Registration Statement pursuant to Section 12(b) or (g) of the Securities Exchange Act of 1934 |
Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Shell Company Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
, each representing the right to receive ten ordinary shares, par value Ps.1.00 per share New York Stock Exchange |
||||
* |
Not for trading, but only in connection with the registration of the American Depositary Shares representing such ordinary shares on the NASDAQ. |
Class A Ordinary Shares, Ps.1.00 par value | ||
Class B Ordinary Shares, Ps.1.00 par value |
☒ | Accelerated filer | ☐ | Non-accelerated filer | ☐ | ||||||
Emerging growth company |
† | The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012. |
U.S. GAAP ☐ | Other ☐ | |||
As issued by the International Accounting Standards Board ☒ |
Item 17 ☐ Item 18 ☐ |
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• | Grupo Financiero Galicia; |
• | Banco de Galicia y Buenos Aires S.A.U. (“Banco Galicia” or the “Bank”), our largest subsidiary, consolidated with (i) Inviu S.A.U. (“Inviu” formerly known as Galicia Valores S.A.U.) until August 31, 2019 (effective September 1, 2019, Inviu was sold to Grupo Financiero Galicia and transferred to IGAM LLC); |
• | Tarjetas Regionales S.A. (“Tarjetas Regionales”) and its subsidiaries; |
• | Sudamericana Holding S.A. (“Sudamericana”) and its subsidiaries; |
• | Galicia Warrants S.A. (“Galicia Warrants”); |
• | Galicia Asset Management S.A.U. (“Galicia Asset Management” or “Fima”); |
• | IGAM LLC (“IGAM”) and its subsidiaries; and |
• | Galicia Securities S.A.U. (“Galicia Securities”). |
• | changes in general political, legal, social or other conditions in Argentina, Latin America or other countries or regions; |
• | changes in the macroeconomic situation at the regional, national or international levels, and the influence of these changes on the microeconomic conditions of the financial markets in Argentina; |
• | changes in capital markets in general that may affect policies or attitudes toward lending to Argentina or Argentine companies, including expected or unexpected turbulence or volatility in domestic or international financial markets; |
• | financial difficulties of the Argentine government (“Government”) and its ability (or inability) to restructure or rollover its outstanding debt that is held by international credit entities; |
• | changes in Government regulations applicable to financial institutions, including tax regulations and changes in or failures to comply with banking or other regulations; |
• | volatility of the Peso and the exchange rates between the Peso and foreign currencies; |
• | fluctuations in the Argentine rate of inflation, including hyperinflation; |
• | increased competition in the banking, financial services, credit card services, insurance, asset management, mutual funds and related industries; |
• | Grupo Financiero Galicia’s subsidiaries’ inability to sustain or improve their performance; |
• | a loss of market share by any of Grupo Financiero Galicia’s main businesses; |
• | a change in the credit cycle, increased borrower defaults and/or a decrease in the fees charged to clients; |
• | changes in the saving and consumption habits of its customers and other structural changes in the general demand for financial products, such as those offered by Banco Galicia; |
• | changes in interest rates which may, among other things, adversely affect margins; |
• | Banco Galicia’s inability to obtain additional debt or equity financing on attractive conditions or at all, which may limit its ability to fund existing operations and to finance new activities; |
• | technological changes and changes in Banco Galicia’s ability to implement new technologies; |
• | impact of COVID-19 (or other future outbreaks, epidemics or pandemics) on the global, regional and national economy, on financial activity on global trade -both in terms of volumes and prices-, and on the Company’s ability to recover from the negative effects of the pandemic (or other future outbreak); |
• | other factors discussed under Item 3. “Key Information” - D.“Risk Factors” in this annual report. |
Item 1. |
Identity of Directors, Senior Management and Advisers |
Item 2. |
Offer Statistics and Expected Timetable |
Item 3. |
Key Information |
• | economic growth rate volatility; |
• | high inflation rates; |
• | regulatory uncertainty for certain economic activities and sectors; |
• | volatility in Argentina’s main export commodities’ prices; |
• | external financial conditions; |
• | fluctuations in the BCRA’s international reserves; and |
• | uncertainty with respect to exchange and capital controls. |
• | Naranja’s board of directors approved the merger of Tarjeta Mira S.A. (merged company) into Naranja (merging company). |
• | Tarjetas Regionales carried out a capital increase that was mainly paid by the contribution of the minority shareholders’ holdings in its subsidiaries Naranja and Tarjetas Cuyanas. Therefore, Banco Galicia’s direct and indirect interest decreased to 77% of the capital stock and the remaining 23% is held by the shareholders who, by means of the above-mentioned contribution, became Tarjetas Regionales’ minority shareholders. |
• | Ps.5,155 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and |
• | Ps.5,390 million in licenses and other intangible assets. |
• | Ps.6,559 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and |
• | Ps.5,144 million in licenses and other intangible assets. |
• | Ps.16,957 million in fixed assets (real estate, machinery and equipment, vehicles, furniture and fittings); and |
• | Ps.8,941 million in licenses and other intangible assets. |
December 31, 2022 |
||||
(in millions of Pesos) |
||||
Infrastructure of Corporate Buildings, Tower and Branches (construction, furniture, equipment, phones and other fixed assets) |
6,398 | |||
Organizational and IT System Development |
7,119 | |||
|
|
|||
Total Investment Planning |
13,517 |
|||
|
|
• | The acquisition and retention of new clients, pursuing the achievement of the highest recognition as a financial platform. |
• | Offering end-to-end business solutions in order to provide the best market experience for each one of the cluster indicated below and through differentiated value propositions. |
• | Understanding Banco Galicia’s customer lifecycle, by identifying and understanding their needs and providing customized offers when it comes to product and financial services. |
• | Achieve greater financial inclusion and digital adoption to make our customers’ day-to-day activities’ easier through financial education and simplification of our processes. |
• | Personas (Individuals) |
• | MOVE (Individuals) |
• | EMINENT (Individuals) |
• | Negocios & Profesionales (Business and Professionals) |
• | PyMEs (Small and Medium Enterprises “SMEs”) |
1. | Personas and MOVE Cluster: |
2. | EMINENT Cluster |
3. | Business & Professionals (“NyPs”) and SMEs Cluster: |
• | To maximize our clients’ profitability through an enhanced offerings and cross-selling, improving the length of the customer’s relationship with Banco Galicia. |
• | To provide the best experience by anticipating and responding to customer relevant events through digital and self-management channels. |
• | To optimize the digital relationship cycle by facilitating and encouraging the use of digital products as well as generating a digital journey design for these companies. |
• | Companies |
• | Agrobusiness |
• | Corporate banking |
1. | Companies Cluster |
2. | Agrobusiness Cluster: |
3. | Corporate Cluster: |
(i) | Financial institutions: At an international level, Banco Galicia’s relationships in the financial institutions cluster are comprised of correspondent banks, international credit agencies, official credit banks, and export credit insurance companies; whereas at a domestic level, Banco Galicia’s clients include banks, financial companies, exchange bureaus, fintechs and other entities that carry out related financial activities. |
(ii) | Public Sector: The public sector category is comprised of more than 300 entities. This cluster focuses on the development of the Bank’s relationship with, among other entities, National, Provincial and Municipal States, State-Owned Companies, State Universities and Educational Institutions, Savings Banks, Schools, Unions’ and Healthcare Services. |
(iii) | Institutional: This segment is comprised of the Bank’s clients that are mutual funds, insurance companies and other institutional funds (e.g., the National Social Security Administration (Administración Nacional de la Seguridad Social, ANSES) served by the Bank). These clients generally require services consisting of investments (purchase and sale of public and private bonds, through primary and secondary markets), demand and term deposits, and custody of assets. |
• | Chat conversations through its virtual assistant Gala on its online banking and office banking settings. |
• | Providing contact information for the officers assigned to clients on the office banking platform in order to improve communication. |
• | Online access to account statements, credit accounts, cards and purchases; providing reports on tax investments; and offering self-management instructions and tools for investments. |
• | Providing email messages with notifications and other relevant information. |
• | Foreign Trade follow-up consultations for clients on the office banking settings. |
As of December 31, 2021 |
||||
Branches (number) |
||||
Banco Galicia |
312 | |||
Naranja X |
175 | |||
Business Centers and In-House Facilities |
19 | |||
Electronic banking terminals (number) |
||||
ATMs |
984 | |||
Self-Service Terminals |
1,004 | |||
Toque |
143,000 | |||
Digital banking transactions (thousands per month) |
||||
Galicia Mobile App |
77,063,510 | |||
Online Banking |
38,191,773 | |||
Office Banking |
24,951,519 | |||
Clients (thousands) |
||||
Banco Galicia |
3,173,365 | |||
Naranja X |
3,251,036 | |||
Galicia Seguros |
2,070,324 | |||
Galicia Asset Management |
120,309 | |||
Inviu |
28,098 | |||
Galicia Securities |
2,082 |
• | Development of a “help” section in the Galicia App and on the Online Banking platform to promote customer self-management and adoption of digital functionalities, avoid assisted contacts with little added value and refer customers to the most responsive assisted channels that ensure a solution in the first contact. |
• | During 2021, the “Gala squad” worked to improve the efficiency of two vital touchpoints for the customer: delivery of products and management of passwords and credentials. The redesign of these touchpoints resulted in a 60% reduction in the referral to operators for these matters. |
• | Banco Galicia also designed specific workstreams to pause customer transactions in certain circumstances, i.e. in the case of possible fraud and if the customer is having difficulties making deposits at a terminal. |
• | The incorporation of the WhatsApp Banking team made the channel scale in functionalities that add value to the customer, such as inquiries on balances and changes, available amounts and statements, among others, and allows projecting new after-sales such as replacement due to theft and loss of cards, the list of payments for the credit cards, the list of loan installments, etc. |
• | Regarding customers’ digitalization, Banco Galicia is working on the migration of inquiries about after-sales from the telephone service to the WhatsApp channel, where the customer can 100% self-manage through Gala; they included information about foreign trade operations from WhatsApp, so that the customer does not have to communicate with an advisor. |
• | Developing digital platforms with the best customer experience in the market. |
• | Enlarging the portfolio of fully digital clients by offering products and allowing consultations in all of its platforms. |
• | Enabling Naranja X’s businesses to function through technological innovation. |
1. | Galicia App: |
redesigned for an enhanced experience, and the option of sending or requesting money to someone registered on the mobile phone’s contact list was added. In order to guarantee the security of the users and their operations, Banco Galicia added the option of biometric fingerprint access, updated the process of connection to Token Galicia ( Token Galicia is a numeric code that allows Banco Galicia’s customers to do banking transactions |
2. | Online Banking |
3. | Office Banking . |
4. | Gala |
5. | Laia |
6. | NX App |
7. | WhatsApp: |
8. | Social Media Networks: |
9. | Galicia Rural Platform: |
10. | Inviu: |
• | Withdrawal order functionalities in the self-service terminals and ATMs, with the aim of allowing clients to send money even to third parties that do not have a savings account or a Galicia debit card and a Banelco PIN (Personal Identification Number. This 4-digit number allows customers to operate through ATMs with a Galicia Debit Card). |
• | Deposit of paychecks in custody and sale of paychecks. |
• | The ability to use paychecks under custody to make pending payments. |
• | Withdrawal order for companies through Office Banking for an amount of up to Ps.100,000. |
• | Increase in withdrawal limits. |
• | Wholesale withdrawal order in TASI |
• | Customer support for claims via GALA |
1. | Personal Loans |
2. | Financing without guarantees: |
3. | Financing with guarantees: |
4. | Discount of documents: |
5. | Préstamos Express (Express Loans): |
6. | Agro Lines |
7. | Impact financing: |
PRODUCT |
DESCRIPTION |
IMPACT | ||
+B Line | Exclusive financing line for Triple Impact B Certified Companies, which seeks to generate a high social or environmental impact. It was created jointly with Sistema B, for those companies seeking to prioritize the well-being of people, societies and nature. | Ps.50 million placed to 11 financed projects, 101% compliance with quota. |
Move Sumatoria Platform | This product is aimed at Banco Galicia´s customers investing in projects that improve people´s quality of life and the planet´s health. | 16 investments for a total amount of Ps.60,600 | ||
Techo Debt Securities | TECHO became the first local Civil Association to issue Debt Securities (Obligaciones Negociables, “ON”) supported by SGR ArgenPymes, Crecer and Acindar PyMEs, which were placed by underwriter banks, Banco Galicia among them. This issuance is considered a Social Bond according to the Social, Green and Sustainable Bonds Guide of the Argentine Stock Exchanges and Markets (Bolsas y Mercados Argentinos, BYMA). | The social organization successfully placed Debt Securities (ONs) for Ps.18 million, aiming at financing the construction of its own Social Factory, which will allow it to produce the emergency housing later built in settlements. | ||
Social Impact Bond (BIS) | The Social Impact Bond (Bono de Impacto Social, “BIS”), named “Proyectá tu Futuro” (Project your Future), was launched in 2018, aiming at training for employability the vulnerable youths living in the south of Buenos Aires City. It is an unprecedented public-private articulation initiative in Argentina, with the ability to repay financing based on the results obtained. | 877 youths completed the training, 295 were employed. Ps.5.8 million returned. |
• | The “Office Banking” section for electronic checks was significantly improved in order to give a better user experience. |
• | The new “Electronic Check Guarantee” (as per regulations) was developed and implemented. |
• | The check deposit fee scheme was redesigned to simplify it and make it clearer for our customers, and to be able to charge a lower fee for electronic checks and thus continue to encourage their use. |
Type of insurance |
Amount of policies |
|||
Robbery |
712,332 | |||
Personal Accident |
682,947 | |||
Life Collective |
654,920 | |||
Various Risks |
551,370 | |||
Home |
211,882 | |||
Life |
95,040 | |||
Integral Pyme |
13,663 | |||
Pets |
6,210 | |||
Surety |
2,073 | |||
Technical Insurance |
1,897 | |||
|
|
|||
Total |
2,932,334 |
|||
|
|
• | Card freezing: Banco Galicia offered the possibility for customers to pause their cards when losing them. |
• | Increase in the purchase and withdrawal limits with using a debit card through Online Banking. |
• | Possibility to view credit card information and make a copy of the card numbers to make purchases. |
• | “Follow” button for its clients to track the issuance of their cards through Online Banking. |
• | The possibility of asking for a change of credit portfolio accounts through Online Banking. |
• | Registration of additional commercial cards through Office Banking. |
• | Historical credit card summaries were made available in the Galicia App. |
• | Send money to their phone contacts with MODO, without needing CBU or Alias. |
• | Request money from their phone contacts to be sent through links. |
• | Pay with a QR code. |
• | Contactless payment in stores with android cell phones. |
• | Pay by scanning any QR code. |
• | For investors, Inviu designed an app that allows them to receive suggestions, have access to their digitally integrated local and international portfolio, and invest in just a few steps. Through the application development, Inviu prioritizes the simple and intuitive experience to bring the world of investments closer to people. |
• | For financial advisors, Inviu features a platform created for them, where they can manage their portfolio in a more efficient way, reduce their operational load and thus dedicate more time to their customers. Inviu focused on designing a platform that would enhance the advisors’ time and productivity and strengthen their bond with investors. |
1. | Fima Premium |
2. | Fima Ahorro Peso s |
3. | Fima Ahorro Plu s: |
4. | Fima income in Argentine pesos: |
5. | Fima renta plus: |
6. | Open Fima SMEs : |
7. | Fima Capital plus: |
8. | Fima international fixed income : |
9. | Fima mix I: |
10. | Fima shares: |
respect to the benchmark index (S&P Merval) is all about accompanying the actual growth of the economy through the selection of stocks with good performance in their indicators. Long-term shares of Argentine companies. |
11. | Fima PB shares : |
12. | Fima shares Latin America: |
For the Fiscal Year Ended December 31, 2021 |
For the Fiscal Year Ended December 31, 2020 |
For the Fiscal Year Ended December 31, 2019 |
||||||||||||||||||||||||||||||||||
Average Balance |
Accrued Interest |
Average Yield / Rate |
Average Balance |
Accrued Interest |
Average Yield / Rate |
Average Balance |
Accrued Interest |
Average Yield / Rate |
||||||||||||||||||||||||||||
(in millions of Pesos, except otherwise noted) |
||||||||||||||||||||||||||||||||||||
Interest-Earning Assets |
||||||||||||||||||||||||||||||||||||
Debt Securities at fair value through profit or loss |
||||||||||||||||||||||||||||||||||||
Government Securities |
243,991 | 90,029 | 36.90 | 234,910 | 94,233 | 40.11 | 251,325 | 128,124 | 50.98 | |||||||||||||||||||||||||||
Others Debt Securities |
2,034 | 4,000 | 196.64 | 2,091 | 1,532 | 73.27 | 2,774 | 1,340 | 48.31 | |||||||||||||||||||||||||||
Total Debt Securities at fair value through profit or loss |
246,025 | 94,029 | 38.22 | 237,001 | 95,765 | 40.41 | 254,099 | 129,464 | 50.95 | |||||||||||||||||||||||||||
Repurchase Transactions |
148,947 | 53,878 | 36.17 | 54,144 | 13,536 | 25.00 | 27,426 | 14,661 | 53.46 | |||||||||||||||||||||||||||
Loans and Other Financing |
||||||||||||||||||||||||||||||||||||
Loans |
657,124 | 218,750 | 33.29 | 741,706 | 224,207 | 30.23 | 887,028 | 240,527 | 27.12 | |||||||||||||||||||||||||||
Financial Leases |
1,821 | 284 | 15.59 | 3,508 | 531 | 15.14 | 5,822 | 1,149 | 19.74 | |||||||||||||||||||||||||||
Other Loans and Other Financing |
2,764 | 62 | 2.24 | 3,419 | 472 | 13.81 | 5,007 | 1,011 | 20.19 | |||||||||||||||||||||||||||
Total Loans and Other Financing |
661,709 | 219,096 | 33.11 | 748,633 | 225,210 | 30.08 | 897,857 | 242,687 | 27.03 | |||||||||||||||||||||||||||
Other Interest-Earning Assets |
48,020 | 19,118 | 39.81 | 66,835 | 20,309 | 30.39 | 82,419 | 20,403 | 24.76 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Interest-Earning Assets |
1,104,702 |
386,121 |
34.95 |
1,106,613 |
354,820 |
32.06 |
1,261,801 |
407,215 |
32.27 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Interest-Bearing Liabilities |
||||||||||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||||||||||
Savings Accounts |
358,941 | 36,266 | 10.10 | 381,150 | 21,976 | 5.77 | 399,035 | 16,927 | 4.24 | |||||||||||||||||||||||||||
Time Deposits |
403,698 | 127,189 | 31.51 | 367,173 | 97,976 | 26.68 | 353,526 | 138,749 | 39.25 | |||||||||||||||||||||||||||
Total Interest-Bearing Deposits |
762,640 | 163,455 | 21.43 | 748,323 | 119,952 | 16.03 | 752,561 | 155,676 | 20.69 | |||||||||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
20,565 | 3,377 | 16.42 | 29,909 | 3,781 | 12.64 | 57,839 | 7,629 | 13.19 | |||||||||||||||||||||||||||
Debt Securities and Subordinated Debt Securities |
56,830 | 13,472 | 23.71 | 66,295 | 11,552 | 17.43 | 133,049 | 29,986 | 22.54 | |||||||||||||||||||||||||||
Other Interest-Bearing Liabilities |
3,265 | 255 | 7.81 | 2,892 | 442 | 15.28 | 20,098 | 1,437 | 7.15 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total Interest-Bearing Liabilities |
843,299 |
180,559 |
21.41 |
847,419 |
135,727 |
16.02 |
963,547 |
194,728 |
20.21 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Spread and Net Yield |
||||||||||||||||||||||||||||||||||||
Interest Rate Spread |
13.54 | 16.05 | 12.06 | |||||||||||||||||||||||||||||||||
Cost of Funds Supporting Interest-Earning Assets |
16.34 | 12.27 | 15.43 | |||||||||||||||||||||||||||||||||
Net Yield on Interest-Earning Assets |
18.61 | 19.80 | 16.84 |
(*) | Rates include the CER/UVA adjustment. |
Fiscal Year Ended December 31, 2021 / Fiscal Year Ended December 31, 2020 Increase (Decrease) due to changes in |
Fiscal Year Ended December 31, 2020 / Fiscal Year Ended December 31, 2019 Increase (Decrease) due to changes in |
|||||||||||||||||||||||
Volume |
Rate |
Net Change |
Volume |
Rate |
Net Change |
|||||||||||||||||||
(in millions of Pesos) |
||||||||||||||||||||||||
Interest Earning Assets |
||||||||||||||||||||||||
Debt Securities at fair value through profit or loss |
||||||||||||||||||||||||
Government Securities |
3,915 | (8,119 | ) | (4,204 | ) | (7,950 | ) | (25,941 | ) | (33,891 | ) | |||||||||||||
Others |
(40 | ) | 2,508 | 2,468 | (175 | ) | 367 | 192 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Debt Securities at fair value through profit or loss |
3,875 | (5,611 | ) | (1,736 | ) | (8,125 | ) | (25,574 | ) | (33,699 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Repurchase Transactions |
32,139 | 8,203 | 40,342 | (2,480 | ) | 1,355 | (1,125 | ) | ||||||||||||||||
Loans and Other Financing |
||||||||||||||||||||||||
Loans |
(48,642 | ) | 43,185 | (5,457 | ) | (54,514 | ) | 38,194 | (16,320 | ) | ||||||||||||||
Financial Leases |
(264 | ) | 17 | (247 | ) | (390 | ) | (228 | ) | (618 | ) | |||||||||||||
Other Loans and Other Financing |
(76 | ) | (334 | ) | (410 | ) | (270 | ) | (269 | ) | (539 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Loans and Other Financing |
(48,982 | ) | 42,868 | (6,114 | ) | (55,174 | ) | 37,697 | (17,477 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Other Interest-Earning Assets |
11,691 | (12,882 | ) | (1,191 | ) | 463 | (557 | ) | (94 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Earning Assets |
(1,277 |
) |
32,578 |
31,301 |
(65,316 |
) |
12,921 |
(52,395 |
) | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest Bearing Liabilities |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Savings Account |
(1,200 | ) | 15,490 | 14,290 | (720 | ) | 5,769 | 5,049 | ||||||||||||||||
Time Deposits |
10,372 | 18,841 | 29,213 | 5,591 | (46,364 | ) | (40,773 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Deposits |
9,172 | 34,331 | 43,503 | 4,871 | (40,595 | ) | (35,724 | ) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
(9,395 | ) | 8,991 | (404 | ) | (3,543 | ) | (305 | ) | (3,848 | ) | |||||||||||||
Debt Securities and Subordinated Debt Securities |
(1,259 | ) | 3,179 | 1,920 | (12,695 | ) | (5,739 | ) | (18,434 | ) | ||||||||||||||
Other Interest-Bearing Liabilities |
67 | (254 | ) | (187 | ) | 3,026 | (4,021 | ) | (995 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Earning Assets |
(1,415 |
) |
46,247 |
44,832 |
(8,341 |
) |
(50,660 |
) |
(59,001 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
||||||||
2021 |
2020 |
|||||||
(in millions of Pesos) |
||||||||
Debt Securities at FV through profit or loss |
235,937 |
234,593 |
||||||
|
|
|
|
|||||
Argentine Government Securities |
51,904 |
36,482 |
||||||
Government Bonds |
9,681 | 9,791 | ||||||
Provincial Bonds |
1,728 | 1,117 | ||||||
City of Buenos Aires Bonds |
1,414 | 138 | ||||||
Treasury Bills |
39,081 | 25,436 | ||||||
Argentine Central Bank´s Bill |
181,568 |
193,696 |
||||||
Leliq (liquidity Bills) |
181,568 | 193,696 | ||||||
Corporate Securities |
2,465 |
4,244 |
||||||
Debt Securities |
2,465 | 4,139 | ||||||
Debt Securities of Financial Trust |
— | 105 | ||||||
From Abroad Government Securities |
— |
171 |
||||||
Treasury Bills |
— | 171 | ||||||
|
|
|
|
|||||
Other Debt Securities |
94,357 |
34,824 |
||||||
|
|
|
|
|||||
Measured at FV through OCI |
4,230 |
6,318 |
||||||
Argentine Government Securities |
4,230 |
6,054 |
||||||
Government Bonds |
3,247 | 5,938 | ||||||
Treasury Bills |
737 | 116 | ||||||
City of Buenos Aires Bonds |
246 | — | ||||||
Argentine Central Bank´s Bill |
— |
264 |
||||||
Leliq (liquidity Bills) |
— | 264 | ||||||
Measured at Amortized Cost |
90,127 |
28,506 |
||||||
Argentine Government Securities |
89,148 |
26,999 |
||||||
Government Bonds |
28,969 | 27,065 | ||||||
Treasury Bills |
60,395 | — | ||||||
Allowance |
(216 | ) | (66 | ) | ||||
Corporate Securities |
979 |
1,501 |
||||||
Debt Securities |
874 | 1,419 | ||||||
Debt Securities of Financial Trusts |
83 | 55 | ||||||
Others |
22 | 27 | ||||||
International Government Securities |
— |
6 |
||||||
Treasury Bills |
— | 6 | ||||||
|
|
|
|
|||||
Investments in Equity Instruments |
1,252 |
8,621 |
||||||
|
|
|
|
|||||
Domestic |
1,180 | 8,536 | ||||||
International |
72 | 85 | ||||||
|
|
|
|
|||||
Total Debt and Equity Securities |
331,546 |
278,038 |
||||||
|
|
|
|
Fiscal Year Ended December 31, 2021 |
||||||||||||||||||||||||||||||||||||
Maturing within 1 year |
Maturing after 1 year but within 5 years |
Maturing after 5 years but within 10 years |
Maturing after 10 years |
|||||||||||||||||||||||||||||||||
Total Book Value |
Book Value |
Yield (1) |
Book Value |
Yield |
Book Value |
Yield (1) |
Book Value |
Yield (1) |
||||||||||||||||||||||||||||
in millions of Pesos, except percentages) |
||||||||||||||||||||||||||||||||||||
Other Debt Securities |
||||||||||||||||||||||||||||||||||||
Measured at Amortized Cost |
||||||||||||||||||||||||||||||||||||
Argentine Government Securities |
28,969 | 28,925 | 26.70 | % | 16 | 1.90 | % | 7 | 7.90 | % | 21 | 7.90 | % | |||||||||||||||||||||||
Argentine Central Bank´s Bill and Bonds |
60,395 | 60,395 | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Corporate Securities |
979 | 457 | 30.70 | % | 522 | 34.90 | % | — | — | — | — | |||||||||||||||||||||||||
Debt Securities |
874 | 352 | 28.70 | % | 522 | 34.90 | % | — | — | — | — | |||||||||||||||||||||||||
Debt Securities of Financial Trust |
83 | 83 | 37.00 | % | — | — | — | — | — | 36.20 | % | |||||||||||||||||||||||||
Others |
22 | 22 | 39.00 | % | — | — | — | — | — | — | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total Other Debt Securities Measured at Amortized Cost |
90,343 |
89,777 |
538 |
7 |
21 |
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Effective yield based on December 31, 2021 quoted market values. |
As of December 31, |
||||||||
2021 |
2020 |
|||||||
(in millions of Pesos) |
||||||||
Principal and Interest |
||||||||
|
|
|
|
|||||
Non- Financial Public Sector |
— |
1 |
||||||
|
|
|
|
|||||
Argentine Central Bank |
1 |
20 |
||||||
|
|
|
|
|||||
Financial Institutions |
12,746 |
22,189 |
||||||
|
|
|
|
|||||
Non-Financial Private Sector and Residents Abroad (1) |
||||||||
Loans |
765,881 | 810,869 | ||||||
Advances |
53,153 | 44,104 | ||||||
Overdrafts |
194,472 | 217,008 | ||||||
Mortgage Loans |
18,420 | 24,885 | ||||||
Pledge Loans |
16,220 | 17,489 | ||||||
Personal Loans |
65,896 | 55,100 | ||||||
Credit Card Loans |
367,958 | 364,966 | ||||||
Placements in Banks Abroad |
5,616 | 2,508 | ||||||
Pre-financing and financing of exports |
17,181 | 44,508 | ||||||
Other Loans |
10 | 7,975 | ||||||
Accrued Interest, Adjustment and Quotation Differences Receivable |
29,354 | 35,697 | ||||||
Documented Interest |
(2,399 | ) | (3,371 | ) | ||||
Financial Leases |
1,114 | 2,800 | ||||||
Other Financing |
12,010 | 14,930 | ||||||
|
|
|
|
|||||
Non-financial Private Sector and Residents Abroad |
779,005 |
828,599 |
||||||
|
|
|
|
|||||
Total Gross Loans and Other Financing |
791,752 |
850,809 |
||||||
|
|
|
|
|||||
Expected Credit Loss Allowance |
||||||||
Loans Allowance |
(46,955 | ) | (55,407 | ) | ||||
Financial Leases Allowance |
(9 | ) | (53 | ) | ||||
Other Financing Allowance |
(354 | ) | (741 | ) | ||||
|
|
|
|
|||||
Less: Allowances |
(47,318 |
) |
(56,201 |
) | ||||
|
|
|
|
|||||
Total |
744,434 |
794,608 |
||||||
|
|
|
|
(1) |
Categories of loans include: |
• |
Advances: short-term obligations drawn on by customers through overdrafts. |
• |
Overdrafts: endorsed promissory notes, notes and other promises to pay signed by one borrower or group of borrowers and factored loans. |
• |
Mortgage Loans: loans granted to purchase or improve real estate and collateralized by such real estate and commercial loans secured by a real estate mortgage. |
• |
Pledge Loans: loans secured by collateral (such as cars or machinery) other than real estate, where such collateral is an integral part of the loan documents. |
• |
Personal Loans: loans to individuals. |
• |
Credit-Card Loans: loans granted through credit cards to credit card holders. |
• |
Placements in Banks Abroad: short-term loans to banks abroad. |
• |
Pre-financing and financing of exports: loans for exports. |
• |
Other Loans: loans not included in other categories. |
• |
Documented Interest: discount on notes and bills. |
As of December 31, 2021 |
||||||||||||||||||||
In 1 year or less |
After 1 year through 5 years |
After 5 years through 15 years |
After 15 years |
Total at December 31, 2021 |
||||||||||||||||
(in millions of Pesos) |
||||||||||||||||||||
Variable Rates |
||||||||||||||||||||
Non-Financial Private Sector and Residents Abroad |
15,775 |
13,027 |
84 |
— |
28,886 |
|||||||||||||||
Loans |
15,775 | 13,027 | 84 | — | 28,886 | |||||||||||||||
Advances |
1,104 | — | — | — | 1,104 | |||||||||||||||
Overdrafts |
8,076 | 10,640 | — | — | 18,716 | |||||||||||||||
Mortgage Loans |
4,925 | 2,127 | 84 | — | 7,136 | |||||||||||||||
Pledge Loans |
94 | 97 | — | — | 191 | |||||||||||||||
Personal Loans |
1,232 | 163 | — | — | 1,395 | |||||||||||||||
Pre-financing and financing of exports |
344 | — | — | — | 344 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Variable Rate |
15,775 |
13,027 |
84 |
— |
28,886 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Fixed Rates |
||||||||||||||||||||
Financial Institutions |
12,296 |
161 |
12,457 |
|||||||||||||||||
Non-Financial Private Sector and Residents Abroad |
659,549 |
41,265 |
453 |
15 |
701,282 |
|||||||||||||||
Loans |
659,549 | 41,265 | 453 | 15 | 701,282 | |||||||||||||||
Advances |
52,032 | 17 | — | — | 52,049 | |||||||||||||||
Overdrafts |
168,345 | 7,404 | 7 | — | 175,756 | |||||||||||||||
Mortgage Loans |
3,344 | 1,338 | 9 | 12 | 4,703 | |||||||||||||||
Pledge Loans |
13,362 | 2,664 | — | 3 | 16,029 | |||||||||||||||
Personal Loans |
45,505 | 16,382 | 437 | — | 62,324 | |||||||||||||||
Credit Card Loans |
364,001 | 3,957 | — | — | 367,958 | |||||||||||||||
Placements in Baks Abroad |
5,616 | — | — | — | 5,616 | |||||||||||||||
Pre-financing and financing of exports |
7,334 | 9,503 | — | — | 16,837 | |||||||||||||||
Other Loans |
10 | — | — | — | 10 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Fixed Rate |
671,845 |
41,426 |
453 |
15 |
713,739 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Adjustable Rate |
||||||||||||||||||||
Financial Institutions |
— |
289 |
— |
— |
289 |
|||||||||||||||
Non-Financial Private Sector and Residents Abroad |
4,548 |
4,205 |
5 |
— |
8,758 |
|||||||||||||||
Loans |
4,548 | 4,205 | 5 | — | 8,758 | |||||||||||||||
Mortgage Loans |
2,531 | 4,045 | 5 | — | 6,581 | |||||||||||||||
Personal Loans |
2,017 | 160 | — | — | 2,177 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Adjuntable Rate |
4,548 |
4,494 |
5 |
— |
9,047 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Loan |
692,168 |
58,947 |
542 |
15 |
751,672 |
|||||||||||||||
Accrued Interest, Adjustment and Quotation Differences Receivable |
29,354 | — | — | — | 29,354 | |||||||||||||||
Documented Interest |
(2,399 | ) | — | — | — | (2,399 | ) | |||||||||||||
Allowance |
(46,955 | ) | — | — | — | (46,955 | ) | |||||||||||||
|
|
|
|
|
|
|||||||||||||||
TOTAL |
672,168 |
58,947 |
542 |
15 |
731,672 |
|||||||||||||||
|
|
|
|
|
|
(1) |
Interest and the UVA/CER adjustment were assigned to the first month. |
• | actively and comprehensively managing and monitoring the risks taken by Banco Galicia and its subsidiaries, ensuring compliance with internal policies and regulations in force; |
• | keeping the Board of Directors informed of the risks faced by the Bank, proposing how to deal with such risks; |
• | helping to strengthen a risk management culture; |
• | establishing the risks, the Bank is willing to take and designing policies and procedures to monitor, control and mitigate the same; |
• | escalating deviations from internal policies to the Bank’s General Division; and |
• | managing the evaluation process of available financing capabilities and required capital resources to maintain an appropriate risk profile. |
• | ensuring action and contingency plans are in place to address any deviations from acceptable thresholds for risks posing a threat to business continuity; |
• | recommending the most suitable methodologies for the Bank to measure identified risks; |
• | guaranteeing that the launching of any new product includes a previous assessment of potential risks involved; |
• | providing technical support and assisting the Management Division regarding risk management; |
• | developing and proposing the strategies for credit and credit-granting policies; and |
• | managing and monitoring the credit origination processes, follow-up and control thereof, and the recovery of past-due loans. |
Qualitative Analysis | Assessment of the corporate borrower’s creditworthiness performed by the officer in charge of the account based on personal knowledge. | |
Economic and Financial Risk | Quantitative analysis of the borrower’s balance sheet amounts. | |
Economic Risk of the Sector | Measurement of the general risk of the financial sector where the borrower operates (based on statistical information, internal and external). | |
Environmental Risk | Environmental impact analysis (required for all investment projects of significant amounts). |
• | statistical models that determine the amount of credit that |
• | Naranja is comfortable extending to a client based on the client’s specific financial situation; |
• | guidelines for providing credit cards and loans based on the client’s specific financial situation (i.e., verification of the applicant’s identity, monthly income, number of family members, geographic location and occupation); |
• | case-by-case evaluation of appropriate credit limits for each applicant; and |
• | ongoing monitoring of each client’s credit position and payment history. |
Monthly Balance Limit |
Long-term Purchase Limit |
Total Credit Limit |
||||||||||||||||||||||||||||||||||
Risk Segment |
Income % |
Floor in Ps. |
Top |
Income % |
Floor in Ps. |
Top |
Income % |
Floor in Ps. |
Top |
|||||||||||||||||||||||||||
A (Lowest) |
110 | 14,000 | 90,000 | 180 | 22,000 | 210,000 | 220 | 28,000 | 240,000 | |||||||||||||||||||||||||||
B |
100 | 11,000 | 70,000 | 160 | 16,000 | 150,000 | 200 | 20,000 | 190,000 | |||||||||||||||||||||||||||
C |
90 | 10,000 | 60,000 | 150 | 11,000 | 95,000 | 180 | 15,000 | 120,000 | |||||||||||||||||||||||||||
D |
70 | 8,000 | 35,000 | 120 | 8,000 | 50,000 | 150 | 10,000 | 75,000 | |||||||||||||||||||||||||||
E |
60 | 7,000 | 15,000 | 100 | 7,000 | 35,000 | 120 | 7,000 | 40,000 | |||||||||||||||||||||||||||
F (Highest) |
40 | 6,000 | 10,000 | 80 | 7,000 | 18,000 | 100 | 7,000 | 20,000 |
• | 12- Month Expected Credit Losses: Possible events of default within the 12 months following the date of the presentation of financial statements. Assets included in Stage 1 have their ECL measured at 12-month ECL. |
