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    Brian Flores

    Vice President in Equity Research at Citigroup Inc.

    Brian Flores is a Vice President in Equity Research at Citigroup Inc., specializing in financial analysis and investment strategies with a focus on the Latin American banking and financial sector. He covers companies such as Credicorp, where he recently reiterated a Buy rating and raised the price target to $275, reflecting his constructive outlook and coverage accuracy. Flores has built his career at Citi, demonstrating strong analytical capabilities and garnering positive attention for his company-specific recommendations, with a reputation for thorough sector expertise. He holds the necessary securities licenses required for his role and is recognized for his detailed research and credible market insights.

    Brian Flores's questions to Macro Bank (BMA) leadership

    Brian Flores's questions to Macro Bank (BMA) leadership • Q2 2025

    Question

    Brian Flores from Citi asked for the bank's estimated Tier 1 capital ratio for year-end 2025 and for management's perspective on the asset quality of the retail loan portfolio across the broader banking system.

    Answer

    CFO Jorge Francisco Scarinci projected that Banco Macro's Tier 1 ratio would be in the area of 28.75% by the end of 2025, considering loan growth and dividend payments. Regarding retail loan quality, he reiterated that the bank is seeing some deterioration across the system due to rising nominal and real interest rates, forecasting that Banco Macro's NPLs could reach up to 3% by year-end, with the possibility of worse outcomes for other banks.

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    Brian Flores's questions to Macro Bank (BMA) leadership • Q1 2025

    Question

    Asked for an update on the company's 2025 guidance and for their strategy regarding capital allocation, specifically the balance between organic and inorganic growth.

    Answer

    The company updated its guidance, increasing the deposit growth forecast to 45% and the capital ratio to 28-29%, while downgrading the ROE forecast to 8-10%. The current focus is on organic loan growth to utilize their strong capital position, with M&A being a potential future opportunity. The higher deposit forecast is due to stronger-than-expected Q1 performance.

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    Brian Flores's questions to Macro Bank (BMA) leadership • Q1 2025

    Question

    Brian Flores from Citi asked for an update on Banco Macro's 2025 guidance, specifically regarding loan growth, deposits, ROE, and capital ratios. He also inquired about the bank's capital deployment strategy, questioning the focus between organic and inorganic growth opportunities.

    Answer

    Jorge Francisco Scarinci, Finance & Investor Relations Manager, confirmed the 60% real loan growth guidance but increased the deposit growth forecast to 45%. He revised the year-end capital ratio target up to 28-29% and downgraded the ROE forecast to a range of 8-10%. Scarinci stated the bank is currently focused on organic growth to leverage its strong capital position, though M&A remains a future possibility.

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    Brian Flores's questions to Macro Bank (BMA) leadership • Q2 2023

    Question

    The analyst asked about the capital impact of the Itau Argentina acquisition and the potential threat from a Central Bank rule change affecting virtual wallet deposits.

    Answer

    The CFO confirmed the acquisition price is very low relative to book value, at approximately 20%. He stated the bank does not hold the specific type of virtual wallet deposits affected by the new Central Bank rule, so there is no direct threat to its deposit base.

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    Brian Flores's questions to GRUPO FINANCIERO GALICIA (GGAL) leadership

    Brian Flores's questions to GRUPO FINANCIERO GALICIA (GGAL) leadership • Q2 2025

    Question

    Brian Flores inquired about the updated 9-11% ROE guidance, asking if it reflects revised loan and deposit growth forecasts. He also asked about the source of the quarter-over-quarter capital ratio improvement and whether higher dividend payouts are being considered.

    Answer

    CFO Gonzalo Fernández Covaro confirmed the guidance reflects lower loan growth expectations of around 40% and deposit growth of 30-35%. He clarified the capital ratio increase to nearly 24% was due to the merger with the more strongly capitalized former HSBC bank, not organic growth. He stated that while dividends are reviewed, the focus remains on efficiency and retaining capital for future lending growth. He also clarified that a potential 2-point ROE impact from restructuring is a one-time negative expense, not an upside.

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    Brian Flores's questions to Banco BBVA Argentina (BBAR) leadership

    Brian Flores's questions to Banco BBVA Argentina (BBAR) leadership • Q2 2025

    Question

    Brian Flores of Citi asked for an update on guidance for key metrics like credit growth and ROE, and questioned the sustainability of the bank's market share gains. In a follow-up, he inquired about the net impact of recent high interest rates on the bank's treasury results.

