The notable fiscal consolidation,monetary stringency, and relative exchange rate stability have contributed to a moderation process of inflation throughout 2024, whichhas continued at the beginning of 2025. Likewise, there are increasing signs of economic activity recovery, which after falling by 1.7%in 2024, would expand by around 5.5% in 2025, according to BBVA Research. The prospects for inflation reduction have strengthened, andthe forecast is that it will converge to around 35% by the end of 2025.
Recently, within the framework of anew agreement with the International Monetary Fund, the lifting of a large part of the exchange controls and the implementation of a floatingexchange rate scheme with wide bands were announced, which could contribute to the macroeconomic normalization process. Regarding theexternal environment, although the direct impact of US tariffs could be relatively limited, the economy could be affected by a less favorableglobal context.
As of March 2025, private credit inpesos within the system grew by 221% year-on-year, while BBVA Argentina increased its private loan portfolio in pesos by 245%. Both thesystem and BBVA managed to exceed the year-on-year inflation level (which reached 55.9% YoY in March 2025) in terms of growth. With thisinformation, a real monthly growth that began in April 2024 for BBVA Argentina and in May for the system, continues to be observed, andthis trend continued in the first three months of 2025. The bank's market share of total private loans at a consolidated level rose by116 basis points from 10.10% in March 2024 to 11.28% in March 2025, maintaining a double-digit share for the fifteenth consecutive month.BBVA Argentina, according to the latest data available from the BCRA as of January 2025, remained in the 2nd position in the ranking oflocal private capital banks in terms of private loans at a consolidated level. BBVA Argentina continues to focus on organic growth, whichis evident in the market share growth of 342 basis points over the last 5 years, above the growth of the peer group, excluding recentmergers and acquisitions.
Regarding total private deposits inall currencies, the system grew by 94% annually, while the Bank grew by 141%, exceeding the inflation level in both cases. BBVA Argentina'sconsolidated market share of total private deposits was 9.15%, 178 basis points higher than the 7.37% of the previous year. BBVA Argentina,according to the latest data available from the BCRA as of January 2025, remained in 3rd position in the ranking of local private capitalbanks in terms of private deposits at a consolidated level.
In an environment of relative stabilityin interest rates during the quarter, BBVA Argentina's result in March 2025 managed to remain 53.2% above that of March 2024, reachingARS 81,608 million, which represents an ROE of 11.4%, compared to 9.5% in 4Q24.
On the other hand, as of March 2025,BBVA Argentina reached a non-performing loan ratio in private loans of 1.38%, below the latest available data for the system (February2024) of 1.77%, reaffirming that the portfolio quality of the system and the bank are healthy even in an environment of significant creditgrowth.
Regarding liquidity and solvency indicators,the Bank closes the quarter with values of 47.6% and 21.5% respectively, both at levels consistent with prudential regulations. Duringthe first quarter, the BCRA implemented changes for Operational Risk and Credit Risk requirements, now aligned with Basel IV.
As of the date of this report, the Bankhas announced the payment of dividends in cash or in kind. The total amount to be paid will be $89.4 billion, expressed in homogeneouscurrency as of December 31, 2024, and according to BCRA regulations, it must be updated by inflation on the payment date.
It is worth noting that a new globalstrategy of the BBVA Group for the 2025-2029 cycle has been launched, arising from an institutional reflection after the closing of the2020-2024 strategic plan, which was successful in terms of growth and profitability. This redesign responds to a new global context characterizedby macroeconomic stabilization, geopolitical transformation, and population aging, which poses challenges and opportunities in creditand deposit management.
Digitization, which was previously acompetitive advantage, has now become a market standard, while new unregulated players and disruptive technologies such as artificialintelligence demand a redefinition of the differential value of the company's proposition.
In this context, the strategicpriorities for 2025-2029 are focused on three main pillars: (i) a radical customer-centric perspective, (ii) value and capitalgeneration, and growth in a changing environment, and (iii) leveraging accelerators such as artificial intelligence for efficientdata processing. These priorities are articulated with an evolution in cultural values towards behaviors with greater empathy anddemand, and a renewed purpose: "Support your desire to go further", which reinforces the active role of the customer asthe central character of growth."
Carmen MorilloArroyo, CFO at BBVA Argentina
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Safe Harbor Statement
Thispress release contains certain forward-looking statements that reflect the current views and/or expectations of Banco BBVA Argentina andits management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,”“plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,”“forecast,” “guideline,” “seek,” “future,” “should” and other similar expressionsto identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a numberof risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materiallyfrom the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events maydiffer materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political,legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii)changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest ratesand the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or theinability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations andto finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies ofArgentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services,(ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Banco BBVA Argentina,(x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changesin consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rateof the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Banco BBVA Argentina’sfilings with the U.S. Securities and Exchange Commission (SEC) and Comisión Nacional de Valores (CNV). Readers are cautioned notto place undue reliance on forward-looking statements, which speak only as the date of this document. Banco BBVA Argentina is under noobligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a resultof new information, future events or otherwise.
Information
This earnings release has beenprepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on InternationalFinancial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accounting Standards Board (“I.A.S.B”)and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”), and with thethe exclusion of the application of the IFRS 9 impairment model for non-financial public sector debt instruments.
The information in this pressrelease contains unaudited financial information that consolidates, line item by line item, all of the banking activities of BBVA Argentina,including: BBVA Asset Management Argentina S.A., Consolidar AFJP-undergoing liquidation proceeding, PSA Finance Argentina CompañíaFinanciera S.A. (“PSA”) and Volkswagen Financial Services Compañía Financiera S.A (“VWFS”).
BBVA Seguros Argentina S.A. isdisclosed on a consolidated basis recorded as Investments in associates (reported under the proportional consolidation method), and thecorresponding results are reported as “Income from associates”), same as Rombo Compañía Financiera S.A. (“Rombo”),Play Digital S.A. (“MODO”), Openpay Argentina S.A. and Interbanking S.A.
Financial statements of subsidiarieshave been elaborated as of the same dates and periods as Banco BBVA Argentina S.A.’s. In the case of consolidated companies PSAand VWFS, financial statements were prepared considering the B.C.R.A. accounting framework for institutions belonging to “GroupC”, considering the model established by the IFRS 9 5.5. “Impairment” section for periods starting as of January 1,2022, excluding debt instruments from the non-financial public sector.
The information published bythe BBVA Group for Argentina is prepared according to IFRS, without considering the temporary exceptions established by BCRA.
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Quarterly Results
| INCOME STATEMENT | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Net Interest Income | 523,830 | 1,228,363 | 3.3% | (55.9%) |
| Net Fee Income | 67,284 | 78,751 | 48.3% | 26.7% |
| Net income from measurement of financial instruments at fair value through P&L | 41,686 | 43,460 | (22.8%) | (25.9%) |
| Net income from write-down of assets at amortized cost and at fair value through OCI | 81,376 | 98,118 | (1.5%) | (18.3%) |
| Foreign exchange and gold gains | 8,808 | 15,951 | (7.7%) | (49.0%) |
| Other operating income | 38,850 | 44,256 | (0.1%) | (12.3%) |
| Loan loss allowances | (91,362) | (41,914) | (4.9%) | (128.6%) |
| Net operating income | 670,472 | 1,466,985 | 5.1% | (52.0%) |
| Personnel benefits | (157,374) | (140,037) | 23.0% | 13.5% |
| Adminsitrative expenses | (152,917) | (161,021) | 4.3% | 9.1% |
| Depreciation and amortization | (27,409) | (16,030) | 24.2% | (29.6%) |
| Other operating expenses | (153,894) | (165,696) | 11.9% | 18.2% |
| Operarting expenses | (491,594) | (482,784) | 13.8% | 12.2% |
| Operating income | 178,878 | 984,201 | 56.9% | (71.5%) |
| Income from associates | 877 | (4,499) | (15.7%) | 116.4% |
| Income from net monetary position | (167,589) | (889,158) | 10.7% | 83.2% |
| Net income before income tax | 12,166 | 90,544 | n.m | 45.6% |
| Income tax | 58,054 | (37,292) | (186.5%) | (34.7%) |
| Net income for the period | 70,220 | 53,252 | 16.2% | 53.2% |
| Owners of the parent | 66,393 | 54,227 | 18.1% | 44.6% |
| Non-controlling interests | 3,827 | (975) | (17.0%) | 425.7% |
| Other comprehensive Income (OCI) (1) | (28,273) | (106,997) | (288.5%) | (2.7%) |
| Total comprehensive income | 41,947 | (53,745) | (167.3%) | 47.5% |
| (1) Net of Income Tax. |
All values are in US Dollars.
BBVA Argentina 1Q25 net income was $81.6 billion, increasing 16.2% or $11.4 billion quarter-over-quarter (QoQ) and 53.2% or $28.4 billion year-over-year (YoY). This implied a quarterly ROAE of 11.5% and a quarterly ROAA of 2.0%.
The 56.9% increase in quarterly operating results was explained by higher income and lower operating expenses. Higher income was mainly due to (i) a substantial improvement in income from fees, and (ii) better net interest income. On the side of expenses, there was an improvement in all expense lines, in particular benefits to personnel and other operating income.
It is important to remark that the line Net income from write-down of assets at amortized cost and at fair value through OCI in 1Q25 is mainly affected by the voluntary exchange of bonds promoted by the Government in January 2025, generating a positive result from the write-down of the exchanged bonds of $80.1 billion.
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Net income from the net monetary position was 10.7% lower QoQ, thanks to a lower net monetary position, which offset the increase in quarterly inflation (8.57%^1^ versus 8.03% in 4Q24).
It should be noted that the income tax line in 4Q24 reflects a positive result, derived from a change in accounting exposure that implied a reclassification of the income tax calculation from Other Comprehensive Income (OCI) to the Income Statement.
| OTHER COMPREHENSIVE INCOME | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Net income for the period | 70,220 | 53,252 | 16.2% | 53.2% |
| Other comprehensive income components to be reclassified to income/(loss) for the period | ||||
| Profit or losses from financial isntruments at fair value through OCI | (28,269) | (107,068) | (294.4%) | (4.1%) |
| Profit or losses from financial instruments at fair value through OCI | 24,437 | (145,227) | (473.9%) | 37.1% |
| Reclassification adjustment for the period | (11,977) | (97,514) | n.m | 17.8% |
| Income tax | (40,729) | 135,673 | 247.4% | (55.8%) |
| Other comprehensive income coponents not to be reclassified to income/(loss) for the period | ||||
| Income or loss on equity instruments at fair value through OCI | (4) | 71 | n.m | n.m |
| Resultado por instrumentos de patrimonio a VR con cambios en ORI | (4) | 71 | n.m | n.m |
| Total Other Comprehensive Income/(loss) for the period | (28,273) | (106,997) | (288.5%) | (2.7%) |
| Total Comprehensive Income | 41,947 | (53,745) | (167.3%) | 47.5% |
| Attributable to owners of the Parent | 38,976 | (52,470) | (180.6%) | 40.1% |
| Attributable to non-controlling interests | 2,971 | (1,275) | 6.9% | 349.1% |
All values are in US Dollars.
Lastly, total OCI in 1Q25 reported a $109.8 billion loss, 288.5% higher than the loss recorded on 4Q24, mainly impacted by results from financial instruments at FV through OCI. Thus, total comprehensive income for the period in 1Q25 was a loss of $28.2 billion.
