Grupo Financiero Galicia S.A. (GGAL) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen. Welcome to Grupo Financiero Galicia first quarter 2026 earnings call. This conference is being recorded and the replay will be available at the company's website at gfgsa.com. (Operator Instructions).

各位女士、先生，早安。歡迎參加 Grupo Financiero Galicia 2026 年第一季財報電話會議。本次會議將被錄音，重播將於公司網站 gfgsa.com 提供。（接線員指示）

Some of the statements made during this conference call will be forward-looking statements within the meaning of the safe harbor provisions of the US federal securities laws and are subject to risk and uncertainty that could cause actual results to differ materially from those expressed.

本次電話會議中所作的部分陳述，可能構成美國聯邦證券法「安全港」條款所界定的前瞻性陳述，並受風險與不確定性影響，可能導致實際結果與所表達內容出現重大差異。

Investors should be aware of events related to the macroeconomic scenario, the financial industry and other factors could cause results to differ materially from those expressed in their respective forward-looking statements. Now, I will turn the conference over to Mr. Pablo Fervida, Head of Investor Relations. You may begin your conference. Thank you.

投資人應注意，與總體經濟情勢、金融產業及其他因素相關的事件，可能導致結果與各自前瞻性陳述中所表達者出現重大差異。現在，我將把會議交給投資人關係主管 Pablo Fervida 先生。您可以開始會議。謝謝。

Thank you, everybody. Good morning. Although activity levels in February. Stood 2.2% below those observed in December 2025, high frequency official indicators of March point to a constructive short-term momentum. In this regard, the manufacturing production index increased by 3.2% month-over-month on a seasonally adjusted basis. While the synthetic construction activity indicator, ISAC, rose by 4.7% month over month, also seasonally adjusted.

謝謝各位。早安。儘管 2 月的活動水準較 2025 年 12 月觀察到的水準低 2.2%，但 3 月的官方高頻指標顯示短期動能偏向建設性。就此而言，製造業生產指數在季節調整後月增 3.2%。同時，綜合建築活動指標 ISAC 亦在季節調整後月增 4.7%。

In the first quarter of 2026, the primary surplus stood at 0.4% of GDP, compared to a primary surplus of 0.5% in the first quarter of 2025. The result was explained by a 22.4% year-over-year increase of revenues, whereas primary spending rose 25.9%, in both cases increasing below inflation rates.

2026 年第一季，初級財政盈餘為 GDP 的 0.4%，相較 2025 年第一季初級盈餘 0.5%。此結果主要由收入年增 22.4%所帶動，而初級支出年增 25.9%；兩者增幅皆低於通膨率。

The National Consumer Price Index accumulated a 9.4% increase during the quarter. Monthly inflation rose from 1.5% in May 2025 to 3.4% in March 2026. On a year-over-year basis, inflation stood at 32.6% as of March. Following 2025 marked by increasing volatility resulting from the electoral process, the spike in volatility has faded.

全國消費者物價指數（National Consumer Price Index）於本季累計上升 9.4%。月通膨率自 2025 年 5 月的 1.5%上升至 2026 年 3 月的 3.4%。以年增率計，截至 3 月通膨為 32.6%。在 2025 年因選舉進程導致波動加劇之後，波動飆升的情況已逐漸消退。

With the exchange rate and interest rates showing clear signs of stabilization. As of January 1, 2026, both the lower and the upper limits of the exchange rate band began to adjust on a monthly basis in line with the latest available monthly inflation data published by Index T-2. In March 2026, the exchange rate averaged. ARS1,396 per dollar, reflecting a 23.4% year-over-year depreciation.

隨著匯率與利率顯示出明顯的穩定跡象。自 2026 年 1 月 1 日起，匯率區間（exchange rate band）的下限與上限開始按月調整，並與 Index T-2 所公布的最新可得月度通膨數據一致。2026 年 3 月，匯率平均為每美元 ARS1,396，反映年貶值 23.4%。

In March 2026, the average rate on peso-denominated private sector time deposits for up to 59 days stood at 27.9%, 1.6 percentage points below the March 2025 average. Private sector deposits in pesos. Average ARS108.3 trillion in March, increasing by 4% during the quarter and 34.4% in the last 12 months.

2026 年 3 月，以披索計價、民間部門 59 天（含）以下定期存款平均利率為 27.9%，較 2025 年 3 月平均值低 1.6 個百分點。民間部門披索存款於 3 月平均為 ARS108.3 兆，本季增加 4%，過去 12 個月增加 34.4%。

Time deposits rose 13.8% during the quarter and 41.7% in year-over-year terms. Peso-denominated transactional deposits decreased 6.4% during the first quarter but increased 25.7% in year-over-year terms. Private sector dollar-denominated deposits amounted to ARS38.7 billion in March 2026, increasing 6.2% during the quarter and 30.4% in the last 12 months.

定期存款本季成長 13.8%，年增 41.7%。披索計價之交易性存款第一季下降 6.4%，但年增 25.7%。民間部門美元計價存款於 2026 年 3 月為 ARS387 億，本季增加 6.2%，過去 12 個月增加 30.4%。

Peso denominated loans to the private sector averaged ARS92.2 trillion in March, showing a 5.3% quarterly increase and a 51.7% year-over-year rise. Private sector dollar denominated loans amounted to ARS20.5 billion, recording a 12.5% quarterly growth and a 45.5% annual increase.

民間部門披索計價放款於 3 月平均為 ARS92.2 兆，季增 5.3%，年增 51.7%。民間部門美元計價放款為 ARS205 億，季增 12.5%，年增 45.5%。

Turning now to Grupo Galicia, net income for the first quarter amounted to ARS66.5 billion, 66% lower than in the previous year, which represented 0.6% return on average assets and a 3.2% return on average shareholders' equity. This result was mainly due to profits from Banco Galicia for ARS47.7 billion. From Galicia Asset Management for ARS34 billion, from Galicia Seguros for ARS12.5 billion, and from Galicia Securities for ARS1.5 billion, partially offset by an ARS18.6 billion loss from Naranja-X.

接著談 Grupo Galicia，第一季淨利為 ARS665 億，較去年同期下降 66%，相當於平均資產報酬率 0.6%與平均股東權益報酬率 3.2%。此結果主要來自 Banco Galicia 獲利 ARS477 億、Galicia Asset Management 獲利 ARS340 億、Galicia Seguros 獲利 ARS125 億，以及 Galicia Securities 獲利 ARS15 億；部分被 Naranja-X 虧損 ARS186 億所抵銷。

Banco Galicia net income improved by ARS162.6 billion compared to the fourth quarter of 2025. Although results continue to be impacted by elevated loan loss provisions, charges declined quarter on quarter in line with improved delinquency rates. Net interest income was pressured by lower intermediation volumes. However, the financial margin continued its sequential recovery.

Banco Galicia 的淨利較 2025 年第四季改善 ARS1,626 億。儘管結果仍受較高的放款損失提存影響，但隨著逾期率改善，相關費用較前一季下降。淨利息收入因中介業務量下降而承壓；然而，金融利差仍持續呈現逐季復甦。

Also, seasonal factors typical of the first quarter led to lower fee income. While expenses reflected efficiency gains from the integration process. Operating income increased 153% quarter on quarter, driven by an 11% rise in net operating income, mainly reflecting a 25% reduction in loan loss provisions, partially offset by lower net interest income amid reduced average intermediation volumes.

此外，第一季常見的季節性因素導致手續費收入較低；而費用則反映整合流程帶來的效率提升。營業利益較前一季增加 153%，主要由淨營業收入成長 11%所帶動，主要反映放款損失提存減少 25%；但在平均中介業務量下降下，淨利息收入降低，部分抵銷上述增幅。

Expenses declined 17% quarter on quarter, reflecting efficiency gains from the integration with Galicia Mas, the former HSBC. Despite interest rate volatility during January and February, the financial margin improved sequentially and closed the quarter at 16.7%, while results from government bonds showed a favorable trend toward quarter end.

費用較前一季下降 17%，反映與 Galicia Mas（前 HSBC）整合所帶來的效率提升。儘管 1 月與 2 月利率波動，金融利差仍逐季改善，並於本季收於 16.7%；同時，政府債券的損益在季末呈現有利趨勢。

Average interest earning assets reached ARS26 trillion, 4% lower than in the previous quarter, primarily due to a 4% lower volume of loans in pesos and 5% in dollars and a 6% decrease of government securities in pesos, partially offset by a 52% higher volume of government securities in dollars. In the same period, its yield decreased 260 basis points. Reaching 28.9%, 36.8% in the peso portfolio and 7.4% in the dollar portfolio.

平均生息資產達 ARS26 兆，較前一季下降 4%，主要因披索放款量下降 4%、美元放款量下降 5%，以及披索政府證券下降 6%；部分被美元政府證券量增加 52%所抵銷。同期間，其收益率下降 260 個基點至 28.9%；其中披索投資組合為 36.8%，美元投資組合為 7.4%。

Interest-bearing liabilities decreased 5% from December 2025, amounting to ARS23 trillion, mainly due to a 38% lower volume of other deposits in pesos and 9% in saving accounts in dollars. Partially offset by a 9% higher volume of time deposits in pesos.

