Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2021 |
Entity File Number | 001-37777 |
Entity Registrant Name | GRUPO SUPERVIELLE S.A. |
Entity Incorporation, State or Country Code | C1 |
Entity Address, Address Line One | Bartolomé Mitre 434 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Postal Zip Code | C1036AAH |
Entity Address, Country | AR |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | Yes |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Central Index Key | 0001517399 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Shell Company Report | false |
Document Transition Report | false |
Auditor Name | Price Waterhouse & Co. S.R.L. |
Auditor Firm ID | 1349 |
Auditor Location | Buenos Aires, Argentina |
Class B Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | Class B shares of Grupo Supervielle S.A. |
Trading Symbol | SUPV |
Security Exchange Name | NYSE |
Entity Common Stock, Shares Outstanding | 394,984,134 |
Class A ordinary shares | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 61,738,188 |
American Depositary Shares | |
Document Information [Line Items] | |
Title of 12(b) Security | American Depositary Shares, each representing 5 Class B shares of Grupo Supervielle S.A. |
Trading Symbol | SUPV |
Security Exchange Name | NYSE |
Business Contact | |
Document Information [Line Items] | |
Entity Address, Address Line One | Bartolomé Mitre 434 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Postal Zip Code | C1036AAH |
City Area Code | 11 |
Local Phone Number | 4340-3123 |
Entity Address, Country | AR |
Contact Personnel Name | Mariano Biglia |
Contact Personnel Email Address | mariano.biglia@supervielle.com.ar |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 32,574,118 | $ 55,357,647 |
Cash | 12,589,320 | 19,309,242 |
Argentine Central Bank | 18,134,499 | 29,620,309 |
Other local financial institutions | 1,208,357 | 6,198,171 |
Others | 641,942 | 229,925 |
Debt securities at fair value through profit or loss | 19,757,685 | 14,900,812 |
Derivatives | 221,858 | 217,271 |
Reverse Repo transactions | 42,849,578 | 33,742,602 |
Other financial assets | 13,922,961 | 6,468,183 |
Loans and other financing | 155,474,329 | 159,085,216 |
To the non-financial public sector | 22,738 | 35,517 |
To the financial sector | 76,832 | 18,207 |
To the Non-Financial Private Sector and Foreign residents | 155,374,759 | 159,031,492 |
Other debt securities | 78,930,240 | 61,674,714 |
Financial assets pledged as collateral | 8,539,934 | 7,403,589 |
Current income tax assets | 880,290 | |
Inventories | 136,775 | 107,114 |
Investments in equity instruments | 264,280 | 175,587 |
Property, plant and equipment | 11,034,912 | 10,722,347 |
Investment Property | 8,698,123 | 9,053,396 |
Intangible assets | 11,422,105 | 10,237,674 |
Deferred income tax assets | 3,234,956 | 5,005,051 |
Other non-financial assets | 2,460,898 | 2,042,059 |
TOTAL ASSETS | 390,403,042 | 376,193,262 |
LIABILITIES | ||
Deposits | 288,458,097 | 269,644,541 |
Non-financial public sector | 11,475,017 | 11,941,378 |
Financial sector | 39,099 | 86,665 |
Non-financial private sector and foreign residents | 276,943,981 | 257,616,498 |
Liabilities at fair value through profit or loss | 2,053,216 | 3,021,859 |
Derivatives | 3,011 | |
Other financial liabilities | 23,780,242 | 11,364,228 |
Financing received from the Argentine Central Bank and other financial institutions | 6,252,548 | 8,833,545 |
Unsubordinated debt securities | 1,059,240 | 6,379,922 |
Current income tax liability | 1,944,531 | |
Subordinated debt securities | 1,721,443 | |
Provisions | 913,671 | 1,028,051 |
Deferred income tax liabilities | 61,736 | 63,403 |
Other non-financial liabilities | 16,273,876 | 18,333,518 |
TOTAL LIABILITIES | 338,852,626 | 322,338,052 |
SHAREHOLDERS' EQUITY | ||
Capital stock | 456,722 | 456,722 |
Paid in capital | 43,558,993 | 43,558,993 |
Capital Adjustments | 4,713,494 | 4,713,494 |
Reserve | 4,635,585 | |
Retained earnings | (2,092,014) | (441,600) |
Other comprehensive income | 1,971,266 | 2,024,923 |
Net income for the year | (1,734,541) | 3,499,882 |
Shareholders' Equity attributable to owners of the parent company | 51,509,505 | 53,812,414 |
Shareholders' Equity attributable to non-controlling interests | 40,911 | 42,796 |
TOTAL SHAREHOLDERS' EQUITY | $ 51,550,416 | $ 53,855,210 |
Consolidated Income Statement
Consolidated Income Statement - ARS ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Income Statement | |||
Interest income | $ 103,431,881 | $ 97,659,056 | $ 92,049,680 |
Interest expenses | (60,499,508) | (43,136,686) | (71,744,637) |
Net interest income | 42,932,373 | 54,522,370 | 20,305,043 |
Net income from financial instruments (NIFFI) at fair value through profit or loss | 8,889,470 | 5,004,594 | 43,073,281 |
Result from derecognition of assets measured at amortized cost | 254,187 | 991,715 | |
Exchange rate differences on gold and foreign currency | 992,383 | 1,606,842 | (665,941) |
Net Income From Financial instruments And Exchange Rate Differences | 10,136,040 | 7,603,151 | 42,407,340 |
Net Financial Income | 53,068,413 | 62,125,521 | 62,712,383 |
Services Fee Income | 16,665,264 | 17,348,966 | 17,671,576 |
Services Fee Expense | (5,080,481) | (5,355,815) | (4,611,197) |
Income from insurance activities | 2,271,246 | 2,522,921 | 2,863,247 |
Net Service Fee Income | 13,856,029 | 14,516,072 | 15,923,626 |
Subtotal | 66,924,442 | 76,641,593 | 78,636,009 |
Results from exposure to changes in the purchasing power of money | (7,807,754) | (6,475,891) | (11,013,521) |
Other operating income | 5,376,874 | 5,704,765 | 5,661,877 |
Loan loss provisions | (8,929,921) | (13,003,712) | (15,898,709) |
Net operating income | 55,563,641 | 62,866,755 | 57,385,656 |
Personnel expenses | 25,591,322 | 27,436,458 | 29,106,597 |
Administration expenses | 15,355,579 | 15,574,998 | 15,563,088 |
Depreciation and impairment of non-financial assets | 4,225,142 | 3,633,207 | 3,729,019 |
Other operating expenses | 11,848,049 | 9,924,079 | 13,065,832 |
(Loss)/ Income before taxes | (1,456,451) | 6,298,013 | (4,078,880) |
Income tax | (279,907) | (1,013,887) | (346,658) |
Net (Loss) / income for the year | (1,736,358) | 5,284,126 | (4,425,538) |
Net (Loss) / income for the year attributable to owners of the parent company | (1,734,541) | 5,282,780 | (4,421,383) |
Net income / (loss) for the year attributable to non-controlling interests | (1,817) | 1,346 | (4,155) |
NUMERATOR | |||
Net income / (loss) for the year attributable to owners of the parent company | (1,734,541) | 5,282,780 | (4,421,383) |
Net income attributable to owners of the parent company adjusted by dilution | $ (1,734,541) | $ 5,282,780 | $ (4,421,383) |
DENOMINATOR | |||
Weighted average of ordinary shares | 456,722 | 456,722 | 456,722 |
PLUS: Weighted average of number of ordinary shares issued with dilution effect. | 0 | ||
Weighted average of number of ordinary shares issued of the period adjusted by dilution effect | 456,722 | 456,722 | 456,722 |
Basic Income per share | $ (3.80) | $ 11.57 | $ (9.68) |
Diluted Income per share | $ (3.80) | $ 11.57 | $ (9.68) |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Consolidated Statement of Comprehensive Income | |||
Net (loss)/income for the year | $ (1,736,358) | $ 5,284,126 | $ (4,425,538) |
Components of Other Comprehensive Income not to be reclassified to profit or loss | |||
Revaluation surplus of property, plant and equipment | 105,051 | 1,235,377 | (127,570) |
Income tax | (215,533) | (360,738) | 19,879 |
Net revaluation surplus of property, plant and equipment | (110,482) | 874,639 | (107,691) |
Income / (loss) from equity instruments at fair value through other comprehensive income | 3,950 | (9,773) | |
Income tax | 614 | 2,934 | |
Net Income / (loss) from equity instruments at fair value through other comprehensive income | 4,564 | (6,839) | |
Total Other Comprehensive Income not to be reclassified to profit or loss | (105,918) | 874,639 | (114,530) |
Components of Other Comprehensive Income to be reclassified to profit or loss | |||
Income from financial instruments at fair value through other comprehensive income | 120,300 | 492,369 | 23,190 |
Income tax | (68,512) | (153,902) | (6,958) |
Net income from financial instruments at fair value through other comprehensive income | 51,788 | 338,467 | 16,232 |
Foreign currency translation differences for the fiscal year | 405 | ||
Other Comprehensive Income to be reclassified to profit or loss | 52,193 | 338,467 | 16,232 |
Other Comprehensive (loss) / income | (53,725) | 1,213,106 | (98,298) |
Other comprehensive (loss) / income attributable to parent company | (53,657) | 1,211,932 | (98,022) |
Other comprehensive (loss) / income attributable to non-controlling interest | (68) | 1,174 | (276) |
Comprehensive (loss) / income | (1,790,083) | 6,497,232 | (4,523,836) |
Comprehensive (loss) / income for the year attributable to owners of the parent company | (1,788,198) | 6,494,712 | (4,519,405) |
Comprehensive (loss) / income for the year attributable to non-controlling interest | $ (1,885) | $ 2,520 | $ (4,431) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders' Equity - ARS ($) $ in Thousands | Capital stock | Capital Adjustment. | Paid-in capital | Legal reserve | Other reserves. | Retained earnings | Other comprehensive income. | Total shareholders' equity attributable to parent company [member] | Total Shareholders' equity attributable to non-controlling interests [member] | Total |
Beginning balance at Dec. 31, 2018 | $ 456,722 | $ 4,713,494 | $ 50,225,829 | $ 288,753 | $ 16,930,614 | $ (19,932,404) | $ 911,013 | $ 53,594,021 | $ 44,532 | $ 53,638,553 |
Distribution of retained earnings by the shareholders' | ||||||||||
- Other reserves | 4,276,910 | (4,276,910) | ||||||||
- Dividend distribution | (957,827) | (957,827) | (957,827) | |||||||
Purchase of subsidiaries' shares | 1,001 | 1,001 | 175 | 1,176 | ||||||
Net (loss)/income for the year | (4,421,383) | (4,421,383) | (4,155) | (4,425,538) | ||||||
Other comprehensive (loss) income for the year | (98,022) | (98,022) | (276) | (98,298) | ||||||
Ending balance at Dec. 31, 2019 | 456,722 | 4,713,494 | 50,226,830 | 288,753 | 21,207,524 | (29,588,524) | 812,991 | 48,117,790 | 40,276 | 48,158,066 |
Distribution of retained earnings by the shareholders' | ||||||||||
Absorption of negative retained earnings | (6,667,837) | (288,753) | (29,157,183) | 36,113,773 | ||||||
- Other reserves | 8,749,747 | (8,749,747) | ||||||||
- Dividend distribution | (800,088) | (800,088) | (800,088) | |||||||
Net (loss)/income for the year | 5,282,780 | 5,282,780 | 1,346 | 5,284,126 | ||||||
Other comprehensive (loss) income for the year | 1,211,932 | 1,211,932 | 1,174 | 1,213,106 | ||||||
Ending balance at Dec. 31, 2020 | 456,722 | 4,713,494 | 43,558,993 | 3,058,282 | 2,024,923 | 53,812,414 | 42,796 | 53,855,210 | ||
Distribution of retained earnings by the shareholders' | ||||||||||
- Other reserves | 531,832 | 4,103,753 | (4,635,585) | |||||||
- Dividend distribution | (514,711) | (514,711) | (514,711) | |||||||
Net (loss)/income for the year | (1,734,541) | (1,734,541) | (1,817) | (1,736,358) | ||||||
Other comprehensive (loss) income for the year | (53,657) | (53,657) | (68) | (53,725) | ||||||
Ending balance at Dec. 31, 2021 | $ 456,722 | $ 4,713,494 | $ 43,558,993 | $ 531,832 | $ 4,103,753 | $ (3,826,555) | $ 1,971,266 | $ 51,509,505 | $ 40,911 | $ 51,550,416 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flow from operating activities | |||
Net (loss)/income for the year | $ (1,736,358) | $ 5,284,126 | $ (4,425,538) |
Income tax | 279,907 | 1,013,887 | 346,658 |
Depreciation and Impairment of Property, plant and equipment | 4,225,142 | 3,633,207 | 3,729,019 |
Loan loss provisions | 8,929,921 | 13,003,712 | 15,898,709 |
Exchange rate difference on gold and foreign currency | (992,383) | (1,606,842) | 665,941 |
Interest from loans and other financings | (103,431,881) | (97,659,056) | (92,049,680) |
Interest from deposits and financing received | 60,499,508 | 43,136,686 | 71,744,637 |
Net income from financial instruments at fair value through profit or loss | (8,889,470) | (5,004,594) | (43,073,281) |
Fair value measurement of investment properties | 441,020 | 139,556 | 261,244 |
Results from exposure to changes in the purchasing power of money | 7,807,754 | 6,475,891 | 11,013,521 |
Interest on liabilities for financial leases | 268,813 | 312,502 | 436,656 |
Allowances reversed | (1,713,707) | (864,111) | (1,024,586) |
Result from derecognition of financial assets measured at amortized cost | (254,187) | (991,715) | |
(Increases) / decreases from operating assets: | |||
Debt securities at fair value through profit or loss | 11,995,299 | (5,591,631) | 50,913,541 |
Derivatives | (4,587) | 312,051 | (478,985) |
Reverse Repo transactions | (9,106,976) | (33,742,602) | |
Loans and other financing | |||
To the non-financial public sector | 12,779 | 23,814 | 44,362 |
To the other financial entities | (58,625) | 114,382 | 1,127,291 |
To the non-financial sector and foreign residents | 99,872,400 | 105,451,208 | 131,919,121 |
Other debt securities | (17,255,526) | (40,183,131) | (7,863,584) |
Financial assets in guarantee | (1,136,345) | 3,556,790 | (4,615,274) |
Investments in equity instruments | (73,835) | 2,930 | |
Other assets | (8,185,383) | (873,453) | 4,605,326 |
Increases / (decreases) from operating liabilities: | |||
Non-financial public sector | (466,361) | 700,556 | (23,865,208) |
Financial sector | (47,566) | 28,925 | (22,034) |
Private non-financial sector and foreign residents | (41,172,025) | 43,025,686 | (170,782,744) |
Derivatives | (3,011) | 3,011 | (297,850) |
Repo transactions | (657,201) | 657,201 | |
Liabilities at fair value through profit or loss | (968,643) | 2,632,339 | (457,939) |
Other liabilities | 11,195,031 | (5,729,792) | 1,076,874 |
Income Tax paid | (1,620,346) | (1,921,307) | (1,664,438) |
Net cash provided by / (used in) operating activities (A) | 8,484,194 | 33,949,059 | (56,178,110) |
Payments related to: | |||
Purchase of PPE, intangible assets and other assets | (5,023,007) | (7,130,594) | (2,288,933) |
Purchase of liabilities and equity instruments issued by other entities | (88,693) | (71,794) | |
Acquisition of subsidiaries, net of cash acquired | (11,007) | (406,782) | |
Collections: | |||
Disposals related to PPE, intangible assets and other assets | 417,038 | 642,869 | 16,483 |
Net cash used in investing activities (B) | (4,694,662) | (6,570,526) | (2,679,232) |
Payments: | |||
Repurchase of non-controlling interest in subsidiaries | 1,165 | ||
Lease Liabilities | (2,426,914) | (2,062,110) | (2,571,950) |
Financing received from Argentine Financial Institutions | (7,572,780) | (10,242,448) | (234,068,388) |
Unsubordinated debt securities | (34,931,992) | (32,147,124) | (35,685,061) |
Subordinated debt securities | (1,721,443) | (2,678,103) | (1,732,235) |
Dividends | (514,711) | (800,089) | (957,827) |
Collections: | |||
Unsubordinated negotiable obligations | 2,252,098 | 4,005,697 | 17,286,639 |
Financing received from Argentine Financial Institutions | 32,350,995 | 22,450,153 | 227,211,644 |
Net cash used in financing activities (C) | (12,564,747) | (21,474,024) | (30,516,013) |
Effects of exchange rate change | 11,048,920 | 15,660,806 | 49,512,377 |
Net increase / (decrease) in cash and cash equivalents (A+B+C+D) | 2,273,705 | 21,565,315 | (39,860,978) |
Result from exposure to changes in the purchasing power of the currency of Cash and equivalents | (17,116,658) | (19,401,367) | (51,231,287) |
Cash and cash equivalents at the beginning of the year | 59,571,418 | 57,407,470 | 148,499,735 |
Cash and cash equivalents at the end of the year | $ 44,728,465 | $ 59,571,418 | $ 57,407,470 |
ACCOUNTING STANDARDS AND BASIS
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | 1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION Grupo Supervielle S.A. (individually referred to as “Grupo Supervielle” or “the Company” and jointly with its subsidiaries as the “Group”), is a financial services holding company organized under the laws of Argentina that conducts its business through its subsidiaries, providing banking services, proprietary brand credit card services, personal loans, insurance and other services. Grupo Supervielle´s Consolidated Financial Statements as of December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019 include the assets, liabilities and results of the controlled companies detailed in Note 1.2. 1.1 Basis of preparation These Consolidated Financial Statements have been prepared in accordance with IFRS as adopted by the IASB. The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 2. These consolidated financial statements as of December 31, 2021, were approved by resolution of the Board of Directors' meeting held on April 26, 2022. 1.1.1 Going concern The consolidated financial statements as of December 31, 2021, 2020 and 2019 have been prepared on a going concern basis as there is a reasonable expectation that the Group will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period). 1.1.2 Measuring Unit – IAS 29 (Financial reporting in hyperinflationary economies) The Consolidated Financial Statements of the Entity are expressed in Argentine pesos which is the functional currency. IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered hyperinflationary. This Standard requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the latest reporting period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements. To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%. It is important to highlight that the three-year accumulated inflation rate as of December 31, 2021 reached 216.1. Consequently, the Company has restated its consolidated financial statements in the terms of IAS 29 for the year ended December 31, 2021. The Group determined to use the Internal Wholesale Price Index (IWPI) to restate balances and transactions until the year 2016, for the months of November and December 2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires was used, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January 2017 omwards, the Group used the National Consumer Price Index (National CPI). The tables below show the evolution of these indexes in the last three years and as of December 31, 2021 according to official statistics (INDEC): As of December 31, 2019 2020 2021 Variation in Prices Annual 53.8 % 36.1 % 50.9 % Accumulated 3 years 183.4 % 209.2 % 216.1 % As a consequence of the aforementioned, these Consolidated Financial Statements as of December 31, 2021 were restated in accordance with the provisions of IAS 29. Restatement of the Financial Position The Group restated all the non-monetary items in order to reflect the impact of inflation in terms of the measuring unit current as of December 31, 2021. Consequently, the main items restated were Property, Plant and Equipment, Intangible assets, Goodwill, Inventories and Equity. Each item must be restated since the date of the initial recognition in the Group's accounts or since the date of the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December 31, 2021. Comparative figures must also be presented in the measuring unit current as of December 31, 2021. Therefore, comparative figures for the previous reporting periods have been restated by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period. Restatement of the Income Statement and the Statement of Cash Flows In the Income Statement, items shall be restated from the dates when the items of income and expense were originally recorded. To this end, the Group applied the variations in a consumer price index. The effect of inflation on the monetary position is included in the Income Statement under Results from exposure to changes in the purchasing power of money. The items of the Statement of Cash Flows must also be restated in terms of the measuring unit current at the closing date of the Statement of Financial Position. IAS 29 para 33 states that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period. The loss arising from the restatement has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent. Restatement of the Statement of Changes in Shareholder’s Equity All components of the Statement of Changes in Shareholder’s Equity must be restated from the dates on which the items were contributed or otherwise arose. 1.1.3 Change in accounting policies and new accounting standards The following are changes that were made effective over the course of the quarter ended on December 31, 2021: (a) Amendment to IFRS 16 “Leases” – COVID-19 – Rent Concessions Rent concessions have been, or are expected to be, provided to lessees as a result of the COVID-19 pandemic. Such concessions might take a variety of forms, including payment holidays and deferral of lease payments for a period of time, sometimes followed by increased rent payments in future periods. IFRS 16 contains requirements that apply to such rent concessions. The IASB has noted, however, that applying those requirements to a potentially large volume of rent concessions related to COVID-19 could be complex – particularly in the light of the many other challenges that stakeholders face during the pandemic. As a result, the IASB has provided lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concession as a variable lease payment. The practical expedient only applies to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met: ● the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; ● any reduction in lease payments affects only payments due on or before 30 June 2021; and ● there is no substantive change to other terms and conditions of the lease. ● Lessees that apply the exemption will need to disclose that fact, as well as the amount recognised in profit or loss arising from COVID-19-related rent concessions. If a lessee chooses to apply the practical expedient to a lease, it would apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances. The amendment is to be applied retrospectively in accordance with IAS 8, but lessees are not required to restate prior period figures or to provide the disclosure under paragraph 28(f) of IAS 8. The amendments are mandatory for annual reporting periods beginning on or after 1 June 2020. The application of this Standard did not have a significant impact in the consolidated financial statements. (b) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark (IBOR) reform – Phase 2 Phase 2 amendments that were issued on 27 August 2020 address issues that arise from the implementation of the reforms, including the replacement of one benchmark with an alternative one. The amendments establishes that for instruments to which the amortised cost measurement applies, entities, as a practical expedient, should account for a change in the basis for determining the contractual cash flows as a result of IBOR reform by updating the effective interest rate using the guidance in paragraph B5.4.5 of IFRS 9. As a result, no immediate gain or loss is recognised. This practical expedient applies only to such a change and only to the extent it is necessary as a direct consequence of IBOR reform, and the new basis is economically equivalent to the previous basis. Insurers applying the temporary exemption from IFRS 9 are also required to apply the same practical expedient. IFRS 16 was also amended to require lessees to use a similar practical expedient when accounting for lease modifications that change the basis for determining future lease payments as a result of IBOR reform (for example, where lease payments are indexed to an IBOR rate). These amendments applied for annual periods beginning on or after 1 January 2021. The application of this Standard did not have a significant impact in the consolidated financial statements. The following sets forth changes that have not become in force as of December 31, 2021: (a) Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, contingent liabilities and contingent assets” IAS 16, 'Property, plant and equipment (PPE) - income before intended use' IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be able to operate in the manner intended by management. One of those costs is testing whether the asset is working properly. The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use. The amendment also clarifies that an entity is “testing whether the asset is working properly” when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Therefore, an asset may be able to operate as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The amendment requires entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity’s regular activities. An entity shall also disclose the line item in the statement of comprehensive income where the proceeds are included. IAS 37 “Provisions, contingent liabilities and contingent assets - Onerous contracts – Cost of fulfilling a contract” lAS 37 defines an onerous contract as one in which the unavoidable costs of meeting the entity’s obligations exceed the economic benefits to be received under that contract. Unavoidable costs are the lower of the net cost of exiting the contract and the costs to fulfil the contract. The amendment clarifies the meaning of ‘costs to fulfil a contract’. The amendment explains that the direct cost of fulfilling a contract comprises: ● the incremental costs of fulfilling that contract (for example, direct labour and materials); and ● an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of PP&E used to fulfil the contract). The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The amendment could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfil a contract. IFRS 3, ‘Business combinations - Reference to the Conceptual Framework’ The Board has updated IFRS 3, 'Business combinations', to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. Prior to the amendment, IFRS 3 referred to the 2001 Conceptual Framework for Financial Reporting. In addition, the Board added a new exception in IFRS 3 for liabilities and contingent liabilities. The exception specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 should instead refer to IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’, or IFRIC 21, ‘Levies’, rather than the 2018 Conceptual Framework. Without this new exception, an entity would have recognised some liabilities in a business combination that it would not recognise under IAS 37. Therefore, immediately after the acquisition, the entity would have had to derecognise such liabilities and recognise a gain that did not depict an economic gain. The Board has also clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. These amendments will apply for annual periods beginning on or after 1 January 2022 with early application permitted. The Group is evaluating the impact of the application of these amendments. (b) IFRS 17 “Insurance contracts” On May 18, 2017, IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from January 1, 2023. The Group is evaluating the impact of the application of this new standard. (c) Annual Improvements 2018-2020 Fees included in the 10% test for derecognition of financial liabilities The amendment to IFRS 9 establishes which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. Illustrative examples accompanying IFRS 16 Leases Illustrative Example 13 accompanying IFRS 16 is amended to remove the illustration of payments from lessor relating to lease improvements. The reason for the amendment is to remove any potential confusion about the treatment of lease incentives. Subsidiaries as First-time adopters of IFRS IFRS 1 grants an exemption to subsidiaries that become a first-time adopter of IFRS after their parent. The subsidiary may measure the carrying amounts of its assets and liabilities that would have been included in the consolidated financial statements of its parent, based on the transition date to IFRS of the parent if no adjustments were made for reasons of consolidation and for the purposes of the business combination by which the parent acquired the subsidiary. IFRS 1 was amended to allow entities that have taken this IFRS 1 exemption to also measure cumulative translation differences using the amounts reported by the parent, based on the transition date to IFRS of the parent. The amendment to IFRS 1 extends the above-mentioned exemption to cumulative translation differences in order to reduce costs for first-time adopters of IFRS. The amendment will also apply to associates and joint ventures that have taken the same exemption from IFRS 1. Taxation in fair value measurements The Board has removed the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41, ‘Agriculture’. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. All of the amendments are effective 1 January 2022. Earlier application is permitted. The Group is evaluating the impact of the application of this new standard. (d) Amendments to IAS 1 “Presentation of Financial Statements”, IFRS Practice Statement 2 and IAS 8 “Accounting Policies, changes in accounting estimates and errors” The IASB amended IAS 1, “Presentation of Financial Statements”, to require companies to disclose material accounting policy information rather than significant accounting policy information. The amendment also clarifies that accounting policy information is expected to be material or of relative importance if, without it, users of the financial statements would be unable to understand other material information, or of relative importance, in the financial statements concerning significant accounting standards. To support this amendment, the Board also amended IFRS Practice State 2, “Making Materiality Judgments”, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendment to IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, helps to distinguish between changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as to those of the current period. These amendments are applicable to annual periods beginning on or after January 1, 2023. Early application is allowed. Changes shall be applied prospectively. The Group is evaluating the impact of the application of this new standard. (e) Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction The IASB has amended IAS 12, 'Income taxes', to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The proposed amendments will typically apply to transactions such as leases for the lessee and decommissioning obligations. Paragraphs 15 and 24 of IAS 12 were amended to include an additional condition where the initial recognition exemption is not applied. According to the amended guidance, a temporary difference that arises on initial recognition of an asset or liability is not subject to the initial recognition exemption if that transaction gave rise to equal amounts of taxable and deductible temporary differences. Paragraph 22A has been added to provide further clarification of this principle. Paragraphs 22(b) and 22(c) of IAS 12 have also been amended. In addition, the Illustrative Examples accompanying IAS 12 have been amended to include Example 8 – Leases, to illustrate the new guidance. Finally, there have been some consequential amendments to IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’. Deferred tax related to assets and liabilities arising from a single transaction has been added to the list of the exceptions to the retrospective application of other IFRSs. These amendments should be applied for annual periods beginning on or after 1 January 2023. Earlier application is permitted The Group is assessing the impact of the amendments. 1.2. Consolidation A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have control over an entity, even when it has less voting powers than those required for the majority. Accordingly, the protecting rights of other investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiaryThe subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The following chart details the subsidiaries included in the consolidation process: Percentage of direct or indirect investment in capital stock Company Main Activity 12/31/2021 12/31/2020 12/31/2019 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company 99.90 % 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card 99.99 % 99.99 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.F. e I.I. Real State 100.00 % 100.00 % 100.00 % Espacio Cordial de Servicios S.A. Retail Services 100.00 % 100.00 % 100.00 % Supervielle Seguros S.A. Insurance 100.00 % 100.00 % 100.00 % Micro Lending S.A.U. Financial Company 100.00 % 100.00 % 100.00 % InvertirOnline S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % InvertirOnline.Com Argentina S.A.U. (renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % — % — % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 99.90 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Easy Cambio S.A. Financial Company 100.00 % 100.00 % — % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.89% , as of 12/31/2021, 12/31/2020 and 12/31/2019 respectively. For consolidation purposes, financial statements corresponding to the year ended December 31, 2021 were used, which cover the same period of time with respect to the Group's financial statements. The assets and liabilities and the results arising from operations between members of the Group that were not disclosed to third parties were eliminated from the consolidated financial statements. Non-controlling interest is that part of the net results and equity of a subsidiary attributable to interests that are not owned, directly or indirectly, by the Group. The non-controlling interest forms a separate component of the Group's equity. In accordance with the provisions of IFRS 3, the acquisition method is the one used to account for the acquisition of subsidiaries. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are measured at their fair values on the date of acquisition. Goodwill is measured as the difference between the net of the amounts at the date of acquisition of the identifiable assets acquired, of the liabilities assumed, the consideration transferred, the amount of the non-controlling interest in the acquiree and the fair value of an interest in the acquisition prior to the acquisition date. The consideration transferred in a business combination is measured at the fair value of the assets transferred by the acquirer, the liabilities incurred by it with the previous owners of the acquiree and the equity interests issued by the acquirer. Transaction costs are recognized as expenses in the years in which the costs are incurred and the services are received, except for transaction costs incurred to issue equity instruments that are deducted from equity and transaction costs incurred to issue debt that is deducted from its book value. 1.3. Consolidated Structured Entities The Group has securitized certain financial instruments, mainly consumer loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts that issue multiple classes of debt securities and participation certificates. The structured entity in which the Group was the trustor as of December 31, 2021 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$ 31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$ 32,522 CP VN$1,626 IUDÚ Compañia Financiera S.A 24 05/28/2021 04/15/2022 $ 699,000 VDF VN$ 559,200 CP VN$ 139,800 IUDÚ Compañia Financiera S.A 25 10/01/2021 09/15/2022 $ 703,600 VDF VN$ 583,988 CP VN$ 119,612 The structured entity in which the Group was the trustor as of December 31, 2020 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$32,522 CP VN$1,626 The Group controls a structured entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Structured entities are consolidated from the date on which the control is transferred to the Group. They are deconsolidated from the date that control ceases. As for financial trusts, the Group has evaluated the following: ● The purpose and design of the trust ● Identification of relevant activities of the trust ● Decision-making process on these activities ● If the Group has the power to direct the relevant activities of the trust ● If the Group is exposed to, or has rights to, variable returns from its involvement with the trust ● If the Group has ability to affect those returns through its power over the trust In accordance with the aforementioned, the Group controls such financial trusts and, therefore, such structured entities have been consolidated. The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of December 31, 2021: 12/31/2021 Assets Loans 856,576 Financial assets 96,747 Other assets 7,805 Total Assets 961,128 Liabilities Financial liabilities 542,110 Other liabilities 6,284 Total Liabilities 548,394 1.4. Transactions with non-controlling interest The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group. 1.5. Segment Reporting An operating segment is defined as a component of an entity or a Group that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), and whose financial information is evaluated on a regular basis by the chief operating decision maker. Operating segments are reported in a manner consistent with the internal reporting provided to: (i) Key personnel of the senior management who account for the main authority in operating decision-making processes and is responsible for allocating resources and assessing the performance of operating segments; and (ii) The Board, who is in charge of making strategic decisions of the Group. 1.6. Foreign currency translation (a) Functional and presentation currency Figures included in the Consolidated Financial Statements of each of the Group’s entities are measured using the functional currency, that is, the currency of the primary economic environment in which the entity operates. Consolidated Financial Statements are presented in Argentine pesos, which is the functional and presentation currency of the Group. Conversion of subsidiaries Participations in subsidiary companies, whose functional currency is different from the Argentine peso, are converted, first, to the functional currency of the Group, and then adjusted for inflation (see note 1.2.2). The results and financial position of the subsidiaries with a functional currency other than the Argentine peso are translated into the Group's functional currency in accordance with the provisions of IAS 21 "Effects of changes in foreign currency exchange rates", as follows: • • Subsequently, the converted balances were adjusted for inflation in order to present them in homogeneous currency. All the differences resulting from the translation were recognized in the caption "Conversion Difference of Financial Statements" of the consolidated statement of other comprehensive income. In the case of sale or disposal of any of the subsidiaries, the accumulated conversion differences must be recognized in the Statement of Comprehensive Income as part of the gain or loss from the sale or disposal. (b) Transactions and balances Transactions in foreign currency are translated into the functional currency using the exchange rates published by the Argentine Central Bank at the dates of the transactions. Gains and losses in foreign currency resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currency at year end exchange rates, are recognized in the income statement, under "Exchange rate differences on gold and foreign currency", except when such items are deferred in the shareholders' equity for transactions classified as cash flow hedges, when applicable. As of December 31, 2021 and 2020, the balances in U.S. dollars were converted at the reference exchange rate determined by the Argentine Central Bank. In the case of foreign currencies other than U.S. dollars, they have been converted to this currency using the rexchange rates derived from repo transactions reported by the Argentine Central Bank. 1.7. Cash and due from banks Cash and due from Banks includes available cash and unrestricted deposits held in Banks, which are short-term liquid instruments and have original maturities of less than three months. Assets disclosed under cash and due from Banks are measured at amortized cost which is close to its fair value. Cash and Cash equivalents includ |
CRITICAL ACCOUNTING POLICIES AN
CRITICAL ACCOUNTING POLICIES AND ESTIMATES | 12 Months Ended |
Dec. 31, 2021 | |
CRITICAL ACCOUNTING POLICIES AND ESTIMATES | |
CRITICAL ACCOUNTING POLICIES AND ESTIMATES | 2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES The preparation of these Consolidated Financial Statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires Senior Management to make judgements in applying the accounting standards to define the Group’s accounting policies. The Group has identified the following areas which involve a higher degree of judgement or complexity, or areas where assumptions and estimates are material for these Consolidated Financial Statements which are essential to understand the underlying accounting/financial reporting risks: a- Fair value of derivatives and other financial instruments The fair value of financial instruments not listed in active markets is determined by using valuation techniques. Such techniques are regulary validated and reviewed by qualified personnel independent from the area which developed them. All models are assessed and adjusted before being used put into use in order to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; however, certain factors such as as implicit rates in the last available tender for similar securities and spot rate curves, require the use of estimates. Changes in the assumptions of these factors may affect the reported fair value of financial instruments. b- Allowances for loan losses and advances The Group recognizes the allowance for loan losses under the expected credit loss method included in IFRS 9. The most significant judgements of the model relate to defining what is considered to be a significant increase in credit risk and in making assumptions and estimates to incorporate relevant information about past events, current conditions and forecasts of economic conditions. The impact of the forecasts of economic conditions are determined based on the weighted average of three internally developed macroeconomic scenarios that take into consideration the Group´s economic outlook as derived through forecast macroeconomic variables, which include Inflation rate, monthly economic activity estimator and private sector wage. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective and very sensitive to the risk factors. Note 1.11 provides more detail of how the expected credit loss allowance is measured. c- Impairment of Non-Financial Assets Intangible assets with definite useful life and property, plant and equipment are amortized or depreciated on a straight-line basis during their estimated useful life. The Group monitors the conditions associated with these assets to determine whether the events and circumstances require a review of the remaining amortization or depreciation term and whether there are factors or circumstances indicating impairment in the value of the assets which might not be recoverable. The Group has applied judgment in the identification of impairment indicators for property, plant and equipment and intangible assets. The Group has defined that there was no evidence of impairment for any period included in the consolidated Financial Statements. Given the aforementioned, no recoverable value has been calculated. The evaluation process for potential impairment of an asset of indefinite useful life is subject to and require a significant judgment in many points over the course of the analysis, including the identification of its cash-generating unit, the identification and allocation of assets and liabilities to a cash-generating unit and the definition of their recoverable value. The recoverable value is compared with the carrying value in order to define the non-recoverable portion of such value. When calculating the recoverable value of the cash-generating unit in virtue of the assessment of annual or regular impairment, the Group uses estimates and significant judgments on future cash flows of the cash-generating unit. Its cash flow forecasts are based on assumptions that account for the best use of its cash-generating unit. Although the Group believes that assumptions and forecasts used are suitable in virtue of the information available, changes in assumptions or circumstances may require changes in the assessment. Negative changes in assumptions utilized in an impairment tests of indefinite useful life intangible assets may result in the reduction or removal of the excess of fair value over the book value, which would result in the potential recognition of the impairment. The Group decided that it would not be necessary to recognize an impairment loss in indefinite useful life intangible assets under such conditions e- Income tax and deferred tax A significant judgment is required to determine liabilities and assets from current and deferred taxes. The current tax is measured at the amount expected to be paid to the taxation authority using the tax rates that have been enacted or substantially enacted by the end of the reporting period. The deferred tax is measured over temporary differences between tax basis of assets and liabilities and book values at the tax rates that are expected to apply when the asset is realized or the liability settled. Assets from deferred tax are recognized upon the possibility of relying on future taxable earnings against which temporary differences can be used, based on the Senior Management´s assumptions regarding amounts and opportunities of future taxable earnings. Later, it is necessary to determine whether assets from deferred tax are likely to be used and set off future taxable earnings. Real results may differ from estimates, such as changes in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts. Likely future tax earnings and the number of tax benefits are based on a medium term business plan prepared by the administration. Such plan is based on reasonable expectations. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | 3. SEGMENT REPORTING The Group determines operating segments based on performance reports which are reviewed by the Board and key personnel of Senior Management and updated upon changes. The Group´s clients receive the following services: ● Personal and Business Banking Segment: - Small companies, individuals and companies that record annual sales of up to 100,000 - "Small and Medium Size Companies", companies that record annual sales of over 100,000 up to 700,000 ● Corporate Baking Segment: - Megras that record annual sales over 700,000 up to 2,500,000 - Big Companies. Grandes companies that record annual sales of over 2,500,000 The Group considers the business for the type of products and services offered, identifying the following operating segments: a- Personal and Business Banking– Includes a wide range of financial products and services targeted to small companies, included in Entrepreneurs & SMSs, and high income people identified with so-called Identité proposal. Likewise, the Bank offers services and products targeted to retirees and pensioners. b- Corporate Banking – Includes advisory services at a corporate and financial level, as well as the administration of assets and loans targeted to corporate clients. c- Bank Treasury – This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial areas´ needs and its own needs, Treasury implements financial risk administration policies of the Bank, administers trading desk operations, distributes financial products, such as negotiable securities and develops business with the financial sector clients and whole sale non-financial sector clients. d- Consumer Finance– Includes loans and other credit products targeted to middle and low-middle income sectors and non-financial products and services. e- Insurance: Includes insurance products, with a focus on life insurance, to targeted customers segments f- Asset Management and Other Services – Includes MFs administered by the Group. Includes also assets, liabilities and results of InvertirOnline.Com Argentina S.A.U. (renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) and InvertirOnline S.A.U ., IOL Holding S.A., Supervielle Asset Management S.A., Easy Cambio S.A. and Bolsillo Digital S.A.U. Operating results of the different operating segments of the Group are reviewed individually with the purpose of taking decisions over the allocation of resources and the performance analysis of each segment. The performance of such segments will be evaluated based on operating income and is measured consistently with operating income/(expenses) of the consolidated income statement. When a transaction is carried out between operating segments, they are taken in an independent and equitable manner, as in cases of transactions with third parties. Later, income, expenses and results from transfers between operating segments are removed from the consolidation. The Group does not present information by geographical segments because there are no operating segments in economic environments with risks and rewards that are significantly different. The following chart includes information by segment measured in accordance with IAS 29, as of December 31, 2021, 2020 and 2019: Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Cash and due from banks 12,111,141 552,152 18,723,092 732,108 4,220 262,026 189,378 32,574,118 Debt securities at fair value through profit or loss — — 18,941,469 813,930 — 2,286 — 19,757,685 Loans and other financing 76,316,258 62,161,494 10,363,027 11,202,166 864,345 101,688 (5,534,649) 155,474,329 Other Assets 6,609,578 3,447,294 139,986,345 5,140,206 2,329,922 1,459,417 23,624,149 182,596,910 Total Assets 95,036,977 66,160,940 188,013,933 17,888,410 3,198,487 1,825,418 18,278,878 390,403,042 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Deposits 138,678,878 31,073,403 112,516,984 6,723,096 — 75,774 (610,038) 288,458,097 Financing received from the Argentine Central Bank and others 15,347 — 5,861,421 5,305,541 — — (4,929,761) 6,252,548 Debt Securities 13,495 8,362 1,037,383 — — — — 1,059,240 Other liabilities 14,219,359 4,307,042 10,638,967 3,694,276 1,592,391 715,184 7,915,522 43,082,741 Total Liabilities 152,927,079 35,388,807 130,054,755 15,722,913 1,592,391 790,958 2,375,723 338,852,626 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Interests income 30,721,711 19,451,739 46,924,159 7,928,285 1,422 7,693 (1,603,128) 103,431,881 Interest Expense (16,236,285) (3,039,368) (39,008,895) (3,834,126) — — 1,619,166 (60,499,508) Distribution of results by the Treasury 5,134,215 (9,175,505) 4,041,290 — — — — — Net interest income 19,619,641 7,236,866 11,956,554 4,094,159 1,422 7,693 16,038 42,932,373 Net income from financial instruments at fair value through profit or loss — — 7,376,856 366,368 574,589 427,096 144,561 8,889,470 Result from derecognition of assets measured at amortized cost — — 277,820 — — — (23,633) 254,187 Exchange rate differences on gold and foreign currency 316,615 86,572 401,700 14,352 652 81,431 91,061 992,383 NIFFI And Exchange Rate Differences 316,615 86,572 8,056,376 380,720 575,241 508,527 211,989 10,136,040 Net Financial Income 19,936,256 7,323,438 20,012,930 4,474,879 576,663 516,220 228,027 53,068,413 Services Fee Income 10,529,003 1,038,430 61,657 2,697,736 — 2,682,645 (344,207) 16,665,264 Services Fee Expenses (3,445,017) (340,273) (170,136) (1,146,806) — (138,542) 160,293 (5,080,481) Income from insurance activities — — — — 1,975,918 — 295,328 2,271,246 Net Service Fee Income 7,083,986 698,157 (108,479) 1,550,930 1,975,918 2,544,103 111,414 13,856,029 Subtotal 27,020,242 8,021,595 19,904,451 6,025,809 2,552,581 3,060,323 339,441 66,924,442 Result from exposure to changes in the purchasing power of money 2,976,943 (1,855,811) (6,432,872) (699,373) (715,673) (452,468) (628,500) (7,807,754) Other operating income 1,305,619 1,359,942 2,071,719 775,585 15,017 81,157 (232,165) 5,376,874 Loan loss provisions (4,148,328) (825,754) (31,623) (3,924,216) — — — (8,929,921) Net operating income 27,154,476 6,699,972 15,511,675 2,177,805 1,851,925 2,689,012 (521,224) 55,563,641 Personnel expenses (18,226,223) (1,918,281) (1,102,323) (2,620,530) (566,147) (1,121,407) (36,411) (25,591,322) Administrative expenses (11,074,869) (801,687) (781,006) (1,759,189) (492,030) (641,695) 194,897 (15,355,579) Depreciations and impairment of non-financial assets (3,309,350) (314,266) (210,822) (204,548) (47,676) (44,729) (93,751) (4,225,142) Other operating expenses (5,224,801) (2,152,583) (3,135,246) (1,072,784) (16,323) (206,239) (40,073) (11,848,049) Operating income (10,680,767) 1,513,155 10,282,278 (3,479,246) 729,749 674,942 (496,562) (1,456,451) Income from associates and joint ventures — — — 5,413 — — (5,413) — Result before taxes (10,680,767) 1,513,155 10,282,278 (3,473,833) 729,749 674,942 (501,975) (1,456,451) Income tax 3,721,031 (507,821) (3,330,940) 337,291 (189,840) (246,575) (63,053) (279,907) Net (loss) / income (6,959,736) 1,005,334 6,951,338 (3,136,542) 539,909 428,367 (565,028) (1,736,358) Net (loss) / income for the year attributable to owners of the parent company (6,959,736) 1,005,334 6,951,338 (3,136,542) 539,909 428,367 (563,211) (1,734,541) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (1,817) (1,817) Other comprehensive (loss)/income (23,227) (14,390) (28,970) — (1,170) 405 13,627 (53,725) Other comprehensive (loss) / income attributable to owners of the parent company (23,227) (14,390) (28,970) — (1,170) 405 13,695 (53,657) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (68) (68) Comprehensive (loss) / income for the year (6,982,963) 990,944 6,922,368 (3,136,542) 538,739 428,772 (551,401) (1,790,083) Comprehensive (loss) / income attributable to owners of the parent company (6,982,963) 990,944 6,922,368 (3,136,542) 538,739 428,772 (549,516) (1,788,198) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (1,885) (1,885) Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Cash and due from banks 18,634,794 805,222 35,152,584 359,769 3,284 603,608 (201,614) 55,357,647 Debt securities at fair value through profit or loss — — 13,323,941 1,561,998 — 14,873 — 14,900,812 Loans and other financing 79,205,935 63,757,797 8,789,617 10,276,852 893,676 74,570 (3,913,231) 159,085,216 Other Assets 12,934,602 12,565,089 88,814,199 4,624,686 1,894,061 1,630,467 24,386,483 146,849,587 Total Assets 110,775,331 77,128,108 146,080,341 16,823,305 2,791,021 2,323,518 20,271,638 376,193,262 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Deposits 141,634,666 24,429,606 98,410,147 5,376,156 — — (206,034) 269,644,541 Financing received from the Argentine Central Bank and others 22,658 — 8,746,733 3,818,298 — 72,707 (3,826,851) 8,833,545 Unsubordinated Debt Securities 36,069 19,001 6,324,852 — — — — 6,379,922 Other liabilities 11,292,436 3,129,826 8,844,375 3,043,081 1,293,766 874,338 9,002,222 37,480,044 Total Liabilities 152,985,829 27,578,433 122,326,107 12,237,535 1,293,766 947,045 4,969,337 322,338,052 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Interests income 33,256,362 19,594,058 38,627,482 6,691,339 — 64,008 (574,193) 97,659,056 Interest Expense (12,349,918) (1,620,671) (27,765,866) (2,063,911) — (40,131) 703,811 (43,136,686) Distribution of results by the Treasury 5,146,536 (9,645,110) 4,498,574 — — — — — Net interest income 26,052,980 8,328,277 15,360,190 4,627,428 — 23,877 129,618 54,522,370 Net income from financial instruments at fair value through profit or loss — — 3,494,371 216,548 533,598 245,605 514,472 5,004,594 Result from derecognition of assets measured at amortized cost — — 1,039,675 — — — (47,960) 991,715 Exchange rate differences on gold and foreign currency 572,485 79,403 638,877 57,012 (148) 110,427 148,786 1,606,842 NIFFI And Exchange Rate Differences 572,485 79,403 5,172,923 273,560 533,450 356,032 615,298 7,603,151 Net Financial Income 26,625,465 8,407,680 20,533,113 4,900,988 533,450 379,909 744,916 62,125,521 Services Fee Income 11,266,898 1,014,753 90,013 3,219,890 — 2,391,374 (633,962) 17,348,966 Services Fee Expenses (3,703,205) (290,357) (90,201) (1,150,648) — (76,609) (44,795) (5,355,815) Income from insurance activities — — — — 2,194,999 — 327,922 2,522,921 Net Service Fee Income 7,563,693 724,396 (188) 2,069,242 2,194,999 2,314,765 (350,835) 14,516,072 Subtotal 34,189,158 9,132,076 20,532,925 6,970,230 2,728,449 2,694,674 394,081 76,641,593 Result from exposure to changes in the purchasing power of money 2,195,686 (1,368,778) (4,784,349) (1,339,055) (575,186) (382,395) (221,814) (6,475,891) Other operating income 2,311,686 2,292,266 382,302 550,223 15,846 352,757 (200,315) 5,704,765 Loan loss provisions (6,589,233) (5,086,914) (6,184) (1,338,846) — 17,465 — (13,003,712) Net operating income 32,107,297 4,968,650 16,124,694 4,842,552 2,169,109 2,682,501 (28,048) 62,866,755 Personnel expenses (20,052,116) (1,918,590) (1,404,672) (2,586,850) (479,706) (816,295) (178,229) (27,436,458) Administrative expenses (11,216,677) (768,177) (697,888) (2,208,374) (398,616) (691,553) 406,287 (15,574,998) Depreciations and impairment of non-financial assets (2,904,662) (217,591) (163,769) (205,013) (31,337) (15,844) (94,991) (3,633,207) Other operating expenses (5,788,017) (1,895,039) (1,111,785) (909,295) (2,756) (156,779) (60,408) (9,924,079) Operating income (7,854,175) 169,253 12,746,580 (1,066,980) 1,256,694 1,002,030 44,611 6,298,013 Income from associates and joint ventures — — — 9,745 — — (9,745) — Result before taxes (7,854,175) 169,253 12,746,580 (1,057,235) 1,256,694 1,002,030 34,866 6,298,013 Income tax 2,083,863 113,695 (3,350,870) 185,486 (444,558) (396,703) 795,200 (1,013,887) Net (loss) / income (5,770,312) 282,948 9,395,710 (871,749) 812,136 605,327 830,066 5,284,126 Net (loss) / income for the year attributable to owners of the parent company (5,770,312) 282,948 9,395,710 (871,749) 812,136 605,327 828,720 5,282,780 Net (loss) / income for the year attributable to non-controlling interest — — — — — — 1,346 1,346 Other comprehensive (loss)/income 332,298 175,046 723,323 — — — (17,561) 1,213,106 Other comprehensive (loss) / income attributable to owners of the parent company 332,298 175,046 723,323 — — — (18,735) 1,211,932 Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — 1,174 1,174 Comprehensive (loss)/income for the year (5,438,014) 457,994 10,119,033 (871,749) 812,136 605,327 812,505 6,497,232 Comprehensive (loss) / income attributable to owners of the parent company (5,438,014) 457,994 10,119,033 (871,749) 812,136 605,327 809,985 6,494,712 Comprehensive (loss) / income attributable to non-controlling interest — — — — — — 2,520 2,520 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAX | |
INCOME TAX | 4. INCOME TAX In June 2021, a new tax law was enacted that establishes a new tiered tax rate structure for income tax, establishing three segments based on the level of accumulated net taxable income. The new tax rates are: -25% of net taxable income up to AR$ 5 million; -30% of net taxable income up to AR$ 50 million; -35% of net taxable income that exceeds AR$ 50 million. This new tax rate scheme is applicable for fiscal years beginning on or after January 1, 2021. The following is a reconciliation between the income tax charged to income as of December 31, 2021, 2020 and 2019, and that which would result from applying the current tax rate on the accounting profit 12/31/2021 12/31/2020 12/31/2019 Income before taxes (1,456,451) 6,298,013 (4,078,880) Tax rate 28 % 30 % 30 % Income for the year at tax rate 400,556 (1,889,404) 1,223,664 Permanent differences at tax rate: Contribution SGR (Mutual Guarantee Societies) 288,750 490,726 — Tax inflation adjustment (112,015) 21,798 344,519 Income tax return FY 2019 (26,496) 25,852 — Effect of tax rate change on deferred tax (761,691) 860,399 — Non-deductible results (69,011) (523,258) (1,914,841) Income tax (279,907) (1,013,887) (346,658) 4.1 The net position of the deferred tax is as follows: 12/31/2021 12/31/2020 Deferred tax assets 3,234,956 5,005,051 Deferred tax liability (61,736) (63,403) Net assets by deferred tax 3,173,220 4,941,648 Deferred taxes to be recovered in more than 12 months 1,606,518 2,547,060 Deferred taxes to be recovered in 12 months 1,628,438 2,457,991 Subtotal – Deferred tax assets 3,234,956 5,005,051 Deferred taxes to be paid in more than 12 months (84,871) (98,324) Deferred taxes to be paid in 12 months 23,135 34,921 Subtotal – Deferred tax liabilities (61,736) (63,403) Total Net Assets by deferred Tax 3,173,220 4,941,648 According to the analysis carried out by the Group, it is considered that the assets detailed above meet the requirements to consider them recoverable and thus carry out the corresponding recognition. Deferred tax assets / (liabilities) are summarized as follows: Balance at (Charge)/Credit Balance at 12/31/2020 to Income/OCI 12/31/2021 Intangible assets (1,473,206) 16,650 (1,456,556) Retirement plans 174,850 (174,850) — Loan Loss Reserves 3,287,076 (1,775,050) 1,512,026 Property, plant and equipment (1,777,375) (2,211,551) (3,988,926) Foreign Currency (64,721) 12,574 (52,147) Tax Loss Carry Forward 339,113 (3,605) 335,508 Inflation adjustment credit 3,808,363 (1,837,392) 1,970,971 Provisions 213,099 91,040 304,139 Others 434,449 4,113,756 4,548,205 Total 4,941,648 (1,768,428) 3,173,220 Balance at (Charge)/Credit Balance at 12/31/2019 to Income 12/31/2020 Intangible assets (1,442,519) (30,687) (1,473,206) Retirement plans 173,569 1,281 174,850 Loan Loss Reserves 1,892,349 1,394,727 3,287,076 Property, plant and equipment (1,864,608) 87,233 (1,777,375) Foreign Currency (126,352) 61,631 (64,721) Tax Loss Carry Forward 339,113 — 339,113 Repo transactions 3,067,683 740,680 3,808,363 Provisions 402,898 (189,799) 213,099 Others (48,341) 482,790 434,449 Total 2,393,792 2,547,856 4,941,648 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | 5. FINANCIAL INSTRUMENTS Financial instruments held by the Group as of December 31, 2021 and 2020: Fair value Fair value through through Financial Instruments as of 12/31/2021 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 32,574,118 — 32,574,118 - Debt securities at fair value through profit or loss 19,757,685 — — 19,757,685 - Derivatives 221,858 — — 221,858 - Reverse Repo transactions — 42,849,578 — 42,849,578 - Other financial assets 12,378,608 1,544,353 — 13,922,961 - Loans and other financing — 155,474,329 — 155,474,329 - Other debt securities — 8,236,582 70,693,658 78,930,240 - Financial assets pledged as collateral 8,085,145 454,789 — 8,539,934 - Investments in Equity Instruments 157,013 — 107,267 264,280 Total Assets 40,600,309 241,133,749 70,800,925 352,534,983 Liabilities - Deposits — 288,458,097 — 288,458,097 - Liabilities at fair value through profit or loss 2,053,216 — — 2,053,216 - Other financial liabilities 23,010,832 769,410 — 23,780,242 - Financing received from the Argentine Central Bank and other financial institutions — 6,252,548 — 6,252,548 - Unsubordinated debt securities — 1,059,240 — 1,059,240 Total Liabilities 25,064,048 296,539,295 — 321,603,343 Fair value Fair value through through Financial Instruments as of 12/31/2020 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 55,357,647 — 55,357,647 - Debt securities at fair value through profit or loss 14,900,812 — — 14,900,812 - Derivatives 217,271 — — 217,271 - Repo transactions — 33,742,602 — 33,742,602 - Other financial assets 5,143,926 1,324,257 — 6,468,183 - Loans and other financing — 159,085,216 — 159,085,216 - Other debt securities — 9,547,351 52,127,363 61,674,714 - Financial assets pledged as collateral 7,075,371 328,218 — 7,403,589 - Investments in Equity Instruments 131,517 — 44,070 175,587 Total Assets 27,468,897 259,385,291 52,171,433 339,025,621 Liabilities - Deposits — 269,644,541 — 269,644,541 - Liabilities at fair value through profit or loss 3,021,859 — — 3,021,859 - Derivates 3,011 — — 3,011 - Other financial liabilities 11,058,933 305,295 — 11,364,228 - Financing received from the Argentine Central Bank and other financial institutions — 8,833,545 — 8,833,545 - Unsubordinated debt securities — 6,379,922 — 6,379,922 - Subordinated debt securities — 1,721,443 — 1,721,443 Total Liabilities 14,083,803 286,884,746 — 300,968,549 |