| EARNINGS PER SHARE | BBVA ARGENTINA CONSOLIDATED | ||||
|---|---|---|---|---|---|
| ∆ % | |||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Financial Statement information | |||||
| Net income for the period attributable to owners of the parent (in AR$ millions, inflation adjusted) | 78,432 | 61,152 | 54,227 | 28.3% | 44.6% |
| Total shares outstanding ^(1)^ | 613 | 613 | 613 | - | - |
| Market information | |||||
| Closing price of ordinary share at BYMA (in AR$) | 7,950.00 | 7,560.00 | 3,068.64 | 5.2% | 159.1% |
| Closing price of ADS at NYSE (in USD) | 18.12 | 19.06 | 8.48 | (4.9%) | 113.7% |
| Book value per share (in AR$) | 4,598 | 4,278 | 3,468 | (99.5%) | (99.3%) |
| Price-to-book ratio (BYMA price) (%) | 0.17 | 0.18 | 0.09 | n.m | n.m |
| Earnings per share (in AR$) | 128,008 | 99,806 | 88,504 | 28.3% | 44.6% |
| Earnings per ADS^(2)^ (in AR$) | 384,025 | 299,417 | 265,511 | 28.3% | 44.6% |
| Market Cap (USD millions) | 3,701 | 3,893 | 1,732 | 12.1% | 146.9% |
| (1) In thousands of shares. | |||||
| (2) Each ADS accounts for 3 ordinary shares | |||||
| Book value, Equity and Results not adjusted by inflation |
^1^ Source: InstitutoNacional de Estadística y Censos (INDEC)
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Net Interest Income
| NET INTEREST INCOME | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Net Interest Income | 523,830 | 1,228,363 | 3.3% | (55.9%) |
| Interest Income | 936,576 | 1,990,495 | (2.0%) | (53.9%) |
| From government securities | 193,671 | 87,641 | (12.7%) | 93.0% |
| From private securities | 747 | 2,196 | (3.9%) | (67.3%) |
| Interest from loans and other financing | 573,793 | 641,565 | 11.2% | (0.5%) |
| Financial Sector | 5,386 | 5,036 | 21.6% | 30.0% |
| Overdrafts | 73,453 | 108,929 | (18.5%) | (45.1%) |
| Discounted Instruments | 154,459 | 216,490 | 7.7% | (23.2%) |
| Mortgage loans | 4,537 | 1,606 | 14.9% | 224.7% |
| Pledge loans | 21,934 | 14,790 | 7.6% | 59.6% |
| Consumer Loans | 113,072 | 62,287 | 21.8% | 121.2% |
| Credit Cards | 109,571 | 142,168 | 31.0% | 1.0% |
| Financial leases | 3,300 | 4,262 | (0.6%) | (23.1%) |
| Loans for the prefinancing and financing of exports | 7,969 | 1,994 | 43.4% | 472.9% |
| Other loans | 80,112 | 84,003 | 0.7% | (4.0%) |
| Premiums on reverse REPO transactions | 798 | 713,223 | (100.0%) | (100.0%) |
| CER/UVA clause adjustment | 165,091 | 544,183 | (35.3%) | (80.4%) |
| Other interest income | 2,476 | 1,687 | 28.0% | 87.9% |
| Interest expenses | 412,746 | 762,132 | (8.7%) | (50.6%) |
| Deposits | 371,627 | 677,733 | (9.9%) | (50.6%) |
| Checking accounts* | 77,218 | 311,675 | (31.8%) | (83.1%) |
| Savings accounts | 2,480 | 8,200 | (27.5%) | (78.1%) |
| Time deposits | 274,177 | 244,192 | (19.0%) | (9.1%) |
| Investment accounts | 17,752 | 113,666 | 228.1% | (48.8%) |
| Other liabilities from financial transactions | 961 | 5,391 | n.m | 239.0% |
| Interfinancial loans received | 17,788 | 13,158 | (4.3%) | 29.3% |
| Premiums on REPO transactions | 414 | - | 267.6% | N/A |
| Guaranteed securities loans | 10,396 | - | (92.3%) | N/A |
| CER/UVA clause adjustment | 11,560 | 65,850 | (62.0%) | (93.3%) |
| Other interest expense | - | - | N/A | N/A |
| *Includes interest-bearing checking accounts |
All values are in US Dollars.
Net interest income in 1Q25 was $541.3 billion, increasing 3.3% or $17.5 billion QoQ, and 55.9% or $687.0 billion YoY. In 1Q25, interest income decreased less than interest expenses in monetary terms. The former decreased due to lower income from public securities, especially CPI-linked bonds. Expenses decreased due to lower time deposit expenses (mainly due to lower rates), and interest-bearing checking account expenses as the rates on this product have also declined.
In 1Q25, interest income totaled $918.1 billion, falling 2.0% compared to 4Q24 and 53.9% compared to 1Q24. Quarterly decrease is mainly driven by lower income from public securities, in particular CPI-linked bonds, considering the CPI adjustment impacts with a delay on the subsequent financial statements (as per the bonds contractual calculations of coupons), with a quarterly inflation above the previous quarter. This was offset by higher income from loans, mainly consumer, credit card and discounted instruments, both thanks to a higher activity and higher rates.
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Income from government securities fell 12.7% compared to 4Q24, and increased 93.0% compared to 1Q24. This is partially due to the voluntary exchange in January of a bundle of LECAP bonds for Dual TAMAR bonds, which have a lower interest accrual due to lower market interest rates. 92% of these results correspond to government securities at fair value through OCI, 3% correspond to securities at fair value through P&L (mainly LECAP), and 4% correspond to securities at amortized cost (2027 National Treasury Bonds at fixed rate, National Treasury Bonds Private 0.70 Badlar Rate maturing on November 2027, and National Treasury Bonds CER 2025, used for reserve requirement integration).
Interest income from loans and other financing totaled $638.2 billion, increasing 11.2% QoQ and falling only 0.5% YoY. Quarterly increase is explained by an overall growth in all credit lines (except overdrafts, which accrued a lower interest rate), mainly credit cards, consumer loans and discounted instruments. In spite of interest rates having declined in 4Q24, and having seen great market competitiveness in that period, rates in 1Q25 have been increasing since the beginning of the year.
Income from CER/UVA adjustments decreased 35.3% QoQ and 80.4% YoY. Quarterly decrease is explained by the delay with which the inflation adjustment effects are recorded, and impact on the subsequent financial statements, with a quarterly inflation above the previous quarter (8.57% in 1Q25 versus 8.03% in 4Q24). 74% of income from interests from CER/UVA clause adjustments is explained by interests generated by CPI linked bonds.
Interest expenses totaled $376.7 billion, denoting a decrease of 8.7% QoQ and 50.6% YoY. Quarterly decrease is explained by lower time deposit and checking accounts, in particular interest-bearing accounts.
Interests from time deposits (including investment accounts, excluding CER/UVA adjustments from time deposits) explain 74.4% of interest expenses, versus 67.9% the previous quarter. Time deposit expenses decreased 19.0% QoQ and 9.1% YoY.
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NIM
As of 1Q25, net interest margin (NIM) was 18.8% falling versus 4Q24’s 20.0%. NIM in pesos was 21.3% versus 4Q24’s 22.1%. NIM in foreign currency was 3.9% versus 4.1% in 4Q24.
| ASSETS<br> & LIABILITIES PERFORMANCE - TOTAL | ||||||||
|---|---|---|---|---|---|---|---|---|
| In millions of<br> AR. Rates and spreads in annualized % | ||||||||
| 4Q24 | 1Q24 | |||||||
| Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | |
| Total<br> interest-earning assets | 918,076 | 31.8% | 10,398,386 | 936,576 | 35.7% | 8,786,501 | 1,990,495 | 90.9% |
| Debt securities | 248,866 | 33.1% | 3,198,934 | 331,186 | 41.1% | 4,813,574 | 1,242,296 | 103.5% |
| Loans to customers/financial<br> institutions | 669,210 | 31.9% | 7,128,327 | 605,376 | 33.7% | 3,818,994 | 748,176 | 78.6% |
| Loans to the BCRA | - | 0.0% | 678 | 3 | 1.8% | 187 | 9 | 19.3% |
| Other assets | - | 0.0% | 70,447 | 11 | 0.1% | 153,746 | 14 | 0.0% |
| Total<br> non interest-earning assets | - | 0.0% | 5,289,048 | - | 0.0% | 3,633,096 | - | 0.0% |
| Total<br> Assets | 918,076 | 22.7% | 15,687,434 | 936,576 | 23.7% | 12,419,597 | 1,990,495 | 64.3% |
| Total<br> interest-bearing liabilities | 376,747 | 16.2% | 8,813,314 | 412,746 | 18.6% | 5,847,250 | 762,132 | 52.3% |
| Savings accounts | 1,807 | 0.2% | 4,094,819 | 2,479 | 0.2% | 2,341,593 | 8,201 | 1.4% |
| Time deposits and investment<br> accounts | 284,649 | 29.2% | 3,311,862 | 303,490 | 36.4% | 1,716,805 | 423,706 | 99.0% |
| Debt securities issued | 9,707 | 23.8% | 57,005 | 5,073 | 35.3% | 17,502 | 5,164 | 118.3% |
| Other liabilities | 80,584 | 25.2% | 1,349,628 | 101,704 | 29.9% | 1,771,350 | 325,061 | 73.6% |
| Total<br> non-interest-bearing liabilities | - | 0.0% | 6,874,120 | - | 0.0% | 6,572,347 | - | 0.0% |
| Total<br> liabilities and equity | 376,747 | 9.3% | 15,687,434 | 412,746 | 10.4% | 12,419,597 | 762,132 | 24.6% |
| NIM<br> - Total | 18.8% | 20.0% | 56.1% | |||||
| Spread<br> - Total | 15.6% | 17.2% | 38.6% | |||||
| Nominal<br> rates are calculated over a 365-day year | ||||||||
| Does<br> not include Net income from measurement of financial instruments at fair value through P&L nor Net income from write-down of<br> assets at amortized cost and at fair value through OCI | ||||||||
| Interest-bearing<br> checking accounts included in other interest-bearing liabilities. Non interest-bearing accounts are included in non-interest-bearing<br> liabilities. |
All values are in US Dollars.
| ASSETS<br> & LIABILITIES PERFORMANCE - AR | ||||||||
|---|---|---|---|---|---|---|---|---|
| In<br> millions of AR. Rates and spreads in annualized % | ||||||||
| 4Q24 | 1Q24 | |||||||
| Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | |
| Total<br> interest-earning assets | 899,622 | 36.4% | 9,189,073 | 922,397 | 39.8% | 7,833,457 | 1,987,309 | 101.8% |
| Debt securities | 248,349 | 33.9% | 3,113,513 | 330,671 | 42.1% | 4,290,708 | 1,242,171 | 116.1% |
| Loans to customers/financial<br> institutions | 651,273 | 38.3% | 6,004,470 | 591,723 | 39.1% | 3,400,776 | 745,129 | 87.9% |
| Loans to the BCRA | - | 0.0% | 676 | 3 | 1.8% | 184 | 9 | 19.6% |
| Other assets | - | 0.0% | 70,414 | - | 0.0% | 141,789 | - | 0.0% |
| Total<br> non interest-earning assets | - | 0.0% | 2,404,940 | - | 0.0% | 1,442,647 | - | 0.0% |
| Total<br> Assets | 899,622 | 29.5% | 11,594,013 | 922,397 | 31.6% | 9,276,104 | 1,987,309 | 85.9% |
| Total<br> interest-bearing liabilities | 374,662 | 24.3% | 5,495,364 | 411,073 | 29.7% | 4,120,260 | 761,902 | 74.2% |
| Savings accounts | 1,752 | 0.6% | 1,077,512 | 2,437 | 0.9% | 845,884 | 8,171 | 3.9% |
| Time deposits and Investment<br> accounts | 284,077 | 31.1% | 3,063,746 | 302,897 | 39.2% | 1,488,233 | 423,617 | 114.2% |
| Debt securities issued | 9,707 | 26.1% | 57,005 | 5,073 | 35.3% | 17,502 | 5,164 | 118.3% |
| Other liabilities | 79,126 | 25.8% | 1,297,101 | 100,666 | 30.8% | 1,768,641 | 324,950 | 73.7% |
| Total<br> non-interest-bearing liabilities | - | 0.0% | 6,075,861 | - | 0.0% | 5,519,765 | - | 0.0% |
| Total<br> liabilities and equity | 374,662 | 12.4% | 11,571,225 | 411,073 | 14.1% | 9,640,025 | 761,902 | 31.7% |
| NIM<br> - AR | 21.3% | 22.1% | 62.7% | |||||
| Spread<br> - AR | 12.1% | 10.1% | 27.6% | |||||
| Nominal<br> rates are calculated over a 365-day year | ||||||||
| Does<br> not include Net income from measurement of financial instruments at fair value through P&L nor Net income from write-down of<br> assets at amortized cost and at fair value through OCI | ||||||||
| Interest-bearing<br> checking accounts included in other interest-bearing liabilities. Non interest-bearing accounts are included in non-interest-bearing<br> liabilities. |
All values are in US Dollars.
| 8 |
| --- | | ASSETS<br> & LIABILITIES PERFORMANCE - FOREIGN CURRENCY | BBVA<br> ARGENTINA CONSOLIDATED | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | In<br> millions of AR. Rates and spreads in annualized % | | | | | | | | | | | | | 4Q24 | | | 1Q24 | | | | | Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | Average<br> Balance | Interest<br> Earned/Paid | Average<br> Real Rate | | Total<br> interest-earning assets | 18,454 | 4.4% | 1,209,313 | 14,179 | 4.7% | 953,044 | 3,186 | 1.3% | | Debt securities | 517 | 2.7% | 85,421 | 515 | 2.4% | 522,866 | 125 | 0.1% | | Loans to customers/financial<br> institutions | 17,937 | 4.5% | 1,123,857 | 13,653 | 4.8% | 418,218 | 3,047 | 2.9% | | Loans to the BCRA | - | 0.0% | 2 | - | 0.0% | 3 | - | 0.0% | | Other assets | - | 0.0% | 33 | 11 | 132.2% | 11,957 | 14 | 0.5% | | Total<br> non interest-earning assets | - | 0.0% | 2,884,108 | - | 0.0% | 2,190,449 | - | 0.0% | | Total<br> Assets | 18,454 | 1.9% | 4,093,421 | 14,179 | 1.4% | 3,143,493 | 3,186 | 0.4% | | Total<br> interest-bearing liabilities | 2,085 | 0.3% | 3,317,950 | 1,673 | 0.2% | 1,726,990 | 230 | 0.1% | | Savings accounts | 55 | 0.0% | 3,017,307 | 42 | 0.0% | 1,495,709 | 30 | 0.0% | | Time deposits and Investment<br> accounts | 572 | 0.9% | 248,116 | 593 | 0.9% | 228,572 | 89 | 0.2% | | Icorporate bonds issued | - | 0.0% | - | - | 0.0% | - | - | 0.0% | | Other liabilities | 1,458 | 11.1% | 52,527 | 1,038 | 7.8% | 2,709 | 111 | 16.4% | | Total<br> non-interest-bearing liabilities | - | 0.0% | 798,259 | - | 0.0% | 1,052,582 | - | 0.0% | | Total<br> liabilities and equity | 2,085 | 0.2% | 4,116,209 | 1,673 | 0.2% | 2,779,572 | 230 | 0.0% | | NIM<br> - Foreign currency | | 3.9% | | | 4.1% | | | 1.2% | | Spread<br> - Foreign currency | | 4.2% | | | 4.5% | | | 1.3% | | Nominal<br> rates are calculated over a 365-day year | | | | | | | | | | Does<br> not include Net income from measurement of financial instruments at fair value through P&L nor Net income from write-down of<br> assets at amortized cost and at fair value through OCI | | | | | | | | | | Interest-bearing<br> checking accounts included in other interest-bearing liabilities. Non interest-bearing accounts are included in non-interest-bearing<br> liabilities. | | | | | | | | |
All values are in US Dollars.
