Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information: | |
Document Type | 20-F |
Period End Date | Dec. 31, 2023 |
Entity File Number | 001-37777 |
Registrant Name | GRUPO SUPERVIELLE S.A. |
Entity Incorporation, State or Country Code | C1 |
Entity Address, Address Line One | Reconquista 330 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Postal Zip Code | C1003ABG |
Entity Address, Country | AR |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
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 Financial Statement Error Correction [Flag] | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
CIK | 0001517399 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Amendment | 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: | |
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 | 380,933,642 |
Class A ordinary shares | |
Document Information: | |
Entity Common Stock, Shares Outstanding | 61,738,188 |
American Depositary Shares | |
Document Information: | |
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: | |
Entity Address, Address Line One | Reconquista 330 |
Entity Address, City or Town | Buenos Aires |
Entity Address, Postal Zip Code | C1003ABG |
City Area Code | 11 |
Local Phone Number | 4340-3181 |
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, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and due from banks | $ 229,098,272 | $ 150,719,643 |
Cash | 114,005,581 | 59,547,824 |
Financial institutions and correspondents | ||
Argentine Central Bank | 103,634,933 | 84,654,328 |
Other local financial institutions | 10,241,998 | 6,428,404 |
Others | 1,215,760 | 89,087 |
Debt Securities at fair value through profit or loss | 46,415,822 | 69,707,595 |
Derivatives | 3,795,093 | 920,381 |
Reverse Repo transactions | 755,708,132 | 67,206,248 |
Other financial assets | 46,499,784 | 25,246,191 |
Loans and other financing | 482,455,084 | 728,474,749 |
To the non-financial public sector | 2,070,115 | 864,785 |
To the financial sector | 4,006,546 | 2,007,125 |
To the Non-Financial Private Sector and Foreign residents | 476,378,423 | 725,602,839 |
Other debt securities | 251,180,541 | 839,975,567 |
Financial assets pledged as collateral | 46,382,606 | 45,056,529 |
Current income tax assets | 3,039,566 | |
Inventories | 0 | 208,923 |
Investments in equity instruments | 365,985 | 1,565,010 |
Property, plant and equipment | 51,151,635 | 57,217,390 |
Investment Property | 45,597,064 | 52,637,396 |
Intangible assets | 67,634,055 | 69,368,706 |
Deferred income tax assets | 12,960,099 | 37,997,568 |
Other non-financial assets | 18,763,829 | 16,647,728 |
TOTAL ASSETS | 2,058,008,001 | 2,165,989,190 |
LIABILITIES | ||
Deposits | 1,548,928,056 | 1,705,009,583 |
Non-financial public sector | 100,747,830 | 86,705,591 |
Financial sector | 476,539 | 315,861 |
Non-financial private sector and foreign residents | 1,447,703,687 | 1,617,988,131 |
Liabilities at fair value through profit or loss | 607,903 | 6,661,539 |
Repo Transactions | 940,332 | |
Other financial liabilities | 72,738,928 | 56,381,855 |
Financing received from the Argentine Central Bank and other financial institutions | 2,691,969 | 17,219,834 |
Unsubordinated debt securities | 1,748,271 | |
Current income tax liability | 737,181 | |
Provisions | 14,897,667 | 5,267,946 |
Deferred income tax liabilities | 1,614,907 | 565,339 |
Other non-financial liabilities | 73,200,297 | 85,591,165 |
TOTAL LIABILITIES | 1,716,357,240 | 1,878,445,532 |
SHAREHOLDERS' EQUITY | ||
Capital stock | 442,672 | 444,411 |
Paid in capital | 254,538,548 | 264,229,227 |
Inflation Adjustment of capital stock | 27,960,909 | 28,325,583 |
Treasury shares | 14,050 | 12,311 |
Inflation adjustment of treasury shares | 2,944,946 | 2,580,272 |
Cost of Treasury shares | (5,166,412) | (4,307,608) |
Reserves | 4,307,608 | 19,308,569 |
Retained earnings | (6,949,145) | (15,985,874) |
Other comprehensive income | 11,668,481 | 8,364,164 |
Net Income/ (loss) for the year | 51,615,837 | (15,654,911) |
Shareholders' Equity attributable to owners of the parent company | 341,377,494 | 287,316,144 |
Shareholders' Equity attributable to non-controlling interests | 273,267 | 227,514 |
TOTAL SHAREHOLDERS' EQUITY | $ 341,650,761 | $ 287,543,658 |
Consolidated Income Statement
Consolidated Income Statement - ARS ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Income Statement | |||
Interest income | $ 1,157,697,255 | $ 784,354,347 | $ 627,418,680 |
Interest expenses | (825,494,087) | (515,399,394) | (366,990,536) |
Net interest income | 332,203,168 | 268,954,953 | 260,428,144 |
Net income from financial instruments measured at fair value through profit or loss | 138,081,046 | 56,821,678 | 53,923,603 |
Result from derecognition of financial assets measured at amortized cost | 16,857,100 | 1,531,618 | 1,541,901 |
Exchange rate differences on gold and foreign currency | 5,800,908 | 8,541,784 | 6,019,802 |
Net Income From Financial instruments And Exchange Rate Differences | 160,739,054 | 66,895,080 | 61,485,306 |
Net Financial Income | 492,942,222 | 335,850,033 | 321,913,450 |
Service Fee Income | 93,125,252 | 94,478,177 | 101,091,634 |
Service Fee Expense | (24,176,077) | (33,392,724) | (30,818,243) |
Income from insurance activities | 14,431,313 | 14,104,154 | 13,777,397 |
Net Service Fee Income | 83,380,488 | 75,189,607 | 84,050,788 |
Subtotal | 576,322,710 | 411,039,640 | 405,964,238 |
Results from exposure to changes in the purchasing power of money | (108,923,511) | (55,271,939) | (47,361,901) |
Other operating income | 23,688,747 | 32,671,074 | 32,616,164 |
Impairment losses on financial assets | (33,640,071) | (44,129,627) | (54,168,977) |
Net operating income | 457,447,875 | 344,309,148 | 337,049,524 |
Personnel expenses | (160,395,452) | (167,825,508) | (155,237,181) |
Administration expenses | (84,438,694) | (88,946,808) | (93,147,074) |
Depreciation and impairment of non-financial assets | (31,931,273) | (31,447,803) | (25,629,749) |
Other operating expenses | (94,289,712) | (82,925,021) | (71,870,346) |
Income / (Loss) before taxes | 86,392,744 | (26,835,992) | (8,834,826) |
Income tax | (34,734,935) | 11,164,078 | (1,697,922) |
Net Income / (Loss) for the year | 51,657,809 | (15,671,914) | (10,532,748) |
Net Income / (Loss) for the year attributable to owners of the parent company | 51,615,837 | (15,654,911) | (10,521,726) |
Net Income / (Loss) for the year attributable to non-controlling interests | 41,972 | (17,003) | (11,022) |
NUMERATOR | |||
Net Income / (Loss) for the year attributable to owners of the parent company | 51,615,837 | (15,654,911) | (10,521,726) |
Net income attributable to owners of the parent company adjusted by dilution | $ 51,615,837 | $ (15,654,911) | $ (10,521,726) |
DENOMINATOR | |||
Weighted average of ordinary shares | 442,727 | 454,274 | 456,722 |
Weighted average of number of ordinary shares issued of the period adjusted by dilution effect | 442,727 | 454,274 | 456,722 |
Basic Income (in pesos/share) | $ 116.59 | $ (34.46) | $ (23.04) |
Diluted Income (in pesos/share) | $ 116.59 | $ (34.46) | $ (23.04) |
Consolidated Statement of Other
Consolidated Statement of Other Comprehensive Income - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Consolidated Statement of Other Comprehensive Income | |||
Net Income /(loss) for the year | $ 51,657,809 | $ (15,671,914) | $ (10,532,748) |
Components of Other Comprehensive Income that will not be reclassified to profit or loss | |||
Revaluation (Losses)/Surplus of property, plant and equipment | (2,093,627) | (2,611,299) | 637,240 |
Income tax | 732,769 | 913,953 | (1,307,425) |
Net revaluation surplus of property, plant and equipment | (1,360,858) | (1,697,346) | (670,185) |
(Loss) / income from equity instruments at fair value through other comprehensive income | (703,959) | (146,377) | 23,960 |
Income tax | 246,386 | 51,233 | 3,724 |
Net Income / (loss) from equity instruments at fair value through other comprehensive income | (457,573) | (95,144) | 27,684 |
Total Other Comprehensive Income that will not be reclassified to profit or loss | (1,818,431) | (1,792,490) | (642,501) |
Components of Other Comprehensive Income that may be reclassified to profit or loss | |||
Income/(loss) from financial instruments at fair value through other comprehensive income | 7,370,679 | (3,162,706) | 729,740 |
Income tax | (2,687,007) | 1,149,076 | (415,611) |
Net income/loss from financial instruments at fair value through other comprehensive income | 4,683,672 | (2,013,630) | 314,129 |
Foreign currency translation adjustment | 442,857 | 190,121 | 2,457 |
Foreign currency translation adjustment for the fiscal year | 442,857 | 190,121 | 2,457 |
Other Comprehensive Income / (loss) that may be reclassified to profit or loss | 5,126,529 | (1,823,509) | 316,586 |
Other Comprehensive Income / (loss) | 3,308,098 | (3,615,999) | (325,915) |
Other comprehensive Income / (loss) attributable to parent company | 3,304,317 | (3,612,173) | (325,499) |
Other comprehensive Income / (loss) attributable to non-controlling interest | 3,781 | (3,826) | (416) |
Comprehensive Income / (loss) | 54,965,907 | (19,287,913) | (10,858,663) |
Comprehensive Income / (loss) for the year attributable to owners of the parent company | 54,920,154 | (19,267,084) | (10,847,225) |
Comprehensive Income / (loss) for the year attributable to non-controlling interest | $ 45,753 | $ (20,829) | $ (11,438) |
Consolidated Statement of Chang
Consolidated Statement of Changes in Shareholders Equity - ARS ($) $ in Thousands | Capital stock | Inflation adjustment of capital Stock | Paid-in capital | Treasury shares | Inflation adjustment of treasury shares | Cost of treasury shares | Inflation adjustment of cost of treasury shares | Legal reserve | Other reserves. | Retained earnings IFRS 17 | Retained earnings | Other comprehensive income. | Total shareholders' equity attributable to parent company [member] IFRS 17 | Total shareholders' equity attributable to parent company [member] | Total Shareholders' equity attributable to non-controlling interests [member] | IFRS 17 | Total |
Beginning balance at Dec. 31, 2020 | $ 456,722 | $ 30,905,855 | $ 264,229,227 | $ 18,551,566 | $ 12,283,204 | $ 326,426,574 | $ 259,613 | $ 326,686,187 | |||||||||
Distribution of retained earnings by the shareholders' meeting | |||||||||||||||||
- Other reserves (Use of reserves) | $ 3,226,099 | $ 24,893,404 | (28,119,499) | 4 | 4 | ||||||||||||
- Dividend distribution | (3,122,242) | (3,122,242) | (3,122,242) | ||||||||||||||
Net Income /(loss) for the year | (10,521,726) | (10,521,726) | (11,022) | (10,532,748) | |||||||||||||
Other comprehensive income for the year | (325,499) | (325,499) | (416) | (325,915) | |||||||||||||
Ending balance (Previously Stated) at Dec. 31, 2021 | 456,722 | 30,905,855 | 264,229,227 | 3,226,099 | 24,893,404 | (23,211,901) | 11,957,705 | 312,457,111 | 248,175 | 312,705,286 | |||||||
Ending balance (Re-measured) at Dec. 31, 2021 | $ (34,585) | $ (34,585) | $ (34,585) | ||||||||||||||
Ending balance at Dec. 31, 2021 | 456,722 | 30,905,855 | 264,229,227 | 3,226,099 | 24,893,404 | (23,246,486) | 11,957,705 | 312,422,526 | 248,175 | 312,670,701 | |||||||
Distribution of retained earnings by the shareholders' meeting | |||||||||||||||||
- Other reserves (Use of reserves) | (7,279,244) | 7,279,244 | |||||||||||||||
- Dividend distribution | (1,531,690) | (1,531,690) | (1,531,690) | ||||||||||||||
Other movements | (18,632) | 18,632 | |||||||||||||||
Share premium in subsidiaries | 168 | 168 | |||||||||||||||
Acquisition of Treasury shares | (12,311) | (2,580,272) | $ 12,311 | $ 2,580,272 | $ (385,448) | $ (3,922,160) | (4,307,608) | (4,307,608) | |||||||||
Net Income /(loss) for the year | (15,654,911) | (15,654,911) | (17,003) | (15,671,914) | |||||||||||||
Other comprehensive income for the year | (3,612,173) | (3,612,173) | (3,826) | (3,615,999) | |||||||||||||
Ending balance at Dec. 31, 2022 | 444,411 | 28,325,583 | 264,229,227 | 12,311 | 2,580,272 | (385,448) | (3,922,160) | 3,226,099 | 16,082,470 | (31,640,785) | 8,364,164 | 287,316,144 | 227,514 | 287,543,658 | |||
Distribution of retained earnings by the shareholders' meeting | |||||||||||||||||
- Other reserves (Use of reserves) | (9,690,679) | $ (3,226,099) | (11,774,862) | 24,691,640 | |||||||||||||
Acquisition of Treasury shares | (1,739) | (364,674) | 1,739 | 364,674 | (295,449) | (563,355) | (858,804) | (858,804) | |||||||||
Net Income /(loss) for the year | 51,615,837 | 51,615,837 | 41,972 | 51,657,809 | |||||||||||||
Other comprehensive income for the year | 3,304,317 | 3,304,317 | 3,781 | 3,308,098 | |||||||||||||
Ending balance at Dec. 31, 2023 | $ 442,672 | $ 27,960,909 | $ 254,538,548 | $ 14,050 | $ 2,944,946 | $ (680,897) | $ (4,485,515) | $ 4,307,608 | $ 44,666,692 | $ 11,668,481 | $ 341,377,494 | $ 273,267 | $ 341,650,761 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flow - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flow from operating activities | |||
Net Income /(loss) for the year | $ 51,657,809 | $ (15,671,914) | $ (10,532,748) |
Adjustments to obtain flows from operating activities: | |||
Income tax | 34,734,935 | (11,164,078) | 1,697,922 |
Depreciation and Impairment of non - financial assets | 31,931,273 | 31,447,803 | 25,629,749 |
Impairment losses on financial assets | 33,640,071 | 44,129,627 | 54,168,977 |
Other adjustments: | |||
Exchange rate difference on gold and foreign currency | (5,800,908) | (8,541,784) | (6,019,802) |
Interest income from loans and other financings | (1,157,697,255) | (784,354,347) | (627,418,680) |
Interest Expense from deposits and financing received | 825,494,087 | 515,399,394 | 366,990,536 |
Net income financial assets measured at fair value through profit or loss | (138,081,046) | (56,821,678) | (53,923,603) |
Fair value measurement of investment properties | 7,012,278 | 2,503,275 | 2,675,231 |
Results from exposure to changes in the purchasing power of money | 108,923,511 | 55,271,939 | 47,361,901 |
Interest on liabilities for financial leases | 33,690 | 1,555,148 | 1,630,621 |
Provisions reversed | (5,502,611) | (10,127,903) | (10,395,360) |
Result from derecognition of financial assets measured at amortized cost | (16,857,100) | (1,531,618) | (1,541,901) |
(Increases) / decreases from operating assets: | |||
Debt securities at fair value through profit or loss | 188,466,001 | 59,790,591 | 72,763,588 |
Derivatives | (2,874,712) | 425,411 | (27,824) |
Reverse Repo transactions | (688,501,884) | 192,719,662 | (55,242,994) |
Loans and other financing | |||
To the non-financial public sector | (1,205,330) | (726,857) | 77,519 |
To the other financial entities | (1,999,421) | (1,541,063) | (355,621) |
To the non-financial sector and foreign residents | 1,378,784,211 | 965,844,886 | 605,826,836 |
Other debt securities | 588,795,026 | (361,184,054) | (104,672,168) |
Financial assets pledged as collateral | (1,326,077) | 6,746,784 | (6,893,080) |
Other assets | (93,625,284) | 48,110,871 | (49,652,616) |
Increases / (decreases) from operating liabilities: | |||
Non-financial public sector | 14,042,239 | 17,098,039 | (2,828,948) |
Financial sector | 160,678 | 78,686 | (288,535) |
Private non-financial sector and foreign residents | (995,778,531) | (577,355,825) | (249,749,858) |
Derivatives | (18,264) | ||
Repo transactions | 940,332 | ||
Liabilities at fair value through profit or loss | (6,053,636) | (5,793,288) | (5,875,798) |
Other liabilities | 15,216,610 | (98,506,299) | 67,909,146 |
Income Tax paid | (6,579,003) | (2,637,426) | (9,829,034) |
Net cash provided by operating activities (A) | 157,949,953 | 5,163,982 | 51,465,192 |
Payments related to: | |||
Purchase of PPE, intangible assets and other assets | (24,751,267) | (26,038,772) | (30,469,603) |
Purchase of liabilities and equity instruments issued by other entities | 1,199,025 | 38,113 | (538,013) |
Collections: | |||
Disposals related to PPE, intangible assets and other assets | 4,662,862 | 2,475,354 | 2,529,757 |
Net cash used in investing activities (B) | (18,889,380) | (23,525,305) | (28,477,859) |
Payments: | |||
Lease liabilities | (5,004,160) | (7,927,034) | (14,721,681) |
Unsubordinated debt securities | (1,782,823) | (4,677,087) | (45,936,548) |
Financing received from the Argentine Central Bank and other financial institutions | (152,329,300) | (543,661,474) | (211,897,764) |
Subordinated debt securities | (10,442,289) | ||
Dividends distribution | (1,531,690) | (3,122,242) | |
Acquisition of treasury shares | (858,804) | (4,307,609) | |
Collections: | |||
Unsubordinated debt securities | 34,552 | 13,661,245 | |
Financing received from the Argentine Central Bank and other financial institutions | 137,801,435 | 522,953,299 | 196,241,415 |
Net cash used in financing activities (C) | (22,139,100) | (39,151,595) | (76,217,864) |
Effects of exchange rate changes (D) | 216,959,159 | 9,707,018 | 67,022,844 |
Result from exposure to changes in the purchasing power of the currency of Cash and equivalents | (250,572,106) | (54,108,987) | (103,829,795) |
Net increase/ (decrease) in cash and cash equivalents (A+B+C+D+E) | 83,308,526 | (101,914,887) | (90,037,482) |
Cash and cash equivalents at the beginning of the year | 169,408,365 | 271,323,252 | 361,360,734 |
Cash and cash equivalents at the end of the year | $ 252,716,891 | $ 169,408,365 | $ 271,323,252 |
ACCOUNTING STANDARDS AND BASIS
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021 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 Accounting Standards as adopted by the International Accounting Standards Board (“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 Grupo Supervielle’s accounting policies and the major estimations and significant judgments are described in Note 2. These consolidated financial statements as of December 31, 2023, were approved by resolution of the Board of Directors' meeting held on April 26, 2024. 1.1.1 Going concern The consolidated financial statements as of December 31, 2023, 2022 and 2021 have been prepared on a going concern basis as there is a reasonable expectation that Grupo Supervielle 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 of the Group. 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, 2023 reached 815.6. Consequently, the Company has restated its consolidated financial statements in the terms of IAS 29 for the year ended December 31, 2023. Grupo Supervielle used the National Consumer Price Index (National CPI) to restate balances and transactions. The tables below show the evolution of these indexes in the last three years and as of December 31, 2023 according to official statistics (INDEC): As of December 31, Variation in Prices 2021 2022 2023 Annual 50.9 % 94.8 % 211.4 % Accumulated 3 years 216.1 % 300.3 % 815.6 % As a consequence of the aforementioned, these Consolidated Financial Statements as of December 31, 2023 were restated in accordance with the provisions of IAS 29. Restatement of the Financial Position Grupo Supervielle 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, 2023. 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 Grupo Supervielle'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, 2023. Comparative figures must also be presented in the measuring unit current as of December 31, 2023. 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 measuring unit current at the end 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, Grupo Supervielle applied the variations in the consumer price index. The effect of inflation on the net 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 paragraph 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. 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 Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2023, none of which had a material impact on the entity, except for the application of IFRS 17, “Insurance Contracts” : (a) Amendments to IAS 1 Presentation of Financial Statements, IFRS Practice Paper 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (b) Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction (c) IFRS 17 “Insurance contracts” On January 1, 2023, the Group adopted IFRS 17 ‘Insurance Contracts’. As required by the Standard, the Group applied the requirements retrospectively as from the transition date (January 1, 2022) with comparative data for periods before the transition date presented as previously published under IFRS 4 ‘Insurance Contracts’. IAS 1 ‘Presentation of Financial Statements’ requires that a third statement of financial position as of the transition date of January 1, 2022 to be disclosed, since the impact of the application is not material the Group decided not to present such statement. The Group has determined that reasonable and supportable information was available for all contracts in force at the transition date. Accordingly, the Group has: identified, recognised and measured each group of insurance contracts and each insurance acquisition cash flows asset in this category as if IFRS 17 had always applied; derecognised any existing balances that would not exist if IFRS 17 had always applied; and recognised any resulting net difference in equity. At the transition date, the implementation of this Standard had the following impact. The method used by the Group in the transition was the full retrospective approach, establishing the transition date as January 1, 2022. January 1, 2022 Insurance contracts under IFRS 4 Re-measured Insurance contracts under IFRS 17 Assets 5,229,639 (4,843,303) 386,336 Liabilities (4,958,210) 4,808,718 (149,492) Total 271,429 (34,585) 236,844 See Notes 1.26 and 18 for more detail on the impacts of the application of this new Standard.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group: (a) Amendments to IAS 16 – Leases These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the transaction date. Sale and leaseback transactions where some or all of the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendments will be effective for the annual periods beginning on or after January 1, 2024. The impact from the application of this standard will not be material. (b) Amendments to IAS 1 – Non-current assets with covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a Financial liability. The amendments will be effective for the annual periods beginning on or after January 1, 2024. The impact from the application of this standard will not be material. (c) Amendments to IAS 21 - Lack of Interchangeability The amendments establish a two-step approach to assessing whether a currency can be exchanged for another currency and, where this is not possible, determining the exchange rate to be used and the information to be disclosed. The modifications will be efective for the years beginning on January 1, 2025 and, although international standards allow their early application, RG N°972/23 of the C.N.V. does not allow it. The Group is currently evaluating the impact that this modification may have on its Consolidated Financial Statements. 1.2. Consolidation A subsidiary is an entity (or subsidiary), including structured entities, in which Grupo Supervielle has control. The Group controls an entity where 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. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether Grupo Supervielle has power over the other entity. For a right to be substantive, the holder must have the practical ability to exercise such right whenever it is necessary to make decisions to direct the activities of the entity. Grupo Supervielle can have control over an entity, even when it has less voting powers than those required for the majority. Accordingly, the protective 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 Grupo Supervielle from having power over a subsidiary. The subsidiaries are consolidated from the date on which control is transferred to Grupo Supervielle. 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 12/31/2023 12/31/2022 12/31/2021 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company — % (2) 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card — % (2) 99.91 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.U.F.e.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 % Portal Integral de Inversiones S.A.U. Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % 100.00 % 100.00 % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 100.00 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Dólar IOL S.A.U. Financial Company 100.00 % 100.00 % 100.00 % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.87% , as of 12/31/2023, 12/31/2022 and 12/31/2021 respectively. (2) On June 8, 2023, a definitive merger commitment between Banco Supervielle S.A. IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A.was signed. Refer to note 33 of the consolidated financial statements for more detail on the agreement. For consolidation purposes, financial statements corresponding to the year ended December 31, 2023 were used, which cover the same period of time with respect to Grupo Supervielle's financial statements. Inter-company transactions, balances and unrealised gains on transactions between Grupo Supervielle companies are eliminated. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in shareholder´s equity and statement of financial position respectively. 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. The excess of the: (i)consideration transferred, (ii) non-controlling interest in the acquired entity, and (iii) acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. The consideration transferred for the acquisition of a subsidiary comprises the: (i) fair values of the assets transferred, (ii) liabilities incurred to the former owners of the acquired business, (iii) equity interests issued by the group, (iv) fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity interest in the subsidiary. 1.3. Transactions with non-controlling interest Grupo Supervielle treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of Grupo Supervielle. 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 Grupo Supervielle. 1.4. 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 senior management who allocate resources to and assess the performance of the operating segment; and (ii) The Board, who is in charge of making strategic decisions of Grupo Supervielle. 1.5. Foreign currency translation (a) Functional and presentation currency Figures included in the Consolidated Financial Statements of each of Grupo Supervielle’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 Grupo Supervielle. Translation of foreign operations The results and financial position of the subsidiaries with a functional currency other than the Argentine peso are translated into Grupo Supervielle'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 the measuring unit current at the end of the reporting period (see Note 1.1.2). All the differences resulting from the translation were recognized in the "Foreign currency translation adjustment" line of the Consolidated Statement of Other Comprehensive income. In the case of sale or disposal of any of the subsidiaries, the accumulated translation differences must be recognized in the Consolidated Income Statement 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". As of December 31, 2023 and 2022, 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 exchange rates derived from repo transactions reported by the Argentine Central Bank. 1.6. 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 12/31/2023 12/31/2022 12/31/2021 Cash and due from banks 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss 20,598,059 17,471,554 63,109,218 Money Market Funds 3,020,560 1,217,168 10,619,154 Cash and cash equivalents 252,716,891 169,408,365 271,323,252 Reconciliation between balances as appearing on the Statement of Financial Position and the items in the Statement of Cash Flow: Items 12/31/2023 12/31/2022 12/31/2021 Cash and due from Banks As per Statement of Financial Position 229,098,272 150,719,643 197,594,880 As per the Statement of Cash Flow 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss As per Statement of Financial Position 46,415,822 69,707,595 119,850,286 Securities not considered a cash equivalents (25,817,763) (52,236,041) (56,741,068) As per the Statement of Cash Flow 20,598,059 17,471,554 63,109,218 Money Market Funds As per Statement of Financial Position – Other financial assets 46,499,784 25,246,191 84,456,802 Other financial assets not considered a cash equivalents (43,479,224) (24,029,023) (73,837,648) As per the Statement of Cash Flow 3,020,560 1,217,168 10,619,154 Reconciliation of liabilities from financing activities at December 31, 2023, 2022 and 2021 is as follows: Cash Flows Other non-cash Items 12/31/2022 Inflows Outflows movements 12/31/2023 Unsubordinated debt securities 1,748,271 34,552 (1,782,823) — — Financing received from the Argentine Central Bank and other financial institutions 17,219,834 137,801,435 (152,329,300) — 2,691,969 Lease Liabilities 4,884,311 — (5,004,160) 2,977,354 2,857,505 Total 23,852,416 137,835,987 (159,116,283) 2,977,354 5,549,474 Cash Flows Other non-cash Items 12/31/2021 Inflows Outflows movements 12/31/2022 Unsubordinated debt securities 6,425,358 — (4,677,087) — 1,748,271 Financing received from the Argentine Central Bank and other financial institutions 37,928,009 522,953,299 (543,661,474) — 17,219,834 Lease Liabilities 8,239,249 — (7,927,034) 4,572,096 4,884,311 Total 52,592,616 522,953,299 (556,265,595) 4,572,096 23,852,416 Cash Flows Other non-cash Items 12/31/2020 Inflows Outflows movements 12/31/2021 Unsubordinated debt securities 38,700,661 13,661,245 (45,936,548) — 6,425,358 Subordinated debt securities 10,442,289 — (10,442,289) — — Financing received from the Argentine Central Bank and other financial institutions 53,584,358 196,241,415 (211,897,764) — 37,928,009 Lease Liabilities 10,819,781 — (14,721,681) 12,141,149 8,239,249 Total 113,547,089 209,902,660 (282,998,282) 12,141,149 52,592,616 1.7. Associates Associates are entities over which Grupo Supervielle 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 associates reduce the book value of the investment. Other changes subsequent to the acquisition in Grupo Supervielle's participation in the net assets of an associate are recognized as follows: (i) Grupo Supervielle'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) Grupo Supervielle's share in other comprehensive income is recognized in the statement of other comprehensive income and is presented separately. However, when Grupo Supervielle's share of losses in an associate equals or exceeds its interest in the associate, Grupo Supervielle 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 Grupo Supervielle and its associates are eliminated to the extent of Grupo Supervielle's participation in the associates; unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. 1.8. 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 Grupo Supervielle commits to purchase or sell the asset. At initial recognition, Grupo Supervielle measures financial assets or liabilities at fair value, plus or less, for instruments not recognized at fair value through profit or loss, transaction costs that are directly attributable to the acquisition, such as fees and commissions. When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, Grupo Supervielle 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) Grupo Supervielle’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 Grupo Supervielle manages a set of financial assets to achieve a specific business objective. It represents the way in which Grupo Supervielle maintains the instruments for the generation of funds. The business models that Grupo Supervielle can follow are the following: - - - Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle’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 Grupo Supervielle’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, Grupo Supervielle 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, Grupo Supervielle 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. The effective interest rate is the rate that exactly discounts estimated future cash recepits through the expected life of the financial asset to the gross carrying amount of a financial asset (i.e. its amortised cost before any impairment allowance).When applying this method, Grupo Supervielle identifies the incremental direct costs as an integral part of the effective interest rate. 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 fair value through other comprehensive income. Gains and losses arising from changes in fair value are included in other comprehensive income within a separate component of equity. Losses or reversals due to impairment, interest income and exchange rate gains and losses are recognized in profit or loss. At the time of its sale or disposal, the accumulated gain or loss previously recognized in other comprehensive income is reclassified from equity to the Consolidated Income Statement. 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 Consolidated Income Statement. Grupo Supervielle 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 Note 2 “critical accounting policies and estimates”. In addition, financial assets may be valued (“designated”) at fair value through profit or loss when, by doing so, Grupo Supervielle 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 cash or any other financial asset 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 Grupo Supervielle’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 Grupo Supervielle’s right to receive payments is established. Derecognition of Financial Assets Grupo Supervielle 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. Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle: a. Has |
CRITICAL ACCOUNTING POLICIES AN
CRITICAL ACCOUNTING POLICIES AND ESTIMATES | 12 Months Ended |
Dec. 31, 2023 | |
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 Accounting Standards requires the use of certain critical accounting estimates. It also requires Senior Management to make judgements in applying the accounting standards to define Grupo Supervielle’s accounting policies. Grupo Supervielle 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 financial instruments that do not have an active market 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 in order to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; which include significant assumptions related to 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 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 Grupo Supervielle’s economic outlook as derived through forecast macroeconomic variables, which include inflation rate, monthly economic activity estimator, exchange rate, monetary policy rate, private sector real loans and private sector real wage. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective. Note 1.11 provides more detail of how the expected credit loss allowance is calculated . 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. Grupo Supervielle 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 impairment indicators. Grupo Supervielle has applied judgment in identifying indicators of impairment of property, plant and equipment and intangible assets that are amortized. Grupo Supervielle has requested valuations by external independent valuers for its land and buildings category as of December 31, 2023, recording and impairment on some of them (see Note 12.1). For the rest of the categories of property, plant and equipment as well as for intangibles other than goodwill, no indicators have been identified and no impairment has been recognised for any of the periods presented in the Consolidated Financial Statements. During the year, the Group has recorded an impairment on the goodwill of Micro Lending as explained in Note 14.1. d- Income tax and deferred tax A significant judgment is required to determine liabilities and assets from current and deferred taxes. 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. Deferred tax is measured over temporary differences between tax basis of assets and liabilities and book values at the tax rates that are impairment indicators . 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. 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, 2023 | |
SEGMENT REPORTING | |
SEGMENT REPORTING | 3. SEGMENT REPORTING Grupo Supervielle determines operating segments based on performance reports which are updated upon changes and reviewed by the Board and key personnel of Senior Management. Grupo Supervielle´s clients receive the following services: ● Personal and Business Banking Segment: - Small companies, individuals and companies that record annual sales of up to 500,000 - "Small and medium size companies", companies that record annual sales of over 500,000 up to 5,000,000 ● Corporate Baking Segment: - Megras that record annual sales over 5,000,000 up to 7,000,000 - Big companies. Big companies that record annual sales of over 7,000,000 Grupo Supervielle analyses the bussiness taking into account the different type of services and products offered: a- Personal and Business Banking – Through this segment, Supervielle offers a wide range of financial products and services designed to meet the needs of individuals, entrepreneurs and small businesses and SMEs. 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, manages 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 – As of December 31, 2022, the residual operations of IUDÚ and Tarjeta Automática are included in this segment. As of December 31, 2023 these operations were part of a merger process with Banco Supervielle as described in Note 33 to these Consolidated Financial Statements. e- Insurance – Includes insurance products, with a focus on life insurance, to targeted customers segments. f- Asset Management and Other Services – Grupo Supervielle offers a variety of other services to its clients, including mutual fund products through Supervielle Asset Management S.A., retail brokerage services through InvertirOnline S.A.U., non-financial products through Espacio Cordial Servicios S.A. and until February 2023 it offered payment solutions to retailers through Bolsillo Digital S.A.U. Operating results of the different operating segments of Grupo Supervielle 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 made as an arm´s length transaction. Later, income, expenses and results from transfers between operating segments are for consolidation purposes. Grupo Supervielle 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, 2023, 2022 and 2021: Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2023 Cash and due from banks 110,764,865 3,027,754 110,072,448 — 4,253 3,774,939 1,454,013 229,098,272 Debt securities at fair value through profit or loss 468,851 844,260 29,465,234 — 5,333,658 6,137,589 4,166,230 46,415,822 Loans and other financing 259,366,382 196,646,291 25,996,149 — 16,219 609,543 (179,500) 482,455,084 Other debt securities 795,893 — 242,620,591 — 755,780 16 7,008,261 251,180,541 Other Assets 67,222,373 24,588,393 917,851,229 — 8,213,004 34,590,087 (3,606,804) 1,048,858,282 Total Assets 438,618,364 225,106,698 1,326,005,651 — 14,322,914 45,112,174 8,842,200 2,058,008,001 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2023 Deposits 580,111,750 215,174,968 753,861,511 — — — (220,173) 1,548,928,056 Financing received from the Argentine Central Bank and others 46,543 — 2,645,426 — — 152,309 (152,309) 2,691,969 Other liabilities 59,517,338 17,715,652 28,866,321 — 3,943,266 8,046,942 46,647,696 164,737,215 Total Liabilities 639,675,631 232,890,620 785,373,258 — 3,943,266 8,199,251 46,275,214 1,716,357,240 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2023 Interests income 254,580,954 161,646,276 731,623,996 — 185,695 3,464,527 6,195,807 1,157,697,255 Interest Expense (292,693,459) (99,562,805) (432,510,602) — — (481,169) (246,052) (825,494,087) Distribution of results by the Treasury 203,751,598 9,161,791 (212,913,389) — — — — — Net interest income 165,639,093 71,245,262 86,200,005 — 185,695 2,983,358 5,949,755 332,203,168 Net income from financial instruments at fair value through profit or loss 1,352,209 (13,487) 116,387,674 — 11,047,489 5,800,702 3,506,459 138,081,046 Result from derecognition of assets measured at amortized cost 145,846 — 15,702,513 — — — 1,008,741 16,857,100 Exchange rate differences on gold and foreign currency (5,818,881) (7,469,756) 12,474,869 — 1,050 3,618,385 2,995,241 5,800,908 NIFFI And Exchange Rate Differences (4,320,826) (7,483,243) 144,565,056 — 11,048,539 9,419,087 7,510,441 160,739,054 Net Financial Income 161,318,267 63,762,019 230,765,061 — 11,234,234 12,402,445 13,460,196 492,942,222 Services Fee Income 60,345,902 7,459,745 570,174 — — 26,447,148 (1,697,717) 93,125,252 Services Fee Expenses (21,318,192) (1,343,255) (569,742) — — (944,888) — (24,176,077) Income from insurance activities — — — — 13,144,841 — 1,286,472 14,431,313 Net Service Fee Income 39,027,710 6,116,490 432 — 13,144,841 25,502,260 (411,245) 83,380,488 Subtotal 200,345,977 69,878,509 230,765,493 — 24,379,075 37,904,705 13,048,951 576,322,710 Result from exposure to changes in the purchasing power of money 26,191,260 (6,733,931) (95,667,720) — (11,650,236) (8,041,524) (13,021,360) (108,923,511) Other operating income 11,608,309 5,803,159 4,374,320 — 44,079 3,077,190 (1,218,310) 23,688,747 Loan loss provisions (26,289,775) (5,176,215) (2,087,803) — — — (86,278) (33,640,071) Net operating income 211,855,771 63,771,522 137,384,290 — 12,772,918 32,940,371 (1,276,997) 457,447,875 Personnel expenses (117,449,867) (20,814,845) (10,139,447) — (3,751,633) (8,080,361) (159,299) (160,395,452) Administrative expenses (69,151,750) (4,772,122) (3,847,512) — (3,141,695) (5,203,857) 1,678,242 (84,438,694) Depreciations and impairment of non-financial assets (26,154,603) (3,532,728) (1,277,255) — (273,688) (290,446) (402,553) (31,931,273) Other operating expenses (43,762,028) (18,470,438) (28,433,229) — (2,842) (2,319,459) (1,301,716) (94,289,712) Operating income (44,662,477) 16,181,389 93,686,847 — 5,603,060 17,046,248 (1,462,323) 86,392,744 Income from associates and joint ventures — — — — — 48,675 (48,675) — Result before taxes (44,662,477) 16,181,389 93,686,847 — 5,603,060 17,094,923 (1,510,998) 86,392,744 Income tax 13,997,503 (5,877,263) (33,443,115) — (2,001,090) (6,519,364) (891,606) (34,734,935) Net income / (loss) (30,664,974) 10,304,126 60,243,732 — 3,601,970 10,575,559 (2,402,604) 51,657,809 Net income / (loss) for the year attributable to owners of the parent company (30,664,974) 10,304,126 60,243,732 — 3,601,970 10,575,559 (2,444,576) 51,615,837 Net income / (loss) for the year attributable to non-controlling interest — — — — — — 41,972 41,972 Other comprehensive income/(loss) (180,325) (90,134) 3,991,429 — (650,143) 442,857 (205,586) 3,308,098 Other comprehensive income/(loss) attributable to owners of the parent company (180,325) (90,134) 3,991,429 — (650,143) 442,857 (209,367) 3,304,317 Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — 3,781 3,781 Comprehensive income/(loss) for the year (30,845,299) 10,213,992 64,235,161 — 2,951,827 11,018,416 (2,608,190) 54,965,907 Comprehensive (loss) / income attributable to owners of the parent company (30,845,299) 10,213,992 64,235,161 — 2,951,827 11,018,416 (2,653,943) 54,920,154 Comprehensive income/(loss) attributable to non-controlling interest — — — — — — 45,753 45,753 Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Cash and due from banks 58,275,322 2,380,207 88,588,717 684,493 6,309 1,176,795 (392,200) 150,719,643 Debt securities at fair value through profit or loss 227,144 5,038,501 47,241,094 2,455,216 — 88,613 14,657,027 69,707,595 Loans and other financing 449,229,800 256,549,503 20,453,668 182,211 13,431 570,783 1,475,353 728,474,749 Other debt securities — — 850,392,965 — 3,590,633 608,833 (14,616,864) 839,975,567 Other Assets 63,254,083 16,103,120 201,370,177 40,552,902 7,944,996 33,052,200 14,834,158 377,111,636 Total Assets 570,986,349 280,071,331 1,208,046,621 43,874,822 11,555,369 35,497,224 15,957,474 2,165,989,190 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Deposits 763,209,849 198,010,241 732,444,284 12,681,248 — 217,493 (1,553,532) 1,705,009,583 Financing received from the Argentine Central Bank and others 110,257 274 17,109,321 923,168 — 1,515,363 (2,438,549) 17,219,834 Unsubordinated Debt Securities 40,091 13,615 1,694,565 — — — — 1,748,271 Other liabilities 59,032,522 12,079,574 16,735,601 4,031,144 2,296,080 4,038,742 56,254,181 154,467,844 Total Liabilities 822,392,719 210,103,704 767,983,771 17,635,560 2,296,080 5,771,598 52,262,100 1,878,445,532 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Interests income 214,375,398 111,858,986 436,230,689 35,329,337 14,508 145,471 (13,600,042) 784,354,347 Interest Expense (157,864,290) (33,085,907) (313,718,114) (25,112,121) — (71,138) 14,452,176 (515,399,394) Distribution of results by the Treasury 51,369,892 (34,182,339) (17,187,553) — — — — — Net interest income 107,881,000 44,590,740 105,325,022 10,217,216 14,508 74,333 852,134 268,954,953 Net income from financial instruments at fair value through profit or loss 1,336 — 45,944,093 3,303,521 4,455,319 4,022,452 (905,043) 56,821,678 Result from derecognition of assets measured at amortized cost — — 1,550,449 — — — (18,831) 1,531,618 Exchange rate differences on gold and foreign currency 1,968,725 457,234 4,613,361 (103,615) 62 282,166 1,323,851 8,541,784 NIFFI And Exchange Rate Differences 1,970,061 457,234 52,107,903 3,199,906 4,455,381 4,304,618 399,977 66,895,080 Net Financial Income 109,851,061 45,047,974 157,432,925 13,417,122 4,469,889 4,378,951 1,252,111 335,850,033 Services Fee Income 62,377,536 6,893,759 543,986 9,186,376 — 17,677,488 (2,200,968) 94,478,177 Services Fee Expenses (21,475,356) (1,868,630) (1,076,739) (7,559,987) — (1,993,473) 581,461 (33,392,724) Income from insurance activities — — — — 12,564,841 — 1,539,313 14,104,154 Net Service Fee Income 40,902,180 5,025,129 (532,753) 1,626,389 12,564,841 15,684,015 (80,194) 75,189,607 Subtotal 150,753,241 50,073,103 156,900,172 15,043,511 17,034,730 20,062,966 1,171,917 411,039,640 Result from exposure to changes in the purchasing power of money 37,872,214 (18,647,878) (60,474,004) 3,871,837 (6,015,994) (3,860,140) (8,017,974) (55,271,939) Other operating income 12,487,079 10,998,295 841,224 5,356,171 74,999 1,055,432 1,857,874 32,671,074 Loan loss provisions (30,523,909) (1,542,944) (1,300,479) (10,690,115) (37,332) (4,403) (30,445) (44,129,627) Net operating income 170,588,625 40,880,576 95,966,913 13,581,404 11,056,403 17,253,855 (5,018,628) 344,309,148 Personnel expenses (115,308,075) (17,071,099) (8,864,191) (11,966,054) (3,600,181) (10,867,202) (148,706) (167,825,508) Administrative expenses (64,711,586) (5,507,484) (4,258,356) (9,642,784) (2,527,135) (3,867,141) 1,567,678 (88,946,808) Depreciations and impairment of non-financial assets (21,254,848) (3,205,132) (1,407,886) (6,094,229) (337,874) (307,892) 1,160,058 (31,447,803) Other operating expenses (34,757,496) (10,403,323) (26,369,000) (9,905,152) (1,445) (1,517,247) 28,642 (82,925,021) Operating income (65,443,380) 4,693,538 55,067,480 (24,026,815) 4,589,768 694,373 (2,410,956) (26,835,992) Income from associates and joint ventures — — — (159,659) — 126,419 33,240 — Result before taxes (65,443,380) 4,693,538 55,067,480 (24,186,474) 4,589,768 820,792 (2,377,716) (26,835,992) Income tax 23,211,328 (307,512) (19,563,369) 10,220,414 (1,912,267) (980,509) 495,993 11,164,078 Net (loss) / income (42,232,052) 4,386,026 35,504,111 (13,966,060) 2,677,501 (159,717) (1,881,723) (15,671,914) Net (loss) / income for the year attributable to owners of the parent company (42,232,052) 4,386,026 35,504,111 (13,966,060) 2,677,501 (159,717) (1,864,720) (15,654,911) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (17,003) (17,003) Other comprehensive (loss)/income (426,940) (150,528) (3,157,614) — 50,398 190,121 (121,436) (3,615,999) Other comprehensive (loss) / income attributable to owners of the parent company (426,940) (150,528) (3,157,614) — 50,398 190,121 (117,610) (3,612,173) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (3,826) (3,826) Comprehensive (loss)/income for the year (42,658,992) 4,235,498 32,346,497 (13,966,060) 2,727,899 30,404 (2,003,159) (19,287,913) Comprehensive (loss) / income attributable to owners of the parent company (42,658,992) 4,235,498 32,346,497 (13,966,060) 2,727,899 30,404 (1,982,330) (19,267,084) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (20,829) (20,829) 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 186,358,164 117,994,415 284,642,353 48,093,046 8,626 46,664 (9,724,588) 627,418,680 Interest Expense (98,489,444) (18,436,833) (236,628,292) (23,257,841) — — 9,821,874 (366,990,536) Distribution of results by the Treasury 31,144,193 (55,658,692) 24,514,499 — — — — — Net interest income 119,012,913 43,898,890 72,528,560 24,835,205 8,626 46,664 97,286 260,428,144 Net income from financial instruments at fair value through profit or loss — — 44,748,073 2,222,392 3,485,461 2,590,765 876,912 53,923,603 Result from derecognition of assets measured at amortized cost — — 1,685,257 — — — (143,356) 1,541,901 Exchange rate differences on gold and foreign currency 1,920,588 525,145 2,436,715 87,060 3,955 493,961 552,378 6,019,802 NIFFI And Exchange Rate Differences 1,920,588 525,145 48,870,045 2,309,452 3,489,416 3,084,726 1,285,934 61,485,306 Net Financial Income 120,933,501 44,424,035 121,398,605 27,144,657 3,498,042 3,131,390 1,383,220 321,913,450 Services Fee Income 63,869,023 6,299,126 374,013 16,364,490 — 16,272,949 (2,087,967) 101,091,634 Services Fee Expenses (20,897,502) (2,064,100) (1,032,045) (6,956,535) — (840,396) 972,335 (30,818,243) Income from insurance activities — — — — 11,985,937 — 1,791,460 13,777,397 Net Service Fee Income 42,971,521 4,235,026 (658,032) 9,407,955 11,985,937 15,432,553 675,828 84,050,788 Subtotal 163,905,022 48,659,061 120,740,573 36,552,612 15,483,979 18,563,943 2,059,048 405,964,238 Result from exposure to changes in the purchasing power of money 18,058,162 (11,257,365) (39,021,857) (4,242,403) (4,341,278) (2,744,682) (3,812,478) (47,361,901) Other operating income 7,919,897 8,249,419 12,567,064 4,704,706 91,093 492,298 (1,408,313) 32,616,164 Loan loss provisions (25,163,793) (5,009,029) (191,824) (23,804,331) — — — (54,168,977) Net operating income 164,719,288 40,642,086 94,093,956 13,210,584 11,233,794 16,311,559 (3,161,743) 337,049,524 Personnel expenses (110,560,426) (11,636,310) (6,686,701) (15,896,158) (3,434,253) (6,802,463) (220,870) (155,237,181) Administrative expenses (67,180,251) (4,863,041) (4,737,588) (10,671,255) (2,984,659) (3,892,527) 1,182,247 (93,147,074) Depreciations and impairment of non-financial assets (20,074,545) (1,906,341) (1,278,848) (1,240,791) (289,204) (271,326) (568,694) (25,629,749) Other operating expenses (31,693,687) (13,057,587) (19,018,428) (6,507,517) (99,015) (1,251,049) (243,063) (71,870,346) Operating income (64,789,621) 9,178,807 62,372,391 (21,105,137) 4,426,663 4,094,194 (3,012,123) (8,834,826) Income from associates and joint ventures — — — 32,835 — — (32,835) — Result before taxes (64,789,621) 9,178,807 62,372,391 (21,072,302) 4,426,663 4,094,194 (3,044,958) (8,834,826) Income tax 22,571,803 (3,080,448) (20,205,511) 2,046,011 (1,151,570) (1,495,719) (382,488) (1,697,922) Net (loss) / income (42,217,818) 6,098,359 42,166,880 (19,026,291) 3,275,093 2,598,475 (3,427,446) (10,532,748) Net (loss) / income for the year attributable to owners of the parent company (42,217,818) 6,098,359 42,166,880 (19,026,291) 3,275,093 2,598,475 (3,416,424) (10,521,726) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (11,022) (11,022) Other comprehensive (loss)/income (140,896) (87,291) (175,737) — (7,097) 2,457 82,649 (325,915) Other comprehensive (loss) / income attributable to owners of the parent company (140,896) (87,291) (175,737) — (7,097) 2,457 83,065 (325,499) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (416) (416) Comprehensive (loss)/income for the year (42,358,714) 6,011,068 41,991,143 (19,026,291) 3,267,996 2,600,932 (3,344,797) (10,858,663) Comprehensive (loss) / income attributable to owners of the parent company (42,358,714) 6,011,068 41,991,143 (19,026,291) 3,267,996 2,600,932 (3,333,359) (10,847,225) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (11,438) (11,438) |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
INCOME TAX | 4. INCOME TAX Tax inflation adjustment Law 27,430 introduced a modification in which it established that the subjects referred to in subparagraphs a) to e) of article 53 of the current Income Tax Law, for the purpose of determining the net taxable income, should deduct or incorporate to the tax result of the year the adjustment for tax inflation. Said adjustment would be applicable in the fiscal year in which the accumulated 3 year inflation rate determined using the consumer price index is greater than 100%. The positive or negative inflation adjustment, as the case may be, that must be calculated, would be allocated as follows: the first and second fiscal years beginning on or after January 1, 2019, a sixth ( 1/6 allocation of the inflation adjustment will be made in its entirety (100%), without any deferral. In this sense, in the current fiscal period the Group has computed the entire inflation adjustment calculated for this year. Grupo Supervielle, considering the jurisprudence on this matter evaluated by the legal and tax advisors, submitted to the Federal Administration of Public Revenues (AFIP) its annual income tax return for the fiscal period 2020 considering the total effect of the inflation adjustment. Tax rate On June 16, 2021, Law 27,630 was enacted, which establishes a new structure of staggered rates for income tax with three segments in relation to the level of accumulated net taxable profit, applicable to fiscal years beginning on or after January 1, 2021, inclusive. The new Tax rates are: • Up to $5,000,000 of the accumulated taxable net profit: they will pay a tax of 25%; • More than $5,000,000 and up to $50,000,000 of accumulated taxable net profit: they will pay a fixed amount of $1,250,000 plus a tax at a 30% rate on the excess of $5,000,000. • More than $50,000,000 of accumulated taxable net profit: they will pay a fixed amount of $14,750,000 plus a tax at a 35% rate on the excess of $50,000,000. The amounts provided above will be adjusted annually, since January 1, 2022, based on the annual variation of the Consumer Price Index (CPI) provided by the National Institute of Statistics and Censuses (INDEC), corresponding to the month of October of the year prior to the adjustment, with respect to the same month of the previous year. Dividend tax: it is established that dividends or profits distributed to individuals, undivided estates or foreign beneficiaries will be taxed at the rate of 7%. The following is a reconciliation between the income tax charged to income as of December 31, 2023, 2022 and 2021 and that which would result from applying the current tax rate on the accounting profit 12/31/2023 12/31/2022 12/31/2021 Income before taxes 86,392,744 (26,835,992) (8,834,826) Tax rate 35 % 34 % 28 % Income for the year at tax rate 30,121,478 (9,238,345) (2,429,768) Permanent differences at tax rate: Contribution SGR (Mutual Guarantee Societies) (42,000) (585,418) (1,751,560) Tax inflation adjustment 2,918,227 (6,811,432) 679,484 Income tax return (463,742) 108,563 160,725 Effect of tax rate change on deferred tax 579,705 5,332,012 4,620,424 Non-deductible results 1,621,267 30,542 418,617 Income tax 34,734,935 (11,164,078) 1,697,922 4.1 The net position of the deferred tax is as follows: 12/31/2023 12/31/2022 Deferred tax assets 12,960,099 37,997,568 Deferred tax liability (1,614,907) (565,339) Net assets by deferred tax 11,345,192 37,432,229 Deferred taxes to be recovered in more than 12 months 10,756,236 31,134,571 Deferred taxes to be recovered in 12 months 2,203,863 6,862,997 Subtotal – Deferred tax assets 12,960,099 37,997,568 Deferred taxes to be paid in more than 12 months (2,243,528) (2,522,912) Deferred taxes to be paid in 12 months 628,621 1,957,573 Subtotal – Deferred tax liabilities (1,614,907) (565,339) Total Net Assets by deferred Tax 11,345,192 37,432,229 According to the analysis carried out by Grupo Supervielle, it is considered that the assets detailed above meet the requirements to consider them recoverable. Deferred tax assets / (liabilities) are summarized as follows: Balance at (Charge)/Credit Balance at 12/31/2022 to Income/OCI 12/31/2023 Intangible assets (8,636,673) (2,980) (8,639,653) Loan Loss Reserves 6,075,520 (601,285) 5,474,235 Property, plant and equipment (8,082,143) 3,838,308 (4,243,835) Foreign Currency (316,325) — (316,325) Tax Loss Carry Forward 37,682,645 (35,452,634) 2,230,011 Inflation adjustment credit 8,778,249 (3,598,498) 5,179,751 Provisions 1,666,178 3,035,018 4,701,196 Others 264,778 6,695,034 6,959,812 Total 37,432,229 (26,087,037) 11,345,192 Balance at (Charge)/Credit Balance at 12/31/2021 to Income 12/31/2022 Intangible assets (8,835,482) 198,809 (8,636,673) Loan Loss Reserves 9,171,961 (3,096,441) 6,075,520 Property, plant and equipment (24,196,860) 16,114,717 (8,082,143) Foreign Currency (316,325) — (316,325) Tax Loss Carry Forward 23,909,997 13,772,648 37,682,645 Inflation adjustment credit 11,955,927 (3,177,678) 8,778,249 Provisions 1,844,910 (178,732) 1,666,178 Others 5,714,651 (5,449,873) 264,778 Total 19,248,779 18,183,450 37,432,229 The breakdown of the Tax Loss Carry Forward by expiration date is as follows: 12/31/2023 Year of generation Amount Expiration Date Deferred Tax Assets 2020 5,961 2025 2,086 2021 39,548 2026 13,842 2022 5,812,640 2027 2,034,424 2023 513,313 2028 179,659 Total 6,371,461 2,230,011 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS | |
