Grupo Financiero Galicia (GGAL) 6-K Grupo Financiero Galicia S.a. Reports Financial Results for the Fourth Quarter

Exhibit 99.1

GRUPO FINANCIERO GALICIA S.A. REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER

AND FOR THE FISCAL YEAR THAT ENDED ON DECEMBER 31, 2020

Buenos Aires, Argentina, March 9, 2021 – Grupo Financiero Galicia S.A. (BYMA /NASDAQ: GGAL) announced its financial results for the fourth quarter (the “Quarter”) and the fiscal year (the “Fiscal Year”) that ended on December 31, 2020.

Beginning with the fiscal year that started on January 1, 2020, Grupo Financiero Galicia S.A. (“GFG” or “Grupo Financiero Galicia”) has applied certain restatement criteria established by IAS 29 “Financial Information in Hyperinflationary Economies,” and the expected credit loss model, in accordance with Communication “A” 6847 of the Argentine Central Bank, which includes item 5.5 “Impairment” of IFRS 9 “Financial Instruments.” For comparative purposes, the information corresponding to the 2019 fiscal year has been adjusted in accordance with the abovementioned standards, unless otherwise indicated.

The information presented in this report has been restated in homogeneous currency, as of December 2020, unless otherwise indicated.

HIGHLIGHTS

• Comprehensive income attributable to Grupo Financiero Galicia for the Fiscal Year amounted to Ps.25,329 million, 15% lower than the Ps.29,857 million recorded in the same period of the prior fiscal year. Net income attributable to GFG amounted to Ps.26,439 million, 11% lower than the Ps.29,767 million recorded in the 2019 fiscal year. The profit per share for the Fiscal Year amounted to Ps.17.92, as compared to Ps.20.86 per share recorded for the 2019 fiscal year.

• The result of the Fiscal Year were mainly attributable to the income derived from GFG’s interests in Banco de Galicia y Buenos Aires S.A.U. (“Banco Galicia” or “the Bank”), for Ps.22,210 million; in Tarjetas Regionales S.A. (“Tarjetas Regionales”), for Ps.1,810 million; in Sudamericana Holding S.A. (“Sudamericana Holding”), for Ps.1,128 million; and in Galicia Administradora de Fondos S.A. (“GAF”), for Ps.1,122 million, and were increased by a net operating income of Ps.653 million, partially offset by the results from the net monetary position of Ps.386 million and by personnel and administrative expenses of Ps.303 million.

• Comprehensive income attributable to GFG for the Quarter amounted to Ps.3,243 million, 26% higher than the Ps.2,572 million recorded in the same quarter of the 2019 fiscal year. Net income attributable to Grupo Financiero Galicia amounted to Ps.3,107 million, 133% higher than the Ps.1,331 million recorded in the fourth quarter of the prior fiscal year. Net profit per share for the Quarter amounted to Ps.2.11, as compared to Ps.0.93 per share recorded for the same quarter of the 2019 fiscal year.

Bruno Folino CFO - Grupo Financiero Galicia www.gfgsa.com Pablo Firvida IRO - Grupo Financiero Galicia Tel.: (54-11) 6329-4881 inversores@gfgsa.com Conference Call March 10, 2021 11:00 am eastern time Call-in number: +1 323-289-6576 Conference ID: 5208598

• The result of the Quarter were mainly attributable to the income derived from GFG’s interests in Banco Galicia, for Ps.2,707 million; in GAF, for Ps.272 million; in Tarjetas Regionales, for Ps.152 million; and in Sudamericana Holding, for Ps.42 million, and were increased by a net operating income of Ps.336 million, partially offset by personnel and administrative expenses of Ps.127 million and by the loss from the net monetary position of Ps.85 million.

• The Bank’s market share of loans to the private sector was 13.03%, increasing 153 basis points (“bp”) as compared to December 31, 2019. Market share for deposits from the private sector was 10.07%, increasing 15 bp from the fourth quarter of the prior fiscal year.

• As of December 31, 2020, the minimum capital requirement amounted to Ps.56,069 million, increasing Ps.18,407 million (49%), and computable capital was Ps.157,061 million, increasing Ps.76,276 million (94%), in each case as compared to the figures recorded as of the end of 2019. The excess of computable capital over the minimum capital requirement amounted to Ps.100,992 million, and the total capital ratio was 22.92%.

2

CONSOLIDATED INFORMATION

Consolidated Financial Statement	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Financial Information
Assets		1,057,950		1,056,083		935,353		—			13
Net loans and other financing		531,581		510,761		494,268		4			8
Deposits		676,396		684,642		536,033		(1	)		26
Shareholders’ equity attributable to GFG		179,860		172,494		152,301		4			18
Shares outstanding (in thousands of shares) (1)		1,474,692		1,426,765		1,426,765		3			3
Book value per share (in pesos)		121.94		120.88		106.73		106			1,521
Net income attributable to GFG		3,107		6,068		1,331		(49	)		133
Net income per share (in pesos)		2.11		4.25		0.93		(214	)		118

(1) 10 ordinary shares = 1 ADS. Includes shares to be issued in connection with the merger-spin-off with Regional Cards.

Selected Ratios	2020				2019		Variation (bp)						Fiscal Year
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19			2020		2019
Return (1) on average assets (2)		1.16		2.30		0.50		(114	)		66			2.57		2.76
Return (1) on average shareholders’ equity (2)		7.04		14.02		3.59		(698	)		345			15.81		20.23
Financial Margin (2) (3)		17.71		18.09		21.50		(38	)		(379	)		19.15		17.99
Efficiency ratio (4)		58.61		49.08		70.34		953			(1,173	)		47.60		53.86
Total capital ratio (5)		22.16		22.91		17.53		(75	)		463
Non-performing loans / Loans to private sector		1.39		2.72		5.45		(133	)		(406	)
Allowance for loan losses / Loans to private sector		6.60		7.33		6.78		(73	)		(18	)
Allowance for loan losses / Non-accrual loans		474.59		269.72		124.35		20,487			35,024
Non-accrual portfolio with guarantees to non-accrual portfolio		18.71		18.90		13.29		(19	)		542
Cost of Risk(6)		4.68		4.83		3.55		(15	)		113			6.29		5.00

(1) Net income attributable to GFG.

(2) Annualized.

(3) Net interest income, plus net result from financial instruments, plus results from the disposal of assets, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income and expenses, divided by the average balance of interest-earning assets.

(4) Personnel expenses, plus administrative expenses, plus depreciation and devaluations of assets, divided by net interest income, plus net fee income, plus net result from financial instruments, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income, plus the result from the net monetary position.

(5) Banco Galicia consolidated with Tarjetas Regionales.

(6) Includes provisions for unused balances of overdrafts and credit cards.

Market Indicators	2020				2019		Variation
In pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Market price										(bp)
Shares – BYMA		125.75		105.90		121.60		1,985			415
ADS – NASDAQ (in US$)		8.74		7,24		16.23		150			(749	)
Price BYMA / book value		1.03		0.88		1.14		15			(11	)
Average daily volume (in thousands of shares)										(%)
BYMA		2,196		3,264		1,590		(33	)		38
NASDAQ (1)		8,282		14,643		13,412		(43	)		(38	)
Market share (%)										(bp)
Banco Galicia
Loans to the private sector		13.03		12.74		11.50		29			153
Deposits from the private sector		10.07		10.15		9.92		(8	)		15
Galicia Administradora de Fondos S.A.		9.97		10.61		9.60		(64	)		37

(1) Expressed in equivalent shares: 10 ordinary shares = 1 ADS.

3

GRUPO FINANCIERO GALICIA

RESULTS FOR THE FISCAL YEAR

Income Statement In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Results from Equity Investments		26,620			29,789			(11	)
Banco de Galicia y Buenos Aires S.A.U.		22,210			27,896			(20	)
Tarjetas Regionales S.A.(1)		1,810			746			143
Galicia Administradora de Fondos S.A.		1,122			302			272
Sudamericana Holding S.A.		1,128			667			69
Other subsidiaries		350			178			97
Net operating income		653			728			(10	)
Administrative expenses		(303	)		(278	)		9
Other operating income and expenses		(8	)		(24	)		(67	)
Results from the net monetary position		(386	)		(444	)		(13	)
Income tax		(137	)		(4	)		3,325
Net income attributable to GFG		26,439			29,767			(11	)
Other comprehensive income(2)		(1,110	)		90			(1,333	)
Comprehensive income attributable to GFG		25,329			29,857			(15	)

(1) Beginning on September 1, 2020, 100% of the results from Tarjetas Regionales correspond to GFG.

(2) Net of income tax.

Net income attributable to GFG for the Fiscal Year amounted to Ps.26,439 million, which represented a 2.57% annualized return on average assets and a 15.81% return on average shareholders’ equity.

The abovementioned result was mainly attributable to profits realized from GFG’s interests in Banco Galicia, for Ps.22,210 million; in Tarjetas Regionales, for Ps.1,810 million; in Sudamericana Holding, for Ps.1,128 million; and in GAF, for Ps.1,122 million.