計息負債較 2025 年 12 月下降 5%至 ARS23 兆，主要因披索其他存款量下降 38%以及美元活期儲蓄帳戶下降 9%；部分被披索定期存款量增加 9%所抵銷。

During this period, its costs decreased 260 basis points to 11.7%. Net interest income decreased 7% when compared to the prior quarter, with interest income declined 13%, mainly driven by a 15% lower interest income from loans and other financing. While credit card income fell 28% due to seasonal lower average volumes and income from promissory notes decreased 19%, reflecting both lower volumes and a reduced interest rate during the quarter.

在此期間，其資金成本下降 260 個基點至 11.7%。淨利息收入較前一季下降 7%；其中利息收入下降 13%，主要由放款及其他融資的利息收入下降 15%所致。同時，信用卡收入因季節性平均量較低而下降 28%；本票（promissory notes）收入下降 19%，反映本季量縮與利率下調的雙重影響。

In addition, income from government securities declined 8%, mainly due to lower volumes and yields in the early months of the quarter. Interest expenses declined 22% quarter on quarter, mainly driven by lower deposit-related costs amid reduced interest rate and average volumes.

此外，政府證券收入下降 8%，主要因本季前幾個月的量與收益率較低。利息費用較前一季下降 22%，主要由於利率與平均量下降，使存款相關成本降低。

Expenses on time deposits fell 13%, while costs associated with other deposits declined 47%. In addition, interest on repurchase agreements decreased due to lower average volumes. And interest expenses and negotiable obligations fell following the maturity of a corporate bond in February. Net fee income declined 6% quarter on quarter, mainly reflecting the seasonality typical of the first quarter, which usually records lower transaction levels than the fourth quarter.

定期存款費用下降 13%，而其他存款相關成本下降 47%。此外，附買回協議（repurchase agreements）利息因平均量較低而下降；而利息費用與可轉讓債務（negotiable obligations）亦因 2 月一檔公司債到期而下降。淨手續費收入較前一季下降 6%，主要反映第一季常見的季節性因素：其交易量通常低於第四季。

Fee income decreased 5%. Primarily due to a 4% decline in credit card fees following the seasonal spending speak of the prior quarter. Collection-related fees also fell, with collections fees down 13% amid lower transaction volumes, including a 10% decrease in utility bill collection services. Net income from financial instruments increased sharply quarter on quarter. Partially driven by the sale of certain government securities. In addition, results from government securities measured at fair value improved sequentially.

手續費收入下降 5%，主要因信用卡手續費下降 4%，係受前一季季節性消費高峰後回落影響。代收相關手續費亦下滑，其中代收手續費在交易量下降下減少 13%，包括公用事業帳單代收服務下降 10%。金融工具淨收益較前一季大幅增加，部分由出售部分政府證券所帶動。此外，以公允價值衡量的政府證券損益亦逐季改善。

These effects were partially offset by weaker performance in private sector securities, reflecting lower returns during the quarter, and by a decline in results from derivative financial instruments, mainly associated with forward transactions. Results from quotation differences of foreign currency increased 10% quarter on quarter.

上述影響部分被民間部門證券表現較弱所抵銷，反映本季報酬較低；同時，衍生性金融工具損益亦下降，主要與遠期交易相關。外幣匯兌價差（quotation differences of foreign currency）損益較前一季增加 10%。

This performance was supported by overall valuation effects, partially offset by lower income from foreign currency trading, reflecting reduced transactional activity following the unusually high retail volumes recorded in the previous quarter. Provision for loan losses declined 25% quarter-on-quarter, driven by a significant improvement in early delinquency indicators in the individual segment, which fell 49% compared to the previous quarter.

此表現受到整體評價效果支撐，但部分被外匯交易收入下降所抵銷；外匯交易收入下滑反映交易活動減少，係因前一季零售交易量異常偏高。放款損失提存較前一季下降 25%，主要由個人客群早期逾期指標顯著改善所帶動，該指標較前一季下降 49%。

As a result, portfolio quality closed the quarter with NPLs at 7.7%, while credit risk stood at 9.5%. Personal expenses declined 8% quarter-on-quarter, mainly reflecting a reduction in average headcount. Administrative expenses also decreased sequentially, falling 18% compared to the previous quarter, driven by operating efficiencies and synergies achieved through the integration with Galicia Mats.

因此，投資組合品質在本季末的NPL為7.7%，而信用風險為9.5%。人事費用較上季下降8%，主要反映平均員工人數減少。管理費用亦較上季下降，較前一季下滑18%，主要受惠於營運效率提升以及與Galicia Mats整合所帶來的綜效。

Other operating expenses declined 21% quarter-on-quarter, driven by 74% lower other expenses. 12% lower turnover tax expenses, 73% lower charges for other provisions, and a 30% decrease in other financial results. The quarter included an income tax recovery, mainly reflecting the recognition of the tax credit associated with the filing of the fiscal year 2025 tax return driven by the impact of inflation adjustment.

其他營運費用較上季下降21%，主要由於其他費用下降74%所致；營業稅費用下降12%；其他準備金提列費用下降73%；以及其他金融結果下降30%。本季包含所得稅回沖，主要反映因通膨調整影響而在申報2025會計年度所得稅申報表時確認之稅額抵減。

Other comprehensive income declined 86% quarter-on-quarter, reflecting the comparison with the prior period that recorded strong market valuation of government securities, as well as the sale of part of the portfolio during the quarter. The bank's financing to the private sector reached nearly ARS23 trillion at the end of the quarter. Down 4% in the last quarter, with peso financing decreasing 6% and dollar-denominated financing up 1%, equivalent to a 21% growth when measured in that currency.

其他綜合損益較上季下降86%，主要反映與前期相比，前期政府證券的市場評價強勁，以及本季出售部分投資組合。該行對民間部門的融資於季末接近ARS23兆。較上季下降4%，其中比索融資下降6%，美元計價融資上升1%，若以該貨幣衡量則相當於成長21%。

Deposits reached ARS24 trillion , 15% lower than a quarter before, due to a 12% decrease in deposits in pesos and an 18% decline in dollar-denominated deposits. Primarily due to restatement effects as when measured in original currency, the decrease was 6%. The bank's estimated market share of loans to the private sector was 14.4%, 75 basis points lower than at the end of the previous quarter, and the market share of deposits from the private sector was 13.9%, 274 basis points lower than in the fourth quarter of 2025.

存款達ARS24兆，較一季前下降15%，原因為比索存款下降12%以及美元計價存款下降18%。主要係重述（restatement）效果所致；若以原幣衡量，降幅為6%。該行對民間部門放款的估計市占率為14.4%，較前一季末下降75個基點；民間部門存款市占率為13.9%，較2025年第四季下降274個基點。

The bank's liquid assets represented 95% of transactional deposits and 56.5% of total deposits, similar levels of the previous quarter. As regards asset quality, the ratio of non-performing loans to total financing ended the quarter at 7.7%, recording an 80 basis points deterioration as compared to the 6.9% of the fourth quarter of 2025. Despite the improvement in early delinquency indicators in the retail segment.

該行流動資產相當於交易性存款的95%及總存款的56.5%，與前一季水準相近。就資產品質而言，不良放款占總融資比率於季末為7.7%，較2025年第四季的6.9%惡化80個基點。儘管零售業務的早期逾期指標有所改善。

At the same time, the coverage with allowances reached 91.4%, down from the 97.4% recorded in the prior quarter. As of the end of March, the bank's total regulatory capital ratio reached 25.5%, increasing 30 basis points from the end of the prior quarter.

同時，備抵呆帳覆蓋率達91.4%，低於前一季的97.4%。截至3月底，該行總監理資本適足率達25.5%，較前一季末上升30個基點。

In summary, during the first quarter, financial margin partially recovered, efficiency improved, and the cost of risk declined. However, loan demand did not rebound and asset quality and the monetary loss related to inflation had a significant impact on profitability.

總結而言，第一季金融利差部分回升、效率改善，且風險成本下降。然而，放款需求未見回升，資產品質以及與通膨相關的貨幣性損失對獲利造成顯著影響。

Nonetheless, Grupo Galicia was able to keep liquidity and solvency metrics at healthy levels, and we expect a sequential improvement in profitability. And asset quality during 2026. Now Gonzalo Fernande Cobaro, CFO of Grupo Galicia, will make some additional remarks. And I would like to mention that Hernan Garcia, the CFO of Narang Hayeks, is also here with us and will be available to answer specific questions.

儘管如此，Grupo Galicia仍能將流動性與償付能力指標維持在健康水準，我們預期獲利能力將逐季改善，且2026年的資產品質亦將改善。接下來，Grupo Galicia財務長Gonzalo Fernande Cobaro將補充說明。另外我也想提到，Narang Hayeks的財務長Hernan Garcia也與我們同在，並將可回答特定問題。

Thank you. Thank you, Pablo. Good morning, everyone. As the quarter started a bit challenging with interest rate productivity, policy tightening and high inflation, but then a rate went down in March and continue being stable so far. So looking ahead, we believe Argentina will continue with this phase of stability, a more predictable policy framework, and real potential for credit growth.

謝謝。謝謝你，Pablo。各位早安。本季初在利率生產力、政策緊縮與高通膨下確實較具挑戰，但3月利率下調，至今仍維持穩定。因此展望未來，我們認為阿根廷將持續處於穩定階段，政策框架更可預期，且信貸成長具備實質潛力。

And as normalization continues, as the financial system will play a key role in the development of the country. Talking about this specific quarter, about volume, the year started with long growth due to low demand on the commercial credit side, mainly in pesos, was better in dollars, but peso really very soft demand and a stricter origination policy on the consumer side that we implemented. We believe that commercial lending will pick up starting in the second quarter.

