The following is a summary of the Banco BBVA Argentina S.A. (BBAR) Q1 2024 Earnings Call Transcript:
Financial Performance:
BBVA Argentina reported a Q1 2024 net income of ARS34.2 billion, marking a 41% decrease from Q4 2023, equating to a quarterly ROE of 6.6% and a quarterly ROA of 1.6%.
The operating income for the same period was ARS631.2 billion, showing a decrease of 13% from Q4 2023.
There was a slight increase in their net interest income, which went up 4.8% quarter-over-quarter, reaching ARS787.8 billion in Q1 2024.
However, net income for Q1 2024 declined by 6.4% quarter-over-quarter, totalling ARS50.5 billion.
Loans to the private sector in Q1 2024 totalled at ARS2.7 trillion, decreasing by 12.7% and private non-financial sector deposits during the same period totalled ARS4.6 trillion, falling by 15.6%.
Business Progress:
The Bank achieved a 62% digital client penetration by the end of March 2024, and retail mobile clients reached 58%.
The Bank's digital sales measured in units reached 93.6% in Q1 2024 and represented 73.6% of the total sales measured in monetary terms.
BBVA Argentina saw an increase in new customer acquisitions through the digital platform, which rose to 81% in Q1 2024, up from 76% in Q1 2023.
The bank also announced the payment of dividends in three instalments amounting to a total of ARS264.2 billion, which would be inflation-adjusted as of December 31, 2023.
More details: Banco BBVA IR
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