SEGMENT REPORTING | NOTE 31. SEGMENT REPORTING The Group determines the segments based on Management Reports that are reviewed by the Board of Directors, which updates them as they change. Segments to be reported are made up of one or more operating segments of similar economic characteristics, distribution channels and regulatory environments. The composition of each business segment is described below: Bank: it represents the income of the banking business. Naranja X: it includes the consolidated income of Tarjetas Regionales S.A. with its subsidiaries, namely: Cobranzas Regionales S.A., Tarjeta Naranja S.A.U., and Naranja Digital Compañía Financiera S.A.U. Insurance: it represents the income of the insurance companies and includes the consolidated income of Sudamericana Holding S.A. with its subsidiaries, namely: Galicia Retiro Cía. de Seguros S.A.U., Galicia Seguros S.A.U., and Galicia Broker Asesores de Seguros S.A. Other Businesses: it exposes the income of Galicia Asset Management S.A.U., Galicia Warrants S.A., Galicia Securities S.A.U., Agri Tech Investments LLC, IGAM LLC, Galicia Investments LLC, Galicia Holdings US Inc., and Grupo Financiero Galicia S.A.; for the latter five companies, net of income eliminations for permanent interests in other companies. Adjustments: it comprises the elimination of transactions between the subsidiaries. See Note 35. The Board of Directors monitors the operating income of the Group's different operating segments separately for the purpose of making decisions about the allocation of resources and the performance evaluation of each segment. Segment performance is evaluated based on the operating profits or losses and is measured consistently against the operating profit and loss of the Consolidated Statement of Income. When any transaction occurs, the transfer prices between the operating segments are agreed independently and equitably in a manner similar to transactions made with third parties. Afterwards, the revenues, the expenses and the income arising from the transfers between the operating segments are eliminated from the consolidation. The segment reporting as of the indicated dates is detailed below: Items Bank Naranja X Insurance Other Businesses Adjustments 09.30.24 ASSETS Cash and Due from Banks 6,605,247,649 52,055,839 2,523,612 227,067,456 (139,010,203) 6,747,884,353 Debt Securities at Fair Value through Profit or Loss 867,390,117 92,170,172 67,964,063 71,626,912 (3,261,586) 1,095,889,678 Derivative Financial Instruments 6,523,967 — — — — 6,523,967 Repurchase Transactions 20,477,074 — — — (20,477,074) — Other Financial Assets 393,365,755 152,858,915 17,106,981 62,749,942 (7,369,366) 618,712,227 Loans and Other Financing 6,198,773,262 2,679,260,251 — 6,037,312 (156,373,849) 8,727,696,976 Other Debt Securities 2,926,217,595 306,833,465 31,368,552 — (283,293) 3,264,136,319 Financial Assets Pledged as Collateral 1,122,194,752 85,512,486 — 5,974,589 — 1,213,681,827 Current Income Tax Assets — — 5,814,307 — — 5,814,307 Investments in Equity Instruments 15,770,745 — 324,267 6,823,394 — 22,918,406 Investments in Subsidiaries, Associates and Joint Ventures 2,704,791 — — — — 2,704,791 Property, Plant and Equipment 663,480,258 64,862,976 5,882,487 2,512,585 — 736,738,306 Intangible Assets 208,011,493 15,813,860 17,813,202 3,409,503 — 245,048,058 Deferred Income Tax Assets — 34,281,906 47,999,512 9,631,805 — 91,913,223 Assets from Insurance Contracts — — 18,941,639 — — 18,941,639 Reinsurance Contract Assets — — 49,138,564 — — 49,138,564 Other Non-financial Assets 77,238,158 22,565,346 5,543,419 22,288,218 — 127,635,141 Non-current Assets Held for Sale 19,114 — — — — 19,114 Total Assets 19,107,414,730 3,506,215,216 270,420,605 418,121,716 (326,775,371) 22,975,396,896 Items Bank Naranja X Insurance Other Businesses Adjustments 09.30.24 LIABILITIES Deposits 13,193,043,991 656,026,577 — — (145,855,263) 13,703,215,305 Liabilities at Fair Value through Profit or Loss 1,075,018 — — 4,282,905 — 5,357,923 Derivative Financial Instruments 29,212,121 — — — — 29,212,121 Repurchase Transactions 43,568,267 20,477,074 — — (20,477,074) 43,568,267 Other Financial Liabilities 1,456,027,280 1,551,255,120 — 227,523,555 (15,733,437) 3,219,072,518 Financing from the Argentine Central Bank and Other Financial Institutions 51,935,637 355,554,912 — — (140,622,167) 266,868,382 Issued Debt Securities 99,939,615 97,899,435 — — (3,544,880) 194,294,170 Current Income Tax Liabilities 18,323,231 9,140,950 3,411,449 18,780,917 — 49,656,547 Subordinated Debt Securities 245,154,965 — — — — 245,154,965 Provisions 77,802,736 3,347,056 855,458 53,295 — 82,058,545 Deferred Income Tax Liabilities 36,126,962 — 13,273,556 7,556,408 — 56,956,926 Liabilities from Insurance Contracts — — 179,448,272 — (29,939) 179,418,333 Reinsurance Contracts Liabilities — — 918,578 — — 918,578 Other Non-Financial Liabilities 295,792,403 107,779,877 36,714,427 20,592,761 (512,611) 460,366,857 Total Liabilities 15,548,002,226 2,801,481,001 234,621,740 278,789,841 (326,775,371) 18,536,119,437 Items Bank Naranja X Insurance Other Businesses Adjustments 12.31.23 ASSETS Cash and Due from Banks 3,877,395,117 39,307,493 9,083,062 163,909,498 (66,371,755) 4,023,323,415 Debt Securities at Fair Value through Profit or Loss 932,449,238 127,730,276 139,133,833 36,351,629 (28,608,649) 1,207,056,327 Derivative Financial Instruments 71,096,852 13,062,447 — 3,074 (13,023,883) 71,138,490 Repurchase Transactions 2,189,005,437 212,925,524 — — (43,100,856) 2,358,830,105 Other Financial Assets 247,886,152 13,159,734 31,214,180 87,135,779 (19,900,923) 359,494,922 Loans and Other Financing 4,498,093,601 1,835,594,015 — 8,755,735 (132,798,676) 6,209,644,675 Other Debt Securities 3,611,947,185 238,827,451 32,348,278 — — 3,883,122,914 Financial Assets Pledged as Collateral 778,682,816 64,271,009 — 26,983,244 — 869,937,069 Current Income Tax Assets — — 3,921,023 203,095 — 4,124,118 Investments in Equity Instruments 13,903,576 — 228,784 5,295,039 — 19,427,399 Investments in Subsidiaries, Associates and Joint Ventures 5,342,615 — — — — 5,342,615 Property, Plant and Equipment 636,056,023 65,705,155 12,955,916 1,417,668 — 716,134,762 Intangible Assets 207,346,031 17,702,550 19,964,739 4,170,595 — 249,183,915 Deferred Income Tax Assets 263,304,647 59,222,491 56,648,006 3,331,766 — 382,506,910 Assets from Insurance Contracts — — 19,798,609 — — 19,798,609 Reinsurance Contract Assets — — 57,684,449 — — 57,684,449 Other Non-financial Assets 113,182,701 14,334,951 4,834,985 24,371,158 (16) 156,723,779 Non-current Assets Held for Sale 151,024 — — — — 151,024 Total Assets 17,445,843,015 2,701,843,096 387,815,864 361,928,280 (303,804,758) 20,593,625,497 Items Bank Naranja X Insurance Other Businesses Adjustments 12.31.23 LIABILITIES Deposits 11,177,609,307 414,436,075 — 12,433 (86,261,272) 11,505,796,543 Liabilities at Fair Value through Profit or Loss 99,752,488 — — — — 99,752,488 Derivative Financial Instruments 37,694,864 — — — (13,023,883) 24,670,981 Repurchase Transactions 47,061,623 43,100,856 — — (43,100,856) 47,061,623 Other Financial Liabilities 1,342,736,495 1,076,171,379 — 163,198,184 (15,316,876) 2,566,789,182 Financing from the Argentine Central Bank and Other Financial Institutions 87,722,297 305,681,236 — 1,104,148 (116,066,549) 278,441,132 Issued Debt Securities 31,319,030 179,803,454 — — (24,225,683) 186,896,801 Current Income Tax Liabilities 475,941,400 20,049,601 18,020,090 35,096,492 — 549,107,583 Subordinated Debt Securities 418,859,372 — — — (4,382,966) 414,476,406 Provisions 34,880,377 4,373,927 1,640,554 203,349 — 41,098,207 Deferred Income Tax Liabilities — — 26,109,433 8,875,617 — 34,985,050 Liabilities from Insurance Contracts — — 213,080,437 — (8,309) 213,072,128 Reinsurance Contracts Liabilities — — 4,361,482 — — 4,361,482 Other Non-Financial Liabilities 380,239,256 102,247,570 56,251,658 23,416,320 (1,418,364) 560,736,440 Total Liabilities 14,133,816,509 2,145,864,098 319,463,654 231,906,543 (303,804,758) 16,527,246,046 Items Bank Naranja X Insurance Other Businesses Adjustments 09.30.24 Net Income from Interest 3,250,541,796 720,802,362 35,012,361 (2,202,884) 15,389,531 4,019,543,166 Net Fee Income 405,600,403 304,602,472 — 4,584,493 (16,831,461) 697,955,907 Net Income from Financial Instruments measured at Fair Value through Profit or Loss 382,712,042 53,528,589 6,925,811 91,732,749 (469,623) 534,429,568 Income from Derecognition of Assets Measured at Amortized Cost 146,815,190 20,866,476 — — — 167,681,666 Exchange Rate Differences on Foreign Currency 110,249,683 6,080,516 9,150,804 3,641,760 — 129,122,763 Other Operating Income 133,263,672 70,361,419 13,972,591 109,520,647 (11,086,754) 316,031,575 Insurance Business Result — — 36,475,367 — 20,899,680 57,375,047 Impairment Charge (276,219,938) (182,394,347) (103,258) — — (458,717,543) Personnel Expenses (354,709,137) (114,923,940) (24,067,358) (18,687,160) — (512,387,595) Administrative Expenses (338,074,573) (134,325,484) (21,160,292) (15,401,651) 343,578 (508,618,422) Depreciation of Assets (89,649,302) (19,253,741) (3,988,969) (1,277,323) — (114,169,335) Other Operating Expenses (599,734,795) (173,857,405) (78,495,145) (31,921,622) 10,127 (883,998,840) Loss on Net Monetary Position (1,603,504,674) (293,721,238) (7,528,724) (71,753,152) — (1,976,507,788) Operating Income 1,167,290,367 257,765,679 (33,806,812) 68,235,857 8,255,078 1,467,740,169 Share of Profit from Associates and Joint Ventures (3,591,610) — — — — (3,591,610) Income before Taxes on Continuing Operations 1,163,698,757 257,765,679 (33,806,812) 68,235,857 8,255,078 1,464,148,559 Income Tax on Continuing Operations (427,924,780) (68,384,867) 16,292,117 (27,969,446) — (507,986,976) Net Income from Continuing Operations 735,773,977 189,380,812 (17,514,695) 40,266,411 8,255,078 956,161,583 Net Income 735,773,977 189,380,812 (17,514,695) 40,266,411 8,255,078 956,161,583 Other Comprehensive Income (Loss) 17,505,543 (740,661) (112,690) 533,091 — 17,185,283 Net Income Attributable to Parent Company's Owners 753,279,520 188,640,151 (17,518,870) 40,799,502 8,255,078 973,455,381 Net Income Attributable to Non-controlling Interests — — (108,515) — — (108,515) Items Bank Naranja X Insurance Other Businesses Adjustments 09.30.23 Net Income from Interest 1,911,519,794 380,754,566 26,019,256 24,789 (12,146,622) 2,306,171,783 Net Fee Income 437,269,163 277,972,910 — 3,965,870 (14,296,825) 704,911,118 Net Income from Financial Instruments measured at Fair Value through Profit or Loss 386,655,904 57,066,788 (3,947,844) 84,605,947 13,520,465 537,901,260 Income from Derecognition of Assets Measured at Amortized Cost 72,682,961 (321,219) — 14,217 — 72,375,959 Exchange Rate Differences on Gold and Foreign Currency 379,128,395 (1,429,767) 252,698 16,671,032 — 394,622,358 Other Operating Income 420,302,213 59,858,403 12,411,828 84,102,423 (6,361,403) 570,313,464 Insurance Business Result — — 38,485,817 18,388,284 56,874,101 Impairment Charge (177,090,582) (83,711,450) 18,633 — — (260,783,399) Personnel Expenses (326,466,613) (109,849,829) (15,174,660) (12,682,454) — (464,173,556) Administrative Expenses (295,952,033) (112,172,850) (8,421,570) (11,111,196) 859,814 (426,797,835) Depreciation and Impairment of Assets (104,419,016) (17,866,162) (2,254,503) (1,129,173) — (125,668,854) Other Operating Expenses (588,952,456) (151,109,985) (5,760,047) (19,048,056) 51,668 (764,818,876) Loss on Net Monetary Position (1,508,692,103) (288,918,734) (19,551,544) (62,087,532) — (1,879,249,913) Operating Income 605,985,627 10,272,671 22,078,064 83,325,867 15,381 721,677,610 Share of Profit from Associates and Joint Ventures (3,072,099) — — — — (3,072,099) Income before Taxes on Continuing Operations 602,913,528 10,272,671 22,078,064 83,325,867 15,381 718,605,511 Income Tax on Continuing Operations (156,643,373) (13,588,470) (11,360,635) (37,673,481) — (219,265,959) Net Income from Continuing Operations 446,270,155 (3,315,799) 10,717,429 45,652,386 15,381 499,339,552 Net Income 446,270,155 (3,315,799) 10,717,429 45,652,386 15,381 499,339,552 Other Comprehensive Income (Loss) — 107,539 72,149 802,262 — 981,950 Net Income Attributable to Parent Company's Owners 446,270,155 (3,208,260) 10,789,445 46,454,648 15,381 500,321,369 Net Income Attributable to Non-controlling Interests — — 133 — — 133 |