隨著正常化持續推進，金融體系將在國家發展中扮演關鍵角色。就本季而言，從量的角度看，年初放款成長偏弱，原因在於商業授信端需求偏低，主要是在比索方面；美元方面較佳，但比索需求確實非常疲弱，且我們在消費金融端實施了更嚴格的授信核貸政策。我們認為商業放款將自第二季起回升。

In fact, we have already seen some movement in this area in dollars, but also started to see some demand in pesos. And we believe this will continue. And of course, as economy improves, consumer lending will also start to grow again as we expected. Projection for loan growth for the year, we are now at between 20 and 25%. We were expecting a 25% growth at the beginning of the year, and now we're seeing it a bit lower than that.

事實上，我們已在美元業務看到一些動能，同時也開始看到比索需求。我們認為這將持續。當然，隨著經濟改善，消費放款也將如我們預期重新成長。對於全年放款成長的預估，我們目前為20%至25%之間。年初我們預期成長25%，現在看來略低於該水準。

And in the case of deposits, we are now seeing an evolution, an increase. Between 15% and 20% and we were talking about 20% before at the beginning of the year. As we said in prior course, cost of risk already had its peak in the fourth quarter of 2025 and we have started to see the great losses charges to decrease as you can see in the first quarter P&L and we expect that to continue quarter after quarter and NPL should have got the peak in the bank in the first quarter, I would say, stability. Reduction in the second and then continue to go down.

至於存款方面，我們目前看到存款走勢回升，增幅介於15%至20%之間；年初我們談的是20%。如同先前所述，風險成本已在2025年第四季見頂，我們已開始看到損失提列下降，正如第一季損益表所示，且我們預期將逐季延續。此外，我認為該行的NPL應已在第一季達到高峰，接著第二季將下降，之後持續下行。

On the cost side, we are capturing the benefit of the restructuring in May last year after HSBC acquisition. We expect to end the year with an 11% cost reduction year over year. As we made a big restructuring in health count and also in branches. Talking about branches, we are already at the number of branches that we had before the HSBC acquisition.

在成本方面，我們正逐步反映去年5月完成HSBC收購後重整所帶來的效益。我們預期全年成本將年減11%。我們在人力編制以及分行方面都進行了大幅重整。談到分行，我們目前的分行數已回到收購HSBC之前的水準。

We maintain our ROE guidance for 2026 in the low double-digits range. I would say 10%, 11% between 10 and 11. We expect to go from low to high during the year. It's true that we started a bit lower than expected in the first quarter, but mainly due to revenues. As you can see, the cost of risk and costs are coming on or better than expected.

我們維持2026年ROE指引於低雙位數區間。我會說大約10%、11%，介於10%到11%之間。我們預期ROE將在年內由低走高。確實，第一季起步略低於預期，但主要是因為收入端。如各位所見，風險成本與費用表現符合或優於預期。

Revenues are a bit behind, mainly due to lower. Asset growth or loan growth and higher inflation that as you know has a big impact in banks P&L. But we expect that now with loans increasing as we expected and inflation is going down, we can catch up during the year to maintain the guidance.

收入略為落後，主要因資產成長或放款成長較低，以及較高通膨——如各位所知，通膨對銀行損益表影響很大。但我們預期，隨著放款如預期增加且通膨下行，我們可在年內追趕進度以維持該指引。

To be more efficient in the first quarter, January and February were a bad month in terms of results, but March was a very good month. We are seeing April also good. So we expect that from now on, months results to come good and be able to catch up going forward. In fact, we expect like a ladder, quarter after quarter to improve net income for the group. So that's what I have. So now we are open to questions.

就效率而言，第一季中1月與2月的結果較差，但3月非常好。我們也看到4月表現不錯。因此我們預期從現在開始，每月結果都會轉佳，並能在後續追趕上來。事實上，我們預期集團淨利將像階梯一樣逐季改善。以上就是我要補充的內容。現在我們開放提問。

(Operator Instructions)

（接線員指示）

Daniel Vaz, Safra.

Daniel Vaz，Safra。

I would like to double click on the loan growth and ROE trajectory that Pablo just mentioned. I guess you are slightly revising it downwards on loans as market inflation expectations have materially repriced, right, since the last conference call.

我想更深入追問Pablo剛提到的放款成長與ROE走勢。我猜測你們對放款的預估略為下修，因為自上次電話會議以來，市場對通膨的預期已明顯重新定價，對吧。

But your ROE trajectory are kind of stable at the low double-digit levels. I mean. Let me try to look into your March and April months that you mentioned it was good months. How are you connecting this March and April to the inflation going forward? Right. So we have a print today of the CPI. Maybe it would be good to hear your expectations on that print. And if the inflation couldn't hurt again, your NPLs and the ROE trajectory take longer than. Than you are foreseeing right now.

但你們的ROE走勢似乎仍維持在低雙位數水準。我的意思是，讓我試著從你們提到的3月與4月表現不錯來理解：你們如何把3月與4月的表現與未來通膨連結起來？我們今天會看到CPI公布值。或許也想聽聽你們對這次公布的預期。以及如果通膨再次造成衝擊，你們的NPL與ROE走勢是否可能比你們目前預期的需要更長時間才能改善。

I mean, expectations for CPI for the year is between 28 and 29%. From today, I mean, the consensus is talking between 2.5% to 2.8% inflation for the month. When I said that the inflation also hurt, it was more talking about inflation accounting. Than the NPLs. I would say the NPLs, it's more how the salary is no catch up with inflation, but with the tightening of our origination policies, I wouldn't think that two, three, 400 basis points difference in the year inflation will make an effect in the NPLs.

我的意思是，市場對全年CPI的預期約在28%到29%之間。就今天而言，共識預估本月通膨約在2.5%到2.8%之間。我提到通膨也會造成傷害時，更多是在談通膨會計（inflation accounting），而不是NPL。我會說NPL更多取決於薪資是否能追上通膨；但在我們收緊授信核貸政策之後，我不認為全年通膨差距兩、三、四百個基點會對NPL造成影響。

They can make in our revenues in inflation accounting. But in fact, we have a balance sheet covered, against inflation. We have, inflation-linked bonds, and we have also inflation-linked loans, like mortgages, for example, that cover the whole liquid position of the bank. The point that this has a lag, so, the inflation-linked bonds reprice after two months.

它可能會透過通膨會計影響我們的收入。但事實上，我們的資產負債表已對通膨進行覆蓋（hedged）。我們持有與通膨連結的債券，也有與通膨連結的放款，例如房貸，足以覆蓋該行全部的流動部位。重點在於這存在時間落後：與通膨連結的債券會在兩個月後重新定價。

So in the first quarter, we have, high inflation unexpected, but the inflation-linked bonds didn't catch. That effect because they were still two months black. Now in April, we are capturing February inflation, which was high. And in May, we will capture March inflation, which was higher. So that will help us going forward. So that's referring to how the inflation hurt us in the first quarter, that gap or delay between the inflation linked bonds and what you need to book in the P&L as a loss. On inflation accounting.

因此在第一季，我們遇到未預期的高通膨，但通膨連結債並沒有跟上。這是因為它們仍有兩個月的落後期。現在在四月，我們正在反映二月的通膨（當時很高）；而在五月，我們將反映三月的通膨（更高）。因此，這將在未來對我們有所幫助。這段是在說明通膨在第一季如何傷害了我們：通膨連結債與你需要在損益表（P&L）中認列為損失之間存在落差或延遲。也就是通膨會計的影響。

Talking about the rest of the year with inflation that we are expecting this 29%, 29%, we expect that it wouldn't hurt further because we see the trend of inflation going down month after month. And we don't see really that generate additional hits in credit losses. I mean, let's remember that great losses are still at a high level. We are reducing them quarter after quarter, but they are still higher than the run rate we expect and that we want to be.

談到今年剩餘時間，在我們預期通膨約 29%、29% 的情境下，我們預期不會再進一步造成傷害，因為我們看到通膨趨勢逐月下降。我們也不認為這會在信用損失上帶來額外衝擊。我的意思是，請記得我們的損失仍處於高位；我們每一季都在降低，但仍高於我們預期的常態水準，以及我們希望達到的水準。

But that's something that is, evolves sequentially and not as fast as we want. But yes, we'll see an improvement year or quarter after quarter. And so again. What we are seeing more in March and April has to do with now that our assets are covered or that are linked to inflation are producing that coverage because the delay is away and because we will start to see the increase in the lending side. Also, what we have been doing as we have not.

但這是一個按序漸進演變的過程，速度沒有我們希望的那麼快。不過，是的，我們會看到逐年或逐季的改善。所以再說一次，我們在三月和四月看到的更多是：現在我們那些有通膨覆蓋、或與通膨連結的資產，正在產生那個覆蓋效果，因為延遲期已經消失；而且我們也將開始看到放款端的提升。此外，我們一直在做的是，因為我們沒有……

When we don't see this demand in commercial lending, what we are doing is also taking opportunities in investing in longer-term government bonds that are having good yields, influential leak bonds and variable rate bonds that the last issuances were at good spreads. So that also in the meantime that we wait for the demand to catch up, we are also putting. Some accrual assets that are having good yields that don't necessarily are lows.

