Grupo Financiero Galicia(US:GGAL)2025-06-10 20:21Financial Performance - Net income for the year reached Ps. 1,763,824,213, a significant increase of 121.5% compared to Ps. 797,150,061 in 2023[26]. - Basic earnings per share rose to Ps. 1,189.39 in 2024, up from Ps. 540.56 in 2023, reflecting an increase of 120.0%[28]. - Total comprehensive income attributable to the parent company's owners was Ps. 1,779,867,923 in 2024, compared to Ps. 800,803,252 in 2023, indicating an increase of 121.5%[29]. - The total comprehensive income for the year amounted to Ps. 1,763,824,213, indicating a strong performance in financial results[31]. - For the fiscal year ended December 31, 2024, the net income was Ps. 1,763,971,045, reflecting a significant increase compared to the previous year[31]. Assets and Liabilities - Total assets increased to Ps. 35,304,482,204 as of December 31, 2024, up from Ps. 24,153,216,752 in 2023, representing a growth of approximately 46.2%[23]. - Total liabilities increased to Ps. 28,721,128,962 in 2024, up from Ps. 19,383,966,954 in 2023, representing a growth of approximately 48.0%[25]. - Loans and other financing rose significantly to Ps. 15,621,023,971 in 2024, compared to Ps. 7,283,530,406 in 2023, marking an increase of about 114.5%[23]. - Cash and due from banks reached Ps. 7,322,813,233 in 2024, compared to Ps. 4,718,751,562 in 2023, indicating a growth of approximately 55.5%[23]. - Financial assets pledged as collateral increased to Ps. 1,611,617,385 in 2024, up from Ps. 1,020,304,979 in 2023, representing a growth of about 57.9%[23]. Internal Control and Compliance - The company maintained effective internal control over financial reporting as of December 31, 2024, according to the independent auditor's opinion[5]. - The company’s internal control assessment excluded GGAL Holdings S.A. and its subsidiaries, which represented approximately 19% of total assets as of December 31, 2024[9]. - The Group's financial statements have been prepared in accordance with IFRS, reflecting compliance with international accounting standards[44]. Cash Flow and Investments - Net cash generated by operating activities decreased slightly to $3.80 billion in 2024 from $3.94 billion in 2023, a decline of 3.5%[38]. - Cash flows from investment activities showed a net inflow of $939.32 million in 2024, a recovery from a net outflow of $193.53 million in 2023[38]. - The acquisition of HSBC Argentina Holdings S.A. and subsidiaries involved a cash payment of $395.22 million, net of cash acquired[39]. - Total cash and cash equivalents at the end of 2024 were $8.04 billion, an increase from $7.72 billion at the end of 2023[38]. Shareholder Returns - Cash dividends distributed amounted to Ps. 704,235,995, reflecting the company's commitment to returning value to shareholders[31]. - The company created reserves totaling Ps. 39,748,071 during the fiscal year, enhancing its financial stability[31]. - A capital increase of Ps. 738,509,048 was executed, indicating ongoing investment in growth initiatives[31]. Impairments and Losses - The company reported a significant impairment charge of $936.73 million in 2024, compared to $450.82 million in 2023, reflecting a 107.1% increase[38]. - The Group recognized an impairment on the value of real estate amounting to Ps. 2,175,874 as of December 31, 2024[135]. - The Group recognized impairment on real estate valued at Ps. 18,564,440 as of December 31, 2024[148]. Regulatory Changes and Future Plans - The Group has adopted amendments to IAS 1, effective January 2024, which clarify the classification of liabilities as current or non-current based on rights existing at the end of the reporting period, with no significant impact on financial statements[55]. - The Group will implement amendments to IAS 7 and IFRS 7 concerning disclosures about Supplier Financing Arrangements (SFAs) starting January 2024, which aim to enhance transparency without significant impact on financial statements[57]. - The company plans to file a post-effective amendment on its Form F-3 in June 2025, incorporating its latest unaudited consolidated condensed interim financial statements[49].