Grupo Supervielle (SUPV) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of transformation, with digitalization, profitable growth, and market share gains in loans and deposits.

• Loan portfolio grew 28% QoQ and 107% YoY, with retail loans rising to 48% of total loans.

• Deposit base grew 7% QoQ; US dollar deposits surged 178% YoY, reaching record levels.

• Major digital transformation initiatives completed, positioning IOL as Argentina's leading retail digital brokerage platform.

• Leadership changes and a clear focus on profitability, growth, and culture set the stage for 2025.

Financial highlights

• Net financial income increased 5.7% QoQ in 4Q24, with NIM stable at 24.8% and efficiency ratio at 64%.

• Full-year ROE/ROAE reached 15.7%; Q4 ROE/ROAE at 13.8%.

• Operating expenses declined 14% YoY; headcount reduced by 2.4% in Q4.

• Attributable net income was AR$28.2B in 4Q24; FY24 net income reached AR$125.2B.

• Loan loss provisions increased 14.7% QoQ, aligned with loan portfolio growth.

Outlook and guidance

• 2025 guidance assumes 25% inflation, 5% GDP growth, and ARS 1,200/USD by year-end.

• Loans expected to grow above 60% in real terms, with retail loans regaining share and reaching ~50% of total.

• NPL ratio anticipated to rise to 2%-2.2% in 2025; NIM expected to decline to 18%-20%.

• ROE targeted at 12%-15% for 2025, with CET1 ratio projected at 12%-13% by year-end.

• Fee income and brokerage fees projected to grow, with operating expenses to continue declining in real terms.