當我們看不到商業放款需求時，我們也會把握機會投資於較長天期、殖利率不錯的政府債券、通膨連結債，以及浮動利率債；最近幾次發行的利差都不錯。因此，在我們等待需求回升的同時，我們也在配置一些具有良好殖利率的孳息資產，而這些資產不一定是貸款。

Chito Labarta, Goldman Sachs.

Chito Labarta，高盛。

My question is I guess on the funding. Deposits are not growing, particularly in pesos, loan-to-deposit ratio is above 100%. How do you see the outlook for funding, particularly if loans kind of pick up from here and your ability to fund that growth?

我的問題我想是關於資金來源。存款沒有成長，特別是披索存款；存放比已高於 100%。你如何看待資金來源的展望，特別是如果放款從這裡開始回升，你們為該成長提供資金的能力如何？

I mean, talking about the deposits that we have seen a reduction, first, we have almost half of their deposits in dollars. And in the dollar side, you have the effect of the exchange rate that these numbers are presented in pesos and the pesos strength over the quarter, you see a reduction that was not the case. In fact, the reduction was much lower when you consider dollars to dollars.

我的意思是，談到我們看到的存款下降，首先，我們幾乎一半的存款是美元。美元端有匯率效果：這些數字是以披索呈列的，而本季披索走強，所以你會看到一個下降，但實際上並非如此。事實上，若以美元對美元來看，下降幅度要小得多。

Point to point was only 6%. And if you see in average, it was a growth of 6% in dollar deposits. But what we also did in dollars, for example, we started to improve the efficiency of the balance sheet as we didn't see demand. We started to, reduce the paying for the institutional funding in dollars is mutual funds. You know that now you have mutual funds in dollars.

點對點（期末對期末）只下降 6%。如果看平均值，美元存款其實成長 6%。但我們在美元端也做了些事，例如，因為看不到需求，我們開始提升資產負債表效率。我們開始降低支付給美元機構性資金（也就是共同基金）的成本。你知道現在有美元共同基金。

We didn't need those dollars. We reduce the rate and we reduce because of that part of institutional funding in dollars that we didn't need. But we can recap, increasing the rate again when we want, but we prefer to go for the efficiency. And the in peso was the same. The main reduction was in institutional funding, mainly mutual funds funding that we, as the demand was not there in the asset side, we decided to, be more efficient and reduce that.

我們不需要那些美元。我們降低了利率，因此也降低了那部分我們不需要的美元機構性資金。但當我們需要時，我們也可以再把利率提高、把資金拉回來；只是我們更偏好效率。披索端也是一樣。主要的下降來自機構性資金，主要是共同基金資金；由於資產端需求不在，我們決定提高效率並降低那部分資金。

In terms of transactional deposits. We have in our market share is stable. So even though you see a reduction is mainly because of the market is a seasonality market in the first quarter went down. But funding, I mean, if we go and look for the funding, considering our scale, our number one bank, private bank in the market, and also that we have this institutional deposit that we can go and bring back.

就交易性存款而言，我們的市占率是穩定的。所以即使你看到下降，主要也是因為市場在第一季有季節性下滑。但資金來源方面，我的意思是，如果我們去尋求資金，考量到我們的規模、我們是市場上第一大的民營銀行，而且我們也有這些可以再拉回來的機構性存款，

We believe that the availability of funding will be there and in pesos are in dollars. This was kind of, seasonal plus something that we created considering a better efficiency in the balance sheet management. Okay, great.

我們相信資金的可得性會存在，不論是披索或美元。這有點是季節性因素，再加上我們為了更有效率的資產負債表管理而主動做的調整。好的，很棒。

Brian Flores, Citi.

Brian Flores，花旗。

The follow-up is just on the guidance. Gonzalo, I think you mentioned you now envision low double-digit ROE. I think the message from last quarter was explicitly 10 to 11. So just wanted to check with you if this is marginally. Slightly higher. I just wanted to check that with you. And then my question is on capital.

追問一下指引。Gonzalo，我想你提到你現在預期 ROE 會是低雙位數。我記得上季的訊息明確是 10 到 11。所以我想跟你確認一下，這是否邊際上、略微更高？我只是想跟你確認。然後我的問題是關於資本。

Because you're building capital, you have a very robust core equity T1 ratio. So just wanted to ask you, given maybe the limited credit demand that you're seeing, if at some point we could see you shifting to perhaps a more aggressive stance on payouts or M&A. I know Pablo mentioned you have a. Slightly lower market shares just wanted to check with you if at some point it makes sense to you to to defend it. No, I think that's it.

因為你們正在累積資本，你們的核心普通股一級資本比率（CET1）非常強健。所以想請問，在你們看到信貸需求可能有限的情況下，未來某個時間點，我們是否可能看到你們轉向更積極的股利/回饋（payouts）或併購（M&A）立場？我知道 Pablo 提到你們的市占率略低，想確認一下是否在某個時間點，對你們而言防守市占率是有意義的。好，我就這些。

I mean, guidance is the same, I would say low double-digits between 10 and 11 is the same. And before talking about capital, well, yeah, capital is high. But as you see, I mean, we haven't seen the demand in the first quarter, but really, we. We believe that this should change in the commercial areas at the beginning in the wholesale lending.

我的意思是，指引是一樣的；我會說低雙位數，10 到 11 之間是一樣的。在談資本之前，嗯，資本確實很高。但如你所見，我們第一季沒有看到需求，不過我們相信這在商業領域應該會改變，首先會出現在批發放款。

We started to see a lot, for example, of acquisition finance. As there are some privatizations going around in Argentina and some local companies changing hands. And we are in some of those deals and seeing customers come and ask for potential transactions. There start to be demand on the commercial lending, which is the bigger tickets and is the tickets that will make our balance sheet grow faster. Mortgage at some point should come back.

例如，我們開始看到很多併購融資（acquisition finance）。因為阿根廷正在進行一些民營化，也有一些本地公司在易手。我們參與了其中一些交易，也看到客戶來詢問潛在交易。商業放款開始出現需求，這些是較大額的案子，也會讓我們的資產負債表成長更快。房貸在某個時間點也應該會回來。

At some point, some kind of securitization program should be built. And I think the government should play a role there. And we believe that that should happen. So that also another source of credit growth that will come. So we believe that we still believe in the credit growth story for Argentina. So we need to have capital for that.

在某個時間點，某種證券化計畫應該會建立起來，我認為政府應該在其中扮演角色。我們相信這應該會發生。因此，這也會是另一個將出現的信貸成長來源。所以我們仍然相信阿根廷的信貸成長故事，因此我們需要為此保留資本。

Considering acquisitions, I think you mentioned, I mean, we are always open to analyze the market and something that we are not close to, of course, needs to be something that makes sense for us and for our strategy. But for the time being, we are concentrating in the organic growth.

至於併購，我想你提到——我的意思是，我們一向願意分析市場，我們並不排斥；當然，必須是對我們與我們的策略都有意義的事情。但就目前而言，我們專注於有機成長。

And we believe that there is a lot of room to improve. We are going to defend our market share. When you see in deposit some kind of reduction in market share comes mainly from the institutional funding because we are taking deposit as a whole. We are not losing market share in the transactional deposits, but so it's the one that we want to defend.

我們相信仍有很大的改善空間。我們會捍衛我們的市占率。當你看到存款市占率有些下降，主要來自機構性資金，因為我們把存款作為整體來看。我們在交易性存款並沒有流失市占率，而那才是我們想要捍衛的部分。

But we are going to defend market share. For us, it's important to be large, to have the scale and the economies of scale. So we are going to do that organically. And if at some point something comes that is good and fits for our strategy, of course, we'll analyze it also.

但我們會捍衛市占率。對我們而言，規模很重要，要夠大，才能有規模與規模經濟。因此我們會以有機方式做到這點。如果未來某個時間點出現一個好的、符合我們策略的機會，當然我們也會分析。

No, super clear. And I know you have the management from Naranj X here. Wondering if we should envision DanaHex coming back to profits during 2026? Yes, of course. I mean, in fact, if you take a look of the numbers of the first quarter of this year, even though we posted a net loss of almost ARS19 billion, sorry.

不，很清楚。我也知道你們這裡有 Naranj X 的管理團隊。想請問我們是否應該預期 DanaHex 在 2026 年恢復獲利？是的，當然。我的意思是，事實上，如果你看今年第一季的數字，儘管我們公告的淨損接近 190 億阿根廷披索（ARS19 billion），抱歉。

This loss represented already a 60% recovery from the previous border loss that was almost around ARS50 billion. So this recovery was mainly driven by a decline in loan provisions and in line with the downward trend that we already seen in delinquency rates that was in fact observed since September last year.

這個損失其實已經較前一期的損失（接近 500 億阿根廷披索，ARS50 billion）回復了 60%。這項回復主要是由放款提存（loan provisions）下降所帶動，並且與我們已經看到的逾期率自去年九月以來的下行趨勢一致，而這個趨勢確實已被觀察到。

Anestor Gabilondo, Bank of America.

Anestor Gabilondo，美國銀行。

My first question will be on your macro expectations for the year. You already mentioned inflation and 28, 29, but what should we spend in terms of GDP growth? Interest rates and effects? And also, how do you see the indebtedness of families, especially after the deterioration in asset quality across banks and fintechs?

