Banco Bbva Argentina SA (BBAR) 2024 Q3 法說會逐字稿

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.

早安，女士們先生們，感謝您的等待。此時，我們歡迎大家參加 BBVA 阿根廷 2024 年第三季業績電話會議。

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.

我們謹通知您，該活動正在錄製中，所有參與者在公司演示期間都將處於僅聽模式。公司發言結束後，將進行問答環節。屆時，將作出進一步指示。如果任何參與者在此通話期間需要協助。請按星零鍵聯絡接線員。

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.

首先，我要指出的是，本次電話會議中所做的一些陳述可能是美國聯邦證券法1933年《證券法》第27A條中安全港條款的前瞻性聲明。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中表達的結果有重大差異。

Additional information concerning these factors is contained in BBVA Argentina's Annual Report on form 20F for the fiscal year 2023 filed with the US Securities and Exchange Commission. Today with us, we have Ms. Ines Lanusse, IRO and Ms. Belen Fourcade, Investor Relations. Ms. Fourcade, you may begin your conference.

有關這些因素的更多資​​訊包含在 BBVA 阿根廷向美國證券交易委員會提交的 2023 財政年度 20F 表格年度報告中。今天與我們一起的有 IRO 的 Ines Lanusse 女士和投資者關係部的 Belen Fourcade 女士。 Fourcade 女士，您可以開始會議了。

Good day to everyone and welcome to BBVA Argentina's third quarter 2024 result conference call. Today's webinar will be supported by a slide presentation available on our investor relations website on the financial information section.

祝大家美好的一天，歡迎參加 BBVA 阿根廷 2024 年第三季業績電話會議。今天的網路研討會將透過我們的投資者關係網站上的財務資訊部分提供的幻燈片演示進行支援。

Please note that starting January 1, 2020, as per Central Bank Regulation, we have begun reporting results applying hyperinflation accounting pursuant to IFRS rule IAS-29 to understand. For ease of comparability, 2023 and 2024 figures have been restated to reflect the accumulated effect of the inflation adjustment, for each period through September 30, 2024.

請注意，自 2020 年 1 月 1 日起，根據央行規定，我們已開始根據 IFRS 規則 IAS-29 報告應用惡性通貨膨脹會計的結果，以供理解。為了便於比較，2023 年和 2024 年的數據已重新表述，以反映截至 2024 年 9 月 30 日每個時期通膨調整的累積影響。

Now let me turn the call over to Ines.

現在讓我把電話轉給伊內斯。

Thank you Belen, and thank you all for joining us today. In the third quarter of 2024 the significant fiscal consolidation and the relative exchange rate stability have been contributing to a process of moderation of inflation throughout 2024.

謝謝貝倫，也謝謝大家今天加入我們。 2024 年第三季度，重大財政整頓和相對匯率穩定有助於 2024 年全年通膨放緩。

Furthermore, after a sharp contraction in the first half of the year, there are incipient signs of recovery in the economy activity. Mostly in line with BBVA Research expectation which continues to forecast a 4% decline in GDP in 2024, followed by an expansion of 6% in 2025.

此外，在經歷了上半年的大幅萎縮之後，經濟活動已初顯復甦跡象。基本上符合 BBVA Research 的預期，繼續預測 2024 年 GDP 將下降 4%，隨後 2025 年將成長 6%。

As for inflation expectations of federal reduction have been improved a 125% inflation is estimated by year end versus the 211% on the same period of 2023. BBVA research continues to expect within its base scenario, gradual easing of FX market restrictions during the fourth quarter of 2024, and in the first quarter of 2025, combined with a final decline in the PAIS tax announced for December. Additionally, some signs of recovery start to appear such as industrial activity which has increased 12% between June and September of 2024.

至於聯邦削減通膨的預期已有所改善，預計年底通膨率為 125%，而 2023 年同期為 211%。 2025 年第一季度，再加上12 月宣布的PAIS 稅最終下降。此外，一些復甦的跡象開始出現，例如工業活動在 2024 年 6 月至 9 月期間增長了 12%。

Now, moving into business dynamics, as you can see on slide 3, of our webcast presentation, a service offering has evolved in such a way that by the end of September 2024, new customers acquisition through digital channels reached 83% versus 80% a year ago. The responses on the side of customers has been satisfactory and we are convinced this is the best to pursue in the aim of sustaining and expanding our competitive position in the financial system.