• | Lifetime Expected Credit Losses: ECL during the active period of the financial asset, which results of calculating the probability of impairment of an asset throughout its duration, up until its maturity. Instruments in Stage 2 or 3 have their ECL measured based on lifetime ECL. |
• | Stage 1: With respect to retail portfolios, Stage 1 includes every financial instrument up to 31 days past due. With respect to wholesale portfolios, Stage 1 includes every client whose BCRA situation indicates a normal status (rating A) (i.e. low risk of bankruptcy). |
• | Stage 2: This stage includes financial assets for which a significant increase in credit risk has been identified. This stage considers two groups: |
• | For retail and retail like Portfolios between 31 and 90 days past due. For wholesale it considers credit ratings for which the risk of default has increased significantly (rating B). |
• | Probability of Default or Score with impairment risk. |
• | Stage 3: For all portfolios, Stage 3 includes every client whose BCRA situation indicates a serious risk of bankruptcy (ratings C, D, E). With respect to retail portfolios, Stage 3 also includes financial instruments that are 90 or more days past due. Furthermore, this stage also includes refinanced transactions originated more than 90 days past due or with another transaction in force within the last 24 months. |
• | Probability of Default (“PD”): This is the likelihood of a borrower defaulting on its financial obligation, either over the next 12 months or during the remaining term of the obligation. |
• | Exposure at Default: This is based on the amounts Grupo Galicia expects to be owed at the time of default, either over the next 12 months or over the remaining term. For example, for a revolving commitment, Grupo Galicia includes the current draw down balance plus any further amount that it is expected to be drawn up to the current contractual limit by the potential time of default. |
• | Loss Given Default: This represents Grupo Galicia’s expectation of effective loss from the total exposure at default. Its value changes according to the counterparty, seniority of the claim and availability of collateral or other credit support. Loss Given Default is expressed as a percentage loss per Peso of exposure at the time of default and is calculated over the term of the relevant obligation. |
• | An unbiased weighted probability index, determined by the evaluation of different outcomes. |
• | Time value of money. |
• | Reasonable and sustainable information available at no additional cost or effort that provides evidence to support forecasts, as well as present conditions and past events. |
Retail Portfolio |
||||||||||||||||
December 31, 2021 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
164,464 | 55,177 | 3,017 | 222,658 | ||||||||||||
1-30 |
2,576 | 2,891 | 622 | 6,089 | ||||||||||||
31-60 |
— | 1,773 | 458 | 2,231 | ||||||||||||
61-90 |
— | 900 | 654 | 1,554 | ||||||||||||
Default |
— | — | 14,109 | 14,109 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
167,040 |
60,741 |
18,860 |
246,641 |
||||||||||||
Loss allowance |
(5,846 | ) | (10,017 | ) | (15,361 | ) | (31,224 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
161,194 |
50,724 |
3,499 |
215,417 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
5.72 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
221.31 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
5.39 | % |
Retail like Portfolio |
||||||||||||||||
December 31, 2021 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
153,539 | 16,029 | 1,082 | 170,650 | ||||||||||||
1-30 |
1,106 | 527 | 206 | 1,839 | ||||||||||||
31-60 |
— | 303 | 84 | 387 | ||||||||||||
61-90 |
— | 140 | 124 | 264 | ||||||||||||
Default |
— | — | 2,227 | 2,227 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
154,645 |
16,999 |
3,723 |
175,367 |
||||||||||||
Loss allowance |
(258 | ) | (1,361 | ) | (2,609 | ) | (4,228 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
154,387 |
15,638 |
1,114 |
171,139 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
1.27 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
189.85 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
0.55 | % |
Wholesale Portfolio |
||||||||||||||||
December 31, 2021 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
|||||||||||||
Days past due |
||||||||||||||||
A |
496,695 | 17,137 | — | 513,832 | ||||||||||||
B1 |
— | 215 | — | 215 | ||||||||||||
Default |
— | — | 730 | 730 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
496,695 |
17,352 |
730 |
514,777 |
||||||||||||
Loss allowance |
(1,466 | ) | (320 | ) | (730 | ) | (2,516 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
495,229 |
17,032 |
— |
512,261 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
0.14 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
344.66 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
0.05 | % |
Naranja X |
||||||||||||||||
December 31, 2021 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
167,269 | 1,799 | 287 | 169,355 | ||||||||||||
1-30 |
7,553 | 443 | 84 | 8,080 | ||||||||||||
31-60 |
— | 2,375 | 50 | 2,425 | ||||||||||||
61-90 |
— | 1,227 | 43 | 1,270 | ||||||||||||
Default |
— | — | 3,967 | 3,967 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
174,822 |
5,844 |
4,431 |
185,097 |
||||||||||||
Loss allowance |
(5,678 | ) | (1,257 | ) | (2,698 | ) | (9,633 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
169,144 |
4,587 |
1,733 |
175,464 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
2.14 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
242.83 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
3.41 | % |
Retail Portfolio |
||||||||||||||||
December 31, 2020 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month | Lifetime | Lifetime | Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
174,399 | 71,725 | — | 246,124 | ||||||||||||
1-30 |
2,080 | 1,758 | 2,279 | 6,117 | ||||||||||||
31-60 |
— | 1,506 | 73 | 1,579 | ||||||||||||
61-90 |
— | 847 | 143 | 990 | ||||||||||||
Default |
— | — | 8,388 | 8,388 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
176,479 |
75,836 |
10,883 |
263,198 |
||||||||||||
Loss allowance |
(7,478 | ) | (19,061 | ) | (8,896 | ) | (35,435 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
169,001 |
56,775 |
1,987 |
227,763 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
3.19 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
422.44 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
11.69 | % |
Retail like Portfolio |
||||||||||||||||
December 31, 2020 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month | Lifetime | Lifetime | Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
158,188 | 18,354 | 1,451 | 177,993 | ||||||||||||
1-30 |
1,462 | 818 | 329 | 2,609 | ||||||||||||
31-60 |
— | 317 | 10 | 327 | ||||||||||||
61-90 |
— | 68 | 24 | 92 | ||||||||||||
Default |
— | — | 1,792 | 1,792 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
159,650 |
19,557 |
3,606 |
182,813 |
||||||||||||
Loss allowance |
(844 | ) | (3,216 | ) | (2,765 | ) | (6,825 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
158,806 |
16,341 |
841 |
175,988 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
0.98 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
380.86 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
3.93 | % |
Wholesale Portfolio |
||||||||||||||||
December 31, 2020 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month | Lifetime | Lifetime | Total |
|||||||||||||
Days past due |
||||||||||||||||
A |
398,097 | 18,953 | — | 417,050 | ||||||||||||
B1 |
— | 1,513 | — | 1,513 | ||||||||||||
Default |
— | — | 1,202 | 1,202 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
398,097 |
20,466 |
1,202 |
419,765 |
||||||||||||
Loss allowance |
(2,958 | ) | (941 | ) | (916 | ) | (4,815 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
395,139 |
19,525 |
286 |
414,950 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
0.29 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
400.58 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
1.47 | % |
Naranja X |
||||||||||||||||
December 31, 2020 |
||||||||||||||||
ECL Staging |
||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||
12-month | Lifetime | Lifetime | Total |
|||||||||||||
Days past due |
||||||||||||||||
0 |
129,793 | 1,515 | 397 | 131,705 | ||||||||||||
1-30 |
4,878 | 341 | 85 | 5,304 | ||||||||||||
31-60 |
— | 1,288 | 72 | 1,360 | ||||||||||||
61-90 |
— | 563 | 46 | 609 | ||||||||||||
Default |
— | — | 2,981 | 2,981 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross Carrying amount |
134,671 |
3,707 |
3,581 |
141,959 |
||||||||||||
Loss allowance |
(5,596 | ) | (890 | ) | (2,790 | ) | (9,276 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net Carrying amount |
129,075 |
2,817 |
791 |
132,683 |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Credit Quality |
||||||||||||||||
Default as a Percentage of Total Financial Instruments Portfolio |
2.10 | % | ||||||||||||||
Allowance for Financial Instruments as a Percentage of Default |
311.20 | % | ||||||||||||||
Net Charge-Offs as a Percentage of Financial Instruments Portfolio |
3.81 | % |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Interest Income that Would Have Been Recorded on Non-Accrual Loans on which the Accrual of Interest was Discontinued |
2,391 | 3,374 | 6,092 | |||||||||
Recoveries of Interest on Loans Classified as Non-Accrual on which the Accrual of Interest had been Discontinued (1) |
120 | 169 | 305 |
(1) |
Recorded under “Other operating income”. |
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
||||||||||||||||
Loss Allowance as of December 31, 2020 |
16,876 |
24,108 |
15,367 |
— |
56,351 |
|||||||||||||||
Inflation effect |
(6,117 | ) | (8,596 | ) | (5,900 | ) | — | (20,613 | ) | |||||||||||
Movements with P&L Impact |
— | — | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 2 |
(657 | ) | 657 | — | — | — | ||||||||||||||
Transfer from Stage 1 to Stage 3 |
(331 | ) | — | 331 | — | — | ||||||||||||||
Transfer from Stage 2 to Stage 1 |
1,129 | (1,129 | ) | — | — | — | ||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | (1,016 | ) | 1,016 | — | — | ||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | 521 | (521 | ) | — | — | ||||||||||||||
Transfer from Stage 3 to Stage 1 |
481 | — | (481 | ) | — | — | ||||||||||||||
New Financial Assets Originated or Purchased |
6,788 | 2,790 | 13,002 | — | 22,580 | |||||||||||||||
Changes in PDs/LGDs/EADs |
(446 | ) | 171 | (1,631 | ) | — | (1,906 | ) | ||||||||||||
Foreign exchange and other movements |
(2,511 | ) | (3,244 | ) | 5,463 | — | (292 | ) | ||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
(1,966 | ) | (1,306 | ) | (5,249 | ) | — | (8,521 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss allowance as of December 31, 2021 |
13,246 |
12,956 |
21,397 |
— |
47,599 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
||||||||||||||||
Loss Allowance as of December 31, 2019 |
14,231 |
6,059 |
33,432 |
— |
53,722 |
|||||||||||||||
Inflation effect |
(4,583 | ) | (3,600 | ) | (9,977 | ) | — | (18,160 | ) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
(1,007 | ) | 1,007 | — | — | — | ||||||||||||||
Transfer from Stage 1 to Stage 3 |
(404 | ) | — | 404 | — | — | ||||||||||||||
Transfer from Stage 2 to Stage 1 |
637 | (871 | ) | 234 | — | — | ||||||||||||||
Transfer from Stage 2 to Stage 3 |
263 | (809 | ) | 546 | — | — | ||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | 675 | (675 | ) | — | — | ||||||||||||||
Transfer from Stage 3 to Stage 2 |
438 | — | (438 | ) | — | — | ||||||||||||||
New Financial Assets Originated or Purchased |
8,137 | 1,948 | 5,565 | — | 15,650 | |||||||||||||||
Changes in PDs/LGDs/EADs |
5,149 | 20,327 | 6,974 | — | 32,450 | |||||||||||||||
Foreign exchange and other movements |
(127 | ) | 1,557 | 777 | — | 2,207 | ||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
(5,858 | ) | (2,186 | ) | (21,474 | ) | — | (29,518 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss allowance as of December 31, 2020 |
16,876 |
24,107 |
15,368 |
— |
56,351 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
As of December 31, |
||||||||
2021 |
2020 |
|||||||
(in millions of Pesos) |
||||||||
Deposits in pesos |
||||||||
Checking Accounts |
239,632 | 158,530 | ||||||
Savings Accounts |
239,205 | 276,181 | ||||||
Time Deposits |
330,576 | 315,034 | ||||||
Time Deposits UVA |
15,441 | 8,400 | ||||||
Other Deposits (1) |
3,032 | 2,913 | ||||||
Plus: Accrued Interest, Quotation Differences Adjustment |
9,723 | 8,871 | ||||||
|
|
|
|
|||||
Total Deposits in pesos |
837,609 |
769,929 |
||||||
|
|
|
|
|||||
Deposits in foreign currency |
||||||||
Savings Accounts |
163,281 | 202,279 | ||||||
Time Deposits |
33,944 | 46,993 | ||||||
Other Deposits (1) |
1,057 | 1,545 | ||||||
Plus: Accrued Interest, Quotation Differences Adjustment |
67 | 140 | ||||||
|
|
|
|
|||||
Total Deposits in foreign currency |
198,349 |
250,957 |
||||||
|
|
|
|
|||||
Total Deposits |
1,035,958 |
1,020,886 |
||||||
|
|
|
|
(1) |
Includes other deposits originated by Decree No.616/05, reprogrammed deposits under judicial proceedings and other demand deposits. |
December 31, 2021 |
||||||||||||||||||||||||||||||||||||||||||||
Within 3 Months |
After 3 Months but Within 3 Months |
After 6 Months but Within 12 Months |
1 year |
After 1 but Within 5 years |
Total |
|||||||||||||||||||||||||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||||||||||||||||||||||||||
Deposits in pesos |
||||||||||||||||||||||||||||||||||||||||||||
Savings Accounts |
236,917 | — | — | 236,917 | — | 236,917 | ||||||||||||||||||||||||||||||||||||||
Checking Accounts |
242,061 | — | — | 242,061 | — | 242,061 | ||||||||||||||||||||||||||||||||||||||
Time Deposits |
328,408 | 1,647 | 489 | 330,544 | 32 | 330,576 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total deposits in pesos |
807,386 |
1,647 |
489 |
809,522 |
32 |
809,554 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Deposits in pesos + UVA adjustment |
— |
|||||||||||||||||||||||||||||||||||||||||||
Savings Accounts |
2,599 | — | — | 2,599 | — | 2,599 | ||||||||||||||||||||||||||||||||||||||
Time Deposits |
14,882 | 663 | 181 | 15,726 | 8 | 15,734 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total deposits in pesos + UVA adjustment |
17,481 |
663 |
181 |
18,325 |
8 |
18,333 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Deposits in foreign currency |
— | |||||||||||||||||||||||||||||||||||||||||||
Savings Accounts |
121,533 | — | — | 121,533 | — | 121,533 | ||||||||||||||||||||||||||||||||||||||
Checking Accounts |
43,223 | — | — | 43,223 | — | 43,223 | ||||||||||||||||||||||||||||||||||||||
Time Deposits |
28,160 | 3,149 | 2,170 | 33,479 | 47 | 33,526 | ||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total deposits in foreign currency |
192,916 |
3,149 |
2,170 |
198,235 |
47 |
198,282 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Total deposits |
1,017,783 |
5,459 |
2,840 |
1,026,082 |
87 |
1,026,169 |
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
Savings Accounts |
361,049 | — | — | 361,049 | — | 361,049 | ||||||||||||||||||||||||||||||||||||||
Checking Accounts |
285,284 | — | — | 285,284 | — | 285,284 | ||||||||||||||||||||||||||||||||||||||
Time Deposits |
371,450 | 5,459 | 2,840 | 379,749 | 87 | 379,836 |
(1) |
Only principal. Includes the UVA adjustment. |
• | Computable regulatory capital is divided into Basic Shareholders’ Equity (Tier I Capital) and Supplementary Shareholders’ Equity (Tier II Capital). Deductible items generally fall within Basic Shareholders’ Equity. |
• | Intangible assets and deferred tax asset credit balances should be deducted from the calculation of computable capital. |
• | Results for a given period are part of Basic Shareholders’ Equity (Income: 100% of audited results, 50% of unaudited results; Losses: 100%). |
• | Supplementary Shareholders’ Equity includes 100% of the allowance for the portfolio in normal situation (up to the limit of 1.25%) and for subordinated notes, with respect to which, as from each of the last five years of each issuance term, the computable amount shall be reduced by 20% of the face value issued. |
• | Loans in Pesos to the Non-financial Public Sector: 0%. |
• | Property, Plant and Equipment and Miscellaneous Assets: 8%. |
• | Family Mortgage Loans: 35% over 8%, if the amount does not exceed 75% of the asset value. |
• | Retail Portfolio: 75% over 8%. |
December 31, |
||||||||
2021 |
2020 |
|||||||
(in millions of Pesos, except percentages) |
||||||||
Minimum capital required (A) |
||||||||
Allocated to Credit Risk |
63,920 | 42,458 | ||||||
Allocated to Market Risk |
1,134 | 1,419 | ||||||
Allocated to Operational Risk |
20,190 | 12,192 | ||||||
|
|
|
|
|||||
Total minimum capital required (A) |
85,244 |
56,069 |
||||||
|
|
|
|
|||||
Computable Capital (B) |
||||||||
Tier I |
222,136 | 129,584 | ||||||
Tier II |
29,006 | 27,477 | ||||||
|
|
|
|
|||||
Total computable capital (B) |
251,142 |
157,061 |
||||||
|
|
|
|
|||||
Excess over Required Capital (B)-(A) |
165,898 |
100,992 |
||||||
|
|
|
|
|||||
Risk assets |
1,041,226 |
685,407 |
||||||
Ratios (%) |
||||||||
Equity / Total assets |
15.76 | 15.76 | ||||||
Excess / Minimum capital required |
194.62 | 180.12 | ||||||
Total Capital Ratio (1) |
24.12 | 22.92 | ||||||
Tier I Capital Ratio |
21.33 | 18.91 |
(1) |
Total computable capital / risk weighted assets credit, market and operational risks. |
(a) | By line of insurance: this method establishes a fixed amount by line of insurance. |
• | For vehicle insurance: Ps.94 million. |
• | For motorcycle insurance: Ps.56 million. |
• | Joint operation for vehicles and motorcycles insurance: Ps.113 million. |
• | Civil liability for public transportation vehicles / Labor insurance / retirement insurance: Ps.94 million. |
• | Civil and air navigation liability insurance / warranty and credit default insurances /general damage insurance / personal insurances including life insurance (individual and joint policies, which do not require a technical reserve), burial insurance, personal accident insurance, health insurance: Ps.28 million. |
• | Environmental insurance: Ps.19 million. |
• | Joint operation of Vehicles and motorcycles insurance, Civil and air navigation liability insurances, Warranty and credit default insurance and damage insurance: Ps.141 million. |
• | Burial insurance: Ps.14 million. |
• | Life insurance Individual and Collective, which requires a technical reserve: Ps.28 million. |
• | Joint operation of Personal and life insurance which prevents or not the constitution of mathematical reserves, burial, personal accidents and health Ps.56 million. |
(b) | By premiums and additional fees: to use this method, Sudamericana must calculate the sum of the premiums issued and additional fees earned in the last 12 months. Based on the total, Sudamericana must calculate 16% of such amount. Finally, it must adjust the total by the ratio of net paid claims to gross paid claims for the last 36 months. This ratio must not be lower than minimum capital requirements required for a particular line of insurance as set forth above in (a). |
(c) | By claims: to use this method, Sudamericana must calculate the sum of gross claims paid during the 36 months prior to the end of the period under analysis. To that amount, it must add the difference between the balance of unpaid claims as of the end of the period under analysis and the balance of unpaid claims as of the 36 th month prior to the end of the period under analysis. The resulting figure must be divided by three. Then Sudamericana must calculate 23%. The resulting figure must be adjusted by the ratio of net paid claims to gross paid claims for the last 36 months. This ratio must be at least 50%. |
(d) | For life insurance companies that offer policies with an investment component, the figures obtained in b) and c) must be increased by an amount equal to 4% of the technical reserves adjusted by the ratio of net technical reserves to gross technical reserves (at least 85%), plus 0.3% of at-risk capital adjusted by the ratio of retained at-risk capital to total at-risk capital (at least 50%). |
• | Demand deposits: |
• | Peso-denominated checking accounts and savings accounts: 45%. |
• | Savings accounts denominated in foreign currency: 25%. |
• | Fixed term deposits: |
• | Peso-denominated: (i) up to 29 days, 32%; (ii) 30 to 59 days, 22%; (iii) 60 to 89 days, 4%; (iv) 90 days or more, 0%. |
• | Foreign currency-denominated: (i) up to 29 days, 23%; (ii) 30 to 59 days, 17%; (iii) 60 to 89 days, 11%; (iv) 90 to 179 days, 5%; (v) 180 to 365 days, 2% and (vi) more than 365 days, 0%. |
• | Fixed term deposits adjusted by UVA/UVI (by remaining maturity): |
• | (i) up to 29 days, 7%; (ii) from 30 to 59 days, 5%; (iii) from 60 to 89 days, 3%; (iv) 90 days or more, 0%. |
a) | Individual maximum limits for customers over which a bank has control: |
• | Domestic financial entities: |
✓ | Financial institutions rated 1, 2 or 3, subject to consolidation with the lender and its controller or the borrower: |
• | If the affiliate is a financial institution rated 1, the amount of total financial exposure can reach 100% of a bank’s TIER 1, and 50% for additional financial assistance |
• | If the receiving affiliate financial institution is rated 2, the amount of total financial exposure can reach 20% and an additional 105% can be included |
• | If the affiliate is a financial institution rated 3, the amount of total financial exposure can reach 10%, and additional financial assistance can reach 40% |
✓ | Financial institutions that do not meet the above conditions with the lender or the borrower: 10% |
• | Domestic companies with complementary services: |
✓ | Domestic companies with complementary services associated with brokerage activities, financial brokerage in leasing and factoring operations, and temporary acquisition of shares in companies to facilitate their development in order to sell such shares afterwards |
• | Controlling company rated 1: General assistance 100% |
• | Controlling company rated 2: General assistance 10% / Additional assistance 90% |
✓ | Domestic companies with complementary services related to the issuance of credit cards, debit cards or other cards: |
• | Controlling company rated 1: General assistance 100% / Additional assistance 50% |
• | Controlling company rated 2: General assistance 20% / Additional assistance 105% |
• | Controlling company rated 3: General assistance 10% / Additional assistance 40% |
✓ | Domestic companies with complementary services, not subject to consolidation with the lender or the borrower: 10% |
• | Foreign financial entities: |
✓ | Investment grade 10% |
✓ | No Investment grade: Unsecured 5%; with and without warrants10% |
• | Other counterparties related by control |
✓ | Unsecured 5%; with and without warrants10% |
b) | Individual maximum limits for customers over which there is a personal relationship |
• | Lender is ranked from 1 to 3: 5% of its TIER 1 |
Loan Classification |
Description | |
A. Normal Situation | The debtor is widely able to meet its financial obligations, demonstrating significant cash flows, a liquid financial situation, an adequate financial structure, a timely payment record, competent management, available information in a timely, accurate manner and satisfactory internal controls. The debtor belongs to a sector of economic activity that records an acceptable future trend with good prospects and the debtor is competitive within such economic activity. | |
B. With Special Follow-up | Cash flow analysis reflects that the debt may be repaid even though it is possible that the customer’s future payment ability may deteriorate without a proper follow-up. | |
This category is divided into two subcategories: | ||
B1. Under Observation; | ||
B2. Under Negotiation or Refinancing Agreements. | ||
C. With Problems | Cash flow analysis evidences problems to repay the debt, and therefore, if these problems are not solved, there may be some losses. It also includes customers that maintain payment agreements resulting from judicial or extrajudicial agreements approved by the relevant insolvency court. | |
D. High Risk of Insolvency | Cash flow analysis evidences that repayment of the full debt is highly unlikely. It also includes customers who have been sued by the creditor financial institution for the payment of amounts due or that have requested the preventive tender or concluded, and extrajudicial preventive agreement not yet approved by the relevant insolvency court. | |
E. Uncollectible | The amounts in this category are deemed total losses. Even though these assets may be recovered under certain future circumstances, inability to make payments is evident at the date of the analysis. It includes loans to insolvent or bankrupt borrowers. | |
Additionally, this category includes loans to borrowers indicated by the BCRA to be in non-accrual status with financial institutions that have been liquidated or are being liquidated, or whose authorization to operate has been revoked. It also includes loans to foreign banks and other institutions that are not: | ||
(i) classified as “normal”; | ||
(ii) subject to the supervision of the BCRA or other similar authority of the country of origin; | ||
(iii) classified as “investment grade” by any of the rating agencies admitted pursuant to Communication “A” 2729 of the BCRA. |
Loan Classification |
Description | |
A. Normal Situation | Loans with timely repayment or arrears not exceeding 31 days, both of principal and interest. A customer classified in “Normal” situation that has been refinanced more than twice in the last twelve months in this category, must be re-classified in “Low-Risk”. | |
B. Low Risk | Occasional late payments, with a payment in arrears of more than 32 days and up to 90 days. A customer classified as “Low Risk” having been refinanced may be recategorized to “Normal”, as long as he amortizes one principal installment (whether monthly or bimonthly) or repays 5% of principal. | |
C. Medium Risk | Some inability to make payments, with arrears of more than 91 days and up to 180 days. A customer classified as “Medium Risk” having been refinanced may be recategorized to “Low Risk” within this category, as long as he amortizes two principal installments (whether monthly or bimonthly) or repays 5% of principal. | |
D. High Risk | Judicial proceedings demanding payment have been initiated or arrears of more than 180 days and up to one year. A customer classified as “High Risk” having been refinanced may be recategorized to “Medium Risk” within this category, as long as he amortizes three principal installments (whether monthly or bimonthly) or repays 10% of principal. | |
E. Uncollectible | Loans to insolvent or bankrupt borrowers, or subject to judicial proceedings, with little or no possibility of collection, or with arrears in excess of one year. A customer classified as “Uncollectible” having been refinanced in this category, may be recategorized to “High Risk”, as long as he amortizes three principal installments (whether monthly or bimonthly) or repays 15% of the principal. Additionally, this category includes loans to borrowers indicated by the BCRA to be in non-accrual status with financial institutions that have been liquidated or are being liquidated, or whose authorization to operate has been revoked. |
• | deposits of individuals or entities up to Ps.50,000, or the equivalent thereof in foreign currency, with only one person per deposit being able to use this preference. For the determination of this preference, all deposits of the same person registered by the entity are computed; |
• | deposits in excess of Ps.50,000, or the equivalent thereof in foreign currency, referred to above; |
• | liabilities originated on commercial credit lines provided to the financial entity, which are directly related to international trade. |
• | an amount equivalent to 35 % of the sum of credit card financings granted in local currency under the program “Ahora 12” (a government program that allows users to make payments in 12 monthly installments) until September 30, 2019, and an amount equivalent to 50% for financings granted under such program on and after October 1, 2020. (Communication “A” 6916, as amended from time to time); |
• | an amount equivalent to 40% of the amount of a financing provided that is denominated in Argentine pesos and granted with an annual nominal interest rate of up to 24% for: (i) small and medium companies, where at least 50% of such amount is used for working capital lines; (ii) providers of human health services within the framework of the declared health emergency in Argentina, provided that the funds are destined to the purchase of medical supplies and equipment; and (iii) non-small and medium companies, to the extent that the funds are destined to the purchase of machinery and equipment produced by local medium and small companies. This amount may include financing granted to other financial institutions and non-financial credit providers where within 3 business days from the date on which they receive the assistance, those entities allocate the funds to grant financing to small and mediums companies, among other requirements (Communication “A” 6937, as amended from time to time); |
• | an amount that is the equivalent of: (i) 60% of the sum of the “ Créditos a tasa cero Créditos a tasa subsidiada para empresas Créditos a tasa cero cultura Créditos a tasa subsidiada para empresas Créditos a tasa subsidiada para empresas |
• | an amount equivalent to 40% of a financing provided that is denominated in Argentine pesos to small and medium companies and that are granted at an annual nominal interest rate of up to 24%, measured as a monthly average of daily balances of the previous month, provided that such companies are not reported in the “Central of debtors of the financial system” of the BCRA (Communication “A” 7006, as amended from time to time); |
• | an amount equivalent to 14 % of a financing foreseen under section 4.1. of Communication “A” 7161 for the “Financing line for productive investment of small and medium companies” that are provided at an annual nominal interest rate of up to 30 %, and that are measured on a monthly average of daily balances of the previous month (Communication “A” 7161). In this regard, by means of Communication “A” 7240, the BCRA established the extension of the term of such Financing line for productive investment of small and medium companies’ program. |
• | sets a 1.80% cap on the rate a credit card company can charge merchants for processing customer card holders’ transactions with such merchants, calculated as a percentage of the customers’ purchases. With respect to debit cards, the cap is set at 1.0% and the amounts relating to the customers’ purchases should be processed in a maximum of three business days; |
• | establishes that credit card companies must provide the BCRA with the information on their loan portfolio that such entity requires; and |
• | sets a cap on the interest rate a credit card company can charge a card holder, which cannot exceed the average interest rate charged by the issuer on personal loans by more than 25%; for non-bank issuers, such amount cannot exceed the financial system’s average interest rate on personal loans (published by the BCRA) by more than 25%. |
* | On March 21, 2022, Ondara S.A. sold its stake (0.04%) in Tarjeta Naranja S.A. to Tarjeta Regionales S.A. |
Property |
Address |
Square meters (approx) |
Main uses | |||||
Grupo Financiero Galicia |
||||||||
Rented |
Tte. Gral. Juan D. Perón 430, 25th floor, Buenos Aires, Argentina | 568 | Administrative activities | |||||
Banco Galicia |
||||||||
Owned |
Tte. Gral. Juan D. Perón 407, Buenos Aires, Argentina | 18,815 | Administrative activities | |||||
Tte. Gral. Juan D. Perón 430, Buenos Aires, Argentina | 41,547 | Administrative activities | ||||||
Corrientes 6287, Buenos Aires, Argentina | 34,000 | Administrative activities | ||||||
Naranja X |
||||||||
Owned |
Sucre 152, 154 and 541, Córdoba, Argentina | 6,300 | Administrative activities | |||||
La Tablada 451, Humberto Primo 450 y 454, Córdoba, Argentina | 14,080 | Administrative activities | ||||||
Jujuy 542, Córdoba, Argentina | 853 | Administrative activities | ||||||
Ruta Nacional 36, km. 8, Córdoba, Argentina | 7,715 | Storage | ||||||
Río Grande, Tierra del Fuego, Argentina | 309 | Administrative and commercial activities | ||||||
San Jerónimo 2348 and 2350, Santa Fe, Argentina | 1,475 | Administrative and commercial activities | ||||||
Rented |
Sucre 145/151, La Rioja 359, 364 and 375, Córdoba, Argentina | 3,564 | Administrative activities | |||||
Av. Corrientes 3135, CABA, Argentina | 1,271 | Administrative activities | ||||||
Tte. Gral. Juan D. Perón 430, 19th floor, Buenos Aires, Argentina | 173 | Administrative activities | ||||||
Galicia Asset Management |
||||||||
Rented | Tte. Gral. Juan D. Perón 430, 22nd floor, Buenos Aires, Argentina | 220 | Administrative activities | |||||
Galicia Warrants |
||||||||
Owned |
Tte. Gral. Juan D. Perón 456, 6th floor, Buenos Aires, Argentina | 118 | Administrative activities | |||||
Alsina 3396/3510, San Miguel de Tucumán, Tucumán, Argentina | 12,800 | Storage (Investment Property) | ||||||
Galicia Seguros |
||||||||
Owned | Maipú 241, Buenos Aires, Argentina | 215,628 | Administrative activities | |||||
Rented | Corrientes 6287, Torre Leiva, 5th floor, Buenos Aires, Argentina | 1,084 | Administrative activities | |||||
Corrientes 6287, Torre Leiva, 6th floor, Buenos Aires, Argentina | 1,053 | Administrative activities | ||||||
Inviu |
||||||||
Rented |
Corrientes 6287, Torre Leiva, 7th floor, Buenos Aires, Argentina | 926 | Administrative activities | |||||
Galicia Securities |
||||||||
Rented |
Tte. Gral. Juan D. Perón 430, 22nd floor, Buenos Aires, Argentina | 28 | Administrative activities |
• | Banco Galicia: 312 branches, located throughout Argentina’s 23 provinces, 150 of which were owned and 162 of which were leased by Banco Galicia. |
• | Naranja X: 175 branches, located in all the country, 174 of which were leased by Naranja X. |
Item 4A. |
Unresolved Staff Comments |
Item 5. |
Operating and Financial Review and Prospects |
For the Year Ended December 31, |
||||||||||||||||||||
2021 |
2020 |
2019 |
2018 |
2017 |
||||||||||||||||
(in percentages) |
||||||||||||||||||||
Price Indices (1) |
||||||||||||||||||||
WPI |
51.34 | 35.38 | 58.49 | 73.50 | 18.80 | |||||||||||||||
CPI |
50.94 | 36.14 | 53.83 | 47.65 | 24.80 | |||||||||||||||
Adjustment Indices |
||||||||||||||||||||
CER |
38.64 | 25.49 | 18.70 | 12.34 | 8.38 | |||||||||||||||
UVA (2) |
97.51 | 64.32 | 47.16 | 31.06 | 21.15 |
(1) |
Data for December of each year as compared to December of the immediately preceding year. |
(2) |
Unidad de Valor Adquisitivo (Acquisition Value Unit). |
As of December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(In millions of Pesos) |
||||||||||||
Assets |
||||||||||||
In Pesos, Unadjusted |
1,377,859 | 1,216,283 | 936,386 | |||||||||
In Pesos, Adjusted by the CER/UVA |
39,589 | 48,786 | 60,088 | |||||||||
In Foreign Currency (1) |
260,595 | 327,787 | 415,364 | |||||||||
|
|
|
|
|
|
|||||||
Total Assets |
1,678,043 |
1,592,856 |
1,411,838 |
|||||||||
|
|
|
|
|
|
|||||||
Liabilities and Shareholders’ Equity |
||||||||||||
In Pesos, Unadjusted, Including Shareholders’ Equity |
1,399,109 | 1,254,352 | 992,465 | |||||||||
In Pesos, Adjusted by the CER/UVA |
18,339 | 10,717 | 4,009 | |||||||||
In Foreign Currency (1) |
260,595 | 327,787 | 415,364 | |||||||||
|
|
|
|
|
|
|||||||
Total Liabilities and Shareholders’ Equity |
1,678,043 |
1,592,856 |
1,411,838 |
|||||||||
|
|
|
|
|
|
(1) |
If adjusted to reflect forward sales and purchases of foreign exchange made by Grupo Financiero Galicia and recorded off-balance sheet, assets amounted to Ps.241,110 and liabilities Ps.241,650 million as of December 31, 2021. |
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except otherwise noted) |
||||||||||||||||||||
Consolidated Income Statement |
||||||||||||||||||||
Net Income from Interest |
109,278 | 115,795 | 71,572 | (6 | ) | 62 | ||||||||||||||
Interest Income |
290,170 | 252,646 | 268,180 | 15 | (6 | ) | ||||||||||||||
Interest Expenses |
(180,892 | ) | (136,851 | ) | (196,608 | ) | 32 | (30 | ) | |||||||||||
Net Fee Income |
57,790 | 55,056 | 57,710 | 5 | (5 | ) | ||||||||||||||
Fee Income |
70,405 | 69,285 | 72,221 | 2 | (4 | ) | ||||||||||||||
Fee Related Expenses |
(12,615 | ) | (14,229 | ) | (14,511 | ) | (11 | ) | (2 | ) | ||||||||||
Net Income from Financial Instruments |
95,610 | 104,620 | 149,661 | (9 | ) | (30 | ) | |||||||||||||
Income from Derecognition of Assets Measured at Amortized Cost |
16 | (5 | ) | 451 | 420 | (101 | ) | |||||||||||||
Exchange Rate Differences on Gold and Foreign Currency |
4,494 | 10,637 | 17,859 | (58 | ) | (40 | ) | |||||||||||||
Other Operating Income |
