Banco BBVA Argentina S.A. announces Third Quarter 2020 results
Buenos Aires, November 24, 2020 - Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) ("BBVA Argentina" or "BBVA" or "the Bank") announced today its consolidated results for the third quarter (3Q20), ended on September 30, 2020.
As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2019 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to September30, 2020.
3Q20 Highlights
• BBVA Argentina's inflation adjusted net income in 3Q20 was $2.83 billion, 2.9% greater than the $2.75 billion reported in the second quarter of 2020 (2Q20) and 65.4% lower than the $8.19 billion reported in the third quarter of 2019 (3Q19).
• In 3Q20, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 1.9% and an inflation adjusted average return on equity (ROAE) of 11.0%.
• In terms of activity, total consolidated financing to the private sector in 3Q20 totaled $258.6 billion, contracting in real terms 4.1% compared to 2Q20, and 10.6% compared to 3Q19. In the quarter, contraction was driven by the fall in overdrafts and loans for the prefinancing and financing of exports which decreased 41.0% and 27.6% respectively, partially offset by an increase in pledge loans, discounted instruments and credit cards, growing 17.1%, 15.7% and 10.8% respectively. BBVA's consolidated market share of private sector loans was 8.25% as of 3Q20.
• Total deposits contracted 0.6% in real terms during the quarter, and expanded 6.5% in the year. The Bank's consolidated market share of private deposits was 6.48% as of 3Q20.
• As of 3Q20, the non-performing loan ratio (NPL) reached 1.16%, with a 355.26% coverage ratio.
• The accumulated efficiency ratio in 3Q20 was 58.0%, above 2Q20's 54.7%.
• As of 3Q20, BBVA Argentina reached a regulatory capital ratio of 23.3%, entailing a $61.9 billion or 184.5% excess over minimum regulatory requirement. Tier I ratio was 22.6%. Total liquid assets represented 66.0% of the Bank's total deposits as of 3Q20.
Message from the CFO
"The pandemic's persistence during the third quarter of 2020 has contributed to keeping uncertainty over the country's economic situation, but has also promoted the continuity of banking services trends seen since the beginning of the lockdown.
"Digital transformation" are not just words that convey a path to be taken, but a reality that consolidates day by day. Eventually, we should move past the pandemic, and uncertainties regarding the economy will cease; but all these months will have served as an accelerated consolidation of banking services digitalization.
BBVA Argentina has provided its clients, through its traditional and digital channels, not only its wide range of products but also all possible support that has surged through the health emergency regulation implemented by the Argentine Government.
In this line, the digitalization of our service offering has evolved in such way that as of September 2020, digital client penetration reached 71% from 65% the previous year, while mobile client penetration reached 59% from 50% the previous year.
Additionally, BBVA Argentina keeps a solid balance sheet, both in its loan portfolio behavior (non-performing loan ratio of 1.16%), as in its liquidity and capital ratios, which at September end were at 66.0% (liquidity ratio) and 23.3% (regulatory capital ratio) respectively, which places the Bank in a strong position to face a long expected economic recovery during the next months.
Meanwhile, the Bank closely monitors the impact of the pandemic over its business, financial conditions and operating results, in the aim of anticipating possible actions to optimize value for its shareholders, as it keeps the solidity it has wisely developed, for as long as the volatility and uncertainty as seen during 2020 remains.
In terms of responsible banking, BBVA Argentina keeps working towards its sustainability model, supporting responsible business actions regarding inclusion, financial education and environmental protection, as part of its compromise with the country."
Ernesto R. Gallardo, CFO of BBVA Argentina
3Q20 Conference Call
Wednesday, November 25, 2020. At 12:00 p.m. Buenos Aires time - (10:00 a.m. EST)
To participate, please dial in: +1-844-450-3851 (US Toll-Free) +1-412-317-6373 (International) +54-11-3984-5677 (Argentina)
Web Phone:click here
Conference ID: BBVA Webcast & Replay:click here
Safe Harbor Statement
This press release contains certain forward-looking statements that reflect the current views and/or expectations of Banco BBVA Argentina and its management with respect to its performance, business and future events. We use words such as "believe," "anticipate," "plan," "expect," "intend," "target," "estimate," "project," "predict," "forecast," "guideline," "seek," "future," "should" and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest rates and the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Banco BBVA Argentina, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Banco BBVA Argentina's filings with the U.S. Securities and Exchange Commission (SEC) and Comisión Nacional de Valores (CNV). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. Banco BBVA Argentina is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Information
This earnings release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina ("BCRA"), based on International Financial Reporting Standards ("I.F.R.S.") and the resolutions adopted by the International Accounting Standards Board ("I.A.S.B") and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas ("F.A.C.P.E."), with the transitory exceptions: (i) the record of a prevision for contingencies referred to uncertain fiscal positions required by the BCRA, (ii) the adjustment in valuation established by the B.C.R.A. applied to the valuation of the remaining investment the Bank keeps of Prisma Medios de Pago S.A. ("Prisma"), and (iii) the temporary exclusion of the application of the IFRS 9 impairment model for non-financial public sector debt instruments.
As of 1Q20, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2019 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to June 30, 2020.
The information in this press release contains unaudited financial information that consolidates, line item by line item, all of the banking activities of BBVA Argentina, including: BBVA Asset Management Argentina S.A., Consolidar AFJP-undergoing liquidation proceeding, and as of July 1, 2019, PSA Finance Argentina Compañía Financiera S.A. ("PSA") and Volkswagen Financial Services Compañía Financiera S.A ("VWFS").
BBVA Consolidar Seguros S.A. is disclosed on a consolidated basis recorded as Investments in associates (reported under the proportional consolidation method), and the corresponding results are reported as "Income from associates"), same as Rombo Compañía Financiera S.A. ("Rombo"), Play Digital S.A. and Interbanking S.A.
Financial statements of subsidiaries have been elaborated as of the same dates and periods as Banco BBVA Argentina S.A.'s. In the case of consolidated companies PSA and VWFS, financial statements were prepared considering the B.C.R.A. accounting framework for institutions belonging to "Group B", without considering the model established by the IFRS 9 5.5. "Impairment" section for periods starting as of January 1, 2021. As of October 2020, PSA and VWFS will belong to "Group C" institutions, keeping the same accounting framework as for "Group B" institutions.
The information published by the BBVA Group for Argentina is prepared according to IFRS, without considering the temporary exceptions established by BCRA.
Quarterly results
Income Statement BBVA ARG Consolidated Chg (%) | |||||
In millions AR$ except EPS and ADS - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Net Interest Income | 16,652 | 17,092 | 22,384 | (2.6%) | (25.6%) |
Net Fee Income | 3,005 | 3,347 | 2,247 | (10.2%) | 33.7% |
Net income from measurement of financial instruments at fair value through P&L | 886 | 1,359 | 2,339 | (34.8%) | (62.1%) |
Net lincome from write-down of assets at amortized cost and at fair value through OCI | (3,988) | (2,225) | 5 | (79.3%) | n.m |
Foreign exchange and gold gains | 1,618 | 1,609 | 5,385 | 0.5% | (70.0%) |
Other operating income | 1,500 | 1,230 | 1,563 | 22.0% | (4.0%) |
Loan loss allowances | (927) | (2,848) | (6,936) | 67.4% | 86.6% |
Net operating income | 18,744 | 19,562 | 26,986 | (4.2%) | (30.5%) |
Personnel benefits | (4,583) | (4,269) | (5,249) | (7.3%) | 12.7% |
Adminsitrative expenses | (4,360) | (4,125) | (4,924) | (5.7%) | 11.5% |
Depreciation and amortization | (838) | (907) | (1,064) | 7.7% | 21.3% |
Other operating expenses | (2,706) | (3,048) | (5,028) | 11.2% | 46.2% |
Operating income | 6,257 | 7,213 | 10,721 | (13.2%) | (41.6%) |
Income from associates | (14) | 202 | (48) | (106.8%) | 71.2% |
Income from net monetary position | (2,242) | (2,459) | (1,406) | 8.9% | (59.4%) |
Net income before income tax | 4,002 | 4,955 | 9,267 | (19.2%) | (56.8%) |
Income tax | (1,169) | (2,202) | (1,082) | 46.9% | (8.0%) |
Income for the period | 2,833 | 2,753 | 8,185 | 2.9% | (65.4%) |
Proforma 3Q20(4)
15,963
3,026
886
(3,988)
1,629 1,530 (895)
18,150 (4,518) (4,283)
(828) (2,579) 5,943
(9)
(1,985) 3,949 (1,102) 2,847
Other Comprehensive Income (OCI)(5) | 1,641 | 2,074 | (7,044) | 58.4% | 141.4% |
1,641
Number of common shares outstanding (in thousands) | 612,710 | 612,710 | 612,660 | - | 0.0% |
Weighted average number of common shares outstanding (2)(3) | 612,710 | 612,710 | 612,660 | - | N/A |
612,710
612,710
Earnings per Share (EPS) | 4.63 | 4.41 | 12.65 | 4.9% | (63.4%) |
Earnings per ADS (1) | 13.88 | 13.23 | 37.94 | 4.9% | (63.4%) |
4.63
13.88
(1) One ADS represents three ordinary shares
(2) In thousands of shares
(3) As of October 9th, 2019, 50.441 shares have been issued related to the merger by absorption with BBVA Francés Valores S.A., totaling 612,710,079 shares. As of the release of these consolidated financial statements, the increase in capital and the merger by absoprtion are pending registry approval by the I.G.J.
(4) Excludes consolidation with VWFS y PSA.
(5) Net of Income Tax
BBVA Argentina 3Q20 net income was $2.8 billion, 2.9% or $81 million greater than 2Q20, and 65.4% or $5.4 billion lower than 3Q19. The quarter-over-quarter (QoQ) increase is mainly explained by a lower income tax derived from a reduced taxable base, additional to temporary differences between fiscal and accounting inflation adjustment regulations.
Net income from write-down of assets at amortized cost and at fair value (FV) through Other Comprehensive Income (OCI) reflects a loss in 3Q20 of $4.0 billion, 79.3% or $1.8 million greater than that recorded in 2Q20. 72% of the result in this line is mainly explained by the accumulated inflation adjustment in OCI of the remaining position in U.S. dollar linked notes (LELINK), which the Bank exchanged in the voluntary swap offered by the National Treasury on July 17, 2020.
As of 3Q20, net operating income was $18.7 billion, decreasing 4.2% or $818 million QoQ, and 30.5% or $8.2 billion year-over-year (YoY).
Operating income in 3Q20 was $6.3 billion, decreasing 13.2% or $955 million QoQ, and 41.6% or $4.5 billion YoY.
