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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of April, 2022

Commission File Number: 001-37777

GRUPO SUPERVIELLE S.A.

(Exact name of registrant as specified in its charter)

SUPERVIELLE GROUP S.A.

(Translation of registrant’s name into English)

Bartolomé Mitre 434

C1036AAH Buenos Aires

Republic of 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  ☒            Form 40-F  ☐

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  ☒

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  ☒

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GRUPO SUPERVIELLE S.A.

TABLE OF CONTENTS

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Consolidated Financial Statements

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For the financial year ended on

December 31, 2021, presented on comparative basis

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Contents

CONSOLIDATED STATEMENT OF FINANCIAL POSITION‌2

CONSOLIDATED STATEMENT OF FINANCIAL POSITION‌3

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME‌4

CONSOLIDATED CONDENSED OF CHANGES IN SHAREHOLDERS´ EQUITY‌7

CONSOLIDATED STATEMENT OF CASH FLOWS‌9

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION‌11

2. SEGMENT REPORTING‌44

3. INCOME TAX‌47

4. FINANCIAL INSTRUMENTS‌48

5. FAIR VALUES‌49

6. TRANSFER OF FINANCIAL ASSETS‌53

7. NON CONTROLLING INTEREST‌53

8. LONG-TERM BENEFIT OBLIGATIONS‌53

9. RELATED PARTY TRANSACTIONS‌54

10. FINANCE LEASES‌54

11. COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT‌56

12. DIVIDENDS‌60

13. COMMITMENTS AND CONTINGENCIES‌61

14. INSURANCE‌61

15. ASSET MANAGEMENT AND OTHER SERVICES‌62

16. ADDITIONAL INFORMATION REQUIRED BY THE BCRA‌62

17. FINANCIAL RISK FACTORS‌66

18. INTERNATIONAL FINANCING PROGRAMS‌73

19. BUSINESS COMBINATIONS‌73

20. OFFSETTING OF FINANCIAL ASSET AND LIABILITIES‌73

21. CURRENT/NON-CURRENT DISTINCTION‌74

22. IMPACT OF COVID-19 ON GROUP`S OPERATIONS‌75

SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS‌78

SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED‌82

SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING‌84

SCHEDULE D – BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING‌85

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT‌86

SCHEDULE G - INTANGIBLE ASSETS‌87

SCHEDULE H – CONCENTRATION OF DEPOSITS‌88

SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS‌89

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY‌90

SCHEDULE R – LOAN LOSS RISK PROVISIONS‌91

SEPARATE STATEMENT OF FINANCIAL POSITION‌93

SEPARATE STATEMENT OF COMPREHENSIVE INCOME‌94

EARNING PER SHARE‌95

SEPARTE STATEMENT OF COMPREHENSIVE INCOME‌96

SEPARATE CONDENSED OF CHANGES IN SHAREHOLDERS´ EQUITY‌97

SEPARATE STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY‌98

SEPARATE STATEMENT OF CASH FLOW‌99

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION‌100

2. INSTRUMENTOS FINANCIEROS‌111

3. FAIR VALUES‌112

4. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES‌114

5. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME‌115

6. RESTRICTED ASSETS‌117

7. COMPANIES UNDER SECT, 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES‌117

8. INCOME TAX‌121

9. LOAN AND DEBT ESTIMATED TERMS‌122

10. CAPITAL STOCK‌122

11. FINANCIAL RISK FACTORS‌122

12. SUBSEQUENT EVENTS‌124

SCHEDULE A – OTHER DEBT SECURITIES‌125

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT‌126

SCHEDULE G - INTANGIBLE ASSETS‌127

SCHEDULE L – ASSETS AND LIABILITIES IN FOREIGN CURRENCY‌128

INFORMATIVE REVIEW AS OF DECEMBER 31, 2021‌129

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Consolidated Financial Statements

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For the financial year ended on

December 31, 2021, presented on comparative basis in homogeneous currency

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1

GRUPO SUPERVIELLE S.A.

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Composition of Capital Stock as of December 31, 2021

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2

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statement.

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3

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As of December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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4

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

As of December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

EARNING PER SHARE

As of December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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6

GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

As of December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED OF CHANGES IN SHAREHOLDERS´ EQUITY

For the financial years ended on December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements .

