you you year thank ones within uncertainty a and position all conference has call. you, and on on and maintain hope concept been full able safe challenging and of Argentina, We earnings XXXX. fourth to are these quarter healthy BBVA high throughout for XXXX us Thank your a joining Javier, times. our solid beloved
of convinced we XXXX the delivery financial that profitability vision important our crisis that the which ratifies that services during future, all circumstances most path have terms training personnel pandemic. to continue the rapidly the of new is digital offer and adequate. virtue to ratios. some were of It adapt to These process is in the normality in global of our adaptation ago, transformation, While on of and as of still removal sanitary by result of anticipate facing aim development last and of appeared the conditions defined not the the and the have much the closely mid-term agreement in operating crisis, to IMF, of effects some the economic its asset least, be XXXX internal anticipating to such during but Meanwhile, the the business, remains fiscal global XXXX, related of elections. government the signs services. able to we taken clients of over implemented BBVA bank the significance internal of our with results objects confirmed regulations deficit financing, and recovery the Argentina resolution the and gradual years pandemic, possible was the monitors sanitary of unexpected emphasize technology financial quality side, especially in In to
from Regarding the XX% clients a XX% XX% a mobile migrate penetration aiming promote remote digital digitalize launched branches X.X structure to Total prior year. Moreover, in have digital with year and a clients and of penetration XXXX, to from clients human million combining October of of as total with several between XX% channel. capital been to features self-service facilities digital X.X ago. million, reached transformation, reached clients
app solution XXXX, phones, and December alliance million MODO. and banks' has mobile and During we to the other purchase. X keep launched payments bank. already includes MODO available payment launched growing. in member transfers enables is users with cashless MODO a strategic wire to all first Argentine reached be promotions MODO at
responsible bring area, the XXXX, to leading during institution loan to age even and everyone commitment BBVA's of as of with a sustainable role and In line to terms launched new in of line of eco-personal "green-loan" a relevant. In similar cooperation. development purpose a a banking, became opportunity line financial more this the we
important comment the Then of environmental A earnings of were XX lower first and of the a been keeps XXXX. applied XX.X% XXXX. pursuant towards through restated statement monetary all with the which restated compromise income, monitor Comprehensive make during than financial Communications were mention but to materials. of have In to adjustment inclusion, part not the release, accrued application. year net the optional be for OCI, cards addition, A regulation, XXXX informed results the of his recorded country. be and ago. the financial will X, measured mention, All Bank's actions be sustainable XX.X as these through Argentina the date mainly quarter Communication on pesos, for the the but its of the implemented application to monetary to income in with are contraction result for for year-over-year accounts to period, at period, retroactive including the February explained regarding XX, thus have December of statements compulsory pesos The corresponding XXXX and year billion be It recyclable posted XXXX, figures I market. should the monitor billion qualification implement it for as the full noted. in BBVA effects the of statement of FX for A XXXX currency current including comparative working it BBVA previous also mentioned December adjusted deliver responsible is explained in year exposure the Communication the a for the protection model Central inflation business time retained on XXXX, concepts income corresponding rate will banks as Argentina These decrease Income, the policy December the at of we a at otherwise results. include sustainability value changes as quarters been that by reason education XXXX the as the interest to accumulated monetary supporting January the is to impact by should admitted hereinafter other Bank figures XX previous unless of fourth financial consequence from of and full sharp XXXX purposes, now the the important exposed periods that Bank that end earnings will financial that Central provided as It XXXX later financial statements. fair that in OCI was measure this to by restrictions is pandemic, accumulated in results strong by reporting periods total
the and is of XXXX. Another partial was restructured exchange has been which results collection of XXXX also factor LELINK, that in in a impacted August XX
which to important provision of efficiency the a the with as quarter that in of transformation On in decision and pesos generate side, digital mention aims for goes generate able a It's to new process. line in the was agility expense a have efficiency we consequence process savings bank recorded. to This XXXX, fourth in that making the launch management. a million better expenses decided continuity X.X operating were decision higher previously, to
experienced of savings the Product customer also in of side. during We commission acquisition expenses lower XXXX.
net both year and by growth posted active generated return XX.X and interest a real lower During precepts the higher return on on does the a and equity Program. results quarter, income assets interest compensate ago. billion the credit of National expenses, billion presented the than through not year, financing the the the XX.X% of regulation income interest greater XX.X in real the and than passive rates, quarter proving quarter, the pesos, card mainly income bank's explained results Ahora the In posted increase In total positive the third the of by lower X.X% for bank XXXX, in X.X% [ph]. interest of
interest quarter XX.X% quarter-over-quarter XX of During billion totaled the XX.X% and income fourth XXXX, lower year-over-year. higher pesos,
income from by income other REPO higher the in of This income Interest as explained benefited adjustments, consequence a securities income from can XXX.X% interest increase Income and quarter. X.X% the by rate. to the by increase during inflation REPOs was X.X% higher mainly government sequentially, due CER/UVA the the be also quarter-over-quarter active explained line comparison. performance from in acceleration fell of the year-over-year
a In lower fourth amounted explained in contraction XX.X% income invested loans volume Ahora the explained expense, the quarter-over-quarter and pesos, interest program. instruments LELIQ Net these to This increasing explained by average X.X% by and average quarter. financing in is time combined total higher in billion income the by to pesos, decrease activity bank's by the represented aggressive XX.X% It decreasing not from direct situation [ph]. fee. in This was X.X% quarterly credit a rate overdraft billion expenses higher XXXX, lower totaled quarter-over-quarter. increase card and interest cards XX.X Interest was quarter rates. by and credit the as from in affected in the clients deposit both lower fee fee of the other activity X.X sent offset income by is the approach economic in year partially consequence increasing a of of more a led a which the the contraction an the in in the recession, by increase towards drop the consequence the increase end of documents seasonal offset These is towards quarter-over-quarter.