Net interest income
Net Interest Income BBVA ARG Consolidated Chg (%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Net Interest Income | 16,652 | 17,091 | 22,384 | (2.6%) | (25.6%) |
Interest Income | 26,114 | 24,052 | 39,004 | 8.6% | (33.0%) |
From government securities | 8,534 | 6,364 | 13,861 | 34.1% | (38.4%) |
From private securities | 0 | 2 | 4 | (100.0%) | (100.0%) |
Interest from loans and other financing | 14,780 | 15,277 | 21,954 | (3.3%) | (32.7%) |
Financial Sector | 254 | 254 | 914 | 0.1% | (72.2%) |
Overdrafts | 2,049 | 3,167 | 3,251 | (35.3%) | (37.0%) |
Discounted Instruments | 2,062 | 1,938 | 3,032 | 6.4% | (32.0%) |
Mortgage loans | 316 | 300 | 415 | 5.4% | (23.8%) |
Pledge loans | 646 | 610 | 1,352 | 6.0% | (52.2%) |
Consumer Loans | 2,061 | 2,151 | 2,663 | (4.2%) | (22.6%) |
Credit Cards | 4,110 | 3,835 | 5,974 | 7.2% | (31.2%) |
Financial leases | 115 | 108 | 176 | 6.2% | (34.5%) |
Loans for the prefinancing and financing of exports | 292 | 413 | 1,272 | (29.5%) | (77.1%) |
Other loans | 2,874 | 2,500 | 2,906 | 15.0% | (1.1%) |
CER/UVA clause adjustment | 2,077 | 1,934 | 2,741 | 7.4% | (24.3%) |
Other interest income | 724 | 474 | 444 | 52.6% | 63.1% |
Interest expenses | 9,463 | 6,961 | 16,619 | 35.9% | (43.1%) |
Deposits | 8,607 | 5,738 | 13,297 | 50.0% | (35.3%) |
Checking accounts | 389 | 181 | 528 | 115.4% | (26.2%) |
Savings accounts | 44 | 52 | 62 | (16.3%) | (30.3%) |
Time deposits | 8,174 | 5,506 | 12,706 | 48.5% | (35.7%) |
CER/UVA clause adjustment | 173 | 268 | 435 | (35.5%) | (60.3%) |
Other liabilities from financial transactions | 389 | 640 | 2,045 | (39.2%) | (81.0%) |
Other | 293 | 314 | 842 | (6.5%) | (65.2%) |
Proforma (1)
3Q20 15,963 24,956
8,534
-
13,678
520
2,050
2,062
316
136
2,061
4,110
88
292
2,043
2,020
724 8,993 8,513
389
44
8,080
173
282
25
(1) Excludes consolidation with PSA and VWFS
Net interest income for 3Q20 was $16.7 billion, decreasing 2.6% or $439 million QoQ, and 25.6% or $5.7 billion YoY. In 3Q20, the greater interest income does not make up for the increase in interest expenses, mainly due to the increase in passive rates and time deposits.
In 3Q20 interest income totaled $26.1 billion, 8.6% or $2.1 billion greater than 2Q20, and 33.0% or $12.9 billion lower than 3Q19. Quarterly increase is explained by an increment in income from government securities, and in a lesser extent, by the increase in credit card activity.
Income from government securities grew 34.1% or $2.2 billion compared to 2Q20, and fell 38.4% or $5.3 billion compared to 3Q19. This is explained by an increase in position in BCRA liquidity instruments (LELIQ) as a consequence of an increment in time deposits (as LELIQ are used in time deposit reserve requirement integration), as well as driven by BCRA's Communication "A" 7078 which enables financial institutions to increment their excess LELIQ position based on time deposits granted at minimum rate. 85% of results is explained by financial instruments at fair value through OCI, mainly LELIQ.
Interest income from loans and other financing totaled $14.8 billion, decreasing 3.3% or $497 million QoQ. This is mainly explained by a fall in overdrafts, derived from the economic situation, and is partially offset by an increase in credit card activity, and by other loans (company loans or "Préstamos a Interés Vencido" or "PIV").
Income from CER/UVA adjustments was 7.4% higher QoQ and 24.3% lower YoY, mainly explained by the acceleration in inflation during the quarter (7.7% in 3Q20 vs. 5.4% in 2Q201).
Interest expenses totaled $9.5 billion, 35.9% higher than 2Q20 and 43.1% lower than 3Q19. Quarterly increase is explained by an increment in the average minimum rate of time deposits2 and of interest-bearing checking accounts, apart from an increase in the amount granted in time deposits.
1 Source: Instituto Nacional de Estadística y Censos (INDEC). Consumer Price Index.
2 Retail time deposit minimum rates changed from 79% to 87% of the LELIQ rate as of July, 30, 2020 (BCRA Communication "A"
7078).
Interest expenses from time deposits explain 86.4% of total interest expenses versus 79.1% on the previous quarter. Interests from time deposits grew 48.5% QoQ and fell 35.7% YoY.
Net interest margin (NIM)
As of 3Q20, total net interest margin (NIM) was 16.2%, slightly lower than 2Q20's 16.7%.
Assets & Liabilities Performance - AR$ | BBVA ARG Consolidated | ||||||||
In millions AR$. Rates and spreads in annualized % 3Q20 | 2Q20 | 1Q20 | |||||||
Average BalanceInterest Earned/PaidAverage Real Rate | Average BalanceInterest Earned/PaidAverage Real Rate | Average BalanceInterest Earned/PaidAverage Real Rate | |||||||
Total interest-earning assets | 366,151 | 25,913 | 28.4% | 357,341 | 23,306 | 26.2% | 299,835 | 27,138 | 36.3% |
Debt securities | 117,299 | 10,067 | 34.4% | 89,023 | 6,859 | 30.9% | 88,792 | 7,946 | 35.9% |
Loans to customers/financial institutions | 231,403 | 15,835 | 27.4% | 235,156 | 16,433 | 28.0% | 208,369 | 19,191 | 36.9% |
Other assets | 17,449 | 11 | 0.3% | 33,162 | 14 | 0.2% | 2,674 | 0 | 0.0% |
Total non interest-earning assets | 104,078 | - | 0.0% | 91,683 | - | 0.0% | 110,999 | - | 0.0% |
Total Assets | 470,229 | 25,913 | 449,023 | 23,306 | 410,834 | 27,138 | |||
Total interest-bearing liabilities | 204,229 | 9,429 | 18.5% | 190,572 | 6,896 | 14.5% | 166,669 | 9,168 | 22.1% |
Savings accounts | 77,761 | 431 | 2.2% | 80,302 | 232 | 1.2% | 65,377 | 329 | 2.0% |
Time deposits | 120,248 | 8,510 | 28.4% | 94,901 | 5,881 | 24.9% | 85,480 | 7,697 | 36.1% |
Debt securities issued | 3,007 | 136 | 18.1% | 6,724 | 638 | 38.1% | 8,374 | 1,037 | 49.7% |
Other liabilities | 3,214 | 352 | 43.9% | 8,645 | 145 | 6.7% | 7,438 | 106 | 5.7% |
Total non-interest-bearing liabilities | 270,448 | - | 0.0% | 267,385 | - | 0.0% | 250,821 | - | 0.0% |
Total liabilities and equity | 474,678 | 9,429 | 8.0% | 457,957 | 6,896 | 6.0% | 417,490 | 9,168 | 8.8% |
NIM - AR$ 18.1% 18.4% 24.0% | |||||||||
Spread - AR$ 9.9% 11.6% 14.2% |
Assets & Liabilities Performance - Foreign Currency | BBVA ARG Consolidated | ||||||||
In millions AR$. Rates and spreads in annualized % 3Q20 | 2Q20 | 1Q20 | |||||||
Average BalanceInterest Earned/PaidAverage Real Rate | Average BalanceInterest Earned/PaidAverage Real Rate | Average BalanceInterest Earned/PaidAverage Real Rate | |||||||
Total interest-earning assets | 41,987 | 209 | 2.0% | 53,503 | 746 | 5.6% | 57,388 | 783 | 5.5% |
Debt securities | 1,308 | (270) | (82.9%) | 4,330 | 112 | 10.4% | 7,930 | 158 | 8.0% |
Loans to customers/financial institutions | 34,966 | 479 | 5.5% | 44,484 | 633 | 5.7% | 47,840 | 624 | 5.2% |
Other assets | 5,714 | 0 | 0.0% | 4,689 | 1 | 0.1% | 1,618 | 1 | 0.2% |
Total non interest-earning assets | 109,885 | - | - | 100,949 | - | - | 96,841 | - | - |
Total Assets | 151,872 | 209 | 154,452 | 746 | 154,229 | 783 | |||
Total interest-bearing liabilities | 105,809 | 42 | 0.2% | 104,030 | 64 | 0.2% | 107,872 | 102 | 0.4% |
Savings accounts | 86,380 | 1 | 0.0% | 83,563 | 2 | 0.0% | 86,253 | 2 | 0.0% |
Time deposits and Investment accounts | 18,786 | 40 | 0.9% | 18,982 | 54 | 1.1% | 20,395 | 67 | 1.3% |
Other liabilities | 642 | 0 | 0.2% | 1,486 | 9 | 2.4% | 1,224 | 33 | 10.7% |
Total non-interest-bearing liabilities | 41,615 | - | 41,488 | - | 39,701 | - | |||
Total liabilities and equity | 147,424 | 42 | 0.1% | 145,519 | 64 | 0.2% | 147,573 | 102 | 0.3% |
NIM - Foreign currency 1.6% 5.1% 4.8% | |||||||||
Spread - Foreign currency 1.8% 5.3% 5.1% |
Net fee income
Net Fee Income BBVA ARG Consolidated Chg (%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Net Fee Income | 3,005 | 3,347 | 2,247 | (10.2%) | 33.7% |
Fee Income | 6,269 | 6,572 | 6,758 | (4.6%) | (7.2%) |
Linked to liabilities | 2,539 | 2,588 | 3,490 | (1.9%) | (27.2%) |
From credit cards | 2,665 | 3,049 | 2,174 | (12.6%) | 22.6% |
Linked to loans | 327 | 274 | 364 | 19.5% | (10.2%) |
From insurance | 317 | 327 | 329 | (3.2%) | (3.9%) |
From foreign trade and foreign currency transactions | 338 | 261 | 355 | 29.3% | (4.9%) |
Other fee income | 83 | 73 | 44 | 13.0% | 86.9% |
Fee expenses | 3,265 | 3,225 | 4,511 | 1.2% | (27.6%) |
In 3Q20 net fee income fell 10.2% or $342 million compared to 2Q20, and grew 33.7% or $758 million compared to 3Q19.
Fee income in 3Q20 totaled $6.3 billion, contracting 4.6% QoQ. This is explained by fees from credit card consumption received during 2Q20, which more than offset the increase in fees related to foreign trade and foreign currency transactions which grew 29.3%, and those linked to loans, which increased 19.5% during the period.
Fee expenses increased 1.2% compared to 2Q20 and contracted 27.6% when compared to 3Q19. Quarterly increase is explained by a surge in activity.
If fees from credit card consumption received in 2Q20 were excluded, net fee income and fee income in 3Q20 would have increased 27.7% and 12.4% respectively QoQ.
Net income from measurement of financial instruments at fair value and foreign exchange and gold gains/losses
Net Income from financial instruments at fair value (FV) through P&L BBVA ARG Consolidated Chg (%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Net Income from financial instruments at FV through P&L | 886 | 1,359 | 2,339 | (34.8%) | (62.1%) |
Income from government securities | 812 | 1,159 | 1,454 | (29.9%) | (44.1%) |
Income from private securities | (57) | (107) | (3) | 46.8% | n.m |
Interest rate swaps | 18 | 23 | 285 | (22.0%) | (93.7%) |
Gains from foreign currency forward transactions | 99 | 2 | 654 | n.m | (84.9%) |
Income from debt and equity instruments | 11 | 18 | (51) | (38.1%) | 121.3% |
Other | 3 | 263 | - | (98.8%) | N/A |
In 3Q20, net income from financial instruments at Fair Value (FV) through P&L was $886 million, decreasing 34.8% or $473 million QoQ. This is explained by the lower LELIQ position during August and September.
Differences in quoted prices of gold and foreign currency BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Foreign exchange and gold gains/(losses) (1) | 1,618 | 1,609 | 5,385 | 0.5% | (70.0%) |
From foreign exchange position | (195) | 318 | 346 | (161.3%) | (156.4%) |
Income from purchase-sale of foreign currency | 1,813 | 1,291 | 5,039 | 40.4% | (64.0%) |
Net income from financial instruments at FV through P&L (2) | 99 | 2 | 654 | n.m | (84.9%) |
Income from foreign currency forward transactions | 99 | 2 | 654 | n.m | (84.9%) |
Total differences in quoted prices of gold & foreign currency (1) + (2) | 1,716 | 1,611 | 6,039 | 6.5% | (71.6%) |
In 3Q20, the total differences in quoted prices of gold and foreign currency showed profit for $1.7 billion, growing 6.5% or $105 million compared with 2Q20, due to an increase in results from purchase and sale of foreign currency, derived from a surge in activity.