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GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the financial years ended on December 31, 2021 and 2020

(Expressed in thousands of pesos)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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⁽¹⁾ The balances at the end of fiscal year 2020 were adjusted in accordance with Communication "A" 7211. See also Note 1.2.4. to). section "Modifications to the Accounting Framework established by the BCRA - monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI)".

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GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF CASH FLOWS

For the financial years ended on December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements .

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GRUPO SUPERVIELLE S.A.

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CONSOLIDATED STATEMENT OF CASH FLOWS

For the financial years ended on December 31, 2021 and 2020

(Expressed in thousands of pesos in homogeneous currency)

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(*) In the items “Other assets” and “Other liabilities” were eliminated 1,205,056 corresponding to non-monetary transactions.

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The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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Grupo Supervielle S.A. (hereinafter, "the Group"), is a company whose main activity is investment in other companies, Its main income comes from the distribution of dividends from these companies and the obtaining of income from other financial assets.

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The consolidated financial statements of Grupo Supervielle S.A. they have been consolidated, line by line with the financial statements of Banco Supervielle S.A., IUDÚ Compañía Financiera S.A., Sofital S.A. F. e I.I., Tarjeta Automática  S.A., Supervielle Asset Management S.A., Espacio Cordial Servicios S.A., Supervielle Seguros S.A., InvertirOnline S.A.U., InvertirOnline,Com Argentina S.A.U., Micro Lending S.A.U., Supervielle Productores Asesores de Seguros S.A., Bolsillo Digital S.A.U., Futuros del Sur S.A., Easy Cambio S.A. and IOL Holding S.A..

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The main investment of the Company is its shareholding in Banco Supervielle S.A., a financial entity included in Law No. 21.526 of Financial Institutions and subject to BCRA regulations, for which the valuation and exposure guidelines used have been adopted by said Entity (see Note 1.1) in accordance with that established in Title IV, Chapter I, Section I, Article 2 of the 2013 Orderly Text of the National Securities Commission (CNV).

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These Consolidated Financial Statements have been approved by the Board of Directors of the Company at its meeting held on March 02, 2022.

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These consolidated financial statements have been prepared in accordanse withthe accouting information framework set by the Argentine Central Bank which is based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and interpretations issued by the International Financial Reporting Standards Interpretation Committee (IFRSIC)with the following exceptions:

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If IFRS 9 has been applied on debt debt instruments of the Non-Financial Public Sector, a net reduction of income tax of 49.5 million and 427.8million would have been recorded in the Group's equity as of December 31, 2021 and 2020 , respectively.

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Pursuant to Communication “A” 6430 and 6847 Financial Entities shall start to apply provisions on Financial Assets Impairment included in paragraph 5.5 of IFRS 9 as from fiscal years starting on 1 January, 2020, except for Non-financial Public Sector´s debt securities, which shall be temporarily excluded from the scope of said provisions. Likewise, Communication “A” 7181 issued by the Argentine Central Bank set the postponement of the application of the section targeted to “C” group Companies until January 1, 2022,a category that includes IUDÚ Compañía Financiera S.A.; therefore, provisions of said Entity are held under the minimum provisions regulations set by the Argentine Central Bank. It is worth mentioning that through communications "A" 7108 and 7134, the Argentine Central Bank ordered the classification of financial entities into groups "A", "B" and "C", leaving IUDÚ Compañía Financiera classified as Group "C" as of October 1, 2020.

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Upon the application of impairment model included in section 5.5 of IFRS 9, a decrease of about 2,096.4 million and 1,283.4 million would have been recorded in the shareholders ´equity as of December 31, 2021 and, 2020 respectively.

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1.2. Preparation basis

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These consolidated financial statements have been prepared in acoordance whith the accounting framework established by B.C.R.A. described in Note 1.1.

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The Gruop´s Board has concluded that these consolidated financial statements reasonably express the financial position, financial performance and cash flows.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The preparation of financial statements requires that the Group carries out calculations and evaluations that affect the amount of incomes and expenses recorded in the year. In this sense, calculations are aimed at the estimation of, for example, credit risk provisions, useful life of property, plant and equipment, impairments and amortizations, recoverable value of assets, income tax charges and the reasonable value of certain financial instruments. Future real results may defer from calculations and evaluations as of the date of these consolidated financial statements preparation.