Net Fee Income
| NET FEE INCOME | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Net Fee Income | 67,284 | 78,751 | 48.3% | 26.7% |
| Fee Income | 149,670 | 142,032 | 20.7% | 27.2% |
| Linked to liabilities | 49,087 | 36,059 | (1.9%) | 33.5% |
| From credit cards (1) | 64,909 | 72,545 | 43.0% | 27.9% |
| Linked to loans | 17,389 | 14,993 | 11.8% | 29.6% |
| From insurance | 5,386 | 5,146 | 20.3% | 25.9% |
| From foreign trade and foreign currency transactions | 6,713 | 7,975 | (9.8%) | (24.1%) |
| Linked to loan commitments | 287 | 80 | 366.2% | n.m |
| From guarantees granted | 72 | 99 | (1.4%) | (28.3%) |
| Linked to securities | 5,827 | 5,135 | 8.2% | 22.8% |
| Fee expenses | 82,386 | 63,281 | (1.9%) | 27.7% |
| (1)<br> Includes results from Puntos BBVA royalty program pursuant to IFRS 15 regulation. |
All values are in US Dollars.
Net fee income as of 1Q25 totaled $99.8 billion, increasing 48.3% or $32.5 billion QoQ and 26.7% or $21.0 billion YoY. The increase is explained both by an increase in income and a fall in expenses in monetary and percentage terms.
In 1Q25, fee income totaled $180.1 billion, increasing 20.7% QoQ and 27.2% YoY. Higher income is mainly explained by credit card fees, considering a revision of provisions linked to the Millas BBVA loyalty program. It is important to note the increase in fees linked to loans, fees from insurance and fees linked to loan commitments, the latter related to income from the structuring of syndicated loans.
On the side of fee expenses, these totaled $80.8 billion, decreasing 1.9% QoQ and increasing 27.7% YoY. This is mainly explained by lower expenses on payroll promotion campaigns, followed by lower expenses from foreign trade transactions.
Net Income from Measurement of Financial Instruments at Fair Value and Foreign Exchange and Gold Gains/Losses
| 9 |
| --- | | NET INCOME FROM FINANCIAL INSTRUMENTS AT FAIR VALUE (FV) THROUGH P&L | | | | | | --- | --- | --- | --- | --- | | In millions of AR - Inflation adjusted | | | ∆ % | | | | 4Q24 | 1Q24 | QoQ | YoY | | Net Income from financial instruments at FV through P&L | 41,686 | 43,460 | (22.8%) | (25.9%) | | Income from government securities | 36,733 | 54,427 | (16.7%) | (43.8%) | | Income from private securities | 4,692 | 404 | (79.6%) | 137.1% | | Interest rate swaps | 422 | - | (187.7%) | N/A | | Income from foreign currency forward transactions | (246) | (10,571) | n.m | 109.7% | | Income from put option long position | - | (952) | N/A | 100.0% | | Income from corporate bonds | 85 | 149 | (100.0%) | (100.0%) | | Other | - | 3 | N/A | (100.0%) |
All values are in US Dollars.
In 1Q25, net income from financial instruments at fair value (FV) through P&L was $32.2 billion, falling 22.8% or $9.5 billion QoQ and 25.9% or $11.3 billion YoY.
Quarterly results are mainly explained by a decrease in the income from government securities line item, followed by income from public securities.
| DIFFERENCES IN QUOTED PRICES OF GOLD AND FOREIGN FOREIGN CURRENCY | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Foreign exchange and gold gains/(losses) (1) | 8,808 | 15,951 | (7.7%) | (49.0%) |
| From foreign exchange position | (10,551) | 5,534 | (3.9%) | (298.1%) |
| Income from purchase-sale of foreign currency | 19,359 | 10,417 | (1.3%) | 83.3% |
| Net income from financial instruments at FV through P&L (2) | (246) | (10,571) | n.m | 109.7% |
| Income from foreign currency forward transactions | (246) | (10,571) | n.m | 109.7% |
| Total differences in quoted prices of gold & foreign currency (1) + (2) | 8,562 | 5,380 | 6.9% | 70.2% |
All values are in US Dollars.
In 1Q25, the total differences in quoted prices of gold and foreign currency showed profit for $9.2 billion, increasing 6.9% or $594 million compared to 4Q24.
The quarterly increase in foreign exchange and gold gains is explained by a higher income in the income from foreign currency forward transactions line*.*
| 10 |
| --- |
Other Operating Income
| OTHER OPERATING INCOME | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Operating Income | 38,850 | 44,256 | (0.1%) | (12.3%) |
| Rental of safe deposit boxes (1) | 6,928 | 4,313 | 10.9% | 78.2% |
| Adjustments and interest on miscellaneous receivables (1) | 9,075 | 21,405 | 1.2% | (57.1%) |
| Punitive interest (1) | 2,359 | 1,497 | 52.6% | 140.5% |
| Loans recovered | 3,097 | 2,298 | (0.4%) | 34.2% |
| Results from the sale of non-current assets held for sale | (222) | - | 100.0% | N/A |
| Fee income from credit and debit cards (1) | 4,565 | 3,009 | 33.7% | 102.8% |
| Fee expenses recovery | 1,446 | 1,105 | 5.2% | 37.6% |
| Rents | 1,622 | 1,756 | 10.9% | 2.4% |
| Sindicated transaction fees | 425 | 426 | (8.5%) | (8.7%) |
| Disaffected provisions | 820 | 379 | 106.6% | 347.0% |
| Other Operating Income(2) | 8,735 | 8,068 | (57.1%) | (53.6%) |
| (1) Included in the efficiency ratio calculation | ||||
| (2) Includes some of the concepts used in the efficiency ratio calculation |
All values are in US Dollars.
In 1Q25 other operating income totaled $38.8 billion, mildly falling 0.1% or $42 million QoQ, and falling 12.3% or $5.4 billion YoY.
| 11 |
| --- |
Operating Expenses
Personnel Benefits and Administrative Expenses
| PERSONNEL BENEFITS & ADMINISTRATIVE EXPENSES | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Total Personnel Benefits and Adminsitrative Expenses | 310,291 | 301,058 | (13.8%) | (11.1%) |
| Personnel Benefits (1) | 157,374 | 140,037 | (23.0%) | (13.5%) |
| Administrative expenses (1) | 152,917 | 161,021 | (4.3%) | (9.1%) |
| Travel expenses | 1,238 | 1,027 | (17.5%) | (0.6%) |
| Outsourced administrative expenses | 24,193 | 19,828 | 12.0% | 36.7% |
| Security services | 5,328 | 4,384 | 17.8% | 43.2% |
| Fees to Bank Directors and Supervisory Committee | 263 | 168 | (32.3%) | 6.0% |
| Other fees | 5,552 | 4,367 | (9.7%) | 14.8% |
| Insurance | 1,056 | 1,109 | 28.3% | 22.2% |
| Rent | 17,933 | 23,627 | (20.1%) | (39.3%) |
| Stationery and supplies | 79 | 228 | 145.6% | (14.9%) |
| Electricity and communications | 5,361 | 5,249 | (2.7%) | (0.6%) |
| Advertising | 7,690 | 11,030 | 75.3% | 22.2% |
| Taxes | 30,196 | 37,515 | (41.1%) | (52.6%) |
| Maintenance costs | 14,694 | 12,897 | (18.3%) | (6.9%) |
| Armored transportation services | 14,524 | 11,617 | 41.6% | 77.1% |
| Software | 8,091 | 10,641 | (46.4%) | (59.2%) |
| Document distribution | 6,270 | 7,588 | (9.4%) | (25.1%) |
| Commercial reports | 3,656 | 2,975 | 45.0% | 78.3% |
| Other administrative expenses | 6,793 | 6,771 | (4.3%) | (4.0%) |
| Headcount* | ||||
| BBVA (Bank) | 6,200 | 5,976 | 99 | 323 |
| Subsidiaries (2) | 89 | 92 | 11 | 8 |
| Total employees* | 6,289 | 6,068 | 110 | 331 |
| In branches** | 2,236 | 2,245 | 13 | 4 |
| At Main office | 4,053 | 3,823 | 97 | 327 |
| Total branches*** | 235 | 242 | - | (7) |
| Own | 118 | 111 | - | 7 |
| Rented | 117 | 131 | - | (14) |
| - | ||||
| Efficiency Ratio | ||||
| Efficiency ratio | 70.1% | 65.4% | (1,376)bps | (908)bps |
| Accumulated Efficiency Ratio | 62.2% | 65.4% | (591)bps | (908)bps |
| (1) Concept included in the efficiency ratio calculation | ||||
| (2) Includes BBVA Asset Management, PSA & VWFS. Employees included in Main Office. | ||||
| *Total effective employees, net of temporary contract employees. Expatriates excluded. | ||||
| **Branch employees + Business Center managers | ||||
| ***Excludes administrative branches |
All values are in US Dollars.
During 1Q25, personnel benefits and administrative expenses totaled $267.5 billion, falling 13.8% or $42.8 billion compared to 4Q24, and 11.1% or $33.5 billion compared to 1Q24 in real terms.
| 12 |
| --- |
Personnel benefits decreased 23.0% QoQ, and 13.5% YoY. In spite of wages increasing in line with inflation, 4Q24 was highly impacted by severance expenses and the adjustment of provisions recorded for stock of vacation days and variable remuneration, which were not present in 1Q25, reducing overall expenses.
As of 1Q25, administrative expenses decreased 4.3% QoQ, and 9.1% YoY. This is mainly explained by (i) taxes, (ii) software, and (iii) rent. Rent and software are related to expenses of software licenses and services contracted with the Parent company. In the case of taxes, the fall is mainly explained by an accounting reclassification of taxes linked to health and safety, which as of this quarter are now recorded in the turnover tax line in Other Operating Expenses pursuant to the nature of the expense.
The quarterly efficiency ratio as of 1Q25 was 56.3%, below the 70.1% reported in 4Q24, and the 65.4% reported in 1Q24. Improvement in the ratio is explained by the numerator (expenses) decreasing, while the denominator (income considering monetary position results) increased, especially due to growth in net fee income and lower result from the net monetary position.
The accumulated efficiency ratio as of 1Q25 was 56.3%, below the 62.2% reported in 4Q24, and the 65.4% reported in 1Q24. The decrease in this ratio is due to a decrease in expenses, and an increase in income, especially fee income and lower result from the net monetary position.
Other Operating Expenses
| OTHER OPERATING EXPENSES | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Other Operating Expenses | 153,894 | 165,696 | (11.9%) | (18.2%) |
| Turnover tax (1) | 70,078 | 94,520 | 26.6% | (6.1%) |
| Initial loss of loans below market rate (1) | 13,711 | 4,823 | 59.1% | 352.3% |
| Contribution to the Deposit Guarantee Fund (SEDESA) (1) | 3,655 | 2,565 | 22.3% | 74.3% |
| Interest on liabilities from financial lease | 1,049 | 1,153 | (2.7%) | (11.4%) |
| Other allowances | 13,101 | 53,906 | (47.9%) | (87.3%) |
| Loss for sale or devaluation of investment properties and other non-financial assets | 40,808 | - | (100.0%) | N/A |
| Claims | 1,176 | 797 | 74.1% | 156.8% |
| Other operating expenses (2) | 10,316 | 7,932 | 2.6% | 33.5% |
| (1) Concept<br> included for the calculation of the efficiency ratio | ||||
| (2) Considers some concepts included for the acalculation of the efficiency ratio |
All values are in US Dollars.
In 1Q25, other operating expenses totaled $135.5 billion, decreasing 11.9% or $18.4 billion QoQ, and 18.2% or $30.2 billion YoY.
The fall is mainly explained by the loss recorded in 4Q24 for sale or devaluation of investment properties and other non-financial assets, generating contrast versus 1Q25.
Other allowances fell 47.9% in 1Q25, due to the increase in credit card consumption.
| 13 |
| --- |
Income from Associates
This line reflects the results from non-consolidated associate companies. During 1Q25, a profit of $739 million has been reported, mainly due to the Bank’s participation in BBVA Seguros Argentina S.A., Rombo Compañía Financiera S.A., Interbanking S.A. and Play Digital S.A. and Openpay Argentina S.A.