Other operating income
Other operating income BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Operating Income | 1,500 | 1,230 | 1,563 | 21.9% | (4.0%) |
Rental of safe deposit boxes (1) | 259 | 278 | 210 | (6.6%) | 23.5% |
Adjustments and interest on miscellaneous receivables (1) | 521 | 336 | 449 | 55.3% | 16.0% |
Punitive interest (1) | 1 | 17 | 88 | (97.1%) | (99.4%) |
Loans recovered | 239 | 178 | 231 | 34.8% | 3.8% |
Fee income from credit and debit cards (1) | 58 | 44 | 219 | 33.8% | (73.3%) |
Other Operating Income(2) | 421 | 378 | 442 | 11.3% | (4.9%) |
(1) Included in the efficiency ratio calculation
(2) Includes some of the concepts used in the efficiency ratio calculation
In 3Q20 other operating income totaled $1.5 billion, growing 21.9% or $270 million QoQ, mainly explained by an increase in adjustments and interest on miscellaneous receivables, where interests received from the Government for zero rate credit lines are recorded, and also thanks to a responsive risk management that enabled credit recovery.
Operating expenses
Personnel benefits and Administrative expenses
Personnel Benefits and Adminsitrative Expenses BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Total Personnel Benefits and Adminsitrative Expenses | 8,943 | 8,394 | 10,173 | 6.5% | (12.1%) |
Personnel Benefits (1) | 4,583 | 4,269 | 5,249 | 7.3% | (12.7%) |
Administrative expenses (1) | 4,360 | 4,124 | 4,924 | 5.7% | (11.5%) |
Travel expenses | 28 | 16 | 49 | 68.1% | (43.9%) |
Administrative expenses | 327 | 404 | 378 | (18.9%) | (13.5%) |
Security services | 165 | 227 | 154 | (27.0%) | 7.3% |
Fees to Bank Directors and Supervisory Committee | 16 | 7 | 5 | 135.9% | 215.9% |
Other fees | 231 | 164 | 246 | 40.6% | (6.2%) |
Insurance | 59 | 39 | 47 | 49.1% | 24.8% |
Rent | 410 | 463 | 342 | (11.4%) | 20.0% |
Stationery and supplies | 9 | 20 | 23 | (56.6%) | (61.9%) |
Electricity and communications | 233 | 218 | 225 | 7.0% | 3.3% |
Advertising | 185 | 137 | 190 | 35.2% | (2.5%) |
Taxes | 992 | 1,014 | 1,053 | (2.2%) | (5.8%) |
Maintenance costs | 504 | 517 | 410 | (2.4%) | 23.1% |
Armored transportation services | 581 | 343 | 1,282 | 69.2% | (54.7%) |
Other administrative expenses | 619 | 556 | 519 | 11.5% | 19.3% |
Headcount* | 6,065 | 6186 | 6323 | (121) (258) | |
BBVA (Bank) | 5,968 | 6,090 | 6,225 | (122) | (257) |
Associates (2)* | 97 | 96 | 98 | 1 | (1) |
Total branches | 247 | 247 | 251 | - | (4) |
Efficiency ratio | 66.1% | 54.2% | 25.4% | 1,190 bps | 4,068 bps |
Accumulated Efficiency Ratio | 58.0% | 54.7% | 43.9% | 337 bps | 1,416 bps |
Efficiency ratio - Excl. Inflation adjustment | 49.1% | 42.8% | 16.4% | 631 bps | 3,279 bps |
Accumulated Efficiency Ratio - Excl. Inflation adjustment | 46.2% | 41.8% | 33.8% | 436 bps | 1,234 bps |
(1) Concept included in the efficiency ratio calculation
(2) Includes BBVA Asset Management Argentina S.A. and PSA & VWFS as of 3Q19 *corresponds to total effective employees, net of temporary contract employees
During 3Q20, personnel benefits and administrative expenses totaled $8.9 billion, increasing 6.5% or $549 million QoQ, and decreasing 12.1% or $1.2 billion YoY.
Personnel benefits grew 7.3% or $3.1 billion compared to 2Q20, and decreased 12.7% or $666 million compared to 3Q19. This increase is mainly due to an increment in salaries, as a consequence of a collective bargaining agreement with labor unions on July 16, 2020. This agreement considers a 26% increase in four instalments (7% in January, 6% in April, 7% in July and 6% in October), with a review clause in November, 2020.
In 3Q20, administrative expenses grew 5.7% or $235 million QoQ, and contracted 11.5% or $564 million YoY. The quarterly increase is mainly explained by an increment in armored transportation services, derived from a surge in activity and increased FX market restrictions enforced in September, partially offset by savings in administrative services and rentals.
The accumulated efficiency ratio as of 3Q20 was 58.0%, above the 54.7% and the 43.9% reported in 2Q20 and 3Q19 respectively. The increase is explained by a higher percentage increment of the numerator (expenses) than the denominator (income), which has been mainly affected by the increase in financial expenses.
Excluding inflation adjustments included in the lines "Income from the monetary position" and "Net income from write-down of assets at amortized cost and at fair value through OCI", the accumulated efficiency ratio as of 3Q20 would reach 46.2%.
Other operating expenses
Other Operating Expenses BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Other Operating Expenses | 2,706 | 3,048 | 5,028 | (11.2%) | (46.2%) |
Turnover tax | 1,562 | 1,790 | 2,633 | (12.8%) | (40.7%) |
Inicial loss of loans below market rate | 108 | 100 | 239 | 7.5% | (54.9%) |
Contribution to the Deposit Guarantee Fund (SEDESA) | 165 | 154 | 190 | 7.5% | (12.9%) |
Interest on liabilities from financial lease | 90 | 82 | 94 | 9.2% | (4.8%) |
Other allowances | 265 | (88) | 1,442 | 401.4% | (81.6%) |
Other operating expenses | 517 | 1,010 | 430 | (48.8%) | 20.2% |
In 3Q20 other operating expenses contracted 11.2% or $342 million QoQ, and 46.2% or $2.2 billion YoY.
The quarterly contraction is mainly due to a reduction in Turnover tax, for the recognition of an advanced payment of this tax for 2021 in the City of Buenos Aires.
On the other hand, there is also a reduction in Other operating expenses as a consequence of the release of legal provisions.
Income from associates
This line reflects the results from non-consolidated associate companies. During 3Q20, a loss of $14 million has been reported, mainly due to the participation in BBVA Consolidar Seguros S.A., Rombo Compañía Financiera S.A., Interbanking S.A. and Play Digital S.A.
Income tax
Income tax expenses accumulated in the first nine months of 2020 totaled $5.8 billion, representing an accumulated effective rate of 39%, compared to an accumulated effective rate of 26% as of 3Q19. The increment in such rate compared to the regulatory 30% is based on differences between inflation adjustment regulations and BCRA regulations, changing the taxable base.
Balance sheet and activity
Loans and other financing
Loans and other financing BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
To the public sector | - | 13 | 1 | (100.0%) | (100.0%) |
To the financial sector | 3,187 | 3,860 | 6,048 | (17.4%) | (47.3%) |
Non-financial private sector and residents abroad | 258,647 | 269,567 | 289,413 | (4.1%) | (10.6%) |
Non-financial private sector and residents abroad - AR$ | 229,302 | 231,566 | 204,674 | (1.0%) | 12.0% |
Overdrafts | 19,754 | 33,510 | 24,012 | (41.0%) | (17.7%) |
Discounted instruments | 29,807 | 25,748 | 21,262 | 15.8% | 40.2% |
Mortgage loans | 15,888 | 16,678 | 17,303 | (4.7%) | (8.2%) |
Pledge loans | 9,717 | 8,301 | 22,594 | 17.1% | (57.0%) |
Consumer loans | 26,120 | 25,701 | 32,636 | 1.6% | (20.0%) |
Credit cards | 90,350 | 81,560 | 69,763 | 10.8% | 29.5% |
Receivables from financial leases | 1,507 | 1,419 | 2,414 | 6.2% | (37.6%) |
Other loans (1) | 36,160 | 38,650 | 14,690 | (6.4%) | 146.1% |
Non-financial private sector and residents abroad - Foreign Currency | 29,344 | 38,000 | 84,739 | (22.8%) | (65.4%) |
Overdrafts | 3 | 2 | 15 | 21.8% | (80.1%) |
Discounted instruments | 2 | 18 | 8,808 | (89.3%) | (100.0%) |
Mortgage loans | - | 208 | 212 | (100.0%) | (100.0%) |
Credit cards | 1,547 | 1,394 | 3,315 | 11.0% | (53.3%) |
Receivables from financial leases | 166 | 254 | 390 | (34.7%) | (57.5%) |
Loans for the prefinancing and financing of exports | 16,994 | 23,478 | 57,239 | (27.6%) | (70.3%) |
Other loans (1) | 10,632 | 12,647 | 14,761 | (15.9%) | (28.0%) |
Proforma (2)
3Q20
-
6,661
244,162
214,819
19,754
29,807
15,888
2,110
26,047
90,350
1,272
29,592 29,342
3
2
-
1,547
166
16,994
10,630
% of total loans to Private sector in AR$ | 88.7% | 85.9% | 70.7% | 275 bps | 1,793 bps |
% of total loans to Private sector in Foreign Currency | 11.3% | 14.1% | 29.3% | (275)bps | (1,793)bps |
88.0% 12.0%
% of mortgage loans with UVA adjustments (3) | 85.9% | 86.1% | 84.2% | (20)bps | 166 bps |
% of pledge loans with UVA adjustments (3) | 15.7% | 22.0% | 11.6% | (629)bps | 417 bps |
% of personal loans with UVA adjustments (3) | 21.3% | 29.9% | 42.9% | (866)bps | (2,170)bps |
% of loans with UVA adjustments over Total loans (3) | 4.3% | 4.8% | 6.7% | (47)pbs | (235)pbs |
85.9% 11.0% 21.3% 4.0%
Total loans and other financing | 261,834 | 273,440 | 295,462 | (4.2%) | (11.4%) |
Allowances | (10,914) | (11,595) | (14,374) | 5.9% | 24.1% |
Total net loans and other financing | 250,920 | 261,845 | 281,088 | (4.2%) | (10.7%) |
250,823 (10,683) 240,140
(1) Includes IFRS adjustment.
(2) Excludes consolidation with VWFS & PSA.
(3) Excludes effect of accrued adjustments.
Private sector loans in 3Q20 totaled $258.6 billion, decreasing 4.1% or $10.9 billion QoQ, and 10.6% or $30.8 billion YoY.
Loans to the financial sector fell 17.4% QoQ, mainly because of the maturity of a loan.
Loans to the private sector in pesos decreased 1.0% in 3Q20, and grew 12.0% in the year. Loans to the private sector denominated in foreign currency fell 22.8% QoQ and 65.4% YoY, mainly driven by the contraction in demand of loans in foreign currency. These loans, measured in U.S. dollars, fell 29.3% and 79.1% QoQ and YoY respectively. The increase in the currency exchange rate versus the U.S. dollar was 8.1% QoQ and 79.5% YoY.