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As of these financial statements issuance date, such statements are pending of transcription to Inventory and Balance Sheet Book.

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As of the date of these consolidated financial statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.

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Figures included in these consolidated financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.

The Group´s consolidated financial statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing economic stability conditions and pursuant to Communication “A” 2365 issued by the Argentine Central Bank, accounting measurements were not re-expressed until December 31, 2001. In virtue of Communication “A” 3702 issued by the Argentine Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements were considered to be expressed in the currency as of December 31, 2001.

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Pursuant to Communication “A” 3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group applied said re-expression until February 28, 2003.

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In turn, Law N° 27,468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these consolidated financial statements have been re-expressed as of  December 31, 2021.    

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1.2.3Comparative information

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The balances for the year ended December 31, 2020 that are disclosed in these financial statements for comparative purposes arise from the financial statements as of such dates, which were prepared with the regulations in force in said year. Certain figures of these financial statements have been reclassified in order to present the information in accordance with the regulations in force as of December 31, 2021.

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It´s worth mentioning that, given the restatement of financial statements pursuant to IAS 29 and the provisions of Communication “A” 7211, the Bank has applied the following:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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1.2.4 Changes in accounting policies and new accounting standards

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With the approval of new IFRS, modifications or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación Argentina de Consejos Profesionales en Ciencias Económicas (FACPCE), the Argentine Central Bank will determine the approval of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption such anticipated measure is specified.

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The following are changes that were made effective over the course of the quarter ended on December 31, 2021:

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Through Communication “A” 7211, the Argentine Central Bank established that monetary income accrued with respect to items of a monetary nature that are measured at fair value with changes in Other Comprehensive Income (OCI) shall be recorded in the relevant accounts of income (loss) for the period. Consequently, it further established that in fiscal year 2021, retained earnings shall be adjusted and recorded in the account “Adjustments to retained earnings” in order to include monetary income accrued with respect to the aforementioned items that was recorded in OCI as at the beginning of the comparative year. Furthermore, the Communication established that the comparative information to include in the Financial Statements for Quarterly/Annual Publication corresponding to the fiscal year 2021 -both interim and annual- shall take into account the exposure criterion laid down with respect to the involved items of each statement. Accordingly, the comparative information has been modified to comply with the above-mentioned publication.

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Based on the provisions of communication "A" 7211, the result for the year as of December 31, 2020 was adjusted by 341,387 according to the following detail:

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With the purpose of working out issues resulting from the implementation of the reference interest rate reform (IBOR), on August 27, the IASB released changes in standards. The most important changes are related to the accounting of financial instruments at amortized cost. Such changes require that financial entities update contractual cash flows resulting from the reference interest rate reform through the modification of the effective interest rate pursuant to paragraph B5.4.5 of IFRS 9. Therefore, no impact on income is recorded as a result of such modification. Said change shall be applied only when necessary as a direct consequence of the application of the reference interest rate reform (IBOR). IFRS 16 was also modified; thus, requiring lessees to utilize the same modification when accounting changes in leasing payments to be produced as a result of the reference interest rate reform (IBOR).

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The adoption of this new standard had no impact on the Group's financial statements.

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Many lessors have granted, or expect to grant, lease concessions to lessees as a consequence of the COVID-19 pandemic. These concessions can be diverse, including grace periods and deferral of lease payments, sometimes followed by an increase in lease payments in future periods. IFRS 16 contains requirements that apply to these concessions. However, the IASB pointed out that it could be difficult to impose such requirements to a potentially large number of lease concessions related to the COVID-19 pandemic, especially in light of many other challenges faced by stakeholders during the pandemic.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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As a result of this, the IASB provided lessees (but not lessors) with relief in the form of an optional exemption to assess whether a COVID-19-related lease concession is a lease modification. Lessees can elect to account for lease concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concession as a variable lease payment. This simplification only applies to lease concessions that occur as a direct consequence of the COVID-19 pandemic. Lessees who make use of the exemption shall disclose such fact as well as the amount recognized in income (loss) that arises from the COVID-19-related lease concessions. If a lessee chooses to apply the practical expedient to a lease, it will apply it consistently to all lease agreements with similar characteristics and under similar circumstances. The amendment will be applied retrospectively in accordance with IAS 8; however, lessees are neither required to restate figures from previous fiscal years nor disclose them pursuant to paragraph 28 (f) of IAS 8.