35,836 | 33,694 | 43,530 | 6 | (23 | ) | ||||||||||||||
Income from Insurance Business |
7,350 | 8,138 | 7,272 | (10 | ) | 12 | ||||||||||||||
Expected Credit Loss Allowance |
(23,262 | ) | (52,874 | ) | (45,282 | ) | (56 | ) | 17 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Operating Income |
287,112 |
275,061 |
302,773 |
4 |
(9 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Personnel expenses |
(46,444 | ) | (48,037 | ) | (50,241 | ) | (3 | ) | (4 | ) | ||||||||||
Administrative Expenses |
(45,204 | ) | (46,961 | ) | (50,142 | ) | (4 | ) | (6 | ) | ||||||||||
Depreciations and Impairment of Assets |
(14,497 | ) | (12,504 | ) | (10,407 | ) | 16 | 20 | ||||||||||||
Other Operating Expenses |
(53,834 | ) | (46,134 | ) | (52,955 | ) | 17 | (13 | ) | |||||||||||
Loss on Net Monetary Position |
(79,502 | ) | (51,354 | ) | (56,513 | ) | 55 | (9 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Operating Income |
47,631 |
70,071 |
82,515 |
(32 |
) |
(15 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Share of Profit from Associates and Joint Ventures |
(130 | ) | (189 | ) | — | 31 | — | |||||||||||||
Income Tax from Continuing Operations |
(16,407 | ) | (31,374 | ) | (33,568 | ) | (48 | ) | (7 | ) | ||||||||||
Loss from Discontinued Operations |
— | — | — | — | — | |||||||||||||||
Income Tax from Discontinued Operations |
— | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income (Loss) for the Year |
31,094 |
38,508 |
48,947 |
(19 |
) |
(21 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Income (Loss) for the Year Attributable to Parent Company’s Owner |
31,094 | 37,993 | 48,719 | (18 | ) | (22 | ) | |||||||||||||
Net Income (Loss) for the Year Attributable to Non-controlling Interests |
— | 515 | 228 | (100 | ) | 126 | ||||||||||||||
Other Comprehensive Income (Loss) |
84 |
(285 |
) |
827 |
129 |
(134 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Comprehensive Income (Loss) |
31,178 |
38,223 |
49,774 |
(18 |
) |
(23 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Comprehensive Income (Loss) Attributable to Parent Company’s Owners |
31,178 | 37,708 | 49,546 | (17 | ) | (24 | ) | |||||||||||||
Total Comprehensive Income (Loss) Loss Attributable to Non-controlling Interests |
— | 515 | 228 | (100 | ) | 126 | ||||||||||||||
Ratios (%) |
Change (pbs) |
|||||||||||||||||||
Return on Assets |
1.85 | 2.39 | 3.46 | (54 | ) | (107 | ) | |||||||||||||
Return on Shareholders’ Equity |
10.21 | 13.80 | 20.81 | (359 | ) | (701 | ) | |||||||||||||
v |
Change (%) |
|||||||||||||||||||
Basic Earnings per Share (in Pesos) |
21.09 |
26.33 |
34.15 |
(20 |
) |
(23 |
) |
As of December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Average Balance |
Average Yield / Rate |
Average Balance |
Average Yield / Rate |
Average Balance |
Average Yield / Rate |
|||||||||||||||||||
(in millions of Pesos, except rates) |
||||||||||||||||||||||||
Interest-Earning Assets |
||||||||||||||||||||||||
Debt Securities at fair value through profit or loss |
||||||||||||||||||||||||
Government Securities |
243,991 | 36.90 | 234,910 | 40.11 | 251,325 | 50.98 | ||||||||||||||||||
Others Debt Securities |
2,034 | 196.64 | 2,091 | 73.27 | 2,774 | 48.31 | ||||||||||||||||||
Total Debt Securities at fair value through profit or loss |
246,025 | 38.22 | 237,001 | 40.41 | 254,099 | 50.95 | ||||||||||||||||||
Repurchase Transactions |
148,947 | 36.17 | 54,144 | 25.00 | 27,426 | 53.46 | ||||||||||||||||||
Loans and Other Financing |
||||||||||||||||||||||||
Loans |
657,124 | 33.29 | 741,706 | 30.23 | 887,028 | 27.12 | ||||||||||||||||||
Financial Leases |
1,821 | 15.59 | 3,508 | 15.14 | 5,822 | 19.74 | ||||||||||||||||||
Other Loans and Other Financing |
2,764 | 2.24 | 3,419 | 13.81 | 5,007 | 20.19 | ||||||||||||||||||
Total Loans and Other Financing |
661,709 | 33.11 | 748,633 | 30.08 | 897,857 | 27.03 | ||||||||||||||||||
Other Interest-Earning Assets |
48,020 | 39.81 | 66,835 | 30.39 | 82,419 | 24.76 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Earning Assets |
1,104,702 |
34.95 |
1,106,613 |
32.06 |
1,261,801 |
32.27 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Spread and Net Yield |
||||||||||||||||||||||||
Interest Spread, Nominal Basis (1) |
13.54 | 16.05 | 12.06 | |||||||||||||||||||||
Cost of Funds Supporting Interest-Earning Assets |
16.34 | 12.27 | 15.43 | |||||||||||||||||||||
Net Yield on Interest-Earning Assets (2) |
18.61 | 19.80 | 16.84 |
(1) |
Reflects the difference between the average nominal interest rate on interest-earning assets and the average nominal interest rate on interest-bearing liabilities. Interest rates include the CER/UVA adjustment. |
(2) |
Net interest earned divided by average interest-earning assets. Interest rates include the CER/UVA adjustment. |
As of December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Average Balance |
Average Yield / Rate |
Average Balance |
Average Yield / Rate |
Average Balance |
Average Yield / Rate |
|||||||||||||||||||
(in millions of Pesos, except rates) |
||||||||||||||||||||||||
Interest-Bearing Liabilities |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Savings Accounts |
358,941 | 10.10 | 381,150 | 5.77 | 399,035 | 4.24 | ||||||||||||||||||
Time Deposits |
403,698 | 31.51 | 367,173 | 26.68 | 353,526 | 39.25 | ||||||||||||||||||
Total Interest-Bearing Deposits |
762,640 | 21.43 | 748,323 | 16.03 | 752,561 | 20.69 | ||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
20,565 | 16.42 | 29,909 | 12.64 | 57,839 | 13.19 | ||||||||||||||||||
Debt Securities and Subordinated Debt Securities |
56,830 | 23.71 | 66,295 | 17.43 | 133,049 | 22.54 | ||||||||||||||||||
Other Interest-Bearing Liabilities |
3,265 | 7.81 | 2,892 | 15.28 | 20,098 | 7.15 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Interest-Bearing Liabilities |
843,299 |
21.41 |
847,419 |
16.02 |
963,547 |
20.21 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Cash and due from banks |
— | 4 | 16 | (100 | ) | (75 | ) | |||||||||||||
Corporate debt securities |
420 | 471 | 802 | (11 | ) | (41 | ) | |||||||||||||
Government debt securities |
17.488 | 13.861 | 9.668 | 26 | 43 | |||||||||||||||
On Loans and Other Financing Activities |
218.371 | 224.934 | 243.032 | (3 | ) | (7 | ) | |||||||||||||
Financial Sector |
2.270 | 4.719 | 6.491 | (52 | ) | (27 | ) | |||||||||||||
Non-financial Private Sector |
216.101 | 220.215 | 236.541 | (2 | ) | (7 | ) | |||||||||||||
Advances |
12.719 | 17.943 | 25.880 | (29 | ) | (31 | ) | |||||||||||||
Mortgage loans |
19.951 | 19.737 | 26.411 | 1 | (25 | ) | ||||||||||||||
Pledge loans |
4.498 | 2.146 | 1.443 | 110 | 49 | |||||||||||||||
Personal Loans |
24.736 | 24.602 | 25.110 | 1 | (2 | ) | ||||||||||||||
Credit Card Loans |
78.548 | 71.255 | 97.966 | 10 | (27 | ) | ||||||||||||||
Financial Leases |
284 | 531 | 1.148 | (47 | ) | (54 | ) | |||||||||||||
Others |
75.365 | 84.001 | 58.583 | (10 | ) | 43 | ||||||||||||||
On Repurchase Transactions |
53.891 | 13.376 | 14.662 | 303 | (9 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Income from Interest |
290.170 |
252.646 |
268.180 |
15 |
(6 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in percentages) |
||||||||||||
Total Loans |
12.09 | 12.93 | 11.52 | |||||||||
Private-Sector Loans |
12.16 | 13.01 | 11.50 |
(*) |
Exclusively Banco Galicia within the Argentine market, according to the daily information on loans published by the BCRA. balances as of the last day of each year. |
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
On Deposits |
163,770 | 119,973 | 155,709 | 37 | (23 | ) | ||||||||||||||
Non-financial Private Sector |
163,770 | 119,973 | 155,709 | 37 | (23 | ) | ||||||||||||||
Checking Accounts |
313 | — | — | — | — | |||||||||||||||
Savings Accounts |
18 | 17 | 13 | 6 | 31 | |||||||||||||||
Time Deposit and Term Investments |
122,871 | 94,828 | 137,104 | 30 | (31 | ) | ||||||||||||||
Others |
40,568 | 25,128 | 18,592 | 61 | 35 | |||||||||||||||
On Financing Received from the Argentine Central Bank and Other Financial Institutions |
3,070 | 2,633 | 5,042 | 17 | (48 | ) | ||||||||||||||
On Repurchase Transactions |
239 | 458 | 1,391 | (48 | ) | (67 | ) | |||||||||||||
Other Financial Institutions |
239 | 458 | 1,391 | (48 | ) | (67 | ) | |||||||||||||
On Other Financial Liabilities |
2,659 | 2,179 | 2,684 | 22 | (19 | ) | ||||||||||||||
On Debt Securities |
8,973 | 9,203 | 29,265 | (2 | ) | (69 | ) | |||||||||||||
On Subordinated Debt Securities |
2,181 | 2,405 | 2,517 | (9 | ) | (4 | ) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Interest Expenses |
180,892 |
136,851 |
196,608 |
32 |
(30 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in percentages) |
||||||||||||
Total Deposits |
8.42 | 8.42 | 8.23 | |||||||||
Total Deposits in Checking and Savings Accounts and Time Deposits |
10.28 | 10.17 | 10.16 | |||||||||
Private-Sector Deposits |
10.27 | 10.07 | 9.92 |
(*) |
Exclusively Banco Galicia within the Argentine market, according to the daily information on deposits published by the BCRA. balances as of the last day of each year. |
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Income From |
||||||||||||||||||||
Credit Cards |
35,797 | 35,986 | 36,535 | (1 | ) | (2 | ) | |||||||||||||
Deposit Accounts |
7,946 | 7,001 | 9,048 | 13 | (23 | ) | ||||||||||||||
Insurances |
2,681 | 2,590 | 2,713 | 4 | (5 | ) | ||||||||||||||
Financial fees |
87 | 305 | 645 | (71 | ) | (53 | ) | |||||||||||||
Credit-related fees |
9,616 | 10,341 | 9,664 | (7 | ) | 7 | ||||||||||||||
Foreign trade |
3,128 | 3,017 | 3,218 | 4 | (6 | ) | ||||||||||||||
Collections |
3,419 | 2,681 | 2,562 | 28 | 5 | |||||||||||||||
Utility-bills collection services |
4,701 | 3,331 | 3,563 | 41 | (7 | ) | ||||||||||||||
Mutual funds |
719 | 1,229 | 1,841 | (41 | ) | (33 | ) | |||||||||||||
Others |
2,311 | 2,804 | 2,432 | (18 | ) | 15 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total fee income |
70,405 |
69,285 |
72,221 |
2 |
(4 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total fee expenses |
(12,615 |
) |
(14,229 |
) |
(14,511 |
) |
(11 |
) |
(2 |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net fee income |
57,790 |
55,056 |
57,710 |
5 |
(5 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(number of credit cards, except otherwise noted) |
(percentages) |
|||||||||||||||||||
Visa |
3,133,597 |
3,133,068 |
3,044,890 |
— |
3 |
|||||||||||||||
“Gold” |
753,865 | 726,381 | 704,979 | 4 | 3 | |||||||||||||||
International |
941,692 | 1,048,598 | 1,095,163 | (10 | ) | (4 | ) | |||||||||||||
Domestic |
25,670 | 30,881 | 36,246 | (17 | ) | (15 | ) | |||||||||||||
“Business” |
167,680 | 164,310 | 157,967 | 2 | 4 | |||||||||||||||
“Platinum” |
674,741 | 644,364 | 590,539 | 5 | 9 | |||||||||||||||
“Signature” |
569,949 | 518,534 | 459,996 | 10 | 13 | |||||||||||||||
Galicia Rural |
14,487 |
17,864 |
16,687 |
(19 |
) |
7 |
||||||||||||||
American Express |
796,534 |
761,267 |
749,303 |
5 |
2 |
|||||||||||||||
“Gold” |
209,721 | 204,397 | 211,802 | 3 | (3 | ) | ||||||||||||||
“International” |
113,681 | 104,712 | 122,173 | 9 | (14 | ) | ||||||||||||||
“Platinum” |
214,944 | 198,697 | 177,360 | 8 | 12 | |||||||||||||||
“Signature” |
258,188 | 253,461 | 237,968 | 2 | 7 | |||||||||||||||
MasterCard |
1,204,158 |
1,162,879 |
1,175,833 |
4 |
(1 |
) | ||||||||||||||
“Gold” |
351,580 | 324,811 | 313,874 | 8 | 3 | |||||||||||||||
MasterCard |
357,754 | 374,133 | 416,327 | (4 | ) | (10 | ) | |||||||||||||
Argencard |
54 | 75 | 93 | (28 | ) | (19 | ) | |||||||||||||
“Platinum” |
231,665 | 220,848 | 212,354 | 5 | 4 | |||||||||||||||
“Black” |
263,105 | 243,012 | 233,185 | 8 | 4 | |||||||||||||||
Tarjeta Naranja |
8,675,404 |
8,613,352 |
8,559,157 |
1 |
1 |
|||||||||||||||
Naranja |
4,640,267 | 4,619,426 | 4,605,250 | — | — | |||||||||||||||
Visa |
3,594,080 | 3,513,542 | 3,451,277 | 2 | 2 | |||||||||||||||
MasterCard |
381,097 | 415,901 | 453,760 | (8 | ) | (8 | ) | |||||||||||||
American Express |
59,960 | 64,483 | 48,870 | (7 | ) | 32 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Credit Cards |
13,824,180 |
13,688,430 |
13,545,870 |
1 |
1 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Amount of Purchases (in millions of Pesos) |
1,268,468 |
216,219,471 |
140,501,832 |
(99 |
) |
54 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Income from Government Securities |
90,184 | 93,766 | 128,127 | (4 | ) | (27 | ) | |||||||||||||
Income from Corporate Securities |
3,260 | 7,127 | 19,167 | (54 | ) | (63 | ) | |||||||||||||
Income from Derivative Instruments |
2,253 | 3,727 | 2,410 | (40 | ) | 55 | ||||||||||||||
Repurchase Transactions |
2,253 | 2,637 | 2,635 | (15 | ) | — | ||||||||||||||
Rate Swaps |
— | 54 | (225 | ) | (100 | ) | (124 | ) | ||||||||||||
Options |
— | 1,036 | — | (100 | ) | — | ||||||||||||||
Income from Other Financial Assets |
— | — | (43 | ) | — | (100 | ) | |||||||||||||
Income from derecognition of assets measured at fair value |
8 | — | — | — | — | |||||||||||||||
From Measurement of Financial Liabilities at Fair Value through Profit or Loss |
(95 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Net Results from Financial Instruments |
95,610 |
104,620 |
149,661 |
(9 |
) |
(30 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Other financial income (1) (2) |
469 | 874 | 2,486 | (46 | ) | (65 | ) | |||||||||||||
Commission on Product Package (1) |
8,855 | 9,504 | 8,581 | (7 | ) | 11 | ||||||||||||||
Rental of safe deposit boxes (1) |
2,028 | 1,955 | 1,525 | 4 | 28 | |||||||||||||||
Other fee income (1) |
7,586 | 6,396 | 5,043 | 19 | 27 | |||||||||||||||
Other adjustments and interest on miscellaneous receivables |
7,080 | 7,918 | 4,695 | (11 | ) | 69 | ||||||||||||||
Income for sale of non-currents assets held for sale |
— | — | 14,606 | — | (100 | ) | ||||||||||||||
Reversed allowances |
1,011 | 2,566 | 132 | (61 | ) | 1,844 | ||||||||||||||
Other |
8,807 | 4,481 | 6,462 | 97 | (31 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other operating income |
35,836 |
33,694 |
43,530 |
6 |
(23 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
1) |
Item included for calculating the efficiency ratio. |
2) |
Item included for calculating the financial margin. |
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Premiums and Surcharges Accrued |
12,228 | 11,757 | 11,482 | 4 | 2 | |||||||||||||||
Claims Accrued |
(2,241 | ) | (1,701 | ) | (1,589 | ) | 32 | 7 | ||||||||||||
Surrenders |
(32 | ) | (25 | ) | (27 | ) | 28 | (7 | ) | |||||||||||
Life and Ordinary Annuities |
(18 | ) | (21 | ) | (24 | ) | (14 | ) | (13 | ) | ||||||||||
Underwriting and Operating Expenses |
(2,451 | ) | (1,773 | ) | (2,459 | ) | 38 | (28 | ) | |||||||||||
Other Income and Expenses |
(136 | ) | (99 | ) | (111 | ) | 37 | (11 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Income from Insurance Activities |
7,350 |
8,138 |
7,272 |
(10 |
) |
12 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Fees and Compensation for Services |
2,957 | 4,526 | 6,352 | (35 | ) | (29 | ) | |||||||||||||
Directors’ and Syndics’ Fees |
391 | 713 | 336 | (45 | ) | 112 | ||||||||||||||
Advertising and Marketing |
2,311 | 2,420 | 4,466 | (5 | ) | (46 | ) | |||||||||||||
Taxes |
11,610 | 10,946 | 10,472 | 6 | 5 | |||||||||||||||
Maintenance and Repairs |
8,118 | 7,184 | 5,826 | 13 | 23 | |||||||||||||||
Electricity and Communication |
2,876 | 3,449 | 3,749 | (17 | ) | (8 | ) | |||||||||||||
Entertainment and Transportation Expenses |
68 | 88 | 260 | (23 | ) | (66 | ) | |||||||||||||
Stationery and Office Supplies |
404 | 633 | 776 | (36 | ) | (18 | ) | |||||||||||||
Rentals (1) |
485 | 466 | 205 | 4 | 127 | |||||||||||||||
Administrative Services Hired |
7,561 | 7,194 | 6,674 | 5 | 8 | |||||||||||||||
Security |
1,159 | 1,755 | 2,011 | (34 | ) | (13 | ) | |||||||||||||
Insurance |
479 | 373 | 272 | 28 | 37 | |||||||||||||||
Armored Transportation Services |
2,839 | 2,353 | 4,231 | 21 | (44 | ) | ||||||||||||||
Others |
3,946 | 4,861 | 4,512 | (19 | ) | 8 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Administrative Expenses |
45,204 |
46,961 |
50,142 |
(4 |
) |
(6 |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
1) |
As of fiscal year, 2019, due to the application of IFRS 16, rentals are recognized as a right-of-use asset and a financial liability, consequently the results are exposed in depreciation and impairment of assets and other operating expenses, respectively. The amounts for fiscal years 2020 and 2019 correspond to low value rentals and short term rental (an exception from IFRS 16). |
For the Year Ended December 31, |
Change (%) |
|||||||||||||||||||
2021 |
2020 |
2019 |
2021/2020 |
2020/2019 |
||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||
Turnover tax |
32,137 | 23,642 | 26,889 | 36 | (12 | ) | ||||||||||||||
On operating income (1) (2) |
21,385 | 15,047 | 18,249 | 42 | (18 | ) | ||||||||||||||
On fees (1) |
9,801 | 7,875 | 7,489 | 24 | 5 | |||||||||||||||
On other items |
951 | 720 | 1,151 | 32 | (37 | ) | ||||||||||||||
Contributions to the Guarantee Fund (1) (2) |
1,611 | 1,599 | 1,773 | 1 | (10 | ) | ||||||||||||||
Charges for Other Provisions |
1,449 | 4,330 | 3,494 | (67 | ) | 24 | ||||||||||||||
Claims |
1,443 | 567 | 691 | 154 | (18 | ) | ||||||||||||||
Other Financial Expenses (1) (2) |
— | 432 | 3,772 | (100 | ) | (89 | ) | |||||||||||||
Interest on leases |
530 | 602 | 772 | (12 | ) | (22 | ) | |||||||||||||
Credit-card-relates expenses (1) |
6,473 | 6,773 | 9,127 | (4 | ) | (26 | ) | |||||||||||||
Other Expenses from Services (1) |
8,399 | 6,560 | 4,496 | 28 | 46 | |||||||||||||||
Others |
1,792 | 1,629 | 1,941 | 10 | (16 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total other operating expenses |
53,834 |
46,134 |
52,955 |
17 |
(13 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Item included for calculating the efficiency ratio. |
(2) |
Item included for calculating the financial margin. |
As of December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Amounts |
% |
Amounts |
% |
Amounts |
% |
|||||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||||||
Cash and due from banks |
237,427 | 14 | 264,787 | 17 | 268,474 | 19 | ||||||||||||||||||
Debt Securities |
235,937 | 14 | 234,593 | 15 | 134,989 | 10 | ||||||||||||||||||
Loans and other financing |
744,434 | 45 | 794,608 | 50 | 736,813 | 52 | ||||||||||||||||||
Other Financial Assets |
322,181 | 19 | 145,395 | 9 | 128,103 | 9 | ||||||||||||||||||
Equity investments in subsidiaries, associates and joint businesses |
169 | — | 135 | — | — | — | ||||||||||||||||||
Property, Plant and Equipment |
62,196 | 4 | 66,009 | 4 | 67,739 | 5 | ||||||||||||||||||
Intangible Assets |
21,231 | 1 | 21,839 | 1 | 17,863 | 1 | ||||||||||||||||||
Other Assets |
54,467 | 3 | 65,446 | 4 | 54,631 | 4 | ||||||||||||||||||
Assets available for sale |
1 | — | 44 | — | 80 | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total Assets |
1,678,043 |
100 |
1,592,856 |
100 |
1,408,692 |
100 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Government securities net position |
338,872 |
274,406 |
188,851 |
|||||||||
Leliq |
181,567 | 193,696 | 119,476 | |||||||||
Botes |
32,566 | 32,468 | 22,255 | |||||||||
Other |
124,739 | 48,242 | 47,120 | |||||||||
Other Financing Assets |
203,232 |
92,133 |
61,928 |
|||||||||
Repurchase agreement transactions - BCRA |
203,205 | 92,068 | 61,802 | |||||||||
Loans and Others Financing |
1 | 20 | 60 | |||||||||
Certificate of Participation in Trusts |
26 | 45 | 66 | |||||||||
|
|
|
|
|
|
|||||||
Total (1) |
542,104 |
366,539 |
250,779 |
|||||||||
|
|
|
|
|
|
(1) |
Does not include deposits with the BCRA, which constitute one of the items by which Banco Galicia complies with the BCRA’s minimum cash requirements. |
As of December 31, |
||||||||||||||||||||||||
2021 |
2020 |
2019 |
||||||||||||||||||||||
Amounts |
% |
Amounts |
% |
Amounts |
% |
|||||||||||||||||||
(in millions of Pesos, except percentages) |
||||||||||||||||||||||||
Deposits |
1,035,958 |
62 |
1,020,886 |
64 |
809,098 |
57 |
||||||||||||||||||
Checking Accounts |
239,632 | 14 | 158,530 | 10 | 138,843 | 10 | ||||||||||||||||||
Savings Accounts |
402,486 | 24 | 478,460 | 30 | 364,461 | 26 | ||||||||||||||||||
Time Deposits |
364,520 | 22 | 362,027 | 23 | 288,375 | 20 | ||||||||||||||||||
Time Deposits - UVA |
15,441 | 1 | 8,400 | 1 | 1,542 | — | ||||||||||||||||||
Others |
4,089 | — | 4,458 | — | 5,414 | — | ||||||||||||||||||
Interests And Adjustments |
9,790 | 1 | 9,011 | 1 | 10,463 | 1 | ||||||||||||||||||
Credit Lines |
23,711 |
1 |
20,880 |
1 |
46,696 |
3 |
||||||||||||||||||
Argentine Central Bank |
42 | — | 32 | — | 46 | — | ||||||||||||||||||
Correspondents |
3,469 | — | 2,909 | — | 769 | — | ||||||||||||||||||
Financing from Local Financial Institutions |
17,114 | 1 | 10,621 | 1 | 11,503 | 1 | ||||||||||||||||||
Financing from Foreign Financial Institutions |
346 | — | — | — | 21,515 | 2 | ||||||||||||||||||
Financing from International Financial Institutions |
2,740 | — | 7,318 | — | 12,863 | 1 | ||||||||||||||||||
Debt Securities (Unsubordinated and Subordinated) (1) |
54,248 |
3 |
58,456 |
4 |
91,938 |
7 |
||||||||||||||||||
Other obligations (2) |
259,657 |
16 |
217,416 |
14 |
220,873 |
16 |
||||||||||||||||||
Shareholders’ Equity |
304,469 |
18 |
275,218 |
17 |
240,087 |
17 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total |
1,678,043 |
100 |
1,592,856 |
100 |
1,408,692 |
100 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Each item includes principal, interest accrued, exchange rate differences and premiums payable, as well as UVA adjustment, where applicable. |
(2) |
It includes debts with stores due to credit card transactions, collections on account of third parties in Pesos and foreign currency, miscellaneous obligations and allowances, among others. |
December 31, 2021 |
||||||||||||
Currency |
Expiration |
Annual Interest Rate |
Total (*) |
|||||||||
(in millions of Pesos, except for rates) |
||||||||||||
Banco Galicia |
||||||||||||
ON Subordinated (1) |
US | 07.19.26 | (2) |
26,276 | ||||||||
Green Bond |
US | 06.21.25 | 5.90% | 4,613 | ||||||||
Class IX |
$ | 08.19.22 | Badlar + 3% | 1,670 | ||||||||
Class X |
$ | 05.19.22 | Fixed rate of 41% | 1,064 | ||||||||
Naranja |
||||||||||||
XXXVII |
$ | 04.11.22 | Minimum 15% Rate/Badlar + 3.50% | 1,336 | ||||||||
XLIV |
$ | 01.08.22 | Badlar + 4% | 664 | ||||||||
XLVI |
$ | 02.17.22 | Badlar + 4.72% | 4,166 | ||||||||
XLVII |
US | 04.28.23 | Fixed rate of 7% | 879 | ||||||||
XLVIII |
$ | 04.26.22 | Badlar + 5.5% | 5,256 | ||||||||
XLIX Serie I |
$ | 08.13.22 | Badlar + 5% | 2,472 | ||||||||
XLIX Serie II |
$ | 08.13.23 | Badlar + 7.24% | 1,726 | ||||||||
L |
$ | 11.10.22 | Badlar + 5% | 4,126 | ||||||||
|
|
|||||||||||
Total |
54,248 |
|||||||||||
|
|
(*) |
Includes principal and interest. |
(1) |
Principal will be paid in full on the maturity date, on July 19, 2026, unless redeemed in full, at the issuer’s option, at a price equal to 100% of the outstanding principal plus accrued and unpaid interest. |
(2) |
Fixed 8.25% rate per annum (as from the issuance date to July 19, 2021, inclusively); and margin to be added to the nominal Benchmark Readjustment Rate of 7.156% per annum to the maturity date. Such interest shall be payable semiannually on January 19 and July 19 as from 2017. |
December 31, 2021 | ||||||||||
Standard & Poor’s |
Fix Scr |
Fitch Argentina |
Evaluadora Latinoamericana |
Moody’s | ||||||
Local Ratings |
||||||||||
Grupo Financiero Galicia |
||||||||||
Rating of Shares |
1 | |||||||||
Banco Galicia |
||||||||||
Counterparty Rating |
raBBB- | |||||||||
Debt (Long-Term / Short Term) |
AAA(arg)/A1+(arg) | |||||||||
Subordinated Debt |
AA- | |||||||||
Deposits (Long Term / Short Term) |
raBBB -/ raA-3 | |||||||||
Deposits (Local Currency / Foreign Currency) |
AAA.ar / AA-.ar | |||||||||
Naranja |
||||||||||
Medium-/Long-Term Debt |
AA-(arg) | CCC | Caa2 | |||||||
International Ratings |
||||||||||
Banco Galicia |
||||||||||
Issuer Credit Rating |
CCC+ | |||||||||
Counterparty Risk Rating (Local Currency / Foreign Currency) |
-/Caa3 | |||||||||
Bank Deposits (Local Currency / Foreign Currency) |
Caa2 / Caa3 | |||||||||
Long-Term Debt (Foreign Currency) |
Caa3 | |||||||||
Subordinated Debt Securitie |
CCC- | Ca |
(*) |
See “ Contractual Obligations”. |
December 31, 2021 |
||||||||||||||||||||||||||||
Maturity |
Annual Interest Rate |
Total |
Less than 1 Year |
1 to 3 Years |
3 to 5 Years |
Over 5 Years |
||||||||||||||||||||||
Banco Galicia |
||||||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||||||
Time Deposits (Ps./US$) |
Various | Various | 379,838 | 379,751 | 87 | — | — | |||||||||||||||||||||
Debt Securities |
||||||||||||||||||||||||||||
Class IX Due 2022 (Ps.) (4) |
2022 | Badlar + 300 bp | 935 | 935 | — | — | — | |||||||||||||||||||||
Class X Due 2022 (Ps.) (5) |
2022 | 41% | 1,592 | 1,592 | — | — | — | |||||||||||||||||||||
2026 Subordinated (US$) (5) |
2026 | 7.97% | 25,355 | — | — | 25,355 | — | |||||||||||||||||||||
Green Bond - IFC (US$) |
2025 | 5.81% | 4,581 | 1,309 | 2,618 | 654 | — | |||||||||||||||||||||
Loans |
||||||||||||||||||||||||||||
IFC Financial Loans (US$) |
Various | Various | 2,740 | 1,713 | 1,027 | — | — | |||||||||||||||||||||
Other Financial Loans (US$) (6) |
Various | Various | 346 | 346 | — | — | — | |||||||||||||||||||||
IDB Financial Loans (Ps.) |
Various | Various | 66 | 34 | 32 | — | — | |||||||||||||||||||||
BICE Financial Loans (Ps.) |
Various | Various | 466 | 307 | 148 | 11 | — | |||||||||||||||||||||
BICE Financial Loans (US$) |
Various | Various | 1,267 | 659 | 608 | — | — | |||||||||||||||||||||
Short-term Intrebank Loans (Ps.) |
2022 | 17.94% | 600 | 600 | — | — | — | |||||||||||||||||||||
Correspondents |
2022 | - | 3,469 | 3,469 | — | — | — | |||||||||||||||||||||
BCRA (Ps.) |
2022 | - | 42 | 42 | — | — | — | |||||||||||||||||||||
NaranjaX |
||||||||||||||||||||||||||||
Financial Loans with Local Banks (Ps.) |
Various | Various | 14,538 | 12,673 | 1,865 | |||||||||||||||||||||||
Debt Securities (Ps.) |
Various | Various | 18,564 | 16,935 | 1,629 | |||||||||||||||||||||||
Debt Securities (U$S.) |
2023 | 7% | 873 | — | 873 | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
455,272 |
420,365 |
8,887 |
26,020 |
— |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
(1) |
Interest payable quarterly in cash, adjustable rate of Badlar + 269 bps Principal payable in full on February 17, 2020. |
(2) |
Interest payable in cash quarterly in cash, adjustable rate of Badlar + 298 bps Principal payable in full on May 18, 2020. |
(3) |
Interest payable in cash and principal payable in full on April 26, 2020. |
(4) |
Interest payable in cash quarterly in cash, adjustable rate of Badlar + 350 bps Principal payable in full on April 26, 2021. |
(5) |
Interest payable in cash semi-annually, fixed rate of 8.25%, up to July 19, 2021, when benchmark rate will be a 7.156% additional. Principal payable in full on July 19, 2026. |
(6) |
Borrowings to finance international trade operations to Bank customers. |
December 31, 2021 |
||||
(In millions of Pesos) |
||||
Amounts recognized in the Statement of Financial Position: |
||||
Right-of-use asset (1) |
4,505 | |||
Lease Liabilities (2) |
4,382 |
(1) |
Recorded in the Property, Plant and Equipment item, for right of use of real property. |
(2) |
Recorded in the item Other Financial Liabilities. |
December 31, 2021 |
||||
(In millions of Pesos) |
||||
Amounts recognized in the Statement of Income: |
||||
Charge for depreciation of right-of-use assets (1)(2) |
2,025 | |||
Interest Expenses (3) |
530 | |||
Expenses related to short-term leases (4) |
250 | |||
Expenses related to low-value assets leases (4) |
235 | |||
Sublease Income (5) |
2 |
(1) |
Depreciation for right of use of Real Property. |
(2) |
Recorded in the item Depreciation and Impairment of assets. |
(3) |
Recorded in the item Other Operating Expenses, Lease Interest. |
(4) |
Recorded in the item Administrative Expenses. |
(5) |
Recorded in the item Other Operating Income. |
December 31, 2021 |
||||
(in millions of Pesos) |
||||
Agreed Commitments |
54,380 | |||
Export and Import Documentary Credits |
5,946 | |||
Guarantees Granted |
11,539 | |||
Responsibilities for Foreign Trade Transactions |
873 |
December 31, 2021 |
||||
(in millions of Pesos) |
||||
Other Preferred Guarantees Received |
17 | |||
Other Guarantees Received |
533 |
December 31, 2021 |
||||
(in millions of Pesos) |
||||
Checks and Drafts to be Debited |
9,334 | |||
Checks and Drafts to be Credited |
10,578 | |||
Values for Collection |
143,872 |
December 31, 2021 |
||||
(in millions of Pesos) |
||||
Trust Funds |
9,956 | |||
Securities Held in Custody |
1,803,675 |
• | Although financial income will continue to be negatively affected by maximum lending interest rates and a demand driven by subsidized credit, it will improve as compared to the previous year due to an expected increase in real interest rates (this is highly dependent on the evolution of inflation rates during 2022). |
• | With respect to deposits and loans, Banco Galicia expects to grow both in volume and in market share in 2022. The expansionary monetary policy with foreign exchange controls imposed by the administration, will probably continue generating dynamism in deposits, but higher-than-expected domestic prices or a foreign exchange correction might have a negative impact on the financial margin via lower deposits –which implies less funds to allocate- and lower interest rates. |
• | Another risk, related to financial income, is the exposure of non-monetary assets to inflation, which is anticipated to continue during 2022. |
• | Despite regulations limiting price´s increase and restrictions to access the FX Market, fee income is expected to increase in 2022 thanks to efficiencies generated in the lines of business. |
• | Given the undergoing digital transformation, Banco Galicia is generating efficiencies that are translated into stable administrative expenses compared to the previous year. |
• | to distribute a cash dividend for an amount, that inflation adjusted, pursuant to Resolution 777/2018 of the Argentine Securities Exchange Commission, results in Ps.11,000,000,000 being distributed for 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1 each and |
• | to allocate the amount of Ps.8,000,000,000, to integrate the Special Discretionary Reserve for eventual dividend distribution. |
• | to delegate to the Board of Directors the authority to partially disaffect the Special Discretionary Reserve for eventual dividend distribution in two payments to be made in, September 2022 and January 2023, for a total amount that, inflation adjusted, pursuant to Resolution 777/2018 of the Argentine Securities and Exchange Commission, results in Ps.4,000,000,000, each being distributed regarding 1,474,692,091 class A and B ordinary shares, with a face value of Ps.1 each, all subject to liquidity conditions, actual receipt of dividends from our subsidiary Banco Galicia and our overall financial situation at such time; and |
• | to delegate to the Board of Directors the authority to determine the payment method, in cash or in kind, in this case valued at market price, or in any combination of both options. |
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Net Cash generated by / (used in) Operating Activities |
282,811 | 277,361 | (39,463 | ) | ||||||||
Net Cash used in Investment Activities |
(8,418 | ) | (10,237 | ) | (10,843 | ) | ||||||
Net Cash generated by / (used in) Financing Activities |
8,429 | (52,990 | ) | (37,883 | ) | |||||||
Exchange income on Cash and Cash Equivalents |
44,397 | 49,518 | 104,956 | |||||||||
Net increase in cash and cash equivalents |
327,219 | 263,652 | 16,767 | |||||||||
Monetary loss related to cash and cash equivalents |
(257,055 | ) | (168,843 | ) | (253,782 | ) | ||||||
Cash and cash equivalents at the beginning of the year |
571,797 | 476,988 | 714,003 | |||||||||
|
|
|
|
|
|
|||||||
Cash and cash equivalents at end of the year |
641,961 |
571,797 |
476,988 |
|||||||||
|
|
|
|
|
|
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Cash Flows from Operating Activities |
||||||||||||
Income before Taxes from Continuing Operations |
47,501 |
69,882 |
82,515 |
|||||||||
Adjustment to Obtain the Operating Activities Flows: |
||||||||||||
Loan and other Receivables Loss Provisions |
23,699 | 52,874 | 45,282 | |||||||||
Depreciation and Impairment of Assets |
14,497 | 12,504 | 10,407 | |||||||||
Loss on Net Monetary Position |
79,502 | 51,355 | 56,513 | |||||||||
Other Operations |
121,644 | 55,502 | 68,872 | |||||||||
Net (Increases)/Decreases from Operating Assets: |
||||||||||||
Debt securities measured at fair value through profit or loss |
(13,472 | ) | (25,384 | ) | 2,878 | |||||||
Derivative Financial Instruments |
2,021 | 1,518 | 859 | |||||||||
Repurchase Transactions |
(127 | ) | (69 | ) | (6,289 | ) | ||||||
Other Financial Assets |
(7,862 | ) | 1,151 | 4,133 | ||||||||
Net Loans and Other Financing |
||||||||||||
- Non-financial Public Sector |
— | 17 | 27 | |||||||||
- Other Financial Institutions |
9,364 | (4,179 | ) | (1,620 | ) | |||||||
- Non-financial Private Sector and Residents Abroad |
15,803 | (106,383 | ) | 109,747 | ||||||||
Other Debt Securities |
(59,534 | ) | 4,261 | 6,513 | ||||||||
Financial Assets Pledged as Collateral |
(6,983 | ) | (4,517 | ) | 10,460 | |||||||
Investments in Equity Instruments |
6,330 | 467 | (8,850 | ) | ||||||||
Other Non-financial Assets |
753 | 1,316 | (3,335 | ) | ||||||||
Non-current Assets Held for Sale |
44 | 36 | 1,842 | |||||||||
Net Increases/(Decreases) from Operating Liabilities: |
||||||||||||
Deposits |
||||||||||||
- Non-financial Public Sector |
(6,583 | ) | 28,537 | (23,117 | ) | |||||||
- Financial Sector |
428 | 2,012 | (1,323 | ) | ||||||||
- Non-financial Private Sector and Residents Abroad |
21,226 | 181,240 | (304,782 | ) | ||||||||
Liabilities at fair value through profit or loss |
76 | (2,922 | ) | (3,857 | ) | |||||||
Derivative Financial Instruments |
625 | (1,724 | ) | (3,993 | ) | |||||||
Other Financial Liabilities |
49,621 | 2,005 | (60,993 | ) | ||||||||
Provisions |
(1,318 | ) | 55 | 1,063 | ||||||||
Other Non-financial Liabilities |
224 | 96 | (1,655 | ) | ||||||||
Income Tax Collections/Payments |
(14,668 | ) | (42,289 | ) | (20,760 | ) | ||||||
|
|
|
|
|
|
|||||||
Net Cash generated by / (used in) Operating Activities |
282,811 |
277,361 |
(39,463 |
) | ||||||||
|
|
|
|
|
|
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Cash Flows from Investment Operations |
||||||||||||
Payments: |
||||||||||||
Purchase of PP&E, Intangible Assets and Other Assets |
(9,943 | ) | (10,753 | ) | (16,350 | ) | ||||||
Interests in other companies |
(209 | ) | (154 | ) | — | |||||||
Collections: |
||||||||||||
Sale of PP&E, Intangible Assets and Other Assets |
650 | 399 | 5,507 | |||||||||
Dividends earned |
1,039 | 271 | — | |||||||||
Discontinued Operations/Sale of Equity Investments in Associates and Joint Ventures |
45 | — | — | |||||||||
|
|
|
|
|
|
|||||||
Net Cash used in by Investment Activities |
(8,418 |
) |
(10,237 |
) |
(10,843 |
) | ||||||
|
|
|
|
|
|
December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos) |
||||||||||||
Cash Flows from Financing Activities |
||||||||||||
Payments: |
||||||||||||
Unsubordinated Debt Securities |
(17,057 | ) | (42,021 | ) | (31,435 | ) | ||||||
Loans from Local Financial Institutions |
(17,748 | ) | (53,067 | ) | (106,291 | ) | ||||||
Dividends |
(1,926 | ) | (3,074 | ) | (5,468 | ) | ||||||
Leases payment |
(1,736 | ) | (2,012 | ) | (2,056 | ) | ||||||
Collections: |
||||||||||||
Unsubordinated Debt Securities |
23,883 | 17,703 | 11,662 | |||||||||
Loans from Local Financial Institutions |
23,013 | 29,481 | 95,433 | |||||||||
Capital increase |
— | — | 272 | |||||||||
|
|
|
|
|
|
|||||||
Net Cash generated / (used in) by Financing Activities |
8,429 |
(52,990 |
) |
(37,883 |
) | |||||||
|
|
|
|
|
|
• | Stock Liquidity |
• | Cash Flow Liquidity: |
• | Concentration of Deposits |
December 31, 2021 |
||||||||||||||||||||
Less than one Year |
1 –5 Years |
5 – 10 Years |
Over 10 Years |
Total |
||||||||||||||||
(in millions of Pesos, except ratios) |
||||||||||||||||||||
Assets |
||||||||||||||||||||
Cash and Due from Banks |
39,351 | — | — | — | 39,351 | |||||||||||||||
Argentine Central Bank – Escrow Accounts |
380,213 | — | — | — | 380,213 | |||||||||||||||
Overnight Placements in Banks Abroad |
4,839 | — | — | — | 4,839 | |||||||||||||||
Loans – Public Sector |
9,238 | 2,074 | — | — | 11,312 | |||||||||||||||
Loans – Private Sector |
429,722 | 76,616 | 8,881 | 16,642 | 531,861 | |||||||||||||||
Government Securities |
156,406 | — | — | — | 156,406 | |||||||||||||||
Notes and Securities |
2,774 | 915 | — | — | 3,689 | |||||||||||||||
Financial Trusts |
47 | — | — | — | 47 | |||||||||||||||
Receivables from Financial Leases |
652 | 539 | 4 | — | 1,195 | |||||||||||||||
Other Financing |
2,131 | 3,439 | — | — | 5,570 | |||||||||||||||
Government Securities Forward Purchase |