RESULTS FOR THE QUARTER

Income Statement	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Results from Equity Investments		3,059			6,167			1,349			(50	)		127
Banco de Galicia y Buenos Aires S.A.U.		2,707			4,982			212			(46	)		1,177
Tarjetas Regionales S.A.(1)		152			328			987			(54	)		85
Galicia Administradora de Fondos S.A.		272			382			(13	)		(29	)		(2,192	)
Sudamericana Holding S.A.		42			304			52			(86	)		(19	)
Other subsidiaries		(114	)		171			111			(167	)		203
Net operating income		336			138			91			143			269
Administrative expenses		(127	)		(50	)		(47	)		154			170
Other operating income and expenses		(1	)		(5	)		(2	)		(80	)		(50	)
Results from the net monetary position		(85	)		(149	)		(62	)		(43	)		37
Income tax		(75	)		(33	)		2			127			(3,850	)
Net income attributable to GFG		3,107			6,068			1,331			(49	)		133
Other comprehensive income(2)		136			(685	)		1,241			(120	)		89
Comprehensive income attributable to GFG		3,243			5,383			2,572			(40	)		26

(1) Beginning on September 1, 2020, 100% of the results from Tarjetas Regionales correspond to GFG.

(2) Net of income tax.

Net income attributable to GFG for the Quarter amounted to Ps.3,107 million, which represented a 1.16% annualized return on average assets and a 7.04% return on average shareholders’ equity.

4

The abovementioned result was mainly attributable to profits realized from GFG’s interests in Banco Galicia, for Ps.2,707 million; in Galicia Administradora de Fondos, for Ps.272 million; in Tarjetas Regionales, for Ps.152 million; and in Sudamericana Holding, for Ps.42 million.

SELECTED FINANCIAL INFORMATION – CONSOLIDATED

Balance Sheet	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Assets
Cash and due from banks		175,423		159,082		177,866		10			(1	)
Debt securities		155,420		203,043		89,431		(23	)		74
Net loans and other financing		531,581		510,761		494,268		4			8
Other financial assets		117,216		109,783		102,766		7			14
Equity investments in subsidiaries, associates, and joint businesses		89		50		—		78			N/A
Property, bank premises, equipment		43,731		44,073		44,877		(1	)		(3	)
Intangible assets		14,469		14,565		11,835		(1	)		22
Other assets		19,992		14,671		14,257		36			40
Assets available for sale		29		55		53		(47	)		(45	)
Total assets		1,057,950		1,056,083		935,353		—			13
Liabilities
Deposits		676,396		684,642		536,034		(1	)		26
Financing from financial entities		13,833		10,573		30,936		31			(55	)
Other financial liabilities		97,528		86,929		100,289		12			(3	)
Notes		17,074		19,712		39,809		(13	)		(57	)
Subordinated notes		21,654		21,374		21,101		1			3
Other liabilities		51,605		56,223		50,943		(8	)		1
Total liabilities		878,090		879,453		779,112		—			13
Shareholders’ equity attributable to third parties		—		4,136		3,940		(100	)		(100	)
Shareholders’ equity attributable to GFG		179,860		172,494		152,301		4			18
Total shareholders’ equity		179,860		176,630		156,241		2			15

5

Income Statement for the Fiscal Year In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Net interest income		76.633			47.417			62
Interest income		166.808			177.671			(6	)
Interest related expenses		(90.175	)		(130.254	)		(31	)
Net fee income		36.557			38.233			(4	)
Fee income		46.475			47.847			(3	)
Fee related expenses		(9.918	)		(9.614	)		3
Net results from financial instruments		68.726			96.318			(29	)
Results from the disposal of assets		(1.274	)		299			(526	)
Gold and foreign currency quotation differences		7.047			11.832			(40	)
Other operating income		22.323			27.095			(18	)
Underwriting income from insurance business		5.502			4.932			12
Loan loss provisions		(30.936	)		(25.079	)		23
Net operating income		184.578			201.047			(8	)
Personnel expenses		(31.825	)		(33.285	)		(4	)
Administrative expenses		(31.372	)		(33.106	)		(5	)
Depreciations and devaluations of assets		(8.284	)		(6.895	)		20
Other operating expenses		(34.488	)		(38.479	)		(10	)
Operating income		78.609			89.282			(12	)
Results from the net monetary position		(30.773	)		(38.805	)		(21	)
Results from associates and joint businesses		(125	)		—			N/A
Income tax		(20.933	)		(20.557	)		2
Net income		26.778			29.920			(11	)
Net income attributable to third parties		339			153			122
Net income attributable to GFG		26.439			29.767			(11	)
Other comprehensive income(1)		(1.110	)		90			(1.333	)
Total comprehensive income		25.668			30.010			(14	)
Comprehensive income attributable to third parties		339			153			122
Comprehensive income attributable to GFG		25.329			29.857			(15	)

(1) Net of income tax.

6

Income Statement for the Quarter	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Net interest income		17,513			15,156			20,758			16			(16	)
Interest income		41,866			38,011			46,557			10			(10	)
Interest related expenses		(24,353	)		(22,855	)		(25,799	)		7			(6	)
Net fee income		9,019			9,718			9,085			(7	)		(1	)
Fee income		11,821			12,194			11,674			(3	)		1
Fee related expenses		(2,802	)		(2,476	)		(2,589	)		13			8
Net results from financial instruments		16,193			18,391			11,665			(12	)		39
Results from the disposal of assets		(724	)		290			211			(350	)		(443	)
Gold and foreign currency quotation differences		1,946			2,644			4,947			(26	)		(61	)
Other operating income		4,854			4,927			3,424			(1	)		42
Underwriting income from insurance business		1,441			1,423			1,162			1			24
Loan loss provisions		(11,935	)		(6,310	)		(5,133	)		89			133
Net operating income		38,307			46,239			46,119			(17	)		(17	)
Personnel expenses		(8,068	)		(8,261	)		(9,237	)		(2	)		(13	)
Administrative expenses		(7,476	)		(7,861	)		(10,153	)		(5	)		(26	)
Depreciations and devaluations of assets		(2,340	)		(2,025	)		(1,870	)		16			25
Other operating expenses		(1,531	)		(8,462	)		(8,702	)		(82	)		(82	)
Operating income		18,892			19,630			16,157			(4	)		17
Results from the net monetary position		(11,397	)		(7,561	)		(10,801	)		51			6
Results from associates and joint businesses		(125	)		—			—			—			N/A
Income tax		(4,264	)		(5,933	)		(3,823	)		(28	)		12
Net income		3,106			6,136			1,533			(49	)		103
Net income attributable to third parties		(1	)		68			202			(101	)		100
Net income attributable to GFG		3,107			6,068			1,331			(49	)		133
Other comprehensive income(1)		136			(685	)		1,241			(120	)		89
Total comprehensive income		3,242			5,451			2,774			(41	)		17
Comprehensive income attributable to third parties		(1	)		68			202			(101	)		100
Comprehensive income attributable to GFG		3,243			5,383			2,572			(40	)		26

(1) Net of income tax.

Additional Information	2020				2019
	4Q		3Q		2Q		1Q		4Q
Employees		9,271		9,408		9,516		9,549		9,718
Banco Galicia		5,764		5,842		5,971		6,040		6,118
Tarjetas Regionales		3,049		3,110		3,099		3,075		3,151
Galicia Administradora de Fondos		24		25		25		27		27
Sudamericana Holding		368		385		376		376		395
Other subsidiaries		66		46		45		31		27
Branches and other points of sales		509		510		511		517		528
Banco Galicia		326		326		326		326		326
Tarjetas Regionales S.A.		183		184		185		191		202
Deposit Accounts at Banco Galicia (in thousands)		6,180		6,148		5,812		5,427		5,279
Credit Cards (in thousands)		13,688		13,490		13,472		13,428		13,544
Banco Galicia		5,075		5,009		5,096		5,032		4,986
Tarjetas Regionales S.A.		8,613		8,481		8,376		8,396		8,558
GAF’s assets under management (millions of pesos)		192,412		203,381		184,108		154,492		111,294
Inflation, exchange rate and interest rates
Consumer price index(1)		385.8826		346.6207		321.9738		305.5515		283.4442
Consumer price index(1) (%)		11.33		7.65		5.37		7,80		11.72
Wholesale price index (IPIM) (%)		13.83		11.76		2.69		3,62		13.22
Acquisition value unit (UVA)		64.32		58.52		55.06		51,62		47.16
Exchange rate (Ps./US$)(2)		84.15		76.18		70.46		64,47		59.90
Badlar (%, quarterly averages)(3)		32.52		29.64		24.42		33,25		48.06

(1) Consumer price index published by the Argentine National Institute of Statistics (INDEC)

(2) Reference exchange rate in accordance with Communiqué “A” 3500 from the Argentine Central Bank as of the last working day of the Quarter.

(3) Private banks’ 30-day time deposits rate for amounts over Ps.1 million.

7

BANCO GALICIA

HIGHLIGHTS

• Net income for the Fiscal Year amounted to Ps.22,210 million, Ps.5,686 million (20%) lower than the figure recorded in the 2019 fiscal year, mainly due to a decrease in net operating income (13%) as a consequence of lower net results from financial instruments (29%), which was offset by a higher net interest income (81%).

• Net income for the Quarter amounted to Ps.2,707 million, Ps.2,495 million (1,177%) higher than the figure recorded in the same quarter of the 2019 fiscal year, mainly due to a Ps.7,944 million (114%) lower in other operating expenses and a Ps.2,946 million (37%) lower in administrative expenses, which was partially offset by a Ps.9,138 million (26%) lower net operating income.

• Net operating income for the Quarter amounted to Ps.26,024 million, Ps.9,138 million lower than the Ps.35,162 million recorded in the fourth quarter of the 2019 fiscal year, mainly as a consequence of an increase in loan loss provisions and a decrease in net interest income, offset by an increase in net income from financial instruments.

• The credit exposure to the private sector reached Ps.487,618 million for the Quarter, up 3% from Ps.475,491 million recorded in the fourth quarter of the 2019 fiscal year, and deposits reached Ps.678,103 million, up 25% from Ps.541,621 million. As of December 31, 2020, the Bank’s estimated market share of loans to the private sector was 13.03%, while its estimated market share of deposits from the private sector was 10.07%.