    Answer

    CFO Carmen Arroyo confirmed guidance for approximately 50% real credit growth, low double-digit ROE, and a year-end capital ratio of around 17%, reaffirming the strategy to continue gaining market share. Head of IR Diego Cesarini later explained that the impact of high rates on treasury results is neutral to slightly negative in the very short term as liabilities reprice faster than assets, but the effect is expected to become neutral by September.

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    Brian Flores's questions to Banco BBVA Argentina (BBAR) leadership • Q2 2025

    Question

    Brian Flores from Citi asked for updates on full-year guidance for key metrics like loan growth and ROE, questioned the sustainability of market share gains, and followed up on the net impact of high interest rates on the bank's treasury results.

    Answer

    CFO Carmen Arroyo confirmed guidance for approximately 50% real loan growth, low double-digit ROE, 30-35% deposit growth, and a year-end capital ratio around 17%. She affirmed the strategy to continue gaining market share. Head of IR Diego Cesarini added that the impact of high rates on treasury results is neutral to slightly negative in the very short term but should be offset quickly due to the bank's portfolio structure and repricing dynamics.

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    Brian Flores's questions to Banco BBVA Argentina (BBAR) leadership • Q2 2025

    Question

    Brian Flores of Citigroup Inc. asked for an update on the bank's guidance and the sustainability of its market share growth. In a follow-up, he inquired whether the recent high interest rate environment was a net positive or negative for the bank's treasury results.

    Answer

    CFO Carmen Arroyo confirmed that guidance remains unchanged, targeting approximately 50% real credit growth, low double-digit ROE, and a year-end capital ratio around 17%. She affirmed the strategy to continue gaining market share. Head of IR Diego Cesarini added that the impact of high rates on treasury results is neutral to slightly negative in the immediate short term, as liabilities reprice faster than assets, but this effect is expected to be offset quickly and become neutral by September.

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    Brian Flores's questions to Banco BBVA Argentina (BBAR) leadership • Q2 2025

    Question

    Brian Flores of Citi inquired about updates to financial guidance, the sustainability of market share gains, and the net impact of the current high-interest-rate environment on the bank's treasury results.

    Answer

    CFO Carmen Arroyo maintained guidance for approximately 50% real credit growth, a low double-digit ROE, and a year-end capital ratio around 17%, affirming the strategy to continue gaining market share. Head of IR Diego Cesarini added that the high-rate environment has a neutral to slightly negative short-term impact on treasury results, which should be offset quickly due to the structure of the bank's bond portfolio and balance sheet.

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    Brian Flores's questions to CREDICORP (BAP) leadership

    Brian Flores's questions to CREDICORP (BAP) leadership • Q2 2025

    Question

    Brian Flores from Citibank asked for elaboration on the drivers behind the improved cost of risk guidance and inquired about Credicorp's long-term vision for its physical branch network, including potential monetization.

    Answer

    Chief Risk Officer César Ríos explained that the low cost of risk in the first half of the year resulted from restrictive origination measures taken in the prior year. He noted that in Q2, the company began originating higher-yielding, higher-risk portfolios, which will be reflected in the second half. CEO Gianfranco Ferrari added that the key metric is risk-adjusted NIM, not just cost of risk. Regarding branches, Ferrari stated that the network was reduced from 450 to 300 branches over the past few years, shifting their role from transactional to educational and commercial, with the bulk of the reduction already completed.

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    Brian Flores's questions to CREDICORP (BAP) leadership • Q1 2025

    Question

    Brian Flores questioned why Credicorp is not updating its 2025 guidance given the strong Q1 performance, and asked if the company's sustainable ROE could realistically exceed the previously stated 18% target.

    Answer

    Chief Financial Officer Alejandro Perez-Reyes explained that the cautious stance on guidance is due to global uncertainties, such as potential trade wars and their impact on commodity prices, rather than Peru's domestic outlook. He indicated a guidance revision is possible once there is more global clarity. Regarding the long-term ROE, Perez-Reyes confirmed management feels they might be able to increase the 18% target but require a thorough review before committing to a new number.

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    Brian Flores's questions to CREDICORP (BAP) leadership • Q4 2024

    Question

    Brian Flores from Citi requested more details on the provisioning for the Sartor case, including the base case for its evolution and timeline, and confirmation that the impact was isolated to Credicorp Capital.

    Answer

    CFO Alejandro Perez-Reyes clarified that a provision of PEN 259 million was made, primarily at Atlantic Security Holding, not Credicorp Capital. He expressed comfort with this provision level based on current information but noted the resolution timeline is uncertain as it depends on a liquidator. CEO Gianfranco Ferrari added that the full expected economic impact was registered in Q4 2024.