我的第一個問題是關於你們對今年的總體經濟預期。你們已經提到通膨 28、29，但在 GDP 成長、利率及其影響方面，我們應該預期什麼？另外，在各家銀行與金融科技的資產品質惡化之後，你們如何看待家庭負債程度？

My second question will be a follow-up in asset quality. So, you mentioned MPL rich its peak in this first quarter, then you are expected to be relatively stable in the second quarter and then trending down in the second-half. But we're looking to the reserve coverage ratio. It's below the 100%. So can you provide us any color and how should we think about the evolution of the reserve coverage ratio?

我的第二個問題是資產品質的追問。你提到 MPL 在第一季達到高峰，第二季預期相對穩定，然後在下半年呈下降趨勢。但我們看到備抵覆蓋率（reserve coverage ratio）低於 100%。你能否提供一些說明，我們應該如何看待備抵覆蓋率的演變？

And also linked to the first question, again, based on expected losses and maybe fintechs are showing higher deterioration, how do you see this reserve coverage ratio? And I didn't catch up. The cost of risk for the year. So if you can provide us also what will be the level for the year. And my last question is if you can give us any expectations or any color on how you seen memes this year.

另外也連結到第一個問題，再次基於預期損失，而且也許金融科技公司顯示更高的惡化，你怎麼看這個備抵覆蓋率？還有我沒聽清楚，今年的風險成本。所以如果你也能提供我們今年的水準會是多少。最後一個問題是，你能否給我們一些預期或一些說明，關於你們今年如何看待迷因（meme）？

Yeah, sure, Ernesto. First, I think it was about the macro, your question, the macroeconomics of the country. I mean, growth, we see more or less 3% GDP growth for the year, interest rates ending the year with a tomorrow of 22. I mean, we believe that it's a. It's in line with what we are having today. We see interest rates a bit stable during the rest of the year.

好的，當然，Ernesto。首先，我想你問的是總體，你的問題是這個國家的總體經濟。我是說，成長方面，我們預期今年GDP成長大約3%；利率方面，年底大概會在22左右。我們認為這大致與我們今天看到的情況一致。我們看到利率在今年剩餘時間會相對穩定。

Talking about margins, also, we see margins in the year around 16% for the bank, which it's similar to what we have in the first quarter. So we see margins really stable this year. I think then your questions come from credit losses, family independences. Effects too?

談到利差方面，我們也看到今年銀行的利差大約在16%，這與第一季的水準相近。所以我們認為今年利差會非常穩定。我想接著你的問題是關於信用損失、家庭負債的影響，對嗎？

Well, the effects for the year is like ARS1,600, ARS1,590, ARS1,600 per dollar. So talking about families in deadness, I mean, we still see, for example, we cut our scorecard and stricten our rate policies. And that's why NPLs are improving or cost of risk is improving. We still do some champion challengers, lending to lower levels and we still see that those segments are bad, they are not improving. So we didn't see an improvement in the family's income, let's say.

嗯，今年的匯率影響大概是每美元ARS1,600、ARS1,590、ARS1,600左右。談到家庭負債，我是說，我們仍然例如調整了我們的評分卡，並收緊了利率政策。這也是為什麼不良貸款（NPL）在改善、風險成本在改善。我們仍然在做一些「冠軍/挑戰者」測試，對較低層級的客群放貸，而我們仍然看到那些區隔表現不好，沒有改善。所以我們沒有看到家庭收入的改善，可以這麼說。

The improvements that we have been seeing is because we are lending to better quality or higher segments, I would say. So that's. How we are now and will continue this way until we see that these tests that we are doing changed. But so far we haven't seen them. Of course, the expectations is that during the year, as inflation continues to go down and economy grows, this can also touch more families and the micro economy also improves.

我們看到的改善，是因為我們把貸款投放到更好的品質或更高端的客群。我會這麼說。所以這就是我們目前的狀況，而且會持續這樣，直到我們看到我們正在做的這些測試出現變化。但到目前為止我們還沒看到。當然，預期是今年隨著通膨持續下降、經濟成長，這也可能影響到更多家庭，微觀經濟也會改善。

And with that happening, then. That situation that I just described should change. And we could, start lending to different segments. But so far, we are not seeing that. I mean, talking about reserve coverage, I mean, reserve coverage is, in general, when you grow a portfolio, I mean, you're building for the. The normal or the portfolio that is not past due is of course building this caution for creating a higher reserve coverage that covers 100% of the non-performing loans.

而當那件事發生時，我剛才描述的情況就應該會改變，我們也可以開始對不同的客群區隔放貸。但到目前為止我們還沒看到。我是說，談到備抵覆蓋率，一般而言，當你擴張投資組合時，你會為正常、也就是未逾期的投資組合建立緩衝，藉此形成更高的備抵覆蓋率，以100%覆蓋不良貸款。

Now what's happening is that we saw a portfolio worsening, as you have been seeing, and we started to use those reserves. And that was combined with a quarter with low volume, low origination. So you don't have, it's kind of a math situation.

現在發生的情況是，我們看到投資組合惡化，如你們所見，我們開始動用那些備抵。同時又遇到一個量很低的季度，放款量低、承作量低。所以你沒有……這有點是數學上的情況。

As you have lower volumes, lower new lending, you are not building new reserves that originated with good credits that are building cushions for the non-performing. So that's the reality that will be changed. During the year with volumes growing again and also with the quality of our portfolios that continue to improve as we saw the improvement in the first quarter and we will continue to see in the second or third.

當你的量更低、新增放款更少時，你就不會建立新的備抵；而這些新備抵原本是由良好信用品質的新放款所帶來，用來為不良資產建立緩衝。這就是現實。不過這會在今年改變：隨著量再度成長，以及我們的投資組合品質持續改善——如同我們在第一季看到的改善，而且我們會在第二或第三季持續看到——情況會改變。

We expect reserve COVID during the year, maybe to come back to 95%, 96% improving, and then. In the 27 and 28, of course, continue to improve as we start seeing the level of NPLs and cost of risk that we want. During the year, we need the increase in volume to come back to normalize the situation because this is generating by the fact of these two, higher, worse quality of the portfolio than a normal situation plus.

我們預期今年備抵覆蓋率可能回升到95%、96%並改善；然後在27、28（應是指後續期間）當然會持續改善，因為我們開始看到我們想要的不良貸款水準與風險成本。今年我們需要放款量回升，讓情況回到正常，因為目前這是由兩個因素造成：其一是投資組合品質比正常情況更差；其二是新增量較低，無法支撐並建立新的備抵。

Lower new volume that, subsidize and builds new reserves. But on the well, then cost of risk for the year, we are expecting it at 8%. A we end up as last quarter was like about 12% to a 0.5. We are at 9.5 in the first quarter, we expect the full year to end at 8%. I don't know if that's.

至於今年的風險成本，我們預期是8%。我們上季大概是12%到……0.5（我不確定這裡的數字），第一季是9.5%，我們預期全年會落在8%。我不知道這是否……

Just a follow-up in terms of these reserve coverage ratio. So we have seen MPLs peak probably for the banks in the first quarter. But let me color on the fintechs because I believe fintechs, especially in credit cards are showing much higher MPL.

我再追問一下備抵覆蓋率。我們看到銀行的逾期（MPL）可能在第一季見頂。但我想請你談談金融科技公司，因為我相信金融科技公司，尤其在信用卡方面，顯示出更高的MPL。

And I just want to check with you if you have to build provisions. As maybe in the credit bureau, all of the fintechs are showing this higher NPL and then the USI industry have to create more provision. So you want to double check on how do you provision this potential deterioration on the fintechs?

我只是想跟你確認，你們是否需要提列備抵。因為也許在聯徵/信用局資料中，所有金融科技公司都顯示更高的NPL，然後整個產業就必須提列更多備抵。所以我想再確認一下，你們如何針對金融科技公司可能的惡化來提列備抵？

No. I mean, we, as in general, what you have the obligation to change your credit or your rating is when you see the bank's debtors. Then you cannot have more than two notches differences with other banks. That's a central bank policy.

不。我是說，一般而言，你有義務調整你的信用或評等，是在你看到銀行體系的債務人狀況時。然後你與其他銀行之間的評等差異不能超過兩個等級。這是央行的規定。

But with fintechs, of course, we monitor, credit view, etc. But credit view is more for our origination than from changing the situation of your customers or the qualification of your customers. Yes, we use it to lend new loans, but not to change. Will provide for the lending.

但對於金融科技公司，當然我們會監控、看信用局資料等等。不過信用局資料更多是用在我們的承作（origination），而不是用來改變你客戶的狀況或客戶的資格評定。是的，我們用它來發放新貸款，但不是用來改變既有放款的備抵提列。

Yes, we use the database with debtors of the financial system, which is something that we all banks submit to central bank. And if the other banks has the same customer in a worse situation, you also need to adjust and we use that. But with fintechs, I would say that it's more considered for the origination of new lending rather than for providing more.

是的，我們使用金融體系債務人資料庫，這是所有銀行都會提交給央行的。如果其他銀行對同一位客戶的狀況評得更差，你也需要調整，我們會用這個。但對金融科技公司，我會說它更多是用於新放款的承作，而不是用於增加備抵提列。

Because what you do in general, the customers we have, they have with us and other banks. So if the customer is doing bad in general, he will be doing bad with everyone. So we already be catching because he's doing bad with us and doing bad with other banks.