FAIR VALUES
FAIR VALUES | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUES | |
FAIR VALUES | 6. FAIR VALUES 6.1 Fair Value of Financial Instruments The Group classifies fair values of financial instruments in a three level hierarchy according to the reliability of the inputs used to determine them. Fair Value level 1: The fair value of financial instruments traded in active markets (such as publicly-traded derivatives, debt securities or available for sale) is based on market quoted prices as of the date of the reporting period. If the quoted price is available and there is an active market for the instrument, it will be included in Level 1. Otherwise, it will be included in Level 2. Fair Value level 2: The fair value of financial instruments which are not traded in active markets, such as over-the-counter derivatives, is determined using valuation techniques that maximize the use of observable market data and rely the least possible on the Group’s specific estimates. If all significant inputs required to determine fair value a financial instrument are observable, such instrument is included in level 2. If the inputs used to determine the price are not observable, the instrument will be included in Level 3. Fair Value level 3: If one or more significant inputs are not based on observable market data, the instrument is included in Level 3. The Group’s financial instruments measured at fair value as of December 31, 2021 and 2020 are detailed below: Financial Instruments as of 12/31/2021 FV level 1 FV level 2 FV level 3 Total Assets - Cash and due from banks — — — — - Debt securities at fair value through profit or loss 19,446,167 311,518 — 19,757,685 - Derivatives 221,858 — — 221,858 - Other financial assets 12,378,608 — — 12,378,608 - Other debt securities 13,405,096 57,288,562 — 70,693,658 - Financial assets pledged as collateral 8,085,145 — — 8,085,145 - Investments in Equity Instruments 157,013 — 107,267 264,280 Total Assets 53,693,887 57,600,080 107,267 111,401,234 Liabilities - Liabilities at fair value through profit or loss 2,053,216 — — 2,053,216 - Derivatives — — — — - Other financial liabilities 23,010,832 — — 23,010,832 Total Liabilities 25,064,048 — — 25,064,048 Financial Instruments as of 12/31/2020 FV level 1 FV level 2 FV level 3 Total Assets - Cash and due from banks — — — — - Debt securities at fair value through profit or loss 14,539,804 361,008 — 14,900,812 - Derivatives 217,271 — — 217,271 - Other financial assets 5,143,926 — — 5,143,926 - Other debt securities 9,589,618 42,537,745 — 52,127,363 - Financial assets pledged as collateral 7,075,371 — — 7,075,371 - Investments in Equity Instruments 131,517 — 44,070 175,587 Total Assets 36,697,507 42,898,753 44,070 79,640,330 Liabilities - Liabilities at fair value through profit or loss 3,021,859 — — 3,021,859 - Derivatives 3,011 — — 3,011 - Other financial liabilities 11,058,933 — — 11,058,933 Total Liabilities 14,083,803 — — 14,083,803 Below is shown the reconciliation of the financial instruments classiffied as Fair Value Level 3: FV level 3 12/31/2020 Transfers Additions Disposals P/L 12/31/2021 Assets - Investments in equity instruments 44,070 — — — 63,197 107,267 The Group’s policy is to recognize transfers between fair value levels only at end of period. There were transfers during fiscal year 2021 Valuation Techniques Valuation techniques to determine fair values Level 2 and Level 3 include the following: ● Market or quoted prices for similar instruments. ● The estimated present value of instruments. The valuation technique to determine fair value Level 2 is based on inputs other than the quoted price included in Level 1 that are readily observable for the asset or liability (i.e., prices). For Level 3, the Group uses valuation techniques through spot rate curves which calculate the yield upon market prices. These valuation techniques are detailed below: ● Interpolation model: It consists of the determination of the value of financial instruments that do not have a market price at the closing date, based on quoted prices for similar assets (both in terms of issue, currency, and duration) in active markets ( MAE, Bolsar or secondary) through the linear interpolation of them. This technique has been used by the Entity to determine the fair value of the instruments issued by the Central Bank and Treasury Bills without quotation at the end of this period. ● Performance Curve Model under Nelson Siegel: This model proposes a continuous function to model the trajectory of the instant forward interest rate considering as a domain the term comprised until the next interest and / or capital payment. It consists in the determination of the instrument's price estimating volatility through market curves. The Entity has used this model to estimate prices in debt securities or financial instruments with variable interest rate that are not quoted in an active market. The principal inputs and method considered by the Group for its determination of fair values under the linear interpolation model are: ● Instrument prices that were quoted between the date the curve is estimated and the settlement date of the latest payment available. ● Implicit rates in the last available tender. ● Only instruments that have been traded with a 24-hour settlement are considered. ● If the same instrument has been listed on MAE (“Mercado Abierto Electrónico”) and Bolsar, only the market price that has been traded in the market with higher volume is considered ● The yield curve is standardized based on a set of nodes, each of which has an associated expiration date. ● Instruments denominated in US dollars are converted at the exchange rate on the date the instrument is negotiated. Likewise, for the determination of fair values under the Nelson Siegel model, the main data and aspects considered by the Entity were: ● The Spot rate curves in pesos + BADLAR and the Spot rate curve in US dollars are established based on bonds predefined by Financial Risk Management. ● The main source of prices for Bonds is MAE, without considering those corresponding to operations for own portfolio. ● The portfolio of bonds used as input is changed with every issuance. The Group periodically evaluates the performance of the models based on indicators which have defined tolerance thresholds. Under IFRS, the estimated residual value of an instrument at inception is generally the transaction price. In the event that the transaction price differs from the determined fair value, if the fair value is not level 1, the difference will be recognized in the income statement proportionally for the duration of the instrument. 6.2 Fair Value of other Financial Instruments The following describes the methodologies and assumptions used to determine the fair values of financial instruments not recorded at their value in these consolidated financial statements: ● Assets whose fair value is similar to book value: For financial assets and liabilities that are liquid or have short-term maturities (less than three months), the book value is considered to be similar to fair value. ● Fixe d rate financial instruments: The fair value of financial assets was determined by discounting future cash flows at the current market rates offered, for each year, for financial instruments with similar characteristics. The estimated fair value of deposits with a fixed interest rate was determined by discounting future cash flows through the use of market interest rates for deposits with maturities similar to those of the Group’s portfolio. ● For listed assets and the quoted debt, fair value was determined based on market prices. Below is the difference between the carrying amount and the fair value of the main assets and liabilities recorded at amortized cost as of December 31, 2021 and 2020, respectively: Other Financial Instruments as of 12/31/2021 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 32,574,118 32,574,118 32,574,118 — — - Other financial assets 1,544,353 1,544,353 1,544,353 — — - Loans and other financing 155,474,329 168,830,874 — — 168,830,874 - Reverse Repo transactions 42,849,578 42,849,578 42,849,578 — — - Other Debt Securities 8,236,582 8,236,582 8,236,582 — — - Financial assets Pledged as collateral 454,789 454,789 454,789 — — 241,133,749 254,490,294 85,659,420 — 168,830,874 Financial Liabilities - Deposits 288,458,097 289,841,919 — — 289,841,919 - Other financial liabilities 769,410 769,410 769,410 — — - Financing received from the Central Bank and other financial institutions 6,252,548 6,619,853 — — 6,619,853 - Unsubordinated Debt securities 1,059,240 1,059,240 1,059,240 — — - Subordinated Debt securities — — — — — 296,539,295 298,290,422 1,828,650 — 296,461,772 Other Financial Instruments as of 12/31/2020 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 55,357,647 55,357,646 55,357,646 — — - Other financial assets 1,324,257 1,324,256 1,324,256 — — - Loans and other financing 159,085,216 169,661,913 — — 169,661,913 - Reverse Repo transactions 33,742,603 33,742,602 33,742,602 — — - Other Debt Securities 9,547,351 9,547,352 9,547,352 — — - Financial assets Pledged as collateral 328,218 328,218 328,218 — — 259,385,292 269,961,987 100,300,074 — 169,661,913 Financial Liabilities - Deposits 269,644,541 270,669,910 — — 270,669,910 - Other financial liabilities 305,295 305,295 305,295 — — - Financing received from the Central Bank and other financial institutions 8,833,545 8,464,650 — — 8,464,650 - Unsubordinated Debt securities 6,379,922 6,379,922 6,379,922 — — - Subordinated Debt securities 1,721,443 1,799,667 1,799,667 — — 286,884,746 287,619,444 8,484,884 — 279,134,560 6.3 Fair Value of Equity instruments The following are the equity instruments measured at Fair Value through profit or loss as of December 31, 2021 and 2020: 12/31/2021 12/31/2020 Grupo Financiero Galicia S.A. 16,273 113,027 Pampa Holding S.A 24,701 12,507 Loma Negra S.A. 16,086 4,798 YPF SA 9,628 269 Ternium Argentina S.A. 33,451 80 Aluar S.A 18,141 78 Transener S.A. 7,290 12 Others 31,443 746 Total 157,013 131,517 The following are the equity instruments measured at Fair Value through Other Comprehensive Income as of December 31, 2021 and 2020: FV at Income FV at Detail 12/31/2020 through OCI Additions 12/31/2021 Mercado Abierto Electrónico S.A. 6,958 38,788 - 45,746 Seguro de Depósitos S.A 2,436 4,598 - 7,034 Compensador Electrónica S.A. 1,387 9,944 - 11,331 Provincanje S.A. 411 4,018 - 4,429 Cuyo Aval Sociedad de Garantía Recíproca 2,168 (774) - 1,394 Argencontrol S.A. 189 (32) - 157 Los Grobo Sociedad de Garantía Recíproca 110 (109) - 1 IEBA S.A. 92 (31) - 61 Play Digital S.A. 30,119 (52,392) 59,230 36,957 Otras Sociedades de Garantía Recíproca 200 (43) — 157 Total 44,070 3,967 59,230 107,267 FV at Income FV at Detail 12/31/2019 through OCI Additions 12/31/2020 Mercado Abierto Electrónico S.A. 9,473 (2,515) — 6,958 Seguro de Depósitos S.A 3,316 (880) — 2,436 Compensador Electrónica S.A. 1,888 (501) — 1,387 Provincanje S.A. 562 (151) — 411 Cuyo Aval Sociedad de Garantía Recíproca 2,156 12 — 2,168 Argencontrol S.A. 257 (68) — 189 Los Grobo Sociedad de Garantía Recíproca 143 (33) — 110 IEBA S.A. 125 (33) — 92 Play Digital S.A. — (37,869) 67,988 30,119 Otras Sociedades de Garantía Recíproca 129 71 — 200 Total 18,049 (41,967) 67,988 44,070 |
FINANCE LEASES
FINANCE LEASES | 12 Months Ended |
Dec. 31, 2021 | |
FINANCE LEASES | |
FINANCE LEASES | 7. FINANCE LEASES 7.1 The Group as lessee (i) The following table shows the carrying amount in the statement of financial position: 12/31/2021 12/31/2020 Right-of-use asset Land and buildings 3,164,345 3,240,606 Lease liability Current 823,587 997,262 Non-current 534,678 786,411 Total 1,358,265 1,783,673 (ii) The following table shows the amounts charged in the income statement: Items 12/31/2021 Right-of-use assets – Depreciation 1,059,878 Interest expenses on lease liabilities (Other operating expenses) 268,813 (iii) Lease activities: The Group leases several branches. Rental agreements are generally made for fixed periods of 1 to 3 years, but may have extension options as described in (iv) below. Contracts may contain lease components or not. The Group assigns consideration in the contract to the lease and non-lease components based on their independent relative prices. However, for the leases of real estate for which the Group is a lessee, it has chosen not to separate the lease components and those that are not, and instead counts them as a single lease component. Lease terms are negotiated individually and contain a wide range of different terms and conditions. Lease agreements do not impose other obligations to do or not do, other than the leased assets owned by the lessor. Leased assets cannot be used as collateral for obtaining loans. The leases are recognized as a right-of-use asset by registering a liability as a counterparty on the date on which the leased asset is available for use by the Entity. Assets and liabilities arising from leases are initially measured based on the present value. Lease liabilities include the net present value of the following lease payments: ● fixed payments (including fixed payments in substance), less any incentives receivable; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable by the Group under residual value guarantees; ● the exercise price of a purchase option if the Group is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects the Group exercising an option to terminate the lease. Lease payments to be made under reasonably certain extension options are also included in the measurement of the liability. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be easily determined, which is generally the case with leases in the Group, the lessee’s incremental borrowing rate is used, which is the rate that the individual lessee would have to pay to borrow the necessary funds to obtain an asset of similar value to the asset by right of use in a similar economic environment with similar terms, security and conditions. To determine the incremental interest rate, the Group: ● whenever possible, uses the external financing recently received as a starting point, adjusted to reflect changes in financing conditions since the external financing was received. ● uses a rate determination approach that begins with a risk-free interest rate adjusted for credit risk for leases that the Entity already has for those cases in which it does not have recent third-party financing, and ● makes specific adjustments for the lease, for example, term, currency and guarantee. The Group is exposed to possible future increases in variable lease payments based on an index or rate, which are not included in the lease liability until they become effective. When adjustments to lease payments based on an index or rate become effective, the lease liability is reassessed and adjusted against the right-of-use asset. Lease payments are allocated between capital and financial cost. The financial cost is charged to income during the lease period to produce a constant periodic interest rate on the remaining balance of the liability for each period. The right-of-use assets are measured at cost comprising the following: ● the amount of the initial measurement of the lease liability; ● any lease payment made at or before the commencement date, less any lease incentives received; ● any initial direct costs, and ● an estimate of costs to be incurred by the lessee in dismantling and removing the underlying asset, restoring the site on which it is located or restoring the underlying asset to the condition required by the terms and conditions of the lease. The right-of-use assets are generally depreciated during the shortest useful life of the asset and the lease term in a linear fashion. Payments associated with short-term leases of equipment and all leases of low-value assets are recognized linearly as an expense in income. Short-term leases are leases with a lease term of 12 months or less and that does not contains a purchase option. Low-value assets include computer equipment and small items of office furniture. (iv) Extension and termination options Extension and termination options are included in several property leases. These are used to maximize operational flexibility in terms of managing the assets used in operations. Most of the extension and termination options maintained are exercisable only by the Group and not by the respective lessor. 7.2 The Group as lessor The following is a breakdown of the maturities of the Group’s financial and operating leases receivables and of the current values as of December 31, 2021 and 2020: Financial Lease Receivables 12/31/2021 12/31/2020 Up to 1 year 3,520,064 2,992,814 More than a year up to two years 2,958,537 1,660,243 From two to three years 2,249,298 958,327 From three to five years 1,363,729 537,179 More than five years 14,881 21,781 Total 10,106,509 6,170,344 Unearned financial income (4,109,689) (1,806,455) Net investment in the lease 5,996,820 4,363,889 The balance of allowance for loan losses related to finance leases amounts to 161,634 and 381,823 as of December 31, 2021 and 2020. Operating Lease Receivables 12/31/2020 12/31/2019 Up to 1 year 13,938 24,252 More than a year up to two years 9,202 20,779 From two to three years — 13,890 From three to five years — — Total 23,140 58,921 |
TRANSFER OF FINANCIAL ASSETS
TRANSFER OF FINANCIAL ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
TRANSFER OF FINANCIAL ASSETS | |
TRANSFER OF FINANCIAL ASSETS | 8. TRANSFER OF FINANCIAL ASSETS When the Group transfers a financial assets under an agreement that meets all requirements to derecognize such assets, the difference between the carrying amount of those assets and the amount received as consideration is charged to income. When the Group transfers a financial asset under an agreement that qualifies for de-recognition in its entirety and retains the right to service the financial asset for a fee, the Group recognizes a servicing asset or a servicing liability for that servicing contract as follows: ● If the fee to be received is expected to be more than adequate compensation for the servicing, the Group recognizes a servicing asset for the servicing right. ● If the fee to be received is not expected to compensate the Group adequately for performing the servicing, Group recognizes a servicing liability for the servicing obligations at its fair value. Transfers that do not qualify for derecognition The following is a detail of the financial assets transferred by the Group that continue to be recognized in its consolidated financial statements as of December 31, 2021 and 2020: 12/31/2021 12/31/2020 Personal loans assigned to financial trusts Asset 869,447 — Liabilities 551,556 — The Group may sell, on certain occasions, a portfolio with significant arrears without recourse to the buyer. In these cases, the Group does not retain any substantial risk or benefit on the assigned portfolio, and therefore it qualifies for derecognition. |
REPO AND REVERSE REPO TRANSACTI
REPO AND REVERSE REPO TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
REPO AND REVERSE REPO TRANSACTIONS | |
REPO AND REVERSE REPO TRANSACTIONS | 9. REPO AND REVERSE REPO TRANSACTIONS The Group carries out repo transactions in which it performs the spot sale of a security with the related forward purchase thereof, thus substantially retaining all the risks and rewards associated with the instruments and recognizing them in " Repo Transactions " at year-end, as the provisions set out in point 3.4.2 (Derecognition of Assets) of IFRS 9 "Financial Instruments") are not met. The residual values of assets transferred under reverse repo transactions as of December 31, 2021 and 2020 are detailed below: Reverse Repo Transactions: Book Value December 31, 2021 — December 31, 2020 — |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2021 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
DERIVATIVE FINANCIAL INSTRUMENTS | 10. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, the Group enters into a variety of transactions principally in the foreign exchange stock markets. Most counterparties in the derivative transactions are banks and other financial institutions. These instruments include: ● Forwards and futures: they are agreements to deliver or take delivery at a specified rate, price or index applied against the underlying asset or financial instrument, at a specific date. Futures are exchange traded at standardized amounts of the underlying asset or financial instrument. Forwards contracts are OTC agreements and are principally dealt in by the Group in foreign exchange as forward agreements. ● Swaps: they are agreements between two parties with the intention to exchange cash flows and risks at specific date and for a period in the future. ● Options: they confer the right to the buyer, but no obligation, to receive or pay a specific quantity of an asset or financial instrument for a specified price at or before a specified date. As of December 31, 2021 and 2020, the following amounts were recorded for operations related to derivatives: 12/31/2021 12/31/2020 Amounts receivable for spot and forward transactions pending settlement 214,491 216,472 Amounts payable for spot and forward transactions pending settlement 7,367 799 221,858 217,271 The following table shows, the notional value of options and outstanding forward and futures contracts as of December 31, 2021 and 2020: 12/31/2021 12/31/2020 Forward sales of foreign exchange without delivery of underlying assets 3,881,772 4,813,935 Forward purchases of foreign exchange without delivery of underlying assets 1,779,013 2,487,488 The incomes/(expenses) generated by derivative financial instruments during the years ended December 31, 2021 and 2020 amounted to 1,584,749 and 271,848 respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 11. EARNINGS PER SHARE Earnings per share are calculated by dividing income attributable to the Group´s shareholders by the weighted average number of outstanding common shares during the period. As the Group does not have preferred shares or debt convertible into shares, basic earnings are equal to diluted earnings per share. 12/31/2021 12/31/2020 12/31/2019 Income attributable to shareholders of the group (1,734,541) 5,282,780 (4,421,383) Weighted average of ordinary shares (thousands) 456,722 456,722 456,722 Income per share (3.80) 11.57 (9.68) |
SPECIAL TERMINATION ARRANGEMENT
SPECIAL TERMINATION ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2021 | |
SPECIAL TERMINATION ARRANGEMENTS | |
SPECIAL TERMINATION ARRANGEMENTS | 12. SPECIAL TERMINATION ARRANGEMENTS Special termination arrangements are principally termination benefits payable to employees who accepted a pre-retirement offer. These benefits are payable during the period between their effective termination date and their retirement age, when they voluntarily accept an irrevocable termination arrangement. As of December 31, 2021 and 2020, special termination arrangements amounted to Ps. 1,569,666 and Ps. 1,730,570, respectively. The amounts charged to profit or loss regarding these benefits as of December 31, 2021 and 2020 were Ps. 972,197 and Ps. 447,850, respectively including in Other non-financial liabilities. The evolution during each period is detailed below: 12/31/2021 12/31/2020 Balances at the beginning 1,730,570 1,947,118 Additions to profit or loss 1,715,293 212,368 Benefits paid to participants (1,876,197) (428,916) Balances at closing 1,569,666 1,730,570 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 13. PROPERTY, PLANT AND EQUIPMENT Changes in property, plant and equipment for financial years ended on December 31, 2021 and 2020 are as follows: Gross carrying amount Depreciation At the Net beginning Additions by At the At the Additions by carrying of the Useful business end of beginning business Of the Other At the end amount Item year Life Revaluation Additions combinations Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2021 Cost model Furniture and facilities 2,144,232 10 — 147,619 — (46,519) 2,245,332 (1,712,833) 69,220 — (140,855) — (1,784,468) 460,864 Machinery and equipment 7,828,920 5 — 581,850 — (189,778) 8,220,992 (6,593,352) 163,511 — (477,254) — (6,907,095) 1,313,897 Vehicles 393,750 5 — 99,139 — (82,218) 410,671 (181,299) 71,533 — (77,541) — (187,307) 223,364 Right of use assets 3,240,608 0 — 1,205,056 — (1,281,319) 3,164,345 (1,429,079) 944,546 — (1,059,878) — (1,544,411) 1,619,934 Construction in progress 963,605 0 — 866,175 — (438,750) 1,391,030 — — — — — — 1,391,030 Revaluation model Land and Buildings 6,343,672 50 105,051 4,619 — (198,151) 6,255,191 (275,877) 183,291 — (136,782) — (229,368) 6,025,823 Total 20,914,787 — 105,051 2,904,458 — (2,236,735) 21,687,561 (10,192,440) 1,432,101 — (1,892,310) — (10,652,649) 11,034,912 Gross carrying amount Depreciation At the Net beginning Additions by At the At the Additions by carrying of the Useful business end of beginning business Of the Other At the end amount Item year Life Revaluation Additions combinations Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2020 Cost model Furniture and facilities 2,072,789 10 — 116,852 — (45,409) 2,144,232 (1,432,570) (129,095) — (151,168) — (1,712,833) 431,399 Machinery and equipment 6,485,290 5 — 2,002,289 — (658,659) 7,828,920 (5,769,041) (359,297) — (465,014) — (6,593,352) 1,235,568 Vehicles 355,697 5 — 109,063 — (71,010) 393,750 (152,513) 38,148 — (66,934) — (181,299) 212,451 Right of use assets 3,090,168 0 — 1,213,421 — (1,062,981) 3,240,608 (1,164,216) 913,081 — (1,177,944) — (1,429,079) 1,811,529 Construction in progress 986,733 0 — 229,654 — (252,782) 963,605 — — — — — — 963,605 Revaluation model Land and Buildings 3,924,650 50 1,235,377 1,186,431 — (2,786) 6,343,672 (173,002) 3,755 — (106,630) — (275,877) 6,067,795 Total 16,915,327 — 1,235,377 4,857,710 — (2,093,627) 20,914,787 (8,691,342) 466,592 — (1,967,690) — (10,192,440) 10,722,347 13.1 Revaluation of Property, Plant and Equipment The Group´s properties, plant and equipment measured at revaluation model were valued at each reporting date by an independent expert. The frequency of revaluations ensures fair value of the revalued asset does not differ materially from its carrying amount. The last revaluation was made on December 31, 2021. The following are the book values that would have been recognized if the assets had been accounted under the cost model: Residual Value according to Revaluation Revalued the cost Class date amount model Difference Land and buildings 12/31/2021 6,025,823 3,764,200 2,261,623 Land and buildings 12/31/2020 6,067,795 3,810,045 2,257,750 For all Land and Buildings with a total valuation of 6,026 million as of December 31, 2021, the valuation was determined using sales Comparison Approach prepared by the Group’s management considering a report of an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per meter (Level 3). The Group estimated that, other factors being constant, a 5% reduction on the Sales price per meter for the period ended December 31, 2021 would have reduced the value of the Land and Buildings on 195.8 million, which would impact, net of its tax effect on the "Net Revaluation surplus of property, plant and equipment" item in the statement of comprehensive income. |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT PROPERTIES | |
INVESTMENT PROPERTIES | 14. The movements in investment properties for the years ended December 31, 2021 and 2020 were as follows: At the P/L for Beginning Total useful changes As of Item of the year life Additions in the FV Additions Disposals 12/31/2021 Cost model Rented properties 54,801 — — 93,687 (7,940) 140,548 Measurement at fair value Rented properties 8,998,595 50 (441,020) — — 8,557,575 TOTAL INVESTMENT PROPERTIES 9,053,396 50 — (441,020) 93,687 (7,940) 8,698,123 At the P/L for Beginning Total useful changes As of Item of the year life Additions in the FV Additions Disposals 12/31/2020 Cost model Rented properties 54,801 — — — — — 54,801 Measurement at fair value Rented properties 8,277,394 50 (139,556) 2,184,310 (1,323,553) 8,998,595 TOTAL INVESTMENT PROPERTIES 8,332,195 — — (139,556) 2,184,310 (1,323,553) 9,053,396 Investment properties are measured at fair value which is determined by an independent expert. For all Investment Properties with a total valuation of 8.698 million as of December 31, 2021, the valuation was determined using sales Comparison Approach prepared by the Group’s management considering a report of an independent expert. Sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant premise being the price per meter (Level 3). The Group estimated that, other factors being constant, a 5% reduction on the Sales price per meter for the period ended December 31, 2021 would have reduced the value of the Investment Properties by 282.7 million, which would impact, net of its tax effect on the "Other Operating Income" item in the Income statement. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 15. INTANGIBLE ASSETS Intangible assets of the Group for fiscal years ended on December 31, 2021 and 2020 are as follows: Gross carrying amount Depreciation At the Additions At the At the At the Net carrying beginning by business End of the beginning By business End of the amount at Item of the year Additions combinations Disposals year of the year Disposals combinations Of the year year 12/31/2021 Measurement at cost Goodwill 5,494,180 — — — 5,494,180 — — — — — 5,494,180 Brands 301,881 — — — 301,881 — — — — — 301,881 Other intangible assets(*) 8,511,674 3,228,118 — (17,528) 11,722,264 (4,070,061) 5,849 — (2,032,008) (6,096,220) 5,626,044 TOTAL 14,307,735 3,228,118 — (17,528) 17,518,325 (4,070,061) 5,849 — (2,032,008) (6,096,220) 11,422,105 Gross carrying amount Depreciation At the Additions At the At the At the Net carrying beginning by business End of the beginning By business End of the amount at Item of the year Additions combinations Disposals year of the year Disposals combinations Of the year year 12/31/2020 Measurement at cost Goodwill 5,483,173 11,007 — — 5,494,180 — — — — — 5,494,180 Brands 301,881 — — — 301,881 — — — — — 301,881 Other intangible assets(*) 5,907,675 2,625,549 — (21,550) 8,511,674 (2,757,855) (106) — (1,312,100) (4,070,061) 4,441,613 TOTAL 11,692,729 2,636,556 — (21,550) 14,307,735 (2,757,855) (106) — (1,312,100) (4,070,061) 10,237,674 (*)mainly include systems and programs. 15.1 Goodwill impairment Goodwill is assigned to the Group’s cash generating units on the basis of the operating segments. 12/31/2021 12/31/2020 Supervielle Seguros S.A. 14,620 14,620 IUDÚ Compañia Financiera S.A 368,254 368,254 Banco Regional de Cuyo S.A. 76,654 76,654 InvertirOnline S.A.U. / InvertirOnline.Com Argentina S.A.U.(renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) 2,786,446 2,786,446 Micro Lending S.A.U. 2,193,965 2,193,965 Others 54,241 54,241 TOTAL 5,494,180 5,494,180 The recoverable amount of a cash generating unit is determined on the basis of its value in use. These method uses cash flow projections based on approved financial budgets covering a period of zero years. The key assumptions are related to marginal contribution margins. These were determined on the basis of historic performances, other external sources of information and the expectations of market development. The discount rates used were 14% and are the respective average cost of capital (“WACC”), which is considered a good indicator of the cost of capital. For each cash generating unit, where the assets are assigned, a specific WACC was determined considering the industry, the country and the size of the business. The main macroeconomic premises used are detailed below: Real Forecast Forecast Forecast Forecast Forecast 2021 2022 2023 2024 2025 2026 Inflation (end of period) 46.7 % 45.9 % 39.9 % 56.7 % 47.5 % 47.5 % Inflation (average) 47.3 % 44.4 % 41.6 % 51.1 % 49.5 % 47.5 % Cost of funding (average) 39.2 % 41.9 % 40.8 % 49.0 % 45.2 % 45.2 % Loan’s interest rate (average) 55.8 % 58.8 % 65.4 % 63.2 % 61.7 % 61.7 % Goodwill has been tested annually for impairment. No impairment adjustments have been determined over these assets as a result of the tests performed. The sensitivity analysis for the cash-generating unit to which the Goodwill was allocated was based on a 1% increase in the weighted average cost of capital. The Group concluded that no impairment loss would need to be recognized on the Goodwill in the segment under these conditions. |
COMPOSITION OF THE MAIN ITEMS O
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | 12 Months Ended |
Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | 16.1 Debt securities at fair value through profit or loss 12/31/2021 12/31/2020 Government securities 19,070,192 13,380,433 Corporate securities 311,518 606,289 Securities issued by the Central Bank 375,975 914,090 19,757,685 14,900,812 16. 2 Derivatives 12/31/2021 12/31/2020 Debtor balances related to forward operations in foreign currency to be settled in pesos 214,491 216,472 Debtor balances related to forward operations in foreign currency 7,367 799 221,858 217,271 16.3 Other financial assets 12/31/2021 12/31/2020 Participation Certificates in Financial Trusts 86,019 61,667 Investments in Asset Management and Other Services 2,063,702 2,307,878 Other investments 518,917 808,571 Receivable from spot sales pending settlement 9,862,104 1,626,621 Several debtors 696,854 1,258,255 Miscellaneous debtors for credit card operations 645,334 307,636 Miscellaneous debtors for collections 50,031 97,555 13,922,961 6,468,183 16.4 Other debt securities 12/31/2021 12/31/2020 Debt securities 220,423 — Government securities 21,647,431 19,131,469 Securities issued by the Central Bank 57,062,297 42,537,745 Others 89 5,500 78,930,240 61,674,714 16.5 Financial assets pledged as collateral 12/31/2021 12/31/2020 Special guarantees accounts in the Argentine Central Bank 6,515,565 5,601,077 Deposits in guarantee 2,024,369 1,802,512 8,539,934 7,403,589 16.6 Inventories 12/31/2021 12/31/2020 Electronics 139,431 84,953 Home and Health care — 24,317 Tools and Workshop Equipment — 392 Obsolescence Reserve (2,656) (2,548) 136,775 107,114 16.7 Other non-financial assets 12/31/2021 12/31/2020 Other Miscellaneous assets 1,254,270 911,237 Loans to employees 231,991 355,104 Payments in advance 790,346 485,968 Other non-financial assets 65,805 24,705 Retirement Plan 69,668 216,226 Works of art and collector's pieces 48,818 48,819 2,460,898 2,042,059 16.8 Deposits 12/31/2021 12/31/2020 Non-financial sector 11,475,017 11,941,378 Financial sector 39,099 86,665 Current accounts 31,586,573 25,495,556 Savings accounts 156,920,884 155,236,626 Time deposits and investments accounts 84,106,913 69,603,800 Others 4,329,611 7,280,516 288,458,097 269,644,541 16.9 Liabilities at fair value through profit or loss 12/31/2021 12/31/2020 Liabilities for transactions in local currency 1,364,304 3,021,859 Liabilities for transactions in foreign currency 688,912 — 2,053,216 3,021,859 16.10 Other financial liabilities 12/31/2021 12/31/2020 Amounts payable for spot transactions pending settlement 12,852,754 2,056,641 Collections and other operations on behalf of third parties 8,993,758 7,473,635 Fees accrued to pay 6,830 8,186 Financial guarantee contracts 14,200 29,935 Liabilities associated with the transfer of financial assets not derecognized 551,556 — Lease liability 1,358,265 1,783,673 Others 2,879 12,158 23,780,242 11,364,228 16.11 Financing received from the Argentine Central Bank and other financial institutions 12/31/2021 12/31/2020 Financing received from local financial institutions 1,035,932 973,884 Financing received from international institutions 5,216,616 7,859,661 6,252,548 8,833,545 16.12 Provisions 12/31/2021 12/31/2020 Eventual commitments 59,600 13,032 Unused Balances of Credit Cards 207,684 312,165 Other contingencies 646,387 702,854 913,671 1,028,051 16.13 Other non-financial liabilities 12/31/2021 12/31/2020 Payroll and social securities 6,254,324 8,303,198 Sundry creditors 5,910,686 5,525,647 Revenue from contracts with customers (1) 183,730 284,774 Tax payable 3,459,913 2,720,659 Social security payment orders pending settlement 403,441 1,350,639 Other 61,782 148,601 16,273,876 18,333,518 (1) Deferred income resulting from contracts with customers includes the liability for the customers’ loyalty program. The Group estimates the value of the points granted to customers through the application of a mathematical model that considers assumptions about redemption rates, the fair value of points redeemed based on the combination of available products, and customer preferences, as well as the expiration of un-redeemed points. As of December 31, 2021 and 2020, the amounts of 183,730 and 284,774 , respectively, have been recorded for the points unredeemed not expired. The following table shows the estimated use of the liability recorded as of December 31, 2021: Maturity Up to 12 Up to 24 More than Item months months 24 months Total Revenue from contracts with customers 73,976 43,352 66,402 183,730 16.14 Interest Income 12/31/2021 12/31/2020 12/31/2019 Interest on overdrafts 3,133,108 4,042,925 9,384,301 Interest on promissory notes 11,194,804 9,398,203 12,079,774 Interest on personal loans 19,401,947 21,393,779 26,542,271 Interest on corporate unsecured loans 6,918,453 9,029,045 12,619,750 Interest on credit card loans 5,927,631 5,763,900 9,894,527 Interest on mortgage loans 7,062,856 6,029,525 7,771,001 Interest on automobile and other secured loan 1,548,516 1,114,558 1,424,065 Interest on foreign trade loans 1,243,547 2,193,377 3,556,327 Interest on financial leases 1,581,186 1,063,245 2,321,257 Interest on public and private securities measured at amortized cost 27,672,634 30,979,499 — Others 17,747,199 6,651,000 6,456,407 Total 103,431,881 97,659,056 92,049,680 16.15 Interest Expenses 12/31/2021 12/31/2020 12/31/2019 Interest on current accounts deposits 21,139,712 9,547,244 12,350,968 Interest on time deposits 37,594,565 29,546,822 40,800,914 Interest on other financial liabilities 1,382,903 3,450,463 15,807,755 Interest from financing from financial sector 182,801 152,200 563,258 Others 199,527 439,957 2,221,742 Total 60,499,508 43,136,686 71,744,637 16.16 Net income from financial instruments at fair value through profit or loss 12/31/2021 12/31/2020 12/31/2019 Income from corporate and government securities 6,955,178 4,528,233 3,148,919 Income from securities issued by the Argentine Central Bank 349,543 204,513 38,457,933 Derivatives 1,584,749 271,848 1,466,429 Total 8,889,470 5,004,594 43,073,281 16.17 Service fee income 12/31/2021 12/31/2020 12/31/2019 Commissions from deposits accounts 6,496,684 6,984,705 7,211,889 Commissions from credit and debit cards 4,986,927 5,152,252 5,954,326 Commissions from loans operations 158,346 248,830 605,834 Others Commissions 5,023,307 4,963,179 3,899,527 Total 16,665,264 17,348,966 17,671,576 16.18 Service fee expenses 12/31/2021 12/31/2020 12/31/2019 Commissions paid 4,958,004 5,237,443 4,461,593 Export and foreign currency operations 122,477 118,372 149,604 Total 5,080,481 5,355,815 4,611,197 16.19 Income from insurance activities 12/31/2021 12/31/2020 12/31/2019 Accrued premiums 3,571,621 3,472,950 4,496,195 Accrued losses (697,045) (466,105) (711,042) Production expenses (603,330) (483,924) (921,906) Total 2,271,246 2,522,921 2,863,247 16.20 Other operating income 12/31/2021 12/31/2020 12/31/2019 Loans recovered and allowances reversed 1,713,707 864,110 1,024,586 Insurance commissions 253 77,773 140,324 Rental from safety boxes 384,497 513,659 589,519 Commissions from trust services 44,591 14,548 54,004 Returns of risk funds 1,240,482 1,835,065 354,853 Commissions from financial guarantees — — 1,290,177 Default interests 171,347 321,396 864,988 Sale of fixed assets 8,955 202,236 — Others 1,813,042 1,875,978 1,343,426 Total 5,376,874 5,704,765 5,661,877 16.21 Personnel expenses 12/31/2021 12/31/2020 12/31/2019 Payroll and social securities 23,707,177 25,181,467 25,513,307 Others expenses 1,884,145 2,254,991 3,593,290 Total 25,591,322 27,436,458 29,106,597 16.22 Administrative expenses 12/31/2021 12/31/2020 12/31/2019 Directors´ and statutory auditors’fees 406,912 515,515 577,092 Professional fees 4,494,789 4,594,601 2,091,132 Advertising and publicity 1,148,460 1,039,542 1,113,883 Taxes 3,381,423 2,804,450 3,019,628 Maintenance, security and services 4,116,826 4,261,597 3,549,777 Rent 78,477 108,753 106,332 Others 1,728,692 2,250,540 5,105,244 Total 15,355,579 15,574,998 15,563,088 16.23 Depreciation and impairment of non-financial assets 12/31/2021 12/31/2020 12/31/2019 Depreciation of property, plant and equipment 832,432 789,745 1,401,741 Depreciation of other non-financial assets 300,511 353,419 219,745 Depreciation of intangible assets 2,032,008 1,312,100 941,994 Depreciation of right-of-use assets 1,059,878 1,177,943 1,165,539 Impairment of other-non financial assets 313 — — Total 4,225,142 3,633,207 3,729,019 16.24 Other operating expenses 12/31/2021 12/31/2020 12/31/2019 Promotions related with credit cards 909,345 792,979 1,049,209 Turnover tax 8,141,305 5,963,008 7,704,959 Fair value on initial recognition of loans 196,788 295,029 412,833 Contributions made to deposit insurance system 491,445 437,450 501,318 Others 2,109,166 2,435,613 3,397,513 Total 11,848,049 9,924,079 13,065,832 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 17. COMMITMENTS AND CONTINGENCIES The provisions recorded are detailed below: 12/31/2021 12/31/2020 Legal issues 72,772 49,142 Labor lawsuits 320,653 89,452 Tax 142,219 171,021 Unused Balances of Credit Cards 207,684 312,165 Charges to be paid to National Social Security Administration 54,058 340,203 Judicial Deposits 27,400 33,702 Eventual commitments 59,600 13,032 Others 29,285 19,334 Total 913,671 1,028,051 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 18. RELATED PARTY TRANSACTIONS Related parties are those entities that directly, or indirectly through other entities, have control over another, are under the same controlling party or may have significant influence on another entity’s financial or operating decisions. The Group controls another entity when it has power over other entities’ financial and operating decisions and also receives benefits from such entity. The subsidiaries that the Group has control are detailed in Note 1.2. On the other hand, the Group considers that it has joint control when there is an agreement to share control of an entity and decisions about relevant activities require unanimous consent of the parties sharing control. Finally, those cases in which the Group has significant influence is due to the power to influence the financial and operating decisions of another entity but not being able to exercise control over them. To determine these situations, not only the legal aspects are observed, but also the nature and substantiation of the relationship. Furthermore, the key personnel of the Group’s Management (Board of Directors members and Managers of the Group and its subsidiaries) are considered as related parties. Controlling Interest Mr. Julio Patricio Supervielle is the main shareholder of the Group. Julio Patricio Supervielle´s interest in share capital and votes of the Group as of December 31, 2021 2020 Remuneration of key personnel The remuneration received by the key personnel of the Group as of December 31, 2021 and 2020 amounts to 757.2 million and 948.97 million respectively. Transactions with related parties The financings, including those that were restructured, were granted in the normal course of business and on substantially the same terms, including interest rates and guarantees, as those in force at the time to grant credit to non-related parties. Likewise, they did not imply a risk of bad debts greater than normal nor did they present any other type of unfavorable conditions. The following table presents the aggregate amounts of total consolidated financial exposure of the Bank to related parties, the number of recipients, the average amounts and the single largest exposures as of December 31, 2021 and 2020: As of As of December 31, 2021 December 31, 2020 Aggregate total financial exposure 476,728 242,271 Number of recipient related parties 79 80 (a) Individuals 69 71 (b) Companies 10 9 Average total financial exposure 6,035 3,028 Single largest exposure 446,417 933,426 |
INSURANCE
INSURANCE | 12 Months Ended |
Dec. 31, 2021 | |
INSURANCE | |
INSURANCE | 19. INSURANCE a. Assets and liabilities related to insurances activities 12/31/2021 12/31/2020 Assets related to insurance contracts (Loans and other financing) Receivables premiums 859,077 890,622 Commissions receivables 3,045 3,054 Total 862,122 893,676 Liabilities related to insurance contracts (Other non-financial liabilities) Debt with insured 195,268 205,468 Debt with reinsurers 26,441 17,707 Debt with producers 248,745 277,444 Technical commitments 348,008 334,666 Outstanding claims paid by re-insurance companies (1,404) (13,673) commissions to pay 3,547 — Total 820,605 821,612 Debt with insured Property insurance Direct administrative insurance 37,872 27,408 Direct insurance in mediation 25 38 Claims settled to pay 140 442 Direct insurance in judgments 2,639 — Claims occurred and not reported - IBNR 7,180 14,783 Life insurance Direct administrative insurance 82,638 97,366 Direct insurance in judgments 1,449 2,140 Direct insurance in mediation 407 1,337 Claims settled to pay 16,631 28,926 Claims occurred and not reported - IBNR 46,287 33,028 Total 195,268 205,468 Debt with producers Producers current account 23,134 59,281 Commissions for premiums receivable 225,611 218,163 Total 248,745 277,444 Technical commitments Course and similar risk Premiums and surcharges 342,603 334,659 Premium insufficiency 5,405 7 Total 348,008 334,666 b. Income from insurances activities The composition of the item “Result for insurance activities” as of December 31, 2021 and 2020 is disclosed in Note 16.18. |
ASSET MANAGEMENT AND OTHER SERV
ASSET MANAGEMENT AND OTHER SERVICES | 12 Months Ended |
Dec. 31, 2021 | |
ASSET MANAGEMENT AND OTHER SERVICES | |
ASSET MANAGEMENT AND OTHER SERVICES | 20. ASSET MANAGEMENT AND OTHER SERVICES As of December 31, 2021 and 2020 , Banco Supervielle S.A. is the depository of the Asset managed by Supervielle Asset Management S.A. Portfolio Net Worth Number of Units Asset Management and Other Service 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Premier Renta C.P. Pesos 50,379,441 54,788,133 50,307,382 54,731,794 11,713,447,317 12,597,963,038 Premier Renta Plus en Pesos 297,932 253,716 296,155 245,647 15,706,691 11,899,481 Premier Renta Fija Ahorro 9,218,858 2,598,107 9,158,814 2,580,596 2,136,780,683 59,317,777 Premier Renta Fija Crecimiento 114,224 111,671 113,907 110,770 4,571,392 3,983,791 Premier Renta Variable 409,820 284,286 406,621 280,111 8,944,577 6,689,975 Premier FCI Abierto Pymes 1,041,437 1,420,731 1,039,269 1,384,690 99,988,028 119,588,138 Premier Commodities 299,120 391,128 225,383 385,094 15,200,277 25,702,973 Premier Capital 1,437,994 290,315 1,421,043 288,680 180,998,028 36,842,932 Premier Inversión 1,316,258 1,111,992 1,315,617 1,076,967 1,965,594,347 1,576,391,366 Premier Balanceado 1,203,207 1,805,588 1,202,267 1,804,260 169,137,724 253,733,905 Premier Renta Mixta 3,679,175 5,372,982 3,280,818 4,756,951 850,150,799 1,072,064,209 Premier Renta Mixta en USD 134,911 170,214 134,089 170,214 2,122,092 2,083,508 Premier Performance en USD 521,867 794,127 518,066 787,672 6,455,272 7,724,190 Premier Global USD 265,712 740,326 265,198 739,573 2,430,000 5,444,411 |
CONTRIBUTION TO THE DEPOSIT INS
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | 12 Months Ended |
Dec. 31, 2021 | |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | 21. CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM Law No. 24485 and Decree No. 540/95 established the creation of the Deposit Insurance System to cover the risk attached to bank deposits, in addition to the system of privileges and safeguards envisaged in the Financial Institutions Law. The National Executive Branch through Decree No. 1127/98 dated September 24, 1998 established the maximum amount for this insurance system to demand deposits and time deposits denominated either in Pesos and/or in foreign currency. Such limit was set at $1,000 as from March 1, 2019 and increased to 1,500 as of May 1, 2020. This regime does not include deposits made by other financial institutions (including time deposit certificates acquired through a secondary transaction), deposits made by persons directly or indirectly related to the entity, deposits of securities, acceptances or guarantees, and those set up after July 1, 1995 at an interest rate higher than that periodically set forth by the Argentine Central Bank on the basis of the daily survey carried out by that agency (*). Excluded from the regime are also the deposits whose ownership was acquired through endorsement and placements offering incentives additional to the interest rate. The system has been implemented through the creation of the so-called “Deposit Guarantee Fund" (F,G,D,), which is managed by the company Seguros de Depósitos S.A. (SEDESA) and whose shareholders are the Central Bank and the financial institutions in the proportion determined for each of them by that agency on the basis of contributions made to such fund. (*) Enforced on January 20, 2019, pursuant to provision “A” 6435, such exclusions are as follows: Sight deposits with agreed-upon rates exceeding reference rates and term deposits and investments exceeding 1,3 times such rate. Reference rates are released on a regular basis by the Argentine Central Bank in accordance with a mobile average of the last five banking business days of passive rates that may arise for term deposits of up to 100 (or its equivalent in other currencies) from the survey to be carried out by said institution. |
RESTRICTED ASSETS
RESTRICTED ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTED ASSETS | |
RESTRICTED ASSETS | 22. RESTRICTED ASSETS As of December 31, 2021 and 2020, the following Grupo Supervielle’s assets are restricted: Item 12/31/2021 12/31/2020 Financial assets in guarantee Special guarantee accounts in the Argentine Central Bank 6,515,565 5,601,077 Guarantee deposits for currency forward transactions 1,306,195 907,533 Guarantee deposits for credit cards transactions 666,775 636,888 Other guarantee deposits 38,927 240,323 8,527,462 7,385,821 |
FINANCIAL TRUSTS
FINANCIAL TRUSTS | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL TRUSTS | |
FINANCIAL TRUSTS | 23. FINANCIAL TRUSTS The detail of the financial trusts in which the Group acts as Trustee or as Trustee is summarized below: As Trustee: Banco Supervielle S.A. Below is a detail of financial trusts: Below is a detail of the Guarantee Management trust where the Bank acts as a trustee as of December 31, 2021: Financial trust Indenture executed on Due of principal obligation Original principal amount Principal balance Beneficiaries Settlers Fideicomiso de Administración Interconexión 500 KV ET Nueva San Juan - ET Rodeo Iglesia 09/12/2018 The Term of this Trust Fund Contract will be in force over 24 months as from 09/12/2018, or until the expiration of liabilities through Disbursements (Termination Date”). 30 days (thirty days) after the maturity of this Trust Agreement without the parties’ having agreed upon an Extension Commission, the Trustor of the trust account shall receive USD 6,000 (six thousand US Dollars) at the exchange rate in force in Banco Supervielle as a fine. - - Those initially mentioned in Exhibit V (DISERVEL S.R.L., INGENIAS S.R.L, GEOTECNIA (INV. CALVENTE), NEWEN INGENIERIA S.A., INGICIAP S.A., MERCADOS ENERGETICOS, DISERVEL S.R.L.) and providers of works, goods and services included in the Project to be assigned by the Trustee with prior consent of the Trustor Interconexion Electrica Rodeo S.A. On 09/16/2021, the Trustor accepted the proposal submitted by Banco Supervielle on 09/15/2021 in relation to the Extension Commission, the renewal of the Extension Commission is scheduled for 03/15/2022. As Settler IUDÚ Compañia Financiera S.A. Financial Trust CCF) Assets in Trust: Trustee: Securities issued Value initially Participation Financial Trust Set up on assigned in trust Certificates Debt Instruments 23 02/26/2019 $ 699,000 $ 139,800 $ 559,200 24 05/28/2019 $ 703,600 $ 583,988 $ 119,612 Micro Lending Financial Trust The following are financial trusts where Micro Lending S.A.U acts as settler: Securitized Issued Securities Financial Trust Set-up on Amount Type Amount Type Amount Type Amount III 06/08/2011 $ 39,779 VDF TV A VN$31,823 VDF B VN $6,364 CP VN $1,592 Vto: 03/12/13 Vto: 11/12/13 Vto: 10/12/16 IV 09/01/2011 $ 40,652 VDF TV A VN$32,522 VDF B VN $6,504 CP VN $1,626 Vto: 06/20/13 Vto: 10/20/13 Vto: 06/29/17 |
ISSUANCE OF DEBT SECURITIES
ISSUANCE OF DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2021 | |
ISSUANCE OF DEBT SECURITIES | |
ISSUANCE OF DEBT SECURITIES | 24. ISSUANCE OF DEBT SECURITIES Banco Supervielle S.A. Unsubordinated Debt Securities Global Program for the issuance of simple Negotiable Debt securities, not convertible into shares, for an amount of up to US $ 2,300,000,000 (or its equivalent in other currencies or units of value) As of December 31, 2021 and 2020, the amounts outstanding and the terms corresponding to outstanding unsubordinated debt securities were as follows: Class Issue Date Maturity Date Annual Interest Rate 12/31/2021 12/31/2020 Banco Supervielle Class A 02/09/2017 08/09/2020 Badlar + Spread 4.5 % — — Banco Supervielle Class C 12/22/2017 12/22/2021 Badlar + Spread 4.25 % — 670,674 Banco Supervielle Class E 02/14/2018 02/14/2023 Badlar + Spread 4.05 % 1,059,240 2,384,218 Banco Supervielle Class G 06/30/2020 06/30/2021 2% Annual Nominal — 3,325,030 Micro Lending Class III 10/04/2017 10/05/2020 Badlar + Spread 7 % — — Total 1,059,240 6,379,922 Subordinated debt securities Program for the issuance of Debt Securities for up to N/V $ 750,000 (increased to N/V $ 2,000,000) of Banco Supervielle S.A. The following chart provides the main terms and conditions of issuances underway as of December 31, 2021 and 2020: Issuance Maturity Book Value date Currency Class Amount Amortization Term date Rate 12/31/2021 12/31/2020 08/20/2013 U$S III 22,500 100% at mat, 84 Months 08/20/20 7 % — — 11/18/2014 U$S IV 13,441 100% at mat, 84 Months 11/18/21 7 % — 1,721,443 Total — 1,721,443 |
RESTRICTIONS IMPOSED ON THE DIS
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | 25. RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS Pursuant to regulations set by the Argentine Central Bank, 20% of the profits for the year, net of possible prior year adjustments, where applicable, are to be allocated to the Legal Reserve. Pursuant to the amended text on distributions of dividends, financial entities shall comply with a series of requirements, as follows: i) They shall not be subject to the provisions of Sections 34 and 35 bis of the Financial Institutions Law; ii) No liquidity assistance loans shall have been granted to them; iii) they shall be in compliance with information regimes; iv) they shall not record shortfalls in the compiled minimum capital (without computing for such purposes the effects of the individual exemptions granted by the Superintendence of Financial and Foreign Exchange Institutions) or minimum cash, v) they shall have complied with additional capital margin when applicable. The entities not facing any of these situations may distribute dividends in accordance with provisions set forth in said amended text, provided the entity´s liquidity or solvency is not jeopardized. It is worth to be mentioned that pursuant to Communication “A” 6464 issued by the Argentine Central Bank, until March 31, 2020, financial entities, which, for the purpose of determining the distributable result, have not applied the additional on capital margins shall rely on previous authorization issued by the the Superintendency of Financial and Exchange Entities (SEFyC). On August 30, 2019 and with the purpose of stabilizing the exchange market, the Argentine Central Bank issued Communication “A” 6768, pursuant which financial entities shall rely on the previous authorization of Exchange and Financial Entities Superintendence before distributing its income. Over the course of such authorization process, the Central Bank will assess, among other items, potential effects of the application of international accounting standards pursuant to Communication “A” 6430 (Paragraph 5.5 of IFRS 9 – Impairment of financial assets) as well as the effects of the re-expression of financial statements pursuant to Communication “A” 6651. On March 19, 2020 the Argentine Central Bank issued Communication “A” 6939 by means of which the suspension of income distribution of financial entities was made effective until June 30, 2020. Later, on June 4, 2020, through Communication “A” 7035, the Argentine Central Bank extended such suspension until December 31, 2020. On March 19, 2020, in the midst of the coronavirus' outbreak crisis, the Central Bank issued Communication "A" 6939, as amended from time to time, by virtue of which the distribution of dividends by financial entities was temporarily suspended until June 30, 2020, extending it until December 31, 2021 through communication "A" 7035 of June 4, 2020. Likewise, on December 17, 2020, through communication “A” 7181, the Central Bank decided to extend said suspension in the distribution of results until June 30, 2021. Later on June 24, 2021 through Communication “A” 7312 again extended the extension until December 31, 2021- On December 16, 2021, the Board of Directors of the Central Bank of the Argentine Republic (BCRA) established that the entities of the financial system may distribute as of next year up to 20% of the profits accumulated until December 31, 2021, in twelve monthly and consecutive installments, in accordance with the rules for distribution of results. Our shareholders' equity under the rules of the Argentine Central Bank comprise the following captions: 12/31/2021 Capital Stock 456,722 Capital Adjustment 4,713,494 Paid in Capital 43,558,993 Legal Reserve 531,832 Other Reserves 4,103,753 Retained earnings (1,201,458) Other Comprehensive Income 1,210,586 Total shareholders’ equity attributable to the owners of the parent under the rules of the Argentine Central Bank 53,373,922 |
LOANS AND OTHER FINANCING
LOANS AND OTHER FINANCING | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND OTHER FINANCING | |
LOANS AND OTHER FINANCING | 26. LOANS AND OTHER FINANCING As of December 31, 2021 and 2020 the composition of the loan portfolio is as follows: Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2021 Promissory notes 37,128,510 672,216 173,348 37,974,074 Unsecured corporate loans 11,278,606 432,712 1,338,004 13,049,322 Overdrafts 4,941,421 139,929 117,054 5,198,404 Mortgage loans 14,335,616 1,211,860 320,803 15,868,279 Automobile and other secured loans 3,238,977 407,569 271,901 3,918,447 Personal loans 24,848,123 3,872,005 2,567,411 31,287,539 Credit card loans 26,960,062 2,673,520 1,428,481 31,062,063 Foreign Trade Loans 9,859,886 2,196,320 1,697,453 13,753,659 Other financings 3,601,638 242,459 83,122 3,927,219 Other receivables from financial transactions 3,058,661 40,314 113,308 3,212,283 Receivables from financial leases 5,813,309 411,487 46,063 6,270,859 Subtotal 145,064,809 12,300,391 8,156,948 165,522,148 Allowances for loan losses (1,825,277) (2,642,379) (5,580,163) (10,047,819) Total 143,239,532 9,658,012 2,576,785 155,474,329 Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2020 Promissory notes 27,514,098 922,027 220,763 28,656,888 Unsecured corporate loans 18,728,720 1,197,805 3,561,404 23,487,929 Overdrafts 3,071,077 240,830 457,154 3,769,061 Mortgage loans 11,916,818 3,197,483 1,576,581 16,690,882 Automobile and other secured loans 1,852,825 471,548 531,734 2,856,107 Personal loans 28,749,130 2,192,557 941,892 31,883,579 Credit card loans 26,294,177 2,776,595 587,386 29,658,158 Foreign Trade Loans 14,427,056 2,392,460 2,870,700 19,690,216 Other financings 4,971,812 1,095,063 246,489 6,313,364 Other receivables from financial transactions 3,843,013 51,000 90,114 3,984,127 Receivables from financial leases 4,252,607 328,028 230,669 4,811,304 Subtotal 145,621,333 14,865,396 11,314,886 171,801,615 Allowances for loan losses (2,801,943) (3,001,823) (6,912,633) (12,716,399) Total 142,819,390 11,863,573 4,402,253 159,085,216 Expected Credit Loss Allowances Expected credit loss allowance recognised in the period is affected by a range of factors as follows: ● Transfers between Stage 1 and Stage 2 or 3 due to financial instruments experiencing significant increases (or decreases) of credit risk or becoming credit-impaired in the period, and the consequent "step up" (or "step down") between 12 months and Lifetime; ● Additional allowances for new financial instruments recognized during the period, as well as releases for financial instruments de-recognized during the period, ; ● Impact on the measurement of ECL of changes in PDs, EADs and LGDs in the period, resulting from the regular updating of model inputs; ● Impact on the measurement of ECL as a result of changes in models and assumptions; ● Discount unwind within ECL due to passage of time, as ECL is measured on a present value basis; ● Foreign exchange retranslations for assets denominated in foreign currencies and other movements; and ● Financial assets derecognised during the period and write-offs of allowances related to assets that were written off during the period. The following charts explain changes in the provision for credit risk between the beginning and end of the period due to the following factors: An analysis of changes in the gross carrying amount and the corresponding ECL allowance is, as follows: Assets Before Allowances ECL Allowance Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at the beginning of the year 145,621,333 14,865,396 11,314,887 171,801,616 2,801,943 3,001,823 6,912,635 12,716,401 Transfers 1 to 2 (2,706,703) 2,706,703 — — (143,762) 738,400 — 594,638 1 to 3 (1,669,225) — 1,669,225 — (213,280) — 2,489,899 2,276,619 2 to 3 — (345,905) 345,905 — — (214,718) 395,987 181,269 2 to 1 2,472,284 (2,472,284) — — 28,625 (371,684) — (343,059) 3 to 2 — 436,312 (436,312) — — 102,955 (427,790) (324,835) 3 to 1 549,224 — (549,224) — (799) — (289,617) (290,416) Net changes of financial assets 1,103,670 (2,208,067) 874,515 (229,882) 786,772 284,880 1,701,582 2,773,234 Write-Offs (1,460,146) (927,797) (5,217,593) (7,605,536) (1,460,146) (927,797) (5,217,593) (7,605,536) Exchange Differences and Others 1,154,372 246,032 155,546 1,555,950 25,924 28,520 15,060 69,504 Gross carrying amount at December 31, 2021 145,064,809 12,300,390 8,156,949 165,522,148 1,825,277 2,642,379 5,580,163 10,047,819 Assets Before Allowances ECL Allowance Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at the beginning of the year 171,911,741 9,571,995 13,247,969 194,731,705 3,298,489 1,723,489 8,852,772 13,874,750 Transfers 1 to 2 (4,852,066) 4,852,066 — — (176,175) 1,634,428 — 1,458,253 1 to 3 (2,330,308) — 2,330,308 — (54,807) — 3,744,912 3,690,105 2 to 3 — (1,277,483) 1,277,483 — — (335,559) 1,120,179 784,620 2 to 1 1,234,686 (1,234,686) — — 51,073 (188,137) — (137,064) 3 to 2 — 55,376 (55,376) — — 15,826 (59,281) (43,455) 3 to 1 70,542 — (70,542) — 2,133 — (68,147) (66,014) Net changes of financial assets (23,213,643) 4,131,246 (80,391) (19,162,788) 1,257,132 1,850,908 (689,803) 2,418,237 Write-Offs (1,696,215) (1,737,832) (6,192,773) (9,626,820) (1,696,216) (1,737,831) (6,192,773) (9,626,820) Exchange Differences and Others 4,496,596 504,714 858,209 5,859,519 120,314 38,699 204,776 363,789 Gross carrying amount at December 31, 2020 145,621,333 14,865,396 11,314,887 171,801,616 2,801,943 3,001,823 6,912,635 12,716,401 Collateral and other credit enhancements Collateral is an instrument pledged as security for repayment of a loan, to be forfeited in the event of default. The Entity accepts collateral as security before a potential breach on behalf of a debtor occurs. The Argentine Central Bank classifies these guarantees in three types: Preferred "A" (considered self-settleable), Preferred "B" (made up by mortgage or pledge loans) and remaining guarantees (mainly bank guarantees and fines). In virtue of the administration of collateral, the Group relies on a specific area devoted to the review of the legal compliance and suitable instrumentation of received collateral. In accordance with the type of collateral, the guarantors may be people or companies (in the case of mortgages, pledges, fines, guarantees and liquid funds) and international top level Financial Entities (for credit letters stand by). The Group monitors collateral held for financial assets considered to be credit-impaired as it becomes more likely that the Group will take possession of collateral to mitigate potential credit losses. Allowances Gross for loans Fair value of Credit Impaired loans exposure losses Book value collateral Overdrafts 117,054 91,522 25,532 — Financial Lease 46,062 28,345 17,717 28,720 Documents 173,348 89,361 83,987 856,145 Mortgage loans 320,803 180,769 140,034 11,928 Personal loans 2,567,411 2,423,057 144,354 — Pledge loans 271,901 188,118 83,783 150,505 Credit cards 1,428,481 1,344,741 83,740 2,125 Other 3,231,888 1,234,251 1,997,637 1,451,123 Total 8,156,948 5,580,164 2,576,784 2,500,546 Write-off policy The Group writes off, in whole or in part, when it has exhausted all practical recovery efforts and has concluded there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include: (i) ceasing enforcement activity and (ii) where the Group´s recovery method is foreclosing on collateral and the value of the collateral is such that there is no reasonable expectation of recovering in full. The Group may write-off financial assets that are still subject to enforcement activity, The outstanding contractual amounts of such assets written off during the year ended on December 31, 2021 and 2020 amount to 7,899,550 and 10,864,898 respectively.The Group still seeks to recover amounts it is legally owed in full, but which have been partially written off due to no reasonable expectation of recovery. 12.31.2021 12.31.2020 Balance at the beginning of the year 10,864,898 7,909,885 Additions 7,605,536 9,626,820 Disposals (3,244,896) (1,855,095) Cash collection (1,093,450) (830,359) Portfolio sales (533,986) (116,402) Condonation (1,617,460) (908,334) Exchange differences and other movements (7,325,988) (4,816,712) Gross carrying amount 7,899,550 10,864,898 |