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    Brian Flores's questions to CREDICORP (BAP) leadership • Q3 2024

    Question

    Brian Flores inquired about the drivers behind the significant increase in low-cost deposits and the sustainability of the improvements in cost of risk.

    Answer

    Chief Executive Officer Gianfranco Piero Ferrari de Las Casas and Chief Financial Officer Alejandro Perez-Reyes attributed the growth in low-cost deposits to a long-term strategy focused on enhancing transactionality and digital channels. They also affirmed that the cost of risk trend is sustainable, driven by fundamental economic improvements and internal risk management, not just the temporary liquidity from pension withdrawals.

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    Brian Flores's questions to Grupo Supervielle (SUPV) leadership

    Brian Flores's questions to Grupo Supervielle (SUPV) leadership • Q2 2025

    Question

    Brian Flores asked about the drivers behind the downward revision in loan growth guidance, questioning if it was due to funding or capital constraints, given the bank's Tier 1 ratio. He also inquired about a potential timeline for Basel III implementation and followed up on the reasons for the decline in active users at Invertir Online.

    Answer

    CEO Gustavo Manriquez attributed the slower growth to restrictive monetary policy, clarifying that capital is not a current constraint. CFO Mariano Biglia added that they are optimistic about a favorable Basel rule change before year-end. Regarding Invertir Online, CEO Diego Pizzulli explained the user decline was due to lower market trading volumes and new competition in FX transactions after deregulation, not a weakness in their value proposition.

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    Brian Flores's questions to Grupo Supervielle (SUPV) leadership • Q2 2025

    Question

    Brian Flores asked about the downward revision in loan growth guidance, probing whether it was driven by funding constraints or capital limitations. He also inquired about a potential timeline for Basel III implementation and followed up on the reasons for the decrease in active users at Invertir Online and the expected loan mix contribution to NIM.

    Answer

    CEO Gustavo Manriquez attributed slower growth to restrictive monetary policy, not capital constraints, and highlighted new funding strategies. CFO Mariano Biglia added that capital is not currently a restriction and expressed optimism for a Basel III rule change by year-end. Regarding Invertir Online, CEO Diego Pizzulli cited lower retail trading volumes and increased FX market competition. For the NIM outlook, Biglia stated they expect a balanced, roughly 50/50 contribution from retail and corporate loans.

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    Brian Flores's questions to Grupo Supervielle (SUPV) leadership • Q1 2025

    Question

    Brian Flores of Citi questioned Grupo Supervielle's capital position, highlighting the significant consumption of Tier 1 capital over the last year and the path to its year-end target of 12-13%. He asked about the bank's risk appetite, whether it would continue its aggressive growth to defend market share or pivot to a more cautious origination strategy, and also inquired about the risk weight density of its assets.

    Answer

    Chairman & CEO Julio Patricio Supervielle stated that the bank's risk appetite remains unchanged, citing low debt levels in Argentina as a growth opportunity. He explained the strategy to sustain capital involves shifting the portfolio mix towards higher-return retail loans, strict cost controls, and increasing leverage. CFO Mariano Biglia confirmed the capital guidance is consistent with growth projections and provided details on risk-weighted asset calculations for different loan types.

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    Brian Flores's questions to Grupo Supervielle (SUPV) leadership • Q1 2025

    Question

    Brian Flores from Citi raised concerns about Grupo Supervielle's capital position, noting the significant consumption of Tier 1 capital and questioning the bank's risk appetite and whether it would continue its aggressive growth strategy.

    Answer

    Chairman & CEO Julio Patricio Supervielle affirmed that the bank's risk appetite is unchanged, citing low debt levels in Argentina as a growth opportunity. He outlined a strategy to sustain capital by shifting the loan mix towards retail, implementing strict cost controls, and expanding leverage. CFO Mariano Biglia added that the 12-13% year-end CET1 ratio guidance is consistent with these plans.

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    Brian Flores's questions to Grupo Cibest (CIB) leadership

    Brian Flores's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Brian Flores of Citi asked about the sustainability of the company's low cost of funding in Colombia and the specific strategies being employed to maintain this advantage. He also inquired about capital distribution, specifically whether the share buyback program might be accelerated given current stock price levels.

    Answer

    VP of Strategy & Finance, Mauricio Botero Wolff, explained that the low cost of funds is sustained by a strong customer value proposition focused on transactionality, which drives growth in low-cost savings accounts. He also highlighted a mix shift towards retail digital time deposits for faster repricing. Regarding capital, he stated that the 11% Tier 1 ratio for Bancolombia remains the key trigger for distributions, and the current underleveraged capital structure provides ample room for both buybacks and dividend growth. He also confirmed the structural cost of risk guidance includes NEKI's growth.