Loans and other financing BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Non-financial private sector and residents abroad - Retail | 143,622 | 133,841 | 145,823 | 7.3% | (1.5%) |
Mortgage loans | 15,888 | 16,885 | 17,516 | (5.9%) | (9.3%) |
Pledge loans | 9,717 | 8,301 | 22,594 | 17.1% | (57.0%) |
Consumer loans | 26,120 | 25,701 | 32,636 | 1.6% | (20.0%) |
Credit cards | 91,898 | 82,954 | 73,078 | 10.8% | 25.8% |
Non-financial private sector and residents abroad - Commercial | 115,025 | 135,726 | 143,590 | (15.3%) | (19.9%) |
Overdrafts | 19,757 | 33,512 | 24,027 | (41.0%) | (17.8%) |
Discounted instruments | 29,809 | 25,766 | 30,069 | 15.7% | (0.9%) |
Receivables from financial leases | 1,673 | 1,673 | 2,804 | (0.0%) | (40.4%) |
Loans for the prefinancing and financing of exports | 16,994 | 23,478 | 57,239 | (27.6%) | (70.3%) |
Other loans (1) | 46,792 | 51,297 | 29,451 | (8.8%) | 58.9% |
Proforma (2)
3Q20
135,942 15,888 2,110 26,047 91,898 108,220
19,757
29,809
1,437
16,994
40,222
% of total loans to Retail sector | 55.5% | 49.7% | 50.4% | 588 bps | 514 bps |
% of total loans to Commercial sector | 44.5% | 50.3% | 49.6% | (588)bps | (514)bps |
55.7%
44.3%
(1) Includes IFRS adjustment
(2) Excludes consolidation with VWFS & PSA.
Considering retail loans (mortgage, pledge, consumer and credit card loans), these have increased 7.3% QoQ and fell 1.5% YoY. In the quarter, the greatest increases are reflected in pledge loans and credit card loans (17.1% and 10.8% respectively), the latter boosted by Ahora 12 and Ahora 18 programs.
Commercial loans (including overdrafts, discounted instruments, receivables from financial leases, loans for the prefinancing and financing of exports, and other loans) fell 15.3% QoQ and 19.9% YoY. The quarterly decrease is mainly explained by a 41.0% decline in overdrafts, and a 27.6% decline in loans for the prefinancing and financing of exports. This was partially offset by a 15.7% increase in discounted instruments, and a 2.2% increase in company loans (or "PIV", in other loans).
Market share - Private sector Loans BBVA ARG | Chg (bps) | ||||
In % 3Q20 2Q20 3Q19 QoQ YoY | |||||
Private sector loans - Bank | 7.46% | 7.50% | 7.34% | (4)bps | 12 bps |
Private sector loans - Consolidated* | 8.25% | 8.54% | 8.13% | (29)bps | 12 bps |
Based on daily BCRA information. Capital balance as of the last day of each quarter.
* Consolidates PSA, VWFS & Rombo
Asset quality
Asset Quality BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Commercial non-performing portfolio (1) | 471 | 1,433 | 5,293 | (67.1%) | (91.1%) |
Total commercial portfolio | 89,907 | 113,501 | 136,889 | (20.8%) | (34.3%) |
Commercial non-performing portfolio / Total commercial portfolio | 0.52% | 1.26% | 3.87% | (74)bps | (334)bps |
Retail non-performing portfolio (1) | 2,601 | 2,871 | 4,412 | (9.4%) | (41.0%) |
Total retail portfolio | 173,945 | 163,089 | 161,791 | 6.7% | 7.5% |
Retail non-performing portfolio / Total retail portfolio | 1.50% | 1.76% | 2.73% | (27)bps | (123)bps |
Total non-performing portfolio (1) | 3,072 | 4,304 | 9,705 | (28.6%) | (68.3%) |
Total portfolio | 263,852 | 276,590 | 298,680 | (4.6%) | (11.7%) |
Total non-performing portfolio / Total portfolio | 1.16% | 1.56% | 3.25% | (39)bps | (208)bps |
Allowances | 10,914 | 11,595 | 14,374 | (5.9%) | (24.1%) |
Allowances /Total non-performing portfolio | 355.26% | 269.38% | 148.11% | 8,588 bps | 20,715 bps |
Write offs | 5,899 | 5,303 | 2,030 | 11.2% | 190.6% |
Write offs / Total portfolio | 2.24% | 1.92% | 0.68% | 32 bps | 156 bps |
Cost of Risk (CoR) | 1.37% | 4.27% | 9.31% | (290)bps | (794)bps |
(1) Non-performing loans include: all loans to borrowers classified as "Deficient Servicing (Stage 3)", "High Insolvency Risk (Stage 4)", "Irrecoverable" and/or "Irrecoverable for Technical Decision" (Stage 5) according to BCRA debtor classification system
In 3Q20, asset quality ratio or NPL (total non-performing portfolio / total portfolio) was 1.16%. This ratio was positively affected by the temporary flexibility in BCRA regulation regarding debtor classification during the COVID-19 pandemic, which extends grace periods in 60 days before a loan is classified as non-performing, and suspends the mandatory reclassification of clients that have an irregular performance with other institutions but a regular performance with the Bank.
The coverage ratio (allowances / total non-performing portfolio) increased to 355.26% in 3Q20, from 269.38% in 2Q20. This is explained by a decrease in non-performing loans, which is greater than the increase in allowances as a consequence of the implementation of impairment models, and the continuing effect of waivers enforced though BCRA regulation regarding debtor classification.
Cost of risk (loan loss allowances / average total loans) reached 1.37%, lower than the 4.27% recorded in 2Q20. This is mainly explained by an adequate evolution in credit quality, especially in the commercial portfolio.
BBVA ARG | ||||||
Analysis for the allowance of loan losses Balance at 12/31/2019 Stage 1 Stage 2 Stage 3 Monetary result generated by allowances | Balance at 09/30/2020 | |||||
In millions AR$ | ||||||
Other financial assets | 277 | 3 | - | 1 | (54) | 227 |
Loans and other financing | 13,715 | 73 | 1,919 | (2,434) | (2,614) | 10,660 |
Other debt securities | 1 | (1) | - | - | - | |
Eventual commitments | 1,108 | 323 | (50) | (23) | (187) | 1,171 |
Total allowances | 15,101 | 398 | 1,869 | (2,456) | (2,855) | 12,058 |
* ECL: Expected credit loss
Note: to be consistent with Financial Statements, it must be recorded from the beginning of the year instead of the quarter
Allowances for the Bank in 3Q20 reflect expected losses driven by the adoption of the IFRS 9 standards as of January 1, 2020, except for debt instruments issued by the nonfinancial government sector which were temporarily excluded from the scope of such standard.
The financial statements of consolidated subsidiaries PSA and VWFS were prepared considering the financial reporting framework set forth by the BCRA for Group "B" financial institutions, without considering the model established in paragraph 5.5. "Impairment" of IFRS 9 for fiscal years commencing on and after January 1, 2021. As of October 2020, PSA and VWFS will be part of Group "C" financial institutions, keeping the accounting framework of Group "B" financial institutions.
Public sector exposure
Net Public Debt Exposure BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Treasury and Government securities | 25,115 | 19,150 | 24,567 | 31.1% | 2.2% |
Treasury and National Government | 25,115 | 19,150 | 24,535 | 31.1% | 2.4% |
National Treasury Public Debt in AR$ | 25,111 | 10,610 | 11,893 | 136.7% | 111.2% |
National Treasury Public Debt in dollars | 3 | (0) | 336 | n.m | (99.1%) |
National Treasury Public Debt USD-Linked | - | 8,541 | 12,306 | (100.0%) | (100.0%) |
Provinces | - | - | 32 | N/A | (100.0%) |
Loans to the Public Sector | - | - | 1 | (100.0%) | (100.0%) |
AR$ Subtotal | 25,111 | 10,610 | 11,925 | 136.7% | 110.6% |
USD Subtotal* | 3 | 8,541 | 12,642 | (100.0%) | (100.0%) |
Total Public Debt Exposure | 25,115 | 19,150 | 24,567 | 31.1% | 2.2% |
2.2%
B.C.R.A. Exposure | 111,868 | 120,125 | 82,437 | (6.9%) | 35.7% |
Instruments | 92,869 | 83,235 | 73,331 | 11.6% | 26.6% |
LELIQs | 92,869 | 83,235 | 73,331 | 11.6% | 26.6% |
Loans to the B.C.R.A. | - | 12 | - | (100.0%) | N/A |
Repo | 18,999 | 36,890 | 9,106 | (48.5%) | 108.6% |
B.C.R.A. - AR$ | 18,999 | 36,890 | 9,106 | (48.5%) | 108.6% |
%Public sector exposure (Excl. B.C.R.A.) / Total assets *Includes USD-linked Treasury public debt in AR$
4.3%
3.3%
4.2%
98 bps
5 bps
Public sector exposure (excluding BCRA) totaled $25.1 billion, growing 31.1% or $6.0 billion QoQ, and 2.2% or $548 million YoY.
It is important to mention that on July 17, 2020, the Bank participated in the voluntary swap offered by the National Treasury, and swapped the whole of its remaining position (equivalent to 60% of its original position) in U.S. dollar linked notes (LELINK) in exchange of a bundle of sovereign bonds in pesos adjusted by inflation (BONCER) maturing in 2023 and 2024.
Short-term liquidity is allocated in BCRA instruments, which grew 11.6% or $9.6 billion compared to 2Q20, and 26.6% or $19.5 billion compared to 3Q19.
Exposure to the public sector (excluding BCRA) represents 4.3% of total assets.
Deposits
Total Deposits BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Total deposits | 399,607 | 401,833 | 375,088 | (0.6%) | 6.5% |
Non-financial Public Sector | 5,929 | 5,882 | 3,610 | 0.8% | 64.2% |
Financial Sector | 550 | 323 | 510 | 70.4% | 7.8% |
Non-financial private sector and residents abroad | 393,128 | 395,629 | 370,968 | (0.6%) | 6.0% |
Non-financial private sector and residents abroad - AR$ | 279,409 | 273,341 | 208,813 | 2.2% | 33.8% |
Checking accounts | 84,301 | 80,970 | 57,938 | 4.1% | 45.5% |
Savings accounts | 72,204 | 84,851 | 50,358 | (14.9%) | 43.4% |
Time deposits | 101,542 | 101,585 | 96,417 | (0.0%) | 5.3% |
Investment accounts | 18,113 | 2,119 | - | n.m | N/A |
Other | 3,248 | 3,815 | 4,100 | (14.9%) | (20.8%) |
Non-financial private sector and res. abroad - Foreign Currency | 113,720 | 122,288 | 162,155 | (7.0%) | (29.9%) |
Checking accounts | 23 | 19 | 25 | 25.2% | (6.4%) |
Savings accounts | 95,643 | 100,872 | 137,291 | (5.2%) | (30.3%) |
Time deposits | 15,612 | 18,647 | 21,765 | (16.3%) | (28.3%) |
Other | 2,441 | 2,750 | 3,074 | (11.2%) | (20.6%) |
% of total portfolio in the private sector in AR$ | 71.1% | 69.1% | 56.3% | 198 bps | 1,478 bps |
% of total portfolio in the private sector in Foregin Currency | 28.9% | 30.9% | 43.7% | (198)bps | (1,478)bps |
% of time deposits with UVA adjustments | 1.0% | 2.1% | 2.7% | (104)bps | (168)bps |
During 3Q20, total deposits were $399.6 billion, recording a slight decline of 0.6% or $2.2 billion QoQ, and growing 6.5% or $24.5 billion YoY.
Private sector deposits in 3Q20 were $393.1 billion, declining 0.6% or $2.5 billion QoQ, and increasing 6.0% or $22.2 billion YoY.
Private non-financial sector deposits in pesos totaled $279.4 billion, growing 2.2% or $6.1 billion QoQ, and 33.8% or $70.6 billion YoY. This is mainly explained by the strong growth in time deposits, especially of Investment accounts (transferable investment certificates with early withdrawal option), and to a lesser extent, by the growth in checking accounts. This offsets the quarterly fall in saving accounts, partially explained by a reclassification of money market mutual fund operations, previously considered in special checking accounts (included in saving accounts) and now included in checking accounts, abiding BCRA regulation in Communication "A" 7064.
Private non-financial sector deposits in foreign currency expressed in pesos fell 7.0% or $8.6 billion QoQ and 29.9% or $48.4 billion YoY. Measured in U.S. dollars, these deposits fell 14.0% QoQ and 60.9% YoY.