RISK MANAGEMENT POLICIES
RISK MANAGEMENT POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
RISK MANAGEMENT POLICIES | |
RISK MANAGEMENT POLICIES | 27. RISK MANAGEMENT POLICIES Financial risk factors Credit risk The Integral Risk Committee approves credit risk strategies and policies submitted in accordance with recommendations provided by the Integral Risk Corporate Department, the Credit Corporate Department and commercial sectors and in compliance with regulations set by the Argentine Central Bank. The credit strategy and policy is aimed at the development of commercial opportunities within the framework and conditions of the Group´s business plan, while keeping suitable caution levels in face of the risk. Policies and procedures enable the definition of accurate aspects aimed at the deployment of the Group´s Strategy related to the administration of credit risk; among them, the Group´s criteria to grant loans, credit benefits and powers, types of products and the way in which the structure is organized, among other aspects. Likewise, the Group relies on an integral risk policy where aspects related to general key risk governance as well as specific manuals and procedures that include, among others, all relevant regulations issued by the Argentine Central Bank. The Group´s credit risk management policies are applied to corporate and individuals. To such ends, a customer segmentation has been defined for Corporate Banking and Personal and Business Banking. The Group focuses on supporting companies belonging to sectors with potential, and successful in their activity. Within the range of credit products offered for the business segment, the Group aims to develop and lead the factoring and leasing market, as well as to be a benchmark in foreign trade. Within Corporate Banking, we seek a solid proposal for medium and large companies' market, seeking to maintain proximity with clients through service centers, agreements with clients throughout their value chain, and providing agile responses through existing credit processes. Regarding Personal and Business Banking, in addition to payroll and senior citizens segments, special focus is placed on Entrepreneurs and SMEs, SMEs as well as the Banks´s Identité segment. In the case of IUDÚ, the focus is consumer finance, fundamentally in granting personal loans, credit cards and car loans. The area of Capital Markets and Structuring targets the trust business segment; placement of assets in the capital market through financial trusts and debt securities, own and of third parties; and for its part, the area of Treasury and Finance has the Trading Desk within its scope. Among traded products are: interbank call, REPO transactions, corporate call, securities from public sector and monetary policy instruments of the Central Bank, acquisition of consumer portfolios, third-party financial trusts, negotiation of financial derivatives (futures, rate swaps, etc.), among others. The Group is willing to carry out a strategy that enables it to address its contractual commitments, both under normal market conditions and adverse situations. Therefore, the Group relies on scoring and rating models to estimate probability of default (PD) for the different client portfolios. As for risk appetite framework, the Group relies on cut-offs for each risk-based segment that express the maximum risk to be assumed in terms of probability of default. In addition to PD parameters, the Group relies on estimates of exposure at default (EAD) and loss given default (LGD) parameters with the purpose of estimating Group’s allowance for loan losses and the necessary economic capital to face unexpected losses that may arise due to credit risk. The Group is aimed at keeping a diversified and atomized portfolio, in order to minimize risk concentration. To such ends, loan origination and client portfolio profiles are adjusted to each different circumstance. To this end, the entity has an indicators dashboard linked to the appetite for credit and concentration risk. The evolution of the NPL, Coverage and Cost of Risk indicators is monitored in relation to target limits established according to risk appetite and the strategy determined in the entity's business plan. Likewise, there is a portfolio limits scheme that measures balance concentration by debtor or economic group, the concentration of the main debtors, concentration by value chain, economic activities, portfolio by risk level based on the facility risk rating. and the exposure in foreign currency both at a total level and by product type. Credit Risk Measurement Models The Group relies on models aimed at estimating the distribution of potential credit losses in its credit portfolio, which depend on defaults by the counterparties (PD – Probability of Default), as well as the assumed exposure to such defaults (EAD –Exposure At Default) and the recoveries of each defaulted loan (LGD – Loss Given Default). Based on this, systems were developed at the Group that calculate statistical forecasts, economic capital and Risk-Adjusted Return (RAROC) models in order to optimize management and decision-making. Regarding IUDU, it also has estimates of the aforementioned parameters related to credit risk and a monitoring model of the RAROC Measurement metric. Economic Capital Calculation The economic capital for credit risk is the difference between the portfolio’s value at risk (according to the confidence level for individuals of 99.9% and for companies of 99%) and the expected credit losses. The Group relies on economic capital models for credit risk (one for individuals and another for companies). Such quantitative models include the exacerbation of capital by concentration risk and Securitization Risk. In the economic capital calculation models a one year holding period is used, except from factoring exposures where a six month holding period is used. Counterparty Risk Management The Group relies on a Counterparty’s Risk Map approved by the Credit Committee where the following limits are defined for each counterparty according to the Group’s risk appetite: credit exposure and settlement limits, foreign exchange settlement risk, securities settlement risk and Repo transactions settlement risk, among other. Regarding the economic capital for the counterparty’s risk, it is included in the Economic Capital Quantitative Model for Credit Risk. Maximum Credit Risk Exposure The following table contains an analysis of the maximum credit risk exposure: December 31, 2021 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Overdrafts 37,128,510 672,216 173,348 37,974,074 Promissory Notes 11,278,606 432,712 1,338,004 13,049,322 Unsecured Corporate Loans 13,288,933 279,934 117,054 13,685,921 Mortgage Loans 14,335,616 1,211,860 320,803 15,868,279 Automobile and other secured loans 3,238,977 407,569 271,901 3,918,447 Personal Loans 24,848,123 3,872,005 2,567,411 31,287,539 Retail 20,542,487 3,346,918 834,584 24,723,989 Consumer Finance 4,305,636 525,087 1,732,827 6,563,550 Credit Card Loans 60,606,206 4,259,328 1,428,481 66,294,015 Retail 50,628,708 3,766,160 381,020 54,775,888 Consumer Finance 9,977,498 493,168 1,047,461 11,518,127 Receivables from Financial Leases 5,813,309 411,487 46,062 6,270,858 Foreign Trade Loans 9,859,886 2,196,320 1,697,453 13,753,659 Other Financings 4,252,304 247,169 83,122 4,582,595 Other Receivables from Financial Transactions 3,059,297 40,314 113,309 3,212,920 Total 187,709,767 14,030,914 8,156,948 209,897,629 December 31, 2020 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Overdrafts 27,514,098 922,027 220,763 28,656,888 Promissory Notes 18,728,720 1,197,805 3,561,404 23,487,929 Unsecured Corporate Loans 18,892,137 430,301 457,154 19,779,592 Mortgage Loans 11,916,817 3,197,483 1,576,581 16,690,881 Automobile and other secured loans 1,852,825 471,547 531,734 2,856,106 Personal Loans 28,749,129 2,192,558 941,893 31,883,580 Retail 23,449,155 2,151,139 770,118 26,370,412 Consumer Finance 5,299,974 41,419 171,775 5,513,168 Credit Card Loans 65,920,810 4,707,126 587,387 71,215,323 Retail 57,813,293 3,974,723 367,492 62,155,508 Consumer Finance 8,107,517 732,403 219,895 9,059,815 Receivables from Financial Leases 4,252,607 328,028 230,669 4,811,304 Foreign Trade Loans 14,427,055 2,392,460 2,870,700 19,690,215 Other Financings 5,674,094 1,126,082 246,490 7,046,666 Other Receivables from Financial Transactions 3,843,583 51,376 90,114 3,985,073 Total 201,771,875 17,016,793 11,314,889 230,103,557 Financial Instruments to which the impairment requirements in IFRS 9 are not applied Financial assets measured at fair value through profit or loss are not subject to impairment The maximum exposure to credit risk is the corresponding fair value. Market risk Group defines Market Risk as the risk resulting from deviations in the trading portfolio value as a result of market fluctuations during the period required for the settlement of portfolio positions. The Risk Department’s measurement, control and follow-up perimeter covers those operations where certain loss risk in the Group ´s shareholders equity value is assumed, as a result of changes in market factors. Such risk results from the variation in risk factors under evaluation (interest rate, exchange rate, market price of equity instruments and options), as well as liquidity risk in the different products and markets where the Group operates. According to its business strategy, Banco Supervielle is the component of the Group with the greatest exposure to this risk. On the other hand, IUDU Compañía Financiera has a minimum exposure to market risk and associated with liquidity management purposes. That is why market risk controls present a greater level of detail and emphasis on Banco Supervielle's trading portfolio. With the purpose of measuring the risk of positions homogeneously and therefore, setting a limit and threshold structure to support management and control schemes, Banco Supervielle uses the VaR model (Value at Risk), which defines the maximum expected loss to be recorded in a financial asset portfolio in normal market conditions, within a certain period of time and at a pre-established confidence level. Indicators obtained from this enable the Group to identify a potential market risk and take preventive measures. Market risk management is focused on the trading portfolio managed by the Trading desk, although there is also a broader control including managed positions with liquidity management objectives. For this reason, in terms of the broader trading portfolio, the controls are limited to the exposure to the assumed risk, measured using the VaR methodology, in relation to the regulatory capital (RC). In addition, a control is carried out on the VaR by group of assets, thus limiting the risk that the Entity can assume in each group of assets considered in isolation. The objective is to incorporate an element of alert to credit events or break in the correlations between groups of assets, events that may escape the consideration of a diversified VaR. The controls over the Trading desk are more exhaustive. Approved strategies and policies are reflected in what is known internally as a unified Risk Map document, where detailed operations enabled by the Trading desk can be explained in detail. In the same document the entire framework of controls that translate the risk appetite with which the Entity is willing to operate is exposed. In this way, limitations are established on the open position in certain financial instruments, VaR limit on the diversified portfolio, maximum allowable loss amount before executing the stop loss policy and conditions that could lead to the execution of a stop strategy gain. The entire control scheme is complemented by action plans that must be implemented once a violation occurs within the limits established therein. The exposure to the Group's exchange rate risk at the end of the year by currency type is detailed below: Balances as of 12/31/2021 Balances as of 12/31/2020 Monetary Monetary Monetary Monetary Financial Financial Net Financial Financial Net Currency Assets Liabilities Derivatives Position Assets Liabilities Derivatives Position US Dollar 41,198,482 36,422,195 7,367 4,783,654 64,753,045 53,900,933 798 10,852,910 Euro 923,079 855,301 — 67,778 1,471,024 1,184,919 — 286,105 Others 313,247 7,919 — 305,328 442,533 9,370 — 433,163 Total 42,434,808 37,285,415 7,367 5,156,760 66,666,602 55,095,222 798 11,572,178 Financial assets and liabilities are presented net of derivatives, which are disclosed separately. Derivative balances are shown at their Fair Value at the closing price of the respective currency. The table above includes only Monetary Assets and Liabilities, since investments in equity instruments and non-monetary instruments does not generate foreign exchange risk exposure. A sensitivity analysis was performed considering reasonably possible changes in foreign exchange rates in relation to the Group’s functional currency. The percentage of variation used in this analysis is the same the Group used in its Business Plan and Projections. 12/31/2021 12/31/2020 Currency Variation P/L Equity Variation P/L Equity US Dollar 52.50 % 2,509,382 2,509,382 40.20 % 4,057,089 4,057,089 (52.50) % (2,509,382) (2,509,382) (40.20) % (4,057,089) (4,057,089) Euro 52.50 % 35,555 35,555 40.20 % 114,655 114,655 (52.50) % (35,555) (35,555) (40.20) % (114,655) (114,655) Other 52.50 % 160,167 160,167 40.20 % 174,093 174,093 (52.50) % (160,167) (160,167) (40.20) % (174,093) (174,093) Total 52.50 % 2,705,104 2,705,104 40.20 % 4,345,838 4,345,838 (52.50) % (2,705,104) (2,705,104) (40.20) % (4,345,837) (4,345,837) Sensitivity Analysis It is important to note that within the daily report provided to the trading desk for the monitoring of the exposure to assumed risk, the Financial Risk Management makes a comparison between the profitability obtained and the implicit risk for each asset. When using a diversified VaR methodology, it is important to provide information related to the contribution that each asset in the portfolio makes to the aggregate VaR measurement, and fundamentally if this asset generates risk diversification or not. That is why, within the variables included in the daily report, the VaR component of each asset is included, thus allowing a sensitivity analysis on the impact of each asset on the total risk. With the aim of improving the assumed risk analysis through the use of alternative measurement metrics, the Group recognizes the change in market conditions on exposure to risk through an adjustment to the volatilities used in the VaR calculation. According to the methodology used, the returns of assets registered in more recent dates have a greater incidence in the calculation of volatilities. In parallel, the Entity performs a measurement and monitoring of the assumed risk through the application of an expected shortfall methodology, analyzing the universe of unexpected losses located in the distribution queue beyond the critical point indicated by VaR. Economic capital calculation Banco Supervielle adopts the diversified Parametric VaR methodology for the calculation of market risk economic capital, both at a consolidated and individual level. It should be noted that in the case of IUDÚ, according to the provisions established by the Argentine Central Bank, its Board of Directors has chosen to quantify its needs for economic capital by applying a simplified methodology. According to this methodology, the aggregate economic capital arises from the following expression: EC = (1,05 x MC) + max [0; ΔEVE – 15 % x bS)] Where, EC: economic capital according to profile’s risk (ICAAP). MC: Minimum capital requirement in accordance with Argentine Central Bank regulations. ΔEVE (Economic Value): measure of interest rate risk calculated according to the Standardized Framework bS (Basic Shareholders’ equity) : Tier 1 capital. Interest Rate Risk Interest Rate Risk is the risk derived from the likelihood that changes in the Group’s financial condition occur as a result of market interest rate fluctuations, having effect on its financial income and economic value. The following are such risk factors: ✓ Different terms maturity and interest rate re-adjustment dates for assets, liabilities and off balance sheet items . ✓ Forecast, evolution and volatility of local interest rates and foreign interest rates. ✓ The basis risk that results from the unsuitable correlation in the adjustment of assets and liabilities interest rates for instruments that contain similar revaluation features ; The Group’s interest rate risk management model, includes the analysis of interest rates gaps. Such analysis enables the basic explanation of the financial statement structure as well as the detection of interest rate risk concentration along the different terms. Special attention focuses on the accumulated gap during the first 90 days, as it is the holding period used when evaluating exposure to interest rate risk in each of the entities and due to its relevance when evaluating actions that may modify the structural balance positioning. The interest rate risk management is aimed at keeping the Group’s exposure within those levels of risk appetite profile validated by the Board of Directors upon changes in the market interest rates. To such ends, the interest rate risk management relies on the monitoring of two metrics: ✓ MVE – VaR Approach : measures the difference between the economic values estimated given the interest rate market curve and said value estimated given the interest rate curve resulting from the simulation of different stress scenarios. The Group uses this approach to calculate the economic capital for this risk. ✓ NIM – EaR Approach : measures changes in expected accruals over a certain period of time (12 months) upon an interest rate curve shift resulting from a different stress situation simulation practices. With the publication of Communication "A" 6397, the Argentine Central Bank presented the applicable guidelines for the treatment of interest rate risk in the investment portfolio. The regulation makes a distinction between the impact of fluctuations in interest rate levels on the underlying value of the entity's assets, liabilities and off-balance sheet items (economic value or MVE), and the alterations that such movements in the interest rate may have on sensitive income and expenses, affecting net interest income (NII). This same criterion had already been adopted by Banco Supervielle, so that the new regulations implied a readaptation of the management model to the suggested measurement methodology, maintaining some criteria and incorporating others. As established by the regulator, both Banco Supervielle and IUDÚ Compañia Financiera must use the Standardized Framework described in point 5.4. of the Communication "A" 6397 for the measurement of the impact on the economic value of the entities (ΔEVE) of six proposed disturbance scenarios. These scenarios include parallel movements in the curves of market interest rates upwards or downwards, flattening or steepening of the slope of these curves, as well as an increase or decrease in short-term interest rates. A base curve of market interest rates is considered for each of the significant currencies in the financial statement of each entity. According to the applicable regulation, Banco Supervielle has to use an internal measurement system (SIM) for measurement based on results (ΔNIM). This requirement is not applicable to IUDÚ Compañía Financiera. It is important to highlight that Banco Supervielle, which has not been qualified by the Argentine Central Bank as having a local systemic importance (D-SIB), is not legally bound to have its own internal measurement system (SIM) for the measurement based on economic value (ΔEVE). Beyond the regulatory provisions, it is important to note that both Banco Supervielle and IUDU Compañia Financiera have been working with internal measurement systems (SIM) to measure the impact of rate fluctuations, both on economic value (ΔEVE) and on results (ΔNIM). The development of these systems included the definition of assumptions for the determination of the maturity flow of different lines of assets and liabilities without defined maturity or with implicit or explicit options of behavior. Following good practices in risk management and with the aim of ensuring the reasonableness of fit of the internal models used, a backtesting methodology was developed applicable to the results obtained with the interest rate risk measurement tool (approach MVE-VaR). Specifically, an evaluation of the discount rates projected in the critical scenario is carried out. Improvements were made to the dynamic rate GAP measurement tool, allowing various sensitivity exercises to be carried out in a year characterized by a changing context and numerous regulations that altered financial margins. Economic Capital Calculation As a first step to calculate economic capital, Banco Supervielle calculates its exposure to interest rate risk from the MVE-EaR (economic value) approach of its internal measurement system (SIM), using a holding period of three months (90 days) and a confidence level of 99%. This quantitative model includes the exacerbation of capital by securitization risk. The result obtained is compared with the worst result of the alterations proposed in the six scenarios proposed by the Standardized Framework, with the resulting economic capital being the worst of both measurements (SIM and Standardized Framework). In the case of IUDÚ Compañía Financiera, as mentioned above, the Entity's Board of Directors has chosen to quantify its needs for economic capital by applying a simplified methodology. With regard to interest rate risk, the Group measures the impact of fluctuations in market interest rates on the economic value based on the application of the Standardized Framework. In the event that the worst ΔEVE of the six scenarios proposed by the regulation exceeds 15% of the basic net worth (capital level one) of the Entity, the sum of the economic capital calculated according to the simplified methodology would be increased by said excess. The exposure to interest rate risk is detailed in the table below. It presents the residual values and average rate of the assets and liabilities, categorized by date of renegotiation of interest or expiration date, the lowest. Term in days Assets and Liabilities Up to 30 From 30 to 90 from 90 to 180 from 180 to 365 More than 365 Total To 12/31/2021 Total Financial Assets 167,930,968 39,268,945 35,681,468 23,350,316 92,585,212 358,816,909 Total Financial Liabilities (170,806,220) (42,873,914) (8,119,354) (560,903) (105,434,009) (327,794,400) Net Amount (2,875,252) (3,604,969) 27,562,114 22,789,413 (12,848,797) 31,022,509 Term in days Assets and Liabilities Up to 30 From 30 to 90 from 90 to 180 from 180 to 365 More than 365 Total To 12/31/2020 Total Financial Assets 142,205,295 35,144,963 33,032,399 21,119,157 115,218,851 346,720,665 Total Financial Liabilities (166,486,491) (35,780,295) (7,646,899) (2,264,887) (104,878,279) (317,056,851) Net Amount (24,281,196) (635,332) 25,385,500 18,854,270 10,340,572 29,663,814 The table below shows the sensitivity to a reasonably possible additional variation in interest rates for the next year, taking into account the composition as of December 31, 2021. Variations in rates were determined considering the scenarios set by Communication "A" 6397 for the calculation of the Interest Rate Risk in the Investment Portfolio. The parameters taken as a base and or budgeted by the Bank for fiscal years 2021 and 2020 and the changes are considered reasonable possible based on the observation of market conditions: 12/31/2021 12/31/2020 Increase / (decrease) Increase / (decrease) Items Additional variation in in the income Additional variation in in the income the interest rate statement the interest rate statement Decrease in the interest rate 4% ARS; 2% USD 260,905 4% ARS; 2% USD (654,631) Increase in the interest rate 4% ARS; 2% USD (260,112) 4% ARS; 2% USD 650,546 If the market interest rates for instruments denominated in pesos decreased by 4 percentage points and 2 percentage points for those denominated in US dollars, net income for the year would increase by Liquidity Risk The Group defines Liquidity Risk as the risk of assuming additional financing expenses upon unexpected liquidity needs. Such risk results from the difference of sizes and maturities between the Group’s assets and liabilities. Such risks involve the following: ✓ Funding Liquidity Risk means the risk to obtain funds at normal market cost when needed, based on the market’s perception of the Group. ✓ Market Liquidity Risk means the risk resulting from the Group’s incapacity to offset an asset position at market price, as a consequence of the following two key factors: ● Assets are not liquid enough, ● Changes in the markets where those assets are traded. Liquidity and concentration indicators of funding sources are used to determine the tolerance to this risk, starting from the most restrictive definitions to the most comprehensive ones. The following are the main core metrics used for liquidity risk management: ✓ LCR (Liquidity Coverage Ratio) : measures the relation between high quality liquid assets and total net cash outflows over a 30-day period. The Group estimates this indicator on a daily basis, having met exceeded the year the minimum value established by law, as well as that established internally based on their risk appetite. ✓ Net Stable Funding Ratio (NSFR) : measures the ability of the Group to fund its activities with sufficiently stable sources to mitigate the risk of future stress situations arising from its funding. The Group calculates this indicator on a daily basis, having complied with the minimum value required by the regulator and that that established internally based on its risk appetite. ✓ Co verage of Remunerated Accounts and Pre-Payable Term Deposits : this indicator is aimed to reduce funding dependence of unstable sources in non-liquid scenarios. In addition, the Assets and Liabilities Committee performs a daily monitoring of some follow-up metrics. Such indicators are used to analyze the main components of LCR while assessing the Group’s liquidity condition and warning upon trend changes that may affect the guidelines set by the risk appetite policy. Additionally, within these monitoring indicators, Committee assess for the availability of liquid assets to respond to an eventual withdrawal of more volatile deposits, such us remunerated sight accounts and deposits of the public sector in foreign currency. During 2021, strong growth was observed in interest-bearing sight accounts, especially from institutional clients. The funds thus raised were applied to the acquisition of LELIQ or the arrangement of Repo Transactions with the BCRA, thus trying to minimize the mismatch of terms. Controls were implemented so that this exposure to the BCRA is maintained at reasonable levels measured against total assets, the entity's equity and in terms of market share. Liquidity in dollars remained at high levels, above 70% throughout the year. Economic capital calculation The Group relies on the following elements that ensure the suitable management of this type of risk: ✓ Broad liquidity indicators dashboard, to monitor liquidity levels. Each indicator relies on its relevant threshold and limit, which are monitored on a daily basis by the Risk Area (sending due warnings upon violation cases), on a byweekly basis by the Assets and Liabilities Committee (ALCO) and on a monthly basis by the Integral Risk Committee. Likewise, a weekly report is drawn up and sent to members of the Integral Risk Committee, ALCO and the Board. ✓ Indicators that measure the concentration of funding sources, establishing the Group’s risk appetite . ✓ Development and monitoring of new liquidity coverage and leverage indicators set by the Argentine Central Bank in compliance with Basel III route map. ✓ Different liquidity risk follow-up tools have been added, including a disaggregate assessment of contractual term mismatches and funding concentration reports, by counterparty, product and significant currency. The accuracy of the information required for such reports contributed to the improvement of our Risk Management Information System (MIS). ✓ The liquidity coverage ratio is used to assess the Group’s capacity to meet liquidity needs over a 30-day period within a stress scenario described by the Argentine Central Bank. The follow-up of this indicator is carried out on a daily basis, keeping the Group’s liquidity director and officials updated on its evolution. ✓ Permanent monitoring of limit and threshold compliance in virtue of the NSFR. ✓ Individual stress tests, carried out on a daily basis upon an eventual critical scenario of a sudden withdrawal of deposits and its impact on the minimum cash position and LCR. ✓ Intraday liquidity monitoring tools as indicated above. ✓ Regarding contingency plans, the Group follows a policy that ensures the application of its guidelines in stress tests, according to the decision taken by ALCO Committee and Integral Risk Committee. The Risk management framework described herein enables a suitable liquidity condition; therefore, the Group considers the economic capital estimation unnecessary to cover such risk, as long as the Group’s solvency should not be affected once the stress tests contingency plan have been implemented. Below is the concentration of loans and deposits as of December 31, 2021 and 2020 Loans and other financing 12/31/2021 12/31/2020 Number of Clients Balance % over total portfolio Balance % over total portfolio 10 largest customers 13,155,387 7.9% 17,090,229 9.9% 50 following largest customers 21,266,376 12.8% 24,209,408 14.1% 100 following largest customers 17,301,047 10.5% 15,301,427 8.9% Rest of customers 113,799,338 68.8% 115,200,554 67.1% TOTAL 165,522,148 100.0% 171,801,618 100.0% Deposits 12/31/2021 12/31/2020 Number of customers Balance % over total portfolio Balance % over total portfolio 10 largest customers 95,276,777 33.0% 74,049,170 27.5% 50 following largest customers 48,457,386 16.8% 45,028,876 16.7% 100 following largest customers 15,105,120 5.2% 14,280,185 5.3% Rest of customers 129,618,813 44.9% 136,286,310 50.5% TOTAL 288,458,096 100.0% 269,644,541 100.0% Below is an analysis of the assets and liabilities maturities, determined based on the remaining period as of December 31, until the contractual maturity date, based on undiscounted cash flows: Less than From 1 to From 3 to From 6 months to From 1 to More than As of 12/31/2021 1 month 3 months 6months 1 years 2 years 2 years Total Loans and other financing 86,696,816 27,058,005 34,340,407 20,280,268 36,396,208 110,910,750 315,682,454 To the non-financial public sector 13,253 2,881 4,321 5,023 — — 25,478 To the financial sector 5,180 4,849 7,479 21,872 67,105 50,329 156,814 To the Non-Financial Private Sector and Foreign residents 86,678,383 27,050,275 34,328,607 20,253,373 36,329,103 110,860,421 315,500,162 TOTAL ASSETS 86,696,816 27,058,005 34,340,407 20,280,268 36,396,208 110,910,750 315,682,454 Deposits 255,925,278 32,382,246 2,522,656 134,449 3,978 335 290,968,942 Non-financial public sector 9,343,440 2,000,907 197,876 — — — 11,542,223 Financial sector 39,099 — — — — — 39,099 Non-financial private sector and foreign residents 246,542,739 30,381,339 2,324,780 134,449 3,978 335 279,387,620 Liabilities at fair value through profit or loss 2,053,216 — — — — — 2,053,216 Repo transactions — — — — — — — Other financial liabilities 22,545,702 172,028 244,065 431,714 390,562 541,851 24,325,922 Financing received from the Argentine Central Bank and other financial institutions 2,975,606 678,008 2,989,303 202,592 241,388 369,267 7,456,164 Unsubordinated debt securities — 686,327 145,53 |
INTERNATIONAL FINANCING PROGRAM
INTERNATIONAL FINANCING PROGRAMS | 12 Months Ended |
Dec. 31, 2021 | |
INTERNATIONAL FINANCING PROGRAMS | |
INTERNATIONAL FINANCING PROGRAMS | 28. INTERNATIONAL FINANCING PROGRAMS In December 2017, Banco Interamericano de Desarrollo (BID) granted Banco Supervielle S,A, a loan (tranche A) for USD 40,000,000, USD 35,000,000 of which are settled over a three-year and the remaining USD 5,000,000 over a five-year term, In June 2018, the Bank was granted a loan (tranche B) for USD 93,500,000, USD 40,000,000 are settled over a year term and the remaining USD 53,500,000 are settled over two years In turn, in September 2019, the Entity was granted a senior non-guaranteed syndicated loan for USD 80,000,000 (eighty million US Dollars) at a three-year term with a Libor interest rate + 3,40 Such agreement are subject to compliance of certain financial covenants, certain “do and do not do” conditions as well as certain reporting requirements. As of December 31, 2021 and the date of issuance of these financial statements, the Group was in compliance with the financial covenants of both loans. |
BUSINESS COMBINATIONS
BUSINESS COMBINATIONS | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS COMBINATIONS | |
BUSINESS COMBINATIONS | 29. BUSINESS COMBINATIONS - IOL HOLDING S,A, On August 23, 2021 Grupo Supervielle S.A. and Sofital S.A. F. and I.I. acquired 95% and 5%, respectively, of the shares of IOL Holding S.A., for a total price of 694 thousand dollars. The Group did not recognize goodwill as a result of this transaction. The company is based in Uruguay and its objective is to be the holding company of entities dedicated to provide trading desk service at a regional level. On November 29, 2021, Grupo Supervielle S.A. made an irrevocable capital contribution in the amount of US$500,000 to be applied to working capital and investments. The amounts recognized in the consolidated statement of financial position as of the acquisition date are: Fair Value Cash and Due from Banks 51,380 Other Assets 26 Miscellaneous obligations (784) Net identifiable assets acquired 50,622 |
ASSETS AND LIABILITIES IN FOREI
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2021 | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | 30. ASSETS AND LIABILITIES IN FOREIGN CURRENCY At At 12/31/2021 (per currency) At Items 12/31/2021 Dollar Euro Real Others 12/31/2020 ASSETS Cash and Due from Banks 21,475,944 20,240,942 922,100 17,217 295,685 30,789,452 Government and corporate securities at fair value with changes in results 777,457 777,457 - - - 2,786,763 Derivatives 7,367 7,367 - - - 798 Other financial assets 711,238 711,114 124 - - 1,711,669 Loans and other financing 15,428,720 15,427,520 855 - 345 22,976,589 Other Debt Securities 3,732,301 3,732,301 - - - 7,246,202 Financial assets in guarantee 1,087,132 1,087,132 - - - 791,754 Other non-financial assets 121,312 121,312 - - - 363,375 TOTAL ASSETS 43,341,471 42,105,145 923,079 17,217 296,030 66,666,602 LIABILITIES Deposits 28,823,051 28,348,565 474,486 — — 38,036,395 Non-financial public sector 1,114,042 1,113,873 169 - - 1,363,730 Financial sector 221 221 - - - 3,105 Non-financial private sector and foreign residents 27,708,788 27,234,471 474,317 - - 36,669,560 Liabilities at fair value with changes in results 688,912 688,912 - - - — Other financial liabilities 2,582,008 2,193,275 380,815 15 7,903 3,589,592 Financing received from the Argentine Central Bank and other financial entities 5,135,292 5,135,292 - - - 7,849,164 Unsubordinated debt securities — - - - — 3,325,030 Subordinated debt securities — - - - - 1,721,441 Other non-financial liabilities 369,662 369,661 - - 1 573,600 TOTAL LIABILITIES 37,598,925 36,735,705 855,301 15 7,904 55,095,222 NET POSITION 5,742,546 5,369,440 67,778 17,202 288,126 11,571,380 |
CURRENT_NON-CURRENT DISTINCTION
CURRENT/NON-CURRENT DISTINCTION | 12 Months Ended |
Dec. 31, 2021 | |
CURRENT/NON-CURRENT DISTINCTION | |
CURRENT/NON-CURRENT DISTINCTION | 31. CURRENT/NON-CURRENT DISTINCTION The group has adopted the presentation of all assets and liabilities in order of liquidity due to this presentation provides information that is reliable and more relevant, As of December 31, 2021 and 2020, the amount expected to be recovered or settled after more than twelve months for each asset and liability line item is as follows: 12/31/2021 12/31/2020 No more than No more than 12 months More than 12 12 months More than 12 after the months after after the months after reporting the reporting reporting the reporting ASSETS period period Total period period Total Cash and due from banks 32,574,118 — 32,574,118 55,357,647 — 55,357,647 Cash 12,589,320 — 12,589,320 19,309,242 — 19,309,242 Argentine Central Bank 18,134,499 — 18,134,499 29,620,309 — 29,620,309 Other local financial institutions 1,208,357 — 1,208,357 6,198,171 — 6,198,171 Others 641,942 — 641,942 229,925 — 229,925 Debt Securities at fair value through profit or loss 19,757,685 — 19,757,685 14,900,812 — 14,900,812 Derivatives 221,858 — 221,858 217,271 — 217,271 Reverse Repo transactions 42,849,578 — 42,849,578 33,742,602 — 33,742,602 Other financial assets 13,922,961 — 13,922,961 6,468,183 — 6,468,183 Loans and other financing 115,676,418 39,797,911 155,474,329 113,435,978 45,649,238 159,085,216 To the non-financial public sector 22,738 — 22,738 19,067 16,450 35,517 To the financial sector 12,161 64,671 76,832 18,207 0 18,207 To the Non-Financial Private Sector and Foreign residents 115,641,519 39,733,240 155,374,759 113,398,704 45,632,788 159,031,492 Other debt securities 73,207,135 5,723,105 78,930,240 43,526,385 18,148,329 61,674,714 Financial assets in guarantee 8,539,934 — 8,539,934 7,403,589 — 7,403,589 Current income tax assets 880,290 — 880,290 — — — Inventories 136,775 — 136,775 107,114 — 107,114 Investments in equity instruments — 264,280 264,280 30,119 145,468 175,587 Property, plant and equipment — 11,034,912 11,034,912 — 10,722,347 10,722,347 Investment Property — 8,698,123 8,698,123 — 9,053,396 9,053,396 Intangible assets — 11,422,105 11,422,105 — 10,237,674 10,237,674 Deferred income tax assets 485,243 2,749,713 3,234,956 681,562 4,323,489 5,005,051 Other non-financial assets 1,135,934 1,324,964 2,460,898 1,082,769 959,290 2,042,059 TOTAL ASSETS 309,387,929 81,015,113 390,403,042 276,954,031 99,239,231 376,193,262 12/31/2021 12/31/2020 No more than No more than 12 months More than 12 12 months More than 12 after the months after after the months after reporting the reporting reporting the reporting LIABILITIES period period Total period period Total Deposits 288,455,225 2,872 288,458,097 269,643,973 568 269,644,541 Non-financial public sector 11,475,017 — 11,475,017 11,941,378 — 11,941,378 Financial sector 39,099 — 39,099 86,665 — 86,665 Non-financial private sector and foreign residents 276,941,109 2,872 276,943,981 257,615,930 568 257,616,498 Liabilities at fair value through profit or loss 2,053,216 — 2,053,216 3,021,859 — 3,021,859 Derivatives — — — 3,011 — 3,011 Repo Transactions — — — — — — Other financial liabilities 23,219,035 561,207 23,780,242 10,286,290 1,077,938 11,364,228 Financing received from the Argentine Central Bank and other financial institutions 5,853,350 399,198 6,252,548 8,335,637 497,908 8,833,545 Unsubordinated negotiable Obligations 341,623 717,617 1,059,240 4,763,516 1,616,406 6,379,922 Current income tax liability — — — 1,944,531 — 1,944,531 Subordinated negotiable obligations — — — 1,721,443 — 1,721,443 Provisions 66,183 847,488 913,671 63,669 964,382 1,028,051 Deferred income tax liability 61,736 — 61,736 63,403 — 63,403 Other non-financial liabilities 16,273,876 — 16,273,876 15,585,288 2,748,230 18,333,518 TOTAL LIABILITIES 336,324,244 2,528,382 338,852,626 315,432,620 6,905,432 322,338,052 |
OFFSETTING OF FINANCIAL ASSET A
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | |
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | 32. OFFSETTING OF FINANCIAL ASSET AND LIABILITIES A financial asset and a financial liability shall be offset and the net amount presented in the statement of financial position when, and only when, the Group fulfill with paragraph 42 of IAS 32, and currently has a legally enforceable right to set off the recognized amounts; and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously, In addition, the Group has master netting arrangement that not satisfies the offsetting criteria but creates a right of set-off that becomes enforceable and affects the realization or settlement of individual financial assets and financial liabilities only following a specified event of default or in other circumstances not expected to arise in the normal course of business, As of December 31, 2021 and 2020, the amount of assets and liabilities subject to a master netting arrangement not offset is as follows: Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2021 amount (a) offset (b) (c) = (a) – (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (6,286,910) 880,921 (5,405,989) Derivatives instruments 158,480 56,011 214,491 — — — Total 158,480 56,011 214,491 (6,286,910) 880,921 (5,405,989) Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2020 amount (a) offset (b) (c) = (a) – (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (4,744,951) 735,398 (4,009,553) Derivatives instruments 155,610 60,862 216,472 — — — Total 155,610 60,862 216,472 (4,744,951) 735,398 (4,009,553) |
MINIMUM CAPITAL REQUIREMENTS
MINIMUM CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
MINIMUM CAPITAL REQUIREMENTS | |
MINIMUM CAPITAL REQUIREMENTS | 33. MINIMUM CAPITAL REQUIREMENTS The Central Bank requires financial institutions to maintain minimum capital amounts measured as of each month's closing, The minimum capital is defined as the greater of (i) the basic minimum capital requirement, which is explained below, or (ii) the sum of the credit risk, operational risk and market risk, Financial institutions (including their domestic Argentine and international branches) must comply with the minimum capital requirements both on an individual and a consolidated basis, The following table sets forth information regarding excess capital and selected capital and liquidity ratios of the Bank, consolidated with IUDÚ: As stated above under "Presentation of Financial and Other Information", we have prepared our audited consolidated financial statements for 2021, 2020 and 2019 under IFRS, Minimum capital requirement has been prepared in accordance with the rules of the Argentine Central Bank, which is not comparable to data prepared under IFRS. Year ended December 31,(2) 2021 2020 2019 (in thousands of Pesos except percentages and ratios) Calculation of excess capital: Allocated to assets at risk 12,957,481 9,047,140 7,164,842 Allocated to Bank premises and equipment, intangible assets and equity investment assets 2,035,689 1,350,035 826,133 Market risk 965,159 551,765 251,739 Interest rate risk — — — Public sector and securities in investment account, 34,489 27,651 11,472 Operational risk 4,805,957 3,233,793 2,349,952 Required minimum capital under Central Bank rules 20,798,775 14,210,384 10,604,138 Basic net worth 42,938,440 30,242,263 16,991,091 Complementary net worth 1,564,272 1,090,865 1,033,734 Deductions (11,770,286) (7,028,227) (2,999,716) Total capital under Central Bank rules 32,732,426 24,304,901 15,025,109 Excess capital 11,933,651 10,094,517 4,420,971 Selected capital and liquidity ratios: Regulatory capital/risk weighted assets (1) 18.40 % 19.29 % 11.60 % Average shareholders’ equity as a percentage of average total assets 12.54 % 11.16 % 10.40 % Total liabilities as a multiple of total shareholders’ equity 7.5x 7.5x 7.1x Cash as a percentage of total deposits 11.06 % 20.31 % 28.20 % Tier 1 Capital / Risk weighted assets 12.25 % 13.35 % 10.80 % (1) Risk Weighted Assets includes operational risk weighted assets, market risk weighted assets, and credit risk weighted assets, Operational risk weighted assets and market risk weighted assets are calculated by multiplying their respective required minimum capital under Central Bank rules by 12.5 , Credit Risk Weighted Assets is calculated by applying the respective credit risk weights to our assets, following Central Bank rules, (2) Nominal values without inflation adjustment , |
ECONOMIC CONTEXT ON GROUPS OPER
ECONOMIC CONTEXT ON GROUPS OPERATIONS | 12 Months Ended |
Dec. 31, 2021 | |
ECONOMIC CONTEXT ON GROUP'S OPERATIONS | |
ECONOMIC CONTEXT ON GROUP`S OPERATIONS | 34. The Group operates in a complex economic context both nationally and internationally. In recent months, the behavior of international markets has been affected by the advance of the Delta and Omicron variants of the COVID-19, the persistence of significant global inflationary pressures, and the conflict between Russia and Ukraine, among others. Consequently, the global economic recovery continues in progress, but at a slower pace than previously forecasted. The new international scenario seems to be converging towards a scenario of more moderate economic growth with tightening of financial conditions, to which are added additional inflationary pressures due to delays in production chains and the rise in the prices of some raw materials. The U.S. Federal Reserve has begun to reduce the liquidity injected into the markets (a process known as tapering) and on March 16, 2022, the U.S. Federal Reserve approved an increase of 0.25% in interest rates, the first increase since December 2018. These raises in interest rates typically lead to a strengthening of the U.S. dollar at a global level and a decrease in commodity prices, which may adversely impact the economies of emerging countries, including Argentina. In the case of Argentina, during 2021, according to data published by the INDEC, the Argentina’s GDP increased by 10.3% in 2021, rebounding after the significant 9.9% contraction in 2020. Before the Covid-pandemic the Argentine economy was already contracting, with 2020 marking the third consecutive year of a deep economic crisis. All in all, the fourth quarter of 2021 real GDP is still 3.7% below its fourth quarter of 2017. In 2021, the GDP growth was mainly due to the mitigation of the impact of the COVID-19 on the Argentine economy as a result of the implementation of vaccination programs, which enabled the lifting of certain mobility restrictions that had been enforced in Argentina until the end of 2020, and to the increase in commodity prices, which resulted in an increase in U.S. dollar exports. As a result, the Argentine public sector’s financial deficit decreased in the first months of 2021, although during the months prior to the legislative elections in November 2021, the public spending and monetary issuance of Argentina increased. Commodities continued to recover during 2021 and the prices of the commodities exported by Argentina grew by 20.1% compared to 2020, while the average annual increase in the prices of commodities was 39.6% . Meanwhile, in relation to fiscal accounts, the Argentine Public Sector recorded in 2021 a primary fiscal deficit without extraordinary revenues of Ps. 980,241 million (approximately 2.2% of the GDP) while the financial deficit was Ps. 1,664,482 million ( 3.7% of the GDP). During the year, fiscal accounts improved significantly due to two factors: in the first place, an additional of approximately Ps. 311,373 million ( 0.7% of the GDP) was collected on account of the Extraordinary Solidarity Contribution (an extraordinary contribution tax charged to persons with total net worth above Ps. 100 million. This extraordinary contribution tax was approved by the Congress). On the other hand, in September, revenues for Ps. 427,401 million ( 1% of the GDP) were recorded from the extraordinary allocation of Special Drawing Rights (SDRs) by the IMF under the context of the global COVID-19 pandemic crisis. Thus, without considering these extraordinary revenues, the primary deficit would have amounted to Ps. 1,719,013 million ( 3.8% ) and the financial deficit would have amounted to Ps. 2,403,254 million ( 5.4% of the GDP). During 2021, tax revenues grew by 83.4% year-on-year ( 21.5% above inflation rates) and 68.2% without considering the aforementioned extraordinary revenues. The recovery in revenues was partly linked to the economic recovery throughout the year while the primary expense increased by 49.6% , reaching 9.6% below inflation rates. Its components included the year-on-year 12.2% drop in real terms of social benefits, which had strongly increased in 2020. Despite greater pressure, the Central Bank kept the exchange rate anchor firmly until the general legislative elections held in mid- November. But once the elections were over, the official exchange rate began to accelerate until reaching an annualized rate of around 22% in December, still below the inflation rate for the eighteenth consecutive month, which in December stood at 50.9% per year., The official exchange rate defined on a daily basis by the Central Bank through Communication “A” 3,500 increased from $/USD 98.74 to $/USD 102.75 between the last business day of September and the last of December. As a consequence of the use of an exchange rate anchor, the multilateral real exchange rate was estimated, falling 5.1% between September 30 and December 31. In 2021, the multilateral real exchange rate was estimated in 18.0% . In March 2022, the Government announced it had reached an Agreement with the International Monetary Fund (IMF). The Argentine Congress approved the IMF Agreement on March 11, 2022 for an extended financing for a term of two and a half years and with a repayment period of over ten years . The IMF Agreement has the following main terms: (i) Argentina’s commitment to gradually decrease its primary deficit to 2.5% of Argentina’s GDP in 2022, to 1.9% of its GDP in 2023, and to 0.9% of its GDP in 2024; (ii) Argentina’s commitment to gradually reduce its monetary assistance from the Argentine treasury to 1% of Argentina’s GDP in 2022, to 0.6% of its GDP in 2023 and to 0% of its GDP in 2024; (iii) the setting of positive real interest rates; and (iv) the reduction of inflation from a multi-causal approach and the accumulation of reserves without major modifications to the current exchange rate regime. As of the date of this financial statements, the Central Bank raised the interest rate of the LELIQ from 38% to 47% while creating a 180-day LELIQ with a floating interest rate equivalent to the effective annual yield of the 28 days LELIQ. In the extraordinary and challenging macroeconomic scenario since the outbreak of the COVID-19 pandemic, the Central Bank released different regulations aiming to mitigate financial pressure on debtors and promote access to financing in favor of those more impacted by the recession triggered by the pandemic. Within the scope of the monetary policy, it calibrated several factors mainly concentrated on pricing at preferential rates certain loans, on freezing UVA installments, and establishing automatic deferrals on unpaid installments. Taking care of the necessary liquidity that these kinds of programs may require, it also eased minimum cash requirements. The Central Bank also determined limits to net positions of LELIQ and ruled on minimum interest rates to be paid on time deposits. Some of these regulations were gradually lifted when the government ended certain lockdown measures relating to the COVID-19 pandemic in 2021 and 2022, although other measures remain in force. In the past, the Group has been affected by the measures and recommendations adopted by the Argentina government and regulatory authorities in the banking sector, including but not limited to: (i) the postponement of payments on credit card loans for three months , with such postponed payments to be made up over the subsequent nine months ; (ii) mortgage relief by freezing, until September 30, 2020, the amount of mortgage payments based on those calculated as of March 2020, and postponing any foreclosures until such date; (iii) a temporary prohibition on charging fees related to ATM services (iv) the postponement of payments on credit card loans for three months , with such postponed payments to be made up over the subsequent nine months ; (v) the establishment of the Family emergency income and extraordinary subsidies, this measures included a stipend for people who were unemployed or working informally, and self-employed workers who were not currently generating or receiving other income, an extraordinary subsidy for beneficiaries of pension schemes and certain retirement benefits and an extraordinary subsidy for healthcare workers; (vi) the prohibition of dismissals and suspensions and double indemnification; (vii) the provision of credit lines guaranteed by FoGAr to support the maintenance of payroll; (viii) lower reserve requirements on bank lending to households and micro-, small- and medium-sized enterprises (SMEs); (ix) limitations on banks’ holdings of BCRA notes (LELIQ) in order to make available liquidity and encourage the provision of credit lines to SMEs, with loans granted thereunder guaranteed in part by a State agency, Fondo de Garantías Argentino (FoGAr) and (x) lower reserve requirements on bank lending to households and micro-, small- and medium-sized enterprises (SMEs). The context of volatility and uncertainty continues at the date of issuance of these consolidated financial statements. The Group's Management permanently monitors the evolution of the variables that affect its business, to define its course of action and identify the potential impacts on its equity and financial situation. The Company's financial statements must be read in light of these circumstances. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2021 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 35. On April 27, 2022, the Ordinary General Shareholders' Meeting approved to fully absorb the Retained Earnings of (AR$ 1,201,458,000) as of December 31, 2021 with Other Reserves. |
ACCOUNTING STANDARDS AND BASI_2
ACCOUNTING STANDARDS AND BASIS OF PREPARATION (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Basis of preparation | These Consolidated Financial Statements have been prepared in accordance with IFRS as adopted by the IASB. The preparation of Financial Statements at a certain date requires Management to make estimations and evaluations affecting the amount of assets and liabilities recorded and contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the year. Actual results might differ from the estimates and evaluations made at the date of preparation of these Consolidated Financial Statements. The most significant judgments made by Management in applying the Group’s accounting policies and the major estimations and significant judgments are described in Note 2. These consolidated financial statements as of December 31, 2021, were approved by resolution of the Board of Directors' meeting held on April 26, 2022. |
Going concern | The consolidated financial statements as of December 31, 2021, 2020 and 2019 have been prepared on a going concern basis as there is a reasonable expectation that the Group will continue its operational activities in the foreseeable future (and in any event with a time horizon of more than twelve months from the end of the reporting period). |
Measuring Unit - IAS 29 (Financial reporting in hyperinflationary economies) | The Consolidated Financial Statements of the Entity are expressed in Argentine pesos which is the functional currency. IAS 29 establishes the conditions under which an entity shall restate its financial statements if it is located in an economic environment considered hyperinflationary. This Standard requires that the financial statements of an entity that reports in the currency of a highly inflationary economy shall be stated in terms of the measuring unit current at the closing date of the latest reporting period, regardless of whether they are based on a historical cost approach or a current cost approach. To this end, in general terms, the inflation rate must be computed in the non-monetary items as from the acquisition date or the revaluation date, as applicable. These requirements also comprise the comparative information of the financial statements. To determine the existence of a highly inflationary economy under the terms of IAS 29, the standard details a series of factors to consider, including a cumulative inflation rate over three years that is close to or exceeds 100%. It is important to highlight that the three-year accumulated inflation rate as of December 31, 2021 reached 216.1. Consequently, the Company has restated its consolidated financial statements in the terms of IAS 29 for the year ended December 31, 2021. The Group determined to use the Internal Wholesale Price Index (IWPI) to restate balances and transactions until the year 2016, for the months of November and December 2015 the average variation of the Consumer Price Index (CPI) of the City of Buenos Aires was used, due to the fact that during those two months there were no IWPI measurements at national level. Then, from January 2017 omwards, the Group used the National Consumer Price Index (National CPI). The tables below show the evolution of these indexes in the last three years and as of December 31, 2021 according to official statistics (INDEC): As of December 31, 2019 2020 2021 Variation in Prices Annual 53.8 % 36.1 % 50.9 % Accumulated 3 years 183.4 % 209.2 % 216.1 % As a consequence of the aforementioned, these Consolidated Financial Statements as of December 31, 2021 were restated in accordance with the provisions of IAS 29. Restatement of the Financial Position The Group restated all the non-monetary items in order to reflect the impact of inflation in terms of the measuring unit current as of December 31, 2021. Consequently, the main items restated were Property, Plant and Equipment, Intangible assets, Goodwill, Inventories and Equity. Each item must be restated since the date of the initial recognition in the Group's accounts or since the date of the last revaluation. Monetary items have not been restated because they are stated in terms of the measuring unit current as of December 31, 2021. Comparative figures must also be presented in the measuring unit current as of December 31, 2021. Therefore, comparative figures for the previous reporting periods have been restated by applying a general price index, so that the resulting comparative financial statements are presented in terms of the current unit of measurement as of the closing date of the reporting period. Restatement of the Income Statement and the Statement of Cash Flows In the Income Statement, items shall be restated from the dates when the items of income and expense were originally recorded. To this end, the Group applied the variations in a consumer price index. The effect of inflation on the monetary position is included in the Income Statement under Results from exposure to changes in the purchasing power of money. The items of the Statement of Cash Flows must also be restated in terms of the measuring unit current at the closing date of the Statement of Financial Position. IAS 29 para 33 states that all items in the statement of cash flows are expressed in terms of the measuring unit current at the end of the reporting period. The loss arising from the restatement has an impact on the Income Statement and must be eliminated from the Statement of Cash Flows because it is not considered cash or cash equivalent. Restatement of the Statement of Changes in Shareholder’s Equity All components of the Statement of Changes in Shareholder’s Equity must be restated from the dates on which the items were contributed or otherwise arose. |