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    Brian Flores's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Brian Flores of Citi asked about the sustainability of the bank's low cost of funding, the potential for accelerating the share buyback program, and whether the long-term cost of risk guidance includes Neki's growth.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff affirmed the sustainability of the low cost of funding, attributing it to a strong value proposition focused on transactionality. He stated that capital distributions, including buybacks, are guided by solvency ratios and ample liquidity at the holding company level. He also confirmed that the structural cost of risk guidance of 1.8-1.9% already incorporates the expected growth from Neki's loan portfolio.

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    Brian Flores's questions to Grupo Cibest (CIB) leadership • Q2 2025

    Question

    Brian Flores asked about the sustainability of the company's low cost of funding in Colombia. He also followed up on capital distribution, inquiring if the share buyback program would be accelerated at current price levels, and confirmed if the structural cost of risk guidance includes Neki's growth.

    Answer

    VP of Strategy & Finance Mauricio Botero Wolff confirmed the cost of funding is sustainable due to a strong value proposition focused on transactional accounts, which drives stable, low-cost deposits. Regarding capital, he explained that distributions are guided by solvency ratios and that the holding company's underleveraged structure provides ample capacity for both buybacks and dividends. He also confirmed the 1.8-1.9% structural cost of risk guidance already incorporates the expected growth from Neki.

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    Brian Flores's questions to Itau Unibanco Holding (ITUB) leadership

    Brian Flores's questions to Itau Unibanco Holding (ITUB) leadership • Q4 2024

    Question

    Brian Flores from Citigroup Inc. asked about the drivers behind the guidance for service and commission revenue growing below the portfolio, and how the 'One Itau' initiative factors into this outlook.

    Answer

    CEO Milton Maluhy Filho attributed the dynamic to a mix of factors: card revenue is impacted by portfolio derisking, while asset management and insurance show strong growth potential, and investment banking is expected to be weaker than 2024's record year. He reiterated that potential upside from 'One Itau' is not yet included in the guidance, as the priority is a quality migration before quantifying its significant cross-sell potential.

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    Brian Flores's questions to Itau Unibanco Holding (ITUB) leadership • Q2 2024

    Question

    Brian Flores asked about the sustainability of the strong revenue from advisory services and brokerage, driven by a robust DCM market, and whether this line item is expected to normalize from its current high level.

    Answer

    CEO Milton Maluhy Filho acknowledged that the quarter was a record for DCM but stated that this revenue line is highly dependent on market conditions. While Itaú maintains a leading market share, he expects a degree of normalization in the coming quarters, suggesting that the exceptional performance of Q2 is unlikely to be sustained at the same rhythm, even if the market dynamic remains healthy.

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    Brian Flores's questions to BDORY leadership

    Brian Flores's questions to BDORY leadership • Q2 2024

    Question

    Asked about the bank's capital position, noting the increased payout and reduced CET1. He questioned if the bank's risk appetite would become more moderate and how they view the balance between growth, capital, and dividends, especially in a potentially tighter interest rate environment.

    Answer

    The bank stated the CET1 reduction was planned and the current level of 11.6% remains above their internal prudential buffer. They consider a level around 11% to be healthy and sufficient for organic growth. The current 45% payout policy is based on an outlook of economic growth and a Selic rate of 9.75% for next year, and they do not anticipate changes unless this scenario fundamentally shifts.

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    Brian Flores's questions to BANK BRADESCO (BBD) leadership

    Brian Flores's questions to BANK BRADESCO (BBD) leadership • Q2 2024

    Question

    Brian Flores noted the improving cost of deposits and asked for details on the specific measures driving this, the competitive landscape, and the expected future trend for funding costs.

    Answer

    CFO Cassiano Scarpelli attributed the improvement to targeted commercial actions in middle-market cash management, data-driven CRM strategies for retail clients, and specific products like a remunerated CDB. He emphasized that a holistic focus on client relationships across both physical and digital channels is optimizing the funding mix and lowering costs.

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    Brian Flores's questions to BANK BRADESCO (BBD) leadership • Q2 2024

    Question

    Brian Flores from Citigroup noted the improvement in Bradesco's cost of deposits as a percentage of the CDI rate. He asked for more details on the specific measures being taken on the liabilities side and for commentary on the competitive landscape for client funding.

    Answer

    CFO/CTO Cassiano Scarpelli attributed the improved funding cost to targeted commercial actions. He cited success in middle-market cash management, enhanced CRM utilization for low- and mid-income client deposits, and a specific CDB product that remunerates client balances. He stated this combination of initiatives has led to better optimization of the bank's cash, liquidity, and overall cost of funding.

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