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The adoption of this new standard had no impact on the Group's financial statements.

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The following sets forth changes that have not become in force as of December 31, 2021:

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IAS 16, 'Property, plant and equipment (PPE) - income before intended use'

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IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be able to operate in the manner intended by management. One of those costs is testing whether the asset is working properly.

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The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.

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The amendment also clarifies that an entity is “testing whether the asset is working properly” when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Therefore, an asset may be able to operate as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management.

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The amendment requires entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity’s regular activities. An entity shall also disclose the line item in the statement of comprehensive income where the proceeds are included.

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IAS 37 “Provisions, contingent liabilities and contingent assets - Onerous contracts – Cost of fulfilling a contract”

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lAS 37 defines an onerous contract as one in which the unavoidable costs of meeting the entity’s obligations exceed the economic benefits to be received under that contract. Unavoidable costs are the lower of the net cost of exiting the contract and the costs to fulfill the contract. The amendment clarifies the meaning of “costs to fulfill a contract”.

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The amendment explains that the direct cost of fulfilling a contract comprises:

*the incremental costs of fulfilling that contract (for example, direct labor and materials); and

*an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of PP&E used to fulfill the contract).

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The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.

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The amendment could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfill a contract.

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IFRS 3 “Business Combinations - Reference to the Conceptual Framework”

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The Board has updated IFRS 3, “Business combinations”, to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. Prior to the amendment, IFRS 3 referred to the 2001 Conceptual Framework for Financial Reporting.

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In addition, the Board added a new exception in IFRS 3 for liabilities and contingent liabilities. The exception specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 shall instead refer to IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”, or IFRIC 21, “Levies”, rather than the 2018 Conceptual Framework. Without this new exception, an entity would have recognized some liabilities in a business combination that it would not recognize under IAS 37. Therefore, immediately after the acquisition, the entity would have had to derecognize such liabilities and recognize a gain that did not depict an economic Gain.

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The Board has also clarified that the acquirer shall not recognize contingent assets, as defined in IAS 37, at the acquisition date.

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All these amendments will be applicable for fiscal years beginning on or after January 1, 2022.

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The Group is evaluating the impact of the application of this new standard.

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On May  18, 2017, IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from November 1, 2023.

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The Group is evaluating the impact of the application of this new standard.

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Fees included in the 10% test for derecognition of financial liabilities

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The amendment to IFRS 9 establishes which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test.

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Illustrative examples accompanying IFRS 16 Leases

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Illustrative Example 13 accompanying IFRS 16 is amended to remove the illustration of payments from lessor relating to lease improvements. The reason for the amendment is to remove any potential confusion about the treatment of lease incentives.

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Subsidiaries as First-time adopters of IFRS

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IFRS 1 grants an exemption to subsidiaries that become a first-time adopter of IFRS after their parent. The subsidiary may measure the carrying amounts of its assets and liabilities that would have been included in the consolidated financial statements of its parent, based on the transition date to IFRS of the parent if no adjustments were made for reasons of consolidation and for the purposes of the business combination by which the parent acquired the subsidiary.

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IFRS 1 was amended to allow entities that have taken this IFRS 1 exemption to also measure cumulative translation differences using the amounts reported by the parent, based on the transition date to IFRS of the parent. The amendment to IFRS 1 extends the above-mentioned exemption to cumulative translation differences in order to reduce costs for first-time adopters of IFRS. The amendment will also apply to associates and joint ventures that have taken the same exemption from IFRS 1.

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Taxation in fair value measurements

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The requirement for entities to exclude cash flows for taxation when measuring fair value measurement under IAS 41 “Agriculture” has been removed. The purpose of this amendment is to align it with the requirement included in the standard to discount cash flows after taxes.

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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Effective date

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All amendments will become effective on January 1, 2022. Early application is allowed.

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The Group is evaluating the impact of the application of this new standard.