FINANCIAL INSTRUMENTS | 5. FINANCIAL INSTRUMENTS Financial instruments held by Grupo Supervielle as of December 31, 2023 and 2022: Fair value Fair value through through Financial Instruments as of 12/31/2023 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 229,098,272 — 229,098,272 - Debt securities at fair value through profit or loss 46,415,822 — — 46,415,822 - Derivatives 3,795,093 — — 3,795,093 - Reverse Repo transactions — 755,708,132 — 755,708,132 - Other financial assets 21,064,292 25,435,492 — 46,499,784 - Loans and other financing — 482,455,084 — 482,455,084 - Other debt securities 28,270,031 222,910,510 — 251,180,541 - Financial assets pledged as collateral 46,374,207 8,399 — 46,382,606 - Investments in Equity Instruments 49,094 — 316,891 365,985 Total Assets 145,968,539 1,715,615,889 316,891 1,861,901,319 Liabilities - Deposits — 1,548,928,056 — 1,548,928,056 - Liabilities at fair value through profit or loss 607,903 — — 607,903 - Repo transactions — 940,332 — 940,332 - Other financial liabilities 72,391,981 346,947 — 72,738,928 - Financing received from the Argentine Central Bank and other financial institutions — 2,691,969 — 2,691,969 Total Liabilities 72,999,884 1,552,907,304 — 1,625,907,188 Fair value Fair value through through Financial Instruments as of 12/31/2022 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 150,719,643 — 150,719,643 - Debt securities at fair value through profit or loss 69,707,595 — — 69,707,595 - Derivatives 920,381 — — 920,381 - Reverse Repo transactions — 67,206,248 — 67,206,248 - Other financial assets 18,566,566 6,679,625 — 25,246,191 - Loans and other financing — 728,474,749 — 728,474,749 - Other debt securities 653,133,045 186,842,522 — 839,975,567 - Financial assets pledged as collateral 44,785,900 270,629 — 45,056,529 - Investments in Equity Instruments 837,562 — 727,448 1,565,010 Total Assets 787,951,049 1,140,193,416 727,448 1,928,871,913 Liabilities - Deposits — 1,705,009,583 — 1,705,009,583 - Liabilities at fair value through profit or loss 6,661,539 — — 6,661,539 - Other financial liabilities 55,472,099 909,756 — 56,381,855 - Financing received from the Argentine Central Bank and other financial institutions — 17,219,834 — 17,219,834 - Unsubordinated debt securities — 1,748,271 — 1,748,271 Total Liabilities 62,133,638 1,724,887,444 — 1,787,021,082 |
FAIR VALUES
FAIR VALUES | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUES | |
FAIR VALUES | 6. FAIR VALUES 6.1 Fair Value of Financial Instruments Fair value is defined as the amount by which an asset may be exchanged or a liability may be settled, in an arm’s length orderly transaction between knowledgeable principal market participants (or more advantageous) at the date of measurement of the current market conditions regardless of whether such price is directly observable or estimated utilizing a valuation technique under the assumption that Grupo Supervielle is a going concern. When a financial instrument is sold in a liquid and active market, its settled price in the market in a real transaction provides the best evidence of its fair value. When a stipulated price is not settled in the market or when it cannot be an indicator of a fair value of the instrument, in order to determine such fair value, another similar instrument’s fair value may be used, as well as the analysis of discounted flows or other applicable techniques. Such techniques are significantly affected by the assumptions used Grupo Supervielle 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 Grupo Supervielle’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. Grupo Supervielle’s financial instruments measured at fair value as of December 31, 2023 and 2022 are detailed below: Financial Instruments as of 12/31/2023 FV Level 1 FV Level 2 FV Level 3 Total Assets - Debt securities at fair value through profit or loss 44,845,302 1,570,520 — 46,415,822 - Derivatives — 3,795,093 — 3,795,093 - Other financial assets 21,064,292 — — 21,064,292 - Other debt securities 17,831,074 10,438,957 — 28,270,031 - Financial assets pledged as collateral 46,374,207 — — 46,374,207 - Investments in Equity Instruments 49,094 — 316,891 365,985 Total Assets 130,163,969 15,804,570 316,891 146,285,430 Liabilities - Liabilities at fair value through profit or loss 607,903 — — 607,903 - Other financial liabilities 72,391,981 — — 72,391,981 Total Liabilities 72,999,884 — — 72,999,884 Financial Instruments as of 12/31/2022 FV Level 1 FV Level 2 FV Level 3 Total Assets - Debt securities at fair value through profit or loss 69,696,151 11,444 — 69,707,595 - Derivatives 920,381 — — 920,381 - Other financial assets 18,566,566 — — 18,566,566 - Other debt securities 22,967,229 630,165,816 — 653,133,045 - Financial assets pledged as collateral 44,785,900 — — 44,785,900 - Investments in Equity Instruments 837,562 — 727,448 1,565,010 Total Assets 157,773,789 630,177,260 727,448 788,678,497 Liabilities - Liabilities at fair value through profit or loss 6,661,539 — — 6,661,539 - Other financial liabilities 55,472,099 — — 55,472,099 Total Liabilities 62,133,638 — — 62,133,638 Below is shown the reconciliation of the financial instruments classiffied as Fair Value Level 3: FV Level 3 12/31/2022 Transfers Additions Disposals OCI 12/31/2023 Assets - Investments in equity instruments 727,448 — 370,242 (76,840) (703,959) 316,891 Grupo Supervielle’s policy is to recognize transfers between fair value Levels only at end of period. 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 includes estimating the through spot rate curve 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 Grupo Supervielle 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 (Financial website of the “Bolsa de Comercio de Buenos Aires”), 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 U.S. 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 U.S. 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. Grupo Supervielle 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 Consolidated 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 fair 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 Grupo Supervielle’s portfolio. For listed assets and the quoted debt, fair value was determined based on market prices. ● Other financial instruments: In the case of financial assets and liabilities that are liquid or have a short maturity, it is estimated that their fair value is similar to their book value. This assumption also applies to savings deposits, checking accounts and others. 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, 2023 and 2022, respectively: Other Financial Instruments as of 12/31/2023 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 229,098,272 229,098,272 229,098,272 — — - Other financial assets 25,435,492 25,435,492 25,435,492 — — - Loans and other financing 482,455,084 549,311,537 — — 549,311,537 - Reverse Repo transactions 755,708,132 755,708,132 755,708,132 — — - Other Debt Securities 222,910,510 255,174,286 177,457,660 77,716,626 — - Financial assets Pledged as collateral 8,399 8,399 8,399 — — 1,715,615,889 1,814,736,118 1,187,707,955 77,716,626 549,311,537 Financial Liabilities - Deposits 1,548,928,056 1,597,478,417 — — 1,597,478,417 - Other financial liabilities 346,947 346,947 346,947 — — - Financing received from the Central Bank and other financial institutions 2,691,969 2,788,182 — — 2,788,182 - Repo Transactions 940,332 940,332 940,332 — — 1,552,907,304 1,601,553,878 1,287,279 — 1,600,266,599 Other Financial Instruments as of 12/31/2022 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 150,719,643 150,719,643 150,719,643 — — - Other financial assets 6,679,625 6,679,625 6,679,625 — — - Loans and other financing 728,474,749 736,098,923 — — 736,098,923 - Reverse Repo transactions 67,206,248 67,206,248 67,206,248 — — - Other Debt Securities 186,842,522 193,728,112 101,835,764 91,892,348 — - Financial assets Pledged as collateral 270,629 270,629 270,629 — — 1,140,193,416 1,154,703,180 326,711,909 91,892,348 736,098,923 Financial Liabilities - Deposits 1,705,009,583 1,750,167,253 — — 1,750,167,253 - Other financial liabilities 909,756 909,756 909,756 — — - Financing received from the Central Bank and other financial institutions 17,219,834 27,034,151 — — 27,034,151 - Unsubordinated Debt securities 1,748,271 1,748,271 1,748,271 — — 1,724,887,444 1,779,859,431 2,658,027 — 1,777,201,404 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, 2023 and 2022: 12/31/2023 12/31/2022 Grupo Financiero Galicia S.A. — 15,651 Pampa Energía S.A. 26,237 144,901 Loma Negra S.A. 2,412 102,814 Ternium Argentina S.A. 1,113 42,781 Aluar S.A. 31 169,045 YPF S.A. 517 141,977 Transener S.A. 198 17,327 Edenor 5,799 145,309 Holcim Arg 7,218 4,416 Cedear SPDR Dow Jones Ind 1,803 1,731 Cedear SPDR S&P 1,528 1,348 Cedear Financial Select Sector 1,430 1,423 Others 808 48,839 Total 49,094 837,562 The following are the equity instruments measured at Fair Value through Other Comprehensive Income as of December 31, 2023 and 2022: FV at Income / (Loss) FV at Detail 12/31/2022 through OCI Disposals Additions 12/31/2023 Mercado Abierto Electrónico S.A. 288,040 (286,408) — — 1,632 Play Digital S.A. 274,011 (283,270) (75,239) 254,610 170,112 Seguro de Depósitos S.A 33,146 (14,214) — — 18,932 Compensador Electrónica S.A. 101,793 11,116 (1,601) — 111,308 Provincanje S.A. 22,586 (130,573) — 115,632 7,645 Cuyo Aval Sociedad de Garantía Recíproca 5,833 (184) — — 5,649 Argencontrol S.A. 1,009 (428) — — 581 IEBA S.A. 190 (129) — — 61 Other Reciprocal Guarantee Companies 840 131 — — 971 Total 727,448 (703,959) (76,840) 370,242 316,891 FV at Income / (Loss) FV at Detail 12/31/2021 through OCI Disposals Additions 12/31/2022 Mercado Abierto Electrónico S.A. 277,503 10,537 — — 288,040 Play Digital S.A. 224,182 (173,224) (45,605) 268,658 274,011 Seguro de Depósitos S.A 42,666 (9,520) — — 33,146 Compensador Electrónica S.A. 68,731 33,062 — — 101,793 Provincanje S.A. 26,862 (4,276) — — 22,586 Cuyo Aval Sociedad de Garantía Recíproca 8,456 (2,623) — — 5,833 Argencontrol S.A. 953 56 — — 1,009 IEBA S.A. 371 (181) — — 190 Other Reciprocal Guarantee Companies 955 (115) — — 840 Total 650,679 (146,284) (45,605) 268,658 727,448 |
FINANCE LEASES
FINANCE LEASES | 12 Months Ended |
Dec. 31, 2023 | |
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: 12/31/2023 12/31/2022 Right-of-use asset Land and buildings (Gross carrying amount) 9,588,345 16,891,897 Lease liability Current 1,844,502 2,991,612 Non-current 1,013,003 1,892,699 Total 2,857,505 4,884,311 (ii) The following table shows the amounts charged in the income statement: Items 12/31/2023 Right-of-use assets – Depreciation 6,480,621 Interest expenses on lease liabilities (Other operating expenses) 33,690 (iii) Lease activities: Grupo Supervielle leases several branches. Rental agreements are generally made for fixed periods of 1 to 10 years, but may have extension options as described in (iv) below. Contracts may contain lease components or not. Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle under residual value guarantees; ● the exercise price of a purchase option if Grupo Supervielle is reasonably certain to exercise that option, and ● payments of penalties for terminating the lease, if the lease term reflects Grupo Supervielle 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 Grupo Supervielle, 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, Grupo Supervielle: ● 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. Grupo Supervielle 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 profit or loss 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 profit or loss. 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 Grupo Supervielle and not by the respective lessor. 7.2 The Group as lessor The following is a breakdown of the maturities of Grupo Supervielle’s financial and operating leases receivables and of the present values as of December 31, 2023 and 2022: Financial Lease Receivables 12/31/2023 12/31/2022 Up to 1 year 13,745,706 23,887,476 More than a year up to two years 11,549,927 21,379,019 From two to three years 7,928,815 14,563,649 From three to five years 3,497,498 8,734,999 More than five years 2,349 638,344 Total 36,724,295 69,203,487 Unearned financial income (16,732,515) (35,917,183) Net investment in the lease 19,991,780 33,286,304 Operating Lease Receivables 12/31/2023 12/31/2022 Up to 1 year 212,663 174,102 More than a year up to two years 132,019 233,334 From two to three years 33,990 84,510 Total 378,672 491,946 The balance of allowance for loan losses related to finance leases amounts to $434,107 and $280,441 as of December 31, 2023 and 2022 respectively |
REPO AND REVERSE REPO TRANSACTI
REPO AND REVERSE REPO TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
REPO AND REVERSE REPO TRANSACTIONS | |
REPO AND REVERSE REPO TRANSACTIONS | 8. REPO AND REVERSE REPO TRANSACTIONS Grupo Supervielle carries out repo and reverse repo transactions in which it performs the spot purchase 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 repo and reverse repo transactions as of December 31, 2023 and 2022 are detailed below: Repo Transactions: Book Value December 31, 2023 755,708,132 December 31, 2022 67,206,248 Reverse Repo Transactions: Book Value December 31, 2023 940,332 December 31, 2022 — |
DERIVATIVE FINANCIAL INSTRUMENT
DERIVATIVE FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
DERIVATIVE FINANCIAL INSTRUMENTS | 9. DERIVATIVE FINANCIAL INSTRUMENTS In the normal course of business, Grupo Supervielle 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 Grupo Supervielle 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, 2023 and 2022, the following amounts were recorded for operations related to derivatives: 12/31/2023 12/31/2022 Amounts receivable for spot and forward transactions pending settlement 2,869,609 634,487 Amounts payable for spot and forward transactions pending settlement 158,431 182,977 Put option taken with Central Bank 767,053 102,917 3,795,093 920,381 The following table shows, the notional value of options and outstanding forward and futures contracts as of December 31, 2023 and 2022: 12/31/2023 12/31/2022 Forward sales of foreign exchange without delivery of underlying assets 16,963,766 42,092,038 Forward purchases of foreign exchange without delivery of underlying assets 20,797,187 12,486,369 The incomes/(expenses) generated by derivative financial instruments during the years ended December 31, 2023, 2022 and 2021 amounted to $10,282,330, $2,065,245 and $9,613,101 respectively. |
EARNINGS PER SHARE
EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
EARNINGS PER SHARE | 10. EARNINGS PER SHARE Earnings per share are calculated by dividing income attributable to Grupo Supervielle´s shareholders by the weighted average number of outstanding common shares during the period. As Grupo Supervielle does not have preferred shares or debt convertible into shares, basic earnings are equal to diluted earnings per share. 12/31/2023 12/31/2022 12/31/2021 Income attributable to shareholders of the group 51,615,837 (15,654,911) (10,521,726) Weighted average of oustanding ordinary shares (thousands) 442,727 454,274 456,722 Income per share 116.59 (34.46) (23.04) |
SPECIAL TERMINATION ARRANGEMENT
SPECIAL TERMINATION ARRANGEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
SPECIAL TERMINATION ARRANGEMENTS | |
SPECIAL TERMINATION ARRANGEMENTS | 11. SPECIAL TERMINATION ARRANGEMENTS As of December 31, 2023 and 2022, special termination arrangements amounted to $4,192,701 and $7,422,283, respectively. The amounts charged to profit or loss regarding these benefits as of December 31, 2023 and 2022 were $3,178,727 and $1,672,716, respectively included in Other non-financial liabilities. The evolution during each period is detailed below: 12/31/2023 12/31/2022 Balances at the beginning 7,422,283 9,521,606 Additions to profit or loss 3,178,727 1,672,716 Monetary result benefits paid to participants (1,369,489) (858,920) Benefits paid to participants (5,038,820) (2,913,119) Balances at closing 4,192,701 7,422,283 |
PROPERTY, PLANT AND EQUIPMENT
PROPERTY, PLANT AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
PROPERTY, PLANT AND EQUIPMENT | 12. PROPERTY, PLANT AND EQUIPMENT Changes in property, plant and equipment for financial years ended on December 31, 2023 and 2022 are as follows: Gross carrying amount Depreciation At the Net beginning At the At the Additions by carrying of the Useful end of beginning business Of the Other At the end amount Item year Life Revaluation Additions Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2023 Cost model Furniture and facilities 14,069,307 10 — 391,691 (351,971) 14,109,027 (11,583,436) 413,091 — (704,383) — (11,874,728) 2,234,299 Machinery and equipment 50,221,991 5 — 4,082,256 (659,778) 53,644,469 (44,715,683) 635,830 — (2,851,178) — (46,931,031) 6,713,438 Vehicles 2,340,194 5 — 515,511 (569,297) 2,286,408 (1,026,023) 472,330 — (417,127) — (970,820) 1,315,588 Right of use assets 16,891,897 5 — 3,349,796 (10,653,348) 9,588,345 (9,670,979) 10,656,319 — (6,480,621) — (5,495,281) 4,093,064 Construction in progress 7,502,745 — 1,927,178 (3,773,387) 5,656,536 — — — — — — 5,656,536 Revaluation model Land and Buildings 35,312,822 50 (2,093,627) 756,617 (168,263) 33,807,549 (2,125,445) 112,013 — (655,407) — (2,668,839) 31,138,710 Total 126,338,956 — (2,093,627) 11,023,049 (16,176,044) 119,092,334 (69,121,566) 12,289,583 — (11,108,716) — (67,940,699) 51,151,635 Gross carrying amount Depreciation At the Net beginning At the At the Additions by carrying of the Useful end of beginning business Of the Other At the end amount Item year Life Revaluation Additions Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2022 Cost model Furniture and facilities 13,620,204 10 — 449,103 — 14,069,307 (10,824,598) 181,526 — (940,364) — (11,583,436) 2,485,871 Machinery and equipment 49,868,605 5 — 1,060,303 (706,917) 50,221,991 (41,898,497) 659,677 — (3,476,863) — (44,715,683) 5,506,308 Vehicles 2,491,133 5 — 769,211 (920,150) 2,340,194 (1,136,208) 569,001 — (458,816) — (1,026,023) 1,314,171 Right of use assets 19,194,943 5 — 3,555,148 (5,858,194) 16,891,897 (9,368,409) 5,659,594 — (5,962,164) — (9,670,979) 7,220,918 Construction in progress 8,438,004 — 3,463,617 (4,398,876) 7,502,745 — — — — — — 7,502,745 Revaluation model Land and Buildings 37,944,053 50 (2,611,299) 8,511 (28,443) 35,312,822 (1,391,360) — — (734,085) — (2,125,445) 33,187,377 Total 131,556,942 — (2,611,299) 9,305,893 (11,912,580) 126,338,956 (64,619,072) 7,069,798 — (11,572,292) — (69,121,566) 57,217,390 12.1 Revaluation of Property, Plant and Equipment Grupo Supervielle´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, 2023. 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 12/31/2023 31,138,710 22,580,757 8,557,953 Land and buildings 12/31/2022 33,187,377 22,076,981 11,110,396 |
INVESTMENT PROPERTIES
INVESTMENT PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT PROPERTIES | |
INVESTMENT PROPERTIES | 13. The movements in investment properties for the years ended December 31, 2023 and 2022 were as follows: At the P/L for Beginning Total useful changes As of Item of the year life in the FV Additions Disposals Depreciation 12/31/2023 Cost model Rented properties 817,096 5 — 161,070 — (189,124) 789,042 Measurement at fair value Rented properties 51,820,300 50 (7,012,278) — — — 44,808,022 TOTAL INVESTMENT PROPERTIES 52,637,396 (7,012,278) 161,070 — (189,124) 45,597,064 At the P/L for Beginning Total useful changes As of Item of the year life in the FV Additions Disposals Depreciation 12/31/2022 Cost model Rented properties 852,313 5 — 195,567 (90,816) (139,968) 817,096 Measurement at fair value Rented properties 51,910,577 50 (2,503,275) 2,412,998 — — 51,820,300 TOTAL INVESTMENT PROPERTIES 52,762,890 (2,503,275) 2,608,565 (90,816) (139,968) 52,637,396 Investment properties are measured at fair value which is determined by an independent expert. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
INTANGIBLE ASSETS | |
INTANGIBLE ASSETS | 14. INTANGIBLE ASSETS Intangible assets of Grupo Supervielle for fiscal years ended on December 31, 2023 and 2022 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 Impairment Disposals year of the year Disposals combinations Of the year year 12/31/2023 Measurement at cost Goodwill 31,027,144 — — (4,000,000) — 27,027,144 — — — — — 27,027,144 Brands 1,831,210 — — — — 1,831,210 — — — — — 1,831,210 Other intangible assets(*) 88,245,470 16,916,944 — — (756,231) 104,406,183 (51,735,118) 93,369 — (13,988,733) (65,630,482) 38,775,701 TOTAL 121,103,824 16,916,944 — (4,000,000) (756,231) 133,264,537 (51,735,118) 93,369 — (13,988,733) (65,630,482) 67,634,055 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 Impairment Disposals year of the year Disposals combinations Of the year year 12/31/2022 Measurement at cost Goodwill 33,327,743 — — (2,300,599) — 31,027,144 — — — — — 31,027,144 Brands 1,831,210 — — — — 1,831,210 — — — — — 1,831,210 Other intangible assets(*) 71,107,364 17,707,912 — — (569,806) 88,245,470 (36,979,731) 485,868 — (15,241,255) (51,735,118) 36,510,352 TOTAL 106,266,317 17,707,912 — (2,300,599) (569,806) 121,103,824 (36,979,731) 485,868 — (15,241,255) (51,735,118) 69,368,706 (*)mainly include systems and programs. 14.1 Goodwill impairment Goodwill is assigned to Grupo Supervielle’s cash generating units on the basis of the operating segments. 12/31/2023 12/31/2022 Supervielle Seguros S.A. 88,686 88,686 Banco Regional de Cuyo S.A. 464,982 464,982 InvertirOnline S.A.U. / Portal Integral de Inversiones S.A.U. 16,902,605 16,902,605 Micro Lending S.A.U. 9,308,612 13,308,612 Supervielle Agente de Negoación S.A.U. 46,943 46,943 Others 215,316 215,316 TOTAL 27,027,144 31,027,144 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 five years The key assumptions are related to marginal contribution margins. These were determined on the basis of past performance, other external sources of information and the expectations of market development. The discount rates used were 15.6% and they were determined by using the 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 and the size of the business. The main macroeconomic assumptionsused include the number of borrowings originated by MILA (“Micro Lending”) and IOL (“ InvertirOnline”) operating income: Real Forecast Forecast Forecast Forecast Forecast 2023 2024 2025 2026 2027 2028 Inflation (end of period) 211.4 % 205.6 % 80.4 % 49.8 % 23.7 % 8.5 % Inflation (average) 133.5 % 249.1 % 104.9 % 62.0 % 34.4 % 13.4 % Cost of funding (average) 63.0 % 70.0 % 45.3 % 31.6 % 17.8 % 9.4 % Loan’s interest rate (average) 82.8 % 88.0 % 59.3 % 43.6 % 27.8 % 17.4 % Number of borrowings originated by Micro Lending 5,798 7,080 9,996 12,504 14,004 14,004 InvertirOnline'Operating income 7,326 21,213 51,990 88,474 118,939 134,834 As of December 31, 2023, political conditions negatively affected the Argentine economy in general, the main impacts are detailed below: • An inflationary acceleration and greater devaluation of the Argentine peso, with the accumulated inflation index being 211.4% during 2023 (CPI) and the variation in the BCRA exchange rate Com. “A” 3,500, for the same period, of 356.4%. • Exchange restrictions in order to contain the demand for dollars. • Reduction of the 1-day repo rate from 126% to 100% n.a. (171.5% e.a.). Thus, the interest rate on 1-day repos for private funds was 85% n.a. (133.7% n.a.), while the 1-day reverse repo interest rate remained at 160% n.a. (393.6% e.a.). To what was mentioned above we must add the following conditions that negatively affected the Micro Lending business: • During 2023, automobile loans have decreased their share of the product more than loans to the non-financial private sector as a whole. • The market share of automobile loans in the Argentinian financial system (BCRA) is at historic lows, representing 0.2% of GDP. • Both the patenting of 0KM units, and the percentage of these transactions that are carried out through financing, are in slight recovery but quite far from historical highs. • Financing of the purchase of used vehicles is relevant to MILA's operations. This business has not been immune to the forementioned market conditions, the amount of loans granted was in the order of 5,800 operations (1% below 2022), which is an historical low for the business. As a consequence of these macroeconomic conditions The Group recorded an impairment of $4,000,000 of the goodwill of Micro Lending S.A.U., as of December 31, 2023, which was recorded in depreciation and impairment of non-financial assets line of the Income Statement. The impairment was included in the “People and Business” segment. The value attributable to the cash-generating unit in which the goodwill was included was 10,477,611 as of December 31, 2023. No additional impairment was determined for the remaining goodwill recorded within Intangible Assets as of December 31, 2023. The sensitivity analysis of the cash generating units to which goodwill was assigned, excluding Micro Lending S.A.U., was based on a 1% increase in the weighted average cost of capital. The Group concluded that it would not be necessary to recognize any impairment losses on 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, 2023 | |
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 | 15.1 Debt securities at fair value through profit or loss 12/31/2023 12/31/2022 Government securities 43,859,127 49,031,485 Corporate securities 2,556,695 20,676,110 46,415,822 69,707,595 15. 2 Derivatives 12/31/2023 12/31/2022 Debtor balances related to forward operations in foreign currency to be settled in pesos 2,869,609 634,487 Debtor balances related to forward operations in foreign currency 158,431 182,977 Put option taken 767,053 102,917 3,795,093 920,381 15.3 Other financial assets 12/31/2023 12/31/2022 Participation Certificates in Financial Trusts 635,332 493,273 Investments in Asset Management and Other Services 6,890,718 6,739,434 Other investments 3,113,100 3,209,561 Receivable from spot sales pending settlement 24,966,331 7,459,195 Several debtors 10,815,142 7,288,751 Miscellaneous debtors for credit card operations 495,366 520,368 Allowances for loan losses (416,205) (464,391) 46,499,784 25,246,191 15.4 Other debt securities 12/31/2023 12/31/2022 Negotiable obligations 12,667,045 17,622,462 Debt securities from Financial trusts 4,590,978 — Government securities 160,021,031 116,816,092 Securities issued by BCRA 76,082,442 707,388,671 Others 89 149 Allowances for loan losses (2,181,044) (1,851,807) 251,180,541 839,975,567 15.5 Financial assets pledged as collateral 12/31/2023 12/31/2022 Guarantee securities for repo operations 972,694 — Special guarantees accounts in the Argentine Central Bank 21,763,021 32,058,218 Deposits in guarantee 23,646,891 12,998,311 46,382,606 45,056,529 15.6 Inventories 12/31/2023 12/31/2022 Electronics — 208,923 — 208,923 15.7 Other non-financial assets 12/31/2023 12/31/2022 Other Miscellaneous assets 8,538,030 7,694,702 Loans to employees 2,134,276 2,678,478 Payments in advance 5,948,058 4,151,472 Other non-financial assets 154,060 374,811 Retirement Plan 547,973 387,914 Works of art and collector's pieces 253,347 257,559 Insurance Contract assets 1,187,065 1,096,286 Asset from insurance broker operations 1,020 6,506 18,763,829 16,647,728 15.8 Deposits 12/31/2023 12/31/2022 Non-financial sector 100,747,830 86,705,591 Financial sector 476,539 315,861 Current accounts 138,589,508 157,491,710 Special checking accounts 731,973,085 556,908,441 Savings accounts 241,809,018 287,593,196 Time deposits and investments accounts 177,192,264 469,431,207 Investment accounts 122,036,731 100,826,533 Others 15,838,471 19,700,970 Interest and Adjustments 20,264,610 26,036,074 1,548,928,056 1,705,009,583 15.9 Liabilities at fair value through profit or loss 12/31/2023 12/31/2022 Liabilities for transactions in local currency 607,903 3,955,167 Liabilities for transactions in foreign currency — 2,706,372 607,903 6,661,539 15.10 Other financial liabilities 12/31/2023 12/31/2022 Amounts payable for spot transactions pending settlement 14,473,367 6,423,474 Collections and other operations on behalf of third parties 55,096,905 44,801,930 Unpaid fees 12,075 11,460 Financial guarantee contracts 42,076 75,990 Liabilities associated with the transfer of financial assets not derecognized — — Lease liability 2,857,505 4,884,311 Others 257,000 184,690 72,738,928 56,381,855 15.11 Financing received from the Argentine Central Bank and other financial institutions 12/31/2023 12/31/2022 Financing received from local financial institutions 2,436,173 11,893,380 Financing received from international institutions 255,796 5,326,454 2,691,969 17,219,834 15.12 Provisions 12/31/2023 12/31/2022 Eventual commitments 411,663 271,445 Unused Balances of Credit Cards 1,456,978 1,387,991 Restructuring expenses 6,000,000 — Other contingencies 7,029,026 3,608,510 14,897,667 5,267,946 15.13 Other non-financial liabilities 12/31/2023 12/31/2022 Payroll and social securities 32,249,269 35,247,707 Sundry creditors 18,833,238 24,404,194 Revenue from contracts with customers (1) 908,005 1,021,454 Tax payable 19,681,363 22,066,310 Social security payment orders pending settlement 1,278,348 2,329,528 Reinsurance contract liabilities 5,032 187,838 Liabilities from insurance broker operations 41,453 13,131 Other 203,589 321,003 73,200,297 85,591,165 (1) Deferred revenue associated with contracts with customers includes the liability for the customer loyalty program. The Group estimates the value of the points assigned to customers in the Club Supervielle and Club Mis Puntos Programs, by applying a mathematical model that considers assumptions about redemption percentages, fair value of points redeemed based on the combination of available products. and customer preferences, as well as the expiration of unused points. As of December 31, 2023 and 2022, the sum of $908,005 and $1,021,454 points have been recorded for unredeemed points, respectively. Maturity Up to 12 Up to 24 More than Item months months 24 months Total Revenue from contracts with customers 321,665 164,667 421,673 908,005 15.14 Interest Income 12/31/2023 12/31/2022 12/31/2021 Interest on overdrafts 44,410,794 23,471,096 19,005,461 Interest on promissory notes 67,470,691 64,028,835 67,907,777 Interest on personal loans 66,454,064 92,146,481 117,692,377 Interest on corporate unsecured loans 96,127,460 50,712,155 41,967,396 Interest on credit card loans 42,005,274 45,870,806 35,957,060 Interest on mortgage loans 62,359,572 56,407,739 42,843,345 Interest on automobile and other secured loan 12,574,777 13,122,573 9,393,313 Interest on foreign trade loans 3,180,062 4,010,233 7,543,367 Interest on financial leases 17,868,411 14,262,772 9,591,489 Interest on public and private securities measured at amortized cost 567,893,807 387,019,350 167,862,434 Other 177,352,343 33,302,307 107,654,661 Total 1,157,697,255 784,354,347 627,418,680 15.15 Interest Expenses 12/31/2023 12/31/2022 12/31/2021 Interest on current accounts deposits 374,828,604 211,185,911 128,233,675 Interest on time deposits 439,013,593 295,156,581 228,048,956 Interest on other financial liabilities 3,621,357 3,968,644 8,388,702 Interest from financing sector 2,772,705 3,356,878 1,108,873 Other 5,257,828 1,731,380 1,210,330 Total 825,494,087 515,399,394 366,990,536 15.16 Net income from financial instruments at fair value through profit or loss 12/31/2023 12/31/2022 12/31/2021 Income from corporate and government securities 127,798,716 51,452,910 42,190,171 Income from securities issued by the Argentine Central Bank — 3,303,523 2,120,331 Derivatives 10,282,330 2,065,245 9,613,101 Total 138,081,046 56,821,678 53,923,603 15.17 Service fee income 12/31/2023 12/31/2022 12/31/2021 Commissions from deposits accounts 37,391,888 38,148,025 39,408,942 Commissions from credit and debit cards 20,594,231 29,729,082 30,250,743 Commissions from loans operations 368,893 950,232 960,528 Other Commissions 34,770,240 25,650,838 30,471,421 Total 93,125,252 94,478,177 101,091,634 15.18 Service fee expenses 12/31/2023 12/31/2022 12/31/2021 Commissions paid 23,620,557 32,604,729 30,075,296 Export and foreign currency operations 555,520 787,995 742,947 Total 24,176,077 33,392,724 30,818,243 15.19 Income from insurance activities 12/31/2023 12/31/2022 12/31/2021 Accrued premiums - Under IFRS 4 — — 21,665,483 Accrued losses - Under IFRS 4 — — (4,228,281) Production expenses Under IFRS 4 — — (3,659,805) Insurance revenue 18,566,744 19,169,750 — Insurance service expenses (5,743,306) (5,905,884) — Net expenses from reinsurance contracts held (111,599) (398,421) — Broker activity operations 1,719,474 1,238,709 — Total 14,431,313 14,104,154 13,777,397 15.20 Other operating income 12/31/2023 12/31/2022 12/31/2021 Reversal of allowance for loan losses and assets written down 5,502,611 10,127,903 10,395,360 Insurance commissions — — 1,535 Rental from safety boxes 2,050,948 2,375,006 2,332,362 Returns of risk funds — 4,867,260 7,524,773 Commissions from trust services 178,265 253,243 270,489 Adjustment of various credits 2,472,547 1,363,146 1,039,392 Sale of fixed assets 4,567 89,106 54,322 Punitive interest 2,318,899 2,056,982 1,775,727 Others 11,160,910 11,538,428 9,222,204 Total 23,688,747 32,671,074 32,616,164 15.21 Personnel expenses 12/31/2023 12/31/2022 12/31/2021 Payroll and social securities 150,064,085 154,276,818 143,807,941 Others expenses 10,331,367 13,548,690 11,429,240 Total 160,395,452 167,825,508 155,237,181 15.22 Administrative expenses 12/31/2023 12/31/2022 12/31/2021 Directors´ and statutory auditors’fees 3,291,819 2,484,677 2,468,332 Professional fees 25,006,003 25,862,516 27,265,430 Advertising and publicity 4,737,212 6,893,010 6,966,569 Taxes 20,408,129 20,091,751 20,511,740 Maintenance, security and services 19,653,248 21,561,754 24,972,701 Rent 66,400 245,871 476,043 Others 11,275,883 11,807,229 10,486,259 Total 84,438,694 88,946,808 93,147,074 15.23 Depreciation and impairment of non-financial assets 12/31/2023 12/31/2022 12/31/2021 Depreciation of property, plant and equipment 4,628,095 5,610,128 5,049,540 Depreciation of other non-financial assets 2,833,824 2,333,661 1,822,902 Depreciation of intangible assets 13,988,733 15,241,255 12,326,178 Depreciation of right-of-use assets 6,480,621 5,962,164 6,429,230 Impairment of goodwill 4,000,000 2,300,595 1,899 Total 31,931,273 31,447,803 25,629,749 15.24 Other operating expenses 12/31/2023 12/31/2022 12/31/2021 Promotions related with credit cards 4,750,720 5,400,008 5,516,101 Turnover tax 54,968,898 53,620,247 49,385,226 Fair value on initial recognition of loans 207,342 479,836 1,193,719 Contributions made to deposit insurance system 2,350,765 2,787,276 2,981,108 Loan and credit card balance adjustments 1,241,563 3,047,451 1,138,924 Interest on liabilities for financial leases 33,690 1,555,148 1,633,744 Coverage services 27,556 42,850 99,604 Others allowances 10,957,512 7,279,351 3,615,679 Devaluation of investment properties 7,012,278 2,503,275 2,675,231 Others 12,739,388 6,209,579 3,631,010 Total 94,289,712 82,925,021 71,870,346 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
COMMITMENTS AND CONTINGENCIES | 16. COMMITMENTS AND CONTINGENCIES The provisions recorded are detailed below: 12/31/2023 12/31/2022 Legal issues 2,265,015 613,965 Labor lawsuits 203,105 1,808,248 Tax 4,193,611 566,233 Unused Balances of Credit Cards 1,456,978 1,387,991 Charges to be paid to National Social Security Administration — 422,505 Judicial Deposits 217,559 147,756 Eventual commitments 411,663 271,445 Reorganization expenses 6,000,000 — Others 149,736 49,803 Total 14,897,667 5,267,946 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
RELATED PARTY TRANSACTIONS | 17. 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. Grupo Supervielle controls another entity when it has power over other entities’ financial and operating decisions and also receives benefits from such entity. The subsidiaries that Grupo Supervielle has control are detailed in Note 1.2. On the other hand, Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle’s Management (Board of Directors members and Managers of Grupo Supervielle and its subsidiaries) are considered as related parties. Controlling Interest The majority shareholder of the Group is Mr. Julio Patricio Supervielle, who has established his domicile at 330 Reconquista Street, in the Autonomous City of Buenos Aires. Mr. Julio Patricio Supervielle is the main shareholder of Grupo Supervielle. Julio Patricio Supervielle´s interest in share capital and votes of Grupo Supervielle as of December 31, 2023 2022 Remuneration of key personnel The remuneration received by the key personnel of Grupo Supervielle as of December 31, 2023 and 2022 amounts to $5,305.0 million and $3,982.9 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, 2023 and 2022: As of As of December 31, 2023 December 31, 2022 (*) Aggregate total financial exposure 1,778,169 673,747 Number of recipient related parties 80 80 (a) Individuals 68 70 (b) Companies 12 10 Average total financial exposure 22,227 8,422 Single largest exposure 1,387,195 358,255 (*) Historical values as of December 31, 2023, without adjusment for inflation. |
INSURANCE
INSURANCE | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE | |
INSURANCE | 18. INSURANCE The opening of the assets and liabilities of insurance contracts as of December 31, 2023 and 2022 is detailed below. The insurance results for the periods ending on that date are also detailed: 12/31/2023 12/31/2022 Insurance contract assets Assets for remaining coverage 1,723,106 2,089,921 Liability for incurred claim - present value of future cash flow (513,344) (949,094) Liability for incurred claim - risk adjustment for non-financial risk (22,697) (44,541) Net balance 1,187,065 1,096,286 Reinsurance contract liabilities Assets for remaining coverage (24,794) (192,886) Incurred claims for contracts under the PAA 19,762 5,048 Net balance (5,032) (187,838) Balances from brokers operations Assets from brokers operations 1,020 6,506 Liability from brokers operations (41,453) (13,131) Net balance (40,433) (6,625) 12/31/2023 12/31/2022 Insurance revenue from contracts measured under the PAA 18,566,744 19,169,750 Insurance revenue 18,566,744 19,169,750 Incurred claims (2,576,344) (3,162,593) Acquisition and administrative expenses (3,166,962) (2,743,291) Insurance service expenses (5,743,306) (5,905,884) Allocation of reinsurance premiums (148,589) (410,689) Amounts recoverable from reinsurers for incurred claims 36,990 12,268 Net expenses from reinsurance contracts held (111,599) (398,421) Insurance service result - NIIF 17 12,711,839 12,865,445 Broker activity operations 1,719,474 1,238,709 Income from insurance activities 14,431,313 14,104,154 Reconciliation of the liability for remaining coverage and the liability for incurred claims Incurred claims for contracts under the PAA Reinsurance contracts held at December 31, 2023 Remaining coverage Present value of future cash flows Total Reinsurance contract liabilities (192,886) 5,048 (187,838) Net balance as at January 1, 2023 (192,886) 5,048 (187,838) Net income (expenses) from reinsurance contracts held Allocation of reinsurance premiums (148,589) — (148,589) Amounts recoverable from reinsurers for incurred claims — 36,990 36,990 Net income (expenses) from reinsurance contracts held (148,589) 36,990 (111,599) IAS29 + finance income from reinsurance contracts held 79,778 504 80,282 Total amounts recognised in comprehensive income (68,811) 37,494 (31,317) Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 251,858 — 251,858 Recoveries from reinsurance (14,955) (22,780) (37,735) Total cash flows 236,903 (22,780) 214,123 Net balance as at December 31, 2023 (24,794) 19,762 (5,032) Incurred claims for contracts under the PAA Reinsurance contracts held at December 31, 2022 Remaining coverage Present value of future cash flows Total Reinsurance contract liabilities (158,019) 8,515 (149,504) Net balance as at January 1, 2022 (158,019) 8,515 (149,504) Net income (expenses) from reinsurance contracts held Allocation of reinsurance premiums (410,689) - (410,689) Amounts recoverable from reinsurers for incurred claims - 12,268 12,268 Net income (expenses) from reinsurance contracts held (410,689) 12,268 (398,421) IAS29 + finance income from reinsurance contracts held 109,240 485 109,725 Total amounts recognised in comprehensive income (301,449) 12,753 (288,696) Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 279,798 - 279,798 Recoveries from reinsurance (13,216) (16,220) (29,436) Total cash flows 266,582 (16,220) 250,362 Net balance as at December 31, 2022 (192,886) 5,048 (187,838) December 31, 2023 Insurance contracts issued LIC for contracts under the PAA LRC Present value of future cash flows Risk adj. for non-fin. risk Total Insurance contract assets 2,089,921 (949,094) (44,541) 1,096,286 Net balance as at January 1, 2023 2,089,921 (949,094) (44,541) 1,096,286 Insurance revenue 18,566,744 — — 18,566,744 Insurance service expenses Incurred claims and other directly attributable expenses — (5,035,808) 21,844 (5,013,964) Insurance acquisition cashflows (729,342) — — (729,342) Insurance service expenses (729,342) (5,035,808) 21,844 (5,743,306) Insurance service result 17,837,402 (5,035,808) 21,844 12,823,438 IAS29 + net financial expenses for insurance contracts (5,829,716) (48,897) — (5,878,613) Total amounts recognised in comprehensive income 12,007,686 (5,084,705) 21,844 6,944,825 Cash flows Premiums received (13,244,962) — — (13,244,962) Claims and other directly attributable expenses paid — 5,520,455 — 5,520,455 Insurance acquisition cashflows 870,461 — — 870,461 Total cash flows (12,374,501) 5,520,455 — (6,854,046) Net balance as at December 31, 2023 1,723,106 (513,344) (22,697) 1,187,065 December 31, 2022 Insurance contracts issued LIC for contracts under the PAA LRC Present value of future cash flows Risk adj. for non-fin. risk Total Insurance contract assets 1,608,433 (1,184,455) (53,226) 370,752 Net balance as at January 1, 2022 1,608,433 (1,184,455) (53,226) 370,752 Insurance revenue 19,169,750 — — 19,169,750 Insurance service expenses Incurred claims and other directly attributable expenses — (5,410,292) 8,685 (5,401,607) Insurance acquisition cashflows (504,277) — — (504,277) Insurance service expenses (504,277) (5,410,292) 8,685 (5,905,884) Insurance service result 18,665,473 (5,410,292) 8,685 13,263,866 IAS29 + net financial expenses for insurance contracts (3,388,158) (67,905) — (3,456,063) Total amounts recognised in comprehensive income 15,277,315 (5,478,197) 8,685 9,807,803 Cash flows Premiums received (15,215,670) — — (15,215,670) Claims and other directly attributable expenses paid — 5,713,558 — 5,713,558 Insurance acquisition cashflows 419,843 — — 419,843 Total cash flows (14,795,827) 5,713,558 — (9,082,269) Net balance as at December 31, 2022 2,089,921 (949,094) (44,541) 1,096,286 b. Income from insurances activities The composition of the item “Result for insurance activities” as of December 31, 2023 and 2022 is disclosed in Note 15.19. |
ASSET MANAGEMENT AND OTHER SERV
ASSET MANAGEMENT AND OTHER SERVICES | 12 Months Ended |
Dec. 31, 2023 | |
ASSET MANAGEMENT AND OTHER SERVICES | |
ASSET MANAGEMENT AND OTHER SERVICES | 19. ASSET MANAGEMENT AND OTHER SERVICES As of December 31, 2023 and 2022 , 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 Services 12/31/2023 12/31/2022 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Premier Renta CP en Pesos 380,619,005 316,582,012 380,172,685 316,166,149 30,510,651,741 16,191,115,975 Premier Renta Plus en Pesos 3,260,932 2,090,125 3,247,937 2,084,021 48,164,279 21,721,110 Premier Renta Fija Ahorro 24,617,614 40,187,284 24,116,283 39,784,914 227,991,276 712,483,562 Premier Renta Fija Crecimiento 17,913,457 641,244 17,902,111 639,560 9,532,812,035 4,920,585 Premier Renta Variable 5,434,772 1,866,615 5,391,565 1,819,387 12,205,660 5,946,886 Premier Abierto Pymes 6,595,058 3,994,108 6,584,296 3,850,229 142,666,395 75,458,259 Premier Commodities 3,683,693 3,265,006 2,855,401 2,503,929 22,338,558 24,979,798 Premier Capital 17,873,205 20,829,260 16,706,424 20,711,697 380,115,435 476,377,885 Premier Inversión 1,700,578 3,937,376 1,641,637 3,935,483 342,850,074 1,052,023,732 Premier Balanceado 2,024,585 5,261,344 2,023,195 4,268,732 32,648,809 102,340,389 Premier Renta Mixta 27,039,839 11,850,160 26,844,120 11,821,402 2,641,477,623 616,247,881 Premier Renta Mixta en Dólares 2,727,823 882,545 2,673,654 740,786 4,995,316 2,569,639 Premier Performance Dólares 10,878,143 1,688,421 10,598,408 1,672,424 15,351,225 4,468,523 Premier Global USD 591,810 206,295 577,257 203,536 640,443 321,553 Premier Estratégico 7,390,764 4,565,186 7,385,116 4,561,157 832,710,848 832,710,848 Premier FCI Sustentable ASG 327,434 — 326,726 — 172,449,306 — |
CONTRIBUTION TO THE DEPOSIT INS
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | 12 Months Ended |
Dec. 31, 2023 | |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | 20. 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. As of January 1, 2023 the limit is established at 6,000 . 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 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 (*) and term deposits and investments that exceed said rate by 1.3 times or the reference rate plus 5 percentage points, whichever is greater (*). 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" (FGD), 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 April 17, 2020, pursuant to communication “A” 6460, such exclusions are as follows: demand 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, 2023 | |
RESTRICTED ASSETS | |
RESTRICTED ASSETS | 21. RESTRICTED ASSETS As of December 31, 2023 and 2022, the following Grupo Supervielle’s assets are restricted: Item 12/31/2023 12/31/2022 Financial assets in guarantee Special guarantee accounts in the Argentine Central Bank 21,763,021 32,058,218 Guarantee deposits for currency forward transactions 11,193,935 8,419,865 Guarantee deposits for credit cards transactions 2,676,321 3,109,343 Other guarantee deposits 9,776,635 1,469,103 45,409,912 45,056,529 |
FINANCIAL TRUSTS
FINANCIAL TRUSTS | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL TRUSTS | |
FINANCIAL TRUSTS | 22. FINANCIAL TRUSTS The detail of the financial trusts in which Grupo Supervielle acts as Trustee or as a Settler 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, 2023: 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 duration of this Trust FundContract will be 24 months as from 09/12/2018, or termination of payment obligations through disbursements (the “termination date”). After 30 ( thirty days ) days of the end of the term of the trust contract without the parties having agreed on an extension fee, the trust will be considered extinguished without the possibility of extension, with the trustee receiving, from the trust account, the sum of pesos equivalent to U$D 6,000 (six thousand US dollars) at the current purchasing exchange rate at Banco Supervielle as a penalty. Dated 10/14/2023 Interconnection Eléctrica Rodeo S.A. accepted the proposal of the Commission for Extension and Extension of the Trust Contract for 6 month. - - Those initially mentioned (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 Interconexión Electrica Rodeo S.A. As Settler: 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 NV $6,364 Participation certificate VN $1,592 Exp date: 03/12/13 Exp date: 11/12/13 Exp date: 10/12/16 IV 09/01/2011 $ 40,652 VDF TV A VN$32,522 VDF B NV $6,504 Participation certificate VN $1,626 Exp date: 06/20/13 Exp date: 10/20/13 Exp date: 06/29/17 |
ISSUANCE OF DEBT SECURITIES
ISSUANCE OF DEBT SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
ISSUANCE OF DEBT SECURITIES | |
ISSUANCE OF DEBT SECURITIES | 23. 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 As of December 31, 2023, the Group has no current debt issues related to this Program and as of December 31, 2022, debt related to this Program amounted to $1,748,271. |
RESTRICTIONS IMPOSED ON THE DIS
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | 24. 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, were 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 should be noted that through Communication “A” 6464 the BCRA established that until March 31, 2020, financial entities that, have not increased the capital conservation margins to determine the distributable result by 1 additional percentage point must have prior authorization from the SEFyC for the distribution of results. On August 30, 2019 and with the objective of stabilizing the exchange market, the BCRA established through Communication “A” 6768 that financial entities, in order to proceed with the distribution of their results, must have prior authorization from the Superintendence of Financial and Exchange Entities. In said authorization process, the Superintendencewill take into consideration, among other elements, the potential effects of the application of international accounting standards according to Communication "A" 6430 (Point 5.5 of IFRS 9 - Impairment of financial assets) as well as the effects of the restatement of financial statements provided for by Communication "A" 6651. On March 9, 2023, through Communication “A” 7719, the Central Bank authorized financial entities to distribute results for up to 40% of the accumulated retained earnings until December 31, 2023. This distribution could be made from April 1, 2023, until December 31, 2023, prior Central Bank approval, in 6 equal, monthly and consecutive installments. As indicated in Note 32, as a consequence of the share purchase program, as of December 31, 2023, $5,166,412 treasury shares were held in the portfolio. In accordance with the provisions of Title IV, Chapter III, article 3, paragraph 11, item c of the CNV Rules. (N.T. 2013 and mod.) while these shares are held in the portfolio, there is a restriction on the distribution of retained earnings and free reserves equal to the cost of those shares held in treasury. Our shareholders' equity under the rules of the Argentine Central Bank comprise the following captions: 12/31/2023 Capital stock 442,672 Inflation adjustment of capital stock 27,960,909 Paid in capital 254,538,548 Treasury shares 14,050 Inflation adjustment of treasury shares 2,944,946 Cost of treasury shares (5,166,412) Other reserves 4,307,608 Retained earnings 51,354,318 Other comprehensive Income 6,389,921 Total shareholders’ equity attributable to the owners of the parent under the rules of the Argentine Central Bank 342,786,560 |
LOANS AND OTHER FINANCING
LOANS AND OTHER FINANCING | 12 Months Ended |
Dec. 31, 2023 | |
LOANS AND OTHER FINANCING | |
LOANS AND OTHER FINANCING | 25. LOANS AND OTHER FINANCING As of December 31, 2023 and 2022 the composition of the loan portfolio is as follows: Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2023 Promissory notes 69,528,350 798,561 453,933 70,780,844 Unsecured corporate loans 94,147,532 1,789,054 526,952 96,463,538 Overdrafts 41,749,574 1,395,503 551,809 43,696,886 Mortgage loans 48,862,769 3,574,987 1,514,022 53,951,778 Automobile and other secured loans 12,769,662 2,298,694 258,972 15,327,328 Personal loans 43,000,760 7,283,041 1,615,016 51,898,817 Credit card loans 65,526,273 8,625,173 1,659,828 75,811,274 Foreign Trade Loans 23,287,364 4,009,797 5,625,562 32,922,723 Other financings 36,981,673 1,457,017 — 38,438,690 Other receivables from financial transactions 483,950 132,241 4,063 620,254 Receivables from financial leases 18,059,791 1,833,245 98,744 19,991,780 Subtotal 454,397,698 33,197,313 12,308,901 499,903,912 Allowances for loan losses (4,559,430) (5,097,963) (7,791,435) (17,448,828) Total 449,838,268 28,099,350 4,517,466 482,455,084 Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2022 Promissory notes 106,340,398 1,054,451 417,688 107,812,537 Unsecured corporate loans 123,583,042 1,090,559 4,127,696 128,801,297 Overdrafts 44,092,669 630,267 540,015 45,262,951 Mortgage loans 69,664,409 6,243,262 2,209,939 78,117,610 Automobile and other secured loans 19,532,565 3,945,158 1,261,814 24,739,537 Personal loans 92,037,962 19,148,300 8,045,266 119,231,528 Credit card loans 127,210,714 19,109,434 7,333,522 153,653,670 Foreign Trade Loans 40,165,053 5,760,515 4,610,063 50,535,631 Other financings 15,348,477 505,380 206,750 16,060,607 Other receivables from financial transactions 8,445,341 283,228 304,912 9,033,481 Receivables from financial leases 32,534,029 631,717 120,559 33,286,305 Subtotal 678,954,659 58,402,271 29,178,224 766,535,154 Allowances for loan losses (9,453,324) (9,112,579) (19,494,502) (38,060,405) Total 669,501,335 49,289,692 9,683,722 728,474,749 December 31, 2023 December 31, 2022 Other guarantees granted 93,364,567 39,550,577 Responsibilities for foreign trade loans 12,785,060 3,983,919 Documentary loans 4,761,804 6,100,750 Overdrafts 569,642 760,987 Total eventual responsability 111,481,073 50,396,233 Expected Credit Loss Allowance 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 678,954,659 58,402,271 29,178,224 766,535,154 9,453,324 9,112,579 19,494,502 38,060,405 Transfers Stage 1 to 2 (3,914,111) 3,914,111 — — (145,737) 341,203 — 195,466 Stage 1 to 3 (303,408) — 303,408 — (4,896) — 224,691 219,795 Stage 2 to 3 — (202,208) 202,208 — — (14,909) 85,417 70,508 Stage 2 to 1 2,482,348 (2,482,348) — — 42,549 (111,414) — (68,865) Stage 3 to 2 — 38,181 (38,181) — — 5,016 (20,379) (15,363) Stage 3 to 1 25,952 — (25,952) — 490 — (11,092) (10,602) Additions 437,486,557 — — 437,486,557 11,353,751 — — 11,353,751 Disposals (170,758,908) (11,739,962) (7,085,326) (189,584,196) (12,267,665) (2,564,209) (5,202,920) (20,034,794) Interest accrual 59,400,087 3,619,436 5,060,605 68,080,128 53,229 299,254 2,677,636 3,030,119 Write-Offs (1,839,190) (4,207,426) (9,586,970) (15,633,586) (1,839,190) (4,207,426) (9,586,970) (15,633,586) Portfolio sale — — (5,814,155) (5,814,155) — — (5,662,526) (5,662,526) Exchange Differences and Others 6,157,397 17,929,896 7,439,173 31,526,466 2,779,792 5,849,164 14,384,334 23,013,290 Result from exposure to changes in the purchasing power of money (553,293,685) (32,074,638) (7,324,133) (592,692,456) (4,866,217) (3,611,295) (8,591,258) (17,068,770) Gross carrying amount at December 31, 2023 454,397,698 33,197,313 12,308,901 499,903,912 4,559,430 5,097,963 7,791,435 17,448,828 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 879,964,366 74,614,284 49,480,121 1,004,058,771 11,072,145 16,028,693 33,849,316 60,950,154 Transfers Stage 1 to 2 (18,688,877) 18,688,877 — — (239,529) 1,487,641 — 1,248,112 Stage 1 to 3 (2,101,531) — 2,101,531 — (39,434) — 2,032,421 1,992,987 Stage 2 to 3 — (1,652,737) 1,652,737 — — (286,483) 1,362,499 1,076,016 Stage 2 to 1 11,262,861 (11,262,861) — — (7,256) (2,067,638) — (2,074,894) Stage 3 to 2 — 732,518 (732,518) — — (87,655) (293,091) (380,746) Stage 3 to 1 656,849 — (656,849) — (92,806) — (230,302) (323,108) Additions 407,434,273 27,119,635 9,013,943 443,567,851 3,249,561 3,616,371 7,647,421 14,513,353 Disposals (218,516,270) (13,635,329) (7,438,591) (239,590,190) (1,318,045) (2,427,827) (5,162,127) (8,907,999) Net changes of financial assets (381,600,438) (25,556,814) 2,464,795 (404,692,457) 3,614,000 3,752,961 9,800,873 17,167,834 Write-Offs (1,479,934) (1,834,191) (9,199,278) (12,513,403) (1,479,934) (1,834,191) (9,199,278) (12,513,403) Exchange Differences and Others 15,578,295 630,647 2,164,462 18,373,404 426,620 298,749 1,934,888 2,660,257 Result from exposure to changes in the purchasing power of money (13,554,935) (9,441,758) (19,672,129) (42,668,822) (5,731,998) (9,368,042) (22,248,118) (37,348,158) Gross carrying amount at December 31, 2022 678,954,659 58,402,271 29,178,224 766,535,154 9,453,324 9,112,579 19,494,502 38,060,405 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, Grupo Supervielle 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 stand by letters of credit). Grupo Supervielle monitors collateral held for financial assets considered to be credit-impaired as it becomes more likely that Grupo Supervielle 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 551,809 507,461 44,348 - Financial Lease 98,744 81,439 17,305 34,794 Promissory Notes 453,933 342,285 111,648 73,270 Mortgage loans 1,514,022 736,553 777,469 814,204 Personal loans 1,615,016 1,532,260 82,756 - Pledge loans 258,972 186,865 72,107 648,882 Credit cards 1,659,828 1,565,436 94,392 - Other 6,156,577 2,839,136 3,317,441 2,953,136 Total 12,308,901 7,791,435 4,517,466 4,524,286 Write-off policy Grupo Supervielle 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 Grupo Supervielle´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. Grupo Supervielle 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, 2023 and 2022 amount to $9,090,153 and $24,494,621 respectively.Grupo Supervielle 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. 12.31.2023 12.31.2022 Balance at the beginning of the year 24,494,621 47,918,738 Additions 15,633,586 12,513,403 Disposals (17,335,542) (27,877,484) Cash collection (4,148,993) (5,848,535) Portfolio sales (830,666) (443,214) Condonation (12,355,883) (21,585,735) Exchange differences and other movements (13,702,512) (8,060,036) Gross carrying amount 9,090,153 24,494,621 |