現在，進入業務動態，正如您在我們的網路廣播簡報的幻燈片3 中看到的那樣，服務產品的發展方式如下：截至2024 年9 月底，透過數位管道取得的新客戶比例達到83%，而透過數位管道獲得的新客戶比例為80%。客戶方面的反應令人滿意，我們相信這是維持和擴大我們在金融體系中的競爭地位的最佳追求。

Retail digital sales measured in units reached 92.6% in the third quarter of 2024 and represents 73.7% of the bank's total sales measured in monetary value.

2024 年第三季度，以單位衡量的零售數位銷售額達到 92.6%，佔該銀行以貨幣價值衡量的總銷售額的 73.7%。

Moving to slide 4. I will now comment on the bank's third quarter, 2024 financial results. BBVA Argentina's inflation adjusted net income in the third quarter of 2024 was ARS99.2 billion, decreasing 21.6% quarter over quarter. This implied a quarter ROAE of 16.9% and quarter ROAA of 2.9%.

前往投影片 4。 BBVA 阿根廷公司 2024 年第三季通膨調整後淨利為 992 億阿根廷比索，季減 21.6%。這意味著季度 ROAE 為 16.9%，季度 ROAA 為 2.9%。

The 41.3% fall in the quarterly operating results was explained by a lower operating income mainly due to one lower interest income, especially due to lower average market rates. As a result of a lower average monetary policy rate.

季度經營業績下降 41.3% 的原因是營業收入下降，主要原因是利息收入下降，特別是平均市場利率下降。由於平均貨幣政策利率較低。

Two lower interest from CPI link bonds and three lower FX results mainly due to the dual bond having matured. This was positively offset by a decrease in operating expenses, mostly driven by less other operating expenses, mainly due to lower turnover tax and less personal benefits.

兩項 CPI 掛鉤債券利息下降和三項外匯業績下降主要是由於雙重債券已到期。這被營業費用的減少所抵消，營業費用的減少主要是由於其他營業費用減少所致，這主要是由於流轉稅降低和個人福利減少所致。

Net income for the period was highly impacted by income from net monetary position. Although with lower impact than the prior quarter. The income from net monetary position line recorded a 43.9% lower loss than the previous quarter having a positive impact in the quarter of quarter, net income comparison.

該期間的淨利潤很大程度上受到淨貨幣頭寸收入的影響。儘管影響低於上一季。淨貨幣頭寸線收入錄得比上一季減少 43.9% 的損失，對本季淨收入比較有正面影響。

Turning into the P&L lines in slide 5, net interest income in the third quarter of 2024 was ARS460.3 billion falling 39.5% quarter over quarter. In the third quarter of development 2024, interest income decreased more than interest expenses both in monetary and percentage thirds.

翻到投影片 5 的損益表，2024 年第三季的淨利息收入為 4,603 億阿根廷比索，季減 39.5%。在《2024 年發展》第三季度，利息收入的下降幅度超過利息支出，無論是貨幣或百分比。

The former fall was due to a lower income from REPOs and CPI link bonds due to lower inflation. Additional to a fall in income from loans. Expenses are explained by lower expenses on CER/UVA close adjustments and interest on investment accounts.

前者的下降是由於通膨較低導致回購協議和消費者物價指數掛鉤債券的收入減少。除了貸款收入下降之外。費用的原因是 CER/UVA 結算調整和投資帳戶利息費用較低。

In the third quarter of 2024 interest income totaled ARS760.2 billion falling 30.3% compared to the previous quarter. Quarterly increase is mainly driven by one lower income from REPOs and two lower income from loans, both explained by a decline in the quarterly average monetary policy rate. Also the decline in quarterly inflation caused a decrease in income from CPI link stocks.

2024 年第三季利息收入總計 7,602 億澳元，季減 30.3%。季度成長主要是由於回購協議收入的一項下降和貸款收入的兩項下降，這兩者都是由於季度平均貨幣政策利率下降所致。此外，季度通膨下降導致與 CPI 掛鉤的股票收入減少。

Interest expenses totaled ARS299.9 billion, denoting an increase of 9.3% quarter over quarter. Quarter decline is described by lower investment account expenses and lower CER/UVA adjustment expenses, the latter due to lower quarterly inflation. Interest from time deposits explain 71% of interest expenses versus 64.6%, the previous quarter.