因為一般來說，我們的客戶同時也在我們這裡和其他銀行有往來。所以如果客戶整體表現變差，他會對所有人都變差。我們也會捕捉到，因為他在我們這裡變差，也在其他銀行變差。

It's not common that we have a customer that is doing bad with the fintech but doing okay with the banks. So we haven't seen that and we really don't see that impacting the provisioning. Yes, the origination of new lending to those people.

不常見的是：客戶在金融科技那邊表現很差，但在銀行卻還可以。所以我們沒有看到這種情況，也真的不認為這會影響備抵提列。是的，它會影響我們對這些人的新放款承作。

Perfect, super helpful. And just the last question. I don't know if you can provide us any color about the potential MSCI reclassification of Argentina. When do you expect that this to happen?

很好，非常有幫助。最後一個問題：不知道你能否提供一些說明，關於阿根廷可能被MSCI重新分類。你預期這會在什麼時候發生？

Well, I mean, it's difficult to answer that question. I mean, it's something that we are expecting and would like to happen soon. But I mean, it has to do also with, effects restrictions that needs to be waived. And it's not that clear when that will happen.

嗯，我是說，這個問題很難回答。我是說，這是我們期待、也希望能盡快發生的事情。但這也與需要解除的外匯限制有關。而何時會解除並不明確。

I don't see that that will happen in the near future. And then next year we have elections. So that it's also something that may work against, taking away the effects restrictions. But we don't know. So I think that that's a key milestone that the country needs to do before this happening. So it's difficult to believe that this will happen in very soon.

我不認為這會在近期發生。然後明年我們有選舉，所以這也可能不利於取消外匯限制。但我們不知道。所以我認為，在這件事發生之前，國家需要先完成這個關鍵里程碑。因此很難相信這會很快發生。

Yuri Fernandes, JP Morgan.

Yuri Fernandes，JP Morgan。

I have one regarding regulation. We saw some flexibilization. This year already on the reserve requirements. I guess in March and April, there was this flexibilization. Anything else on that? I know inflation is still a little bit under pressure in Argentina, so not sure if the reserve requirements will be much more flexibilized. But what have you heard? Any other regulation asymmetries?

我有一個關於監管的問題。我們看到今年在法定準備金要求上已經有一些放寬，我想是在3月和4月有這個放寬。還有其他相關措施嗎？我知道阿根廷的通膨仍然有點壓力，所以不確定準備金要求是否還會進一步放寬。但你聽到的是什麼？還有其他監管上的不對稱嗎？

And pressures that were headwinds for banks in the past quarters that could be solved this year. Just checking on this because I think that's important for margins for you. And then just to follow-up on asset quality, I like the quote on the almost 50% drop on early delinquents. So just trying to understand how should this reflect on NPLs, right? Assuming this is really.

以及過去幾季對銀行造成逆風的壓力，是否可能在今年得到解決。我之所以確認，是因為我認為這對你們的利差很重要。然後再追問資產品質：我喜歡你提到早期逾期幾乎下降50%的說法。所以我想了解這應該如何反映到NPL上，對吧？假設這真的是……

The peak and I think the new NPL formation indications for both Galiza and Tarjeta, they reinforce this message. How quickly early delinquency indication should be reflected in lower NPL? And I guess with lower NPLs, you should also see, your coverage moving up on a base effect, right? So if you can explain just the path we should see for early delinquents and NPLs, I think that's also important for us.

高峰，而且我認為Galiza和Tarjeta的新NPL形成指標也強化了這個訊息。早期逾期的指標會多快反映為更低的NPL？我想在NPL下降後，你們的覆蓋率也應該會因為基期效應而上升，對吧？所以如果你能解釋一下我們應該看到的早期逾期與NPL的路徑，我想這對我們也很重要。

I mean, reserve requirements, I would say that the changes that we saw didn't make a big change because they were mainly on the remunerated reserve requirements. Because remember that you have a reserve requirement that go at 0% yield in central bank and some of them that you can integrate with government bonds, which has a yield.

我的意思是，存款準備金要求方面，我會說我們看到的變動並沒有帶來很大的改變，因為主要是針對有付息的準備金要求。因為請記得，你有一部分準備金要求是放在央行、收益率為 0%，另外有一些你可以用政府公債來抵充，而政府公債是有收益率的。

So the reductions were mainly in the ones that you could integrate with government bonds. So from P&L perspective, didn't change much. And from liquidity or lending capabilities also, it doesn't make a lot of changes because we banks have a lot of lending capability still without need to require to change in reserve requirements.

所以，調降主要發生在那些可以用政府公債抵充的部分。因此，從損益表（P&L）的角度看，影響不大。從流動性或放款能力來看，也不會有太大變化，因為我們銀行即使不需要調整準備金要求，仍然有很大的放款能力。

Going forward, well, we always talk about that, but remember, the government is also very keen in. Reducing inflation so this may go against that so it's we don't have a sense something that we always talk with Central Bank but so far no news and no any anticipation of when or if this will happen this year and any other change we don't see any other change happening we always have a list of things.

往前看，嗯，我們一直都在談這件事，但請記得，政府也非常積極在降低通膨，所以這可能會與之相牴觸。因此，我們沒有明確的感覺；這是我們一直和央行討論的事情，但到目前為止沒有消息，也沒有任何對今年何時、或是否會發生的預期；其他變動我們也看不到會發生。我們一直都有一份事項清單。

That we talked with central bank, like, for example, remunerating dollar balances in central bank or letting banks to invest in treasury bills or yielding dollar assets. That's something that we don't have. And it's a lot of dollars that are not very yielding nothing for banks. But for example, this is one point we have many that we also continue to discuss, but no. No sight of when or if they will make any change.

我們和央行討論的事項，例如：讓央行的美元餘額付息，或允許銀行投資國庫券或有收益的美元資產。這些目前都沒有。而且有大量美元對銀行而言幾乎沒有收益。但例如這只是其中一點；我們還有很多也持續在討論，但沒有——看不到他們何時或是否會做任何改變。

Going back to MPS, yeah, I mean, early indicators, early roll rates are going well. Later stages are still improving, but softer or at a slower pace than the early ones. So meaning that the one that goes bad, then it has more probability to continue in the past. So I would say that we may see real improvements in NPS more within six months in the second-half, I would say between third and fourth quarter to start seeing reductions in NPS.

回到 MPS，是的，我的意思是，早期指標、早期滾動率（roll rates）表現良好。後段階段仍在改善，但幅度較小或速度比早期更慢。也就是說，一旦變壞的那部分，之後延續下去的機率仍然比過去更高。所以我會說，我們可能會在未來六個月、也就是下半年看到 NPS 的實質改善；我會說大概在第三到第四季開始看到 NPS 下降。

Cost of risk, as I said before, we expect this to happen quarter after quarter. In the rest of the year, but NPS to see improvements that you can consider some significant improvement, we should be, we expect end of the year NPS at 6%, around 6%. So that's more or less from 7.7 that we are now. That's the path we are seeing, of how the early. Indicators for the early good performance should translate in better NPLs.

風險成本（cost of risk），如我之前所說，我們預期在今年剩餘時間會一季一季地發生。但若要看到你可以認為是顯著改善的 NPS，我們預期年底 NPS 會在 6% 左右，大約 6%。也就是從目前的 7.7% 下來。這就是我們看到的路徑：早期指標的良好表現應該會轉化為更好的不良貸款（NPLs）。

Matias Cattaruzzi, AdCap.

Matias Cattaruzzi，AdCap。

Hi, everyone. How are you? I have a few questions. First, the total deposits fell 16%. It was you lost like 2.5 points of market share and you said that this was because of an aggressive expensive funding reduction. How will we see throughout the year. The bridge towards the 15% to 20% real growth in the year with really like negative first quarter. And do you expect.

大家好。你們好嗎？我有幾個問題。第一，總存款下降了 16%。你們大概流失了 2.5 個百分點的市占率，而且你們說這是因為積極降低高成本資金。那我們今年會如何看到，從第一季明顯為負的情況，銜接到全年 15% 到 20% 的實質成長？以及你們是否預期。

Going forward loans to reach like 30% growth in the upcoming quarters? And is it going to be in the second-half of 2026 because current rates in second quarter doesn't look that good, right? Or is it this seasonal impact of the first quarter? And then I got one more question about the mortgage that's regular, sorry, background, but if you want to ask that one, answer that first.

往前看，放款在接下來幾季能達到大約 30% 的成長嗎？而且會是在 2026 年下半年嗎？因為第二季目前的利率看起來不太好，對吧？還是說這是第一季的季節性影響？另外我還有一個關於房貸的問題，那是監管——抱歉，是背景問題，但如果你想先回答那個，就先回答那個。

Well, we're talking about deposits. Yeah, I mean, deposit, remember, dollars, no, you see that the market share is pesos on dollars. We had that we increased a lot of market share in dollars after the tax amnesty, the last tax amnesty that were dollars that doesn't have any application. As you can only lend to exporters and which very low yields. So a lot of comes from that, from paying less to mutual funds, but that does nothing that was, so it's not easy, the combination of both.