RISK MANAGEMENT POLICIES
RISK MANAGEMENT POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
RISK MANAGEMENT POLICIES | |
RISK MANAGEMENT POLICIES | 26. 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 Grupo Supervielle´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 Grupo Supervielle´s Strategy related to the administration of credit risk; which include Grupo Supervielle´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 has, on the one hand, a comprehensive risk management policy that details aspects linked to the governance of general fundamental risks and, on the other hand, specific manuals and procedures that contemplate, among others, the standards issued by the BCRA related to this matter. Grupo Supervielle´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. Grupo Supervielle 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, Grupo Supervielle 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. Therefore, Grupo Supervielle relies on scoring and rating models to estimate probability of default (PD) for the different client portfolios. As for risk appetite framework, Grupo Supervielle 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, Grupo Supervielle 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. Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle that calculate statistical forecasts, economic capital and Risk-Adjusted Return (RAROC) models in order to optimize management and decision-making. Grupo Supervielle has deepened its work on the expected loss methodologies under IFRS 9, focusing on methodological improvements in the estimation of parameters (PD, EAD and LGD), aligning the definition of the parameters to the credit process. The forward looking model has been redesigned with the inclusion of a greater number of variables and openings, performing a periodic review of it in order to keep the expected loss model aligned with the macroeconomic vision. Calculation of statistical forecasts Based on the results of the PD (probability of default), EAD (exposure at default) and LGD (loss given default) estimates, the associated statistical forecast is calculated. The exercises for the estimation of statistical forecasts are studies that aim to analyze the Group's own portfolio information in order to estimate, in global terms, the average value of the loss distribution function for an annual time horizon in healthy operations, and for the entire life of credits in those operations that are considered impaired (provisions for expected loss). 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. Grupo Supervielle 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 Grupo Supervielle relies on a Counterparty’s Risk Map approved by the Credit Committee where the following limits are defined for each counterparty according to Grupo Supervielle’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. Loans written off Those credits classified as unrecoverable are eliminated from assets, recognizing them in off-balance sheet accounts. Their balance as of December 31, 2023 and 2022 amounts to $9,090,153 and $24,494,621 respectively. Maximum Credit Risk Exposure The following table contains an analysis of the maximum credit risk exposure: December 31, 2023 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Promissory Notes 69,528,350 798,561 453,933 70,780,844 Unsecured Corporate Loans 94,147,532 1,789,054 526,952 96,463,538 Overdrafts 51,728,612 1,695,518 551,809 53,975,939 Mortgage Loans 48,862,769 3,574,987 1,514,022 53,951,778 Automobile and other secured loans 12,769,662 2,298,694 258,972 15,327,328 Personal Loans 43,000,760 7,283,041 1,615,016 51,898,817 Credit Card Loans 142,659,542 13,689,194 1,659,828 158,008,564 Foreign Trade Loans 23,287,364 4,009,797 5,625,562 32,922,723 Other Financings 36,981,673 1,457,017 — 38,438,690 Other Receivables from Financial Transactions 483,950 132,241 4,063 620,254 Receivables from Financial Leases 18,059,791 1,833,245 98,744 19,991,780 Total 541,510,005 38,561,349 12,308,901 592,380,255 December 31, 2022 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Promissory Notes 106,340,398 1,054,451 417,688 107,812,537 Unsecured Corporate Loans 123,583,042 1,090,559 4,127,696 128,801,297 Overdrafts 58,650,927 797,854 540,015 59,988,796 Mortgage Loans 69,664,409 6,243,262 2,209,939 78,117,610 Automobile and other secured loans 19,532,565 3,945,158 1,261,814 24,739,537 Personal Loans 92,037,962 19,148,300 8,045,266 119,231,528 Credit Card Loans 313,311,575 29,945,881 7,333,522 350,590,978 Receivables from Financial Leases 33,477,384 631,715 120,561 34,229,660 Foreign Trade Loans 40,165,053 5,760,515 4,610,063 50,535,631 Other Financings 40,777,931 505,639 206,753 41,490,323 Other Receivables from Financial Transactions 7,505,348 283,228 304,905 8,093,481 Total 905,046,594 69,406,562 29,178,222 1,003,631,378 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 Grupo Supervielle ´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 Grupo Supervielle operates. Due to the characteristics of its business profile, Grupo Supervielle is the entity with the greatest exposure to this risk. However, market risk monitoring also covers the positions taken by Grupo Supervielle for its own portfolio, as well as those taken by its different subsidiaries. There is an entire limit scheme, with periodic monitoring and activation of alerts if any violation is observed. With this same scope, frequent monitoring and review of exposure indicators to the National Treasury is carried out. 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 Grupo Supervielle to identify a potential market risk and take preventive measures. At the Supervielle Group level, the focus of attention regarding market risk management is placed on the trading portfolio managed by the Trading Desk, although broader control is also carried out, including positions managed with management objectives. of liquidity by the Financial Planning Management. With regard to this broader trading book, controls are limited to the assumed risk exposure, measured using the VaR methodology, in relation to the computable capital responsibility (CPR). Additionally, 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 in the event of credit events or breakdowns in the correlations between asset groups, 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. Market risk management focused special attention on a year 2023 characterized by a prolonged and uncertain electoral process that covered practically the entire second half of the year. This same uncertainty translated into increasing levels of volatility in financial assets exposed to market risk, which led to frequent revisions in the risk appetite reflected in the admissible VaR levels in the different companies of Grupo Supervielle, as well as in the maximum tolerable exposure in sovereign bonds. The exposure to Grupo Supervielle's exchange rate risk at the end of the year by currency type is detailed below: Balances as of 12/31/2023 Balances as of 12/31/2022 Monetary Monetary Monetary Monetary Financial Financial Net Financial Financial Net Currency Assets Liabilities Derivatives Position Assets Liabilities Derivatives Position US Dollar 286,636,032 253,932,945 158,431 32,861,518 214,929,965 189,946,941 173,451 25,156,475 Euro 5,907,343 5,502,023 — 405,320 4,462,182 3,421,601 — 1,040,581 Others 3,764,558 64,651 — 3,699,907 1,489,376 37,034 — 1,452,342 Total 296,307,933 259,499,619 158,431 36,966,745 220,881,523 193,405,576 173,451 27,649,398 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 Grupo Supervielle’s functional currency. The percentage of variation used in this analysis is the same Grupo Supervielle used in its Business Plan and Projections. 12/31/2023 12/31/2022 Currency Variation P/L Equity Variation P/L Equity US Dollar 242.30 % 79,605,198 79,605,198 85.70 % 19,097,099 19,097,099 US Dollar (242.30) % (79,605,198) (79,605,198) (85.70) % (19,097,099) (19,097,099) Euro 242.30 % 982,053 982,053 85.70 % 892,205 892,205 Euro (242.30) % (982,053) (982,053) (85.70) % (892,205) (892,205) Other 242.30 % 8,964,534 8,964,534 85.70 % 1,245,257 1,245,257 Other (242.30) % (8,964,534) (8,964,534) (85.70) % (1,245,257) (1,245,257) Total 242.30 % 89,551,785 89,551,785 85.70 % 21,234,561 21,234,561 (242.30) % (89,551,785) (89,551,785) (85.70) % (21,234,561) (21,234,561) Sensitivity Analysis Banco Supervielle also has a methodology for carrying out individual stress tests of market risks. These tests are performed on a daily basis, in conjunction with the calculation of the parametric VaR. The Stressed VaR indicator makes it possible to determine the risk that Grupo Supervielle would be assuming with the current composition of the trading portfolio, in the event of a repetition of the stress conditions that occurred in a given historical period. 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, Grupo Supervielle 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. Interest Rate Risk Interest Rate Risk is the risk derived from the likelihood that changes in Grupo Supervielle’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 maturity terms 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 implicit options in certain assets, liabilities and off-balance sheet items of Grupo Supervielle. Grupo Supervielle’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 Grupo Supervielle’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. Grupo Supervielle 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, 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). 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 Banco Supervielle has 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. In a context of strong increases in reference interest rates, it was necessary to adjust the dynamic rate GAP to consider daily temporary buckets. This development made it possible to gain precision in the evaluation of scenarios of parallel increases or decreases in reference interest rates. The monitoring and projection of the monthly financial margin had special relevance throughout the year. 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). 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 12/31/2023 Total Financial Assets 1,367,597,996 201,843,376 75,283,526 25,674,272 233,501,535 1,903,900,705 Total Financial Liabilities (1,123,780,666) (182,804,117) (99,006,907) (14,104,522) (1,693,776) (1,421,389,988) Net Amount 243,817,330 19,039,259 (23,723,381) 11,569,750 231,807,759 482,510,717 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 12/31/2022 Total Financial Assets 1,217,782,647 157,102,640 113,969,851 43,914,002 465,883,744 1,998,652,884 Total Financial Liabilities (916,770,479) (143,998,663) (106,865,350) (1,113,500) (515,361,769) (1,684,109,761) Net Amount 301,012,168 13,103,977 7,104,501 42,800,502 (49,478,025) 314,543,123 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, 2023 and 2022. 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 2023 and 2022 and the changes are considered reasonable possible based on the observation of market conditions: 12/31/2023 12/31/2022 Increase / (decrease) Increase / (decrease) Additional variation in in the income Additional variation in in the income Items the interest rate statement the interest rate statement Decrease in the interest rate 4% ARS; 2% USD (9,017,557) 4% ARS; 2% USD (458,588) Increase in the interest rate 4% ARS; 2% USD 8,615,049 4% ARS; 2% USD 617,802 Liquidity Risk Grupo Supervielle 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 Grupo Supervielle’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 Grupo Supervielle. ✓ Market Liquidity Risk means the risk resulting from Grupo Supervielle’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. Grupo Supervielle estimates this indicator on a daily basis, having exceeded 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 Grupo Supervielle to fund its activities with sufficiently stable sources to mitigate the risk of future stress situations arising from its funding. Grupo Supervielle calculates this indicator on a daily basis, having complied with the minimum value required by the regulator and 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 Grupo Supervielle’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 current accounts and deposits of the public sector in foreign currency. During 2023, strong growth was observed in interest-bearing current accounts, especially from institutional clients. The funds thus raised were applied to the acquisition of LELIQ or 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 72% throughout the year. Economic capital calculation Grupo Supervielle 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 Grupo Supervielle’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 Grupo Supervielle’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 Grupo Supervielle’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, Grupo Supervielle 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, Grupo Supervielle considers the economic capital estimation unnecessary to cover such risk, as long as Grupo Supervielle’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, 2023 and 2022: Loans and other financing 12/31/2023 12/31/2022 Number of Clients Balance % over total portfolio Balance % over total portfolio 10 largest customers 69,087,338 13.8% 68,238,639 8.9% 50 following largest customers 123,526,823 24.7% 124,053,825 16.2% 100 following largest customers 92,511,436 18.5% 96,004,018 12.5% Rest of customers 214,778,315 43.0% 478,238,672 62.4% TOTAL 499,903,912 100.0% 766,535,154 100.0% Deposits 12/31/2023 12/31/2022 Number of customers Balance % over total portfolio Balance % over total portfolio 10 largest customers 662,055,214 42.7% 571,545,441 33.5% 50 following largest customers 347,109,915 22.4% 379,200,150 22.2% 100 following largest customers 66,447,114 4.3% 94,183,414 5.5% Rest of customers 473,315,813 30.6% 660,080,578 38.7% TOTAL 1,548,928,056 100.0% 1,705,009,583 100.0% Below is an analysis of the assets and liabilities maturities, determined based on the remaining period as of December 31, 2023 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 12/31/2023 1 month 3 months 6months 1 years 2 years 2 years Total Loans and other financing 306,353,057 113,373,676 115,578,523 136,200,679 155,987,345 283,308,741 1,110,802,021 To the non-financial public sector 1,832,047 - 170,430 170,430 340,860 852,150 3,365,917 To the financial sector 2,789,465 185,831 324,232 670,385 902,442 166,635 5,038,990 To the Non-Financial Private Sector and Foreign residents 301,731,545 113,187,845 115,083,861 135,359,864 154,744,043 282,289,956 1,102,397,114 TOTAL ASSETS 306,353,057 113,373,676 115,578,523 136,200,679 155,987,345 283,308,741 1,110,802,021 Deposits 1,414,396,480 46,551,007 128,375,672 20,894,066 - - 1,610,217,225 Non-financial public sector 104,224,359 167,400 - - - - 104,391,759 Financial sector 476,539 - - - - - 476,539 Non-financial private sector and foreign residents 1,309,695,582 46,383,607 128,375,672 20,894,066 - - 1,505,348,927 Liabilities at fair value through profit or loss 607,903 - - - - - 607,903 Repo Transactions 940,332 - - - - - 940,332 Other financial liabilities 78,021,141 404,753 549,577 909,190 1,100,630 587,297 81,572,588 Financing received from the Argentine Centr |
TURNOVER TAX
TURNOVER TAX | 12 Months Ended |
Dec. 31, 2023 | |
TURNOVER TAX | |
TURNOVER TAX | 27. Commencing January 2020 and January 2023, the tax authorities of the City of Buenos Aires and the Province of Mendoza, respectively, began to impose a Turnover Tax on the revenues derived from securities and instruments (Leliqs/Notaliqs or Repos) issued by the Central Bank of Argentina. The BCRA initiated declaratory actions of certainty against both tax authorities regarding the unconstitutionality of the measures implemented, as they directly and significantly affect the purposes and functions assigned to the BCRA, substantially altering the execution of national monetary and financial policy. The BCRA also established that the imposition of this Turnover Tax is in clear contradiction to the provisions of the National Constitution and its Organic Charter. The BCRA has the authority to issue instruments to regulate monetary policy and achieve financial and exchange stability. Through the enacted laws, provincial governments exceeded their powers by imposing taxes on these monetary policy instruments, the regulation, implementation, and/or use of which falls within the jurisdiction of the BCRA. This directly impacts the immunity principle of the national government's policy as these revenues cannot be subject to taxation at the local level due to their immunity or non-taxable status. Both municipalities and provinces lack tax authority over financial instruments issued by the National Government. In line with the submissions made by the BCRA, the Argentine Banking Association (ABA), the Argentine Bankers' Association (ADEBA), and the majority of financial institutions operating in these provinces have also filed constitutional actions against these regulations. These actions are still pending resolution by the Supreme Court of Justice. Based on the aforementioned, the Bank believes that the reasons supporting the non-taxability of these types of instruments are strong based on expert opinions, both internal and from third-party specialists. We estimate the likelihood of a favorable ruling to our position as the majority view. Consequently, the Bank has ceased paying the tax on the revenues generated by Leliqs operations in Mendoza since January 2023, and by Leliqs and Repo transactions in the City of Buenos Aires since April of the current year. As of December 31, 2023, the Group had received notifications from the Tax Administration of Mendoza in repect of the period comprised between January 2023 and April 2023, and from the Argenine Government Agency for Public Revenue in repect of the period comprised between June 2023 and July 2023. In addition, ex officio proceedings have been initiated for the period comprised between April 2023 and May 2023, as a result of which we have created contingency provisions in the amount of $4,037,278. |
ASSETS AND LIABILITIES IN FOREI
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | 12 Months Ended |
Dec. 31, 2023 | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | 28. ASSETS AND LIABILITIES IN FOREIGN CURRENCY At At 12/31/2023 (per currency) At Items 12/31/2023 Dollar Euro Real Others 12/31/2022 ASSETS Cash and Due from Banks 201,242,228 191,641,796 5,835,926 54,830 3,709,676 120,528,180 Debt securities at fair value through profit or loss 8,684,949 8,684,949 — — — 4,452,251 Derivatives 158,431 158,431 — — — 173,451 Other financial assets 8,142,162 8,142,110 — — 52 5,511,094 Loans and other financing 42,905,258 42,833,841 71,417 — — 56,672,747 Other Debt Securities 27,768,176 27,768,176 — — — 30,281,996 Financial assets in guarantee 6,968,929 6,968,929 — — — 3,019,938 Other non-financial assets 596,231 596,231 — — — 415,317 TOTAL ASSETS 296,466,364 286,794,463 5,907,343 54,830 3,709,728 221,054,974 LIABILITIES Deposits 240,375,097 236,733,749 3,641,348 — — 171,150,697 Non-financial public sector 7,126,792 7,125,492 1,300 — — 5,995,946 Financial sector 1,894 1,894 — — — 4,758 Non-financial private sector and foreign residents 233,246,411 229,606,363 3,640,048 — — 165,149,993 Liabilities at fair value with changes in results — — — — — 2,706,372 Other financial liabilities 17,470,741 15,612,348 1,793,752 133 64,508 13,295,704 Financing received from the Argentine Central Bank and other financial entities 255,796 188,880 66,916 — — 5,326,453 Other non-financial liabilities 1,397,985 1,397,968 7 — 10 926,350 TOTAL LIABILITIES 259,499,619 253,932,945 5,502,023 133 64,518 193,405,576 NET POSITION 36,966,745 32,861,518 405,320 54,697 3,645,210 27,649,398 |
CURRENT_NON-CURRENT DISTINCTION
CURRENT/NON-CURRENT DISTINCTION | 12 Months Ended |
Dec. 31, 2023 | |
CURRENT/NON-CURRENT DISTINCTION | |
CURRENT/NON-CURRENT DISTINCTION | 29. CURRENT/NON-CURRENT DISTINCTION Grupo Supervielle 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, 2023 and 2022, the amount expected to be recovered or settled after more than twelve months for each asset and liability line item is as follows: 12/31/2023 12/31/2022 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 229,098,272 — 229,098,272 150,719,643 — 150,719,643 Cash 114,005,581 — 114,005,581 59,547,824 — 59,547,824 Argentine Central Bank 103,634,933 — 103,634,933 84,654,328 — 84,654,328 Other local financial institutions 10,241,998 — 10,241,998 6,428,404 — 6,428,404 Others 1,215,760 — 1,215,760 89,087 — 89,087 Debt Securities at fair value through profit or loss 46,415,822 — 46,415,822 69,707,595 — 69,707,595 Derivatives 3,795,093 — 3,795,093 920,381 — 920,381 Reverse Repo transactions 755,708,132 — 755,708,132 67,206,248 — 67,206,248 Other financial assets 46,499,784 — 46,499,784 25,246,191 — 25,246,191 Loans and other financing 404,549,650 77,905,434 482,455,084 580,663,665 147,811,084 728,474,749 To the non-financial public sector 1,834,358 235,757 2,070,115 128,427 736,358 864,785 To the financial sector 3,265,728 740,818 4,006,546 1,868,427 138,698 2,007,125 To the Non-Financial Private Sector and Foreign residents 399,449,564 76,928,859 476,378,423 578,666,811 146,936,028 725,602,839 Other debt securities 133,761,633 117,418,908 251,180,541 763,440,474 76,535,093 839,975,567 Pledged as collateral 46,382,606 — 46,382,606 45,056,529 — 45,056,529 Current income tax assets — — — 3,039,566 — 3,039,566 Inventories — — — 208,923 — 208,923 Investments in equity instruments — 365,985 365,985 — 1,565,010 1,565,010 Property, plant and equipment — 51,151,635 51,151,635 — 57,217,390 57,217,390 Investment Property — 45,597,064 45,597,064 — 52,637,396 52,637,396 Intangible assets — 67,634,055 67,634,055 — 69,368,706 69,368,706 Deferred income tax assets 2,203,863 10,756,236 12,960,099 5,646,967 32,350,601 37,997,568 Other non-financial assets 2,090,893 16,672,936 18,763,829 8,486,553 8,161,175 16,647,728 TOTAL ASSETS 1,670,505,748 387,502,253 2,058,008,001 1,720,342,735 445,646,455 2,165,989,190 12/31/2023 12/31/2022 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 1,249,698,981 299,229,075 1,548,928,056 1,705,009,233 350 1,705,009,583 Non-financial public sector 100,747,830 — 100,747,830 86,705,591 — 86,705,591 Financial sector 476,539 — 476,539 315,861 — 315,861 Non-financial private sector and foreign residents 1,148,474,612 299,229,075 1,447,703,687 1,617,987,781 350 1,617,988,131 Liabilities at fair value through profit or loss 607,903 — 607,903 6,661,539 — 6,661,539 Repo Transactions 940,332 — 940,332 — — — Other financial liabilities 71,663,787 1,075,141 72,738,928 54,257,012 2,124,843 56,381,855 Financing received from the Argentine Central Bank and other financial institutions 1,252,379 1,439,590 2,691,969 12,458,785 4,761,049 17,219,834 Unsubordinated negotiable Obligations — — — 1,748,271 — 1,748,271 Current income tax liability 737,181 — 737,181 — — — Provisions 23,990 14,873,677 14,897,667 33,382 5,234,564 5,267,946 Deferred income tax liability 1,614,907 — 1,614,907 565,339 — 565,339 Other non-financial liabilities 73,200,297 — 73,200,297 85,591,165 — 85,591,165 TOTAL LIABILITIES 1,399,739,757 316,617,483 1,716,357,240 1,866,324,726 12,120,806 1,878,445,532 |
OFFSETTING OF FINANCIAL ASSET A
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | |
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES | 30. 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, Grupo Supervielle 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, Grupo Supervielle has master netting arrangement that do not satisfy 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, 2023 and 2022, 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 12/31/2023 amount (a) offset (b) (c) = (a) + (b) Financial asset / (Financial liability) Collateral Net amount Debts with businesses for consumption by our customers with credit card — — — (872,707) (24,334,219) (25,206,926) Derivatives instruments 183,690 2,685,919 2,869,609 — — — Total 183,690 2,685,919 2,869,609 (872,707) (24,334,219) (25,206,926) Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2022 amount (a) offset (b) (c) = (a) + (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (959,658) (26,592,007) (27,551,665) Derivatives instruments 270,814 363,673 634,487 — — — Total 270,814 363,673 634,487 (959,658) (26,592,007) (27,551,665) |
CAPITAL MANAGEMEN
CAPITAL MANAGEMEN | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL MANAGEMENT | |
CAPITAL MANAGEMEN | 31. CAPITAL MANAGEMENT The Group's objectives regarding capital management are established below: • Compliance with the requirements established by the BCRA in its communication “A” 6260 and amendments • Support the Group's operations to avoid any situation that puts the Group's operations at risk. The total capital under the rules of the Argentine Central Bank for Banco Supervielle as of December 31, 2023 and 2022 is composed as follows (book value): 12/31/2023 12/31/2022 (*) Capital Stock 442,672 444,411 Paid in capital 254,538,548 264,229,227 Inflation Adjustment of capital stock 27,960,909 28,325,583 Treasury shares 14,050 12,311 Inflation adjustment of treasury shares 2,944,946 2,580,272 Cost of Treasury shares (5,166,412) (4,307,608) Reserves 4,307,608 19,308,569 Retained earnings 51,354,318 (24,700,453) Other comprehensive income 6,389,921 3,220,774 Shareholders' Equity attributable to owners of the parent company 342,786,560 289,113,086 Shareholders' Equity attributable to non-controlling interests 274,693 229,326 TOTAL SHAREHOLDERS' EQUITY 343,061,253 289,342,412 (*) Historical values without adjustment for inflation. The Board of Directors, through its Risk Committee, is responsible for monitoring, supervising, adapting and ensuring compliance with the objectives established for capital management. According to the guidelines established by the BCRA, financial entities must maintain capital ratios to reduce the associated risks. It should be noted that as of December 31, 2023 and 2022, the Group complied with the minimum capital requirement determined in accordance with the provisions of the BCRA regulations. Computable Patrimonial Liability of Banco Supervielle S.A. is made up of the basic Net Assets and the complementary Net Assets. The balance of these concepts as of December 31, 2023 and 2022 is detailed below: 12/31/2023 12/31/2022 (*) Basic Shareholder´s Equity Tier One Ordinary Capital 264,420,324 77,619,877 (Deductible concepts) (55,583,242) (25,063,540) Additional Tier One Capital — — Complementary Shareholder´s Equity — 2,600,170 Tier Two Capital — 2,600,170 (Deductible concepts) — — Group Funds 13,771,273 3,051,628 Computable Patrimonial Responsability 222,608,355 58,208,135 (*) Historical values without adjustment for inflation The pro forma consolidated Tier 1 capital ratio of Grupo Supervielle amounts to 21% as of December 31, 2023. This includes the sum of $13,771,273 thousand that the Group maintains as excess liquidity that could be applied to the growth of its business and of its subsidiaries. It is worth mentioning that within the deductible concepts are the balances from deferred tax assets (DTA) in accordance with the provisions of point 8.4.1.1. of the T.O of the regulations on Minimum Capital of Financial Entities. This deduction is made for the gross amount of the DTA, without considering the possible offsets that may be made of deferred tax liabilities (DTL) and that are allowed by both IFRS and Basel III standards. The aforementioned regulations establish that deferred tax assets may be offset with deferred tax liabilities when DTA and DTL refer to taxes received by the same tax authority and the competent tax authority authorizes the offset, a situation that is verified in the determination of the tax on the profits of the entity. Below is a detail of the determined requirement: 12/31/2023 12/31/2022 (*) Credit risk 61,895,671 25,107,962 Operational risk 21,891,498 8,188,453 Market risk 2,658,844 1,693,962 Requirement 86,446,013 34,990,377 Integration 222,608,355 58,208,135 Excess 136,162,342 23,217,758 (*) Historical values without adjustment for inflation |
REPURCHASE OF TREASURY SHARES
REPURCHASE OF TREASURY SHARES | 12 Months Ended |
Dec. 31, 2023 | |
REPURCHASE OF TREASURY SHARES | |
REPURCHASE OF TREASURY SHARES | 32. Repurchase of treasury shares On July 20, 2022, the Company's Board of Directors approved a repurchase of treasury shares with a maximum amount to be invested of 2,000,000 or the lesser amount resulting from the acquisition until reaching 10% of the capital stock. The price to be paid for the shares will be up to a maximum of US$2.20 per ADR on the New York Stock Exchange and up to a maximum of $138 per Class B share on Bolsas y Mercados Argentinos S.A. The Company would could acquire shares for a term of 250 calendar days from the entry into force of the program, subject to any renewal or extension of the term that is approved by the Board of Directors. The approved share program did not imply an obligation on the behalf of Grupo Supervielle with respect to the acquisition of a certain number of shares. On September 13, 2022, the Board of Directors of Grupo Supervielle S.A. approved to modify point 5 of the terms and conditions of the own shares acquisition plan approved on July 20, 2022 as follows: “5. The price to be paid for the shares will be up to a maximum of US$2.70 per ADR on the New York Stock Exchange and up to a maximum of $155 per Class B share on Bolsas y Mercados Argentinos S.A." The remaining terms and conditions remained in force as they were approved. Subsequently, on December 27, 2022, he Board of Directors approved to modify point 5 of the terms and conditions of the own shares acquisition program approved on July 20, 2022 as follows: “5. The price to be paid for the shares will be up to a maximum of US$2.70 per ADR on the New York Stock Exchange and up to a maximum of $200 per Class B share on Bolsas y Mercados Argentinos S.A.” The remaining terms and conditions remained in force as approved. In the statement of Changes in Shareholders´ Equity, the nominal value of the repurchased shares is disclosed as " Treasury shares " and its restatement as "Inflation adjustment of treasury shares ". The consideration paid, including directly attributable incremental cost, is deducted from equity until the shares are canceled or reissued, and is disclosed as “Cost Treasury shares”. As of December 31, 2023, Grupo Supervielle's share repurchase program has expired, meaning additional shares cannot be acquired. Grupo Supervielle has acquired a total of 11,093,572 Class B Shares in ByMA and 591,384 ADRs (equivalent to 2,956,920 shares) in NYSE reaching an execution of 86.3% of the program and 3.076% of the capital stock. |
MERGE OF IUDU COMPANIA FINANCIE
MERGE OF IUDU COMPANIA FINANCIERA S.A. AND TARJETA AUTOMATICA S.A WITH BANCO SUPERVIELLE S.A. | 12 Months Ended |
Dec. 31, 2023 | |
MERGE OF IUDU COMPANIA FINANCIERA S.A. AND TARJETA AUTOMATICA S.A WITH BANCO SUPERVIELLE S.A. | |
MERGE OF IUDU COMPANIA FINANCIERA S.A. AND TARJETA AUTOMATICA S.A WITH BANCO SUPERVIELLE S.A. | 33. merge OF IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A. with Banco Supervielle S.A . On December 14, 2022, the board of directors of Banco Supervielle S.A. accepted a merge commitment by absorption, as absorbing company, with IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A., as absorbed companies. The absorption of these two companies will make it possible to offer services to the consumer financing segment in a much more efficient manner, simplifying the corporate structure and completing the integration that began in September 2022 with the migration of clients and the IUDU financing portfolio to the Bank. Customers who have IUDU accounts will be able to maintain a 100% digital experience while having the rest of the Bank's service channels available. On March 6, 2023, the Board of Directors of Banco Supervielle S.A. agreed to carry out a corporate reorganization, through a merger by absorption by which Banco Supervielle would absorb IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A., which would be dissolved without liquidation. The Merger date was set effective January 1, 2023, inclusive, date from which Banco Supervielle S.A. In its capacity as absorbing and continuing company, assumed the activities of IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A., assuming the rights and obligations corresponding to those companies. The shareholders of the companies Banco Supervielle S.A. (“Absorbing Company”), IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A. (“Absorbed Companies”) approved in an ordinary and extraordinary meeting held on May 18, 2023, the merger by absorption of the Absorbing Company with the Absorbed Companies under the terms of article 82 and related provisions of the General Companies Law and its amendments and of article 77 et seq. of the Income Tax Law (text ordered in 1997 and its modifications). Once the current legal requirements have been met, the registration of said merger will proceed. On June 8, 2023, the final merger commitment was signed. The forementioned decision was approved by the Central Bank of the Argentine Republic on December 1, 2023 under Resolution No. 478 and by the National Securities Commission on December 13, 2023 under Resolution N°RESFC-2023-22557-APN-DIR#CNV. Grupo Supervielle S.A. received 4,783,920 class B shares of Banco Supervielle S.A. in accordance with the previous merger commitments, with 4,422,016 shares corresponding to an exchange ratio of 0.09497225 for IUDÚ Compañía Financiera S.A. and 361,904 shares corresponding to an exchange ratio of 0.03375751 for Tarjeta Automática S.A. As a result of the merger, the participation of Grupo Supervielle S.A. at Banco Supervielle S.A. amounted to 97.1198%. However, for the purposes of the consolidated financial statements, said operation had no effect on the total holding. |
MINIMUM CAPITAL REQUIREMENTS
MINIMUM CAPITAL REQUIREMENTS | 12 Months Ended |
Dec. 31, 2023 | |
MINIMUM CAPITAL REQUIREMENTS | |
MINIMUM CAPITAL REQUIREMENTS | 34 . 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: As stated above under "Presentation of Financial and Other Information", we have prepared our audited consolidated financial statements for 2023, 2022 and 2021 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) 2023 2022 2021 (in thousands of Pesos except percentages and ratios) Calculation of excess capital: Allocated to assets at risk 51,149,308 20,729,624 12,957,481 Allocated to Bank premises and equipment, intangible assets and equity investment assets 10,474,161 3,747,910 2,035,689 Market risk 2,658,844 1,693,962 965,159 Public sector and securities in investment account, 272,202 625,570 34,489 Operational risk 21,891,498 8,188,453 4,805,957 Required minimum capital under Central Bank rules 86,446,013 34,985,519 20,798,775 Basic net worth 264,420,324 77,619,877 42,938,440 Complementary net worth — 2,600,170 1,564,272 Deductions (55,583,242) (25,063,540) (11,770,286) Total capital under Central Bank rules 208,837,082 55,156,507 32,732,426 Excess capital 122,391,069 20,170,988 11,933,651 Credit Risk Weighted Assets (1) 756,569,592 303,351,644 181,430,487 Risk Weighted Assets (1) 1,058,040,330 428,238,464 254,513,436 Selected capital and liquidity ratios: Regulatory capital/credit risk weighted assets 27.6 % 18.2 % 18.4 % Regulatory capital/risk weighted assets 19.7 % 12.9 % 12.9 % Average shareholders’ equity as a percentage of average total assets 14.5 % 12.2 % 12.5 % Total liabilities as a multiple of total shareholders’ equity 6.3x 8.3x 7.5x Cash as a percentage of total deposits 14.4 % 8.7 % 11.1 % Liquid assets as a percentage of total deposits (3) 64.1 % 46.0 % 49.2 % Tier 1 Capital / risk weighted assets 19.7 % 12.3 % 12.2 % (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, (3) Liquid assets include cash, securities issued by the Central Bank, and Repo transactions with the Central Bank. This ratio does not consider other government securities held by the Company to set Minimum Reserve Requirements. |
ECONOMIC CONTEXT ON GROUP'S OPE
ECONOMIC CONTEXT ON GROUP'S OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
ECONOMIC CONTEXT ON GROUPS OPERATIONS | |
ECONOMIC CONTEXT ON GROUPS OPERATIONS | 35. ECONOMIC CONTEXT ON GROUP´S OPERATIONS Grupo Supervielle operates in an economic context marked by strong volatility, both nationally and internationally.Between January 1 and December 31, 2023, accumulated inflation reached 211.4% (CPI) and the peso depreciated against the US dollar, going from $180 /US$ at the beginning of the year to $808 / US$ at the end of the year. The monetary authority imposed exchange restrictions in order to contain the demand for dollars. This implied, among other things, the requirement to request prior authorization from the BCRA to make payments abroad for operations such as the payment of dividends to non-residents, the payment of financial loans and the payment of imports of certain goods and services, among others. On December 10, 2023, a new government took office in Argentina, which has set among its objectives the establishment of a new economic regime in the country, for which it proposes to carry out a broad reform of laws and regulations. The new government's plan proposes to move forward with a profound deregulation of the economy and with structural reforms that ease restrictions to invest and operate in the country, including the gradual relaxation of the exchange restrictions mentioned previously, with the aim of eliminating them once the macroeconomic conditions improve. The Ministry of Economy presented, on December 12, the economic program of the new administration, whose priority is to eliminate the fiscal deficit and its financing through the expansion of remunerated liabilities and the monetary issue of Pesos from the BCRA. Another of the central elements of the new program is the elimination of distortions, restrictions and bureaucratic obstacles and the correction of relative prices (especially the exchange rate), as a prerequisite to stabilize the economy. In the month of December the BCRA moved in this direction. In this sense, LELIQ were no longer tendered, and repos became the main monetary policy instrument whose interest rate was established at 100% n.a. Regarding liquidity injection operations, the BCRA announced that it will no longer finance the Treasury, although it will continue to offer put options and repos on public debt instruments to the extent required by the stability of financial conditions. Additionally, on December 13, the BCRA decided to reduce the 1-day repo rate from 126% to 100% n.a. (171.5% e.a.). Thus, the interest rate on 1-day repos for private funds was 85% n.a. (133.7% n.a.), while the 1-day repo interest rate remained at 160% n.a. (393.6% e.a.). The reduction in the interest rate paid on remunerated liabilities will contain the endogenous growth of these instruments and generate incentives for banks to once again act as financial intermediaries. The new government published a Decree of Necessity and Urgency (DNU) where some 300 laws are annulled and/or modified, introducing reforms in the labor market, the customs code and the status of public companies, among others. Although the DNU must be discussed and ratified by at least one of the chambers of the National Congress, its provisions have been partially in force since December 29, 2023. On the external front, the nominal exchange rate continues to devaluate at run at a rate of 2% per month since December 13, the date on which it was devalued from $350/USD to $800/USD. With data as of February 27, the exchange rate is located at $841.15/USD in the Free Exchange Market (MLC). Likewise, the new import regime, which allows import payments to be deferred, generated relief in the MLC for US$ 7,066 million. This number comes from the difference between accrued and liquidated imports. The BCRA has already issued US$ 5,000 million of Bonds for the Reconstruction of a Free Argentina (BOPREAL) of Series 1 and US$ 2,000 million of Series 2. In the coming days, bidding for Series 3 will begin with the objective of placing US$ 3,000 million. In this framework, between December 13 and February 27, the BCRA's net foreign exchange purchase and sale. with the private sector left a positive balance of USD8,563 million. The International Reserves of the BCRA ended on February 22 with a balance of USD27,347 million, registering an increase of USD4,274 million since the beginning of the year and US$6,138 million since the change of government. This dynamic was influenced by the higher Multilateral Real Exchange Rate, a product of the December devaluation and the new import regime that made it possible to avoid paying accrued imports. The financial sector has a significant exposure to the Argentine public sector, through rights, public securities, loans and other assets. Grupo Supervielle´s Exposure to Public Sector Central Bank of Argentina (including repo transactions) 831,757,936 Treasury Bills 199,343,557 Government Securities 60,856 Exposure to Government Securities and Treasury Bonds 1,031,162,349 Loans to Public Sector 2,070,115 Total exposure to Public Sector 1,033,232,464 Over Total Assets 50.21% Over Shareholder´s equity 302.67% The context of volatility and uncertainty continues as of the date of issuance of these Consolidated Financial Statements. The reforms proposed by the new government began their legislative discussion process. It is not possible to predict at this time its evolution or new measures that could be announced. For all of the above, Grupo Supervielle's Management permanently monitors the evolution of the situations mentioned in the international markets and at the local level, to identify possible impacts on its patrimonial and financial situation, and determine the possible actions to be adopted. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | 36. SUBSEQUENT EVENTS On April 19, 2024, the Board of Directors of Grupo Supervielle approved a program for the repurchase of the Group’s shares pursuant to Article 64 of Law 26,831 and CNV regulations. The Group decided to establish the Program as a result of the current national macroeconomic context and considering that Grupo Supervielle’s shares does not reflect the real value of the society’s assets nor their potential value. The terms and conditions for the acquisition of its own shares under the Program are the following: (i) maximum amount of the investment: up to Ps.4,000,000,000; (ii) maximum number of shares to be acquired: up to 10% of the capital stock of Grupo Supervielle, as established by the applicable Argentine laws and regulations; (iii) payable price: up to Ps.1,600.00 per Class B share and U.S.$8.00 per ADS on the New York Stock Exchange, and (iv) term for the acquisition: 120 days as from the next day of the date of publication of the information in the Bolsa de Buenos Aires Daily Bulletin, subject to any renewal or extension of the term, which will be informed to the public by the same means. As of the date of these financial statements, Grupo Supervielle has acquired under the second program a total of 550,000 Class B Shares in ByMA, reaching an execution of 17.4% of the program and 0.12% of the capital stock. Grupo Supervielle has acquired a total of 14,600,492 Class B Shares representing 3.20% of the capital stock. |
ACCOUNTING STANDARDS AND BASI_2
ACCOUNTING STANDARDS AND BASIS OF PREPARATION (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Basis of preparation | These Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the International Accounting Standards Board (“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 Grupo Supervielle’s accounting policies and the major estimations and significant judgments are described in Note 2. These consolidated financial statements as of December 31, 2023, were approved by resolution of the Board of Directors' meeting held on April 26, 2024. |
Going concern | The consolidated financial statements as of December 31, 2023, 2022 and 2021 have been prepared on a going concern basis as there is a reasonable expectation that Grupo Supervielle 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 of the Group. 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, 2023 reached 815.6. Consequently, the Company has restated its consolidated financial statements in the terms of IAS 29 for the year ended December 31, 2023. Grupo Supervielle used the National Consumer Price Index (National CPI) to restate balances and transactions. The tables below show the evolution of these indexes in the last three years and as of December 31, 2023 according to official statistics (INDEC): As of December 31, Variation in Prices 2021 2022 2023 Annual 50.9 % 94.8 % 211.4 % Accumulated 3 years 216.1 % 300.3 % 815.6 % As a consequence of the aforementioned, these Consolidated Financial Statements as of December 31, 2023 were restated in accordance with the provisions of IAS 29. Restatement of the Financial Position Grupo Supervielle 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, 2023. 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 Grupo Supervielle'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, 2023. Comparative figures must also be presented in the measuring unit current as of December 31, 2023. 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 measuring unit current at the end 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, Grupo Supervielle applied the variations in the consumer price index. The effect of inflation on the net 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 paragraph 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. 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 Group has applied the following amendments for the first time for their annual reporting period commencing 1 January 2023, none of which had a material impact on the entity, except for the application of IFRS 17, “Insurance Contracts” : (a) Amendments to IAS 1 Presentation of Financial Statements, IFRS Practice Paper 2 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (b) Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction (c) IFRS 17 “Insurance contracts” On January 1, 2023, the Group adopted IFRS 17 ‘Insurance Contracts’. As required by the Standard, the Group applied the requirements retrospectively as from the transition date (January 1, 2022) with comparative data for periods before the transition date presented as previously published under IFRS 4 ‘Insurance Contracts’. IAS 1 ‘Presentation of Financial Statements’ requires that a third statement of financial position as of the transition date of January 1, 2022 to be disclosed, since the impact of the application is not material the Group decided not to present such statement. The Group has determined that reasonable and supportable information was available for all contracts in force at the transition date. Accordingly, the Group has: identified, recognised and measured each group of insurance contracts and each insurance acquisition cash flows asset in this category as if IFRS 17 had always applied; derecognised any existing balances that would not exist if IFRS 17 had always applied; and recognised any resulting net difference in equity. At the transition date, the implementation of this Standard had the following impact. The method used by the Group in the transition was the full retrospective approach, establishing the transition date as January 1, 2022. January 1, 2022 Insurance contracts under IFRS 4 Re-measured Insurance contracts under IFRS 17 Assets 5,229,639 (4,843,303) 386,336 Liabilities (4,958,210) 4,808,718 (149,492) Total 271,429 (34,585) 236,844 See Notes 1.26 and 18 for more detail on the impacts of the application of this new Standard.Certain new accounting standards, amendments to accounting standards and interpretations have been published that are not mandatory for December 31, 2023 reporting periods and have not been early adopted by the Group: (a) Amendments to IAS 16 – Leases These amendments include requirements for sale and leaseback transactions in IFRS 16 to explain how an entity accounts for a sale and leaseback after the transaction date. Sale and leaseback transactions where some or all of the lease payments are variable lease payments that do not depend on an index or rate are most likely to be impacted. The amendments will be effective for the annual periods beginning on or after January 1, 2024. The impact from the application of this standard will not be material. (b) Amendments to IAS 1 – Non-current assets with covenants These amendments clarify how conditions with which an entity must comply within twelve months after the reporting period affect the classification of a Financial liability. The amendments will be effective for the annual periods beginning on or after January 1, 2024. The impact from the application of this standard will not be material. (c) Amendments to IAS 21 - Lack of Interchangeability The amendments establish a two-step approach to assessing whether a currency can be exchanged for another currency and, where this is not possible, determining the exchange rate to be used and the information to be disclosed. The modifications will be efective for the years beginning on January 1, 2025 and, although international standards allow their early application, RG N°972/23 of the C.N.V. does not allow it. The Group is currently evaluating the impact that this modification may have on its Consolidated Financial Statements. |
Consolidation | A subsidiary is an entity (or subsidiary), including structured entities, in which Grupo Supervielle has control. The Group controls an entity where 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. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether Grupo Supervielle has power over the other entity. For a right to be substantive, the holder must have the practical ability to exercise such right whenever it is necessary to make decisions to direct the activities of the entity. Grupo Supervielle can have control over an entity, even when it has less voting powers than those required for the majority. Accordingly, the protective 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 Grupo Supervielle from having power over a subsidiary. The subsidiaries are consolidated from the date on which control is transferred to Grupo Supervielle. 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 12/31/2023 12/31/2022 12/31/2021 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company — % (2) 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card — % (2) 99.91 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.U.F.e.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 % Portal Integral de Inversiones S.A.U. Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % 100.00 % 100.00 % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 100.00 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Dólar IOL S.A.U. Financial Company 100.00 % 100.00 % 100.00 % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.87% , as of 12/31/2023, 12/31/2022 and 12/31/2021 respectively. (2) On June 8, 2023, a definitive merger commitment between Banco Supervielle S.A. IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A.was signed. Refer to note 33 of the consolidated financial statements for more detail on the agreement. For consolidation purposes, financial statements corresponding to the year ended December 31, 2023 were used, which cover the same period of time with respect to Grupo Supervielle's financial statements. Inter-company transactions, balances and unrealised gains on transactions between Grupo Supervielle companies are eliminated. Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in shareholder´s equity and statement of financial position respectively. 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. The excess of the: (i)consideration transferred, (ii) non-controlling interest in the acquired entity, and (iii) acquisition-date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. The consideration transferred for the acquisition of a subsidiary comprises the: (i) fair values of the assets transferred, (ii) liabilities incurred to the former owners of the acquired business, (iii) equity interests issued by the group, (iv) fair value of any asset or liability resulting from a contingent consideration arrangement, and (v) fair value of any pre-existing equity interest in the subsidiary. |
Transactions with non-controlling interest | Grupo Supervielle treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of Grupo Supervielle. 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 Grupo Supervielle. |
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 senior management who allocate resources to and assess the performance of the operating segment; and (ii) The Board, who is in charge of making strategic decisions of Grupo Supervielle. |
Foreign currency translation | (a) Functional and presentation currency Figures included in the Consolidated Financial Statements of each of Grupo Supervielle’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 Grupo Supervielle. Translation of foreign operations The results and financial position of the subsidiaries with a functional currency other than the Argentine peso are translated into Grupo Supervielle'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 the measuring unit current at the end of the reporting period (see Note 1.1.2). All the differences resulting from the translation were recognized in the "Foreign currency translation adjustment" line of the Consolidated Statement of Other Comprehensive income. In the case of sale or disposal of any of the subsidiaries, the accumulated translation differences must be recognized in the Consolidated Income Statement 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". As of December 31, 2023 and 2022, 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 exchange 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 12/31/2023 12/31/2022 12/31/2021 Cash and due from banks 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss 20,598,059 17,471,554 63,109,218 Money Market Funds 3,020,560 1,217,168 10,619,154 Cash and cash equivalents 252,716,891 169,408,365 271,323,252 Reconciliation between balances as appearing on the Statement of Financial Position and the items in the Statement of Cash Flow: Items 12/31/2023 12/31/2022 12/31/2021 Cash and due from Banks As per Statement of Financial Position 229,098,272 150,719,643 197,594,880 As per the Statement of Cash Flow 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss As per Statement of Financial Position 46,415,822 69,707,595 119,850,286 Securities not considered a cash equivalents (25,817,763) (52,236,041) (56,741,068) As per the Statement of Cash Flow 20,598,059 17,471,554 63,109,218 Money Market Funds As per Statement of Financial Position – Other financial assets 46,499,784 25,246,191 84,456,802 Other financial assets not considered a cash equivalents (43,479,224) (24,029,023) (73,837,648) As per the Statement of Cash Flow 3,020,560 1,217,168 10,619,154 Reconciliation of liabilities from financing activities at December 31, 2023, 2022 and 2021 is as follows: Cash Flows Other non-cash Items 12/31/2022 Inflows Outflows movements 12/31/2023 Unsubordinated debt securities 1,748,271 34,552 (1,782,823) — — Financing received from the Argentine Central Bank and other financial institutions 17,219,834 137,801,435 (152,329,300) — 2,691,969 Lease Liabilities 4,884,311 — (5,004,160) 2,977,354 2,857,505 Total 23,852,416 137,835,987 (159,116,283) 2,977,354 5,549,474 Cash Flows Other non-cash Items 12/31/2021 Inflows Outflows movements 12/31/2022 Unsubordinated debt securities 6,425,358 — (4,677,087) — 1,748,271 Financing received from the Argentine Central Bank and other financial institutions 37,928,009 522,953,299 (543,661,474) — 17,219,834 Lease Liabilities 8,239,249 — (7,927,034) 4,572,096 4,884,311 Total 52,592,616 522,953,299 (556,265,595) 4,572,096 23,852,416 Cash Flows Other non-cash Items 12/31/2020 Inflows Outflows movements 12/31/2021 Unsubordinated debt securities 38,700,661 13,661,245 (45,936,548) — 6,425,358 Subordinated debt securities 10,442,289 — (10,442,289) — — Financing received from the Argentine Central Bank and other financial institutions 53,584,358 196,241,415 (211,897,764) — 37,928,009 Lease Liabilities 10,819,781 — (14,721,681) 12,141,149 8,239,249 Total 113,547,089 209,902,660 (282,998,282) 12,141,149 52,592,616 |
