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George Birch

Senior Analyst at Argentinian Advisors

George Birch is a Senior Analyst at Argentinian Advisors, specializing in Latin American equity research with a primary focus on Argentina's financial, energy, and consumer sectors. He covers companies such as YPF, Grupo Supervielle, Pampa Energia, and Mercado Libre, and is recognized for his analytical depth and ability to anticipate market trends, with coverage that has outperformed sector benchmarks and generated positive average recommendation returns. Birch began his career in equity research at a multinational banking group in 2012 before moving to Argentinian Advisors in 2017, where he quickly advanced to his current position due to his rigorous coverage and insightful analysis. He holds a CFA charter, is FINRA Series 7 and 63 licensed, and has received recognition from industry peers for his accuracy and responsiveness in volatile markets.

George Birch's questions to GRUPO FINANCIERO GALICIA (GGAL) leadership

George Birch's questions to GRUPO FINANCIERO GALICIA (GGAL) leadership • Q2 2025

Question

George Birch sought confirmation that NPL formation was concentrated among new customers and asked about the origination vintage of the non-performing loans, particularly if they stemmed from the previous year's rapid loan growth.

Answer

CFO Gonzalo Fernández Covaro clarified that the drivers differed by product. For personal loans, the NPL spike was indeed from loans originated between March 2024 and March 2025, which included new, riskier customers. However, for credit cards, the performance issues were primarily among existing customers who began struggling with reduced disposable income in Q1 and Q2 of 2025.

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