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Ernesto Gavilondo

Research Analyst at Bank of America

Ernesto Gavilondo is an equity research analyst at Bank of America focused on Latin American financial institutions, particularly regional and local banks. Publicly available performance-tracking sites show only a small sample of published ratings for him, with mixed results and limited observable long-term return and success-rate statistics, so any quantitative assessment of his overall track record would be incomplete. Online references indicate that he holds a director-level or similar senior position within the LatAm financials research team, but do not clearly disclose his full career timeline, prior employers, or detailed credential history. Because key items such as his exact current title, specific company coverage list, licenses, and complete work history are not consistently or reliably published, a precise, metrics-rich biographical profile cannot be produced without direct information from his official professional profiles or employer.

Ernesto Gavilondo's questions to GRUPO FINANCIERO GALICIA (GGAL) leadership

Question · Q3 2025

Ernesto Gavilondo asked about Grupo Financiero Galicia's loan growth expectations for 2026, including segment-specific color and how the bank plans to participate in new private investments in Argentina (e.g., corporate or SME loans). He also inquired about asset quality, specifically the expected NPL ratio peak by March 2026, its potential range, and the outlook for the cost of risk for next year. A follow-up question concerned the possibility of tapping bond markets in 2026.

Answer

Gonzalo Fernández Covaro (CFO, Grupo Financiero Galicia) projected 25% real loan growth for 2026, aiming to gain market share, with commercial lending focusing on oil & gas, mining, and agri-business. Consumer lending will start slower but resume full growth as quality improves. He expects the NPL peak around March 2026, in the 6-7% range, with the cost of risk peaking at 9-10% around the same time, both declining by year-end. Tapping bond markets is an alternative under evaluation, especially for larger projects, but not an immediate need.

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