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The IASB amended IAS 1, “Presentation of Financial Statements”, to require companies to disclose material accounting policy information rather than significant accounting policy information. The amendment also clarifies that accounting policy information is expected to be material or of relative importance if, without it, users of the financial statements would be unable to understand other material information, or of relative importance, in the financial statements concerning significant accounting standards. To support this amendment, the Board also amended IFRS Practice State 2, “Making Materiality Judgments”, to provide guidance on how to apply the concept of materiality to accounting policy disclosures.

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The amendment to IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, helps to distinguish between changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as to those of the current period.

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These amendments are applicable to annual periods beginning on or after January 1, 2023. Early application is allowed. Changes shall be applied prospectively.

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The Group is evaluating the impact of the application of this new standard.

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These amendments establish that deferred taxes arising from a single transaction that, on initial recognition, give rise to taxable and deductible temporary differences of the same value shall be recognized. This will generally apply to transactions such as leases (for lessees) and decommissioning or remediation obligations, where the recognition of deferred tax assets and liabilities will be required. These amendments shall be applied to transactions that occur on or after the beginning of the earliest comparative period presented. Likewise, deferred tax assets (to the extent that it is probable that they can be used) and deferred tax liabilities shall be recognized at the beginning of the earliest comparative period for all deductible or taxable temporary differences associated with:

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-Right-of-use assets and lease liabilities, and

-Decommissioning, restoration and similar liabilities and the corresponding amounts recognized as part of the cost of the related asset.

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The cumulative effect of initially applying the amendments is recognized as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

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Previously, IAS 12 did not establish any particular accounting treatment for the tax effects of leases that were recognized on the balance sheet and for similar transactions, so different approaches were considered acceptable. Entities that are already recognizing deferred taxes on these transactions will not have an impact on their financial statements.

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The amendments will be effective for fiscal years beginning on or after January 1, 2023 with early adoption permitted.

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The Group is evaluating the impact of the application of this new standard.

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1.3 Impairment of financial assets

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The Group evaluates, based on a prospective approach, expected credit losses (“ECL”) related to financial assets rated at amortized cost or fair value with changes in another comprehensive income, the exposure resulting from loan commitments and financial guarantee contracts with the scope set by Communication “A” 6847 issued by the Argentine Central Bank.

The Group measures ECL of financial instruments reflecting the following:

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GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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IFRS 9 sets forth the following “Three stages” model for the impairment based on changes in the credit quality from initial recognition:

The following chart summarizes the impairment requirements pursuant to IFRS 9 (for financial assets that do not entail impairment on credit value, either purchased or produced:

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The following describes the Group´s judgements and assumptions for ECL measurement:

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1.3.1. Significant increase in credit risk

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The Group considers that a financial asset has experienced a significant credit risk increase when one or more than the following qualitative and quantitative criteria have been observed:

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Personal and Business Banking

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Corporate Banking

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¹ High Income: Salary Plan Segment >=400, Open Market Segment >=700 and Retired Segment >=610

The rest: Salary Plan Segment >=500, Open Market Segment >=700 and Retired Segment >=610

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18

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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Consumer Finance

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Sectoral Analysis – Covid-19 Risk

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Considering that the internal deterioration models are estimated with historical information and there are only a few months of observation of the impact of COVID 19, a sectoral analysis is maintained from the 2020 period as an additional definition of a significant increase in risk.

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In such analysis, companies’ default risk is evaluated according to the type of industry and the impact such companies have suffered through the current economic situation, while taking into account their characteristics, seasonal nature, etc.

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Finally, the different industries are classified into four types of risk. They are:

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This additional definition of a significant increase in credit risk has been applied for the SME and E&P segments, for the very high and high risk activities (only for the Corporate Unsecured Loans):

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1.3.2. Individual and collective evaluation basis

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Expected losses are estimated both in a collective and individual manner.

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The Group´s individual estimation is aimed at calculating expected losses for significantly impaired risks. In these cases, the amount of credit losses is calculated as the difference between expected cash flows discounted at the effective interest rate of the operation and the value in the books of the instrument.