208,265 | — | — | — | 208,265 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Assets |
1,233,638 |
83,583 |
8,885 |
16,642 |
1,342,748 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Liabilities |
||||||||||||||||||||
Deposits in Savings Accounts |
362,672 | — | — | — | 362,672 | |||||||||||||||
Demand Deposits |
287,923 | — | — | — | 287,923 | |||||||||||||||
Time Deposits |
379,852 | 87 | — | — | 379,939 | |||||||||||||||
Notes |
2,541 | 25,355 | — | — | 27,896 | |||||||||||||||
Banks and International Entities |
3,378 | 4,312 | — | — | 7,690 | |||||||||||||||
Local Financial Institutions |
998 | 795 | — | — | 1,793 | |||||||||||||||
Other Financing |
100,277 | 2,707 | 296 | 121 | 103,401 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Liabilities |
1,137,641 |
33,256 |
296 |
121 |
1,171,314 |
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Asset / Liability Gap |
95,997 | 50,327 | 8,589 | 16,521 | 171,434 | |||||||||||||||
Cumulative Gap |
95,997 | 146,324 | 154,913 | 171,434 | ||||||||||||||||
Ratio of Cumulative Gap to Cumulative Liabilities |
8.4 | % | 12.5 | % | 13.2 | % | 14.6 | % | ||||||||||||
Ratio of Cumulative Gap to Total Liabilities |
8.2 | % | 12.5 | % | 13.2 | % | 14.6 | % |
(*) |
Principal plus UVA adjustment. Does not include interest. |
(1) |
Includes, mainly, debt with retailers due to credit card operations, liabilities in connection with repurchase transactions, debt with domestic credit agencies and collections for third parties. |
December 31, 2021 |
||||
(in millions of Pesos) |
||||
Legal Requirement |
363,086 | |||
Management Liquidity |
314,689 | |||
|
|
|||
Total Liquidity |
677,775 |
|||
|
|
As of December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
(in millions of Pesos, except ratios, multiples and percentages) |
||||||||||||
Shareholders’ Equity attributable to GFG |
304,469 | 275,218 | 234,142 | |||||||||
Shareholders’ Equity attributable to GFG as a Percentage of Total Assets |
18.14 | 17.28 | 16.62 | |||||||||
Total Liabilities as a Multiple of Shareholders’ Equity attributable to GFG |
4.51 | 4.79 | 4.99 | |||||||||
Tangible Shareholders’ Equity (1) as a Percentage of Total Assets |
16.88 | 15.91 | 15.35 |
1) |
Tangible shareholders’ equity represents shareholders’ equity minus intangible assets. |
Item 6. |
Directors, Senior Management and Employees |
Name |
Position |
Date of Birth |
Principal Occupation |
Member Since |
Current Term Ends |
|||||||||||||||
Eduardo J. Escasany |
Chairman | June 30, 1950 | Businessman | April 2005 | April 2022 | |||||||||||||||
Pablo Gutierrez |
Vice Chairman | December 9, 1959 | Businessman | April 2003 | April 2022 | |||||||||||||||
Federico Braun |
Director | February 4, 1950 | Businessman | September 1999 | April 2023 | |||||||||||||||
Silvestre Vila Moret |
Director | April 26, 1971 | Businessman | June 2002 | April 2023 | |||||||||||||||
Sebastián Gutierrez |
Director | June 8, 1963 | Businessman | April 2021 | April 2024 | |||||||||||||||
Tomás Braun |
Director | December 17, 1979 | Businessman | April 2021 | April 2023 | |||||||||||||||
Alejandro Asrin |
Director | November 15, 1969 | Lawyer | April 2021 | April 2022 | |||||||||||||||
Claudia Raquel Estecho |
Director | September 24, 1957 | Accountant | April 2019 | April 2024 | |||||||||||||||
Miguel C. Maxwell |
Director | December 19, 1956 | Accountant | April 2020 | April 2024 | |||||||||||||||
Sergio Grinenco |
Alternate Director | May 26, 1948 | Banker | April 2003 | April 2024 | |||||||||||||||
Ana María Bertolino |
Alternate Director | June 1, 1951 | Lawyer | April 2019 | April 2022 | |||||||||||||||
Pedro A. Richards |
Alternate Director | November 14, 1952 | Businessman | April 2021 | April 2023 | |||||||||||||||
Daniel Llambías |
Alternate Director | February 8, 1947 | Businessman | April 2021 | April 2023 | |||||||||||||||
Alejandro Rojas Lagarde |
Alternate Director | July 17, 1937 | Lawyer | April 2000 | April 2024 | |||||||||||||||
Ricardo Alberto Gonzalez |
Alternate Director | June 12, 1951 | Businessman | April 2019 | April 2022 |
Board Diversity Matrix (As of March 2022) | ||||||||||
Country of Principal Executive Offices: |
Argentina | |||||||||
Foreign Private Issuer |
Yes | |||||||||
Disclosure Prohibited under Home Country Law |
No | |||||||||
Total Number of Directors |
15 | |||||||||
Female |
Male |
NonBinary |
Did Not Disclose Gender | |||||||
Part I: Gender Identity |
||||||||||
Directors |
2 | 13 | 0 | 0 | ||||||
Part II: Demographic Background |
||||||||||
Underrepresented Individual in Home Country Jurisdiction |
0 | |||||||||
LGBTQ+ |
0 | |||||||||
Did Not Disclose Demographic Background |
0 |
Name |
Position |
Principal Occupation |
Current Term Ends |
|||||||||
Antonio R. Garcés |
Syndic | Accountant | April 2022 | |||||||||
José Luis Gentile |
Syndic | Accountant | April 2022 | |||||||||
Omar Severini |
Syndic | Accountant | April 2022 | |||||||||
Miguel N. Armando |
Alternate Syndic | Lawyer | April 2022 | |||||||||
Fernando Noetinger |
Alternate Syndic | Lawyer | April 2022 | |||||||||
María Matilde Hoenig |
Alternate Syndic | Lawyer | April 2022 |
Name |
Position |
Date of Birth |
Principal Occupation |
Member Since |
Current Term Ends |
|||||||||||||||
Sergio Grinenco |
Chairman of the Board | May 26, 1948 | Banker | April 2012 | April 2023 | |||||||||||||||
Raúl Héctor Seoane |
Vicechairman | July 18, 1953 | Economist | April 2012 | April 2023 | |||||||||||||||
Guillermo J. Pando |
Secretary Director | October 23, 1948 | Banker | April 2003 | April 2023 | |||||||||||||||
María Elena Casasnovas (1) |
Director | May 10, 1951 | Lawyer | April 2016 | April 2025 | |||||||||||||||
Juan Carlos L’Afflitto |
Director | September 15, 1958 | Accountant | April 2016 | April 2025 | |||||||||||||||
Gastón Bourdieu |
Director | August 31, 1956 | |
Agricultural Administration |
|
April 2018 | April 2024 | |||||||||||||
Miguel Angel Peña |
Director | January 22, 1962 | Systems | April 2021 | April 2024 | |||||||||||||||
Ignacio A. González (2) |
Alternate Director | April 23, 1944 | Accountant | April 2018 | April 2023 | |||||||||||||||
Verónica Lagos Mármol |
Alternate Director | November 14, 1972 | Economist | April 2020 | April 2023 | |||||||||||||||
Augusto R. Zapiola Macnab |
Alternate Director | June 27, 1947 | Economist | April 2013 | April 2025 |
(1) |
In accordance with the rules of the CNV, and pursuant to the classifications adopted by the CNV, Mrs. Casasnovas is an independent director. Mrs. Casasnovas is also an independent director in accordance with the Nasdaq rules. |
(2) |
In accordance with the rules of the CNV, and pursuant to the classifications adopted by the CNV, Messrs. Gonzalez and Lagos Mármol are independent alternate directors. We would replace the independent director in case of vacancy. Messrs. González and Lagos Mármol are also independent directors in accordance with the Nasdaq rules. |
Name |
Position |
Principal Occupation |
Current Term Ends |
|||||||||
Omar Severini |
Syndic | Accountant | April 2022 | |||||||||
Jose Luis Gentile |
Syndic | Accountant | April 2022 | |||||||||
Antonio R. Garces (*) |
Syndic | Accountant | April 2022 | |||||||||
Fernando Noetinger |
Alternate Syndic | Lawyer | April 2022 | |||||||||
Miguel N. Armando (*) |
Alternate Syndic | Lawyer | April 2022 | |||||||||
Horacio Tedín |
Alternate Syndic | Lawyer | April 2022 |
Division |
Manager |
|||
Wholesale Banking |
Marcelo Iraola | |||
Retail Banking |
German Alejandro Ghisoni | |||
Financial Banking |
Pablo María León | |||
Risk |
Bruno Folino | |||
Product and Technology |
María Marcela Fernie | |||
People |
Rafael Pablo Bergés | |||
Planning |
Diego Rivas |
Department |
Manager |
|||
Internal Audit |
Claudio Scarso | |||
Prevention of Money Laundering |
Teresa del Carmen Piraino |
(i) | Rule 5250 (d) – Distribution of Annual and Interim Reports. In lieu of the requirements of Rule 5250 (d), we follow Argentine law, which requires that companies make public a Spanish language annual report, including annual audited consolidated financial statements, by filing such annual report with the CNV and the BASE, within 70 calendar days of the end of the company’s fiscal year. Interim reports must be filed with the CNV and the BASE within 42 calendar days of the end of each fiscal quarter. The BASE publishes the annual reports and interim reports in the BASE bulletin and makes the bulletin available for inspection at its offices. In addition, our shareholders can receive copies of our annual reports and any interim reports upon such shareholders’ request. English language translations of our annual reports and interim reports are furnished to the SEC. We also post the English language translation of our annual reports and quarterly press releases on our website. Furthermore, under the terms of the Second Amended and Restated Deposit Agreement, dated as of June 22, 2000, among us, The Bank of New York Mellon, as depositary, and owners of ADSs issued thereunder, we are required to furnish The Bank of New York Mellon with, among other things, English language translations of our annual reports and each of our quarterly press releases. Annual reports and quarterly press releases are available for inspection by ADRs holders at the offices of The Bank of New York Mellon located at 240 Greenwich Street, New York, New York. Finally, Argentine law requires that 20 calendar days before the date of a shareholders’ meeting, the board of directors must provide to the shareholders, at the company’s executive office or through electronic means, all information relevant to the shareholders’ meeting, including copies of any documents to be considered by the shareholders (which includes the annual report), as well as proposals of the company’s board of directors. |
(ii) | Rule 5605 (b) (2) – Executive Sessions of Independent Directors. In lieu of the requirements of Rule 5605 (b) (2), we follow Argentine law which does not require independent directors to hold regularly scheduled meetings at which only such independent directors are present ( i.e. syndics |
(iii) | Rule 5605 (d) – Compensation of Officers. In lieu of the requirements of Rule 5605 (d), we follow Argentine law, which does not require companies to form a compensation committee comprised solely of independent directors. It also is not required under Argentine law that the compensation of the Chief Executive Officer and all other executive officers be determined by either a majority of the independent directors or a compensation committee comprised solely of independent directors. Under Argentine law, the board of directors is the corporate body responsible for determining the compensation of the Chief Executive Officer and all other executive officers, so long as they are not directors. In addition, under Argentine law, the audit committee shall give its opinion about the reasonableness of management’s proposals on fees and option plans for directors or managers of the company. Finally, because we are a “controlled company” as defined in Rule 5615 (c) (1), we are relying on the exemption provided thereby for purposes of complying with Rule 5615 (c) (2). For further information, please see “Compensation” – “Compensation of Banco Galicia’s Officers” above. |
(iv) | Rule 5605 (e) (1) – Nomination of Directors. In lieu of the requirements of Rule 5605 (e) (1), we follow Argentine law which requires that directors be nominated directly by the shareholders at the shareholders’ meeting and that they be selected and recommended by the shareholders themselves. Under Argentine law, it is the responsibility of the ordinary shareholders’ meeting to appoint and remove directors and to set their compensation. However, the Company, based on the best practices in corporate governance has created a Nomination and Compensation Committee, chaired by an independent Director, and composed by 5 members of the Board of Directors. Said Committee aims to assist the Board of Directors to prepare a proposal to nominate candidates to fill its positions, to prepare and design a succession plan and to determine its compensation levels. In addition, because we are a “controlled company” as defined in Rule 5615 (c) (1), we are relying on the exemption provided thereby for purposes of complying with Rule 5615 (c) (2). For further information, please see “Our Board of Directors” above. |
(v) | Rule 5605 (c) (1) – Audit Committee Charter. In lieu of the requirements of Rule 5605 (c) (1), we follow Argentine law, which requires that audit committees have a charter but does not require that companies certify as to the adoption of the charter, nor does it require an annual review and assessment thereof. Argentine law instead requires that companies prepare an annual report describing its activities and propose a plan or course of action with respect to those matters, which are the responsibility of the company’s audit committee. Such plan or course of action could, at the discretion of our audit committee, include a review and assessment of the audit committee charter. |
(vi) | Rule 5605 (c) (2) – Audit Committee Composition. Argentine law does not require, and it is equally not customary business practice in Argentina, that companies have an audit committee comprised solely of independent directors. Argentine law instead requires that companies establish an audit committee with at least three members comprised of a majority of independent directors as defined by Argentine law. The Audit Committee is comprised of three Directors, two of them independent pursuant to the definition of independence in Rule 10 A-3 (b) (1) and the Argentine law, one of which the Board of Directors determined to be a financial expert. In addition, we have a supervisory committee ( “comisión fiscalizadora” |
(vii) | Rule 5620 (c) – Quorum. In lieu of the requirements of Rule 5620 (c), we follow Argentine law and our bylaws, which distinguish between ordinary meetings and extraordinary meetings and require, in connection with ordinary meetings, that a quorum consist of a majority of stock entitled to vote. If no quorum is present at the first meeting, a second meeting may be called at which the shareholders present, whatever their number, constitute a quorum and resolutions may be adopted by an absolute majority of the votes present. Argentine law and our bylaws require, in connection with extraordinary meetings, that a quorum consist of 60% of the stock entitled to vote. However, if such quorum is not present at the first meeting, our bylaws provide that a second meeting may be called which may be held with the number of shareholders present. In both ordinary and extraordinary meetings, decisions are adopted by an absolute majority of votes present at the meeting, except for certain fundamental matters (such as mergers and spin-offs (when we are not the surviving entity and the surviving entity is not listed on any stock exchange), anticipated liquidation, a change in our domicile to outside of Argentina, total or partial recapitalization of our statutory capital following a loss, any transformation in our corporate legal form or a substantial change in our corporate purpose) which require an approval by vote of the majority of all the stock entitled to vote (all stock being entitled to only one vote). |
(viii) | Rule 5620 (b) – Solicitation of Proxies. In lieu of the requirements of Rule 5620 (b), we follow Argentine law which requires that notices of shareholders’ meetings be published, for five consecutive days, in the Official Gazette and in a widely circulated newspaper in Argentina no earlier than 45 calendar days prior to the meeting and at least 20 calendar days prior to such meeting. In order to attend a meeting and be listed on the meeting registry, shareholders are required to submit evidence of their book-entry share account held at Caja de Valores S.A. up to three business days prior to the scheduled meeting date. If entitled to attend the meeting, a shareholder may be represented by proxy (properly executed and delivered with a certified signature) granted to any other person, with the exception of a director, syndic, member of the surveillance committee (“ consejo de vigilancia |
(ix) | Rule 5630 (a) – Conflicts of Interest. In lieu of the requirements of Rule 5630 (a), we follow Argentine law which requires that related party transactions be approved by the audit committee when the transaction exceeds 1% of the corporation’s net worth, measured pursuant to the last audited balance sheet. Directors can contract with the corporation only on terms consistent with prevailing market terms. If the contract is not in accordance with prevailing market terms, such transaction must be pre-approved by the board of directors (excluding the interested director). In addition, under Argentine law, a shareholder is required to abstain from voting on a business transaction in which its interests may be in conflict with the interests of the company. In the event such shareholder votes on such business transaction and such business transaction would not have been approved without such shareholders’ vote, such shareholder may be liable to the company for damages and the resolution may be declared void. For further information, please see Item 7. “Major Shareholders and Related Party Transactions” – “B.Related Party Transactions”. |
As of December 31, |
||||||||||||
2021 |
2020 |
2019 |
||||||||||
Grupo Financiero Galicia |
1 | 2 | 3 | |||||||||
Banco Galicia |
5,319 | 5,764 | 6,118 | |||||||||
Branches |
3,372 | 3,711 | 3,248 | |||||||||
Head Office |
1,947 | 2,053 | 2,870 | |||||||||
Naranja X |
2,905 | 3,047 | 3,151 | |||||||||
Galicia Asset Management |
24 | 27 | 27 | |||||||||
Assurance Companies |
338 | 377 | 395 | |||||||||
Other Subsidiaries |
130 | 61 | 24 | |||||||||
|
|
|
|
|
|
|||||||
Total |
8,717 |
9,278 |
9,718 |
|||||||||
|
|
|
|
|
|
Item 7. |
Major Shareholders and Related Party Transactions |
Name |
Class A Shares |
% of Class A Shares |
% of Total Votes |
|||||||||
EBA Holding S.A. |
281,221,650 | 100 | 54.1 |
Name |
Class B Shares |
% of Class B Shares |
% of Total Votes |
|||||||||
The Bank of New York Mellon (1) |
485,275,950 | 40.7 | 18.7 | |||||||||
ANSES |
266,939,279 | 22.4 | 10.3 | |||||||||
EBA Holding Shareholders (2) |
113,566,860 | 9.5 | 4.4 |
(1) |
Pursuant to the requirements of Argentine law, all class B shares represented by ADSs are owned of record by The Bank of New York, as Depositary. The address for the Bank of New York Mellon is 101 Barclay Street, New York 10286, and the country of organization is the United States. |
(2) |
No member holds more than 2.0% of the capital stock. Such holding includes 20,606,360 shares in the form of ADSs. |
Name |
Shares |
Class |
% of Class Shares |
% of Total Votes |
||||||||||||
The Bank of New York Mellon |
485,275,950 | B | 32.9 | 18.7 | ||||||||||||
EBA Holding S.A. |
281,221,650 | A | 19.1 | 54.1 | ||||||||||||
ANSES. |
266,939,279 | B | 18.1 | 10.3 | ||||||||||||
EBA Holding Shareholders. |
113,566,860 | B | 7.7 | 4.4 |
February 28, |
December 31, |
|||||||||||
2022 |
2021 |
2020 |
||||||||||
(in millions of Pesos, except as noted) |
||||||||||||
Total Financial Exposure |
5,566 | 4,409 | 3,006 | |||||||||
Number of Recipient Related Parties |
291 | 280 | 269 | |||||||||
Individuals |
231 | 221 | 208 | |||||||||
Companies |
60 | 59 | 61 | |||||||||
Average Amount of Financial Exposure |
19 | 16 | 11 | |||||||||
Maximum Assistance |
1,548 | 1,663 | 768 |
(1) |
In February 28, 2022 currency. |
Item 8. |
Financial Information |
Item 9. |
The Offer and Listing |
Item 10. |
Additional Information |
December 31, 2021 |
||||||||||||
Shares |
Number of Shares |
% of Capital Stock |
% of Voting Rights |
|||||||||
Class A Shares |
281,221,650 | 19.07 | % | 54.09 | % | |||||||
Class B Shares |
1,193,470,441 | 80.93 | % | 45.91 | % | |||||||
|
|
|
|
|
|
|||||||
Total |
1,474,692,091 |
100 |
% |
100 |
% | |||||||
|
|
|
|
|
|
• | a merger or spin-off in which we are not the surviving corporation, unless the acquirer’s shares are authorized to be publicly offered or listed on any stock exchange; |
• | a transformation in our legal corporate form; |
• | a fundamental change in our corporate purpose; |
• | a change of our domicile to outside Argentina; |
• | a voluntary termination of our public offering or listing authorization; |
• | our continuation following a delisting or a mandatory cancellation of our public offering or listing authorization; |
• | a total or partial recapitalization of our statutory capital following a loss; and |
• | the appointment of syndics. |
• | EBA Holding sells 100% of its class A shares; |
• | EBA Holding sells a portion of our class A shares to a third person who, when aggregating all our class A shares with our class B shares owned by such person, if any, obtains 50% plus one vote of our total votes; or |
• | the current shareholders of EBA Holding sell shares of EBA Holding that will allow the buyer to exercise more than 50% of the voting power of EBA Holding at any general shareholders’ meeting of EBA Holding shareholders, except for transfers to other current shareholders of EBA Holding or to their heirs or their legal successors or to entities owned by any of them. |
• | approval of the financial statements and general performance of the management for the preceding fiscal year; |
• | appointment and remuneration of directors and members of the supervisory committee; |
• | allocation of profits; and |
• | any other matter the board of directors decides to submit to the shareholders’ meeting concerning the Company’s business administration. Matters which may be discussed at these or other ordinary meetings include resolutions regarding the responsibility of directors and members of the supervisory committee, as well as capital increases and the issuance of notes. |
• | a merger or spin-off in which we are not the surviving corporation, unless the acquirer’s shares are authorized to be publicly offered or listed on any stock exchange, |
• | a transformation in our legal corporate form, |
• | a fundamental change in our corporate purpose, |
• | a change of our domicile to outside Argentina, |
• | a voluntary termination of our public offering or listing authorization, |
• | our continuation following a delisting or a mandatory cancellation of our public offering or listing authorization, or |
• | a total or partial recapitalization of our statutory capital following a loss, |
*Taxe Rate (In pesos except percentages) |
||||||||||||||||
Net taxable profit |
Flat Tax |
More % |
Taxation over the excess of the amount |
|||||||||||||
Over Ps. |
Up to the amount |
|||||||||||||||
— | 5,000,000 | — | 25 | — | ||||||||||||
5,000,000 | 50,000,000 | 1,250,000 | 30 | 5,000,000 | ||||||||||||
50,000,000 | Onward | 14,750,000 | 35 | 50,000,000 |
Fiscal year |
Tax rate |
Exempt Minimum |
||||||
2021 onwards |
* | Ps. | 6,000,000 |
*Taxe Rate (In pesos except percentages) |
||||||||||||||||
Total Value of Assets |
Flat Tax |
More % |
Taxation over the excess of the amount |
|||||||||||||
Over Ps. |
Up to the amount |
|||||||||||||||
0 | 3,000,000 | — | 0.50 | — | ||||||||||||
3.000.001 | 6,500,000 | 15,000 | 0.75 | 3,000,000 | ||||||||||||
6.500.001 | 18,000,000 | 41,250 | 1.00 | 6,500,000 | ||||||||||||
18.000.001 | 100,000,000 | 156,250 | 1.25 | 18,000,000 | ||||||||||||
100.000.001 | 300,000,000 | 1,181,250 | 1.50 | 100,000,000 | ||||||||||||
300.000.001 | Onward | 4,181,250 | 1.75 | 300,000,000 |
• | the class B shares generally will be includible in the gross income of a U.S. Holder as ordinary income on the day on which the dividends are received by the U.S. Holder; or |
• | the class B shares represented by ADSs generally will be includible in the gross income of a U.S. Holder as ordinary income on the day on which the dividends are received by the Depositary; |
Item 11. |
Quantitative and Qualitative Disclosures About Market Risk |
• | Limit on the gross brokerage margin for the first year. |
• | Limit on the net present value of assets and liabilities. |
Net Portfolio |
||||||||
Gross Brokerage Margin (1) |
||||||||
December 31, 2021 |
||||||||
(In millions of Pesos, except percentages) |
||||||||
Change in Interest Rates in bps |
Variation |
% Change in the GBM |
||||||
200 |
3,329 | 2.15 | % | |||||
150 |
2,493 | 1.61 | % | |||||
100 |
1,660 | 1.07 | % | |||||
50 |
829 | 0.53 | % | |||||
Static |
||||||||
(50) |
(1,189 | ) | (0.77 | )% | ||||
(100) |
(2,368 | ) | (1.53 | )% | ||||
(150) |
(3,544 | ) | (2.29 | )% | ||||
(200) |
(4,735 | ) | (3.06 | )% |
(1) |
Net interest of the first year |
Net Trading Portfolio |
||||||||
Gross Brokerage Margin (1) |
||||||||
December 31, 2021 |
||||||||
(In millions of Pesos, except percentages) |
||||||||
Change in Interest Rates in bps |
Variation |
% Change in the GBM |
||||||
200 |
849 | 0.55 | % | |||||
150 |
635 | 0.41 | % | |||||
100 |
422 | 0.27 | % | |||||
50 |
210 | 0.14 | % | |||||
Static |
||||||||
(50) |
(369 | ) | (0.24 | )% | ||||
(100) |
(737 | ) | (0.48 | )% | ||||
(150) |
(1,102 | ) | (0.71 | )% | ||||
(200) |
(1,466 | ) | (0.95 | )% |
(1) |
Net interest of the first year |
Net Non -Trading Portfolio |
||||||||
Gross Brokerage Margin (1) |
||||||||
December 31, 2021 |
||||||||
(In millions of Pesos, except percentages) |
||||||||
Change in Interest Rates in bps |
Variation |
% Change in the GBM |
||||||
200 |
2,480 | 1.60 | % | |||||
150 |
1,859 | 1.20 | % | |||||
100 |
1,238 | 0.80 | % | |||||
50 |
619 | 0.40 | % | |||||
Static |
||||||||
(50) |
(820 | ) | (0.53 | )% | ||||
(100) |
(1,632 | ) | (1.05 | )% | ||||
(150) |
(2,441 | ) | (1.58 | )% | ||||
(200) |
(3,270 | ) | (2.11 | )% |
(1) |
Net interest of the first year |
Value of Foreign Currency Net Position |
||||||||||||
As of December 31, |
||||||||||||
2021 |
||||||||||||
Percentage Change in the Value of the Peso Relative to the Dollar (1) |
Amount |
Absolute Variation |
% Change |
|||||||||
(in millions of Pesos, except percentages) |
||||||||||||
40% |
3,158 | 901 | 40 | |||||||||
30% |
2,934 | 677 | 30 | |||||||||
20% |
2,708 | 451 | 20 | |||||||||
10% |
2,483 | 226 | 10 | |||||||||
Static (2) |
2,257 | — | — | |||||||||
-10% |
2,031 | (226 | ) | (10 | ) | |||||||
-20% |
1,806 | (451 | ) | (20 | ) | |||||||
-30% |
1,580 | (677 | ) | (30 | ) | |||||||
-40% |
1,356 | (901 | ) | (40 | ) |
(1) |
Devaluation / (Revaluation). |
(2) |
Adjusted to reflect forward purchases and sales of foreign currency without delivery of the underlying asset, registered in memorandum accounts. |
December 31, 2021 |
||||||||||||
Assets |
Liabilities |
Gap |
||||||||||
(in millions of Pesos) |
||||||||||||
Financial Assets and Liabilities |
1,580,867 |
1,314,647 |
266,220 |
|||||||||
Pesos - Adjusted by UVA |
39,588 | 18,339 | 21,249 | |||||||||
Pesos - Unadjusted |
1,280,684 | 1,040,678 | 240,006 | |||||||||
Foreign Currency (1) |
260,595 | 255,630 | 4,965 | |||||||||
Other Assets and Liabilities |
97,176 |
58,927 |
38,249 |
|||||||||
|
|
|
|
|
|
|||||||
Total Gap |
1,678,043 |
1,373,574 |
304,469 |
|||||||||
|
|
|
|
|
|
|||||||
Adjusted for Forward Transactions Recorded in Memo Accounts |
||||||||||||
Financial Assets and Liabilities |
1,580,867 |
1,314,647 |
266,220 |
|||||||||
Pesos - Adjusted by the UVA |
39,588 | 18,339 | 21,249 | |||||||||
Pesos - Unadjusted, Including Shareholders’ Equity (2) |
1,199,317 | 958,020 | 241,297 | |||||||||
Foreign Currency (1) (2) |
341,962 | 338,288 | 3,674 | |||||||||
Other Assets and Liabilities |
97,176 |
58,927 |
38,249 |
|||||||||
|
|
|
|
|
|
|||||||
Total Adjusted Gap |
1,678,043 |
1,373,574 |
304,469 |
|||||||||
|
|
|
|
|
|
(1) |
In Pesos, at an exchange rate of Ps per US$1. |
(2) |
Adjusted for forward sales and purchases of foreign exchange, without delivery of underlying assets and recorded in Memorandum Accounts. |
(i) | A 99% confidence level on the method used for the VaR model analysis. |
(ii) | Holding periods of one day and “n” days, where “n” is defined as the number of days necessary to settle the position in each security. |
(iii) | Volatilities are calculated as the standard deviation of returns in the available trading days. If there are new issuances, or if there are not enough trading days or quotations, the volatility of bonds from domestic issuers with similar risk and characteristics are used. |
Risk |
Policy on Limits |
|||
(in millions of Pesos) |
||||
Total risk (currency + fixed-income instruments + interest rate derivatives) |
6,737 |
Risk |
Required Credit Rating |
Investment Grade |
Not Investment Grade | |||
-Jurisdictional Risk |
-International Rating Agency | -No limit | -Maximum limit: 5% | |||
-Counterparty Risk |
-International Banking Relations -Credit Division |
-Maximum limit: 15% -The limit is distributed between financial and foreign trade transactions, thus absorbing local counterparty margin |
-Maximum limit: 1% -Only foreign trade transactions |
Item 12. |
Description of Securities Other Than Equity Securities |
Persons depositing or withdrawing shares must pay |
For: | |
US$.5.00 (or less) per 100 ADSs (or portion of 100 ADSs) | • Issuance of ADSs, including issuances resulting from a distribution of shares or rights or other property | |
• Cancellation of ADSs for the purpose of withdrawal, including if the deposit agreement terminates | ||
US$.0.02 (or less) per ADS | • Any cash distribution to ADS registered holders | |
A fee equivalent to the fee that would be payable if securities distributed to you had been shares and the shares had been deposited for issuance of ADSs | • Distribution of securities distributed to holders of deposited securities which are distributed by the depositary to ADS registered holders | |
Registration or transfer fees | • Transfer and registration of shares on our share register to or from the name of the depositary or its agent when you deposit or withdraw shares | |
Expenses of the depositary | • Cable, telex and facsimile transmissions (when expressly provided in the deposit agreement) | |
• Converting foreign currency to Dollars | ||
Taxes and other governmental charges the depositary or the custodian have to pay on any ADS or share underlying an ADS, for example, stock transfer taxes, stamp duty or withholding taxes. | • As necessary | |
Any charges incurred by the depositary or its agents for servicing the deposited securities | • As necessary |
Item 13. |
Defaults, Dividend Arrearages and Delinquencies |
Item 14. |
Material Modifications to the Rights of Security Holders and Use of Proceeds |
Item 15. |
Controls and Procedures |
1) | Our management is responsible for establishing and maintaining adequate internal control over financial reporting for us and our consolidated subsidiaries. Internal control over financial reporting is defined in Rule 13a-15(f) and 15d-15(f). Our internal control over financial reporting was designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. Internal control over financial reporting includes those policies and procedures that: |
a. | pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; |
b. | provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with IFRS and that receipts and expenditures of Grupo Galicia are being made only in accordance with authorizations of our management and directors; and |
c. | provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the financial statements |
2) | Management conducted an evaluation of the effectiveness of our internal control over financial reporting based on the framework in Internal Control—Integrated Framework 2013 issued by the COSO. |
3) | Based on our assessment, we and our management have concluded that our internal control over financial reporting was effective as of December 31, 2021. |
4) | The effectiveness of our internal control over financial reporting as of December 31, 2021, has been audited by Price Waterhouse & Co. S.R.L., an independent registered public accounting firm, as stated in their report which is included herein. |
Item 16A. |
Audit Committee Financial Expert |
Item 16B. |
Code of Ethics |
Item 16C. |
Principal Accountant Fees and Services |
2021 |
2020 |
|||||||
(in thousands of Pesos) |
||||||||
Audit Fees |
189,147 | 222,882 | ||||||
Audit Related Fees |
15,017 | 14,151 | ||||||
Tax Fees |
27,781 | 27,523 | ||||||
All Other Fees |
39,635 | 36,125 | ||||||
|
|
|
|
|||||
Total |
271,580 |
300,681 |
||||||
|
|
|
|
Item 16D. |
Exemptions from the Listing Standards for Audit Committees |
Item 16E. |
Purchases of Equity Securities by the Issuer and Affiliated Purchasers |
Item 16F. |
Change in Registrant’s Certifying Accountant. |
Item 16G. |
Corporate Governance |
Item 16H. |
Mine Safety Disclosure |
Item 17. |
Financial Statements |
Item 18. |
Financial Statements |
Item 19. |
Exhibits |
* | Incorporated by reference from our Registration Statement on Form F-4 (333-11960). |
** | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2009. |
*** | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2016. |
**** | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2017. |
***** | Incorporated by reference from our Annual Report on Form 20-F for the year ended December 31, 2018. |
GRUPO FINANCIERO GALICIA S.A. | ||
By: | /s/ Fabian Kon | |
Name: | Fabian Kon | |
Title: | Chief Executive Officer | |
By: | /s/ Diego Rivas | |
Name: | Diego Rivas | |
Title: | Chief Financial Officer |
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS |
||||
F-1 |
||||
F-3 |
||||
F-5 |
||||
F-6 |
||||
F-7 |
||||
F-10 |
||||
F-11 |
/s/ /s/ SEBASTIÁN MORAZZO (Partner) |
Sebastián Morazzo |
Items |
Notes |
12.31.21 |
12.31.20 |
|||||||||
Assets |
||||||||||||
Cash and Due from Banks |
5 |
|||||||||||
Cash |
||||||||||||
Financial Institutions and Correspondents |
||||||||||||
Argentine Central Bank (BCRA) |
||||||||||||
Other, Local and Foreign Financial Institutions |
||||||||||||
Debt Securities at fair value through profit or loss |
6 |
|||||||||||
Derivative Financial Instruments |
7 |
|||||||||||
Repurchase Transactions |
8 |
|||||||||||
Other Financial Assets |
9 |
|||||||||||
Loans and Other Financing |
10 |
|||||||||||
Non-financial Public Sector |
||||||||||||
Argentine Central Bank (BCRA) |
||||||||||||
Other Financial Institutions |
||||||||||||
Non-financial Private Sector and Residents Abroad |
||||||||||||
Expected credit loss allowance |
( |
) | ( |
) | ||||||||
Other Debt Securities |
11 |
|||||||||||
Financial Assets Pledged as Collateral |
12 |
|||||||||||
Current Income Tax Assets |
13 |
|||||||||||
Investments in Equity Instruments |
14 |
|||||||||||
Equity investments in Associates and Joint Ventures |
15 |
|||||||||||
Property, Plant and Equipment |
16 and 17 |
|||||||||||
Intangible Assets |
18 |
|||||||||||
Deferred Income Tax Assets |
19 |
|||||||||||
Assets for Insurance Contracts |
20 |
|||||||||||
Other Non-financial Assets |
21 |
|||||||||||
Non-current Assets Held for Sale |
22 |
|||||||||||
|
|
|
|
|||||||||
Total Assets |
||||||||||||
|
|
|
|
Items |
Notes |
12.31.21 |
12.31.20 |
|||||||||
Liabilities |
||||||||||||
Deposits |
23 |
|||||||||||
Non-financial Public Sector |
||||||||||||
Financial Sector |
||||||||||||
Non-financial Private Sector and Residents Abroad |
||||||||||||
Liabilities at fair value through profit or loss |
24 |
|||||||||||
Derivative Financial Instruments |
7 |
|||||||||||
Repurchase Transactions |
8 |
|||||||||||
Other Financial Liabilities |
25 |
|||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
26 |
|||||||||||
Debt Securities |
27 |
|||||||||||
Current Income Tax Liabilities |
41 |
|||||||||||
Subordinated Debt Securities |
28 |
|||||||||||
Provisions |
29 |
|||||||||||
Deferred Income Tax Liabilities |
19 |
|||||||||||
Liabilities for Insurance Contracts |
20 |
|||||||||||
Other Non-financial Liabilities |
30 |
|||||||||||
Total Liabilities |
||||||||||||
Shareholders’ Equity |
||||||||||||
Capital Stock |
31 | |||||||||||
Paid-in capital |
||||||||||||
Capital Adjustments |
||||||||||||
Reserves |
||||||||||||
Retained Deficit |
( |
) | ( |
) | ||||||||
Other Comprehensive Income |
||||||||||||
Income for the Year |
43 | |||||||||||
Shareholders’ Equity Attributable to Parent Company´s Owners |
||||||||||||
Shareholders’ Equity Attributable to Non-controlling Interests |
50 |
|||||||||||
Total Shareholders’ Equity |
||||||||||||
Items |
Notes |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Interest Income |
32 | |||||||||||||
Interest Expense |
32 | ( |
) | ( |
) | ( |
) | |||||||
Net Income from Interest |
||||||||||||||
Fee Income |
32 | |||||||||||||
Fee related Expenses |
32 | ( |
) | ( |
) | ( |
) | |||||||
Net Fee Income |
||||||||||||||
Net Income from Financial Instruments Measured at Fair Value through Profit or Loss |
32 | |||||||||||||
Income from Derecognition of Assets Measured at Amortized Cost |
( |
) | ||||||||||||
Exchange rate differences on gold and foreign currency |
33 | |||||||||||||
Other Operating Income |
34 | |||||||||||||
Income from Insurance Business |
35 | |||||||||||||
Expected credit loss allowance |