Change in accounting policies and new accounting standards | The following are changes that were made effective over the course of the quarter ended on December 31, 2021: (a) Amendment to IFRS 16 “Leases” – COVID-19 – Rent Concessions Rent concessions have been, or are expected to be, provided to lessees as a result of the COVID-19 pandemic. Such concessions might take a variety of forms, including payment holidays and deferral of lease payments for a period of time, sometimes followed by increased rent payments in future periods. IFRS 16 contains requirements that apply to such rent concessions. The IASB has noted, however, that applying those requirements to a potentially large volume of rent concessions related to COVID-19 could be complex – particularly in the light of the many other challenges that stakeholders face during the pandemic. As a result, the IASB has provided lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for rent concessions in the same way as they would if they were not lease modifications. In many cases, this will result in accounting for the concession as a variable lease payment. The practical expedient only applies to rent concessions occurring as a direct consequence of the COVID-19 pandemic and only if all of the following conditions are met: ● the change in lease payments results in revised consideration for the lease that is substantially the same as, or less than, the consideration for the lease immediately preceding the change; ● any reduction in lease payments affects only payments due on or before 30 June 2021; and ● there is no substantive change to other terms and conditions of the lease. ● Lessees that apply the exemption will need to disclose that fact, as well as the amount recognised in profit or loss arising from COVID-19-related rent concessions. If a lessee chooses to apply the practical expedient to a lease, it would apply the practical expedient consistently to all lease contracts with similar characteristics and in similar circumstances. The amendment is to be applied retrospectively in accordance with IAS 8, but lessees are not required to restate prior period figures or to provide the disclosure under paragraph 28(f) of IAS 8. The amendments are mandatory for annual reporting periods beginning on or after 1 June 2020. The application of this Standard did not have a significant impact in the consolidated financial statements. (b) Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 – Interest rate benchmark (IBOR) reform – Phase 2 Phase 2 amendments that were issued on 27 August 2020 address issues that arise from the implementation of the reforms, including the replacement of one benchmark with an alternative one. The amendments establishes that for instruments to which the amortised cost measurement applies, entities, as a practical expedient, should account for a change in the basis for determining the contractual cash flows as a result of IBOR reform by updating the effective interest rate using the guidance in paragraph B5.4.5 of IFRS 9. As a result, no immediate gain or loss is recognised. This practical expedient applies only to such a change and only to the extent it is necessary as a direct consequence of IBOR reform, and the new basis is economically equivalent to the previous basis. Insurers applying the temporary exemption from IFRS 9 are also required to apply the same practical expedient. IFRS 16 was also amended to require lessees to use a similar practical expedient when accounting for lease modifications that change the basis for determining future lease payments as a result of IBOR reform (for example, where lease payments are indexed to an IBOR rate). These amendments applied for annual periods beginning on or after 1 January 2021. The application of this Standard did not have a significant impact in the consolidated financial statements. The following sets forth changes that have not become in force as of December 31, 2021: (a) Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, contingent liabilities and contingent assets” IAS 16, 'Property, plant and equipment (PPE) - income before intended use' IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be able to operate in the manner intended by management. One of those costs is testing whether the asset is working properly. The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use. The amendment also clarifies that an entity is “testing whether the asset is working properly” when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Therefore, an asset may be able to operate as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management. The amendment requires entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity’s regular activities. An entity shall also disclose the line item in the statement of comprehensive income where the proceeds are included. IAS 37 “Provisions, contingent liabilities and contingent assets - Onerous contracts – Cost of fulfilling a contract” lAS 37 defines an onerous contract as one in which the unavoidable costs of meeting the entity’s obligations exceed the economic benefits to be received under that contract. Unavoidable costs are the lower of the net cost of exiting the contract and the costs to fulfil the contract. The amendment clarifies the meaning of ‘costs to fulfil a contract’. The amendment explains that the direct cost of fulfilling a contract comprises: ● the incremental costs of fulfilling that contract (for example, direct labour and materials); and ● an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of PP&E used to fulfil the contract). The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The amendment could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfil a contract. IFRS 3, ‘Business combinations - Reference to the Conceptual Framework’ The Board has updated IFRS 3, 'Business combinations', to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. Prior to the amendment, IFRS 3 referred to the 2001 Conceptual Framework for Financial Reporting. In addition, the Board added a new exception in IFRS 3 for liabilities and contingent liabilities. The exception specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 should instead refer to IAS 37, ‘Provisions, Contingent Liabilities and Contingent Assets’, or IFRIC 21, ‘Levies’, rather than the 2018 Conceptual Framework. Without this new exception, an entity would have recognised some liabilities in a business combination that it would not recognise under IAS 37. Therefore, immediately after the acquisition, the entity would have had to derecognise such liabilities and recognise a gain that did not depict an economic gain. The Board has also clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. These amendments will apply for annual periods beginning on or after 1 January 2022 with early application permitted. The Group is evaluating the impact of the application of these amendments. (b) IFRS 17 “Insurance contracts” On May 18, 2017, IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from January 1, 2023. The Group is evaluating the impact of the application of this new standard. (c) Annual Improvements 2018-2020 Fees included in the 10% test for derecognition of financial liabilities The amendment to IFRS 9 establishes which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test. Illustrative examples accompanying IFRS 16 Leases Illustrative Example 13 accompanying IFRS 16 is amended to remove the illustration of payments from lessor relating to lease improvements. The reason for the amendment is to remove any potential confusion about the treatment of lease incentives. Subsidiaries as First-time adopters of IFRS IFRS 1 grants an exemption to subsidiaries that become a first-time adopter of IFRS after their parent. The subsidiary may measure the carrying amounts of its assets and liabilities that would have been included in the consolidated financial statements of its parent, based on the transition date to IFRS of the parent if no adjustments were made for reasons of consolidation and for the purposes of the business combination by which the parent acquired the subsidiary. IFRS 1 was amended to allow entities that have taken this IFRS 1 exemption to also measure cumulative translation differences using the amounts reported by the parent, based on the transition date to IFRS of the parent. The amendment to IFRS 1 extends the above-mentioned exemption to cumulative translation differences in order to reduce costs for first-time adopters of IFRS. The amendment will also apply to associates and joint ventures that have taken the same exemption from IFRS 1. Taxation in fair value measurements The Board has removed the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41, ‘Agriculture’. This amendment is intended to align with the requirement in the standard to discount cash flows on a post-tax basis. All of the amendments are effective 1 January 2022. Earlier application is permitted. The Group is evaluating the impact of the application of this new standard. (d) Amendments to IAS 1 “Presentation of Financial Statements”, IFRS Practice Statement 2 and IAS 8 “Accounting Policies, changes in accounting estimates and errors” The IASB amended IAS 1, “Presentation of Financial Statements”, to require companies to disclose material accounting policy information rather than significant accounting policy information. The amendment also clarifies that accounting policy information is expected to be material or of relative importance if, without it, users of the financial statements would be unable to understand other material information, or of relative importance, in the financial statements concerning significant accounting standards. To support this amendment, the Board also amended IFRS Practice State 2, “Making Materiality Judgments”, to provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendment to IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, helps to distinguish between changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as to those of the current period. These amendments are applicable to annual periods beginning on or after January 1, 2023. Early application is allowed. Changes shall be applied prospectively. The Group is evaluating the impact of the application of this new standard. (e) Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction The IASB has amended IAS 12, 'Income taxes', to require companies to recognise deferred tax on particular transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. The proposed amendments will typically apply to transactions such as leases for the lessee and decommissioning obligations. Paragraphs 15 and 24 of IAS 12 were amended to include an additional condition where the initial recognition exemption is not applied. According to the amended guidance, a temporary difference that arises on initial recognition of an asset or liability is not subject to the initial recognition exemption if that transaction gave rise to equal amounts of taxable and deductible temporary differences. Paragraph 22A has been added to provide further clarification of this principle. Paragraphs 22(b) and 22(c) of IAS 12 have also been amended. In addition, the Illustrative Examples accompanying IAS 12 have been amended to include Example 8 – Leases, to illustrate the new guidance. Finally, there have been some consequential amendments to IFRS 1, ‘First-time Adoption of International Financial Reporting Standards’. Deferred tax related to assets and liabilities arising from a single transaction has been added to the list of the exceptions to the retrospective application of other IFRSs. These amendments should be applied for annual periods beginning on or after 1 January 2023. Earlier application is permitted The Group is assessing the impact of the amendments. |
Consolidation | A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have control over an entity, even when it has less voting powers than those required for the majority. Accordingly, the protecting rights of other investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiaryThe subsidiaries are consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. The following chart details the subsidiaries included in the consolidation process: Percentage of direct or indirect investment in capital stock Company Main Activity 12/31/2021 12/31/2020 12/31/2019 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company 99.90 % 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card 99.99 % 99.99 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.F. e I.I. Real State 100.00 % 100.00 % 100.00 % Espacio Cordial de Servicios S.A. Retail Services 100.00 % 100.00 % 100.00 % Supervielle Seguros S.A. Insurance 100.00 % 100.00 % 100.00 % Micro Lending S.A.U. Financial Company 100.00 % 100.00 % 100.00 % InvertirOnline S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % InvertirOnline.Com Argentina S.A.U. (renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % — % — % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 99.90 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Easy Cambio S.A. Financial Company 100.00 % 100.00 % — % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.89% , as of 12/31/2021, 12/31/2020 and 12/31/2019 respectively. For consolidation purposes, financial statements corresponding to the year ended December 31, 2021 were used, which cover the same period of time with respect to the Group's financial statements. The assets and liabilities and the results arising from operations between members of the Group that were not disclosed to third parties were eliminated from the consolidated financial statements. Non-controlling interest is that part of the net results and equity of a subsidiary attributable to interests that are not owned, directly or indirectly, by the Group. The non-controlling interest forms a separate component of the Group's equity. In accordance with the provisions of IFRS 3, the acquisition method is the one used to account for the acquisition of subsidiaries. The identifiable assets acquired and the liabilities and contingent liabilities assumed in a business combination are measured at their fair values on the date of acquisition. Goodwill is measured as the difference between the net of the amounts at the date of acquisition of the identifiable assets acquired, of the liabilities assumed, the consideration transferred, the amount of the non-controlling interest in the acquiree and the fair value of an interest in the acquisition prior to the acquisition date. The consideration transferred in a business combination is measured at the fair value of the assets transferred by the acquirer, the liabilities incurred by it with the previous owners of the acquiree and the equity interests issued by the acquirer. Transaction costs are recognized as expenses in the years in which the costs are incurred and the services are received, except for transaction costs incurred to issue equity instruments that are deducted from equity and transaction costs incurred to issue debt that is deducted from its book value. |
Consolidated Structured Entities | The Group has securitized certain financial instruments, mainly consumer loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts that issue multiple classes of debt securities and participation certificates. The structured entity in which the Group was the trustor as of December 31, 2021 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$ 31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$ 32,522 CP VN$1,626 IUDÚ Compañia Financiera S.A 24 05/28/2021 04/15/2022 $ 699,000 VDF VN$ 559,200 CP VN$ 139,800 IUDÚ Compañia Financiera S.A 25 10/01/2021 09/15/2022 $ 703,600 VDF VN$ 583,988 CP VN$ 119,612 The structured entity in which the Group was the trustor as of December 31, 2020 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$32,522 CP VN$1,626 The Group controls a structured entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Structured entities are consolidated from the date on which the control is transferred to the Group. They are deconsolidated from the date that control ceases. As for financial trusts, the Group has evaluated the following: ● The purpose and design of the trust ● Identification of relevant activities of the trust ● Decision-making process on these activities ● If the Group has the power to direct the relevant activities of the trust ● If the Group is exposed to, or has rights to, variable returns from its involvement with the trust ● If the Group has ability to affect those returns through its power over the trust In accordance with the aforementioned, the Group controls such financial trusts and, therefore, such structured entities have been consolidated. The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of December 31, 2021: 12/31/2021 Assets Loans 856,576 Financial assets 96,747 Other assets 7,805 Total Assets 961,128 Liabilities Financial liabilities 542,110 Other liabilities 6,284 Total Liabilities 548,394 |
Transactions with non-controlling interest | The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized in a separate reserve within equity attributable to owners of the Group. |
Segment Reporting | An operating segment is defined as a component of an entity or a Group that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same entity), and whose financial information is evaluated on a regular basis by the chief operating decision maker. Operating segments are reported in a manner consistent with the internal reporting provided to: (i) Key personnel of the senior management who account for the main authority in operating decision-making processes and is responsible for allocating resources and assessing the performance of operating segments; and (ii) The Board, who is in charge of making strategic decisions of the Group. |
Foreign currency translation | (a) Functional and presentation currency Figures included in the Consolidated Financial Statements of each of the Group’s entities are measured using the functional currency, that is, the currency of the primary economic environment in which the entity operates. Consolidated Financial Statements are presented in Argentine pesos, which is the functional and presentation currency of the Group. Conversion of subsidiaries Participations in subsidiary companies, whose functional currency is different from the Argentine peso, are converted, first, to the functional currency of the Group, and then adjusted for inflation (see note 1.2.2). The results and financial position of the subsidiaries with a functional currency other than the Argentine peso are translated into the Group's functional currency in accordance with the provisions of IAS 21 "Effects of changes in foreign currency exchange rates", as follows: • • Subsequently, the converted balances were adjusted for inflation in order to present them in homogeneous currency. All the differences resulting from the translation were recognized in the caption "Conversion Difference of Financial Statements" of the consolidated statement of other comprehensive income. In the case of sale or disposal of any of the subsidiaries, the accumulated conversion differences must be recognized in the Statement of Comprehensive Income as part of the gain or loss from the sale or disposal. (b) Transactions and balances Transactions in foreign currency are translated into the functional currency using the exchange rates published by the Argentine Central Bank at the dates of the transactions. Gains and losses in foreign currency resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currency at year end exchange rates, are recognized in the income statement, under "Exchange rate differences on gold and foreign currency", except when such items are deferred in the shareholders' equity for transactions classified as cash flow hedges, when applicable. As of December 31, 2021 and 2020, the balances in U.S. dollars were converted at the reference exchange rate determined by the Argentine Central Bank. In the case of foreign currencies other than U.S. dollars, they have been converted to this currency using the rexchange rates derived from repo transactions reported by the Argentine Central Bank. |
Cash and due from banks | Cash and due from Banks includes available cash and unrestricted deposits held in Banks, which are short-term liquid instruments and have original maturities of less than three months. Assets disclosed under cash and due from Banks are measured at amortized cost which is close to its fair value. Cash and Cash equivalents include cash and highly liquid short-term securities with an original maturity of less than three-months according to the following detail: Item 12/31/2021 12/31/2020 12/31/2019 Cash and due from banks 32,574,118 55,357,647 54,256,477 Debt securities at fair value through profit or loss 10,403,747 2,820,500 1,168,228 Money Market Funds 1,750,600 1,393,271 1,982,765 Cash and cash equivalents 44,728,465 59,571,418 57,407,470 Reconciliation between balances as appearing on the Statement of Financial Position and the items in the Statement of Cash Flow: Items 12/31/2021 12/31/2020 12/31/2019 Cash and due from Banks As per Statement of Financial Position 32,574,118 55,357,647 54,256,477 As per the Statement of Cash Flows 32,574,118 55,357,647 54,256,477 Debt securities at fair value through profit or loss As per Statement of Financial Position 19,757,685 14,900,812 1,168,228 Securities not considered as cash equivalents (9,353,938) (12,080,312) — As per the Statement of Cash Flows 10,403,747 2,820,500 1,168,228 Money Market Funds As per Statement of Financial Position – Other financial assets 13,922,961 6,468,183 4,308,910 Other financial assets not considered as cash equivalents (12,172,361) (5,074,912) (2,326,145) As per the Statement of Cash Flow 1,750,600 1,393,271 1,982,765 Reconciliation of liabilities from financing activities at December 31, 2021, 2020 and 2019 is as follows: Cash Flows Other non-cash Items 12/31/2020 Inflows Outflows movements 12/31/2021 Unsubordinated debt securities 6,379,922 2,252,098 (7,572,780) — 1,059,240 Subordinated debt securities 1,721,443 - (1,721,443) — — Financing received from the Argentine Central Bank and other financial institutions 8,833,545 32,350,995 (34,931,992) — 6,252,548 Lease Liabilities 1,783,674 — (2,426,914) 2,001,505 1,358,265 Total 18,718,584 34,603,093 (46,653,129) 2,001,505 8,670,053 Cash Flows Other non-cash Items 12/31/2019 Inflows Outflows movements 12/31/2020 Unsubordinated debt securities 12,507,270 4,005,697 (10,242,448) 109,403 6,379,922 Subordinated debt securities 4,356,218 — (2,678,103) 43,328 1,721,443 Financing received from the Argentine Central Bank and other financial institutions 18,530,516 22,450,153 (32,147,124) — 8,833,545 Lease Liabilities 1,944,762 — (2,062,110) 1,901,022 1,783,674 Total 37,338,766 26,455,850 (47,129,785) 2,053,753 18,718,584 Cash Flows Other non-cash Items 12/31/2018 Inflows Outflows movements 12/31/2019 Unsubordinated debt securities 29,421,323 17,286,639 (35,685,061) 1,484,369 12,507,270 Subordinated debt securities 4,374,447 — (1,732,235) 1,714,006 4,356,218 Financing received from the Argentine Central Bank and other financial institutions 25,392,967 227,211,644 (234,068,388) (5,707) 18,530,516 Lease Liabilities — — (2,571,950) 4,516,712 1,944,762 Total 59,188,737 244,498,283 (274,057,634) 7,709,380 37,338,766 |
Associated | Associates are entities over which the Group has significant influence (directly or indirectly), but not control, generally accompanying a stake of between 20 and 50 percent of the voting rights. Investments in associates are accounted for using the equity method, and are initially recognized at cost. The book value of the associates includes the goodwill identified in the acquisition less accumulated impairment losses, if applicable. Dividends received from associated entities reduce the book value of the investment in them. Other changes subsequent to the acquisition in the Group's participation in the net assets of an associate are recognized as follows: (i) the Group's participation in the gains or losses of associates is recorded in the income statement as profit or loss. by associates and joint ventures and (ii) the Group's share in other comprehensive income is recognized in the statement of other comprehensive income and is presented separately. However, when the Group's share of losses in an associate equals or exceeds its interest in the associate, the Group will cease to recognize its share of additional losses, unless it has incurred obligations or made payments on behalf of the associate. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the Group's participation in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. |
Financial Instruments | Initial Recognition and measurement Financial assets and financial liabilities are recognized when the entity becomes a party to the contractual provisions of the instrument. Purchases and sales of financial assets are recognized on trade-date, the date on which the Group commits to purchase or sell the asset. At initial recognition, the Group measures a financial asset or liability at its fair value plus or minus, in the case of a financial asset or financial liability not at fair value through profit or loss, transaction costs that are incremental and directly attributable to the acquisition or issue of the financial asset or financial liability, such as fees and commissions. When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, the Group recognizes the difference as follows: ● When the fair value is evidenced by a quoted price in an active market for an identical asset or liability or based on a valuation technique that only uses data from observable markets, the difference is recognized as a gain or loss. ● In all other cases, the difference is deferred and the timing of recognition of deferred day one profit or loss is determined individually. It is either amortized over the life of the instrument until its fair value can be determined using market observable inputs, or realized through settlement. Financial Assets a – Debt Instruments Debt instruments are those instruments that meet the definition of a financial liability from the issuer’s perspective, such as loans, government and corporate bonds and, accounts receivables purchased from clients in non-recourse factoring transactions. Classification Pursuant to IFRS 9, the Entity classifies financial assets depending on whether these are subsequently measured at amortized cost, fair value through other comprehensive income or fair value through profit or loss, on the basis of: a) the Group’s business model for managing financial assets, and; b) the cash-flows characteristics of the financial asset Business Model The business model refers to the way in which the Group manages a set of financial assets to achieve a specific business objective. It represents the way in which the Group maintains the instruments for the generation of funds. The business models that the group can follow are the following: - - - The Group determines its business model at the level that best reflects how it manages groups of financial assets to achieve a specific business objective. The business model of the Group does not depend on the management’s intentions for an individual instrument. Therefore, this business model is not evaluated instrument by instrument, but at a higher level of aggregated portfolios and is based on observable factors such as: ● How the business model’s return is evaluated and how financial assets held in that business model are evaluated and reported to the Group’s key personnel. ● The risks affecting the business model’s return (and financial assets held in that business model) and, particularly, the way these risks are managed. ● How the Group’s key personnel is compensated (for instance, if salaries are based on the fair value of the assets managed or on contractual cash flows collected) ● The expected frequency, the value, moment and reasons of sales are also important aspects. The evaluation of the business model is based on reasonably expected scenarios, irrespective of worst-case or stress case scenarios. If after the initial recognition cash flows are realized in a different manner from the original expectations, the Group will not change the classification of the remaining financial assets held in that business model, but it will consider such information for evaluating recent purchases or originations. An instrument’s reclassification is only made when, and only when, an entity changes its business model for managing financial assets Contractual Cash Flow Characteristics Where the business model is to hold assets to collect contractual cash flows or to collect contractual cash flows and sell, the Group assesses whether the financial instruments’ cash flows represent solely payments of principal and interest. Where the contractual terms introduce exposure to risk or volatility that are inconsistent with a basic lending arrangement, the related financial asset shall be classified and measured at fair value through profit or loss. Based on the aforementioned, there are three different categories of Financial Assets: i) Financial assets shall be measured at amortized cost if both of the following conditions are met: (a) the financial asset is held for collection of contractual cash flows, and (b) the assets’s cash flows represent solely payments of principal and interest. The amortized cost is the amount at which it is measured at initial recognition minus the principal repayments, plus or minus the cumulative amortization using the effective interest rate method of any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance. ii) Financial assets shall be measured at fair value through other comprehensive income when: (a) the financial asset is held for collection of contractual cash flows and for selling financial assets and (b) the asset’s cash flows represent solely payments of principal and interest. These financial instruments are initially recognized at fair value plus incremental and directly attributable transaction costs, and are subsequently measured at amortized cost. The amortized cost of a financial asset is equal to its acquisition cost less its accumulated amortization plus accrued interest (calculated according to the effective interest rate method), net of any impairment loss. The effective interest rate method uses the rate that allows discounting the future cash flows that are estimated to be received or paid in the life of the instrument or a shorter period, if appropriate, equaling the net book value. When applying this method, the Group identifies the incremental direct costs as an integral part of the effective interest rate. iii) Financial assets at fair value through profit or loss comprise: ● Instruments held for trading ● Instruments specifically designated at fair value through profit or loss ● Instruments with contractual cash-flows that do not represent solely payments of principal and interest These financial instruments are initially recognized at fair value and any change in fair value measurement is charged to the income statement. The Group classifies a financial instrument as held for trading if such instrument is acquired or incurred for the main purpose of selling or repurchasing it in the short term, or it is part of a portfolio of financial instruments which are managed together and for which there is evidence of short-term profits or if it is a derivative financial instrument not designated as a hedging instrument. Derivatives and trading securities are classified as held for trading and are measured at fair value. The fair value of these instruments was calculated using the quotes in active markets at the end of each fiscal year. In the absence of an active market, valuation techniques were used that included the use of market operations carried out under conditions of mutual independence, between interested and duly informed parties, whenever available, as well as references to the current fair value of another instrument that is substantially similar, or discounted cash flow analysis. The estimation of fair values is explained in greater detail in the section “critical accounting policies and estimates”. In addition, financial assets may be valued (“designated”) at fair value through profit or loss when, by doing so, the Group eliminates or significantly reduces a measurement or recognition inconsistency. b – Equity Instruments Equity instruments are instruments that do not contain a contractual obligation to pay and that evidence a residual interest in the issuer’s net assets. Such instruments are measured at fair value through profit and loss, except where the Group’s management has elected, at initial recognition, to irrevocably designate an equity investment at fair value through other comprehensive income. This option is available when instruments are not held for trading. The gains or losses of these instruments are recognized in other comprehensive income and are not subsequently reclassified to profit or loss, including on disposal. Dividends that result from such instrument will be charged to income when the Group’s right to receive payments is established. Derecognition of Financial Assets The Group derecognizes financial assets only when any of the following conditions are met: 1. The rights on the financial asset cash flows have expired; or 2. The financial asset is transferred pursuant to the requirements in 3.2.4 of IFRS 9. The Group derecognizes financial assets that have been transferred only when the following characteristics are met: 1. The contractual rights to receive the cashflows from the assets have expired or when they have been transferred and the Group transfers substantially all the risks and rewards of ownership. 2. The Entity retains the contractual rights to receive cash flows from assets but assumes a contractual obligation to pay those cash flows to other entities and transfers substantially all of the risks and rewards. These transactions result in derecognition if the Group: a. Has no obligation to make payments unless it collects amounts from the assets; b. Is prohibited from selling or pledging the financial assets; c. Has an obligation to remit any cash it collects from the assets without material delay. Write Off of Financial Assets The Group reduces the gross carrying amount of a financial asset when it has no reasonable expectations of recovering a financial asset in its entirety of a portion thereof. A write-off constitutes a derecognition event. Financial Liabilities Classification The Group classifies its financial liabilities as subsequently measured at amortized cost using the effective rate method, except for: ● Financial liabilities at fair value through profit or loss. ● Financial liabilities arising from the transfer of financial assets which did not qualify for derecognition. ● Financial guarantee contracts and loan commitments. Financial Liabilities measured at fair value through profit or loss ● The Group eliminates or substantially reduces an accounting mismatch in measurement or recognition inconsistency; or ● if financial assets and financial liabilities are managed and their performances assessed on a fair value basis according to an investment strategy or a documented risk management; or ● if a host contract contains one or more embedded derivatives and the Group has opted for designating the entire contract at fair value through profit or loss. Financial guarantee contract Financial guarantee contracts and loan commitments are initially measured at fair value and subsequently measured at the higher of the amount of the loss allowance and the unaccrued premium at year end. Derecognition of financial liabilities The Entity derecognizes financial liabilities when they are extinguished; this is, when the obligation specified in the contract is discharged, cancelled or expires. |
Derivatives | Derivatives are initially recognized at their fair value on the date on which the derivative contract is entered into and are subsequently remeasured at fair value. All derivative instruments are recognised as assets when their fair value is positive, and as liabilities when their fair value is negative. Any change in the fair value of derivative instruments is included in the income statement. |
Repo Transactions | Reverse Repo Transactions According to the derecognition principles set out in IFRS 9, these transactions are treated as secured loans since the risk has not been transferred to the counterparty. Loans granted in the form of reverse repo agreements are accounted for under "Repo Transactions", classified by counterparty and also by the type of assets received as collateral. At the end of each month, accrued interest income is charged under "Repo Transactions" with its corresponding offsetting entry in "Interest Income." The assets received and sold by the Group are derecognized at the end of the repo transaction, and an in-kind liability is recorded to reflect the obligation to deliver the security disposed of. Repo Transactions Loans granted in the form of repo transactions are accounted for under "Repo Transactions", classified by counterparty and also by the type of asset pledged as collateral. In these transactions, when the recipient of the underlying asset becomes entitled to sell it or pledge it as collateral, it is reclassified to "Financial assets pledged as collateral". At the end of each month, these assets are measured according to the category they had before they were subject to the repo transaction, and results are charged against the applicable accounts, depending on the type of asset. At the end of each month, accrued interest expense is charged under "Repo Transactions" with its corresponding offsetting entry in "Interest-Expenses". |
Impairment of financial assets | The Group assesses on a forward-looking basis the expected credit losses (“ECL”) associated to its financial assets measured at amortized cost, debt instruments measured at fair value through other comprehensive income, loan commitments and financial guarantee contracts that are not measured at fair value. The Group measures ECL of financial instruments reflecting the following: (a) (b) (c) IFRS 9 outlines a “three stages” model for impairment based on changes in credit quality since initial recognition: • • • • • • The following diagram summarizes the impairment requirement under IFRS 9 (other than purchased or originated credit-impaired): Changes in the credit quality since initial recognition Stage 1 Stage 2 Stage 3 (initial recognition) (significant increase of credit risk since initial recognition) (credit-impaired assets) 12 month- ECL Lifetime ECL The following describes the Group´s key judgements and assumptions for ECL measurement: 1.11.2 Significant increase in credit risk The Group considers a financial instrument to have experienced a significant increase in credit risk when any of the following conditions exist: Personal and Business Banking ● Portfolios between 31 and 90 days past due ● Credit origination score has deteriorated by more than 30% with respect to the current behavioural score ● Internal Behavioral Score is less than cut off (1) ● Overlays are incorporated for those groups of the portfolio that are considered to have a higher risk than that reflected in their historical behavioral due to their characteristics. (1) High Income Customers: Plan Sueldo segment (payrroll customers) >=400, Open Market Segment >=700 and Senior Citizens Segment>=610. Other customers: Plan Sueldo Segment (payrroll customers) >=500, Open Market Segment >=700 and Senior Citizens Segment >=610 Corporate Banking ● Portfolios between 31 and 90 days past due ● Portfolios whose classification under Argentine Central Bank regulation is higher than 1 . ● Its internal behavioural score deteriorated by more than two notes from its credit approval score or it is higher than B. Consumer Finance: ● Portfolios between 31 and 90 days past due. Sectoral Analysis – COVID-19 Risk During 2020, the Central Bank of the Argentine Republic (BCRA) granted certain deferrals in the maturities of loans and credit card balances amidst the COVID-19 outbreak. Those deferrals were extended during 2021. Considering that the internal ECL models are estimated using historical information and there are only a few months of observation of the real impact of COVID 19 in delinquency, a sectoral analysis was maintained for 2021 as an additional definition of a significant increase in risk. In such analysis, companies' risk of default is evaluated according to the type of industry and the impact such companies have suffered through the face of the current economic situation, while taking into account their characteristics, seasonal nature, etc. All different industries are classified into four types of risks: ● Low risk ● Medium risk ● High risk ● Very high risk This additional definition of a significant increase in credit risk has been applied for the SME and E&P segments, for the very high and high risk activities (only for the Corporate Unsecured Loans): Very high risk High risk Entertainment Construction Real estate Sports Textile The Group has considered that non collaterallized facilities of clients within the high risk activities are considered to have experienced a significant increase in credit risk, whereas all facilities of clients within the very high risk activities are considered to have experienced a significant increase of credit risk. 1.11.3 Individual and collective evaluation basis Expected credit losses are estimated both in a collective and individual basis. The Group´s individual estimation is aimed at calculating expected credit losses for significantly impaired loans. In these cases, the amount of credit losses is calculated as the difference between expected cash flows discounted at the instrument´s effective interest rate and the carrying value of the instrument. For expected credit loss provisions modelled on a collective basis, the Group has developed internal models. The grouping of exposures is performed on the basis of shared risk characteristics, such that risk exposures within group are homogeneous. In performing the grouping there must be sufficient information for the group to be statistically reliable . The Group has identified three groupings: Personal and Business, Corporate Banking and Consumer Finance, amongst these three segments the Group estimates parameters in a more granular way based on the shared risk characteristics. Credit risk features may consider the following factors, among others: Group Parameter Grouping Personal and Business Banking Probability of Default (PD) Personal loans (1) Credit card loans (1) Mortgage loans Refinancing Other financings Loss Given Default (LGD) Personal loans Credit card loans Overdrafts Mortgage loans Refinancing Other financings Corporate Banking Probability of Default (PD) (2) Small companies Medium companies Big companies Financial Area Secured loans Unsecured loans Consumer Finance Probability of Default Credit cards loans Refinancing Cash loans Cash consumptions and directed loans CCF Automobile Loans Tarjeta Automatica Personal loans Loss Given Default Credit cards Personal loans Refinancing CCF Automobile Loans (1) For credit cards and personal loans, the Group includes an additional layer of analysis: senior citizens, high income, open market, high income payroll, non- high income open market, non-high income payroll, Personal and Business Banking, former senior citizens and former payroll (2) Probability of default within Corporate Banking is calculated by grouping clients based on the client size for Stage 1 facilities. For Stage 2 and Stage 3, Probability of default is calculated including all segments of Corporate Banking due to the lack of materiality to form a larger group. The credit risk characteristics used to group the instruments are, among others: type of instrument, debtor's sector of activity, geographical area of activity, type of guarantee, aging of past due balances and any other factor relevant to estimating the future cash flows. Grouping of financial instruments is monitored and reviewed on a regular basis by the Credit Risk and Stress Test Area. 1.11.4 Definition of default and credit-impaired The Group defines a financial instrument as in default when such instrument meets one or more of the following criteria: Personal and Business Banking ● Financial instruments more than 90 days past due on its contractual payments. Corporate Banking ● Financial instruments more than 90 days past due. ● Financial instruments with B.C.R.A. situation greater than or equal to 3. ● C or D score. Consumer Finance ● Financial instruments more than 90 days past due. These criteria are applied in a consistent manner to all financial instruments and are aligned with the internal definition of default used for the administration of credit risk. Likewise, such definition is consistently applied to define PD ("Probability of Default"), Exposure at Default ("EAD") and Loss Given Default ( "LGD"). 1.11.5 Measurement of Expected Credit Loss – Explanation of inputs, assumptions and calculation techniques ECL is measured on a 12-month or lifetime basis, depending on whether a significant increase in credit risk has been occurred since initial recognition or whether an asset is considered to be credit-impaired. ECL are the discounted product of the Probability of Default ("PD"), Exposure at default ("EAD") and Loss Given Default ("LGD"), defined as follows: ● The PD represents the likelihood of a borrower defaulting on its financial obligation (pursuant to the "Definition of default and credit impaired" set forth in Note 1.11.4), either over the next 12 months or over the remaining lifetime (lifetime PD) of the obligation. ● EAD is based on the amounts the Group expects to be owed at the time of default, over the next 12 months (12 months EAD) or over the remaining lifetime (lifetime EAD). For example, for a revolving commitment, the Group includes the current drawn balance plus any further amount that is expected to be drawn up to the current contractual limit by the time of default, should it occur. ● LGD represents the Group´s expectation of the extent of loss on a defaulted exposure. LGD varies by type of counterparty, seniority of claim, availability of collateral or other type of credit support. LGD is expressed as a percentage per unit of exposure at the time of default LGD is calculated on a 12-month or lifetime basis, where 12 month LGD is the percentage of loss expected to be made if the default occurs in the next 12 months and lifetime LGD is the percentage of loss expected to be made if the default occurs over the remaining expected lifetime of the loan. ECL is determined by projecting PD, LGD and EAD for each future month and each individual exposure or collective segment. These three components are multiplied and adjusted for the likelihood of survival (that is, the exposure has not been prepaid or defaulted in an earlier month). This effectively calculates an ECL for each future month, which is then discounted back to the reporting date and summed. The discount rate used in the ECL calculation is the original effective interest rate or an approximation thereof. The Entity based its calculation of the ECL parameters on internal models that were adapted in order to be compliant with IFRS 9. The Group includes forward-looking information in its definition of PD, EAD and LGD. See Note 1.11.6 for the explanation of forward-looking information and its consideration in the calculation of ECL. 1.11.6 Forward-looking information considered in expected credit loss models The evaluation of significant increase in credit risk and the calculation of ECL includes forward-looking information. The Group has performed historical analysis and identified key economic variables that impact credit risk and expected credit losses for each portfolio. Forecasts of these economic variables ("base economic scenario") are provided by the Research team of the Group and provide the best estimate view of the economy over the next 12 months. The impact of these economic variables on PD and LGD has been determined by performing statistical regression analysis to understand the impact changes in these variables have had historically on default rates and LGD components. In addition to the base economic scenario, the Group's Research team also provides two possible scenarios together with scenario weights. The number of other scenarios used is established based on the analysis of the main products to ensure that the effect of linearity between the future economic scenario and the associated expected credit losses is captured. The number of scenarios and their attributes are reassessed annually, unless a situation occurs in the macroeconomic situation that justifies a more frequent review. As of December 31, 2021 and 2020, as for its portfolios, the Group concluded that three scenarios have properly captured non-linealrities. Scenario analysis are defined by means of a combination of statistic and know-how judgement analysis, taking into account the range of potential results of which each scenario is representative. The assessment of significant increases in credit risk is performed using lifetime PD under each of the base and the other scenarios, multiplied by the associated scenario weighting, along with qualitative and backstop indicators (See Note 1.11.2). This determines if the financial instrument is in Stage 1, Stage 2 or Stage 3 and, hence, whether 12-month or Lifetime ECL should be recorded. As with any economic forecast, projections and probabilities of occurrence are subject to a high degree of inherent uncertainty, and therefore actual results may be significantly different than projected. The Group considers that these forecasts account for its best calculation of potential results and has analyzed the non-lineal and asymmetric impacts within the different portfolios of the Group to establish that chosen scenarios are representative of the range of possible scenarios. The most significant assumptions used to calculate ECL as of December 31, 2021 are as follows: Parameter Industry / Segment Macroeconomic Indicator Scenario 1 Scenario 2 Scenario 3 Open Market Monthly Economic Activity Estimator 143 149 137 Exchange Rate 173 165 181 Income Payroll Inflation Rate 45.9 % 40.6 % 51.5 % Personal and Business Exchange rate 173 165 181 Inflation Rate 45.9 % 40.6 % 51.5 % Probability of Default Senior Citizens Monthly Economic Activity Estimator 143 149 137 Corporate Inflation Rate 46 % 41 % 51 % All Interest Rate 35.2 % 31.6 % 38.7 % Private Sector Wage 45.4 % 49.9 % 40.9 % Consumer Finance IUDÚ Quantity of Private Sector Employment 6,011 6,016 6,005 Exchange rate 173 165 181 IUDÚAutomobile secured Monthly Economic Activity Estimator 143 149 137 Supervielle Bank All Private Sector Wage 45.9 % 40.6 % 51.5 % Loss Given Default IUDÚ Monthly Economic Activity Estimator 143 149 137 Consumer Finance Private Sector Wage 45.4 % 49.9 % 40.9 % IUDÚ Automobile secured Inflation Rate 45.9 % 40.6 % 51.5 % Quantity of Private Sector Employment 6,011 6,016 6,005 The following are weightings assigned to each scenario as of December 31, 2021: Scenario 1 60 % Scenario 2 10 % Scenario 3 30 % Sensitivity analysis The chart below includes changes in ECL as of December 31, 2021 that would result from reasonably potential changes in the following parameters: December 31, 2021 Reported ECL Allowance 10,047,819 Gross carrying amount 165,522,148 Reported Loss rate 6.07 % ECL amount by scenarios Favorable scenario 9,644,480 Unfavorable scenario 10,553,582 Loss Rate by scenarios Favorable scenario 5.83 % Unfavorable scenario 6.38 % |
Leases | Operating leases Leases where the lessor retains a substantial portion of the risks and rewards of ownership are classified as operating leases. Payments made under operating leases (net of lease incentives) are recognized in profit or loss on a straight-line basis over the term of the lease. In addition, the Group recognizes the associated costs such as amortization and expenses. The historical cost includes expenditures that are directly attributable to the acquisition of these items and those expenses are charged to profit or loss during the lease term. The depreciation applied to the leased underlying assets is consistent with the one applied to similar assets’ group. In addition, the Group utilizes the criteria described in Note 1.18 to determine whether there is objective evidence that an impairment loss has occurred. Finance leases They have been recorded at the current value of the unearned amounts, calculated according to the conditions agreed in the respective contracts, based on the interest rate implicit in them. Initial measurement The Group uses the implicit interest rate implicit in the lease to measure the net investment. This is defined in such a way that the initial direct costs are automatically included in the net investment of the lease. Initial direct costs, other than those incurred by manufacturers or concessionaires, are included in the initial measurement of the net investment of the lease and reduce the amount of income recognized over the term of the lease. The interest rate implicit in the lease is defined in such a way that initial direct costs are automatically included in the net investment in the lease; there is no need to add them separately. The difference between the gross amount receivable and the present value represents the finance income that is recognized over the term of the lease. Finance income from leases is recorded in profit or loss for the year. Impairment losses over the lease receivable are recognized in income for the year (see note 1.11). See accounting policy related to those leases in which the Group acts as lessee in note 7 to these consolidated financial statements. |
Property, plant and equipment | Property, plant and equipment is measured at historical cost less depreciation, except for land and buildings, where the Group adopted the revaluation model. The historical cost includes expenditure that is directly attributable to the acquisition or building of these items. All other property, plant and equipment were valued at acquisition or construction cost, net of accumulated depreciation and / or accumulated impairment losses, if any, except for real estate, for which the Group adopted the revaluation method. The cost includes the expenses that are directly attributable to the acquisition or construction of these items. Management updates the valuation of the fair value of land, buildings, facilities and machinery (classified as property, plant and equipment), taking into account independent valuations. Management determines the value of property, plant and equipment within a range of fair value estimates and considering the currency in which the market transactions are carried out. The revaluations are carried out with sufficient regularity, in order to ensure that the book value, at all times, does not differ significantly from the fair value of each asset subject to revaluation. The subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group, and the cost of the item can be measured reliably. The carrying amount of an asset is derecognized when replaced. Repairs and maintenance expenses are charged to profit or loss when they are incurred. Depreciation is calculated using the straight-line method, applying annual rates sufficient to extinguish the values of assets at the end of their estimated useful lives. In those cases in which an asset includes significant components with different useful lives, such components are recognized and depreciated as separate items. The following chart presents the useful life for each item included in property, plant and equipment: Property, plant and equipment Estimated useful life Buildings 50 Years Furniture 10 Years Machines and equipment 5 Years Vehicles 5 Years Others 5 Years The asset’s residual values and useful lives are reviewed and adjusted if appropriate, at the end of each reporting period. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Increases in the carrying amounts arising on revaluation of land and buildings are recognized in other comprehensive income. Decreases that reverse previous increases of the same asset are first recognized in other comprehensive income to the extent of the remaining surplus attributable to the asset. All other decreases are charged to profit or loss. Gains and losses on disposals are determined by comparing proceeds with carrying amount. |
Investment properties | Investment properties are composed of buildings held for obtaining a rent or for capital appreciation or both, but is never occupied by the Group. Investment properties under the fair value approach, are measured at its fair value, and any gain or loss arising from a change in the fair value is recognized in profit or loss. Investment properties are never depreciated. The fair value is determined using sales comparison approach prepared by the Group's management considering a report of an independent valuation expert. Investment properties under the cost approach reflect the amount that would be required to replace the service capacity of the asset. They were valued at acquisition or construction cost, net of accumulated depreciation and / or accumulated depreciation losses. The cost includes expenses that are directly attributable to the acquisition or construction of these items. Movements in investment properties for the year ended December 31, 2021 and 2020 were as follows: 12/31/2021 12/31/2020 Income derived from rents (rents charged) 17,349 14,670 Direct operating expenses of properties that generated income derived from rents (7,321) (10,018) Fair value remeasurement (441,020) (139,556) Total (430,992) (134,904) The net result generated by the investment property as of December 31, 2021 and 2020 amounts to a loss of 430,992 and an loss of 134,904 respectively, and is recognized under "Other operating income", "Administrative expenses" and "Other operating expenses". in the consolidated comprehensive income statement. Gain and losses on disposals are determined by comparing proceeds with the carrying amount. |
Inventories | Inventories are valued at the lower of cost and net realizable value. Cost includes the acquisition costs (net of discounts, rebates and similar), as well as other costs that have been incurred to bring the inventories to their current location and conditions to be commercialized. The net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of sale. The inventories’ net realizable values are reviewed and adjusted if carrying amount is greater than its net realizable value at the end of each reporting period. The Group establishes an allowance for obsolete inventory and low turnover rate products at the end of each year. |
Intangible Assets | (a) Goodwill Goodwill resulting from the acquisition of subsidiaries, associates or joint ventures account for the excess of: (i) the cost of an acquisition, which is measured as the sum of the consideration transferred, valued at fair value at the acquisition date plus the amount of non-controlling interest; and (ii) the fair value of the identifiable assets acquired and the liabilities assumed of the acquiree. Goodwill is included in the intangible assets item in the consolidated financial statement. Goodwill is not subject to amortization, but it is annually tested for impairment. Impairment losses are not reverted once recorded. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. Goodwill impairment is recognized when the carrying amount exceeds its recoverable amount which derives from the fair value of the cash-generating unit. The fair value of the reporting unit is estimated using discounted cash flows techniques. (b) Trademarks and licenses Trademarks and licenses acquired separately are initially valued at historical cost, while those acquired through a business combination are recognized at their estimated fair value at the acquisition date. Intangible assets with a finite useful life are subsequently carried at cost less accumulated depreciation and / impairment losses, if any. These assets are tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired. Trademarks acquired by the Group have been classified as intangible assets with an indefinite useful life. The main factors considered for this classification include the years in which they have been in service and their recognition among industry customers. Intangible assets with an indefinite useful life are those that arise from contracts or other legal rights that can be renewed without a significant cost and for which, based on an analysis of all the relevant factors, there is no foreseeable limit of the period over which the asset is expected to generate net cash flows for the Group. These intangible assets are not amortized, but are tested for impairment annually or more frequently if events or changes in circumstances indicate that they might be impaired, either individually or at the level of the cash generating unit. The categorization of the indefinite useful life is reviewed annually to confirm if it is still applicable. (c) Software Costs related to software maintenance are recognized as an expense as incurred. Development, acquisition or implementation costs which are directly attributable to the design and testing of identifiable and unique software products controlled by the Group are recognized as intangible assets. The development, acquisition or implementation costs initially recognized as expenses for a period are not subsequently recognized as the cost of the intangible asset. The costs incurred in the development, acquisition or implementation of software, recognized as intangible assets, are amortized by applying the straight-line method over their estimated useful lives, in a term that does not exceed five years. |
Assets held for sale | The assets, or groups of assets, with some directly associated liabilities, classified as held for sale in accordance with the provisions of IFRS 5 "Non-current assets held for sale and discontinued operations" will be disclosed separately from the rest of assets and liabilities. An asset may be classified as held for sale if its carrying amount will be recovered primarily through a sale transaction, rather than through its continued use, and a sale is considered highly probable. To apply the above classification, an asset must meet the following conditions: ● It must be available for immediate sale in its current conditions; ● Management must be committed to a plan to sell the asset and have started an active program to locate a buyer and complete the plan; ● the asset must be actively marketed for sale at a reasonable price, in relation to its current fair value; ● the sale must be expected to be completed within 12 months from the reclassification date; ● it is unlikely that the plan will be significantly changed or withdrawn. The assets, or groups of assets, possibly with some directly associated liabilities, classified as held for sale in accordance with the provisions of IFRS 5 "Non-current assets held for sale and discontinued operations", are measured at the lower of their carrying amount and fair value less costs to sell. The Group will not depreciate the asset while classified as held for sale. The balances of financial instruments, deferred taxes and investment properties classified as held for sale are not subject to the valuation methods detailed above. |
Impairment of non-financial assets | Assets with an indefinite useful life are not subject to amortization but are tested annually for impairment or more frequently if events or changes in circumstances indicate that they might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable or, at least, on an annual basis. Impairment losses are recognized when the carrying amount exceeds its recoverable amount. The recoverable amount of an asset is the higher of an asset’s fair value less costs of disposal and value in use. For purposes of assessing impairment, assets are grouped at the lowest level for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or group of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period. |
Trust Assets | Assets held by the Group in its Trustee role, are not included in the Consolidated Financial Statements. Commissions and fees earned from trust activities are included in Service fee income. |
Offsetting | Financial assets and liabilities are offset and the net amount reported in the consolidated financial statement where the Group has a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the assets and settle the liability simultaneously. |
Financing received from the Argentine Central Bank and other Financial Institutions | The amounts owed to other financial institutions are recorded at the time the bank disburses the proceeds to the Group. Non-derivative financial liabilities are measured at amortized cost. In the event that the Group repurchases its own debt, it is eliminated from the consolidated financial statements and the difference between the residual value of the financial liability and the amount paid is recognized as a financial income or expense. |