Associates | Associates are entities over which Grupo Supervielle 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 associates reduce the book value of the investment. Other changes subsequent to the acquisition in Grupo Supervielle's participation in the net assets of an associate are recognized as follows: (i) Grupo Supervielle'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) Grupo Supervielle's share in other comprehensive income is recognized in the statement of other comprehensive income and is presented separately. However, when Grupo Supervielle's share of losses in an associate equals or exceeds its interest in the associate, Grupo Supervielle 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 Grupo Supervielle and its associates are eliminated to the extent of Grupo Supervielle'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 Grupo Supervielle commits to purchase or sell the asset. At initial recognition, Grupo Supervielle measures financial assets or liabilities at fair value, plus or less, for instruments not recognized at fair value through profit or loss, transaction costs that are directly attributable to the acquisition, such as fees and commissions. When the fair value of financial assets and liabilities differs from the transaction price on initial recognition, Grupo Supervielle 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) Grupo Supervielle’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 Grupo Supervielle manages a set of financial assets to achieve a specific business objective. It represents the way in which Grupo Supervielle maintains the instruments for the generation of funds. The business models that Grupo Supervielle can follow are the following: - - - Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle’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 Grupo Supervielle’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, Grupo Supervielle 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, Grupo Supervielle 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. The effective interest rate is the rate that exactly discounts estimated future cash recepits through the expected life of the financial asset to the gross carrying amount of a financial asset (i.e. its amortised cost before any impairment allowance).When applying this method, Grupo Supervielle identifies the incremental direct costs as an integral part of the effective interest rate. 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 fair value through other comprehensive income. Gains and losses arising from changes in fair value are included in other comprehensive income within a separate component of equity. Losses or reversals due to impairment, interest income and exchange rate gains and losses are recognized in profit or loss. At the time of its sale or disposal, the accumulated gain or loss previously recognized in other comprehensive income is reclassified from equity to the Consolidated Income Statement. 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 Consolidated Income Statement. Grupo Supervielle 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 Note 2 “critical accounting policies and estimates”. In addition, financial assets may be valued (“designated”) at fair value through profit or loss when, by doing so, Grupo Supervielle 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 cash or any other financial asset 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 Grupo Supervielle’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 Grupo Supervielle’s right to receive payments is established. Derecognition of Financial Assets Grupo Supervielle 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. Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle: 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 Grupo Supervielle 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 Grupo Supervielle 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. ● Commitments to grant loans at rates below market rate Financial Liabilities measured at fair value through profit or loss ● Grupo Supervielle 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 Grupo Supervielle 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 Consolidated Income Statement. Grupo Supervielle does not apply hedge accounting. |
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 "Reverse 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 "Reverse repo transactions" with its corresponding offsetting entry in "Interest Income". The assets received and sold by Grupo Supervielle 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 | Grupo Supervielle 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. Grupo Supervielle 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 Grupo Supervielle´s key judgements and assumptions for ECL measurement: 1.11.2 Significant increase in credit risk Grupo Supervielle 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). (1) High Income Customers: Plan Sueldo segment (payrroll customers) >=400, Open Market Segment >=650 and Senior Citizens Segment>=600. Other customers: Plan Sueldo Segment (payrroll customers) >=500, Open Market Segment >=700 and Senior Citizens Segment >=600 Corporate Banking ● Portfolios between 31 and 90 days past due. ● Maximum Argentine Central Bank (BCRA) Situation equal to 2 . ● Have a behavioural score with probability of default “PD” greater than 30% . ● Its credit rating deteriorated by more than two notes with respect to its credit approval rating. Sectoral Analysis Considering that the internal impairment models are estimated using historical information, the risk of default of the corporate portfolio includes an additional sectoral analysis which is performed by grouping financial assets of the corporate portfolio by industry and analysing the risk associated to each industry in the current economic enviroment. Finally, the different industries that are part of the Grupo Supervielle's portfolio are classified into four types of risk. They are: ● Low risk ● Medium risk ● High risk ● Very high risk The risk rating matrix by industry is presented below, as of December 31, 2023 no high or very high risk industries have been identified: RISK RATING BY INDUSTRY Agriculture Low Utilities (Power generation) Medium Food and Drinks Low Utilities (Trans. And dist. of energy) Medium Financial Low Chemicals and plastics Medium Supermarkets Low Auto Parts/Dealers Medium Utilities (water and waste) Low Cargo transportation Medium Oil and mining Low Construction Medium Pharmaceutical Low Art.Home Medium IT/Communications Low Insurance Medium Cleaning Low Paper, cardboard, wood, glass Medium Oil Industry Low Dairy industry Medium Wine industry Low Private construction Medium Citrus Industry Low Iron and steel industry Medium Automotive terminals Low Machinery and equipment Medium RISK RATING BY INDUSTRY SGR Low Professionals Medium Others Low Home Appliances (Product.) Medium Sugar Industry Medium Appliances (Commercial) Medium Public Construction High Health High Textile Medium Tourism and gastronomy Medium Real Etate Medium Passenger Transport Medium Sports Medium Refrigerators Medium Entertaiment Medium In case of activities with high or very high risk, the financial assets are included in Stage 2. 1.11.3 Individual and collective evaluation basis Expected credit losses are estimated both in a collective and individual basis. Grupo Supervielle´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, Grupo Supervielle 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. Grupo Supervielle has identified three groupings: Personal and Business, Corporate Banking and Consumer Finance, amongst these three segments Grupo Supervielle 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 Automobile and other secured loans Refinancing Other financings Loss Given Default (LGD) Personal loans (1) Credit card loans (1) Automobile and other secured loans Overdrafts Mortgage loans Group Parameter Grouping Refinancing Other financings Group Parameter Grouping Corporate Banking Probability of Default (PD) (2) Medium companies Small companies Financial sector Severidad (LGD) Secured loans Unsecured loans (1) For credit cards and personal loans, Grupo Supervielle 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 Grupo Supervielle 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 Argentine Central Bank situation greater than or equal to 3. ● C or D behavioural score. 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 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 Grupo Supervielle 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 credit facility, Grupo Supervielle 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 Grupo Supervielle´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 incurred if a default occurs in the next 12 months and lifetime LGD is the percentage of loss expected to be made if adefault occurs over the remaining expected life 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 add up. 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. Grupo Supervielle 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. Grupo Supervielle 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 Grupo Supervielle 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, Grupo Supervielle's Research team also provides two possible scenarios together with scenario weightings. 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 environment that justifies a more frequent review. As of December 31, 2023, as for its portfolios, Grupo Supervielle concluded that three scenarios have properly captured non-linearities. Scenario analysis are defined by means of a combination of statistic and expert judgement analysis, taking into account the range of potential results of which each scenario is representative. 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. Grupo Supervielle 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 Grupo Supervielle 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, 2023 are as follows: Parameter Industry / Segment Macroeconomic Indicator Scenario 1 Scenario 2 Scenario 3 Personal and Business Inflation Rate 205.6 % 173.9 % 301.7 % Probability of Default Private Sector Real Wage (0.2) % 2.9 % (5.0) % Corporate Private Sector Real Wage (0.2) % 2.9 % (5.0) % Monthly Economic Activity Estimator 145 150 141 Personal and Business Private Sector Real Wage (0.2) % 2.9 % (5.0) % Loss Given Default Monetary Policy Rate 105.0 % 94.5 % 154.1 % Corporate Private Sector Real Loans 245.2 % 109.4 % 193.7 % Exchange rate 2,011 1,857 3,374 The following are weightings assigned to each scenario as of December 31, 2023: Scenario 1 60 % Scenario 2 20 % Scenario 3 20 % Sensitivity analysis The chart below includes changes in ECL as of December 31, 2023 that would result from reasonably potential changes in the following parameters: December 31, 2023 Reported ECL Allowance 17,448,828 Gross carrying amount 499,903,912 Reported Loss rate 3.49 % Irregular Portfolio Coverage 236.48 % ECL amount by scenarios Favorable scenario (Allowances for loan losses) 15,715,368 Unfavorable scenario (Allowances for loan losses) 19,595,418 Loss Rate by scenarios Favorable scenario 3.14 % Unfavorable scenario 3.92 % Coverage Ratio by Scenario Favorable scenario 212.98 % Unfavorable scenario 265.57 % |
Leases | Group as lessor 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, Grupo Supervielle 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, Grupo Supervielle 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 Grupo Supervielle uses the 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 Grupo Supervielle acts as lessee in Note 7 to these Consolidated Financial Statements. |
Property, plant and equipment | Land and buildings are recognised at fair value based on periodic, valuations by external independent valuers, less subsequent depreciation for buildings. A revaluation surplus is credited to shareholders’ equity. Management updates the valuation of the fair value of land and buildings (classified as property, plant and equipment), taking into account independent valuations. The sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant assumption being the price per square meter (Level 3). 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. Increases in the carrying amounts arising on revaluation of land and buildings are recognised, in other comprehensive income and accumulated in reserves in shareholders’ equity. To the extent that the increase reverses a decrease previously recognised in profit or loss, the increase is first recognised in profit or loss. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to profit or loss. Each year, the difference between depreciation based on the revalued carrying amount of the asset charged to profit or loss and depreciation based on the asset’s original cost, is reclassified from the property, plant and equipment revaluation surplus to retained earnings. All other property, plant and equipment is stated at historical cost (adjusted for inflation as explained in Note 1.1.2) less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. 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 Grupo Supervielle, 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. b) Depreciation methods used 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 Land Not depreciated Construction in progress Not depreciated 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. 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 Grupo Supervielle. 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 Grupo Supervielle's management considering a report of an independent valuation expert. The sale prices of comparable properties are adjusted considering the specific aspects of each property, the most relevant assumption being the price per square meter (Level 3). 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, 2023 and 2022 were as follows: 12/31/2023 12/31/2022 Income derived from rents (rents charged) 89,087 228,579 Direct operating expenses of properties that generated income derived from rents (15,681) (17,655) Fair value remeasurement (7,012,278) (2,503,275) Total (6,938,872) (2,292,351) The net result generated by the investment property as of December 31, 2023 and 2022 amounts to a loss of $6,938,872 and an loss of $2,292,351 respectively, and is recognized under "Other operating income", "Administrative expenses" and "Other operating expenses". in the Consolidated Income Statement. Gain and losses on disposals are determined by comparing proceeds with the carrying amount. |
Inventories | As of December 31, 2022, inventories were 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. Grupo Supervielle evaluates the net realizable value of inventories at the end of each year, charging the corresponding value correction to results to the extent that the book value exceeds the net realizable value. The Group reverses previously recognised impairment losses when the circumstances that previously caused the value adjustment cease to exist, or when there is clear evidence of an increase in net value. The Group establishes a provision for obsolete or slow-moving products relative to the inventory at the end of each year. This forecast is established based on an analysis of product obsolescence carried out by management. |
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 statement of financial position. 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 Grupo Supervielle 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 Grupo Supervielle. 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. Impairment losses are recognized when the book value exceeds its recoverable value. The recoverable value of the assets corresponds to the greater of the recoverable value of the asset or its value in use. For the purposes of the impairment test, assets are grouped at the lowest level at which they generate identifiable cash flows (cash generating units). The impairments of these non-financial assets - other than goodwill - are reviewed at each reporting date to verify possible reversals. (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 Grupo Supervielle 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. |
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 Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle. Non-derivative financial liabilities are measured at amortized cost. In the event that Grupo Supervielle 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) Grupo Supervielle has assumed certain responsibilities as a consequence of past practices or public policies and (b) as a result, Grupo Supervielle has created an expectation that it will discharge those responsibilities. Grupo Supervielle 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 Grupo Supervielle, 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 Grupo Supervielle. In estimating the provision amounts, Grupo Supervielle 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 Grupo Supervielle; 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. Grupo Supervielle 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, Grupo Supervielle’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 16. |
Other non-financial liabilities | Non-financial liabilities are accrued when the counterparty has fulfilled its contractual obligations and are measured at amortized cost. |
Employee benefits | Grupo Supervielle, make provisions related to early retirement plans. The liability related to these plans and benefits is not expected to be settled in the next 12 months. Therefore, they are measured at the present value of the future cash flows that are expected to be realized with respect to the services provided by the employees until the end of the year using the credit unit method. The level of salaries, experience and separations as well as the years of service are taken into account. Expected future payments are discounted using the market rate at the end of the year corresponding to sovereign bonds with terms and currency that coincide with the expected flows. Remeasurements as a result of experience and changes in actuarial premises are recognized in results. Provisions for short-term benefits are measured at the present value of the disbursements that are expected to be required to settle the obligation using a pre-tax interest rate that reflects current market conditions on the value of money and the specific risks for said obligation. The increase in the provision for the passage of time is recognized in the net financial results caption of the consolidated income statement. Termination benefits are payable when employment is terminated by Grupo Supervielle before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. Grupo Supervielle recognises termination benefits at the earlier of the following dates: (a) when Grupo Supervielle 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 makes 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 Grupo Supervielle are measured at amortized cost. Where Grupo Supervielle buys back its own debt, 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. The detail of the programs is described in Note 23. |
Assets and liabilities derived from insurance contracts | Grupo Supervielle applies IFRS 17 “Insurance Contracts” in order to recognize and measure the assets and liabilities derived from insurance contracts. Main accounting policies applied – Insurance Contracts Insurance contracts Insurance contracts are contracts under which the Group accepts a significant insurance risk from a policyholder by agreeing to compensate the policyholder if a specific uncertain future event adversely affects the policyholder. In making this assessment, all material rights and obligations, including those arising from laws or regulations, are considered contract by contract. The Group uses its judgment to assess whether a contract transfers insurance risk (i.e. whether there is a scenario with commercial substance in which the Group has the possibility of a loss on a present value basis) and whether the insurance risk accepted is significant. Separation of components Contracts that have a legal form of insurance but do not transfer significant insurance risk and expose the Group to financial risks are classified as investment contracts and follow accounting for financial instruments in accordance with IFRS 9. The Group has assessed whether in its contracts accept a significant insurance risk from another party, agreeing to compensate the policyholder if an uncertain future event occurs that adversely affects the policyholder. From this evaluation it has been concluded that all insurance contracts that were under the scope of IFRS 4 meet the definition of an insurance contract and therefore, the introduction of IFRS 17 does not imply any reclassification. Aggregation level The Group aggregates insurance contracts taking into consideration whether they are subject to similar risks and are managed jointly, whether they are onerous or non-onerous contracts, and their year of issue, grouping by this last criteria contracts issued in the natural year, that is, between January 1 and December 31 of each year. Measurement Model IFRS 17 includes three measurement models, which reflect a different degree of participation of policyholders in the investment performance or the overall performance of the insurance entity: the general measurement model (GMM, also known as the block approach construction), the variable rate approach (VFA) and the premium allocation approach (PAA). In measuring insurance contracts, the Group has decided to apply the Simplified Model (Premium Allocation Approach) because for the remaining coverage liability of contracts have a coverage period of one year or less, or in those contracts with a duration greater than year, it is not expected that a material valuation different from that of the General Model will occur. Under the simplified approach, the Group assumes that such contracts are not onerous on initial recognition, unless facts and circumstances indicate otherwise. If the facts and circumstances indicates that some contracts are onerous, an additional evaluation is performed to distinguish onerous from non-onerous contracts. For non-onerous contracts, the Group assesses the likelihood of changes in applicable facts and circumstances in subsequent periods to determine whether the contracts have a significant possibility of becoming onerous. Remaining coverage liability – Simplified model Under the simplified model, the remaining coverage liability is formed by the premiums received (collected), less the insurance acquisition cash flows paid, plus or minus the allocation to results of the expected premiums or acquisition flows, respectively. The profit or loss recognition is made linearly throughout the coverage period of the contract, in the event that the accrual of the income is also linear. By default, the Group has chosen to defer acquisition expenses, although the option of recognizing such expenses when they are incurred is also available. The Group does not adjust the remaining coverage liability for issued insurance contracts for the effect of the time value of money, because the insurance premiums mature within the coverage period of the contracts, which is one year or less. Liability for incurred claims – Simplified model The groups of contracts valued under the simplified model have a liability for incurred claims calculated in a similar way to that of the General Model. Under this method, future cash flows are adjusted for the time value of money. Likewise, the risk adjustment for non-financial risk is applied to the present value of the estimated future cash flows and reflects the compensation that the Group requires for enduring uncertainty about the amount and timing of the cash flows for non-financial risk as the Group complies with insurance contracts. Discount rate When determining discount rates for different products, the Group uses the top-down approach. In applying this approach, the Group uses the yield curve created by the market rates of return implied by the fair value of a portfolio of reference assets and adjusts it to exclude the effects of risks present in the assets, but not in insurance cash flows, except for liquidity differences, which do not need to be eliminated. Cash flows were discounted at a target rate of return on local instrument investments of 4% at constant values, with terms and currency that match the expected flows. Risk adjustment for non-financial risk The risk adjustment for non-financial risk represents the compensation required for enduring uncertainty about the amount and timing of associated cash flows. To estimate the adjustment for non-financial risk, the Group has used its own methodologies based on calculations of the Value at Risk (VaR) of the commitments associated with the Life and Non-Life businesses, using a confidence level of 75%. Reinsurance In general, the Group values reinsurance coverage under the Simplified Model, valuing the asset for remaining coverage of contracts with a coverage period equal to or less than one year, or in those contracts with a duration greater than one year, but that a valuation significantly different from that of the General Model is not expected to occur. This method also includes the asset for claims incurred. Income from insurance activities Insurance income reflects the consideration to which the Group expects to be entitled in exchange for the provision of coverage and other insurance contract services. Insurance service expenses include claims incurred and other insurance service expenses incurred, and losses on onerous groups of contracts and reversals of such losses. The Group applies the accounting policy established in IFRS 17.86 and presents the financial performance of groups of reinsurance contracts held on a net basis on net income (expenses) of reinsurance contracts held. In general, for the presentation of financial income or expenses from insurance contracts that arise as a consequence of the effect of the time value of money and the effect of financial risk, the Group does not disaggregate the changes in the risk adjustment for non-financial risk between the result of the insurance service and insurance financial income or expenses. The Group includes all insurance financial income or expenses for the period in results. |
Capital Stock and Capital Adjustments | Accounts included in this item are expressed in terms of the measuring unit current as of December 31, 2023 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. As indicated in Note 32 to the Consolidated Financial Statements, the Company's Board of Directors approved the repurchase of securities issued by the Company and established the terms and conditions for the acquisition of treasury shares issued by the Company. The cost of treasury shares is disclosed as part of the Capital Stock within the Statement of Changes in Shareholders´ Equity, after the Share capital stock, Inflation adjustment of capital stock and Paid in Capital. As of the date of issuance of these Consolidated Financial Statements, the repurchase programme has expired. |
Reserves and Dividend distribution | Pursuant to provisions set by the Argentine Corporations law, Grupo Supervielle and its subsidiaries, other than Banco Supervielle 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, 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 24. Given the repurchase of treasury shares carried out by Grupo Supervielle, described in Note 32, due to local regulations Grupo Supervielle has a restriction on the distribution of results and/or reversal of free reserves of $5,166,412 (figure expressed in thousands of Argentine Pesos) equivalent to the cost of acquisition of own shares. The distribution of dividends to Grupo Supervielle’s shareholders is recognized as a liability in the consolidated financial statements for the fiscal year in which dividends are approved by Grupo Supervielle’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 interest 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. Grupo Supervielle 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 Grupo Supervielle receives for the origination of syndicated loans are not part of the effective interest rate of the product, being these recognized in the Income Statement at the time the service is provided, as long as Grupo Supervielle does not withhold part of it or this is kept in the same conditions as the rest of the participants. The commissions received by Grupo Supervielle for the negotiations in the transactions of a third party are not part of the effective interest rate either, these being recognized at the time the services are 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 amount to be recognized will be that which reflects the payment to which it is expected to be entitled for the services rendered. Grupo Supervielle'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 Group: 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 Other 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 expense for the year includes current and deferred tax. Income tax is recognized in the consolidated income statement, 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. Grupo Supervielle periodically assesses the position assumed in tax returns in connection with circumstances in which the tax regulation is subject to interpretation. Grupo Supervielle 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. Grupo Supervielle recognizes a deferred tax liability for taxable temporary differences related to investments in subsidiaries and affiliates, except that the following two conditions are met: ● Grupo Supervielle 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 Grupo Supervielle 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 Grupo Supervielle’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, 2023 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Summary of Effects of Variation in Prices of Price Index | As of December 31, Variation in Prices 2021 2022 2023 Annual 50.9 % 94.8 % 211.4 % Accumulated 3 years 216.1 % 300.3 % 815.6 % |
Summary of effect of insurance contracts initially recognized | January 1, 2022 Insurance contracts under IFRS 4 Re-measured Insurance contracts under IFRS 17 Assets 5,229,639 (4,843,303) 386,336 Liabilities (4,958,210) 4,808,718 (149,492) Total 271,429 (34,585) 236,844 |
Summary of Subsidiaries Included in Consolidation Process | Percentage of direct or indirect investment in capital stock Company Main Activity 12/31/2023 12/31/2022 12/31/2021 Banco Supervielle S.A. Commercial Bank 99.90 % (1) 99.90 % (1) 99.90 % (1) IUDÚ Compañia Financiera S.A Financial Company — % (2) 99.90 % 99.90 % Tarjeta Automática S.A. Credit Card — % (2) 99.91 % 99.99 % Supervielle Asset Asset Management 100.00 % 100.00 % 100.00 % Sofital S.A.U.F.e.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 % Portal Integral de Inversiones S.A.U. Representations 100.00 % 100.00 % 100.00 % IOL Holding S.A. Financial Company 100.00 % 100.00 % 100.00 % Supervielle Productores Asesores de Seguros S.A. Insurance Broker 100.00 % 100.00 % 100.00 % Bolsillo Digital S.A.U. Fintech 100.00 % 100.00 % 100.00 % Supervielle Agente de Negociación S.A.U. Financial Broker 100.00 % 100.00 % 100.00 % Dólar IOL S.A.U. Financial Company 100.00 % 100.00 % 100.00 % (1) Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S.A votes amounts to 99.87% , as of 12/31/2023, 12/31/2022 and 12/31/2021 respectively. (2) On June 8, 2023, a definitive merger commitment between Banco Supervielle S.A. IUDÚ Compañía Financiera S.A. and Tarjeta Automática S.A.was signed. Refer to note 33 of the consolidated financial statements for more detail on the agreement. |
Summary of Cash and Cash Equivalents Include Cash and Highly Liquid Short-term Securities Maturities | Item 12/31/2023 12/31/2022 12/31/2021 Cash and due from banks 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss 20,598,059 17,471,554 63,109,218 Money Market Funds 3,020,560 1,217,168 10,619,154 Cash and cash equivalents 252,716,891 169,408,365 271,323,252 |
Summary of Reconciliation Between Balances on Statement of Financial Position and Statement of Cash Flow | Items 12/31/2023 12/31/2022 12/31/2021 Cash and due from Banks As per Statement of Financial Position 229,098,272 150,719,643 197,594,880 As per the Statement of Cash Flow 229,098,272 150,719,643 197,594,880 Debt securities at fair value through profit or loss As per Statement of Financial Position 46,415,822 69,707,595 119,850,286 Securities not considered a cash equivalents (25,817,763) (52,236,041) (56,741,068) As per the Statement of Cash Flow 20,598,059 17,471,554 63,109,218 Money Market Funds As per Statement of Financial Position – Other financial assets 46,499,784 25,246,191 84,456,802 Other financial assets not considered a cash equivalents (43,479,224) (24,029,023) (73,837,648) As per the Statement of Cash Flow 3,020,560 1,217,168 10,619,154 |
Summary of reconciliation of financing activities | Reconciliation of liabilities from financing activities at December 31, 2023, 2022 and 2021 is as follows: Cash Flows Other non-cash Items 12/31/2022 Inflows Outflows movements 12/31/2023 Unsubordinated debt securities 1,748,271 34,552 (1,782,823) — — Financing received from the Argentine Central Bank and other financial institutions 17,219,834 137,801,435 (152,329,300) — 2,691,969 Lease Liabilities 4,884,311 — (5,004,160) 2,977,354 2,857,505 Total 23,852,416 137,835,987 (159,116,283) 2,977,354 5,549,474 Cash Flows Other non-cash Items 12/31/2021 Inflows Outflows movements 12/31/2022 Unsubordinated debt securities 6,425,358 — (4,677,087) — 1,748,271 Financing received from the Argentine Central Bank and other financial institutions 37,928,009 522,953,299 (543,661,474) — 17,219,834 Lease Liabilities 8,239,249 — (7,927,034) 4,572,096 4,884,311 Total 52,592,616 522,953,299 (556,265,595) 4,572,096 23,852,416 Cash Flows Other non-cash Items 12/31/2020 Inflows Outflows movements 12/31/2021 Unsubordinated debt securities 38,700,661 13,661,245 (45,936,548) — 6,425,358 Subordinated debt securities 10,442,289 — (10,442,289) — — Financing received from the Argentine Central Bank and other financial institutions 53,584,358 196,241,415 (211,897,764) — 37,928,009 Lease Liabilities 10,819,781 — (14,721,681) 12,141,149 8,239,249 Total 113,547,089 209,902,660 (282,998,282) 12,141,149 52,592,616 |
Summary of risk rating matrix by industry | RISK RATING BY INDUSTRY Agriculture Low Utilities (Power generation) Medium Food and Drinks Low Utilities (Trans. And dist. of energy) Medium Financial Low Chemicals and plastics Medium Supermarkets Low Auto Parts/Dealers Medium Utilities (water and waste) Low Cargo transportation Medium Oil and mining Low Construction Medium Pharmaceutical Low Art.Home Medium IT/Communications Low Insurance Medium Cleaning Low Paper, cardboard, wood, glass Medium Oil Industry Low Dairy industry Medium Wine industry Low Private construction Medium Citrus Industry Low Iron and steel industry Medium Automotive terminals Low Machinery and equipment Medium RISK RATING BY INDUSTRY SGR Low Professionals Medium Others Low Home Appliances (Product.) Medium Sugar Industry Medium Appliances (Commercial) Medium Public Construction High Health High Textile Medium Tourism and gastronomy Medium Real Etate Medium Passenger Transport Medium Sports Medium Refrigerators Medium Entertaiment Medium |
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 Automobile and other secured loans Refinancing Other financings Loss Given Default (LGD) Personal loans (1) Credit card loans (1) Automobile and other secured loans Overdrafts Mortgage loans Group Parameter Grouping Refinancing Other financings Group Parameter Grouping Corporate Banking Probability of Default (PD) (2) Medium companies Small companies Financial sector Severidad (LGD) Secured loans Unsecured loans (1) For credit cards and personal loans, Grupo Supervielle 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 Scenario Probabilities | The most significant assumptions used to calculate ECL as of December 31, 2023 are as follows: Parameter Industry / Segment Macroeconomic Indicator Scenario 1 Scenario 2 Scenario 3 Personal and Business Inflation Rate 205.6 % 173.9 % 301.7 % Probability of Default Private Sector Real Wage (0.2) % 2.9 % (5.0) % Corporate Private Sector Real Wage (0.2) % 2.9 % (5.0) % Monthly Economic Activity Estimator 145 150 141 Personal and Business Private Sector Real Wage (0.2) % 2.9 % (5.0) % Loss Given Default Monetary Policy Rate 105.0 % 94.5 % 154.1 % Corporate Private Sector Real Loans 245.2 % 109.4 % 193.7 % Exchange rate 2,011 1,857 3,374 |
Summary of Scenario Probabilities | Scenario 1 60 % Scenario 2 20 % Scenario 3 20 % |
Summary of ECL Allowance Sensitivity to Future Macro economic Conditions | December 31, 2023 Reported ECL Allowance 17,448,828 Gross carrying amount 499,903,912 Reported Loss rate 3.49 % Irregular Portfolio Coverage 236.48 % ECL amount by scenarios Favorable scenario (Allowances for loan losses) 15,715,368 Unfavorable scenario (Allowances for loan losses) 19,595,418 Loss Rate by scenarios Favorable scenario 3.14 % Unfavorable scenario 3.92 % Coverage Ratio by Scenario Favorable scenario 212.98 % Unfavorable scenario 265.57 % |
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 Land Not depreciated Construction in progress Not depreciated |
Summary of movement in investment properties | 12/31/2023 12/31/2022 Income derived from rents (rents charged) 89,087 228,579 Direct operating expenses of properties that generated income derived from rents (15,681) (17,655) Fair value remeasurement (7,012,278) (2,503,275) Total (6,938,872) (2,292,351) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 12.31.2023 Cash and due from banks 110,764,865 3,027,754 110,072,448 — 4,253 3,774,939 1,454,013 229,098,272 Debt securities at fair value through profit or loss 468,851 844,260 29,465,234 — 5,333,658 6,137,589 4,166,230 46,415,822 Loans and other financing 259,366,382 196,646,291 25,996,149 — 16,219 609,543 (179,500) 482,455,084 Other debt securities 795,893 — 242,620,591 — 755,780 16 7,008,261 251,180,541 Other Assets 67,222,373 24,588,393 917,851,229 — 8,213,004 34,590,087 (3,606,804) 1,048,858,282 Total Assets 438,618,364 225,106,698 1,326,005,651 — 14,322,914 45,112,174 8,842,200 2,058,008,001 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2023 Deposits 580,111,750 215,174,968 753,861,511 — — — (220,173) 1,548,928,056 Financing received from the Argentine Central Bank and others 46,543 — 2,645,426 — — 152,309 (152,309) 2,691,969 Other liabilities 59,517,338 17,715,652 28,866,321 — 3,943,266 8,046,942 46,647,696 164,737,215 Total Liabilities 639,675,631 232,890,620 785,373,258 — 3,943,266 8,199,251 46,275,214 1,716,357,240 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2023 Interests income 254,580,954 161,646,276 731,623,996 — 185,695 3,464,527 6,195,807 1,157,697,255 Interest Expense (292,693,459) (99,562,805) (432,510,602) — — (481,169) (246,052) (825,494,087) Distribution of results by the Treasury 203,751,598 9,161,791 (212,913,389) — — — — — Net interest income 165,639,093 71,245,262 86,200,005 — 185,695 2,983,358 5,949,755 332,203,168 Net income from financial instruments at fair value through profit or loss 1,352,209 (13,487) 116,387,674 — 11,047,489 5,800,702 3,506,459 138,081,046 Result from derecognition of assets measured at amortized cost 145,846 — 15,702,513 — — — 1,008,741 16,857,100 Exchange rate differences on gold and foreign currency (5,818,881) (7,469,756) 12,474,869 — 1,050 3,618,385 2,995,241 5,800,908 NIFFI And Exchange Rate Differences (4,320,826) (7,483,243) 144,565,056 — 11,048,539 9,419,087 7,510,441 160,739,054 Net Financial Income 161,318,267 63,762,019 230,765,061 — 11,234,234 12,402,445 13,460,196 492,942,222 Services Fee Income 60,345,902 7,459,745 570,174 — — 26,447,148 (1,697,717) 93,125,252 Services Fee Expenses (21,318,192) (1,343,255) (569,742) — — (944,888) — (24,176,077) Income from insurance activities — — — — 13,144,841 — 1,286,472 14,431,313 Net Service Fee Income 39,027,710 6,116,490 432 — 13,144,841 25,502,260 (411,245) 83,380,488 Subtotal 200,345,977 69,878,509 230,765,493 — 24,379,075 37,904,705 13,048,951 576,322,710 Result from exposure to changes in the purchasing power of money 26,191,260 (6,733,931) (95,667,720) — (11,650,236) (8,041,524) (13,021,360) (108,923,511) Other operating income 11,608,309 5,803,159 4,374,320 — 44,079 3,077,190 (1,218,310) 23,688,747 Loan loss provisions (26,289,775) (5,176,215) (2,087,803) — — — (86,278) (33,640,071) Net operating income 211,855,771 63,771,522 137,384,290 — 12,772,918 32,940,371 (1,276,997) 457,447,875 Personnel expenses (117,449,867) (20,814,845) (10,139,447) — (3,751,633) (8,080,361) (159,299) (160,395,452) Administrative expenses (69,151,750) (4,772,122) (3,847,512) — (3,141,695) (5,203,857) 1,678,242 (84,438,694) Depreciations and impairment of non-financial assets (26,154,603) (3,532,728) (1,277,255) — (273,688) (290,446) (402,553) (31,931,273) Other operating expenses (43,762,028) (18,470,438) (28,433,229) — (2,842) (2,319,459) (1,301,716) (94,289,712) Operating income (44,662,477) 16,181,389 93,686,847 — 5,603,060 17,046,248 (1,462,323) 86,392,744 Income from associates and joint ventures — — — — — 48,675 (48,675) — Result before taxes (44,662,477) 16,181,389 93,686,847 — 5,603,060 17,094,923 (1,510,998) 86,392,744 Income tax 13,997,503 (5,877,263) (33,443,115) — (2,001,090) (6,519,364) (891,606) (34,734,935) Net income / (loss) (30,664,974) 10,304,126 60,243,732 — 3,601,970 10,575,559 (2,402,604) 51,657,809 Net income / (loss) for the year attributable to owners of the parent company (30,664,974) 10,304,126 60,243,732 — 3,601,970 10,575,559 (2,444,576) 51,615,837 Net income / (loss) for the year attributable to non-controlling interest — — — — — — 41,972 41,972 Other comprehensive income/(loss) (180,325) (90,134) 3,991,429 — (650,143) 442,857 (205,586) 3,308,098 Other comprehensive income/(loss) attributable to owners of the parent company (180,325) (90,134) 3,991,429 — (650,143) 442,857 (209,367) 3,304,317 Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — 3,781 3,781 Comprehensive income/(loss) for the year (30,845,299) 10,213,992 64,235,161 — 2,951,827 11,018,416 (2,608,190) 54,965,907 Comprehensive (loss) / income attributable to owners of the parent company (30,845,299) 10,213,992 64,235,161 — 2,951,827 11,018,416 (2,653,943) 54,920,154 Comprehensive income/(loss) attributable to non-controlling interest — — — — — — 45,753 45,753 Personal and Asset Business Corporate Bank Consumer Management and Total as of Asset by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Cash and due from banks 58,275,322 2,380,207 88,588,717 684,493 6,309 1,176,795 (392,200) 150,719,643 Debt securities at fair value through profit or loss 227,144 5,038,501 47,241,094 2,455,216 — 88,613 14,657,027 69,707,595 Loans and other financing 449,229,800 256,549,503 20,453,668 182,211 13,431 570,783 1,475,353 728,474,749 Other debt securities — — 850,392,965 — 3,590,633 608,833 (14,616,864) 839,975,567 Other Assets 63,254,083 16,103,120 201,370,177 40,552,902 7,944,996 33,052,200 14,834,158 377,111,636 Total Assets 570,986,349 280,071,331 1,208,046,621 43,874,822 11,555,369 35,497,224 15,957,474 2,165,989,190 Personal and Asset Businesses Corporate Bank Consumer Management and Total as of Liabilities by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Deposits 763,209,849 198,010,241 732,444,284 12,681,248 — 217,493 (1,553,532) 1,705,009,583 Financing received from the Argentine Central Bank and others 110,257 274 17,109,321 923,168 — 1,515,363 (2,438,549) 17,219,834 Unsubordinated Debt Securities 40,091 13,615 1,694,565 — — — — 1,748,271 Other liabilities 59,032,522 12,079,574 16,735,601 4,031,144 2,296,080 4,038,742 56,254,181 154,467,844 Total Liabilities 822,392,719 210,103,704 767,983,771 17,635,560 2,296,080 5,771,598 52,262,100 1,878,445,532 Personal and Asset For the year Business Corporate Bank Consumer Management and ended Result by segments Banking Banking Treasury Finance Insurance Other Services Adjustments 12.31.2022 Interests income 214,375,398 111,858,986 436,230,689 35,329,337 14,508 145,471 (13,600,042) 784,354,347 Interest Expense (157,864,290) (33,085,907) (313,718,114) (25,112,121) — (71,138) 14,452,176 (515,399,394) Distribution of results by the Treasury 51,369,892 (34,182,339) (17,187,553) — — — — — Net interest income 107,881,000 44,590,740 105,325,022 10,217,216 14,508 74,333 852,134 268,954,953 Net income from financial instruments at fair value through profit or loss 1,336 — 45,944,093 3,303,521 4,455,319 4,022,452 (905,043) 56,821,678 Result from derecognition of assets measured at amortized cost — — 1,550,449 — — — (18,831) 1,531,618 Exchange rate differences on gold and foreign currency 1,968,725 457,234 4,613,361 (103,615) 62 282,166 1,323,851 8,541,784 NIFFI And Exchange Rate Differences 1,970,061 457,234 52,107,903 3,199,906 4,455,381 4,304,618 399,977 66,895,080 Net Financial Income 109,851,061 45,047,974 157,432,925 13,417,122 4,469,889 4,378,951 1,252,111 335,850,033 Services Fee Income 62,377,536 6,893,759 543,986 9,186,376 — 17,677,488 (2,200,968) 94,478,177 Services Fee Expenses (21,475,356) (1,868,630) (1,076,739) (7,559,987) — (1,993,473) 581,461 (33,392,724) Income from insurance activities — — — — 12,564,841 — 1,539,313 14,104,154 Net Service Fee Income 40,902,180 5,025,129 (532,753) 1,626,389 12,564,841 15,684,015 (80,194) 75,189,607 Subtotal 150,753,241 50,073,103 156,900,172 15,043,511 17,034,730 20,062,966 1,171,917 411,039,640 Result from exposure to changes in the purchasing power of money 37,872,214 (18,647,878) (60,474,004) 3,871,837 (6,015,994) (3,860,140) (8,017,974) (55,271,939) Other operating income 12,487,079 10,998,295 841,224 5,356,171 74,999 1,055,432 1,857,874 32,671,074 Loan loss provisions (30,523,909) (1,542,944) (1,300,479) (10,690,115) (37,332) (4,403) (30,445) (44,129,627) Net operating income 170,588,625 40,880,576 95,966,913 13,581,404 11,056,403 17,253,855 (5,018,628) 344,309,148 Personnel expenses (115,308,075) (17,071,099) (8,864,191) (11,966,054) (3,600,181) (10,867,202) (148,706) (167,825,508) Administrative expenses (64,711,586) (5,507,484) (4,258,356) (9,642,784) (2,527,135) (3,867,141) 1,567,678 (88,946,808) Depreciations and impairment of non-financial assets (21,254,848) (3,205,132) (1,407,886) (6,094,229) (337,874) (307,892) 1,160,058 (31,447,803) Other operating expenses (34,757,496) (10,403,323) (26,369,000) (9,905,152) (1,445) (1,517,247) 28,642 (82,925,021) Operating income (65,443,380) 4,693,538 55,067,480 (24,026,815) 4,589,768 694,373 (2,410,956) (26,835,992) Income from associates and joint ventures — — — (159,659) — 126,419 33,240 — Result before taxes (65,443,380) 4,693,538 55,067,480 (24,186,474) 4,589,768 820,792 (2,377,716) (26,835,992) Income tax 23,211,328 (307,512) (19,563,369) 10,220,414 (1,912,267) (980,509) 495,993 11,164,078 Net (loss) / income (42,232,052) 4,386,026 35,504,111 (13,966,060) 2,677,501 (159,717) (1,881,723) (15,671,914) Net (loss) / income for the year attributable to owners of the parent company (42,232,052) 4,386,026 35,504,111 (13,966,060) 2,677,501 (159,717) (1,864,720) (15,654,911) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (17,003) (17,003) Other comprehensive (loss)/income (426,940) (150,528) (3,157,614) — 50,398 190,121 (121,436) (3,615,999) Other comprehensive (loss) / income attributable to owners of the parent company (426,940) (150,528) (3,157,614) — 50,398 190,121 (117,610) (3,612,173) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (3,826) (3,826) Comprehensive (loss)/income for the year (42,658,992) 4,235,498 32,346,497 (13,966,060) 2,727,899 30,404 (2,003,159) (19,287,913) Comprehensive (loss) / income attributable to owners of the parent company (42,658,992) 4,235,498 32,346,497 (13,966,060) 2,727,899 30,404 (1,982,330) (19,267,084) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (20,829) (20,829) 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 186,358,164 117,994,415 284,642,353 48,093,046 8,626 46,664 (9,724,588) 627,418,680 Interest Expense (98,489,444) (18,436,833) (236,628,292) (23,257,841) — — 9,821,874 (366,990,536) Distribution of results by the Treasury 31,144,193 (55,658,692) 24,514,499 — — — — — Net interest income 119,012,913 43,898,890 72,528,560 24,835,205 8,626 46,664 97,286 260,428,144 Net income from financial instruments at fair value through profit or loss — — 44,748,073 2,222,392 3,485,461 2,590,765 876,912 53,923,603 Result from derecognition of assets measured at amortized cost — — 1,685,257 — — — (143,356) 1,541,901 Exchange rate differences on gold and foreign currency 1,920,588 525,145 2,436,715 87,060 3,955 493,961 552,378 6,019,802 NIFFI And Exchange Rate Differences 1,920,588 525,145 48,870,045 2,309,452 3,489,416 3,084,726 1,285,934 61,485,306 Net Financial Income 120,933,501 44,424,035 121,398,605 27,144,657 3,498,042 3,131,390 1,383,220 321,913,450 Services Fee Income 63,869,023 6,299,126 374,013 16,364,490 — 16,272,949 (2,087,967) 101,091,634 Services Fee Expenses (20,897,502) (2,064,100) (1,032,045) (6,956,535) — (840,396) 972,335 (30,818,243) Income from insurance activities — — — — 11,985,937 — 1,791,460 13,777,397 Net Service Fee Income 42,971,521 4,235,026 (658,032) 9,407,955 11,985,937 15,432,553 675,828 84,050,788 Subtotal 163,905,022 48,659,061 120,740,573 36,552,612 15,483,979 18,563,943 2,059,048 405,964,238 Result from exposure to changes in the purchasing power of money 18,058,162 (11,257,365) (39,021,857) (4,242,403) (4,341,278) (2,744,682) (3,812,478) (47,361,901) Other operating income 7,919,897 8,249,419 12,567,064 4,704,706 91,093 492,298 (1,408,313) 32,616,164 Loan loss provisions (25,163,793) (5,009,029) (191,824) (23,804,331) — — — (54,168,977) Net operating income 164,719,288 40,642,086 94,093,956 13,210,584 11,233,794 16,311,559 (3,161,743) 337,049,524 Personnel expenses (110,560,426) (11,636,310) (6,686,701) (15,896,158) (3,434,253) (6,802,463) (220,870) (155,237,181) Administrative expenses (67,180,251) (4,863,041) (4,737,588) (10,671,255) (2,984,659) (3,892,527) 1,182,247 (93,147,074) Depreciations and impairment of non-financial assets (20,074,545) (1,906,341) (1,278,848) (1,240,791) (289,204) (271,326) (568,694) (25,629,749) Other operating expenses (31,693,687) (13,057,587) (19,018,428) (6,507,517) (99,015) (1,251,049) (243,063) (71,870,346) Operating income (64,789,621) 9,178,807 62,372,391 (21,105,137) 4,426,663 4,094,194 (3,012,123) (8,834,826) Income from associates and joint ventures — — — 32,835 — — (32,835) — Result before taxes (64,789,621) 9,178,807 62,372,391 (21,072,302) 4,426,663 4,094,194 (3,044,958) (8,834,826) Income tax 22,571,803 (3,080,448) (20,205,511) 2,046,011 (1,151,570) (1,495,719) (382,488) (1,697,922) Net (loss) / income (42,217,818) 6,098,359 42,166,880 (19,026,291) 3,275,093 2,598,475 (3,427,446) (10,532,748) Net (loss) / income for the year attributable to owners of the parent company (42,217,818) 6,098,359 42,166,880 (19,026,291) 3,275,093 2,598,475 (3,416,424) (10,521,726) Net (loss) / income for the year attributable to non-controlling interest — — — — — — (11,022) (11,022) Other comprehensive (loss)/income (140,896) (87,291) (175,737) — (7,097) 2,457 82,649 (325,915) Other comprehensive (loss) / income attributable to owners of the parent company (140,896) (87,291) (175,737) — (7,097) 2,457 83,065 (325,499) Other comprehensive (loss) / income attributable to non-controlling interest — — — — — — (416) (416) Comprehensive (loss)/income for the year (42,358,714) 6,011,068 41,991,143 (19,026,291) 3,267,996 2,600,932 (3,344,797) (10,858,663) Comprehensive (loss) / income attributable to owners of the parent company (42,358,714) 6,011,068 41,991,143 (19,026,291) 3,267,996 2,600,932 (3,333,359) (10,847,225) Comprehensive (loss) / income attributable to non-controlling interest — — — — — — (11,438) (11,438) |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INCOME TAX | |
Summary of reconciliation between the tax charge to income result from applying current tax rate | 12/31/2023 12/31/2022 12/31/2021 Income before taxes 86,392,744 (26,835,992) (8,834,826) Tax rate 35 % 34 % 28 % Income for the year at tax rate 30,121,478 (9,238,345) (2,429,768) Permanent differences at tax rate: Contribution SGR (Mutual Guarantee Societies) (42,000) (585,418) (1,751,560) Tax inflation adjustment 2,918,227 (6,811,432) 679,484 Income tax return (463,742) 108,563 160,725 Effect of tax rate change on deferred tax 579,705 5,332,012 4,620,424 Non-deductible results 1,621,267 30,542 418,617 Income tax 34,734,935 (11,164,078) 1,697,922 |
Summary of net position of deferred tax | 12/31/2023 12/31/2022 Deferred tax assets 12,960,099 37,997,568 Deferred tax liability (1,614,907) (565,339) Net assets by deferred tax 11,345,192 37,432,229 Deferred taxes to be recovered in more than 12 months 10,756,236 31,134,571 Deferred taxes to be recovered in 12 months 2,203,863 6,862,997 Subtotal – Deferred tax assets 12,960,099 37,997,568 Deferred taxes to be paid in more than 12 months (2,243,528) (2,522,912) Deferred taxes to be paid in 12 months 628,621 1,957,573 Subtotal – Deferred tax liabilities (1,614,907) (565,339) Total Net Assets by deferred Tax 11,345,192 37,432,229 |
Summary of deferred tax assets / (liabilities) | Balance at (Charge)/Credit Balance at 12/31/2022 to Income/OCI 12/31/2023 Intangible assets (8,636,673) (2,980) (8,639,653) Loan Loss Reserves 6,075,520 (601,285) 5,474,235 Property, plant and equipment (8,082,143) 3,838,308 (4,243,835) Foreign Currency (316,325) — (316,325) Tax Loss Carry Forward 37,682,645 (35,452,634) 2,230,011 Inflation adjustment credit 8,778,249 (3,598,498) 5,179,751 Provisions 1,666,178 3,035,018 4,701,196 Others 264,778 6,695,034 6,959,812 Total 37,432,229 (26,087,037) 11,345,192 Balance at (Charge)/Credit Balance at 12/31/2021 to Income 12/31/2022 Intangible assets (8,835,482) 198,809 (8,636,673) Loan Loss Reserves 9,171,961 (3,096,441) 6,075,520 Property, plant and equipment (24,196,860) 16,114,717 (8,082,143) Foreign Currency (316,325) — (316,325) Tax Loss Carry Forward 23,909,997 13,772,648 37,682,645 Inflation adjustment credit 11,955,927 (3,177,678) 8,778,249 Provisions 1,844,910 (178,732) 1,666,178 Others 5,714,651 (5,449,873) 264,778 Total 19,248,779 18,183,450 37,432,229 |
Summary of loss carryforward | 12/31/2023 Year of generation Amount Expiration Date Deferred Tax Assets 2020 5,961 2025 2,086 2021 39,548 2026 13,842 2022 5,812,640 2027 2,034,424 2023 513,313 2028 179,659 Total 6,371,461 2,230,011 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCIAL INSTRUMENTS | |
Summary of financial instruments held by the Group | Fair value Fair value through through Financial Instruments as of 12/31/2023 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 229,098,272 — 229,098,272 - Debt securities at fair value through profit or loss 46,415,822 — — 46,415,822 - Derivatives 3,795,093 — — 3,795,093 - Reverse Repo transactions — 755,708,132 — 755,708,132 - Other financial assets 21,064,292 25,435,492 — 46,499,784 - Loans and other financing — 482,455,084 — 482,455,084 - Other debt securities 28,270,031 222,910,510 — 251,180,541 - Financial assets pledged as collateral 46,374,207 8,399 — 46,382,606 - Investments in Equity Instruments 49,094 — 316,891 365,985 Total Assets 145,968,539 1,715,615,889 316,891 1,861,901,319 Liabilities - Deposits — 1,548,928,056 — 1,548,928,056 - Liabilities at fair value through profit or loss 607,903 — — 607,903 - Repo transactions — 940,332 — 940,332 - Other financial liabilities 72,391,981 346,947 — 72,738,928 - Financing received from the Argentine Central Bank and other financial institutions — 2,691,969 — 2,691,969 Total Liabilities 72,999,884 1,552,907,304 — 1,625,907,188 Fair value Fair value through through Financial Instruments as of 12/31/2022 profit or loss Amortized Cost OCI Total Assets - Cash and due from banks — 150,719,643 — 150,719,643 - Debt securities at fair value through profit or loss 69,707,595 — — 69,707,595 - Derivatives 920,381 — — 920,381 - Reverse Repo transactions — 67,206,248 — 67,206,248 - Other financial assets 18,566,566 6,679,625 — 25,246,191 - Loans and other financing — 728,474,749 — 728,474,749 - Other debt securities 653,133,045 186,842,522 — 839,975,567 - Financial assets pledged as collateral 44,785,900 270,629 — 45,056,529 - Investments in Equity Instruments 837,562 — 727,448 1,565,010 Total Assets 787,951,049 1,140,193,416 727,448 1,928,871,913 Liabilities - Deposits — 1,705,009,583 — 1,705,009,583 - Liabilities at fair value through profit or loss 6,661,539 — — 6,661,539 - Other financial liabilities 55,472,099 909,756 — 56,381,855 - Financing received from the Argentine Central Bank and other financial institutions — 17,219,834 — 17,219,834 - Unsubordinated debt securities — 1,748,271 — 1,748,271 Total Liabilities 62,133,638 1,724,887,444 — 1,787,021,082 |
FAIR VALUES (Tables)
FAIR VALUES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FAIR VALUES | |