• The non-accrual loan portfolio represented 1.27% of total financing to the private sector, recording a decrease of 288 bp from the 4.15% recorded at the end of the same quarter of the prior fiscal year, while its coverage with allowances for loan losses reached 501.45%.

8

RESULTS FOR THE FISCAL YEAR

Income Statement In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Net interest income		58,834			32,442			81
Net fee income		20,980			21,850			(4	)
Net results from financial instruments		65,391			92,303			(29	)
Results from the disposal of assets		(1,274	)		299			(526	)
Gold and foreign currency quotation differences		6,025			11,299			(47	)
Other operating income		17,173			21,988			(22	)
Loan-loss provisions		(27,053	)		(18,273	)		48
Net operating income		140,076			161,908			(13	)
Personnel expenses		(22,090	)		(24,304	)		(9	)
Administrative expenses		(21,429	)		(23,885	)		(10	)
Depreciations and devaluations of assets		(6,117	)		(5,022	)		22
Other operating expenses		(26,718	)		(31,704	)		(16	)
Operating income		63,722			76,993			(17	)
Results from the net monetary position		(23,903	)		(29,443	)		(19	)
Results from associates and joint businesses		30			67			(55	)
Income tax		(17,639	)		(19,721	)		(11	)
Net Income		22,210			27,896			(20	)
Other comprehensive income (loss)(1)		(1,120	)		117			(1,057	)
Total comprehensive income		21,090			28,013			(25	)

(1) Net of income tax.

Profitability and Efficiency	2020		2019		Variation ( bp)
Percentages, except otherwise noted	3Q		4Q		vs 4Q19
Return (1) on average assets		2.33		2.78		(45	)
Return (1) on average shareholders’ equity		16,09		23.10		(701	)
Financial margin(1)(2)		21.08		26.37		(529	)
Efficiency ratio (3)		42.85		46.77		(392	)

(1) Annualized.

(2) Net interest income, plus net result from financial instruments, plus results from the disposal of assets, plus foreign currency quotation differences, plus certain items included in other operating income, divided by average interest-earning assets.

(3) Personnel expenses, plus administrative expenses, plus depreciation and devaluations of assets, divided by net interest income, plus net fee income, plus net result from financial instruments, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income, plus the result from the net monetary position.

During the Fiscal Year, net income amounted to Ps.22.210 million, Ps.5,686 million (20%) lower than the Ps.27,896 million profit recorded during the previous fiscal year, which represented a 2.33% return on average assets and a 16.09% return on average shareholders’ equity.

9

RESULTS FOR THE QUARTER

Income Statement	2020					2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q			4Q		vs 3Q20		vs 4Q19
Net interest income		12,361		11,261			17,127		10		(28	)
Net fee income		4,894		5,555			5,203		(12)		(6)
Net results from financial instruments		15,781		17,338			10,713		(9)		47
Results from the disposal of assets		(724)		290			211		(350)		(443)
Gold and foreign currency quotation differences		1,524		2,510			4,706		(39)		(68)
Other operating income		3,684		3,802			2,714		(3)		36
Loan-loss provisions		(11,496)		(5,732)			(5,512)		101		109
Net operating income		26,024		35,024			35,162		(26)		(26)
Personnel expenses		(5,075)		(5,952)			(6,846)		(15)		(26)
Administrative expenses		(4,917)		(5,087)			(7,863)		(3)		(37)
Depreciations and devaluations of assets		(1,746)		(1,487)			(1,326)		17		32
Other operating expenses		999		(6,660	)		(6,945)		(115)		(114)
Operating income		15,285		15,838			12,182		(3)		25
Results from the net monetary position		(9,010)		(5,824)			(8,317)		55		8
Results from associates and joint businesses		(121)		36			14		(436)		(964)
Income tax		(3,447)		(5,068)			(3,667)		(32)		(6)
Net Income		2,707		4,982			212		(46)		1,177
Other comprehensive income (loss)(1)		152		(695)			1,204		(122)		(87)
Total comprehensive income		2,859		4,287			1,416		(33)		102

(1) Net of income tax.

Profitability and Efficiency	2020				2019		Variation ( bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Return (1) on average assets		1.08		2.00		0.10		(92)		98
Return (1) on average shareholders’ equity		7.86		13.68		0.65		(582)		721
Financial margin(1)(2)		16.74		16.98		21.79		(24)		(505)
Efficiency ratio (3)		52.15		44.55		63.65		760		(1,150)

(1) Annualized.

(2) Net interest income, plus net result from financial instruments, plus results from the disposal of assets, plus foreign currency quotation differences, plus certain items included in other operating income, divided by average interest-earning assets.

(3) Personnel expenses, plus administrative expenses, plus depreciation and devaluations of assets, divided by net interest income, plus net fee income, plus net result from financial instruments, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income, plus the result from the net monetary position.

During the Quarter, net income amounted to Ps.2,707 million, Ps.2,495 million (1,177%) higher than the Ps.212 million recorded during the same quarter of the previous fiscal year. This result was primarily a consequence of decreases of Ps.7,944 million (114%) in operating expenses and of Ps.2,946 million (37%) in administrative expenses, offset by a Ps.9,138 million (26%) lower net operating income.

10

Net Interest Income	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Interest income		36,034		33,284		41,423		8		(13)
Private sector securities		—		—		(38)		—		(100)
Public Sector securities		1,279		962		1,830		33		(30)
Loans and other financing		32,410		30,212		36,700		7		(12)
Financial sector		740		551		1,399		34		(47)
Non-financial private sector		31,670		29,661		35,301		7		(10)
Overdrafts		2,701		2,118		4,045		28		(33)
Promissory notes		12,414		12,300		10,129		1		23
Mortgages		3,316		2,830		5,379		17		(38)
Pledge loans		682		351		214		94		219
Personal loans		3,921		3,996		4,054		(2)		(3)
Credit-card loans		7,136		6,294		9,498		13		(25)
Financial leases		95		99		194		(4)		(51)
Pre-financing and financing of exports		680		817		1,658		(17)		(59)
Other		725		856		130		(15)		458
Repurchase agreement transactions		2,345		2,110		2,931		11		(20)
Interest expenses		(23,673)		(22,023)		(24,296)		7		(3)
Deposits from the non-financial private sector		(22,587)		(21,284)		(21,261)		6		6
Saving accounts		(5,753)		(3,317)		(1,568)		73		267
Time deposits and term investments		(16,638)		(16,397)		(19,434)		1		(14)
Other		(196)		(1,570)		(259)		(88)		(24)
Financing from financial institutions		(123)		(148)		(467)		(17)		(74)
Repurchase agreement transactions		(20)		(11)		(206)		82		(90)
Other interest-bearing liabilities		163		(387)		(457)		(142)		(136)
Notes		(1,106)		(193)		(1,905)		473		(42)
Net interest income		12,361		11,261		17,127		10		(28)

Net interest income for the Quarter amounted to Ps.12,361 million, representing a Ps.4,766 million (28%) decrease as compared to the Ps.17,127 million profit recorded from the same quarter of the 2019 fiscal year.

Interest income for the Quarter reached Ps.36,034 million, down 13% from the Ps.41,423 million recorded in the same quarter of the 2019 fiscal year. This decrease was primarily a consequence of lower interests realized on credit-card loans and financing (Ps.2,362 million or 25%), on mortgages (Ps.2,063 million or 38%) and on overdrafts (Ps.1,344 million or 33%), which was offset by higher interests realized on promissory notes (Ps.2,285 million or 23%).

Interest expenses amounted to Ps.23,673 million, down 3% from the same quarter of the 2019 fiscal year, mainly due to lower interests realized on time deposits and term investments (Ps.2,796 million or 14%), which was offset by higher interests on saving accounts (Ps.4,185 million or 267%).

11

Yield and Rates(1)			2020							2019					Variation (%/bp)
Average balances: in millions of pesos	4Q				3Q					4Q					vs 3Q20						vs 4Q19
Yields and rates: annualized nominal %	Av. B.		Int.		Av. B.		Int.			Av. B.		Int.			Av. B.			Int.			Av. B.			Int.
In pesos		580,480		34.03		630,624		31.81			402,298		49.31			(8	)		222			44			(1,528)
Government securities		174,629		31.48		213,069		34.05			91,531		53.67			(18	)		(257	)		91			(2,219)
Loans		369,003		33.61		367,338		31.66			277,721		48.99			—			195			33			(1,538)
Other interest-earning assets		36,848		50.33		50,217		23.34			33,046		39.96			(27	)		2,699			12			1,037
In foreign currency		60,191		8.93		64,562		5.63			152,039		4.56			(7	)		330			(60	)		437
Government securities		5,009		27.87		210		(466.67	)		18,236		(15.25	)		2,285			49,454			(73	)		4,312
Loans		53,520		7.20		62,394		7.23			131,407		7.24			(14	)		(3	)		(59	)		(4)
Other interest-earning assets		1,662		7.70		1,958		5.11			2,396		7.84			(15	)		259			(31	)		(14)
Interest-earning assets		640,671		31.67		695,186		29.37			554,337		37.04			(8	)		230			16			(537)
In pesos		370,725		24.54		414,155		20.42			245,431		37.53			(10	)		412			51			(1,299)
Saving accounts		151,594		13.57		180,473		9.21			73,041		9.76			(16	)		436			108			381
Time deposits		214,820		32.00		229,128		29.33			155,789		49.45			(6	)		267			38			(1,745)
Debt securities		2,318		48.14		1,826		8.54			11,617		45.06			27			3,960			(80	)		308
Other interest-bearing liabilities		1,993		27.09		2,728		22.14			4,984		54.42			(27	)		495			(60	)		(2,733)
In foreign currency		150,470		1.98		178,679		1.49			212,803		2.33			(16	)		49			(29	)		(35)
Saving accounts		81,441		—		102,568		—			121,918		(0.00	)		(21	)		—			(33	)		—
Time deposits		31,930		1.08		37,443		1.41			32,228		2.42			(15	)		(33	)		(1	)		(134)
Debt securities		28,446		7.92		29,300		5.72			29,312		8.07			(3	)		220			(3	)		(15)
Other interest-bearing liabilities		8,653		4.48		9,368		4.87			29,345		6.16			(8	)		(39	)		(71	)		(168)
Interest-bearing liabilities		521,195		18.03		592,834		14.71			458,234		21.18			(12	)		332			14			(315)

(1) Does not include foreign currency quotation differences. Annual nominal interest rates were calculated using a 360-day denominator.