Towards the end of the quarter, U.S. dollar deposit withdrawal increased as a consequence of the enhanced restrictions over the FX market. After operability was reestablished under new BCRA regulations, foreign currency deposit withdrawal slowed down, returning to levels observed during previous months.
Private Deposits BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Non-financial private sector and residents abroad | 393,128 | 395,629 | 370,968 | (0.6%) | 6.0% |
Sight deposits | 257,861 | 273,277 | 252,786 | (5.6%) | 2.0% |
Checking accounts | 84,324 | 80,989 | 57,963 | 4.1% | 45.5% |
Savings accounts | 167,848 | 185,723 | 187,649 | (9.6%) | (10.6%) |
Other | 5,689 | 6,565 | 7,174 | (13.3%) | (20.7%) |
Time deposits | 135,268 | 122,351 | 118,182 | 10.6% | 14.5% |
Time deposits | 117,154 | 120,233 | 118,182 | (2.6%) | (0.9%) |
Investment accounts | 18,113 | 2,119 | - | n.m | N/A |
% of sight deposits over total deposits | 66.1% | 69.6% | 68.5% | (340)bps | (234)bps |
% of time deposits over total deposits | 33.9% | 30.4% | 31.5% | 340 bps | 234 bps |
As of 3Q20, the Bank's transactional deposits (checking accounts and savings accounts) represented 63.1% of total non-financial private deposits, totaling $252.2 billion, versus 66.4% in 2Q20.
Market Share - Private sector Deposits | BBVA ARG | Chg (%) | |||
In % | 3Q20 | 2Q20 | 3Q19 | QoQ | YoY |
Private sector Deposits - Consolidated* | 6.48% | 6.50% | 7.14% | (2)bps | (66)bps |
Based on daily BCRA information. Capital balance as of the last day of each quarter.
* Consolidates PSA, VWFS & Rombo
Other sources of funds
Other sources of funds BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Other sources of funds | 112,135 | 110,457 | 116,138 | 1.5% | (3.4%) |
Central Bank | 30 | 121 | 15 | (75.5%) | 97.9% |
Banks and international organizations | - | - | 6,438 | N/A | N/A |
Financing received from local financial institutions | 3,327 | 5,610 | 7,306 | (40.7%) | (54.5%) |
Corporate bonds | 4,101 | 4,525 | 11,935 | (9.4%) | (65.6%) |
Equity | 104,677 | 100,202 | 90,444 | 4.5% | 15.7% |
In 3Q20, other sources of funds totaled $112.1 billion, growing 1.5% or $1.7 billion QoQ, and falling 3.4% or $4.0 billion YoY.
The 4.5% or $4.5 billion increase in Equity is explained by the 3Q20 results, which more than offset the repurchase of corporate bonds during the quarter.
4Q19 equity evolution can be observed in the table below, going from historical values to current values through the implementation of IAS 29 rule.
Equity - Evolution | |
In millions AR$ | 4Q19 |
Equity before IAS 29 application | 65,317 |
Total impact of IAS 29 application (1) | 14,041 |
Equity in terms of 12/31/2019 units | 77,934 |
Adjustment from reexpression of equity at current units 09/30/2020 (2) | 17,371 |
Equity in terms of 09/30/2020 units | 95,305 |
Total recognized in Retained Earnings (1)+(2) | 31,412 |
Liquid assets
Total Liquid Assets BBVA ARG Consolidated | Chg (%) | ||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 | QoQ YoY | ||||
Total liquid assets | 263,914 | 256,152 | 231,512 | 3.0% | 14.0% |
Cash and deposits in banks | 133,178 | 121,139 | 128,736 | 9.9% | 3.5% |
Debt securities at fair value through profit or loss | 5,922 | 10,383 | 6,997 | (43.0%) | (15.4%) |
Government securities | 166 | 0 | 222 | n.m | (25.4%) |
Liquidity bills of B. C. R. A. | 5,756 | 10,382 | 6,775 | (44.6%) | (15.0%) |
Net REPO transactions | 18,999 | 36,890 | 9,106 | (48.5%) | 108.6% |
Other debt securities | 105,815 | 87,740 | 86,673 | 20.6% | 22.1% |
Government securities | 18,702 | 14,888 | 20,036 | 25.6% | (6.7%) |
Liquidity bills of B. C. R. A. | 87,113 | 72,853 | 66,557 | 19.6% | 30.9% |
Liquid assets / Total Deposits | 66.0% | 63.7% | 61.7% | 230 pbs | 432 pbs |
In 3Q20, liquid assets were $263.9 billion, increasing 3.0% or $7.8 billion compared to 2Q20, and 14.0% or $32.4 billion compared to 3Q19.
During the quarter, growth in government securities and LELIQ stands out with a 25.6% and a 19.6% increase respectively, while net REPO transactions decreased by 48.5%.
In 3Q20, the liquidity ratio (liquid assets / total deposits) reached 66.0%. Liquidity ratio in local and foreign currency reached 58.1% and 86.0% respectively.
Solvency
Minimum capital requirement | Chg (%) | ||||
In millions AR$ - Inflation adjusted | 3Q20 | 2Q20 | 3Q19 | QoQ | YoY |
Minimum capital requirement | 33,547 | 34,147 | 34,848 | (1.8%) | (3.7%) |
Credit risk | 24,808 | 25,231 | 26,780 | (1.7%) | (7.4%) |
Market risk | 278 | 618 | 457 | (55.0%) | (39.2%) |
Operational risk | 8,461 | 8,298 | 7,611 | 2.0% | 11.2% |
Integrated Capital - RPC (1)* | 95,432 | 91,391 | 84,070 | 4.4% | 13.5% |
Ordinary Capital Level 1 ( COn1) | 107,852 | 103,292 | 91,326 | 4.4% | 18.1% |
Deductible items COn1 | (14,982) | (14,578) | (10,071) | 2.8% | 48.8% |
Additional Capital Level 2 (COn2) | 2,562 | 2,677 | 2,815 | (4.3%) | (9.0%) |
Excess Capital | |||||
Integration excess | 61,885 | 57,244 | 49,222 | 8.1% | 25.7% |
Excess as % of minimum capital requirement | 184.5% | 167.6% | 141.25% | 1,690 bps | 4,325 bps |
Risk-weighted assets (RWA, according to B.C.R.A. regulation) (2) | 410,318 | 417,656 | 425,843 | (1.8%) | (3.6%) |
Regulatory Capital Ratio (1)/(2) | 23.3% | 21.9% | 19.7% | 140 bps | 360 bps |
TIER I Capital Ratio (Ordinary Capital Level 1/ RWA) | 22.6% | 21.2% | 19.1% | 140 bps | 350 bps |
* RPC includes 100% of quarterly results |
BBVA Argentina continues to show strong solvency indicators on 3Q20. Capital ratio reached 23.3%. Tier 1 ratio was 22.6% and capital excess over regulatory requirement was $61.9 billion.
These ratios improved in spite of BCRA regulation: Communication "A" 6940, regarding exposure to individuals and companies purchasing touristic services abroad in instalments, and Communication "A"
7018, regarding clients with agricultural activity that stockpile more than 5% of their annual harvest.
Other events
Relevant Events
• As of September 3, 2020, BBVA Argentina's Board of Directors has decided to make front line management modifications, acknowledging the retirement of Mr. Gustavo Siciliano, Engineering & Data director, and as a consequence the designation of Mr. Leandro Alvarez at said position.
• As of September 29, 2020, BBVA Argentina has been notified of a class action lawsuit filed by the Asociación por la Defensa de Usuarios y Consumidores (ADUC). This Association, which represents consumers, questions the interest rates applicable to time deposits with automatic renewal option.
• As of October 8, 2020, the Board has called for a General Extraordinary Shareholders Meeting to be held on November 20, 2020, to consider the distribution of a complementary cash dividend for the sum of $12 billion, through the partial write-off of the Optional Reserve for future distribution of earnings, with the aim of increasing the $2.5 billion cash dividend approved by the General Shareholders Meeting on May 15, 2020, subject to BCRA approval.
• As of November 20, 2020, the General Extraordinary Shareholders Meeting has approved the distribution of a complementary cash dividend for the sum of $12 billion or a lower amount to be determined by the BCRA. This distribution is subject to BCRA approval.
Corporate bond payments and issuances during 3Q20
• As of August 10, 2020, the Bank completed quarterly coupon payments on corporate bond Class 25 for $37.4 million.
• As of August 28, 2020, the Bank completed quarterly coupon and capital payments on corporate bond Class 27 for $97.1 million and $1.09 billion respectively.
• As of September 28, 2020, the Bank completed quarterly coupon payments on corporate bond Class 24 for $46.7 million.
Digital transformation
Digitalization continued to accelerate during the third quarter of 2020. Active digital clients reached 1.9 million with a 71% penetration over total active clients (2.7 million), versus a penetration of 64.7% in 3Q19.
Active mobile clients were 1.6 million, representing a 59% penetration in 3Q20, versus a penetration of 50.3% in 3Q19.
On 3Q20, retail digital sales measured in units reached 80% of total sales (vs. 64% in 3Q19) and represent 69% of the Banks total sales measured in monetary value (vs. 54% in 3Q19).
Digital3 and mobile3 transactions increased 72% in 3Q20 YoY. For the first time, the use of these channels outweighs that of traditional ones, revealing the digital transformation.
Moreover, digital branches have been launched in October 2020. These combine several features between human capital and structure facilities to promote client self-service, aiming to digitalize and migrate clients to remote channels. Strategic pillars of these branches are: the mixed roles of customer service staff
3 Includes online banking and mobile, Net Cash online y mobile, and non-bank correspondents.
oriented to guide the client, the availability of digital tools, the limitation of teller service for specific transactions, and the availability of a customer service protocol where the importance of each role and client dynamics are detailed.
COVID 19 - September 2020 update
Financing (including regulatory)
Retail
• Penalties on unpaid checking account charges, and closure and disabling of accounts, were suspended until December 31, 2020.
• Credits on cash withdrawal costs at own and other banks' ATMs will continue until December 31, 2020.
• Loan maturities until December 31, 2020 are included for the deferral on unpaid instalments on mortgage, pledge and consumer loans.
Commercial
• As of September 30, 2020, BBVA Argentina has disbursed more than $37 billion in loans to more than 10.400 SMEs, to be allocated in payroll payments, discounted documents and working capital, at a 24% nominal annual rate.
• BBVA Argentina has granted a special credit line for payroll payments for SMEs, which includes a 24% nominal annual rate, in a 12 month period of maturity, and a grace period of 3 months, backed by the Fondo de Garantías Argentino (FoGAr) warrants. On this line, BBVA Argentina has disbursed more than $1.8 billion as of September 30, 2020.
• The Bank is working on credit lines for self-employed individuals at a Zero rate, promoted by the National Government. As of September 30, 2020, the Bank has disbursed more than $7 million on this line. Additionally, "Culture zero rate" credits have been granted to individuals with activity in the cultural sector, for more than $11 million as of September 30, 2020.
• A "Credit at subsidized rate" line has been launched for any company who requests it (as long as they are part of the eligible beneficiaries selected by the Federal Administration of Public Revenues or AFIP). As of September 30, 2020, more than $180 million have been granted on this line.
Main Regulatory Changes
Foreign Currency Global Net Position ("PGNME"). Public security voluntary exchange. (Communication "A" 7093, 08/27/2020). The BCRA grants the same treatment, in terms of PGNME, to securities received in exchange for USD denominated National treasury bonds, as the increase in position enables an increment of up to 30% of the net positive position.
Credit card payment deadlines. (Communication "A" 7095, 08/27/2020). The BCRA stated that financial institutions must automatically rollover unpaid credit card balances up to one year (between September 1st and September 30, 2020), with a 3 month grace period, 9 monthly equal consecutive instalments, at a nominal interest rate of 40% (previously 43%, prev. 49%, and prev. 55% until April 1, 2020).
