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][12] - The NPL ratio increased to 5%, reflecting industry trends and rapid loan growth since 2024 [3][13] - 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 [4][11] - NIM rebounded sequentially, supported by lower funding costs and better investment portfolio yields, with a significant increase in net financial income to ARS 246 billion, up 82% sequentially [4][16] Business Line Data and Key Metrics Changes - Commercial lending drove loan portfolio expansion, increasing 25% sequentially and 64% year-over-year, while retail loans declined 4% sequentially [12][13] - Core transactional balances remained resilient, with US dollar deposits increasing 42% year-over-year [3][15] - Loan loss provisions increased 75% sequentially, reflecting higher system-wide delinquency [11][12] Market Data and Key Metrics Changes - The fourth quarter marked the peak of an exceptionally tight monetary policy, with high real interest rates and elevated reserve requirements constraining liquidity [4][5] - Following the October elections, conditions began to improve, with declining interest rates and gradually improving liquidity [5][6] 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 [6][7] - The integration of the App Supervielle as a financial hub is central to the strategy, with over 70% of transactions being digital [7][8] - 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 expressed optimism about the foundation for financial recovery in 2026, with expectations for gradual economic activity recovery and renewed credit expansion [5][10] - The company anticipates real loan growth between 25% and 30% in 2026, with a focus on corporate lending and a gradual recovery in retail credit [17][18] Other Important Information - The CET1 ratio strengthened to 15.4%, providing flexibility for growth in 2026 [4][11] - The company expects net fee income to expand around 5% in real terms, driven by banking and brokerage activity [18] Q&A Session Summary Question: Capital structure and dividend policy - The company confirmed that the CET1 ratio will be maintained between 11% and 13% in 2026, with no dividends expected due to the negative result in 2025 [20][24] Question: Market sentiment and catalysts for growth - Management highlighted the government's ambitious reform agenda as a positive catalyst for market sentiment and the banking sector [26][28] Question: Loan growth outlook amid rising NPLs - Management acknowledged the increase in NPLs but noted improvements in collection trends and expected stabilization in credit costs [32][34] Question: Retail credit portfolio and competition from fintechs - The company plans to gradually grow the retail portfolio in 2026, focusing on improved credit models and collections [71][75] Question: Deposit growth and monetary policy - Management indicated that deposit growth is expected to continue, with a focus on CASA deposits to improve funding quality [46][65]