The average interest-earning assets amounted to Ps.640,671 million, increasing Ps.86,334 million (16%) as compared to the figure recorded for the fourth quarter of the previous fiscal year primarily as a consequence of the Ps.91,282 million (33%) increase in the average peso-denominated loan portfolio and the increase of Ps.83,098 million (91%) in the average portfolio of peso-denominated government securities. The foregoing increases were partially offset by a decrease in the average volume of dollar-denominated loans, for Ps.77,887 million (59%), and in dollar-denominated government securities, for Ps.13,227 million (73%).

Average interest-bearing liabilities reached Ps.521,195 million, increasing Ps.62,961 million during the same period primarily due to an increase in the average balance of peso-denominated saving accounts, for Ps.78,553 million (108%), and time deposits, for Ps.59,031 million (38%), offset by a decrease in dollar-denominated saving accounts, for Ps.40,477 million (33%).

The average yield on interest-earning assets for the Quarter was 31.67%, representing a 537 bp decrease as compared to the figure recorded for the same quarter of the prior fiscal year mainly due to a decrease of 2,219 bp in the average yield on peso-denominated government securities and of 1,538 bp in peso-denominated loans. Likewise, the average cost of interest-bearing liabilities was 18.03%, representing a 315 bp decrease as compared to the figure recorded in the fourth quarter of the prior fiscal year mainly due to a 2,733 bp decrease in the average interest rate on other interest-bearing liabilities in pesos and a 1,745 bp decrease in the interest rate on peso-denominated time deposits.

12

Net Fee Income	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Credit cards		3,206		3,313		3,100		(3)		3
Deposit accounts		1,041		1,127		1,347		(8)		(23)
Insurance		358		351		308		2		16
Financial fees		12		47		74		(74)		(84)
Credit-related fees		48		177		37		(73)		30
Foreign trade		556		558		485		—		15
Collections		463		454		431		2		7
Utility-Bills collection services		619		563		648		10		(4)
Mutual Funds		98		126		280		(22)		(65)
Other		459		520		409		(12)		12
Total fee income		6,860		7,236		7,119		(5)		(4)
Total expenditures		(1,966)		(1,681)		(1,916)		17		3
Net fee income		4,894		5,555		5,203		(12)		(6)

Net fee income amounted to Ps.4,894 million, down 6% from the Ps.5,203 million recorded in the fourth quarter of the previous fiscal year mainly due to lower fees on deposit accounts (Ps.306 million or 23%).

Net Income from Financial Instruments	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Government securities		13,491		16,737		9,914		(19)		36
Argentine Central Bank		11,478		14,581		10,819		(21)		6
Other		2,013		2,156		(905)		(7)		322
Private sector securities		1,689		156		469		983		260
Derivative financial instruments		601		445		332		35		81
Forward transactions		585		444		346		32		69
Interest-rate swaps		16		1		(14)		1,500		214
Results from other financial assets/liabilities		—		—		(2)		—		(100)
Net income from financial instruments		15,781		17,338		10,713		(9)		47

Net income from financial instruments for the Quarter amounted to Ps.15,781 million, up Ps.5,068 million from the Ps.10,713 million recorded in the same quarter of the 2019 fiscal year primarily as a consequence of a Ps.2,918 million (322%) increase in results from other government securities and of Ps.1,220 million (260%) increase from private sector securities. Results from private sector securities include Ps.1,387 million realized from the valuation of Prisma Medios de Pago SA.

Results from asset disposals equated to a Ps.724 million loss, down 443% from the Ps.212 million recorded in the same quarter of the previous fiscal year mainly due to the collection upon maturity of Bonos del Tesoro Nacional (Bonds from the Argentine National Treasury or “Botes”).

During the Quarter a Ps.1,524 million profit from gold and foreign currency quotation differences was recorded, as compared to a Ps.4,706 million profit recorded from the same quarter of the 2019 fiscal year. This result includes a Ps.933 million gain from foreign-currency trading.

13

Other Operating Income	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Other financial income(1)(2)		(182)		112		(24)		263		658
Fees from bundles of products(1)		1,352		1,531		1,384		(12)		(2)
Rental of safe deposit boxes(1)		284		319		261		(11)		9
Other fee income(1)		250		195		270		28		(7)
Other adjustments and interest on miscellaneous receivables		1,349		1,352		438		—		208
Other		631		293		385		115		64
Total other operating income		3,684		3,802		2,714		(3)		36

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating income for the Quarter reached Ps.3,684 million, increasing Ps.970 million (2%) from the Ps.3,589 million profit recorded in the fourth quarter of the 2019 fiscal year mainly as a consequence of a Ps.911 million (208%) increase in other adjustments and interest on miscellaneous receivables.

Provisions for loan losses for the Quarter amounted to Ps.11,496 million, Ps.5,984 million (109%) higher than the figure recorded in the same quarter of the prior fiscal year. During the Quarter, provision for possible losses as a consequence of COVID (included in other operating expenses) was included in the expected credit-loss model.

Personnel expenses amounted to Ps.5,075 million, decreasing 26% from the same quarter of the 2019 fiscal year mainly due to a 6% decrease in staff and lower charges for severance payments.

Administrative Expenses	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Fees and compensations for services		(101)		486		976		(121)			(110)
Fees to directors and syndics		9		14		12		(36)			(25)
Publicity, promotion, and research expenses		308		218		303		41			2
Taxes		1,237		885		1,095		40			13
Maintenance and repairment of goods and IT		1,161		1,198		2,855		(3)			(59)
Electricity and communications		343		414		417		(17)			(18)
Stationery and office supplies		53		37		106		43			(50)
Hired administrative services		814		731		855		11			(5)
Security		161		176		138		(9	)		17
Insurance		53		56		34		(5	)		56
Other		879		872		1,072		1			(18)
Total administrative expenses		4,917		5,087		7,863		(3)			(37)

Administrative expenses for the Quarter totaled Ps.4,917 million, down 37% as compared to the fourth quarter of the 2019 fiscal year primarily as a consequence of a Ps.1,694 million (59%) decrease in maintenance and repairment of goods and IT and Ps.1,077 million (110%) lower fees and compensation realized for services due to the reimbursement of expenses.

Depreciation and devaluation of assets amounted to Ps 1,746 million, up 32% from the fourth quarter of the 2019 fiscal year. This loss includes Ps.192 million from financial leases.

14

Other Operating Expenses	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Contribution to the Deposit Insurance Fund(1)(2)		285l		289		259		(1)		10
Other financial expenses(1)(2)		(27)		(6)		525		350		(105)
Turnover tax		2,364		3,335		3,761		(29)		(37)
On financial income(1)(2)		1,469		2,292		2,606		(36)		(44)
On fees(1)		790		921		1,019		(14)		(22)
On other items		105		122		136		(14)		(23)
Other fee-related expenses(1)		1,503		1,386		1,930		8		(22)
Other provisions		(5,505)		1,371		7		(502)		(78,743)
Claims		118		105		157		12		(25)
Other		263		180		306		46		(14)
Total other operating expenses		(999)		6,660		6,945		(115)		(114)

(1) Item included for calculating the efficiency ratio.

(2) Item included for calculating the financial margin.

Other operating expenses for the Quarter reached Ps.999 million, representing a Ps.7,944 million (114%) decrease as compared to the $6,945 million figure recorded in the fourth quarter of the previous fiscal year. This decrease was a consequence of the incorporation of certain provisions for COVID in connection with the expected credit-loss model.

The income tax charge for the Quarter was Ps.3,447 million, Ps.220 million lower than the figure recorded in the fourth quarter of the 2019 fiscal year.

Other comprehensive income for the Quarter amounted to Ps.152 million, as compared to a Ps.1,204 million gain recorded during the same period of the 2019 fiscal year.

15

SELECTED FINANCIAL INFORMATION

Balance Sheet	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Assets
Cash and due from banks		172,309		156,760		175,815		10			(2)
Debt securities		155,892		202,708		89,442		(23)			74
Net loans and other financing		443,326		443,548		426,496		—			4
Other financial assets		112,339		98,909		91,705		14			23
Equity investments in subsidiaries, associates, and joint businesses		480		441		421		9			14
Property, bank premises, equipment		38,190		38,769		39,565		(1)			(3)
Intangible assets		12,850		12,741		9,699		1			32
Other assets		12,144		6,195		7,223		96			68
Assets available for sale		29		57		53		(49)			(45)
Total assets		947,559		960,128		840,419		(1)			13
Liabilities
Deposits		678,103		686,277		541,621		(1)			25
Financing from financial entities		10,192		10,451		27,849		(2)			(63)
Other financial liabilities		40,946		41,911		54,776		(2)			(25)
Notes		7,904		10,451		25,742		(24)			(69)
Subordinated notes		21,654		21,374		21,101		1			3
Other liabilities		39,414		43,178		41,074		(9)			(4)
Total liabilities		798,213		813,642		712,163		(2	)		12
Shareholders’ equity		149,346		146,486		128,256		2			16
Foreign currency assets and liabilities
Assets		214,127		211,356		273,487		1			(22)
Liabilities		215,001		213,962		271,244		—			(21)
Net forward purchases / (sales) of foreign currency (1)		374		(185)		33		(302)			1,033
Net global position in foreign currency		(500)		(2,791)		2,276		82			(122)

(1) Recorded off-balance sheet.