36 | ( |
) | ( |
) | ( |
) | |||||||
Net Operating Income |
||||||||||||||
Personnel Expenses |
37 | ( |
) | ( |
) | ( |
) | |||||||
Administrative Expenses |
38 | ( |
) | ( |
) | ( |
) | |||||||
Depreciation and Impairment of Assets |
39 | ( |
) | ( |
) | ( |
) | |||||||
Other Operating Expenses |
40 | ( |
) | ( |
) | ( |
) | |||||||
Loss on net monetary position |
( |
) | ( |
) | ( |
) | ||||||||
Operating Income |
||||||||||||||
Share of profit from Associates and Joint Ventures |
15 | ( |
) | ( |
) | — | ||||||||
Income before Taxes from Continuing Operations |
||||||||||||||
Income Tax from Continuing Operations |
41 | ( |
) | ( |
) | ( |
) | |||||||
Net Income from Continuing Operations |
||||||||||||||
|
|
|
|
|
|
|||||||||
Net Income for the Year |
||||||||||||||
|
|
|
|
|
|
|||||||||
Net Income for the Year Attributable to parent company´s owners |
||||||||||||||
Net Income for the Year Attributable to Non-controlling Interests |
50 | — |
Items |
Notes |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||||
Earnings per Share |
43 |
|||||||||||||||
Net Income Attributable to parent company´s owners |
||||||||||||||||
Net Income Attributable to parent company´s owners Adjusted by dilution effects |
||||||||||||||||
Weighted-Average of Ordinary Shares Outstanding for the Year |
||||||||||||||||
Diluted Weighted-Average of Ordinary Shares Outstanding for the Year |
||||||||||||||||
Basic Earnings per Share |
||||||||||||||||
Diluted Earnings per Share |
Items |
Notes |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||||
Net Income for the Year |
||||||||||||||||
Items of Other Comprehensive Income (OCI) that may be Reclassified to Profit or Loss for the Year |
||||||||||||||||
Income or Loss from Financial Instruments at Fair Value through OCI (Item 4.1.2a, IFRS 9) |
( |
) |
||||||||||||||
Income / (Loss) for the Year from Financial Instruments at Fair Value with Changes through OCI |
32 | ( |
) | |||||||||||||
Income tax |
41 | ( |
) | ( |
) | |||||||||||
Other Comprehensive (Loss) / Income |
( |
) |
( |
) |
||||||||||||
Other Comprehensive (Loss) / Income |
( |
) | ( |
) | ||||||||||||
Income tax |
41 | ( |
) | |||||||||||||
Total Other Comprehensive Income / (Loss) that may be Reclassified to Profit or Loss for the Year |
( |
) |
||||||||||||||
Total Other Comprehensive Income / (Loss) |
( |
) |
||||||||||||||
|
|
|
|
|
|
|||||||||||
Total Comprehensive Income |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
Total Comprehensive Income Attributable to Parent company´s owners |
||||||||||||||||
Total Comprehensive Income Attributable to Non-controlling Interests |
50 | — |
Capital Stock |
Paid-in Capital |
Other Comprehensive Income |
Reserves |
|||||||||||||||||||||||||||||||||||||||||||
Changes |
Notes |
Outstanding |
Share Premium |
Equity Adjustments |
Accumulated Profit from Financial Instruments at Fair Value through OCI |
Other |
Legal Reserve |
Others Reserves |
Retained Earnings |
Total Shareholders’ Equity Attributable to parent company´s owners |
Total Shareholders’ Equity Attributable to Non-Controlling Interests |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||||||||
Balances as of 12.31.20 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||
Distribution of Profits |
||||||||||||||||||||||||||||||||||||||||||||||
Use of Reserve and distribution of cash dividends |
42 | — | — | — | — | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||
Absorption of Retained Earnings |
— | — | — | — | — | — | ( |
) | — | |||||||||||||||||||||||||||||||||||||
Total Comprehensive Income for the Year |
||||||||||||||||||||||||||||||||||||||||||||||
Net Income for the Year |
43 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income for the Year |
— | — | — | ( |
) | — | — | — | — | |||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Balances as of 12.31.21 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock |
Paid-in Capital |
Other Comprehensive Income |
Reserves |
|||||||||||||||||||||||||||||||||||||||||||
Changes |
Notes |
Outstanding |
Share Premium |
Equity Adjustments |
Accumulated Profit (Loss) from Financial Instruments at Fair Value through OCI |
Other |
Legal Reserve |
Others Reserves |
Retained Earnings |
Total Shareholders’ Equity Attributable to parent company´s owners |
Total Shareholders’ Equity Attributable to Non-Controlling Interests |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||||||||
Balances as of 12.31.19 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||
Distribution of Profits |
||||||||||||||||||||||||||||||||||||||||||||||
Use of Reserve and distribution of cash dividends |
42 | — | — | — | — | — | — | ( |
) | — | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||||||||||||
Other Reserves |
— | — | — | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||||||
Increase due to merger |
15 | — | — | — | ( |
) | — | ( |
) | ( |
) | |||||||||||||||||||||||||||||||||||
Total Comprehensive Income for the Year |
||||||||||||||||||||||||||||||||||||||||||||||
Net Income for the Year |
43 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income for the Year |
— | — | — | ( |
) | ( |
) | — | — | — | ( |
) | ( |
) | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Balances as of 12.31.20 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Stock |
Paid-in Capital |
Other Comprehensive Income |
Reserves |
|||||||||||||||||||||||||||||||||||||||||||||
Changes |
Notes |
Outstanding |
Share Premium |
Equity Adjustments |
Accumulated Profit from Financial Instruments at Fair Value through OCI |
Other |
Legal Reserve |
Others Reserves |
Retained Earnings |
Total Shareholders’ Equity Attributable to parent company´s owners |
Total Shareholders’ Equity Attributable to Non- Controlling Interests |
Total Shareholders’ Equity |
||||||||||||||||||||||||||||||||||||
Balances as of 12.31.18 |
- |
( |
) |
|||||||||||||||||||||||||||||||||||||||||||||
Purchase of Non-controlling Interests |
50 |
- |
- |
- |
- |
- |
- |
- |
- |
- |
||||||||||||||||||||||||||||||||||||||
Distribution of Profits |
||||||||||||||||||||||||||||||||||||||||||||||||
Cash Dividends |
42 | — | — | — | — | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||||||||||||||
Other Reserves |
— | — | — | — | — | — | ( |
) | — | — | — | |||||||||||||||||||||||||||||||||||||
Total Comprehensive Income for the Year |
||||||||||||||||||||||||||||||||||||||||||||||||
Net Loss for the Year |
43 | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income for the Year |
— | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Balances as of 12.31.19 |
( |
) |
||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Items |
Notes |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||||||||||
Income before Taxes from Continuing Operations |
||||||||||||||||
Adjustment to Obtain the Operating Activities Flows: |
||||||||||||||||
Expected credit loss allowance |
36 | |||||||||||||||
Depreciation and Impairment of Assets |
39 | |||||||||||||||
Loss on Net Monetary Position |
32 | |||||||||||||||
Other Operations |
||||||||||||||||
Net (Increases)/Decreases from Operating Assets: |
||||||||||||||||
Debt securities measured at fair value through profit or loss |
( |
) | ( |
) | ||||||||||||
Derivative Financial Instruments |
||||||||||||||||
Repurchase Transactions |
( |
) | ( |
) | ( |
) | ||||||||||
Other Financial Assets |
( |
) | ||||||||||||||
Net Loans and Other Financing |
||||||||||||||||
- Non-financial Public Sector |
||||||||||||||||
- Other Financial Institutions |
( |
) | ( |
) | ||||||||||||
- Non-financial Private Sector and Residents Abroad |
( |
) | ||||||||||||||
Other Debt Securities |
( |
) | ||||||||||||||
Financial Assets Pledged as Collateral |
( |
) | ( |
) | ||||||||||||
Investments in Equity Instruments |
( |
) | ||||||||||||||
Other Non-financial Assets |
( |
) | ||||||||||||||
Non-current Assets Held for Sale |
||||||||||||||||
Net Increases/(Decreases) from Operating Liabilities: |
||||||||||||||||
Deposits |
||||||||||||||||
- Non-financial Public Sector |
( |
) | ( |
) | ||||||||||||
- Financial Sector |
( |
) | ||||||||||||||
- Non-financial Private Sector and Residents Abroad |
( |
) | ||||||||||||||
Liabilities at fair value through profit or loss |
( |
) | ( |
) | ||||||||||||
Derivative Financial Instruments |
( |
) | ( |
) | ||||||||||||
Other Financial Liabilities |
( |
) | ||||||||||||||
Provisions |
( |
) | ||||||||||||||
Other Non-financial Liabilities |
( |
) | ||||||||||||||
Income Tax Payments |
( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|||||||||||
NET CASH (USED IN)/GENERATED BY OPERATING ACTIVITIES (A) |
|
( |
) | |||||||||||||
|
|
|
|
|
|
|||||||||||
CASH FLOWS FROM INVESTMENT ACTIVITIES |
||||||||||||||||
Payments: |
||||||||||||||||
Purchase of PP&E, Intangible Assets and Other Assets |
( |
) | ( |
) | ( |
) | ||||||||||
Capital Contributions in Investments in Subsidiaries, Associates, and Joint Ventures |
( |
) | ( |
) | — | |||||||||||
Collections: |
||||||||||||||||
Sale of PP&E, Intangible Assets and Other Assets |
||||||||||||||||
Dividends earned |
— | |||||||||||||||
Sales of Investments in Subsidiaries, Associates and Joint Ventures |
— | — | ||||||||||||||
|
|
|
|
|
|
|||||||||||
NET CASH USED IN INVESTMENT ACTIVITIES (B) |
( |
) |
( |
) |
( |
) | ||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||||||||||
Payments: |
||||||||||||||||
Unsubordinated Debt Securities |
( |
) | ( |
) | ( |
) | ||||||||||
Loans from Local Financial Institutions |
( |
) | ( |
) | ( |
) | ||||||||||
Dividends |
42 | ( |
) | ( |
) | ( |
) | |||||||||
Leases payment |
16 | ( |
) | ( |
) | ( |
) | |||||||||
Collections: |
||||||||||||||||
Unsubordinated Debt Securities |
||||||||||||||||
Loans from Local Financial Institutions |
||||||||||||||||
Capital increase |
50 | — | — | |||||||||||||
|
|
|
|
|
|
|||||||||||
NET CASH (USED IN)/GENERATED BY FINANCING ACTIVITIES (C) |
|
( |
) |
( |
) | |||||||||||
|
|
|
|
|
|
|||||||||||
EXCHANGE INCOME ON CASH AND CASH EQUIVALENTS (D) |
||||||||||||||||
|
|
|
|
|
|
|||||||||||
NET INCREASE |
||||||||||||||||
MONETARY LOSS RELATED TO CASH AND CASH EQUIVALENTS |
( |
( |
) |
( |
) | |||||||||||
|
|
|
|
|
|
|||||||||||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
5 | |||||||||||||||
|
|
|
|
|
|
|||||||||||
CASH AND CASH EQUIVALENTS AT END OF THE YEAR |
5 | |||||||||||||||
|
|
|
|
|
|
(a) |
Going Concern |
(b) |
Measurement Unit |
(c) |
New Accounting Standards |
i. |
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 y IFRS 16: Reform to interest rate benchmark (IBOR reform). |
ii. |
Amendment to IFRS 16 Leases: COVID-19-Related Rent Concessions |
(f) |
New accounting standards and amendments issued by the IASB that have not been adopted by the Group |
i. |
Sale or Contribution of Assets between an Investor and its Associate or Joint Venture - Amendments to IFRS 10 and IAS 28. |
ii. |
IFRS 17 “Insurance Contracts.” |
iii. |
2018-2020 Annual Improvements: |
• | Commissions included in the 10% test for derecognition of financial liabilities |
• | Subsidiaries adopting the IFRS for the first time |
iv. |
Amendments to IAS 1 Presentation of Financial Statements, IFRS Practice Document 2, and IAS 8 Accounting Standards, Changes in Accounting Estimates, and Errors |
v. |
Amendments to IAS 16 Property, Plant and Equipment - Assets obtained before the intended use. |
vi. |
Amendments to IAS 37 - Onerous Contracts - Cost of Fulfilling a Contract |
vii. |
Amendments to IFRS 3 Recognition and Measurement of identifiable assets acquired, liabilities assumed, and any non-controlling interest in the acquiree. |
viii. |
Amendment to IAS 12 – deferred tax related to assets and liabilities arising from a single transaction. |
1.2. |
CONSOLIDATION |
1.3. |
TRANSACTIONS WITH NON-CONTROLLING INTEREST |
1.4. |
ASSOCIATES |
1.5. |
SEGMENT REPORTING |
1.6. |
FOREIGN CURRENCY TRANSLATION |
(a) |
Functional Currency and Presentation Currency |
(b) |
Transactions and Balances |
1.7. |
CASH AND DUE FROM BANKS |
1.8. |
FINANCIAL INSTRUMENTS |
a. | When the fair value is according to the market value of the financial asset or liability or is based on a valuation technique solely using market values, the difference is recognized as profit or loss, as appropriate. |
b. | In other cases, the difference is deferred and the recognition over time of the profit and loss is individually determined. The difference is amortized over the life of the instrument until the fair value can be measured based on market values. |
a. |
Debt Securities |
• | the Group’s business model to manage financial assets; and |
• | the characteristics of contractual cash flows of the financial asset. |
• | Hold the instruments to collect its contractual cash flows; |
• | Hold the instruments in the portfolio to collect contractual cash flows and, in turn, sell them when deemed convenient; or; |
• | Hold the instruments for trading. |
(i) | Financial assets measured at amortized cost: |
(a) | the financial asset is held within a business model whose objective is to hold financial assets to collect contractual cash flows; and |
(b) | the contractual conditions of the financial asset give rise, on specified dates, to cash flows that are solely payments of principal and interest on the outstanding principal amount. |
(ii) | Financial assets at fair value through other comprehensive income: |
(a) | the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and |
(b) | the contractual conditions of the financial asset give rise, on specified dates, to cash flows which are solely payments of principal and interest on the outstanding principal amount. |
(iii) | Financial assets at fair value through profit or loss: |
• | Instruments held for trading; |
• | Instruments specifically designated at fair value through profit or loss; and |
• | Instruments whose contractual terms do not represent cash flows that are solely payments of principal and interest on the outstanding principal amount. |
b. |
Equity Instruments |
• | Financial liabilities measured at fair value through profit or loss, including derivative financial instruments. |
• | Liabilities arising from the transfer of financial assets not complying with the derecognition criteria. |
• | Financial guarantee contracts. |
• | Loan commitments at a lower than market rate. |
• | the Group eliminates or significantly reduces measurement or recognition inconsistency which would otherwise be exposed in the valuation; |
• | if financial assets and liabilities or a group of financial assets or liabilities, are managed and their performance is assessed on a fair value basis, according to a documented investment or risk management strategy; or |
• | a host contract contains one or more embedded derivative instruments, and the Group has opted for designating the entire contract at fair value through profit or loss. |
1.9. |
DERIVATIVE FINANCIAL INSTRUMENTS |
• | An unbiased and probability-weighted amount is determined by evaluating a range of possible outcomes, |
• | The time value of money, and |
• | Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current conditions and forecasts of future economic conditions. |
• | fixed payments (including in-substance fixed payments), less any lease incentives receivable; |
• | variable lease payments based on an index or a rate, initially measured using the index or rate on the initial date; |
• | amounts expected to be payable by the lessee under residual value guarantees; |
• | the exercise price of a purchase option if the lessee is reasonably certain to exercise that option; and |
• | payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option. |
• | the amount of the initial measurement of the lease liability; |
• | any lease payment made on or before the initial date, less any lease incentives received; |
• | any initial direct cost; and |
• | restoration and dismantling costs. |
• | it must be available for immediate sale in its current condition; |
• | Management must be committed to a plan to sell the asset and must have initiated an active program to locate a buyer and complete the plan; |
• | the asset must be actively marketed for sale at a reasonable price in relation to its current fair value; |
• | the sale is expected to be completed within 12 months from its reclassification date; and |
• | it is unlikely that the plan will be significantly changed or withdrawn. |
• | it represents line of business or a geographical area, which is significant and can be considered as separated from the rest; |
• | it is part of a single coordinated plan to have a business line, or geographical area of the operations which is significant and can be considered as separated from the rest; or |
• | it is an independent entity exclusively acquired to resell it. |
a. | an Entity has a current obligation (either legal or implicit) as a consequence of a past event; |
b. | it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation; and |
c. | the amount can be reliably estimated. |
• | For labor, civil, and commercial lawsuits: provisions are determined based on the lawyers’ reports on the status of the lawsuits and the estimate made on the bankruptcy possibilities to be faced by the Group, as well as on past experience regarding this type of lawsuits. |
• | For miscellaneous risks: provisions are set up to face contingent situations that may give rise to obligations for the Group. When estimating the amounts, the probability of their materializing is taken into account, considering the opinion of the Group’s legal advisors and professionals. |
Commissions |
Earning Frequency | |
Retail Products and Services | ||
Wholesale Products |
||
(i) | the Group controls the timing on which temporary differences will be reversed, and. |
(ii) | such temporary differences are not likely to be reversed in the foreseeable future. |
b. |
VALUATION OF EXPECTED CREDIT LOSS ALLOWANCE |
c. |
IMPAIRMENT OF NON-FINANCIAL ASSETS |
d. |
INCOME TAX AND DEFERRED TAX |
Portfolio of Instruments as of 12.31.21 |
Fair Value through Profit or Loss |
Amortized Cost |
Fair Value through OCI |
|||||||||
Assets |
||||||||||||
Cash and Due from Banks |
— | — | ||||||||||
Argentine Central Bank’s Bills and Notes |
— | — | ||||||||||
Government Securities |
— | — | ||||||||||
Corporate Securities |
— | — | ||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
Repurchase Transactions |
— | — | ||||||||||
Other Financial Assets |
— | |||||||||||
Loans and Other Financing |
— | — | ||||||||||
Other Debt Securities |
— | |||||||||||
Financial Assets Pledged as Collateral |
— | |||||||||||
Investments in Equity Instruments |
— | — | ||||||||||
Liabilities |
||||||||||||
Deposits |
— | — | ||||||||||
Liabilities at fair value through profit or loss |
— | — | ||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
Repurchase Transactions |
— | — | ||||||||||
Other Financial Liabilities |
— | — | ||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | — | ||||||||||
Debt Securities |
— | — | ||||||||||
Subordinated Debt Securities |
— | — |
Portfolio of Instruments as of 12.31.20 |
Fair Value through Profit or Loss |
Amortized Cost |
Fair Value through OCI |
|||||||||
Assets |
||||||||||||
Cash and Due from Banks |
— | — | ||||||||||
Argentine Central Bank’s Bills and Notes |
— | — | ||||||||||
Government Securities |
— | — | ||||||||||
Corporate Securities |
— | — | ||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
Repurchase Transactions |
— | — | ||||||||||
Other Financial Assets |
— | |||||||||||
Loans and Other Financing |
— | — | ||||||||||
Other Debt Securities |
— | |||||||||||
Financial Assets Pledged as Collateral |
— | |||||||||||
Investments in Equity Instruments |
— | — | ||||||||||
Liabilities |
||||||||||||
Deposits |
— | — | ||||||||||
Liabilities at fair value through profit or loss |
— | — | ||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
Other Financial Liabilities |
— | — | ||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | — | ||||||||||
Debt Securities |
— | — | ||||||||||
Subordinated Debt Securities |
— | — |
• | Market prices for similar instruments. |
• | Determining the estimated present value of instruments. |
(i) |
Secondary market prices of instruments under the same conditions, which had quoted in the evaluation month. |
(ii) |
prior month bidding and/or secondary market prices, which will be taken based on their representativeness. |
(iii) |
prior month spread applied to the sovereign curve. |
(iv) |
A specific margin is applied, defined according to historical yields of instruments under the same conditions. |
Portfolio of Instruments as of 12.31.21 |
Fair Value Level 1 |
Fair Value Level 2 |
Fair Value Level 3 |
|||||||||
Assets |
||||||||||||
Argentine Central Bank’s Bills and Notes |
— | — | ||||||||||
Government Securities |
||||||||||||
Corporate Securities |
— | |||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
Other Financial Assets |
||||||||||||
Other Debt Securities (*) |
— | — | ||||||||||
Financial Assets Pledged as Collateral |
— | — | ||||||||||
Investments in Equity Investments |
— | |||||||||||
Liabilities |
||||||||||||
Liabilities at fair value through profit or loss |
— | — | ||||||||||
Derivative Financial Instruments |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
(*) |
It relates to Government Securities measured at fair value through other comprehensive income. |
Portfolio of Instruments as of 12.31.20 |
Fair Value Level 1 |
Fair Value Level 2 |
Fair Value Level 3 |
|||||||||
Assets |
||||||||||||
Argentine Central Bank’s Bills and Notes |
— | — | ||||||||||
Government Securities |
||||||||||||
Corporate Securities |
— | |||||||||||
Derivative Financial Instruments |
— | |||||||||||
Other Financial Assets |
— | |||||||||||
Other Debt Securities (*) |
— | |||||||||||
Financial Assets Pledged as Collateral |
— | — | ||||||||||
Equity Investments |
— | |||||||||||
Liabilities |
||||||||||||
Liabilities at fair value through profit or loss |
— | — | — | |||||||||
Derivative Financial Instruments |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
(*) |
It relates to Government Securities measured at fair value through other comprehensive income. |
Level 3 |
12.31.20 |
Transfers (*) |
Recognition |
Derecognition |
Income (Loss) |
Inflation Effect |
12.31.21 |
|||||||||||||||||||||
Government Securities |
( |
) | ( |
) | ||||||||||||||||||||||||
Corporate Securities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Other Financial Assets |
— | — | — | — | — | |||||||||||||||||||||||
Derivative Financial Instruments |
— | — | ( |
) | — | ( |
) | — | ||||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | — | — | — | — | ||||||||||||||||||||||
Investments in Equity Instruments |
— | ( |
) | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
( |
) |
( |
) |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
They include the movements of levels of financial instruments classified as fair value Level 3, as described above. |
Level 3 |
12.31.19 |
Transfers (*) |
Recognition |
Derecognition |
Income (Loss) |
Inflation Effect |
12.31.20 |
|||||||||||||||||||||
Government Securities |
( |
) | ( |
) | ( |
) | ||||||||||||||||||||||
Corporate Securities |
( |
) | ( |
) | ||||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | ( |
) | |||||||||||||||||||||||
Financial Assets Pledged as Collateral |
( |
) | ( |
) | ( |
) | ( |
) | — | |||||||||||||||||||
Investments in Equity Instruments |
— | — | — | ( |
) | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
( |
) |
( |
) |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
They include the movements of levels of financial instruments classified as fair value Level 3, as described above. |
Items of Assets/Liabilities as of 12.31.21 |
Book Value |
Fair Value |
Fair Value Level 1 |
Fair Value Level 2 |
Fair Value Level 3 |
|||||||||||||||
Assets |
||||||||||||||||||||
Cash and Due from Banks |
— | — | ||||||||||||||||||
Repurchase Transactions |
— | — | ||||||||||||||||||
Loans and Other Financing |
— | — | ||||||||||||||||||
Other Financial Assets |
— | |||||||||||||||||||
Other Debt Securities |
— | — | ||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | ||||||||||||||||||
Liabilities |
||||||||||||||||||||
Deposits |
— | — | ||||||||||||||||||
Repurchase Transactions |
|
|
|
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
|
| |
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | — | ||||||||||||||||||
Debt Securities |
— | |||||||||||||||||||
Subordinated Debt Securities |
— | — | ||||||||||||||||||
Other Financial Liabilities |
— | — |
Items of Assets/Liabilities as of 12.31.20 |
Book Value |
Fair Value |
Fair Value Level 1 |
Fair Value Level 2 |
Fair Value Level 3 |
|||||||||||||||
Assets |
||||||||||||||||||||
Cash and Due from Banks |
— | — | ||||||||||||||||||
Repurchase Transactions |
— | — | ||||||||||||||||||
Loans and Other Financing |
— | — | ||||||||||||||||||
Other Financial Assets |
— | |||||||||||||||||||
Other Debt Securities |
— | — | ||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | ||||||||||||||||||
Liabilities |
||||||||||||||||||||
Deposits |
— | — | ||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | — | ||||||||||||||||||
Debt Securities |
— | |||||||||||||||||||
Subordinated Debt Securities |
— | — | ||||||||||||||||||
Other Financial Liabilities |
— | — |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Net cash and Due from Banks (1) |
||||||||||||
Argentine Central Bank’s Bills and Notes Maturing up to 90 Days (2) |
||||||||||||
Reverse repurchase Transactions Debtors (3) |
||||||||||||
Loans to Financial Institutions (3) |
— | |||||||||||
Overnight Placements in Foreign Banks (4) |
||||||||||||
Mutual Funds (5) |
||||||||||||
Time Deposits (3) |
||||||||||||
|
|
|
|
|
|
|||||||
Total Cash and Cash Equivalents |
||||||||||||
|
|
|
|
|
|
(1) |
Net of Cash and Cash Equivalents for spot purchases or sales pending settlement. |
(2) |
Included within Repurchase transactions. |
(3) |
Included within Loans and Other Financing. |
(4) |
Included within Other financial assets. |
(5) |
Included within Debt Securities at Fair Value through Profit or Loss. |
Underlying Asset |
Type of Settlement |
12.31.21 (*) |
12.31.20 (*) |
|||||||||||||
Currency Forward Transactions |
||||||||||||||||
Purchases |
Foreign currency | Daily difference | ||||||||||||||
Sales |
Foreign currency | Daily difference | ||||||||||||||
Customers´ Purchases |
Foreign currency | Daily difference | ||||||||||||||
Customers´ Sales |
Foreign currency | Daily difference | ||||||||||||||
Interest Rate Swaps |
||||||||||||||||
Swaps |
Others | Other | — | |||||||||||||
Repurchase Transactions |
||||||||||||||||
Forward Purchases |
Government Securities | With delivery of the underlying asset |
|
— | ||||||||||||
Forward Sales |
Government Securities |
|
With delivery of the underlying asset |
|
(*) |
Notional values. |
12.31.21 |
12.31.20 |
|||||||
Debtors for Reserve Repurchase Transactions of Government Securities |
||||||||
Interest Accrued Receivable for Reserve Repurchase Transactions |
||||||||
|
|
|
|
|||||
Total Repurchase Transactions—Assets |
||||||||
|
|
|
|
12.31.21 |
12.31.20 | |||
Creditors for Repurchase Transactions of Government Securities |
— | |||
Interest Accrued Payable for Repurchase Transactions |
— | |||
|
| |||
Total Repurchase Transactions—Liabilities |
— | |||
|
|
12.31.21 |
12.31.20 |
|||||||
Reverse Repurchase Transactions recorded in Off-Balance Sheet Items |
||||||||
Forward purchases for Repurchase transactions recorded in Financial Assets Pledged as Collateral |
— |
12.31.21 |
12.31.20 |
|||||||
Receivables from Spot Sales of Foreign Currency Pending Settlement |
||||||||
Receivables from Spot Sales of Government Securities Pending Settlement |
||||||||
Sundry Debtors (*) |
||||||||
Mutual Funds |
||||||||
Premiums from financial guarantee contracts |
||||||||
Interest accrued receivable |
||||||||
Fiduciary Participation Certificates |
||||||||
Balances from claims pending recovery |
||||||||
Others |
— | |||||||
Minus: Allowances |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
(*) |
It includes the receivable for the sale the shareholding in Prisma Medios de Pago. See Note 54 for further information. |
Debtors for Sale of Foreign Currency |
Debtors for Cash sale of Government Securities to be Settled |
Sundry Debtors |
Mutual Funds |
Premiums from financial guarantee contracts |
Interest accrued receivable |
Fiduciary Participation Certificates |
Balances from claims pending recovery |
|||||||||||||||||||||||||
Not yet due |
||||||||||||||||||||||||||||||||
Impaired/Uncollectible |
— | — | — | — | — | — | — | |||||||||||||||||||||||||
Allowances |
— | — | ( |
) | — | — | — | — | — | |||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Total |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Non-financial Public Sector |
||||||||
Argentine Central Bank |
||||||||
Financial Institutions |
||||||||
Loans |
||||||||
Non-financial Private Sector and Residents Abroad |
||||||||
Loans |
||||||||
Advances |
||||||||
Notes |
||||||||
Mortgage Loans |
||||||||
Pledge Loans |
||||||||
Personal Loans |
||||||||
Credit Card Loans |
||||||||
Other Loans |
||||||||
Accrued Interest, Adjustments and Quotation Differences Receivable |
||||||||
Documented Interest |
( |
) | ( |
) | ||||
Financial Leases |
||||||||
Other Financing |
||||||||
Less: Allowances |
( |
) |
( |
) | ||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Deposits as Collateral |
||||||||
Special Accounts as Collateral—Argentine Central Bank |
||||||||
Trust as Collateral |
— | |||||||
Forward Purchases of monetary regulatory instruments |
— | |||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Tax Advances |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
15.1 |
Equity Investments in Subsidiaries |
Direct and Indirect Shareholding |
Equity Investment % |
|||||||||||||||
Company |
12.31.21 |
12.31.20 |
12.31.21 |
12.31.20 |
||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
% | % | ||||||||||||||
Cobranzas Regionales S.A. |
% | % | ||||||||||||||
Galicia Asset Management S.A.U. |
% | % | ||||||||||||||
Galicia Broker Asesores de Seguros S.A. |
% | % | ||||||||||||||
Galicia Retiro Compañía de Seguros S.A. |
% | % | ||||||||||||||
Galicia Securities S.A.U. |
% | % | ||||||||||||||
Galicia Seguros S.A.U. |
% | % | ||||||||||||||
Galicia Warrants S.A. |
% | % | ||||||||||||||
IGAM LLC |
% | % | ||||||||||||||
INVIU Uruguay Agente de Valores S.A. |
% | % | ||||||||||||||
INVIU S.A.U. |
% | % | ||||||||||||||
Naranja Digital Compañía Financiera S.A.U. |
% | % | ||||||||||||||
Ondara S.A. |
% | % | ||||||||||||||
Sudamericana Holding S.A. |
% | % | ||||||||||||||
Tarjeta Naranja S.A. |
% | % | ||||||||||||||
Tarjetas Regionales S.A. |
% | % |
12.31.21 |
||||||||||||||||
Company |
Assets |
Liabilities |
Shareholders’ Equity |
Net Income (Loss) (*) |
||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
||||||||||||||||
Cobranzas Regionales S.A. |
( |
) | ||||||||||||||
Galicia Asset Management S.A.U. |
||||||||||||||||
Galicia Broker Asesores de Seguros S.A. (**) |
||||||||||||||||
Galicia Retiro Compañía de Seguros S.A. (**) |
( |
) | ||||||||||||||
Galicia Securities S.A.U. |
||||||||||||||||
Galicia Seguros S.A.U. (**) |
||||||||||||||||
Galicia Warrants S.A. |
||||||||||||||||
IGAM LLC |
( |
) | ||||||||||||||
INVIU Uruguay Agente de Valores S.A. |
( |
) | ||||||||||||||
INVIU S.A.U. |
( |
) | ||||||||||||||
Naranja Digital Compañía Financiera S.A.U. |
( |
) | ||||||||||||||
Ondara S.A. |
( |
) | ||||||||||||||
Sudamericana Holding S.A. (**) |
||||||||||||||||
Tarjeta Naranja S.A. |
||||||||||||||||
Tarjetas Regionales S.A. |
(*) |
Income attributable to the shareholders of the parent. |
(**) |
Net income for the twelve-month period ended December 31, 2021. |
12.31.20 |
||||||||||||||||
Company |
Assets |
Liabilities |
Shareholders’ Equity |
Net Income (Loss) (*) |
||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
||||||||||||||||
Cobranzas Regionales S.A. |
( |
) | ||||||||||||||
Galicia Asset Management S.A.U. |
||||||||||||||||
Galicia Broker Asesores de Seguros S.A. (**) |
||||||||||||||||
Galicia Retiro Compañía de Seguros S.A. (**) |
||||||||||||||||
Galicia Securities S.A.U. (***) |
||||||||||||||||
Galicia Seguros S.A.U. (**) |
||||||||||||||||
Galicia Warrants S.A. |
( |
) | ||||||||||||||
IGAM LLC |
||||||||||||||||
INVIU Uruguay Agente de Valores S.A. |
( |
) | ( |
) | ||||||||||||
INVIU S.A.U. |
||||||||||||||||
Naranja Digital Compañía Financiera S.A.U. |
( |
) | ||||||||||||||
Ondara S.A. |
( |
) | ||||||||||||||
Sudamericana Holding S.A. (**) |
||||||||||||||||
Tarjeta Naranja S.A. |
||||||||||||||||
Tarjetas Regionales S.A. |
(*) |
Income attributable to the shareholders of the parent. |
(**) |
Net income for the twelve-month period ended December 31, 2020. |
(***) |
Net income for the period between the purchase date and December 31,2020. |
15.2 |
Equity Investments in Associates |
Company |
Equity Investment % |
Place of Business |
12.31.21 |
12.31.20 |
||||||||||
Play Digital S.A. |
% | City of Buenos Aires - Argentina |
Company |
12.31.20 |
Contributions (1) |
Sales of shares |
Profit Sharing in income (loss) for the Year |
12.31.21 |
|||||||||||||||
Play Digital S.A. |
( |
) | ( |
) |
(1) |
Banco Galicia has made new contributions after the closing. |
Company |
12.31.19 |
Contributions |
Sales of shares |
Profit Sharing in income (loss) for the Year |
12.31.20 |
|||||||||||||||
Play Digital S.A. |
( |
) |
Profit Sharing in income (loss) for the Year |
||||||||||||||||
Company |
Assets |
Liabilities |
Shareholders’ Equity |
Net Income (Loss) |
||||||||||||
Play Digital S.A. |
( |
) |
12.31.21 |
12.31.20 |
|||||||
Right-of-use (1) |
||||||||
Real estate |
||||||||
Lease Liabilities (2) |
(1) |
Recorded in Property, Plant and Equipment. |
(2) |
Recorded in Other Financial Liabilities, see Note 25. |
12.31.21 |
12.31.20 |
|||||||
Charge for depreciation of right-of-use (1)(2) |
||||||||
Interest Expenses (3) |
||||||||
Expenses related to short-term leases (4) |
||||||||
Expenses related to low-value assets leases (4) |
||||||||
Sublease Income (5) |
(1) |
Depreciation for right of use of Real Property. |
(2) |
Recorded in Depreciation and Impairment of assets, see Note 39. |
(3) |
Recorded in Other Operating Expenses, Lease Interest, see Note 40. |
(4) |
Recorded in Administrative Expenses, see Note 38. |
(5) |
Recorded in Other Operating Income, see Note 34. |
Right-of-use |
12.31.21 |
12.31.20 |
||||||
Balances at the beginning of the year |
||||||||
Additions |
||||||||
Cancellation of contracts |
( |
) | ( |
) | ||||
Depreciation of the year |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balances at the end of the year |
||||||||
|
|
|
|
Lease liabilities (1) |
12.31.21 |
12.31.20 |
||||||
Balances at the beginning of the year |
||||||||
New contracts |
||||||||
Cancellation of contracts |
( |
) | ( |
) | ||||
Lease payments |
( |
) | ( |
) | ||||
Leases financial cost |
||||||||
Translation differences and inflation adjustment |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Balances at the end of the year |
||||||||
|
|
|
|
(1) |
Recorded in the item Other Financial Liabilities, see Note 25. |
Item |
12.31.20 |
Charge to Income |
Others |
12.31.21 |
||||||||||||
Valuation of Securities |
( |
) | — | — | ||||||||||||
Derivate Instruments |
— | — | ||||||||||||||
Loans and Other Financing |
( |
) | — | |||||||||||||
Tax Loss Carryforwards |
— | |||||||||||||||
Other Non-financial Assets |
( |
) | — | |||||||||||||
Other Financial Liabilities |
( |
) | — | — | ||||||||||||
Subordinated Negotiable Obligations |
( |
) | — | — | ||||||||||||
Provisions |
( |
) | — | |||||||||||||
Other Non-financial Liabilities |
— | |||||||||||||||
Foreign Currency Exchange Differences |
— | — | ||||||||||||||
Inflation adjustment deferral |
( |
) | ( |
) |
||||||||||||
Others |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Totals |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net deferred tax assets in subsidiaries with net liability position |
( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax assets |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
Item |
12.31.20 |
Charge to Income |
Others |
12.31.21 |
||||||||||||
Valuation of Securities |
( |
) | — | ( |
) | |||||||||||
Other Financial Assets |
( |
) | ( |
) | — | ( |
) | |||||||||
Property, Plant and Equipment |
( |
) | ( |
) | — | ( |
) | |||||||||
Intangible Assets |
( |
) | ( |
) | — | ( |
) | |||||||||
Other Non-financial Assets |
( |
) | — | ( |
) | |||||||||||
Non-current Assets Held for Sale |
— | — | — | — | ||||||||||||
Other Financial Liabilities |
( |
) | ( |
) | — | ( |
) | |||||||||
Subordinated Negotiable Obligations |
( |
) | — | — | ||||||||||||
Provisions |
— | ( |
) | — | ( |
) | ||||||||||
Other Non-financial Liabilities |
( |
) | — | — | ||||||||||||
Foreign Currency Exchange Differences |
( |
) | — | — | ||||||||||||
Inflation adjustment deferral |
( |
