Banco BBVA Argentina S.A. announces Fourth Quarter and Fiscal Year 2023 results
BUENOS AIRES, Argentina, March 5, 2024 /PRNewswire/ -- Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) ("BBVA Argentina" or "BBVA" or "the Bank") announced today its consolidated results for the fourth quarter (4Q23), ended on December 31, 2023.
As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2022 and 2023 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to December 31, 2023.
4Q23 & 2023 Highlights
BBVA Argentina's inflation adjusted net income in 4Q23 was $48.6 billion, 220.8% higher than the $15.2 billion reported on the third quarter of 2023 (3Q23), and 8.7% lower than the $53.2 billion reported on the fourth quarter of 2022 (4Q22). BBVA Argentina's inflation adjusted net income for the twelve months of 2023 totaled $164.9 billion, 8.6% lower than the $180.4 billion reported in the twelve months of 2022.
In 4Q23, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 3.2% and an inflation adjusted average return on equity (ROAE) of 15.3%. In 2023, BBVA Argentina posted an inflation adjusted ROAA of 2.7% and an inflation adjusted ROAE of 13.0%.
Operating income in 4Q23 was $477.9 billion, 86.4% higher than the $256.5 billion recorded in 3Q23 and 148.8% over the $192.1 billion recorded in 4Q22. In 2023, the accumulated operating income was $1.19 trillion, 86.4% above the $641.0 billion recorded in the same period of 2022.
In terms of activity, total consolidated financing to the private sector in 4Q23 totaled $2.0 trillion, falling 5.7% in real terms compared to 3Q23, and contracting 12.3% compared to 4Q22. In the quarter, the variation was mainly driven by a decline in credit cards by 7.6%, in consumer loans by 21.5% and in other loans by 15.4%. This was offset by an increase in prefinancing and financing of exports by 54.7%. BBVA's consolidated market share of private sector loans reached 9.85% as of 4Q23.
Total consolidated deposits in 4Q23 totaled $3.6 trillion, decreasing 8.5% in real terms during the quarter, and 11.0% YoY. Quarterly decrease was mainly explained by a fall in time deposits and investment accounts, by 40.9% and 37.1% respectively. The Bank's consolidated market share of private deposits reached 6.79% as of 4Q23.
As of 4Q23, the non-performing loan ratio (NPL) reached 1.29%, with a 165.30% coverage ratio.
The accumulated efficiency ratio in 4Q23 was 58.6%, improving compared to 3Q23's 63.8%, and to 4Q22's 63.9%.
As of 4Q23, BBVA Argentina reached a regulatory capital ratio of 32.8%, entailing a $944.4 billion or 280.5% excess over minimum regulatory requirement. Tier I ratio was 32.8%.
Total liquid assets represented 91.2% of the Bank's total deposits as of 4Q23.
4Q23 Conference Call
Wednesday, March 6 - 12:00 p.m. Buenos Aires time (10:00 a.m. EST)
To participate please dial-in:
+ 54-11-3984-5677 (Argentina)
+ 1-844-450-3851 (United States)
+ 1-412-317-6373 (International)
Web Phone: click here
Código de la conferencia: BBVA
Webcast & Replay: click here
To access the full report English version - Spanish version
To access webcast presentation click here
About BBVA Argentina
BBVA Argentina (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) is a subsidiary of the BBVA Group, the main shareholder since 1996. In Argentina, it is one of the leading private financial institutions since 1886. Nationwide, BBVA Argentina offers retail and corporate banking to a broad customer base, including: individuals, SME's, and large-sized companies.
BBVA Argentina's purpose is to bring the age of opportunities to everyone, based on our customers' real needs, providing the best solutions, and helping them make the best financial decisions through an easy and convenient experience. The institution relies on solid values: "The customer comes first, We think big and We are one team". At the same time, its responsible banking model aspires to achieve a more inclusive and sustainable society.
Investor Relations Contact
Carmen Morillo Arroyo
Chief Financial Officer
Inés Lanusse
Investor Relations Officer
Belén Fourcade
Investor Relations
investorelations-arg@bbva.com
ir.bbva.com.ar
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SOURCE Banco BBVA Argentina S.A.