嗯，我們談存款。是的，我的意思是，存款，請記得，是美元——不，你看到的市占率是把披索和美元一起看。我們在稅務特赦之後大幅提高了美元的市占率，上一輪稅務特赦帶來的美元沒有任何用途，因為你只能貸給出口商，而且收益率非常低。所以很大一部分來自於此，也來自於少付給共同基金，但那並沒有帶來什麼——所以兩者的組合並不容易。

And in pesos was mainly, I mean, funding from mutual funds rather than the transactional deposit. So when we see credits going up again, that is something that, as I said before, we started to see now in the second quarter in the commercial area, we recap those funds going to the market and paying back again in pesos and also in dollars if we need.

而在披索方面，主要是來自共同基金的資金，而不是交易性存款。因此當我們看到放款再次上升時——如我之前所說，我們現在在第二季的商業端已開始看到——我們會把這些資金重新吸引回市場，並再次以披索、以及必要時以美元來支付。

Talking about a great portfolio. So that's how we plan to grow again. And of course, we expect the deposits and we expect market also, I mean, market in the first quarter always has a seasonal reduction in transactional deposits. We expect that to go up first by seasonality and then our.

談到一個很好的投資組合。所以這就是我們計畫再次成長的方式。當然，我們預期存款會回升，我們也預期整個市場——我的意思是，市場在第一季交易性存款總是會有季節性下滑。我們預期會先因季節性而回升，然後再加上我們的。

Our actions, but seasonality should come back the loss that we saw, that the market saw in the first quarter in current accounts and savings accounts, as we see every year coming from a peak of December, that is always some amount with a lot of money in industry. Credit, I mean, I said that we see between 20 and 25, I mean, mainly in the commercial area, we have been.

我們的行動；但季節性應該會把我們看到的損失、也就是市場在第一季於活期存款與儲蓄存款看到的下滑補回來，因為每年都會如此：從 12 月的高峰下來，總會有一些金額，因為產業端有很多資金。放款方面，我的意思是，我說我們看到在 20 到 25 之間——我的意思是主要在商業端——我們一直在。

In deals with big tickets in acquisition finance, privatizations, and there are many coming and talking to us about new things that are big tickets, so that also can increase lending faster than in the SMEs or in the individuals. Some of them are in dollars, as and some of them we are starting to see also peso transactions. So that's plus, the rates to stabilize in the lower area for commercial, not for individuals.

在大型票券（big tickets）的交易上，包括併購融資、民營化等，而且有很多人來找我們談新的大型交易，所以這也可能讓放款成長速度比中小企業或個人更快。其中一些是美元計價，也有一些我們也開始看到披索交易。所以再加上利率在商業端穩定在較低區間（不是個人端）。

And we expect, and also economy continue to evolve. We expect this to help on the great growth. Great growth we already start to see in the second quarter, but of course it will be more considerative in the third, we would say. But in the second, we already start to see tickets and things that we are not seeing in the first quarter. Of course, that's something that is not sudden, but already will be by steps. In the second quarter, it's better than the first, and the third we expect better than the second.

而我們預期——同時經濟持續演進——這會有助於成長。我們在第二季已經開始看到成長，但當然第三季會更明顯，我們會這麼說。不過在第二季，我們已經開始看到一些票券與事情，是第一季沒有看到的。當然，這不會是突然發生的，而是會逐步出現。第二季比第一季好，而第三季我們預期會比第二季更好。

Okay, great. And in the loan portfolio mix, it currently USD loans for a percent. 35% rate of loans. How do you expect this mix to evolve throughout 2026 and in the future?

好的，很好。那在放款組合方面，目前美元放款占比——35% 的放款是美元計價。你們預期這個組合在 2026 年以及未來會如何演變？

I mean, from 2026, we may go maybe 60-40. I mean, dollar loans could grow a bit. In the future, I mean, if the peso, if we continue with the stabilization of the inflation. And in 2028, we had a lower inflation and rates goes with that. That shouldn't change much further than that because companies should start using the local currency for funding.

我的意思是，從 2026 年來看，我們可能會到 60-40。也就是說，美元放款可能會成長一些。未來的話，我的意思是，如果披索——如果我們持續通膨穩定化。到了 2028 年，我們有更低的通膨、利率也隨之下降，那之後就不應該再有太大變化，因為企業應該會開始使用本幣作為融資貨幣。

Of course, next year is an election year, so we need to see how the things are going to happen or to be next year. But in general, we see for the future with stabilization, still we see. Peso financing being more important than dollar financing. So far, we are in the middle of the transition to rate reduction. That's why companies continue to prefer dollars because of pricing matter. But as rates in pesos continue to go down, that shouldn't pesos should continue to be the higher weight in our portfolio.

當然，明年是選舉年，所以我們需要看看明年事情會如何發展或會是什麼樣子。但整體而言，展望未來在穩定化之下，我們仍然看到披索融資會比美元融資更重要。到目前為止，我們正處於降息過渡期的中段，這就是為什麼企業因為定價因素仍偏好美元。但隨著披索利率持續下行，披索在我們投資組合中的權重應該會繼續更高。

And how do you see the mortgage. That regulatory background going forward is there any any indication of given the needed the liquidity for the market to grow more or any other participant no.

那你怎麼看房貸？往前看，監管背景方面，是否有任何跡象——考量到市場要成長所需的流動性——或任何其他參與者？沒有嗎？

I mean so not so so far these discussions that we continue to have with the banking associations and government that the need of of authority equitization program that. That unsaid fund could be a source. There are now a lot of economies also, with that opinion.

我的意思是，到目前為止，我們持續與銀行公會和政府進行的這些討論，提到需要一個由主管機關主導的證券化（securitization）計畫；那個未動用的基金可能是一個來源。現在也有很多經濟學家持相同看法。

But it's something that so far is not in the agenda and we don't have a date or something that when it could happen, we hope and expect that at some point it should because it will help the financial system. But more than that, the economy, because the mortgages are.

但這件事目前不在議程上，我們也沒有日期或任何可能發生的時間點。我們希望並預期在某個時候應該會推動，因為這將有助於金融體系。但更重要的是，有助於整體經濟，因為房貸是。

Then they provide a lot of support for the economy construction, etc. So but so far, no news, even though we continue talking and putting that on the table every time that we that we can.

它們會為經濟、建築等提供很大的支撐。但到目前為止沒有消息，儘管我們仍持續在談，並且每次有機會就把這件事放到桌面上。

So going forward, we won't be seeing a significant growth in the mortgage debt mix.

所以往前看，我們不會看到房貸在債務組合中有顯著成長。

I mean, this year, I wouldn't expect that this year, unless, this. These changes and we have a synchronization program inside. But I would say that for the rest of the year, it's hard to see it.

我的意思是，今年的話，我不會預期今年會發生，除非——有這些變動，且我們內部有一個同步化計畫。但我會說，就今年剩餘時間而言，很難看到。

Okay. And from USDE loans in the mix, can you walk us through which are the main components? Is it all prefinanciacion, et importacion, or have you seen any other growing?

好的。那在你們的 USDE 貸款組合中，能否帶我們梳理一下主要構成是哪些？是否全部都是預融資與進口融資，還是你們也看到其他項目在成長？

There are deals that I said, like acquisition financing. Privatizations that we are seeing now that you can consider they are going out and different type of transaction that require dollars that has higher yields than the pre import or export. So we are talking about higher yielding than the ones that we are used to see with the exporters.

有一些交易如我所說，例如併購融資。我們現在看到的私有化案，你也可以把它們視為正在推出、且屬於不同類型的交易，這些交易需要美元，且其收益率高於進口前融資或出口融資。因此我們談的是比我們過去在出口商業務中慣常看到的更高收益。

Carlos Gomez Lopez, HSBC.

Carlos Gomez Lopez，匯豐（HSBC）。

When I look at the results, I get the impression that you took the opportunity to make some gains in the bond portfolio because this quarter was especially. Week operationally, that's normal management. Is that the correct impression? And would you be able to quantify how much you gained by selling government securities versus other quarters?

我看了這些結果後，感覺你們把握機會在債券投資組合上實現了一些收益，因為這一季特別……從營運角度來看，這算是正常的管理操作。我的理解正確嗎？另外，你們能否量化一下：相較於其他季度，這一季透過出售政府證券所獲得的收益大概是多少？

Second, I would like to ask about the cost reduction. As you say, you have reduced from what we saw in the 28% to 80% of the personnel of HSBC, the entire number of branches. Is the level of expenses that we see in this quarter the permanent one or should we see further reaction or a rebound through the rest of the year in realtors?

第二個問題我想問成本下降。如你所說，你們已經把我們看到的從 28% 到 80% 的匯豐人員、以及整體分行數量都做了縮減。那我們在本季看到的費用水準會是長期固定的水準嗎？還是今年其餘時間在實質（real terms）上還會看到進一步調整或反彈？

We're talking about, yes, we rotate our portfolio and in fact we have been doing some extension of duration. So it's not that we sell them and we give up the accrual rather than. Change for longer duration with good yields.

我們是的，我們會輪動投資組合，而且事實上我們也在做一些久期延長。所以並不是我們把它們賣掉、放棄應計收益；而是改換成久期更長、且收益率不錯的部位。

So we keep a good accrual or improving sometimes the accrual that we have been having because of longer durations, of course, and get the results in the quarter. I would say that in the quarter, I would say that we have like pretax, like ARS30 billion, more or less, which is like ARS20 billion after tax, more or less, something like that.