利息支出總計 2,999 億澳元，季增 9.3%。季度下降的原因是投資帳戶費用下降和 CER/UVA 調整費用下降，後者是由於季度通膨下降所致。定期存款利息佔利息支出的 71%，而上一季為 64.6%。

Net fee income as of the third quarter of 2024 totaled ARS71.1 billion increasing 7.9% over the quarter. The increase is explained by an increase income and a greater fall in expenses in monetary terms. In the third quarter of 2024 the income totaled ARS133.2 billion increasing 1% quarter over quarter.

截至 2024 年第三季度，淨費用收入總計 711 億阿根廷比索，較上季成長 7.9%。增加的原因是收入增加和貨幣支出大幅下降。 2024 年第三季度，營收總計 1,332 億澳元，季增 1%。

Improvement in fee income is smoothly explained by one greater fee income linked to liabilities. Two higher level fees mainly account maintenance and bundles and three fee links to securities. One and two are mainly explained by price updates and more activity.

費用收入的改善可以透過與負債相關的費用收入增加來順利解釋。兩項較高等級的費用主要是帳戶維護和捆綁費用，以及三項與證券相關的費用。一和二主要是由價格更新和更多活動來解釋的。

On the side of the expenses, these totaled ARS62.1 billion falling 6% quarter over quarter. This is explained by lower expenses on fee and promotions with debit and credit cards, in addition to lower expenses from fraud trade transactions. In the third quarter of 2024 loan loss allowances decreased 11.5% in line with the growth in real terms of the performing loan portfolio.

支出方面，支出總額為 621 億阿根廷比索，較上季下降 6%。這是因為金融卡和信用卡的費用和促銷費用較低，以及詐欺交易交易的費用較低。 2024 年第三季度，貸款損失準備金下降 11.5%，與不良貸款組合的實際成長一致。

During the third quarter of 2024 total operating expenses were ARS316.6 billion, decreasing 17.6% quarter over a quarter, in real terms. Of which 32% were personal benefits cost in line with past orders. Personal benefits decreased 18.1% quarter of a quarter, in spite of wages increasing in line with inflation.

2024 年第三季度，總營運支出為 3,166 億澳元，以實際價值計算，季減 17.6%。其中32%是與過去訂單一致的個人福利成本。儘管薪資隨通膨上漲，個人福利較上季下降 18.1%。

As of the third quarter of 2024 administrative expenses fell 6.1% quarter over quarter. This is mainly explained by one rent, two taxes and three software. Rent and software's are related to less expenses of software licenses and services contracted with the parent company.

截至 2024 年第三季度，管理費用較上季下降 6.1%。這主要是用一租金、二稅和三軟體來解釋的。租金和軟體費用與與母公司簽訂的軟體許可和服務合約費用的減少有關。

The tax line fell due to a contract with the second quarter of 2024 in which income tax was paid in relation to the banking transaction tax, mainly as a result of dividend distribution. The quarterly efficiency ratio as of the third quarter of 2024 was 59.2% above the 55.3% reported in the second quarter of 2024.

稅額下降是由於與 2024 年第二季度簽訂的合同，其中與銀行交易稅相關的所得稅繳納，主要是由於股息分配。截至 2024 年第三季的季度效率為 59.2%，高於 2024 年第二季的 55.3%。

In spite of expenses decreasing income, considering monetary position results had a greater fall especially due to a decrease in net interest income. In terms of activity on slide 6, private sector loans as of the third quarter of 2024 total ARS5.5 trillion increasing 26.5% quarter of a quarter in real terms.

儘管支出減少了收入，但考慮到貨幣狀況，結果出現了更大的下降，特別是由於淨利息收入的下降。就投影片 6 的活動而言，截至 2024 年第三季度，私部門貸款總額為 5.5 兆阿根廷比索，以實際價值計算，季增 26.5%。

Loans to the private sector in pesos increased 23% in the third quarter of 2024. During the quarter, growth was especially driven by, one 48% increase in discounted instruments followed by two, a 51% increase in consumer loans, three a 14.2% increase in credit cards and four an increase in other loans, mainly commercial loans and floor plan.