Non-financial public sector financing. (Communication "A" 7097, 08/27/2020). The BCRA stated on the limits on non-financial public sector financing, that the unutilized quota of the basic global limit - established for the total of granted financing to non-financial public sector in 75% of the regulatory capital (known as Responsabilidad Patrimonial Computable or RPC), can be re-allocated to the sovereign non-financial public sector (previously 50% of the RPC).
PGNME. USD-linked time deposits. (Communication "A" 7101, 09/10/2020). The BCRA determines that export prefinancings for which its foreign currency funding is matched by liabilities linked to the evolution of such currency (for the same amount), can be deducted from the calculation of the cash position within the Net positive Global Currency Position. USD-linked liabilities that exceed that position are not to be considered in such deduction.
Foreign currency savings account opening. Income requirements. (Communication "A" 7105, 09/15/2020). The BCRA states that prior to the opening of a foreign currency savings account, financial institutions must collect evidence that the client has an income or assets consistent with foreign currency savings, not being admissible that he or she should be a beneficiary of a social plan or program.
Foreign currency purchase restrictions. (Communication "A" 7106, 09/15/2020). As of September 16, 2020, the BCRA stated: As of September 1, 2020, debit and credit card consumption abroad with debit on local accounts in pesos, and foreign currency purchased by individuals for the payment of obligations between residents, including payments of foreign currency consumptions through credit cards, will be deducted as of the following month, from the USD 200 cap. Those who are beneficiaries of credit support related to the pandemic will not be able, until the total cancellation of credits or while the support stands, to have access to the foreign exchange market or sell securities that settle in foreign currency, or transfer them to custodians abroad. Those with programmed capital amortizations due between October 15, 2020 and March 31, 2021, related to financial debts abroad or public securities denominated in foreign currency, must present to the BCRA a detailed refinancing plan under certain criteria.
COVID-19 extended measures. (Communication "A" 7107. 09/17/2020). The BCRA extended until December 31, 2020, the regulation stating that financial institutions cannot charge fees for transactions done through ATMs (previously until June 30 and extended until September 30). It is also until that date that financial institutions cannot charge punitive interest over unpaid credits, and ratifies unpaid instalments deferral to maturity, considering accrual of a compensatory interest rate. This regulation does not include credit card financing. Regulation that concedes a 60 day waiver on late-payment periods for stages 1, 2 and 3 is also extended until December 31, 2020 (Communication "A" 6938).
Foreign currency account transfers modification. (Communication "A" 7112. 09/24/2020). The BCRA modifiesCommunication "A" 7105stating that all transfers from foreign currency accounts will proceed without need of prior validation, also applicable for foreign currency saving accounts opening and crediting of funds in already activated accounts. (The mentioned regulation only enabled transfers abroad).
Minimum cash requirement. Ahora 12 program. (Communication "A" 7114. 09/24/2020). The BCRA decided to increase to 50% (previously 35%) the deduction from reserve requirements in pesos applicable on Ahora 12 program financings, for financing granted as of October 1, 2020.
UVA loan instalment value freeze. (Decree 767/2020. 09/25/2020). Periods set on items 2°, 3°, 4° and 5° on Decree N° 319/20 are extended until January 31, 2021. This includes the fixing to March 2020 values of UVA mortgage and pledge loan instalments and the suspension of mortgage foreclosures.
LELIQ position reduction. (Communication "A" 7122. 10/01/2020). As of October 2, 2020, financial institutions must reduce in 20 percentage points their net excess position in LELIQ versus their monthly average of daily balances recorded in September 2020. To comply, they shall reduce the excess net position through the gradual maturity of the securities. Along this regulation but in line with it, the BCRA decided to increase the REPO rate from 19% t0 24%.
LELIQ rate modification and passive REPO BCRA rate. (Press release. 10/08/2020). The BCRA decided to increase to 27% the passive REPO BCRA rate (from 24% and previously 19%) and take the LELIQ rate to 37%. It also determined that companies can access the foreign exchange market 30 days prior to financial debt maturities to cancel capital and coupon payments. They can also have access when the pre-cancellation is done within the frame of a securities exchange restructuring process.
Time deposits minimum rate. (Communication "A" 7131. 10/08/2020). As of October 13, 2020, the BCRA increased the percentages applicable to the average rates of LELIQ used to set the minimum rates for time deposits of less than $1 million to 89.35% (previously 87%). Additionally, as of the same date, the coefficient that determines the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination option) was increased to 0.7703.
Minimum cash requirements. Deduction exclusion. (Communication "A" 7132. 10/09/2020). The BCRA informed that for financings that are disbursed as of October 9, 2020, financial institutions will not be able to deduct from cash requirements financings granted to individuals or companies that (i) belong
to activity sectors that are not eligible for the "Programa de Asistencia de Emergencia al Trabajo y la Producción" (ATP) social program benefits and/or (ii) have imported consumer goods after March 19, 2020, unless these were medical products and/or supplies.
Increase in REPO rate and decrease in LELIQ rate. (Press release. 10/15/2020). The BCRA decided to increase the one-day passive REPO nominal annual rate from 27% to 30%, implying an increment of three percentage points, and offer 7-day REPOs at a nominal annual rate of 33%. In line with this, the LELIQ rate was set at 36%.
Time deposits minimum rate. (Communication "A" 7139. 10/15/2020). The BCRA decided to increase, for time deposits granted as of October 16, 2020, the percentages applicable to the average rates of LELIQ used to set the minimum rates for time deposits of less than $1 million to 91.89% (previously 89.35%). For time deposits granted as of October 21, 2020, the increment goes up to 94.44% and the coefficient that determines the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination option) was increased to 0.7917. This is equivalent to a 34% nominal annual rate for individuals with time deposits of less than $1 million and 32% for the rest.
New credit lines. (Communication "A" 7140. 10/15/2020). The BCRA stated that financial institutions shall grant, within the frame of the ATP social program created by the Decree N°332/2020- financing for a maximum limit equivalent to the amount resulting from the number of employees (F.931) multiplied by the minimum wage (Salario Mínimo Vital y Movil) plus a 20%, to the SMEs in a list provided by the Federal Administration of Public Revenues (AFIP), and that will be able to rely on a warrant to be arranged by FOGAR, and as of November 1, 2020, can be deducted of reserve requirements (40%).
Moreover, credit lines to SMEs are launched to (i) finance investment projects aimed for the purchase of capital assets and/or the construction of facilities necessary for the manufacturing of goods and/or services, at a 30% nominal annual rate; and (ii) for working capital and discounted instruments to SMEs at 35%. Financial institutions affected by this regulation must comprise under these financings, as of October 16, 2020 and until March 31, 2021, the equivalent to 7.5% of their non-financial private sector deposits in pesos (as a monthly average of daily balances of September 2020). For the financing of investment projects, this limit must be 30% of the 7.5% previously stated.
Prior approval for branch closure. (Communication "A" 7147. 10/22/2020). Financial institutions must, until March 31, 2021, require prior approval by the BCRA to proceed to the transfer or closure of branches.
REPO rate. (Communication "C" 88436. 10/29/2020). The BCRA has increased the 1-day REPO rate from 30% to 31% and the 7-day REPO rate from 33% to 34.5%.
End of legal requirement in credit granting. (Communication "A" 7157. 11/05/2020). The BCRA revokes the requirement of granting credits to SMEs established in Communication "A" 7140 (ATP program) and the possibility of deducting them from reserve requirements. It states that financial institutions can only use for such deduction what is stated in item 1.5.6. of Reserve Requirement regulations on Credits at subsidized rate for Companies, granted as of November 6, 2020 (24% of credits granted at 27% nominal annual rate and 7% of credits granted at 33% nominal annual rate). Zero rate credits cannot be deducted from reserve requirements as of such date.
Fee increments. (Communication "A" 7158. 11/05/2020). The BCRA stated that until February 28, 2020, financial institutions cannot communicate fee increases greater than 9% for January 2021, and 9% for February 2021 for fees on i) Savings accounts: additional debit card issuance; replacement of stolen or lost debit cards; ATM use (other than the Bank's, the Bank network's, local or abroad) and cash withdrawal services at points of purchase. Ii) Credit cards: issuance services, renewal, maintenance; replacement or reprinting of stolen or lost cards and additional cards.
Fees. Further remarks. (Communication "B" 12089. 11/09/2020). The BCRA clarifies that the fee increments mentioned in Communication "A" 7158 can be applied only 60 days after being informed to clients. This implies that the nearest date of application of such increments are the first days of February 2021. Consequently, monthly or other periodicity charges will be able to be reflected completely as of March.
Time deposits minimum rate. Modification. (Communication "A" 7160. 11/12/2020). The BCRA decided to increase, for time deposits granted as of November 13, 2020, the percentages applicable to the average rates of LELIQ used to set the minimum rates for time deposits of less than $1 million to 102.78% (previously 94.44%). For the rest of time deposits this percentage will be 94.44% (prev. 88.89%). For time deposits granted as of November 18, 2020, for time deposits of less than $1 million, the applicable rate over LELIQ will be 97.37% (89.48% for the rest).
The coefficient that determines the fixed rate of pre-cancellation of UVA-linked time deposits (with early termination option) granted as of November 13, 2020, was increased to0.8472 (from 0.7917). For the ones granted as of November 18, 2020, the coefficient will be 0.8026.
Additionally, as of November 13, 2020, financial institutions that keep time deposits to the non-financial private sector in pesos below 10% of total deposits in pesos (monthly average of daily balances of the previous month, considering only capital balances without interests or adjustments) will not be able to: (i) buy LELIQ for their excess position (ii) do 7-day REPOs with the BCRA.
SMEs productive investment credit lines. Reserve requirements. (Communication "A" 7161. 12/11/2020). The BCRA states that as of November 1, 2020, it grants a reduction in the average reserve
requirement in pesos for an amount of 14% of financings considered in item 4.1. of "SMEs productive investment credit line" regulation, granted at a nominal annual rate of up to 30%. As of November 13, 2020, financings to SMEs that have imported consumer goods after March 19, 2020, can be considered within this credit line.
Increase in REPO and LELIQ rates. (Communication "C" 88548. 11/13/2020). The BCRA has increased the one-day passive REPO rate from 31% to 32% and the 7-day rate from 34.5% to 36.5% Additional to this regulation, the BCRA decided to increase the LELIQ rate from 37% to 38%.
Layoff ban. Extension. (Decree 761/2020 and Decree 891/2020. 09/24/2020 and 11/16/2020).
The Executive Power extends the ban on wrongful dismissals and layoffs for the period of 60 days counted as of the expiry period on the Decree N° 761/20.
Glossary
Active clients: holders of at least one active product. An active product is in most cases a product with at least "one movement" in the last 3 months, or a minimum balance.
Cost of Risk (accumulated): Year to date accumulated loan loss allowances / Average total loans. Average total loans: average between previous year-end Total loans and other financing and current period Total loans and other financing.
Cost of Risk (quarterly): Current period Loan loss allowances / Average total loans. Average total loans: average between previous quarter-end Total loans and other financing and current period Total loans and other financing.
Coverage ratio: Quarterly allowances under the Expected Credit Loss model / total non-performing portfolio
Digital clients: we consider a customer to be an active user of online banking when they have been logged at least once within the last three months using the internet or a cell phone and SMS banking.
Efficiency ratio (excl. inflation adjustments, accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI (excl. Monetary position adjustment) + Foreign exchange and gold gains + Other net operating income)
Efficiency ratio (excl. inflation adjustments, quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI (excl. Monetary position adjustment) + Foreign exchange and gold gains + Other net operating income)
Efficiency ratio (accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + Other net operating income+ Income from net monetary position)
Efficiency ratio (quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of FinancialInstruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + Other net operating income+ Income from net monetary position)
Liquidity Ratio: (Cash and deposits in banks + Debt securities at fair value through P&L (Excl. Private securities) + Net REPO transactions + Other debt securities (Excl. Private securities)) / Total Deposits
Mobile clients: customers who have been active in online banking at least once in the last three months using a mobile device.
