Overview
- Grupo Financiero Galicia reported a AR$87,710 million net loss, driven largely by non‑recurring HSBC integration costs of AR$105,343 million net of taxes.
- Grupo Supervielle posted a AR$50,274 million loss after a profit in the prior quarter, with its CEO attributing the swing to a highly restrictive policy stance before the elections.
- Central bank measures pushed reserve requirements to unprecedented levels that immobilized up to AR$53 of every AR$100 in deposits, squeezing peso liquidity and compressing net interest margins.
- Credit stress intensified: Galicia’s charge‑offs jumped 208% with overall delinquency rising from 1.8% to 5.8% year over year, while Supervielle’s non‑performing loans reached 3.9% with higher provisions.
- Signs of normalization emerged after the vote as rates fell and reserve requirements eased, lifting bank shares (Supervielle +8.4%, Galicia +6.8%, BBVA +4.6%) and prompting analysts to flag a potential selective recovery if macro conditions hold.