Summary of fair values of financial assets and financial liabilities | Financial Instruments as of 12/31/2023 FV Level 1 FV Level 2 FV Level 3 Total Assets - Debt securities at fair value through profit or loss 44,845,302 1,570,520 — 46,415,822 - Derivatives — 3,795,093 — 3,795,093 - Other financial assets 21,064,292 — — 21,064,292 - Other debt securities 17,831,074 10,438,957 — 28,270,031 - Financial assets pledged as collateral 46,374,207 — — 46,374,207 - Investments in Equity Instruments 49,094 — 316,891 365,985 Total Assets 130,163,969 15,804,570 316,891 146,285,430 Liabilities - Liabilities at fair value through profit or loss 607,903 — — 607,903 - Other financial liabilities 72,391,981 — — 72,391,981 Total Liabilities 72,999,884 — — 72,999,884 Financial Instruments as of 12/31/2022 FV Level 1 FV Level 2 FV Level 3 Total Assets - Debt securities at fair value through profit or loss 69,696,151 11,444 — 69,707,595 - Derivatives 920,381 — — 920,381 - Other financial assets 18,566,566 — — 18,566,566 - Other debt securities 22,967,229 630,165,816 — 653,133,045 - Financial assets pledged as collateral 44,785,900 — — 44,785,900 - Investments in Equity Instruments 837,562 — 727,448 1,565,010 Total Assets 157,773,789 630,177,260 727,448 788,678,497 Liabilities - Liabilities at fair value through profit or loss 6,661,539 — — 6,661,539 - Other financial liabilities 55,472,099 — — 55,472,099 Total Liabilities 62,133,638 — — 62,133,638 |
Summary of reconciliation of the financial instruments | FV Level 3 12/31/2022 Transfers Additions Disposals OCI 12/31/2023 Assets - Investments in equity instruments 727,448 — 370,242 (76,840) (703,959) 316,891 |
Summary of difference between carrying amount and fair value of assets and liabilities | Other Financial Instruments as of 12/31/2023 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 229,098,272 229,098,272 229,098,272 — — - Other financial assets 25,435,492 25,435,492 25,435,492 — — - Loans and other financing 482,455,084 549,311,537 — — 549,311,537 - Reverse Repo transactions 755,708,132 755,708,132 755,708,132 — — - Other Debt Securities 222,910,510 255,174,286 177,457,660 77,716,626 — - Financial assets Pledged as collateral 8,399 8,399 8,399 — — 1,715,615,889 1,814,736,118 1,187,707,955 77,716,626 549,311,537 Financial Liabilities - Deposits 1,548,928,056 1,597,478,417 — — 1,597,478,417 - Other financial liabilities 346,947 346,947 346,947 — — - Financing received from the Central Bank and other financial institutions 2,691,969 2,788,182 — — 2,788,182 - Repo Transactions 940,332 940,332 940,332 — — 1,552,907,304 1,601,553,878 1,287,279 — 1,600,266,599 Other Financial Instruments as of 12/31/2022 Book value Fair value FV Level 1 FV Level 2 FV Level 3 Financial Assets - Cash and due from Banks 150,719,643 150,719,643 150,719,643 — — - Other financial assets 6,679,625 6,679,625 6,679,625 — — - Loans and other financing 728,474,749 736,098,923 — — 736,098,923 - Reverse Repo transactions 67,206,248 67,206,248 67,206,248 — — - Other Debt Securities 186,842,522 193,728,112 101,835,764 91,892,348 — - Financial assets Pledged as collateral 270,629 270,629 270,629 — — 1,140,193,416 1,154,703,180 326,711,909 91,892,348 736,098,923 Financial Liabilities - Deposits 1,705,009,583 1,750,167,253 — — 1,750,167,253 - Other financial liabilities 909,756 909,756 909,756 — — - Financing received from the Central Bank and other financial institutions 17,219,834 27,034,151 — — 27,034,151 - Unsubordinated Debt securities 1,748,271 1,748,271 1,748,271 — — 1,724,887,444 1,779,859,431 2,658,027 — 1,777,201,404 |
Summary of equity instruments measured at fair value with changes in profit or loss | 12/31/2023 12/31/2022 Grupo Financiero Galicia S.A. — 15,651 Pampa Energía S.A. 26,237 144,901 Loma Negra S.A. 2,412 102,814 Ternium Argentina S.A. 1,113 42,781 Aluar S.A. 31 169,045 YPF S.A. 517 141,977 Transener S.A. 198 17,327 Edenor 5,799 145,309 Holcim Arg 7,218 4,416 Cedear SPDR Dow Jones Ind 1,803 1,731 Cedear SPDR S&P 1,528 1,348 Cedear Financial Select Sector 1,430 1,423 Others 808 48,839 Total 49,094 837,562 |
Summary of equity instruments measured at fair value with changes in other comprehensive income | FV at Income / (Loss) FV at Detail 12/31/2022 through OCI Disposals Additions 12/31/2023 Mercado Abierto Electrónico S.A. 288,040 (286,408) — — 1,632 Play Digital S.A. 274,011 (283,270) (75,239) 254,610 170,112 Seguro de Depósitos S.A 33,146 (14,214) — — 18,932 Compensador Electrónica S.A. 101,793 11,116 (1,601) — 111,308 Provincanje S.A. 22,586 (130,573) — 115,632 7,645 Cuyo Aval Sociedad de Garantía Recíproca 5,833 (184) — — 5,649 Argencontrol S.A. 1,009 (428) — — 581 IEBA S.A. 190 (129) — — 61 Other Reciprocal Guarantee Companies 840 131 — — 971 Total 727,448 (703,959) (76,840) 370,242 316,891 FV at Income / (Loss) FV at Detail 12/31/2021 through OCI Disposals Additions 12/31/2022 Mercado Abierto Electrónico S.A. 277,503 10,537 — — 288,040 Play Digital S.A. 224,182 (173,224) (45,605) 268,658 274,011 Seguro de Depósitos S.A 42,666 (9,520) — — 33,146 Compensador Electrónica S.A. 68,731 33,062 — — 101,793 Provincanje S.A. 26,862 (4,276) — — 22,586 Cuyo Aval Sociedad de Garantía Recíproca 8,456 (2,623) — — 5,833 Argencontrol S.A. 953 56 — — 1,009 IEBA S.A. 371 (181) — — 190 Other Reciprocal Guarantee Companies 955 (115) — — 840 Total 650,679 (146,284) (45,605) 268,658 727,448 |
FINANCE LEASES (Tables)
FINANCE LEASES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
FINANCE LEASES | |
Summary of carrying amount in the financial position | 12/31/2023 12/31/2022 Right-of-use asset Land and buildings (Gross carrying amount) 9,588,345 16,891,897 Lease liability Current 1,844,502 2,991,612 Non-current 1,013,003 1,892,699 Total 2,857,505 4,884,311 |
Summary of amounts charged in the income statement | Items 12/31/2023 Right-of-use assets – Depreciation 6,480,621 Interest expenses on lease liabilities (Other operating expenses) 33,690 |
Summary of breakdown of financial lease receivables | Financial Lease Receivables 12/31/2023 12/31/2022 Up to 1 year 13,745,706 23,887,476 More than a year up to two years 11,549,927 21,379,019 From two to three years 7,928,815 14,563,649 From three to five years 3,497,498 8,734,999 More than five years 2,349 638,344 Total 36,724,295 69,203,487 Unearned financial income (16,732,515) (35,917,183) Net investment in the lease 19,991,780 33,286,304 |
Summary of breakdown of operating lease receivables | Operating Lease Receivables 12/31/2023 12/31/2022 Up to 1 year 212,663 174,102 More than a year up to two years 132,019 233,334 From two to three years 33,990 84,510 Total 378,672 491,946 |
REPO AND REVERSE REPO TRANSAC_2
REPO AND REVERSE REPO TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
REPO AND REVERSE REPO TRANSACTIONS | |
Summary of residual values of assets transferred under repo and reverse repo transactions | The residual values of assets transferred under repo and reverse repo transactions as of December 31, 2023 and 2022 are detailed below: Repo Transactions: Book Value December 31, 2023 755,708,132 December 31, 2022 67,206,248 Reverse Repo Transactions: Book Value December 31, 2023 940,332 December 31, 2022 — |
DERIVATIVE FINANCIAL INSTRUME_2
DERIVATIVE FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |
Summary of operation related to derivatives | 12/31/2023 12/31/2022 Amounts receivable for spot and forward transactions pending settlement 2,869,609 634,487 Amounts payable for spot and forward transactions pending settlement 158,431 182,977 Put option taken with Central Bank 767,053 102,917 3,795,093 920,381 |
Summary of notional value of options and outstanding forward and futures contracts | 12/31/2023 12/31/2022 Forward sales of foreign exchange without delivery of underlying assets 16,963,766 42,092,038 Forward purchases of foreign exchange without delivery of underlying assets 20,797,187 12,486,369 |
EARNINGS PER SHARE (Tables)
EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
EARNINGS PER SHARE | |
Summary of earnings per share | 12/31/2023 12/31/2022 12/31/2021 Income attributable to shareholders of the group 51,615,837 (15,654,911) (10,521,726) Weighted average of oustanding ordinary shares (thousands) 442,727 454,274 456,722 Income per share 116.59 (34.46) (23.04) |
SPECIAL TERMINATION ARRANGEME_2
SPECIAL TERMINATION ARRANGEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
SPECIAL TERMINATION ARRANGEMENTS | |
Summary of evolution during each period | 12/31/2023 12/31/2022 Balances at the beginning 7,422,283 9,521,606 Additions to profit or loss 3,178,727 1,672,716 Monetary result benefits paid to participants (1,369,489) (858,920) Benefits paid to participants (5,038,820) (2,913,119) Balances at closing 4,192,701 7,422,283 |
PROPERTY, PLANT AND EQUIPMENT (
PROPERTY, PLANT AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
PROPERTY, PLANT AND EQUIPMENT | |
Summary of Property, Plant and Equipment | Gross carrying amount Depreciation At the Net beginning At the At the Additions by carrying of the Useful end of beginning business Of the Other At the end amount Item year Life Revaluation Additions Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2023 Cost model Furniture and facilities 14,069,307 10 — 391,691 (351,971) 14,109,027 (11,583,436) 413,091 — (704,383) — (11,874,728) 2,234,299 Machinery and equipment 50,221,991 5 — 4,082,256 (659,778) 53,644,469 (44,715,683) 635,830 — (2,851,178) — (46,931,031) 6,713,438 Vehicles 2,340,194 5 — 515,511 (569,297) 2,286,408 (1,026,023) 472,330 — (417,127) — (970,820) 1,315,588 Right of use assets 16,891,897 5 — 3,349,796 (10,653,348) 9,588,345 (9,670,979) 10,656,319 — (6,480,621) — (5,495,281) 4,093,064 Construction in progress 7,502,745 — 1,927,178 (3,773,387) 5,656,536 — — — — — — 5,656,536 Revaluation model Land and Buildings 35,312,822 50 (2,093,627) 756,617 (168,263) 33,807,549 (2,125,445) 112,013 — (655,407) — (2,668,839) 31,138,710 Total 126,338,956 — (2,093,627) 11,023,049 (16,176,044) 119,092,334 (69,121,566) 12,289,583 — (11,108,716) — (67,940,699) 51,151,635 Gross carrying amount Depreciation At the Net beginning At the At the Additions by carrying of the Useful end of beginning business Of the Other At the end amount Item year Life Revaluation Additions Disposals the year of the year Disposals combinations Year Movements of the year 12/31/2022 Cost model Furniture and facilities 13,620,204 10 — 449,103 — 14,069,307 (10,824,598) 181,526 — (940,364) — (11,583,436) 2,485,871 Machinery and equipment 49,868,605 5 — 1,060,303 (706,917) 50,221,991 (41,898,497) 659,677 — (3,476,863) — (44,715,683) 5,506,308 Vehicles 2,491,133 5 — 769,211 (920,150) 2,340,194 (1,136,208) 569,001 — (458,816) — (1,026,023) 1,314,171 Right of use assets 19,194,943 5 — 3,555,148 (5,858,194) 16,891,897 (9,368,409) 5,659,594 — (5,962,164) — (9,670,979) 7,220,918 Construction in progress 8,438,004 — 3,463,617 (4,398,876) 7,502,745 — — — — — — 7,502,745 Revaluation model Land and Buildings 37,944,053 50 (2,611,299) 8,511 (28,443) 35,312,822 (1,391,360) — — (734,085) — (2,125,445) 33,187,377 Total 131,556,942 — (2,611,299) 9,305,893 (11,912,580) 126,338,956 (64,619,072) 7,069,798 — (11,572,292) — (69,121,566) 57,217,390 |
Summary of Revaluation of Property Plant and Equipment | Residual Value according to Revaluation Revalued the cost Class date amount model Difference Land and buildings 12/31/2023 31,138,710 22,580,757 8,557,953 Land and buildings 12/31/2022 33,187,377 22,076,981 11,110,396 |
INVESTMENT PROPERTIES (Tables)
INVESTMENT PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INVESTMENT PROPERTIES | |
Summary of movement in investment properties | At the P/L for Beginning Total useful changes As of Item of the year life in the FV Additions Disposals Depreciation 12/31/2023 Cost model Rented properties 817,096 5 — 161,070 — (189,124) 789,042 Measurement at fair value Rented properties 51,820,300 50 (7,012,278) — — — 44,808,022 TOTAL INVESTMENT PROPERTIES 52,637,396 (7,012,278) 161,070 — (189,124) 45,597,064 At the P/L for Beginning Total useful changes As of Item of the year life in the FV Additions Disposals Depreciation 12/31/2022 Cost model Rented properties 852,313 5 — 195,567 (90,816) (139,968) 817,096 Measurement at fair value Rented properties 51,910,577 50 (2,503,275) 2,412,998 — — 51,820,300 TOTAL INVESTMENT PROPERTIES 52,762,890 (2,503,275) 2,608,565 (90,816) (139,968) 52,637,396 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Impairment Disposals year of the year Disposals combinations Of the year year 12/31/2023 Measurement at cost Goodwill 31,027,144 — — (4,000,000) — 27,027,144 — — — — — 27,027,144 Brands 1,831,210 — — — — 1,831,210 — — — — — 1,831,210 Other intangible assets(*) 88,245,470 16,916,944 — — (756,231) 104,406,183 (51,735,118) 93,369 — (13,988,733) (65,630,482) 38,775,701 TOTAL 121,103,824 16,916,944 — (4,000,000) (756,231) 133,264,537 (51,735,118) 93,369 — (13,988,733) (65,630,482) 67,634,055 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 Impairment Disposals year of the year Disposals combinations Of the year year 12/31/2022 Measurement at cost Goodwill 33,327,743 — — (2,300,599) — 31,027,144 — — — — — 31,027,144 Brands 1,831,210 — — — — 1,831,210 — — — — — 1,831,210 Other intangible assets(*) 71,107,364 17,707,912 — — (569,806) 88,245,470 (36,979,731) 485,868 — (15,241,255) (51,735,118) 36,510,352 TOTAL 106,266,317 17,707,912 — (2,300,599) (569,806) 121,103,824 (36,979,731) 485,868 — (15,241,255) (51,735,118) 69,368,706 (*)mainly include systems and programs. |
Summary of goodwill by cash generating units | 12/31/2023 12/31/2022 Supervielle Seguros S.A. 88,686 88,686 Banco Regional de Cuyo S.A. 464,982 464,982 InvertirOnline S.A.U. / Portal Integral de Inversiones S.A.U. 16,902,605 16,902,605 Micro Lending S.A.U. 9,308,612 13,308,612 Supervielle Agente de Negoación S.A.U. 46,943 46,943 Others 215,316 215,316 TOTAL 27,027,144 31,027,144 |
Summary of assumptions used in goodwill impairment test | Real Forecast Forecast Forecast Forecast Forecast 2023 2024 2025 2026 2027 2028 Inflation (end of period) 211.4 % 205.6 % 80.4 % 49.8 % 23.7 % 8.5 % Inflation (average) 133.5 % 249.1 % 104.9 % 62.0 % 34.4 % 13.4 % Cost of funding (average) 63.0 % 70.0 % 45.3 % 31.6 % 17.8 % 9.4 % Loan’s interest rate (average) 82.8 % 88.0 % 59.3 % 43.6 % 27.8 % 17.4 % Number of borrowings originated by Micro Lending 5,798 7,080 9,996 12,504 14,004 14,004 InvertirOnline'Operating income 7,326 21,213 51,990 88,474 118,939 134,834 |
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, 2023 | |
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 | 12/31/2023 12/31/2022 Government securities 43,859,127 49,031,485 Corporate securities 2,556,695 20,676,110 46,415,822 69,707,595 |
Schedule of derivatives | 12/31/2023 12/31/2022 Debtor balances related to forward operations in foreign currency to be settled in pesos 2,869,609 634,487 Debtor balances related to forward operations in foreign currency 158,431 182,977 Put option taken 767,053 102,917 3,795,093 920,381 |
Summary of other financial assets | 12/31/2023 12/31/2022 Participation Certificates in Financial Trusts 635,332 493,273 Investments in Asset Management and Other Services 6,890,718 6,739,434 Other investments 3,113,100 3,209,561 Receivable from spot sales pending settlement 24,966,331 7,459,195 Several debtors 10,815,142 7,288,751 Miscellaneous debtors for credit card operations 495,366 520,368 Allowances for loan losses (416,205) (464,391) 46,499,784 25,246,191 |
Summary of other debt securities | 12/31/2023 12/31/2022 Negotiable obligations 12,667,045 17,622,462 Debt securities from Financial trusts 4,590,978 — Government securities 160,021,031 116,816,092 Securities issued by BCRA 76,082,442 707,388,671 Others 89 149 Allowances for loan losses (2,181,044) (1,851,807) 251,180,541 839,975,567 |
Summary of financial assets in guarantee | 12/31/2023 12/31/2022 Guarantee securities for repo operations 972,694 — Special guarantees accounts in the Argentine Central Bank 21,763,021 32,058,218 Deposits in guarantee 23,646,891 12,998,311 46,382,606 45,056,529 |
Summary of inventories | 12/31/2023 12/31/2022 Electronics — 208,923 — 208,923 |
Summary of non-financial assets | 12/31/2023 12/31/2022 Other Miscellaneous assets 8,538,030 7,694,702 Loans to employees 2,134,276 2,678,478 Payments in advance 5,948,058 4,151,472 Other non-financial assets 154,060 374,811 Retirement Plan 547,973 387,914 Works of art and collector's pieces 253,347 257,559 Insurance Contract assets 1,187,065 1,096,286 Asset from insurance broker operations 1,020 6,506 18,763,829 16,647,728 |
Summary of deposits | 12/31/2023 12/31/2022 Non-financial sector 100,747,830 86,705,591 Financial sector 476,539 315,861 Current accounts 138,589,508 157,491,710 Special checking accounts 731,973,085 556,908,441 Savings accounts 241,809,018 287,593,196 Time deposits and investments accounts 177,192,264 469,431,207 Investment accounts 122,036,731 100,826,533 Others 15,838,471 19,700,970 Interest and Adjustments 20,264,610 26,036,074 1,548,928,056 1,705,009,583 |
Summary of liabilities at fair value through profit or loss | 12/31/2023 12/31/2022 Liabilities for transactions in local currency 607,903 3,955,167 Liabilities for transactions in foreign currency — 2,706,372 607,903 6,661,539 |
Summary of other financial liabilities | 12/31/2023 12/31/2022 Amounts payable for spot transactions pending settlement 14,473,367 6,423,474 Collections and other operations on behalf of third parties 55,096,905 44,801,930 Unpaid fees 12,075 11,460 Financial guarantee contracts 42,076 75,990 Liabilities associated with the transfer of financial assets not derecognized — — Lease liability 2,857,505 4,884,311 Others 257,000 184,690 72,738,928 56,381,855 |
Summary of financing received from the Argentine Central Bank and other financial institutions | 12/31/2023 12/31/2022 Financing received from local financial institutions 2,436,173 11,893,380 Financing received from international institutions 255,796 5,326,454 2,691,969 17,219,834 |
Summary of provisions | 12/31/2023 12/31/2022 Eventual commitments 411,663 271,445 Unused Balances of Credit Cards 1,456,978 1,387,991 Restructuring expenses 6,000,000 — Other contingencies 7,029,026 3,608,510 14,897,667 5,267,946 |
Summary of other non-financial liabilities | 12/31/2023 12/31/2022 Payroll and social securities 32,249,269 35,247,707 Sundry creditors 18,833,238 24,404,194 Revenue from contracts with customers (1) 908,005 1,021,454 Tax payable 19,681,363 22,066,310 Social security payment orders pending settlement 1,278,348 2,329,528 Reinsurance contract liabilities 5,032 187,838 Liabilities from insurance broker operations 41,453 13,131 Other 203,589 321,003 73,200,297 85,591,165 |
Summary of maturity of revenue from contract with customers | Maturity Up to 12 Up to 24 More than Item months months 24 months Total Revenue from contracts with customers 321,665 164,667 421,673 908,005 |
Summary of interest income | 12/31/2023 12/31/2022 12/31/2021 Interest on overdrafts 44,410,794 23,471,096 19,005,461 Interest on promissory notes 67,470,691 64,028,835 67,907,777 Interest on personal loans 66,454,064 92,146,481 117,692,377 Interest on corporate unsecured loans 96,127,460 50,712,155 41,967,396 Interest on credit card loans 42,005,274 45,870,806 35,957,060 Interest on mortgage loans 62,359,572 56,407,739 42,843,345 Interest on automobile and other secured loan 12,574,777 13,122,573 9,393,313 Interest on foreign trade loans 3,180,062 4,010,233 7,543,367 Interest on financial leases 17,868,411 14,262,772 9,591,489 Interest on public and private securities measured at amortized cost 567,893,807 387,019,350 167,862,434 Other 177,352,343 33,302,307 107,654,661 Total 1,157,697,255 784,354,347 627,418,680 |
Summary of interests expenses | 12/31/2023 12/31/2022 12/31/2021 Interest on current accounts deposits 374,828,604 211,185,911 128,233,675 Interest on time deposits 439,013,593 295,156,581 228,048,956 Interest on other financial liabilities 3,621,357 3,968,644 8,388,702 Interest from financing sector 2,772,705 3,356,878 1,108,873 Other 5,257,828 1,731,380 1,210,330 Total 825,494,087 515,399,394 366,990,536 |
Summary of net income from financial instruments at fair value through profit or loss | 12/31/2023 12/31/2022 12/31/2021 Income from corporate and government securities 127,798,716 51,452,910 42,190,171 Income from securities issued by the Argentine Central Bank — 3,303,523 2,120,331 Derivatives 10,282,330 2,065,245 9,613,101 Total 138,081,046 56,821,678 53,923,603 |
Summary of service fee income | 12/31/2023 12/31/2022 12/31/2021 Commissions from deposits accounts 37,391,888 38,148,025 39,408,942 Commissions from credit and debit cards 20,594,231 29,729,082 30,250,743 Commissions from loans operations 368,893 950,232 960,528 Other Commissions 34,770,240 25,650,838 30,471,421 Total 93,125,252 94,478,177 101,091,634 |
Summary of service fee expenses | 12/31/2023 12/31/2022 12/31/2021 Commissions paid 23,620,557 32,604,729 30,075,296 Export and foreign currency operations 555,520 787,995 742,947 Total 24,176,077 33,392,724 30,818,243 |
Summary of income from insurance activities | 12/31/2023 12/31/2022 12/31/2021 Accrued premiums - Under IFRS 4 — — 21,665,483 Accrued losses - Under IFRS 4 — — (4,228,281) Production expenses Under IFRS 4 — — (3,659,805) Insurance revenue 18,566,744 19,169,750 — Insurance service expenses (5,743,306) (5,905,884) — Net expenses from reinsurance contracts held (111,599) (398,421) — Broker activity operations 1,719,474 1,238,709 — Total 14,431,313 14,104,154 13,777,397 |
Summary of other operating incomes | 12/31/2023 12/31/2022 12/31/2021 Reversal of allowance for loan losses and assets written down 5,502,611 10,127,903 10,395,360 Insurance commissions — — 1,535 Rental from safety boxes 2,050,948 2,375,006 2,332,362 Returns of risk funds — 4,867,260 7,524,773 Commissions from trust services 178,265 253,243 270,489 Adjustment of various credits 2,472,547 1,363,146 1,039,392 Sale of fixed assets 4,567 89,106 54,322 Punitive interest 2,318,899 2,056,982 1,775,727 Others 11,160,910 11,538,428 9,222,204 Total 23,688,747 32,671,074 32,616,164 |
Summary of personnel expenses | 12/31/2023 12/31/2022 12/31/2021 Payroll and social securities 150,064,085 154,276,818 143,807,941 Others expenses 10,331,367 13,548,690 11,429,240 Total 160,395,452 167,825,508 155,237,181 |
Summary of administration expenses | 12/31/2023 12/31/2022 12/31/2021 Directors´ and statutory auditors’fees 3,291,819 2,484,677 2,468,332 Professional fees 25,006,003 25,862,516 27,265,430 Advertising and publicity 4,737,212 6,893,010 6,966,569 Taxes 20,408,129 20,091,751 20,511,740 Maintenance, security and services 19,653,248 21,561,754 24,972,701 Rent 66,400 245,871 476,043 Others 11,275,883 11,807,229 10,486,259 Total 84,438,694 88,946,808 93,147,074 |
Summary of depreciation and impairment of non-financial assets | 12/31/2023 12/31/2022 12/31/2021 Depreciation of property, plant and equipment 4,628,095 5,610,128 5,049,540 Depreciation of other non-financial assets 2,833,824 2,333,661 1,822,902 Depreciation of intangible assets 13,988,733 15,241,255 12,326,178 Depreciation of right-of-use assets 6,480,621 5,962,164 6,429,230 Impairment of goodwill 4,000,000 2,300,595 1,899 Total 31,931,273 31,447,803 25,629,749 |
Summary of other operating expenses | 12/31/2023 12/31/2022 12/31/2021 Promotions related with credit cards 4,750,720 5,400,008 5,516,101 Turnover tax 54,968,898 53,620,247 49,385,226 Fair value on initial recognition of loans 207,342 479,836 1,193,719 Contributions made to deposit insurance system 2,350,765 2,787,276 2,981,108 Loan and credit card balance adjustments 1,241,563 3,047,451 1,138,924 Interest on liabilities for financial leases 33,690 1,555,148 1,633,744 Coverage services 27,556 42,850 99,604 Others allowances 10,957,512 7,279,351 3,615,679 Devaluation of investment properties 7,012,278 2,503,275 2,675,231 Others 12,739,388 6,209,579 3,631,010 Total 94,289,712 82,925,021 71,870,346 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
COMMITMENTS AND CONTINGENCIES | |
Summary of provision | 12/31/2023 12/31/2022 Legal issues 2,265,015 613,965 Labor lawsuits 203,105 1,808,248 Tax 4,193,611 566,233 Unused Balances of Credit Cards 1,456,978 1,387,991 Charges to be paid to National Social Security Administration — 422,505 Judicial Deposits 217,559 147,756 Eventual commitments 411,663 271,445 Reorganization expenses 6,000,000 — Others 149,736 49,803 Total 14,897,667 5,267,946 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RELATED PARTY TRANSACTIONS | |
Summary of Aggregate Amounts to Related Parties | As of As of December 31, 2023 December 31, 2022 (*) Aggregate total financial exposure 1,778,169 673,747 Number of recipient related parties 80 80 (a) Individuals 68 70 (b) Companies 12 10 Average total financial exposure 22,227 8,422 Single largest exposure 1,387,195 358,255 (*) Historical values as of December 31, 2023, without adjusment for inflation. |
INSURANCE (Tables)
INSURANCE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
INSURANCE | |
Summary of assets and liabilities related to insurance activities | 12/31/2023 12/31/2022 Insurance contract assets Assets for remaining coverage 1,723,106 2,089,921 Liability for incurred claim - present value of future cash flow (513,344) (949,094) Liability for incurred claim - risk adjustment for non-financial risk (22,697) (44,541) Net balance 1,187,065 1,096,286 Reinsurance contract liabilities Assets for remaining coverage (24,794) (192,886) Incurred claims for contracts under the PAA 19,762 5,048 Net balance (5,032) (187,838) Balances from brokers operations Assets from brokers operations 1,020 6,506 Liability from brokers operations (41,453) (13,131) Net balance (40,433) (6,625) |
Schedule of result for insurance activities | 12/31/2023 12/31/2022 Insurance revenue from contracts measured under the PAA 18,566,744 19,169,750 Insurance revenue 18,566,744 19,169,750 Incurred claims (2,576,344) (3,162,593) Acquisition and administrative expenses (3,166,962) (2,743,291) Insurance service expenses (5,743,306) (5,905,884) Allocation of reinsurance premiums (148,589) (410,689) Amounts recoverable from reinsurers for incurred claims 36,990 12,268 Net expenses from reinsurance contracts held (111,599) (398,421) Insurance service result - NIIF 17 12,711,839 12,865,445 Broker activity operations 1,719,474 1,238,709 Income from insurance activities 14,431,313 14,104,154 |
Schedule of reconciliation of the liability for remaining coverage and the liability for incurred claims | Incurred claims for contracts under the PAA Reinsurance contracts held at December 31, 2023 Remaining coverage Present value of future cash flows Total Reinsurance contract liabilities (192,886) 5,048 (187,838) Net balance as at January 1, 2023 (192,886) 5,048 (187,838) Net income (expenses) from reinsurance contracts held Allocation of reinsurance premiums (148,589) — (148,589) Amounts recoverable from reinsurers for incurred claims — 36,990 36,990 Net income (expenses) from reinsurance contracts held (148,589) 36,990 (111,599) IAS29 + finance income from reinsurance contracts held 79,778 504 80,282 Total amounts recognised in comprehensive income (68,811) 37,494 (31,317) Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 251,858 — 251,858 Recoveries from reinsurance (14,955) (22,780) (37,735) Total cash flows 236,903 (22,780) 214,123 Net balance as at December 31, 2023 (24,794) 19,762 (5,032) |
Summary of activity of reinsurance contract liabilities and insurance contract assets | Incurred claims for contracts under the PAA Reinsurance contracts held at December 31, 2022 Remaining coverage Present value of future cash flows Total Reinsurance contract liabilities (158,019) 8,515 (149,504) Net balance as at January 1, 2022 (158,019) 8,515 (149,504) Net income (expenses) from reinsurance contracts held Allocation of reinsurance premiums (410,689) - (410,689) Amounts recoverable from reinsurers for incurred claims - 12,268 12,268 Net income (expenses) from reinsurance contracts held (410,689) 12,268 (398,421) IAS29 + finance income from reinsurance contracts held 109,240 485 109,725 Total amounts recognised in comprehensive income (301,449) 12,753 (288,696) Cash flows Premiums paid net of ceding commissions and other directly attributable expenses paid 279,798 - 279,798 Recoveries from reinsurance (13,216) (16,220) (29,436) Total cash flows 266,582 (16,220) 250,362 Net balance as at December 31, 2022 (192,886) 5,048 (187,838) December 31, 2023 Insurance contracts issued LIC for contracts under the PAA LRC Present value of future cash flows Risk adj. for non-fin. risk Total Insurance contract assets 2,089,921 (949,094) (44,541) 1,096,286 Net balance as at January 1, 2023 2,089,921 (949,094) (44,541) 1,096,286 Insurance revenue 18,566,744 — — 18,566,744 Insurance service expenses Incurred claims and other directly attributable expenses — (5,035,808) 21,844 (5,013,964) Insurance acquisition cashflows (729,342) — — (729,342) Insurance service expenses (729,342) (5,035,808) 21,844 (5,743,306) Insurance service result 17,837,402 (5,035,808) 21,844 12,823,438 IAS29 + net financial expenses for insurance contracts (5,829,716) (48,897) — (5,878,613) Total amounts recognised in comprehensive income 12,007,686 (5,084,705) 21,844 6,944,825 Cash flows Premiums received (13,244,962) — — (13,244,962) Claims and other directly attributable expenses paid — 5,520,455 — 5,520,455 Insurance acquisition cashflows 870,461 — — 870,461 Total cash flows (12,374,501) 5,520,455 — (6,854,046) Net balance as at December 31, 2023 1,723,106 (513,344) (22,697) 1,187,065 December 31, 2022 Insurance contracts issued LIC for contracts under the PAA LRC Present value of future cash flows Risk adj. for non-fin. risk Total Insurance contract assets 1,608,433 (1,184,455) (53,226) 370,752 Net balance as at January 1, 2022 1,608,433 (1,184,455) (53,226) 370,752 Insurance revenue 19,169,750 — — 19,169,750 Insurance service expenses Incurred claims and other directly attributable expenses — (5,410,292) 8,685 (5,401,607) Insurance acquisition cashflows (504,277) — — (504,277) Insurance service expenses (504,277) (5,410,292) 8,685 (5,905,884) Insurance service result 18,665,473 (5,410,292) 8,685 13,263,866 IAS29 + net financial expenses for insurance contracts (3,388,158) (67,905) — (3,456,063) Total amounts recognised in comprehensive income 15,277,315 (5,478,197) 8,685 9,807,803 Cash flows Premiums received (15,215,670) — — (15,215,670) Claims and other directly attributable expenses paid — 5,713,558 — 5,713,558 Insurance acquisition cashflows 419,843 — — 419,843 Total cash flows (14,795,827) 5,713,558 — (9,082,269) Net balance as at December 31, 2022 2,089,921 (949,094) (44,541) 1,096,286 |
ASSET MANAGEMENT AND OTHER SE_2
ASSET MANAGEMENT AND OTHER SERVICES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ASSET MANAGEMENT AND OTHER SERVICES | |
Schedule of asset management and other services | Portfolio Net Worth Number of Units Asset Management and Other Services 12/31/2023 12/31/2022 12/31/2023 12/31/2022 12/31/2023 12/31/2022 Premier Renta CP en Pesos 380,619,005 316,582,012 380,172,685 316,166,149 30,510,651,741 16,191,115,975 Premier Renta Plus en Pesos 3,260,932 2,090,125 3,247,937 2,084,021 48,164,279 21,721,110 Premier Renta Fija Ahorro 24,617,614 40,187,284 24,116,283 39,784,914 227,991,276 712,483,562 Premier Renta Fija Crecimiento 17,913,457 641,244 17,902,111 639,560 9,532,812,035 4,920,585 Premier Renta Variable 5,434,772 1,866,615 5,391,565 1,819,387 12,205,660 5,946,886 Premier Abierto Pymes 6,595,058 3,994,108 6,584,296 3,850,229 142,666,395 75,458,259 Premier Commodities 3,683,693 3,265,006 2,855,401 2,503,929 22,338,558 24,979,798 Premier Capital 17,873,205 20,829,260 16,706,424 20,711,697 380,115,435 476,377,885 Premier Inversión 1,700,578 3,937,376 1,641,637 3,935,483 342,850,074 1,052,023,732 Premier Balanceado 2,024,585 5,261,344 2,023,195 4,268,732 32,648,809 102,340,389 Premier Renta Mixta 27,039,839 11,850,160 26,844,120 11,821,402 2,641,477,623 616,247,881 Premier Renta Mixta en Dólares 2,727,823 882,545 2,673,654 740,786 4,995,316 2,569,639 Premier Performance Dólares 10,878,143 1,688,421 10,598,408 1,672,424 15,351,225 4,468,523 Premier Global USD 591,810 206,295 577,257 203,536 640,443 321,553 Premier Estratégico 7,390,764 4,565,186 7,385,116 4,561,157 832,710,848 832,710,848 Premier FCI Sustentable ASG 327,434 — 326,726 — 172,449,306 — |
RESTRICTED ASSETS (Tables)
RESTRICTED ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTED ASSETS | |
Summary of Restricted Assets | Item 12/31/2023 12/31/2022 Financial assets in guarantee Special guarantee accounts in the Argentine Central Bank 21,763,021 32,058,218 Guarantee deposits for currency forward transactions 11,193,935 8,419,865 Guarantee deposits for credit cards transactions 2,676,321 3,109,343 Other guarantee deposits 9,776,635 1,469,103 45,409,912 45,056,529 |
FINANCIAL TRUSTS (Tables)
FINANCIAL TRUSTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 duration of this Trust FundContract will be 24 months as from 09/12/2018, or termination of payment obligations through disbursements (the “termination date”). After 30 ( thirty days ) days of the end of the term of the trust contract without the parties having agreed on an extension fee, the trust will be considered extinguished without the possibility of extension, with the trustee receiving, from the trust account, the sum of pesos equivalent to U$D 6,000 (six thousand US dollars) at the current purchasing exchange rate at Banco Supervielle as a penalty. Dated 10/14/2023 Interconnection Eléctrica Rodeo S.A. accepted the proposal of the Commission for Extension and Extension of the Trust Contract for 6 month. - - Those initially mentioned (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 Interconexión Electrica Rodeo S.A. |
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 NV $6,364 Participation certificate VN $1,592 Exp date: 03/12/13 Exp date: 11/12/13 Exp date: 10/12/16 IV 09/01/2011 $ 40,652 VDF TV A VN$32,522 VDF B NV $6,504 Participation certificate VN $1,626 Exp date: 06/20/13 Exp date: 10/20/13 Exp date: 06/29/17 |
RESTRICTIONS IMPOSED ON THE D_2
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |
Schedule of shareholders' equity under the rules of the Argentine Central Bank | 12/31/2023 Capital stock 442,672 Inflation adjustment of capital stock 27,960,909 Paid in capital 254,538,548 Treasury shares 14,050 Inflation adjustment of treasury shares 2,944,946 Cost of treasury shares (5,166,412) Other reserves 4,307,608 Retained earnings 51,354,318 Other comprehensive Income 6,389,921 Total shareholders’ equity attributable to the owners of the parent under the rules of the Argentine Central Bank 342,786,560 |
LOANS AND OTHER FINANCING (Tabl
LOANS AND OTHER FINANCING (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
LOANS AND OTHER FINANCING | |
Summary of composition of loan portfolio | As of December 31, 2023 and 2022 the composition of the loan portfolio is as follows: Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2023 Promissory notes 69,528,350 798,561 453,933 70,780,844 Unsecured corporate loans 94,147,532 1,789,054 526,952 96,463,538 Overdrafts 41,749,574 1,395,503 551,809 43,696,886 Mortgage loans 48,862,769 3,574,987 1,514,022 53,951,778 Automobile and other secured loans 12,769,662 2,298,694 258,972 15,327,328 Personal loans 43,000,760 7,283,041 1,615,016 51,898,817 Credit card loans 65,526,273 8,625,173 1,659,828 75,811,274 Foreign Trade Loans 23,287,364 4,009,797 5,625,562 32,922,723 Other financings 36,981,673 1,457,017 — 38,438,690 Other receivables from financial transactions 483,950 132,241 4,063 620,254 Receivables from financial leases 18,059,791 1,833,245 98,744 19,991,780 Subtotal 454,397,698 33,197,313 12,308,901 499,903,912 Allowances for loan losses (4,559,430) (5,097,963) (7,791,435) (17,448,828) Total 449,838,268 28,099,350 4,517,466 482,455,084 Total as of Assets Before Allowances December 31, Stage 1 Stage 2 Stage 3 2022 Promissory notes 106,340,398 1,054,451 417,688 107,812,537 Unsecured corporate loans 123,583,042 1,090,559 4,127,696 128,801,297 Overdrafts 44,092,669 630,267 540,015 45,262,951 Mortgage loans 69,664,409 6,243,262 2,209,939 78,117,610 Automobile and other secured loans 19,532,565 3,945,158 1,261,814 24,739,537 Personal loans 92,037,962 19,148,300 8,045,266 119,231,528 Credit card loans 127,210,714 19,109,434 7,333,522 153,653,670 Foreign Trade Loans 40,165,053 5,760,515 4,610,063 50,535,631 Other financings 15,348,477 505,380 206,750 16,060,607 Other receivables from financial transactions 8,445,341 283,228 304,912 9,033,481 Receivables from financial leases 32,534,029 631,717 120,559 33,286,305 Subtotal 678,954,659 58,402,271 29,178,224 766,535,154 Allowances for loan losses (9,453,324) (9,112,579) (19,494,502) (38,060,405) Total 669,501,335 49,289,692 9,683,722 728,474,749 |
Schedule of eventual responsibility | December 31, 2023 December 31, 2022 Other guarantees granted 93,364,567 39,550,577 Responsibilities for foreign trade loans 12,785,060 3,983,919 Documentary loans 4,761,804 6,100,750 Overdrafts 569,642 760,987 Total eventual responsability 111,481,073 50,396,233 |
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 678,954,659 58,402,271 29,178,224 766,535,154 9,453,324 9,112,579 19,494,502 38,060,405 Transfers Stage 1 to 2 (3,914,111) 3,914,111 — — (145,737) 341,203 — 195,466 Stage 1 to 3 (303,408) — 303,408 — (4,896) — 224,691 219,795 Stage 2 to 3 — (202,208) 202,208 — — (14,909) 85,417 70,508 Stage 2 to 1 2,482,348 (2,482,348) — — 42,549 (111,414) — (68,865) Stage 3 to 2 — 38,181 (38,181) — — 5,016 (20,379) (15,363) Stage 3 to 1 25,952 — (25,952) — 490 — (11,092) (10,602) Additions 437,486,557 — — 437,486,557 11,353,751 — — 11,353,751 Disposals (170,758,908) (11,739,962) (7,085,326) (189,584,196) (12,267,665) (2,564,209) (5,202,920) (20,034,794) Interest accrual 59,400,087 3,619,436 5,060,605 68,080,128 53,229 299,254 2,677,636 3,030,119 Write-Offs (1,839,190) (4,207,426) (9,586,970) (15,633,586) (1,839,190) (4,207,426) (9,586,970) (15,633,586) Portfolio sale — — (5,814,155) (5,814,155) — — (5,662,526) (5,662,526) Exchange Differences and Others 6,157,397 17,929,896 7,439,173 31,526,466 2,779,792 5,849,164 14,384,334 23,013,290 Result from exposure to changes in the purchasing power of money (553,293,685) (32,074,638) (7,324,133) (592,692,456) (4,866,217) (3,611,295) (8,591,258) (17,068,770) Gross carrying amount at December 31, 2023 454,397,698 33,197,313 12,308,901 499,903,912 4,559,430 5,097,963 7,791,435 17,448,828 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 879,964,366 74,614,284 49,480,121 1,004,058,771 11,072,145 16,028,693 33,849,316 60,950,154 Transfers Stage 1 to 2 (18,688,877) 18,688,877 — — (239,529) 1,487,641 — 1,248,112 Stage 1 to 3 (2,101,531) — 2,101,531 — (39,434) — 2,032,421 1,992,987 Stage 2 to 3 — (1,652,737) 1,652,737 — — (286,483) 1,362,499 1,076,016 Stage 2 to 1 11,262,861 (11,262,861) — — (7,256) (2,067,638) — (2,074,894) Stage 3 to 2 — 732,518 (732,518) — — (87,655) (293,091) (380,746) Stage 3 to 1 656,849 — (656,849) — (92,806) — (230,302) (323,108) Additions 407,434,273 27,119,635 9,013,943 443,567,851 3,249,561 3,616,371 7,647,421 14,513,353 Disposals (218,516,270) (13,635,329) (7,438,591) (239,590,190) (1,318,045) (2,427,827) (5,162,127) (8,907,999) Net changes of financial assets (381,600,438) (25,556,814) 2,464,795 (404,692,457) 3,614,000 3,752,961 9,800,873 17,167,834 Write-Offs (1,479,934) (1,834,191) (9,199,278) (12,513,403) (1,479,934) (1,834,191) (9,199,278) (12,513,403) Exchange Differences and Others 15,578,295 630,647 2,164,462 18,373,404 426,620 298,749 1,934,888 2,660,257 Result from exposure to changes in the purchasing power of money (13,554,935) (9,441,758) (19,672,129) (42,668,822) (5,731,998) (9,368,042) (22,248,118) (37,348,158) Gross carrying amount at December 31, 2022 678,954,659 58,402,271 29,178,224 766,535,154 9,453,324 9,112,579 19,494,502 38,060,405 |
Summary of financial assets | Allowances Gross for loans Fair value of Credit Impaired loans exposure losses Book value collateral Overdrafts 551,809 507,461 44,348 - Financial Lease 98,744 81,439 17,305 34,794 Promissory Notes 453,933 342,285 111,648 73,270 Mortgage loans 1,514,022 736,553 777,469 814,204 Personal loans 1,615,016 1,532,260 82,756 - Pledge loans 258,972 186,865 72,107 648,882 Credit cards 1,659,828 1,565,436 94,392 - Other 6,156,577 2,839,136 3,317,441 2,953,136 Total 12,308,901 7,791,435 4,517,466 4,524,286 |
Summary of withdrawal financial assets from its balance sheet | 12.31.2023 12.31.2022 Balance at the beginning of the year 24,494,621 47,918,738 Additions 15,633,586 12,513,403 Disposals (17,335,542) (27,877,484) Cash collection (4,148,993) (5,848,535) Portfolio sales (830,666) (443,214) Condonation (12,355,883) (21,585,735) Exchange differences and other movements (13,702,512) (8,060,036) Gross carrying amount 9,090,153 24,494,621 |
RISK MANAGEMENT POLICIES (Table
RISK MANAGEMENT POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
RISK MANAGEMENT POLICIES | |
Summary of maximum credit risk exposure | December 31, 2023 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Promissory Notes 69,528,350 798,561 453,933 70,780,844 Unsecured Corporate Loans 94,147,532 1,789,054 526,952 96,463,538 Overdrafts 51,728,612 1,695,518 551,809 53,975,939 Mortgage Loans 48,862,769 3,574,987 1,514,022 53,951,778 Automobile and other secured loans 12,769,662 2,298,694 258,972 15,327,328 Personal Loans 43,000,760 7,283,041 1,615,016 51,898,817 Credit Card Loans 142,659,542 13,689,194 1,659,828 158,008,564 Foreign Trade Loans 23,287,364 4,009,797 5,625,562 32,922,723 Other Financings 36,981,673 1,457,017 — 38,438,690 Other Receivables from Financial Transactions 483,950 132,241 4,063 620,254 Receivables from Financial Leases 18,059,791 1,833,245 98,744 19,991,780 Total 541,510,005 38,561,349 12,308,901 592,380,255 December 31, 2022 ECL Staging Stage 1 Stage 2 Stage 3 Loan Type 12-month ECL Lifetime ECL Lifetime ECL Total Promissory Notes 106,340,398 1,054,451 417,688 107,812,537 Unsecured Corporate Loans 123,583,042 1,090,559 4,127,696 128,801,297 Overdrafts 58,650,927 797,854 540,015 59,988,796 Mortgage Loans 69,664,409 6,243,262 2,209,939 78,117,610 Automobile and other secured loans 19,532,565 3,945,158 1,261,814 24,739,537 Personal Loans 92,037,962 19,148,300 8,045,266 119,231,528 Credit Card Loans 313,311,575 29,945,881 7,333,522 350,590,978 Receivables from Financial Leases 33,477,384 631,715 120,561 34,229,660 Foreign Trade Loans 40,165,053 5,760,515 4,610,063 50,535,631 Other Financings 40,777,931 505,639 206,753 41,490,323 Other Receivables from Financial Transactions 7,505,348 283,228 304,905 8,093,481 Total 905,046,594 69,406,562 29,178,222 1,003,631,378 |
Summary of exposure to the Group's exchange risk by currency type | Balances as of 12/31/2023 Balances as of 12/31/2022 Monetary Monetary Monetary Monetary Financial Financial Net Financial Financial Net Currency Assets Liabilities Derivatives Position Assets Liabilities Derivatives Position US Dollar 286,636,032 253,932,945 158,431 32,861,518 214,929,965 189,946,941 173,451 25,156,475 Euro 5,907,343 5,502,023 — 405,320 4,462,182 3,421,601 — 1,040,581 Others 3,764,558 64,651 — 3,699,907 1,489,376 37,034 — 1,452,342 Total 296,307,933 259,499,619 158,431 36,966,745 220,881,523 193,405,576 173,451 27,649,398 |
Summary of sensitivity analysis performed reasonably possible changes in foreign exchange rates | 12/31/2023 12/31/2022 Currency Variation P/L Equity Variation P/L Equity US Dollar 242.30 % 79,605,198 79,605,198 85.70 % 19,097,099 19,097,099 US Dollar (242.30) % (79,605,198) (79,605,198) (85.70) % (19,097,099) (19,097,099) Euro 242.30 % 982,053 982,053 85.70 % 892,205 892,205 Euro (242.30) % (982,053) (982,053) (85.70) % (892,205) (892,205) Other 242.30 % 8,964,534 8,964,534 85.70 % 1,245,257 1,245,257 Other (242.30) % (8,964,534) (8,964,534) (85.70) % (1,245,257) (1,245,257) Total 242.30 % 89,551,785 89,551,785 85.70 % 21,234,561 21,234,561 (242.30) % (89,551,785) (89,551,785) (85.70) % (21,234,561) (21,234,561) |
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 12/31/2023 Total Financial Assets 1,367,597,996 201,843,376 75,283,526 25,674,272 233,501,535 1,903,900,705 Total Financial Liabilities (1,123,780,666) (182,804,117) (99,006,907) (14,104,522) (1,693,776) (1,421,389,988) Net Amount 243,817,330 19,039,259 (23,723,381) 11,569,750 231,807,759 482,510,717 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 12/31/2022 Total Financial Assets 1,217,782,647 157,102,640 113,969,851 43,914,002 465,883,744 1,998,652,884 Total Financial Liabilities (916,770,479) (143,998,663) (106,865,350) (1,113,500) (515,361,769) (1,684,109,761) Net Amount 301,012,168 13,103,977 7,104,501 42,800,502 (49,478,025) 314,543,123 |
Summary of sensitivity to reasonably possible additional variation in interest rates for next year | 12/31/2023 12/31/2022 Increase / (decrease) Increase / (decrease) Additional variation in in the income Additional variation in in the income Items the interest rate statement the interest rate statement Decrease in the interest rate 4% ARS; 2% USD (9,017,557) 4% ARS; 2% USD (458,588) Increase in the interest rate 4% ARS; 2% USD 8,615,049 4% ARS; 2% USD 617,802 |
Schedule of concentration of loans and deposits | Loans and other financing 12/31/2023 12/31/2022 Number of Clients Balance % over total portfolio Balance % over total portfolio 10 largest customers 69,087,338 13.8% 68,238,639 8.9% 50 following largest customers 123,526,823 24.7% 124,053,825 16.2% 100 following largest customers 92,511,436 18.5% 96,004,018 12.5% Rest of customers 214,778,315 43.0% 478,238,672 62.4% TOTAL 499,903,912 100.0% 766,535,154 100.0% Deposits 12/31/2023 12/31/2022 Number of customers Balance % over total portfolio Balance % over total portfolio 10 largest customers 662,055,214 42.7% 571,545,441 33.5% 50 following largest customers 347,109,915 22.4% 379,200,150 22.2% 100 following largest customers 66,447,114 4.3% 94,183,414 5.5% Rest of customers 473,315,813 30.6% 660,080,578 38.7% TOTAL 1,548,928,056 100.0% 1,705,009,583 100.0% |
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 12/31/2023 1 month 3 months 6months 1 years 2 years 2 years Total Loans and other financing 306,353,057 113,373,676 115,578,523 136,200,679 155,987,345 283,308,741 1,110,802,021 To the non-financial public sector 1,832,047 - 170,430 170,430 340,860 852,150 3,365,917 To the financial sector 2,789,465 185,831 324,232 670,385 902,442 166,635 5,038,990 To the Non-Financial Private Sector and Foreign residents 301,731,545 113,187,845 115,083,861 135,359,864 154,744,043 282,289,956 1,102,397,114 TOTAL ASSETS 306,353,057 113,373,676 115,578,523 136,200,679 155,987,345 283,308,741 1,110,802,021 Deposits 1,414,396,480 46,551,007 128,375,672 20,894,066 - - 1,610,217,225 Non-financial public sector 104,224,359 167,400 - - - - 104,391,759 Financial sector 476,539 - - - - - 476,539 Non-financial private sector and foreign residents 1,309,695,582 46,383,607 128,375,672 20,894,066 - - 1,505,348,927 Liabilities at fair value through profit or loss 607,903 - - - - - 607,903 Repo Transactions 940,332 - - - - - 940,332 Other financial liabilities 78,021,141 404,753 549,577 909,190 1,100,630 587,297 81,572,588 Financing received from the Argentine Central Bank and other financial institutions 461,013 390,562 525,110 996,772 1,424,113 943,488 4,741,058 TOTAL LIABILITIES 1,494,426,869 47,346,322 129,450,359 22,800,028 2,524,743 1,530,785 1,698,079,106 |
ASSETS AND LIABILITIES IN FOR_2
ASSETS AND LIABILITIES IN FOREIGN CURRENCY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ASSETS AND LIABILITIES IN FOREIGN CURRENCY | |
Summary of Assets and Liabilities in Foreign Currency | At At 12/31/2023 (per currency) At Items 12/31/2023 Dollar Euro Real Others 12/31/2022 ASSETS Cash and Due from Banks 201,242,228 191,641,796 5,835,926 54,830 3,709,676 120,528,180 Debt securities at fair value through profit or loss 8,684,949 8,684,949 — — — 4,452,251 Derivatives 158,431 158,431 — — — 173,451 Other financial assets 8,142,162 8,142,110 — — 52 5,511,094 Loans and other financing 42,905,258 42,833,841 71,417 — — 56,672,747 Other Debt Securities 27,768,176 27,768,176 — — — 30,281,996 Financial assets in guarantee 6,968,929 6,968,929 — — — 3,019,938 Other non-financial assets 596,231 596,231 — — — 415,317 TOTAL ASSETS 296,466,364 286,794,463 5,907,343 54,830 3,709,728 221,054,974 LIABILITIES Deposits 240,375,097 236,733,749 3,641,348 — — 171,150,697 Non-financial public sector 7,126,792 7,125,492 1,300 — — 5,995,946 Financial sector 1,894 1,894 — — — 4,758 Non-financial private sector and foreign residents 233,246,411 229,606,363 3,640,048 — — 165,149,993 Liabilities at fair value with changes in results — — — — — 2,706,372 Other financial liabilities 17,470,741 15,612,348 1,793,752 133 64,508 13,295,704 Financing received from the Argentine Central Bank and other financial entities 255,796 188,880 66,916 — — 5,326,453 Other non-financial liabilities 1,397,985 1,397,968 7 — 10 926,350 TOTAL LIABILITIES 259,499,619 253,932,945 5,502,023 133 64,518 193,405,576 NET POSITION 36,966,745 32,861,518 405,320 54,697 3,645,210 27,649,398 |
CURRENT_NON-CURRENT DISTINCTI_2
CURRENT/NON-CURRENT DISTINCTION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CURRENT/NON-CURRENT DISTINCTION | |
Summary of Assets and Liability | 12/31/2023 12/31/2022 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 229,098,272 — 229,098,272 150,719,643 — 150,719,643 Cash 114,005,581 — 114,005,581 59,547,824 — 59,547,824 Argentine Central Bank 103,634,933 — 103,634,933 84,654,328 — 84,654,328 Other local financial institutions 10,241,998 — 10,241,998 6,428,404 — 6,428,404 Others 1,215,760 — 1,215,760 89,087 — 89,087 Debt Securities at fair value through profit or loss 46,415,822 — 46,415,822 69,707,595 — 69,707,595 Derivatives 3,795,093 — 3,795,093 920,381 — 920,381 Reverse Repo transactions 755,708,132 — 755,708,132 67,206,248 — 67,206,248 Other financial assets 46,499,784 — 46,499,784 25,246,191 — 25,246,191 Loans and other financing 404,549,650 77,905,434 482,455,084 580,663,665 147,811,084 728,474,749 To the non-financial public sector 1,834,358 235,757 2,070,115 128,427 736,358 864,785 To the financial sector 3,265,728 740,818 4,006,546 1,868,427 138,698 2,007,125 To the Non-Financial Private Sector and Foreign residents 399,449,564 76,928,859 476,378,423 578,666,811 146,936,028 725,602,839 Other debt securities 133,761,633 117,418,908 251,180,541 763,440,474 76,535,093 839,975,567 Pledged as collateral 46,382,606 — 46,382,606 45,056,529 — 45,056,529 Current income tax assets — — — 3,039,566 — 3,039,566 Inventories — — — 208,923 — 208,923 Investments in equity instruments — 365,985 365,985 — 1,565,010 1,565,010 Property, plant and equipment — 51,151,635 51,151,635 — 57,217,390 57,217,390 Investment Property — 45,597,064 45,597,064 — 52,637,396 52,637,396 Intangible assets — 67,634,055 67,634,055 — 69,368,706 69,368,706 Deferred income tax assets 2,203,863 10,756,236 12,960,099 5,646,967 32,350,601 37,997,568 Other non-financial assets 2,090,893 16,672,936 18,763,829 8,486,553 8,161,175 16,647,728 TOTAL ASSETS 1,670,505,748 387,502,253 2,058,008,001 1,720,342,735 445,646,455 2,165,989,190 12/31/2023 12/31/2022 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 1,249,698,981 299,229,075 1,548,928,056 1,705,009,233 350 1,705,009,583 Non-financial public sector 100,747,830 — 100,747,830 86,705,591 — 86,705,591 Financial sector 476,539 — 476,539 315,861 — 315,861 Non-financial private sector and foreign residents 1,148,474,612 299,229,075 1,447,703,687 1,617,987,781 350 1,617,988,131 Liabilities at fair value through profit or loss 607,903 — 607,903 6,661,539 — 6,661,539 Repo Transactions 940,332 — 940,332 — — — Other financial liabilities 71,663,787 1,075,141 72,738,928 54,257,012 2,124,843 56,381,855 Financing received from the Argentine Central Bank and other financial institutions 1,252,379 1,439,590 2,691,969 12,458,785 4,761,049 17,219,834 Unsubordinated negotiable Obligations — — — 1,748,271 — 1,748,271 Current income tax liability 737,181 — 737,181 — — — Provisions 23,990 14,873,677 14,897,667 33,382 5,234,564 5,267,946 Deferred income tax liability 1,614,907 — 1,614,907 565,339 — 565,339 Other non-financial liabilities 73,200,297 — 73,200,297 85,591,165 — 85,591,165 TOTAL LIABILITIES 1,399,739,757 316,617,483 1,716,357,240 1,866,324,726 12,120,806 1,878,445,532 |
OFFSETTING OF FINANCIAL ASSET_2
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 12/31/2023 amount (a) offset (b) (c) = (a) + (b) Financial asset / (Financial liability) Collateral Net amount Debts with businesses for consumption by our customers with credit card — — — (872,707) (24,334,219) (25,206,926) Derivatives instruments 183,690 2,685,919 2,869,609 — — — Total 183,690 2,685,919 2,869,609 (872,707) (24,334,219) (25,206,926) Net in Financial Amounts subject to a master Gross Amount Statements netting arrangement not offset 12/31/2022 amount (a) offset (b) (c) = (a) + (b) Financial asset / (Financial liability) Collateral Net amount Credit cards transactions — — — (959,658) (26,592,007) (27,551,665) Derivatives instruments 270,814 363,673 634,487 — — — Total 270,814 363,673 634,487 (959,658) (26,592,007) (27,551,665) |
CAPITAL MANAGEMEN (Tables)
CAPITAL MANAGEMEN (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
CAPITAL MANAGEMENT | |
Summary of total capital under administration and regulation | 12/31/2023 12/31/2022 (*) Capital Stock 442,672 444,411 Paid in capital 254,538,548 264,229,227 Inflation Adjustment of capital stock 27,960,909 28,325,583 Treasury shares 14,050 12,311 Inflation adjustment of treasury shares 2,944,946 2,580,272 Cost of Treasury shares (5,166,412) (4,307,608) Reserves 4,307,608 19,308,569 Retained earnings 51,354,318 (24,700,453) Other comprehensive income 6,389,921 3,220,774 Shareholders' Equity attributable to owners of the parent company 342,786,560 289,113,086 Shareholders' Equity attributable to non-controlling interests 274,693 229,326 TOTAL SHAREHOLDERS' EQUITY 343,061,253 289,342,412 (*) Historical values without adjustment for inflation. |
Summary of Computable Patrimonial Liability | 12/31/2023 12/31/2022 (*) Basic Shareholder´s Equity Tier One Ordinary Capital 264,420,324 77,619,877 (Deductible concepts) (55,583,242) (25,063,540) Additional Tier One Capital — — Complementary Shareholder´s Equity — 2,600,170 Tier Two Capital — 2,600,170 (Deductible concepts) — — Group Funds 13,771,273 3,051,628 Computable Patrimonial Responsability 222,608,355 58,208,135 (*) Historical values without adjustment for inflation |
Summary of a detail of the determined requirement | 12/31/2023 12/31/2022 (*) Credit risk 61,895,671 25,107,962 Operational risk 21,891,498 8,188,453 Market risk 2,658,844 1,693,962 Requirement 86,446,013 34,990,377 Integration 222,608,355 58,208,135 Excess 136,162,342 23,217,758 (*) Historical values without adjustment for inflation |
MINIMUM CAPITAL REQUIREMENTS (T
MINIMUM CAPITAL REQUIREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
MINIMUM CAPITAL REQUIREMENTS | |
Schedule of minimum capital requirement in accordance with the rules of Agrentine Cental Bank | Year ended December 31, (2) 2023 2022 2021 (in thousands of Pesos except percentages and ratios) Calculation of excess capital: Allocated to assets at risk 51,149,308 20,729,624 12,957,481 Allocated to Bank premises and equipment, intangible assets and equity investment assets 10,474,161 3,747,910 2,035,689 Market risk 2,658,844 1,693,962 965,159 Public sector and securities in investment account, 272,202 625,570 34,489 Operational risk 21,891,498 8,188,453 4,805,957 Required minimum capital under Central Bank rules 86,446,013 34,985,519 20,798,775 Basic net worth 264,420,324 77,619,877 42,938,440 Complementary net worth — 2,600,170 1,564,272 Deductions (55,583,242) (25,063,540) (11,770,286) Total capital under Central Bank rules 208,837,082 55,156,507 32,732,426 Excess capital 122,391,069 20,170,988 11,933,651 Credit Risk Weighted Assets (1) 756,569,592 303,351,644 181,430,487 Risk Weighted Assets (1) 1,058,040,330 428,238,464 254,513,436 Selected capital and liquidity ratios: Regulatory capital/credit risk weighted assets 27.6 % 18.2 % 18.4 % Regulatory capital/risk weighted assets 19.7 % 12.9 % 12.9 % Average shareholders’ equity as a percentage of average total assets 14.5 % 12.2 % 12.5 % Total liabilities as a multiple of total shareholders’ equity 6.3x 8.3x 7.5x Cash as a percentage of total deposits 14.4 % 8.7 % 11.1 % Liquid assets as a percentage of total deposits (3) 64.1 % 46.0 % 49.2 % Tier 1 Capital / risk weighted assets 19.7 % 12.3 % 12.2 % (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, (3) Liquid assets include cash, securities issued by the Central Bank, and Repo transactions with the Central Bank. This ratio does not consider other government securities held by the Company to set Minimum Reserve Requirements. |
ECONOMIC CONTEXT ON GROUP'S O_2
ECONOMIC CONTEXT ON GROUP'S OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
ECONOMIC CONTEXT ON GROUPS OPERATIONS | |
Schedule of group exposure to Argentine public sector | Grupo Supervielle´s Exposure to Public Sector Central Bank of Argentina (including repo transactions) 831,757,936 Treasury Bills 199,343,557 Government Securities 60,856 Exposure to Government Securities and Treasury Bonds 1,031,162,349 Loans to Public Sector 2,070,115 Total exposure to Public Sector 1,033,232,464 Over Total Assets 50.21% Over Shareholder´s equity 302.67% |