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For collective estimation of expected credit losses, instruments are distributed in groups of assets depending on credit risk features. Exposures within each group are segmented in accordance with the similar features of the credit risk, including the debtor´s payment capacity pursuant to contractual conditions. These risk features need to play a key role in the estimation of future flows of each group. Credit risk features may consider the following factors, among others:

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19

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The credit risk characteristics used to group the instruments are, among others: type of instrument, debtor's sector of activity, geographical area of activity, type of guarantee, aging of past due balances and any other factor relevant to estimating the future cash flows.

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Grouping of financial instruments is monitored and reviewed on a regular basis by the Credit Risk and Stress Test Area.

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1.3.3 Definition of default and impaired credit

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The Group considers that a financial instrument is in default when such instrument entails one or more of the following criteria:

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Personal and Businesses Banking

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20

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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Corporate Banking

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Consumer Finance

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These criteria are applied in a consistent manner to all financial instruments and are aligned with the internal definition of defaultused for the administration of credit risk. Likewise, such definition is consistently applied to define PD (“Probability of Default”), Exposure at Default (“EAD”) and Loss Given Default ( “LGD”).

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1.3.4. Measurement of Expected Credit Loss – Explanation of inputs, assumptions and calculation techniques

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ECL is measured on a 12-month or lifetime basis, depending on whether a significant increase in credit risk has been recorded since initial recognition or whether an asset is considered to be credit-impaired. ECL are the discounted product of the Probability of Default (“PD”), Exposure at default (“EAD”) and Loss Given Default (“LGD”), defined as follows::

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ECL is determined by projecting PD, LGD and EAD for each future month and each individual exposure or collective segment. These three components are multiplied and adjusted for the likelihood of survival (that is, the exposure has not been prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used inthe ECL calculation is the original effective interest rate or an approximation thereof.

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The Entity based its calculation of the ECL parameters on internal modelsthat were adapted in order to be compliant with IFRS 9.

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The Group includes prospective economic information in its definition of DP, EAD and LGD over 12 months or Lifetime. See Note 1.3.5 for the explanation of prospective information and its consideration in the calculation of ECL.

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1.3.5 Forward-looking information considered in expected credit loss models

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The evaluation of significant credit increases and the calculation of ECL include prospective information. The Group carried out a historical analysis and identifies key economic variable that affect the credit risk and expected credit losses for each portfolio.

Forecasts for these economic variables (the "baseline economic scenario") are provided by the Group's Research team and provide the best estimated view of the economy over the next 12 months. The impact of these economic variables on PD and LGD has been determined by performing statistical regression analyzes to understand the impact that changes in these variables have historically had on default rates and LGD components.

In addition to the base economic scenario, the Group's Research team also provides two possible scenarios together with scenario weights. The number of other scenarios used is established based on the analysis of the main products to ensure that the effect of linearity between the future economic scenario and the associated expected credit losses is captured. The

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21

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

​

number of scenarios and their attributes are reassessed annually, unless a situation occurs in the macroeconomic situation that justifies a more frequent review.

As  of December 31, 2021 and 2020, as for its portfolios, the Group concluded that three scenarios have properly captured non-lineal items. Scenario analysis are defined by means of a combination of statistic and know-how judgement analysis, taking into account the range of potential results of which each scenario is representative. The evaluation of credit risk significant increases is carried out by means of the utilization of DP lifetime in the base scenario and other scenarios, multiplied by the related analysis of each scenario, together with qualitative and quantitative and backstop indicators (See Note 1.3.1). The aforementioned is defined if the financial instrument is in Stage 1, Stage 2 or Stage 3 and, therefore, whether to register a 12-month ECL or Lifetime. As with any economic forecast, projections and probabilities of occurrence are subject to a high degree of inherent uncertainty, and therefore actual results may be significantly different than projected. The Group considers that these forecasts account for its best calculation of potential results and has analyzed the non-lineal and asymmetric impacts within the different portfolios of the Group to establish that chosen scenarios are representative of the range of potential scenarios.

The most significant assumptions utilized to calculate ECL as of December 31, 2021 are as follows:

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The following are estimations assigned to each scenario as of December 31, 2021:

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Sensitivity analysis

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The chart below includes changes in ECL as of December 31, 2021 that would result from reasonably potential changes in    the following parameters: 

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22

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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1.3.6 Maximum exposure to credit risk

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The chart below includes an analysis of credit risk exposure of the financial instruments for which expected credit loss provisions are recognized. The gross amount of financial assets books included in the chart accounts for the maximum credit risk exposure of such assets.

