Pedro Offenhenden

Pedro Offenhenden asked for clarification on the remaining impact of additional personnel expenses, specifically how much of the total restructuring cost was recognized in Q4 2025 and what to expect in subsequent quarters.

Answer

Juan Parma (CEO) explained that of the ARS 82 billion in restructuring costs booked in 2025 (concentrated in Q4), ARS 36 billion would benefit 2026 through personnel exits. He indicated that similar numbers for restructuring costs, defined as permanent operational expense reductions, should be expected in the following quarters. Jorge Scarinci (CFO) added that these actions are intended to compensate for margin compression as inflation and rates decline.

Pedro Offenhenden asked if there were any remaining integration costs from the HSBC acquisition that could impact Grupo Financiero Galicia's results in the coming quarters.

Answer

Gonzalo Fernández Covaro (CFO, Grupo Financiero Galicia) stated that no significant restructuring costs remain, as everything was booked in the third quarter, including planned departures until year-end. He mentioned that very small, non-restructuring-related system costs might occur in Q4 but would be insignificant.

Pedro Offenhenden asked if there were any remaining integration costs from the HSBC acquisition that could impact Grupo Financiero Galicia's results in upcoming quarters.

Answer

Gonzalo Fernández Covaro (CFO, Grupo Financiero Galicia) stated that most restructuring costs related to the HSBC acquisition were booked in Q3, including planned departures until year-end. He mentioned only very small, non-restructuring-related system costs might occur in Q4.

Pedro Offenhenden asked about the primary risks or pressure points BBVA Argentina identifies for its credit expansion strategy following the electoral results and looking into 2026, specifically inquiring about potential sensitivities in certain market segments.

Answer

CFO Carmen Morillo Arroyo affirmed that the bank foresees no issues related to capital or liquidity for future credit growth. She highlighted the need for caution on the retail side regarding NPLs, expecting the worst by year-end 2025 or early 2026 before normalization. For the commercial segment, she anticipates strong demand, particularly for dollar and peso funding for investments, assuming government reforms proceed as announced, with no capital or liquidity restrictions.

Pedro Offenhenden asked about the identified risks or pressure points for credit expansion in 2026 following the electoral results, specifically inquiring about potential sensitivities in NPLs, liquidity, or capital across different segments.

Answer

Carmen Morillo Arroyo, CFO, affirmed no issues with capital or liquidity. She advised caution on the retail NPLs, expecting the worst by the end of 2025 or early 2026 before normalization. For the commercial side, she noted existing demand and anticipated increased willingness from companies to invest with government reforms, which the bank is prepared to fund in both pesos and dollars.

Pedro Offenhenden questioned Grupo Supervielle's assessment of liquidity conditions within the system and the bank moving forward, and whether liquidity is perceived as a potential constraint for credit growth in 2026.

Answer

Patricio Supervielle, Chairman and CEO, noted that the small monetary base and rebound in money demand post-election should support system-wide deposit growth. He highlighted the potential for gradual lengthening of deposit duration as confidence consolidates. He also pointed out the central bank's role in favoring financial intermediation over money markets by potentially regulating differentiated reserve requirements. For the bank, he emphasized the 'Cuenta Remunerada' rollout and cash management solutions across the IOL ecosystem to capture stable deposits, and the intent to tap international markets.

Pedro Offenhenden asked about Grupo Supervielle's assessment of liquidity conditions in the system and within the bank going forward, and whether liquidity is seen as a potential constraint for credit growth in 2026.

Answer

Patricio Supervielle (Chairman and CEO) explained that a rebound in money demand post-elections should support system-wide deposit growth, potentially leading to longer deposit durations (time deposits) as confidence consolidates. He highlighted the Central Bank's role in favoring financial intermediation over money markets by regulating reserve requirements. He also noted that Supervielle's "Quinta Remunerada" and cash management solutions for corporate and payroll accounts, along with the EOLA ecosystem, position the bank to capture more stable deposits, and they will consider tapping international markets.

Pedro Offenhenden followed up on asset quality, asking specifically if retail NPLs had already peaked in Q2 and whether management sees further pressure on SME NPLs given the recent interest rate volatility.

Answer

CFO Mariano Biglia clarified that while the cost of risk has likely peaked, the overall NPL ratio could still increase slightly to the guided 3-3.5% range by year-end. Diego Pizzulli, CEO of IOL invertironline, acknowledged that sustained high interest rates would indeed put pressure on the SME segment's working capital.

Pedro Offenhenden followed up on the NPL discussion, asking specifically if retail NPLs had already peaked in Q2 and if there was increasing pressure on SMEs given the recent interest rate volatility.

Answer

CFO Mariano Biglia clarified that while the cost of risk has likely peaked, the overall NPL ratio could still rise slightly to the guided range of 3-3.5% by year-end. Diego Pizzulli, CEO of IOL invertironline, added that if high interest rates persist, they would indeed see pressure on the SME segment's working capital.