因此我們維持了良好的應計收益，有時甚至因為久期更長而提升了我們的應計收益，當然也因此在本季反映出成果。我會說，本季稅前大概是 300 億阿根廷披索（ARS30 billion）左右，稅後大概是 200 億阿根廷披索（ARS20 billion）左右，差不多是這樣。

That will be the gain or the amount that you're ARS30 billion.

所以那就是收益，或是你所說的那個金額——300 億阿根廷披索（ARS30 billion）？

And then the other question was on costs. Yes, we I would say that now I would say that the level of expense that we have is the run rate. We are still doing some. Some restructuring, not because of HSBC, but because of normal. So we may have some things here and there on severances.

然後另一個問題是成本。是的，我會說目前我們的費用水準就是常態化的運行水準（run rate）。我們仍在做一些……一些重整，但不是因為匯豐（HSBC），而是因為正常的調整。因此我們可能在某些地方會有一些遣散費。

I would expect something big, but maybe you may have a peak on one month or something because of that. We didn't do a lot in the first quarter. We may do something in the second quarter, but nothing significant. So maybe it's flat or something a bit higher. But with those one-offs that shouldn't be repeated. In general, our costs should continue to go down with the run rate because we continue to make efficiencies.

我不預期會有很大的金額，但可能會因為這個原因在某個月份出現一個高峰之類的。我們在第一季沒有做很多；第二季可能會做一些，但不會很顯著。所以可能持平或略高一些。但那是一次性項目，不應該重複發生。整體而言，隨著我們持續提升效率，我們的成本在常態化運行水準下應該會繼續下降。

Do you think the costs, I mean, in real terms should actually decline from here? You don't, I mean, that also tells us that you probably.

你認為成本——我是說以實質來看——從現在開始應該真的會下降嗎？你不……我的意思是，這也告訴我們你們可能……

I would say that compared with the priority, the run rate of this year, I would say that could be similar to the first quarter. With some kinds of reduction, but nothing significant, because it's something that that we may be doing some efficiencies, but also investing in technology and other things we want to do. So I would I would I would expect more more more something stable during the year, which is much better than prior year.

我會說，相較於去年，今年的常態化運行水準我認為可能會與第一季相近。會有一些降幅，但不會很顯著，因為我們可能在做一些效率提升的同時，也在投資科技以及其他我們想做的事情。所以我會……我會……我會預期今年會更偏向穩定，這已經比去年好很多。

And if I can follow-up on the the capital, you already asked answer about this. But after long. Growth recovers, what is the level of capital that you would like to operate with on a sustainable basis? Certainly not the 25% CET one that you have today, right?

如果我可以追問資本的部分，你剛才已經回答過一些。但在放款成長恢復之後，你們希望在可持續的基礎上以什麼樣的資本水準來營運？當然不會是你們今天的 25% CET1（普通股權一級資本）吧？

You said a when we when we reach maturity of the market, that's what I didn't, I couldn't get it.

你說當我們……當我們達到市場成熟時——那部分我沒有聽懂、我沒抓到你的意思。

Yeah, when we go back to a normal growth rate in the market, whatever that is in whenever that is, what level of capital do you say that was 15 around 15% around 15%. Okay.

對，就是當市場回到正常的成長率時，不管那是什麼、也不管何時發生，你們認為要以什麼資本水準營運？你說是 15% 左右、約 15%。好的。

Alonso Aramburu, BTG Pactual.

Alonso Aramburu，BTG Pactual。

Just wanted to follow-up on the loan growth comments and expectations for this year. If you look at Maranja, it's now in negative territory the last 12 months. Clearly, more exposed to consumers. So maybe you can comment on what are the expectations for Naranja and how that can influence your loan growth at the group level, right? I think your 20 to 25 expectation is more at Banco, not at the group level. So when you consolidate it to, I mean, what are you expecting for the year?

我想追問一下你們對放款成長的評論與今年的預期。如果看 Naranja，過去 12 個月已經落入負成長區間，顯然對消費者曝險更高。所以也許你可以談談對 Naranja 的預期，以及它如何影響集團層級的放款成長？我想你們 20% 到 25% 的預期比較像是銀行（Banco）層級，而不是集團層級。所以合併之後——我的意思是——你們對今年的預期是什麼？

In the case of Naranj, as you mentioned, during the first quarter, we've seen a reduction in the portfolio, mainly concentrated on the trade card portfolio because the personal loan portfolio keep on growing. And for the rest of the year, we are not expecting to. Regain aggressive rate of growth in the case of Tarjeta in the credit card portfolio.

就 Naranja 而言，如你所提到的，在第一季我們看到投資組合縮減，主要集中在商業卡（trade card）投資組合，因為個人貸款投資組合仍在成長。而在今年剩餘時間，我們不預期在信用卡投資組合（Tarjeta）方面重新回到激進的成長速度。

And we are expecting a more stable, I would say low single-digit growth for the rest of the year in the case of credit card portfolio, but with a much more aggressive rate of growth in the personnel portfolio. In that case, we are expecting something like 30% increase. As long as we have enough room to keep on growing there because we are targeting our best segments around our users.

我們預期今年剩餘時間信用卡投資組合會更穩定，我會說是低個位數成長；但在人員（personal）貸款投資組合方面會有更積極的成長速度。在那個部分，我們預期大約 30% 的增長，只要我們還有足夠空間持續成長，因為我們正鎖定圍繞用戶的最佳客群。

You mentioned 30%, three zero in personal loan.

你提到 30%，就是三零（30）在個人貸款？

Yeah, three zero in the case of personal loan portfolio.

對，個人貸款投資組合是三零（30）。

Okay, so that means, so just to clarify, your 20 to 25% guidance for the year, is that for Grupo or for Banco? No, that's Banco, sorry, yeah. Okay, so consolidated. So Naranja consolidated would be less than that.

好的，那這表示——我只是想確認——你們今年 20% 到 25% 的指引是針對集團（Grupo）還是銀行（Banco）？不，那是銀行，抱歉，是的。好的，那合併後——所以 Naranja 合併後會低於那個數字。

Yeah, sorry. Naranja consolidated, it's going to be like in the low single-digit rate of growth.

對，抱歉。Naranja 合併後，成長率會是低個位數。

Okay. Which means that group is going to be maybe closer to 20, not 25, given the variance. Okay.

好的。這表示考量差異後，集團可能更接近 20%，而不是 25%。好的。

Agustin Pacheco, Banco Mariva

Agustin Pacheco，Banco Mariva

Hi, can you hear me? Yes. It's Augustin Pacheco from Banco Mariga. Thanks for taking my question. I wanted to ask about Fondus FEMA. Given that money market file represent the majority of FEMA's asset under management. If inflation continues to decline and nominal rates move lower, these products could become less attractive for savers.

嗨，你聽得到我嗎？可以。這裡是 Banco Mariga 的 Augustin Pacheco。謝謝讓我提問。我想問 Fondus FEMA。鑑於貨幣市場基金占 FEMA 受託管理資產（AUM）的多數，如果通膨持續下降、名目利率走低，這些產品對儲戶可能會變得不那麼有吸引力。

How do you expect FEMA's assets under management and finance generation to evolve under that scenario? And are you planning to grow more aggressively in other segments, such as fixed income, longer duration funds, dollar denominated funds or equity products? To offset a potential slowdown in money market funds.

在那種情境下，你們預期 FEMA 的受託管理資產與手續費收入（fee generation）會如何演變？另外，你們是否計畫在其他領域更積極成長，例如固定收益、較長久期基金、美元計價基金或股票型產品，以抵消貨幣市場基金可能放緩的影響？

Yes, thanks, Agustin. Yes, I mean, we know that the money market should at some point start to lose, appealing from customers because of lower inflation. And we are working. The beauty of that is that we could offer more sophisticated funds. So far with high inflation, it was more difficult because the demand was not there.

是的，謝謝你，Agustin。是的，我的意思是，我們知道貨幣市場基金在某個時間點會因通膨下降而開始對客戶失去吸引力，而我們正在著手準備。好處在於我們可以提供更精緻、更進階的基金。到目前為止在高通膨環境下比較困難，因為需求不在那裡。

But we are already thinking about different funds in pesos, in dollars, more sophisticated to capture a new market with more stability and that will be more keen to invest in different funds. So that will be the change of strategy. I think you mentioned it in your question. It's okay as the money market lose attractiveness, we will be switching to more sophisticated funds.

但我們已經在思考不同的基金：披索基金、美元基金，以及更進階的產品，以在更穩定的環境下抓住新市場；那樣的市場會更願意投資不同的基金。這將是策略上的轉變。我想你在問題中也提到了：當貨幣市場基金吸引力下降時，我們會轉向更進階的基金。

The question-and-answer session is over. We would like to hand the floor back to Pablo Frivida for the company's final remarks.

問答環節到此結束。我們想把時間交還給 Pablo Frivida，請他做公司最後的結語。

Okay. Thank you, everybody.

好的。謝謝各位。

Any additional questions, we are always available. Have a good morning and afternoon. Thank you. Bye-bye.

如有任何其他問題，我們隨時都可以聯繫。祝各位早安、午安。謝謝。再見。

Bye.

再見。

Grupo Financiero Galicia conference is now closed. We thank you for your participation and wish you a nice day.

Grupo Financiero Galicia 電話會議現在結束。感謝各位參與，並祝各位有美好的一天。