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1.3.7 Collateral and other credit enhancements

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Collateral is an instrument pledged as security for repayment of a loan, to be forfeited in the event of default. The Entity accepts collateral as security before a potential breach on behalf of a debtor occurs.

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The Argentine Central Bank classifies these guarantees in three types: Preferred “A” (considered self-settleable), Preferred “B” (made up by mortgage or pledge loans) and remaining guarantees (mainly bank guarantees and fines).

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23

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

​

In virtue of the administration of collateral, the Group relies on a specific area devoted to the review of the legal compliance and suitable instrumentation of received collateral. In accordance with the type of collateral, the guarantors may be people or companies (in the case of mortgages, pledges, fines, guarantees and liquid funds) and international top level Financial Entities (for credit letters stand by).

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The Group monitors collateral held for financial assets considered to be credit-impaired  as it becomes more likely that the Group will take possession of collateral to mitigate potential credit losses.

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1.3.8 Allowances for loan loss

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Allowances for loan losses recognized in the year is affected by a range of factors as follows:

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The following charts explain changes in the provision for credit risk between the beginning and end of the year due to the following factors:

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24

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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* IUDÚ Compañía Financiera S.A.´s balances of provisions are held under minimum provisions Standards pursuant to Communication “A” 6990 issued by the Argentine Central Bank.

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1.3.9 Write-off policy

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The Group writes off, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include: (i) ceasing enforcement activity and (ii) where the Group´s recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full.

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The Group may write-off financial assets that are still subject to enforcement activity, The outstanding contractual amounts of such assets written off during the year ended on December 31, 2021 and 2020 amount to 7,899,550 and 10,864,897 respectively. The Group still seeks to recover amounts it is legally owed in full, but which have been partially written off due to no reasonable expectation of recovery.

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25

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

​

1.4  Critical accounting policies and estimates

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The preparation of financial statements in accordance with the accounting framework established by the Argentine Central Bank requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the accounting standards established by the Argentine Central Bank to establish the Group's accounting policies.

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The Group has identified the following areas that involve a higher degree of judgment or complexity, or areas in which the assumptions and estimates are significant for the consolidated financial statements that are essential for understanding the underlying accounting / financial reporting risks:

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a)Fair value of derivatives and other financial instruments

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The fair value of financial instruments not listed in active markets is determined by using valuation techniques. Such techniques are regularly validated and reviewed by qualified personnel independent from the area which developed them. All models are assessed and adjusted before being used in order to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; however, certain factors, such as implicit rates in the last available tender for similar securities and spot rate curves, require the use of estimates. Changes in the assumptions of these factors may affect the reported fair value of financial instruments.

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b)Allowances for loan losses and advances.

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The Group evaluates expected credit losses (ECL) over the prospective base of credit risk related to financial assets measured at amortized cost, debt instruments measured at fair value through profit and loss, lease accounts receivable, as well as other commitments and granted guarantees not measured at fair value except debt securities of the Non-financial Public Sector, which are temporarily excluded from provisions regarding financial assets impairment of section 5,5 of IFRS 9.

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The measurement of expected credit losses is an area that requires the use of complex models and significant assumptions regarding future economic conditions and the credit behavior (for example, the probability that a client may fall in default; thus, yielding losses for the Entity). The explanation on inputs, assumptions and calculation techniques utilized to measure ECL is set forth in Note 1.3 and including key sensitivities for ECL in face of changes in such elements.

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It is worth to be mentioned that the following significant judgements are required in the application of accounting requirements to measure ECL:

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c)Impairment of Non-Financial Assets

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Intangible assets with finite lives and property, plants and equipment are amortized or depreciated along their useful lives in a straight-line method. The Group reviews the conditions related to these assets to determine whether events and circumstances justify a review of the amortization and remaining depreciation year and whether there are factors or circumstances that imply an impairment in the value of assets that cannot be recovered.

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The Group has applied the judgment in the identification of impairment indicators for property, plant and equipment and intangible assets. The Group has defined that there was no evidence of impairment for any year included in the consolidated Financial Statements. Given the aforementioned, no recoverable value has been calculated.