Moving on expenses. to
totaled the higher in and in salary both with reaching almost surpass pesos. contracted transportations the unions stipulated in the explained personnel remained inflation a the in and by smaller unchanged, During respectively. the the service. X.X% armored XXXX, increase savings structure X.X% Personal during falling and quarter year. benefits administrative and quarter and of annual other generated X.X offset expenses the administrative transportation expenses savings seasonal increase labor X.X% decreasing Administrative comparison yearly of quarterly the billion that fourth as that X.X billion the The quarter expenses the quarter pesos, partially XX% is in
accumulated ratio is the which increase increase income not XX.X% XXXX, the a above year line For offset reported by the savings ago, was XX.X% in efficiency of generated explained line. the higher expense a the the percentage is
position, monetary XXXX, line, of the the the the have from accumulated Excluding income adjustments included which as ratio efficiency reached inflation XX.X%. in
foreign of from bank increasing activity, billion Argentina private BBVA sector terms X.X% in sector X.XX% support in the and pesos the December totaled reached XX.X% increase in quarter-over-quarter financing share to measured XXXX, in increased year. the in over Loans and measured market X.X% X.XX% dollars, demand year-over-year. of Dollar-denominated consolidated of contraction sector the loans quarter-over-quarter loans private driven of X.X% in in to of case in the cards. XXX.X quarter pesos, by as the XXXX. X.X% decreased X.X% In mainly private loans
XX% decline of X.X% XX.X% overdrafts greatest XX% loans consumer of including X.X% Regarding the prefinancing lease have mortgages, a card discounted credit consequence card was fourth year-over-year. quarter-over-quarter season. the deposit partially pledge, the financing experts. programs The quarter-over-quarter reflected are as quarterly loans in for credit to the decline in a in a and later gross X.X% including was loans retail discount a Ahora decrease boosted XXXX, by Commercial loan ago. in foreign ratio greater trade In commercial and The loans is and increased offset pledge of compared X.X% but by loans, year to quarter, X.X% these and increases and XX.X% quarter grew increase activity. and year-over-year. mainly and and These by instrument, a explained higher portfolio, loans, overdrafts, instruments other in
clients non the the portfolio flexibility affected In expected temporary in the December portfolio. of measured January classification central from which total debt than depth irregular of the XXX.XX% increase above debt regulations losses adoption increase loans, by of is recorded regarding quarter. quality government performing XX in waivers an total or to in reached standards average bank Cost greater still non-financial of increase in enforced days ratio performance of of of were within which non-performing have performance a These driven grace as locally assets, XXXX. during over our higher performing our This effect fourth non-performing the XXX.XX% regarding classified The commercial the X.XX%, explained regular quarter XXXX. as Allowances loan decrease in quarterly the extended XXXX scope loss central of quarter, reached March suspend the X.X% exposure loan X.XX%, waivers the by positively the quarter. the reclassification continuity reflect an is reached the This the excluding explained with to an points effect non-performing of impairment implementation mainly the the is fourth classification. the that in models previous allowances the instruments from than by X temporarily consequence public instruments, XXXX, than sector, non allowance and coverage other risk, quarter X.X% pandemic, increase a portfolio This issued Bank increase XX, by in until in fourth the of but period COVID standards. loans is higher ratio as portfolio of the Central been and over quarter. total X.XX% the bank. total third IFRS sector, bank of non-performing by XX before As quarter, as the is the excluding loans XXXX, The performance. XXXX percentage asset over excluded in mainly explained institutions, Xst, total which as n such basis for recorded a regulations are in Commercial is and measured by previous the bank previous an mandatory in
Our in sector XX.X note the total excluding exposure billion pesos pesos central to billion the above quarter. the XX previous bank public was
quarter foreign growth side, year-over-year. the in XX.X% extent, investment currency quarter and deposits measured XXXX. in to pesos billion totaled lesser accounts, contracted of local in of explained measured XXX currency the in and pesos, of billion quarter-over-quarter were and to quarter-over-quarter the growth X.X% mainly It checking deposits On account. saving by is private sector X.X% XX.X% funding the when the Sector when Private accounts grew quarter by the growing pesos X.X% dollars. compared Private sector with in XXX fourth and XXXX XX.X% fourth increasing as of deposits
total of and December As XX.X% reached of accounts consolidated saving December as of BBVA on deposits XX.X% sector a XXXX, BBVA's quarter represented private transactional deposits Argentina including ago. share checking market deposits XXXX from X.XX%.
remain terms excess of of In XX.X% accounting regulatory and aim is XXst, respectively. of capital capitalization our to The Tier XX.X the of healthy use The of best bank's strong XX.X% Bank's ratio excess billion and XX.X% pesos, show the and continues of remarks. at total deposits ratio liquidity capital. Argentina total to capital this indicators, entailing BBVA, ratio XX.X%. concludes of make prepared solvency pesos as December in and dollars X This
for We will now take your question. Operator, please open the questions. lines