Provisions / Contingencies | A provision will be recognized when: ● an entity has a present obligation (legal or implicit) as a result of past event; ● it is probable that an outflow of resources embodying future economic benefits will be required to settle the obligation; and ● the amount can be reliably estimated. An Entity will be deemed to have an implicit obligation where (a) the Group has assumed certain responsibilities as a consequence of past practices or public policies and (b) as a result, the Group has created an expectation that it will discharge those responsibilities The Group recognizes the following provisions: For labor, civil and commercial lawsuits: provisions are calculated based on lawyers’ reports about the status of the proceedings and the estimate about the potential losses to be afforded by the Group, as well as on the basis of past experience in this type of claims. For miscellaneous risks: These provisions are set up to address contingencies that may trigger obligations for the Group. In estimating the provision amounts, the Group evaluates the likelihood of occurrence taking into consideration the opinion of its legal and professional advisors. Other contingent liabilities are: i) possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence of uncertain future events not wholly within the control of the Group; or ii) present obligations that arise from past events but it is not probable that an outflow of resources will be required to its settlement; or whose amount cannot be measured with sufficient reliability. Other contingent liabilities are not recognized. Contingent liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case the nature of the guarantee is disclosed. The Group does not account for positive contingencies, other than those arising from deferred taxes and those contingencies whose occurrence is virtually certain. As of the date of these consolidated financial statements, the Group’s management believes there are no elements leading to determine the existence of contingencies that might be materialized and have a negative impact on these consolidated financial statements other than those disclosed in Note 17. |
Other non-financial liabilities | Non-financial accounts payable are accrued when the counterparty has fulfilled its contractual obligations and are measured at amortized cost. |
Employee benefits | The Group approved a long-term incentive plan for members of senior management and the Board of Directors, in which participants will be entitled to receive cash payments over time if certain performance targets are met. In addition, provisions related to pre-retirement plans and seniority awards benefits are recognized. Liabilities related to this plan are not expected to be settled wholly within 12 months after the end of the period in which the employees render the related service. These obligations are therefore measured as the present value of expected future payments to be made in respect of services provided by employees up to the end of the reporting period, using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures and periods of service. Expected future payments are discounted using market yields at the end of the reporting period of high-quality corporate bonds with terms and currencies that match, as closely as possible, the estimated future cash outflows. Remeasurements as a result of experience adjustments and changes in actuarial assumptions are recognised in profit or loss. Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The group recognises termination benefits at the earlier of the following dates: (a) when the group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value |
Debt Securities | Subordinated and unsubordinated Debt Securities issued by the Group are measured at amortized cost. Where the group buys back its own negotiable obligations, such obligations will be derecognized from the Consolidated Financial Statements and the difference between the residual value of the financial liability and the amount paid will be recognized as financial income or expenses. |
Assets and liabilities derived from insurance contracts | The Group applies IFRS 4 “Insurance Contracts” in order to recognize and measure the assets and liabilities derived from insurance contracts. Assets derived from insurance contracts An insurance contract is a contract under which the Group (the insurer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder. Once a contract has been classified as an insurance contract, it remains an insurance contract for the rest of its term, even if the insurance risk is significantly reduced during this period, unless all rights and obligations are extinguished or expired. The insurance contracts offered by the Group include property insurance that covers combined family insurance, theft and similar risks, property damage, personal accidents, among other risks. They also include temporary life insurance contracts. Total premiums are recognized on the date of issuance of the policy as an account receivable. At the same time, a reserve for unearned premiums representing premiums for risks that have not yet expired is recorded as a liability. Unearned premiums are recognized as income during the contract period, which is also the coverage and risk period. The book value of insurance accounts receivable is reviewed for impairment whenever events or circumstances indicate that the book value may not be recoverable. The impairment loss is recorded in the income statement. Liabilities derived from insurance contracts Debt with insured The insurance claims reserves represent debts with insured people for claims reported to the company and an estimate of the claims that have already been incurred but that have not yet been reported to the company (IBNR). The reported claims are adjusted on the basis of technical reports received from independent appraisers. Debts with reinsurers and co-insurers The Group mitigates the risk for some of its insurance businesses through co-insurance or reinsurance contracts in other companies. In the case of co-insurance, the Group associates with another company to cover a risk assuming only a percentage of it and also the premium. In reinsurance, the risk is transferred to another insurance company both proportionally (as a percentage of the risk) and not proportionally (excess loss is covered above a certain limit). The reinsurance agreements assigned do not exempt the Group from its obligations to the insured. Coinsurance and reinsurance liabilities represent balances owed under the same conditions and the amounts payable are estimated in a manner consistent with the contract that gave rise to them. Debts with producers They represent liabilities with insurance agents originated in the commissions for the insurance operations that they originate for the Group companies. The balances of the current accounts with these entities are also included. Technical commitments The current risk reserve regularizes the premiums to be collected based on the incurred but not reported risks. |
Capital Stock and Capital Adjustments | Accounts included in this item are expressed in terms of the measuring unit current as of December 31, 2021 as described in Note 1.1.2, except from the item “Capital Stock”, which has been held at nominal value. Common shares are recognized in shareholders´ equity and carried at nominal value. |
Reserves and Dividend distribution | Pursuant to provisions set by the Argentine Corporations law, the Group and its subsidiaries, other than Banco Supervielle and Cordial Compañía Financiera, are required to appropriate 5% of the net income for the fiscal year to the legal reserve until such reserve is equal to 20% of Capital stock, plus the balance of the Capital Adjustment account. As concerns Banco Supervielle and Cordial Compañía Financiera, according to the regulations set forth by the Argentine Central Bank, 20% of net income for the fiscal year, net of previous years’ adjustments, if any, is required to be appropriated to the legal reserve. Notwithstanding the aforementioned, in appropriating amounts to other reserves, Financial Institutions are required to comply with the provisions laid down by the Argentine Central Bank in the revised text on distribution of dividends described in Note 25. The distribution of dividends to the Group’s shareholders is recognized as a liability in the consolidated financial statements for the fiscal year in which dividends are approved by the Group’s Shareholders. |
Revenue Recognition | Financial income and expense is recognized in respect of all debt instruments in accordance with the effective interest rate method, pursuant to which all gains and losses which are an integral part of the transaction effective interest rate are deferred. The results that are included within the effective rate include expenditures or income related to the creation or acquisition of a financial asset or liability, such as compensation received for the analysis of the client's financial condition, negotiation of the terms of the instrument, the preparation and processing of the documents necessary to conclude the transaction and the compensations received for the granting of credit agreements that are expected to be used by the client. The Group records all its non-derivative financial liabilities at amortized cost, except those included in the caption "Liabilities at fair value through profit or loss", which are measured at fair value. It should be noted that the commissions that the Group receives for the origination of syndicated loans are not part of the effective rate of the product, being these recognized in the Income Statement at the time the service is provided, as long as the Group does not withhold part of it or this is kept in the same conditions as the rest of the participants. The commissions received by the Group for the negotiations in the transactions of a third party are not part of the effective rate either, these being recognized at the time the services is provided. IFRS 15 establishes the principles that an entity must apply to account for income and cash flows from contracts for the sale of goods or services to its customers. The Group's income from services is recognized in the income statement as performance obligations are fulfilled, part of the consideration received is allocated to the customer loyalty programs described below. Consideration is allocated based on the relative standalone selling prices for services rendered and points granted. Below is a summary of the main commissions earned by the Bank: Commission Frecuency of revenue recognition Account maintenance Monthly Safe deposit boxes Semi-annual Issuing Bank Event driven Credit Card renewal Annual Check management Event driven Income from investment property rentals is recognized in the consolidated statement of comprehensive income based on the straight-line method over the term of the lease, in accordance with the provisions of note 1.14. |
Income tax | Income Tax Income tax expense for the year includes current and deferred tax. Income tax is recognized in the consolidated income statements, except for items required to be recognized directly in other comprehensive income. In this case, the income tax liability related to such items is also recognized in such statement. Current income tax expense is calculated on the basis of the tax laws enacted or substantially enacted as of the date of the Statement of Financial Position in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically assesses the position assumed in tax returns in connection with circumstances in which the tax regulation is subject to interpretation. The Group sets up provisions in respect of the amounts expected to be required to pay to the tax authorities. Deferred income tax is recognized, using the deferred tax liability method, on temporary differences arising from the carrying amount of assets and liabilities and their tax base. However, the deferred tax arising from the initial recognition of an asset or liability in a transaction other than a business combination which, at the time of the transaction does not affect income or loss for accounting or tax purposes, is not recorded. Deferred income tax is determined using tax rates (and laws) enacted as of the date of the consolidated financial statements and that are expected to be applicable when the deferred tax assets are realized or the deferred tax liabilities are settled. Deferred income tax assets are recognized only to the extent future tax benefits are likely to arise against which the temporary differences can be offset. The Group recognizes a deferred tax liability for taxable temporary differences related to investments in subsidiaries and affiliates, except that the following two conditions are met: ● the Group controls the timing on which temporary differences will be reversed; and ● such temporary differences are not likely to be reversed in the foreseeable future. Deferred income tax assets and liabilities are offset when a legal right exists to offset current tax assets against current tax liabilities and to the extent such balances are related to the same tax authority of the Group or its subsidiaries, where tax balances are intended to be, and may be, settled on a net basis. |
Earnings per share | Basic earnings per share are calculated by dividing net income attributable to the Group’s shareholders by the weighted average number of common shares outstanding during the year. Diluted earnings per share are calculated by dividing the net income for the year by the weighted average number of common shares issued and dilutive potential common shares at year end. Since the Company has no dilutive potential common shares outstanding, there are no dilutive earnings per share amounts . |
ACCOUNTING STANDARDS AND BASI_3
ACCOUNTING STANDARDS AND BASIS OF PREPARATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Summary of Effects of Variation in Prices of Price Index | As of December 31, 2019 2020 2021 Variation in Prices Annual 53.8 % 36.1 % 50.9 % Accumulated 3 years 183.4 % 209.2 % 216.1 % |
Summary of Subsidiaries Included in Consolidation Process | The following chart details the subsidiaries included in the consolidation process: Percentage of direct or indirect investment in capital stock Company Main Activity 12/31/2021 12/31/2020 12/31/2019 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company 99.90 % 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card 99.99 % 99.99 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.F. e I.I. Real State 100.00 % 100.00 % 100.00 % Espacio Cordial de Servicios S.A. Retail Services 100.00 % 100.00 % 100.00 % Supervielle Seguros S.A. Insurance 100.00 % 100.00 % 100.00 % Micro Lending S.A.U. Financial Company 100.00 % 100.00 % 100.00 % InvertirOnline S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % InvertirOnline.Com Argentina S.A.U. (renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % — % — % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 99.90 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Easy Cambio S.A. Financial Company 100.00 % 100.00 % — % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.89% , as of 12/31/2021, 12/31/2020 and 12/31/2019 respectively. |
Summary of Financial Trust | The structured entity in which the Group was the trustor as of December 31, 2021 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$ 31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$ 32,522 CP VN$1,626 IUDÚ Compañia Financiera S.A 24 05/28/2021 04/15/2022 $ 699,000 VDF VN$ 559,200 CP VN$ 139,800 IUDÚ Compañia Financiera S.A 25 10/01/2021 09/15/2022 $ 703,600 VDF VN$ 583,988 CP VN$ 119,612 The structured entity in which the Group was the trustor as of December 31, 2020 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$32,522 CP VN$1,626 |
Summary of Assets and Liabilities of Structured Entities | The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of December 31, 2021: 12/31/2021 Assets Loans 856,576 Financial assets 96,747 Other assets 7,805 Total Assets 961,128 Liabilities Financial liabilities 542,110 Other liabilities 6,284 Total Liabilities 548,394 |
Summary of Cash and Cash Equivalents Include Cash and Highly Liquid Short-term Securities Maturities | Item 12/31/2021 12/31/2020 12/31/2019 Cash and due from banks 32,574,118 55,357,647 54,256,477 Debt securities at fair value through profit or loss 10,403,747 2,820,500 1,168,228 Money Market Funds 1,750,600 1,393,271 1,982,765 Cash and cash equivalents 44,728,465 59,571,418 57,407,470 |
Summary of Reconciliation Between Balances on Statement of Financial Position and Statement of Cash Flow | Items 12/31/2021 12/31/2020 12/31/2019 Cash and due from Banks As per Statement of Financial Position 32,574,118 55,357,647 54,256,477 As per the Statement of Cash Flows 32,574,118 55,357,647 54,256,477 Debt securities at fair value through profit or loss As per Statement of Financial Position 19,757,685 14,900,812 1,168,228 Securities not considered as cash equivalents (9,353,938) (12,080,312) — As per the Statement of Cash Flows 10,403,747 2,820,500 1,168,228 Money Market Funds As per Statement of Financial Position – Other financial assets 13,922,961 6,468,183 4,308,910 Other financial assets not considered as cash equivalents (12,172,361) (5,074,912) (2,326,145) As per the Statement of Cash Flow 1,750,600 1,393,271 1,982,765 |
Summary of reconciliation of financing activities | Reconciliation of liabilities from financing activities at December 31, 2021, 2020 and 2019 is as follows: Cash Flows Other non-cash Items 12/31/2020 Inflows Outflows movements 12/31/2021 Unsubordinated debt securities 6,379,922 2,252,098 (7,572,780) — 1,059,240 Subordinated debt securities 1,721,443 - (1,721,443) — — Financing received from the Argentine Central Bank and other financial institutions 8,833,545 32,350,995 (34,931,992) — 6,252,548 Lease Liabilities 1,783,674 — (2,426,914) 2,001,505 1,358,265 Total 18,718,584 34,603,093 (46,653,129) 2,001,505 8,670,053 Cash Flows Other non-cash Items 12/31/2019 Inflows Outflows movements 12/31/2020 Unsubordinated debt securities 12,507,270 4,005,697 (10,242,448) 109,403 6,379,922 Subordinated debt securities 4,356,218 — (2,678,103) 43,328 1,721,443 Financing received from the Argentine Central Bank and other financial institutions 18,530,516 22,450,153 (32,147,124) — 8,833,545 Lease Liabilities 1,944,762 — (2,062,110) 1,901,022 1,783,674 Total 37,338,766 26,455,850 (47,129,785) 2,053,753 18,718,584 Cash Flows Other non-cash Items 12/31/2018 Inflows Outflows movements 12/31/2019 Unsubordinated debt securities 29,421,323 17,286,639 (35,685,061) 1,484,369 12,507,270 Subordinated debt securities 4,374,447 — (1,732,235) 1,714,006 4,356,218 Financing received from the Argentine Central Bank and other financial institutions 25,392,967 227,211,644 (234,068,388) (5,707) 18,530,516 Lease Liabilities — — (2,571,950) 4,516,712 1,944,762 Total 59,188,737 244,498,283 (274,057,634) 7,709,380 37,338,766 |
Summary of impairment requirements on financial assets | Changes in the credit quality since initial recognition Stage 1 Stage 2 Stage 3 (initial recognition) (significant increase of credit risk since initial recognition) (credit-impaired assets) 12 month- ECL Lifetime ECL |
Summary of significant increase in risk | Very high risk High risk Entertainment Construction Real estate Sports Textile |
Summary of groupings by shared risk characteristics | Group Parameter Grouping Personal and Business Banking Probability of Default (PD) Personal loans (1) Credit card loans (1) Mortgage loans Refinancing Other financings Loss Given Default (LGD) Personal loans Credit card loans Overdrafts Mortgage loans Refinancing Other financings Corporate Banking Probability of Default (PD) (2) Small companies Medium companies Big companies Financial Area Secured loans Unsecured loans Consumer Finance Probability of Default Credit cards loans Refinancing Cash loans Cash consumptions and directed loans CCF Automobile Loans Tarjeta Automatica Personal loans Loss Given Default Credit cards Personal loans Refinancing CCF Automobile Loans (1) For credit cards and personal loans, the Group includes an additional layer of analysis: senior citizens, high income, open market, high income payroll, non- high income open market, non-high income payroll, Personal and Business Banking, former senior citizens and former payroll (2) Probability of default within Corporate Banking is calculated by grouping clients based on the client size for Stage 1 facilities. For Stage 2 and Stage 3, Probability of default is calculated including all segments of Corporate Banking due to the lack of materiality to form a larger group. |
Summary of Projected Evolution for Next Year of Main Macroeconomic Indicators | Parameter Industry / Segment Macroeconomic Indicator Scenario 1 Scenario 2 Scenario 3 Open Market Monthly Economic Activity Estimator 143 149 137 Exchange Rate 173 165 181 Income Payroll Inflation Rate 45.9 % 40.6 % 51.5 % Personal and Business Exchange rate 173 165 181 Inflation Rate 45.9 % 40.6 % 51.5 % Probability of Default Senior Citizens Monthly Economic Activity Estimator 143 149 137 Corporate Inflation Rate 46 % 41 % 51 % All Interest Rate 35.2 % 31.6 % 38.7 % Private Sector Wage 45.4 % 49.9 % 40.9 % Consumer Finance IUDÚ Quantity of Private Sector Employment 6,011 6,016 6,005 Exchange rate 173 165 181 IUDÚAutomobile secured Monthly Economic Activity Estimator 143 149 137 Supervielle Bank All Private Sector Wage 45.9 % 40.6 % 51.5 % Loss Given Default IUDÚ Monthly Economic Activity Estimator 143 149 137 Consumer Finance Private Sector Wage 45.4 % 49.9 % 40.9 % IUDÚ Automobile secured Inflation Rate 45.9 % 40.6 % 51.5 % Quantity of Private Sector Employment 6,011 6,016 6,005 |
Summary of Scenario Probabilities | Scenario 1 60 % Scenario 2 10 % Scenario 3 30 % |
Summary of ECL Allowance Sensitivity to Future Macro economic Conditions | December 31, 2021 Reported ECL Allowance 10,047,819 Gross carrying amount 165,522,148 Reported Loss rate 6.07 % ECL amount by scenarios Favorable scenario 9,644,480 Unfavorable scenario 10,553,582 Loss Rate by scenarios Favorable scenario 5.83 % Unfavorable scenario 6.38 % |
Summary of Useful Life of Property, Plant and Equipment | Property, plant and equipment Estimated useful life Buildings 50 Years Furniture 10 Years Machines and equipment 5 Years Vehicles 5 Years Others 5 Years |
Summary of movement in investment properties | 12/31/2021 12/31/2020 Income derived from rents (rents charged) 17,349 14,670 Direct operating expenses of properties that generated income derived from rents (7,321) (10,018) Fair value remeasurement (441,020) (139,556) Total (430,992) (134,904) |
Summary of the main commissions earned | Commission Frecuency of revenue recognition Account maintenance Monthly Safe deposit boxes Semi-annual Issuing Bank Event driven Credit Card renewal Annual Check management Event driven |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SEGMENT REPORTING | |
Summary of segment information | Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Cash and due from banks 12,111,141 552,152 18,723,092 732,108 4,220 262,026 189,378 32,574,118 Debt securities at fair value through profit or loss — — 18,941,469 813,930 — 2,286 — 19,757,685 Loans and other financing 76,316,258 62,161,494 10,363,027 11,202,166 864,345 101,688 (5,534,649) 155,474,329 Other Assets 6,609,578 3,447,294 139,986,345 5,140,206 2,329,922 1,459,417 23,624,149 182,596,910 Total Assets 95,036,977 66,160,940 188,013,933 17,888,410 3,198,487 1,825,418 18,278,878 390,403,042 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Deposits 138,678,878 31,073,403 112,516,984 6,723,096 — 75,774 (610,038) 288,458,097 Financing received from the Argentine Central Bank and others 15,347 — 5,861,421 5,305,541 — — (4,929,761) 6,252,548 Debt Securities 13,495 8,362 1,037,383 — — — — 1,059,240 Other liabilities 14,219,359 4,307,042 10,638,967 3,694,276 1,592,391 715,184 7,915,522 43,082,741 Total Liabilities 152,927,079 35,388,807 130,054,755 15,722,913 1,592,391 790,958 2,375,723 338,852,626 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2021 Interests income 30,721,711 19,451,739 46,924,159 7,928,285 1,422 7,693 (1,603,128) 103,431,881 Interest Expense (16,236,285) (3,039,368) (39,008,895) (3,834,126) — — 1,619,166 (60,499,508) Distribution of results by the Treasury 5,134,215 (9,175,505) 4,041,290 — — — — — Net interest income 19,619,641 7,236,866 11,956,554 4,094,159 1,422 7,693 16,038 42,932,373 Net income from financial instruments at fair value through profit or loss — — 7,376,856 366,368 574,589 427,096 144,561 8,889,470 Result from derecognition of assets measured at amortized cost — — 277,820 — — — (23,633) 254,187 Exchange rate differences on gold and foreign currency 316,615 86,572 401,700 14,352 652 81,431 91,061 992,383 NIFFI And Exchange Rate Differences 316,615 86,572 8,056,376 380,720 575,241 508,527 211,989 10,136,040 Net Financial Income 19,936,256 7,323,438 20,012,930 4,474,879 576,663 516,220 228,027 53,068,413 Services Fee Income 10,529,003 1,038,430 61,657 2,697,736 — 2,682,645 (344,207) 16,665,264 Services Fee Expenses (3,445,017) (340,273) (170,136) (1,146,806) — (138,542) 160,293 (5,080,481) Income from insurance activities — — — — 1,975,918 — 295,328 2,271,246 Net Service Fee Income 7,083,986 698,157 (108,479) 1,550,930 1,975,918 2,544,103 111,414 13,856,029 Subtotal 27,020,242 8,021,595 19,904,451 6,025,809 2,552,581 3,060,323 339,441 66,924,442 Result from exposure to changes in the purchasing power of money 2,976,943 (1,855,811) (6,432,872) (699,373) (715,673) (452,468) (628,500) (7,807,754) Other operating income 1,305,619 1,359,942 2,071,719 775,585 15,017 81,157 (232,165) 5,376,874 Loan loss provisions (4,148,328) (825,754) (31,623) (3,924,216) — — — (8,929,921) Net operating income 27,154,476 6,699,972 15,511,675 2,177,805 1,851,925 2,689,012 (521,224) 55,563,641 Personnel expenses (18,226,223) (1,918,281) (1,102,323) (2,620,530) (566,147) (1,121,407) (36,411) (25,591,322) Administrative expenses (11,074,869) (801,687) (781,006) (1,759,189) (492,030) (641,695) 194,897 (15,355,579) Depreciations and impairment of non-financial assets (3,309,350) (314,266) (210,822) (204,548) (47,676) (44,729) (93,751) (4,225,142) Other operating expenses (5,224,801) (2,152,583) (3,135,246) (1,072,784) (16,323) (206,239) (40,073) (11,848,049) Operating income (10,680,767) 1,513,155 10,282,278 (3,479,246) 729,749 674,942 (496,562) (1,456,451) Income from associates and joint ventures — — — 5,413 — — (5,413) — Result before taxes (10,680,767) 1,513,155 10,282,278 (3,473,833) 729,749 674,942 (501,975) (1,456,451) Income tax 3,721,031 (507,821) (3,330,940) 337,291 (189,840) (246,575) (63,053) (279,907) Net (loss) / income (6,959,736) 1,005,334 6,951,338 (3,136,542) 539,909 428,367 (565,028) (1,736,358) Net (loss) / income for the year attributable to owners of the parent company (6,959,736) 1,005,334 6,951,338 (3,136,542) 539,909 428,367 (563,211) (1,734,541) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (1,817) (1,817) Other comprehensive (loss)/income (23,227) (14,390) (28,970) — (1,170) 405 13,627 (53,725) Other comprehensive (loss) / income attributable to owners of the parent company (23,227) (14,390) (28,970) — (1,170) 405 13,695 (53,657) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (68) (68) Comprehensive (loss) / income for the year (6,982,963) 990,944 6,922,368 (3,136,542) 538,739 428,772 (551,401) (1,790,083) Comprehensive (loss) / income attributable to owners of the parent company (6,982,963) 990,944 6,922,368 (3,136,542) 538,739 428,772 (549,516) (1,788,198) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (1,885) (1,885) Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Cash and due from banks 18,634,794 805,222 35,152,584 359,769 3,284 603,608 (201,614) 55,357,647 Debt securities at fair value through profit or loss — — 13,323,941 1,561,998 — 14,873 — 14,900,812 Loans and other financing 79,205,935 63,757,797 8,789,617 10,276,852 893,676 74,570 (3,913,231) 159,085,216 Other Assets 12,934,602 12,565,089 88,814,199 4,624,686 1,894,061 1,630,467 24,386,483 146,849,587 Total Assets 110,775,331 77,128,108 146,080,341 16,823,305 2,791,021 2,323,518 20,271,638 376,193,262 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Deposits 141,634,666 24,429,606 98,410,147 5,376,156 — — (206,034) 269,644,541 Financing received from the Argentine Central Bank and others 22,658 — 8,746,733 3,818,298 — 72,707 (3,826,851) 8,833,545 Unsubordinated Debt Securities 36,069 19,001 6,324,852 — — — — 6,379,922 Other liabilities 11,292,436 3,129,826 8,844,375 3,043,081 1,293,766 874,338 9,002,222 37,480,044 Total Liabilities 152,985,829 27,578,433 122,326,107 12,237,535 1,293,766 947,045 4,969,337 322,338,052 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2020 Interests income 33,256,362 19,594,058 38,627,482 6,691,339 — 64,008 (574,193) 97,659,056 Interest Expense (12,349,918) (1,620,671) (27,765,866) (2,063,911) — (40,131) 703,811 (43,136,686) Distribution of results by the Treasury 5,146,536 (9,645,110) 4,498,574 — — — — — Net interest income 26,052,980 8,328,277 15,360,190 4,627,428 — 23,877 129,618 54,522,370 Net income from financial instruments at fair value through profit or loss — — 3,494,371 216,548 533,598 245,605 514,472 5,004,594 Result from derecognition of assets measured at amortized cost — — 1,039,675 — — — (47,960) 991,715 Exchange rate differences on gold and foreign currency 572,485 79,403 638,877 57,012 (148) 110,427 148,786 1,606,842 NIFFI And Exchange Rate Differences 572,485 79,403 5,172,923 273,560 533,450 356,032 615,298 7,603,151 Net Financial Income 26,625,465 8,407,680 20,533,113 4,900,988 533,450 379,909 744,916 62,125,521 Services Fee Income 11,266,898 1,014,753 90,013 3,219,890 — 2,391,374 (633,962) 17,348,966 Services Fee Expenses (3,703,205) (290,357) (90,201) (1,150,648) — (76,609) (44,795) (5,355,815) Income from insurance activities — — — — 2,194,999 — 327,922 2,522,921 Net Service Fee Income 7,563,693 724,396 (188) 2,069,242 2,194,999 2,314,765 (350,835) 14,516,072 Subtotal 34,189,158 9,132,076 20,532,925 6,970,230 2,728,449 2,694,674 394,081 76,641,593 Result from exposure to changes in the purchasing power of money 2,195,686 (1,368,778) (4,784,349) (1,339,055) (575,186) (382,395) (221,814) (6,475,891) Other operating income 2,311,686 2,292,266 382,302 550,223 15,846 352,757 (200,315) 5,704,765 Loan loss provisions (6,589,233) (5,086,914) (6,184) (1,338,846) — 17,465 — (13,003,712) Net operating income 32,107,297 4,968,650 16,124,694 4,842,552 2,169,109 2,682,501 (28,048) 62,866,755 Personnel expenses (20,052,116) (1,918,590) (1,404,672) (2,586,850) (479,706) (816,295) (178,229) (27,436,458) Administrative expenses (11,216,677) (768,177) (697,888) (2,208,374) (398,616) (691,553) 406,287 (15,574,998) Depreciations and impairment of non-financial assets (2,904,662) (217,591) (163,769) (205,013) (31,337) (15,844) (94,991) (3,633,207) Other operating expenses (5,788,017) (1,895,039) (1,111,785) (909,295) (2,756) (156,779) (60,408) (9,924,079) Operating income (7,854,175) 169,253 12,746,580 (1,066,980) 1,256,694 1,002,030 44,611 6,298,013 Income from associates and joint ventures — — — 9,745 — — (9,745) — Result before taxes (7,854,175) 169,253 12,746,580 (1,057,235) 1,256,694 1,002,030 34,866 6,298,013 Income tax 2,083,863 113,695 (3,350,870) 185,486 (444,558) (396,703) 795,200 (1,013,887) Net (loss) / income (5,770,312) 282,948 9,395,710 (871,749) 812,136 605,327 830,066 5,284,126 Net (loss) / income for the year attributable to owners of the parent company (5,770,312) 282,948 9,395,710 (871,749) 812,136 605,327 828,720 5,282,780 Net (loss) / income for the year attributable to non-controlling interest — — — — — — 1,346 1,346 Other comprehensive (loss)/income 332,298 175,046 723,323 — — — (17,561) 1,213,106 Other comprehensive (loss) / income attributable to owners of the parent company 332,298 175,046 723,323 — — — (18,735) 1,211,932 Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — 1,174 1,174 Comprehensive (loss)/income for the year (5,438,014) 457,994 10,119,033 (871,749) 812,136 605,327 812,505 6,497,232 Comprehensive (loss) / income attributable to owners of the parent company (5,438,014) 457,994 10,119,033 (871,749) 812,136 605,327 809,985 6,494,712 Comprehensive (loss) / income attributable to non-controlling interest — — — — — — 2,520 2,520 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INCOME TAX | |
Summary of reconciliation between the tax charge to income result from applying current tax rate | 12/31/2021 12/31/2020 12/31/2019 Income before taxes (1,456,451) 6,298,013 (4,078,880) Tax rate 28 % 30 % 30 % Income for the year at tax rate 400,556 (1,889,404) 1,223,664 Permanent differences at tax rate: Contribution SGR (Mutual Guarantee Societies) 288,750 490,726 — Tax inflation adjustment (112,015) 21,798 344,519 Income tax return FY 2019 (26,496) 25,852 — Effect of tax rate change on deferred tax (761,691) 860,399 — Non-deductible results (69,011) (523,258) (1,914,841) Income tax (279,907) (1,013,887) (346,658) |
Summary of net position of deferred tax | 12/31/2021 12/31/2020 Deferred tax assets 3,234,956 5,005,051 Deferred tax liability (61,736) (63,403) Net assets by deferred tax 3,173,220 4,941,648 Deferred taxes to be recovered in more than 12 months 1,606,518 2,547,060 Deferred taxes to be recovered in 12 months 1,628,438 2,457,991 Subtotal – Deferred tax assets 3,234,956 5,005,051 Deferred taxes to be paid in more than 12 months (84,871) (98,324) Deferred taxes to be paid in 12 months 23,135 34,921 Subtotal – Deferred tax liabilities (61,736) (63,403) Total Net Assets by deferred Tax 3,173,220 4,941,648 |
Summary of deferred tax assets / (liabilities) | Balance at (Charge)/Credit Balance at 12/31/2020 to Income/OCI 12/31/2021 Intangible assets (1,473,206) 16,650 (1,456,556) Retirement plans 174,850 (174,850) — Loan Loss Reserves 3,287,076 (1,775,050) 1,512,026 Property, plant and equipment (1,777,375) (2,211,551) (3,988,926) Foreign Currency (64,721) 12,574 (52,147) Tax Loss Carry Forward 339,113 (3,605) 335,508 Inflation adjustment credit 3,808,363 (1,837,392) 1,970,971 Provisions 213,099 91,040 304,139 Others 434,449 4,113,756 4,548,205 Total 4,941,648 (1,768,428) 3,173,220 Balance at (Charge)/Credit Balance at 12/31/2019 to Income 12/31/2020 Intangible assets (1,442,519) (30,687) (1,473,206) Retirement plans 173,569 1,281 174,850 Loan Loss Reserves 1,892,349 1,394,727 3,287,076 Property, plant and equipment (1,864,608) 87,233 (1,777,375) Foreign Currency (126,352) 61,631 (64,721) Tax Loss Carry Forward 339,113 — 339,113 Repo transactions 3,067,683 740,680 3,808,363 Provisions 402,898 (189,799) 213,099 Others (48,341) 482,790 434,449 Total 2,393,792 2,547,856 4,941,648 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCIAL INSTRUMENTS | |
Summary of financial instruments held by the Group | Fair value Fair value through through Financial Instruments as of 12/31/2021 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 32,574,118 — 32,574,118 - Debt securities at fair value through profit or loss 19,757,685 — — 19,757,685 - Derivatives 221,858 — — 221,858 - Reverse Repo transactions — 42,849,578 — 42,849,578 - Other financial assets 12,378,608 1,544,353 — 13,922,961 - Loans and other financing — 155,474,329 — 155,474,329 - Other debt securities — 8,236,582 70,693,658 78,930,240 - Financial assets pledged as collateral 8,085,145 454,789 — 8,539,934 - Investments in Equity Instruments 157,013 — 107,267 264,280 Total Assets 40,600,309 241,133,749 70,800,925 352,534,983 Liabilities - Deposits — 288,458,097 — 288,458,097 - Liabilities at fair value through profit or loss 2,053,216 — — 2,053,216 - Other financial liabilities 23,010,832 769,410 — 23,780,242 - Financing received from the Argentine Central Bank and other financial institutions — 6,252,548 — 6,252,548 - Unsubordinated debt securities — 1,059,240 — 1,059,240 Total Liabilities 25,064,048 296,539,295 — 321,603,343 Fair value Fair value through through Financial Instruments as of 12/31/2020 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 55,357,647 — 55,357,647 - Debt securities at fair value through profit or loss 14,900,812 — — 14,900,812 - Derivatives 217,271 — — 217,271 - Repo transactions — 33,742,602 — 33,742,602 - Other financial assets 5,143,926 1,324,257 — 6,468,183 - Loans and other financing — 159,085,216 — 159,085,216 - Other debt securities — 9,547,351 52,127,363 61,674,714 - Financial assets pledged as collateral 7,075,371 328,218 — 7,403,589 - Investments in Equity Instruments 131,517 — 44,070 175,587 Total Assets 27,468,897 259,385,291 52,171,433 339,025,621 Liabilities - Deposits — 269,644,541 — 269,644,541 - Liabilities at fair value through profit or loss 3,021,859 — — 3,021,859 - Derivates 3,011 — — 3,011 - Other financial liabilities 11,058,933 305,295 — 11,364,228 - Financing received from the Argentine Central Bank and other financial institutions — 8,833,545 — 8,833,545 - Unsubordinated debt securities — 6,379,922 — 6,379,922 - Subordinated debt securities — 1,721,443 — 1,721,443 Total Liabilities 14,083,803 286,884,746 — 300,968,549 |
FAIR VALUES (Tables)
FAIR VALUES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FAIR VALUES | |
Summary of fair values of financial assets and financial liabilities | Financial Instruments as of 12/31/2021 FV level 1 FV level 2 FV level 3 Total Assets - Cash and due from banks — — — — - Debt securities at fair value through profit or loss 19,446,167 311,518 — 19,757,685 - Derivatives 221,858 — — 221,858 - Other financial assets 12,378,608 — — 12,378,608 - Other debt securities 13,405,096 57,288,562 — 70,693,658 - Financial assets pledged as collateral 8,085,145 — — 8,085,145 - Investments in Equity Instruments 157,013 — 107,267 264,280 Total Assets 53,693,887 57,600,080 107,267 111,401,234 Liabilities - Liabilities at fair value through profit or loss 2,053,216 — — 2,053,216 - Derivatives — — — — - Other financial liabilities 23,010,832 — — 23,010,832 Total Liabilities 25,064,048 — — 25,064,048 Financial Instruments as of 12/31/2020 FV level 1 FV level 2 FV level 3 Total Assets - Cash and due from banks — — — — - Debt securities at fair value through profit or loss 14,539,804 361,008 — 14,900,812 - Derivatives 217,271 — — 217,271 - Other financial assets 5,143,926 — — 5,143,926 - Other debt securities 9,589,618 42,537,745 — 52,127,363 - Financial assets pledged as collateral 7,075,371 — — 7,075,371 - Investments in Equity Instruments 131,517 — 44,070 175,587 Total Assets 36,697,507 42,898,753 44,070 79,640,330 Liabilities - Liabilities at fair value through profit or loss 3,021,859 — — 3,021,859 - Derivatives 3,011 — — 3,011 - Other financial liabilities 11,058,933 — — 11,058,933 Total Liabilities 14,083,803 — — 14,083,803 |
Summary of reconciliation of the financial instruments | FV level 3 12/31/2020 Transfers Additions Disposals P/L 12/31/2021 Assets - Investments in equity instruments 44,070 — — — 63,197 107,267 |
Summary of difference between carrying amount and fair value of assets and liabilities | Other Financial Instruments as of 12/31/2021 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 32,574,118 32,574,118 32,574,118 — — - Other financial assets 1,544,353 1,544,353 1,544,353 — — - Loans and other financing 155,474,329 168,830,874 — — 168,830,874 - Reverse Repo transactions 42,849,578 42,849,578 42,849,578 — — - Other Debt Securities 8,236,582 8,236,582 8,236,582 — — - Financial assets Pledged as collateral 454,789 454,789 454,789 — — 241,133,749 254,490,294 85,659,420 — 168,830,874 Financial Liabilities - Deposits 288,458,097 289,841,919 — — 289,841,919 - Other financial liabilities 769,410 769,410 769,410 — — - Financing received from the Central Bank and other financial institutions 6,252,548 6,619,853 — — 6,619,853 - Unsubordinated Debt securities 1,059,240 1,059,240 1,059,240 — — - Subordinated Debt securities — — — — — 296,539,295 298,290,422 1,828,650 — 296,461,772 Other Financial Instruments as of 12/31/2020 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 55,357,647 55,357,646 55,357,646 — — - Other financial assets 1,324,257 1,324,256 1,324,256 — — - Loans and other financing 159,085,216 169,661,913 — — 169,661,913 - Reverse Repo transactions 33,742,603 33,742,602 33,742,602 — — - Other Debt Securities 9,547,351 9,547,352 9,547,352 — — - Financial assets Pledged as collateral 328,218 328,218 328,218 — — 259,385,292 269,961,987 100,300,074 — 169,661,913 Financial Liabilities - Deposits 269,644,541 270,669,910 — — 270,669,910 - Other financial liabilities 305,295 305,295 305,295 — — - Financing received from the Central Bank and other financial institutions 8,833,545 8,464,650 — — 8,464,650 - Unsubordinated Debt securities 6,379,922 6,379,922 6,379,922 — — - Subordinated Debt securities 1,721,443 1,799,667 1,799,667 — — 286,884,746 287,619,444 8,484,884 — 279,134,560 |
Summary of equity instruments measured at fair value with changes in profit or loss | 12/31/2021 12/31/2020 Grupo Financiero Galicia S.A. 16,273 113,027 Pampa Holding S.A 24,701 12,507 Loma Negra S.A. 16,086 4,798 YPF SA 9,628 269 Ternium Argentina S.A. 33,451 80 Aluar S.A 18,141 78 Transener S.A. 7,290 12 Others 31,443 746 Total 157,013 131,517 |
Summary of equity instruments measured at fair value with changes in other comprehensive income | FV at Income FV at Detail 12/31/2020 through OCI Additions 12/31/2021 Mercado Abierto Electrónico S.A. 6,958 38,788 - 45,746 Seguro de Depósitos S.A 2,436 4,598 - 7,034 Compensador Electrónica S.A. 1,387 9,944 - 11,331 Provincanje S.A. 411 4,018 - 4,429 Cuyo Aval Sociedad de Garantía Recíproca 2,168 (774) - 1,394 Argencontrol S.A. 189 (32) - 157 Los Grobo Sociedad de Garantía Recíproca 110 (109) - 1 IEBA S.A. 92 (31) - 61 Play Digital S.A. 30,119 (52,392) 59,230 36,957 Otras Sociedades de Garantía Recíproca 200 (43) — 157 Total 44,070 3,967 59,230 107,267 FV at Income FV at Detail 12/31/2019 through OCI Additions 12/31/2020 Mercado Abierto Electrónico S.A. 9,473 (2,515) — 6,958 Seguro de Depósitos S.A 3,316 (880) — 2,436 Compensador Electrónica S.A. 1,888 (501) — 1,387 Provincanje S.A. 562 (151) — 411 Cuyo Aval Sociedad de Garantía Recíproca 2,156 12 — 2,168 Argencontrol S.A. 257 (68) — 189 Los Grobo Sociedad de Garantía Recíproca 143 (33) — 110 IEBA S.A. 125 (33) — 92 Play Digital S.A. — (37,869) 67,988 30,119 Otras Sociedades de Garantía Recíproca 129 71 — 200 Total 18,049 (41,967) 67,988 44,070 |
FINANCE LEASES (Tables)
FINANCE LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
FINANCE LEASES | |
Summary of carrying amount in the financial position | 12/31/2021 12/31/2020 Right-of-use asset Land and buildings 3,164,345 3,240,606 Lease liability Current 823,587 997,262 Non-current 534,678 786,411 Total 1,358,265 1,783,673 |
Summary of amounts charged in the income statement | Items 12/31/2021 Right-of-use assets – Depreciation 1,059,878 Interest expenses on lease liabilities (Other operating expenses) 268,813 |
Summary of breakdown of financial lease receivables | Financial Lease Receivables 12/31/2021 12/31/2020 Up to 1 year 3,520,064 2,992,814 More than a year up to two years 2,958,537 1,660,243 From two to three years 2,249,298 958,327 From three to five years 1,363,729 537,179 More than five years 14,881 21,781 Total 10,106,509 6,170,344 Unearned financial income (4,109,689) (1,806,455) Net investment in the lease 5,996,820 4,363,889 |
Summary of breakdown of operating lease receivables | Operating Lease Receivables 12/31/2020 12/31/2019 Up to 1 year 13,938 24,252 More than a year up to two years 9,202 20,779 From two to three years — 13,890 From three to five years — — Total 23,140 58,921 |
TRANSFER OF FINANCIAL ASSETS (T
TRANSFER OF FINANCIAL ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
TRANSFER OF FINANCIAL ASSETS | |
Summary of the financial asssets transferred by the Group | 12/31/2021 12/31/2020 Personal loans assigned to financial trusts Asset 869,447 — Liabilities 551,556 — |
REPO AND REVERSE REPO TRANSAC_2
REPO AND REVERSE REPO TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
REPO AND REVERSE REPO TRANSACTIONS | |
Summary of residual values of assets | The residual values of assets transferred under reverse repo transactions as of December 31, 2021 and 2020 are detailed below: Reverse Repo Transactions: Book Value December 31, 2021 — December 31, 2020 — |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Summary of operation related to derivatives | 12/31/2021 12/31/2020 Amounts receivable for spot and forward transactions pending settlement 214,491 216,472 Amounts payable for spot and forward transactions pending settlement 7,367 799 221,858 217,271 |
Summary of notional value of options and outstanding forward and futures contracts | 12/31/2021 12/31/2020 Forward sales of foreign exchange without delivery of underlying assets 3,881,772 4,813,935 Forward purchases of foreign exchange without delivery of underlying assets 1,779,013 2,487,488 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
EARNINGS PER SHARE | |
Summary of earnings per share | 12/31/2021 12/31/2020 12/31/2019 Income attributable to shareholders of the group (1,734,541) 5,282,780 (4,421,383) Weighted average of ordinary shares (thousands) 456,722 456,722 456,722 Income per share (3.80) 11.57 (9.68) |
SPECIAL TERMINATION ARRANGEME_2
SPECIAL TERMINATION ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
SPECIAL TERMINATION ARRANGEMENTS | |
Summary of evolution during each period | 12/31/2021 12/31/2020 Balances at the beginning 1,730,570 1,947,118 Additions to profit or loss 1,715,293 212,368 Benefits paid to participants (1,876,197) (428,916) Balances at closing 1,569,666 1,730,570 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
PROPERTY, PLANT AND EQUIPMENT | |
Summary of Property, Plant and Equipment | Gross carrying amount Depreciation At the Net beginning Additions by At the At the Additions by carrying of the Useful business end of beginning business Of the Other At the end amount Item year Life Revaluation Additions combinations Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2021 Cost model Furniture and facilities 2,144,232 10 — 147,619 — (46,519) 2,245,332 (1,712,833) 69,220 — (140,855) — (1,784,468) 460,864 Machinery and equipment 7,828,920 5 — 581,850 — (189,778) 8,220,992 (6,593,352) 163,511 — (477,254) — (6,907,095) 1,313,897 Vehicles 393,750 5 — 99,139 — (82,218) 410,671 (181,299) 71,533 — (77,541) — (187,307) 223,364 Right of use assets 3,240,608 0 — 1,205,056 — (1,281,319) 3,164,345 (1,429,079) 944,546 — (1,059,878) — (1,544,411) 1,619,934 Construction in progress 963,605 0 — 866,175 — (438,750) 1,391,030 — — — — — — 1,391,030 Revaluation model Land and Buildings 6,343,672 50 105,051 4,619 — (198,151) 6,255,191 (275,877) 183,291 — (136,782) — (229,368) 6,025,823 Total 20,914,787 — 105,051 2,904,458 — (2,236,735) 21,687,561 (10,192,440) 1,432,101 — (1,892,310) — (10,652,649) 11,034,912 Gross carrying amount Depreciation At the Net beginning Additions by At the At the Additions by carrying of the Useful business end of beginning business Of the Other At the end amount Item year Life Revaluation Additions combinations Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2020 Cost model Furniture and facilities 2,072,789 10 — 116,852 — (45,409) 2,144,232 (1,432,570) (129,095) — (151,168) — (1,712,833) 431,399 Machinery and equipment 6,485,290 5 — 2,002,289 — (658,659) 7,828,920 (5,769,041) (359,297) — (465,014) — (6,593,352) 1,235,568 Vehicles 355,697 5 — 109,063 — (71,010) 393,750 (152,513) 38,148 — (66,934) — (181,299) 212,451 Right of use assets 3,090,168 0 — 1,213,421 — (1,062,981) 3,240,608 (1,164,216) 913,081 — (1,177,944) — (1,429,079) 1,811,529 Construction in progress 986,733 0 — 229,654 — (252,782) 963,605 — — — — — — 963,605 Revaluation model Land and Buildings 3,924,650 50 1,235,377 1,186,431 — (2,786) 6,343,672 (173,002) 3,755 — (106,630) — (275,877) 6,067,795 Total 16,915,327 — 1,235,377 4,857,710 — (2,093,627) 20,914,787 (8,691,342) 466,592 — (1,967,690) — (10,192,440) 10,722,347 |
Summary of Revaluation of Property Plant and Equipment | Residual Value according to Revaluation Revalued the cost Class date amount model Difference Land and buildings 12/31/2021 6,025,823 3,764,200 2,261,623 Land and buildings 12/31/2020 6,067,795 3,810,045 2,257,750 |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INVESTMENT PROPERTIES | |
Summary of movement in investment properties | The movements in investment properties for the years ended December 31, 2021 and 2020 were as follows: At the P/L for Beginning Total useful changes As of Item of the year life Additions in the FV Additions Disposals 12/31/2021 Cost model Rented properties 54,801 — — 93,687 (7,940) 140,548 Measurement at fair value Rented properties 8,998,595 50 (441,020) — — 8,557,575 TOTAL INVESTMENT PROPERTIES 9,053,396 50 — (441,020) 93,687 (7,940) 8,698,123 At the P/L for Beginning Total useful changes As of Item of the year life Additions in the FV Additions Disposals 12/31/2020 Cost model Rented properties 54,801 — — — — — 54,801 Measurement at fair value Rented properties 8,277,394 50 (139,556) 2,184,310 (1,323,553) 8,998,595 TOTAL INVESTMENT PROPERTIES 8,332,195 — — (139,556) 2,184,310 (1,323,553) 9,053,396 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INTANGIBLE ASSETS | |
Summary of intangible assets | Gross carrying amount Depreciation At the Additions At the At the At the Net carrying beginning by business End of the beginning By business End of the amount at Item of the year Additions combinations Disposals year of the year Disposals combinations Of the year year 12/31/2021 Measurement at cost Goodwill 5,494,180 — — — 5,494,180 — — — — — 5,494,180 Brands 301,881 — — — 301,881 — — — — — 301,881 Other intangible assets(*) 8,511,674 3,228,118 — (17,528) 11,722,264 (4,070,061) 5,849 — (2,032,008) (6,096,220) 5,626,044 TOTAL 14,307,735 3,228,118 — (17,528) 17,518,325 (4,070,061) 5,849 — (2,032,008) (6,096,220) 11,422,105 Gross carrying amount Depreciation At the Additions At the At the At the Net carrying beginning by business End of the beginning By business End of the amount at Item of the year Additions combinations Disposals year of the year Disposals combinations Of the year year 12/31/2020 Measurement at cost Goodwill 5,483,173 11,007 — — 5,494,180 — — — — — 5,494,180 Brands 301,881 — — — 301,881 — — — — — 301,881 Other intangible assets(*) 5,907,675 2,625,549 — (21,550) 8,511,674 (2,757,855) (106) — (1,312,100) (4,070,061) 4,441,613 TOTAL 11,692,729 2,636,556 — (21,550) 14,307,735 (2,757,855) (106) — (1,312,100) (4,070,061) 10,237,674 (*)mainly include systems and programs. |
Summary of goodwill by cash generating units | 12/31/2021 12/31/2020 Supervielle Seguros S.A. 14,620 14,620 IUDÚ Compañia Financiera S.A 368,254 368,254 Banco Regional de Cuyo S.A. 76,654 76,654 InvertirOnline S.A.U. / InvertirOnline.Com Argentina S.A.U.(renamed as “Portal Integral de Inversiones S.A.U.” with registration pending) 2,786,446 2,786,446 Micro Lending S.A.U. 2,193,965 2,193,965 Others 54,241 54,241 TOTAL 5,494,180 5,494,180 |
Summary of assumptions used in goodwill impairment test | Real Forecast Forecast Forecast Forecast Forecast 2021 2022 2023 2024 2025 2026 Inflation (end of period) 46.7 % 45.9 % 39.9 % 56.7 % 47.5 % 47.5 % Inflation (average) 47.3 % 44.4 % 41.6 % 51.1 % 49.5 % 47.5 % Cost of funding (average) 39.2 % 41.9 % 40.8 % 49.0 % 45.2 % 45.2 % Loan’s interest rate (average) 55.8 % 58.8 % 65.4 % 63.2 % 61.7 % 61.7 % |
COMPOSITION OF THE MAIN ITEMS_2
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |
Summary of debt securities at fair value through profit or loss | 12/31/2021 12/31/2020 Government securities 19,070,192 13,380,433 Corporate securities 311,518 606,289 Securities issued by the Central Bank 375,975 914,090 19,757,685 14,900,812 |
Summary of operation related to derivatives | 12/31/2021 12/31/2020 Amounts receivable for spot and forward transactions pending settlement 214,491 216,472 Amounts payable for spot and forward transactions pending settlement 7,367 799 221,858 217,271 |
Summary of other financial assets | 12/31/2021 12/31/2020 Participation Certificates in Financial Trusts 86,019 61,667 Investments in Asset Management and Other Services 2,063,702 2,307,878 Other investments 518,917 808,571 Receivable from spot sales pending settlement 9,862,104 1,626,621 Several debtors 696,854 1,258,255 Miscellaneous debtors for credit card operations 645,334 307,636 Miscellaneous debtors for collections 50,031 97,555 13,922,961 6,468,183 |
Summary of other debt securities | 12/31/2021 12/31/2020 Debt securities 220,423 — Government securities 21,647,431 19,131,469 Securities issued by the Central Bank 57,062,297 42,537,745 Others 89 5,500 78,930,240 61,674,714 |
Summary of financial assets in guarantee | 12/31/2021 12/31/2020 Special guarantees accounts in the Argentine Central Bank 6,515,565 5,601,077 Deposits in guarantee 2,024,369 1,802,512 8,539,934 7,403,589 |
Summary of inventories | 12/31/2021 12/31/2020 Electronics 139,431 84,953 Home and Health care — 24,317 Tools and Workshop Equipment — 392 Obsolescence Reserve (2,656) (2,548) 136,775 107,114 |
Summary of non-financial assets | 12/31/2021 12/31/2020 Other Miscellaneous assets 1,254,270 911,237 Loans to employees 231,991 355,104 Payments in advance 790,346 485,968 Other non-financial assets 65,805 24,705 Retirement Plan 69,668 216,226 Works of art and collector's pieces 48,818 48,819 2,460,898 2,042,059 |
Summary of deposits | 12/31/2021 12/31/2020 Non-financial sector 11,475,017 11,941,378 Financial sector 39,099 86,665 Current accounts 31,586,573 25,495,556 Savings accounts 156,920,884 155,236,626 Time deposits and investments accounts 84,106,913 69,603,800 Others 4,329,611 7,280,516 288,458,097 269,644,541 |
Summary of liabilities at fair value through profit or loss | 12/31/2021 12/31/2020 Liabilities for transactions in local currency 1,364,304 3,021,859 Liabilities for transactions in foreign currency 688,912 — 2,053,216 3,021,859 |
Summary of other financial liabilities | 12/31/2021 12/31/2020 Amounts payable for spot transactions pending settlement 12,852,754 2,056,641 Collections and other operations on behalf of third parties 8,993,758 7,473,635 Fees accrued to pay 6,830 8,186 Financial guarantee contracts 14,200 29,935 Liabilities associated with the transfer of financial assets not derecognized 551,556 — Lease liability 1,358,265 1,783,673 Others 2,879 12,158 23,780,242 11,364,228 |
Summary of financing received from the Argentine Central Bank and other financial institutions | 12/31/2021 12/31/2020 Financing received from local financial institutions 1,035,932 973,884 Financing received from international institutions 5,216,616 7,859,661 6,252,548 8,833,545 |
Summary of provisions | 12/31/2021 12/31/2020 Eventual commitments 59,600 13,032 Unused Balances of Credit Cards 207,684 312,165 Other contingencies 646,387 702,854 913,671 1,028,051 |
Summary of other non-financial liabilities | 12/31/2021 12/31/2020 Payroll and social securities 6,254,324 8,303,198 Sundry creditors 5,910,686 5,525,647 Revenue from contracts with customers (1) 183,730 284,774 Tax payable 3,459,913 2,720,659 Social security payment orders pending settlement 403,441 1,350,639 Other 61,782 148,601 16,273,876 18,333,518 (1) Deferred income resulting from contracts with customers includes the liability for the customers’ loyalty program. The Group estimates the value of the points granted to customers through the application of a mathematical model that considers assumptions about redemption rates, the fair value of points redeemed based on the combination of available products, and customer preferences, as well as the expiration of un-redeemed points. As of December 31, 2021 and 2020, the amounts of 183,730 and 284,774 , respectively, have been recorded for the points unredeemed not expired. |
Summary of estimated use of liability | Maturity Up to 12 Up to 24 More than Item months months 24 months Total Revenue from contracts with customers 73,976 43,352 66,402 183,730 |
Summary of interest income | 12/31/2021 12/31/2020 12/31/2019 Interest on overdrafts 3,133,108 4,042,925 9,384,301 Interest on promissory notes 11,194,804 9,398,203 12,079,774 Interest on personal loans 19,401,947 21,393,779 26,542,271 Interest on corporate unsecured loans 6,918,453 9,029,045 12,619,750 Interest on credit card loans 5,927,631 5,763,900 9,894,527 Interest on mortgage loans 7,062,856 6,029,525 7,771,001 Interest on automobile and other secured loan 1,548,516 1,114,558 1,424,065 Interest on foreign trade loans 1,243,547 2,193,377 3,556,327 Interest on financial leases 1,581,186 1,063,245 2,321,257 Interest on public and private securities measured at amortized cost 27,672,634 30,979,499 — Others 17,747,199 6,651,000 6,456,407 Total 103,431,881 97,659,056 92,049,680 |
Summary of interests expenses | 12/31/2021 12/31/2020 12/31/2019 Interest on current accounts deposits 21,139,712 9,547,244 12,350,968 Interest on time deposits 37,594,565 29,546,822 40,800,914 Interest on other financial liabilities 1,382,903 3,450,463 15,807,755 Interest from financing from financial sector 182,801 152,200 563,258 Others 199,527 439,957 2,221,742 Total 60,499,508 43,136,686 71,744,637 |
Summary of net income from financial instruments at fair value through profit or loss | 12/31/2021 12/31/2020 12/31/2019 Income from corporate and government securities 6,955,178 4,528,233 3,148,919 Income from securities issued by the Argentine Central Bank 349,543 204,513 38,457,933 Derivatives 1,584,749 271,848 1,466,429 Total 8,889,470 5,004,594 43,073,281 |
Summary of service fee income | 12/31/2021 12/31/2020 12/31/2019 Commissions from deposits accounts 6,496,684 6,984,705 7,211,889 Commissions from credit and debit cards 4,986,927 5,152,252 5,954,326 Commissions from loans operations 158,346 248,830 605,834 Others Commissions 5,023,307 4,963,179 3,899,527 Total 16,665,264 17,348,966 17,671,576 |
Summary of service fee expenses | 12/31/2021 12/31/2020 12/31/2019 Commissions paid 4,958,004 5,237,443 4,461,593 Export and foreign currency operations 122,477 118,372 149,604 Total 5,080,481 5,355,815 4,611,197 |
Summary of income from insurance activities | 12/31/2021 12/31/2020 12/31/2019 Accrued premiums 3,571,621 3,472,950 4,496,195 Accrued losses (697,045) (466,105) (711,042) Production expenses (603,330) (483,924) (921,906) Total 2,271,246 2,522,921 2,863,247 |
Summary of other operating incomes | 12/31/2021 12/31/2020 12/31/2019 Loans recovered and allowances reversed 1,713,707 864,110 1,024,586 Insurance commissions 253 77,773 140,324 Rental from safety boxes 384,497 513,659 589,519 Commissions from trust services 44,591 14,548 54,004 Returns of risk funds 1,240,482 1,835,065 354,853 Commissions from financial guarantees — — 1,290,177 Default interests 171,347 321,396 864,988 Sale of fixed assets 8,955 202,236 — Others 1,813,042 1,875,978 1,343,426 Total 5,376,874 5,704,765 5,661,877 |
Summary of personnel expenses | 12/31/2021 12/31/2020 12/31/2019 Payroll and social securities 23,707,177 25,181,467 25,513,307 Others expenses 1,884,145 2,254,991 3,593,290 Total 25,591,322 27,436,458 29,106,597 |
Summary of administration expenses | 12/31/2021 12/31/2020 12/31/2019 Directors´ and statutory auditors’fees 406,912 515,515 577,092 Professional fees 4,494,789 4,594,601 2,091,132 Advertising and publicity 1,148,460 1,039,542 1,113,883 Taxes 3,381,423 2,804,450 3,019,628 Maintenance, security and services 4,116,826 4,261,597 3,549,777 Rent 78,477 108,753 106,332 Others 1,728,692 2,250,540 5,105,244 Total 15,355,579 15,574,998 15,563,088 |
Summary of depreciation and impairment of non-financial assets | 12/31/2021 12/31/2020 12/31/2019 Depreciation of property, plant and equipment 832,432 789,745 1,401,741 Depreciation of other non-financial assets 300,511 353,419 219,745 Depreciation of intangible assets 2,032,008 1,312,100 941,994 Depreciation of right-of-use assets 1,059,878 1,177,943 1,165,539 Impairment of other-non financial assets 313 — — Total 4,225,142 3,633,207 3,729,019 |
Summary of other operating expenses | 12/31/2021 12/31/2020 12/31/2019 Promotions related with credit cards 909,345 792,979 1,049,209 Turnover tax 8,141,305 5,963,008 7,704,959 Fair value on initial recognition of loans 196,788 295,029 412,833 Contributions made to deposit insurance system 491,445 437,450 501,318 Others 2,109,166 2,435,613 3,397,513 Total 11,848,049 9,924,079 13,065,832 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
COMMITMENTS AND CONTINGENCIES | |
Summary of provision | 12/31/2021 12/31/2020 Legal issues 72,772 49,142 Labor lawsuits 320,653 89,452 Tax 142,219 171,021 Unused Balances of Credit Cards 207,684 312,165 Charges to be paid to National Social Security Administration 54,058 340,203 Judicial Deposits 27,400 33,702 Eventual commitments 59,600 13,032 Others 29,285 19,334 Total 913,671 1,028,051 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RELATED PARTY TRANSACTIONS | |
Summary of Aggregate Amounts to Related Parties | As of As of December 31, 2021 December 31, 2020 Aggregate total financial exposure 476,728 242,271 Number of recipient related parties 79 80 (a) Individuals 69 71 (b) Companies 10 9 Average total financial exposure 6,035 3,028 Single largest exposure 446,417 933,426 |
INSURANCE (Tables)
INSURANCE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
INSURANCE | |
Summary of assets and liabilities related to insurance activities | 12/31/2021 12/31/2020 Assets related to insurance contracts (Loans and other financing) Receivables premiums 859,077 890,622 Commissions receivables 3,045 3,054 Total 862,122 893,676 Liabilities related to insurance contracts (Other non-financial liabilities) Debt with insured 195,268 205,468 Debt with reinsurers 26,441 17,707 Debt with producers 248,745 277,444 Technical commitments 348,008 334,666 Outstanding claims paid by re-insurance companies (1,404) (13,673) commissions to pay 3,547 — Total 820,605 821,612 Debt with insured Property insurance Direct administrative insurance 37,872 27,408 Direct insurance in mediation 25 38 Claims settled to pay 140 442 Direct insurance in judgments 2,639 — Claims occurred and not reported - IBNR 7,180 14,783 Life insurance Direct administrative insurance 82,638 97,366 Direct insurance in judgments 1,449 2,140 Direct insurance in mediation 407 1,337 Claims settled to pay 16,631 28,926 Claims occurred and not reported - IBNR 46,287 33,028 Total 195,268 205,468 Debt with producers Producers current account 23,134 59,281 Commissions for premiums receivable 225,611 218,163 Total 248,745 277,444 Technical commitments Course and similar risk Premiums and surcharges 342,603 334,659 Premium insufficiency 5,405 7 Total 348,008 334,666 |
ASSET MANAGEMENT AND OTHER SE_2
ASSET MANAGEMENT AND OTHER SERVICES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ASSET MANAGEMENT AND OTHER SERVICES | |
Schedule of asset management and other services | Portfolio Net Worth Number of Units Asset Management and Other Service 12/31/2021 12/31/2020 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Premier Renta C.P. Pesos 50,379,441 54,788,133 50,307,382 54,731,794 11,713,447,317 12,597,963,038 Premier Renta Plus en Pesos 297,932 253,716 296,155 245,647 15,706,691 11,899,481 Premier Renta Fija Ahorro 9,218,858 2,598,107 9,158,814 2,580,596 2,136,780,683 59,317,777 Premier Renta Fija Crecimiento 114,224 111,671 113,907 110,770 4,571,392 3,983,791 Premier Renta Variable 409,820 284,286 406,621 280,111 8,944,577 6,689,975 Premier FCI Abierto Pymes 1,041,437 1,420,731 1,039,269 1,384,690 99,988,028 119,588,138 Premier Commodities 299,120 391,128 225,383 385,094 15,200,277 25,702,973 Premier Capital 1,437,994 290,315 1,421,043 288,680 180,998,028 36,842,932 Premier Inversión 1,316,258 1,111,992 1,315,617 1,076,967 1,965,594,347 1,576,391,366 Premier Balanceado 1,203,207 1,805,588 1,202,267 1,804,260 169,137,724 253,733,905 Premier Renta Mixta 3,679,175 5,372,982 3,280,818 4,756,951 850,150,799 1,072,064,209 Premier Renta Mixta en USD 134,911 170,214 134,089 170,214 2,122,092 2,083,508 Premier Performance en USD 521,867 794,127 518,066 787,672 6,455,272 7,724,190 Premier Global USD 265,712 740,326 265,198 739,573 2,430,000 5,444,411 |
RESTRICTED ASSETS (Tables)
RESTRICTED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTED ASSETS | |