) | — | ( |
) | |||||||||||
Others |
( |
) | ( |
) | — | ( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Totals |
( |
) |
( |
) |
— |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net deferred tax liabilities in subsidiaries with net asset position |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax liabilities |
( |
) |
( |
) |
— |
( |
) | |||||||||
|
|
|
|
|
|
|
|
Item |
12.31.19 |
Charge to Income |
Others |
12.31.20 |
||||||||||||
Valuation of Securities |
( |
) | — | |||||||||||||
Loans and Other Financing |
— | |||||||||||||||
Tax Loss Carryforwards |
— | |||||||||||||||
Other Non-financial Assets |
— | |||||||||||||||
Other Financial Liabilities |
— | — | ||||||||||||||
Subordinated Negotiable Obligations |
— | — | ||||||||||||||
Allowance for Impairment |
( |
) | — | — | ||||||||||||
Provisions |
( |
) | — | |||||||||||||
Other Non-financial Liabilities |
( |
) | — | |||||||||||||
Inflation adjustment deferral |
— | |||||||||||||||
Others |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Totals |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net deferred tax assets in subsidiaries with net liability position |
( |
) | ( |
) | — | ( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax assets |
— |
|||||||||||||||
|
|
|
|
|
|
|
|
Item |
12.31.19 |
Charge to Income |
Others |
12.31.20 |
||||||||||||
Valuation of Securities |
( |
) | ( |
) | — | ( |
) | |||||||||
Other Financial Assets |
( |
) | — | ( |
) | |||||||||||
Property, Plant and Equipment |
( |
) | ( |
) | — | ( |
) | |||||||||
Intangible Assets |
( |
) | ( |
) | — | ( |
) | |||||||||
Other Non-financial Assets |
( |
) | — | ( |
) | |||||||||||
Non-current Assets Held for Sale |
( |
) | — | — | ||||||||||||
Other Financial Liabilities |
( |
) | — | — | ( |
) | ||||||||||
Subordinated Negotiable Obligations |
( |
) | — | — | ( |
) | ||||||||||
Provisions |
( |
) | — | — | ||||||||||||
Other Non-financial Liabilities |
( |
) | — | ( |
) | |||||||||||
Foreign Currency Exchange Differences |
( |
) | — | ( |
) | |||||||||||
Inflation adjustment deferral |
— | ( |
) | — | ( |
) | ||||||||||
Others |
( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Totals |
( |
) |
( |
) |
— |
( |
) | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Net deferred tax liabilities in subsidiaries with net asset position |
— | |||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Deferred tax liabilities |
( |
) |
— |
( |
) | |||||||||||
|
|
|
|
|
|
|
|
Year of Generation |
Amount |
Year Due |
Deferred Tax Assets |
|||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
||||||||||||
|
|
|
|
|||||||||
|
|
|
|
Assets from Insurance Contracts |
12.31.21 |
12.31.20 |
||||||
Premiums Receivable |
||||||||
Credits with Reinsurers |
||||||||
Fees Receivables |
||||||||
Others |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Liabilities from Insurance Contracts |
12.31.21 |
12.31.20 |
||||||
Debts with Insured Persons |
||||||||
Debts with Reinsurers |
||||||||
Debts with Co-insurers |
||||||||
Debts with Producers |
||||||||
Technical Commitments |
||||||||
Others |
||||||||
Pending Claims in charge of Reinsures |
( |
) | ( |
) | ||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Debts with Insured Persons |
12.31.21 |
12.31.20 |
||||||
Property & Casualty Insurance |
||||||||
Direct Administrative Insurance |
||||||||
Direct Insurance in Lawsuits |
||||||||
Direct Insurance in Mediation |
||||||||
Settled Claims Payable |
||||||||
Pending Claims, Active Reinsurance and Retrocession |
||||||||
Claims Incurred but not Reported (IBNR) |
||||||||
Others |
||||||||
Life Insurance |
||||||||
Direct Administrative Insurance |
||||||||
Direct Insurance in Lawsuits |
||||||||
Direct Insurance in Mediation |
||||||||
Settled Claims Payable |
||||||||
Pending Claims, Active Reinsurance and Retrocession |
||||||||
Claims Incurred but not Reported (IBNR) |
||||||||
Redemptions Payable |
||||||||
Retirement Insurance |
||||||||
Annuities Payable in Arrears |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Debt with Reinsurers and Coinsurance |
Current Account |
Reinstatement Premiums |
Minimum Deposit Premium to Be Accrued |
Deposits as Collateral |
Unpaid Losses to Be Borne by Reinsurers |
Total |
||||||||||||||||||
Debts with Reinsurers |
— | ( |
) | — | ( |
) | ( |
) | ||||||||||||||||
Debts with Co-insurers |
— | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total as of 12.31.21 |
— |
( |
) |
— |
( |
) |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Total as of 12.31.20 |
— |
( |
) |
— |
( |
) |
( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Debts with Producers |
12.31.21 |
12.31.20 |
||||||
Checking Account—Producers |
||||||||
Fees for Premiums Receivable |
||||||||
Production Expenses Payable |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Technical Commitments |
12.31.21 |
12.31.20 |
||||||
Ongoing and Similar Risk |
||||||||
Premiums and Surcharges |
||||||||
Premiums on Passive Reinsurance |
( |
) | ( |
) | ||||
Active Reinsurance |
||||||||
Insufficient Premiums |
||||||||
Mathematical Reserves |
||||||||
Mathematical Reserves for Individual Life Insurance |
||||||||
Mathematical Reserves for Individual Retirement Insurance |
||||||||
Mathematical Reserves of Life Annuities |
||||||||
Provision for the Mathematical Reserve Recomposition |
||||||||
Fluctuation Funds |
||||||||
Others |
— | |||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 | |||
Mortality Table | ||||
Investment (Discount) Rate | Products in USD: |
Products in USD: | ||
Products in Ps.: |
Products in Ps.: | |||
Life Insurance Reference Rate | 2020-321 of the Argentine Superintendency of Insurance. |
2020-321 of the Argentine Superintendency of Insurance. | ||
Administrative Expenses |
12.31.21 |
12.31.20 |
|||||||
Payments on behalf of third parties |
||||||||
Advances of fee s to Directors and Syndics |
||||||||
Advance s to Personnel |
||||||||
Tax Credits |
||||||||
Payments made in Advance |
||||||||
Advances for Purchase of Assets |
||||||||
Investment properties (*) |
||||||||
Other Sundry Assets Measured at Cost |
||||||||
Assets Taken in Defense of Credits |
||||||||
Others |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
(*) |
Changes in “Investment Properties” are detailed in Schedule F. |
12.31.21 |
12.31.20 |
|||||||
Property, Plant and Equipment |
||||||||
Real Estate |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
In Pesos |
||||||||
Checking Accounts |
||||||||
Savings Accounts |
||||||||
Time Deposits |
||||||||
Time Deposits – UVA |
||||||||
Others |
||||||||
Interest and Adjustments |
||||||||
In Foreign Currency |
||||||||
Savings Accounts |
||||||||
Time Deposits |
||||||||
Others |
||||||||
Interest and Adjustments |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Creditors for Purchase to be Settled |
||||||||
Collections and Other Transactions on Behalf of Third Parties |
||||||||
Obligations for Purchase Financing |
||||||||
Creditors for Purchase of Foreign Currency to be Settled |
||||||||
Accrued Fees Payable |
||||||||
Sundry Items Subject to Minimum Cash |
||||||||
Sundry Items not Subject to Minimum Cash |
||||||||
Financial Liabilities for guarantees and sureties granted (financial guarantee contracts) |
||||||||
Cash or equivalents for purchases or cash sales to be settled |
||||||||
Lease Liabilities |
||||||||
Other Financial Liabilities |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Argentine Central Bank Financing |
||||||||
Correspondents |
||||||||
Financing from Local Financial Institutions |
||||||||
Financing from Foreign Financial Institutions |
||||||||
Financing from International Financial Institutions |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
Financial Institutions and/or Agencies |
Placement Date |
Currency |
Term (*) |
Rate (*) |
Maturity |
Amount as of 12.31.21 (**) |
||||||||||||||||||
Local Institutions |
||||||||||||||||||||||||
BICE |
||||||||||||||||||||||||
BICE |
||||||||||||||||||||||||
Agreements with Banks (1) |
||||||||||||||||||||||||
Call Taken |
||||||||||||||||||||||||
Call Taken |
||||||||||||||||||||||||
Argentine Central Bank |
— | |||||||||||||||||||||||
International Institutions |
||||||||||||||||||||||||
Correspondents |
— | |||||||||||||||||||||||
IFC |
||||||||||||||||||||||||
Pre-financing |
||||||||||||||||||||||||
|
|
|||||||||||||||||||||||
Total |
||||||||||||||||||||||||
|
|
(*) |
Weighted average. |
(**) |
It includes principal and interest. |
(1) |
Relates to Naranja X’ credit lines. |
Financial Institutions and/or Agencies |
Placement Date |
Currency |
Term (*) |
Rate (*) |
Maturity |
Amount as of 12.31.20 (**) |
||||||||||||
Local Institutions |
||||||||||||||||||
BICE |
||||||||||||||||||
BICE |
||||||||||||||||||
Agreements with Banks (1) |
||||||||||||||||||
Call Taken |
||||||||||||||||||
Argentine Central Bank |
— | |||||||||||||||||
Other Lines (1) |
||||||||||||||||||
International Institutions |
||||||||||||||||||
Correspondents |
— | |||||||||||||||||
IFC |
||||||||||||||||||
|
|
|||||||||||||||||
Total |
||||||||||||||||||
|
|
(*) |
Weighted average. |
(**) |
It includes principal and interest. |
(1) |
Relates to Naranja X’ credit lines. |
Company |
Authorized Amount (*) |
Type of Debt Securities |
Program Term |
Approval Date by Shareholders’ Meeting |
CNV Approval | |||||||
Grupo Financiero Galicia S.A. |
USD |
|
confirmed on 08.02.12 |
|||||||||
Banco de Galicia y Buenos Aires S.A.U. |
USD |
|
04.14.10, 04.29.15, 11.09.16 and 04.28.20 |
Resolution No. 15228 dated 11.04.05 and extended through Resolution No. 16454 dated 11.11.10 and Resolution No. 17883 dated 11.20.15 and Resolution No. DI-2020-53-APN-GE#CNV of the amount approved by Resolutions No. 17883 dated 11.20.15, No. 18081 dated 06.10.16, No. 18480 dated 01.26.17 and No. 19520 dated 05.17.18 | ||||||||
Banco de Galicia y Buenos Aires S.A.U. |
USD |
|
- | |||||||||
Tarjeta Naranja S.A. |
USD | |
||||||||||
Tarjeta Naranja S.A.(**) |
USD |
|
confirmed on 04.06.10 and 02.15.13 |
Company |
Placement Date |
Currency |
Class N° |
Face Value |
Type (**) |
Term |
Maturity Date |
Rate |
Issuance Authorized by the CNV |
Book Value (*) asof 12.31.21 |
||||||||||||||||||||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
IX | Months |
|
|
||||||||||||||||||||||||||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
X | Months |
|
|
|
|||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XXXVII | days |
|
|
|
|||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLIV | days |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLVI | days |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLVII | USD |
|
days |
|
|
|
|||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLVIII | days |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLIX Series I |
|
days |
|
|
|||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLIX Series II |
|
days |
|
|
|||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
L | days |
|
|
||||||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||||||||||
|
|
(*) |
It includes principal and interest. |
(**) |
Not convertible into shares. |
Company |
Placement Date |
Currency |
Class N° |
Face Value |
Type (**) |
Term |
Maturity Date |
Rate |
Issuance Authorized by the CNV |
Book Value (*) asof 12.31.20 |
||||||||||||||||||||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
V Series II |
|
months |
|
|
|||||||||||||||||||||||||||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
VIII | months |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XXXVII | days |
|
|
15% Rate/ Badlar + 3.50% |
|
||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLIV | days |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. |
XLV | days |
|
|
||||||||||||||||||||||||||||||||||||
Tarjeta Naranja S.A. (** * ) |
XXVIII Series II |
|
days |
|
|
25% Rate/ Badlar + 3.70% |
|
|||||||||||||||||||||||||||||||||
|
|
|||||||||||||||||||||||||||||||||||||||
Total |
||||||||||||||||||||||||||||||||||||||||
|
|
(*) |
It includes principal and interest. |
(**) |
Not convertible into shares. |
(***) |
Negotiable Obligations merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A. |
Company |
ON Class |
Nominal Value as of 12.31.21 |
Book Value (*) as of12.31.21 |
|||||||||
Tarjeta Naranja S.A. |
XXXVII | |||||||||||
Tarjeta Naranja S.A. |
XLIV | |||||||||||
Tarjeta Naranja S.A. |
XLVI | |||||||||||
Tarjeta Naranja S.A. |
XLVIII | |||||||||||
Tarjeta Naranja S.A. |
XLIX Serie I | |||||||||||
Tarjeta Naranja S.A. |
XLIX Serie II | |||||||||||
Tarjeta Naranja S.A. |
L | |||||||||||
|
|
|||||||||||
Total |
||||||||||||
|
|
Company |
ON Class |
Nominal Value as of 12.31.20 |
Book Value (*) as of12.31.20 |
|||||||||
Banco de Galicia y Buenos Aires S.A.U. |
V Serie II | |||||||||||
Banco de Galicia y Buenos Aires S.A.U. |
VIII | |||||||||||
Tarjeta Naranja S.A. |
XXXVII | |||||||||||
Tarjeta Naranja S.A. |
XLIV | |||||||||||
Tarjeta Naranja S.A. |
XLV | |||||||||||
Tarjeta Naranja S.A. (**) |
XXVIII Serie II | |||||||||||
|
|
|||||||||||
Total |
||||||||||||
|
|
(*) |
It includes principal and interest. |
(**) |
Debt securities merged into by Tarjeta Naranja S.A. following its merger with Tarjetas Cuyanas S.A. |
Company |
Placement Date |
Currency |
ON Class |
Nominal Value |
Term |
Maturity Date |
Rate |
Issuance Authorized by the CNV |
Book Value as of 12.31.21 (*) |
Book Value as of 12.31.20 (*) |
||||||||||||||||||||||||
Banco de Galicia y Bs. As. S.A.U. |
USD |
(1) |
( |
) |
||||||||||||||||||||||||||||||
|
|
|
|
(*) |
It includes principal and interest. |
(1) |
Amortization shall be fully made upon maturity, on July 19, 2026, unless redeemed, at the issuer’s option, fully at a price equal to |
(2) |
Fixed |
12.31.21 |
12.31.20 |
|||||||
For Administrative, Disciplinary and Criminal Penalties |
||||||||
For Termination Benefits |
||||||||
Others |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Creditors for sale of assets |
||||||||
Tax withholdings and collections payable |
||||||||
Payroll and Social Contributions Payable |
||||||||
Withholdings on Payroll Payable |
||||||||
Fess to Directors and Syndics |
||||||||
Value-Added Tax |
||||||||
Sundry Creditors |
||||||||
Taxes Payable |
||||||||
Obligations Arising from Contracts with Customers (*) |
||||||||
Retirement payment orders pending settlement |
||||||||
Other Non-financial Liabilities |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
(*) |
Including Liabilities for Quiero! Customer Loyalty Program . |
Terms |
||||||||||||||||
Item |
Up to 12 Months |
Up to 24 Months |
Over 24 Months |
Total |
||||||||||||
Liabilities –“ Quiero! |
||||||||||||||||
|
|
Arising from: |
12.31.21 |
12.31.20 |
12.31.19 |
|||||||||
For Purchase sale of foreign currency |
||||||||||||
For Valuation of Assets and Liabilities in Foreign Currency |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Fees for Product Package |
||||||||||||
Other Adjustments and Interest on sundry Credits |
||||||||||||
Rental of Safety Deposit Boxes |
||||||||||||
Other Financial Income |
||||||||||||
Other Income from Services |
||||||||||||
Income for sale of non-currents assets held for sale(1) |
— | — | ||||||||||
Reversed allowances |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
(1) |
Includes the profit from the sale of the shareholding in Prisma Medios de Pago S.A. |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Premiums and Surcharges Accrued |
||||||||||||
Claims Accrued |
( |
) | ( |
) | ( |
) | ||||||
Redemptions |
( |
) | ( |
) | ( |
) | ||||||
Fixed and Periodic Annuities |
( |
) | ( |
) | ( |
) | ||||||
Production and Operating Expenses |
( |
) | ( |
) | ( |
) | ||||||
Other Income and Expenses |
( |
) | ( |
) | ( |
) | ||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Expected credit loss allowance |
||||||||||||
Direct charge offs |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Payroll |
||||||||||||
Social Contributions on Payroll |
||||||||||||
Personnel Compensations and Rewards |
||||||||||||
Services for Personnel |
||||||||||||
Other Short-term Personnel Expenses |
||||||||||||
Other Long-term Personnel Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Fees and Remunerations for Services |
||||||||||||
Directors’ and Syndics’ Fees |
||||||||||||
Advertising and Marketing |
||||||||||||
Taxes |
||||||||||||
Maintenance and Repairs of Assets and Systems |
||||||||||||
Electricity and Communications |
||||||||||||
Representation and Travel Expenses |
||||||||||||
Stationery and Office Supplies |
||||||||||||
Rentals |
||||||||||||
Administrative Services under Contract |
||||||||||||
Security |
||||||||||||
Insurance |
||||||||||||
Armored Transportation Services |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Depreciation of Property, Plant and Equipment |
||||||||||||
Amortization of Organization and Development Expenses |
||||||||||||
Depreciation of other intangible assets |
— | — | ||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Turnover Tax |
||||||||||||
Contributions to the Deposit Insurance Scheme |
||||||||||||
Charges for Other Provisions |
||||||||||||
Claims |
||||||||||||
Other Financial Expenses |
— | |||||||||||
Interest on leases |
||||||||||||
Credit-card-relates expenses |
||||||||||||
Other Expenses from Services |
||||||||||||
Others |
||||||||||||
|
|
|
|
|
|
|||||||
Total |
||||||||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Income Before Income Tax for the Year |
||||||||||||
Current Tax Rate |
% | % | % | |||||||||
|
|
|
|
|
|
|||||||
Income for the Year at Tax Rate |
( |
) | ( |
) | ( |
) | ||||||
Permanent Differences at Tax Rate |
||||||||||||
- Income for Equity Instruments |
( |
) | ( |
) | — | |||||||
- Untaxed Income |
||||||||||||
- Donations and Other Non-deductible Expenses |
( |
) | ( |
) | ( |
) | ||||||
- Other |
( |
) | ( |
) | ||||||||
- Inflation effect |
( |
) | ( |
) | ( |
) | ||||||
- Tax Adjustment |
( |
) | ||||||||||
- Tax inflation adjustment |
||||||||||||
- Tax inflation adjustment deferral |
— | |||||||||||
|
|
|
|
|
|
|||||||
Total Income Tax Charge for the Year |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Current Income Tax |
( |
) |
( |
) |
( |
) | ||||||
Deferred Tax Charge (*) |
( |
) | ||||||||||
Update of the charge tax |
( |
) | ( |
) | ( |
) | ||||||
Tax Return adjustment from previous fiscal year |
( |
) | ||||||||||
|
|
|
|
|
|
|||||||
Total Income Tax Charge for the Year |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
(*) |
See Note 19. |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Current Income Tax |
( |
) | ( |
) | ( |
) | ||||||
Tax Advances |
||||||||||||
|
|
|
|
|
|
|||||||
Current Income Tax Liabilities |
( |
) |
( |
) |
( |
) | ||||||
|
|
|
|
|
|
• | Law 27,430 introduced an amendment establishing that the subjects referred to in paragraphs a) to e) of Article 53 of the current Income Tax Act, for the purposes of determining the net taxable earnings, should deduct or incorporate the tax inflation adjustment to the tax income for the fiscal year being settled. Said adjustment would be applicable in the fiscal year where a variation percentage of the consumer price index is verified, greater than one hundred percent (100%), accumulated in the thirty-six (36) months prior to the closing of the fiscal year being settled. |
• | The positive or negative inflation adjustment, as the case may be, to be calculated, would be charged as follows: for the first and second fiscal years commenced on or after January 1, 2019, one sixth (1/6) had to be charged in that fiscal year, and the remaining five sixths (5/6), in equal parts, in the following five (5) immediate fiscal years. Later, for fiscal years commencing on or after January 1, 2021, the inflation adjustment would be charged in full (100%), with no deferral at all. In this regard, the whole inflation adjustment calculated for this year has to be included in the current fiscal year. |
• | Income tax rate: the tax rate reduction is suspended for fiscal years commenced up to January 1, 2021, this date included therefore, for fiscal years closing on December 31, 2020 and December 31, 2021, the rate is established at |
• | Tax on Dividends: For the period of suspension of the aforementioned Income Tax rate, to dividends or profits distributed to human persons, undivided estates or foreign beneficiaries, the rate of 7% applies. |
• | Up to Ps. |
• | More than Ps. |
• | More than Ps. |
• | Tax on Dividends: It is established that, for the dividends or profits distributed to human persons, undivided estates or foreign beneficiaries, the rate of |
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Net Income (Loss) for the Year Attributable to Parent Company´s Owners |
||||||||||||
Weighted Average Ordinary Shares |
||||||||||||
|
|
|
|
|
|
|||||||
Earnings per Share |
||||||||||||
|
|
|
|
|
|
a. | Bank: It represents the banking business operation results. |
b. | Naranja X: This segment represents the results of operations of brand credit cards, consumer finance and digital banking services business. Includes the results of operations of Tarjetas Regionales S.A. consolidated with its subsidiaries, as follows: Cobranzas Regionales S.A., Ondara S.A., Naranja Digital Companía Financiera S.A.U. and Tarjeta Naranja S.A. |
c. | Insurance: This segment represents the results of operations of the insurance companies’ business and includes the results of operations of Sudamericana Holding S.A. consolidated with its subsidiaries, as follows: Galicia Retiro Cía. de Seguros S.A., Galicia Seguros S.A.U. and Galicia Broker Asesores de Seguros S.A. |
d. | Other Businesses: This segment shows the results of operations of Galicia Asset Management S.A.U., Galicia Warrants S.A., IGAM LLC, Inviu S.A.U., INVIU Uruguay Agente de Valores S.A., and Grupo Financiero Galicia S.A., the last net of eliminations of the income from equity investments. |
e. | Adjustments: This segment includes consolidation adjustments and eliminations of transactions among subsidiaries. |
Bank |
Naranja X |
Insurance |
Other Businesses |
Adjustments |
Total as of 12.31.21 |
|||||||||||||||||||
Net Income from interest |
||||||||||||||||||||||||
Net fee Income |
— | ( |
) | ( |
) | |||||||||||||||||||
Net Income from Financial Instruments measured at fair value through Profit or Loss |
( |
) | ( |
) | ||||||||||||||||||||
Income from Derecognition of Assets Measured at Amortized Cost |
— | — | — | |||||||||||||||||||||
Exchange rate Differences on Gold and Foreign Currency |
— | |||||||||||||||||||||||
Other Operating Income |
( |
) | ||||||||||||||||||||||
Income from Insurance Business |
— | — | — | |||||||||||||||||||||
Expected credit loss allowance |
( |
) | ( |
) | ( |
) | — | — | ( |
) | ||||||||||||||
Personnel Expenses |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Administrative Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Depreciation and Impairment of Assets |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other Operating Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Loss on net monetary position |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Income |
||||||||||||||||||||||||
Share of profit from Associates and Joint Ventures |
— | — | — | ( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income before Taxes from Continuing Operations |
( |
) |
||||||||||||||||||||||
Income Tax from Continuing Operations |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Net Income from Continuing Operations |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income for the Year |
( |
) |
||||||||||||||||||||||
Other Comprehensive Income (Loss) |
( |
) |
( |
) |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income (Loss) for the Year Attributable to Parent Company´s Owners |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income for the Year Attributable to Non-controlling Interests |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
Naranja X |
Insurance |
Other Businesses |
Adjustments |
Total as of 12.31.20 |
|||||||||||||||||||
Net Income from interest |
||||||||||||||||||||||||
Net fee Income |
— | ( |
) | ( |
) | |||||||||||||||||||
Net Income from Financial Instruments measured at fair value through Profit or Loss |
( |
) | ||||||||||||||||||||||
Income from Derecognition of Assets Measured at Amortized Cost |
( |
) | — | — | — | — | ( |
) | ||||||||||||||||
Exchange rate Differences on Gold and Foreign Currency |
( |
) | — | |||||||||||||||||||||
Other Operating Income |
( |
) | ||||||||||||||||||||||
Income from Insurance Business |
— | — | — | |||||||||||||||||||||
Expected credit loss allowanc e |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Personnel Expenses |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Administrative Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Depreciation and Impairment of Assets |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other Operating Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Loss on net monetary position |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Income |
||||||||||||||||||||||||
Share of profit from Associates and Joint Ventures |
— | — | — | ( |
) | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income before Taxes from Continuing Operations |
( |
) |
||||||||||||||||||||||
Income Tax from Continuing Operations |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income from Continuing Operations |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income for the Year |
( |
) |
||||||||||||||||||||||
Other Comprehensive Income (Loss) |
( |
) |
— |
( |
) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income (Loss) for the Year Attributable to Parent Company´s Owners |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income for the Year Attributable to Non-controlling Interests |
— |
( |
) |
— |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
Naranja X |
Insurance |
Other Businesses |
Adjustments |
Total as of 12.31.19 |
|||||||||||||||||||
Net Income from interest |
||||||||||||||||||||||||
Net fee Income |
— | ( |
) | |||||||||||||||||||||
Net Income from Financial Instruments measured at fair value through Profit or Loss |
— | |||||||||||||||||||||||
Income from Derecognition of Assets Measured at Amortized Cost |
— | — | — | — | ||||||||||||||||||||
Exchange rate Differences on Gold and Foreign Currency |
( |
) | — | |||||||||||||||||||||
Other Operating Income |
( |
) | ||||||||||||||||||||||
Income from Insurance Business |
— | — | — | |||||||||||||||||||||
Expected credit loss allowance |
( |
) | ( |
) | — | — | ( |
) | ||||||||||||||||
Personnel Expenses |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Administrative Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Depreciation and Impairment of Assets |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
Other Operating Expenses |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
Loss on net monetary position |
( |
) | ( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Operating Income |
||||||||||||||||||||||||
Share of profit from Associates and Joint Ventures |
— | — | — | ( |
) | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income before Taxes from Continuing Operations |
||||||||||||||||||||||||
Income Tax from Continuing Operations |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income from Continuing Operations |
||||||||||||||||||||||||
Net Income for the Year |
||||||||||||||||||||||||
Other Comprehensive Income (Loss) |
— |
( |
) |
— |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income (Loss) for the Year Attributable to Parent Company´s Owners |
||||||||||||||||||||||||
Net Income for the Year Attributable to Non-controlling Interests |
— |
— |
— |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
Naranja X |
Insurance |
Other Businesses |
Adjustments |
Total as of 12.31.21 |
|||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and Due from Banks |
( |
) | ||||||||||||||||||||||
Debt Securities at fair value through profit or loss |
( |
) | ||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | ( |
) | |||||||||||||||||||
Repurchase Transactions |
— | — | — | |||||||||||||||||||||
Other Financial Assets |
||||||||||||||||||||||||
Loans and Other Financing |
( |
) | ||||||||||||||||||||||
Other Debt Securities |
— | ( |
) | |||||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | ||||||||||||||||||||||
Current Income Tax Assets |
— | — | ||||||||||||||||||||||
Investments in Equity Instruments |
— | — | — | |||||||||||||||||||||
Equity Investments in Associates and Joint Ventures |
— | — | — | ( |
) | |||||||||||||||||||
Property, Plant and Equipment |
— | |||||||||||||||||||||||
Intangible Assets |
( |
) | ||||||||||||||||||||||
Deferred Income Tax Assets |
— | |||||||||||||||||||||||
Assets for Insurance Contracts |
— | — | — | |||||||||||||||||||||
Other Non-financial Assets |
— | |||||||||||||||||||||||
Non-current Assets Held for Sale |
— | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL ASSETS |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LIABILITIES |
||||||||||||||||||||||||
Deposits |
— | — | ( |
) | ||||||||||||||||||||
Liabilities at Fair Value Through Profit or Loss |
— | — | — | — | ||||||||||||||||||||
Derivative Financial Instruments |
— | — | ( |
) | ||||||||||||||||||||
Repurchase Transactions |
— | — | — | — | ||||||||||||||||||||
Other Financial Liabilities |
— | ( |
) | |||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
( |
) | ||||||||||||||||||||||
Debt Securities |
— | — | ( |
) | ||||||||||||||||||||
Current Income Tax Liabilities |
— | |||||||||||||||||||||||
Subordinated Debt Securities |
— | — | — | — | ||||||||||||||||||||
Provisions |
— | |||||||||||||||||||||||
Deferred Income Tax Liabilities |
— | — | ||||||||||||||||||||||
Liabilities for Insurance Contracts |
— | — | — | ( |
) | |||||||||||||||||||
Other Non-financial Liabilities |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL LIABILITIES |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Bank |
Naranja X |
Insurance |
Other Businesses |
Adjustments |
Total as of 12.31.20 |
|||||||||||||||||||
ASSETS |
||||||||||||||||||||||||
Cash and Due from Banks |
( |
) | ||||||||||||||||||||||
Debt Securities at fair value through profit or loss |
( |
) | ||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Repurchase Transactions |
— | — | — | — | ||||||||||||||||||||
Other Financial Assets |
( |
) | ||||||||||||||||||||||
Loans and Other Financing |
( |
) | ||||||||||||||||||||||
Other Debt Securities |
— | ( |
) | |||||||||||||||||||||
Financial Assets Pledged as Collateral |
— | |||||||||||||||||||||||
Current Income Tax Assets |
— | |||||||||||||||||||||||
Investments in Equity Instruments |
— | — | — | |||||||||||||||||||||
Equity Investments in Associates and Joint Ventures |
— | — | — | ( |
) | |||||||||||||||||||
Property, Plant and Equipment |
— | |||||||||||||||||||||||
Intangible Assets |
( |
) | ||||||||||||||||||||||
Deferred Income Tax Assets |
— | |||||||||||||||||||||||
Assets for Insurance Contracts |
— | — | — | ( |
) | |||||||||||||||||||
Other Non-financial Assets |
— | |||||||||||||||||||||||
Non-current Assets Held for Sale |
— | — | — | — | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL ASSETS |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
LIABILITIES |
— |
|||||||||||||||||||||||
Deposits |
— | — | ( |
) | ||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Other Financial Liabilities |
— | ( |
) | |||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
( |
) | ||||||||||||||||||||||
Debt Securities |
— | — | ( |
) | ||||||||||||||||||||
Current Income Tax Liabilities |
— | |||||||||||||||||||||||
Subordinated Debt Securities |
— | — | — | — | ||||||||||||||||||||
Provisions |
— | |||||||||||||||||||||||
Deferred Income Tax Liabilities |
— | — | — | — | ||||||||||||||||||||
Liabilities for Insurance Contracts |
— | — | — | ( |
) | |||||||||||||||||||
Other Non-financial Liabilities |
( |
) | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL LIABILITIES |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Basic Shareholders’ Equity |
||||||||
(Deductible Items) |
( |
) | ( |
) | ||||
Equity Tier 1 |
||||||||
Complementing shareholders’ Equity |
||||||||
Equity Tier 2 |
||||||||
Regulatory Capital (RPC) |
12.31.21 |
12.31.20 |
|||||||
Credit Risk |
||||||||
Market Risk |
||||||||
Operational Risk |
||||||||
Minimum Capital Requirement |
||||||||
Integration |
||||||||
Excess |
• | Brokerage of Government and Provincial Securities. |
• | Brokerage of Currencies on the Spot and Futures Markets |
• | Brokerage of Interest Rate Derivatives. Interest Rate Futures and Interest Rate Swaps. |
• | Brokerage of Debt Instruments Issued by the Argentine Central Bank. |
• | Brokerage of Third-party Debt securities. |
• | Brokerage of Shares. |
Balances as of 12.31.21 |
||||||||||||||||
Currency |
Monetary Financial Assets |
Monetary Financial Liabilities |
Derivatives |
Net Position |
||||||||||||
US Dollar |
( |
) | ( |
) | ||||||||||||
Euro |
( |
) | — | |||||||||||||
Canadian Dollar |
( |
) | — | |||||||||||||
Real |
— | — | ||||||||||||||
Swiss Franc |
( |
) | — | |||||||||||||
Others |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
( |
) |
( |
) |
||||||||||||
|
|
|
|
|
|
|
|
Balances as of 12.31.20 |
||||||||||||||||
Currency |
Monetary Financial Assets |
Monetary Financial Liabilities |
Derivatives |
Net Position |
||||||||||||
US Dollar |
( |
) | — | |||||||||||||
Euro |
( |
) | — | |||||||||||||
Canadian Dollar |
( |
) | — | |||||||||||||
Real |
— | — | ||||||||||||||
Swiss Franc |
( |
) | — | |||||||||||||
Others |
( |
) | — | |||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total |
( |
) |
— | |||||||||||||
|
|
|
|
|
|
|
|
Balances as of 12.31.21 |
Balances as of 12.31.20 |
|||||||||||||||||||
Currency |
Change |
Income (Loss) |
Shareholders’ Equity |
Income (Loss) |
Shareholders’ Equity |
|||||||||||||||
US Dollar |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | |||||||||||||||
Euro |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | ( |
) | |||||||||||||
Canadian Dollar |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | |||||||||||||||
Real |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | ( |
) | |||||||||||||
Swiss Franc |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | ( |
) | |||||||||||||
Others |
% | |||||||||||||||||||
- |
% | ( |
) | ( |
) | ( |
) |
Term (in Days) |
||||||||||||||||||||||||
Assets and Liabilities at Variable Rate |
Up to 30 |
From 30 to 90 |
From 90 to 180 |
From 180 to 365 |
More than 365 |
Total |
||||||||||||||||||
As of 12.31.21 |
||||||||||||||||||||||||
Total Financial Assets |
||||||||||||||||||||||||
Total Financial Liabilities |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Amount |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
As of 12.31.20 |
||||||||||||||||||||||||
Total Financial Assets |
||||||||||||||||||||||||
Total Financial Liabilities |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Amount |
( |
) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Additional Changes to the Interest Rate |
Increase/(Decrease) in Income before Income Tax in Pesos |
Increase/(Decrease) in Shareholders’ Equity in % |
||||||||||
Decrease in Interest Rate |
- | ( |
) | - |
% | |||||||
Increase in Interest Rate |
bp | % |
• | the assets that are part thereof do not have a sufficient secondary market; or |
• | market changes. |
Less than 1 Month |
1 to 6 Months |
6 to 12 Months |
12 Months to 5 Years |
More than 5 Years |
Total as of 12.31.21 |
|||||||||||||||||||
Assets |
||||||||||||||||||||||||
Debt Securities measured at Fair Value through Profit or Loss |
— | |||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Repurchase Transactions |
— | — | — | — | ||||||||||||||||||||
Other Financial Assets |
— | |||||||||||||||||||||||
Loans and Other Financing |
||||||||||||||||||||||||
Other Debt Securities |
— | |||||||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | — | — | ||||||||||||||||||||
Investments in Equity Instruments |
— | — | — | — | ||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Liabilities at fair value through profit or loss |
— | — | — | — | ||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Other Financial Liabilities |
||||||||||||||||||||||||
Lease liabilities |
||||||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | |||||||||||||||||||||||
Debt Securities |
— | |||||||||||||||||||||||
Subordinated Debt Securities |
— | — |
Less than 1 Month |
1 to 6 Months |
6 to 12 Months |
12 Months to 5 Years |
More than 5 Years |
Total as of 12.31.20 |
|||||||||||||||||||
Assets |
||||||||||||||||||||||||
Debt Securities measured at Fair Value through Profit or Loss |
— | |||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Repurchase Transactions |
— | — | — | — | ||||||||||||||||||||
Other Financial Assets |
— | |||||||||||||||||||||||
Loans and Other Financing |
||||||||||||||||||||||||
Other Debt Securities |
— | — | — | — | ||||||||||||||||||||