16

LEVEL OF ACTIVITY

Financing to the Private Sector(1)	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
In pesos		422,133		404,015		317,218		4		33
Loans		380,045		360,039		270,627		6		40
UVA-adjusted loans		28,852		30,843		36,670		(6)		(21)
Financial leases		587		699		1,164		(16)		(50)
Debt securities		—		3		295		(100)		(100)
Other financing(2)		12,649		12,431		8,462		2		49
In foreign currency		65,485		91,816		158,273		(29)		(59)
Loans		50,562		60,053		125,343		(16)		(60)
Financial leases		1,389		1,512		2,071		(8)		(33)
Debt securities		—		22		392		(100)		(100)
Other financing(2)		13,534		30,229		30,467		(55)		(56)
Total financing to the private sector		487,618		495,831		475,491		(2)		3

(1) Includes IFRS adjustment.

(2) Includes certain off-balance sheet accounts related to guarantees granted.

As of December 31, 2020, total financing to the private sector reached Ps.487,618 million, 3% higher than the figure recorded from the prior fiscal year and primarily as a consequence of a Ps.109,418 million (40%) increase of peso-denominated loans, offset by a Ps.74,781 million (60%) decrease of dollar-denominated loans.

Market Share(1)	2020				2019		Variation (bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Total loans		12.95		12.69		11.52		26		143
Loans to the private sector		13.03		12.74		11.50		29		153

(1) According to the daily information on loans published by the Argentine Central Bank. Only principal as of the last day of each quarter.

The Bank’s market share of loans to the private sector as of December 31, 2020, was 13.03%, increasing 153 bp from December 31, 2019.

17

Breakdown of loans and other financing	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Financial entities		14,714		12,600		14,728		17		—
Loans		14,701		12,600		14,698		17		—
Other financing		13		—		30		—		(57)
Non-financial private sector and residents abroad		455,681		453,027		431,491		1		6
Loans		444,758		438,335		417,942		1		6
Overdrafts		31,300		21,128		22,545		48		39
Promissory notes		143,770		153,226		102,394		(6)		40
Mortgage loans		16,302		17,625		20,493		(8)		(20)
Pledge loans		11,587		11,094		4,369		4		165
Personal loans		32,543		35,160		36,166		(7)		(10)
Credit-card loans		151,058		136,458		129,698		11		16
Pre-financing and financing of exports		29,672		34,512		73,430		(14)		(60)
Other Loans		6,382		10,746		10,032		(41)		(36)
Accrued interest, adjustments and foreign currency quotation differences receivable		24,378		20,436		20,613		19		18
Documented interest		(2,234)		(2,050)		(1,798)		9		24
Financial leases		1,976		2,211		3,235		(11)		(39)
Other financing		8,947		12,481		10,314		(28)		(13)
Non-financial public sector		—		1		10		(100)		(100)
Total loans and other financing		470,395		465,628		446,229		1		5
Allowances		(27,069)		(22,080)		(19,733)		23		37
Loans		(26,543)		(21,780)		(19,440)		22		37
Financial leases		(35)		(43)		(60)		(19)		(42)
Other financing		(491)		(257)		(233)		91		111
Net loans and other financing		443,326		443,548		426,496		—		4

As of December 31, 2020, net loans and other financing after provisions amounted to Ps.443,326 million, increasing 4% from December 31, 2019 primarily due to a Ps.41,376 million (40%) increase in promissory notes and a Ps.21,360 million (16%) increase in credit card financing and loans, offset by a Ps.43,758 million (60%) decrease in pre-financing and financing of exports.

Loans by Type of Borrower	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Large corporations		96,420		95,355		115,616		1		(17)
Corporations		41,045		46,256		36,354		(11)		13
SMEs		30,887		30,818		22,549		—		37
Agribusiness		112,914		108,853		68,166		4		66
Individuals		171,944		166,365		171,617		3		—
Financial sector		14,701		12,600		14,698		17		—
Residents abroad		1,102		2,085		10,080		(47)		(89)
Other		2,738		821		1,713		233		60
IFRS adjustment		(12,292)		(12,217)		(8,143)		1		51
Total loans		459,459		450,936		432,650		2		6
Allowances		(26,543)		(21,780)		(19,440)		22		37
Net total loans		432,916		429,156		413,210		1		5

18

Loans by Sector of Activity	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Financial sector		14,701		12,600		14,698		17		—
Residents abroad		1,102		2,085		10,080		(47)		(89)
Services		50,089		48,159		37,978		4		32
Agriculture and livestock		102,003		101,180		65,081		1		57
Consumer		171,949		163,941		171,637		5		—
Retail and wholesale trade		46,258		38,337		31,450		21		47
Construction		4,294		5,336		6,126		(20)		(30)
Manufacturing industry		53,794		60,547		66,162		(11)		(19)
Other		27,561		30,968		37,581		(11)		(27)
IFRS adjustment		(12,292)		(12,217)		(8,143)		1		51
Total loans		459,459		450,936		432,650		2		6
Allowances		(26,543)		(21,780)		(19,440)		22		37
Net total loans		432,916		429,156		413,210		1		5

In the last twelve months, loans to the private sector increased primarily as a result of the growth in loans granted in the agribusiness segment (Ps.44,748 million or 66%) and to SMEs (Ps.8,338 million or 37%), offset by a decrease in loans granted to large corporations (Ps.19,196 million or 17%). By sector of activity, the higher levels of growth were recorded in the agriculture and livestock sector (Ps.36,922 million or 57%) and in the Retail and wholesale trade sector (Ps.14,808 million or 47%), while loans granted to the manufacturing industry sector decreased (Ps.12,368 million or 19%).

Net Exposure to the Argentine Public Sector(1)	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Government securities net position		177,615		233,069		110,137		(24)		61
Leliq		128,325		165,831		79,153		(23)		62
Botes		21,492		20,795		14,744		3		46
Other		27,798		46,443		16,240		(40)		71
Other receivables resulting from financial brokerage		60,885		40,358		41,028		51		48
Repurchase agreement transactions - BCRA		60,842		40,325		40,944		51		49
Loans and other financing		13		1		40		1,200		(68)
Trust certificates of participation and securities		30		32		44		(6)		(32)
Total exposure to the public sector		238,500		273,427		151,165		(13)		58

(1) Excludes deposits with the Argentine Central Bank, which constitute one of the items by which the Bank complies with minimum cash requirements.

As of December 31, 2020, the Bank’s exposure to the public sector amounted to Ps.238,500 million, representing a 58% increase during the last twelve months. Excluding exposure to the Argentine Central Bank (with respect to Leliq and repurchase agreement transactions), net exposure to the public sector reached Ps.49,333 million (5% of total assets), while as of December 31, 2019, it amounted to Ps.31,068 million (4% of total assets).

19

Deposits	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
In pesos		511,187		523,473		342,433		(2)		49
Current accounts		105,843		103,440		92,380		2		15
Saving accounts		182,972		168,767		80,995		8		126
Time deposits		208,937		238,261		158,860		(12)		32
UVA-adjusted time deposits		5,566		4,680		1,021		19		445
Other		1,980		2,261		2,310		(12)		(14)
Interests and adjustments		5,889		6,064		6,867		(3)		(14)
In foreign currency		166,916		162,804		199,188		3		(16)
Saving accounts		132,133		120,620		164,702		10		(20)
Time deposits		31,212		38,981		33,123		(20)		(6)
Other		3,478		3,040		1,276		14		173
Interests and adjustments		93		163		87		(43)		7
Total deposits		678,103		686,277		541,621		(1)		25

As of December 31, 2020, the Bank’s deposits amounted to Ps.678,103 million, representing a 25% increase during the last twelve months. This was a consequence of the Ps.168,754 million (49%) growth of peso-denominated deposits, with saving accounts up Ps.101,977 million (126%) and time deposits up Ps.50,077 million (32%), offset by a Ps.32,569 (20%) decrease of dollar-denominated saving accounts.

At the end of the Quarter, there were 6 million deposit accounts, 17% more than the figure recorded for the same period of the prior fiscal year.

Market Share(1)	2020				2019		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Total deposits		8.42		8.38		8.23		4		19
Private sector deposits		10.07		10.15		9.92		(8)		15

(1) According to the daily information on loans published by the Argentine Central Bank. Balances as of the last day of each quarter.

As of December 31, 2020, the Bank’s estimated market share of private sector deposits in the Argentine financial system was 10.07%, increasing 15 bp from the figure recorded for the same period of the prior fiscal year.