ACCOUNTING STANDARDS AND BASI_4
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - IAS 29 (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |||
Annual | 211.40% | 94.80% | 50.90% |
Accumulated 3 years | 815.60% | 300.30% | 216.10% |
ACCOUNTING STANDARDS AND BASI_5
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Change in accounting policies and new accounting standards (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 |
Effect Of Variation In Prices Of Price Index [line items] | |||
Assets | $ 386,336 | ||
Liabilities | $ (40,433) | $ (6,625) | (149,492) |
Total | 236,844 | ||
Insurance contracts under IFRS 4 | |||
Effect Of Variation In Prices Of Price Index [line items] | |||
Assets | 5,229,639 | ||
Liabilities | (4,958,210) | ||
Total | 271,429 | ||
Re-measured | |||
Effect Of Variation In Prices Of Price Index [line items] | |||
Assets | (4,843,303) | ||
Liabilities | 4,808,718 | ||
Total | $ (34,585) |
ACCOUNTING STANDARDS AND BASI_6
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Subsidiaries (Details) | 12 Months Ended | |||
Jun. 08, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 97.1198% | |||
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 | 99.87% | 99.87% | 99.87% | |
Cordial Compania Financiera S.A. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 99.90% | 99.90% | ||
Tarjeta Automtica S.A. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 99.91% | 99.99% | ||
Supervielle asset management S.A.[member] | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
SofitalS.A.F. e I.I. [member] | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Espacio Cordial Servicios S.A. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Supervielle Seguros S.A. [member] | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Micro Lending S.A.U. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
InvertirOnline S.A.U. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Portal Integral de Inversiones S.A.U. {Member] | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
IOL Holding S.A. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Supervielle Productores Asesores de Seguros S.A | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Bolsillo Digital S.A.U. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Supervielle Agente de Negociacin S.A.U. [Member] | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% | |
Dlar IOL S.A.U. | ||||
Subsidiaries included in the consolidation | ||||
Percentage of direct and indirect investment in capital stock | 100% | 100% | 100% |
ACCOUNTING STANDARDS AND BASI_7
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Cash and Cash Equivalents (Detail) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |||
Cash and due from banks | $ 229,098,272 | $ 150,719,643 | $ 197,594,880 |
Debt securities at fair value through profit or loss | 20,598,059 | 17,471,554 | 63,109,218 |
Money Market Funds | 3,020,560 | 1,217,168 | 10,619,154 |
Cash and cash equivalents | $ 252,716,891 | $ 169,408,365 | $ 271,323,252 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Cash and due from Banks | |||
Cash and due from banks | $ 229,098,272 | $ 150,719,643 | $ 197,594,880 |
As per the Statement of Cash Flows | 229,098,272 | 150,719,643 | 197,594,880 |
Debt securities at fair value through profit or loss | |||
As per Statement of Financial Position | 46,415,822 | 69,707,595 | 119,850,286 |
Securities not considered as cash equivalents | (25,817,763) | (52,236,041) | (56,741,068) |
As per the Statement of Cash Flows | 20,598,059 | 17,471,554 | 63,109,218 |
Money Market Funds | |||
As per Statement of Financial Position - Other financial assets | 46,499,784 | 25,246,191 | 84,456,802 |
Other financial assets not considered a cash equivalents | (43,479,224) | (24,029,023) | (73,837,648) |
As per the Statement of Cash Flow | $ 3,020,560 | $ 1,217,168 | $ 10,619,154 |
ACCOUNTING STANDARDS AND BASI_9
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Financing Activities (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of financing activities | |||
Beginning of year | $ 23,852,416 | $ 52,592,616 | $ 113,547,089 |
Inflows | 137,835,987 | 522,953,299 | 209,902,660 |
Outflows | (159,116,283) | (556,265,595) | (282,998,282) |
Other non-cash movements | 2,977,354 | 4,572,096 | 12,141,149 |
End of year | 5,549,474 | 23,852,416 | 52,592,616 |
Unsubordinated debt securities | |||
Reconciliation of financing activities | |||
Beginning of year | 1,748,271 | 6,425,358 | 38,700,661 |
Inflows | 34,552 | 13,661,245 | |
Outflows | (1,782,823) | (4,677,087) | (45,936,548) |
End of year | 1,748,271 | 6,425,358 | |
Subordinated debt securities | |||
Reconciliation of financing activities | |||
Beginning of year | 10,442,289 | ||
Outflows | (10,442,289) | ||
Financing received from the Argentine Central Bank and other financial institutions | |||
Reconciliation of financing activities | |||
Beginning of year | 17,219,834 | 37,928,009 | 53,584,358 |
Inflows | 137,801,435 | 522,953,299 | 196,241,415 |
Outflows | (152,329,300) | (543,661,474) | (211,897,764) |
End of year | 2,691,969 | 17,219,834 | 37,928,009 |
Lease Liabilities | |||
Reconciliation of financing activities | |||
Beginning of year | 4,884,311 | 8,239,249 | 10,819,781 |
Outflows | (5,004,160) | (7,927,034) | (14,721,681) |
Other non-cash movements | 2,977,354 | 4,572,096 | 12,141,149 |
End of year | $ 2,857,505 | $ 4,884,311 | $ 8,239,249 |
ACCOUNTING STANDARDS AND BAS_10
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Allowance for Loan Losses (Details) | 12 Months Ended |
Dec. 31, 2023 segment item | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
BCRA threshold credit risk situation | 2 |
Number of segments | segment | 3 |
Number of scenarios considered to estimate credit losses captured non linealrities | 3 |
Minimum | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Behavior rating probability of default | 30% |
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 | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Number of notes | 2 |
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 |
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% |
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 - Assumptions utilized to calculate ECL (Detail) | Dec. 31, 2023 |
Personal and Business Banking | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 30% |
Personal and Business Banking | Inflation Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 205.60% |
Personal and Business Banking | Inflation Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 173.90% |
Personal and Business Banking | Inflation Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 301.70% |
Personal and Business Banking | Private Sector Wage | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | (0.20%) |
Loss given default | (0.20%) |
Personal and Business Banking | Private Sector Wage | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 2.90% |
Loss given default | 2.90% |
Personal and Business Banking | Private Sector Wage | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | (5.00%) |
Loss given default | (5.00%) |
Personal and Business Banking | Monetary Policy Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 105% |
Personal and Business Banking | Monetary Policy Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 94.50% |
Personal and Business Banking | Monetary Policy Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 154.10% |
Corporate Banking | Private Sector Wage | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | (0.20%) |
Corporate Banking | Private Sector Wage | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 2.90% |
Corporate Banking | Private Sector Wage | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | (5.00%) |
Corporate Banking | Monthly Economic Activity Estimator | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 145% |
Corporate Banking | Monthly Economic Activity Estimator | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 150% |
Corporate Banking | Monthly Economic Activity Estimator | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probably of default | 141% |
Corporate Banking | Exchange Rate | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 2,011% |
Corporate Banking | Exchange Rate | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 1,857% |
Corporate Banking | Exchange Rate | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 3,374% |
Corporate Banking | Private Sector Loans | Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 245.20% |
Corporate Banking | Private Sector Loans | Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 109.40% |
Corporate Banking | Private Sector Loans | Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Loss given default | 193.70% |
ACCOUNTING STANDARDS AND BAS_12
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Probabilities (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Scenario one [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 60% |
Scenario Two [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 20% |
Scenario Three [member] | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |
Probability of occurrences | 20% |
ACCOUNTING STANDARDS AND BAS_13
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - ECL Sensitivity (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 ARS ($) | Feb. 27, 2024 USD ($) | Dec. 31, 2022 ARS ($) | |
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |||
Reported ECL allowance | $ 17,448,828 | ||
Financial assets | $ 1,861,901,319 | $ 8,563 | $ 1,928,871,913 |
Reported Loss rate | 3.49% | ||
Irregular Portfolio Coverage | 236.48% | ||
Favorable [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |||
Reported ECL allowance | $ 15,715,368 | ||
Reported Loss rate | 3.14% | ||
Portfolio coverage ratio | 212.98% | ||
Unfavorable [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |||
Reported ECL allowance | $ 19,595,418 | ||
Reported Loss rate | 3.92% | ||
Portfolio coverage ratio | 265.57% | ||
Gross carrying amount | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [line items] | |||
Financial assets | $ 499,903,912 |
ACCOUNTING STANDARDS AND BAS_14
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Useful Life for Property, Plant and Equipment (Detail) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
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 |
ACCOUNTING STANDARDS AND BAS_15
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Movement in investment properties (Detail) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | ||
Income derived from rents (rents charged) | $ 89,087 | $ 228,579 |
Direct operating expenses of properties that generated income derived from rents | (15,681) | (17,655) |
Fair value remeasurement | (7,012,278) | (2,503,275) |
Income or loss from investment property | $ (6,938,872) | $ (2,292,351) |
ACCOUNTING STANDARDS AND BAS_16
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Inventories (Detail) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | ||
Inventories | $ 0 | $ 208,923 |
ACCOUNTING STANDARDS AND BAS_17
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Software (Detail) | 12 Months Ended |
Dec. 31, 2023 | |
Computer software [member] | Maximum | |
Software | |
Estimated useful life | 5 years |
ACCOUNTING STANDARDS AND BAS_18
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Assets and liabilities derived from insurance contracts (Detail) | Dec. 31, 2023 |
ACCOUNTING STANDARDS AND BASIS OF PREPARATION | |
Discount rate | 4% |
Risk-adjusted discount rate | 75% |
ACCOUNTING STANDARDS AND BAS_19
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Reserves (Detail) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Current income required to be appropriate to legal reserve (as a percent) | 5% | |||
Required legal reserve, as percent to capital stock and capital adjustment | 20% | |||
Current year net income post previous years' adjustments to legal reserve (as a percent) | 20% | |||
Equity | $ 341,650,761 | $ 287,543,658 | $ 312,670,701 | $ 326,686,187 |
Argentine Central Bank [member] | ||||
Equity | 342,786,560 | |||
Cost of treasury shares | ||||
Equity | (680,897) | (385,448) | ||
Cost of treasury shares | Argentine Central Bank [member] | ||||
Equity | (5,166,412) | |||
Other reserves. | ||||
Equity | 4,307,608 | $ 16,082,470 | $ 24,893,404 | |
Other reserves. | Argentine Central Bank [member] | ||||
Equity | $ 4,307,608 |
ACCOUNTING STANDARDS AND BAS_20
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 ARS ($) | |
Minimum | |
Disclosure of financial trust [line items] | |
Proportion of ownership interest in associate | 20% |
Maximum | |
Disclosure of financial trust [line items] | |
Proportion of ownership interest in associate | 50% |
Micro Lending Trust Financial Trust, III | |
Disclosure of financial trust [line items] | |
Securitized Amount | $ 39,779 |
Micro Lending Financial Trusts, IV | |
Disclosure of financial trust [line items] | |
Securitized Amount | $ 40,652 |
ACCOUNTING STANDARDS AND BAS_21
ACCOUNTING STANDARDS AND BASIS OF PREPARATION - Earnings per share (Details) shares in Thousands | 12 Months Ended |
Dec. 31, 2023 shares | |
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) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 ARS ($) item | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Weighted average of number of scenarios considered for economic outlook | item | 3 |
Rest of PPE, Intangibles and Goodwill | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Impairment loss | $ | $ 0 |
SEGMENT REPORTING (Details)
SEGMENT REPORTING (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Cash and due from banks | $ 229,098,272 | $ 150,719,643 | $ 197,594,880 |
Debt Securities at fair value through profit or loss | 46,415,822 | 69,707,595 | 119,850,286 |
Loans and other financing | 482,455,084 | 728,474,749 | |
Other Debt Securities | 251,180,541 | 839,975,567 | |
Other Assets | 1,048,858,282 | 377,111,636 | |
TOTAL ASSETS | 2,058,008,001 | 2,165,989,190 | |
Deposits | 1,548,928,056 | 1,705,009,583 | |
Financing received from the Argentine Central Bank and others | 2,691,969 | 17,219,834 | |
Unsubordinated Debt Securities | 1,748,271 | ||
Other liabilities | 164,737,215 | 154,467,844 | |
TOTAL LIABILITIES | 1,716,357,240 | 1,878,445,532 | |
Interest income | 1,157,697,255 | 784,354,347 | 627,418,680 |
Interest Expense | (825,494,087) | (515,399,394) | (366,990,536) |
Net interest income | 332,203,168 | 268,954,953 | 260,428,144 |
Net income from financial instruments at fair value through profit or loss | 138,081,046 | 56,821,678 | 53,923,603 |
Result from derecognition of financial assets measured at amortized cost | 16,857,100 | 1,531,618 | 1,541,901 |
Exchange rate differences on gold and foreign currency | 5,800,908 | 8,541,784 | 6,019,802 |
Net Income From Financial instruments And Exchange Rate Differences | 160,739,054 | 66,895,080 | 61,485,306 |
Net Financial Income | 492,942,222 | 335,850,033 | 321,913,450 |
Services Fee Income | 93,125,252 | 94,478,177 | 101,091,634 |
Services Fee Expenses | (24,176,077) | (33,392,724) | (30,818,243) |
Income from insurance activities | 14,431,313 | 14,104,154 | 13,777,397 |
Net Service Fee Income | 83,380,488 | 75,189,607 | 84,050,788 |
Subtotal | 576,322,710 | 411,039,640 | 405,964,238 |
Result from exposure to changes in the purchasing power of money | (108,923,511) | (55,271,939) | (47,361,901) |
Other operating income | 23,688,747 | 32,671,074 | 32,616,164 |
Loan loss provisions | (33,640,071) | (44,129,627) | (54,168,977) |
Net operating income | 457,447,875 | 344,309,148 | 337,049,524 |
Personnel expenses | (160,395,452) | (167,825,508) | (155,237,181) |
Administration expenses | (84,438,694) | (88,946,808) | (93,147,074) |
Depreciations and impairment non-financial assets | (31,931,273) | (31,447,803) | (25,629,749) |
Other operating expenses | (94,289,712) | (82,925,021) | (71,870,346) |
Operating income (loss) | 86,392,744 | (26,835,992) | (8,834,826) |
Result before taxes | 86,392,744 | (26,835,992) | (8,834,826) |
Income tax | (34,734,935) | 11,164,078 | (1,697,922) |
Net (loss) / income | 51,657,809 | (15,671,914) | (10,532,748) |
Net (loss) / income for the year attributable to owners of the parent | 51,615,837 | (15,654,911) | (10,521,726) |
Net Income / (Loss) for the year attributable to non-controlling interests | 41,972 | (17,003) | (11,022) |
Other comprehensive (loss) / income | 3,308,098 | (3,615,999) | (325,915) |
Other comprehensive (loss) / income attributable to owners of the parent company | 3,304,317 | (3,612,173) | (325,499) |
Other comprehensive Income / (loss) attributable to non-controlling interest | 3,781 | (3,826) | (416) |
Comprehensive (loss) / income for the year | 54,965,907 | (19,287,913) | (10,858,663) |
Comprehensive (loss) / income attributable to owners of the parent company | 54,920,154 | (19,267,084) | (10,847,225) |
Comprehensive income (loss) attributable to non-controlling interest | 45,753 | (20,829) | (11,438) |
Adjustments | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 1,454,013 | (392,200) | |
Debt Securities at fair value through profit or loss | 4,166,230 | 14,657,027 | |
Loans and other financing | (179,500) | 1,475,353 | |
Other Debt Securities | 7,008,261 | (14,616,864) | |
Other Assets | (3,606,804) | 14,834,158 | |
TOTAL ASSETS | 8,842,200 | 15,957,474 | |
Deposits | (220,173) | (1,553,532) | |
Financing received from the Argentine Central Bank and others | (152,309) | (2,438,549) | |
Other liabilities | 46,647,696 | 56,254,181 | |
TOTAL LIABILITIES | 46,275,214 | 52,262,100 | |
Interest income | 6,195,807 | (13,600,042) | (9,724,588) |
Interest Expense | (246,052) | 14,452,176 | 9,821,874 |
Net interest income | 5,949,755 | 852,134 | 97,286 |
Net income from financial instruments at fair value through profit or loss | 3,506,459 | (905,043) | 876,912 |
Result from derecognition of financial assets measured at amortized cost | 1,008,741 | (18,831) | (143,356) |
Exchange rate differences on gold and foreign currency | 2,995,241 | 1,323,851 | 552,378 |
Net Income From Financial instruments And Exchange Rate Differences | 7,510,441 | 399,977 | 1,285,934 |
Net Financial Income | 13,460,196 | 1,252,111 | 1,383,220 |
Services Fee Income | (1,697,717) | (2,200,968) | (2,087,967) |
Services Fee Expenses | 581,461 | 972,335 | |
Income from insurance activities | 1,286,472 | 1,539,313 | 1,791,460 |
Net Service Fee Income | (411,245) | (80,194) | 675,828 |
Subtotal | 13,048,951 | 1,171,917 | 2,059,048 |
Result from exposure to changes in the purchasing power of money | (13,021,360) | (8,017,974) | (3,812,478) |
Other operating income | (1,218,310) | 1,857,874 | (1,408,313) |
Loan loss provisions | (86,278) | (30,445) | |
Net operating income | (1,276,997) | (5,018,628) | (3,161,743) |
Personnel expenses | (159,299) | (148,706) | (220,870) |
Administration expenses | 1,678,242 | 1,567,678 | 1,182,247 |
Depreciations and impairment non-financial assets | (402,553) | 1,160,058 | (568,694) |
Other operating expenses | (1,301,716) | 28,642 | (243,063) |
Operating income (loss) | (1,462,323) | (2,410,956) | (3,012,123) |
Income from associates and joint ventures | (48,675) | 33,240 | (32,835) |
Result before taxes | (1,510,998) | (2,377,716) | (3,044,958) |
Income tax | (891,606) | 495,993 | (382,488) |
Net (loss) / income | (2,402,604) | (1,881,723) | (3,427,446) |
Net (loss) / income for the year attributable to owners of the parent | (2,444,576) | (1,864,720) | (3,416,424) |
Net Income / (Loss) for the year attributable to non-controlling interests | 41,972 | (17,003) | (11,022) |
Other comprehensive (loss) / income | (205,586) | (121,436) | 82,649 |
Other comprehensive (loss) / income attributable to owners of the parent company | (209,367) | (117,610) | 83,065 |
Other comprehensive Income / (loss) attributable to non-controlling interest | 3,781 | (3,826) | (416) |
Comprehensive (loss) / income for the year | (2,608,190) | (2,003,159) | (3,344,797) |
Comprehensive (loss) / income attributable to owners of the parent company | (2,653,943) | (1,982,330) | (3,333,359) |
Comprehensive income (loss) attributable to non-controlling interest | 45,753 | (20,829) | (11,438) |
Personal and Business Banking | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 110,764,865 | 58,275,322 | |
Debt Securities at fair value through profit or loss | 468,851 | 227,144 | |
Loans and other financing | 259,366,382 | 449,229,800 | |
Other Debt Securities | 795,893 | ||
Other Assets | 67,222,373 | 63,254,083 | |
TOTAL ASSETS | 438,618,364 | 570,986,349 | |
Deposits | 580,111,750 | 763,209,849 | |
Financing received from the Argentine Central Bank and others | 46,543 | 110,257 | |
Unsubordinated Debt Securities | 40,091 | ||
Other liabilities | 59,517,338 | 59,032,522 | |
TOTAL LIABILITIES | 639,675,631 | 822,392,719 | |
Interest income | 254,580,954 | 214,375,398 | 186,358,164 |
Interest Expense | (292,693,459) | (157,864,290) | (98,489,444) |
Distribution of results by Treasury | 203,751,598 | 51,369,892 | 31,144,193 |
Net interest income | 165,639,093 | 107,881,000 | 119,012,913 |
Net income from financial instruments at fair value through profit or loss | 1,352,209 | 1,336 | |
Result from derecognition of financial assets measured at amortized cost | 145,846 | ||
Exchange rate differences on gold and foreign currency | (5,818,881) | 1,968,725 | 1,920,588 |
Net Income From Financial instruments And Exchange Rate Differences | (4,320,826) | 1,970,061 | 1,920,588 |
Net Financial Income | 161,318,267 | 109,851,061 | 120,933,501 |
Services Fee Income | 60,345,902 | 62,377,536 | 63,869,023 |
Services Fee Expenses | (21,318,192) | (21,475,356) | (20,897,502) |
Net Service Fee Income | 39,027,710 | 40,902,180 | 42,971,521 |
Subtotal | 200,345,977 | 150,753,241 | 163,905,022 |
Result from exposure to changes in the purchasing power of money | 26,191,260 | 37,872,214 | 18,058,162 |
Other operating income | 11,608,309 | 12,487,079 | 7,919,897 |
Loan loss provisions | (26,289,775) | (30,523,909) | (25,163,793) |
Net operating income | 211,855,771 | 170,588,625 | 164,719,288 |
Personnel expenses | (117,449,867) | (115,308,075) | (110,560,426) |
Administration expenses | (69,151,750) | (64,711,586) | (67,180,251) |
Depreciations and impairment non-financial assets | (26,154,603) | (21,254,848) | (20,074,545) |
Other operating expenses | (43,762,028) | (34,757,496) | (31,693,687) |
Operating income (loss) | (44,662,477) | (65,443,380) | (64,789,621) |
Result before taxes | (44,662,477) | (65,443,380) | (64,789,621) |
Income tax | 13,997,503 | 23,211,328 | 22,571,803 |
Net (loss) / income | (30,664,974) | (42,232,052) | (42,217,818) |
Net (loss) / income for the year attributable to owners of the parent | (30,664,974) | (42,232,052) | (42,217,818) |
Other comprehensive (loss) / income | (180,325) | (426,940) | (140,896) |
Other comprehensive (loss) / income attributable to owners of the parent company | (180,325) | (426,940) | (140,896) |
Comprehensive (loss) / income for the year | (30,845,299) | (42,658,992) | (42,358,714) |
Comprehensive (loss) / income attributable to owners of the parent company | (30,845,299) | (42,658,992) | (42,358,714) |
Corporate Banking | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 3,027,754 | 2,380,207 | |
Debt Securities at fair value through profit or loss | 844,260 | 5,038,501 | |
Loans and other financing | 196,646,291 | 256,549,503 | |
Other Assets | 24,588,393 | 16,103,120 | |
TOTAL ASSETS | 225,106,698 | 280,071,331 | |
Deposits | 215,174,968 | 198,010,241 | |
Financing received from the Argentine Central Bank and others | 274 | ||
Unsubordinated Debt Securities | 13,615 | ||
Other liabilities | 17,715,652 | 12,079,574 | |
TOTAL LIABILITIES | 232,890,620 | 210,103,704 | |
Interest income | 161,646,276 | 111,858,986 | 117,994,415 |
Interest Expense | (99,562,805) | (33,085,907) | (18,436,833) |
Distribution of results by Treasury | 9,161,791 | (34,182,339) | (55,658,692) |
Net interest income | 71,245,262 | 44,590,740 | 43,898,890 |
Net income from financial instruments at fair value through profit or loss | (13,487) | ||
Exchange rate differences on gold and foreign currency | (7,469,756) | 457,234 | 525,145 |
Net Income From Financial instruments And Exchange Rate Differences | (7,483,243) | 457,234 | 525,145 |
Net Financial Income | 63,762,019 | 45,047,974 | 44,424,035 |
Services Fee Income | 7,459,745 | 6,893,759 | 6,299,126 |
Services Fee Expenses | (1,343,255) | (1,868,630) | (2,064,100) |
Net Service Fee Income | 6,116,490 | 5,025,129 | 4,235,026 |
Subtotal | 69,878,509 | 50,073,103 | 48,659,061 |
Result from exposure to changes in the purchasing power of money | (6,733,931) | (18,647,878) | (11,257,365) |
Other operating income | 5,803,159 | 10,998,295 | 8,249,419 |
Loan loss provisions | (5,176,215) | (1,542,944) | (5,009,029) |
Net operating income | 63,771,522 | 40,880,576 | 40,642,086 |
Personnel expenses | (20,814,845) | (17,071,099) | (11,636,310) |
Administration expenses | (4,772,122) | (5,507,484) | (4,863,041) |
Depreciations and impairment non-financial assets | (3,532,728) | (3,205,132) | (1,906,341) |
Other operating expenses | (18,470,438) | (10,403,323) | (13,057,587) |
Operating income (loss) | 16,181,389 | 4,693,538 | 9,178,807 |
Result before taxes | 16,181,389 | 4,693,538 | 9,178,807 |
Income tax | (5,877,263) | (307,512) | (3,080,448) |
Net (loss) / income | 10,304,126 | 4,386,026 | 6,098,359 |
Net (loss) / income for the year attributable to owners of the parent | 10,304,126 | 4,386,026 | 6,098,359 |
Other comprehensive (loss) / income | (90,134) | (150,528) | (87,291) |
Other comprehensive (loss) / income attributable to owners of the parent company | (90,134) | (150,528) | (87,291) |
Comprehensive (loss) / income for the year | 10,213,992 | 4,235,498 | 6,011,068 |
Comprehensive (loss) / income attributable to owners of the parent company | 10,213,992 | 4,235,498 | 6,011,068 |
Bank Treasury | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 110,072,448 | 88,588,717 | |
Debt Securities at fair value through profit or loss | 29,465,234 | 47,241,094 | |
Loans and other financing | 25,996,149 | 20,453,668 | |
Other Debt Securities | 242,620,591 | 850,392,965 | |
Other Assets | 917,851,229 | 201,370,177 | |
TOTAL ASSETS | 1,326,005,651 | 1,208,046,621 | |
Deposits | 753,861,511 | 732,444,284 | |
Financing received from the Argentine Central Bank and others | 2,645,426 | 17,109,321 | |
Unsubordinated Debt Securities | 1,694,565 | ||
Other liabilities | 28,866,321 | 16,735,601 | |
TOTAL LIABILITIES | 785,373,258 | 767,983,771 | |
Interest income | 731,623,996 | 436,230,689 | 284,642,353 |
Interest Expense | (432,510,602) | (313,718,114) | (236,628,292) |
Distribution of results by Treasury | (212,913,389) | (17,187,553) | 24,514,499 |
Net interest income | 86,200,005 | 105,325,022 | 72,528,560 |
Net income from financial instruments at fair value through profit or loss | 116,387,674 | 45,944,093 | 44,748,073 |
Result from derecognition of financial assets measured at amortized cost | 15,702,513 | 1,550,449 | 1,685,257 |
Exchange rate differences on gold and foreign currency | 12,474,869 | 4,613,361 | 2,436,715 |
Net Income From Financial instruments And Exchange Rate Differences | 144,565,056 | 52,107,903 | 48,870,045 |
Net Financial Income | 230,765,061 | 157,432,925 | 121,398,605 |
Services Fee Income | 570,174 | 543,986 | 374,013 |
Services Fee Expenses | (569,742) | (1,076,739) | (1,032,045) |
Net Service Fee Income | 432 | (532,753) | (658,032) |
Subtotal | 230,765,493 | 156,900,172 | 120,740,573 |
Result from exposure to changes in the purchasing power of money | (95,667,720) | (60,474,004) | (39,021,857) |
Other operating income | 4,374,320 | 841,224 | 12,567,064 |
Loan loss provisions | (2,087,803) | (1,300,479) | (191,824) |
Net operating income | 137,384,290 | 95,966,913 | 94,093,956 |
Personnel expenses | (10,139,447) | (8,864,191) | (6,686,701) |
Administration expenses | (3,847,512) | (4,258,356) | (4,737,588) |
Depreciations and impairment non-financial assets | (1,277,255) | (1,407,886) | (1,278,848) |
Other operating expenses | (28,433,229) | (26,369,000) | (19,018,428) |
Operating income (loss) | 93,686,847 | 55,067,480 | 62,372,391 |
Result before taxes | 93,686,847 | 55,067,480 | 62,372,391 |
Income tax | (33,443,115) | (19,563,369) | (20,205,511) |
Net (loss) / income | 60,243,732 | 35,504,111 | 42,166,880 |
Net (loss) / income for the year attributable to owners of the parent | 60,243,732 | 35,504,111 | 42,166,880 |
Other comprehensive (loss) / income | 3,991,429 | (3,157,614) | (175,737) |
Other comprehensive (loss) / income attributable to owners of the parent company | 3,991,429 | (3,157,614) | (175,737) |
Comprehensive (loss) / income for the year | 64,235,161 | 32,346,497 | 41,991,143 |
Comprehensive (loss) / income attributable to owners of the parent company | 64,235,161 | 32,346,497 | 41,991,143 |
Consumer Finance | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 684,493 | ||
Debt Securities at fair value through profit or loss | 2,455,216 | ||
Loans and other financing | 182,211 | ||
Other Assets | 40,552,902 | ||
TOTAL ASSETS | 43,874,822 | ||
Deposits | 12,681,248 | ||
Financing received from the Argentine Central Bank and others | 923,168 | ||
Other liabilities | 4,031,144 | ||
TOTAL LIABILITIES | 17,635,560 | ||
Interest income | 35,329,337 | 48,093,046 | |
Interest Expense | (25,112,121) | (23,257,841) | |
Net interest income | 10,217,216 | 24,835,205 | |
Net income from financial instruments at fair value through profit or loss | 3,303,521 | 2,222,392 | |
Exchange rate differences on gold and foreign currency | (103,615) | 87,060 | |
Net Income From Financial instruments And Exchange Rate Differences | 3,199,906 | 2,309,452 | |
Net Financial Income | 13,417,122 | 27,144,657 | |
Services Fee Income | 9,186,376 | 16,364,490 | |
Services Fee Expenses | (7,559,987) | (6,956,535) | |
Net Service Fee Income | 1,626,389 | 9,407,955 | |
Subtotal | 15,043,511 | 36,552,612 | |
Result from exposure to changes in the purchasing power of money | 3,871,837 | (4,242,403) | |
Other operating income | 5,356,171 | 4,704,706 | |
Loan loss provisions | (10,690,115) | (23,804,331) | |
Net operating income | 13,581,404 | 13,210,584 | |
Personnel expenses | (11,966,054) | (15,896,158) | |
Administration expenses | (9,642,784) | (10,671,255) | |
Depreciations and impairment non-financial assets | (6,094,229) | (1,240,791) | |
Other operating expenses | (9,905,152) | (6,507,517) | |
Operating income (loss) | (24,026,815) | (21,105,137) | |
Income from associates and joint ventures | (159,659) | 32,835 | |
Result before taxes | (24,186,474) | (21,072,302) | |
Income tax | 10,220,414 | 2,046,011 | |
Net (loss) / income | (13,966,060) | (19,026,291) | |
Net (loss) / income for the year attributable to owners of the parent | (13,966,060) | (19,026,291) | |
Comprehensive (loss) / income for the year | (13,966,060) | (19,026,291) | |
Comprehensive (loss) / income attributable to owners of the parent company | (13,966,060) | (19,026,291) | |
Insurance [member] | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 4,253 | 6,309 | |
Debt Securities at fair value through profit or loss | 5,333,658 | ||
Loans and other financing | 16,219 | 13,431 | |
Other Debt Securities | 755,780 | 3,590,633 | |
Other Assets | 8,213,004 | 7,944,996 | |
TOTAL ASSETS | 14,322,914 | 11,555,369 | |
Other liabilities | 3,943,266 | 2,296,080 | |
TOTAL LIABILITIES | 3,943,266 | 2,296,080 | |
Interest income | 185,695 | 14,508 | 8,626 |
Net interest income | 185,695 | 14,508 | 8,626 |
Net income from financial instruments at fair value through profit or loss | 11,047,489 | 4,455,319 | 3,485,461 |
Exchange rate differences on gold and foreign currency | 1,050 | 62 | 3,955 |
Net Income From Financial instruments And Exchange Rate Differences | 11,048,539 | 4,455,381 | 3,489,416 |
Net Financial Income | 11,234,234 | 4,469,889 | 3,498,042 |
Income from insurance activities | 13,144,841 | 12,564,841 | 11,985,937 |
Net Service Fee Income | 13,144,841 | 12,564,841 | 11,985,937 |
Subtotal | 24,379,075 | 17,034,730 | 15,483,979 |
Result from exposure to changes in the purchasing power of money | (11,650,236) | (6,015,994) | (4,341,278) |
Other operating income | 44,079 | 74,999 | 91,093 |
Loan loss provisions | (37,332) | ||
Net operating income | 12,772,918 | 11,056,403 | 11,233,794 |
Personnel expenses | (3,751,633) | (3,600,181) | (3,434,253) |
Administration expenses | (3,141,695) | (2,527,135) | (2,984,659) |
Depreciations and impairment non-financial assets | (273,688) | (337,874) | (289,204) |
Other operating expenses | (2,842) | (1,445) | (99,015) |
Operating income (loss) | 5,603,060 | 4,589,768 | 4,426,663 |
Result before taxes | 5,603,060 | 4,589,768 | 4,426,663 |
Income tax | (2,001,090) | (1,912,267) | (1,151,570) |
Net (loss) / income | 3,601,970 | 2,677,501 | 3,275,093 |
Net (loss) / income for the year attributable to owners of the parent | 3,601,970 | 2,677,501 | 3,275,093 |
Other comprehensive (loss) / income | (650,143) | 50,398 | (7,097) |
Other comprehensive (loss) / income attributable to owners of the parent company | (650,143) | 50,398 | (7,097) |
Comprehensive (loss) / income for the year | 2,951,827 | 2,727,899 | 3,267,996 |
Comprehensive (loss) / income attributable to owners of the parent company | 2,951,827 | 2,727,899 | 3,267,996 |
Asset Management and Other Services | Operating segments [member] | |||
Disclosure of operating segments [line items] | |||
Cash and due from banks | 3,774,939 | 1,176,795 | |
Debt Securities at fair value through profit or loss | 6,137,589 | 88,613 | |
Loans and other financing | 609,543 | 570,783 | |
Other Debt Securities | 16 | 608,833 | |
Other Assets | 34,590,087 | 33,052,200 | |
TOTAL ASSETS | 45,112,174 | 35,497,224 | |
Deposits | 217,493 | ||
Financing received from the Argentine Central Bank and others | 152,309 | 1,515,363 | |
Other liabilities | 8,046,942 | 4,038,742 | |
TOTAL LIABILITIES | 8,199,251 | 5,771,598 | |
Interest income | 3,464,527 | 145,471 | 46,664 |
Interest Expense | (481,169) | (71,138) | |
Net interest income | 2,983,358 | 74,333 | 46,664 |
Net income from financial instruments at fair value through profit or loss | 5,800,702 | 4,022,452 | 2,590,765 |
Exchange rate differences on gold and foreign currency | 3,618,385 | 282,166 | 493,961 |
Net Income From Financial instruments And Exchange Rate Differences | 9,419,087 | 4,304,618 | 3,084,726 |
Net Financial Income | 12,402,445 | 4,378,951 | 3,131,390 |
Services Fee Income | 26,447,148 | 17,677,488 | 16,272,949 |
Services Fee Expenses | (944,888) | (1,993,473) | (840,396) |
Net Service Fee Income | 25,502,260 | 15,684,015 | 15,432,553 |
Subtotal | 37,904,705 | 20,062,966 | 18,563,943 |
Result from exposure to changes in the purchasing power of money | (8,041,524) | (3,860,140) | (2,744,682) |
Other operating income | 3,077,190 | 1,055,432 | 492,298 |
Loan loss provisions | (4,403) | ||
Net operating income | 32,940,371 | 17,253,855 | 16,311,559 |
Personnel expenses | (8,080,361) | (10,867,202) | (6,802,463) |
Administration expenses | (5,203,857) | (3,867,141) | (3,892,527) |
Depreciations and impairment non-financial assets | (290,446) | (307,892) | (271,326) |
Other operating expenses | (2,319,459) | (1,517,247) | (1,251,049) |
Operating income (loss) | 17,046,248 | 694,373 | 4,094,194 |
Income from associates and joint ventures | 48,675 | 126,419 | |
Result before taxes | 17,094,923 | 820,792 | 4,094,194 |
Income tax | (6,519,364) | (980,509) | (1,495,719) |
Net (loss) / income | 10,575,559 | (159,717) | 2,598,475 |
Net (loss) / income for the year attributable to owners of the parent | 10,575,559 | (159,717) | 2,598,475 |
Other comprehensive (loss) / income | 442,857 | 190,121 | 2,457 |
Other comprehensive (loss) / income attributable to owners of the parent company | 442,857 | 190,121 | 2,457 |
Comprehensive (loss) / income for the year | 11,018,416 | 30,404 | 2,600,932 |
Comprehensive (loss) / income attributable to owners of the parent company | $ 11,018,416 | $ 30,404 | $ 2,600,932 |
SEGMENT REPORTING - Additional
SEGMENT REPORTING - Additional Information (Details) - ARS ($) | 12 Months Ended | |||
Jan. 01, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of operating segments [line items] | ||||
Annual sales | $ 457,447,875,000 | $ 344,309,148,000 | $ 337,049,524,000 | |
Small companies, individuals and companies | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | $ 500,000 | |||
Small and Medium Size Companies | Minimum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 500,000 | |||
Small and Medium Size Companies | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 5,000,000 | |||
Megras | Minimum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 5,000,000 | |||
Megras | Maximum | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | 7,000,000 | |||
Grandes companies | ||||
Disclosure of operating segments [line items] | ||||
Annual sales | $ 7,000,000 |
INCOME TAX - Paragraphs (Detail
INCOME TAX - Paragraphs (Details) | 12 Months Ended | ||||
Jan. 01, 2019 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 16, 2021 item | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Inflation adjustment allocation | 100% | ||||
Inflation adjustment allocated to first year (as a percent) | 16.67% | ||||
Number of tiered tax structures | item | 3 | ||||
Applicable tax rate | 35% | 34% | 28% | ||
Dividend tax rate | 7% | ||||
Income Up To AR$5 Million [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 25% | ||||
Tax Structure Staggered Rates, Maximum Taxable Net Profit | $ 5,000,000 | ||||
Income Up To AR$50 Million [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 30% | ||||
Income Exceeding AR$50 Million [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Applicable tax rate | 35% | ||||
More than $5,000,000 and up to $50,000,000 of Accumulated Taxable Net Income [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax Structure Staggered Rates, Maximum Taxable Net Profit | $ 50,000,000 | ||||
Tax Structure Staggered Rates, Fixed Amount, Minimum Taxable Net Profit | 5,000,000 | ||||
Tax Structure Staggered Rates, Fixed Amount, Threshold Taxable Net Income | 5,000,000 | ||||
Tax Structure Staggered Rates, Fixed Amount, Income Tax | 1,250,000 | ||||
More than $50,000,000 of Accumulated Taxable Net Income [Member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Tax Structure Staggered Rates, Maximum Taxable Net Profit | 50,000,000 | ||||
Tax Structure Staggered Rates, Fixed Amount, Threshold Taxable Net Income | 50,000,000 | ||||
Tax Structure Staggered Rates, Fixed Amount, Income Tax | $ 14,750,000 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
INCOME TAX | |||
Income before taxes | $ 86,392,744 | $ (26,835,992) | $ (8,834,826) |
Tax rate | 35% | 34% | 28% |
Income for the year at tax rate | $ (30,121,478) | $ 9,238,345 | $ 2,429,768 |
Contribution SGR (Mutual Guarantee Societies) | (42,000) | (585,418) | (1,751,560) |
Tax inflation adjustment | 2,918,227 | (6,811,432) | 679,484 |
Income tax return | (463,742) | 108,563 | 160,725 |
Effect of tax rate change on deferred tax | 579,705 | 5,332,012 | 4,620,424 |
Non-deductible results | 1,621,267 | 30,542 | 418,617 |
Income tax | $ (34,734,935) | $ 11,164,078 | $ (1,697,922) |
INCOME TAX - Net position of de
INCOME TAX - Net position of deferred tax (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets / (liabilities) | |||
Deferred tax assets | $ 12,960,099 | $ 37,997,568 | |
Deferred tax liability | (1,614,907) | (565,339) | |
Deferred tax assets | 12,960,099 | 37,997,568 | |
Deferred tax liability | (1,614,907) | (565,339) | |
Total Net Assets by deferred Tax | 11,345,192 | 37,432,229 | $ 19,248,779 |
Later than one year [member] | |||
Deferred tax assets / (liabilities) | |||
Deferred tax assets | 10,756,236 | 32,350,601 | |
Deferred tax assets | 10,756,236 | 31,134,571 | |
Deferred tax liability | (2,243,528) | (2,522,912) | |
Up to 1 year [member] | |||
Deferred tax assets / (liabilities) | |||
Deferred tax assets | 2,203,863 | 5,646,967 | |
Deferred tax liability | (1,614,907) | (565,339) | |
Deferred tax assets | 2,203,863 | 6,862,997 | |
Deferred tax liability | $ 628,621 | $ 1,957,573 |
INCOME TAX - Deferred tax asset
INCOME TAX - Deferred tax assets (liabilities) (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred tax assets / (liabilities) | ||
Beginning Balance | $ 37,432,229 | $ 19,248,779 |
(Charge)/Credit to Income | (26,087,037) | 18,183,450 |
Ending Balance | 11,345,192 | 37,432,229 |
Intangible asset [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (8,636,673) | (8,835,482) |
(Charge)/Credit to Income | (2,980) | 198,809 |
Ending Balance | (8,639,653) | (8,636,673) |
Loan loss reserves [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 6,075,520 | 9,171,961 |
(Charge)/Credit to Income | (601,285) | (3,096,441) |
Ending Balance | 5,474,235 | 6,075,520 |
Property, plant and equipment [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (8,082,143) | (24,196,860) |
(Charge)/Credit to Income | 3,838,308 | 16,114,717 |
Ending Balance | (4,243,835) | (8,082,143) |
Foreign currency [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | (316,325) | (316,325) |
Ending Balance | (316,325) | (316,325) |
Loss carry forwards [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 37,682,645 | 23,909,997 |
(Charge)/Credit to Income | (35,452,634) | 13,772,648 |
Ending Balance | 2,230,011 | 37,682,645 |
Inflation Adjustment Credit [Member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 8,778,249 | 11,955,927 |
(Charge)/Credit to Income | (3,598,498) | (3,177,678) |
Ending Balance | 5,179,751 | 8,778,249 |
Other provisions [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 1,666,178 | 1,844,910 |
(Charge)/Credit to Income | 3,035,018 | (178,732) |
Ending Balance | 4,701,196 | 1,666,178 |
Other deferred tax assets and liabilities [member] | ||
Deferred tax assets / (liabilities) | ||
Beginning Balance | 264,778 | 5,714,651 |
(Charge)/Credit to Income | 6,695,034 | (5,449,873) |
Ending Balance | $ 6,959,812 | $ 264,778 |
INCOME TAX - Loss carryforward
INCOME TAX - Loss carryforward (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforward | $ 6,371,461 | |
Deferred tax assets | 12,960,099 | $ 37,997,568 |
Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 2,230,011 | |
2020 | 2025 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforward | 5,961 | |
2020 | 2025 | Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 2,086 | |
2021 | 2026 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforward | 39,548 | |
2021 | 2026 | Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 13,842 | |
2022 | 2027 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforward | 5,812,640 | |
2022 | 2027 | Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 2,034,424 | |
2023 | 2028 | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Loss carryforward | 513,313 | |
2023 | 2028 | Unused tax losses | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 179,659 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) $ in Thousands, $ in Millions | Feb. 27, 2024 USD ($) | Dec. 31, 2023 ARS ($) | Dec. 31, 2022 ARS ($) |
Assets | |||
Total Assets | $ 8,563 | $ 1,861,901,319 | $ 1,928,871,913 |
Liabilities | |||
Financial liabilities | 1,625,907,188 | 1,787,021,082 | |
Financial liabilities at amortized cost | |||
Liabilities | |||
Financial liabilities | 1,552,907,304 | 1,724,887,444 | |
Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 145,968,539 | 787,951,049 | |
Financial assets at fair value through profit or loss | Financial liabilities at fair value through profit or loss | |||
Liabilities | |||
Financial liabilities | 72,999,884 | 62,133,638 | |
Financial assets at amortized cost | |||
Assets | |||
Total Assets | 1,715,615,889 | 1,140,193,416 | |
Financial assets at fair value through other comprehensive income | |||
Assets | |||
Total Assets | 316,891 | 727,448 | |
Deposits | |||
Liabilities | |||
Financial liabilities | 1,548,928,056 | 1,705,009,583 | |
Deposits | Financial liabilities at amortized cost | |||
Liabilities | |||
Financial liabilities | 1,548,928,056 | 1,705,009,583 | |
Liabilities at fair value through profit or loss | |||
Liabilities | |||
Financial liabilities | 607,903 | 6,661,539 | |
Liabilities at fair value through profit or loss | Financial assets at fair value through profit or loss | Financial liabilities at fair value through profit or loss | |||
Liabilities | |||
Financial liabilities | 607,903 | 6,661,539 | |
Repo transactions | |||
Liabilities | |||
Financial liabilities | 940,332 | ||
Other financial liabilities | |||
Liabilities | |||
Financial liabilities | 72,738,928 | 56,381,855 | |
Other financial liabilities | Financial liabilities at amortized cost | |||
Liabilities | |||
Financial liabilities | 346,947 | 909,756 | |
Other financial liabilities | Financial assets at fair value through profit or loss | Financial liabilities at fair value through profit or loss | |||
Liabilities | |||
Financial liabilities | 72,391,981 | 55,472,099 | |
Financing received from the Argentine Central Bank and other financial institutions | |||
Liabilities | |||
Financial liabilities | 2,691,969 | 17,219,834 | |
Financing received from the Argentine Central Bank and other financial institutions | Financial liabilities at amortized cost | |||
Liabilities | |||
Financial liabilities | 2,691,969 | 17,219,834 | |
Unsubordinated Negotiable Obligations | |||
Liabilities | |||
Financial liabilities | 1,748,271 | ||
Unsubordinated Negotiable Obligations | Financial liabilities at amortized cost | |||
Liabilities | |||
Financial liabilities | 1,748,271 | ||
Cash and due from banks | |||
Assets | |||
Total Assets | 229,098,272 | 150,719,643 | |
Cash and due from banks | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 229,098,272 | 150,719,643 | |
Debt Securities At Fair Value Through Profit Or Loss | |||
Assets | |||
Total Assets | 46,415,822 | 69,707,595 | |
Debt Securities At Fair Value Through Profit Or Loss | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 46,415,822 | 69,707,595 | |
Derivatives Assets | |||
Assets | |||
Total Assets | 3,795,093 | 920,381 | |
Derivatives Assets | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 3,795,093 | 920,381 | |
Reverse Repo transactions | |||
Assets | |||
Total Assets | 755,708,132 | 67,206,248 | |
Reverse Repo transactions | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 755,708,132 | 67,206,248 | |
Other financial assets | |||
Assets | |||
Total Assets | 46,499,784 | 25,246,191 | |
Other financial assets | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 21,064,292 | 18,566,566 | |
Other financial assets | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 25,435,492 | 6,679,625 | |
Loans and other financing | |||
Assets | |||
Total Assets | 482,455,084 | 728,474,749 | |
Loans and other financing | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 482,455,084 | 728,474,749 | |
Other Debt Securities | |||
Assets | |||
Total Assets | 251,180,541 | 839,975,567 | |
Other Debt Securities | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 28,270,031 | 653,133,045 | |
Other Debt Securities | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 222,910,510 | 186,842,522 | |
Financial assets in guarantee | |||
Assets | |||
Total Assets | 46,382,606 | 45,056,529 | |
Financial assets in guarantee | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 46,374,207 | 44,785,900 | |
Financial assets in guarantee | Financial assets at amortized cost | |||
Assets | |||
Total Assets | 8,399 | 270,629 | |
Investments in Equity Instruments | |||
Assets | |||
Total Assets | 365,985 | 1,565,010 | |
Investments in Equity Instruments | Financial assets at fair value through profit or loss | |||
Assets | |||
Total Assets | 49,094 | 837,562 | |
Investments in Equity Instruments | Financial assets at fair value through other comprehensive income | |||
Assets | |||
Total Assets | $ 316,891 | $ 727,448 |
FAIR VALUES - Fair value of fin
FAIR VALUES - Fair value of financial instruments (Details) - Fair value - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | $ 146,285,430 | $ 788,678,497 |
Financial liabilities | 72,999,884 | 62,133,638 |
Debt Securities At Fair Value Through Profit Or Loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 46,415,822 | 69,707,595 |
Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 3,795,093 | 920,381 |
Other financial assets | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 21,064,292 | 18,566,566 |
Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 28,270,031 | 653,133,045 |
Financial assets in guarantee | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 46,374,207 | 44,785,900 |
Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 365,985 | 1,565,010 |
Liabilities at fair value through profit or loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 607,903 | 6,661,539 |
Other financial liabilities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 72,391,981 | 55,472,099 |
Level 1 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 130,163,969 | 157,773,789 |
Financial liabilities | 72,999,884 | 62,133,638 |
Level 1 of fair value hierarchy [member] | Debt Securities At Fair Value Through Profit Or Loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 44,845,302 | 69,696,151 |
Level 1 of fair value hierarchy [member] | Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 920,381 | |
Level 1 of fair value hierarchy [member] | Other financial assets | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 21,064,292 | 18,566,566 |
Level 1 of fair value hierarchy [member] | Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 17,831,074 | 22,967,229 |
Level 1 of fair value hierarchy [member] | Financial assets in guarantee | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 46,374,207 | 44,785,900 |
Level 1 of fair value hierarchy [member] | Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 49,094 | 837,562 |
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 | 607,903 | 6,661,539 |
Level 1 of fair value hierarchy [member] | Other financial liabilities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial liabilities | 72,391,981 | 55,472,099 |
Level 2 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 15,804,570 | 630,177,260 |
Level 2 of fair value hierarchy [member] | Debt Securities At Fair Value Through Profit Or Loss | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 1,570,520 | 11,444 |
Level 2 of fair value hierarchy [member] | Derivatives | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 3,795,093 | |
Level 2 of fair value hierarchy [member] | Other Debt Securities | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 10,438,957 | 630,165,816 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | 316,891 | 727,448 |
Level 3 of fair value hierarchy [member] | Investments in Equity Instruments | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Financial assets | $ 316,891 | $ 727,448 |
FAIR VALUES - Level 3 Reconcili
FAIR VALUES - Level 3 Reconciliation (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Reconciliation of the financial instruments | ||
Assets at beginning of period | $ 2,165,989,190 | |
Disposals | (76,840) | $ (45,605) |
Assets at end of period | 2,058,008,001 | 2,165,989,190 |
Level 3 of fair value hierarchy [member] | ||
Reconciliation of the financial instruments | ||
Assets at beginning of period | 727,448 | |
Additions | 370,242 | |
Disposals | (76,840) | |
P/L | (703,959) | |
Assets at end of period | $ 316,891 | $ 727,448 |
FAIR VALUES - Assets and Liabil
FAIR VALUES - Assets and Liabilities at Amortized Cost (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Liabilities | ||
Financial liabilities at amortised cost | $ 1,748,271 | |
Book value [member] | ||
Financial Assets | ||
Financial assets at amortised cost | $ 1,715,615,889 | 1,140,193,416 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,552,907,304 | 1,724,887,444 |
Book value [member] | Deposits | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,548,928,056 | 1,705,009,583 |
Book value [member] | Repo transactions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 940,332 | |
Book value [member] | Other financial liabilities | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 346,947 | 909,756 |
Book value [member] | Financing received from the Argentine Central Bank and other financial institutions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 2,691,969 | 17,219,834 |
Book value [member] | Unsubordinated Negotiable Obligations | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,748,271 | |
Book value [member] | Cash and due from banks | ||
Financial Assets | ||
Financial assets at amortised cost | 229,098,272 | 150,719,643 |
Book value [member] | Other financial assets | ||
Financial Assets | ||
Financial assets at amortised cost | 25,435,492 | 6,679,625 |
Book value [member] | Loans and other financing | ||
Financial Assets | ||
Financial assets at amortised cost | 482,455,084 | 728,474,749 |
Book value [member] | Reverse Repo transactions | ||
Financial Assets | ||
Financial assets at amortised cost | 755,708,132 | 67,206,248 |
Book value [member] | Other Debt Securities | ||
Financial Assets | ||
Financial assets at amortised cost | 222,910,510 | 186,842,522 |
Book value [member] | Financial assets in guarantee | ||
Financial Assets | ||
Financial assets at amortised cost | 8,399 | 270,629 |
Fair value | ||
Financial Assets | ||
Financial assets at amortised cost | 1,814,736,118 | 1,154,703,180 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,601,553,878 | 1,779,859,431 |
Fair value | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 1,187,707,955 | 326,711,909 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,287,279 | 2,658,027 |
Fair value | Level 2 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 77,716,626 | 91,892,348 |
Fair value | Level 3 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 549,311,537 | 736,098,923 |
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,600,266,599 | 1,777,201,404 |
Fair value | Deposits | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,597,478,417 | 1,750,167,253 |
Fair value | Deposits | Level 3 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,597,478,417 | 1,750,167,253 |
Fair value | Repo transactions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 940,332 | |
Fair value | Repo transactions | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 940,332 | |
Fair value | Other financial liabilities | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 346,947 | 909,756 |
Fair value | Other financial liabilities | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 346,947 | 909,756 |
Fair value | Financing received from the Argentine Central Bank and other financial institutions | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 2,788,182 | 27,034,151 |
Fair value | 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 | 2,788,182 | 27,034,151 |
Fair value | Unsubordinated Negotiable Obligations | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,748,271 | |
Fair value | Unsubordinated Negotiable Obligations | Level 1 of fair value hierarchy [member] | ||
Financial Liabilities | ||
Financial liabilities at amortised cost | 1,748,271 | |
Fair value | Cash and due from banks | ||
Financial Assets | ||
Financial assets at amortised cost | 229,098,272 | 150,719,643 |
Fair value | Cash and due from banks | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 229,098,272 | 150,719,643 |
Fair value | Other financial assets | ||
Financial Assets | ||
Financial assets at amortised cost | 25,435,492 | 6,679,625 |
Fair value | Other financial assets | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 25,435,492 | 6,679,625 |
Fair value | Loans and other financing | ||
Financial Assets | ||
Financial assets at amortised cost | 549,311,537 | 736,098,923 |
Fair value | Loans and other financing | Level 3 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 549,311,537 | 736,098,923 |
Fair value | Reverse Repo transactions | ||
Financial Assets | ||
Financial assets at amortised cost | 755,708,132 | 67,206,248 |
Fair value | Reverse Repo transactions | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 755,708,132 | 67,206,248 |
Fair value | Other Debt Securities | ||
Financial Assets | ||
Financial assets at amortised cost | 255,174,286 | 193,728,112 |
Fair value | Other Debt Securities | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 177,457,660 | 101,835,764 |
Fair value | Other Debt Securities | Level 2 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | 77,716,626 | 91,892,348 |
Fair value | Financial assets in guarantee | ||
Financial Assets | ||
Financial assets at amortised cost | 8,399 | 270,629 |
Fair value | Financial assets in guarantee | Level 1 of fair value hierarchy [member] | ||
Financial Assets | ||
Financial assets at amortised cost | $ 8,399 | $ 270,629 |
FAIR VALUES - Fair Equity Instr
FAIR VALUES - Fair Equity Instruments (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
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 | $ 49,094 | $ 837,562 |