Net Interest Margin (NIM) - (quarterly): Quarterly Net Interest Income / Average quarterly interest-earning assets
Public Sector Exposure (excl. BCRA): (National and Provincial Government public debt + Loans to the public sector + REPO transactions) / Total Assets
ROA (accumulated): Attributable Net Income of the period / Total Average Assets. Total Average Assets is calculated as the average between total assets on December of the previous year and total assets in the current period, expressed in local currency.
ROA (quarterly): Attributable Net Income of the period / Total Average Assets. Total Average Assets is calculated as the average between total assets on the previous quarter-end and total assets in the current period, expressed in local currency
ROE (accumulated): Attributable Net Income of the period / Average Equity. Average Equity is calculated as the average between equity in December of the previous year and equity in the current period, expressed in local currency.
ROE (quarterly): Attributable Net Income of the period / Average Equity. Average Equity is calculated as the average between equity on the previous quarter end and equity in the current period, expressed in local currency.
Spread: (Quarterly Interest Income / Quarterly average Interest-earning Assets) - (Quarterly Interest Expenses / Quarterly average interest-bearing liabilities)
Balance sheet
Balance Sheet BBVA ARG Consolidated Chg (%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Assets | |||||
Cash and deposits in banks | 133,178 | 121,139 | 128,736 | 9.9% | 3.5% |
Cash | 39,357 | 54,332 | 38,608 | (27.6%) | 1.9% |
Financial institutions and correspondents | 93,821 | 66,807 | 90,128 | 40.4% | 4.1% |
B.C.R.A | 89,619 | 62,348 | 80,830 | 43.7% | 10.9% |
Other local and foreign financial institutions | 4,202 | 4,459 | 9,299 | (5.8%) | (54.8%) |
Debt securities at fair value through profit or loss | 6,038 | 10,502 | 7,074 | (42.5%) | (14.7%) |
Derivatives | 1,411 | 1,138 | 3,563 | 24.0% | (60.4%) |
Repo transactions | 18,999 | 36,890 | 9,106 | (48.5%) | 108.6% |
Other financial assets | 12,427 | 6,865 | 11,197 | 81.0% | 11.0% |
Loans and other financing | 250,920 | 261,845 | 281,088 | (4.2%) | (10.7%) |
Non-financial public sector | 0 | 0 | 1 | 134.5% | (40.5%) |
B.C.R.A | - | - | - | N/A | N/A |
Other financial institutions | 2,948 | 3,786 | 5,873 | (22.1%) | (49.8%) |
Non-financial private sector and residents abroad | 247,971 | 258,058 | 275,215 | (3.9%) | (9.9%) |
Other debt securities | 105,815 | 87,740 | 86,673 | 20.6% | 22.1% |
Financial assets pledged as collateral | 14,539 | 11,572 | 11,342 | 25.6% | 28.2% |
Current income tax assets | 5 | 10 | 1 | (47.5%) | n.m |
Investments in equity instruments | 1,764 | 1,943 | 2,562 | (9.2%) | (31.1%) |
Investments in subsidiaries and associates | 1,323 | 1,323 | 442 | 0.0% | 199.5% |
Property and equipment | 30,143 | 30,434 | 34,434 | (1.0%) | (12.5%) |
Intangible assets | 1,295 | 1,149 | 1,085 | 12.7% | 19.4% |
Deferred income tax assets | 5,732 | 5,685 | 2,121 | 0.8% | 170.2% |
Other non-financial assets | 6,043 | 5,137 | 3,675 | 17.6% | 64.5% |
Non-current assets held for sale | 203 | 203 | 203 | - | (0.0%) |
Total Assets | 589,836 | 583,575 | 583,301 | 1.1% | 1.1% |
Liabilities | |||||
Deposits | 399,607 | 401,833 | 375,088 | (0.6%) | 6.5% |
Non-financial public sector | 5,929 | 5,882 | 3,610 | 0.8% | 64.2% |
Financial sector | 550 | 323 | 510 | 70.4% | 7.8% |
Non-financial private sector and residents abroad | 393,128 | 395,629 | 370,968 | (0.6%) | 6.0% |
Liabilities at fair value through profit or loss | - | - | 59 | N/A | (100.0%) |
Derivatives | 36 | 247 | 5,994 | (85.5%) | (99.4%) |
Other financial liabilities | 38,630 | 30,424 | 43,185 | 27.0% | (10.5%) |
Financing received from the B.C.R.A. and other financial institutions | 3,357 | 5,489 | 13,759 | (38.8%) | (75.6%) |
Corporate bonds issued | 4,101 | 4,525 | 11,935 | (9.4%) | (65.6%) |
Current income tax liabilities | 2,878 | 3,486 | 7,159 | (17.4%) | (59.8%) |
Provisions | 10,481 | 11,842 | 11,441 | (11.5%) | (8.4%) |
Deferred income tax liabilities | 18 | 5 | 2 | 288.1% | n.m |
Other non-financial liabilities | 24,038 | 23,508 | 20,843 | 2.3% | 15.3% |
Total Liabilities | 483,145 | 481,358 | 489,465 | 0.4% | (1.3%) |
Equity | |||||
Share Capital | 613 | 613 | 613 | - | 0.0% |
Non-capitalized contributions | 23,702 | 23,702 | 23,690 | (0.0%) | 0.0% |
Capital adjustments | 16,682 | 16,682 | 16,682 | (0.0%) | 0.0% |
Reserves | 88,759 | 88,759 | 53,613 | (0.0%) | 65.6% |
Retained earnings | (29,038) | (29,038) | (16,435) | 0.0% | (76.7%) |
Other accumulated comprehensive income | (5,070) | (6,710) | (10,211) | 24.5% | 50.4% |
Income for the period | 9,029 | 6,194 | 22,492 | 45.8% | (59.9%) |
Equity attributable to owners of the Parent | 104,677 | 100,202 | 90,444 | 4.5% | 15.7% |
Equity attributable to non-controlling interests | 2,014 | 2,015 | 3,392 | (0.1%) | (40.6%) |
Total Equity | 106,691 | 102,217 | 93,836 | 4.4% | 13.7% |
Total Liabilities and Equity | 589,836 | 583,575 | 583,301 | 1.1% | 1.1% |
(1) Excludes consolidation with PSA and VWFS.
133,017 39,357 93,660 89,571 4,088
6,038
1,411
18,999
12,357
240,140 0 - 6,398 233,742
105,815
14,538
5
1,764
3,368
30,101
1,294
5,284
5,928
203 580,262
398,147 5,929 610 391,608 -
36
38,075
580
2,026
2,782
10,435
18
23,464 475,562
613
23,702
16,682
88,759
(29,038)
(5,070)
9,029 104,677 22 104,699 580,262
Balance sheet - Last five quarters
Balance Sheet BBVA ARG Consolidated | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 1Q20 4Q19 3Q19 | |||||
Assets | |||||
Cash and deposits in banks | 133,178 | 121,139 | 166,212 | 191,088 | 128,736 |
Cash | 39,357 | 54,332 | 42,343 | 57,138 | 38,608 |
Financial institutions and correspondents | 93,821 | 66,807 | 123,868 | 133,950 | 90,128 |
B.C.R.A | 89,619 | 62,348 | 118,886 | 131,462 | 80,830 |
Other local and foreign financial institutions | 4,202 | 4,459 | 4,983 | 2,488 | 9,299 |
Debt securities at fair value through profit or loss | 6,038 | 10,502 | 10,277 | 5,050 | 7,074 |
Derivatives | 1,411 | 1,138 | 2,445 | 3,726 | 3,563 |
Repo transactions | 18,999 | 36,890 | 3,632 | - | 9,106 |
Other financial assets | 12,427 | 6,865 | 21,092 | 5,736 | 11,197 |
Loans and other financing | 250,920 | 261,845 | 247,853 | 238,801 | 281,088 |
Non-financial public sector | 0 | 0 | 1 | 1 | 1 |
B.C.R.A | - | - | 13 | 21 | - |
Other financial institutions | 2,948 | 3,786 | 5,739 | 6,227 | 5,873 |
Non-financial private sector and residents abroad | 247,971 | 258,058 | 242,100 | 232,552 | 275,215 |
Other debt securities | 105,815 | 87,740 | 73,460 | 55,248 | 86,673 |
Financial assets pledged as collateral | 14,539 | 11,572 | 7,731 | 7,244 | 11,342 |
Current income tax assets | 5 | 10 | 0 | 32 | 1 |
Investments in equity instruments | 1,764 | 1,943 | 2,055 | 2,514 | 2,562 |
Investments in subsidiaries and associates | 1,323 | 1,323 | 1,278 | 1,267 | 442 |
Property and equipment | 30,143 | 30,434 | 31,005 | 31,883 | 34,434 |
Intangible assets | 1,295 | 1,149 | 1,043 | 954 | 1,085 |
Deferred income tax assets | 5,732 | 5,685 | 8,413 | 5,832 | 2,121 |
Other non-financial assets | 6,043 | 5,137 | 4,860 | 5,223 | 3,675 |
Non-current assets held for sale | 203 | 203 | 203 | 203 | 203 |
Total Assets | 589,836 | 583,575 | 581,560 | 554,801 | 583,301 |
Liabilities | |||||
Deposits | 399,607 | 401,833 | 372,041 | 359,514 | 375,088 |
Non-financial public sector | 5,929 | 5,882 | 3,940 | 3,593 | 3,610 |
Financial sector | 550 | 323 | 325 | 218 | 510 |
Non-financial private sector and residents abroad | 393,128 | 395,629 | 367,775 | 355,703 | 370,968 |
Liabilities at fair value through profit or loss | - | - | - | 710 | 59 |
Derivatives | 36 | 247 | 376 | 3,758 | 5,994 |
Other financial liabilities | 38,630 | 30,424 | 48,587 | 35,250 | 43,185 |
Financing received from the B.C.R.A. and other financial institutions | 3,357 | 5,489 | 4,115 | 7,519 | 13,759 |
Corporate bonds issued | 4,101 | 4,525 | 8,506 | 8,950 | 11,935 |
Current income tax liabilities | 2,878 | 3,486 | 13,134 | 9,869 | 7,159 |
Provisions | 10,481 | 11,842 | 12,789 | 13,143 | 11,441 |
Deferred income tax liabilities | 18 | 5 | - | - | 2 |
Other non-financial liabilities | 24,038 | 23,508 | 21,305 | 20,781 | 20,843 |
Total Liabilities | 483,145 | 481,358 | 480,853 | 459,496 | 489,465 |
Equity | |||||
Share Capital | 613 | 613 | 613 | 613 | 613 |
Non-capitalized contributions | 23,702 | 23,702 | 23,702 | 23,702 | 23,690 |
Capital adjustments | 16,682 | 16,682 | 16,682 | 16,682 | 16,682 |
Reserves | 88,759 | 88,759 | 53,592 | 53,591 | 53,613 |
Retained earnings | (29,038) | (29,038) | 11,866 | (20,511) | (16,435) |
Other accumulated comprehensive income | (5,070) | (6,710) | (11,198) | (10,094) | (10,211) |
Income for the period | 9,029 | 6,194 | 3,493 | 29,393 | 22,492 |
Equity attributable to owners of the Parent | 104,677 | 100,202 | 98,749 | 93,376 | 90,444 |
Equity attributable to non-controlling interests | 2,014 | 2,015 | 1,958 | 1,929 | 3,392 |
Total Equity | 106,691 | 102,217 | 100,707 | 95,305 | 93,836 |
Total Liabilities and Equity | 589,836 | 583,575 | 581,560 | 554,801 | 583,301 |
(1) Excludes consolidation with PSA and VWFS.