Financial Assets Pledged as Collateral |
— | — | — | — | ||||||||||||||||||||
Investments in Equity Instruments |
— | — | — | — | ||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||
Deposits |
||||||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | ||||||||||||||||||||
Other Financial Liabilities |
— | |||||||||||||||||||||||
Lease Liabilities |
||||||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
— | |||||||||||||||||||||||
Debt Securities |
— | |||||||||||||||||||||||
Subordinated Debt Securities |
— |
Government Securities |
||||||||||||||||||||||||||||
Rating |
Government Bonds |
Provincial Bonds |
Autonomous City of Buenos Aires Bonds |
Treasury Bills |
Argentine Central Bank’s Bills |
Private Securities |
Total as of 12.31.21 |
|||||||||||||||||||||
AAA |
— | — | ||||||||||||||||||||||||||
AA+ |
— | — | — | — | ||||||||||||||||||||||||
AA |
— | — | — | |||||||||||||||||||||||||
AA- |
— | — | — | — | — | |||||||||||||||||||||||
A+ |
— | — | — | — | — | |||||||||||||||||||||||
A1 |
— | — | — | — | — | |||||||||||||||||||||||
A1+ |
— | — | — | — | ||||||||||||||||||||||||
A |
— | — | — | — | — | |||||||||||||||||||||||
A2 |
— | — | — | — | ||||||||||||||||||||||||
A- |
— | — | — | — | — | |||||||||||||||||||||||
A3 |
— | — | — | — | — | |||||||||||||||||||||||
Baa1 |
— | — | — | — | — | |||||||||||||||||||||||
BBB- |
— | — | — | — | — | |||||||||||||||||||||||
Baa3 |
— | — | — | — | ||||||||||||||||||||||||
B1 |
— | — | — | — | — | |||||||||||||||||||||||
B |
— | — | — | — | — | |||||||||||||||||||||||
BB- |
— | — | — | — | — | |||||||||||||||||||||||
CCC |
— | — | — | — | — | |||||||||||||||||||||||
C |
— | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government Securities |
||||||||||||||||||||||||||||
Rating |
Government Bonds |
Provincial Bonds |
Autonomous City of Buenos Aires Bonds |
Treasury Bills |
Argentine Central Bank’s Bills |
Private Securities |
Total as of 12.31.20 |
|||||||||||||||||||||
AAA |
— | — | — | |||||||||||||||||||||||||
AA+ |
— | — | — | — | ||||||||||||||||||||||||
AA |
— | — | — | — | — | |||||||||||||||||||||||
Aa2 |
— | — | — | — | — | |||||||||||||||||||||||
AA- |
— | — | — | — | ||||||||||||||||||||||||
A+ |
— | — | — | — | — | |||||||||||||||||||||||
A1 |
— | — | — | — | — | |||||||||||||||||||||||
A1+ |
— | — | — | — | — | |||||||||||||||||||||||
A |
— | — | — | — | — | |||||||||||||||||||||||
A2 |
— | — | — | — | — | |||||||||||||||||||||||
A- |
— | — | — | — | — | |||||||||||||||||||||||
A3 |
— | — | — | — | — | |||||||||||||||||||||||
Baa1 |
— | — | — | — | ||||||||||||||||||||||||
Baa3 |
— | — | — | — | — | |||||||||||||||||||||||
B |
— | — | — | — | — | |||||||||||||||||||||||
CCC |
— | — | — | — | — | |||||||||||||||||||||||
C |
— | — | — | — | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Total |
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
• |
Expected Credit Losses within a 12-month period: possible events of default within the 12 months following the date of the presentation of financial statements. Assets included in Stage 1 have their ECL measured at 12-month ECL. |
• |
Lifetime Expected Credit Losses: ECL during the active period of the financial asset, which results of calculating the probability of impairment of an asset throughout its duration, up until its maturity. Instruments in Stage 2 or 3 have their ECL measured based on lifetime ECL. |
• |
Stage 1: in the case of retail portfolios, it includes every operation up to 31 days past due. In the case of wholesale portfolios, it considers every client whose BCRA situation indicates a normal status (A 1 ) (i.e. low risk of bankruptcy). |
• |
Stage 2: considers two groups: |
• |
For retail and retail like Portfolios between 31 and 90 days past due. For wholesale it considers credit ratings for which the risk of default has increased significantly (B). |
• |
Probability of Default (“PD”) or Score with impairment risk. |
• |
Stage 3: For retail portfolios, it includes every operation amounting 90 or more days past due. For wholesale portfolios, it considers every client whose BCRA situation indicates serious risk of bankruptcy (C, D, E). Furthermore, this stage also includes refinanced transactions originated more than 90 days past due or with another transaction in force within the last 24 months. |
1 |
The analysis of the customer’s cash flow shows that it is capable of attend adequately all its financial commitments. |
Retail Portfolio |
||
BCRA situation |
Extra conditions to be considered stage 2 | |
A, B1 |
- Cure | |
- Probability of Default (“PD”) or Score (*) with impairment risk | ||
C |
||
Retail-like Portfolio |
||
BCRA situation |
Extra conditions to be considered stage 2 | |
A, B1 |
- Cure | |
- Probability of Default (“PD”) or Score (*) with impairment risk | ||
C |
||
Wholesale Portfolio |
||
BCRA situation |
Extra conditions to be considered stage 2 | |
A |
- Cure | |
- BCRA situation B1 | ||
(*) with impairment risk | ||
C |
(*) |
Internal scoring. |
• |
Probability of Default (“PD”): it represents the likelihood of a borrower defaulting on its financial obligation (as per the definition of default included above), either over the next 12 months or the remaining lifetime of the obligation. |
• |
Exposure at the moment of Default (“EAD”): it is based on the amounts the Group expects to be owed at the time of default, over the next 12 months or over the remaining lifetime. For example, for a revolving commitment, the Group includes the current draw down balance plus any further amount that it is expected to be drawn up to the current contractual limit by the potential time of default. |
• |
Loss given Default (“LGD”): this represents Grupo Galicia’s expectation of effective loss from the total exposure at default. Its value changes according to the counterparty, seniority of the claim and availability of collateral or other credit support. LGD is expressed as a percentage loss per Peso of exposure at the time of default and is calculated over the term of the relevant obligation. |
• |
An unbiased weighted probability index determined by the evaluation of different outcomes. |
• |
Time value of money |
• | Reasonable and sustainable information available at no additional cost or effort that provides evidence to support forecasts, as well as present conditions and past events. |
Scenario Probabilities |
Base |
Optimistic |
Pessimistic |
|||||||||
Retail, Retail like and Wholesale |
% | % | % | |||||||||
Naranja |
% | % | % |
Macroeconomic Variable Projections |
QI - 2022 (*) |
QII - 2022 (*) |
QIII - 2022 (*) |
QIV - 2022 (*) |
||||||||||||||
GDP |
Base | % | % | % | % | |||||||||||||
|
Optimistic | % | % | % | % | |||||||||||||
|
Pessimistic | % | - |
% | - |
% | - |
% | ||||||||||
Unemployment Rate |
Base | % | % | % | % | |||||||||||||
|
Optimistic | - |
% | - |
% | % | - |
% | ||||||||||
|
Pessimistic | % | % | % | % | |||||||||||||
Real Salary |
Base | - |
% | - |
% | - |
% | - |
% | |||||||||
|
Optimistic | - |
% | - |
% | - |
% | - |
% | |||||||||
|
Pessimistic | % | - |
% | - |
% | - |
% | ||||||||||
Badlar rate |
Base | % | % | - |
% | % | ||||||||||||
|
Optimistic | % | - |
% | - |
% | - |
% | ||||||||||
|
Pessimistic | % | % | % | % | |||||||||||||
Consumer Price Index (CPI) |
Base | % | % | % | % | |||||||||||||
|
Optimistic | % | % | % | % | |||||||||||||
|
Pessimistic | % | % | % | % |
Scenario 1 (change in the probability of the macroeconomic scenarios) |
Base scenario | Sensitivity | ||||||
Regular scenario |
% | % | ||||||
Positive scenario |
% | % | ||||||
Negative scenario |
% | % | ||||||
|
|
|
|
|||||
Grupo Financiero Galicia ECL |
||||||||
Retail, Retail like and Wholesale ECL |
||||||||
Naranja ECL |
Scenario 2 (change in forecast PIB, inflation, nominal exchange rate, unemployment, current account) |
Regular scenario |
Positive scenario |
Negative scenario |
|||||||||
Macroeconomic scenario probability |
% | % | % | |||||||||
Sensitivity | ||||||||||||
GDP |
% | % | % | |||||||||
Unemployment Rate |
% | % | % | |||||||||
Real Salary |
- |
% | - |
% | - |
% | ||||||
Badlar |
% | % | % | |||||||||
CPI |
% | % | % | |||||||||
|
|
|
|
|
|
|||||||
Grupo Financiero Galicia ECL |
||||||||||||
Retail, Retail like and Wholesale RCL |
||||||||||||
Naranja ECL |
Retail Portfolio |
||||||||||||||||||||
December 31, 2021 |
December 31, 2020 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
||||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Retail like Portfolio |
||||||||||||||||||||
December 31, 2021 |
December 31, 2020 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
||||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Wholesale Portfolio |
||||||||||||||||||||
December 31, 2021 |
December 31, 2020 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
A |
— | |||||||||||||||||||
B1 |
— | — | ||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Naranja X |
||||||||||||||||||||
December 31, 2021 |
December 31, 2020 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month ECL |
Lifetime ECL |
Lifetime ECL |
Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
||||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Retail Portfolio |
||||||||||||||||||||
December 31, 2020 |
December 31, 2019 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime | Lifetime | Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
— | |||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Retail like Portfolio |
||||||||||||||||||||
December 31, 2020 |
December 31, 2019 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime | Lifetime | Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
||||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Wholesale Portfolio |
||||||||||||||||||||
December 31, 2020 |
December 31, 2019 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime | Lifetime | Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
A |
— | |||||||||||||||||||
B1 |
— | — | ||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Naranja X |
||||||||||||||||||||
December 31, 2020 |
December 31, 2019 |
|||||||||||||||||||
ECL Staging |
||||||||||||||||||||
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
12-month |
Lifetime | Lifetime | Total |
Total |
||||||||||||||||
Days past due |
||||||||||||||||||||
0 |
||||||||||||||||||||
1-30 |
||||||||||||||||||||
31-60 |
— | |||||||||||||||||||
61-90 |
— | |||||||||||||||||||
Default |
— | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross Carrying amount |
||||||||||||||||||||
Loss allowance |
( |
) | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Net Carrying amount |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Item |
Carrying Amount |
Loss Allowances |
Net Gross Carrying Amount |
Collateral´s Fair Value |
||||||||||||
Advances |
( |
) | — | |||||||||||||
Mortgage Loans |
( |
) | 42,157,782 |
|||||||||||||
Pledge Loans |
( |
) | ||||||||||||||
Personal Loans |
( |
) | ||||||||||||||
Credit Card Loans |
( |
) | — | |||||||||||||
Financial Leases |
( |
) | — | |||||||||||||
Documents |
( |
) | — | |||||||||||||
Pre-financing export loans |
— | — | ||||||||||||||
Others |
( |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total as of December 31, 2021 |
( |
) |
||||||||||||||
|
|
|
|
|
|
|
|
Mortgages Portfolio -LTV Distribution |
Exposure |
|||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
||||
|
|
|||
Total |
||||
|
|
• |
transfers between Stage 1 and Stages 2 or 3 because the financial instruments experience significant credit risk increases (or decreases), or become impaired in the period, with the corresponding “increase” (or “decrease”) between the 12-month and Lifetime ECL; |
• |
additional allocations for new financial instruments recognized during the period, as well as reversals of allowances for loan losses for financial instruments derecognized in the period; |
• |
impact on ECL measurements of changes in PD, EAD and LGD in the period, arising from the periodic update of inputs to the models; |
• |
impact on ECL measurement due to changes in models and assumptions; |
• |
impacts due to passing of time resulting from an update to the present value; |
• |
local currency translations for assets denominated in foreign currency and other changes; |
• |
financial assets derecognized during the period and application of allowances related to assets derecognized in the balance sheet during the period; and |
• |
partial use of the additional allowance recorded outside the model (COVID Overlay) constituted as of December 31, 2020 due to regulations on deferrals established by the Argentine Central Bank. |
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) | — | ( |
) | |||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | |||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Like Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
Inflation effect |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) |
— |
— |
— |
|||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) |
— |
— |
— |
|||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) |
— |
— |
— |
|||||||||||||||
Transfer from Stage 2 to Stage 3 |
— |
( |
) |
— |
— |
|||||||||||||||
Transfer from Stage 3 to Stage 1 |
— |
( |
) |
— |
— |
|||||||||||||||
Transfer from Stage 3 to Stage 2 |
— |
( |
) |
— |
— |
|||||||||||||||
New Financial Assets Originated or Purchased |
— |
|||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||
Foreign exchange and other movements |
( |
) |
( |
) |
— |
( |
) | |||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) |
( |
) |
( |
) |
— |
( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Wholesale Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
— | — | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | — | — | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | — | — | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) | — | |||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Naranja X |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Foreign exchange and other movements |
|
|
( |
) |
|
|
( |
) |
|
|
( |
) |
|
|
— |
|
|
|
( |
) |
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2019 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
— | |||||||||||||||||||
Foreign exchange and o ther movements |
( |
) | — | ( |
) | |||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Like Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2019 |
— | |||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) | — | |||||||||||||||||
Foreign exchange a nd o ther movements |
( |
) | — | |||||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Wholesale Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2019 |
— | |||||||||||||||||||
Inflation effect |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | — | — | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | — | — | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | — | |||||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Naranja X |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2019 |
— | |||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
( |
) | — | |||||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
— | |||||||||||||||||||
Foreign exchange and other movements |
— | — | — | — | — | |||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2020 |
— | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2018 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | — | |||||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2019 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Like Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2018 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2019 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Wholesale Portfolio |
Stage 1 |
Stage 2 |
Stage 3 |
|||||||||||||||||
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
||||||||||||||||
Loss Allowance as of December 31, 2018 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) | — | |||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | |||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2019 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Naranja X |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Loss Allowance as of December 31, 2018 |
— |
|||||||||||||||||||
Inflation effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Movements with P&L Impact |
||||||||||||||||||||
Transfer from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfer from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfer from Stage 3 to Stage 1 |
( |
) | — | — | ||||||||||||||||
Transfer from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
New Financial Assets Originated or Purchased |
— | |||||||||||||||||||
Changes in PDs/LGDs/EADs |
( |
) | — | |||||||||||||||||
Foreign exchange and other mo vements |
— | — | — | — | — | |||||||||||||||
Other movements with no P&L impact |
||||||||||||||||||||
Write-offs and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Loss Allowance as of December 31, 2019 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | — | |||||||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail like Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | ( |
) | |||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Wholesale Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
— | — | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | — | — | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | — | — | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | — | |||||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Naranja X |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
— | — | — | — | — | |||||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2021 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2019 |
— |
— |
— |
|||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
— | |||||||||||||||||||
Inflation Effect |
( |
) | — | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Retail like Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2019 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
— | |||||||||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Wholesale Portfolio |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2019 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
— | — | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | — | — | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | — | — | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Stage 1 |
Stage 2 |
Stage 3 |
||||||||||||||||||
Naranja X |
12-month |
Lifetime |
Lifetime |
Purchased credit- impaired |
Total |
|||||||||||||||
Gross carrying amount as of December 31, 2019 |
— |
|||||||||||||||||||
Transfers: |
||||||||||||||||||||
Transfers from Stage 1 to Stage 2 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 1 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 2 to Stage 3 |
( |
) | — | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 2 |
— | ( |
) | — | — | |||||||||||||||
Transfers from Stage 3 to Stage 1 |
— | ( |
) | — | — | |||||||||||||||
Financial assets derecognized during the period other than write-offs |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
New financial assets originated or purchased |
— | |||||||||||||||||||
Foreign exchange and other movements |
( |
) | — | ( |
) | |||||||||||||||
Inflation Effect |
( |
) | ( |
) | ( |
) | — | ( |
) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Gross carrying amount as of December 31, 2020 |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Other Contingencies |
||||||||
For Commercial Lawsuits/Legal matters |
||||||||
For Labor Lawsuits |
||||||||
For Claims and Credit Cards |
||||||||
For Guarantees Granted |
||||||||
For Other Contingencies |
||||||||
For Termination Benefits |
||||||||
Difference for Dollarization of Judicial Deposits—Communication “A” 4686 |
||||||||
Administrative, Disciplinary and Criminal Penalties |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
• | are offset in the Group’s consolidated statement of financial position; or |
• | are subject to a netting agreement or similar agreement that covers similar financial instruments, regardless of whether they are offset in the consolidated statement of financial position. |
Offsetting effects on Statement of Financial Position |
Related amounts not offset |
|||||||||||||||||||
12.31.21 |
Gross Amount |
Offset Amount |
Net amounts in Statement Financial Position |
Subject to netting agreements |
Total Net Amount |
|||||||||||||||
Financial Assets |
||||||||||||||||||||
Derivate Instruments |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Liabilities |
||||||||||||||||||||
Derivate Instruments |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Offsetting effects on Statement of Financial Position |
Related amounts not offset |
|||||||||||||||||||
12.31.20 |
Gross Amount |
Offset Amount |
Net amounts in Statement Financial Position |
Subject to netting agreements |
Total Net Amount |
|||||||||||||||
Financial Assets |
||||||||||||||||||||
Derivate Instruments |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Financial Liabilities |
||||||||||||||||||||
Derivate Instruments |
( |
) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
12.31.21 |
12.31.20 |
|||||||
Agreed Credits |
||||||||
Documentary Export and Import Credits |
||||||||
Guarantees Granted |
||||||||
Liabilities for Foreign Trade Operations |
12.31.21 |
12.31.20 |
|||||||
For Agreed Credits |
||||||||
For Documentary Export and Import Credits |
||||||||
For Guarantees Granted |
12.31.21 |
12.31.20 |
|||||||
Other Preferred Guarantees Received |
||||||||
Other Guarantees Received |
12.31.21 |
12.31.20 |
|||||||
Values to be Debited |
||||||||
Values to be Credited |
||||||||
Values for Collection |
12.31.21 |
12.31.20 |
|||||||
Trust Funds |
||||||||
Securities Held in Escrow |
Company |
Place of Business |
12.31.21 |
12.31.20 |
|||||||
Galicia Broker Asesores de Seguros S.A. |
% | % |
Company |
Balance as of 12.31.20 |
Purchases / Contributions / Sales |
Cash Dividends |
Profit Sharing in income (loss) for the Year |
Balance as of 12.31.21 |
|||||||||||||||
Galicia Broker Asesores de Seguros S.A. |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Company |
Balance as of 12.31.19 |
Purchases / Contributions / Sales |
Cash Dividends |
Profit Sharing in income (loss) for the Year |
Balance as of 12.31.20 |
|||||||||||||||
Cobranzas Regionales S.A. |
( |
) | — | |||||||||||||||||
Galicia Broker Asesores de Seguros S.A. |
— | — | ( |
) | ||||||||||||||||
Galicia Retiro Compañía de Seguros S.A. |
— | — | ( |
) | — | |||||||||||||||
Galicia Seguros S.A.U. |
— | — | ( |
) | — | |||||||||||||||
Naranja Digital Compañía Financiera S.A.U. |
( |
) | — | — | ||||||||||||||||
Ondara S.A. |
( |
) | — | — | ||||||||||||||||
Tarjeta Naranja S.A. |
( |
) | — | — | ||||||||||||||||
Tarjetas Regionales S.A. |
( |
) | ( |
) | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
( |
) |
( |
) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
Company |
Balance as of 12.31.18 |
Purchases / Contributions / Sales |
Cash Dividends |
Profit Sharing in income (loss) for the Year |
Balance as of 12.31.19 |
|||||||||||||||
Cobranzas Regionales S.A. |
— | — | ( |
) | ( |
) | ||||||||||||||
Galicia Broker Asesores de Seguros S.A. |
— | — | — | |||||||||||||||||
Galicia Retiro Compañía de Seguros S.A. |
— | — | — | |||||||||||||||||
Galicia Seguros S.A.U. |
— | — | — | |||||||||||||||||
Naranja Digital Compañía Financiera S.A.U. |
— | — | — | ( |
) | ( |
) | |||||||||||||
Ondara S.A. |
— | — | ( |
) | ||||||||||||||||
Tarjeta Naranja S.A. |
— | — | ||||||||||||||||||
Tarjetas Regionales S.A. |
— | ( |
) | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total |
— |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
51.1. |
Controlling Entity |
Name |
Nature |
Principal Line of Business |
Place of Business |
Equity Investment % |
||||||
EBA Holding S.A. |
Operations |
|
% |
51.2. |
Key Personnel’s Compensation |
51.3. |
Key Personnel’s Structure |
12.31.21 |
12.31.20 |
|||||||
Regular Directors |
||||||||
General Manager |
||||||||
Area and department Managers |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
51.4. |
Related Party Transactions |
12.31.21 |
12.31.20 |
|||||||
Total Amount of Credit Assistance |
||||||||
Number of Addressees (quantities) |
||||||||
- Natural Persons |
||||||||
- Legal Entities |
||||||||
Average Amount of Credit Assistance |
||||||||
Maximum Assistance |
51.5. |
Amounts of Related Party Transactions |
12.31.21 |
12.31.20 |
|||||||
Assets |
||||||||
Cash and Due from Banks |
||||||||
Debt Securities at Fair Value through Profit or Loss |
||||||||
Other Financial Assets |
||||||||
Loans and Other Financing |
||||||||
Other Debt Securities |
||||||||
Assets for Insurance Contracts |
||||||||
|
|
|
|
|||||
Total Assets |
||||||||
|
|
|
|
|||||
Liabilities |
||||||||
Deposits |
||||||||
Other Financial Liabilities |
||||||||
Financing Received from the Argentine Central Bank and other Financial Institutions |
||||||||
Debt Securities Issued |
||||||||
Liabilities for Insurance Contracts |
||||||||
Other Non-financial Liabilities |
||||||||
|
|
|
|
|||||
Total Liabilities |
||||||||
|
|
|
|
12.31.21 |
12.31.20 |
12.31.19 |
||||||||||
Income (Loss) |
||||||||||||
Net Income (Loss) from Interest |
||||||||||||
Net Fee Income (Expense) |
( |
) | ( |
) | ( |
) | ||||||
Net Income from Financial Instruments Measured at Fair Value through Profit or Loss |
( |
) | ( |
) | ||||||||
Other Operating Income (Expense) |
( |
) | ( |
) | ( |
) | ||||||
Income from Insurance Business |
||||||||||||
Administrative Expenses |
||||||||||||
Other Operating Expenses |
||||||||||||
|
|
|
|
|
|
|||||||
Total Income |
||||||||||||
|
|
|
|
|
|
a) | Cash and Government Securities |
12.31.21 |
12.31.20 |
|||||||
For transactions in ROFEX, MAE and BYMA |
||||||||
For appraisals from repo transactions |
||||||||
For debit / credit cards transactions |
||||||||
For attachments |
||||||||
Liquid offsetting entry required to operate as CNV agent |
||||||||
For contribution to M.A.E.’ s Joint Guarantee Fund ( Fondo de Garantía Mancomunada |
||||||||
Guarantees for the Regional Economies Competitiveness Program |
||||||||
For other transactions (includes guarantees linked to rental contracts) |
||||||||
For forward purchases of repurchase transactions |
— |
b) | Special Guarantees Accounts |
12.31.21 |
12.31.20 |
|||||||
Escrow Accounts |
c) | Deposits in favor of the Argentine Central Bank |
12.31.21 |
12.31.20 |
|||||||
Unavailable deposits due to exchange transactions |
d) | Equity Investments |
e) | Contributions to Garantizar S.G.R.’s Risk Fund |
12.31.21 |
12.31.20 |
|||||||
Contributions to the Fund |
12.31.21 |
12.31.20 |
|||||||
Liquid offsetting entry required to operate as CNV agents |
||||||||
Guarantees linked to surety bonds |
12.31.21 |
12.31.20 |
|||||||
Attachments arising from judicial cases |
||||||||
Guarantees linked to rental contracts |
12.31.21 |
12.31.20 |
|||||||
Liquid offsetting entry required to operate as collective investment products administration agents of mutual funds, as required by CNV (*) |
(*) |
As of December 31, 2021, it corresponds to |
12.31.21 |
12.31.20 |
|||||||
For transactions in the market |
||||||||
Liquid offsetting entry required to operate as CNV agents |
||||||||
Guarantees linked to surety bonds |
12.31.21 |
12.31.20 |
|||||||
Total Restricted Assets |
a) | Trust Contracts for Purposes of Guaranteeing Compliance with Obligations: |
Date of Contract |
Trustor |
Balances of Trust Funds |
Maturity (*) |
|||||||
|
||||||||||
|
||||||||||
|
||||||||||
|
|
|||||||||
Total |
||||||||||
|
|
(1) |
These amounts shall be released monthly until settlement date of trustor obligations or maturity date, whichever occurs first. |
b) | Financial Trust Contracts: |
Contract date |
Trust |
Balances of Trust Funds |
Maturity (*) |
|||||||
|
||||||||||
|
||||||||||
|
||||||||||
|
||||||||||
|
|
|||||||||
Total |
||||||||||
|
|
(*) |
Estimated date since maturity date shall occur at the time of the distribution of all of trust assets. |
Mutual Fund |
12.31.21 |
12.31.20 |
||||||
FIMA Acciones |
||||||||
FIMA P.B. Acciones |
||||||||
FIMA Renta en pesos |
||||||||
FIMA Ahorro pesos |
||||||||
FIMA Renta Plus |
||||||||
FIMA Premium |
||||||||
FIMA Ahorro Plus |
||||||||
FIMA Capital Plus |
||||||||
FIMA Abierto PyMES |
||||||||
FIMA Mix I |
||||||||
FIMA Renta Fija Internacional |
||||||||
FIMA Acciones Latinoamericanas Dólares (*) |
||||||||
|
|
|
|
|||||
Total |
||||||||
|
|
|
|
(*) |
Stated at the reference exchange rate of the U.S. Dollar set by the Argentine Central Bank. See Note 1.6.(b). |
• | power over the trust to run material activities; |
• | exposure or right to variable returns; |
• | capacity to have influence on the amount of returns to be received for the involvement. |
Currency |
||||||||||||
Item |
Ps. |
USD |
Euros (*) |
|||||||||
Checking Accounts held in Argentine Central Bank |
||||||||||||
Escrow Accounts held in Argentine Central Bank |
— | |||||||||||
National Treasury Bonds in Argentine Pesos computable for minimum cash |
— | — | ||||||||||
Liquidity Bills computable for minimum cash |
— | — | ||||||||||
|
|
|
|
|
|
|||||||
Total for integration Minimum Cash |
||||||||||||
|
|
|
|
|
|
(*) |
Stated in thousands of USD. |
12.31.21 |
||||
Share Capital |
||||
Additional paid in Capital |
||||
Adjustments to shareholders´ equity |
||||
Legal reserve |
||||
Distributable reserves |
||||
Non distributable reserves |
( |
) | ||
Profit for the year |
||||
|
|
|||
Total Shareholder’s equity under the rules of the Argentine Central Bank |
||||
|
|
• | Risk and Capital Allocation Committee |
• | High Credit Committee |
• | Low Credit Committee |
• | Asset and Liability Management Committee |
• | Information Technology Committee |
• | Audit Committee |
• | Effectiveness and efficiency of operations; |
• | Reliability of the accounting information; |
• | Compliance with applicable laws and regulations; and |
• | Compliance with the goals and strategy set by the Board of Directors. |
• | Committee for the Control and Prevention of Money Laundering and Funding of Terrorist Activities (CPLA/FT, as per its initials in Spanish) |
• | Committee for Information Integrity |
• | Human Resources and Governance Committee |
• | Performance Reporting Committee |
• | Liquidity Crisis Committee |
• | Strategy and New Businesses Committee |
• | Compliance Committee |
• | Committee for the Protection of Users of Financial Services |
• | Retail Banking Division |
• | Wholesale Banking Division |
• | Finance Division |
• | Products and Technology Division |
• | People Division |
• | Risk Division |
• | Planning Division |
• | Ensure that the Bank’s activities are consistent with the business strategy, the policies approved by the Board of Directors and the risks to be assumed. |
• | Implement the necessary policies, procedures, processes and controls to manage operations and risks cautiously, meet the strategic goals set by the Board of Directors and ensure that the latter receives material, full and timely information so that it may assess management and analyze whether the responsibilities assigned are effectively fulfilled. |
• | Monitor the managers from different divisions, in line with the policies and procedures set by the Board of Directors and establish an effective internal control system. |
• | Attracting and creating loyalty with regard to quality personnel suitable for the achievement of the business strategy and goals. |
• | Being an individual motivation means. |
• | Easing the decentralized management of compensation administration. |
• | Allowing the effective budget control of personnel costs. |
• | Guaranteeing the internal fairness in order to monitor and ensure both external and internal fairness with regard to the payment of fixed and variable compensation. The Compensation area uses and puts at the disposal of the Senior Management and the Human Resources Committee market surveys published by consulting firms specialized in compensation issues, pursuant to the market positioning policies defined by the management division for the different corporate levels. |
1) | Business Incentives and/or Incentives through Commissions system for business areas. |
2) | Annual Bonus System for management levels, officers and the rest of the employees who are not included in the business incentives system. The annual bonus is determined based on individual performance and the Bank’s results and is paid in the first quarter of the next fiscal year. To determine the variable compensation for the Senior Management and Middle Management, the Bank uses the Management Performance Assessment System. This system has been designed including both qualitative and quantitative KPI (Key Performance Indicators). Criteria are all quantitative, and built considering at least three characteristics: |
a) | Results. |
b) | Business volume or size. |
c) | Projections: Indicators that protect the business for the future (For example: Quality, internal and external customer satisfaction, risk coverage, work environment, etc.). |
- |
suspension of commissions collection for the use of ATMs until March 31, 2021; |
- |
maximum rates for financing credit card unpaid balances; |
- |
deferral of maturities for credit unpaid balances until March 31, 2021; |
- |
granting of zero rate financing to self-employed and autonomous workers during 2021; |
- |
a Financing Line for the MSME productive investment; |
- |
granting of financing to companies to pay salaries; |
- |
minimum rates established for Time Deposits; |
- |
flexibilization of parameters for bank debtors’ classification until May 31, 2021, and |
- |
exchange market controls. |
Holdings |
||||||||||||
Carrying Amount |
||||||||||||
Item |
Fair Value Level |
12.31.21 |
12.31.20 |
|||||||||
DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS |
235,936,898 |
234,592,823 |
||||||||||
Argentine |
235,936,898 |
234,421,787 |
||||||||||
Government Securities |
51,904,219 |
36,481,582 |
||||||||||
Argentine Government Bonds |
Level 1 | 9,681,413 | 9,790,611 | |||||||||
Provincial Government Bonds |
Level 1 | — | 814,136 | |||||||||
Provincial Government Bonds |
Level 3 | 1,727,808 | 303,042 | |||||||||
City of Buenos Aires Bonds |
Level 1 | 1,413,862 | 137,657 | |||||||||
Treasury Bills |
Level 1 | 37,101,136 | 24,060,484 | |||||||||
Treasury Bills |
Level 2 | 1,980,000 | 1,375,652 | |||||||||
Treasury Bills |
Level 3 | — | — | |||||||||
Argentine Central Bank’s Bills |
181,567,431 |
193,695,730 |
||||||||||
Liquidity Bills |
Level 2 | 181,567,431 | 193,695,730 | |||||||||
Corporate Securities |
2,465,248 |
4,244,475 |
||||||||||
Debt Securities |
Level 1 | 2,127,047 | 2,496,545 | |||||||||
Debt Securities |
Level 3 | 338,201 | 1,642,526 | |||||||||
Debt Securities of Financial Trusts |
Level 3 | — | 105,404 | |||||||||
From Abroad |
— |
171,036 |
||||||||||
Government Securities |
— |
171,036 |
||||||||||
Treasury Bills |
171,036 | |||||||||||
OTHER DEBT SECURITIES |
94,356,999 |
34,822,804 |
||||||||||
Measured at Fair Value through OCI |
4,230,419 |
6,317,055 |
||||||||||
Argentine |
4,230,419 |
6,317,055 |
||||||||||
Government Securities |
4,230,419 |
6,053,728 |
||||||||||
Argentine Government Bonds |
Level 1 | 3,246,868 | 533,790 | |||||||||
Argentine Government Bonds |
Level 2 | — | 5,403,864 | |||||||||
Treasury Bills |
Level 1 | 737,687 | 116,074 | |||||||||
City of Buenos Aires Bonds |
Level 1 | 245,864 | — | |||||||||
Argentine Central Bank’s Bills |
— |
263,327 |
||||||||||
Liquidity Bills |
Level 1 | — | 263,327 | |||||||||
Measurement at Amortized Cost |
90,126,580 |
28,505,749 |
||||||||||
Argentine |
90,126,580 |
28,499,198 |
||||||||||
Government Securities |
89,147,524 |
26,998,665 |
||||||||||
Argentine Government Bonds |
28,968,746 | 27,064,590 | ||||||||||
Treasury Bills |
60,394,501 | — | ||||||||||
Allowance for Uncollectible Accounts Risk |
(215,723 | ) | (65,925 | ) | ||||||||
Corporate Securities |
979,056 |
1,500,533 |
||||||||||
Debt Securities |
874,583 | 1,419,138 | ||||||||||
Debt Securities of Financial Trusts |
82,755 | 54,354 | ||||||||||
Others |
21,718 | 27,041 | ||||||||||
From Abroad |
— |
6,551 |
||||||||||
Government Securities |
— |
6,551 |
||||||||||
Treasury Bills |
— | 6,551 | ||||||||||
INVESTMENTS IN EQUITY INSTRUMENTS |
1,251,934 |
8,621,309 |
||||||||||
Measured at Fair Value through profit or loss |
1,251,934 |
8,621,309 |
||||||||||
Argentine |
1,179,539 |
8,535,775 |
||||||||||
Shares |
Level 1 | 6 | 278,248 | |||||||||
Shares |
Level 3 | 1,179,533 | 8,257,527 | |||||||||
From Abroad |
72,395 |
85,534 |
||||||||||
Shares |
Level 1 | 64,579 | 76,124 | |||||||||
Shares |
Level 3 | 7,816 | 9,410 |
Item |
12.31.21 |
12.31.20 |
||||||
COMMERCIAL PORTFOLIO |
||||||||
In Normal Situation |
207,185,088 |
293,002,547 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
7,754,261 | 4,275,013 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
12,756,326 | 17,557,421 | ||||||
Without Preferred Guarantees or Counter-guarantees |