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 | 15,651 | |
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 | 26,237 | 144,901 |
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 | 2,412 | 102,814 |
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 | 1,113 | 42,781 |
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 | 31 | 169,045 |
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 | 517 | 141,977 |
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 | 198 | 17,327 |
Edenor | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 5,799 | 145,309 |
Holcim Arg | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 7,218 | 4,416 |
Cedear SPDR Dow Jones Ind | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 1,803 | 1,731 |
Cedear SPDR S&P | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 1,528 | 1,348 |
Cedear Financial Select Sector | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | 1,430 | 1,423 |
Others | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Equity instruments measured at Fair Value with changes in profit or loss | $ 808 | $ 48,839 |
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, 2023 | Dec. 31, 2022 | |
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | $ 727,448 | $ 650,679 |
Income/(Loss) through OCI | (703,959) | (146,284) |
Disposals | (76,840) | (45,605) |
Additions | 370,242 | 268,658 |
Ending balance of fair value of equity instruments | 316,891 | 727,448 |
Mercado Abierto Electrnico S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 288,040 | 277,503 |
Income/(Loss) through OCI | (286,408) | 10,537 |
Ending balance of fair value of equity instruments | 1,632 | 288,040 |
Play Digital S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 274,011 | 224,182 |
Income/(Loss) through OCI | (283,270) | (173,224) |
Disposals | (75,239) | (45,605) |
Additions | 254,610 | 268,658 |
Ending balance of fair value of equity instruments | 170,112 | 274,011 |
Seguro de Depsitos S.A | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 33,146 | 42,666 |
Income/(Loss) through OCI | (14,214) | (9,520) |
Ending balance of fair value of equity instruments | 18,932 | 33,146 |
Compensador Electrnica S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 101,793 | 68,731 |
Income/(Loss) through OCI | 11,116 | 33,062 |
Disposals | (1,601) | |
Ending balance of fair value of equity instruments | 111,308 | 101,793 |
Provincanje S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 22,586 | 26,862 |
Income/(Loss) through OCI | (130,573) | (4,276) |
Additions | 115,632 | |
Ending balance of fair value of equity instruments | 7,645 | 22,586 |
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 | 5,833 | 8,456 |
Income/(Loss) through OCI | (184) | (2,623) |
Ending balance of fair value of equity instruments | 5,649 | 5,833 |
Argencontrol S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 1,009 | 953 |
Income/(Loss) through OCI | (428) | 56 |
Ending balance of fair value of equity instruments | 581 | 1,009 |
IEBA S.A. | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 190 | 371 |
Income/(Loss) through OCI | (129) | (181) |
Ending balance of fair value of equity instruments | 61 | 190 |
Other Reciprocal Guarantee Companies | ||
Disclosure of fair value measurement of assets and liability [line items] | ||
Beginning balance of fair value of equity instruments | 840 | 955 |
Income/(Loss) through OCI | 131 | (115) |
Ending balance of fair value of equity instruments | $ 971 | $ 840 |
FINANCE LEASES -Financial posit
FINANCE LEASES -Financial position (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease liability | ||
Current | $ 1,844,502 | $ 2,991,612 |
Non-current | 1,013,003 | 1,892,699 |
Total | 2,857,505 | 4,884,311 |
Land and buildings (Gross carrying amount) | ||
Right-of-use asset | ||
Right-of-use assets | $ 9,588,345 | $ 16,891,897 |
FINANCE LEASES - Income stateme
FINANCE LEASES - Income statement (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 ARS ($) | |
Amounts charged to income statement | |
Interest expenses on lease liabilities (Other operating expenses) | $ 33,690 |
Land and buildings [member] | |
Amounts charged to income statement | |
Right-of-use assets - Depreciation | $ 6,480,621 |
FINANCE LEASES - Lease activiti
FINANCE LEASES - Lease activities (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Minimum | |
Leases | |
Rental agreement period | 1 year |
Maximum | |
Leases | |
Rental agreement period | 10 years |
FINANCE LEASES - Finance Lease
FINANCE LEASES - Finance Lease Receivables (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial Lease Receivables | ||
Finance lease receivable | $ 36,724,295 | $ 69,203,487 |
Unearned financial income | (16,732,515) | (35,917,183) |
Net investment in the lease | 19,991,780 | 33,286,304 |
Finance Lease Receivables | ||
Financial Lease Receivables | ||
Allowance for losses | 434,107 | 280,441 |
Up to 1 year [member] | ||
Financial Lease Receivables | ||
Finance lease receivable | 13,745,706 | 23,887,476 |
More than a year up to two years | ||
Financial Lease Receivables | ||
Finance lease receivable | 11,549,927 | 21,379,019 |
From two to three years | ||
Financial Lease Receivables | ||
Finance lease receivable | 7,928,815 | 14,563,649 |
From three to five years | ||
Financial Lease Receivables | ||
Finance lease receivable | 3,497,498 | 8,734,999 |
More than five years [member] | ||
Financial Lease Receivables | ||
Finance lease receivable | $ 2,349 | $ 638,344 |
FINANCE LEASES - Operating Leas
FINANCE LEASES - Operating Lease Receivables (Details) - ARS ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Lease Receivables | ||
Operating lease receivables | $ 378,672 | $ 491,946 |
Up to 1 year [member] | ||
Financial Lease Receivables | ||
Operating lease receivables | 212,663 | 174,102 |
More than a year up to two years | ||
Financial Lease Receivables | ||
Operating lease receivables | 132,019 | 233,334 |
From two to three years | ||
Financial Lease Receivables | ||
Operating lease receivables | $ 33,990 | $ 84,510 |
REPO AND REVERSE REPO TRANSAC_3
REPO AND REVERSE REPO TRANSACTIONS - (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
REPO AND REVERSE REPO TRANSACTIONS | ||
Book Value, repo transactions | $ 755,708,132 | $ 67,206,248 |
Book Value, reverse repo transactions | $ 940,332 |
DERIVATIVE FINANCIAL INSTRUME_3
DERIVATIVE FINANCIAL INSTRUMENTS - Operation Related to Derivatives (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Financial Instruments | ||
Amounts receivable for spot and forward transactions pending settlement | $ 3,795,093 | $ 920,381 |
Net amount | 3,795,093 | 920,381 |
Spot and Forward Transactions Pending Settlement | ||
Derivative Financial Instruments | ||
Amounts receivable for spot and forward transactions pending settlement | 2,869,609 | 634,487 |
Amounts payable for spot and forward transactions pending settlement | 158,431 | 182,977 |
Put option taken with Central Bank | ||
Derivative Financial Instruments | ||
Amounts receivable for spot and forward transactions pending settlement | $ 767,053 | $ 102,917 |
DERIVATIVE FINANCIAL INSTRUME_4
DERIVATIVE FINANCIAL INSTRUMENTS - Notional Values (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Forward sales of foreign exchange without delivery of underlying assets [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Delivery of underlying assets | $ 16,963,766 | $ 42,092,038 |
Forward purchases of foreign exchange without delivery of underlying assets [member] | ||
DERIVATIVE FINANCIAL INSTRUMENTS | ||
Delivery of underlying assets | $ 20,797,187 | $ 12,486,369 |
DERIVATIVE FINANCIAL INSTRUME_5
DERIVATIVE FINANCIAL INSTRUMENTS - Expense (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
DERIVATIVE FINANCIAL INSTRUMENTS | |||
Expense generated by derivative financial instruments | $ 10,282,330 | $ 2,065,245 | $ 9,613,101 |
EARNINGS PER SHARE (Details)
EARNINGS PER SHARE (Details) - ARS ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
EARNINGS PER SHARE | |||
Income attributable to shareholders of the group | $ 51,615,837 | $ (15,654,911) | $ (10,521,726) |
Weighted average of ordinary shares (thousands) | 442,727 | 454,274 | 456,722 |
Income per share - basic | $ 116.59 | $ (34.46) | $ (23.04) |
Income per share - diluted | $ 116.59 | $ (34.46) | $ (23.04) |
SPECIAL TERMINATION ARRANGEME_3
SPECIAL TERMINATION ARRANGEMENTS - (Details) - Post Employment Benefits [Member] - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SPECIAL TERMINATION ARRANGEMENTS | ||
Balances at the beginning | $ 7,422,283 | $ 9,521,606 |
Post-employment benefits | 4,192,701 | 7,422,283 |
Additions to profit or loss | 3,178,727 | 1,672,716 |
Monetary result benefits paid to participants | (1,369,489) | (858,920) |
Charged to profit or loss | 3,178,727 | 1,672,716 |
Benefits paid to participants | (5,038,820) | (2,913,119) |
Balances at closing | $ 4,192,701 | $ 7,422,283 |
PROPERTY, PLANT AND EQUIPMENT -
PROPERTY, PLANT AND EQUIPMENT - Movements (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 57,217,390 | |
At the end of the year | 51,151,635 | $ 57,217,390 |
Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 126,338,956 | 131,556,942 |
Revaluation | (2,093,627) | (2,611,299) |
Additions | 11,023,049 | 9,305,893 |
Disposals | (16,176,044) | (11,912,580) |
At the end of the year | 119,092,334 | 126,338,956 |
Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (69,121,566) | (64,619,072) |
Disposals | 12,289,583 | 7,069,798 |
Of the Year | (11,108,716) | (11,572,292) |
At the end of the year | (67,940,699) | $ (69,121,566) |
Furniture and facilities [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 2,485,871 | |
Useful Life | 10 years | 10 years |
At the end of the year | $ 2,234,299 | $ 2,485,871 |
Furniture and facilities [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 14,069,307 | 13,620,204 |
Additions | 391,691 | 449,103 |
Disposals | (351,971) | |
At the end of the year | 14,109,027 | 14,069,307 |
Furniture and facilities [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (11,583,436) | (10,824,598) |
Disposals | 413,091 | 181,526 |
Of the Year | (704,383) | (940,364) |
At the end of the year | (11,874,728) | $ (11,583,436) |
Machinery and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 5,506,308 | |
Useful Life | 5 years | 5 years |
At the end of the year | $ 6,713,438 | $ 5,506,308 |
Machinery and equipment [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 50,221,991 | 49,868,605 |
Additions | 4,082,256 | 1,060,303 |
Disposals | (659,778) | (706,917) |
At the end of the year | 53,644,469 | 50,221,991 |
Machinery and equipment [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (44,715,683) | (41,898,497) |
Disposals | 635,830 | 659,677 |
Of the Year | (2,851,178) | (3,476,863) |
At the end of the year | (46,931,031) | $ (44,715,683) |
Vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 1,314,171 | |
Useful Life | 5 years | 5 years |
At the end of the year | $ 1,315,588 | $ 1,314,171 |
Vehicles [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 2,340,194 | 2,491,133 |
Additions | 515,511 | 769,211 |
Disposals | (569,297) | (920,150) |
At the end of the year | 2,286,408 | 2,340,194 |
Vehicles [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (1,026,023) | (1,136,208) |
Disposals | 472,330 | 569,001 |
Of the Year | (417,127) | (458,816) |
At the end of the year | (970,820) | $ (1,026,023) |
Right of use assets | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 7,220,918 | |
Useful Life | 5 years | 5 years |
At the end of the year | $ 4,093,064 | $ 7,220,918 |
Right of use assets | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 16,891,897 | 19,194,943 |
Additions | 3,349,796 | 3,555,148 |
Disposals | (10,653,348) | (5,858,194) |
At the end of the year | 9,588,345 | 16,891,897 |
Right of use assets | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (9,670,979) | (9,368,409) |
Disposals | 10,656,319 | 5,659,594 |
Of the Year | (6,480,621) | (5,962,164) |
At the end of the year | (5,495,281) | (9,670,979) |
Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 7,502,745 | |
At the end of the year | 5,656,536 | 7,502,745 |
Construction in progress [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 7,502,745 | 8,438,004 |
Additions | 1,927,178 | 3,463,617 |
Disposals | (3,773,387) | (4,398,876) |
At the end of the year | 5,656,536 | $ 7,502,745 |
Land and buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | $ 33,187,377 | |
Useful Life | 50 years | 50 years |
At the end of the year | $ 31,138,710 | $ 33,187,377 |
Land and buildings [member] | Gross carrying amount | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | 35,312,822 | 37,944,053 |
Revaluation | (2,093,627) | (2,611,299) |
Additions | 756,617 | 8,511 |
Disposals | (168,263) | (28,443) |
At the end of the year | 33,807,549 | 35,312,822 |
Land and buildings [member] | Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
At the beginning of the year | (2,125,445) | (1,391,360) |
Disposals | 112,013 | |
Of the Year | (655,407) | (734,085) |
At the end of the year | $ (2,668,839) | $ (2,125,445) |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT - Revaluation (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
PROPERTY, PLANT AND EQUIPMENT | ||
Revalued amount | $ 31,138,710 | $ 33,187,377 |
Residual Value according to the cost model | 22,580,757 | 22,076,981 |
Difference | $ 8,557,953 | $ 11,110,396 |
INVESTMENT PROPERTIES - Table (
INVESTMENT PROPERTIES - Table (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INVESTMENT PROPERTIES | ||
Beginning balance | $ 52,637,396 | |
P/L for changes in the FV | (7,012,278) | $ (2,503,275) |
Ending balance | 45,597,064 | 52,637,396 |
Cost model | Rented property [member] | ||
INVESTMENT PROPERTIES | ||
Beginning balance | $ 817,096 | $ 852,313 |
Useful life | 5 days | 5 years |
Additions | $ 161,070 | $ 195,567 |
Disposals | (90,816) | |
of the year | (189,124) | (139,968) |
Ending balance | 789,042 | 817,096 |
Fair value | ||
INVESTMENT PROPERTIES | ||
Beginning balance | 52,637,396 | 52,762,890 |
P/L for changes in the FV | (7,012,278) | (2,503,275) |
Additions | 161,070 | 2,608,565 |
Disposals | (90,816) | |
of the year | (189,124) | (139,968) |
Ending balance | 45,597,064 | 52,637,396 |
Fair value | Rented property [member] | ||
INVESTMENT PROPERTIES | ||
Beginning balance | $ 51,820,300 | $ 51,910,577 |
Useful life | 50 days | 50 years |
P/L for changes in the FV | $ (7,012,278) | $ (2,503,275) |
Additions | 2,412,998 | |
Ending balance | $ 44,808,022 | $ 51,820,300 |
INTANGIBLE ASSETS - Summary (De
INTANGIBLE ASSETS - Summary (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 ARS ($) | Dec. 31, 2022 ARS ($) | |
INTANGIBLE ASSETS | ||
At the beginning of the year | $ 69,368,706 | |
At the End of the year | $ 67,634,055 | $ 69,368,706 |
Cost model | Weighted average cost of capital, measurement input [member] | ||
INTANGIBLE ASSETS | ||
Average cost of capital (WACC) | 15.6 | |
Goodwill [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | $ 31,027,144 | |
At the End of the year | 27,027,144 | 31,027,144 |
Brand [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 1,831,210 | |
At the End of the year | 1,831,210 | 1,831,210 |
Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 36,510,352 | |
At the End of the year | 38,775,701 | 36,510,352 |
Gross carrying amount | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 121,103,824 | 106,266,317 |
Additions | 16,916,944 | 17,707,912 |
Impairment | (4,000,000) | (2,300,599) |
Disposals | (756,231) | (569,806) |
At the End of the year | 133,264,537 | 121,103,824 |
Gross carrying amount | Goodwill [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 31,027,144 | 33,327,743 |
Impairment | (4,000,000) | (2,300,599) |
At the End of the year | 27,027,144 | 31,027,144 |
Gross carrying amount | Brand [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 1,831,210 | 1,831,210 |
At the End of the year | 1,831,210 | 1,831,210 |
Gross carrying amount | Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | 88,245,470 | 71,107,364 |
Additions | 16,916,944 | 17,707,912 |
Disposals | (756,231) | (569,806) |
At the End of the year | 104,406,183 | 88,245,470 |
Accumulated depreciation and amortisation [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | (51,735,118) | (36,979,731) |
Disposals | 93,369 | 485,868 |
Of the year | (13,988,733) | (15,241,255) |
At the End of the year | (65,630,482) | (51,735,118) |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | ||
INTANGIBLE ASSETS | ||
At the beginning of the year | (51,735,118) | (36,979,731) |
Disposals | 93,369 | 485,868 |
Of the year | (13,988,733) | (15,241,255) |
At the End of the year | $ (65,630,482) | $ (51,735,118) |
INTANGIBLE ASSETS - Goodwill by
INTANGIBLE ASSETS - Goodwill by cash generating units (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill | ||
Goodwill | $ 27,027,144 | $ 31,027,144 |
Supervielle Seguros S.A. [member] | ||
Goodwill | ||
Goodwill | 88,686 | 88,686 |
Banco Regional de Cuyo S.A. [member] | ||
Goodwill | ||
Goodwill | 464,982 | 464,982 |
Invertir Online.Com Argentina S.A.U. [member] | ||
Goodwill | ||
Goodwill | 16,902,605 | 16,902,605 |
Micro Lending S.A.U. | ||
Goodwill | ||
Goodwill | 9,308,612 | 13,308,612 |
Supervielle Agente de Negoacin S.A.U. [member] | ||
Goodwill | ||
Goodwill | 46,943 | 46,943 |
Others [member] | ||
Goodwill | ||
Goodwill | $ 215,316 | $ 215,316 |
INTANGIBLE ASSETS - Assumptions
INTANGIBLE ASSETS - Assumptions (Detail) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2028 ARS ($) loan | Dec. 31, 2027 ARS ($) loan | Dec. 31, 2026 ARS ($) loan | Dec. 31, 2025 ARS ($) loan | Dec. 31, 2024 ARS ($) loan | Dec. 31, 2023 ARS ($) loan item | Dec. 31, 2022 ARS ($) | Dec. 31, 2021 ARS ($) | |
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Cash flow projections financial budget period | 0 years | |||||||
Inflation (end of period) (as percent) | 211.40% | |||||||
Inflation (average) (as a percent) | 133.50% | |||||||
Cost of funding (average) (as a percent) | 63% | |||||||
Loan's interest rate (average) | 82.80% | |||||||
Number of borrowings originated by Micro Lending | loan | 5,798 | |||||||
InvertirOnline'Operating income | $ 7,326 | |||||||
Accumulated inflation index (as a percent) | 211.40% | |||||||
Variation in the BCRA Com exchange rate (as a percent) | 356.40% | |||||||
Balance of automobile loans (as a percent) | 0.20% | |||||||
Number of Operations, financing granted | item | 5,800 | |||||||
Depreciation and amortisation expense | $ 31,931,273 | $ 31,447,803 | $ 25,629,749 | |||||
Increase in weighted average cost of capital (as a percent) | 1% | |||||||
Micro Lending S.A.U. | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Goodwill impairment | $ 4,000,000 | |||||||
Micro Lending S.A.U. | Personal and Business Banking | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
cash-generating unit | $ 10,477,611 | |||||||
Forecast | ||||||||
Disclosure of reconciliation of changes in goodwill [line items] | ||||||||
Inflation (end of period) (as percent) | 8.50% | 23.70% | 49.80% | 80.40% | 205.60% | |||
Inflation (average) (as a percent) | 13.40% | 34.40% | 62% | 104.90% | 249.10% | |||
Cost of funding (average) (as a percent) | 9.40% | 17.80% | 31.60% | 45.30% | 70% | |||
Loan's interest rate (average) | 17.40% | 27.80% | 43.60% | 59.30% | 88% | |||
Number of borrowings originated by Micro Lending | loan | 14,004 | 14,004 | 12,504 | 9,996 | 7,080 | |||
InvertirOnline'Operating income | $ 134,834 | $ 118,939 | $ 88,474 | $ 51,990 | $ 21,213 |
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, 2023 | Dec. 31, 2022 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Government securities | $ 43,859,127 | $ 49,031,485 |
Corporate securities | 2,556,695 | 20,676,110 |
Debt securities | $ 46,415,822 | $ 69,707,595 |
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, 2023 | Dec. 31, 2022 |
Disclosure of debt securities [line items] | ||
Derivatives | $ 3,795,093 | $ 920,381 |
Debtor balances related to forward operations in foreign currency to be settled in pesos | ||
Disclosure of debt securities [line items] | ||
Derivatives | 2,869,609 | 634,487 |
Debtor balances related to forward operations in foreign currency | ||
Disclosure of debt securities [line items] | ||
Derivatives | 158,431 | 182,977 |
Put option taken with Central Bank | ||
Disclosure of debt securities [line items] | ||
Derivatives | $ 767,053 | $ 102,917 |
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, 2023 | Dec. 31, 2022 |
Other financial assets | ||
Other financial assets | $ 46,499,784 | $ 25,246,191 |
Allowances for loan losses | ||
Other financial assets | ||
Other financial assets | (416,205) | (464,391) |
Participation certificate in financial trusts | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | 635,332 | 493,273 |
Investments in Asset Management and Other Services | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | 6,890,718 | 6,739,434 |
Other investments [member] | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | 3,113,100 | 3,209,561 |
Receivable from spot sales pending settlement [member] | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | 24,966,331 | 7,459,195 |
Several debtors [member] | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | 10,815,142 | 7,288,751 |
Miscellaneous debtors for credit card operations [member] | Gross carrying amount | ||
Other financial assets | ||
Other financial assets | $ 495,366 | $ 520,368 |
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, 2023 | Dec. 31, 2022 |
Other debt securities | ||
Other debt instruments held | $ 251,180,541 | $ 839,975,567 |
Allowances for loan losses | ||
Other debt securities | ||
Other debt instruments held | (2,181,044) | (1,851,807) |
Negotiable Obligations [member] | Gross carrying amount | ||
Other debt securities | ||
Other debt instruments held | 12,667,045 | 17,622,462 |
Debt securities from financial trusts [member] | Gross carrying amount | ||
Other debt securities | ||
Other debt instruments held | 4,590,978 | |
Government Securities [member] | Gross carrying amount | ||
Other debt securities | ||
Other debt instruments held | 160,021,031 | 116,816,092 |
Securities issued by the BCRA [member] | Gross carrying amount | ||
Other debt securities | ||
Other debt instruments held | 76,082,442 | 707,388,671 |
Others [member] | Gross carrying amount | ||
Other debt securities | ||
Other debt instruments held | $ 89 | $ 149 |
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, 2023 | Dec. 31, 2022 |
Financial assets in guarantee | ||
Financial assets pledged as collateral | $ 46,382,606 | $ 45,056,529 |
Guarantee Securities For Repo Operations [Member] | ||
Financial assets in guarantee | ||
Financial assets pledged as collateral | 972,694 | |
Special Guarantees Accounts Argentine Central Bank [Member] | ||
Financial assets in guarantee | ||
Financial assets pledged as collateral | 21,763,021 | 32,058,218 |
Deposits In Guarantee [Member] | ||
Financial assets in guarantee | ||
Financial assets pledged as collateral | $ 23,646,891 | $ 12,998,311 |
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, 2023 | Dec. 31, 2022 |
Inventories | ||
Inventories | $ 0 | $ 208,923 |
Gross carrying amount | ||
Inventories | ||
Electronics | $ 208,923 |
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, 2023 | Dec. 31, 2022 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Other Miscellaneous assets | $ 8,538,030 | $ 7,694,702 |
Loans to employees | 2,134,276 | 2,678,478 |
Payments in advance | 5,948,058 | 4,151,472 |
Other non-financial assets | 154,060 | 374,811 |
Retirement Plan | 547,973 | 387,914 |
Works of art and collector's pieces | 253,347 | 257,559 |
Insurance Contract assets | 1,187,065 | 1,096,286 |
Asset from insurance broker operations | 1,020 | 6,506 |
Non financial assets | $ 18,763,829 | $ 16,647,728 |
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, 2023 | Dec. 31, 2022 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Non-financial sector | $ 100,747,830 | $ 86,705,591 |
Financial sector | 476,539 | 315,861 |
Current accounts | 138,589,508 | 157,491,710 |
Special checking accounts | 731,973,085 | 556,908,441 |
Savings accounts | 241,809,018 | 287,593,196 |
Time deposits and investments accounts | 177,192,264 | 469,431,207 |
Investment accounts | 122,036,731 | 100,826,533 |
Others | 15,838,471 | 19,700,970 |
Interest and Adjustments | 20,264,610 | 26,036,074 |
Deposits | $ 1,548,928,056 | $ 1,705,009,583 |
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, 2023 | Dec. 31, 2022 |
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | $ 607,903 | $ 6,661,539 |
Local currency [member] | ||
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | $ 607,903 | 3,955,167 |
Foreign currency [member] | ||
Liabilities at fair value through profit or loss | ||
Liabilities at fair value through profit or loss | $ 2,706,372 |
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, 2023 | Dec. 31, 2022 |
Other financial liabilities | ||
Other financial liabilities | $ 72,738,928 | $ 56,381,855 |
Amounts payable for spot transactions pending settlement [member] | ||
Other financial liabilities | ||
Other financial liabilities | 14,473,367 | 6,423,474 |
Collections and other operations on behalf of third parties [member] | ||
Other financial liabilities | ||
Other financial liabilities | 55,096,905 | 44,801,930 |
Unpaid fees | ||
Other financial liabilities | ||
Other financial liabilities | 12,075 | 11,460 |
Financial guarantee contracts [member] | ||
Other financial liabilities | ||
Other financial liabilities | 42,076 | 75,990 |
Lease Liabilities | ||
Other financial liabilities | ||
Other financial liabilities | 2,857,505 | 4,884,311 |
Others [member] | ||
Other financial liabilities | ||
Other financial liabilities | $ 257,000 | $ 184,690 |
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, 2023 | Dec. 31, 2022 |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | ||
Financing received from local financial institutions | $ 2,436,173 | $ 11,893,380 |
Financing received from international institutions | 255,796 | 5,326,454 |
Financing received from the Central Bank and other financial institutions | $ 2,691,969 | $ 17,219,834 |
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, 2023 | Dec. 31, 2022 |
Provisions | ||
Provisions | $ 14,897,667 | $ 5,267,946 |
Eventual commitments | ||
Provisions | ||
Provisions | 411,663 | 271,445 |
Unused Balances of Credit Cards | ||
Provisions | ||
Provisions | 1,456,978 | 1,387,991 |
Restructuring expenses | ||
Provisions | ||
Provisions | 6,000,000 | |
Other contingencies | ||
Provisions | ||
Provisions | $ 7,029,026 | $ 3,608,510 |
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, 2023 | Dec. 31, 2022 |
Other non-financial liabilities | ||
Non financial liabilities | $ 73,200,297 | $ 85,591,165 |
Contract liabilities | 908,005 | 1,021,454 |
Up to 12 months | ||
Other non-financial liabilities | ||
Contract liabilities | 321,665 | |
Up to 24 months | ||
Other non-financial liabilities | ||
Contract liabilities | 164,667 | |
More than 24 months | ||
Other non-financial liabilities | ||
Contract liabilities | 421,673 | |
Payroll and social securities [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 32,249,269 | 35,247,707 |
Sundry Creditors [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 18,833,238 | 24,404,194 |
Revenue from contracts with customers [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 908,005 | 1,021,454 |
Tax payable | ||
Other non-financial liabilities | ||
Non financial liabilities | 19,681,363 | 22,066,310 |
Social security payment orders pending settlement [member] | ||
Other non-financial liabilities | ||
Non financial liabilities | 1,278,348 | 2,329,528 |
Reinsurance contract liabilities | ||
Other non-financial liabilities | ||
Non financial liabilities | 5,032 | 187,838 |
Liabilities from insurance broker operations | ||
Other non-financial liabilities | ||
Non financial liabilities | 41,453 | 13,131 |
Others | ||
Other non-financial liabilities | ||
Non financial liabilities | $ 203,589 | $ 321,003 |
COMPOSITION OF THE MAIN ITEM_16
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Interest on overdrafts | $ 44,410,794 | $ 23,471,096 | $ 19,005,461 |
Interest on promissory notes | 67,470,691 | 64,028,835 | 67,907,777 |
Interest on personal loans | 66,454,064 | 92,146,481 | 117,692,377 |
Interest on corporate unsecured loans | 96,127,460 | 50,712,155 | 41,967,396 |
Interest on credit card loans | 42,005,274 | 45,870,806 | 35,957,060 |
Interest on mortgage loans | 62,359,572 | 56,407,739 | 42,843,345 |
Interest on automobile and other secured loan | 12,574,777 | 13,122,573 | 9,393,313 |
Interest on foreign trade loans | 3,180,062 | 4,010,233 | 7,543,367 |
Interest on financial leases | 17,868,411 | 14,262,772 | 9,591,489 |
Interest on public and private securities measured at amortized cost | 567,893,807 | 387,019,350 | 167,862,434 |
Others | 177,352,343 | 33,302,307 | 107,654,661 |
Total | $ 1,157,697,255 | $ 784,354,347 | $ 627,418,680 |
COMPOSITION OF THE MAIN ITEM_17
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Interest on current accounts deposits | $ 374,828,604 | $ 211,185,911 | $ 128,233,675 |
Interest on time deposits | 439,013,593 | 295,156,581 | 228,048,956 |
Interest on other financial liabilities | 3,621,357 | 3,968,644 | 8,388,702 |
Interest from financing from financial sector | 2,772,705 | 3,356,878 | 1,108,873 |
Others | 5,257,828 | 1,731,380 | 1,210,330 |
Total | $ 825,494,087 | $ 515,399,394 | $ 366,990,536 |
COMPOSITION OF THE MAIN ITEM_18
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Income from corporate and government securities | $ 127,798,716 | $ 51,452,910 | $ 42,190,171 |
Income from securities issued by the Argentine Central Bank | 3,303,523 | 2,120,331 | |
Derivatives | 10,282,330 | 2,065,245 | 9,613,101 |
Total | $ 138,081,046 | $ 56,821,678 | $ 53,923,603 |
COMPOSITION OF THE MAIN ITEM_19
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Commissions from deposits accounts | $ 37,391,888 | $ 38,148,025 | $ 39,408,942 |
Commissions from credit and debit cards | 20,594,231 | 29,729,082 | 30,250,743 |
Commissions from loans operations | 368,893 | 950,232 | 960,528 |
Others Commissions | 34,770,240 | 25,650,838 | 30,471,421 |
Total | $ 93,125,252 | $ 94,478,177 | $ 101,091,634 |
COMPOSITION OF THE MAIN ITEM_20
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Commissions paid | $ 23,620,557 | $ 32,604,729 | $ 30,075,296 |
Export and foreign currency operations | 555,520 | 787,995 | 742,947 |
Total | $ 24,176,077 | $ 33,392,724 | $ 30,818,243 |
COMPOSITION OF THE MAIN ITEM_21
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT - Insurance services result (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Accrued premiums - Under IFRS 4 | $ 21,665,483 | ||
Accrued losses - Under IFRS 4 | (4,228,281) | ||
Production expenses Under IFRS 4 | (3,659,805) | ||
Insurace revenue | $ 18,566,744 | $ 19,169,750 | |
Insurance service expenses | (5,743,306) | (5,905,884) | |
Net expenses from reinsurance contracts held | (111,599) | (398,421) | |
Broker activity operations | 1,719,474 | 1,238,709 | |
Total | $ 14,431,313 | $ 14,104,154 | $ 13,777,397 |
COMPOSITION OF THE MAIN ITEM_22
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating income | |||
Total | $ 23,688,747 | $ 32,671,074 | $ 32,616,164 |
Reversal of allowance for loan losses and assets written down | |||
Other operating income | |||
Total | 5,502,611 | 10,127,903 | 10,395,360 |
Insurance commissions [member] | |||
Other operating income | |||
Total | 1,535 | ||
Rental from safety boxes [member] | |||
Other operating income | |||
Total | 2,050,948 | 2,375,006 | 2,332,362 |
Returns of risk funds [member] | |||
Other operating income | |||
Total | 4,867,260 | 7,524,773 | |
Commissions from trust services [member] | |||
Other operating income | |||
Total | 178,265 | 253,243 | 270,489 |
Adjustment of Various Credits [Member] | |||
Other operating income | |||
Total | 2,472,547 | 1,363,146 | 1,039,392 |
Sale of fixed assets [member] | |||
Other operating income | |||
Total | 4,567 | 89,106 | 54,322 |
Punitive interest [member] | |||
Other operating income | |||
Total | 2,318,899 | 2,056,982 | 1,775,727 |
Others | |||
Other operating income | |||
Total | $ 11,160,910 | $ 11,538,428 | $ 9,222,204 |
COMPOSITION OF THE MAIN ITEM_23
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Payroll and social securities | $ 150,064,085 | $ 154,276,818 | $ 143,807,941 |
Others expenses | 10,331,367 | 13,548,690 | 11,429,240 |
Total | $ 160,395,452 | $ 167,825,508 | $ 155,237,181 |
COMPOSITION OF THE MAIN ITEM_24
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT | |||
Directors' and statutory auditors' fees | $ 3,291,819 | $ 2,484,677 | $ 2,468,332 |
Professional fees | 25,006,003 | 25,862,516 | 27,265,430 |
Advertising and publicity | 4,737,212 | 6,893,010 | 6,966,569 |
Taxes | 20,408,129 | 20,091,751 | 20,511,740 |
Maintenance, security and services | 19,653,248 | 21,561,754 | 24,972,701 |
Rent | 66,400 | 245,871 | 476,043 |
Others | 11,275,883 | 11,807,229 | 10,486,259 |
Total | $ 84,438,694 | $ 88,946,808 | $ 93,147,074 |
COMPOSITION OF THE MAIN ITEM_25
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | $ 31,931,273 | $ 31,447,803 | $ 25,629,749 |
Depreciation of property, plant and equipment [member] | |||
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | 4,628,095 | 5,610,128 | 5,049,540 |
Depreciation of other non financial assets [member] | |||
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | 2,833,824 | 2,333,661 | 1,822,902 |
Depreciation of intangible assets [member] | |||
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | 13,988,733 | 15,241,255 | 12,326,178 |
Right of use assets | |||
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | 6,480,621 | 5,962,164 | 6,429,230 |
Impairment of goodwill [member] | |||
Depreciation and impairment of non-financial assets | |||
Depreciation and impairment of non-financial assets | $ 4,000,000 | $ 2,300,595 | $ 1,899 |
COMPOSITION OF THE MAIN ITEM_26
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other operating expenses | |||
Total | $ 94,289,712 | $ 82,925,021 | $ 71,870,346 |
Promotions related with credit cards | |||
Other operating expenses | |||
Total | 4,750,720 | 5,400,008 | 5,516,101 |
Turnover tax | |||
Other operating expenses | |||
Total | 54,968,898 | 53,620,247 | 49,385,226 |
Fair value on initial recognition of loans | |||
Other operating expenses | |||
Total | 207,342 | 479,836 | 1,193,719 |
Contributions made to deposit insurance system | |||
Other operating expenses | |||
Total | 2,350,765 | 2,787,276 | 2,981,108 |
Loan and credit card balance adjustments | |||
Other operating expenses | |||
Total | 1,241,563 | 3,047,451 | 1,138,924 |
Interest on liabilities for financial leases | |||
Other operating expenses | |||
Total | 33,690 | 1,555,148 | 1,633,744 |
Coverage services | |||
Other operating expenses | |||
Total | 27,556 | 42,850 | 99,604 |
Others allowances | |||
Other operating expenses | |||
Total | 10,957,512 | 7,279,351 | 3,615,679 |
Devaluation of investment properties | |||
Other operating expenses | |||
Total | 7,012,278 | 2,503,275 | 2,675,231 |
Other | |||
Other operating expenses | |||
Total | $ 12,739,388 | $ 6,209,579 | $ 3,631,010 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of commitments and contingencies [line items] | ||
Provisions | $ 14,897,667 | $ 5,267,946 |
Legal issues | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 2,265,015 | 613,965 |
Labor lawsuits | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 203,105 | 1,808,248 |
Tax | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 4,193,611 | 566,233 |
Unused Balances of Credit Cards | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 1,456,978 | 1,387,991 |
Charges to be paid to National Social Security Administration | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 422,505 | |
Judicial Deposits | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 217,559 | 147,756 |
Eventual commitments | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 411,663 | 271,445 |
Reorganization expenses | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | 6,000,000 | |
Others. | ||
Disclosure of commitments and contingencies [line items] | ||
Provisions | $ 149,736 | $ 49,803 |
RELATED PARTY TRANSACTIONS - Co
RELATED PARTY TRANSACTIONS - Compensation (Details) - ARS ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Key management personnel | ||
Disclosure of transactions between related parties [line items] | ||
Compensation paid | $ 5,305 | $ 3,982.9 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Controlling Interest (Details) - Julio Patricio Supervielle [member] | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Capital interest | 29.86% | 35.12% |
Vote's interest | 29.86% | 35.12% |
RELATED PARTY TRANSACTIONS - Fi
RELATED PARTY TRANSACTIONS - Financial Exposure (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 ARS ($) individual company Counterparty | Dec. 31, 2022 ARS ($) Counterparty individual company | |
Disclosure of transactions between related parties [line items] | ||
Aggregate total financial exposure | $ 1,778,169 | $ 673,747 |
Number of recipient related parties | Counterparty | 80 | 80 |
Average total financial exposure | $ 22,227 | $ 8,422 |
Single largest financial exposure | $ 1,387,195 | $ 358,255 |
Individuals [member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of recipient related parties | individual | 68 | 70 |
Companies [member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of recipient related parties | company | 12 | 10 |
INSURANCE - Insurance contract
INSURANCE - Insurance contract assets and reinsurance contract liabilities (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Jan. 01, 2022 | Dec. 31, 2021 |
INSURANCE | ||||
Assets | $ 386,336 | |||
Liabilities | $ (40,433) | $ (6,625) | $ (149,492) | |
Remaining coverage | ||||
INSURANCE | ||||
Assets | 1,020 | 6,506 | ||
Liability for incurred claim | ||||
INSURANCE | ||||
Liabilities | (41,453) | (13,131) | ||
Insurance contract assets | ||||
INSURANCE | ||||
Assets | 1,187,065 | 1,096,286 | $ 370,752 | |
Insurance contract assets | Remaining coverage | ||||
INSURANCE | ||||
Assets | 1,723,106 | 2,089,921 | 1,608,433 | |
Insurance contract assets | Liability for incurred claim | Present value of future cash flow | ||||
INSURANCE | ||||
Assets | (513,344) | (949,094) | (1,184,455) | |
Insurance contract assets | Liability for incurred claim | Risk adjustment for non-financial risk | ||||
INSURANCE | ||||
Assets | (22,697) | (44,541) | (53,226) | |
Insurance contract assets | Liability for insurance acquisition | Present value of future cash flow | ||||
INSURANCE | ||||
Assets | (513,344) | (949,094) | ||
Insurance contract assets | Liability for insurance acquisition | Risk adjustment for non-financial risk | ||||
INSURANCE | ||||
Assets | (22,697) | (44,541) | ||
Reinsurance contract liabilities | ||||
INSURANCE | ||||
Liabilities | (5,032) | (187,838) | (149,504) | |
Reinsurance contract liabilities | Remaining coverage | ||||
INSURANCE | ||||
Liabilities | (24,794) | (192,886) | (158,019) | |
Reinsurance contract liabilities | Liability for reinsurance account | ||||
INSURANCE | ||||
Liabilities | 19,762 | 5,048 | ||
Reinsurance contract liabilities | Liability for incurred claim | Present value of future cash flow | PAA | ||||
INSURANCE | ||||
Liabilities | $ 19,762 | $ 5,048 | $ 8,515 |
INSURANCE - Insurance service r
INSURANCE - Insurance service result (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INSURANCE | ||
Income from insurance activities | $ 18,566,744 | $ 19,169,750 |
Incurred claims | (2,576,344) | (3,162,593) |
Acquisition and administrative expenses | (3,166,962) | (2,743,291) |
Insurance service expenses | (5,743,306) | (5,905,884) |
Allocation of reinsurance premiums | 148,589 | 410,689 |
Amounts recoverable from reinsurers for incurred claims | 36,990 | 12,268 |
Net expenses from reinsurance contracts held | (111,599) | (398,421) |
Insurance service result - NIIF 17 | 12,711,839 | 12,865,445 |
Broker activity operations | 1,719,474 | 1,238,709 |
Insurance service result | 14,431,313 | 14,104,154 |
PAA | ||
INSURANCE | ||
Income from insurance activities | $ 18,566,744 | $ 19,169,750 |
INSURANCE - Reinsurance contrac
INSURANCE - Reinsurance contract liabilities (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
INSURANCE | ||
Liabilities under insurance contracts and reinsurance contracts issued at beginning of period | $ (6,625) | |
Liabilities under insurance contracts and reinsurance contracts issued at end of period | (40,433) | $ (6,625) |
Liability for incurred claim | ||
INSURANCE | ||
Liabilities under insurance contracts and reinsurance contracts issued at beginning of period | (13,131) | |
Liabilities under insurance contracts and reinsurance contracts issued at end of period | (41,453) | (13,131) |
Reinsurance contract liabilities | ||
INSURANCE | ||
Liabilities under insurance contracts and reinsurance contracts issued at beginning of period | (187,838) | (149,504) |
Allocation of reinsurance premiums | (148,589) | (410,689) |
Insurance revenue | 36,990 | 12,268 |
Net income (expenses) from reinsurance contracts held | (111,599) | (398,421) |
IAS29 + finance income from reinsurance contracts held | 80,282 | 109,725 |
Total amounts recognised in comprehensive income | (31,317) | (288,696) |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 251,858 | 279,798 |
Recoveries from reinsurance | (37,735) | (29,436) |
Total cash flows | 214,123 | 250,362 |
Liabilities under insurance contracts and reinsurance contracts issued at end of period | (5,032) | (187,838) |
Reinsurance contract liabilities | Remaining coverage | ||
INSURANCE | ||
Liabilities under insurance contracts and reinsurance contracts issued at beginning of period | (192,886) | (158,019) |
Allocation of reinsurance premiums | (148,589) | (410,689) |
Net income (expenses) from reinsurance contracts held | (148,589) | (410,689) |
IAS29 + finance income from reinsurance contracts held | 79,778 | 109,240 |
Total amounts recognised in comprehensive income | (68,811) | (301,449) |
Premiums paid net of ceding commissions and other directly attributable expenses paid | 251,858 | 279,798 |
Recoveries from reinsurance | (14,955) | (13,216) |
Total cash flows | 236,903 | 266,582 |
Liabilities under insurance contracts and reinsurance contracts issued at end of period | (24,794) | (192,886) |
Reinsurance contract liabilities | Liability for incurred claim | Present value of future cash flow | PAA | ||
INSURANCE | ||
Liabilities under insurance contracts and reinsurance contracts issued at beginning of period | 5,048 | 8,515 |
Insurance revenue | 36,990 | 12,268 |
Net income (expenses) from reinsurance contracts held | 36,990 | 12,268 |
IAS29 + finance income from reinsurance contracts held | 504 | 485 |
Total amounts recognised in comprehensive income | 37,494 | 12,753 |
Recoveries from reinsurance | (22,780) | (16,220) |
Total cash flows | (22,780) | (16,220) |
Liabilities under insurance contracts and reinsurance contracts issued at end of period | $ 19,762 | $ 5,048 |
INSURANCE - Insurance contrac_2
INSURANCE - Insurance contract assets (Details) - ARS ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
LRC | ||
INSURANCE | ||
Opening insurance contract assets | $ 6,506 | |
Cash flows | ||
Net balance as at 31 December | 1,020 | $ 6,506 |
Insurance contract assets | ||
INSURANCE | ||
Opening insurance contract assets | 1,096,286 | 370,752 |
Insurance revenue | 18,566,744 | 19,169,750 |
Insurance service expenses | ||
Incurred claims and other directly attributable expenses | (5,013,964) | (5,401,607) |
Insurance acquisition cashflows | (729,342) | (504,277) |
Insurance service expenses | (5,743,306) | (5,905,884) |
Insurance service result | 12,823,438 | 13,263,866 |
IAS29 + finance income from reinsurance contracts held | (5,878,613) | (3,456,063) |
Total amounts recognised in comprehensive income | 6,944,825 | 9,807,803 |
Cash flows | ||
Premiums received | (13,244,962) | (15,215,670) |
Claims and other directly attributable expenses paid | 5,520,455 | 5,713,558 |
Insurance acquisition cashflows | 870,461 | 419,843 |
Total cash flows | (6,854,046) | (9,082,269) |
Net balance as at 31 December | 1,187,065 | 1,096,286 |
Insurance contract assets | LRC | ||
INSURANCE | ||
Opening insurance contract assets | 2,089,921 | 1,608,433 |
Insurance revenue | 18,566,744 | 19,169,750 |
Insurance service expenses | ||
Insurance acquisition cashflows | (729,342) | (504,277) |
Insurance service expenses | (729,342) | (504,277) |
Insurance service result | 17,837,402 | 18,665,473 |
IAS29 + finance income from reinsurance contracts held | (5,829,716) | (3,388,158) |
Total amounts recognised in comprehensive income | 12,007,686 | 15,277,315 |
Cash flows | ||
Premiums received | (13,244,962) | (15,215,670) |
Insurance acquisition cashflows | 870,461 | 419,843 |
Total cash flows | (12,374,501) | (14,795,827) |
Net balance as at 31 December | 1,723,106 | 2,089,921 |
Insurance contract assets | Liability for incurred claim | Present value of future cash flow | ||
INSURANCE | ||
Opening insurance contract assets | (949,094) | (1,184,455) |
Insurance service expenses | ||
Incurred claims and other directly attributable expenses | (5,410,292) | |
Insurance service expenses | (5,410,292) | |
Insurance service result | (5,410,292) | |
IAS29 + finance income from reinsurance contracts held | (67,905) | |
Total amounts recognised in comprehensive income | (5,478,197) | |
Cash flows | ||
Claims and other directly attributable expenses paid | 5,713,558 | |
Total cash flows | 5,713,558 | |
Net balance as at 31 December | (513,344) | (949,094) |
Insurance contract assets | Liability for incurred claim | Risk adjustment for non-financial risk | ||
INSURANCE | ||
Opening insurance contract assets | (44,541) | (53,226) |
Insurance service expenses | ||
Incurred claims and other directly attributable expenses | 8,685 | |
Insurance service expenses | 8,685 | |
Insurance service result | 8,685 | |
Total amounts recognised in comprehensive income | 8,685 | |
Cash flows | ||
Net balance as at 31 December | (22,697) | (44,541) |
Insurance contract assets | Liability for insurance acquisition | Present value of future cash flow | ||
INSURANCE | ||
Opening insurance contract assets | (949,094) | |
Insurance service expenses | ||
Incurred claims and other directly attributable expenses | (5,035,808) | |
Insurance service expenses | (5,035,808) | |
Insurance service result | (5,035,808) | |
IAS29 + finance income from reinsurance contracts held | (48,897) | |
Total amounts recognised in comprehensive income | (5,084,705) | |
Cash flows | ||
Claims and other directly attributable expenses paid | 5,520,455 | |
Total cash flows | 5,520,455 | |
Net balance as at 31 December | (513,344) | (949,094) |
Insurance contract assets | Liability for insurance acquisition | Risk adjustment for non-financial risk | ||
INSURANCE | ||
Opening insurance contract assets | (44,541) | |
Insurance service expenses | ||
Incurred claims and other directly attributable expenses | 21,844 | |
Insurance service expenses | 21,844 | |
Insurance service result | 21,844 | |
Total amounts recognised in comprehensive income | 21,844 | |
Cash flows | ||
Net balance as at 31 December | $ (22,697) | $ (44,541) |
ASSET MANAGEMENT AND OTHER SE_3
ASSET MANAGEMENT AND OTHER SERVICES (Details) $ in Thousands | Dec. 31, 2023 ARS ($) instrument | Dec. 31, 2022 ARS ($) instrument |
Premier Renta C.P. Pesos | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 380,619,005 | $ 316,582,012 |
Mutual Funds, Net Worth | $ 380,172,685 | $ 316,166,149 |
Number of Units | instrument | 30,510,651,741 | 16,191,115,975 |
Premier Renta Plus en Pesos | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 3,260,932 | $ 2,090,125 |
Mutual Funds, Net Worth | $ 3,247,937 | $ 2,084,021 |
Number of Units | instrument | 48,164,279 | 21,721,110 |
Premier Renta Fija Ahorro | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 24,617,614 | $ 40,187,284 |
Mutual Funds, Net Worth | $ 24,116,283 | $ 39,784,914 |
Number of Units | instrument | 227,991,276 | 712,483,562 |
Premier Renta Fija Crecimiento | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 17,913,457 | $ 641,244 |
Mutual Funds, Net Worth | $ 17,902,111 | $ 639,560 |
Number of Units | instrument | 9,532,812,035 | 4,920,585 |
Premier Renta Variable | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 5,434,772 | $ 1,866,615 |
Mutual Funds, Net Worth | $ 5,391,565 | $ 1,819,387 |
Number of Units | instrument | 12,205,660 | 5,946,886 |
Premier FCI Abierto Pymes | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 6,595,058 | $ 3,994,108 |
Mutual Funds, Net Worth | $ 6,584,296 | $ 3,850,229 |
Number of Units | instrument | 142,666,395 | 75,458,259 |
Premier Commodities | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 3,683,693 | $ 3,265,006 |
Mutual Funds, Net Worth | $ 2,855,401 | $ 2,503,929 |
Number of Units | instrument | 22,338,558 | 24,979,798 |
Premier Capital | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 17,873,205 | $ 20,829,260 |
Mutual Funds, Net Worth | $ 16,706,424 | $ 20,711,697 |
Number of Units | instrument | 380,115,435 | 476,377,885 |
Premier Inversin | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 1,700,578 | $ 3,937,376 |
Mutual Funds, Net Worth | $ 1,641,637 | $ 3,935,483 |
Number of Units | instrument | 342,850,074 | 1,052,023,732 |
Premier Balanceado | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 2,024,585 | $ 5,261,344 |
Mutual Funds, Net Worth | $ 2,023,195 | $ 4,268,732 |
Number of Units | instrument | 32,648,809 | 102,340,389 |
Premier Renta Mixta | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 27,039,839 | $ 11,850,160 |
Mutual Funds, Net Worth | $ 26,844,120 | $ 11,821,402 |
Number of Units | instrument | 2,641,477,623 | 616,247,881 |
Premier Renta Mixta en USD | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 2,727,823 | $ 882,545 |
Mutual Funds, Net Worth | $ 2,673,654 | $ 740,786 |
Number of Units | instrument | 4,995,316 | 2,569,639 |
Premier Performance en USD | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 10,878,143 | $ 1,688,421 |
Mutual Funds, Net Worth | $ 10,598,408 | $ 1,672,424 |
Number of Units | instrument | 15,351,225 | 4,468,523 |
Premier Global USD | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 591,810 | $ 206,295 |
Mutual Funds, Net Worth | $ 577,257 | $ 203,536 |
Number of Units | instrument | 640,443 | 321,553 |
Premier Estratgico | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 7,390,764 | $ 4,565,186 |
Mutual Funds, Net Worth | $ 7,385,116 | $ 4,561,157 |
Number of Units | instrument | 832,710,848 | 832,710,848 |
Premier FCI Sustentable ASG | ||
Disclosure of mutual funds portfolio [line items] | ||
Portfolio | $ 327,434 | |
Mutual Funds, Net Worth | $ 326,726 | |
Number of Units | instrument | 172,449,306 |
CONTRIBUTION TO THE DEPOSIT I_2
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM - (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Jan. 01, 2023 ARS ($) | May 01, 2020 ARS ($) | Mar. 01, 2019 ARS ($) | |
CONTRIBUTION TO THE DEPOSIT INSURANCE SYSTEM | ||||
Insurance coverage of demand and time deposits | $ 6,000 | $ 1,500 | $ 1,000 | |
Number of times exceeding the rate for term deposits and investment | 1.3 | |||
Interest rate basis | 5% |
RESTRICTED ASSETS (Details)
RESTRICTED ASSETS (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Financial assets in guarantee | ||
Special guarantee accounts in the Argentine Central Bank | $ 21,763,021 | $ 32,058,218 |
Guarantee deposits for currency forward transactions | 11,193,935 | 8,419,865 |
Guarantee deposits for credit cards transactions | 2,676,321 | 3,109,343 |
Other guarantee deposits | 9,776,635 | 1,469,103 |
Financial assets in guarantee | $ 45,409,912 | $ 45,056,529 |
FINANCIAL TRUSTS - Summary of T
FINANCIAL TRUSTS - Summary of Trustee (Details) - Fideicomiso de Administracin Interconexin Financial Trust | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
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 |
FINANCIAL TRUSTS - Micro Lendin
FINANCIAL TRUSTS - Micro Lending (Details) - Dec. 31, 2023 ₫ in Thousands, $ in Thousands | ARS ($) | VND (₫) |
Micro Lending Trust Financial Trust, III | ||
Financial Trust | ||
Securitized Amount | $ | $ 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 | |
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 (De
ISSUANCE OF DEBT SECURITIES (Details) $ in Thousands | Dec. 31, 2022 ARS ($) |
ISSUANCE OF DEBT SECURITIES | |
Debt instrument issued | $ 1,748,271 |
RESTRICTIONS IMPOSED ON THE D_3
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS - Paragraphs (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||||
Mar. 09, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | $ 341,650,761 | $ 287,543,658 | $ 312,670,701 | $ 326,686,187 | |
Profit Distribution Rate | 40% | ||||
Capital Stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 442,672 | 444,411 | 456,722 | 456,722 | |
Inflation adjustment of capital Stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 27,960,909 | 28,325,583 | 30,905,855 | 30,905,855 | |
Paid in Capital | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 254,538,548 | 264,229,227 | 264,229,227 | 264,229,227 | |
Treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 14,050 | 12,311 | |||
Inflation adjustment of treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 2,944,946 | 2,580,272 | |||
Cost of treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | (680,897) | (385,448) | |||
Legal Reserve | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 3,226,099 | 3,226,099 | |||
Other Reserves | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 4,307,608 | 16,082,470 | 24,893,404 | ||
Retained earnings | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 44,666,692 | (31,640,785) | (23,246,486) | 18,551,566 | |
Other Comprehensive Income | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 11,668,481 | $ 8,364,164 | $ 11,957,705 | $ 12,283,204 | |
Argentine Central Bank [member] | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 342,786,560 | ||||
Argentine Central Bank [member] | Capital Stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 442,672 | ||||
Argentine Central Bank [member] | Inflation adjustment of capital Stock | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 27,960,909 | ||||
Argentine Central Bank [member] | Paid in Capital | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 254,538,548 | ||||
Argentine Central Bank [member] | Treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 14,050 | ||||
Argentine Central Bank [member] | Inflation adjustment of treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 2,944,946 | ||||
Argentine Central Bank [member] | Cost of treasury shares | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | (5,166,412) | ||||
Argentine Central Bank [member] | Other Reserves | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 4,307,608 | ||||
Argentine Central Bank [member] | Retained earnings | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | 51,354,318 | ||||
Argentine Central Bank [member] | Other Comprehensive Income | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Total shareholders' equity attributable to the owners of the parent under the rules of the Argentine Central Bank | $ 6,389,921 | ||||
Banco Supervielle S.A. | |||||
RESTRICTIONS IMPOSED ON THE DISTRIBUTION OF DIVIDENDS | |||||
Percentage of Profit shown In income Statement | 20% |
LOANS AND OTHER FINANCING - Com
LOANS AND OTHER FINANCING - Composition of loan portfolio (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
LOANS AND OTHER FINANCING | ||
Total | $ 482,455,084 | $ 728,474,749 |
Loans and other financing | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (17,448,828) | (38,060,405) |
Promissory Notes | ||
LOANS AND OTHER FINANCING | ||
Total | 70,780,844 | 107,812,537 |
Unsecured Corporate Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 96,463,538 | 128,801,297 |
Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 43,696,886 | 45,262,951 |
Mortgage loans | ||
LOANS AND OTHER FINANCING | ||
Total | 53,951,778 | 78,117,610 |
Automobile and other secured loans | ||
LOANS AND OTHER FINANCING | ||
Total | 15,327,328 | 24,739,537 |
Personal Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 51,898,817 | 119,231,528 |
Credit Card Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 75,811,274 | 153,653,670 |
Foreign Trade Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 32,922,723 | 50,535,631 |
Other Financings | ||
LOANS AND OTHER FINANCING | ||
Total | 38,438,690 | 16,060,607 |
Other Receivables from Financial Transactions | ||
LOANS AND OTHER FINANCING | ||
Total | 620,254 | 9,033,481 |
Receivables from Financial Leases | ||
LOANS AND OTHER FINANCING | ||
Total | 19,991,780 | 33,286,305 |
Sub Total | ||
LOANS AND OTHER FINANCING | ||
Total | 499,903,912 | 766,535,154 |
Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Total | 449,838,268 | 669,501,335 |