Financial Liabilities	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Financial entities		10,192		10,451		27,849		(2)		(63)
Financing from credit-card purchases		20,886		16,209		23,597		29		(11)
Notes		7,904		10,451		25,741		(24)		(69)
Subordinated notes		21,654		21,374		21,100		1		3
Creditors from purchases of foreign currency		506		399		2,237		27		(77)
Collections on account of third parties		11,602		13,587		15,977		(15)		(27)
Other financial liabilities		7,952		11,716		12,965		(32)		(39)
Total financial liabilities		80,696		84,187		129,468		(4)		(38)

Financial liabilities at the end of the Quarter amounted to Ps.80,696 million, Ps.48,770 million (38%) lower than the Ps.129,466 million recorded during the prior fiscal year. This decline was mainly due to decreases of Ps.17,837 million (69%) in notes and of Ps.17,657 million (63%) in financial liabilities with financial entities.

20

ASSET QUALITY

Financing Portfolio Quality	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Non-accrual portfolio(1)		6,210		10,901		17,704		(43)		(65)
With preferred guarantees		722		1,376		1,768		(48)		(59)
With other guarantees		748		1,561		1,645		(52)		(55)
Without guarantees		4,740		7,964		14,291		(40)		(67)
Total Allowances for loan losses(2)		31,140		32,869		19,547		(5)		59
Relevant ratios (%)							Variation ( bp)
Non-accrual portfolio to private-sector financing		1.27		2.20		4.15		(93)		(288)
Total allowances for loan losses to private-sector financing		6.39		6.63		4.58		(24)		181
Total allowances for loan losses to non-accrual portfolio		501.45		301.52		110.41		19,993		39,104
Non-accrual portfolio with guarantees to non-accrual portfolio		23.67		26.94		19.28		(327)		439
Cost of Risk(3)		4.81		4.92		7.36		(11)		(255)

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk and Uncollectible.

(2) Includes allowances on unused balances of credit-cards and overdrafts in current accounts.

(3) Includes provisions charged to income on unused balances of credit-cards and overdrafts in current accounts. Annualized.

The non-accrual portfolio (which includes certain items of other financial assets and guarantees granted) amounted to Ps.6,210 million as of December 31, 2020, representing 1.27% of private-sector financing and a 288 bp decrease as compared to the 4.15% recorded in the same quarter of the 2019 fiscal year. This decrease was mainly due to the flexibilization of the parameters in respect of the classification of debtors established by the Argentine Central Bank.

Considering the provisions on unused balances of credit cards and overdrafts, the Bank’s coverage of the non-accrual portfolio with total allowances for loan losses reached 501.45%, compared to 110.41% from the same period of the prior fiscal year.

Loan Portfolio Quality	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Non-accrual loans(1)		6,084		11,120		19,147		(45)		(68)
With preferred guarantees		705		1,339		1,751		(47)		(60)
With other guarantees		701		1,528		1,804		(54)		(61)
Without guarantees		4,678		8,253		15,592		(43)		(70)
Allowance for loan losses		26,543		21,780		19,440		22		37
Relevant ratios (%)							Variation ( bp)
Non-accrual loans to private-sector loans		1.32		2.47		4.43		(115)		(311)
Allowance for loan losses to private-sector loans		5.78		4.83		4.49		95		129
Allowance for loan losses to non-accrual loans		436.28		195.86		101.53		24,042		33,475
Non-accrual loans with guarantees to non-accrual loans		23.11		25.78		18.57		(267)		454
Cost of risk(2)		11.58		5.57		4.65		601		693

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk and Uncollectible.

(2) Annualized.

The Bank’s non-accrual loan portfolio amounted to Ps.6,084 million as of December 31, 2020, representing 1.32% of total loans to the private sector, decreasing 311 bp from the 4.43% ratio recorded for the prior fiscal year mainly due to the flexibilization of applicable debtor classification regulations.

The coverage of the non-accrual loan portfolio with allowances for loan losses reached 436.28% as of the end of the Quarter, as compared to 101.53% from the same period of the prior fiscal year.

21

Analysis of Loan Loss Experience	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Allowance for loan losses at the beginning of the Quarter
Changes in the allowance for loan losses		21,780		19,066		18,294		14		19
Provisions charged to income
Provisions charged to income		11,103		5,338		4,915		108		126
Charge offs		(3,217)		(763)		(1,349)		322		138
Other		—		—		81		—		(100)
Effect of inflation		(3,123)		(1,861)		(2,501)		68		25
Allowance for loan losses at the end of the Quarter		26,543		21,780		19,440		22		37
Charge to the income statement
Provisions charged to income(1)		(11,103)		(5,338)		(4,915)		108		126
Direct charge offs(1)		(128)		(210)		(196)		(39)		(35)
Bad debts recovered		306		159		82		92		273
Net charge to the income statement		(10,925)		(5,389)		(5,029)		103		117

(1) Item included for calculating the cost of risk.

During the Quarter, Ps.3,217 million were charged off against the allowance for loan losses and direct charges to the income statement for Ps.128 million were made.

CAPITALIZATION AND LIQUIDITY

The minimum capital requirement and the corresponding integration are presented below. Balances are disclosed in accordance with applicable regulations in force as of each period referenced.

Regulatory Capital	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20		vs 4Q19
Minimum capital required (A)		56,069		49,973		37,662		12		49
Allocated to credit risk		42,458		38,025		29,149		12		46
Allocated to market risk		1,419		973		905		46		57
Allocated to operational risk		12,192		10,975		7,608		11		60
Computable capital (B)		157,061		141,035		80,785		11		94
Tier I		129,584		116,222		61,392		11		111
Tier II		27,477		24,813		19,393		11		42
Excess over required capital (B) (A)		100,992		91,062		43,123		11		134
Risk weighted assets		685,407		610,815		459,900		12		49
							Variation ( bp)
Total capital ratio (%)		22.92		23.09		17.57		(17)		535
Tier I capital ratio (%)		18.91		19.03		13.35		(12)		556

As of December 31, 2020, the Bank’s computable capital amounted to Ps.157,061 million, Ps.100,992 million (180%) higher than the Ps.56,069 million minimum capital requirement. As of December 31, 2019, this excess amounted to Ps.43,123 million (115%).

The minimum capital requirement increased Ps.18,407 million as compared to December 31, 2019, mainly due to the expansion of the regulatory requirements on risk weighted assets. Computable capital increased Ps.76,276 million during the same period primarily as consequence of the results generated during the Fiscal Year and due to an increase resulting from the accounting for shareholders’ equity as a result of certain inflation adjustment. The total capital ratio was 22.92%, increasing 535 bp during the last twelve months.

22

Liquidity	2020				2019		Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Cash and due from banks		172,309		156,760		175,815		10			(2	)
Government securities		66,944		102,049		59,389		(34	)		13
Call-money		7,181		5,559		1,499		29			379
Overnight placements in correspondent banks		1,100		2,083		10,072		(47	)		(89	)
Net repurchase agreement transactions		60,996		40,346		40,944		51			49
Escrow accounts		11,445		10,478		10,246		9			12
Other financial assets		88		92		—		(4	)		—
Total liquid assets		320,063		317,367		297,965		1			7
Liquidity ratios							Variation ( bp)
Liquid assets as a percentage of transactional deposits		76.03		80.79		88.13		(476	)		(1,210	)
Liquid assets as a percentage of total deposits		47.20		46.24		55.01		96			(781	)

As of December 31, 2020, the Bank’s liquid assets represented 76.03% of the Bank’s transactional deposits and 47.20% of its total deposits, as compared to 88.13% and 55.01%, respectively, as of December 31, 2019.

23

TARJETAS REGIONALES

INFORMATION DISCLOSURE

The data shown in the following tables correspond to Tarjetas Regionales, consolidated line by line with its subsidiaries.

RESULTS FOR THE FISCAL YEAR

Income Statement
In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Net interest income		16,841			13,268			27
Net fee income		16,670			17,675			(6	)
Net results from financial instruments		1,989			3,504			(43	)
Gold and foreign currency quotation differences		370			166			(123	)
Other operating income		3,475			4,924			(29	)
Loan loss provisions		(3,884	)		(6,896	)		(44	)
Net operating income		35,461			32,641			9
Personnel expenses		(8,080	)		(7,544	)		7
Administrative expenses		(8,678	)		(8,249	)		5
Depreciations and devaluations of assets		(1,868	)		(1,559	)		20
Other operating expenses		(7,523	)		(6,631	)		13
Operating income		9,312			8,658			8
Results from the net monetary position		(5,435	)		(7,531	)		(28	)
Income tax		(1,728	)		(228	)		658
Net income		2,149			899			139
Profitability and Efficiency
Percentages, except otherwise noted	2020			2019			Variation ( bp)
Return(1) on average assets		2.49			0.97			152
Return(1) on average shareholders’ equity		8.72			4.10			462
Financial margin(1)(2)		21.62			16.21			541
Efficiency ratio (3)		69.75			71.98			(223	)

(1) Annualized.

(2) Net interest income, plus net result from financial instruments, plus foreign currency quotation differences, plus certain items included in other operating income and expenses, divided by average interest-earning assets.

(3) Personnel expenses, plus administrative expenses, plus depreciation and devaluations of assets, divided by net interest income, plus net fee income, plus net result from financial instruments, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income, plus the result from the net monetary position.