Income Tax
Accumulated income tax during 1Q25 recorded a loss of $50.2 billion. Accumulated income tax for 1Q24 recorded a loss of $37.3 billion.
The three month accumulated effective tax rate in 2025 was 38%^2^^.^ , while that of 2024 was 41%.
^2^ Income tax, according to IAS 34, is recorded on interimfinancial periods over the best estimate of the weighted average tax rate expected for the fiscal year.
| 14 |
| --- |
Balance sheet and activity
Loans and Other Financing
| LOANS AND OTHER FINANCING | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| To the public sector | 1,047 | 102 | 213.8% | n.m |
| To the financial sector | 65,397 | 27,803 | 10.3% | 159.5% |
| Non-financial private sector and residents abroad | 8,290,561 | 4,136,212 | 11.2% | 122.9% |
| Non-financial private sector and residents abroad - AR | 6,881,725 | 3,569,705 | 8.3% | 108.7% |
| Overdrafts | 698,085 | 504,445 | 18.4% | 63.8% |
| Discounted instruments | 1,931,461 | 801,798 | 0.1% | 141.2% |
| Mortgage loans | 254,206 | 195,998 | 23.1% | 59.7% |
| Pledge loans | 193,632 | 66,125 | 16.5% | 241.2% |
| Consumer loans | 883,805 | 311,769 | 22.9% | 248.3% |
| Credit cards | 2,161,607 | 1,318,458 | 1.0% | 65.6% |
| Receivables from financial leases | 26,363 | 21,048 | (2.7%) | 21.9% |
| Loans to personnel | 47,949 | 25,072 | 28.6% | 146.0% |
| Other loans | 684,617 | 324,992 | 16.2% | 144.7% |
| Non-financial private sector and residents abroad - Foreign Currency | 1,408,836 | 566,507 | 25.4% | 211.9% |
| Overdrafts | 20 | 14 | 25.0% | 78.6% |
| Discounted instruments | 54,694 | 1,405 | 5.6% | n.m |
| Credit cards | 66,978 | 46,128 | 24.1% | 80.2% |
| Receivables from financial leases | 1,509 | 146 | 18.3% | n.m |
| Loans for the prefinancing and financing of exports | 1,089,841 | 456,386 | 21.4% | 190.0% |
| Other loans | 195,794 | 62,428 | 53.7% | 381.9% |
| % of total loans to Private sector in AR | 83.0% | 86.3% | (218)bps | (547)bps |
| % of total loans to Private sector in Foreign Currency | 17.0% | 13.7% | 218 bps | 547 bps |
| % of mortgage loans with UVA adjustments / Total mortgage loans (1) | 93.2% | 52.3% | 452 bps | 4,545 bps |
| % of pledge loans with UVA adjustments / Total pledge loans (1) | 5.9% | 2.1% | 743 bps | 1,127 bps |
| % of consumer loans with UVA adjustments / Total consumer loans (1) | 0.0% | 0.0% | (0)bps | (2)bps |
| % of loans with UVA adjustments / Total loans and other financing(1) | 0.9% | 0.1% | 110 bps | 192 bps |
| Total loans and other financing | 8,357,005 | 4,164,117 | 11.2% | 123.2% |
| Allowances | (172,454) | (93,354) | (24.4%) | (129.9%) |
| Total net loans and other financing | 8,184,551 | 4,070,763 | 10.9% | 123.0% |
| (1) Excludes effect of accrued interests adjustments. |
All values are in US Dollars.
| LOANS<br> AND OTHER FINANCING TO NON-FINANCIAL PRIVATE SECTOR AND RESIDENTS ABROAD IN FOREIGN CURRENCY | ||||
|---|---|---|---|---|
| In<br> millions of | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| FX rate* | 1,032.50 | 857.42 | 4.0% | 25.2% |
| Non-financial private<br> sector and residents abroad - Foreign Currency () | 1,257 | 424 | 30.9% | 288.1% |
| *Wholesale<br> U.S. dollar foreign exchange rates on BCRA’s Communication “A” 3500, as of the end of period. |
All values are in US Dollars.
| 15 |
| --- |
Private sector loans as of 1Q25 totaled $9.2 trillion, increasing 11.2% or $927.4 billion QoQ, and 122.9% or $5.1 trillion YoY.
Loans to the private sector in pesos increased 8.3% in 1Q25, and 108.7% YoY. During the quarter, growth is observed in most lines, but was especially driven by (i) a 22.9% increase in consumer loans, followed by (ii) an 18.4% increase in overdrafts, and (iii) a 16.2% increase in other loans. A 23.1% growth in mortgages is to be noted, considering the continuous progress in this product which was re-launched by mid-2024. In all cases, the increment is boosted by genuine growth in real terms of the portfolio, levered on relative stability of market interest rates.
Loans to the private sector denominated in foreign currency increased 25.4% QoQ and 211.9% YoY. Quarterly increase is mainly explained by a 21.4% growth in financing and prefinancing of exports, and a 53.7% growth in other loans, the latter linked to financing of investment projects*.* Loans to the private sector in foreign currency measured in U.S. dollars increased 30.9% QoQ and 288.1% YoY. The depreciation of the argentine peso versus the U.S. dollar was 3.9% QoQ and 25.3% YoY^3^.
In 1Q25, total loans and other financing totaled $9.1 trillion, increasing 10.9% QoQ and 123.0% compared to 1Q24.
| LOANS AND OTHER FINANCING | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Non-financial private sector and residents abroad - Retail | 3,608,177 | 1,963,550 | 9.5% | 101.3% |
| Mortgage loans | 254,206 | 195,998 | 23.1% | 59.7% |
| Pledge loans | 193,632 | 66,125 | 16.5% | 241.2% |
| Consumer loans | 883,805 | 311,769 | 22.9% | 248.3% |
| Credit cards | 2,228,585 | 1,364,586 | 1.7% | 66.1% |
| Loans to personnel | 47,949 | 25,072 | 28.6% | 146.0% |
| Non-financial private sector and residents abroad - Commercial | 4,682,384 | 2,172,662 | 12.5% | 142.3% |
| Overdrafts | 698,105 | 504,459 | 18.4% | 63.8% |
| Discounted instruments | 1,986,155 | 803,203 | 0.3% | 148.0% |
| Receivables from financial leases | 27,872 | 21,194 | (1.6%) | 29.4% |
| Loans for the prefinancing and financing of exports | 1,089,841 | 456,386 | 21.4% | 190.0% |
| Other loans | 880,411 | 387,420 | 24.5% | 182.9% |
| % of total loans to Retail sector | 43.5% | 47.5% | (64)bps | (459)bps |
| % of total loans to Commercial sector | 56.5% | 52.5% | 64 bps | 459 bps |
All values are in US Dollars.
In real terms, retail loans (mortgage, pledge, consumer and credit cards, including loans to personnel) increased 9.5% QoQ and 101.3% YoY in real terms. During the quarter, growth is most evident in consumer loans increasing 22.9% and mortgages by 23.1%.
Commercial loans (overdrafts, discounted instruments, receivables from financial leases, loans for the prefinancing and financing of exports, and otherloans) increased 12.6% QoQ and 142.3% YoY, both in real terms. In the quarter, it is noted that prefinancing and financing of exports increased 21.4% and other loans increased 24.5%.
In non-restated figures, BBVA Argentina managed to increase the retail, commercial and total loan portfolio by 18.9%, 22.1% and 20.7% respectively during the quarter, surpassing quarterly inflation levels in all cases.
^3^ Taking into consideration wholesale U.S. dollar foreignexchange rates on BCRA’s Communication “A” 3500.
| 16 |
| --- | | LOANS<br> AND OTHER FINANCING - NON RESTATED FIGURES | | | | | | --- | --- | --- | --- | --- | | In<br> millions of AR | | | ∆<br> % | | | | 4Q24 | 1Q24 | QoQ | YoY | | Non-financial private<br> sector and residents abroad - Retail | 3,323,394 | 1,243,179 | 18.9% | 217.9% | | Non-financial private<br> sector and residents abroad - Commercial | 4,312,821 | 1,409,440 | 22.1% | 273.6% | | Total loans and other<br> financing (1) | 7,697,415 | 2,670,515 | 20.7% | 248.0% | | (1)<br> Does not include allowances | | | | |
All values are in US Dollars.
As of 1Q25, the total gross loans and other financing over deposits ratio was 84.7%, above the 77.5% recorded in 4Q24 and above the 55.9% in 1Q24.
Participation of total loans over assets is 56%, versus 51% in 4Q24 and 32% in 1Q24, evidencing a lower exposure to the public sector, in line with the real growth of credit demand.
| MARKET SHARE - PRIVATE SECTOR LOANS | BBVA ARGENTINA CONSOLIDATED | ||||
|---|---|---|---|---|---|
| In % | ∆ bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Private sector loans - Bank | 10.33% | 10.26% | 9.45% | 7 bps | 88 bps |
| Private sector loans - Consolidated* | 11.28% | 11.27% | 10.10% | 1 bps | 118 bps |
| Based on daily BCRA information. Capital balance as of the last day of each quarter. There may be differences generated by the gap between the siscen BCRA information and published financial statements | |||||
| * Consolidates PSA, VWFS & Rombo | |||||
| LOANS<br> BY ECONOMIC ACTIVITY | BBVA<br> ARGENTINA CONSOLIDATED | ||||
| --- | --- | --- | --- | --- | --- |
| %<br> over total gross loans and other financing | ∆<br> bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Government services | 0.00% | 0.00% | 0.00% | n.m | n.m. |
| Non-financial public<br> sector | 0.04% | 0.00% | 0.04% | 4<br> bps | n.m. |
| Financial Sector | 0.78% | 5.97% | 0.65% | (519)bps | 12<br> bps |
| Agricultural and Livestock | 5.18% | 3.02% | 5.23% | 216<br> bps | (5)bps |
| Mining products | 3.25% | 0.47% | 3.31% | 278<br> bps | (7)bps |
| Other manufacturing | 14.22% | 4.70% | 14.45% | 952<br> bps | (23)bps |
| Electricity, oil,water<br> and sanitary services | 1.71% | 0.29% | 1.75% | 142<br> bps | (3)bps |
| Wholesale and retail<br> trade | 8.04% | 2.86% | 8.16% | 518<br> bps | (12)bps |
| Transport | 1.69% | 0.79% | 1.71% | 90<br> bps | (2)bps |
| Services | 2.55% | 0.73% | 2.60% | 182<br> bps | (4)bps |
| Others | 21.21% | 10.59% | 21.46% | 1,062<br> bps | (25)bps |
| Construction | 0.56% | 0.35% | 0.57% | 21<br> bps | (1)bps |
| Consumer | 40.77% | 70.23% | 40.07% | (2,947)bps | 70<br> bps |
| Total<br> gross loans and other financing | 100% | 100% | 100% |
| 17 |
| --- |
Asset Quality
| ASSET QUALITY | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Commercial non-performing portfolio (1) | 4,024 | 4,728 | 54.6% | 31.6% |
| Total commercial portfolio | 3,983,838 | 2,035,854 | 9.9% | 115.0% |
| Commercial non-performing portfolio / Total commercial portfolio | 0.10% | 0.23% | 4 bps | (9)bps |
| Retail non-performing portfolio (1) | 93,409 | 48,995 | 33.2% | 153.9% |
| Total retail portfolio | 4,666,810 | 2,344,471 | 9.6% | 118.1% |
| Retail non-performing portfolio / Total retail portfolio | 2.00% | 2.09% | 43 pbs | 34 pbs |
| Total non-performing portfolio (1) | 97,433 | 53,723 | 34.0% | 143.1% |
| Total portfolio | 8,650,648 | 4,380,325 | 9.7% | 116.7% |
| Total non-performing portfolio / Total portfolio | 1.13% | 1.23% | 25 bps | 15 bps |
| Allowances | 172,454 | 93,354 | 24.4% | 129.9% |
| Allowances /Total non-performing portfolio | 177.00% | 173.77% | (1,268)bps | (945)bps |
| Quarterly change in Write-offs | 25,046 | 14,444 | 28.8% | 123.4% |
| Write offs / Total portfolio | 0.29% | 0.33% | 5 bps | 1 bps |
| Cost of Risk (CoR) | 4.88% | 3.76% | (48)bps | 64 bps |
| (1)<br> Non-performing loans include: all loans to borrowers classified as "Deficient Servicing (Stage 3)", "High Insolvency<br> Risk (Stage 4)", "Irrecoverable" and/or "Irrecoverable for Technical Decision" (Stage 5) according to BCRA<br> debtor classification system |
All values are in US Dollars.
As of 1Q25, asset quality ratio or NPL (total non-performing portfolio / total portfolio) increased from 1.13% to 1.38%, mainly due to seasonal arrears in credit cards. Commercial NPLs remained with a very good behavior.
Coverage ratio (allowances / total non-performing portfolio) reached 164.32% in 1Q25, from 177.00% in 4Q24. In spite of the ratio still being high, there was a decline due to the higher increase of non-performing retail loans, than the increase in allowances.