Balance sheet - Foreign currency exposure
Foreign Currency Exposure BBVA ARG Consolidated Chg(%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Assets | |||||
Cash and deposits in banks | 97,764 | 93,718 | 85,189 | 4.3% | 14.8% |
Debt securities at fair value through profit or loss | 4 | 0 | 10 | n.m | (65.2%) |
Derivatives | 10 | - | - | N/A | N/A |
Repos | - | - | 7,734 | N/A | (100.0%) |
Other financial assets | 2,012 | 2,009 | 507 | 0.1% | 296.6% |
Loans and other financing | 26,174 | 35,368 | 91,853 | (26.0%) | (71.5%) |
Other financial institutions | 366 | 1,269 | 762 | (71.1%) | (52.0%) |
Non-financial private sector and residents abroad | 25,808 | 34,100 | 91,090 | (24.3%) | (71.7%) |
Other debt securities | - | 4,515 | 15,457 | (100.0%) | (100.0%) |
Financial assets pledged as collateral | 4,218 | 7,183 | 4,290 | (41.3%) | (1.7%) |
Investments in equity instruments | 20 | 19 | 25 | 5.7% | (19.4%) |
Total foreign currency assets | 130,201 | 142,813 | 205,066 | (8.8%) | (36.5%) |
Liabilities - - | |||||
Deposits | 116,778 | 124,866 | 185,792 | (6.5%) | (37.1%) |
Non-Financial Public Sector | 2,973 | 2,493 | 3,720 | 19.2% | (20.1%) |
Financial Sector | 52 | 52 | 126 | 0.2% | (58.8%) |
Non-financial private sector and residents abroad | 113,753 | 122,321 | 181,946 | (7.0%) | (37.5%) |
Liabilities at fair value through profit or loss | - | - | 227 | N/A | (100.0%) |
Other financial liabilities | 10,598 | 8,454 | 12,359 | 25.4% | (14.2%) |
Financing received from the B.C.R.A. and other financial institutions | 553 | 585 | 4,485 | (5.5%) | (87.7%) |
Other non financial liabilities | 1,120 | 958 | 1,387 | 16.9% | (19.3%) |
Total foreign currency liabilities | 129,049 | 134,863 | 204,250 | (4.3%) | (36.8%) |
Foreign Currency Net Position - AR$ | 1,152 | 7,949 | 816 | (85.5%) | 41.1% |
Foreign Currency Net Position - USD | 15 | 113 | 19 | (86.6%) | (21.4%) |
P&L
Income Statement BBVA ARG Consolidated Chg(%) | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 3Q19 QoQ YoY | |||||
Interest income | 26,114 | 24,052 | 39,003 | 8.6% | (33.0%) |
Interest expense | (9,463) | (6,960) | (16,619) | (36.0%) | 43.1% |
Net interest income | 16,652 | 17,092 | 22,384 | (2.6%) | (25.6%) |
Fee income | 6,269 | 6,572 | 6,758 | (4.6%) | (7.2%) |
Fee expenses | (3,265) | (3,225) | (4,511) | (1.2%) | 27.6% |
Net fee income | 3,005 | 3,347 | 2,247 | (10.2%) | 33.7% |
Net income from financial instruments at fair value | 886 | 1,359 | 2,339 | (34.8%) | (62.1%) |
Net loss from write-down of assets at amortized cost and fair value through OCI | (3,988) | (2,225) | 5 | (79.3%) | n.m |
Foreign exchange and gold gains | 1,618 | 1,609 | 5,385 | 0.5% | (70.0%) |
Other operating income | 1,500 | 1,230 | 1,563 | 22.0% | (4.0%) |
Loan loss allowances | (927) | (2,848) | (6,936) | 67.4% | 86.6% |
Net operating income | 18,744 | 19,562 | 26,986 | (4.2%) | (30.5%) |
Personnel benefits | (4,583) | (4,269) | (5,249) | (7.3%) | 12.7% |
Administrative expenses | (4,360) | (4,125) | (4,924) | (5.7%) | 11.5% |
Depreciation and amortization | (838) | (907) | (1,064) | 7.7% | 21.3% |
Other operating expenses | (2,706) | (3,048) | (5,028) | 11.2% | 46.2% |
Operating income | 6,257 | 7,213 | 10,721 | (13.2%) | (41.6%) |
Income from associates and joint ventures | (14) | 202 | (48) | (106.8%) | 71.2% |
Income from net monetary position | (2,242) | (2,459) | (1,406) | 8.9% | (59.4%) |
Income before income tax | 4,002 | 4,955 | 9,267 | (19.2%) | (56.8%) |
Income tax | (1,169) | (2,202) | (1,082) | 46.9% | (8.0%) |
Income for the period | 2,833 | 2,753 | 8,185 | 2.9% | (65.4%) |
Income for the period attributable to: | |||||
Owners of the parent | 2,834 | 2,702 | 7,749 | 4.9% | (63.4%) |
Non-controlling interests | (1) | 510 | 436 | (101.7%) | (100.2%) |
Other comprehensive Income (2) | 1,641 | 2,074 | (7,044) | 58.4% | 141.4% |
(1) Excludes consolidation with PSA and VWFS.
(2) Neto of Income Tax.
Proforma (1)
3Q20
24,956
(8,993)
15,963
6,268
(3,242)
3,026
886
(3,988)
1,629
1,530
(895) 18,150 (4,518) (4,283)
(828) (2,579) 5,943
(9)
(1,985) 3,949 (1,102) 2,847
2,834
13
1,641
P&L - Last five quarters
Income Statement BBVA ARG Consolidated | |||||
In millions AR$ - Inflation adjusted 3Q20 2Q20 1Q20 4Q19 3Q19 | |||||
Interest income | 26,114 | 24,052 | 27,921 | 32,822 | 39,003 |
Interest expense | (9,463) | (6,960) | (9,270) | (11,448) | (16,619) |
Net interest income | 16,652 | 17,092 | 18,651 | 21,374 | 22,384 |
Fee income | 6,269 | 6,572 | 6,127 | 6,540 | 6,758 |
Fee expenses | (3,265) | (3,225) | (3,999) | (4,463) | (4,511) |
Net fee income | 3,005 | 3,347 | 2,128 | 2,077 | 2,247 |
Net income from financial instruments at fair value | 886 | 1,359 | 1,135 | 1,361 | 2,339 |
Net loss from write-down of assets at amortized cost and fair value through OCI | (3,988) | (2,225) | (144) | (14) | 5 |
Foreign exchange and gold gains | 1,618 | 1,609 | 1,404 | 3,518 | 5,385 |
Other operating income | 1,500 | 1,230 | 1,179 | 1,339 | 1,563 |
Loan loss allowances | (927) | (2,848) | (1,842) | (4,965) | (6,936) |
Net operating income | 18,744 | 19,562 | 22,510 | 24,690 | 26,986 |
Personnel benefits | (4,583) | (4,269) | (5,036) | (5,233) | (5,249) |
Administrative expenses | (4,360) | (4,125) | (4,072) | (4,784) | (4,924) |
Depreciation and amortization | (838) | (907) | (933) | (1,937) | (1,064) |
Other operating expenses | (2,706) | (3,048) | (3,530) | (7,106) | (5,028) |
Operating income | 6,257 | 7,213 | 8,939 | 5,629 | 10,721 |
Income from associates and joint ventures | (14) | 202 | 31 | 24 | (48) |
Income from net monetary position | (2,242) | (2,459) | (2,976) | (2,233) | (1,406) |
Income before income tax | 4,002 | 4,955 | 5,993 | 3,420 | 9,267 |
Income tax | (1,169) | (2,202) | (2,468) | 3,001 | (1,082) |
Income for the period | 2,833 | 2,753 | 3,525 | 6,421 | 8,185 |
Income for the period attributable to: | - | ||||
Owners of the parent | 2,834 | 2,702 | 3,493 | 6,901 | 7,749 |
Non-controlling interests | (1) | 51 | 32 | (480) | 436 |
Other comprehensive Income (2) | 1,641 | 2,074 | 1,309 | 280 | (7,044) |
(1) Excludes consolidation with PSA and VWFS.
(2) Neto of Income Tax
Ratios
Quarterly Annualized Ratios BBVA ARG consolidated Chg (bps) | |||||
In % 3Q20 2Q20 3Q19 QoQ YoY | |||||
Profitability | |||||
Efficiency Ratio | 66.1% | 54.2% | 25.4% | 1,190 bps | 4,068 bps |
Efficiency Ratio (excl. Inflation adjustments) | 49.1% | 42.8% | 16.4% | 631 bps | 3,279 bps |
ROA | 1.9% | 1.9% | 5.8% | 2 bps | (383)bps |
ROE | 11.0% | 11.1% | 38.6% | (13)bps | (2,758)bps |
Liquidity | |||||
Liquid assets / Total Deposits | 66.0% | 63.7% | 61.7% | 230 bps | 432 bps |
Capital | |||||
Regulatory Capital Ratio | 23.3% | 21.9% | 19.7% | 140 bps | 360 bps |
TIER I Capital Ratio (Ordinary Capital Level 1/ RWA) | 22.6% | 21.2% | 19.1% | 140 bps | 350 bps |
Asset Quality | |||||
Total non-performing portfolio / Total portfolio | 1.16% | 1.56% | 3.25% | (39)bps | (208)bps |
Allowances /Total non-performing portfolio | 355.26% | 269.38% | 148.11% | 8,588 bps | 20,715 bps |
Cost of Risk | 1.37% | 4.27% | 9.31% | (290)bps | (794)bps |
Accumulated Annualized Ratios BBVA ARG consolidated Chg (bps) | |||||
In % 3Q20 2Q20 3Q19 QoQ YoY | |||||
Profitability | |||||
Efficiency Ratio | 58.0% | 54.7% | 43.9% | 337 bps | 1,416 bps |
Efficiency Ratio (excl. Inflation adjustments) | 46.2% | 41.8% | 33.8% | 436 bps | 1,234 bps |
ROA | 2.1% | 2.2% | 5.2% | (6)bps | (307)bps |
ROE | 12.3% | 13.0% | 36.5% | (75)bps | (2,420)bps |
Liquidity | |||||
Liquid assets / Total Deposits | 66.0% | 63.7% | 61.7% | 230 bps | 432 bps |
Capital | |||||
Regulatory Capital Ratio | 23.3% | 21.9% | 19.7% | 140 bps | 360 bps |
TIER I Capital Ratio (Ordinary Capital Level 1/ RWA) | 22.6% | 21.2% | 19.1% | 140 bps | 350 bps |
Asset Quality | |||||
Total non-performing portfolio / Total portfolio | 1.16% | 1.56% | 3.25% | (39)bps | (208)bps |
Allowances /Total non-performing portfolio | 355.26% | 269.38% | 148.11% | 8,588 bps | 20,715 bps |
Cost of Risk | 2.91% | 3.58% | 4.80% | (67)bps | (189)bps |
About BBVA Argentina
BBVA Argentina (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) is a subsidiary of the BBVA Group, the main shareholder since 1996. In Argentina, it is one of the leading private financial institutions since 1886. Nationwide, BBVA Argentina offers retail and corporate banking to a broad customer base, including: individuals, SME's, and large-sized companies.
BBVA Argentina's purpose is to bring the age of opportunities to everyone, based on our customers' real needs, providing the best solutions, and helping them make the best financial decisions through an easy and convenient experience. The institution relies on solid values: "The customer comes first, We think big and We are one team". At the same time, its responsible banking model aspires to achieve a more inclusive and sustainable society.
Investor Relations Contact
Ernesto Gallardo
Chief Financial Officer Inés Lanusse
Investor Relations Officer
investorelations-arg@bbva.comir.bbva.com.ar
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Banco BBVA Argentina SA published this content on 27 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 December 2020 13:14:04 UTC