24

RESULTS FOR THE QUARTER

Income Statement	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Net interest income		5,006			3,644			2,924			37			71
Net fee income		4,418			4,088			4,292			8			3
Net results from financial instruments		133			497			810			(73	)		(84	)
Gold and foreign currency quotation differences		61			14			168			336			(64	)
Other operating income		856			825			1,021			4			(16	)
Loan loss provisions		(441	)		(577	)		286			(24	)		(254	)
Net operating income		10,033			8,491			9,501			18			6
Personnel expenses		(2,425	)		(1,932	)		(1,962	)		26			24
Administrative expenses		(2,136	)		(2,351	)		(2,127	)		(9	)		—
Depreciations and devaluations of assets		(515	)		(464	)		(429	)		11			20
Other operating expenses		(2,466	)		(1,683	)		(1,700	)		47			45
Operating income		2,491			2,061			3,283			21			(24	)
Results from the net monetary position		(1,969	)		(1,286	)		(2,049	)		53			(4	)
Income tax		(370	)		(380	)		(45	)		(3	)		722
Net income		152			395			1,189			(62	)		87
Profitability and Efficiency	2020						2019			Variation ( bp)
Percentages, except otherwise noted	4Q			3Q		��	4Q			vs 3Q20			vs 4Q19
Return(1) on average assets		0.65			1.93			5.38			(128	)		(473	)
Return(1) on average shareholders’ equity		2.36			6.46			20.85			(410	)		(1,849	)
Financial margin(1)(2)		21.53			19.87			23.33			166			(180	)
Efficiency ratio (3)		82.49			76.40			84.07			609			(158	)

(1) Annualized.

(2) Net interest income, plus net result from financial instruments, plus foreign currency quotation differences, plus certain items included in other operating income and expenses, divided by average interest-earning assets.

(3) Personnel expenses, plus administrative expenses, plus depreciation and devaluations of assets, divided by net interest income, plus net fee income, plus net result from financial instruments, plus foreign currency quotation differences, plus insurance premiums earned, plus certain items included in other operating income, plus the result from the net monetary position.

During the Quarter, Tarjetas Regionales recorded a Ps.152 million net income, Ps.1,037 million lower than the figure recorded during the same quarter of the 2019 fiscal year. This profit represented an annualized 0.65% return on average assets and a 2.36% return on average shareholders’ equity, as compared to 5.38% and 20.85%, respectively, recorded from the fourth quarter of the 2019 fiscal year.

Net operating income amounted to Ps.10,033 million, increasing 6% from the fourth quarter of the 2019 fiscal year as a consequence of a higher net interest income (71%) and lower loan loss provisions (61%).

25

SELECTED FINANCIAL INFORMATION

Balance Sheet	2020				2019		Variation ( bp)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Assets
Cash and due from banks		2,189		1,601		5,619		37			(61	)
Debt securities		92		581		—		(84	)		—
Net loans and other financing		89,674		66,164		66,679		36			34
Other financial assets		1,466		5,336		7,998		(73	)		(82	)
Property, bank premises, equipment		4,859		4,659		4,637		4			5
Intangible assets		1,534		1,712		1,994		(10	)		(23	)
Other non-financial assets		4,386		4,508		3,844		(3	)		14
Total assets		104,200		84,561		90,771		23			15
Liabilities
Financing from financial entities		5,795		576		4,000		906			45
Other financial liabilities		55,324		43,553		43,417		27			27
Notes		10,079		9,767		14,306		3			(30	)
Other non-financial liabilities		7,438		6,137		5,867		21			27
Total liabilities		78,636		60,033		67,590		31			16
Shareholders’ equity		25,564		24,528		23,181		4			10

ASSET QUALITY

Loan Portfolio Quality	2020				2019			Variation (%)
Percentages, except otherwise noted	4Q		3Q		4Q			vs 3Q20			vs 4Q19
Non-accrual loans(1)		1,646		4,638		7,976			(65	)		(79	)
Allowances for loan losses		5,017		8,096		8,378			(38	)		(40	)
Total allowances for loan losses(2)		6,145		9,042		9,052			(32	)		(32	)
Ratios (%)								Variation (bp)
Non-accrual loans to loans to the private sector		1.75		6.27		11.77			(452	)		(1,002	)
Allowance for loan losses to loans to the private sector		5.33		10.94		12.36			(561	)		(703	)
Allowance for loan losses to non-accrual loans		304.80		174.56		105.04			13,024			19,976
Cost of risk(3)		1.97		3.31		(1.52	)		(134	)		349
Total allowance for loan losses(2) to loans to the private sector		6.53		12.22		13.35			(569	)		(682	)
Total allowance for loan losses(2) to non-accrual loans		373.33		194.95		113.49			17,838			25,984
Cost of Risk(4)		2.79		3.76		(1.48	)		(97	)		427

(1) The non-accrual portfolio includes loans classified under the following categories of the Argentine Central Bank classification: With Problems and Medium Risk, High Risk of Insolvency and High Risk and Uncollectible.

(2) Includes allowances on unused credit card balances.

(3) Annualized.

(4) Includes allowances on unused credit card balances. Annualized.

As of December 31, 2020, taking into consideration the provisions for unused credit card balances, the coverage ratio amounted to 373.33%, as compared to 113.49% on the same date of the previous fiscal year.

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Analysis of Loan Loss Experience	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Allowances for loan losses
At the beginning of the Quarter		8,096			9,378			10,403			(14	)		(22	)
Changes in the allowance for loan losses
Provisions charged to income		199			435			(378	)		(54	)		(153	)
Reversals of allowances for loan losses		(790	)		(576	)		(746	)		37			6
Charge offs(1)		(1,475	)		(504	)		(305	)		193			384
Effect of inflation		(1,013	)		(637	)		(596	)		59			70
Allowance for loan losses at the end of the Quarter		5,017			8,096			8,378			(38	)		(40	)
Charge to the income statement
Provisions charged to income(2)		(199	)		(435	)		378			(54	)		(153	)
Direct charge offs(2)		(234	)		(142	)		(121	)		65			93
Bad debt recovered		120			114			74			5			62
Net charge to the income statement		(313	)		(463	)		331			(32	)		(195	)

(1) Item included for calculating the cost of risk.

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GALICIA ADMINISTRADORA DE FONDOS

RESULTS FOR THE FISCAL YEAR

Income Statement
In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Net interest income		12			8			50
Net results from financial instruments		177			107			65
Gold and foreign currency quotation differences		35			24			46
Other operating income		2,144			1,579			36
Net operating income		2,368			1,718			38
Personnel and administrative expenses		(347	)		(276	)		26
Other operating expenses		(127	)		(93	)		37
Operating income		1,894			1,349			40
Results from the net monetary position		(198	)		(108	)		83
Income tax		(574	)		(391	)		47
Net income		1,122			850			32

RESULTS FOR THE QUARTER

Income Statement	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Net interest income		4			1			—			300			N/A
Net results from financial instruments		70			47			43			49			63
Gold and foreign currency quotation differences		11			8			3			38			267
Other operating income		565			722			193			(22	)		193
Net operating income		650			778			239			(16	)		172
Personnel and administrative expenses		(71	)		(103	)		(131	)		(31	)		(46	)
Other operating expenses		(34	)		(43	)		(22	)		(21	)		55
Operating income		545			632			86			(14	)		534
Results from the net monetary position		(90	)		(53	)		(56	)		70			61
Income tax		(183	)		(197	)		(43	)		(7	)		326
Net income		272			382			(13	)		(29	)		2,192

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ASSETS UNDER MANAGEMENT

Mutual Fund	Assets Under Management as of:						Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Fima Premium		148,693		153,241		93,647		-3			59
Fima Ahorro Pesos		7,252		10,566		3,627		(31	)		100
Fima Ahorro Plus		12,707		15,502		3,719		(18	)		242
Fima Capital Plus		16,651		12,940		154		29			10,712
Fima Renta en Pesos		1,098		1,756		316		(37	)		247
Fima Renta Plus		740		1,370		198		(46	)		274
Fima Abierto Pymes		759		745		795		2			(5	)
Fima Acciones		590		661		547		(11	)		8
Fima PB Acciones		633		764		941		(17	)		(33	)
Fima Mix I		2,047		1,668		78		23			2,524
Fima Renta Dolares I		—		1,934		2,803		(100	)		(100	)
Fima Renta Dolares II		—		550		918		(100	)		(100	)
Fima Renta Acciones Latinoamerica		72		56		157		29			(54	)
Fima Renta Fija Internacional		1,170		1,628		3,394		(28	)		(66	)
Total Assets Under Management		192,412		203,381		111,294		(5	)		73

SELECTED FINANCIAL INFORMATION

Balance Sheet	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Assets
Cash and due from banks		191		315		165		(39	)		16
Loans and other financing		185		—		—		N/A			N/A
Other financial assets		1,005		1,004		415		—			142
Other non-financial assets		1		2		31		(50	)		(97	)
Total assets		1,382		1,321		611		5			126
Liabilities
Other non-financial liabilities		469		357		98		31			379
Total liabilities		469		357		98		31			379
Shareholders’ equity		913		964		513		(5	)		78

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SUDAMERICANA HOLDING

INFORMATION DISCLOSURE

The data shown in the tables of this report and the consolidated financial statements correspond to Sudamericana Holding, consolidated line by line with the subsidiaries under its control.

RESULTS FOR THE FISCAL YEAR

Income Statement
In millions of pesos, except otherwise noted	2020			2019			Variation (%)
Earned premium		7,789			7,608			2
Incurred claims		(1,127	)		(1,052	)		7
Withdrawals		(17	)		(19	)		(11	)
Life annuities		(14	)		(16	)		(13	)
Acquisition and general expenses		(3,070	)		(3,905	)		(21	)
Other income and expenses		(65	)		(74	)		(12	)
Underwriting income		3,496			2,542			38
Net interest income		727			1,146			(37	)
Net results from financial instruments		64			103			(38	)
Gold and foreign currency quotation differences		(27	)		(4	)		575
Other operating income		505			609			(17	)
Net operating income		4,765			4,396			8
Personnel expenses		(1,218	)		(1,110	)		10
Administrative expenses		(657	)		(712	)		(8	)
Depreciations and devaluations of assets		(270	)		(291	)		(7	)
Other operating expenses		(4	)		—			N/A
Operating income		2,616			2,283			15
Results from the net monetary position		(673	)		(1,012	)		(33	)
Income tax		(654	)		(509	)		28
Net income		1,289			762			69
Other comprehensive income(1)		10			(20	)		(150	)
Total comprehensive income		1,299			742			75

(1) Net of income tax.