Cost of risk (loan loss allowances / average total loans) reached 4.40% in 1Q25 compared to 4.88% in 4Q24. The fall is partially explained by the real growth in the average loan book, above the variation of allowances, in line with the quarterly growth of the end-of-period portfolio.
| ANALYSIS<br> FOR THE ALLOWANCE OF LOAN LOSSES | BBVA<br> ARGENTINA CONSOLIDATED | ||||
|---|---|---|---|---|---|
| In<br> millions of AR | |||||
| Stage<br> 1 | Stage<br> 2 | Stage<br> 3 | Monetary<br> result generated by allowances | Balance<br> at 03/31/2025 | |
| Other financial assets | (86) | - | 314 | (157) | 2,032 |
| Loans and other financing | 9,344 | 14,772 | 33,695 | (15,664) | 214,600 |
| Other debt securities | (68) | - | - | (13) | 89 |
| Eventual commitments | 2,037 | 1,402 | (17) | (1,991) | 26,163 |
| Total<br> allowances | 11,227 | 16,174 | 33,992 | (17,825) | 242,884 |
| Note:<br> to be consistent with Financial Statements, it must be recorded from the beginning of the year instead of the quarter |
All values are in US Dollars.
Allowances for the Bank in 1Q25 reflect expected losses driven by the adoption of the IFRS 9 standards as of January 1, 2020, except for debt instruments issued by the nonfinancial government sector which were excluded from the scope of such standard.
| 18 |
| --- |
Public Sector Exposure
| NET<br> PUBLIC DEBT EXPOSURE* | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Treasury<br> and National Government | 99,663 | 353,553 | 326.4% | 20.2% |
| National<br> Treasury Public Debt in AR | 77,579 | 15,983 | 293.9% | n.m |
| National<br> Treasury Public Debt CPI-linked | 22,012 | 2,624 | 329.8% | n.m |
| National<br> Treasury Public Debt - Dual TAMAR AR | - | - | N/A | N/A |
| National<br> Treasury Public Debt in | 72 | 64 | (12.5%) | (1.6%) |
| National<br> Treasury Public Debt -linked | - | 334,882 | N/A | (100.0%) |
| Public<br> securities at FV through P&L | 99,663 | 353,553 | 326.4% | 20.2% |
| Treasury<br> and National Government | 173,606 | 209,238 | (27.3%) | (39.7%) |
| National<br> Treasury Public Debt in AR | 11,261 | 22,546 | (8.3%) | (54.2%) |
| National<br> Treasury Public Debt CPI-linked | 162,345 | 186,692 | (28.6%) | (37.9%) |
| BCRA | - | 25,937 | N/A | (100.0%) |
| LEDIV** | - | 25,937 | N/A | (100.0%) |
| Public<br> securities at Amortized Cost | 173,606 | 235,175 | (27.3%) | (46.3%) |
| Treasury<br> and National Government | 2,591,574 | 1,170,139 | (14.0%) | 90.5% |
| National<br> Treasury Public Debt in AR | 1,260,635 | - | (54.6%) | N/A |
| National<br> Treasury Public Debt CPI-linked | 1,330,939 | 1,170,139 | (28.3%) | (18.4%) |
| National<br> Treasury Public Debt in | - | - | N/A | N/A |
| National<br> Treasury Public Debt - Dual TAMAR AR | - | - | N/A | N/A |
| BCRA | 40,278 | 70,579 | 6.2% | (39.4%) |
| LEFIS | - | - | N/A | N/A |
| BOPREAL | 40,278 | 70,579 | 6.2% | (39.4%) |
| Public<br> securities at FV through OCI | 2,631,852 | 1,240,718 | (13.7%) | 83.1% |
| Total<br> Public securities | 2,905,121 | 1,829,446 | (2.8%) | 54.3% |
| Treasury<br> and National Government | - | - | N/A | N/A |
| BCRA | - | 3,169,910 | N/A | (100.0%) |
| BCRA<br> AR | - | 3,169,910 | N/A | (100.0%) |
| Total<br> Repo | - | 3,169,910 | N/A | (100.0%) |
| Loans to the non-financial public<br> sector | 1,047 | 102 | 213.8% | n.m |
| Loans to the Central<br> Bank | - | - | N/A | N/A |
| Total<br> loans to the public sector | 1,047 | 102 | 213.8% | n.m |
| Total<br> public sector exposure | 2,906,168 | 4,999,458 | (2.7%) | (43.5%) |
| Public<br> sector exposure (Excl. BCRA) | 2,865,890 | 1,733,032 | (2.9%) | 60.6% |
| %<br> Public sector exposure (Excl. BCRA) / Assets | 17.9% | 13.7% | (84)pbs | 338<br> pbs |
| *Deposits<br> at the Central Bank used to comply with reserve requirements not included. Includes assets used as collateral. | ||||
| **Securities<br> denominated in foreign currency |
All values are in US Dollars.
1Q25 total public sector exposure (excluding BCRA) totaled $2.8 trillion, decreasing 2.9% or $82.2 billion QoQ, and increasing 60.6% or $1.1 trillion YoY. The annual increase is mainly explained by a greater increment of public exposure to the Treasury in detriment of BCRA exposure, and a higher percentage increase in public exposure versus growth in assets.
The mild quarterly decrease is explained by the decline in the valuation of securities in pesos, especially LECAPs and CPI-linked bonds. As of July 2024, the market reference rate will be that of the new instrument created by the Treasury, the LeFis (Letra Fiscal de Liquidez), which ended the quarter with no position.
Exposure to the public sector, excluding BCRA exposure, represents 17.1% of total assets, below the 17.9% of 4Q24 and 13.7% in 1Q24, and as mentioned before, in line with real loan growth demand.
| 19 |
| --- |
Deposits
| TOTAL<br> DEPOSITS | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Total<br> deposits | 10,780,553 | 7,446,367 | 1.8% | 47.4% |
| Non-financial Public<br> Sector | 130,950 | 252,372 | (14.2%) | (55.5%) |
| Financial Sector | 4,698 | 4,840 | 49.9% | 45.5% |
| Non-financial<br> private sector and residents abroad | 10,644,905 | 7,189,155 | 2.0% | 51.0% |
| Non-financial<br> private sector and residents abroad - AR | 6,841,023 | 5,025,867 | 7.8% | 46.7% |
| Checking accounts* | 1,933,206 | 1,985,301 | 2.5% | (0.2%) |
| Savings accounts** | 1,423,964 | 1,103,791 | (4.6%) | 23.1% |
| Time deposits | 3,105,711 | 1,483,433 | 0.3% | 110.0% |
| Investment accounts<br> *** | 329,783 | 420,794 | 163.1% | 106.2% |
| Other | 48,359 | 32,548 | 1.3% | 50.4% |
| Non-financial<br> private sector and res. abroad - Foreign Currency | 3,803,882 | 2,163,288 | (8.4%) | 61.0% |
| Checking accounts* | 731 | 420 | (20.2%) | 38.8% |
| Savings accounts** | 3,536,142 | 1,935,505 | (8.6%) | 67.1% |
| Time deposits | 255,897 | 210,405 | (6.7%) | 13.5% |
| Other | 11,112 | 16,958 | (4.4%) | (37.4%) |
| %<br> of total portfolio in the private sector in AR | 64.3% | 69.9% | 364<br> bps | (200)bps |
| %<br> of total portfolio in the private sector in Foregin Currency | 35.7% | 30.1% | (364)bps | 200<br> bps |
| %<br> of UVA Time deposits & Investment accounts / Total AR Time deposits & Investment accounts | 1.2% | 0.0% | 10<br> bps | 122<br> bps |
| *Includes<br> interest-bearing checking accounts | ||||
| **Includes<br> special checking accounts | ||||
| ***Refers<br> to callable time deposits |
All values are in US Dollars.
| DEPOSITS<br> TO THE NON-FINANCIAL PRIVATE SECTOR AND RES. ABROAD IN FOREIGN CURRENCY | ||||
|---|---|---|---|---|
| In<br> millions of | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| FX rate* | 1,032.5 | 857.4 | 4.0% | 25.2% |
| Non-financial private<br> sector and residents abroad - Foreign Currency () | 3,393 | 424 | (4.4%) | 665.1% |
| *Wholesale<br> U.S. dollar foreign exchange rates on BCRA’s Communication “A” 3500, as of the end of period. |
All values are in US Dollars.
As of 1Q25, total deposits reached $11.0 trillion, increasing 1.8% or $194.2 billion QoQ, and 47.4% or $3.5 trillion YoY.
Private non-financial sector deposits in 1Q25 totaled $10.9 trillion, increasing 2.0% QoQ, and 51.0% YoY.
Private non-financial sector deposits in pesos totaled $7.4 trillion, increasing 7.8% compared to 4Q24, and 46.7% compared to 1Q24. The quarterly change is mainly affected by a 163.1% increase in investment accounts, and a 2.5% increase in checking accounts, mainly explained by higher funding.
Private non-financial sector deposits in foreign currency expressed in pesos decreased 8.4% QoQ and 61.0% YoY. This is mainly explained by a 8.6% decrease in savings accounts. Deposits in foreign currency expressed in U.S. dollars fell 4.4%.
| 20 |
| --- | | PRIVATE<br> DEPOSITS | | | | | | --- | --- | --- | --- | --- | | In<br> millions of AR - Inflation adjusted | | | ∆<br> % | | | | 4Q24 | 1Q24 | QoQ | YoY | | Non-financial<br> private sector and residents abroad | 10,644,905 | 7,189,155 | 2.0% | 51.0% | | Sight<br> deposits | 6,953,514 | 5,074,523 | (4.6%) | 30.7% | | Checking accounts* | 1,933,937 | 1,985,721 | 2.5% | (0.2%) | | Savings accounts** | 4,960,106 | 3,039,296 | (7.4%) | 51.1% | | Other | 59,471 | 49,506 | 0.2% | 20.4% | | Time<br> deposits | 3,691,391 | 2,114,632 | 14.4% | 99.6% | | Time deposits | 3,361,608 | 1,693,838 | (0.2%) | 98.0% | | Investment accounts*** | 329,783 | 420,794 | 163.1% | 106.2% | | %<br> of sight deposits over total private deposits | 65.8% | 71.6% | (423)pbs | (1,007)pbs | | %<br> of time deposits over total private deposits | 34.2% | 28.4% | 423<br> pbs | 1,007<br> pbs | | *Includes<br> interest-bearing checking accounts | | | | | | **Includes<br> special checking accounts | | | | | | ***Refers<br> to callable time deposits | | | | |
All values are in US Dollars.
In non-restated figures, BBVA Argentina managed to increase the sight deposits, time deposits and total deposits by 3.6%, 24.2% and 10.7% respectively, surpassing the quarterly level of inflation in all cases except sight deposits.
| PRIVATE<br> DEPOSITS - NON RESTATED FIGURES | ||||
|---|---|---|---|---|
| In<br> millions of AR | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Sight deposits | 6,404,697 | 1,243,179 | 3.6% | 433.6% |
| Time deposits | 3,400,041 | 1,409,440 | 24.2% | 199.5% |
| Total deposits | 9,804,738 | 2,670,515 | 10.7% | 306.5% |
All values are in US Dollars.
As of 1Q25, the Bank’s transactional deposits (checking accounts and savings accounts) represented 59.9% of total non-financial private deposits, totaling $6.6 trillion, versus 63.9% in 4Q24.
| MARKET<br> SHARE - PRIVATE SECTOR DEPOSITS | BBVA<br> ARGENTINA CONSOLIDATED | ||||
|---|---|---|---|---|---|
| In<br> % | ∆<br> bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Private sector Deposits<br> - Consolidated* | 9.15% | 8.60% | 7.37% | 55<br> pbs | 178<br> pbs |
| Based<br> on daily BCRA information. Capital balance as of the last day of each quarter. There may be differences generated by the gap between<br> the siscen BCRA information and published financial statements |
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Other Sources of Funds
| OTHER<br> SOURCES OF FUNDS | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Other<br> sources of funds | 3,189,498 | 3,365,758 | 5.3% | (0.2%) |
| Central Bank | 253 | 163 | 9.5% | 69.9% |
| Banks and international<br> organizations | 47,528 | 1,401 | (0.5%) | n.m |
| Financing received<br> from local financial institutions | 170,367 | 31,779 | 38.7% | n.m |
| Corporate bonds | 125,830 | 19,174 | 104.4% | n.m |
| Equity | 2,845,520 | 3,313,241 | (1.0%) | (15.0%) |
All values are in US Dollars.
In 1Q25, other sources of funds totaled $3.4 trillion, increasing 5.3% or $168.8 billion QoQ, and falling 0.2% or $7.5 billion YoY.
The variation in the quarter is mostly explained by a 104.4% increase in funding form corporate bonds. In 4Q24, BBVA Argentina has returned to the corporate bond market for the first time since 2019, with corporate bonds Class 32, 33 and 34, all of with a maturity of less than a year.
Additionally, a 1.0% decline in Equity is observed.
