Banco BBVA Argentina (BBAR) Q3 2025 earnings summary

Executive summary

• Net income for 3Q25 was ARS 38.1 billion, down 39.7% quarter-over-quarter and 70.9% year-over-year; 9M25 net income was ARS 192.9 billion, 46% lower year-over-year, with ROE at 4.7% for 3Q25 and 8.0% for 9M25.

• Sustained growth strategy and operational efficiency were maintained despite high political and financial volatility, with a focus on digital transformation—94.3% of retail sales were digital and digital client acquisition reached 84%.

• Total assets reached ARS 22.17 trillion as of September 30, 2025, up 34% year-over-year, with liabilities at ARS 19.18 trillion and shareholders' equity at ARS 2.92 trillion.

• The loan portfolio net of allowances grew 75.5% year-over-year to ARS 12.56 trillion, with private sector financing market share at 11.39%.

• Customer deposits totaled ARS 15.36 trillion, up 36.6% year-over-year, with a market share of 10.09% in private sector deposits.

Financial highlights

• Net interest income for 3Q25 was ARS 585.5 billion, down 6.6% quarter-over-quarter and 3.5% year-over-year; net interest income for 9M25 was ARS 1.82 trillion, down 39% year-over-year.

• Net fee income rose 37.5% quarter-over-quarter and 46.3% year-over-year to ARS 137.1 billion, driven by credit card fees and lower fee expenses.

• Loan loss allowances surged 37.1% quarter-over-quarter and 286.3% year-over-year to ARS 210.0 billion, reflecting retail portfolio deterioration.

• Operating expenses decreased 3.4% quarter-over-quarter to ARS 494.6 billion but rose 18.6% year-over-year.

• Financial margin dropped 25.3% quarter-over-quarter and 33.6% year-over-year to ARS 79.8 billion.

Outlook and guidance

• Real loan growth guidance reiterated at 45%-50% year-over-year; deposit growth expected at 30%-35%.

• ROE expected in high single digits for 2025, with capital ratio near 17%; for 2026, ROE projected in low to mid-teens, with improving trends.

• NIMs expected to recover in Q4 and remain stable in 2026; cost of risk and NPLs may peak by year-end before improving.

• Management remains focused on operational efficiency, fee management, and strict expense control amid high interest rate volatility and political uncertainty.

• The bank expects to sustain growth in activity, maintain asset quality below system average, and continue dividend payments.