Banco BBVA Argentina S.A. announces Third Quarter 2023 results
BUENOS AIRES, Nov. 21, 2023 /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 third quarter (3Q23), ended on September 30, 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 September 30, 2023.
3Q23 Highlights
BBVA Argentina's inflation adjusted net income in 3Q23 was $9.9 billion, 75.9% lower than the $41.0 billion reported on the second quarter of 2023 (2Q23), and 57.1% lower than the $23.0 billion reported on the third quarter of 2022 (3Q22). BBVA Argentina's inflation adjusted net income for the first nine months of 2023 (9M23) totaled $75.9 billion, 8.6% lower than the $83.0 billion reported in the first nine months of 2022 (9M22).
In 3Q23, BBVA Argentina posted an inflation adjusted average return on assets (ROAA) of 0.9% and an inflation adjusted average return on equity (ROAE) of 5.1%. In the first nine months of 2023, BBVA Argentina posted an inflation adjusted ROAA of 2.6% and an inflation adjusted ROAE of 13.5%.
Operating income in 3Q23 was $167.3 billion, 1.0% below the $169.0 billion recorded in 2Q23 and 45.0% over the $115.4 billion recorded in 3Q22. In the first nine months of 2023, operating income was $467.7 billion, 59.7% above the $292.8 billion recorded in the same period of 2022.
In terms of activity, total consolidated financing to the private sector in 3Q23 totaled $1.4 trillion, falling 4.8% in real terms compared to 2Q23, and contracting 0.1% compared to 3Q22. In the quarter, the variation was mainly driven by a decline in credit cards by 8.9%, in consumer loans by 11.7% and in other loans by 7.3%. This was offset by an increase in discounted instruments by 7.1%. BBVA's consolidated market share of private sector loans reached 9.35% as of 3Q23.
Total consolidated deposits in 3Q23 totaled $2.6 trillion, decreasing 4.3% in real terms during the quarter, and increasing 2.3% YoY. Quarterly decrease was mainly explained by a fall in savings accounts and in time deposits, by 12.3% and 16.0% respectively. The Bank's consolidated market share of private deposits reached 7.13% as of 3Q23.
As of 3Q23, the non-performing loan ratio (NPL) reached 1.42%, with a 186.28% coverage ratio.
The accumulated efficiency ratio in 3Q23 was 63.8%, above 2Q23's 56.6%, and improving compared to 3Q22's 69.0%.
As of 3Q23, BBVA Argentina reached a regulatory capital ratio of 27.1%, entailing a $476.5 billion or 232.0% excess over minimum regulatory requirement. Tier I ratio was 27.1%.
Total liquid assets represented 76.6% of the Bank's total deposits as of 3Q23.
3Q23 Conference Call
Wednesday, November 22 - 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.