Liquid Assets
| TOTAL<br> LIQUID ASSETS | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Total<br> liquid assets | 5,837,521 | 6,853,355 | (10.5%) | (23.8%) |
| Cash and deposits in<br> banks | 3,065,862 | 1,984,894 | (20.1%) | 23.5% |
| Debt securities at<br> fair value through P&L | 99,663 | 353,552 | 326.4% | 20.2% |
| Government<br> securities | 99,663 | 353,552 | 326.4% | 20.2% |
| Liquidity<br> bills of B. C. R. A. | - | - | N/A | N/A |
| Net REPO transactions | - | 3,169,897 | N/A | (100.0%) |
| Other debt securities | 2,669,746 | 1,337,856 | (12.2%) | 75.1% |
| Government<br> securities | 2,629,468 | 1,311,918 | (12.5%) | 75.3% |
| Liquidity<br> bills of B. C. R. A. | 40,278 | - | 6.2% | N/A |
| Internal<br> bills of B.C.R.A. | - | 25,938 | N/A | (100.0%) |
| Overnight transactios<br> in foreign banks | 2,250 | 7,156 | 25.8% | (60.5%) |
| Liquid<br> assets / Total Deposits | 54.1% | 92.0% | (657)bps | (4,446)bps |
| Liquid<br> assets / Total Deposits ARS | 47.2% | 91.1% | (341)bps | (4,729)bps |
| Liquid<br> assets / Total Deposits | 66.3% | 94.0% | (1,093)bps | (3,858)bps |
All values are in US Dollars.
In 1Q25, liquid assets were $5.2 trillion, decreasing 10.5% or $615.8 billion versus 4Q24, and 23.8% or $1.6 trillion compared to 1Q24. This was mainly driven by a 20.1% decline in cash and deposits in banks, partially as the offset of the seasonal fall in savings accounts, and a 12.5% fall in public securities.
In the quarter, the liquidity ratio (liquid assets / total deposits) reached 47.6%. Liquidity ratio in local and foreign currency reached 43.8% and 55.4% respectively. The decline is explained by the greater growth in total deposits than the fall in liquid assets, the latter falling as a consequence of higher credit demand.
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Solvency
| MINIMUM<br> CAPITAL REQUIREMENT | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Minimum<br> capital requirement | 1,065,223 | 670,198 | (10.2%) | 42.7% |
| Credit risk | 786,806 | 448,114 | 18.9% | 108.7% |
| Market risk | 2,721 | 3,139 | 98.3% | 71.9% |
| Operational risk | 275,696 | 218,945 | (94.4%) | (92.9%) |
| Integrated<br> Capital - RPC (1)* | 2,540,902 | 2,922,233 | (1.6%) | (14.5%) |
| Ordinary Capital Level<br> 1 ( COn1) | 2,808,279 | 3,230,427 | (0.7%) | (13.7%) |
| Deductible items COn1 | (267,377) | (308,194) | (8.0%) | 6.3% |
| Excess<br> Capital | ||||
| Integration excess | 1,475,680 | 2,252,035 | 4.5% | (31.5%) |
| Excess as %<br> of minimum capital requirement | 138.5% | 336.0% | 2,280<br> bps | (17,469)bps |
| Risk-weighted assets<br> (RWA, according to B.C.R.A. regulation) (2) | 13,028,818 | 8,214,324 | (10.9%) | 41.4% |
| Regulatory<br> Capital Ratio (1)/(2) | 19.5% | 35.6% | 202<br> pbs | (1,405)pbs |
| TIER<br> I Capital Ratio (Ordinary Capital Level 1/ RWA) | 19.5% | 35.6% | 202<br> pbs | (1,405)pbs |
| *<br> RPC includes 100% of quarterly results |
All values are in US Dollars.
BBVA Argentina continues to show strong solvency indicators on 1Q25. Capital ratio reached 21.5%, above 4Q24’s 19.5%. Capital excess over regulatory requirement was $1.5 trillion or 161.3%.
Quarterly increase is explained by a fall in risk weighted assets (RWA) by 10.9%, greater than the 1.6% increase in Ordinary Capital Level 1 (Con1).
In spite of the genuine growth in the loan book which generated greater requirements, this effect was largely offset by Central Bank regulation Communication “A” 8069 (in place as of March 1, 2025), reducing the operational risk requirements. These requirements fell considerably by 94.4%, improving the capital ratio by 202 bps.
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| --- |
BBVA Argentina Asset Management S.A.
| MUTUAL<br> FUNDS ASSETS | ||||
|---|---|---|---|---|
| In millions of AR - Inflation adjusted | ∆ % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| FBA Renta Pesos | 2,804,461 | 2,192,658 | 9.8% | 40.4% |
| FBA Ahorro Pesos | 133,882 | 23,386 | 15.0% | n.m |
| FBA Renta Fija Dólar I | 96,225 | - | 19.0% | N/A |
| FBA Acciones Argentinas | 135,370 | 39,357 | (20.6%) | 173.0% |
| FBA Horizonte | 24,902 | 1,684 | 40.9% | n.m |
| FBA Bonos Argentina | 26,679 | 4,182 | 12.1% | n.m |
| FBA Renta Fija Plus | 41,538 | 13,418 | (29.0%) | 119.9% |
| FBA Renta Mixta | 19,033 | 4,934 | (18.9%) | 213.0% |
| FBA Acciones Latinoamericanas | 10,347 | 8,292 | (4.8%) | 18.8% |
| FBA Renta Pública I | 6,566 | 3,117 | 9.1% | 129.8% |
| FBA Renta Fija Dólar Plus I | - | 6 | N/A | n.m |
| FBA Bonos Globales | 12 | 25 | (8.3%) | (56.0%) |
| FBA Horizonte Plus | 11 | 16 | (9.1%) | (37.5%) |
| FBA Retorno Total I | 3 | 16 | (33.3%) | (87.5%) |
| FBA Gestión I | - | 109 | (33.3%) | (87.5%) |
| FBA Calificado | - | 32,087 | N/A | (100.0%) |
| Total Equity | 3,299,029 | 2,323,287 | 8.6% | 54.2% |
| AMASAU net income | 8,270 | 2,115 | 14.6% | 348.3% |
All values are in US Dollars.
| MARKET<br> SHARE - MUTUAL FUNDS | BBVA<br> ASSET MANAGEMENT | ||||
|---|---|---|---|---|---|
| In<br> % | ∆<br> bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Mutual<br> funds | 5.45% | 5.26% | 4.72% | 19<br> bps | 54<br> bps |
| Source:<br> Cámara Argentina de Fondos Comunes de Inversión |
| 24 |
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Other Events
Main Relevant Events
| · | Call to Annual General Ordinary and Extraordinary Shareholders Meeting. As of March 5, 2025, the<br>Board of Directors has resolved to call the Annual Ordinary and Extraordinary General Shareholders' Meeting for next April 23, 2025 at<br>3:00 p.m., exclusively in person. For further information click here. |
|---|---|
| · | New Alternate Head of Relations with the Market. As of March 26, 2025, the Board of Directors decided<br>to appoint Mr. Diego Cesarini and Mrs. Rocío Carreras as new Alternate Head of Market Relations, in accordance with the provisions<br>of Section. 99 inc. a) of Law 26.831 on Capital Market. For further information click here. |
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| · | Distribución de utilidades. As of May 13, 2025, the Central Bank of the Argentine Republic’s<br>Superintendence of Exchange Institutions has resolved to authorize Banco BBVA Argentina S.A. the distribution of profits in cash and/or<br>in kind or any combination of both, for a total amount of AR$ 89.41 billion (expressed in homogeneous currency as of December 31, 2024).<br>In accordance with the provisions of Communication “A” 8235 of the BCRA, “nonresident” shareholders may choose<br>to collect dividends – totally or partially – in a single installment as long as these funds are applied directly to the primary<br>subscription of Bonds for the reconstruction of a free Argentina (BOPREAL). Those BOPREAL will be subject to the restrictions on transfer<br>or sale with settlement in foreign currency established by the applicable regulations. For more information click here. |
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Main Regulatory Changes
Profit distribution. (Communication“A” 8214, 03.13.2025). Until the next December 31st, financial entities that have prior authorization from the BCRA may distribute profits (i) in 10 equal, monthly, and consecutive installments for up to 60% of the distributable result, (ii) with the first payment starting on 06.30.2025 and not to be made before the second-to-last business day of each month, and (iii) it must be consistent with the monetary stability objectives and with what is reported in the Business Plan and Projections Information Regime and the Capital Self-Assessment Report.
Partial Elimination of Foreign ExchangeControls. (Communication “A” 8226, 04.14.2024). The BCRA introduces modifications to the foreign exchange market access regime. Among other issues, the USD 200 limit for individuals to access the MLC (Single Free Exchange Market) is eliminated, and all restrictions related to government assistance received during the pandemic, subsidies, public employment, and others are removed. The cross-restriction to operate in the MLC and MEP/CCL and the limitations on their settlement (prohibition of doing so in banknotes or deposit in custody or third-party accounts), as well as the affidavit referring to 90 days (previous and subsequent), and the cross-restriction for collecting payments for service exports and operating MEP/CCL are also eliminated.
Regarding the payment of new imports, it is established that:
| · | For imports of all types of goods officially registered as of 04/14/25, the payment term will be 0 calendar<br>days from the date of customs entry registration. |
|---|---|
| · | Imports of goods by *SMEs may be paid from the dispatch from the port of origin. |
| --- | --- |
| 25 |
| --- | | · | Regarding imports of capital goods, they may be paid with a 30% advance, 50% upon dispatch from the port<br>of origin, and 20% upon customs entry registration. | | --- | --- |
Furthermore, it is established that entities may grant their clients access to the foreign exchange market to transfer foreign currency abroad for profits and dividends to non-resident shareholders within the framework of the consolidated text on Foreign Exchange Regulations when these correspond to distributable profits obtained from earnings realized in regular and audited annual financial statements for fiscal years starting on or after 01/01/25
Partial Elimination of Foreign ExchangeControls. (Communication “A” 8230, 04.21.2024). The BCRA eliminates the prior approval requirement for non-resident investors to access the foreign exchange market in the following cases:
(i) Payments of financial debt: With related parties, with an average life of the debt greater than or equal to 180 days, and funds entered and settled as of 04/21/2025.
(ii) Repatriation of investments by non-residents in non-controlling companies of local financial entities, provided that the contribution has been entered and settled since 04/21/25, and the repatriation occurs at least 180 days after the settlement of the contribution.
(iii) Repatriation of portfolio investments by non-residents, provided that the investment was made with funds settled as of 04/21/25, and 180 days have passed since the settlement of the funds.
Partial Elimination of ForeignExchange Controls – Regulatory Complements
| · | Decree<br>269/2025 + Communication “A” 8227 - Repeal of Decree 28/2003 (80/20 or "dólar blend" - blended dollar rate) |
|---|---|
| · | RG ARCA<br>5672/2025 - Income Tax and Personal Assets Tax |
| --- | --- |
| · | Elimination<br>of the withholding tax on the purchase of banknotes and foreign currency by individuals |
| --- | --- |
| · | The withholding<br>tax applicable to tourism and credit card payments continues |
| --- | --- |
| · | RG CNV<br>1062/2025 – Holding period for TP (Negotiable Securities) settlement: the "parking" requirement for individuals is eliminated. |
| --- | --- |
Distribution of Results (Communication“A” 8235, 04.30.2025). It is established that financial entities that decide to distribute results within the framework of Communication “A” 8214, which stipulated that they may be distributed in 10 equal, monthly, and consecutive installments for up to 60% of the corresponding amount, must offer each non-resident shareholder the option to receive their dividends in a single cash installment, provided that these funds are directly applied to the primary subscription of BOPREAL (Bonds for the Reconstruction of a Free Argentina). It is clarified that any foreign currency position that financial entities may hold due to the BOPREAL subscription operation until the credit to non-resident shareholders is excluded from the calculation of their "net global foreign currency position."
| 26 |
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Glossary
Active clients: holders of at least one active product. Subgroup of total clients that comply with the requirements of being an account holder with a positive business volume in the last three months. Does not include joint account. Excludes clients with arreas. SMEs includes entrepreneurs.
APR: Annual Percentage Rate
APY: Annual Percentage Yield
Cost of Risk (accumulated): Year to date accumulated loan loss allowances / Average total loans.
Average total loans: average between previous year-end Total loans and other financing and current period Total loans and other financing.
Cost of Risk (quarterly): Current period Loan loss allowances / Average total loans. Average total loans: average between previous quarter-end Total loans and other financing and current period Total loans and other financing.
Coverage ratio: Quarterly allowances under the Expected Credit Loss model / total non-performing portfolio.
Digital clients: we consider a customer to be an active user of online banking when they have been logged at least once within the last three months using the internet or a cell phone and SMS banking.
Efficiency ratio (Excl. inflationadjustments, accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income).
Efficiency ratio (Excl. inflationadjustments, quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income).
Efficiency ratio (accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income+ Income from net monetary position).
Efficiency ratio (quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income+ Income from net monetary position).
Liquidity Ratio: (Cash and deposits in banks + Debt securities at fair value through P&L (Excl. Private securities) + Net REPO transactions + Other debt securities (Excl. Private securities) + Overnight transactions in foreign banks/ Total Deposits.
| 27 |
| --- |
Mobile clients: customers who have been active in online banking at least once in the last three months using a mobile device.
Net Interest Margin (NIM) –(quarterly): Quarterly Net Interest Income / Average quarterly interest earning assets.
Public Sector Exposure (excl. BCRA): (National and Provincial Government public debt + Loans to the public sector + REPO transactions) / Total Assets.