186,674,501 | 271,170,113 | ||||||
With Special Follow-Up – In Observation |
214,556 |
1,513,255 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | 18,388 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
214,213 | 414,507 | ||||||
Without Preferred Guarantees or Counter-guarantees |
343 | 1,080,360 | ||||||
With Problems |
— |
673,841 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | 1,461 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
— | 143,419 | ||||||
Without Preferred Guarantees or Counter-guarantees |
— | 528,961 | ||||||
High Insolvency Risk |
729,223 |
180,494 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | — | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
— | 174,816 | ||||||
Without Preferred Guarantees or Counter-guarantees |
729,223 | 5,678 | ||||||
Uncollectible |
855 |
183,368 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | — | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
— | — | ||||||
Without Preferred Guarantees or Counter-guarantees |
855 | 183,368 | ||||||
|
|
|
|
|||||
TOTAL COMMERCIAL PORTFOLIO |
208,129,722 |
295,553,505 |
||||||
|
|
|
|
Item |
12.31.21 |
12.31.20 |
||||||
CONSUMER AND HOUSING PORTFOLIO |
||||||||
Normal Performance |
584,582,161 |
587,613,214 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
9,577,400 | 25,836,986 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
45,294,684 | 31,812,859 | ||||||
Without Preferred Guarantees or Counter-guarantees |
529,710,077 | 529,963,369 | ||||||
Low Risk |
10,195,918 |
2,751,890 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
129,325 | 38,697 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
558,401 | 123,033 | ||||||
Without Preferred Guarantees or Counter-guarantees |
9,508,192 | 2,590,160 | ||||||
Medium Risk |
6,272,349 |
1,509,110 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
64,191 | 108,153 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
227,932 | 101,371 | ||||||
Without Preferred Guarantees or Counter-guarantees |
5,980,226 | 1,299,586 | ||||||
High Risk |
13,517,836 |
3,729,576 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
42,512 | 64,401 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
347,221 | 151,278 | ||||||
Without Preferred Guarantees or Counter-guarantees |
13,128,103 | 3,513,897 | ||||||
Uncollectible |
6,557,374 |
5,581,407 |
||||||
With Preferred Guarantees and Counter-guarantees “A” |
31,922 | 71,044 | ||||||
With Preferred Guarantees and Counter-guarantees “B” |
341,108 | 272,518 | ||||||
Without Preferred Guarantees or Counter-guarantees |
6,184,344 | 5,237,845 | ||||||
|
|
|
|
|||||
TOTAL CONSUMER AND HOUSING PORTFOLIO |
621,125,638 |
601,185,197 |
||||||
|
|
|
|
|||||
GRAND TOTAL (1) |
829,255,360 |
896,738,702 |
||||||
|
|
|
|
(1) |
Reconciliation between Schedule B and Statement of Financial Position: |
12.31.21 |
12.31.20 |
|||||||
Loans and Other Financing |
744,433,702 |
794,608,259 |
||||||
Other Debt Securities |
94,356,999 |
34,822,804 |
||||||
Agreed Credits and Guarantees Granted Accounted Off-Balance Sheet |
19,258,430 |
26,017,515 |
||||||
Plus, Allowances for Uncollectible Accounts |
47,534,142 |
56,266,887 |
||||||
Plus, Adjustments to the IFRS based accounting framework, not Computable for the Statement of Debtors’ Financial Position |
19,544,728 |
20,982,647 |
||||||
Minus Others Non-computable for the Statement of Debtors’ Financial Position |
(91,642,222 |
) |
(29,905,681 |
) | ||||
Minus Government Securities Measured at Fair Value through OCI |
(4,230,419 |
) |
(6,053,729 |
) | ||||
|
|
|
|
|||||
Total |
829,255,360 |
896,738,702 |
||||||
|
|
|
|
LOANS |
||||||||||||||||
12.31.21 |
12.31.20 |
|||||||||||||||
Number of Customers |
Outstanding Balance |
% of Total Portfolio |
Outstanding Balance |
% of Total Portfolio |
||||||||||||
10 Largest Customers |
46,781,415 | 6 | % | 82,014,570 | 9 | % | ||||||||||
next 50 Largest Customers |
69,046,595 | 8 | % | 97,019,567 | 11 | % | ||||||||||
next 100 Largest Customers |
41,805,818 | 5 | % | 47,731,672 | 5 | % | ||||||||||
Rest of Customers |
671,621,532 | 81 | % | 669,972,893 | 75 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL (1) |
829,255,360 |
100 |
% |
896,738,702 |
100 |
% | ||||||||||
|
|
|
|
|
|
|
|
(1) |
Reconciliation between Schedule C and Statement of Financial Position: |
12.31.21 |
12.31.20 |
|||||||
Loans and Other Financing |
744,433,702 |
794,608,259 |
||||||
Other Debt Securities |
94,356,999 |
34,822,804 |
||||||
Agreed Credits and Guarantees Granted Accounted Off-Balance Sheet |
19,258,430 |
26,017,515 |
||||||
Plus, Allowances for Uncollectible Accounts |
47,534,142 |
56,266,887 |
||||||
Plus, Adjustments to the IFRS based accounting framework, not Computable for the Statement of Debtors’ Financial Position |
19,544,728 |
20,982,647 |
||||||
Minus Others Non-computable for the Statement of Debtors’ Financial Position |
(91,642,222 |
) |
(29,905,681 |
) | ||||
Minus Government Securities Measured at Fair Value through OCI |
(4,230,419 |
) |
(6,053,729 |
) | ||||
|
|
|
|
|||||
Total |
829,255,360 |
896,738,702 |
||||||
|
|
|
|
Terms Remaining to Maturity |
||||||||||||||||||||||||||||||||
Item |
Past-due Loan Portfolio |
1 Month |
3 Months |
6 Months |
12 Months |
24 Months |
Over 24 Months |
Total |
||||||||||||||||||||||||
Non-financial Public Sector |
— | 809,833 | — | — | — | — | — | 809,833 | ||||||||||||||||||||||||
Financial Sector |
— | 12,032,939 | 2,268,275 | 619,025 | 58,971 | 91,475 | 367,599 | 15,438,284 | ||||||||||||||||||||||||
Non-financial Private Sector and Residents Abroad |
34,071,686 | 332,546,148 | 163,779,531 | 167,912,524 | 265,714,908 | 99,853,005 | 85,018,877 | 1,148,896,679 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
TOTAL |
34,071,686 |
345,388,920 |
166,047,806 |
168,531,549 |
265,773,879 |
99,944,480 |
85,386,476 |
1,165,144,796 |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
Data from the last financial statement |
|||||||||||||||||||||||||||||||||||||||||||
Denomination |
Class |
Nominal Value per Share |
Votes per Share |
Quantity |
12.31.21 |
12.31.20 |
Principal Line of Business |
Year- end Date |
Capital |
Shareholders´ Equity |
Net Income / (Loss) |
|||||||||||||||||||||||||||||||||
In complementary service companies |
||||||||||||||||||||||||||||||||||||||||||||
Associates and Joint Ventures |
||||||||||||||||||||||||||||||||||||||||||||
Argentine |
||||||||||||||||||||||||||||||||||||||||||||
Play Digital S.A. |
|
Ords. Esc. |
|
1 | 1 | 281,188,401 | 169,347 | 134,552 | Services | 31.12.21 | 2,152,921 | 1,296,614 | (1,497,307 | ) | ||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
TOTAL |
169,347 |
134,552 |
Depreciation |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Fiscal Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Transfers |
Disposals |
For the Fiscal Year |
At Fiscal Year-end |
12.31.21 |
12.31.20 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate |
48,509,326 | 50 | 227,465 | (16,663 | ) | 56,943 | (4,954,035 | ) | — | — | (1,025,241 | ) | (5,979,276 | ) | 42,797,795 | 43,555,291 | ||||||||||||||||||||||||||||||||
Furniture and Facilities |
10,999,460 | 10 | 603,545 | (188,256 | ) | (239,769 | ) | (6,709,423 | ) | — | 5,279 | (900,377 | ) | (7,604,521 | ) | 3,570,459 | 4,290,037 | |||||||||||||||||||||||||||||||
Machines and Equipment |
27,175,360 | 3 y 5 | 3,183,806 | (329,205 | ) | 276,005 | (17,793,302 | ) | — | 182,562 | (3,874,668 | ) | (21,485,408 | ) | 8,820,558 | 9,382,058 | ||||||||||||||||||||||||||||||||
Vehicles |
422,503 | 5 | 109,099 | (54,624 | ) | — | (209,990 | ) | — | 51,288 | (84,147 | ) | (242,849 | ) | 234,129 | 212,513 | ||||||||||||||||||||||||||||||||
Right of use of real property |
10,106,793 | — | 602,421 | (189,388 | ) | — | (3,989,743 | ) | — | — | (2,025,313 | ) | (6,015,056 | ) | 4,504,770 | 6,117,050 | ||||||||||||||||||||||||||||||||
Personal Property Acquired for Finance Leases |
— | 5 | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||||||
Sundry |
3,973,375 | 5 y 10 | 16,458 | (17,204 | ) | 11,584 | (2,110,434 | ) | — | — | (493,776 | ) | (2,604,210 | ) | 1,380,003 | 1,862,941 | ||||||||||||||||||||||||||||||||
Work in Progress |
589,024 | — | 412,599 | (8,550 | ) | (104,763 | ) | — | — | — | — | — | 888,310 | 589,024 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total |
101,775,841 |
5,155,393 |
(803,890 |
) |
— |
(35,766,927 |
) |
— |
239,129 |
(8,403,522 |
) |
(43,931,320 |
) |
62,196,024 |
66,008,914 |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Depreciation |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Fiscal Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Transfers |
Disposals |
For the Fiscal Year |
At Fiscal Year-end |
12.31.20 |
12.31.19 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate |
47,717,023 | 50 | 280,641 | (17,077 | ) | 528,739 | (4,051,586 | ) | (23 | ) | 17,077 | (919,503 | ) | (4,954,035 | ) | 43,555,291 | 43,665,437 | |||||||||||||||||||||||||||||||
Furniture and Facilities |
9,585,656 | 10 | 190,887 | (32,635 | ) | 1,255,552 | (5,952,572 | ) | — | 29,161 | (786,012 | ) | (6,709,423 | ) | 4,290,037 | 3,633,084 | ||||||||||||||||||||||||||||||||
Machines and Equipment |
29,629,660 | 3 y 5 | 4,668,844 | (7,287,729 | ) | 164,585 | (21,348,250 | ) | — | 7,033,713 | (3,478,765 | ) | (17,793,302 | ) | 9,382,058 | 8,281,410 | ||||||||||||||||||||||||||||||||
Vehicles |
358,141 | 5 | 83,530 | (19,168 | ) | — | (151,776 | ) | — | 13,212 | (71,426 | ) | (209,990 | ) | 212,513 | 206,365 | ||||||||||||||||||||||||||||||||
Right of use of real property |
9,546,509 | — | 950,004 | (437,123 | ) | 47,403 | (1,982,018 | ) | (47,403 | ) | 20,487 | (1,980,809 | ) | (3,989,743 | ) | 6,117,050 | 7,564,491 | |||||||||||||||||||||||||||||||
Personal Property Acquired for Finance Leases |
16,348 | 5 | — | (16,348 | ) | — | (16,348 | ) | — | 16,348 | — | — | — | — | ||||||||||||||||||||||||||||||||||
Sundry |
3,171,741 | 5 y 10 | 21,784 | (268,858 | ) | 1,048,708 | (1,752,549 | ) | — | 195,271 | (553,156 | ) | (2,110,434 | ) | 1,862,941 | 1,419,192 | ||||||||||||||||||||||||||||||||
Work in Progress |
2,968,642 | — | 362,897 | (25,141 | ) | (2,717,374 | ) | — | — | — | — | — | 589,024 | 2,968,642 | ||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Total |
102,993,720 |
6,558,587 |
(8,104,079 |
) |
327,613 |
(35,255,099 |
) |
(47,426 |
) |
7,325,269 |
(7,789,671 |
) |
(35,766,927 |
) |
66,008,914 |
67,738,621 |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Fiscal Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Transfers |
Disposals |
For the Fiscal Year |
At Fiscal Year-end |
12.31.21 |
12.31.20 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Leased |
971,639 | 50 | — | — | — | (95,169 | ) | — | — | (19,054 | ) | (114,223 | ) | 857,416 | 876,470 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total |
971,639 |
— |
— |
— |
(95,169 |
) |
— |
— |
(19,054 |
) |
(114,223 |
) |
857,416 |
876,470 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Depreciation |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Fiscal Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Transfers |
Disposals |
For the Fiscal Year |
At Fiscal Year-end |
12.31.20 |
12.31.19 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Leased |
971,639 | 50 | — | — | — | (76,116 | ) | — | — | (19,053 | ) | (95,169 | ) | 876,470 | 895,523 | |||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total |
971,639 |
— |
— |
— |
(76,116 |
) |
— |
— |
(19,053 |
) |
(95,169 |
) |
876,470 |
895,523 |
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amortization |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Disposals |
For the Fiscal Year |
Transfers |
At Fiscal Year-end |
12.31.21 |
12.31.20 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Licenses |
15,318,822 | 5 | 2,109,019 | (144,045 | ) | 153,205 | (8,711,202 | ) | 130,897 | (2,871,683 | ) | (120 | ) | (11,452,108 | ) | 5,984,893 | 6,607,620 | |||||||||||||||||||||||||||||||
Other Intangible Assets |
19,549,073 | 5 | 3,281,277 | (72,314 | ) | 127 | (4,317,216 | ) | — | (3,194,271 | ) | (127 | ) | (7,511,614 | ) | 15,246,549 | 15,231,857 | |||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total |
34,867,895 |
5,390,296 |
(216,359 |
) |
153,332 |
(13,028,418 |
) |
130,897 |
(6,065,954 |
) |
(247 |
) |
(18,963,722 |
) |
21,231,442 |
21,839,477 |
||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
Amortization |
Net Book Value as of |
|||||||||||||||||||||||||||||||||||||||||||||||
Item |
Value at Beginning of Year |
Estimated Useful Life in Years |
Additions |
Disposals |
Transfers |
Accumulated |
Disposals |
For the Fiscal Year |
Transfers |
At Fiscal Year-end |
12.31.20 |
12.31.19 |
||||||||||||||||||||||||||||||||||||
Measurement at Cost |
||||||||||||||||||||||||||||||||||||||||||||||||
Licenses |
13,898,383 | 5 | 2,322,654 | (1,333,307 | ) | 431,092 | (7,360,379 | ) | 1,329,474 | (2,680,297 | ) | — | (8,711,202 | ) | 6,607,620 | 6,538,004 | ||||||||||||||||||||||||||||||||
Other Intangible Assets |
13,875,835 | 5 | 2,821,777 | (99,392 | ) | 2,950,853 | (2,550,941 | ) | 65,999 | (1,832,274 | ) | — | (4,317,216 | ) | 15,231,857 | 11,324,894 | ||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Total |
27,774,218 |
5,144,431 |
(1,432,699 |
) |
3,381,945 |
(9,911,320 |
) |
1,395,473 |
(4,512,571 |
) |
— |
(13,028,418 |
) |
21,839,477 |
17,862,898 |
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DEPOSITS ACCOUNTS |
||||||||||||||||
12.31.21 |
12.31.20 |
|||||||||||||||
Number of Customers |
Debt Balance |
% on Total Portfolio |
Debt Balance |
% on Total Portfolio |
||||||||||||
10 Largest Customers |
196,758,682 | 19 | % | 125,600,111 | 12 | % | ||||||||||
next 50 Largest Customers |
140,538,813 | 14 | % | 110,463,345 | 11 | % | ||||||||||
next 100 Largest Customers |
51,948,439 | 5 | % | 51,889,228 | 5 | % | ||||||||||
Rest of Customers |
646,711,995 | 62 | % | 732,933,802 | 72 | % | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
TOTAL |
1,035,957,929 |
100 |
% |
1,020,886,486 |
100 |
% | ||||||||||
|
|
|
|
|
|
|
|
Terms until Maturity |
||||||||||||||||||||||||||||
Item |
1 Month |
3 Months |
6 Months |
12 Months |
24 Months |
More than 24 Months |
Total |
|||||||||||||||||||||
Deposits (1) |
981,068,287 | 58,191,358 | 5,817,381 | 3,074,261 | 96,065 | 16,631 | 1,048,263,983 | |||||||||||||||||||||
Non-financial Public Sector |
22,910,929 | 3,168,867 | 83,685 | 120,037 | — | — | 26,283,518 | |||||||||||||||||||||
Financial Sector |
3,366,908 | — | — | — | — | — | 3,366,908 | |||||||||||||||||||||
Non-financial Private Sector and Residents Abroad |
954,790,450 | 55,022,491 | 5,733,696 | 2,954,224 | 96,065 | 16,631 | 1,018,613,557 | |||||||||||||||||||||
Liabilities Measured at fair value through profit or loss |
75,674 | — | — | — | — | — | 75,674 | |||||||||||||||||||||
Derivative Financial Instruments |
712,129 | — | — | — | — | — | 712,129 | |||||||||||||||||||||
Repurchase Transactions |
324,119 | — | — | — | — | — | 324,119 | |||||||||||||||||||||
Other Financial Liabilities |
130,862,556 | 36,611,932 | 24,278,121 | 822,143 | 1,249,023 | 3,162,291 | 196,986,066 | |||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
5,196,419 | 1,417,435 | 3,194,766 | 15,845,365 | 3,401,932 | 567,842 | 29,623,759 | |||||||||||||||||||||
Debt Securities |
1,668,833 | 6,112,129 | 9,059,671 | 9,461,660 | 4,111,678 | 2,281,818 | 32,695,789 | |||||||||||||||||||||
Subordinated Debt Securities |
996,044 | — | — | 996,044 | 1,992,089 | 31,330,982 | 35,315,159 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL |
1,120,904,061 |
102,332,854 |
42,349,939 |
30,199,473 |
10,850,787 |
37,359,564 |
1,343,996,678 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Maturities in the first month include: |
• |
Checking Accounts Ps 245,302,218 |
• |
Savings Accounts Ps.398,622,567 |
• |
Time Deposit Ps 330,836,028 |
• |
Other Deposits Ps.6,305,646 |
• |
Interest to be Accrued Ps.2,028 |
Decreases |
Balances as of |
|||||||||||||||||||||||||||
Item |
Balances at the Beginning of the Year |
Increase |
Reversals |
Charge offs |
Inflation Effect |
12.31.21 |
12.31.20 |
|||||||||||||||||||||
FROM LIABILITIES |
||||||||||||||||||||||||||||
For Administrative, Disciplinary and Criminal Penalties |
8,009 | — | (3,298 | ) | (2,574 | ) | (2,137 | ) | — | 8,009 | ||||||||||||||||||
For Termination Benefits |
333,315 | 114,680 | — | (63,699 | ) | (121,450 | ) | 262,846 | 333,315 | |||||||||||||||||||
Others |
5,358,680 | 1,485,724 | (209,390 | ) | (742,094 | ) | (1,774,167 | ) | 4,118,753 | 5,358,680 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL PROVISIONS |
5,700,004 |
1,600,404 |
(212,688 |
) |
(808,367 |
) |
(1,897,754 |
) |
4,381,599 |
5,700,004 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
Capital Stock |
|||||||||||||||||||||||||||||||||||
Issued |
||||||||||||||||||||||||||||||||||||
Class |
Quantity |
Nominal Value per Share (*) |
Votes per Share |
Outstanding |
Portfolio shares |
Pending Issuance or Distribution |
Allocated |
Paid-in |
Not Paid-in |
|||||||||||||||||||||||||||
Class “A” |
281,221,650 | 1 | 5 | 281,222 | — | — | — | 281,222 | — | |||||||||||||||||||||||||||
Class “B” |
1,193,470,441 | 1 | 1 | 1,193,470 | — | — | — | 1,193,470 | — | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
Total |
1,474,692,091 |
1,474,692 |
— |
— |
— |
1,474,692 |
— |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*) |
Face value per share stated in Pesos. |
12.31.21 |
||||||||||||||||||||||||||||
Items |
Headquarters and Branches in the country |
12.31.21 |
Dollar |
Euro |
Real |
Others |
12.31.20 |
|||||||||||||||||||||
ASSETS |
||||||||||||||||||||||||||||
Cash and Due from Banks |
206,313,178 | 206,313,178 | 203,151,247 | 2,895,422 | 38,752 | 227,757 | 233,707,713 | |||||||||||||||||||||
Debt Securities at Fair Value through Profit or Loss |
912,925 | 912,925 | 912,925 | — | — | — | 6,779,248 | |||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | — | — | — | |||||||||||||||||||||
Other Financial Assets |
7,087,754 | 7,087,754 | 7,087,556 | 198 | — | — | 3,873,807 | |||||||||||||||||||||
Loans and Other Financing |
45,487,220 | 45,487,220 | 45,429,667 | 42,474 | — | 15,079 | 79,548,635 | |||||||||||||||||||||
Non-financial Public Sector |
— | — | — | — | — | — | — | |||||||||||||||||||||
BCRA |
— | — | — | — | — | — | — | |||||||||||||||||||||
Other Financial Institutions |
50,493 | 50,493 | (7,060 | ) | 42,474 | — | 15,079 | 2,471,097 | ||||||||||||||||||||
To the Non-financial Private Sector and Residents Abroad |
45,436,727 | 45,436,727 | 45,436,727 | — | — | — | 77,077,538 | |||||||||||||||||||||
Other Debt Securities |
156,915 | 156,915 | 156,915 | — | — | — | 507,606 | |||||||||||||||||||||
Financial Assets Pledged as Collateral |
519,937 | 519,937 | 519,937 | — | — | — | 3,246,359 | |||||||||||||||||||||
Investments in Equity Instruments |
72,395 | 72,395 | 64,579 | 7,816 | — | — | 85,534 | |||||||||||||||||||||
Assets for Insurance Contracts |
15,027 | 15,027 | 15,027 | — | — | — | 14,921 | |||||||||||||||||||||
Other Non-financial Assets |
30,363 | 30,363 | 30,363 | — | — | — | 23,014 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL ASSETS |
260,595,714 |
260,595,714 |
257,368,216 |
2,945,910 |
38,752 |
242,836 |
327,786,837 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
LIABILITIES |
||||||||||||||||||||||||||||
Deposits |
198,348,789 | 198,348,789 | 198,348,789 | — | — | — | 250,957,672 | |||||||||||||||||||||
Non-financial Public Sector |
4,123,130 | 4,123,130 | 4,123,130 | — | — | — | 4,685,008 | |||||||||||||||||||||
Financial Sector |
3,144 | 3,144 | 3,144 | — | — | — | 5,149 | |||||||||||||||||||||
Non-financial Private Sector and Residents Abroad |
194,222,515 | 194,222,515 | 194,222,515 | — | — | — | 246,267,515 | |||||||||||||||||||||
Liabilities at fair value through profit or loss |
— | — | — | — | — | — | — | |||||||||||||||||||||
Derivative Financial Instruments |
— | — | — | — | — | — | — | |||||||||||||||||||||
Repurchase Transactions |
— | — | — | — | — | — | — | |||||||||||||||||||||
Other Financial Liabilities |
16,906,539 | 16,906,539 | 16,906,539 | — | — | — | 20,853,532 | |||||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
7,830,532 | 7,830,532 | 7,250,251 | 515,167 | — | 65,114 | 12,997,160 | |||||||||||||||||||||
Debt Securities |
5,496,721 | 5,496,721 | 5,496,721 | — | — | — | 7,288,454 | |||||||||||||||||||||
Subordinated Debt Securities |
26,275,536 | 26,275,536 | 26,275,536 | — | — | — | 32,684,216 | |||||||||||||||||||||
Liabilities for Insurance Contracts |
2,031 | 2,031 | 2,031 | — | — | — | 3,124 | |||||||||||||||||||||
Other Non-financial Liabilities |
770,070 | 770,070 | 770,070 | — | — | — | 1,559,447 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
TOTAL LIABILITIES |
255,630,218 |
255,630,218 |
255,049,937 |
515,167 |
— |
65,114 |
326,343,605 |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Situation |
With Problems / Medium Risk |
With High Insolvency Risk / High Risk |
Total |
|||||||||||||||||||||||||||||||||||||
Items |
Normal |
With Special Follow- up /Low Risk |
Not Past Due |
Past Due |
Not Past Due |
Past Due |
Uncollectible |
Uncollectible due to Technical Reasons |
12.31.21 |
12.31.20 |
||||||||||||||||||||||||||||||
Loans and Other Financing |
2,208,728 |
— |
— |
— |
230 |
2,826 |
— |
— |
2,211,784 |
1,437,330 |
||||||||||||||||||||||||||||||
- Advances |
1,512,512 |
— |
— |
— |
— | 2,048 |
— |
— | 1,514,560 |
692,563 |
||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | — | — | — | — | — | — | — | — | 1,401 | ||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
1,512,512 | — | — | — | — | 2,048 | — | — | 1,514,560 | 691,162 | ||||||||||||||||||||||||||||||
- Overdraft |
443,640 |
— |
— |
— |
— |
— |
— |
— |
443,640 |
308,969 |
||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | — | — | — | — | — | — | — | — | 272 | ||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
443,640 | — | — | — | — | — | — | — | 443,640 | 308,697 | ||||||||||||||||||||||||||||||
- Mortgage and Collateral Loans |
17,403 |
— |
— |
— |
— |
— |
— |
— |
17,403 |
25,526 |
||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “B” |
17,403 | — | — | — | — | — | — | — | 17,403 | 19,005 | ||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
— | — | — | — | — | — | — | — | — | 6,521 | ||||||||||||||||||||||||||||||
- Personal Loans |
34,908 |
— |
— |
— |
— |
— |
— |
— |
34,908 |
59,681 |
||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
34,908 | — | — | — | — | — | — | — | 34,908 | 59,681 |
Situation |
With Problems / Medium Risk |
With High Insolvency Risk / High Risk |
Total |
|||||||||||||||||||||||||||||||||||||
Items |
Normal |
With Special Follow-up / Low Risk |
Not Past Due |
Past Due |
Not Past Due |
Past Due |
Uncollectible |
Uncollectible due to Technical Reasons |
12.31.21 |
12.31.20 |
||||||||||||||||||||||||||||||
- Credit Cards |
168,803 |
— |
— |
— |
230 |
768 |
— |
— |
169,801 |
328,851 |
||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “A” |
117 | — | — | — | — | — | — | — | 117 | 640 | ||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
168,686 | — | — | — | 230 | 768 | — | — | 169,684 | 328,211 | ||||||||||||||||||||||||||||||
- Other |
31,462 |
— | — | — | — | 10 |
— | — | 31,472 |
21,740 |
||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “A” |
— | — | — | — | — | — | — | — | — | 3 | ||||||||||||||||||||||||||||||
With Preferred Guarantees and Counter-guarantees “B” |
1,814 | — | — | — | — | — | — | — | 1,814 | 4,015 | ||||||||||||||||||||||||||||||
Without Preferred Guarantees or Counter-guarantees |
29,648 | — | — | — | — | 10 | — | — | 29,658 | 17,722 | ||||||||||||||||||||||||||||||
Investments in Equity Instruments |
533,003 |
— | — | — | — | — | — | — | 533,003 |
592,834 |
||||||||||||||||||||||||||||||
Contingent Commitments |
1,664,530 |
— | — | — | — | — | — | — | 1,664,530 |
975,996 |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
TOTAL |
4,406,261 |
— | — | — | 230 |
2,826 |
— | — | 4,409,317 |
3,006,160 |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
ALLOWANCES |
10,700 |
— | — | — | 230 |
2,826 |
— | — | 13,756 |
23,805 |
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Type of Contract |
Objective of the Operations |
Underlying Asset |
Type of Settlement |
Scope of Negotiation or Counterpart |
Weighted Average Term Originally- Agreed |
Residual Weighted Average Term |
Weighted Average Term to Settle Differences |
Amount (*) |
||||||||||||||||||||||
Forwards in Foreign Currency |
||||||||||||||||||||||||||||||
OTC - Purchases |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Daily settlement of the difference |
|
MAE | 3 | 1 | 1 | 21,667,251 | ||||||||||||||||
OTC - Sales |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Daily settlement of the difference |
|
MAE | 4 | 1 | 1 | 14,934,194 | ||||||||||||||||
ROFEX - Purchases |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Daily settlement of the difference |
|
ROFEX | 3 | 1 | 1 | 55,071,194 | ||||||||||||||||
ROFEX - Sales |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Daily settlement of the difference |
|
ROFEX | 4 | 2 | 1 | 42,806,572 | ||||||||||||||||
Forwards with Customers |
||||||||||||||||||||||||||||||
Purchases |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Upon maturity of differences |
|
OTC - Residents in Argentina - Non-financial sector |
7 | 3 | 205 | 10,162,388 | ||||||||||||||||
Sales |
|
Brokerage - own account |
|
|
Foreign currency |
|
|
Upon maturity of differences |
|
OTC - Residents in Argentina - Non-financial sector |
4 | 3 | 130 | 31,398,862 | ||||||||||||||||
Repurchase Transactions |
||||||||||||||||||||||||||||||
Forward Sales |
|
Brokerage - own account |
|
|
Argentine government securities |
|
|
With delivery of the underlying asset |
|
MAE | — | — | — | 323,534 | ||||||||||||||||
Forward Purchases |
|
Brokerage - own account |
|
|
Argentine government securities |
|
|
With delivery of the underlying asset |
|
MAE | — | — | — | 204,755,685 |
(*) |
Relates to the notional amount. |
Fair Value through Profit or Loss |
Fair Value Hierarchy |
|||||||||||||||||||||||
Items |
Amortized Cost |
Fair Value through OCI |
Mandatory Measurement |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||||
FINANCIAL ASSETS |
||||||||||||||||||||||||
Cash and Due from Banks |
237,426,843 |
— |
— |
— |
— |
— |
||||||||||||||||||
Cash |
35,591,958 | — | — | — | — | — | ||||||||||||||||||
Financial Institutions and Correspondents |
201,834,885 | — | — | — | — | — | ||||||||||||||||||
Debt Securities at Fair Value through Profit or Loss |
— |
— |
235,936,898 |
50,323,458 |
183,547,431 |
2,066,009 |
||||||||||||||||||
Derivative Financial Instruments |
— |
— |
1,247,078 |
— |
1,247,078 |
— |
||||||||||||||||||
Repurchase Transactions |
203,205,457 |
— |
— |
— |
— |
— |
||||||||||||||||||
Argentine Central Bank |
203,205,457 | — | — | — | — | — | ||||||||||||||||||
Other Financial Institutions |
— | — | — | — | — | — | ||||||||||||||||||
Other Financial Assets |
13,332,551 |
— |
10,039,375 |
4,442,031 |
12,038 |
5,585,306 |
||||||||||||||||||
Loans and Other Financing |
744,433,702 |
— |
— |
— |
— |
— |
||||||||||||||||||
Non-financial Public Sector |
498 | — | — | — | — | — | ||||||||||||||||||
Argentine Central Bank |
533 | — | — | — | — | — | ||||||||||||||||||
Other Financial Institutions |
12,746,201 | — | — | — | — | — | ||||||||||||||||||
Non-financial Private Sector and Residents Abroad |
731,686,470 | — | — | — | — | — | ||||||||||||||||||
Advances |
53,152,720 | — | — | — | — | — | ||||||||||||||||||
Overdraft |
194,471,663 | — | — | — | — | — | ||||||||||||||||||
Mortgage Loans |
18,419,566 | — | — | — | — | — | ||||||||||||||||||
Pledge Loans |
16,220,243 | — | — | — | — | — | ||||||||||||||||||
Personal Loans |
65,896,440 | — | — | — | — | — | ||||||||||||||||||
Credit-card loans |
367,957,854 | — | — | — | — | — | ||||||||||||||||||
Finance Leases |
1,105,224 | — | — | — | — | — | ||||||||||||||||||
Others |
14,462,760 | — | — | — | — | — | ||||||||||||||||||
Other Debt Securities |
90,126,580 |
4,230,419 |
— |
4,230,419 |
— |
— |
||||||||||||||||||
Financial Assets Pledged as Collateral |
23,184,348 |
— |
12,051,320 |
12,051,320 |
— |
— |
||||||||||||||||||
Investments in Equity Instruments |
— |
— |
1,251,934 |
64,585 |
— |
1,187,349 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL FINANCIAL ASSETS |
1,311,709,481 |
4,230,419 |
260,526,605 |
71,111,813 |
184,806,547 |
8,838,664 |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value through Profit or Loss |
Fair Value Hierarchy |
|||||||||||||||||||||||
Items |
Amortized Cost |
Fair Value through OCI |
Mandatory Measurement |
Level 1 |
Level 2 |
Level 3 |
||||||||||||||||||
FINANCIAL LIABILITIES |
||||||||||||||||||||||||
Deposits |
1,035,957,929 |
— |
— |
— |
— |
— |
||||||||||||||||||
Non-financial Public Sector |
25,926,239 | — | — | — | — | — | ||||||||||||||||||
Financial Sector |
3,366,908 | — | — | — | — | — | ||||||||||||||||||
Non-financial Private Sector and Residents Abroad |
1,006,664,782 | — | — | — | — | — | ||||||||||||||||||
Checking Accounts |
232,382,993 | — | — | — | — | — | ||||||||||||||||||
Savings Accounts |
398,044,871 | — | — | — | — | — | ||||||||||||||||||
Time Deposit and Term Investments |
365,514,559 | — | — | — | — | — | ||||||||||||||||||
Others |
10,722,359 | — | — | — | — | — | ||||||||||||||||||
Liabilities at fair value through profit or loss |
— |
— |
75,674 |
75,674 |
— |
— |
||||||||||||||||||
Derivative Financial Instruments |
— |
— |
712,129 |
— |
712,129 |
— |
||||||||||||||||||
Repurchase Transactions |
324,119 |
— |
— |
— |
— |
— |
||||||||||||||||||
Argentine Central Bank |
324,119 | — | — | — | — | — | ||||||||||||||||||
Other Financial Liabilities |
195,659,168 |
— |
— |
— |
— |
— |
||||||||||||||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
23,710,704 |
— |
— |
— |
— |
— |
||||||||||||||||||
Debt Securities |
27,971,776 |
— |
— |
— |
— |
— |
||||||||||||||||||
Subordinated Debt Securities |
26,275,536 |
— |
— |
— |
— |
— |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
TOTAL FINANCIAL LIABILITIES |
1,309,899,232 |
— |
787,803 |
75,674 |
712,129 |
— |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
Net Financial Income/(Expense) |
||||||||||||
Items |
Originally Designated or According to Point 6.7.1 of IFRS 9 |
Mandatory Measurement |
OCI |
|||||||||
From Measurement of Financial Assets at Fair Value through Profit or Loss |
||||||||||||
Income (loss) from Government Securities |
— | 90,184,206 | 125,229 | |||||||||
Income (loss) from Corporate Securities |
— | 3,260,158 | — | |||||||||
Income (Loss) from Derivative Financial Instruments |
— | 2,253,004 | — | |||||||||
Repurchase Transactions |
— | 2,253,004 | — | |||||||||
Income from sale o derecognition of financial assets at fair value |
— | 7,788 | — | |||||||||
From Measurement of Financial Liabilities at Fair Value through Profit or Loss |
||||||||||||
Income from Derivative financial instruments |
— | (95,321 | ) | — | ||||||||
Forward transactions |
— | (94,223 | ) | — | ||||||||
Interest Rate Swaps |
— | (1,098 | ) | — | ||||||||
|
|
|
|
|
|
|||||||
Total as of 12.31.21 |
— |
95,609,835 |
125,229 |
|||||||||
|
|
|
|
|
|
|||||||
Net Financial Income/(Expense) |
||||||||||||
Items |
Originally Designated or According to Point 6.7.1 of IFRS 9 |
Mandatory Measurement |
OCI |
|||||||||
From Measurement of Financial Assets at Fair Value through Profit or Loss |
||||||||||||
Income (loss) from Government Securities |
— | 93,765,485 | (478,622 | ) | ||||||||
Income (loss) from Corporate Securities |
— | 7,126,898 | — | |||||||||
Income (Loss) from Derivative Financial Instruments |
— | 3,727,204 | — | |||||||||
Repurchase Transactions |
— | 2,636,787 | — | |||||||||
Interest Rate Swaps |
— | 54,131 | — | |||||||||
Options |
— | 1,036,286 | — | |||||||||
Income from other Financial Assets |
— | — | (25,754 | ) | ||||||||
|
|
|
|
|
|
|||||||
Total as of 12.31.20 |
— |
104,619,587 |
(504,376 |
) | ||||||||
|
|
|
|
|
|
Net Financial Income/(Expense) |
||||||||||||
Items |
Originally Designated or According to Point 6.7.1 of IFRS 9 |
Mandatory Measurement |
OCI |
|||||||||
From Measurement of Financial Assets at Fair Value through Profit or Loss |
||||||||||||
Income (loss) from Government Securities |
— | 128,127,377 | 1,279,326 | |||||||||
Income (loss) from Corporate Securities |
— | 19,166,655 | — | |||||||||
Income (Loss) from Derivative Financial Instruments |
— | 2,634,833 | — | |||||||||
Repurchase Transactions |
— | 2,634,833 | — | |||||||||
Income from other Financial Assets |
— | (43,291 | ) | 31,463 | ||||||||
From Measurement of Financial Liabilities at Fair Value through in Profit or Loss |
||||||||||||
Income (Loss) from Derivative Financial Instruments |
— | (224,686 | ) | — | ||||||||
Interest Rate Swaps |
— | (224,686 | ) | — | ||||||||
|
|
|
|
|
|
|||||||
Total as of 12.31.19 |
— |
149,660,888 |
1,310,789 |
|||||||||
|
|
|
|
|
|
Interest and Adjustments for Application of Effective Interest Rate of Financial Assets Measured at Amortized Cost |
12.31.21 |
12.31.20 |
12.31.19 |
|||||||||
Interest Income |
||||||||||||
On Cash and Due from Banks |
403 | 4,290 | 16,308 | |||||||||
On Corporate Securities |
420,237 | 470,899 | 801,971 | |||||||||
On Government Securities |
17,487,676 | 13,861,133 | 9,668,253 | |||||||||
On Loans and Other Financing |
218,370,845 | 224,933,803 | 243,031,629 | |||||||||
Non-financial Public Sector |
— | — | — | |||||||||
Financial Sector |
2,269,865 | 4,718,977 | 6,490,797 | |||||||||
Non-financial Private Sector |
216,100,980 | 220,214,826 | 236,540,832 | |||||||||
Advances |
12,718,546 | 17,943,141 | 25,879,493 | |||||||||
Mortgage Loans |
19,950,541 | 19,736,840 | 26,411,001 | |||||||||
Pledge Loans |
4,498,042 | 2,145,866 | 1,443,361 | |||||||||
Personal Loans |
24,736,442 | 24,601,678 | 25,109,984 | |||||||||
Credit Card Loans |
78,548,285 | 71,255,459 | 97,965,987 | |||||||||
Finance Leases |
283,795 | 531,108 | 1,148,267 | |||||||||
Others |
75,365,329 | 84,000,734 | 58,582,739 | |||||||||
On Repurchase Transactions |
53,890,684 | 13,376,076 | 14,662,035 | |||||||||
Argentine Central Bank and Other Financial Institutions |
53,878,139 | 13,265,880 | 13,956,880 | |||||||||
Other Financial Institutions |
12,545 | 110,196 | 705,155 | |||||||||
|
|
|
|
|
|
|||||||
Total |
290,169,845 |
252,646,201 |
268,180,196 |
|||||||||
|
|
|
|
|
|
|||||||
Interest-related Expenses |
12.31.21 |
12.31.20 |
12.31.19 |
|||||||||
On Deposits |
(163,770,215 | ) | (119,972,796 | ) | (155,708,871 | ) | ||||||
Non-financial Private Sector |
(163,770,215 | ) | (119,972,796 | ) | (155,708,871 | ) | ||||||
Checking Accounts |
(313,036 | ) | — | — | ||||||||
Savings Accounts |
(17,994 | ) | (17,075 | ) | (12,946 | ) | ||||||
Time Deposit and Term Investments |
(122,870,851 | ) | (94,827,504 | ) | (137,103,838 | ) | ||||||
Others |
(40,568,334 | ) | (25,128,217 | ) | (18,592,087 | ) | ||||||
Financing Received from the Argentine Central Bank and Other Financial Institutions |
(3,069,957 | ) | (2,633,061 | ) | (5,041,830 | ) | ||||||
On Repurchase Transactions |
(238,688 | ) | (457,966 | ) | (1,390,576 | ) | ||||||
Other Financial Institutions |
(238,688 | ) | (457,966 | ) | (1,390,576 | ) | ||||||
On Other Financial Liabilities |
(2,658,960 | ) | (2,179,312 | ) | (2,683,737 | ) | ||||||
On Debt Securities |
(8,973,182 | ) | (9,203,346 | ) | (29,265,341 | ) | ||||||
On Subordinated Debt Securities |
(2,181,305 | ) | (2,404,872 | ) | (2,517,283 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
(180,892,307 |
) |
(136,851,353 |
) |
(196,607,638 |
) | ||||||
|
|
|
|
|
|
|||||||
Fee Income |
12.31.21 |
12.31.20 |
12.31.19 |
|||||||||
Fee Related to Credit cards |
31,556,227 | 32,083,736 | 32,609,735 | |||||||||
Fee related to Insurance |
2,680,819 | 2,589,647 | 2,713,860 | |||||||||
Fee related to Obligation |
20,593,181 | 17,311,274 | 18,765,206 | |||||||||
Fee Related to Credits |
10,839,219 | 11,439,990 | 10,143,699 | |||||||||
Fee Related to Loan Commitments and Financial Guarantees |
121,455 | 165,728 | 736,747 | |||||||||
Fee Related to Securities |
2,352,893 | 2,678,251 | 2,959,292 | |||||||||
Fee for Collections Management |
412,157 | 532,059 | 1,058,152 | |||||||||
Fee for Foreign and Exchange Transactions |
1,848,754 | 2,484,616 | 3,233,950 | |||||||||
|
|
|
|
|
|
|||||||
Total |
70,404,705 |
69,285,301 |
72,220,641 |
|||||||||
|
|
|
|
|
|
|||||||
Fee-related Expenses |
12.31.21 |
12.31.20 |
12.31.19 |
|||||||||
Fees related to Transactions with Securities |
(185,988 | ) | (243,965 | ) | (1,010,437 | ) | ||||||
Fees related to Credit Cards |
(8,393,352 | ) | (8,073,803 | ) | (7,226,885 | ) | ||||||
Fees related to foreign operations and exchange |
(347,459 | ) | (729,847 | ) | (323,842 | ) | ||||||
Others |
(3,688,327 | ) | (5,182,032 | ) | (5,949,605 | ) | ||||||
|
|
|
|
|
|
|||||||
Total |
(12,615,126 |
) |
(14,229,647 |
) |
(14,510,769 |
) | ||||||
|
|
|
|
|
|