BBVA(BBAR)2025-01-03 16:44Financial Performance - Net interest income for the nine-month period ended September 30, 2024, was ARS 2,268,473,038, a slight decrease from ARS 2,284,336,597 in the same period of 2023, indicating a decline of about 0.69%[12] - Net income for the period attributable to owners of the Parent reached ARS 270,384,184 for the nine months ended September 30, 2024, up from ARS 232,478,333 in the prior year, representing an increase of approximately 16.3%[15] - Basic earnings per share increased to ARS 441.2922 for the nine-month period ended September 30, 2024, compared to ARS 379.4263 in the same period of 2023, reflecting a growth of about 16.3%[15] - The bank reported net operating income of ARS 2,746,702,312 for the nine-month period ended September 30, 2024, compared to ARS 2,612,198,150 in the same period of 2023, indicating an increase of approximately 5.2%[12] - Net income for the period ended September 30, 2024, was ARS 99,212,200, compared to ARS 30,545,541 for the same period in 2023, representing an increase of 225%[18] - Total comprehensive income for the period was ARS 26,108,452, a significant increase from ARS 442,975 in the previous year[18] - The company reported an income before income tax of ARS 401,068,375 for the period ended September 30, 2024, up from ARS 361,890,112 in 2023, reflecting an increase of 11%[28] Assets and Liabilities - Total assets increased to ARS 12,552,531,436 as of September 30, 2024, compared to ARS 12,345,806,707 at the end of 2023, reflecting a growth of approximately 1.68%[5] - Total liabilities rose to ARS 10,162,136,171 as of September 30, 2024, from ARS 9,475,025,492 at the end of 2023, marking an increase of approximately 7.3%[8] - Deposits increased significantly to ARS 8,529,728,957 as of September 30, 2024, compared to ARS 7,336,126,060 at the end of 2023, showing a growth of around 16.3%[8] - The bank's total equity decreased to ARS 2,390,395,265 as of September 30, 2024, from ARS 2,870,781,215 at the end of 2023, reflecting a decline of about 16.7%[9] - Cash and cash equivalents at the end of the fiscal period increased to ARS 3,024,431,772 from ARS 1,478,067,747, representing a growth of 104.0% year-over-year[31] Income and Expenses - Interest income for the nine-month period ended September 30, 2024, was ARS 3,548,703,829, compared to ARS 4,645,033,251 in the same period of 2023, representing a decrease of approximately 23.7%[12] - The company experienced a loss from financial instruments at fair value through OCI of ARS (76,972,513) for the period ended September 30, 2024, compared to a loss of ARS (35,836,119) in 2023[18] - The total income tax expense for the quarter ended September 30, 2024, is 3,931,273 for the same period in 2023[142] Cash Flows - Cash flows generated by operating activities for the nine-month period ended September 30, 2024, amounted to ARS 2,521,697,947, compared to ARS 748,379,602 in 2023, indicating a growth of 237%[28] - Total cash flows used in investing activities decreased to ARS (31,172,595) from ARS (35,758,403), a reduction of 13.5%[31] - Total cash flows generated by financing activities improved significantly to ARS 49,639,859 from ARS (63,338,452), indicating a turnaround in financing operations[31] Loans and Financing - Total loans and other financing increased to 3,982,213,987 at December 31, 2023, representing a growth of approximately 36.5%[121] - Credit card loans rose to 1,416,419,526 as of December 31, 2023[121] - Consumer loans surged to 306,038,957 at the end of 2023[121] Taxation - The effective tax rate for the period ended September 30, 2024, is 32%, down from 35% in 2023[142] - Deferred tax assets related to tax losses increased to 2,537,225 as of December 31, 2023[140] - The total deferred tax liability increased to (153,361,021) as of December 31, 2023[140] Economic Environment - Year-over-year inflation for the nine-month period ended September 30, 2024, was 101.58%, slightly down from 103.15% in the same period of 2023[60] - The Argentine peso experienced a devaluation of nearly 55% since the end of 2019, with the gap between official and market dollar prices narrowing to approximately 15% as of September 30, 2024[37] - The new Argentine administration has implemented emergency measures aimed at reducing the fiscal deficit and softening economic regulations[39] Corporate Structure - Banco BBVA Argentina operates a network of 239 national branches and is 66.55% controlled by Banco Bilbao Vizcaya Argentaria S.A.[34] - The financial statements were prepared in accordance with the BCRA's financial reporting framework, based on IFRS standards[44]