Summary of Restricted Assets | Item 12/31/2021 12/31/2020 Financial assets in guarantee Special guarantee accounts in the Argentine Central Bank 6,515,565 5,601,077 Guarantee deposits for currency forward transactions 1,306,195 907,533 Guarantee deposits for credit cards transactions 666,775 636,888 Other guarantee deposits 38,927 240,323 8,527,462 7,385,821 |
FINANCIAL TRUSTS (Tables)
FINANCIAL TRUSTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of financial trust [line items] | |
Summary of Financial Trust | The structured entity in which the Group was the trustor as of December 31, 2021 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$ 31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$ 32,522 CP VN$1,626 IUDÚ Compañia Financiera S.A 24 05/28/2021 04/15/2022 $ 699,000 VDF VN$ 559,200 CP VN$ 139,800 IUDÚ Compañia Financiera S.A 25 10/01/2021 09/15/2022 $ 703,600 VDF VN$ 583,988 CP VN$ 119,612 The structured entity in which the Group was the trustor as of December 31, 2020 are set out below: Due of Financial principal Securitized Issued Securities Issuers Trust Set-up on obligation Amount Type Amount Type Amount Micro Lending S.A.U. III 06/08/2011 10/12/2016 $ 39,779 VDF TV A VDF B VN$31,823 CP VN$1,592 Micro Lending S.A.U. IV 09/01/2011 06/29/2017 $ 40,652 VDF TV A VDF B VN$32,522 CP VN$1,626 |
Fideicomiso de Administracin Interconexin Financial Trust | |
Disclosure of financial trust [line items] | |
Summary of Financial Trust | Financial trust Indenture executed on Due of principal obligation Original principal amount Principal balance Beneficiaries Settlers Fideicomiso de Administración Interconexión 500 KV ET Nueva San Juan - ET Rodeo Iglesia 09/12/2018 The Term of this Trust Fund Contract will be in force over 24 months as from 09/12/2018, or until the expiration of liabilities through Disbursements (Termination Date”). 30 days (thirty days) after the maturity of this Trust Agreement without the parties’ having agreed upon an Extension Commission, the Trustor of the trust account shall receive USD 6,000 (six thousand US Dollars) at the exchange rate in force in Banco Supervielle as a fine. - - Those initially mentioned in Exhibit V (DISERVEL S.R.L., INGENIAS S.R.L, GEOTECNIA (INV. CALVENTE), NEWEN INGENIERIA S.A., INGICIAP S.A., MERCADOS ENERGETICOS, DISERVEL S.R.L.) and providers of works, goods and services included in the Project to be assigned by the Trustee with prior consent of the Trustor Interconexion Electrica Rodeo S.A. |
Equity TMF Trust Company (Argentina) S.A. | |
Disclosure of financial trust [line items] | |
Summary of Financial Trust | Securities issued Value initially Participation Financial Trust Set up on assigned in trust Certificates Debt Instruments 23 02/26/2019 $ 699,000 $ 139,800 $ 559,200 24 05/28/2019 $ 703,600 $ 583,988 $ 119,612 |
Micro Lending Financial Trust | |
Disclosure of financial trust [line items] | |
Summary of Financial Trust | Securitized Issued Securities Financial Trust Set-up on Amount Type Amount Type Amount Type Amount III 06/08/2011 $ 39,779 VDF TV A VN$31,823 VDF B VN $6,364 CP VN $1,592 Vto: 03/12/13 Vto: 11/12/13 Vto: 10/12/16 IV 09/01/2011 $ 40,652 VDF TV A VN$32,522 VDF B VN $6,504 CP VN $1,626 Vto: 06/20/13 Vto: 10/20/13 Vto: 06/29/17 |
ISSUANCE OF DEBT SECURITIES (Ta
ISSUANCE OF DEBT SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Banco Supervielle S.A. | |
ISSUANCE OF DEBT SECURITIES | |
Summary of Outstanding obligations | Class Issue Date Maturity Date Annual Interest Rate 12/31/2021 12/31/2020 Banco Supervielle Class A 02/09/2017 08/09/2020 Badlar + Spread 4.5 % — — Banco Supervielle Class C 12/22/2017 12/22/2021 Badlar + Spread 4.25 % — 670,674 Banco Supervielle Class E 02/14/2018 02/14/2023 Badlar + Spread 4.05 % 1,059,240 2,384,218 Banco Supervielle Class G 06/30/2020 06/30/2021 2% Annual Nominal — 3,325,030 Micro Lending Class III 10/04/2017 10/05/2020 Badlar + Spread 7 % — — Total 1,059,240 6,379,922 Issuance Maturity Book Value date Currency Class Amount Amortization Term date Rate 12/31/2021 12/31/2020 08/20/2013 U$S III 22,500 100% at mat, 84 Months 08/20/20 7 % — — 11/18/2014 U$S IV 13,441 100% at mat, 84 Months 11/18/21 7 % — 1,721,443 Total — 1,721,443 |
RESTRICTIONS IMPOSED ON THE D_2
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |
Schedule of shareholders' equity under the rules of the Argentine Central Bank | 12/31/2021 Capital Stock 456,722 Capital Adjustment 4,713,494 Paid in Capital 43,558,993 Legal Reserve 531,832 Other Reserves 4,103,753 Retained earnings (1,201,458) Other Comprehensive Income 1,210,586 Total shareholders’ equity attributable to the owners of the parent under the rules of the Argentine Central Bank 53,373,922 |
LOANS AND OTHER FINANCING (Tabl
LOANS AND OTHER FINANCING (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
LOANS AND OTHER FINANCING | |
Summary of composition of loan portfolio | As of December 31, 2021 and 2020 the composition of the loan portfolio is as follows: Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2021 Promissory notes 37,128,510 672,216 173,348 37,974,074 Unsecured corporate loans 11,278,606 432,712 1,338,004 13,049,322 Overdrafts 4,941,421 139,929 117,054 5,198,404 Mortgage loans 14,335,616 1,211,860 320,803 15,868,279 Automobile and other secured loans 3,238,977 407,569 271,901 3,918,447 Personal loans 24,848,123 3,872,005 2,567,411 31,287,539 Credit card loans 26,960,062 2,673,520 1,428,481 31,062,063 Foreign Trade Loans 9,859,886 2,196,320 1,697,453 13,753,659 Other financings 3,601,638 242,459 83,122 3,927,219 Other receivables from financial transactions 3,058,661 40,314 113,308 3,212,283 Receivables from financial leases 5,813,309 411,487 46,063 6,270,859 Subtotal 145,064,809 12,300,391 8,156,948 165,522,148 Allowances for loan losses (1,825,277) (2,642,379) (5,580,163) (10,047,819) Total 143,239,532 9,658,012 2,576,785 155,474,329 Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2020 Promissory notes 27,514,098 922,027 220,763 28,656,888 Unsecured corporate loans 18,728,720 1,197,805 3,561,404 23,487,929 Overdrafts 3,071,077 240,830 457,154 3,769,061 Mortgage loans 11,916,818 3,197,483 1,576,581 16,690,882 Automobile and other secured loans 1,852,825 471,548 531,734 2,856,107 Personal loans 28,749,130 2,192,557 941,892 31,883,579 Credit card loans 26,294,177 2,776,595 587,386 29,658,158 Foreign Trade Loans 14,427,056 2,392,460 2,870,700 19,690,216 Other financings 4,971,812 1,095,063 246,489 6,313,364 Other receivables from financial transactions 3,843,013 51,000 90,114 3,984,127 Receivables from financial leases 4,252,607 328,028 230,669 4,811,304 Subtotal 145,621,333 14,865,396 11,314,886 171,801,615 Allowances for loan losses (2,801,943) (3,001,823) (6,912,633) (12,716,399) Total 142,819,390 11,863,573 4,402,253 159,085,216 |
Summary of changes in gross carrying amount and corresponding expected credit losses | Assets Before Allowances ECL Allowance Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at the beginning of the year 145,621,333 14,865,396 11,314,887 171,801,616 2,801,943 3,001,823 6,912,635 12,716,401 Transfers 1 to 2 (2,706,703) 2,706,703 — — (143,762) 738,400 — 594,638 1 to 3 (1,669,225) — 1,669,225 — (213,280) — 2,489,899 2,276,619 2 to 3 — (345,905) 345,905 — — (214,718) 395,987 181,269 2 to 1 2,472,284 (2,472,284) — — 28,625 (371,684) — (343,059) 3 to 2 — 436,312 (436,312) — — 102,955 (427,790) (324,835) 3 to 1 549,224 — (549,224) — (799) — (289,617) (290,416) Net changes of financial assets 1,103,670 (2,208,067) 874,515 (229,882) 786,772 284,880 1,701,582 2,773,234 Write-Offs (1,460,146) (927,797) (5,217,593) (7,605,536) (1,460,146) (927,797) (5,217,593) (7,605,536) Exchange Differences and Others 1,154,372 246,032 155,546 1,555,950 25,924 28,520 15,060 69,504 Gross carrying amount at December 31, 2021 145,064,809 12,300,390 8,156,949 165,522,148 1,825,277 2,642,379 5,580,163 10,047,819 Assets Before Allowances ECL Allowance Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at the beginning of the year 171,911,741 9,571,995 13,247,969 194,731,705 3,298,489 1,723,489 8,852,772 13,874,750 Transfers 1 to 2 (4,852,066) 4,852,066 — — (176,175) 1,634,428 — 1,458,253 1 to 3 (2,330,308) — 2,330,308 — (54,807) — 3,744,912 3,690,105 2 to 3 — (1,277,483) 1,277,483 — — (335,559) 1,120,179 784,620 2 to 1 1,234,686 (1,234,686) — — 51,073 (188,137) — (137,064) 3 to 2 — 55,376 (55,376) — — 15,826 (59,281) (43,455) 3 to 1 70,542 — (70,542) — 2,133 — (68,147) (66,014) Net changes of financial assets (23,213,643) 4,131,246 (80,391) (19,162,788) 1,257,132 1,850,908 (689,803) 2,418,237 Write-Offs (1,696,215) (1,737,832) (6,192,773) (9,626,820) (1,696,216) (1,737,831) (6,192,773) (9,626,820) Exchange Differences and Others 4,496,596 504,714 858,209 5,859,519 120,314 38,699 204,776 363,789 Gross carrying amount at December 31, 2020 145,621,333 14,865,396 11,314,887 171,801,616 2,801,943 3,001,823 6,912,635 12,716,401 |
Summary of financial assets | Allowances Gross for loans Fair value of Credit Impaired loans exposure losses Book value collateral Overdrafts 117,054 91,522 25,532 — Financial Lease 46,062 28,345 17,717 28,720 Documents 173,348 89,361 83,987 856,145 Mortgage loans 320,803 180,769 140,034 11,928 Personal loans 2,567,411 2,423,057 144,354 — Pledge loans 271,901 188,118 83,783 150,505 Credit cards 1,428,481 1,344,741 83,740 2,125 Other 3,231,888 1,234,251 1,997,637 1,451,123 Total 8,156,948 5,580,164 2,576,784 2,500,546 |
Summary of withdrawal financial assets from its balance sheet | 12.31.2021 12.31.2020 Balance at the beginning of the year 10,864,898 7,909,885 Additions 7,605,536 9,626,820 Disposals (3,244,896) (1,855,095) Cash collection (1,093,450) (830,359) Portfolio sales (533,986) (116,402) Condonation (1,617,460) (908,334) Exchange differences and other movements (7,325,988) (4,816,712) Gross carrying amount 7,899,550 10,864,898 |
RISK MANAGEMENT POLICIES (Table
RISK MANAGEMENT POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
RISK MANAGEMENT POLICIES | |
Summary of maximum credit risk exposure | December 31, 2021 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Overdrafts 37,128,510 672,216 173,348 37,974,074 Promissory Notes 11,278,606 432,712 1,338,004 13,049,322 Unsecured Corporate Loans 13,288,933 279,934 117,054 13,685,921 Mortgage Loans 14,335,616 1,211,860 320,803 15,868,279 Automobile and other secured loans 3,238,977 407,569 271,901 3,918,447 Personal Loans 24,848,123 3,872,005 2,567,411 31,287,539 Retail 20,542,487 3,346,918 834,584 24,723,989 Consumer Finance 4,305,636 525,087 1,732,827 6,563,550 Credit Card Loans 60,606,206 4,259,328 1,428,481 66,294,015 Retail 50,628,708 3,766,160 381,020 54,775,888 Consumer Finance 9,977,498 493,168 1,047,461 11,518,127 Receivables from Financial Leases 5,813,309 411,487 46,062 6,270,858 Foreign Trade Loans 9,859,886 2,196,320 1,697,453 13,753,659 Other Financings 4,252,304 247,169 83,122 4,582,595 Other Receivables from Financial Transactions 3,059,297 40,314 113,309 3,212,920 Total 187,709,767 14,030,914 8,156,948 209,897,629 December 31, 2020 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Overdrafts 27,514,098 922,027 220,763 28,656,888 Promissory Notes 18,728,720 1,197,805 3,561,404 23,487,929 Unsecured Corporate Loans 18,892,137 430,301 457,154 19,779,592 Mortgage Loans 11,916,817 3,197,483 1,576,581 16,690,881 Automobile and other secured loans 1,852,825 471,547 531,734 2,856,106 Personal Loans 28,749,129 2,192,558 941,893 31,883,580 Retail 23,449,155 2,151,139 770,118 26,370,412 Consumer Finance 5,299,974 41,419 171,775 5,513,168 Credit Card Loans 65,920,810 4,707,126 587,387 71,215,323 Retail 57,813,293 3,974,723 367,492 62,155,508 Consumer Finance 8,107,517 732,403 219,895 9,059,815 Receivables from Financial Leases 4,252,607 328,028 230,669 4,811,304 Foreign Trade Loans 14,427,055 2,392,460 2,870,700 19,690,215 Other Financings 5,674,094 1,126,082 246,490 7,046,666 Other Receivables from Financial Transactions 3,843,583 51,376 90,114 3,985,073 Total 201,771,875 17,016,793 11,314,889 230,103,557 |
Summary of exposure to the Group's exchange risk by currency type | Balances as of 12/31/2021 Balances as of 12/31/2020 Monetary Monetary Monetary Monetary Financial Financial Net Financial Financial Net Currency Assets Liabilities Derivatives Position Assets Liabilities Derivatives Position US Dollar 41,198,482 36,422,195 7,367 4,783,654 64,753,045 53,900,933 798 10,852,910 Euro 923,079 855,301 — 67,778 1,471,024 1,184,919 — 286,105 Others 313,247 7,919 — 305,328 442,533 9,370 — 433,163 Total 42,434,808 37,285,415 7,367 5,156,760 66,666,602 55,095,222 798 11,572,178 |
Summary of sensitivity analysis performed reasonably possible changes in foreign exchange rates | 12/31/2021 12/31/2020 Currency Variation P/L Equity Variation P/L Equity US Dollar 52.50 % 2,509,382 2,509,382 40.20 % 4,057,089 4,057,089 (52.50) % (2,509,382) (2,509,382) (40.20) % (4,057,089) (4,057,089) Euro 52.50 % 35,555 35,555 40.20 % 114,655 114,655 (52.50) % (35,555) (35,555) (40.20) % (114,655) (114,655) Other 52.50 % 160,167 160,167 40.20 % 174,093 174,093 (52.50) % (160,167) (160,167) (40.20) % (174,093) (174,093) Total 52.50 % 2,705,104 2,705,104 40.20 % 4,345,838 4,345,838 (52.50) % (2,705,104) (2,705,104) (40.20) % (4,345,837) (4,345,837) |
Summary of exposure to interest rate risk | Term in days Assets and Liabilities Up to 30 From 30 to 90 from 90 to 180 from 180 to 365 More than 365 Total To 12/31/2021 Total Financial Assets 167,930,968 39,268,945 35,681,468 23,350,316 92,585,212 358,816,909 Total Financial Liabilities (170,806,220) (42,873,914) (8,119,354) (560,903) (105,434,009) (327,794,400) Net Amount (2,875,252) (3,604,969) 27,562,114 22,789,413 (12,848,797) 31,022,509 Term in days Assets and Liabilities Up to 30 From 30 to 90 from 90 to 180 from 180 to 365 More than 365 Total To 12/31/2020 Total Financial Assets 142,205,295 35,144,963 33,032,399 21,119,157 115,218,851 346,720,665 Total Financial Liabilities (166,486,491) (35,780,295) (7,646,899) (2,264,887) (104,878,279) (317,056,851) Net Amount (24,281,196) (635,332) 25,385,500 18,854,270 10,340,572 29,663,814 |
Summary of sensitivity to reasonably possible additional variation in interest rates for next year | 12/31/2021 12/31/2020 Increase / (decrease) Increase / (decrease) Items Additional variation in in the income Additional variation in in the income the interest rate statement the interest rate statement Decrease in the interest rate 4% ARS; 2% USD 260,905 4% ARS; 2% USD (654,631) Increase in the interest rate 4% ARS; 2% USD (260,112) 4% ARS; 2% USD 650,546 |
Schedule of concentration of loans and deposits | Loans and other financing 12/31/2021 12/31/2020 Number of Clients Balance % over total portfolio Balance % over total portfolio 10 largest customers 13,155,387 7.9% 17,090,229 9.9% 50 following largest customers 21,266,376 12.8% 24,209,408 14.1% 100 following largest customers 17,301,047 10.5% 15,301,427 8.9% Rest of customers 113,799,338 68.8% 115,200,554 67.1% TOTAL 165,522,148 100.0% 171,801,618 100.0% Deposits 12/31/2021 12/31/2020 Number of customers Balance % over total portfolio Balance % over total portfolio 10 largest customers 95,276,777 33.0% 74,049,170 27.5% 50 following largest customers 48,457,386 16.8% 45,028,876 16.7% 100 following largest customers 15,105,120 5.2% 14,280,185 5.3% Rest of customers 129,618,813 44.9% 136,286,310 50.5% TOTAL 288,458,096 100.0% 269,644,541 100.0% |
Summary of analysis of the assets and liabilities maturities | Less than From 1 to From 3 to From 6 months to From 1 to More than As of 12/31/2021 1 month 3 months 6months 1 years 2 years 2 years Total Loans and other financing 86,696,816 27,058,005 34,340,407 20,280,268 36,396,208 110,910,750 315,682,454 To the non-financial public sector 13,253 2,881 4,321 5,023 — — 25,478 To the financial sector 5,180 4,849 7,479 21,872 67,105 50,329 156,814 To the Non-Financial Private Sector and Foreign residents 86,678,383 27,050,275 34,328,607 20,253,373 36,329,103 110,860,421 315,500,162 TOTAL ASSETS 86,696,816 27,058,005 34,340,407 20,280,268 36,396,208 110,910,750 315,682,454 Deposits 255,925,278 32,382,246 2,522,656 134,449 3,978 335 290,968,942 Non-financial public sector 9,343,440 2,000,907 197,876 — — — 11,542,223 Financial sector 39,099 — — — — — 39,099 Non-financial private sector and foreign residents 246,542,739 30,381,339 2,324,780 134,449 3,978 335 279,387,620 Liabilities at fair value through profit or loss 2,053,216 — — — — — 2,053,216 Repo transactions — — — — — — — Other financial liabilities 22,545,702 172,028 244,065 431,714 390,562 541,851 24,325,922 Financing received from the Argentine Central Bank and other financial institutions 2,975,606 678,008 2,989,303 202,592 241,388 369,267 7,456,164 Unsubordinated debt securities — 686,327 145,532 300,876 686,327 — 1,819,062 TOTAL LIABILITIES 283,499,802 33,918,609 5,901,556 1,069,631 1,322,255 911,453 326,623,307 |
BUSINESS COMBINATIONS (Tables)
BUSINESS COMBINATIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
BUSINESS COMBINATIONS | |
Summary of Acquisition for Class of Assets Acquired and Liabilities Assumed | Fair Value Cash and Due from Banks 51,380 Other Assets 26 Miscellaneous obligations (784) Net identifiable assets acquired 50,622 |
ASSETS AND LIABILITIES IN FOR_2
ASSETS AND LIABILITIES IN FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | |
Summary of Assets and Liabilities in Foreign Currency | At At 12/31/2021 (per currency) At Items 12/31/2021 Dollar Euro Real Others 12/31/2020 ASSETS Cash and Due from Banks 21,475,944 20,240,942 922,100 17,217 295,685 30,789,452 Government and corporate securities at fair value with changes in results 777,457 777,457 - - - 2,786,763 Derivatives 7,367 7,367 - - - 798 Other financial assets 711,238 711,114 124 - - 1,711,669 Loans and other financing 15,428,720 15,427,520 855 - 345 22,976,589 Other Debt Securities 3,732,301 3,732,301 - - - 7,246,202 Financial assets in guarantee 1,087,132 1,087,132 - - - 791,754 Other non-financial assets 121,312 121,312 - - - 363,375 TOTAL ASSETS 43,341,471 42,105,145 923,079 17,217 296,030 66,666,602 LIABILITIES Deposits 28,823,051 28,348,565 474,486 — — 38,036,395 Non-financial public sector 1,114,042 1,113,873 169 - - 1,363,730 Financial sector 221 221 - - - 3,105 Non-financial private sector and foreign residents 27,708,788 27,234,471 474,317 - - 36,669,560 Liabilities at fair value with changes in results 688,912 688,912 - - - — Other financial liabilities 2,582,008 2,193,275 380,815 15 7,903 3,589,592 Financing received from the Argentine Central Bank and other financial entities 5,135,292 5,135,292 - - - 7,849,164 Unsubordinated debt securities — - - - — 3,325,030 Subordinated debt securities — - - - - 1,721,441 Other non-financial liabilities 369,662 369,661 - - 1 573,600 TOTAL LIABILITIES 37,598,925 36,735,705 855,301 15 7,904 55,095,222 NET POSITION 5,742,546 5,369,440 67,778 17,202 288,126 11,571,380 |
CURRENT_NON-CURRENT DISTINCTI_2
CURRENT/NON-CURRENT DISTINCTION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
CURRENT/NON-CURRENT DISTINCTION | |
Summary of Assets and Liability | 12/31/2021 12/31/2020 No more than No more than 12 months More than 12 12 months More than 12 after the months after after the months after reporting the reporting reporting the reporting ASSETS period period Total period period Total Cash and due from banks 32,574,118 — 32,574,118 55,357,647 — 55,357,647 Cash 12,589,320 — 12,589,320 19,309,242 — 19,309,242 Argentine Central Bank 18,134,499 — 18,134,499 29,620,309 — 29,620,309 Other local financial institutions 1,208,357 — 1,208,357 6,198,171 — 6,198,171 Others 641,942 — 641,942 229,925 — 229,925 Debt Securities at fair value through profit or loss 19,757,685 — 19,757,685 14,900,812 — 14,900,812 Derivatives 221,858 — 221,858 217,271 — 217,271 Reverse Repo transactions 42,849,578 — 42,849,578 33,742,602 — 33,742,602 Other financial assets 13,922,961 — 13,922,961 6,468,183 — 6,468,183 Loans and other financing 115,676,418 39,797,911 155,474,329 113,435,978 45,649,238 159,085,216 To the non-financial public sector 22,738 — 22,738 19,067 16,450 35,517 To the financial sector 12,161 64,671 76,832 18,207 0 18,207 To the Non-Financial Private Sector and Foreign residents 115,641,519 39,733,240 155,374,759 113,398,704 45,632,788 159,031,492 Other debt securities 73,207,135 5,723,105 78,930,240 43,526,385 18,148,329 61,674,714 Financial assets in guarantee 8,539,934 — 8,539,934 7,403,589 — 7,403,589 Current income tax assets 880,290 — 880,290 — — — Inventories 136,775 — 136,775 107,114 — 107,114 Investments in equity instruments — 264,280 264,280 30,119 145,468 175,587 Property, plant and equipment — 11,034,912 11,034,912 — 10,722,347 10,722,347 Investment Property — 8,698,123 8,698,123 — 9,053,396 9,053,396 Intangible assets — 11,422,105 11,422,105 — 10,237,674 10,237,674 Deferred income tax assets 485,243 2,749,713 3,234,956 681,562 4,323,489 5,005,051 Other non-financial assets 1,135,934 1,324,964 2,460,898 1,082,769 959,290 2,042,059 TOTAL ASSETS 309,387,929 81,015,113 390,403,042 276,954,031 99,239,231 376,193,262 12/31/2021 12/31/2020 No more than No more than 12 months More than 12 12 months More than 12 after the months after after the months after reporting the reporting reporting the reporting LIABILITIES period period Total period period Total Deposits 288,455,225 2,872 288,458,097 269,643,973 568 269,644,541 Non-financial public sector 11,475,017 — 11,475,017 11,941,378 — 11,941,378 Financial sector 39,099 — 39,099 86,665 — 86,665 Non-financial private sector and foreign residents 276,941,109 2,872 276,943,981 257,615,930 568 257,616,498 Liabilities at fair value through profit or loss 2,053,216 — 2,053,216 3,021,859 — 3,021,859 Derivatives — — — 3,011 — 3,011 Repo Transactions — — — — — — Other financial liabilities 23,219,035 561,207 23,780,242 10,286,290 1,077,938 11,364,228 Financing received from the Argentine Central Bank and other financial institutions 5,853,350 399,198 6,252,548 8,335,637 497,908 8,833,545 Unsubordinated negotiable Obligations 341,623 717,617 1,059,240 4,763,516 1,616,406 6,379,922 Current income tax liability — — — 1,944,531 — 1,944,531 Subordinated negotiable obligations — — — 1,721,443 — 1,721,443 Provisions 66,183 847,488 913,671 63,669 964,382 1,028,051 Deferred income tax liability 61,736 — 61,736 63,403 — 63,403 Other non-financial liabilities 16,273,876 — 16,273,876 15,585,288 2,748,230 18,333,518 TOTAL LIABILITIES 336,324,244 2,528,382 338,852,626 315,432,620 6,905,432 322,338,052 |
OFFSETTING OF FINANCIAL ASSET_2
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | |
Summary of Assets and Liabilities Subject to a Master Netting Arrangement Not Offset | Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2021 amount (a) offset (b) (c) = (a) – (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (6,286,910) 880,921 (5,405,989) Derivatives instruments 158,480 56,011 214,491 — — — Total 158,480 56,011 214,491 (6,286,910) 880,921 (5,405,989) Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2020 amount (a) offset (b) (c) = (a) – (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (4,744,951) 735,398 (4,009,553) Derivatives instruments 155,610 60,862 216,472 — — — Total 155,610 60,862 216,472 (4,744,951) 735,398 (4,009,553) |
MINIMUM CAPITAL REQUIREMENTS (T
MINIMUM CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
MINIMUM CAPITAL REQUIREMENTS | |
Schedule of minimum capital requirement in accordance with the rules of Agrentine Cental Bank | Year ended December 31,(2) 2021 2020 2019 (in thousands of Pesos except percentages and ratios) Calculation of excess capital: Allocated to assets at risk 12,957,481 9,047,140 7,164,842 Allocated to Bank premises and equipment, intangible assets and equity investment assets 2,035,689 1,350,035 826,133 Market risk 965,159 551,765 251,739 Interest rate risk — — — Public sector and securities in investment account, 34,489 27,651 11,472 Operational risk 4,805,957 3,233,793 2,349,952 Required minimum capital under Central Bank rules 20,798,775 14,210,384 10,604,138 Basic net worth 42,938,440 30,242,263 16,991,091 Complementary net worth 1,564,272 1,090,865 1,033,734 Deductions (11,770,286) (7,028,227) (2,999,716) Total capital under Central Bank rules 32,732,426 24,304,901 15,025,109 Excess capital 11,933,651 10,094,517 4,420,971 Selected capital and liquidity ratios: Regulatory capital/risk weighted assets (1) 18.40 % 19.29 % 11.60 % Average shareholders’ equity as a percentage of average total assets 12.54 % 11.16 % 10.40 % Total liabilities as a multiple of total shareholders’ equity 7.5x 7.5x 7.1x Cash as a percentage of total deposits 11.06 % 20.31 % 28.20 % Tier 1 Capital / Risk weighted assets 12.25 % 13.35 % 10.80 % (1) Risk Weighted Assets includes operational risk weighted assets, market risk weighted assets, and credit risk weighted assets, Operational risk weighted assets and market risk weighted assets are calculated by multiplying their respective required minimum capital under Central Bank rules by 12.5 , Credit Risk Weighted Assets is calculated by applying the respective credit risk weights to our assets, following Central Bank rules, (2) Nominal values without inflation adjustment , |
ACCOUNTING STANDARDS AND BASI_4
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - IAS 29 (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |||
Annual | 50.90% | 36.10% | 53.80% |
Accumulated 3 years | 216.10% | 209.20% | 183.40% |
ACCOUNTING STANDARDS AND BASI_5
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Subsidiaries (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Banco Supervielle S.A. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 99.90% | 99.90% | 99.90% |
Proportion of voting rights held in subsidiary | 99.89% | 99.89% | 99.89% |
Cordial Compania Financiera S.A. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 99.90% | 99.90% | 99.90% |
Tarjeta Automatica S.A. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 99.99% | 99.99% | 99.99% |
Supervielle asset management S.A.[member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
SofitalS.A.F. e I.I. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Espacio Cordial de Servicios S.A. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Supervielle Seguros S.A. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Micro Lending S.A.U. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Invertir Online S.A.U. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Invertir Online.Com Argentina S.A.U. [member] | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
IOL Holding S.A. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | ||
Supervielle Productores Asesores de Seguros S.A | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Bolsillo Digital S.A.U. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 99.90% | 100.00% | 100.00% |
Futuros del Sur S.A. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% | 100.00% |
Easy Cambio S.A. | |||
Subsidiaries included in the consolidation | |||
Percentage of direct and indirect investment in capital stock | 100.00% | 100.00% |
ACCOUNTING STANDARDS AND BASI_6
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Structured Entities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | ||
Financial assets | $ 352,534,983 | $ 339,025,621 |
Other non-financial assets | 2,460,898 | 2,042,059 |
Total Assets | 390,403,042 | 376,193,262 |
LIABILITIES | ||
Financial liabilities | 321,603,343 | 300,968,549 |
Other liabilities | 16,273,876 | 18,333,518 |
Total Liabilities | 338,852,626 | $ 322,338,052 |
Consolidated structured entities [member] | ||
ASSETS | ||
Loans | 856,576 | |
Financial assets | 96,747 | |
Other non-financial assets | 7,805 | |
Total Assets | 961,128 | |
LIABILITIES | ||
Financial liabilities | 542,110 | |
Other liabilities | 6,284 | |
Total Liabilities | $ 548,394 |
ACCOUNTING STANDARDS AND BASI_7
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Cash and Cash Equivalents (Detail) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |||
Cash and due from banks | $ 32,574,118 | $ 55,357,647 | $ 54,256,477 |
Debt securities at fair value through profit or loss | 10,403,747 | 2,820,500 | 1,168,228 |
Money Market Funds | 1,750,600 | 1,393,271 | 1,982,765 |
Cash and cash equivalents | $ 44,728,465 | $ 59,571,418 | $ 57,407,470 |
ACCOUNTING STANDARDS AND BASI_8
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Reconciliation Of Statement of Financial Position and Statement of Cash Flow (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and due from Banks | |||
Cash and due from banks | $ 32,574,118 | $ 55,357,647 | $ 54,256,477 |
As per the Statement of Cash Flows | 32,574,118 | 55,357,647 | 54,256,477 |
Debt securities at fair value through profit or loss | |||
As per Statement of Financial Position | 19,757,685 | 14,900,812 | 1,168,228 |
Securities not considered as cash equivalents | (9,353,938) | (12,080,312) | |
As per the Statement of Cash Flows | 10,403,747 | 2,820,500 | 1,168,228 |
Money Market Funds | |||
As per Statement of Financial Position - Other financial assets | 13,922,961 | 6,468,183 | 4,308,910 |
Other financial assets not considered as cash equivalents | (12,172,361) | (5,074,912) | (2,326,145) |
As per the Statement of Cash Flow | $ 1,750,600 | $ 1,393,271 | $ 1,982,765 |
ACCOUNTING STANDARDS AND BASI_9
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Financing Activities (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of financing activities | |||
Beginning of year | $ 18,718,584 | $ 37,338,766 | $ 59,188,737 |
Inflows | 34,603,093 | 26,455,850 | 244,498,283 |
Outflows | (46,653,129) | (47,129,785) | (274,057,634) |
Other non-cash movements | 2,001,505 | 2,053,753 | 7,709,380 |
End of year | 8,670,053 | 18,718,584 | 37,338,766 |
Unsubordinated debt securities | |||
Reconciliation of financing activities | |||
Beginning of year | 6,379,922 | 12,507,270 | 29,421,323 |
Inflows | 2,252,098 | 4,005,697 | 17,286,639 |
Outflows | (7,572,780) | (10,242,448) | (35,685,061) |
Other non-cash movements | 109,403 | 1,484,369 | |
End of year | 1,059,240 | 6,379,922 | 12,507,270 |
Subordinated debt securities | |||
Reconciliation of financing activities | |||
Beginning of year | 1,721,443 | 4,356,218 | 4,374,447 |
Outflows | (1,721,443) | (2,678,103) | (1,732,235) |
Other non-cash movements | 43,328 | 1,714,006 | |
End of year | 1,721,443 | 4,356,218 | |
Financing received from the Argentine Central Bank and other financial institutions | |||
Reconciliation of financing activities | |||
Beginning of year | 8,833,545 | 18,530,516 | 25,392,967 |
Inflows | 32,350,995 | 22,450,153 | 227,211,644 |
Outflows | (34,931,992) | (32,147,124) | (234,068,388) |
Other non-cash movements | (5,707) | ||
End of year | 6,252,548 | 8,833,545 | 18,530,516 |
Lease Liabilities | |||
Reconciliation of financing activities | |||
Beginning of year | 1,783,674 | 1,944,762 | |
Outflows | (2,426,914) | (2,062,110) | (2,571,950) |
Other non-cash movements | 2,001,505 | 1,901,022 | 4,516,712 |
End of year | $ 1,358,265 | $ 1,783,674 | $ 1,944,762 |
ACCOUNTING STANDARDS AND BAS_10
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Allowance for Loan Losses (Details) | 12 Months Ended | |
Dec. 31, 2021segmentitem | Dec. 31, 2020item | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Number of segments | segment | 3 | |
Number of scenarios considered to estimate credit losses captured non linealrities | 3 | 3 |
Minimum | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Portfolio classification score under Argentina Central Bank | 1 | |
Number of notes whose internal behavior score is deteriorated from the approval score | 2 | |
Minimum | Corporate Banking | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 31 days | |
Maximum | Corporate Banking | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 90 days | |
Consumer [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Period past for financial instruments in default and credit impaired | 90 days | |
Consumer [member] | Minimum | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 31 days | |
Consumer [member] | Maximum | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 90 days | |
Personal and Business Banking | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Probably of default that raises significant increase in credit risk | 30.00% | |
Period past for financial instruments in default and credit impaired | 90 days | |
Personal and Business Banking | Minimum | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 31 days | |
Personal and Business Banking | Maximum | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Past due accounts that raises significant increase in credit risk | 90 days | |
Corporate Banking | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Period past for financial instruments in default and credit impaired | 90 days |
ACCOUNTING STANDARDS AND BAS_11
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Software (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Computer software [member] | Maximum | |
Software | |
Estimated useful life | 5 years |
ACCOUNTING STANDARDS AND BAS_12
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Assumptions utilized to calculate ECL (Detail) | 12 Months Ended |
Dec. 31, 2021ARS ($) | |
Personal and Business Banking | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 30.00% |
Personal and Business Banking | Open Market | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 143.00% |
Personal and Business Banking | Open Market | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 149.00% |
Personal and Business Banking | Open Market | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 137.00% |
Personal and Business Banking | Open Market | Exchange Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 173.00% |
Personal and Business Banking | Open Market | Exchange Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 165.00% |
Personal and Business Banking | Open Market | Exchange Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 181.00% |
Personal and Business Banking | Income Payroll | Inflation Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 45.90% |
Personal and Business Banking | Income Payroll | Inflation Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 40.60% |
Personal and Business Banking | Income Payroll | Inflation Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 51.50% |
Personal and Business Banking | Income Payroll | Exchange Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 173.00% |
Personal and Business Banking | Income Payroll | Exchange Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 165.00% |
Personal and Business Banking | Income Payroll | Exchange Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 181.00% |
Personal and Business Banking | Senior Citizens | Inflation Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 45.90% |
Personal and Business Banking | Senior Citizens | Inflation Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 40.60% |
Personal and Business Banking | Senior Citizens | Inflation Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 51.50% |
Personal and Business Banking | Senior Citizens | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 143 |
Personal and Business Banking | Senior Citizens | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 149 |
Personal and Business Banking | Senior Citizens | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 137 |
Corporate Banking | All | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 35.2 |
Corporate Banking | All | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 31.6 |
Corporate Banking | All | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 38.7 |
Corporate Banking | All | Interest Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 46.00% |
Corporate Banking | All | Interest Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 41.00% |
Corporate Banking | All | Interest Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 51.00% |
Consumer finance | IUD | Private Sector Wage | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 45.40% |
Loss given default | 45.40% |
Consumer finance | IUD | Private Sector Wage | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 49.90% |
Loss given default | 49.90% |
Consumer finance | IUD | Private Sector Wage | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 40.90% |
Loss given default | 40.90% |
Consumer finance | IUD | Quantity of Private Sector Employment | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | $ 6,011,000 |
Consumer finance | IUD | Quantity of Private Sector Employment | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | 6,016,000 |
Consumer finance | IUD | Quantity of Private Sector Employment | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | $ 6,005,000 |
Consumer finance | IUD Automobile Loans | Inflation Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 45.90% |
Consumer finance | IUD Automobile Loans | Inflation Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 40.60% |
Consumer finance | IUD Automobile Loans | Inflation Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 51.50% |
Consumer finance | IUD Automobile Loans | Quantity of Private Sector Employment | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | $ 6,011,000 |
Consumer finance | IUD Automobile Loans | Quantity of Private Sector Employment | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | 6,016,000 |
Consumer finance | IUD Automobile Loans | Quantity of Private Sector Employment | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Default probability | $ 6,005,000 |
Consumer finance | IUD Automobile Loans | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 143 |
Consumer finance | IUD Automobile Loans | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 149 |
Consumer finance | IUD Automobile Loans | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 137 |
Consumer finance | IUD Automobile Loans | Exchange Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 173.00% |
Consumer finance | IUD Automobile Loans | Exchange Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 165.00% |
Consumer finance | IUD Automobile Loans | Exchange Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 181.00% |
Supervielle Bank | All | Private Sector Wage | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 45.90% |
Supervielle Bank | All | Private Sector Wage | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 40.60% |
Supervielle Bank | All | Private Sector Wage | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 51.50% |
Supervielle Bank | IUD | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 143 |
Supervielle Bank | IUD | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 149 |
Supervielle Bank | IUD | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Activity estimator | 137 |
ACCOUNTING STANDARDS AND BAS_13
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Probabilities (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 60.00% |
Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 10.00% |
Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 30.00% |
ACCOUNTING STANDARDS AND BAS_14
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - ECL Sensitivity (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Reported ECL allowance | $ 10,047,819 | |
Financial assets | $ 352,534,983 | $ 339,025,621 |
Reported Provision Ratio | 6.07% | |
Favorable [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Reported ECL allowance | $ 9,644,480 | |
Reported Provision Ratio | 5.83% | |
Unfavorable [member] | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Reported ECL allowance | $ 10,553,582 | |
Reported Provision Ratio | 6.38% | |
Gross carrying amount | ||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | ||
Financial assets | $ 165,522,148 |
ACCOUNTING STANDARDS AND BAS_15
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Useful Life for Property, Plant and Equipment (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 50 years | |
Furnitures [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 10 years | |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 5 years | 5 years |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 5 years | 5 years |
Other property, plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful life | 5 years |
ACCOUNTING STANDARDS AND BAS_16
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Reserves (Detail) | Dec. 31, 2021 |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Current income required to be appropriate to legal reserve (as a percent) | 5.00% |
Required legal reserve, as percent to capital stock and capital adjustment | 20.00% |
Current year net income post previous years' adjustments to legal reserve (as a percent) | 20.00% |
ACCOUNTING STANDARDS AND BAS_17
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - (Details) ₫ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021ARS ($) | Dec. 31, 2021VND (₫) | Dec. 31, 2020VND (₫) | |
Minimum | |||
Disclosure of financial trust [line items] | |||
Proportion of ownership interest in associate | 20.00% | ||
Maximum | |||
Disclosure of financial trust [line items] | |||
Proportion of ownership interest in associate | 50.00% | ||
Micro Lending Trust Financial Trust, III | |||
Disclosure of financial trust [line items] | |||
Securitized Amount | $ | $ 39,779 | ||
Securities issued | $ | 39,779 | ||
Micro Lending Trust Financial Trust, III | VDF TV A VDF B | |||
Disclosure of financial trust [line items] | |||
Securities issued | ₫ 31,823 | ₫ 31,823 | |
Micro Lending Trust Financial Trust, III | CP | |||
Disclosure of financial trust [line items] | |||
Securities issued | 1,592 | ||
Micro Lending Financial Trusts, IV | |||
Disclosure of financial trust [line items] | |||
Securitized Amount | $ | 40,652 | ||
Securities issued | $ | 40,652 | ||
Micro Lending Financial Trusts, IV | VDF TV A VDF B | |||
Disclosure of financial trust [line items] | |||
Securities issued | 32,522 | ₫ 32,522 | |
Micro Lending Financial Trusts, IV | CP | |||
Disclosure of financial trust [line items] | |||
Securities issued | 1,626 | ||
IUD Compaia Financiera S.A Trust 24 | |||
Disclosure of financial trust [line items] | |||
Securitized Amount | $ | 699,000 | ||
IUD Compaia Financiera S.A Trust 24 | VDF | |||
Disclosure of financial trust [line items] | |||
Securities issued | 559,200 | ||
IUD Compaia Financiera S.A Trust 24 | CP | |||
Disclosure of financial trust [line items] | |||
Securities issued | 139,800 | ||
IUD Compaia Financiera S.A Trust 25 | |||
Disclosure of financial trust [line items] | |||
Securitized Amount | $ | $ 703,600 | ||
IUD Compaia Financiera S.A Trust 25 | VDF | |||
Disclosure of financial trust [line items] | |||
Securities issued | 583,988 | ||
IUD Compaia Financiera S.A Trust 25 | CP | |||
Disclosure of financial trust [line items] | |||
Securities issued | ₫ 119,612 |
ACCOUNTING STANDARDS AND BAS_18
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Movement in investment properties (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | ||
Income derived from rents (rents charged) | $ 17,349 | $ 14,670 |
Direct operating expenses of properties that generated income derived from rents | (7,321) | (10,018) |
Fair value remeasurement | (441,020) | (139,556) |
Income or loss from investment property | $ (430,992) | $ (134,904) |
ACCOUNTING STANDARDS AND BAS_19
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Earnings per share (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2021shares | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Weighted average of number of ordinary shares issued with dilution effect | 0 |
CRITICAL ACCOUNTING POLICIES _2
CRITICAL ACCOUNTING POLICIES AND ESTIMATES (Details) | Dec. 31, 2021item |
CRITICAL ACCOUNTING POLICIES AND ESTIMATES | |
Weighted average of number of scenarios considered for economic outlook | 3 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of operating segments [line items] | |||
Cash and due from banks | $ 32,574,118 | $ 55,357,647 | $ 54,256,477 |
Debt securities at fair value through profit or loss | 19,757,685 | 14,900,812 | 1,168,228 |
Loans and other financing | 155,474,329 | 159,085,216 | |
Other Assets | 182,596,910 | 146,849,587 | |
TOTAL ASSETS | 390,403,042 | 376,193,262 | |
Deposits | 288,458,097 | 269,644,541 | |
Financing received from the Argentine Central Bank and others | 6,252,548 | 8,833,545 | |
Negotiable obligations | 1,059,240 | 6,379,922 | |
Other liabilities | 43,082,741 | 37,480,044 | |
TOTAL LIABILITIES | 338,852,626 | 322,338,052 | |
Interest income | 103,431,881 | 97,659,056 | 92,049,680 |
Interest Expense | (60,499,508) | (43,136,686) | (71,744,637) |
Net interest income | 42,932,373 | 54,522,370 | 20,305,043 |
Net income from financial instruments at fair value through profit or loss | 8,889,470 | 5,004,594 | 43,073,281 |
Result from derecognition of assets measured at amortized cost | 254,187 | 991,715 | |
Exchange rate differences on gold and foreign currency | 992,383 | 1,606,842 | (665,941) |
Net Income From Financial instruments And Exchange Rate Differences | 10,136,040 | 7,603,151 | 42,407,340 |
Net Financial Income | 53,068,413 | 62,125,521 | 62,712,383 |
Services Fee Income | 16,665,264 | 17,348,966 | 17,671,576 |
Services Fee Expenses | (5,080,481) | (5,355,815) | (4,611,197) |
Income from insurance activities | 2,271,246 | 2,522,921 | 2,863,247 |
Net Service Fee Income | 13,856,029 | 14,516,072 | 15,923,626 |
Subtotal | 66,924,442 | 76,641,593 | 78,636,009 |
Result from exposure to changes in the purchasing power of money | (7,807,754) | (6,475,891) | (11,013,521) |
Other operating income | 5,376,874 | 5,704,765 | 5,661,877 |
Loan loss provisions | (8,929,921) | (13,003,712) | (15,898,709) |
Net operating income | 55,563,641 | 62,866,755 | 57,385,656 |
Personnel expenses | (25,591,322) | (27,436,458) | |
Administration expenses | (15,355,579) | (15,574,998) | (15,563,088) |
Depreciations and impairment non-financial assets | (4,225,142) | (3,633,207) | |
Other operating expenses | (11,848,049) | (9,924,079) | (13,065,832) |
Operating income (loss) | (1,456,451) | 6,298,013 | |
Result before taxes | (1,456,451) | 6,298,013 | |
Income tax | (279,907) | (1,013,887) | (346,658) |
Net (loss) / income | (1,736,358) | 5,284,126 | (4,425,538) |
Net (loss) / income for the year attributable to owners of the parent | (1,734,541) | 5,282,780 | (4,421,383) |
Net income / (loss) for the year attributable to non-controlling interests | (1,817) | 1,346 | (4,155) |
Other comprehensive (loss) / income | (53,725) | 1,213,106 | (98,298) |
Other comprehensive (loss) / income attributable to owners of the parent company | (53,657) | 1,211,932 | (98,022) |
Other comprehensive (loss) / income attributable to non-controlling interest | (68) | 1,174 | (276) |
Comprehensive (loss) / income for the year | (1,790,083) | 6,497,232 | (4,523,836) |
Comprehensive (loss) / income attributable to owners of the parent company | (1,788,198) | 6,494,712 | (4,519,405) |
Comprehensive income (loss) attributable to non-controlling interest | (1,885) | 2,520 | $ (4,431) |
Adjustments | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 189,378 | (201,614) | |
Loans and other financing | (5,534,649) | (3,913,231) | |
Other Assets | 23,624,149 | 24,386,483 | |
TOTAL ASSETS | 18,278,878 | 20,271,638 | |
Deposits | (610,038) | (206,034) | |
Financing received from the Argentine Central Bank and others | (4,929,761) | (3,826,851) | |
Other liabilities | 7,915,522 | 9,002,222 | |
TOTAL LIABILITIES | 2,375,723 | 4,969,337 | |
Interest income | (1,603,128) | (574,193) | |
Interest Expense | 1,619,166 | 703,811 | |
Net interest income | 16,038 | 129,618 | |
Net income from financial instruments at fair value through profit or loss | 144,561 | 514,472 | |
Result from derecognition of assets measured at amortized cost | (23,633) | (47,960) | |
Exchange rate differences on gold and foreign currency | 91,061 | 148,786 | |
Net Income From Financial instruments And Exchange Rate Differences | 211,989 | 615,298 | |
Net Financial Income | 228,027 | 744,916 | |
Services Fee Income | (344,207) | (633,962) | |
Services Fee Expenses | 160,293 | (44,795) | |
Income from insurance activities | 295,328 | 327,922 | |
Net Service Fee Income | 111,414 | (350,835) | |
Subtotal | 339,441 | 394,081 | |
Result from exposure to changes in the purchasing power of money | (628,500) | (221,814) | |
Other operating income | (232,165) | (200,315) | |
Net operating income | (521,224) | (28,048) | |
Personnel expenses | (36,411) | (178,229) | |
Administration expenses | 194,897 | 406,287 | |
Depreciations and impairment non-financial assets | (93,751) | (94,991) | |
Other operating expenses | (40,073) | (60,408) | |
Operating income (loss) | (496,562) | 44,611 | |
Income from associates and joint ventures | (5,413) | (9,745) | |
Result before taxes | (501,975) | 34,866 | |
Income tax | (63,053) | 795,200 | |
Net (loss) / income | (565,028) | 830,066 | |
Net (loss) / income for the year attributable to owners of the parent | (563,211) | 828,720 | |
Net income / (loss) for the year attributable to non-controlling interests | (1,817) | 1,346 | |
Other comprehensive (loss) / income | 13,627 | (17,561) | |
Other comprehensive (loss) / income attributable to owners of the parent company | 13,695 | (18,735) | |
Other comprehensive (loss) / income attributable to non-controlling interest | (68) | 1,174 | |
Comprehensive (loss) / income for the year | (551,401) | 812,505 | |
Comprehensive (loss) / income attributable to owners of the parent company | (549,516) | 809,985 | |
Comprehensive income (loss) attributable to non-controlling interest | (1,885) | 2,520 | |
Personal and Business Banking | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 12,111,141 | 18,634,794 | |
Loans and other financing | 76,316,258 | 79,205,935 | |
Other Assets | 6,609,578 | 12,934,602 | |
TOTAL ASSETS | 95,036,977 | 110,775,331 | |
Deposits | 138,678,878 | 141,634,666 | |
Financing received from the Argentine Central Bank and others | 15,347 | 22,658 | |
Negotiable obligations | 13,495 | 36,069 | |
Other liabilities | 14,219,359 | 11,292,436 | |
TOTAL LIABILITIES | 152,927,079 | 152,985,829 | |
Interest income | 30,721,711 | 33,256,362 | |
Interest Expense | (16,236,285) | (12,349,918) | |
Distribution of results by Treasury | 5,134,215 | 5,146,536 | |
Net interest income | 19,619,641 | 26,052,980 | |
Exchange rate differences on gold and foreign currency | 316,615 | 572,485 | |
Net Income From Financial instruments And Exchange Rate Differences | 316,615 | 572,485 | |
Net Financial Income | 19,936,256 | 26,625,465 | |
Services Fee Income | 10,529,003 | 11,266,898 | |
Services Fee Expenses | (3,445,017) | (3,703,205) | |
Net Service Fee Income | 7,083,986 | 7,563,693 | |
Subtotal | 27,020,242 | 34,189,158 | |
Result from exposure to changes in the purchasing power of money | 2,976,943 | 2,195,686 | |
Other operating income | 1,305,619 | 2,311,686 | |
Loan loss provisions | (4,148,328) | (6,589,233) | |
Net operating income | 27,154,476 | 32,107,297 | |
Personnel expenses | (18,226,223) | (20,052,116) | |
Administration expenses | (11,074,869) | (11,216,677) | |
Depreciations and impairment non-financial assets | (3,309,350) | (2,904,662) | |
Other operating expenses | (5,224,801) | (5,788,017) | |
Operating income (loss) | (10,680,767) | (7,854,175) | |
Result before taxes | (10,680,767) | (7,854,175) | |
Income tax | 3,721,031 | 2,083,863 | |
Net (loss) / income | (6,959,736) | (5,770,312) | |
Net (loss) / income for the year attributable to owners of the parent | (6,959,736) | (5,770,312) | |
Other comprehensive (loss) / income | (23,227) | 332,298 | |
Other comprehensive (loss) / income attributable to owners of the parent company | (23,227) | 332,298 | |
Comprehensive (loss) / income for the year | (6,982,963) | (5,438,014) | |
Comprehensive (loss) / income attributable to owners of the parent company | (6,982,963) | (5,438,014) | |
Corporate Banking | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 552,152 | 805,222 | |
Loans and other financing | 62,161,494 | 63,757,797 | |
Other Assets | 3,447,294 | 12,565,089 | |
TOTAL ASSETS | 66,160,940 | 77,128,108 | |
Deposits | 31,073,403 | 24,429,606 | |
Negotiable obligations | 8,362 | 19,001 | |
Other liabilities | 4,307,042 | 3,129,826 | |
TOTAL LIABILITIES | 35,388,807 | 27,578,433 | |
Interest income | 19,451,739 | 19,594,058 | |
Interest Expense | (3,039,368) | (1,620,671) | |
Distribution of results by Treasury | (9,175,505) | (9,645,110) | |
Net interest income | 7,236,866 | 8,328,277 | |
Exchange rate differences on gold and foreign currency | 86,572 | 79,403 | |
Net Income From Financial instruments And Exchange Rate Differences | 86,572 | 79,403 | |
Net Financial Income | 7,323,438 | 8,407,680 | |
Services Fee Income | 1,038,430 | 1,014,753 | |
Services Fee Expenses | (340,273) | (290,357) | |
Net Service Fee Income | 698,157 | 724,396 | |
Subtotal | 8,021,595 | 9,132,076 | |
Result from exposure to changes in the purchasing power of money | (1,855,811) | (1,368,778) | |
Other operating income | 1,359,942 | 2,292,266 | |
Loan loss provisions | (825,754) | (5,086,914) | |
Net operating income | 6,699,972 | 4,968,650 | |
Personnel expenses | (1,918,281) | (1,918,590) | |
Administration expenses | (801,687) | (768,177) | |
Depreciations and impairment non-financial assets | (314,266) | (217,591) | |
Other operating expenses | (2,152,583) | (1,895,039) | |
Operating income (loss) | 1,513,155 | 169,253 | |
Result before taxes | 1,513,155 | 169,253 | |
Income tax | (507,821) | 113,695 | |
Net (loss) / income | 1,005,334 | 282,948 | |
Net (loss) / income for the year attributable to owners of the parent | 1,005,334 | 282,948 | |
Other comprehensive (loss) / income | (14,390) | 175,046 | |
Other comprehensive (loss) / income attributable to owners of the parent company | (14,390) | 175,046 | |
Comprehensive (loss) / income for the year | 990,944 | 457,994 | |
Comprehensive (loss) / income attributable to owners of the parent company | 990,944 | 457,994 | |
Treasury [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 18,723,092 | 35,152,584 | |
Debt securities at fair value through profit or loss | 18,941,469 | 13,323,941 | |
Loans and other financing | 10,363,027 | 8,789,617 | |
Other Assets | 139,986,345 | 88,814,199 | |
TOTAL ASSETS | 188,013,933 | 146,080,341 | |
Deposits | 112,516,984 | 98,410,147 | |
Financing received from the Argentine Central Bank and others | 5,861,421 | 8,746,733 | |
Negotiable obligations | 1,037,383 | 6,324,852 | |
Other liabilities | 10,638,967 | 8,844,375 | |
TOTAL LIABILITIES | 130,054,755 | 122,326,107 | |
Interest income | 46,924,159 | 38,627,482 | |
Interest Expense | (39,008,895) | (27,765,866) | |
Distribution of results by Treasury | 4,041,290 | 4,498,574 | |
Net interest income | 11,956,554 | 15,360,190 | |
Net income from financial instruments at fair value through profit or loss | 7,376,856 | 3,494,371 | |
Result from derecognition of assets measured at amortized cost | 277,820 | 1,039,675 | |
Exchange rate differences on gold and foreign currency | 401,700 | 638,877 | |
Net Income From Financial instruments And Exchange Rate Differences | 8,056,376 | 5,172,923 | |
Net Financial Income | 20,012,930 | 20,533,113 | |
Services Fee Income | 61,657 | 90,013 | |
Services Fee Expenses | (170,136) | (90,201) | |
Net Service Fee Income | (108,479) | (188) | |
Subtotal | 19,904,451 | 20,532,925 | |
Result from exposure to changes in the purchasing power of money | (6,432,872) | (4,784,349) | |
Other operating income | 2,071,719 | 382,302 | |
Loan loss provisions | (31,623) | (6,184) | |
Net operating income | 15,511,675 | 16,124,694 | |
Personnel expenses | (1,102,323) | (1,404,672) | |
Administration expenses | (781,006) | (697,888) | |
Depreciations and impairment non-financial assets | (210,822) | (163,769) | |
Other operating expenses | (3,135,246) | (1,111,785) | |
Operating income (loss) | 10,282,278 | 12,746,580 | |
Result before taxes | 10,282,278 | 12,746,580 | |
Income tax | (3,330,940) | (3,350,870) | |
Net (loss) / income | 6,951,338 | 9,395,710 | |
Net (loss) / income for the year attributable to owners of the parent | 6,951,338 | 9,395,710 | |
Other comprehensive (loss) / income | (28,970) | 723,323 | |
Other comprehensive (loss) / income attributable to owners of the parent company | (28,970) | 723,323 | |
Comprehensive (loss) / income for the year | 6,922,368 | 10,119,033 | |
Comprehensive (loss) / income attributable to owners of the parent company | 6,922,368 | 10,119,033 | |
Consumer finance | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 732,108 | 359,769 | |
Debt securities at fair value through profit or loss | 813,930 | 1,561,998 | |
Loans and other financing | 11,202,166 | 10,276,852 | |
Other Assets | 5,140,206 | 4,624,686 | |
TOTAL ASSETS | 17,888,410 | 16,823,305 | |
Deposits | 6,723,096 | 5,376,156 | |
Financing received from the Argentine Central Bank and others | 5,305,541 | 3,818,298 | |
Other liabilities | 3,694,276 | 3,043,081 | |
TOTAL LIABILITIES | 15,722,913 | 12,237,535 | |
Interest income | 7,928,285 | 6,691,339 | |
Interest Expense | (3,834,126) | (2,063,911) | |
Net interest income | 4,094,159 | 4,627,428 | |
Net income from financial instruments at fair value through profit or loss | 366,368 | 216,548 | |
Exchange rate differences on gold and foreign currency | 14,352 | 57,012 | |
Net Income From Financial instruments And Exchange Rate Differences | 380,720 | 273,560 | |
Net Financial Income | 4,474,879 | 4,900,988 | |
Services Fee Income | 2,697,736 | 3,219,890 | |
Services Fee Expenses | (1,146,806) | (1,150,648) | |
Net Service Fee Income | 1,550,930 | 2,069,242 | |
Subtotal | 6,025,809 | 6,970,230 | |
Result from exposure to changes in the purchasing power of money | (699,373) | (1,339,055) | |
Other operating income | 775,585 | 550,223 | |
Loan loss provisions | (3,924,216) | (1,338,846) | |
Net operating income | 2,177,805 | 4,842,552 | |
Personnel expenses | (2,620,530) | (2,586,850) | |
Administration expenses | (1,759,189) | (2,208,374) | |
Depreciations and impairment non-financial assets | (204,548) | (205,013) | |
Other operating expenses | (1,072,784) | (909,295) | |
Operating income (loss) | (3,479,246) | (1,066,980) | |
Income from associates and joint ventures | 5,413 | 9,745 | |
Result before taxes | (3,473,833) | (1,057,235) | |
Income tax | 337,291 | 185,486 | |
Net (loss) / income | (3,136,542) | (871,749) | |
Net (loss) / income for the year attributable to owners of the parent | (3,136,542) | (871,749) | |
Comprehensive (loss) / income for the year | (3,136,542) | (871,749) | |
Comprehensive (loss) / income attributable to owners of the parent company | (3,136,542) | (871,749) | |
Insurance [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 4,220 | 3,284 | |
Loans and other financing | 864,345 | 893,676 | |
Other Assets | 2,329,922 | 1,894,061 | |
TOTAL ASSETS | 3,198,487 | 2,791,021 | |
Other liabilities | 1,592,391 | 1,293,766 | |
TOTAL LIABILITIES | 1,592,391 | 1,293,766 | |
Interest income | 1,422 | ||
Net interest income | 1,422 | ||
Net income from financial instruments at fair value through profit or loss | 574,589 | 533,598 | |
Exchange rate differences on gold and foreign currency | 652 | (148) | |
Net Income From Financial instruments And Exchange Rate Differences | 575,241 | 533,450 | |
Net Financial Income | 576,663 | 533,450 | |
Income from insurance activities | 1,975,918 | 2,194,999 | |
Net Service Fee Income | 1,975,918 | 2,194,999 | |
Subtotal | 2,552,581 | 2,728,449 | |
Result from exposure to changes in the purchasing power of money | (715,673) | (575,186) | |
Other operating income | 15,017 | 15,846 | |
Net operating income | 1,851,925 | 2,169,109 | |
Personnel expenses | (566,147) | (479,706) | |
Administration expenses | (492,030) | (398,616) | |
Depreciations and impairment non-financial assets | (47,676) | (31,337) | |
Other operating expenses | (16,323) | (2,756) | |
Operating income (loss) | 729,749 | 1,256,694 | |
Result before taxes | 729,749 | 1,256,694 | |
Income tax | (189,840) | (444,558) | |
Net (loss) / income | 539,909 | 812,136 | |
Net (loss) / income for the year attributable to owners of the parent | 539,909 | 812,136 | |
Other comprehensive (loss) / income | (1,170) | ||
Other comprehensive (loss) / income attributable to owners of the parent company | (1,170) | ||
Comprehensive (loss) / income for the year | 538,739 | 812,136 | |
Comprehensive (loss) / income attributable to owners of the parent company | 538,739 | 812,136 | |
Asset Management and Other Services | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 262,026 | 603,608 | |
Debt securities at fair value through profit or loss | 2,286 | 14,873 | |
Loans and other financing | 101,688 | 74,570 | |
Other Assets | 1,459,417 | 1,630,467 | |
TOTAL ASSETS | 1,825,418 | 2,323,518 | |
Deposits | 75,774 | ||
Financing received from the Argentine Central Bank and others | 72,707 | ||
Other liabilities | 715,184 | 874,338 | |
TOTAL LIABILITIES | 790,958 | 947,045 | |
Interest income | 7,693 | 64,008 | |
Interest Expense | (40,131) | ||
Net interest income | 7,693 | 23,877 | |
Net income from financial instruments at fair value through profit or loss | 427,096 | 245,605 | |
Exchange rate differences on gold and foreign currency | 81,431 | 110,427 | |
Net Income From Financial instruments And Exchange Rate Differences | 508,527 | 356,032 | |
Net Financial Income | 516,220 | 379,909 | |
Services Fee Income | 2,682,645 | 2,391,374 | |
Services Fee Expenses | (138,542) | (76,609) | |
Net Service Fee Income | 2,544,103 | 2,314,765 | |
Subtotal | 3,060,323 | 2,694,674 | |
Result from exposure to changes in the purchasing power of money | (452,468) | (382,395) | |
Other operating income | 81,157 | 352,757 | |
Loan loss provisions | 17,465 | ||
Net operating income | 2,689,012 | 2,682,501 | |
Personnel expenses | (1,121,407) | (816,295) | |
Administration expenses | (641,695) | (691,553) | |
Depreciations and impairment non-financial assets | (44,729) | (15,844) | |
Other operating expenses | (206,239) | (156,779) | |
Operating income (loss) | 674,942 | 1,002,030 | |
Result before taxes | 674,942 | 1,002,030 | |
Income tax | (246,575) | (396,703) | |
Net (loss) / income | 428,367 | 605,327 | |
Net (loss) / income for the year attributable to owners of the parent | 428,367 | 605,327 | |
Other comprehensive (loss) / income | 405 | ||
Other comprehensive (loss) / income attributable to owners of the parent company | 405 | ||
Comprehensive (loss) / income for the year | 428,772 | 605,327 | |
Comprehensive (loss) / income attributable to owners of the parent company | $ 428,772 | $ 605,327 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Details) - ARS ($) | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of operating segments [line items] | ||||
Annual sales | $ 55,563,641,000 | $ 62,866,755,000 | $ 57,385,656,000 | |
Small companies, individuals and companies | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | $ 100,000 | |||
Small and Medium Size Companies | Minimum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 100,000 | |||
Small and Medium Size Companies | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 700,000 | |||
Megras | Minimum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 700,000 | |||
Megras | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 2,500,000 | |||
Grandes companies | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | $ 2,500,000 |
INCOME TAX - Paragraphs (Detail
INCOME TAX - Paragraphs (Details) $ in Millions | 1 Months Ended | 12 Months Ended |
Jun. 30, 2021item | Dec. 31, 2021USD ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Number of tiered tax structures | item | 3 | |
Income Up To AR$5 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Percentage of taxable income | 25.00% | |
Income Up To AR$50 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Percentage of taxable income | 30.00% | |
Income Exceeding AR$50 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Percentage of taxable income | 35.00% | |