ROA (accumulated): Accumulated net Income of the period attributable to owners of the parent / Total Average Assets. Total Average Assets is calculated as the average between total assets on December of the previous year and total assets in the current period, expressed in local currency. Calculated over a 365-day year.
ROA (quarterly): Net Income of the period attributable to owners of the parent / Total Average Assets. Total Average Assets is calculated as the average between total assets on the previous quarter-end and total assets in the current period, expressed in local currency. Calculated over a 365-day year.
ROE (accumulated): Accumulated net Income of the period attributable to owners of the parent / Average Equity attributable to owners of the parent. Average Equity is calculated as the average between equity in December of the previous year and equity in the current period, expressed in local currency. Calculated over a 365-day year.
ROE (quarterly): Net Income of the period attributable to owners of the parent / Average Equity attributable to owners of the parent. Average Equity is calculated as the average between equity on the previous quarter end and equity in the current period, expressed in local currency. Calculated over a 365-day year.
Spread: (Quarterly Interest Income / Quarterly average Interest-earning Assets) – (Quarterly Interest Expenses / Quarterly average interest-bearing liabilities).
Other terms
n.m.: not meaningful. Implies an increase above 500% and a decrease below -500%.
N/A: not applicable.
Bps: basis points.
| 28 |
| --- |
Balance Sheet
| BALANCE<br> SHEET | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Assets | ||||
| Cash and deposits in<br> banks | 3,065,862 | 1,984,894 | (20.1%) | 23.5% |
| Cash | 1,934,443 | 1,126,493 | (41.8%) | (0.0%) |
| Financial<br> institutions and correspondents | 1,131,419 | 858,401 | 16.9% | 54.1% |
| BCRA | 823,811 | 725,984 | 5.3% | 19.5% |
| Other<br> local and foreign financial institutions | 307,608 | 132,417 | 48.1% | 244.1% |
| Other | - | - | N/A | N/A |
| Debt securities at<br> fair value through profit or loss | 99,663 | 356,475 | 326.5% | 19.2% |
| Derivatives | 10,709 | 18,767 | (37.6%) | (64.4%) |
| Repo transactions | - | 3,169,897 | N/A | (100.0%) |
| Other financial assets | 274,779 | 159,862 | 76.0% | 202.5% |
| Loans and other financing | 8,184,551 | 4,070,763 | 10.9% | 123.0% |
| Non-financial<br> public sector | 1,047 | 102 | 213.8% | n.m |
| B.C.R.A | - | - | N/A | N/A |
| Other<br> financial institutions | 63,261 | 26,609 | 11.8% | 165.8% |
| Non-financial private<br> sector and residents abroad | 8,120,243 | 4,044,052 | 10.9% | 122.7% |
| Other debt securities | 2,710,518 | 1,365,354 | (12.4%) | 73.9% |
| Financial assets pledged<br> as collateral | 502,640 | 415,037 | (36.3%) | (22.8%) |
| Current income tax<br> assets | 49,332 | 318 | (8.3%) | n.m |
| Investments in equity<br> instruments | 13,742 | 12,111 | 1.2% | 14.8% |
| Investments in subsidiaries<br> and associates | 25,859 | 24,737 | 2.4% | 7.1% |
| Property and equipment | 701,950 | 726,085 | (0.6%) | (3.9%) |
| Intangible assets | 75,161 | 79,387 | 3.5% | (2.0%) |
| Deferred income tax<br> assets | 27,522 | 47,474 | 73.0% | 0.3% |
| Other non-financial<br> assets | 240,425 | 204,114 | (1.4%) | 16.1% |
| Non-current assets<br> held for sale | 4,071 | 2,015 | (15.7%) | 70.2% |
| Total<br> Assets | 15,986,784 | 12,637,290 | 1.9% | 28.9% |
| Liabilities | ||||
| Deposits | 10,780,553 | 7,446,367 | 1.8% | 47.4% |
| Non-financial<br> public sector | 130,950 | 252,372 | (14.2%) | (55.5%) |
| Financial<br> sector | 4,698 | 4,840 | 49.9% | 45.5% |
| Non-financial<br> private sector and residents abroad | 10,644,905 | 7,189,155 | 2.0% | 51.0% |
| Liabilities at fair<br> value through profit or loss | - | 12,498 | N/A | (100.0%) |
| Derivatives | 4,189 | 6,234 | 201.8% | 102.8% |
| Reverse REPO transactions | - | - | N/A | N/A |
| Other financial liabilities | 1,297,768 | 843,113 | (4.7%) | 46.7% |
| Financing received<br> from the B.C.R.A. and other financial institutions | 218,148 | 33,343 | 30.1% | n.m |
| Corporate bonds issued | 125,830 | 19,174 | 104.4% | n.m |
| Current income tax<br> liabilities | 14,954 | 299,048 | 38.9% | (93.1%) |
| Subordinated corporate<br> bonds | - | - | N/A | N/A |
| Provisions | 51,134 | 81,171 | 0.8% | (36.5%) |
| Deferred income tax<br> liabilities | - | - | N/A | N/A |
| Other non-financial<br> liabilities | 648,688 | 583,101 | (2.3%) | 8.6% |
| Total<br> Liabilities | 13,141,264 | 9,324,049 | 2.5% | 44.5% |
| Equity | ||||
| Share Capital | 613 | 613 | - | - |
| Non-capitalized contributions | 6,745 | 6,745 | - | - |
| Capital adjustments | 980,604 | 980,604 | - | - |
| Reserves | 1,375,135 | 1,537,109 | - | (10.5%) |
| Retained earnings | - | 389,015 | N/A | (1.4%) |
| Other accumulated comprehensive<br> income | 53,238 | 303,723 | (206.3%) | (118.6%) |
| Income for the period | 383,512 | 54,227 | (79.5%) | 44.6% |
| Equity<br> attributable to owners of the Parent | 2,799,847 | 3,272,036 | (1.1%) | (15.4%) |
| Equity<br> attributable to non-controlling interests | 45,673 | 41,205 | 7.0% | 18.6% |
| Total<br> Equity | 2,845,520 | 3,313,241 | (1.0%) | (15.0%) |
| Total<br> Liabilities and Equity | 15,986,784 | 12,637,290 | 1.9% | 28.9% |
All values are in US Dollars.
| 29 |
| --- |
Balance Sheet – Five quarters
| BALANCE<br> SHEET | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ||||
| 4Q24 | 3Q24 | 2Q24 | 1Q24 | |
| Assets | ||||
| Cash and deposits in banks | 3,065,862 | 3,547,195 | 1,907,799 | 1,984,894 |
| Cash | 1,934,443 | 2,354,727 | 938,016 | 1,126,493 |
| Financial<br> institutions and correspondents | 1,131,419 | 1,192,468 | 960,073 | 858,401 |
| B.C.R.A | 823,811 | 1,053,844 | 866,029 | 725,984 |
| Other<br> local and foreign financial institutions | 307,608 | 138,624 | 94,044 | 132,417 |
| Other | - | - | 9,710 | - |
| Debt securities at fair value through profit or loss | 99,663 | 97,233 | 331,706 | 356,475 |
| Derivatives | 10,709 | 10,254 | 7,472 | 18,767 |
| Repo transactions | - | - | 366,754 | 3,169,897 |
| Other financial assets | 274,779 | 250,746 | 202,938 | 159,862 |
| Loans and other financing | 8,184,551 | 6,371,350 | 5,017,065 | 4,070,763 |
| Non-financial<br> public sector | 1,047 | 2,374 | 2,237 | 102 |
| B.C.R.A | - | - | - | - |
| Other<br> financial institutions | 63,261 | 48,994 | 28,785 | 26,609 |
| Non-financial<br> private sector and residents abroad | 8,120,243 | 6,319,982 | 4,986,043 | 4,044,052 |
| Other debt securities | 2,710,518 | 3,006,203 | 2,967,597 | 1,365,354 |
| Financial assets pledged as collateral | 502,640 | 282,768 | 607,884 | 415,037 |
| Current income tax assets | 49,332 | 53,279 | 59,607 | 318 |
| Investments in equity instruments | 13,742 | 11,168 | 12,361 | 12,111 |
| Investments in subsidiaries and associates | 25,859 | 24,955 | 23,886 | 24,737 |
| Property and equipment | 701,950 | 687,713 | 729,760 | 726,085 |
| Intangible assets | 75,161 | 78,561 | 75,984 | 79,387 |
| Deferred income tax assets | 27,522 | 31,838 | 33,076 | 47,474 |
| Other non-financial assets | 240,425 | 267,288 | 202,106 | 204,114 |
| Non-current assets held for sale | 4,071 | 1,646 | 2,015 | 2,015 |
| Total<br> Assets | 15,986,784 | 14,722,197 | 12,548,010 | 12,637,290 |
| Liabilities | ||||
| Deposits | 10,780,553 | 10,004,065 | 7,641,584 | 7,446,367 |
| Non-financial<br> public sector | 130,950 | 199,273 | 237,184 | 252,372 |
| Financial<br> sector | 4,698 | 3,082 | 2,532 | 4,840 |
| Non-financial<br> private sector and residents abroad | 10,644,905 | 9,801,710 | 7,401,868 | 7,189,155 |
| Liabilities at fair value through profit or loss | - | 139 | 256 | 12,498 |
| Derivatives | 4,189 | 7,182 | 676 | 6,234 |
| Reverse Repo Transactions | - | - | 233,441 | - |
| Other financial liabilities | 1,297,768 | 1,060,867 | 1,169,774 | 843,113 |
| Financing received from the B.C.R.A. and other financial<br> institutions | 218,148 | 216,983 | 62,018 | 33,343 |
| Corporate bonds issued | 125,830 | 41,857 | 14,534 | 19,174 |
| Current income tax liabilities | 14,954 | 10,847 | 5,439 | 299,048 |
| Subordinated corporate bonds | - | - | - | - |
| Provisions | 51,134 | 42,914 | 42,531 | 81,171 |
| Deferred income tax liabilities | - | - | - | - |
| Other non-financial liabilities | 648,688 | 533,775 | 604,811 | 583,101 |
| Total<br> Liabilities | 13,141,264 | 11,918,629 | 9,775,064 | 9,324,049 |
| Equity | ||||
| Share Capital | 613 | 613 | 613 | 613 |
| Non-capitalized contributions | 6,745 | 6,745 | 6,745 | 6,745 |
| Capital adjustments | 980,604 | 980,604 | 980,604 | 980,604 |
| Reserves | 1,375,135 | 1,375,135 | 1,375,135 | 1,537,109 |
| Retained earnings | - | - | - | 389,015 |
| Other accumulated comprehensive income | 53,238 | 80,656 | 166,344 | 303,723 |
| Income<br> for the period | 383,512 | 317,119 | 200,218 | 54,227 |
| Equity<br> attributable to owners of the Parent | 2,799,847 | 2,760,872 | 2,729,659 | 3,272,036 |
| Equity<br> attributable to non-controlling interests | 45,673 | 42,696 | 43,287 | 41,205 |
| Total<br> Equity | 2,845,520 | 2,803,568 | 2,772,946 | 3,313,241 |
| Total<br> Liabilities and Equity | 15,986,784 | 14,722,197 | 12,548,010 | 12,637,290 |
All values are in US Dollars.
| 30 |
| --- |
Balance Sheet – Foreign Currency Exposure
| FOREIGN<br> CURRENCY EXPOSURE | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Assets | ||||
| Cash and deposits in<br> banks | 2,546,989 | 1,827,366 | (26.2%) | 2.8% |
| Debt securities at<br> fair value through profit or loss | 72 | 337,536 | 76.4% | (100.0%) |
| Other financial assets | 48,207 | 56,618 | (4.4%) | (18.6%) |
| Loans and other financing | 1,396,026 | 555,689 | 25.7% | 215.7% |
| Other<br> financial institutions | 4 | 6 | (25.0%) | (50.0%) |
| Non-financial<br> private sector and residents abroad | 1,396,018 | 555,676 | 25.7% | 215.7% |
| Other debt securities | 78,024 | 112,369 | 54.2% | 7.1% |
| Financial assets pledged<br> as collateral | 73,612 | 86,079 | 35.6% | 15.9% |
| Investments in equity<br> instruments | 836 | 839 | (0.5%) | (0.8%) |
| Total<br> foreign currency assets | 4,143,766 | 2,976,496 | (5.9%) | 31.0% |
| Liabilities | ||||
| Deposits | 3,903,807 | 2,405,675 | (8.8%) | 48.1% |
| Non-Financial<br> Public Sector | 98,143 | 241,259 | (22.1%) | (68.3%) |
| Financial<br> Sector | 1,778 | 1,129 | 12.1% | 76.6% |
| Non-financial<br> private sector and residents abroad | 3,803,885 | 2,163,287 | (8.4%) | 61.0% |
| Other financial liabilities | 200,419 | 189,429 | (33.2%) | (29.3%) |
| Financing received<br> from the B.C.R.A. and other financial institutions | 47,535 | 1,852 | 15.3% | n.m |
| Corporate bonds issued | - | - | N/A | N/A |
| Other non financial<br> liabilities | 84,032 | 107,880 | 30.3% | 1.5% |
| Total<br> foreign currency liabilities | 4,235,793 | 2,704,836 | (7.9%) | 44.2% |
| Foreign<br> Currency Net Position - AR | (92,027) | 271,660 | 100.4% | (99.9%) |
| Foreign<br> Currency Net Position - | (89) | 317 | 100.4% | (99.9%) |
| *Wholesale U.S. dollar foreign exchange<br> rates on BCRA’s Communication “A” 3500, as of the end of period. |
All values are in US Dollars.
