Q3 2024 Banco Bbva Argentina SA Earnings Call Transcript
Key Points
- Banco BBVA Argentina SA (BBAR) reported a significant increase in digital customer acquisition, reaching 83% by the end of September 2024, up from 80% a year ago.
- Retail digital sales represented 92.6% of total sales in units and 73.7% in monetary value, indicating strong digital engagement.
- The bank's private sector loans increased by 26.5% quarter over quarter in real terms, with notable growth in consumer loans and credit cards.
- Total deposits increased by 30.9% quarter over quarter, with a significant rise in private non-financial sector deposits in foreign currency.
- BBVA Argentina maintained strong solvency indicators with a capital ratio of 22.2% and capital excess over regulatory requirements at 172.4%.
- Inflation-adjusted net income decreased by 21.6% quarter over quarter, impacting the bank's profitability.
- Net interest income fell by 39.5% quarter over quarter due to lower interest income from REPOs and CPI-linked bonds.
- Operating results declined by 41.3% due to lower operating income, primarily from reduced interest income.
- The efficiency ratio increased to 59.2% from 55.3% in the previous quarter, indicating higher relative expenses.
- The bank's exposure to the public sector, excluding the Central Bank, decreased by 6.4%, reflecting reduced public sector engagement.
Good morning, ladies and gentlemen, and thank you for waiting. At this time, we would like to welcome everyone to BBVA Argentina's third-quarter, 2024 results conference call.
We would like to inform you that this event is being recorded and all participants will be in listen-only mode during the company's presentation. After the company's remarks are completed, there will be a question-and-answer section. At that time, further instructions will be given. Should any participant need assistance during this call. Please press star zero to reach the operator.
First of all, let me point out that some of the statements made during this conference call may be forward-looking statements within the meeting of the safe harbor provisions found in section 27A of the Securities Act of 1933 under US Federal Securities Law. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements.
Additional information concerning these factors is contained in BBVA Argentina's Annual
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