Maximum | Income Up To AR$5 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Threshold limit of income for net taxable rate | $ 5 | |
Maximum | Income Up To AR$50 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Threshold limit of income for net taxable rate | 50 | |
Maximum | Income Exceeding AR$50 Million [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Threshold limit of income for net taxable rate | $ 50 |
INCOME TAX - Reconciliation bet
INCOME TAX - Reconciliation between the tax rate applied and relevant tax rate (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
INCOME TAX | |||
Income before taxes | $ (1,456,451) | $ 6,298,013 | $ (4,078,880) |
Tax rate | 28.00% | 30.00% | 30.00% |
Income for the year at tax rate | $ 400,556 | $ (1,889,404) | $ 1,223,664 |
Contribution SGR | 288,750 | 490,726 | |
Tax inflation adjustment | 112,015 | (21,798) | (344,519) |
Income tax return FY 2019 | 26,496 | (25,852) | |
Effect of tax rate change on deferred tax | (761,691) | 860,399 | |
Non-deductible results | 69,011 | 523,258 | 1,914,841 |
Income tax | $ (279,907) | $ (1,013,887) | $ (346,658) |
INCOME TAX - Net position of de
INCOME TAX - Net position of deferred tax (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets / (liabilities) | |||
Deferred tax assets | $ 3,234,956 | $ 5,005,051 | |
Deferred tax liability | (61,736) | (63,403) | |
Deferred tax assets | 3,234,956 | 5,005,051 | |
Deferred tax liability | (61,736) | (63,403) | |
Total Net Assets by deferred Tax | 3,173,220 | 4,941,648 | $ 2,393,792 |
Later than one year [member] | |||
Deferred tax assets / (liabilities) | |||
Deferred tax assets | 2,749,713 | 4,323,489 | |
Deferred tax assets | 1,606,518 | 2,547,060 | |
Deferred tax liability | (84,871) | (98,324) | |
Up to 1 year [member] | |||
Deferred tax assets / (liabilities) | |||
Deferred tax assets | 485,243 | 681,562 | |
Deferred tax liability | (61,736) | (63,403) | |
Deferred tax assets | 1,628,438 | 2,457,991 | |
Deferred tax liability | $ 23,135 | $ 34,921 |
INCOME TAX - Deferred tax asset
INCOME TAX - Deferred tax assets (liabilities) (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Deferred tax assets / (liabilities) | ||
Beginning Balance | $ 4,941,648 | $ 2,393,792 |
(Charge)/Credit to Income | (1,768,428) | 2,547,856 |
Ending Balance | 3,173,220 | 4,941,648 |
Intangible asset [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (1,473,206) | (1,442,519) |
(Charge)/Credit to Income | 16,650 | (30,687) |
Ending Balance | (1,456,556) | (1,473,206) |
Retirement plan [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 174,850 | 173,569 |
(Charge)/Credit to Income | (174,850) | 1,281 |
Ending Balance | 174,850 | |
Loan loss reserves [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 3,287,076 | 1,892,349 |
(Charge)/Credit to Income | (1,775,050) | 1,394,727 |
Ending Balance | 1,512,026 | 3,287,076 |
Property, plant and equipment [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (1,777,375) | (1,864,608) |
(Charge)/Credit to Income | (2,211,551) | 87,233 |
Ending Balance | (3,988,926) | (1,777,375) |
Foreign currency [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (64,721) | (126,352) |
(Charge)/Credit to Income | 12,574 | 61,631 |
Ending Balance | (52,147) | (64,721) |
Loss carry forwards [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 339,113 | 339,113 |
(Charge)/Credit to Income | (3,605) | |
Ending Balance | 335,508 | 339,113 |
Inflation Adjustment Credit [Member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 3,808,363 | 3,067,683 |
(Charge)/Credit to Income | (1,837,392) | 740,680 |
Ending Balance | 1,970,971 | 3,808,363 |
Other provisions [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 213,099 | 402,898 |
(Charge)/Credit to Income | 91,040 | (189,799) |
Ending Balance | 304,139 | 213,099 |
Other deferred tax assets and liabilities [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 434,449 | (48,341) |
(Charge)/Credit to Income | 4,113,756 | 482,790 |
Ending Balance | $ 4,548,205 | $ 434,449 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets | ||
Total Assets | $ 352,534,983 | $ 339,025,621 |
Liabilities | ||
Financial liabilities | 321,603,343 | 300,968,549 |
Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 40,600,309 | 27,468,897 |
Financial assets at fair value through profit or loss [member] | Financial liabilities at fair value through profit or loss [member] | ||
Liabilities | ||
Financial liabilities | 25,064,048 | 14,083,803 |
Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 241,133,749 | 259,385,291 |
Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 296,539,295 | 286,884,746 |
Financial assets at fair value through other comprehensive income [member] | ||
Assets | ||
Total Assets | 70,800,925 | 52,171,433 |
Deposits [member] | ||
Liabilities | ||
Financial liabilities | 288,458,097 | 269,644,541 |
Deposits [member] | Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 288,458,097 | 269,644,541 |
Liabilities at fair value through profit or loss | ||
Liabilities | ||
Financial liabilities | 2,053,216 | 3,021,859 |
Liabilities at fair value through profit or loss | Financial assets at fair value through profit or loss [member] | Financial liabilities at fair value through profit or loss [member] | ||
Liabilities | ||
Financial liabilities | 2,053,216 | 3,021,859 |
Repo transactions | ||
Liabilities | ||
Financial liabilities | 3,011 | |
Repo transactions | Financial assets at fair value through profit or loss [member] | Financial liabilities at fair value through profit or loss [member] | ||
Liabilities | ||
Financial liabilities | 3,011 | |
Other financial liabilities | ||
Liabilities | ||
Financial liabilities | 23,780,242 | 11,364,228 |
Other financial liabilities | Financial assets at fair value through profit or loss [member] | Financial liabilities at fair value through profit or loss [member] | ||
Liabilities | ||
Financial liabilities | 23,010,832 | 11,058,933 |
Other financial liabilities | Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 769,410 | 305,295 |
Financing received from the Argentine Central Bank and other financial institutions | ||
Liabilities | ||
Financial liabilities | 6,252,548 | 8,833,545 |
Financing received from the Argentine Central Bank and other financial institutions | Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 6,252,548 | 8,833,545 |
Unsubordinated Negotiable Obligations | ||
Liabilities | ||
Financial liabilities | 1,059,240 | 6,379,922 |
Unsubordinated Negotiable Obligations | Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 1,059,240 | 6,379,922 |
Subordinated negotiable obligations [member] | ||
Liabilities | ||
Financial liabilities | 1,721,443 | |
Subordinated negotiable obligations [member] | Financial assets at amortized cost [member] | Financial liabilities at amortized cost [member] | ||
Liabilities | ||
Financial liabilities | 1,721,443 | |
Cash and due from banks [member] | ||
Assets | ||
Total Assets | 32,574,118 | 55,357,647 |
Cash and due from banks [member] | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 32,574,118 | 55,357,647 |
Debt Securities At Fair Value Through Profit Or Loss [Member] | ||
Assets | ||
Total Assets | 19,757,685 | 14,900,812 |
Debt Securities At Fair Value Through Profit Or Loss [Member] | Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 19,757,685 | 14,900,812 |
Derivatives Assets [Member] | ||
Assets | ||
Total Assets | 221,858 | 217,271 |
Derivatives Assets [Member] | Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 221,858 | 217,271 |
Repo transactions | ||
Assets | ||
Total Assets | 33,742,602 | |
Repo transactions | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 33,742,602 | |
Reverse Repo transactions | ||
Assets | ||
Total Assets | 42,849,578 | |
Reverse Repo transactions | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 42,849,578 | |
Other financial assets | ||
Assets | ||
Total Assets | 13,922,961 | 6,468,183 |
Other financial assets | Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 12,378,608 | 5,143,926 |
Other financial assets | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 1,544,353 | 1,324,257 |
Loans and other financing [member] | ||
Assets | ||
Total Assets | 155,474,329 | 159,085,216 |
Loans and other financing [member] | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 155,474,329 | 159,085,216 |
Other Debt Securities | ||
Assets | ||
Total Assets | 78,930,240 | 61,674,714 |
Other Debt Securities | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 8,236,582 | 9,547,351 |
Other Debt Securities | Financial assets at fair value through other comprehensive income [member] | ||
Assets | ||
Total Assets | 70,693,658 | 52,127,363 |
Financial assets in guarantee [member] | ||
Assets | ||
Total Assets | 8,539,934 | 7,403,589 |
Financial assets in guarantee [member] | Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 8,085,145 | 7,075,371 |
Financial assets in guarantee [member] | Financial assets at amortized cost [member] | ||
Assets | ||
Total Assets | 454,789 | 328,218 |
Investments in Equity Instruments | ||
Assets | ||
Total Assets | 264,280 | 175,587 |
Investments in Equity Instruments | Financial assets at fair value through profit or loss [member] | ||
Assets | ||
Total Assets | 157,013 | 131,517 |
Investments in Equity Instruments | Financial assets at fair value through other comprehensive income [member] | ||
Assets | ||
Total Assets | $ 107,267 | $ 44,070 |
FAIR VALUES - Fair value of fin
FAIR VALUES - Fair value of financial instruments (Details) - Fair value [member] - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | $ 111,401,234 | $ 79,640,330 |
Financial liabilities | 25,064,048 | 14,083,803 |
Debt Securities At Fair Value Through Profit Or Loss [Member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 19,757,685 | 14,900,812 |
Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 221,858 | 217,271 |
Other financial assets | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 12,378,608 | 5,143,926 |
Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 70,693,658 | 52,127,363 |
Financial assets in guarantee [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 8,085,145 | 7,075,371 |
Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 264,280 | 175,587 |
Liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 2,053,216 | 3,021,859 |
Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 3,011 | |
Other financial liabilities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 23,010,832 | 11,058,933 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 53,693,887 | 36,697,507 |
Financial liabilities | 25,064,048 | 14,083,803 |
Level 1 of fair value hierarchy [member] | Debt Securities At Fair Value Through Profit Or Loss [Member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 19,446,167 | 14,539,804 |
Level 1 of fair value hierarchy [member] | Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 221,858 | 217,271 |
Level 1 of fair value hierarchy [member] | Other financial assets | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 12,378,608 | 5,143,926 |
Level 1 of fair value hierarchy [member] | Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 13,405,096 | 9,589,618 |
Level 1 of fair value hierarchy [member] | Financial assets in guarantee [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 8,085,145 | 7,075,371 |
Level 1 of fair value hierarchy [member] | Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 157,013 | 131,517 |
Level 1 of fair value hierarchy [member] | Liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 2,053,216 | 3,021,859 |
Level 1 of fair value hierarchy [member] | Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 3,011 | |
Level 1 of fair value hierarchy [member] | Other financial liabilities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 23,010,832 | 11,058,933 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 57,600,080 | 42,898,753 |
Level 2 of fair value hierarchy [member] | Debt Securities At Fair Value Through Profit Or Loss [Member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 311,518 | 361,008 |
Level 2 of fair value hierarchy [member] | Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 57,288,562 | 42,537,745 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 107,267 | 44,070 |
Level 3 of fair value hierarchy [member] | Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | $ 107,267 | $ 44,070 |
FAIR VALUES - Level 3 Reconcili
FAIR VALUES - Level 3 Reconciliation (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021ARS ($) | |
Reconciliation of the financial instruments | |
Assets at beginning of period | $ 376,193,262 |
Transfers | 0 |
Assets at end of period | 390,403,042 |
Level 3 of fair value hierarchy [member] | |
Reconciliation of the financial instruments | |
Assets at beginning of period | 44,070 |
P/L | 63,197 |
Assets at end of period | $ 107,267 |
FAIR VALUES - Assets and Liabil
FAIR VALUES - Assets and Liabilities at Amortized Cost (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Liabilities | ||
Financial liabilities at amortised cost | $ 1,059,240 | $ 6,379,922 |
Book value [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 241,133,749 | 259,385,292 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 296,539,295 | 286,884,746 |
Book value [member] | Deposits [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 288,458,097 | |
Book value [member] | Repo transactions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 269,644,541 | |
Book value [member] | Other financial liabilities | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 769,410 | 305,295 |
Book value [member] | Financing received from the Argentine Central Bank and other financial institutions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 6,252,548 | 8,833,545 |
Book value [member] | Unsubordinated Negotiable Obligations | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,059,240 | 6,379,922 |
Book value [member] | Subordinated negotiable obligations [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,721,443 | |
Book value [member] | Cash and due from banks [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 32,574,118 | 55,357,647 |
Book value [member] | Other financial assets | ||
Financial Assets | ||
Financial assets at amortised cost | 1,544,353 | 1,324,257 |
Book value [member] | Loans and other financing [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 155,474,329 | 159,085,216 |
Book value [member] | Reverse Repo transactions | ||
Financial Assets | ||
Financial assets at amortised cost | 42,849,578 | 33,742,603 |
Book value [member] | Other Debt Securities | ||
Financial Assets | ||
Financial assets at amortised cost | 8,236,582 | 9,547,351 |
Book value [member] | Financial assets in guarantee [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 454,789 | 328,218 |
Fair value [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 254,490,294 | 269,961,987 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 298,290,422 | 287,619,444 |
Fair value [member] | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 85,659,420 | 100,300,074 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,828,650 | 8,484,884 |
Fair value [member] | Level 3 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 168,830,874 | 169,661,913 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 296,461,772 | 279,134,560 |
Fair value [member] | Deposits [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 289,841,919 | |
Fair value [member] | Deposits [member] | Level 3 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 289,841,919 | |
Fair value [member] | Repo transactions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 270,669,910 | |
Fair value [member] | Repo transactions | Level 3 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 270,669,910 | |
Fair value [member] | Other financial liabilities | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 769,410 | 305,295 |
Fair value [member] | Other financial liabilities | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 769,410 | 305,295 |
Fair value [member] | Financing received from the Argentine Central Bank and other financial institutions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 6,619,853 | 8,464,650 |
Fair value [member] | Financing received from the Argentine Central Bank and other financial institutions | Level 3 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 6,619,853 | 8,464,650 |
Fair value [member] | Unsubordinated Negotiable Obligations | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,059,240 | 6,379,922 |
Fair value [member] | Unsubordinated Negotiable Obligations | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,059,240 | 6,379,922 |
Fair value [member] | Subordinated negotiable obligations [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,799,667 | |
Fair value [member] | Subordinated negotiable obligations [member] | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,799,667 | |
Fair value [member] | Cash and due from banks [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 32,574,118 | 55,357,646 |
Fair value [member] | Cash and due from banks [member] | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 32,574,118 | 55,357,646 |
Fair value [member] | Other financial assets | ||
Financial Assets | ||
Financial assets at amortised cost | 1,544,353 | 1,324,256 |
Fair value [member] | Other financial assets | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 1,544,353 | 1,324,256 |
Fair value [member] | Loans and other financing [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 168,830,874 | 169,661,913 |
Fair value [member] | Loans and other financing [member] | Level 3 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 168,830,874 | 169,661,913 |
Fair value [member] | Reverse Repo transactions | ||
Financial Assets | ||
Financial assets at amortised cost | 42,849,578 | 33,742,602 |
Fair value [member] | Reverse Repo transactions | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 42,849,578 | 33,742,602 |
Fair value [member] | Other Debt Securities | ||
Financial Assets | ||
Financial assets at amortised cost | 8,236,582 | 9,547,352 |
Fair value [member] | Other Debt Securities | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 8,236,582 | 9,547,352 |
Fair value [member] | Financial assets in guarantee [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 454,789 | 328,218 |
Fair value [member] | Financial assets in guarantee [member] | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | $ 454,789 | $ 328,218 |
FAIR VALUES - Fair Equity Instr
FAIR VALUES - Fair Equity Instruments (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Equity investments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | $ 157,013 | $ 131,517 |
Grupo Financiero Galicia S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 16,273 | 113,027 |
Pampa Holding S.A | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 24,701 | 12,507 |
Loma Negra S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 16,086 | 4,798 |
YPF S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 9,628 | 269 |
Ternium Argentina S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 33,451 | 80 |
Aluar S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 18,141 | 78 |
Transener S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 7,290 | 12 |
Others | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | $ 31,443 | $ 746 |
FAIR VALUES - Fair value of equ
FAIR VALUES - Fair value of equity instruments changes in other comprehensive income (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | $ 44,070 | $ 18,049 |
Loss/Income through OCI | 3,967 | (41,967) |
Additions | 59,230 | 67,988 |
Ending balance of fair value of equity instruments | 107,267 | 44,070 |
Mercado Abierto Electrnico S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 6,958 | 9,473 |
Loss/Income through OCI | 38,788 | (2,515) |
Ending balance of fair value of equity instruments | 45,746 | 6,958 |
Seguro de Depsitos S.A | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 2,436 | 3,316 |
Loss/Income through OCI | 4,598 | (880) |
Ending balance of fair value of equity instruments | 7,034 | 2,436 |
Compensador Electrnica S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 1,387 | 1,888 |
Loss/Income through OCI | 9,944 | (501) |
Ending balance of fair value of equity instruments | 11,331 | 1,387 |
Provincanje S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 411 | 562 |
Loss/Income through OCI | 4,018 | (151) |
Ending balance of fair value of equity instruments | 4,429 | 411 |
Cuyo Aval Sociedad de Garanta Recproca | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 2,168 | 2,156 |
Loss/Income through OCI | (774) | 12 |
Ending balance of fair value of equity instruments | 1,394 | 2,168 |
Argencontrol S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 189 | 257 |
Loss/Income through OCI | (32) | (68) |
Ending balance of fair value of equity instruments | 157 | 189 |
Los Grobo Sociedad de Garanta Recproca | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 110 | 143 |
Loss/Income through OCI | (109) | (33) |
Ending balance of fair value of equity instruments | 1 | 110 |
IEBA S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 92 | 125 |
Loss/Income through OCI | (31) | (33) |
Ending balance of fair value of equity instruments | 61 | 92 |
Play Digital S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 30,119 | |
Loss/Income through OCI | (52,392) | (37,869) |
Additions | 59,230 | 67,988 |
Ending balance of fair value of equity instruments | 36,957 | 30,119 |
Otras Sociedades de Garanta Recproca | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 200 | 129 |
Loss/Income through OCI | (43) | 71 |
Ending balance of fair value of equity instruments | $ 157 | $ 200 |
FAIR VALUES - Paragraphs (Detai
FAIR VALUES - Paragraphs (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021ARS ($) | |
FAIR VALUES | |
Transfer of assets from level 1 to level 2 | $ 0 |
Transfer of assets from level 2 to level 1 | 0 |
Transfer of liabilities from level 1 to level 2 | 0 |
Transfer of liabilities from level 2 to level 1 | 0 |
Transfer of assets into level 3 | 0 |
Transfer of assets out of level 3 | 0 |
Transfer of liabilities into level 3 | 0 |
Transfer of liabilities out of level 3 | $ 0 |
FINANCE LEASES -Financial posit
FINANCE LEASES -Financial position (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Leases | ||
Current | $ 823,587 | $ 997,262 |
Non-current | 534,678 | 786,411 |
Total | 1,358,265 | 1,783,673 |
Land and buildings [member] | ||
Leases | ||
Right-of-use assets | $ 3,164,345 | $ 3,240,606 |
FINANCE LEASES - Income stateme
FINANCE LEASES - Income statement (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021ARS ($) | |
Amounts charged to income statement | |
Interest expenses on lease liabilities (Other operating expenses) | $ 268,813 |
Land and buildings [member] | |
Amounts charged to income statement | |
Right-of-use assets - Depreciation | $ 1,059,878 |
FINANCE LEASES - Lease activiti
FINANCE LEASES - Lease activities (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Minimum | |
Leases | |
Rental agreement period | 1 year |
Maximum | |
Leases | |
Rental agreement period | 3 years |
FINANCE LEASES - Finance Lease
FINANCE LEASES - Finance Lease Receivables (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Lease Receivables | ||
Finance lease receivable | $ 10,106,509 | $ 6,170,344 |
Unearned financial income | (4,109,689) | (1,806,455) |
Net investment in the lease | 5,996,820 | 4,363,889 |
Finance Lease Receivables | ||
Financial Lease Receivables | ||
Allowance for losses | 161,634 | 381,823 |
Up to 1 year [member] | ||
Financial Lease Receivables | ||
Finance lease receivable | 3,520,064 | 2,992,814 |
More than a year up to two years | ||
Financial Lease Receivables | ||
Finance lease receivable | 2,958,537 | 1,660,243 |
From two to three years | ||
Financial Lease Receivables | ||
Finance lease receivable | 2,249,298 | 958,327 |
From three to five years | ||
Financial Lease Receivables | ||
Finance lease receivable | 1,363,729 | 537,179 |
More than five years [member] | ||
Financial Lease Receivables | ||
Finance lease receivable | $ 14,881 | $ 21,781 |
FINANCE LEASES - Operating Leas
FINANCE LEASES - Operating Lease Receivables (Details) - ARS ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Lease Receivables | ||
Operating lease receivables | $ 23,140 | $ 58,921 |
Up to 1 year [member] | ||
Financial Lease Receivables | ||
Operating lease receivables | 13,938 | 24,252 |
More than a year up to two years | ||
Financial Lease Receivables | ||
Operating lease receivables | $ 9,202 | 20,779 |
From two to three years | ||
Financial Lease Receivables | ||
Operating lease receivables | $ 13,890 |
TRANSFER OF FINANCIAL ASSETS (D
TRANSFER OF FINANCIAL ASSETS (Details) - Personal loans securitized [member] $ in Thousands | Dec. 31, 2021ARS ($) |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |
Asset | $ 869,447 |
Liabilities | $ 551,556 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Operation Related to Derivatives (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Financial Instruments | ||
Amounts receivable for spot and forward transactions pending settlement | $ 221,858 | $ 217,271 |
Spot and Forward Transactions Pending Settlement | ||
Derivative Financial Instruments | ||
Amounts receivable for spot and forward transactions pending settlement | 214,491 | 216,472 |
Amounts payable for spot and forward transactions pending settlement | 7,367 | 799 |
Net amount | $ 221,858 | $ 217,271 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Values (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Forward sales of gold without delivery of underlying assets [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Delivery of underlying assets | $ 3,881,772 | $ 4,813,935 |
Forward purchases of foreign exchange without delivery of underlying assets [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Delivery of underlying assets | $ 1,779,013 | $ 2,487,488 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Expense (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Expense generated by derivative financial instruments | $ 1,584,749 | $ 271,848 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - ARS ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
EARNINGS PER SHARE | |||
Income attributable to shareholders of the group | $ (1,734,541) | $ 5,282,780 | $ (4,421,383) |
Weighted average of ordinary shares (thousands) | 456,722 | 456,722 | 456,722 |
Income per share - basic | $ (3.80) | $ 11.57 | $ (9.68) |
Income per share - diluted | $ (3.80) | $ 11.57 | $ (9.68) |
SPECIAL TERMINATION ARRANGEME_3
SPECIAL TERMINATION ARRANGEMENTS - (Details) - Post Employment Benefits [Member] - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
SPECIAL TERMINATION ARRANGEMENTS | ||
Balances at the beginning | $ 1,730,570 | $ 1,947,118 |
Post-employment benefits | 1,569,666 | 1,730,570 |
Amounts charged to profit or loss | 972,197 | 447,850 |
Additions to profit or loss | 1,715,293 | 212,368 |
Charged to profit or loss | 972,197 | 447,850 |
Benefits paid to participants | (1,876,197) | (428,916) |
Balances at closing | $ 1,569,666 | $ 1,730,570 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 10,722,347 | |
At the end of the year | 11,034,912 | $ 10,722,347 |
Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 20,914,787 | 16,915,327 |
Revaluation | 105,051 | 1,235,377 |
Additions | 2,904,458 | 4,857,710 |
Disposals | (2,236,735) | (2,093,627) |
At the end of the year | 21,687,561 | 20,914,787 |
Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (10,192,440) | (8,691,342) |
Disposals | 1,432,101 | 466,592 |
Of the Year | (1,892,310) | (1,967,690) |
At the end of the year | (10,652,649) | $ (10,192,440) |
Furniture and facilities [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 431,399 | |
Useful Life | 10 years | 10 years |
At the end of the year | $ 460,864 | $ 431,399 |
Furniture and facilities [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 2,144,232 | 2,072,789 |
Additions | 147,619 | 116,852 |
Disposals | (46,519) | (45,409) |
At the end of the year | 2,245,332 | 2,144,232 |
Furniture and facilities [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (1,712,833) | (1,432,570) |
Disposals | 69,220 | 129,095 |
Of the Year | (140,855) | (151,168) |
At the end of the year | (1,784,468) | $ (1,712,833) |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 1,235,568 | |
Useful Life | 5 years | 5 years |
At the end of the year | $ 1,313,897 | $ 1,235,568 |
Machinery and equipment [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 7,828,920 | 6,485,290 |
Additions | 581,850 | 2,002,289 |
Disposals | (189,778) | (658,659) |
At the end of the year | 8,220,992 | 7,828,920 |
Machinery and equipment [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (6,593,352) | (5,769,041) |
Disposals | 163,511 | 359,297 |
Of the Year | (477,254) | (465,014) |
At the end of the year | (6,907,095) | $ (6,593,352) |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 212,451 | |
Useful Life | 5 years | 5 years |
At the end of the year | $ 223,364 | $ 212,451 |
Vehicles [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 393,750 | 355,697 |
Additions | 99,139 | 109,063 |
Disposals | (82,218) | (71,010) |
At the end of the year | 410,671 | 393,750 |
Vehicles [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (181,299) | (152,513) |
Disposals | 71,533 | 38,148 |
Of the Year | (77,541) | (66,934) |
At the end of the year | (187,307) | $ (181,299) |
Right of use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 1,811,529 | |
Useful Life | 0 years | 0 years |
At the end of the year | $ 1,619,934 | $ 1,811,529 |
Right of use assets | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 3,240,608 | 3,090,168 |
Additions | 1,205,056 | 1,213,421 |
Disposals | (1,281,319) | (1,062,981) |
At the end of the year | 3,164,345 | 3,240,608 |
Right of use assets | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (1,429,079) | (1,164,216) |
Disposals | 944,546 | 913,081 |
Of the Year | (1,059,878) | (1,177,944) |
At the end of the year | (1,544,411) | $ (1,429,079) |
Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 963,605 | |
Useful Life | 0 years | 0 years |
At the end of the year | $ 1,391,030 | $ 963,605 |
Construction in progress [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 963,605 | 986,733 |
Additions | 866,175 | 229,654 |
Disposals | (438,750) | (252,782) |
At the end of the year | 1,391,030 | $ 963,605 |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 6,067,795 | |
Useful Life | 50 years | 50 years |
At the end of the year | $ 6,025,823 | $ 6,067,795 |
Land and buildings [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 6,343,672 | 3,924,650 |
Revaluation | 105,051 | 1,235,377 |
Additions | 4,619 | 1,186,431 |
Disposals | (198,151) | (2,786) |
At the end of the year | 6,255,191 | 6,343,672 |
Land and buildings [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (275,877) | (173,002) |
Disposals | 183,291 | 3,755 |
Of the Year | (136,782) | (106,630) |
At the end of the year | $ (229,368) | $ (275,877) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Revaluation (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Revalued amount | $ 6,025,823 | $ 6,067,795 |
Residual Value according to the cost model | 3,764,200 | 3,810,045 |
Difference | 2,261,623 | $ 2,257,750 |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Revalued amount | $ 6,026,000 | |
Land and buildings [member] | Sales Price Per Meter | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Reduction on the sales price per meter (as a percent) | 5.00% | |
Reduction of value of the Land and Buildings, net of its tax effect | $ 195,800 |
INVESTMENT PROPERTIES - Table (
INVESTMENT PROPERTIES - Table (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENT PROPERTIES | ||
Beginning balance | $ 9,053,396 | |
P/L for changes in the FV | (441,020) | $ (139,556) |
Ending balance | 8,698,123 | 9,053,396 |
Cost model | Rented property [member] | ||
INVESTMENT PROPERTIES | ||
Beginning balance | 54,801 | 54,801 |
Additions | 93,687 | |
Disposals | (7,940) | |
Ending balance | 140,548 | 54,801 |
Fair value [member] | ||
INVESTMENT PROPERTIES | ||
Beginning balance | $ 9,053,396 | 8,332,195 |
Useful life | 50 days | |
P/L for changes in the FV | $ (441,020) | (139,556) |
Additions | 93,687 | 2,184,310 |
Disposals | (7,940) | (1,323,553) |
Ending balance | 8,698,123 | 9,053,396 |
Fair value [member] | Rented property [member] | ||
INVESTMENT PROPERTIES | ||
Beginning balance | $ 8,998,595 | $ 8,277,394 |
Useful life | 50 days | 50 years |
P/L for changes in the FV | $ (441,020) | $ (139,556) |
Additions | 2,184,310 | |
Disposals | (1,323,553) | |
Ending balance | $ 8,557,575 | $ 8,998,595 |
INVESTMENT PROPERTIES - Paragra
INVESTMENT PROPERTIES - Paragraphs (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
INVESTMENT PROPERTIES | ||
Investment property | $ 8,698,123 | $ 9,053,396 |
413 Investment Properties | ||
INVESTMENT PROPERTIES | ||
Investment property | $ 8,698 | |
413 Investment Properties | Sales Price Per Meter | ||
INVESTMENT PROPERTIES | ||
Reduction on the sales price per meter (as a percent) | 5.00% | |
Reduction in value, net of its tax effect on the Other Operating Income | $ 282,700 |
INTANGIBLE ASSETS - Summary (De
INTANGIBLE ASSETS - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021ARS ($) | Dec. 31, 2020ARS ($) | |
INTANGIBLE ASSETS | ||
At the beginning of the year | $ 10,237,674 | |
At the End of the year | $ 11,422,105 | $ 10,237,674 |
Weighted average cost of capital, measurement input [member] | ||
INTANGIBLE ASSETS | ||
Average cost of capital (WACC) | 14 | |
Goodwill [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | $ 5,494,180 | |
At the End of the year | 5,494,180 | 5,494,180 |
Brand [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 301,881 | |
At the End of the year | 301,881 | 301,881 |
Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 4,441,613 | |
At the End of the year | 5,626,044 | 4,441,613 |
Gross carrying amount | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 14,307,735 | 11,692,729 |
Additions | 3,228,118 | 2,636,556 |
Disposals | (17,528) | (21,550) |
At the End of the year | 17,518,325 | 14,307,735 |
Gross carrying amount | Goodwill [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 5,494,180 | 5,483,173 |
Additions | 11,007 | |
At the End of the year | 5,494,180 | 5,494,180 |
Gross carrying amount | Brand [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 301,881 | 301,881 |
At the End of the year | 301,881 | 301,881 |
Gross carrying amount | Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 8,511,674 | 5,907,675 |
Additions | 3,228,118 | 2,625,549 |
Disposals | (17,528) | (21,550) |
At the End of the year | 11,722,264 | 8,511,674 |
Accumulated depreciation and amortisation [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | (4,070,061) | (2,757,855) |
Disposals | 5,849 | 106 |
Of the year | (2,032,008) | (1,312,100) |
At the End of the year | (6,096,220) | (4,070,061) |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | (4,070,061) | (2,757,855) |
Disposals | 5,849 | 106 |
Of the year | (2,032,008) | (1,312,100) |
At the End of the year | $ (6,096,220) | $ (4,070,061) |
INTANGIBLE ASSETS - Goodwill by
INTANGIBLE ASSETS - Goodwill by cash generating units (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill | ||
Goodwill | $ 5,494,180 | $ 5,494,180 |
Supervielle Seguros S.A. [member] | ||
Goodwill | ||
Goodwill | 14,620 | 14,620 |
Cordial Compania Financiera S.A. | ||
Goodwill | ||
Goodwill | 368,254 | 368,254 |
Banco Regional de Cuyo S.A. [member] | ||
Goodwill | ||
Goodwill | 76,654 | 76,654 |
Invertir Online.Com Argentina S.A.U. [member] | ||
Goodwill | ||
Goodwill | 2,786,446 | 2,786,446 |
Micro Lending S.A.U. [member] | ||
Goodwill | ||
Goodwill | 2,193,965 | 2,193,965 |
Others [member] | ||
Goodwill | ||
Goodwill | $ 54,241 | $ 54,241 |
INTANGIBLE ASSETS - Assumptions
INTANGIBLE ASSETS - Assumptions (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2021 | Dec. 31, 2026 | Dec. 31, 2025 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||||||
Cash flow projections financial budget period | 0 days | |||||
Inflation (end of period) (as percent) | 46.70% | |||||
Inflation (average) (as a percent) | 47.30% | |||||
Cost of funding (average) (as a percent) | 39.20% | |||||
Loan's interest rate (average) | 55.80% | |||||
Goodwill impairment | $ 0 | |||||
Increase in weighted average cost of capital (as a percent) | 1.00% | |||||
Forecast | ||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||
Inflation (end of period) (as percent) | 47.50% | 47.50% | 56.70% | 39.90% | 45.90% | |
Inflation (average) (as a percent) | 47.50% | 49.50% | 51.10% | 41.60% | 44.40% | |
Cost of funding (average) (as a percent) | 45.20% | 45.20% | 49.00% | 40.80% | 41.90% | |
Loan's interest rate (average) | 61.70% | 61.70% | 63.20% | 65.40% | 58.80% |
COMPOSITION OF THE MAIN ITEMS_3
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Debt securities at fair value through profit or loss (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Government securities | $ 19,070,192 | $ 13,380,433 |
Corporate securities | 311,518 | 606,289 |
Securities issued by the Central Bank | 375,975 | 914,090 |
Debt securities | $ 19,757,685 | $ 14,900,812 |
COMPOSITION OF THE MAIN ITEMS_4
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Derivatives (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of debt securities [line items] | ||
Amounts receivable for spot and forward transactions pending settlement | $ 221,858 | $ 217,271 |
Spot and Forward Transactions Pending Settlement | ||
Disclosure of debt securities [line items] | ||
Amounts receivable for spot and forward transactions pending settlement | 214,491 | 216,472 |
Amounts payable for spot and forward transactions pending settlement | 7,367 | 799 |
Net amount | $ 221,858 | $ 217,271 |
COMPOSITION OF THE MAIN ITEMS_5
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other financial assets (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other financial assets | ||
Other financial assets | $ 13,922,961 | $ 6,468,183 |
Participation certificate in financial trusts | ||
Other financial assets | ||
Other financial assets | 86,019 | 61,667 |
Investments in Asset Management and Other Services | ||
Other financial assets | ||
Other financial assets | 2,063,702 | 2,307,878 |
Other investments [member] | ||
Other financial assets | ||
Other financial assets | 518,917 | 808,571 |
Receivable from spot sales pending settlement [member] | ||
Other financial assets | ||
Other financial assets | 9,862,104 | 1,626,621 |
Several debtors [member] | ||
Other financial assets | ||
Other financial assets | 696,854 | 1,258,255 |
Miscellaneous debtors for credit card operations [member] | ||
Other financial assets | ||
Other financial assets | 645,334 | 307,636 |
Miscellaneous debtors for collections [member] | ||
Other financial assets | ||
Other financial assets | $ 50,031 | $ 97,555 |
COMPOSITION OF THE MAIN ITEMS_6
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other debt securities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other debt securities | ||
Other debt instruments held | $ 78,930,240 | $ 61,674,714 |
Debt Securities [Member] | ||
Other debt securities | ||
Other debt instruments held | 220,423 | |
Government Securities [member] | ||
Other debt securities | ||
Other debt instruments held | 21,647,431 | 19,131,469 |
Securities issued by the Central Bank [member] | ||
Other debt securities | ||
Other debt instruments held | 57,062,297 | 42,537,745 |
Others [member] | ||
Other debt securities | ||
Other debt instruments held | $ 89 | $ 5,500 |
COMPOSITION OF THE MAIN ITEMS_7
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Financial assets in guarantee (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial assets in guarantee | ||
Financial assets pledged as collateral | $ 8,539,934 | $ 7,403,589 |
Special Guarantees Accounts Argentine Central Bank [Member] | ||
Financial assets in guarantee | ||
Financial assets pledged as collateral | 6,515,565 | 5,601,077 |
Deposits In Guarantee [Member] | ||
Financial assets in guarantee | ||
Financial assets pledged as collateral | $ 2,024,369 | $ 1,802,512 |
COMPOSITION OF THE MAIN ITEMS_8
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Inventories (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventories | ||
Inventories | $ 136,775 | $ 107,114 |
Gross carrying amount | ||
Inventories | ||
Electronics | 139,431 | 84,953 |
Home and Health care | 24,317 | |
Tools and Workshop Equipment | 392 | |
Obsolescence Reserve | ||
Inventories | ||
Inventories | $ (2,656) | $ (2,548) |
COMPOSITION OF THE MAIN ITEMS_9
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other non-financial assets (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Other Miscellaneous assets | $ 1,254,270 | $ 911,237 |
Loans to employees | 231,991 | 355,104 |
Payments in advance | 790,346 | 485,968 |
Other non-financial assets | 65,805 | 24,705 |
Retirement Plan | 69,668 | 216,226 |
Works of art and collector's pieces | 48,818 | 48,819 |
Non financial assets | $ 2,460,898 | $ 2,042,059 |
COMPOSITION OF THE MAIN ITEM_10
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Deposits (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Non-financial sector | $ 11,475,017 | $ 11,941,378 |
Financial sector | 39,099 | 86,665 |
Current accounts | 31,586,573 | 25,495,556 |
Savings accounts | 156,920,884 | 155,236,626 |
Time deposits and investments accounts | 84,106,913 | 69,603,800 |
Others | 4,329,611 | 7,280,516 |
Deposits | $ 288,458,097 | $ 269,644,541 |
COMPOSITION OF THE MAIN ITEM_11
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Liabilities at fair value through profit or loss (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | $ 2,053,216 | $ 3,021,859 |
Local currency [member] | ||
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | 1,364,304 | $ 3,021,859 |
Foreign currency [member] | ||
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | $ 688,912 |
COMPOSITION OF THE MAIN ITEM_12
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other financial liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other financial liabilities | ||
Other financial liabilities | $ 23,780,242 | $ 11,364,228 |
Amounts payable for spot transactions pending settlement [member] | ||
Other financial liabilities | ||
Other financial liabilities | 12,852,754 | 2,056,641 |
Collections and other operations on behalf of third parties [member] | ||
Other financial liabilities | ||
Other financial liabilities | 8,993,758 | 7,473,635 |
Fees accrued to pay [member] | ||
Other financial liabilities | ||
Other financial liabilities | 6,830 | 8,186 |
Financial guarantee contracts [member] | ||
Other financial liabilities | ||
Other financial liabilities | 14,200 | 29,935 |
Liabilities associated with the transfer of financial assets not derecognized [member] | ||
Other financial liabilities | ||
Other financial liabilities | 551,556 | |
Lease Liabilities | ||
Other financial liabilities | ||
Other financial liabilities | 1,358,265 | 1,783,673 |
Others [member] | ||
Other financial liabilities | ||
Other financial liabilities | $ 2,879 | $ 12,158 |
COMPOSITION OF THE MAIN ITEM_13
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Financing received from the Argentine Central Bank and other financial institutions (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Financing received from local financial institutions | $ 1,035,932 | $ 973,884 |
Financing received from international institutions | 5,216,616 | 7,859,661 |
Financing received from the Central Bank and other financial institutions | $ 6,252,548 | $ 8,833,545 |
COMPOSITION OF THE MAIN ITEM_14
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Provisions (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Provisions | ||
Provisions | $ 913,671 | $ 1,028,051 |
Legal issues | ||
Provisions | ||
Provisions | 72,772 | 49,142 |
Labor lawsuits | ||
Provisions | ||
Provisions | 320,653 | 89,452 |
Tax | ||
Provisions | ||
Provisions | 142,219 | 171,021 |
Eventual commitments | ||
Provisions | ||
Provisions | 59,600 | 13,032 |
Judicial Deposits | ||
Provisions | ||
Provisions | 27,400 | 33,702 |
Unused Balances Credit Cards | ||
Provisions | ||
Provisions | 207,684 | 312,165 |
Charges to be paid to National Social Security Administration | ||
Provisions | ||
Provisions | 54,058 | 340,203 |
Other contingencies | ||
Provisions | ||
Provisions | 646,387 | 702,854 |
Others. | ||
Provisions | ||
Provisions | $ 29,285 | $ 19,334 |
COMPOSITION OF THE MAIN ITEM_15
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other non-financial liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other non-financial liabilities | ||
Non financial liabilities | $ 16,273,876 | $ 18,333,518 |
Payroll and social securities [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 6,254,324 | 8,303,198 |
Sundry Creditors [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 5,910,686 | 5,525,647 |
Revenue from contracts with customers [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 183,730 | 284,774 |
Tax | ||
Other non-financial liabilities | ||
Non financial liabilities | 3,459,913 | 2,720,659 |
Social security payment orders pending settlement [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 403,441 | 1,350,639 |
Other | ||
Other non-financial liabilities | ||
Non financial liabilities | $ 61,782 | $ 148,601 |
COMPOSITION OF THE MAIN ITEM_16
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Estimated use of liability (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Estimated use of liabilities | ||
Revenue from contracts with customers | $ 183,730 | $ 284,774 |
Up to 1 year [member] | ||
Estimated use of liabilities | ||
Revenue from contracts with customers | 73,976 | |
More than a year up to two years | ||
Estimated use of liabilities | ||
Revenue from contracts with customers | 43,352 | |
More than 24 months [member] | ||
Estimated use of liabilities | ||
Revenue from contracts with customers | $ 66,402 |
COMPOSITION OF THE MAIN ITEM_17
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Income from interests (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Interest on overdrafts | $ 3,133,108 | $ 4,042,925 | $ 9,384,301 |
Interest on promissory notes | 11,194,804 | 9,398,203 | 12,079,774 |
Interest on personal loans | 19,401,947 | 21,393,779 | 26,542,271 |
Interest on corporate unsecured loans | 6,918,453 | 9,029,045 | 12,619,750 |
Interest on credit card loans | 5,927,631 | 5,763,900 | 9,894,527 |
Interest on mortgage loans | 7,062,856 | 6,029,525 | 7,771,001 |
Interest on automobile and other secured loan | 1,548,516 | 1,114,558 | 1,424,065 |
Interest on foreign trade loans | 1,243,547 | 2,193,377 | 3,556,327 |
Interest on financial leases | 1,581,186 | 1,063,245 | 2,321,257 |
Interest on public and private securities measured at amortized cost | 27,672,634 | 30,979,499 | |
Others | 17,747,199 | 6,651,000 | 6,456,407 |
Total | $ 103,431,881 | $ 97,659,056 | $ 92,049,680 |
COMPOSITION OF THE MAIN ITEM_18
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Interests expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Interest on current accounts deposits | $ 21,139,712 | $ 9,547,244 | $ 12,350,968 |
Interest on time deposits | 37,594,565 | 29,546,822 | 40,800,914 |
Interest on other financial liabilities | 1,382,903 | 3,450,463 | 15,807,755 |
Interest from financing from financial sector | 182,801 | 152,200 | 563,258 |
Others | 199,527 | 439,957 | 2,221,742 |
Total | $ 60,499,508 | $ 43,136,686 | $ 71,744,637 |
COMPOSITION OF THE MAIN ITEM_19
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Net income from financial instruments at fair value through profit or loss (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Income from corporate and government securities | $ 6,955,178 | $ 4,528,233 | $ 3,148,919 |
Income from securities issued by the Argentine Central Bank | 349,543 | 204,513 | 38,457,933 |
Derivatives | 1,584,749 | 271,848 | 1,466,429 |
Total | $ 8,889,470 | $ 5,004,594 | $ 43,073,281 |
COMPOSITION OF THE MAIN ITEM_20
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Service fee income (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Commissions from deposits accounts | $ 6,496,684 | $ 6,984,705 | $ 7,211,889 |
Commissions from credit and debit cards | 4,986,927 | 5,152,252 | 5,954,326 |
Commissions from loans operations | 158,346 | 248,830 | 605,834 |
Others Commissions | 5,023,307 | 4,963,179 | 3,899,527 |
Total | $ 16,665,264 | $ 17,348,966 | $ 17,671,576 |
COMPOSITION OF THE MAIN ITEM_21
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Service fee expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Commissions paid | $ 4,958,004 | $ 5,237,443 | $ 4,461,593 |
Export and foreign currency operations | 122,477 | 118,372 | 149,604 |
Total | $ 5,080,481 | $ 5,355,815 | $ 4,611,197 |
COMPOSITION OF THE MAIN ITEM_22
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Income from insurance activities (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Accrued premiums | $ 3,571,621 | $ 3,472,950 | $ 4,496,195 |
Accrued losses | (697,045) | (466,105) | (711,042) |
Production expenses | (603,330) | (483,924) | (921,906) |
Total | $ 2,271,246 | $ 2,522,921 | $ 2,863,247 |
COMPOSITION OF THE MAIN ITEM_23
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other operating incomes (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other operating income | |||
Total | $ 5,376,874 | $ 5,704,765 | $ 5,661,877 |
Loans recovered and allowances reversed [member] | |||
Other operating income | |||
Total | 1,713,707 | 864,110 | 1,024,586 |
Insurance commissions [member] | |||
Other operating income | |||
Total | 253 | 77,773 | 140,324 |
Rental from safety boxes [member] | |||
Other operating income | |||
Total | 384,497 | 513,659 | 589,519 |
Commissions from trust services [member] | |||
Other operating income | |||
Total | 44,591 | 14,548 | 54,004 |
Returns of risk funds [member] | |||
Other operating income | |||
Total | 1,240,482 | 1,835,065 | 354,853 |
Commissions from financial guarantees [member] | |||
Other operating income | |||
Total | 1,290,177 | ||
Default interests [member] | |||
Other operating income | |||
Total | 171,347 | 321,396 | 864,988 |
Sale of fixed assets [member] | |||
Other operating income | |||
Total | 8,955 | 202,236 | |
Other | |||
Other operating income | |||
Total | $ 1,813,042 | $ 1,875,978 | $ 1,343,426 |
COMPOSITION OF THE MAIN ITEM_24
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Personnel expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Payroll and social securities | $ 23,707,177 | $ 25,181,467 | $ 25,513,307 |
Others expenses | 1,884,145 | 2,254,991 | 3,593,290 |
Total | $ 25,591,322 | $ 27,436,458 | $ 29,106,597 |
COMPOSITION OF THE MAIN ITEM_25
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Administration expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Directors' and statutory auditors' fees | $ 406,912 | $ 515,515 | $ 577,092 |
Professional fees | 4,494,789 | 4,594,601 | 2,091,132 |
Advertising and publicity | 1,148,460 | 1,039,542 | 1,113,883 |
Taxes | 3,381,423 | 2,804,450 | 3,019,628 |
Maintenance, security and services | 4,116,826 | 4,261,597 | 3,549,777 |
Rent | 78,477 | 108,753 | 106,332 |
Others | 1,728,692 | 2,250,540 | 5,105,244 |
Total | $ 15,355,579 | $ 15,574,998 | $ 15,563,088 |
COMPOSITION OF THE MAIN ITEM_26
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Depreciation and impairment of non-financial assets (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Depreciation and impairment of non-financial assets | |||
Total | $ 4,225,142 | $ 3,633,207 | $ 3,729,019 |
Depreciation of property, plant and equipment [member] | |||
Depreciation and impairment of non-financial assets | |||
Total | 832,432 | 789,745 | 1,401,741 |
Depreciation of other non financial assets [member] | |||
Depreciation and impairment of non-financial assets | |||
Total | 300,511 | 353,419 | 219,745 |
Depreciation of intangible assets [member] | |||
Depreciation and impairment of non-financial assets | |||
Total | 2,032,008 | 1,312,100 | 941,994 |
Right of use assets | |||
Depreciation and impairment of non-financial assets | |||
Total | 1,059,878 | $ 1,177,943 | $ 1,165,539 |
Impairment of other non-financial assets [member] | |||
Depreciation and impairment of non-financial assets | |||
Total | $ 313 |
COMPOSITION OF THE MAIN ITEM_27
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Other operating expenses (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other operating expenses | |||
Total | $ 11,848,049 | $ 9,924,079 | $ 13,065,832 |
Promotions related with credit cards [member] | |||
Other operating expenses | |||
Total | 909,345 | 792,979 | 1,049,209 |
Turnover tax [member] | |||
Other operating expenses | |||
Total | 8,141,305 | 5,963,008 | 7,704,959 |
Fair value on initial recognition of loans [member] | |||
Other operating expenses | |||
Total | 196,788 | 295,029 | 412,833 |
Contributions made to deposit insurance system [member] | |||
Other operating expenses | |||
Total | 491,445 | 437,450 | 501,318 |
Other operating expenses [member] | |||
Other operating expenses | |||
Total | $ 2,109,166 | $ 2,435,613 | $ 3,397,513 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of commitments and contingencies [line items] | ||
Provisions | $ 913,671 | $ 1,028,051 |
Legal issues | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 72,772 | 49,142 |
Labor lawsuits | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 320,653 | 89,452 |
Tax | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 142,219 | 171,021 |
Unused Balances Credit Cards | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 207,684 | 312,165 |
Charges to be paid to National Social Security Administration | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 54,058 | 340,203 |
Judicial Deposits | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 27,400 | 33,702 |
Eventual commitments | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 59,600 | 13,032 |
Others. | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | $ 29,285 | $ 19,334 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Key management personnel | ||
Disclosure of transactions between related parties [line items] | ||
Compensation paid | $ 757,200 | $ 948,970 |
RELATED PARTY TRANSACTIONS - Fi
RELATED PARTY TRANSACTIONS - Financial Exposure (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021ARS ($)Counterpartycompanyindividual | Dec. 31, 2020ARS ($)companyCounterpartyindividual | |
Disclosure of transactions between related parties [line items] | ||
Aggregate total financial exposure | $ 476,728 | $ 242,271 |
Number of recipient related parties | Counterparty | 79 | 80 |
Average total financial exposure | $ 6,035 | $ 3,028 |
Single largest financial exposure | $ 446,417 | $ 933,426 |
Individuals [member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of recipient related parties | individual | 69 | 71 |
Companies [member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of recipient related parties | company | 10 | 9 |
RELATED PARTY TRANSACTIONS -Con
RELATED PARTY TRANSACTIONS -Controlling Interest (Details) - Julio Patricio Supervielle [member] - ARS ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Capital interest | $ 35.12 | $ 35.12 |
Vote's interest | 35.12% | 35.12% |
INSURANCE - Assets and liabilit
INSURANCE - Assets and liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Assets related to insurance contracts (Loans and other financing) | ||
Receivable premiums | $ 859,077 | $ 890,622 |
Commissions receivables | 3,045 | 3,054 |
Total | 862,122 | 893,676 |
Liabilities related to insurance contracts (Other non-financial liabilities) | ||
Debt with insured | 195,268 | 205,468 |
Debt with reinsurers | 26,441 | 17,707 |
Debt with producers | 248,745 | 277,444 |
Technical commitments | 348,008 | 334,666 |
Outstanding claims paid by re-insurance companies | (1,404) | (13,673) |
commissions to pay | 3,547 | |
Total | $ 820,605 | $ 821,612 |
INSURANCE - Liabilities (Detail
INSURANCE - Liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Insurance | ||
Total | $ 195,268 | $ 205,468 |
Producers current account | 23,134 | 59,281 |
Commission for premium receivable | 225,611 | 218,163 |
Total | 248,745 | 277,444 |
Premiums and surcharges | 342,603 | 334,659 |
Premiums insufficiency | 5,405 | 7 |
Total | 348,008 | 334,666 |
Property insurance | ||
Insurance | ||
Direct administrative insurance | 37,872 | 27,408 |
Direct insurance in judgments | 2,639 | |
Direct insurance in mediation | 25 | 38 |
Claims settled to pay | 140 | 442 |
Claims occurred and not reported - IBNR | 7,180 | 14,783 |
Life insurance | ||
Insurance | ||
Direct administrative insurance | 82,638 | 97,366 |
Direct insurance in judgments | 1,449 | 2,140 |
Direct insurance in mediation | 407 | 1,337 |
Claims settled to pay | 16,631 | 28,926 |
Claims occurred and not reported - IBNR | $ 46,287 | $ 33,028 |
ASSET MANAGEMENT AND OTHER SE_3
ASSET MANAGEMENT AND OTHER SERVICES (Details) $ in Thousands | Dec. 31, 2021ARS ($)instrument | Dec. 31, 2020ARS ($)instrument |
Premier Renta C.P. Pesos [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 50,379,441 | $ 54,788,133 |
Mutual Funds, Net Worth | $ 50,307,382 | $ 54,731,794 |
Number of Units | instrument | 11,713,447,317 | 12,597,963,038 |
Premier Renta Plus en Pesos [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 297,932 | $ 253,716 |
Mutual Funds, Net Worth | $ 296,155 | $ 245,647 |
Number of Units | instrument | 15,706,691 | 11,899,481 |
Premier Renta Fija Ahorro [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 9,218,858 | $ 2,598,107 |
Mutual Funds, Net Worth | $ 9,158,814 | $ 2,580,596 |
Number of Units | instrument | 2,136,780,683 | 59,317,777 |
Premier Renta Fija Crecimiento [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 114,224 | $ 111,671 |
Mutual Funds, Net Worth | $ 113,907 | $ 110,770 |
Number of Units | instrument | 4,571,392 | 3,983,791 |
Premier Renta Variable [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 409,820 | $ 284,286 |
Mutual Funds, Net Worth | $ 406,621 | $ 280,111 |
Number of Units | instrument | 8,944,577 | 6,689,975 |
Premier FCI Abierto Pymes [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 1,041,437 | $ 1,420,731 |
Mutual Funds, Net Worth | $ 1,039,269 | $ 1,384,690 |
Number of Units | instrument | 99,988,028 | 119,588,138 |
Premier Commodities [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 299,120 | $ 391,128 |
Mutual Funds, Net Worth | $ 225,383 | $ 385,094 |
Number of Units | instrument | 15,200,277 | 25,702,973 |
Premier Capital [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 1,437,994 | $ 290,315 |
Mutual Funds, Net Worth | $ 1,421,043 | $ 288,680 |
Number of Units | instrument | 180,998,028 | 36,842,932 |
Premier Inversion [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 1,316,258 | $ 1,111,992 |
Mutual Funds, Net Worth | $ 1,315,617 | $ 1,076,967 |
Number of Units | instrument | 1,965,594,347 | 1,576,391,366 |
Premier Balanceado [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 1,203,207 | $ 1,805,588 |
Mutual Funds, Net Worth | $ 1,202,267 | $ 1,804,260 |
Number of Units | instrument | 169,137,724 | 253,733,905 |
Premier Renta Mixta [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 3,679,175 | $ 5,372,982 |
Mutual Funds, Net Worth | $ 3,280,818 | $ 4,756,951 |
Number of Units | instrument | 850,150,799 | 1,072,064,209 |
Premier Renta Mixta en USD [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 134,911 | $ 170,214 |
Mutual Funds, Net Worth | $ 134,089 | $ 170,214 |
Number of Units | instrument | 2,122,092 | 2,083,508 |
Premier Performance en USD [member] | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 521,867 | $ 794,127 |
Mutual Funds, Net Worth | $ 518,066 | $ 787,672 |
Number of Units | instrument | 6,455,272 | 7,724,190 |
Premier Global USD | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 265,712 | $ 740,326 |
Mutual Funds, Net Worth | $ 265,198 | $ 739,573 |
Number of Units | instrument | 2,430,000 | 5,444,411 |
CONTRIBUTION TO THE DEPOSIT I_2
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM - (Details) - ARS ($) $ in Thousands | May 01, 2020 | Mar. 31, 2019 |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | ||
Insurance coverage of demand and time deposits | $ 1,500 | $ 1,000 |
RESTRICTED ASSETS (Details)
RESTRICTED ASSETS (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
RESTRICTED ASSETS | ||
Special guarantee accounts in the Argentine Central Bank | $ 6,515,565 | $ 5,601,077 |
Guarantee deposits for currency forward transactions | 1,306,195 | 907,533 |
Guarantee deposits for credit cards transactions | 666,775 | 636,888 |
Other guarantee deposits | 38,927 | 240,323 |
Financial assets in guarantee | $ 8,527,462 | $ 7,385,821 |
FINANCIAL TRUSTS - Summary of T
FINANCIAL TRUSTS - Summary of Trustee (Details) - 12 months ended Dec. 31, 2021 $ in Thousands | ARS ($) | USD ($) |
Fideicomiso de Administracin Interconexin Financial Trust | ||
Financial Trust | ||
Term of the trust fund | 24 months | |
Period of expiration of liabilities through disbursements | 30 days | |
Amount of fine at the exchange rate in force | $ 6,000 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 23 | ||
Financial Trust | ||
Securitized Amount | $ 699,000 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 23 | Participation certificate in financial trusts | ||
Financial Trust | ||
Securities issued | 139,800 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 23 | Debt Instruments | ||
Financial Trust | ||
Securities issued | 559,200 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 24 | ||
Financial Trust | ||
Securitized Amount | 703,600 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 24 | Participation certificate in financial trusts | ||
Financial Trust | ||
Securities issued | 583,988 | |
Equity TMF Trust Company Argentina S.A, Financial Trust Number 24 | Debt Instruments | ||
Financial Trust | ||
Securities issued | $ 119,612 |
FINANCIAL TRUSTS - Micro Lendin
FINANCIAL TRUSTS - Micro Lending (Details) - Dec. 31, 2021 ₫ in Thousands, $ in Thousands | ARS ($) | VND (₫) |
Micro Lending Trust Financial Trust, III | ||
Financial Trust | ||
Securitized Amount | $ | $ 39,779 | |
Securities issued | $ | 39,779 | |
Micro Lending Trust Financial Trust, III | VDF TV A vto 03/12/13 [member] | ||
Financial Trust | ||
Securities issued | ₫ 31,823 | |
Micro Lending Trust Financial Trust, III | VDF B Vto: 11/12/13 [member] | ||
Financial Trust | ||
Securities issued | 6,364 | |
Micro Lending Trust Financial Trust, III | CP Vto: 10/12/16 [member] | ||
Financial Trust | ||
Securities issued | 1,592 | |
Micro Lending Financial Trusts, IV | ||
Financial Trust | ||
Securitized Amount | $ | 40,652 | |
Securities issued | $ | $ 40,652 | |
Micro Lending Financial Trusts, IV | VDF TV A Vto: 06/20/13, Vto: 01/15/19 | ||
Financial Trust | ||
Securities issued | 32,522 | |
Micro Lending Financial Trusts, IV | VDF B Vto: 10/20/13 [member] | ||
Financial Trust | ||
Securities issued | 6,504 | |
Micro Lending Financial Trusts, IV | CP Vto: 06/29/17 [member] | ||
Financial Trust | ||
Securities issued | ₫ 1,626 |
ISSUANCE OF DEBT SECURITIES - B
ISSUANCE OF DEBT SECURITIES - Banco Supervielle S.A. (Details) | Dec. 31, 2021USD ($) |
Banco Supervielle S.A. | Global Program for Issuance of Negotiable Obligations [member] | |
ISSUANCE OF DEBT SECURITIES | |
Maximum amount can be issued | $ 2,300,000,000 |
ISSUANCE OF DEBT SECURITIES - N
ISSUANCE OF DEBT SECURITIES - Negotiable obligations - Cordial Compania Financiera S A (Details) - Banco Supervielle S.A. - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Banco Supervielle Class A, 02/09/2017 | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings, adjustment to interest rate basis | 4.50% | |