| 31 |
| --- |
Income Statement - Quarterly
| INCOME<br> STATEMENT | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ∆<br> % | |||
| 4Q24 | 1Q24 | QoQ | YoY | |
| Interest<br> income | 936,576 | 1,990,495 | (2.0%) | (53.9%) |
| Interest<br> expense | (412,746) | (762,132) | 8.7% | 50.6% |
| Net<br> interest income | 523,830 | 1,228,363 | 3.3% | (55.9%) |
| Fee<br> income | 149,670 | 142,032 | 20.7% | 27.2% |
| Fee<br> expenses | (82,386) | (63,281) | 1.9% | (27.7%) |
| Net<br> fee income | 67,284 | 78,751 | 48.3% | 26.7% |
| Net<br> income from financial instruments at fair value through P&L | 41,686 | 43,460 | (22.8%) | (25.9%) |
| Net<br> loss from write-down of assets at amortized cost and fair value through OCI | 81,376 | 98,118 | (1.5%) | (18.3%) |
| Foreign<br> exchange and gold gains | 8,808 | 15,951 | (7.7%) | (49.0%) |
| Other<br> operating income | 38,850 | 44,256 | (0.1%) | (12.3%) |
| Loan<br> loss allowances | (91,362) | (41,914) | (4.9%) | (128.6%) |
| Net<br> operating income | 670,472 | 1,466,985 | 5.1% | (52.0%) |
| Personnel<br> benefits | (157,374) | (140,037) | 23.0% | 13.5% |
| Administrative<br> expenses | (152,917) | (161,021) | 4.3% | 9.1% |
| Depreciation<br> and amortization | (27,409) | (16,030) | 24.2% | (29.6%) |
| Other<br> operating expenses | (153,894) | (165,696) | 11.9% | 18.2% |
| Operating<br> expenses | (491,594) | (482,784) | 13.8% | 12.2% |
| Operating<br> income | 178,878 | 984,201 | 56.9% | (71.5%) |
| Income<br> from associates and joint ventures | 877 | (4,499) | (15.7%) | 116.4% |
| Income<br> from net monetary position | (167,589) | (889,158) | 10.7% | 83.2% |
| Income<br> before income tax | 12,166 | 90,544 | n.m | 45.6% |
| Income<br> tax | 58,054 | (37,292) | (186.5%) | (34.7%) |
| Income<br> for the period | 70,220 | 53,252 | 16.2% | 53.2% |
| Owners<br> of the parent | 66,393 | 54,227 | 18.1% | 44.6% |
| Non-controlling<br> interests | 3,827 | (975) | (17.0%) | 425.7% |
| Other<br> comprehensive Income (1) | (28,273) | (106,997) | (288.5%) | (2.7%) |
| Total<br> comprehensive income | 41,947 | (53,745) | (167.3%) | 47.5% |
| (1)<br> Net of Income Tax. |
All values are in US Dollars.
| 32 |
| --- |
Income Statement – 3 month accumulated
| INCOME<br> STATEMENT - 3 MONTH ACCUMULATED | ||
|---|---|---|
| In<br> millions of AR - Inflation adjusted | ||
| 2024 | ∆<br> % | |
| Interest income | 1,990,495 | (53.9%) |
| Interest expense | (762,132) | 50.6% |
| Net<br> interest income | 1,228,363 | (55.9%) |
| Fee income | 142,032 | 27.2% |
| Fee expenses | (63,281) | (27.7%) |
| Net<br> fee income | 78,751 | 26.7% |
| Net income from financial<br> instruments at fair value through P&L | 43,460 | (25.9%) |
| Net loss from write-down<br> of assets at amortized cost and fair value through OCI | 98,118 | (18.3%) |
| Foreign exchange and<br> gold gains | 15,951 | (49.0%) |
| Other operating income | 44,256 | (12.3%) |
| Loan loss allowances | (41,914) | (128.6%) |
| Net<br> operating income | 1,466,985 | (52.0%) |
| Personnel benefits | (140,037) | 13.5% |
| Administrative expenses | (161,021) | 9.1% |
| Depreciation and amortization | (16,030) | (29.6%) |
| Other operating expenses | (165,696) | 18.2% |
| Operating<br> expenses | (482,784) | 12.2% |
| Operating<br> income | 984,201 | (71.5%) |
| Income from associates<br> and joint ventures | (4,499) | 116.4% |
| Income from net monetary<br> position | (889,158) | 83.2% |
| Income<br> before income tax | 90,544 | 45.6% |
| Income tax | (37,292) | (34.7%) |
| Income<br> for the period | 53,252 | 53.2% |
| Owners<br> of the parent | 54,227 | 44.6% |
| Non-controlling<br> interests | (975) | 425.7% |
| Other<br> comprehensive Income (OCI) (1) | (106,997) | (2.7%) |
| Total<br> comprehensive income | (53,745) | 47.5% |
| (1) Net of Income<br> Tax. |
All values are in US Dollars.
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Other Comprehensive Income – 3 month accumulated
| OTHER<br> COMPREHENSIVE INCOME - 3 MONTH ACCUMULATED | ||
|---|---|---|
| In<br> millions of AR - Inflation adjusted | ||
| 2024 | ∆<br> % | |
| Net<br> income for the period | 53,252 | 53.2% |
| Other<br> comprehensive income components to be reclassified to income/(loss) for the period | ||
| Profit<br> or losses from financial isntruments at fair value through OCI | (107,068) | (4.1%) |
| Profit or losses from<br> financial instruments at fair value through OCI | (145,227) | 37.1% |
| Reclassification adjustment<br> for the period | (97,514) | 17.8% |
| Income tax | 135,673 | (55.8%) |
| Other<br> comprehensive income coponents not to be reclassified to income/(loss) for the period | ||
| Income<br> or loss on equity instruments at fair value through OCI | 71 | n.m |
| Resultado por instrumentos<br> de patrimonio a VR con cambios en ORI | 71 | n.m |
| Total<br> Other Comprehensive Income/(loss) for the period | (106,997) | (2.7%) |
| Total<br> Comprehensive Income | (53,745) | 47.5% |
| Attributable<br> to owners of the Parent | (52,470) | 40.1% |
| Attributable<br> to non-controlling interests | (1,275) | 349.1% |
All values are in US Dollars.
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Income Statement – 5 Quarters
| INCOME<br> STATEMENT | ||||
|---|---|---|---|---|
| In<br> millions of AR - Inflation adjusted | ||||
| 4Q24 | 3Q24 | 2Q24 | 1Q24 | |
| Interest income | 936,576 | 891,563 | 1,280,029 | 1,990,495 |
| Interest expense | (412,746) | (351,752) | (387,632) | (762,132) |
| Net<br> interest income | 523,830 | 539,811 | 892,397 | 1,228,363 |
| Fee income | 149,670 | 156,308 | 154,834 | 142,032 |
| Fee expenses | (82,386) | (72,874) | (77,505) | (63,281) |
| Net<br> fee income | 67,284 | 83,434 | 77,329 | 78,751 |
| Net income from financial instruments<br> at fair value through P&L | 41,686 | 34,409 | 40,765 | 43,460 |
| Net loss from write-down of<br> assets at amortized cost and fair value through OCI | 81,376 | 64,910 | 17,976 | 98,118 |
| Foreign exchange and gold gains | 8,808 | 7,813 | 26,745 | 15,951 |
| Other operating income | 38,850 | 34,224 | 37,696 | 44,256 |
| Loan loss allowances | (91,362) | (48,386) | (54,645) | (41,914) |
| Net<br> operating income | 670,472 | 716,215 | 1,038,263 | 1,466,985 |
| Personnel benefits | (157,374) | (118,154) | (144,211) | (140,037) |
| Administrative expenses | (152,917) | (144,654) | (154,040) | (161,021) |
| Depreciation and amortization | (27,409) | (19,403) | (23,592) | (16,030) |
| Other operating expenses | (153,894) | (89,143) | (128,981) | (165,696) |
| Operating<br> expenses | (491,594) | (371,354) | (450,824) | (482,784) |
| Operating<br> income | 178,878 | 344,861 | 587,439 | 984,201 |
| Income from associates and<br> joint ventures | 877 | 403 | 3,274 | (4,499) |
| Income from net monetary position | (167,589) | (199,967) | (356,160) | (889,158) |
| Income<br> before income tax | 12,166 | 145,297 | 234,553 | 90,544 |
| Income tax | 58,054 | (28,931) | (86,095) | (37,292) |
| Income<br> for the period | 70,220 | 116,366 | 148,458 | 53,252 |
| Owners<br> of the parent | 66,393 | 116,902 | 145,990 | 54,227 |
| Non-controlling<br> interests | 3,827 | (536) | 2,468 | (975) |
| Other<br> comprehensive Income (OCI)(1) | (28,273) | (85,740) | (137,768) | (106,997) |
| Total<br> comprehensive income | 41,947 | 30,626 | 10,690 | (53,745) |
| (1) Net of Income<br> Tax. |
All values are in US Dollars.
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Ratios
| QUARTERLY<br> ANNUALIZED RATIOS | BBVA<br> ARGENTINA CONSOLIDATED | ||||
|---|---|---|---|---|---|
| In<br> % | ∆<br> bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Profitability | |||||
| Efficiency Ratio | 56.3% | 70.1% | 65.4% | (1,376)bps | (908)bps |
| ROA | 2.0% | 1.7% | 1.6% | 26<br> bps | 37<br> bps |
| ROE | 11.4% | 9.5% | 6.6% | 195<br> bps | 483<br> bps |
| Liquidity | |||||
| Liquid assets / Total<br> Deposits | 47.6% | 54.1% | 92.0% | (657)bps | (4,446)bps |
| Capital | |||||
| Regulatory Capital<br> Ratio | 21.52% | 19.50% | 35.57% | 202<br> bps | (1,405)bps |
| TIER I Capital Ratio<br> (Ordinary Capital Level 1/ RWA) | 21.52% | 19.50% | 35.57% | 202<br> bps | (1,405)bps |
| Asset<br> Quality | |||||
| Total non-performing<br> portfolio / Total portfolio | 1.38% | 1.13% | 1.23% | 25<br> bps | 15<br> bps |
| Allowances /Total<br> non-performing portfolio | 164.32% | 177.00% | 173.77% | (1,268)bps | (945)bps |
| Cost of Risk | 4.40% | 4.88% | 3.76% | (48)bps | 64<br> bps |
| ACCUMULATED<br> ANNUALIZED RATIOS | BBVA<br> ARGENTINA CONSOLIDATED | ||||
| --- | --- | --- | --- | --- | --- |
| In<br> % | ∆<br> bps | ||||
| 1Q25 | 4Q24 | 1Q24 | QoQ | YoY | |
| Profitability | |||||
| Efficiency Ratio | 56.3% | 62.2% | 65.4% | (591)bps | (908)bps |
| ROA | 2.0% | 2.5% | 1.6% | (54)bps | 37<br> bps |
| ROE | 11.4% | 12.5% | 6.6% | (107)bps | 483<br> bps |
| Liquidity | |||||
| Liquid assets / Total<br> Deposits | 47.6% | 54.1% | 92.0% | (657)bps | (4,446)bps |
| Capital | |||||
| Regulatory Capital<br> Ratio | 21.5% | 19.5% | 35.6% | 202<br> bps | (1,405)bps |
| TIER I Capital Ratio<br> (Ordinary Capital Level 1/ RWA) | 21.5% | 19.5% | 35.6% | 202<br> bps | (1,405)bps |
| Asset<br> Quality | |||||
| Total non-performing<br> portfolio / Total portfolio | 1.38% | 1.13% | 1.23% | 25<br> bps | 15<br> bps |
| Allowances /Total<br> non-performing portfolio | 164.32% | 177.00% | 173.77% | (1,268)bps | (945)bps |
| Cost of Risk | 4.40% | 3.17% | 3.76% | 123<br> bps | 64<br> bps |
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About BBVA Argentina
BBVA Argentina (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) is a subsidiary of the BBVA Group, the main shareholder since 1996. In Argentina, it is one of the leading private financial institutions since 1886. Nationwide, BBVA Argentina offers retail and corporate banking to a broad customer base, including: individuals, SME’s, and large-sized companies.
BBVA Argentina’s purpose is to bring the age of opportunities to everyone, based on our customers’ real needs, providing the best solutions, and helping them make the best financial decisions through an easy and convenient experience. The institution relies on solid values: “The customer comes first, We think big and We are one team”. At the same time, its responsible banking model aspires to achieve a more inclusive and sustainable society.
Investor Relations Contact
Carmen Morillo Arroyo
Chief Financial Officer
Belén Fourcade
Investor Relations
ir.bbva.com.ar
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Banco BBVA Argentina S.A. | ||||
|---|---|---|---|---|
| Date: | May 21, 2025 | By: | /s/ Carmen Morillo Arroyo | |
| Name: | Carmen Morillo Arroyo | |||
| Title: | Chief Financial Officer |