2024 年第三季度，以比索為單位的私部門貸款成長了 23%。信用卡增加，四是其他貸款增加，主要是商業貸款和樓面貸款。

In all cases, the increase is boosted by genuine growth in real terms of the portfolio leveled on the lower market interest rate and greater commercial efforts.

在所有情況下，這種成長都是由於較低的市場利率和更大的商業努力所帶來的投資組合的實際成長所推動的。

Loans to the private sector denominated in foreign currency increased 50%. Quarterly increase is mainly explained by a 15.8% growth in financing and prefinancing of exports and at 270.3% growth in discounted instruments.

向私營部門提供的外幣貸款增加了 50%。季度成長主要是由於出口融資和預融資成長 15.8%，以及貼現工具成長 270.3%。

During the quarter, the commercial portfolio grew 30.2% and the retail portfolio increased 22.6%. The commercial portfolio represents 55.7% of the total portfolio from 47.3% a year ago.

本季，商業投資組合成長 30.2%，零售投資組合成長 22.6%。商業投資組合佔總投資組合的比例從一年前的 47.3% 增加到 55.7%。

As observed in previous quarters, loan portfolio were impacted by the effect of inflation during the third quarter of 2024 reached 12.1% in nominal terms. BBVA Argentina managed to increase the rated commercial and total loan portfolio by 38.6%, 44.5% and 42.1% respectively during the quarter, surpassing quarterly inflation levels in all cases.

正如前幾季所觀察到的，貸款組合受到通貨膨脹的影響，2024 年第三季名目利率達到 12.1%。 BBVA 阿根廷本季的商業評級和總貸款組合分別成長了 38.6%、44.5% 和 42.1%，在所有情況下都超過了季度通膨水準。

As of the third quarter of 2024, the total loans and other financing over deposits ratio was 64.9% below the 67% recorded in the second quarter of 2024 and above the 53.6% in the third quarter of 2023. Total loans participation over total assets reached 43%, versus 40% in the second quarter of 2024 and 35% in the third quarter of 2023, evidencing lower exposure to the public sector in line with real long growth demand.

截至 2024 年第三季度，貸款和其他融資總額與存款之比為 64.9%，低於 2024 年第二季的 67%，高於 2023 年第三季的 53.6%。季度為40%，2023 年第三季為35%，顯示公共部門的曝險較低，與實際長期成長需求相符。

BBVA's Argentina consolidated market share of private sector loans reached 10.35% as of the third quarter of 2024, improving from 9.35% a year ago and sustaining the two digit figures. As of the third quarter of 2024 asset quality ratio hits a very good performance at 1.18%, with nonperforming loans growing in light with a total portfolio.

截至 2024 年第三季度，西班牙對外銀行 (BBVA) 的阿根廷私部門貸款綜合市場份額達到 10.35%，較一年前的 9.35% 有所提高，並維持兩位數數字。截至 2024 年第三季度，資產品質比率達到 1.18%，表現非常好，不良貸款隨著總投資組合的成長而成長。

On the funding side as of the third quarter of 2024 total deposits reached ARS8.5 trillion increasing 30.9% quarter of a quarter. The bank's consolidated market share of private deposits reached 8.67%. As of the third quarter of 2024.

在資金方面，截至 2024 年第三季度，存款總額達到 8.5 兆阿根廷比索，較上季成長 30.9%。該行私人存款綜合市佔率達8.67%。截至 2024 年第三季。

Private non-financial sector deposits in pesos totaled ARS5.1 billion increasing 12.4% compared to the second quarter of 2024. The quarterly change is mainly affected by a 34.8% increase in time deposits and a 13.9% increase in checking accounts, offset by a 45.2% fall in investment accounts and a 7.3% fall in saving accounts.

以比索計的私人非金融部門存款總額為 51 億阿根廷比索，與 2024 年第二季度相比增長 12.4%。下降45.2%，儲蓄帳戶下降7.3%。

Private non-financial sector deposits in foreign currency expressed in pesos increased 84.9% quarter over quarter. It is mainly explained by an 88.6% increase in savings accounts directly affected by the fiscal amnesty promoted by the government.