Banco Supervielle Class C, 12/22/2017 | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings | $ 670,674 | |
Borrowings, adjustment to interest rate basis | 4.25% | |
Banco Supervielle Class E, 02/14/2018 | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings | $ 1,059,240 | $ 2,384,218 |
Borrowings, adjustment to interest rate basis | 4.05% | |
Banco Supervielle Class G | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings | $ 3,325,030 | |
Borrowings, adjustment to interest rate basis | 2.00% | |
Micro Lending Class III, 10/04/2017 | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings, adjustment to interest rate basis | 7.00% | |
Global Program for Issuance of Negotiable Obligations [member] | ||
ISSUANCE OF DEBT SECURITIES | ||
Borrowings | $ 1,059,240 | $ 6,379,922 |
ISSUANCE OF DEBT SECURITIES - S
ISSUANCE OF DEBT SECURITIES - Subordinated Negotiable Obligations (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2021USD ($) | Dec. 31, 2020ARS ($) | Apr. 25, 2016ARS ($) | Mar. 25, 2013ARS ($) | |
ISSUANCE OF DEBT SECURITIES | |||||
Term | 3 years | ||||
Subordinated Negotiable Obligations, Global Program for the Issuance of Negotiable Obligations | |||||
ISSUANCE OF DEBT SECURITIES | |||||
Maximum amount can be issued | $ 2,000,000 | $ 750,000 | |||
Borrowings | $ 1,721,443,000 | ||||
Subordinated Negotiable Obligations, Global Program for the Issuance of Negotiable Obligations, Class III, 08/20/2013 | |||||
ISSUANCE OF DEBT SECURITIES | |||||
Notional amount | $ 22,500 | ||||
Term | 84 months | 84 months | |||
Borrowings, interest rate | 7.00% | ||||
Subordinated Negotiable Obligations, Global Program for the Issuance of Negotiable Obligations, Class IV, 11/18/2014 | |||||
ISSUANCE OF DEBT SECURITIES | |||||
Notional amount | $ 13,441 | ||||
Term | 84 months | 84 months | |||
Borrowings, interest rate | 7.00% | ||||
Borrowings | $ 1,721,443,000 |
RESTRICTIONS IMPOSED ON THE D_3
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS - Paragraphs (Details) - ARS ($) $ in Thousands | Dec. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | $ 51,550,416 | $ 53,855,210 | $ 48,158,066 | $ 53,638,553 | |
Profit Distribution Rate | 20.00% | ||||
Capital stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 456,722 | 456,722 | 456,722 | 456,722 | |
Capital Adjustment. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 4,713,494 | 4,713,494 | 4,713,494 | 4,713,494 | |
Paid-in capital | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 43,558,993 | 43,558,993 | 50,226,830 | 50,225,829 | |
Legal reserve | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 531,832 | 288,753 | 288,753 | ||
Other reserves. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 4,103,753 | 21,207,524 | 16,930,614 | ||
Retained earnings | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | (3,826,555) | 3,058,282 | (29,588,524) | (19,932,404) | |
Other comprehensive income. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 1,971,266 | $ 2,024,923 | $ 812,991 | $ 911,013 | |
Argentine Central Bank [member] | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 53,373,922 | ||||
Argentine Central Bank [member] | Capital stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 456,722 | ||||
Argentine Central Bank [member] | Capital Adjustment. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 4,713,494 | ||||
Argentine Central Bank [member] | Paid-in capital | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 43,558,993 | ||||
Argentine Central Bank [member] | Legal reserve | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 531,832 | ||||
Argentine Central Bank [member] | Other reserves. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | 4,103,753 | ||||
Argentine Central Bank [member] | Retained earnings | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | (1,201,458) | ||||
Argentine Central Bank [member] | Other comprehensive income. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity under the rules of the Argentine Central Bank | $ 1,210,586 | ||||
Banco Supervielle S.A. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Percentage of Profit shown In income Statement | 20.00% |
LOANS AND OTHER FINANCING - Com
LOANS AND OTHER FINANCING - Composition of loan portfolio (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
LOANS AND OTHER FINANCING | ||
Total | $ 155,474,329 | $ 159,085,216 |
Loans and other financing [member] | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (10,047,819) | (12,716,399) |
Promissory Notes [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 37,974,074 | 28,656,888 |
Unsecured corporate loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 13,049,322 | 23,487,929 |
Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 5,198,404 | 3,769,061 |
Mortgages [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 15,868,279 | 16,690,882 |
Automobile and other secured loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,918,447 | 2,856,107 |
Personal loans | ||
LOANS AND OTHER FINANCING | ||
Total | 31,287,539 | 31,883,579 |
Credit card loans | ||
LOANS AND OTHER FINANCING | ||
Total | 31,062,063 | 29,658,158 |
Foreign Trade Loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 13,753,659 | 19,690,216 |
Other financings [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,927,219 | 6,313,364 |
Other receivables from financial transactions [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,212,283 | 3,984,127 |
Receivables from financial leases [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 6,270,859 | 4,811,304 |
Sub Total [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 165,522,148 | 171,801,615 |
Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Total | 143,239,532 | 142,819,390 |
Stage 1 | Loans and other financing [member] | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (1,825,277) | (2,801,943) |
Stage 1 | Promissory Notes [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 37,128,510 | 27,514,098 |
Stage 1 | Unsecured corporate loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 11,278,606 | 18,728,720 |
Stage 1 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 4,941,421 | 3,071,077 |
Stage 1 | Mortgages [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 14,335,616 | 11,916,818 |
Stage 1 | Automobile and other secured loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,238,977 | 1,852,825 |
Stage 1 | Personal loans | ||
LOANS AND OTHER FINANCING | ||
Total | 24,848,123 | 28,749,130 |
Stage 1 | Credit card loans | ||
LOANS AND OTHER FINANCING | ||
Total | 26,960,062 | 26,294,177 |
Stage 1 | Foreign Trade Loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 9,859,886 | 14,427,056 |
Stage 1 | Other financings [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,601,638 | 4,971,812 |
Stage 1 | Other receivables from financial transactions [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 3,058,661 | 3,843,013 |
Stage 1 | Receivables from financial leases [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 5,813,309 | 4,252,607 |
Stage 1 | Sub Total [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 145,064,809 | 145,621,333 |
Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Total | 9,658,012 | 11,863,573 |
Stage 2 | Loans and other financing [member] | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (2,642,379) | (3,001,823) |
Stage 2 | Promissory Notes [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 672,216 | 922,027 |
Stage 2 | Unsecured corporate loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 432,712 | 1,197,805 |
Stage 2 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 139,929 | 240,830 |
Stage 2 | Mortgages [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 1,211,860 | 3,197,483 |
Stage 2 | Automobile and other secured loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 407,569 | 471,548 |
Stage 2 | Personal loans | ||
LOANS AND OTHER FINANCING | ||
Total | 3,872,005 | 2,192,557 |
Stage 2 | Credit card loans | ||
LOANS AND OTHER FINANCING | ||
Total | 2,673,520 | 2,776,595 |
Stage 2 | Foreign Trade Loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 2,196,320 | 2,392,460 |
Stage 2 | Other financings [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 242,459 | 1,095,063 |
Stage 2 | Other receivables from financial transactions [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 40,314 | 51,000 |
Stage 2 | Receivables from financial leases [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 411,487 | 328,028 |
Stage 2 | Sub Total [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 12,300,391 | 14,865,396 |
Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Total | 2,576,785 | 4,402,253 |
Stage 3 | Loans and other financing [member] | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (5,580,163) | (6,912,633) |
Stage 3 | Promissory Notes [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 173,348 | 220,763 |
Stage 3 | Unsecured corporate loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 1,338,004 | 3,561,404 |
Stage 3 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 117,054 | 457,154 |
Stage 3 | Mortgages [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 320,803 | 1,576,581 |
Stage 3 | Automobile and other secured loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 271,901 | 531,734 |
Stage 3 | Personal loans | ||
LOANS AND OTHER FINANCING | ||
Total | 2,567,411 | 941,892 |
Stage 3 | Credit card loans | ||
LOANS AND OTHER FINANCING | ||
Total | 1,428,481 | 587,386 |
Stage 3 | Foreign Trade Loans [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 1,697,453 | 2,870,700 |
Stage 3 | Other financings [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 83,122 | 246,489 |
Stage 3 | Other receivables from financial transactions [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 113,308 | 90,114 |
Stage 3 | Receivables from financial leases [member] | ||
LOANS AND OTHER FINANCING | ||
Total | 46,063 | 230,669 |
Stage 3 | Sub Total [member] | ||
LOANS AND OTHER FINANCING | ||
Total | $ 8,156,948 | $ 11,314,886 |
LOANS AND OTHER FINANCING - Cha
LOANS AND OTHER FINANCING - Changes in gross carrying amount and corresponding expected credit losses (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | $ 159,085,216 | |
Balance at the end of the year | 155,474,329 | $ 159,085,216 |
Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 171,801,616 | 194,731,705 |
Net changes of financial assets | (229,882) | (19,162,788) |
Write-offs | (7,605,536) | (9,626,820) |
Exchange Differences and Others | 1,555,950 | 5,859,519 |
Balance at the end of the year | 165,522,148 | 171,801,616 |
Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 142,819,390 | |
Balance at the end of the year | 143,239,532 | 142,819,390 |
Stage 1 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 145,621,333 | 171,911,741 |
Transfers 1 to 2 | (2,706,703) | (4,852,066) |
1 to 3 | (1,669,225) | (2,330,308) |
2 to 1 | 2,472,284 | 1,234,686 |
3 to 1 | 549,224 | 70,542 |
Net changes of financial assets | 1,103,670 | (23,213,643) |
Write-offs | (1,460,146) | (1,696,215) |
Exchange Differences and Others | 1,154,372 | 4,496,596 |
Balance at the end of the year | 145,064,809 | 145,621,333 |
Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 11,863,573 | |
Balance at the end of the year | 9,658,012 | 11,863,573 |
Stage 2 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 14,865,396 | 9,571,995 |
Transfers 1 to 2 | 2,706,703 | 4,852,066 |
2 to 3 | (345,905) | (1,277,483) |
2 to 1 | (2,472,284) | (1,234,686) |
3 to 2 | 436,312 | 55,376 |
Net changes of financial assets | (2,208,067) | 4,131,246 |
Write-offs | (927,797) | (1,737,832) |
Exchange Differences and Others | 246,032 | 504,714 |
Balance at the end of the year | 12,300,390 | 14,865,396 |
Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 4,402,253 | |
Balance at the end of the year | 2,576,785 | 4,402,253 |
Stage 3 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 11,314,887 | 13,247,969 |
1 to 3 | 1,669,225 | 2,330,308 |
2 to 3 | 345,905 | 1,277,483 |
3 to 2 | (436,312) | (55,376) |
3 to 1 | (549,224) | (70,542) |
Net changes of financial assets | 874,515 | (80,391) |
Write-offs | (5,217,593) | (6,192,773) |
Exchange Differences and Others | 155,546 | 858,209 |
Balance at the end of the year | 8,156,949 | 11,314,887 |
Expected credit losses [member] | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 12,716,401 | 13,874,750 |
Balance at the beginning of the year | 12,716,401 | |
Transfers 1 to 2 | 594,638 | 1,458,253 |
1 to 3 | 2,276,619 | 3,690,105 |
2 to 3 | 181,269 | 784,620 |
2 to 1 | (343,059) | (137,064) |
3 to 2 | (324,835) | (43,455) |
3 to 1 | (290,416) | (66,014) |
Net changes of financial assets | 2,773,234 | 2,418,237 |
Write-offs | (7,605,536) | (9,626,820) |
Exchange Differences and Others | 69,504 | 363,789 |
Balance at the end of the year | 12,716,401 | |
Balance at the end of the year | 10,047,819 | 12,716,401 |
Expected credit losses [member] | Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 2,801,943 | 3,298,489 |
Balance at the beginning of the year | 2,801,943 | |
Transfers 1 to 2 | (143,762) | (176,175) |
1 to 3 | (213,280) | (54,807) |
2 to 1 | 28,625 | 51,073 |
3 to 1 | (799) | 2,133 |
Net changes of financial assets | 786,772 | 1,257,132 |
Write-offs | (1,460,146) | (1,696,216) |
Exchange Differences and Others | 25,924 | 120,314 |
Balance at the end of the year | 2,801,943 | |
Balance at the end of the year | 1,825,277 | 2,801,943 |
Expected credit losses [member] | Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 3,001,823 | 1,723,489 |
Balance at the beginning of the year | 3,001,823 | |
Transfers 1 to 2 | 738,400 | 1,634,428 |
2 to 3 | (214,718) | (335,559) |
2 to 1 | (371,684) | (188,137) |
3 to 2 | 102,955 | 15,826 |
Net changes of financial assets | 284,880 | 1,850,908 |
Write-offs | (927,797) | (1,737,831) |
Exchange Differences and Others | 28,520 | 38,699 |
Balance at the end of the year | 3,001,823 | |
Balance at the end of the year | 2,642,379 | 3,001,823 |
Expected credit losses [member] | Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 6,912,635 | 8,852,772 |
Balance at the beginning of the year | 6,912,635 | |
1 to 3 | 2,489,899 | 3,744,912 |
2 to 3 | 395,987 | 1,120,179 |
3 to 2 | (427,790) | (59,281) |
3 to 1 | (289,617) | (68,147) |
Net changes of financial assets | 1,701,582 | (689,803) |
Write-offs | (5,217,593) | (6,192,773) |
Exchange Differences and Others | 15,060 | 204,776 |
Balance at the end of the year | 6,912,635 | |
Balance at the end of the year | $ 5,580,163 | $ 6,912,635 |
LOANS AND OTHER FINANCING - Fin
LOANS AND OTHER FINANCING - Financial Assets (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | $ 352,534,983 | $ 339,025,621 |
Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 165,522,148 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 5,580,164 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Overdrafts | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 91,522 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Financial Lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 28,345 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Documents | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 89,361 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Mortgage loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 180,769 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Personal loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 2,423,057 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Pledge loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 188,118 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Credit card loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 1,344,741 | |
Guarantees Financials Assets Credit Impaired [Member] | Allowances for loans losses | Other | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 1,234,251 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 8,156,948 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Overdrafts | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 117,054 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Financial Lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 46,062 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Documents | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 173,348 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Mortgage loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 320,803 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Personal loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 2,567,411 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Pledge loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 271,901 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Credit card loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 1,428,481 | |
Guarantees Financials Assets Credit Impaired [Member] | Gross carrying amount | Other | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 3,231,888 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 2,500,546 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Financial Lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 28,720 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Documents | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 856,145 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Mortgage loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 11,928 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Pledge loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 150,505 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Credit card loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 2,125 | |
Guarantees Financials Assets Credit Impaired [Member] | Fair value [member] | Other | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 1,451,123 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 2,576,784 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Overdrafts | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 25,532 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Financial Lease | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 17,717 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Documents | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 83,987 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Mortgage loans [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 140,034 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Personal loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 144,354 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Pledge loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 83,783 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Credit card loans | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | 83,740 | |
Guarantees Financials Assets Credit Impaired [Member] | Book value | Other | ||
Disclosure of detailed information about borrowings [line items] | ||
Financial assets | $ 1,997,637 |
LOANS AND OTHER FINANCING - Wit
LOANS AND OTHER FINANCING - Withdrawal of financial assets from its balance sheet (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
LOANS AND OTHER FINANCING | ||
Contractual amounts pending of collection of such withdrawn assets | $ 7,899,550 | $ 10,864,898 |
Balance at the beginning of the year | 10,864,898 | 7,909,885 |
Additions | 7,605,536 | 9,626,820 |
Disposals | (3,244,896) | (1,855,095) |
Cash collection | (1,093,450) | (830,359) |
Portfolio sales | (533,986) | (116,402) |
Condonation | (1,617,460) | (908,334) |
Exchange differences and other movements | (7,325,988) | (4,816,712) |
Gross carrying amount | $ 7,899,550 | $ 10,864,898 |
RISK MANAGEMENT POLICIES - Maxi
RISK MANAGEMENT POLICIES - Maximum credit risk exposure (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | $ 209,897,629 | $ 230,103,557 |
Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 37,974,074 | 28,656,888 |
Promissory Notes [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 13,049,322 | 23,487,929 |
Unsecured corporate loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 13,685,921 | 19,779,592 |
Mortgage loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 15,868,279 | 16,690,881 |
Automobile and other secured loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,918,447 | 2,856,106 |
Receivables from financial leases [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 6,270,858 | 4,811,304 |
Foreign Trade Loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 13,753,659 | 19,690,215 |
Other financings [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,582,595 | 7,046,666 |
Other receivables from financial transactions [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,212,920 | 3,985,073 |
Personal loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 31,287,539 | 31,883,580 |
Personal loans | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 24,723,989 | |
Personal loans | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 26,370,412 | |
Personal loans | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 6,563,550 | 5,513,168 |
Credit card loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 66,294,015 | 71,215,323 |
Credit card loans | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 54,775,888 | |
Credit card loans | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 62,155,508 | |
Credit card loans | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 11,518,127 | 9,059,815 |
Stage 1 | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 187,709,767 | 201,771,875 |
Stage 1 | 12-month ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 37,128,510 | 27,514,098 |
Stage 1 | 12-month ECL [member] | Promissory Notes [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 11,278,606 | 18,728,720 |
Stage 1 | 12-month ECL [member] | Unsecured corporate loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 13,288,933 | 18,892,137 |
Stage 1 | 12-month ECL [member] | Mortgage loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 14,335,616 | 11,916,817 |
Stage 1 | 12-month ECL [member] | Automobile and other secured loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,238,977 | 1,852,825 |
Stage 1 | 12-month ECL [member] | Receivables from financial leases [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 5,813,309 | 4,252,607 |
Stage 1 | 12-month ECL [member] | Foreign Trade Loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 9,859,886 | 14,427,055 |
Stage 1 | 12-month ECL [member] | Other financings [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,252,304 | 5,674,094 |
Stage 1 | 12-month ECL [member] | Other receivables from financial transactions [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,059,297 | 3,843,583 |
Stage 1 | Personal loans | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 24,848,123 | 28,749,129 |
Stage 1 | Personal loans | 12-month ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 20,542,487 | |
Stage 1 | Personal loans | 12-month ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 23,449,155 | |
Stage 1 | Personal loans | 12-month ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,305,636 | 5,299,974 |
Stage 1 | Credit card loans | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 60,606,206 | 65,920,810 |
Stage 1 | Credit card loans | 12-month ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 50,628,708 | |
Stage 1 | Credit card loans | 12-month ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 57,813,293 | |
Stage 1 | Credit card loans | 12-month ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 9,977,498 | 8,107,517 |
Stage 2 | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 14,030,914 | 17,016,793 |
Stage 2 | Lifetime ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 672,216 | 922,027 |
Stage 2 | Lifetime ECL [member] | Promissory Notes [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 432,712 | 1,197,805 |
Stage 2 | Lifetime ECL [member] | Unsecured corporate loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 279,934 | 430,301 |
Stage 2 | Lifetime ECL [member] | Mortgage loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,211,860 | 3,197,483 |
Stage 2 | Lifetime ECL [member] | Automobile and other secured loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 407,569 | 471,547 |
Stage 2 | Lifetime ECL [member] | Receivables from financial leases [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 411,487 | 328,028 |
Stage 2 | Lifetime ECL [member] | Foreign Trade Loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 2,196,320 | 2,392,460 |
Stage 2 | Lifetime ECL [member] | Other financings [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 247,169 | 1,126,082 |
Stage 2 | Lifetime ECL [member] | Other receivables from financial transactions [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 40,314 | 51,376 |
Stage 2 | Personal loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,872,005 | 2,192,558 |
Stage 2 | Personal loans | Lifetime ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,346,918 | |
Stage 2 | Personal loans | Lifetime ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 2,151,139 | |
Stage 2 | Personal loans | Lifetime ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 525,087 | 41,419 |
Stage 2 | Credit card loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,259,328 | 4,707,126 |
Stage 2 | Credit card loans | Lifetime ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,766,160 | |
Stage 2 | Credit card loans | Lifetime ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,974,723 | |
Stage 2 | Credit card loans | Lifetime ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 493,168 | 732,403 |
Stage 3 | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 8,156,948 | 11,314,889 |
Stage 3 | Lifetime ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 173,348 | 220,763 |
Stage 3 | Lifetime ECL [member] | Promissory Notes [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,338,004 | 3,561,404 |
Stage 3 | Lifetime ECL [member] | Unsecured corporate loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 117,054 | 457,154 |
Stage 3 | Lifetime ECL [member] | Mortgage loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 320,803 | 1,576,581 |
Stage 3 | Lifetime ECL [member] | Automobile and other secured loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 271,901 | 531,734 |
Stage 3 | Lifetime ECL [member] | Receivables from financial leases [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 46,062 | 230,669 |
Stage 3 | Lifetime ECL [member] | Foreign Trade Loans [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,697,453 | 2,870,700 |
Stage 3 | Lifetime ECL [member] | Other financings [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 83,122 | 246,490 |
Stage 3 | Lifetime ECL [member] | Other receivables from financial transactions [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 113,309 | 90,114 |
Stage 3 | Personal loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 2,567,411 | 941,893 |
Stage 3 | Personal loans | Lifetime ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 834,584 | |
Stage 3 | Personal loans | Lifetime ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 770,118 | |
Stage 3 | Personal loans | Lifetime ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,732,827 | 171,775 |
Stage 3 | Credit card loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,428,481 | 587,387 |
Stage 3 | Credit card loans | Lifetime ECL [member] | Retail [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 381,020 | |
Stage 3 | Credit card loans | Lifetime ECL [member] | Personal and Businesses Banking | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 367,492 | |
Stage 3 | Credit card loans | Lifetime ECL [member] | Consumer finance | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | $ 1,047,461 | $ 219,895 |
RISK MANAGEMENT POLICIES - Expo
RISK MANAGEMENT POLICIES - Exposure to the Group's exchange risk by currency type (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Exchange rate risk | ||
Assets | $ 352,534,983 | $ 339,025,621 |
Liabilities | 321,603,343 | 300,968,549 |
Exchange rate risk [member] | ||
Exchange rate risk | ||
Assets | 42,434,808 | 66,666,602 |
Liabilities | 37,285,415 | 55,095,222 |
Derivatives | 7,367 | 798 |
Net position | 5,156,760 | 11,572,178 |
Exchange rate risk [member] | US Dollar [member] | ||
Exchange rate risk | ||
Assets | 41,198,482 | 64,753,045 |
Liabilities | 36,422,195 | 53,900,933 |
Derivatives | 7,367 | 798 |
Net position | 4,783,654 | 10,852,910 |
Exchange rate risk [member] | Euro [member] | ||
Exchange rate risk | ||
Assets | 923,079 | 1,471,024 |
Liabilities | 855,301 | 1,184,919 |
Net position | 67,778 | 286,105 |
Exchange rate risk [member] | Others | ||
Exchange rate risk | ||
Assets | 313,247 | 442,533 |
Liabilities | 7,919 | 9,370 |
Net position | $ 305,328 | $ 433,163 |
RISK MANAGEMENT POLICIES - Sens
RISK MANAGEMENT POLICIES - Sensitivity analysis performed reasonably possible changes in foreign exchange rates (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Foreign currency sensitivity analysis | ||
Exchange rate variation | 52.50% | 40.20% |
Exchange rate variation | (52.50%) | (40.20%) |
Increase in profit loss | $ 2,705,104 | $ 4,345,838 |
Decrease in profit loss | (2,705,104) | (4,345,837) |
Increase in equity | 2,705,104 | 4,345,838 |
Decrease in equity | $ (2,705,104) | $ (4,345,837) |
US Dollar [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 52.50% | 40.20% |
Exchange rate variation | (52.50%) | (40.20%) |
Increase in profit loss | $ 2,509,382 | $ 4,057,089 |
Decrease in profit loss | (2,509,382) | (4,057,089) |
Increase in equity | 2,509,382 | 4,057,089 |
Decrease in equity | $ (2,509,382) | $ (4,057,089) |
Euro [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 52.50% | 40.20% |
Exchange rate variation | (52.50%) | (40.20%) |
Increase in profit loss | $ 35,555 | $ 114,655 |
Decrease in profit loss | (35,555) | (114,655) |
Increase in equity | 35,555 | 114,655 |
Decrease in equity | $ (35,555) | $ (114,655) |
Other Currency [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 52.50% | 40.20% |
Exchange rate variation | (52.50%) | (40.20%) |
Increase in profit loss | $ 160,167 | $ 174,093 |
Decrease in profit loss | (160,167) | (174,093) |
Increase in equity | 160,167 | 174,093 |
Decrease in equity | $ (160,167) | $ (174,093) |
RISK MANAGEMENT POLICIES - Ex_2
RISK MANAGEMENT POLICIES - Exposure to interest rate risk (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest rate risk | ||
Total Financial Assets | $ 352,534,983 | $ 339,025,621 |
Total Financial Liabilities | 321,603,343 | 300,968,549 |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 358,816,909 | 346,720,665 |
Total Financial Liabilities | 327,794,400 | 317,056,851 |
Net Amount | 31,022,509 | 29,663,814 |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | Up to 30 [member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 167,930,968 | 142,205,295 |
Total Financial Liabilities | 170,806,220 | 166,486,491 |
Net Amount | (2,875,252) | (24,281,196) |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | From 30 to 90 [member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 39,268,945 | 35,144,963 |
Total Financial Liabilities | 42,873,914 | 35,780,295 |
Net Amount | (3,604,969) | (635,332) |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | From 90 to 180 [member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 35,681,468 | 33,032,399 |
Total Financial Liabilities | 8,119,354 | 7,646,899 |
Net Amount | 27,562,114 | 25,385,500 |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | From 180 to 385 [member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 23,350,316 | 21,119,157 |
Total Financial Liabilities | 560,903 | 2,264,887 |
Net Amount | 22,789,413 | 18,854,270 |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | More than 365 [member] | Interest rate risk [member] | ||
Interest rate risk | ||
Total Financial Assets | 92,585,212 | 115,218,851 |
Total Financial Liabilities | 105,434,009 | 104,878,279 |
Net Amount | $ (12,848,797) | $ 10,340,572 |
RISK MANAGEMENT POLICIES - Se_2
RISK MANAGEMENT POLICIES - Sensitivity to reasonably possible additional variation in interest rates for next year (Details) - Interest rate risk [member] - ARS ($) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Interest rate risk | ||
Decrease in the interest rate | $ 260,905,000 | $ (654,631,000) |
Increase in the interest rate | $ (260,112,000) | $ 650,546,000 |
Argentina, Pesos [member] | ||
Interest rate risk | ||
Decrease in the interest rate | 4.00% | 4.00% |
Increase in the interest rate | 4.00% | 4.00% |
US Dollar [member] | ||
Interest rate risk | ||
Decrease in the interest rate | 2.00% | 2.00% |
Increase in the interest rate | 2.00% | 2.00% |
RISK MANAGEMENT POLICIES - Conc
RISK MANAGEMENT POLICIES - Concentration of loans and deposits (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Interest rate risk | ||
Loan balance | $ 155,474,329 | $ 159,085,216 |
Deposit, Placement Balance | 288,458,097 | 269,644,541 |
Liquidity risk [member] | ||
Interest rate risk | ||
Loan balance | $ 165,522,148 | $ 171,801,618 |
Loan, percentage to total portfolio | 100.00% | 100.00% |
Deposit, Placement Balance | $ 288,458,096 | $ 269,644,541 |
Deposits, percentage to total portfolio | 100.00% | 100.00% |
Liquidity risk [member] | 10 Largest Customer [Member] | ||
Interest rate risk | ||
Loan balance | $ 13,155,387 | $ 17,090,229 |
Loan, percentage to total portfolio | 7.90% | 9.90% |
Deposit, Placement Balance | $ 95,276,777 | $ 74,049,170 |
Deposits, percentage to total portfolio | 33.00% | 27.50% |
Liquidity risk [member] | 50 Following Largest Customer [Member] | ||
Interest rate risk | ||
Loan balance | $ 21,266,376 | $ 24,209,408 |
Loan, percentage to total portfolio | 12.80% | 14.10% |
Deposit, Placement Balance | $ 48,457,386 | $ 45,028,876 |
Deposits, percentage to total portfolio | 16.80% | 16.70% |
Liquidity risk [member] | 100 Following Largest Customers [Member] | ||
Interest rate risk | ||
Loan balance | $ 17,301,047 | $ 15,301,427 |
Loan, percentage to total portfolio | 10.50% | 8.90% |
Deposit, Placement Balance | $ 15,105,120 | $ 14,280,185 |
Deposits, percentage to total portfolio | 5.20% | 5.30% |
Liquidity risk [member] | Rest of Customers [Member] | ||
Interest rate risk | ||
Loan balance | $ 113,799,338 | $ 115,200,554 |
Loan, percentage to total portfolio | 68.80% | 67.10% |
Deposit, Placement Balance | $ 129,618,813 | $ 136,286,310 |
Deposits, percentage to total portfolio | 44.90% | 50.50% |
RISK MANAGEMENT POLICIES - Asse
RISK MANAGEMENT POLICIES - Assets and Liabilities Cash Flows (Details) $ in Thousands | Dec. 31, 2021ARS ($) |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | $ 315,682,454 |
Liabilities cashflows | 326,623,307 |
Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 86,696,816 |
Liabilities cashflows | 283,499,802 |
From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 27,058,005 |
Liabilities cashflows | 33,918,609 |
From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 34,340,407 |
Liabilities cashflows | 5,901,556 |
From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 20,280,268 |
Liabilities cashflows | 1,069,631 |
More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 36,396,208 |
Liabilities cashflows | 1,322,255 |
More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 110,910,750 |
Liabilities cashflows | 911,453 |
Deposits [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 290,968,942 |
Deposits [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 255,925,278 |
Deposits [member] | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 32,382,246 |
Deposits [member] | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,522,656 |
Deposits [member] | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 134,449 |
Deposits [member] | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 3,978 |
Deposits [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 335 |
Non-financial public sector | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 11,542,223 |
Non-financial public sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 9,343,440 |
Non-financial public sector | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,000,907 |
Non-financial public sector | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 197,876 |
Financial sector [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 39,099 |
Financial sector [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 39,099 |
Non-financial private sector and foreign residents | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 279,387,620 |
Non-financial private sector and foreign residents | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 246,542,739 |
Non-financial private sector and foreign residents | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 30,381,339 |
Non-financial private sector and foreign residents | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,324,780 |
Non-financial private sector and foreign residents | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 134,449 |
Non-financial private sector and foreign residents | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 3,978 |
Non-financial private sector and foreign residents | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 335 |
Liabilities at fair value through profit or loss | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,053,216 |
Liabilities at fair value through profit or loss | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,053,216 |
Other financial liabilities [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 24,325,922 |
Other financial liabilities [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 22,545,702 |
Other financial liabilities [member] | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 172,028 |
Other financial liabilities [member] | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 244,065 |
Other financial liabilities [member] | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 431,714 |
Other financial liabilities [member] | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 390,562 |
Other financial liabilities [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 541,851 |
Financing received from the Argentine Central Bank and other financial entities [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 7,456,164 |
Financing received from the Argentine Central Bank and other financial entities [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,975,606 |
Financing received from the Argentine Central Bank and other financial entities [member] | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 678,008 |
Financing received from the Argentine Central Bank and other financial entities [member] | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 2,989,303 |
Financing received from the Argentine Central Bank and other financial entities [member] | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 202,592 |
Financing received from the Argentine Central Bank and other financial entities [member] | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 241,388 |
Financing received from the Argentine Central Bank and other financial entities [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 369,267 |
Unsubordinated debt securities | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,819,062 |
Unsubordinated debt securities | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 686,327 |
Unsubordinated debt securities | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 145,532 |
Unsubordinated debt securities | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 300,876 |
Unsubordinated debt securities | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 686,327 |
Loans and other financing [member] | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 315,682,454 |
Loans and other financing [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 86,696,816 |
Loans and other financing [member] | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 27,058,005 |
Loans and other financing [member] | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 34,340,407 |
Loans and other financing [member] | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 20,280,268 |
Loans and other financing [member] | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 36,396,208 |
Loans and other financing [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 110,910,750 |
To the non-financial public sector | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 25,478 |
To the non-financial public sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 13,253 |
To the non-financial public sector | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 2,881 |
To the non-financial public sector | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 4,321 |
To the non-financial public sector | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 5,023 |
To the financial sector | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 156,814 |
To the financial sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 5,180 |
To the financial sector | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 4,849 |
To the financial sector | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 7,479 |
To the financial sector | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 21,872 |
To the financial sector | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 67,105 |
To the financial sector | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 50,329 |
To the Non-Financial Private Sector and Foreign residents | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 315,500,162 |
To the Non-Financial Private Sector and Foreign residents | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 86,678,383 |
To the Non-Financial Private Sector and Foreign residents | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 27,050,275 |
To the Non-Financial Private Sector and Foreign residents | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 34,328,607 |
To the Non-Financial Private Sector and Foreign residents | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 20,253,373 |
To the Non-Financial Private Sector and Foreign residents | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 36,329,103 |
To the Non-Financial Private Sector and Foreign residents | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | $ 110,860,421 |
RISK MANAGEMENT POLICIES - Para
RISK MANAGEMENT POLICIES - Paragraphs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021ARS ($)factoritem | Dec. 31, 2020ARS ($) | |
Interest rate risk [member] | ||
Disclosure of Risk Management [line items] | ||
Number of proposed disturbance scenarios | item | 6 | |
Provision utilization holding period | 90 days | |
Percentage of interest rate confidence level | 99.00% | |
Alert threshold of basic net worth | 15.00% | |
Increase decrease in profit and loss due to reasonably possible decrease in designated risk component | $ 260,905 | $ 654,631 |
Increase decrease in profit and loss due to reasonably possible increase in designated risk component | $ 260,112 | $ 650,546 |
Liquidity risk [member] | ||
Disclosure of Risk Management [line items] | ||
Percentage to total portfolio | 100.00% | 100.00% |
Number of key factors | factor | 2 | |
Liquidity stress level period | 30 days | |
Minimum liquidity percentage | 70.00% | |
Individuals [member] | Credit risk [member] | ||
Disclosure of Risk Management [line items] | ||
Percentage of credit risk confidence level | 99.90% | |
Company [member] | Credit risk [member] | ||
Disclosure of Risk Management [line items] | ||
Percentage of credit risk confidence level | 99.00% |
INTERNATIONAL FINANCING PROGR_2
INTERNATIONAL FINANCING PROGRAMS (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Nov. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2018ARS ($) | Dec. 31, 2017USD ($) | Dec. 31, 2021ARS ($) | Dec. 31, 2021USD ($)installment | Jun. 30, 2021installment | |
Disclosure of detailed information about financial instruments [line items] | |||||||
Term | 3 years | ||||||
Number of installments cancelled | installment | 2 | 2 | |||||
Non-Guaranteed Senior Syndicated Loan [Member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Notional amount | $ 80,000,000 | ||||||
Term | 3 years | ||||||
Borrowings, interest rate basis | 3.40 | ||||||
Repayments of borrowings, classified as financing activities | $ 20,000,000 | ||||||
Borrowings | $ 20,000,000 | ||||||
Tranche A [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Tranche loan amount | $ 40,000,000 | $ 35,000 | |||||
Tranche A [member] | Three year term loan [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Tranche loan amount | $ 35,000,000 | ||||||
Tranche A [member] | Five year term loan [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Term | 5 years | ||||||
Tranche loan amount | $ 5,000,000 | ||||||
Tranche B [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Tranche loan amount | $ 93,500 | ||||||
Tranche B [member] | Year term loan [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Tranche loan amount | $ 40,000 | ||||||
Tranche B [member] | Two and half year term loan [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Term | 2 years 6 months | ||||||
Tranche loan amount | $ 53,500 |
BUSINESS COMBINATIONS - (Detail
BUSINESS COMBINATIONS - (Details) $ in Thousands, $ in Thousands | Aug. 23, 2021USD ($) | Dec. 31, 2021ARS ($) | Nov. 29, 2021USD ($) | Aug. 23, 2021ARS ($) | Dec. 31, 2020ARS ($) |
Disclosure of detailed information about business combination [line items] | |||||
Amount paid net of expenses | $ 694 | ||||
Goodwill | $ 5,494,180 | $ 5,494,180 | |||
Capital contribution to applied for working capital and investments. | $ 500,000 | ||||
IOL Holding S.A. | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of stock acquired | 95.00% | ||||
Cash and Due from Banks | $ 51,380 | ||||
Other assets | 26 | ||||
Miscellaneous obligations | (784) | ||||
Net identifiable assets acquired | $ 50,622 | ||||
IOL Holding S.A. | SofitalS.A.F. e I.I. [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of stock acquired | 5.00% |
ASSETS AND LIABILITIES IN FOR_3
ASSETS AND LIABILITIES IN FOREIGN CURRENCY (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | $ 5,742,546 | $ 11,571,380 |
Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 43,341,471 | 66,666,602 |
Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 37,598,925 | 55,095,222 |
US Dollar [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,369,440 | |
US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 42,105,145 | |
US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 36,735,705 | |
Euro [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 67,778 | |
Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 923,079 | |
Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 855,301 | |
Real | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 17,202 | |
Real | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 17,217 | |
Real | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 15 | |
Other Currency [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 288,126 | |
Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 296,030 | |
Other Currency [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 7,904 | |
Deposits [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 28,823,051 | 38,036,395 |
Deposits [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 28,348,565 | |
Deposits [member] | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 474,486 | |
Non-financial public sector [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,114,042 | 1,363,730 |
Non-financial public sector [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,113,873 | |
Non-financial public sector [member] | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 169 | |
Financial sector [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 221 | 3,105 |
Financial sector [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 221 | |
Non-financial private sector and foreign residents [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 27,708,788 | 36,669,560 |
Non-financial private sector and foreign residents [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 27,234,471 | |
Non-financial private sector and foreign residents [member] | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 474,317 | |
Liabilities at fair value with changes in results [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 688,912 | |
Liabilities at fair value with changes in results [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 688,912 | |
Other financial liabilities [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 2,582,008 | 3,589,592 |
Other financial liabilities [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 2,193,275 | |
Other financial liabilities [member] | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 380,815 | |
Other financial liabilities [member] | Real | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 15 | |
Other financial liabilities [member] | Other Currency [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 7,903 | |
Financing received from the Argentine Central Bank and other financial entities [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,135,292 | 7,849,164 |
Financing received from the Argentine Central Bank and other financial entities [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,135,292 | |
Other financial entities [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,325,030 | |
Subordinated negotiable obligations [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,721,441 | |
Other non-financial liabilities [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 369,662 | 573,600 |
Other non-financial liabilities [member] | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 369,661 | |
Other non-financial liabilities [member] | Other Currency [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1 | |
Cash and due from banks [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 21,475,944 | 30,789,452 |
Cash and due from banks [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 20,240,942 | |
Cash and due from banks [member] | Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 922,100 | |
Cash and due from banks [member] | Real | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 17,217 | |
Cash and due from banks [member] | Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 295,685 | |
Government and corporate securities at fair value with changes in results [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 777,457 | 2,786,763 |
Government and corporate securities at fair value with changes in results [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 777,457 | |
Derivatives [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 7,367 | 798 |
Derivatives [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 7,367 | |
Other Financial Assets [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 711,238 | 1,711,669 |
Other Financial Assets [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 711,114 | |
Other Financial Assets [member] | Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 124 | |
Loans and other financing [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 15,428,720 | 22,976,589 |
Loans and other financing [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 15,427,520 | |
Loans and other financing [member] | Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 855 | |
Loans and other financing [member] | Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 345 | |
Other Debt Securities [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,732,301 | 7,246,202 |
Other Debt Securities [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,732,301 | |
Financial assets in guarantee [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,087,132 | 791,754 |
Financial assets in guarantee [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,087,132 | |
Other Non Financial Assets [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 121,312 | $ 363,375 |
Other Non Financial Assets [member] | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | $ 121,312 |
CURRENT_NON-CURRENT DISTINCTI_3
CURRENT/NON-CURRENT DISTINCTION (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and due from banks | $ 32,574,118 | $ 55,357,647 | $ 54,256,477 |
Cash | 12,589,320 | 19,309,242 | |
Argentine Central Bank | 18,134,499 | 29,620,309 | |
Other local financial institutions | 1,208,357 | 6,198,171 | |
Others | 641,942 | 229,925 | |
Debt securities at fair value through profit or loss | 19,757,685 | 14,900,812 | $ 1,168,228 |
Derivatives | 221,858 | 217,271 | |
Reverse Repo Transactions | 42,849,578 | 33,742,602 | |
Other financial assets | 13,922,961 | 6,468,183 | |
Loans and other financing | 155,474,329 | 159,085,216 | |
To the non-financial public sector | 22,738 | 35,517 | |
To the financial sector | 76,832 | 18,207 | |
To the Non-Financial Private Sector and Foreign residents | 155,374,759 | 159,031,492 | |
Other debt securities | 78,930,240 | 61,674,714 | |
Financial assets pledged as collateral | 8,539,934 | 7,403,589 | |
Current income tax assets | 880,290 | ||
Inventories | 136,775 | 107,114 | |
Investments in equity instruments | 264,280 | 175,587 | |
Property, plant and equipment | 11,034,912 | 10,722,347 | |
Investment Property | 8,698,123 | 9,053,396 | |
Intangible assets | 11,422,105 | 10,237,674 | |
Deferred income tax assets | 3,234,956 | 5,005,051 | |
Other non-financial assets | 2,460,898 | 2,042,059 | |
Total Assets | 390,403,042 | 376,193,262 | |
LIABILITIES | |||
Deposits | 288,458,097 | 269,644,541 | |
Non-financial public sector | 11,475,017 | 11,941,378 | |
Financial sector | 39,099 | 86,665 | |
Non-financial private sector and foreign residents | 276,943,981 | 257,616,498 | |
Liabilities at fair value through profit or loss | 2,053,216 | 3,021,859 | |
Derivatives | 3,011 | ||
Other financial liabilities | 23,780,242 | 11,364,228 | |
Financing received from the Argentine Central Bank and other financial institutions | 6,252,548 | 8,833,545 | |
Unsubordinated debt securities | 1,059,240 | 6,379,922 | |
Current income tax liability | 1,944,531 | ||
Subordinated negotiable obligations | 1,721,443 | ||
Provisions | 913,671 | 1,028,051 | |
Deferred income tax liability | 61,736 | 63,403 | |
Other non-financial liabilities | 16,273,876 | 18,333,518 | |
TOTAL LIABILITIES | 338,852,626 | 322,338,052 | |
Up to 1 year [member] | |||
ASSETS | |||
Cash and due from banks | 32,574,118 | 55,357,647 | |
Cash | 12,589,320 | 19,309,242 | |
Argentine Central Bank | 18,134,499 | 29,620,309 | |
Other local financial institutions | 1,208,357 | 6,198,171 | |
Others | 641,942 | 229,925 | |
Debt securities at fair value through profit or loss | 19,757,685 | 14,900,812 | |
Derivatives | 221,858 | 217,271 | |
Reverse Repo Transactions | 42,849,578 | 33,742,602 | |
Other financial assets | 13,922,961 | 6,468,183 | |
Loans and other financing | 115,676,418 | 113,435,978 | |
To the non-financial public sector | 22,738 | 19,067 | |
To the financial sector | 12,161 | 18,207 | |
To the Non-Financial Private Sector and Foreign residents | 115,641,519 | 113,398,704 | |
Other debt securities | 73,207,135 | 43,526,385 | |
Financial assets pledged as collateral | 8,539,934 | 7,403,589 | |
Current income tax assets | 880,290 | ||
Inventories | 136,775 | 107,114 | |
Investments in equity instruments | 30,119 | ||
Deferred income tax assets | 485,243 | 681,562 | |
Other non-financial assets | 1,135,934 | 1,082,769 | |
Total Assets | 309,387,929 | 276,954,031 | |
LIABILITIES | |||
Deposits | 288,455,225 | 269,643,973 | |
Non-financial public sector | 11,475,017 | 11,941,378 | |
Financial sector | 39,099 | 86,665 | |
Non-financial private sector and foreign residents | 276,941,109 | 257,615,930 | |
Liabilities at fair value through profit or loss | 2,053,216 | 3,021,859 | |
Derivatives | 3,011 | ||
Other financial liabilities | 23,219,035 | 10,286,290 | |
Financing received from the Argentine Central Bank and other financial institutions | 5,853,350 | 8,335,637 | |
Unsubordinated debt securities | 341,623 | 4,763,516 | |
Current income tax liability | 1,944,531 | ||
Subordinated negotiable obligations | 1,721,443 | ||
Provisions | 66,183 | 63,669 | |
Deferred income tax liability | 61,736 | 63,403 | |
Other non-financial liabilities | 16,273,876 | 15,585,288 | |
TOTAL LIABILITIES | 336,324,244 | 315,432,620 | |
Later than one year [member] | |||
ASSETS | |||
Loans and other financing | 39,797,911 | 45,649,238 | |
To the non-financial public sector | 16,450 | ||
To the financial sector | 64,671 | 0 | |
To the Non-Financial Private Sector and Foreign residents | 39,733,240 | 45,632,788 | |
Other debt securities | 5,723,105 | 18,148,329 | |
Investments in equity instruments | 264,280 | 145,468 | |
Property, plant and equipment | 11,034,912 | 10,722,347 | |
Investment Property | 8,698,123 | 9,053,396 | |
Intangible assets | 11,422,105 | 10,237,674 | |
Deferred income tax assets | 2,749,713 | 4,323,489 | |
Other non-financial assets | 1,324,964 | 959,290 | |
Total Assets | 81,015,113 | 99,239,231 | |
LIABILITIES | |||
Deposits | 2,872 | 568 | |
Non-financial private sector and foreign residents | 2,872 | 568 | |
Other financial liabilities | 561,207 | 1,077,938 | |
Financing received from the Argentine Central Bank and other financial institutions | 399,198 | 497,908 | |
Unsubordinated debt securities | 717,617 | 1,616,406 | |
Provisions | 847,488 | 964,382 | |
Other non-financial liabilities | 2,748,230 | ||
TOTAL LIABILITIES | $ 2,528,382 | $ 6,905,432 |
OFFSETTING OF FINANCIAL ASSET_3
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Financial Assets And Liabilities [line items] | ||
Gross amount | $ 158,480 | $ 155,610 |
Amount offset | 56,011 | 60,862 |
Net in Financial Statements | 214,491 | 216,472 |
Amounts subject to a master netting arrangement not offset, Financial asset / (Financial liability) | (6,286,910) | (4,744,951) |
Collateral | 880,921 | 735,398 |
Net amount | (5,405,989) | (4,009,553) |
Credit Card [member] | ||
Disclosure Of Financial Assets And Liabilities [line items] | ||
Amounts subject to a master netting arrangement not offset, Financial asset / (Financial liability) | (6,286,910) | (4,744,951) |
Collateral | 880,921 | 735,398 |
Net amount | (5,405,989) | (4,009,553) |
Derivatives [member] | ||
Disclosure Of Financial Assets And Liabilities [line items] | ||
Gross amount | 158,480 | 155,610 |
Amount offset | 56,011 | 60,862 |
Net in Financial Statements | $ 214,491 | $ 216,472 |
MINIMUM CAPITAL REQUIREMENTS (D
MINIMUM CAPITAL REQUIREMENTS (Details) - ARS ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Calculation of excess capital: | |||
Allocated to assets at risk | $ 12,957,481 | $ 9,047,140 | $ 7,164,842 |
Allocated to Bank premises and equipment, intangible assets and equity investment assets | 2,035,689 | 1,350,035 | 826,133 |
Market risk | 965,159 | 551,765 | 251,739 |
Public sector and securities in investment account | 34,489 | 27,651 | 11,472 |
Operational risk | 4,805,957 | 3,233,793 | 2,349,952 |
Required minimum capital under Central Bank rules | 20,798,775 | 14,210,384 | 10,604,138 |
Basic net worth | 42,938,440 | 30,242,263 | 16,991,091 |
Complementary net worth | 1,564,272 | 1,090,865 | 1,033,734 |
Deductions | (11,770,286) | (7,028,227) | (2,999,716) |
Total capital under Central Bank rules | 32,732,426 | 24,304,901 | 15,025,109 |
Excess capital | $ 11,933,651 | $ 10,094,517 | $ 4,420,971 |
Selected capital and liquidity ratios: | |||
Regulatory capital/risk weighted assets | 18.40% | 19.29% | 11.60% |
Average shareholders' equity as a percentage of average total assets | 12.54% | 11.16% | 10.40% |
Total liabilities as a multiple of total shareholders' equity | 7.5 | 7.5 | 7.1 |
Cash as a percentage of total deposits. | 11.06% | 20.31% | 28.20% |
Tier 1 Capital / Risk weighted assets.. | 12.25% | 13.35% | 10.80% |
Multiple to calculate operational risk weighted assets and market risk weighted assets | 12.5 |
ECONOMIC CONTEXT ON GROUP'S OPE
ECONOMIC CONTEXT ON GROUP'S OPERATIONS - Paragraphs (Details) $ in Millions | Mar. 16, 2022 | Dec. 31, 2021ARS ($)$ / $ | Dec. 31, 2021ARS ($)$ / $ | Dec. 31, 2021ARS ($)$ / $ | Dec. 31, 2020 | Sep. 30, 2021ARS ($) | Sep. 29, 2021$ / $ |
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage increase in average annual price of exported commodities | 39.60% | ||||||
COVID-19 | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Increase in federal reserve for interest rate | 0.25% | ||||||
Increase (decrease) in GDP rate | 10.30% | (9.90%) | |||||
GDP rate | 3.70% | 3.70% | 3.70% | ||||
Percentage increase in prices of exported commodities | 20.10% | ||||||
Primary fiscal deficit without extraordinary revenue | $ 980,241 | $ 980,241 | $ 980,241 | $ 1,719,013 | |||
Percentage of primary fiscal deficit without extraordinary revenue of the GDP | 2.20% | 2.20% | 2.20% | 3.80% | |||
Financial deficit | $ 1,664,482 | $ 1,664,482 | $ 1,664,482 | $ 2,403,254 | |||
Percentage of financial deficit of the GDP | 3.70% | 3.70% | 3.70% | 5.40% | |||
Increase in fiscal revenue due to extraordinary solidarity | $ 311,373 | ||||||
Percentage of increase in fiscal revenue due to extraordinary solidarity of the GDP | 0.70% | ||||||
Revenue recorded from extraordinary allocation of SDRs | $ 427,401 | ||||||
Percentage of revenue recorded from extraordinary allocation of SDRs | 1.00% | ||||||
Percentage of tax revenue increase in year-on-year | 83.40% | ||||||
Percentage of tax revenue growth above inflation rate | 21.50% | ||||||
Percentage of tax revenue growth without extraordinary revenues | 68.20% | ||||||
Percentage of increase in primary expenses | 49.60% | ||||||
Percentage of difference from revenue recovery to inflation rates | 9.60% | ||||||
Percentage of drop in social benefits | 12.20% | ||||||
Accelerated annualized exchange rate | 22.00% | ||||||
Accelerated annualized exchange rate period | 18 months | ||||||
Percentage of annualized official exchange rate | 50.90% | 50.90% | 50.90% | ||||
Official exchange rate | $ / $ | 102.75 | 102.75 | 102.75 | 98.74 | |||
Estimated decline in mutlilateral exchange rate | 5.1 | ||||||
Estimated mutlilateral exchange rate | 18 | ||||||
Extended facilities agreement term | 2 years 6 months | ||||||
Extended facilities agreement repayment term | 10 years | ||||||
Period for postponement credit card loan payment | 3 months | ||||||
Period for payment of postponed credit card payments | 9 months | ||||||
COVID-19 | Letras De Liquidez (LELIQ) [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Borrowings, adjustment to interest rate basis | 47.00% | 47.00% | 47.00% | 38.00% | |||
COVID-19 | Minimum | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Threshold net worth for extraordinary contribution tax | $ 100 | ||||||
COVID-19 | Year 2022 [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of primary deficit | 2.50% | 2.50% | 2.50% | ||||
Percentage of monetization of primary deficit of GDP | 1.00% | 1.00% | 1.00% | ||||
COVID-19 | Year 2023 [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of primary deficit | 1.90% | 1.90% | 1.90% | ||||
Percentage of monetization of primary deficit of GDP | 0.60% | 0.60% | 0.60% | ||||
COVID-19 | Year 2024 [Member] | |||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||
Percentage of primary deficit | 0.90% | 0.90% | 0.90% | ||||
Percentage of monetization of primary deficit of GDP | 0.00% | 0.00% | 0.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ in Thousands | Apr. 27, 2022ARS ($) |
Announcing or commencing implementation of major restructuring [member] | |
Disclosure of non-adjusting events after reporting period [line items] | |
Retained earnings absorbed | $ 1,201,458,000 |