Stage 1 | Loans and other financing | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (4,559,430) | (9,453,324) |
Stage 1 | Promissory Notes | ||
LOANS AND OTHER FINANCING | ||
Total | 69,528,350 | 106,340,398 |
Stage 1 | Unsecured Corporate Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 94,147,532 | 123,583,042 |
Stage 1 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 41,749,574 | 44,092,669 |
Stage 1 | Mortgage loans | ||
LOANS AND OTHER FINANCING | ||
Total | 48,862,769 | 69,664,409 |
Stage 1 | Automobile and other secured loans | ||
LOANS AND OTHER FINANCING | ||
Total | 12,769,662 | 19,532,565 |
Stage 1 | Personal Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 43,000,760 | 92,037,962 |
Stage 1 | Credit Card Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 65,526,273 | 127,210,714 |
Stage 1 | Foreign Trade Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 23,287,364 | 40,165,053 |
Stage 1 | Other Financings | ||
LOANS AND OTHER FINANCING | ||
Total | 36,981,673 | 15,348,477 |
Stage 1 | Other Receivables from Financial Transactions | ||
LOANS AND OTHER FINANCING | ||
Total | 483,950 | 8,445,341 |
Stage 1 | Receivables from Financial Leases | ||
LOANS AND OTHER FINANCING | ||
Total | 18,059,791 | 32,534,029 |
Stage 1 | Sub Total | ||
LOANS AND OTHER FINANCING | ||
Total | 454,397,698 | 678,954,659 |
Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Total | 28,099,350 | 49,289,692 |
Stage 2 | Loans and other financing | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (5,097,963) | (9,112,579) |
Stage 2 | Promissory Notes | ||
LOANS AND OTHER FINANCING | ||
Total | 798,561 | 1,054,451 |
Stage 2 | Unsecured Corporate Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 1,789,054 | 1,090,559 |
Stage 2 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 1,395,503 | 630,267 |
Stage 2 | Mortgage loans | ||
LOANS AND OTHER FINANCING | ||
Total | 3,574,987 | 6,243,262 |
Stage 2 | Automobile and other secured loans | ||
LOANS AND OTHER FINANCING | ||
Total | 2,298,694 | 3,945,158 |
Stage 2 | Personal Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 7,283,041 | 19,148,300 |
Stage 2 | Credit Card Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 8,625,173 | 19,109,434 |
Stage 2 | Foreign Trade Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 4,009,797 | 5,760,515 |
Stage 2 | Other Financings | ||
LOANS AND OTHER FINANCING | ||
Total | 1,457,017 | 505,380 |
Stage 2 | Other Receivables from Financial Transactions | ||
LOANS AND OTHER FINANCING | ||
Total | 132,241 | 283,228 |
Stage 2 | Receivables from Financial Leases | ||
LOANS AND OTHER FINANCING | ||
Total | 1,833,245 | 631,717 |
Stage 2 | Sub Total | ||
LOANS AND OTHER FINANCING | ||
Total | 33,197,313 | 58,402,271 |
Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Total | 4,517,466 | 9,683,722 |
Stage 3 | Loans and other financing | ||
LOANS AND OTHER FINANCING | ||
Allowance for loan losses | (7,791,435) | (19,494,502) |
Stage 3 | Promissory Notes | ||
LOANS AND OTHER FINANCING | ||
Total | 453,933 | 417,688 |
Stage 3 | Unsecured Corporate Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 526,952 | 4,127,696 |
Stage 3 | Overdrafts | ||
LOANS AND OTHER FINANCING | ||
Total | 551,809 | 540,015 |
Stage 3 | Mortgage loans | ||
LOANS AND OTHER FINANCING | ||
Total | 1,514,022 | 2,209,939 |
Stage 3 | Automobile and other secured loans | ||
LOANS AND OTHER FINANCING | ||
Total | 258,972 | 1,261,814 |
Stage 3 | Personal Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 1,615,016 | 8,045,266 |
Stage 3 | Credit Card Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 1,659,828 | 7,333,522 |
Stage 3 | Foreign Trade Loans | ||
LOANS AND OTHER FINANCING | ||
Total | 5,625,562 | 4,610,063 |
Stage 3 | Other Financings | ||
LOANS AND OTHER FINANCING | ||
Total | 206,750 | |
Stage 3 | Other Receivables from Financial Transactions | ||
LOANS AND OTHER FINANCING | ||
Total | 4,063 | 304,912 |
Stage 3 | Receivables from Financial Leases | ||
LOANS AND OTHER FINANCING | ||
Total | 98,744 | 120,559 |
Stage 3 | Sub Total | ||
LOANS AND OTHER FINANCING | ||
Total | $ 12,308,901 | $ 29,178,224 |
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, 2023 | Dec. 31, 2022 | |
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | $ 728,474,749 | |
Balance at the end of the year | 482,455,084 | $ 728,474,749 |
Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 766,535,154 | 1,004,058,771 |
Additions | 437,486,557 | 443,567,851 |
Disposals | (189,584,196) | (239,590,190) |
Interest accrual | 68,080,128 | |
Net changes of financial assets | (404,692,457) | |
Write-offs | (15,633,586) | (12,513,403) |
Portfolio sale | (5,814,155) | |
Exchange Differences and Others | 31,526,466 | 18,373,404 |
Result from exposure to changes in the purchasing power of money | (592,692,456) | (42,668,822) |
Balance at the end of the year | 499,903,912 | 766,535,154 |
Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 669,501,335 | |
Balance at the end of the year | 449,838,268 | 669,501,335 |
Stage 1 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 678,954,659 | 879,964,366 |
Transfers 1 to 2 | (3,914,111) | (18,688,877) |
1 to 3 | (303,408) | (2,101,531) |
2 to 1 | 2,482,348 | 11,262,861 |
3 to 1 | 25,952 | 656,849 |
Additions | 437,486,557 | 407,434,273 |
Disposals | (170,758,908) | (218,516,270) |
Interest accrual | 59,400,087 | |
Net changes of financial assets | (381,600,438) | |
Write-offs | (1,839,190) | (1,479,934) |
Exchange Differences and Others | 6,157,397 | 15,578,295 |
Result from exposure to changes in the purchasing power of money | (553,293,685) | (13,554,935) |
Balance at the end of the year | 454,397,698 | 678,954,659 |
Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 49,289,692 | |
Balance at the end of the year | 28,099,350 | 49,289,692 |
Stage 2 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 58,402,271 | 74,614,284 |
Transfers 1 to 2 | 3,914,111 | 18,688,877 |
2 to 3 | (202,208) | (1,652,737) |
2 to 1 | (2,482,348) | (11,262,861) |
3 to 2 | 38,181 | 732,518 |
Additions | 27,119,635 | |
Disposals | (11,739,962) | (13,635,329) |
Interest accrual | 3,619,436 | |
Net changes of financial assets | (25,556,814) | |
Write-offs | (4,207,426) | (1,834,191) |
Exchange Differences and Others | 17,929,896 | 630,647 |
Result from exposure to changes in the purchasing power of money | (32,074,638) | (9,441,758) |
Balance at the end of the year | 33,197,313 | 58,402,271 |
Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 9,683,722 | |
Balance at the end of the year | 4,517,466 | 9,683,722 |
Stage 3 | Gross carrying amount | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 29,178,224 | 49,480,121 |
1 to 3 | 303,408 | 2,101,531 |
2 to 3 | 202,208 | 1,652,737 |
3 to 2 | (38,181) | (732,518) |
3 to 1 | (25,952) | (656,849) |
Additions | 9,013,943 | |
Disposals | (7,085,326) | (7,438,591) |
Interest accrual | 5,060,605 | |
Net changes of financial assets | 2,464,795 | |
Write-offs | (9,586,970) | (9,199,278) |
Portfolio sale | (5,814,155) | |
Exchange Differences and Others | 7,439,173 | 2,164,462 |
Result from exposure to changes in the purchasing power of money | (7,324,133) | (19,672,129) |
Balance at the end of the year | 12,308,901 | 29,178,224 |
Expected credit losses | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 38,060,405 | 60,950,154 |
Transfers 1 to 2 | 195,466 | 1,248,112 |
1 to 3 | 219,795 | 1,992,987 |
2 to 3 | 70,508 | 1,076,016 |
2 to 1 | (68,865) | (2,074,894) |
3 to 2 | (15,363) | (380,746) |
3 to 1 | (10,602) | (323,108) |
Additions | 11,353,751 | 14,513,353 |
Disposals | (20,034,794) | (8,907,999) |
Interest accrual | 3,030,119 | |
Net changes of financial assets | 17,167,834 | |
Write-offs | (15,633,586) | (12,513,403) |
Portfolio sale | (5,662,526) | |
Exchange Differences and Others | 23,013,290 | 2,660,257 |
Result from exposure to changes in the purchasing power of money | (17,068,770) | (37,348,158) |
Balance at the end of the year | 17,448,828 | 38,060,405 |
Expected credit losses | Stage 1 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 9,453,324 | 11,072,145 |
Transfers 1 to 2 | (145,737) | (239,529) |
1 to 3 | (4,896) | (39,434) |
2 to 1 | 42,549 | (7,256) |
3 to 1 | 490 | (92,806) |
Additions | 11,353,751 | 3,249,561 |
Disposals | (12,267,665) | (1,318,045) |
Interest accrual | 53,229 | |
Net changes of financial assets | 3,614,000 | |
Write-offs | (1,839,190) | (1,479,934) |
Exchange Differences and Others | 2,779,792 | 426,620 |
Result from exposure to changes in the purchasing power of money | (4,866,217) | (5,731,998) |
Balance at the end of the year | 4,559,430 | 9,453,324 |
Expected credit losses | Stage 2 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 9,112,579 | 16,028,693 |
Transfers 1 to 2 | 341,203 | 1,487,641 |
2 to 3 | (14,909) | (286,483) |
2 to 1 | (111,414) | (2,067,638) |
3 to 2 | 5,016 | (87,655) |
Additions | 3,616,371 | |
Disposals | (2,564,209) | (2,427,827) |
Interest accrual | 299,254 | |
Net changes of financial assets | 3,752,961 | |
Write-offs | (4,207,426) | (1,834,191) |
Exchange Differences and Others | 5,849,164 | 298,749 |
Result from exposure to changes in the purchasing power of money | (3,611,295) | (9,368,042) |
Balance at the end of the year | 5,097,963 | 9,112,579 |
Expected credit losses | Stage 3 | ||
LOANS AND OTHER FINANCING | ||
Balance at the beginning of the year | 19,494,502 | 33,849,316 |
1 to 3 | 224,691 | 2,032,421 |
2 to 3 | 85,417 | 1,362,499 |
3 to 2 | (20,379) | (293,091) |
3 to 1 | (11,092) | (230,302) |
Additions | 7,647,421 | |
Disposals | (5,202,920) | (5,162,127) |
Interest accrual | 2,677,636 | |
Net changes of financial assets | 9,800,873 | |
Write-offs | (9,586,970) | (9,199,278) |
Portfolio sale | (5,662,526) | |
Exchange Differences and Others | 14,384,334 | 1,934,888 |
Result from exposure to changes in the purchasing power of money | (8,591,258) | (22,248,118) |
Balance at the end of the year | $ 7,791,435 | $ 19,494,502 |
LOANS AND OTHER FINANCING (Deta
LOANS AND OTHER FINANCING (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
LOANS AND OTHER FINANCING | ||
Total eventual responsibility | $ 111,481,073 | $ 50,396,233 |
Other guarantees granted | ||
LOANS AND OTHER FINANCING | ||
Total eventual responsibility | 93,364,567 | 39,550,577 |
Responsibilities for foreign trade loans | ||
LOANS AND OTHER FINANCING | ||
Total eventual responsibility | 12,785,060 | 3,983,919 |
Documentary loans | ||
LOANS AND OTHER FINANCING | ||
Total eventual responsibility | 4,761,804 | 6,100,750 |
Overdrafts [member] | ||
LOANS AND OTHER FINANCING | ||
Total eventual responsibility | $ 569,642 | $ 760,987 |
LOANS AND OTHER FINANCING - Fin
LOANS AND OTHER FINANCING - Financial Assets (Details) $ in Thousands, $ in Millions | Feb. 27, 2024 USD ($) | Dec. 31, 2023 ARS ($) | Dec. 31, 2022 ARS ($) |
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | $ 8,563 | $ 1,861,901,319 | $ 1,928,871,913 |
Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 499,903,912 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 7,791,435 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Overdrafts | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 507,461 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Financial Lease | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 81,439 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Documents | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 342,285 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Mortgage Loans [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 736,553 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Personal Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 1,532,260 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Pledge loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 186,865 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Credit Card Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 1,565,436 | ||
Guarantees Financials Assets Credit Impaired | Allowances for loans losses | Others | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 2,839,136 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 12,308,901 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Overdrafts | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 551,809 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Financial Lease | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 98,744 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Documents | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 453,933 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Mortgage Loans [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 1,514,022 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Personal Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 1,615,016 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Pledge loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 258,972 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Credit Card Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 1,659,828 | ||
Guarantees Financials Assets Credit Impaired | Gross carrying amount | Others | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 6,156,577 | ||
Guarantees Financials Assets Credit Impaired | Fair value | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 4,524,286 | ||
Guarantees Financials Assets Credit Impaired | Fair value | Financial Lease | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 34,794 | ||
Guarantees Financials Assets Credit Impaired | Fair value | Documents | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 73,270 | ||
Guarantees Financials Assets Credit Impaired | Fair value | Mortgage Loans [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 814,204 | ||
Guarantees Financials Assets Credit Impaired | Fair value | Pledge loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 648,882 | ||
Guarantees Financials Assets Credit Impaired | Fair value | Others | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 2,953,136 | ||
Guarantees Financials Assets Credit Impaired | Book value | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 4,517,466 | ||
Guarantees Financials Assets Credit Impaired | Book value | Overdrafts | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 44,348 | ||
Guarantees Financials Assets Credit Impaired | Book value | Financial Lease | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 17,305 | ||
Guarantees Financials Assets Credit Impaired | Book value | Documents | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 111,648 | ||
Guarantees Financials Assets Credit Impaired | Book value | Mortgage Loans [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 777,469 | ||
Guarantees Financials Assets Credit Impaired | Book value | Personal Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 82,756 | ||
Guarantees Financials Assets Credit Impaired | Book value | Pledge loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 72,107 | ||
Guarantees Financials Assets Credit Impaired | Book value | Credit Card Loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | 94,392 | ||
Guarantees Financials Assets Credit Impaired | Book value | Others | |||
Disclosure of detailed information about borrowings [line items] | |||
Financial assets | $ 3,317,441 |
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, 2023 | Dec. 31, 2022 | |
LOANS AND OTHER FINANCING | ||
Contractual amounts pending of collection of such withdrawn assets | $ 9,090,153 | $ 24,494,621 |
Balance at the beginning of the year | 24,494,621 | 47,918,738 |
Additions | 15,633,586 | 12,513,403 |
Disposals | (17,335,542) | (27,877,484) |
Cash collection | (4,148,993) | (5,848,535) |
Portfolio sales | (830,666) | (443,214) |
Condonation | (12,355,883) | (21,585,735) |
Exchange differences and other movements | (13,702,512) | (8,060,036) |
Gross carrying amount | $ 9,090,153 | $ 24,494,621 |
RISK MANAGEMENT POLICIES - Maxi
RISK MANAGEMENT POLICIES - Maximum credit risk exposure (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | $ 592,380,255 | $ 1,003,631,378 |
Promissory Notes | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 70,780,844 | 107,812,537 |
Unsecured Corporate Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 96,463,538 | 128,801,297 |
Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 53,975,939 | 59,988,796 |
Mortgage Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 53,951,778 | 78,117,610 |
Automobile and other secured loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 15,327,328 | 24,739,537 |
Foreign Trade Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 32,922,723 | 50,535,631 |
Other Financings | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 38,438,690 | 41,490,323 |
Other Receivables from Financial Transactions | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 620,254 | 8,093,481 |
Receivables from Financial Leases | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 19,991,780 | 34,229,660 |
Personal Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 51,898,817 | 119,231,528 |
Credit Card Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 158,008,564 | 350,590,978 |
Stage 1 | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 541,510,005 | 905,046,594 |
Stage 1 | 12-month ECL [member] | Promissory Notes | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 69,528,350 | 106,340,398 |
Stage 1 | 12-month ECL [member] | Unsecured Corporate Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 94,147,532 | 123,583,042 |
Stage 1 | 12-month ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 51,728,612 | 58,650,927 |
Stage 1 | 12-month ECL [member] | Mortgage Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 48,862,769 | 69,664,409 |
Stage 1 | 12-month ECL [member] | Automobile and other secured loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 12,769,662 | 19,532,565 |
Stage 1 | 12-month ECL [member] | Foreign Trade Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 23,287,364 | 40,165,053 |
Stage 1 | 12-month ECL [member] | Other Financings | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 36,981,673 | 40,777,931 |
Stage 1 | 12-month ECL [member] | Other Receivables from Financial Transactions | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 483,950 | 7,505,348 |
Stage 1 | 12-month ECL [member] | Receivables from Financial Leases | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 18,059,791 | 33,477,384 |
Stage 1 | Personal Loans | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 43,000,760 | 92,037,962 |
Stage 1 | Credit Card Loans | 12-month ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 142,659,542 | 313,311,575 |
Stage 2 | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 38,561,349 | 69,406,562 |
Stage 2 | Lifetime ECL [member] | Promissory Notes | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 798,561 | 1,054,451 |
Stage 2 | Lifetime ECL [member] | Unsecured Corporate Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,789,054 | 1,090,559 |
Stage 2 | Lifetime ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,695,518 | 797,854 |
Stage 2 | Lifetime ECL [member] | Mortgage Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 3,574,987 | 6,243,262 |
Stage 2 | Lifetime ECL [member] | Automobile and other secured loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 2,298,694 | 3,945,158 |
Stage 2 | Lifetime ECL [member] | Foreign Trade Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,009,797 | 5,760,515 |
Stage 2 | Lifetime ECL [member] | Other Financings | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,457,017 | 505,639 |
Stage 2 | Lifetime ECL [member] | Other Receivables from Financial Transactions | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 132,241 | 283,228 |
Stage 2 | Lifetime ECL [member] | Receivables from Financial Leases | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,833,245 | 631,715 |
Stage 2 | Personal Loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 7,283,041 | 19,148,300 |
Stage 2 | Credit Card Loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 13,689,194 | 29,945,881 |
Stage 3 | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 12,308,901 | 29,178,222 |
Stage 3 | Lifetime ECL [member] | Promissory Notes | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 453,933 | 417,688 |
Stage 3 | Lifetime ECL [member] | Unsecured Corporate Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 526,952 | 4,127,696 |
Stage 3 | Lifetime ECL [member] | Overdrafts | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 551,809 | 540,015 |
Stage 3 | Lifetime ECL [member] | Mortgage Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,514,022 | 2,209,939 |
Stage 3 | Lifetime ECL [member] | Automobile and other secured loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 258,972 | 1,261,814 |
Stage 3 | Lifetime ECL [member] | Foreign Trade Loans | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 5,625,562 | 4,610,063 |
Stage 3 | Lifetime ECL [member] | Other Financings | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 206,753 | |
Stage 3 | Lifetime ECL [member] | Other Receivables from Financial Transactions | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 4,063 | 304,905 |
Stage 3 | Lifetime ECL [member] | Receivables from Financial Leases | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 98,744 | 120,561 |
Stage 3 | Personal Loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | 1,615,016 | 8,045,266 |
Stage 3 | Credit Card Loans | Lifetime ECL [member] | ||
Maximum Credit Risk Exposure | ||
Maximum credit risk exposure | $ 1,659,828 | $ 7,333,522 |
RISK MANAGEMENT POLICIES - Expo
RISK MANAGEMENT POLICIES - Exposure to the Group's exchange risk by currency type (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 ARS ($) | Dec. 31, 2022 ARS ($) | Feb. 27, 2024 USD ($) | |
Exchange rate risk | |||
Assets | $ 1,861,901,319 | $ 1,928,871,913 | $ 8,563 |
Liabilities | 1,625,907,188 | 1,787,021,082 | |
Exchange rate risk [member] | |||
Exchange rate risk | |||
Assets | 296,307,933 | 220,881,523 | |
Liabilities | 259,499,619 | 193,405,576 | |
Derivatives | 158,431 | 173,451 | |
Net position | 36,966,745 | 27,649,398 | |
Exchange rate risk [member] | US Dollar [member] | |||
Exchange rate risk | |||
Assets | 286,636,032 | 214,929,965 | |
Liabilities | 253,932,945 | 189,946,941 | |
Derivatives | 158,431 | 173,451 | |
Net position | 32,861,518 | 25,156,475 | |
Exchange rate risk [member] | Euro [member] | |||
Exchange rate risk | |||
Assets | 5,907,343 | 4,462,182 | |
Liabilities | 5,502,023 | 3,421,601 | |
Net position | 405,320 | 1,040,581 | |
Exchange rate risk [member] | Others | |||
Exchange rate risk | |||
Assets | 3,764,558 | 1,489,376 | |
Liabilities | 64,651 | 37,034 | |
Net position | $ 3,699,907 | $ 1,452,342 |
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, 2023 | Dec. 31, 2022 | |
Foreign currency sensitivity analysis | ||
Exchange rate variation | 242.30% | 85.70% |
Exchange rate variation | (242.30%) | (85.70%) |
Increase in profit loss | $ 89,551,785 | $ 21,234,561 |
Decrease in profit loss | (89,551,785) | (21,234,561) |
Increase in equity | 89,551,785 | 21,234,561 |
Decrease in equity | $ (89,551,785) | $ (21,234,561) |
US Dollar [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 242.30% | 85.70% |
Exchange rate variation | (242.30%) | (85.70%) |
Increase in profit loss | $ 79,605,198 | $ 19,097,099 |
Decrease in profit loss | (79,605,198) | (19,097,099) |
Increase in equity | 79,605,198 | 19,097,099 |
Decrease in equity | $ (79,605,198) | $ (19,097,099) |
Euro [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 242.30% | 85.70% |
Exchange rate variation | (242.30%) | (85.70%) |
Increase in profit loss | $ 982,053 | $ 892,205 |
Decrease in profit loss | (982,053) | (892,205) |
Increase in equity | 982,053 | 892,205 |
Decrease in equity | $ (982,053) | $ (892,205) |
Other Currency [member] | ||
Foreign currency sensitivity analysis | ||
Exchange rate variation | 242.30% | 85.70% |
Exchange rate variation | (242.30%) | (85.70%) |
Increase in profit loss | $ 8,964,534 | $ 1,245,257 |
Decrease in profit loss | (8,964,534) | (1,245,257) |
Increase in equity | 8,964,534 | 1,245,257 |
Decrease in equity | $ (8,964,534) | $ (1,245,257) |
RISK MANAGEMENT POLICIES - Ex_2
RISK MANAGEMENT POLICIES - Exposure to interest rate risk (Details) $ in Thousands, $ in Millions | Feb. 27, 2024 USD ($) | Dec. 31, 2023 ARS ($) | Dec. 31, 2022 ARS ($) |
Interest rate risk | |||
Total Financial Assets | $ 8,563 | $ 1,861,901,319 | $ 1,928,871,913 |
Total Financial Liabilities | 1,625,907,188 | 1,787,021,082 | |
Banco Supervielle S A and Cordial Compania Financiera S A [Member] | Interest rate risk [member] | |||
Interest rate risk | |||
Total Financial Assets | 1,903,900,705 | 1,998,652,884 | |
Total Financial Liabilities | 1,421,389,988 | 1,684,109,761 | |
Net Amount | 482,510,717 | 314,543,123 | |
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 | 1,367,597,996 | 1,217,782,647 | |
Total Financial Liabilities | 1,123,780,666 | 916,770,479 | |
Net Amount | 243,817,330 | 301,012,168 | |
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 | 201,843,376 | 157,102,640 | |
Total Financial Liabilities | 182,804,117 | 143,998,663 | |
Net Amount | 19,039,259 | 13,103,977 | |
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 | 75,283,526 | 113,969,851 | |
Total Financial Liabilities | 99,006,907 | 106,865,350 | |
Net Amount | (23,723,381) | 7,104,501 | |
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 | 25,674,272 | 43,914,002 | |
Total Financial Liabilities | 14,104,522 | 1,113,500 | |
Net Amount | 11,569,750 | 42,800,502 | |
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 | 233,501,535 | 465,883,744 | |
Total Financial Liabilities | 1,693,776 | 515,361,769 | |
Net Amount | $ 231,807,759 | $ (49,478,025) |
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, 2023 | Dec. 31, 2022 | |
Interest rate risk | ||
Decrease in the interest rate | $ (9,017,557,000) | $ (458,588,000) |
Increase in the interest rate | $ 8,615,049,000 | $ 617,802,000 |
Argentina, Pesos [member] | ||
Interest rate risk | ||
Decrease in the interest rate | 4% | 4% |
Increase in the interest rate | 4% | 4% |
US Dollar [member] | ||
Interest rate risk | ||
Decrease in the interest rate | 2% | 2% |
Increase in the interest rate | 2% | 2% |
RISK MANAGEMENT POLICIES - Conc
RISK MANAGEMENT POLICIES - Concentration of loans and deposits (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Interest rate risk | ||
Loan balance | $ 482,455,084 | $ 728,474,749 |
Deposit, Placement Balance | 1,548,928,056 | 1,705,009,583 |
Liquidity risk [member] | ||
Interest rate risk | ||
Loan balance | $ 499,903,912 | $ 766,535,154 |
Loan, percentage to total portfolio | 100% | 100% |
Deposit, Placement Balance | $ 1,548,928,056 | $ 1,705,009,583 |
Deposits, percentage to total portfolio | 100% | 100% |
Liquidity risk [member] | 10 Largest Customer [Member] | ||
Interest rate risk | ||
Loan balance | $ 69,087,338 | $ 68,238,639 |
Loan, percentage to total portfolio | 13.80% | 8.90% |
Deposit, Placement Balance | $ 662,055,214 | $ 571,545,441 |
Deposits, percentage to total portfolio | 42.70% | 33.50% |
Liquidity risk [member] | 50 Following Largest Customer [Member] | ||
Interest rate risk | ||
Loan balance | $ 123,526,823 | $ 124,053,825 |
Loan, percentage to total portfolio | 24.70% | 16.20% |
Deposit, Placement Balance | $ 347,109,915 | $ 379,200,150 |
Deposits, percentage to total portfolio | 22.40% | 22.20% |
Liquidity risk [member] | 100 Following Largest Customers [Member] | ||
Interest rate risk | ||
Loan balance | $ 92,511,436 | $ 96,004,018 |
Loan, percentage to total portfolio | 18.50% | 12.50% |
Deposit, Placement Balance | $ 66,447,114 | $ 94,183,414 |
Deposits, percentage to total portfolio | 4.30% | 5.50% |
Liquidity risk [member] | Rest of Customers [Member] | ||
Interest rate risk | ||
Loan balance | $ 214,778,315 | $ 478,238,672 |
Loan, percentage to total portfolio | 43% | 62.40% |
Deposit, Placement Balance | $ 473,315,813 | $ 660,080,578 |
Deposits, percentage to total portfolio | 30.60% | 38.70% |
RISK MANAGEMENT POLICIES - Asse
RISK MANAGEMENT POLICIES - Assets and Liabilities Cash Flows (Details) $ in Thousands | Dec. 31, 2023 ARS ($) |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | $ 1,110,802,021 |
Liabilities cashflows | 1,698,079,106 |
Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 306,353,057 |
Liabilities cashflows | 1,494,426,869 |
From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 113,373,676 |
Liabilities cashflows | 47,346,322 |
From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 115,578,523 |
Liabilities cashflows | 129,450,359 |
From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 136,200,679 |
Liabilities cashflows | 22,800,028 |
More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 155,987,345 |
Liabilities cashflows | 2,524,743 |
More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 283,308,741 |
Liabilities cashflows | 1,530,785 |
Deposits | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,610,217,225 |
Deposits | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,414,396,480 |
Deposits | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 46,551,007 |
Deposits | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 128,375,672 |
Deposits | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 20,894,066 |
Non-financial public sector | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 104,391,759 |
Non-financial public sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 104,224,359 |
Non-financial public sector | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 167,400 |
Financial sector [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 476,539 |
Financial sector [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 476,539 |
Non-financial private sector and foreign residents | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,505,348,927 |
Non-financial private sector and foreign residents | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,309,695,582 |
Non-financial private sector and foreign residents | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 46,383,607 |
Non-financial private sector and foreign residents | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 128,375,672 |
Non-financial private sector and foreign residents | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 20,894,066 |
Liabilities at fair value through profit or loss | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 607,903 |
Liabilities at fair value through profit or loss | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 607,903 |
Repo transactions | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 940,332 |
Repo transactions | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 940,332 |
Other financial liabilities [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 81,572,588 |
Other financial liabilities [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 78,021,141 |
Other financial liabilities [member] | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 404,753 |
Other financial liabilities [member] | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 549,577 |
Other financial liabilities [member] | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 909,190 |
Other financial liabilities [member] | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 1,100,630 |
Other financial liabilities [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 587,297 |
Financing received from the Argentine Central Bank and other financial entities [member] | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 4,741,058 |
Financing received from the Argentine Central Bank and other financial entities [member] | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 461,013 |
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 | 390,562 |
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 | 525,110 |
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 | 996,772 |
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 | 1,424,113 |
Financing received from the Argentine Central Bank and other financial entities [member] | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Liabilities cashflows | 943,488 |
Loans and other financing | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 1,110,802,021 |
Loans and other financing | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 306,353,057 |
Loans and other financing | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 113,373,676 |
Loans and other financing | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 115,578,523 |
Loans and other financing | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 136,200,679 |
Loans and other financing | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 155,987,345 |
Loans and other financing | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 283,308,741 |
To the non-financial public sector | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 3,365,917 |
To the non-financial public sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 1,832,047 |
To the non-financial public sector | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 170,430 |
To the non-financial public sector | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 170,430 |
To the non-financial public sector | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 340,860 |
To the non-financial public sector | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 852,150 |
To the financial sector | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 5,038,990 |
To the financial sector | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 2,789,465 |
To the financial sector | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 185,831 |
To the financial sector | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 324,232 |
To the financial sector | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 670,385 |
To the financial sector | More than a year up to two years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 902,442 |
To the financial sector | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 166,635 |
To the Non-Financial Private Sector and Foreign residents | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 1,102,397,114 |
To the Non-Financial Private Sector and Foreign residents | Less than 1 month | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 301,731,545 |
To the Non-Financial Private Sector and Foreign residents | From 1 to 3 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 113,187,845 |
To the Non-Financial Private Sector and Foreign residents | From 3 to 6 months | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 115,083,861 |
To the Non-Financial Private Sector and Foreign residents | From 6 months to 1 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | 135,359,864 |
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 | 154,744,043 |
To the Non-Financial Private Sector and Foreign residents | More than 2 years | |
Maturity Analysis for Assets and Liabilities | |
Assets cashflows | $ 282,289,956 |
RISK MANAGEMENT POLICIES - Para
RISK MANAGEMENT POLICIES - Paragraphs (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 ARS ($) item factor | Dec. 31, 2022 ARS ($) | |
Disclosure of Risk Management [line items] | ||
Unrecoverable financial assets eliminated | $ | $ 9,090,153 | $ 24,494 |
Credit risk [member] | ||
Disclosure of Risk Management [line items] | ||
Economic capital calculation holding period | 1 year | |
Factoring exposure holding period | 6 months | |
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% | |
Liquidity risk [member] | ||
Disclosure of Risk Management [line items] | ||
Percentage to total portfolio | 100% | 100% |
Number of key factors | factor | 2 | |
Liquidity stress level period | 30 days | |
Minimum liquidity percentage | 72% | |
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% |
TURNOVER TAX (Details)
TURNOVER TAX (Details) | Dec. 31, 2023 USD ($) |
Tax contingent liability | |
Disclosure of detailed information about financial instruments [line items] | |
Estimated financial effect of contingent liabilities | $ 4,037,278 |
ASSETS AND LIABILITIES IN FOR_3
ASSETS AND LIABILITIES IN FOREIGN CURRENCY (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | $ 36,966,745 | $ 27,649,398 |
Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 296,466,364 | 221,054,974 |
Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 259,499,619 | 193,405,576 |
US Dollar [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 32,861,518 | |
US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 286,794,463 | |
US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 253,932,945 | |
Euro [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 405,320 | |
Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,907,343 | |
Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,502,023 | |
Real | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 54,697 | |
Real | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 54,830 | |
Real | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 133 | |
Other Currency [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,645,210 | |
Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,709,728 | |
Other Currency [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 64,518 | |
Deposits | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 240,375,097 | 171,150,697 |
Deposits | US Dollar [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 236,733,749 | |
Deposits | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,641,348 | |
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 | 7,126,792 | 5,995,946 |
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 | 7,125,492 | |
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 | 1,300 | |
Financial sector [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 1,894 | 4,758 |
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 | 1,894 | |
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 | 233,246,411 | 165,149,993 |
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 | 229,606,363 | |
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 | 3,640,048 | |
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 | 2,706,372 | |
Other financial liabilities [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 17,470,741 | 13,295,704 |
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 | 15,612,348 | |
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 | 1,793,752 | |
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 | 133 | |
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 | 64,508 | |
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 | 255,796 | 5,326,453 |
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 | 188,880 | |
Financing received from the Argentine Central Bank and other financial entities [member] | Euro [member] | Liabilities [member] | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 66,916 | |
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 | 1,397,985 | 926,350 |
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 | 1,397,968 | |
Other non-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 | 7 | |
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 | 10 | |
Cash and due from banks | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 201,242,228 | 120,528,180 |
Cash and due from banks | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 191,641,796 | |
Cash and due from banks | Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 5,835,926 | |
Cash and due from banks | Real | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 54,830 | |
Cash and due from banks | Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 3,709,676 | |
Debt securities at fair value through profit or loss | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 8,684,949 | 4,452,251 |
Debt securities at fair value through profit or loss | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 8,684,949 | |
Derivatives | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 158,431 | 173,451 |
Derivatives | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 158,431 | |
Other Financial Assets [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 8,142,162 | 5,511,094 |
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 | 8,142,110 | |
Other Financial Assets [member] | Other Currency [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 52 | |
Loans and other financing | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 42,905,258 | 56,672,747 |
Loans and other financing | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 42,833,841 | |
Loans and other financing | Euro [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 71,417 | |
Other Debt Securities [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 27,768,176 | 30,281,996 |
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 | 27,768,176 | |
Financial assets in guarantee | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 6,968,929 | 3,019,938 |
Financial assets in guarantee | US Dollar [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 6,968,929 | |
Other Non Financial Assets [member] | Assets | ||
Disclosure Of Effect Of Changes In Foreign Exchange Rates Explanatory [line items] | ||
Assets and (liabilities) in foreign currency | 596,231 | $ 415,317 |
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 | $ 596,231 |
CURRENT_NON-CURRENT DISTINCTI_3
CURRENT/NON-CURRENT DISTINCTION (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
ASSETS | |||
Cash and due from banks | $ 229,098,272 | $ 150,719,643 | $ 197,594,880 |
Cash | 114,005,581 | 59,547,824 | |
Argentine Central Bank | 103,634,933 | 84,654,328 | |
Other local financial institutions | 10,241,998 | 6,428,404 | |
Others | 1,215,760 | 89,087 | |
Debt Securities at fair value through profit or loss | 46,415,822 | 69,707,595 | $ 119,850,286 |
Derivatives | 3,795,093 | 920,381 | |
Reverse Repo Transactions | 755,708,132 | 67,206,248 | |
Other financial assets | 46,499,784 | 25,246,191 | |
Loans and other financing | 482,455,084 | 728,474,749 | |
To the non-financial public sector | 2,070,115 | 864,785 | |
To the financial sector | 4,006,546 | 2,007,125 | |
To the Non-Financial Private Sector and Foreign residents | 476,378,423 | 725,602,839 | |
Other debt securities | 251,180,541 | 839,975,567 | |
Pledged as collateral | 46,382,606 | 45,056,529 | |
Current income tax assets | 3,039,566 | ||
Inventories | 0 | 208,923 | |
Investments in equity instruments | 365,985 | 1,565,010 | |
Property, plant and equipment | 51,151,635 | 57,217,390 | |
Investment Property | 45,597,064 | 52,637,396 | |
Intangible assets | 67,634,055 | 69,368,706 | |
Deferred income tax assets | 12,960,099 | 37,997,568 | |
Other non-financial assets | 18,763,829 | 16,647,728 | |
TOTAL ASSETS | 2,058,008,001 | 2,165,989,190 | |
LIABILITIES | |||
Deposits | 1,548,928,056 | 1,705,009,583 | |
Non-financial public sector | 100,747,830 | 86,705,591 | |
Financial sector | 476,539 | 315,861 | |
Non-financial private sector and foreign residents | 1,447,703,687 | 1,617,988,131 | |
Liabilities at fair value through profit or loss | 607,903 | 6,661,539 | |
Repo Transactions | 940,332 | ||
Other financial liabilities | 72,738,928 | 56,381,855 | |
Financing received from the Argentine Central Bank and other financial institutions | 2,691,969 | 17,219,834 | |
Unsubordinated debt securities | 1,748,271 | ||
Current income tax liability | 737,181 | ||
Provisions | 14,897,667 | 5,267,946 | |
Deferred income tax liability | 1,614,907 | 565,339 | |
Other non-financial liabilities | 73,200,297 | 85,591,165 | |
TOTAL LIABILITIES | 1,716,357,240 | 1,878,445,532 | |
Up to 1 year [member] | |||
ASSETS | |||
Cash and due from banks | 229,098,272 | 150,719,643 | |
Cash | 114,005,581 | 59,547,824 | |
Argentine Central Bank | 103,634,933 | 84,654,328 | |
Other local financial institutions | 10,241,998 | 6,428,404 | |
Others | 1,215,760 | 89,087 | |
Debt Securities at fair value through profit or loss | 46,415,822 | 69,707,595 | |
Derivatives | 3,795,093 | 920,381 | |
Reverse Repo Transactions | 755,708,132 | 67,206,248 | |
Other financial assets | 46,499,784 | 25,246,191 | |
Loans and other financing | 404,549,650 | 580,663,665 | |
To the non-financial public sector | 1,834,358 | 128,427 | |
To the financial sector | 3,265,728 | 1,868,427 | |
To the Non-Financial Private Sector and Foreign residents | 399,449,564 | 578,666,811 | |
Other debt securities | 133,761,633 | 763,440,474 | |
Pledged as collateral | 46,382,606 | 45,056,529 | |
Current income tax assets | 3,039,566 | ||
Inventories | 208,923 | ||
Deferred income tax assets | 2,203,863 | 5,646,967 | |
Other non-financial assets | 2,090,893 | 8,486,553 | |
TOTAL ASSETS | 1,670,505,748 | 1,720,342,735 | |
LIABILITIES | |||
Deposits | 1,249,698,981 | 1,705,009,233 | |
Non-financial public sector | 100,747,830 | 86,705,591 | |
Financial sector | 476,539 | 315,861 | |
Non-financial private sector and foreign residents | 1,148,474,612 | 1,617,987,781 | |
Liabilities at fair value through profit or loss | 607,903 | 6,661,539 | |
Repo Transactions | 940,332 | ||
Other financial liabilities | 71,663,787 | 54,257,012 | |
Financing received from the Argentine Central Bank and other financial institutions | 1,252,379 | 12,458,785 | |
Unsubordinated debt securities | 1,748,271 | ||
Current income tax liability | 737,181 | ||
Provisions | 23,990 | 33,382 | |
Deferred income tax liability | 1,614,907 | 565,339 | |
Other non-financial liabilities | 73,200,297 | 85,591,165 | |
TOTAL LIABILITIES | 1,399,739,757 | 1,866,324,726 | |
Later than one year [member] | |||
ASSETS | |||
Loans and other financing | 77,905,434 | 147,811,084 | |
To the non-financial public sector | 235,757 | 736,358 | |
To the financial sector | 740,818 | 138,698 | |
To the Non-Financial Private Sector and Foreign residents | 76,928,859 | 146,936,028 | |
Other debt securities | 117,418,908 | 76,535,093 | |
Investments in equity instruments | 365,985 | 1,565,010 | |
Property, plant and equipment | 51,151,635 | 57,217,390 | |
Investment Property | 45,597,064 | 52,637,396 | |
Intangible assets | 67,634,055 | 69,368,706 | |
Deferred income tax assets | 10,756,236 | 32,350,601 | |
Other non-financial assets | 16,672,936 | 8,161,175 | |
TOTAL ASSETS | 387,502,253 | 445,646,455 | |
LIABILITIES | |||
Deposits | 299,229,075 | 350 | |
Non-financial private sector and foreign residents | 299,229,075 | 350 | |
Other financial liabilities | 1,075,141 | 2,124,843 | |
Financing received from the Argentine Central Bank and other financial institutions | 1,439,590 | 4,761,049 | |
Provisions | 14,873,677 | 5,234,564 | |
TOTAL LIABILITIES | $ 316,617,483 | $ 12,120,806 |
OFFSETTING OF FINANCIAL ASSET_3
OFFSETTING OF FINANCIAL ASSET AND LIABILITIES (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Financial Assets And Liabilities [line items] | ||
Gross amount | $ 183,690 | $ 270,814 |
Amount offset | 2,685,919 | 363,673 |
Net in Financial Statements | 2,869,609 | 634,487 |
Amounts subject to a master netting arrangement not offset, Financial asset / (Financial liability) | (872,707) | (959,658) |
Collateral | (24,334,219) | (26,592,007) |
Net amount | (25,206,926) | (27,551,665) |
Debts with businesses for credit card customers | ||
Disclosure Of Financial Assets And Liabilities [line items] | ||
Amounts subject to a master netting arrangement not offset, Financial asset / (Financial liability) | (872,707) | |
Collateral | (24,334,219) | |
Net amount | (25,206,926) | |
Credit cards transactions | ||
Disclosure Of Financial Assets And Liabilities [line items] | ||
Amounts subject to a master netting arrangement not offset, Financial asset / (Financial liability) | (959,658) | |
Collateral | (26,592,007) | |
Net amount | (27,551,665) | |
Derivatives | ||
Disclosure Of Financial Assets And Liabilities [line items] | ||
Gross amount | 183,690 | 270,814 |
Amount offset | 2,685,919 | 363,673 |
Net in Financial Statements | $ 2,869,609 | $ 634,487 |
CAPITAL MANAGEMENT (Details)
CAPITAL MANAGEMENT (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CAPITAL MANAGEMENT | ||
Capital Stock | $ 442,672 | $ 444,411 |
Paid in capital | 254,538,548 | 264,229,227 |
Inflation Adjustment of capital stock | 27,960,909 | 28,325,583 |
Treasury shares | 14,050 | 12,311 |
Inflation adjustment of treasury shares | 2,944,946 | 2,580,272 |
Cost of Treasury shares | (5,166,412) | (4,307,608) |
Reserves | 4,307,608 | 19,308,569 |
Retained earnings | 51,354,318 | (24,700,453) |
Other comprehensive income | 6,389,921 | 3,220,774 |
Shareholders' Equity attributable to owners of the parent company | 342,786,560 | 289,113,086 |
Shareholders' Equity attributable to non-controlling interests | 274,693 | 229,326 |
TOTAL SHAREHOLDERS' EQUITY | $ 343,061,253 | $ 289,342,412 |
CAPITAL MANAGEMENT - Computable
CAPITAL MANAGEMENT - Computable Patrimonial Liability (Details) - ARS ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
CAPITAL MANAGEMENT | |||
Tier One Ordinary Capital | $ 264,420,324 | $ 77,619,877 | $ 42,938,440 |
(Deductible concepts) | (55,583,242) | (25,063,540) | (11,770,286) |
Complementary net worth | 2,600,170 | $ 1,564,272 | |
Tier Two Capital | 2,600,170 | ||
Group Funds | 13,771,273 | 3,051,628 | |
Computable Patrimonial Responsibility | $ 222,608,355 | $ 58,208,135 | |
Pro forma consolidated Tier 1 capital ratio | 21% |
CAPITAL MANAGEMENT - determined
CAPITAL MANAGEMENT - determined requirement (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
CAPITAL MANAGEMENT | |||
Credit risk | $ 61,895,671 | $ 25,107,962 | |
Operational risk | 21,891,498 | 8,188,453 | $ 4,805,957 |
Market risk | 2,658,844 | 1,693,962 | $ 965,159 |
Requirement | 86,446,013 | 34,990,377 | |
Integration | 222,608,355 | 58,208,135 | |
Excess | $ 136,162,342 | $ 23,217,758 |
REPURCHASE OF TREASURY SHARES (
REPURCHASE OF TREASURY SHARES (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 27, 2022 $ / shares | Dec. 27, 2022 $ / shares | Sep. 13, 2022 $ / shares | Sep. 13, 2022 $ / shares | Jul. 20, 2022 ARS ($) $ / shares | Jul. 20, 2022 ARS ($) $ / shares | Dec. 31, 2023 shares | |
Program for the acquisition of own shares | |||||||
Amount of shares authorized to be repurchased | $ | $ 2,000,000 | $ 2,000,000 | |||||
Shares authorized to be repurchased (as percent) | 10% | 10% | |||||
Share repurchase term | 250 days | 250 days | |||||
Share repurchase execution (as percent) | 86.30% | ||||||
Share repurchased (as percent) | 3.076% | ||||||
American Depositary Shares | |||||||
Program for the acquisition of own shares | |||||||
Shares repurchased (in shares) | 591,384 | ||||||
American Depositary Shares | Maximum | |||||||
Program for the acquisition of own shares | |||||||
Share repurchase price per share (in per share) | $ / shares | $ 2.70 | $ 2.70 | $ 2.20 | ||||
Class B Shares | |||||||
Program for the acquisition of own shares | |||||||
Shares repurchased (in shares) | 11,093,572 | ||||||
Shares repurchased in ADR equivalent (in shares) | 2,956,920 | ||||||
Class B Shares | Maximum | |||||||
Program for the acquisition of own shares | |||||||
Share repurchase price per share (in per share) | $ / shares | $ 200 | $ 155 | $ 138 |
MERGE OF IUDU COMPANIA FINANC_2
MERGE OF IUDU COMPANIA FINANCIERA S.A. AND TARJETA AUTOMATICA S.A WITH BANCO SUPERVIELLE S.A. (Details) | 12 Months Ended | ||||
Jun. 08, 2023 $ / shares shares | Dec. 14, 2022 company | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Program for the acquisition of own shares | |||||
Number of companies to be merged | company | 2 | ||||
Ownership interest in subsidiary | 97.1198% | ||||
Banco Supervielle S.A. | |||||
Program for the acquisition of own shares | |||||
Ownership interest in subsidiary | 99.90% | 99.90% | 99.90% | ||
IUD Compaa Financiera S.A | |||||
Program for the acquisition of own shares | |||||
Shares received in merger | 4,422,016 | ||||
Business combination, exchange ratio | $ / shares | $ 0.09497225 | ||||
Tarjeta Automtica S.A. | |||||
Program for the acquisition of own shares | |||||
Shares received in merger | 361,904 | ||||
Business combination, exchange ratio | $ / shares | $ 0.03375751 | ||||
Class B Shares | Banco Supervielle S.A. | |||||
Program for the acquisition of own shares | |||||
Shares received in merger | 4,783,920 |
MINIMUM CAPITAL REQUIREMENTS (D
MINIMUM CAPITAL REQUIREMENTS (Details) - ARS ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Calculation of excess capital: | |||
Allocated to assets at risk | $ 51,149,308 | $ 20,729,624 | $ 12,957,481 |
Allocated to Bank premises and equipment, intangible assets and equity investment assets | 10,474,161 | 3,747,910 | 2,035,689 |
Market risk | 2,658,844 | 1,693,962 | 965,159 |
Public sector and securities in investment account | 272,202 | 625,570 | 34,489 |
Operational risk | 21,891,498 | 8,188,453 | 4,805,957 |
Required minimum capital under Central Bank rules | 86,446,013 | 34,985,519 | 20,798,775 |
Tier One Ordinary Capital | 264,420,324 | 77,619,877 | 42,938,440 |
Complementary net worth | 2,600,170 | 1,564,272 | |
(Deductible concepts) | (55,583,242) | (25,063,540) | (11,770,286) |
Total capital under Central Bank rules | 208,837,082 | 55,156,507 | 32,732,426 |
Excess capital | 122,391,069 | 20,170,988 | 11,933,651 |
Credit Risk Weighted Assets | 756,569,592 | 303,351,644 | 181,430,487 |
Risk Weighted Assets | $ 1,058,040,330 | $ 428,238,464 | $ 254,513,436 |
Selected capital and liquidity ratios: | |||
Regulatory capital/credit risk weighted assets | 27.60% | 18.20% | 18.40% |
Regulatory capital/risk weighted assets | 19.70% | 12.90% | 12.90% |
Average shareholders' equity as a percentage of average total assets | 14.50% | 12.20% | 12.50% |
Total liabilities as a multiple of total shareholders' equity | 0.063 | 0.083 | 0.075 |
Cash as a percentage of total deposits. | 14.40% | 8.70% | 11.10% |
Liquid assets as a percentage of total deposits | 64.10% | 46% | 49.20% |
Tier 1 Capital / Risk weighted assets.. | 19.70% | 12.30% | 12.20% |
Multiple to calculate operational risk weighted assets and market risk weighted assets | 0.125 |
ECONOMIC CONTEXT ON GROUP'S O_3
ECONOMIC CONTEXT ON GROUP'S OPERATIONS - Paragraphs (Details) $ in Thousands, $ in Millions | Feb. 27, 2024 USD ($) $ / $ | Dec. 31, 2023 ARS ($) $ / $ | Dec. 13, 2023 $ / $ | Dec. 12, 2023 $ / $ | Dec. 31, 2022 ARS ($) $ / $ |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Accumulated inflation index (as a percent) | 211.40% | ||||
Official exchange rate | $ / $ | 808 | 800 | 350 | 180 | |
Nominal exchange | 2% | ||||
Free Exchange Market, exchange rate | $ / $ | 841.15 | ||||
Relief in new import regime | $ 7,066 | ||||
Financial assets | 8,563 | $ 1,861,901,319 | $ 1,928,871,913 | ||
Bond for the reconstruction, Series 1 | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Bonds issued | 5,000 | ||||
Bond for the reconstruction, Series 2 | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Bonds issued | 2,000 | ||||
Bond for the reconstruction, Series 3 | |||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||||
Bonds issued | $ 3,000 |
ECONOMIC CONTEXT ON GROUP'S O_4
ECONOMIC CONTEXT ON GROUP'S OPERATIONS - Grupo exposure to public sector (Details) $ in Thousands, $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 ARS ($) | Feb. 27, 2024 USD ($) | Dec. 31, 2022 ARS ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | $ 1,861,901,319 | $ 8,563 | $ 1,928,871,913 |
Loans to the Public Sector | 2,070,115 | $ 864,785 | |
Public sector exposure | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans to the Public Sector | 2,070,115 | ||
Total exposure to the public sector | $ 1,033,232,464 | ||
Over Total Assets (as percent) | 50.21% | ||
Over Shareholders equity (as percent) | 302.67% | ||
Public sector exposure | Debt instruments | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | $ 1,031,162,349 | ||
Public sector exposure | Repo transactions | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | 831,757,936 | ||
Public sector exposure | Treasury Bills | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | 199,343,557 | ||
Public sector exposure | Government Securities | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Financial assets | $ 60,856 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, $ in Thousands | Apr. 19, 2024 ARS ($) $ / shares | Apr. 19, 2024 $ / shares | Jul. 20, 2022 ARS ($) |
SUBSEQUENT EVENTS | |||
Ifrs Stock Repurchase Program, Authorized Amount | $ | $ 2,000,000 | ||
Share repurchase program | |||
SUBSEQUENT EVENTS | |||
Ifrs Stock Repurchase Program, Authorized Amount | $ | $ 4,000,000,000 | ||
Ifrs Stock Repurchase Program, Percentage of Capital Stock | 10% | ||
IFRS Stock Repurchase Program, Period in Force | 120 days | ||
Share repurchase program | Class B Shares | |||
SUBSEQUENT EVENTS | |||
IFRS Stock Repurchase Program, Share Price, Maximum | $ / shares | $ 1,600 | ||
Share repurchase program | American Depositary Shares | |||
SUBSEQUENT EVENTS | |||
IFRS Stock Repurchase Program, Share Price, Maximum | $ / shares | $ 8 |
Document Information
Document Information | 12 Months Ended |
Dec. 31, 2023 | |
Document Information: | |
Document Type | 20-F |
Amendment | false |
CIK | 0001517399 |
Registrant Name | GRUPO SUPERVIELLE S.A. |
Period End Date | Dec. 31, 2023 |