以比索表示的私人非金融部門外幣存款較上季成長 84.9%。這主要是由於政府推行的財政特赦直接影響儲蓄帳戶增加了88.6%。

BBVA Argentina continues to show strong solvency indicators on the third quarter of 2024. Capital ratio reached 22.2%. Capital excess over regulatory requirement reached 172.4%. It is important to mention that capital ratio was highly impacted in the second quarter of 2024 by dividend distribution which was paid in three consecutive installments in cash or in kind, for ARS264.2 billion expressed in December 31 2023 currency, and that pursuant the Central Bank Regulation has been adjusted by inflation as of the day of each payment.

BBVA阿根廷公司2024年第三季償付能力指標持續強勁。資本超監理比例達172.4%。值得一提的是，2024 年第二季的資本比率受到股息分配的嚴重影響，股息分配以現金或實物形式連續三期支付，以2023 年12 月31 日貨幣計算為2,642 億澳元，並且根據中央銀行自每次付款之日起，銀行監管已根據通貨膨脹進行調整。

Furthermore, the fall in the capital ratio this quarter is particularly explained by the 14.9% increase in Risk Weighted Assets, over the increase in ordinary capital level one of 1.1%. The increase in Risk Weighted Assets is linked to the real growth in the loan portfolio in line with the increase in market risk requirements.

此外，本季資本比率下降的主要原因是風險加權資產增加了 14.9%，而普通資本水準增加了 1.1%。隨著市場風險要求的增加，風險加權資產的增加與貸款組合的實際成長掛鉤。

As of the third quarter of 2024 total public sector exposure excluding Central Bank totaled ARS2.6 trillion decreasing 6.4%.

截至 2024 年第三季度，不包括央行的公共部門總風險敞口總計 2.6 兆阿根廷比索，下降 6.4%。

The quarterly decrease is mainly explained by the maturity of the dual vault on June 30, 2024. As of July 2024 the macro reference rate will be that of the new instrument created by the Treasury, LeFis which the [bank] ended the quarter with no position.

季度下降的主要原因是雙金庫於 2024 年 6 月 30 日到期。

As a result of the monetary policy adopted by the Treasury and the Central Bank, Central Bank exposure fell 87.3% mainly due to the removal of REPOs with the Central Bank from the market. Exposure to the public sector, excluding Central Bank exposure represents 21% of total assets below the 26.3% in the second quarter of 2024, and as mentioned before, in light with real long growth demand.

由於財政部和央行採取的貨幣政策，央行曝險下降了87.3%，主要是因為央行回購協議退出市場。公共部門風險敞口（不包括央行風險敞口）佔總資產的 21%，低於 2024 年第二季的 26.3%，並且如前所述，考慮到實際長期成長需求。

In the quarter, liquid assets were ARS5.7 trillion, increasing 26.6% quarter over quarter. This was mainly driven by an increase in cash and deposits in banks, especially due to the fiscal amnesty.

本季流動資產為 5.7 兆阿根廷比索，季增 26.6%。這主要是由於現金和銀行存款的增加，特別是由於財政特赦所致。

As of September 2024 the bank issued corporate bonds for ARS24.5 billion at face value at BADLAR+ 5% rate and maturity on June 2025 with quarterly interest payments. BBVA Argentina last corporate bond issuance was in 2019.

截至 2024 年 9 月，該銀行以 BADLAR+ 5% 的利率發行了面值為 245 億澳元的公司債券，到期日為 2025 年 6 月，按季度支付利息。 BBVA 阿根廷上一次發行公司債是在 2019 年。

This concludes our prepared remarks. We will now take your questions. Operator, please open the line for questions.

我們準備好的演講到此結束。我們現在將回答您的問題。接線員，請開通提問線。

(Operator instructions)

（操作員說明）

Showing no questions, this concludes the question-and-answer session. At this time, I would like to turn the floor back to Ms. Lanusse for any closing remarks.

由於沒有出現任何問題，問答環節就此結束。現在，我想請拉努斯女士發表結束語。

Okay. Thank you for your time and let us know if you have other questions. Have a good day.

好的。感謝您抽出寶貴時間，如果您還有其他問題，請告訴我們。祝你有美好的一天。

Thank you. This concludes today's presentation. You may disconnect your line at this time and have a nice day.

謝謝。今天的演講到此結束。此時您可以斷開線路並祝您度過愉快的一天。