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The evaluation process for potential impairment of an asset of indefinite useful life is subject to and require a significant judgment in many points over the course of the analysis, including the identification of its cash-generating unit, the identification and allocation of assets and liabilities to a cash-generating unit and the definition of their recoverable value. The recoverable value is compared with the carrying value in order to define the non-recoverable portion of such value. When calculating the recoverable value of the cash-generating unit in virtue of the assessment of annual or regular impairment, the Group use estimates and significant judgments on future cash flows of the cash-generating unit. Its cash flow forecasts are based on assumptions that account for the best use of its cash-generating unit.

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26

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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Although the Group believes that assumptions and forecasts used are suitable in virtue of the information available for the administration, changes in assumptions or circumstances may require changes in the assessment. Negative changes in assumptions utilized in an impairment tests of  indefinite useful life intangible assets may result in the reduction or removal of the excess of fair value over the book value, which would result in the potential recognition of the impairment.

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The Group decided that it would not be necessary to recognize an impairment loss in indefinite useful life intangible assets under such conditions.

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d)Income tax and deferred tax

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A significant judgment is required to determine liabilities and assets from current and deferred taxes. The current tax is measured at the amount expected to be paid to the taxation authority using the tax rates that have been enacted or substantially enacted by the end of the reporting period. The deferred tax is measured over temporary differences between tax basis of assets and liabilities and book values at the tax rates that are  expected to apply when the asset is realized or the liability settled.

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Assets from deferred tax are recognized upon the possibility of relying on future taxable earnings against which temporary differences can be used, based on the Senior Management´s assumptions regarding amounts and opportunities of future taxable earnings. Later, it is necessary to determine whether assets from deferred tax are likely to be used and set off future taxable earnings. Real results may differ from estimates, such as changes in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts.

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Likely future tax earnings and the number of tax benefits are based on a medium term business plan prepared by the administration. Such plan is based on reasonable expectations.

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1.5. Consolidation

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A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have control over an entity, even when it has less voting powers than those required for the majority.

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Accordingly, the protecting rights of other investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiary. The subsidiaries are consolidated as from the date on which control is transferred to the Group, ceasing its consolidation as from the date on which control ceases.

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The following chart provides the subsidiaries which are object to consolidation:

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27

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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For consolidation purposes, financial statements corresponding to the year ended December 31, 2021 were used, which cover the same period of time with respect to the Group's financial statements.

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The assets and liabilities and the results arising from operations between members of the Group that were not disclosed to third parties were eliminated from the consolidated financial statements.

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Non-controlling interest is that part of the net results and equity of a subsidiary attributable to interests that are not owned, directly or indirectly, by the Group. The non-controlling interest forms a separate component of the Group's equity.

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In accordance with the provisions of IFRS 3, the acquisition method is the one used to account for the acquisition of subsidiaries. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are measured at their fair values ​​on the date of acquisition.

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Goodwill is measured as the difference between the net of the amounts at the date of acquisition of the identifiable assets acquired, of the liabilities assumed, the consideration transferred, the amount of the non-controlling interest in the acquiree and the fair value of an interest in the acquisition prior to the acquisition date.

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The consideration transferred in a business combination is measured at the fair value of the assets transferred by the acquirer, the liabilities incurred by it with the previous owners of the acquiree and the equity interests issued by the acquirer. Transaction costs are recognized as expenses in the years in which the costs are incurred and the services are received, except for transaction costs incurred to issue equity instruments that are deducted from equity and transaction costs incurred to issue debt that is deducted from its book value.

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28

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

AS OF DECEMBER 31, 2021

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

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The Group has securitized certain financial instruments, mainly loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts that issue multiple classes of debt securities and participation certificates.

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Regarding the financial statements as of December 31, 2021 the following consolidated structured entities have been consolidated as of the date of these consolidated financial statements:

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The Group controls a structured entity when it is exposed to, or holds the right to, variable returns and has the capacity to allocate returns through its power to run the activities of the entity, Structured entities are consolidated as from the date on which the control is transferred to the Group. The consolidation of such entities is ceased on the date on which such control is terminated.

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As for financial trusts, the Group has evaluated the following:

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