Financial Data and Key Metrics Changes - Total loans grew 8% sequentially and 37% year-over-year, with corporate loans expanding 25% quarter-over-quarter, now representing 63% of the portfolio [2][11] - The NPL ratio increased to 5%, reflecting industry trends and rapid loan growth since 2024 [3][14] - The company reported an attributable net loss of ARS 19.5 billion, significantly narrowing from a loss of ARS 55 billion in the previous quarter [3][11] - NIM rebounded sequentially, supported by lower funding costs and improved investment portfolio yields, with net financial income reaching ARS 246 billion, up 82% sequentially [4][16] Business Line Data and Key Metrics Changes - Commercial lending drove loan growth, increasing 25% sequentially and 64% year-over-year, while retail loans declined 4% sequentially [12][14] - Core transactional balances increased significantly, with checking accounts up 39% and retail savings accounts rising 29% [15] - Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency [13] Market Data and Key Metrics Changes - US dollar deposits increased 42% year-over-year, gaining 60 basis points of market share [3] - The company observed declining interest rates and improving liquidity following the October elections, which are expected to support economic recovery [6][10] Company Strategy and Development Direction - The company continues to execute a roadmap focused on profitable growth, targeted segments, and ecosystem integration, emphasizing a customer-centric and technology-enabled model [7][10] - The strategic focus includes enhancing the App Supervielle as a financial hub, integrating various financial services into a unified experience [8][10] - The company aims to capture growth in Argentina's domestic capital market, focusing on affluent clients and corporations to enhance revenue stability [9][10] Management's Comments on Operating Environment and Future Outlook - Management noted that the fourth quarter marked the peak of an exceptionally tight monetary policy, with early signs of normalization observed post-elections [4][6] - The company expects economic activity to recover gradually in 2026, creating a basis for renewed credit expansion [6][10] - Management remains cautious but optimistic about improving collection trends and stabilizing risk indicators [14][35] Other Important Information - The CET1 ratio strengthened to 15.4%, up 220 basis points quarter-over-quarter, preserving flexibility for growth in 2026 [4][11] - The company anticipates real loan growth between 25% and 30% in 2026, with deposits projected to expand between 20% and 25% [17][18] Q&A Session Summary Question: Capital buffer sustainability and dividend policy - Management indicated that the capital ratio increase is partly due to off-balance sheet losses and expects the ratio to remain between 11% and 13% in 2026, with no dividends planned for 2026 due to the negative result [21][24][25] Question: Market sentiment and catalysts for growth - Management highlighted the government's ambitious reform agenda and potential improvements in the job market as positive catalysts for the banking sector [28][30] Question: Loan growth outlook amid rising NPLs - Management acknowledged the peak in provisions and indicated that improved collection trends could stabilize NPLs moving forward [34][36] Question: ROE guidance and profitability outlook - Management expects sequential improvements in ROE throughout 2026, with a target of double-digit ROE by the end of the year [38][39] Question: Balance sheet deleveraging strategy - Management clarified that recent balance sheet adjustments were tactical and related to optimizing funding quality, with plans to expand when opportunities arise [41][42] Question: Retail credit portfolio recovery - Management noted that retail credit growth will depend on disinflation and improved consumer confidence, with fintech competition acknowledged [76][77]