Profitability
Percentages, except otherwise noted	2020		2019		Variation (%)
Return on average assets(1)		19.90		11.17		873
Return on average shareholders’ equity(1)		41.38		24.03		1,735
Efficiency ratio(2)		72.91		83.17		(1,026	)
Combined ratio(3)		82.59		94.34		(1,175	)

(1) Annualized.

(2) Acquisition and general expenses, plus personnel expenses, plus administrative expenses, plus depreciations and devaluations of assets, divided by earned premiums, plus incurred claims, plus withdrawals, plus life annuities, plus acquisition and general expenses, plus other income and expenses, plus net interest income, plus net results from financial instruments, plus gold and foreign currency quotation differences plus some items included in other operating income, plus the net result from the monetary position.

(3) Acquisition and general expenses, plus personnel expenses, plus administrative expenses, plus depreciations and devaluations of assets, plus incurred claims, plus other income and expenses, divided by earned premiums, plus withdrawals, plus life annuities.

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RESULTS FOR THE QUARTER

Income Statement	2020						2019			Variation (%)
In millions of pesos, except otherwise noted	4Q			3Q			4Q			vs 3Q20			vs 4Q19
Earned premium		2,033			2,010			1,798			1			13
Incurred claims		(394	)		(283	)		(290	)		39			36
Withdrawals		(5	)		(6	)		(2	)		(17	)		150
Life annuities		(3	)		(4	)		(4	)		(25	)		(25	)
Acquisition and general expenses		(821	)		(780	)		(865	)		5			(5	)
Other income and expenses		(20	)		(1	)		(37	)		1,900			(46	)
Underwriting income		790			936			600			(16	)		32
Net interest income		130			156			316			(17	)		(59	)
Net results from financial instruments		42			(3	)		22			1,500			91
Gold and foreign currency quotation differences		5			(1	)		2			600			150
Other operating income		111			156			174			(29	)		(36	)
Net operating income		1,078			1,244			1,114			(13	)		(3	)
Personnel expenses		(395	)		(275	)		(331	)		44			19
Administrative expenses		(187	)		(186	)		(241	)		1			(22	)
Depreciations and devaluations of assets		(72	)		(66	)		(104	)		9			(31	)
Other operating expenses		(4	)		—			—			—			—
Operating income		420			717			438			(41	)		(4	)
Results from the net monetary position		(159	)		(201	)		(297	)		(21	)		(46	)
Income tax		(213	)		(169	)		(82	)		26			160
Net income		48			347			59			(86	)		(19	)
Other comprehensive income(1)		(21	)		13			53			(262	)		140
Total comprehensive income		27			360			112			(93	)		(76	)

(1) Net of income tax.

Profitability	2020				2019		Variation ( bp)
Percentages, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Return on average assets(1)		2.93		20.26		3.70		(1,733	)		(77	)
Return on average shareholders’ equity(1)		7.29		38.65		7.87		(3,136	)		(58	)
Efficiency ratio(2)		84.95		71.73		94.16		1,322			(921	)
Combined ratio(3)		93.28		79.50		104.26		1,378			(1,098	)

(4) Annualized.

(5) Acquisition and general expenses, plus personnel expenses, plus administrative expenses, plus depreciations and devaluations of assets, divided by earned premiums, plus incurred claims, plus withdrawals, plus life annuities, plus acquisition and general expenses, plus other income and expenses, plus net interest income, plus net results from financial instruments, plus gold and foreign currency quotation differences, plus some items included in other operating income, plus the net result from the monetary position.

(6) Acquisition and general expenses, plus personnel expenses, plus administrative expenses, plus depreciations and devaluations of assets, plus incurred claims, plus other income and expenses, divided by earned premiums, plus withdrawals, plus life annuities.

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SELECTED FINANCIAL INFORMATION

Balance Sheet	2020				2019		Variation (%)
In millions of pesos, except otherwise noted	4Q		3Q		4Q		vs 3Q20			vs 4Q19
Assets
Cash and due from banks		40		294		103		(86	)		(61	)
Debt securities		—		—		50		—			(100	)
Net loans and other financing		473		557		358		(15	)		32
Other financial assets		2,434		2,346		2,783		4			(13	)
Property, bank premises, equipment		647		598		621		8			4
Intangible assets		73		100		140		(27	)		(48	)
Assets for insurance contracts		1,886		1,723		1,609		9			17
Other non-financial assets		364		790		417		(54	)		(13	)
Total assets		5,917		6,408		6,081		(8	)		(3	)
Liabilities
Financial entities		—		—		4		—			(100	)
Liabilities for insurance contracts		2,061		1,983		2,005		4			3
Other non-financial liabilities		1,268		1,864		1,348		(32	)		6
Total liabilities		3,329		3,847		3,357		(13	)		(1	)
Shareholders’ equity		2,588		2,561		2,724		1			(5	)

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RELEVANT INFORMATION

TARJETAS REGIONALES

In connection with the spin-off merger of the minority stake in Tarjetas Regionales that was previously not owned by GFG, on December 15, 2020, GFG entered into a definitive spin-off merger agreement with certain other companies that collectively owned 17% of the outstanding equity interests of Tarjetas Regionales to acquire such interests. As a consequence, from September 1, 2020, 100% of the results of Tarjetas Regionales are attributed to Grupo Financiero Galicia.

NOTES

On December 18, 2020, Tarjeta Naranja issued certain class XLV Notes in the amount of Ps.3,057 million, which accrue interest at a rate of Badlar + 5% and have a term of 12 months.

GALICIA ADMINISTRADORADE FONDOS

During December, the Comisión Nacional de Valores (the Argentine National Securities Commission) approved the liquidation of the dollar-denominated funds, Fima Renta Dolares I and Fima Renta Dolares II.

COVID-19

During the Fiscal Year, Grupo Financiero Galicia and its subsidiaries have continued and adapted their operations under the challenging circumstances resulting from the spread of the Coronavirus (COVID-19). This pandemic has generated various consequences impacting businesses and economic activities globally. As of mid-March, when the virus began to spread in Argentina, the Argentine National Government implemented a series of measures designed to reduce contagion and provide for preventive and mandatory social isolation or distancing (with variations of such restrictions dependent on the region of the country). As of the date of this report, commercial activities are being gradually being normalized in compliance with applicable protocols established by the Argentine government.

Additionally, the Argentine Central Bank and other regulatory agencies have established certain additional regulations with objectives linked to providing assistance to sectors whose activity was affected by the pandemic and to the health care of the community in general.

The final scope of the COVID-19 pandemic and its impact on the global and Argentine economy are still unknown. Although, as of the date of this report, Grupo Financiero Galicia and its subsidiaries have suffered limited impacts on their results due to the pandemic, the impact of a lower level of activity and a higher unemployment could be significant in the future.

The Board of Directors of GFG continues to analyze the situation as it evolves and is prepared to take all measures within its power to guarantee business continuity and preserve the health and safety of GFG’s employees, customers and other stakeholders.

REGULATORY CHANGES

In connection with the foregoing, the Argentine Central Bank has established certain regulations and protocols, of which the following stand out: (i) attention to customers by prior request of an appointment; (ii) the suspension of the collection of ATM fees; (iii ) the suspension, until June 30, 2021, of dividend distributions; (iv) financing of unpaid credit card balances at certain maximum interest rates; (v) a credit line for SMEs’ productive investment; (vi) the granting of financing to companies for the payment of salaries; (vii) a minimum interest rate on time deposits; (viii) the flexibilization of the parameters in respect of classification of debtors; and (ix) controls on the foreign exchange market.

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Additionally, to promote the granting of financing to sectors affected by COVID-19, the Argentine Central Bank has implemented certain reductions on applicable reserve requirements.

OTHERCOMPREHENSIVEINCOME

In accordance with Communique “A” 7211 of the Argentine Central Bank, starting in the 2021 fiscal year the monetary result accrued with respect to items of a monetary nature that are measured at fair value with changes in “Other Comprehensive Income” (or OCI) must be recorded in the results for the applicable period / fiscal year. Consequently, unallocated results must be adjusted and recorded in the account “Adjustments to results from previous years” at the beginning of the 2021 fiscal year, in order to incorporate the accumulated monetary results of the aforementioned items as of such date, which will be recorded in OCI. Likewise, the comparative information for upcoming periods / fiscal years must consider this change in applicable exposure criteria.

Had this change been applied for the 2020 fiscal year, Grupo Financiero Galicia’s net result for the fiscal year would have amounted to Ps.26,016 million, and the total of Other Comprehensive Income for the year would reflected a Ps.348 million loss.

This report is a summary analysis of GFG’s financial condition and results of operations as of and for the periods indicated. For a correct interpretation, this report must be read in conjunction with GFG’s financial statements, as well as with all other material periodically filed with the Argentine National Securities Commission (www.cnv.gob.ar), the Buenos Aires Stock Exchange (www.bolsar.com), the Cordoba Stock Exchange (www.bolsacba.com.ar) and the Nasdaq (www.nasdaq.com). In addition, the Argentine Central Bank (www.bcra.gob.ar) may publish information related to Banco Galicia as of a date subsequent to the last date for which the Bank has published information.

Readers of this report must note that this is a translation made from an original version written and expressed in Spanish. Therefore, any matters of interpretation should be referred to the original version in Spanish.

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