UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the month of December, 2022

Commission File Number: 001-37777

 

GRUPO SUPERVIELLE S.A.

(Exact name of registrant as specified in its charter)

SUPERVIELLE GROUP S.A.

(Translation of registrant’s name into English)

 

Bartolomé Mitre 434

C1036AAH Buenos Aires

Republic of Argentina

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F              Form 40-F  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes               No  

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes               No  

 

 


GRUPO SUPERVIELLE S.A.

TABLE OF CONTENTS

 

    Item    

 

 

    1.

Financial Statements for the for the period ended on September 30, 2022, presented on comparative basis.


Graphic

Consolidated Condensed Interim Financial Statements

For the nine-month period ended on

September 30, 2022, presented on comparative basis


Contents

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION2

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION3

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME4

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY7

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS9

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS10

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION11

2. CRITICAL ACCOUNTING POLICIES AND ESTIMATES20

3. SEGMENT REPORTING21

4. FAIR VALUES24

5. CASH AND DUE FROM BANKS27

6. RELATED PARTY TRANSACTIONS28

7. COMPOSITION OF THE MAIN ITEMS OF THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION AND CONSOLIDATED INCOME STATEMENT28

8. CONSIDERATION OF THE RESULTS32

9. INSURANCE32

10. ASSET MANAGEMENT AND OTHER SERVICES32

11. ADDITIONAL INFORMATION REQUIRED BY THE BCRA32

12. FINANCIAL RISK FACTORS36

13. INTERNATIONAL FINANCING PROGRAMS36

14. ASSIGNMENT OF LOAN PORTFOLIO36

15. OWN SHARES ACQUISITION PROGRAM37

16. ECONOMIC CONTEXT IN WHICH THE COMPANY OPERATES37

17. SUBSEQUENT EVENTS38

SCHEDULE A - DEBT SECURITIES AT FAIR VALUE THROUGH PROFIT OR LOSS, OTHER DEBT SECURITIES, EQUITY INSTRUMENTS40

SCHEDULE B – CLASSIFICATION OF LOANS AND OTHER FINANCING CREDIT ACCORDING TO STATUS AND COLLATERAL RECEIVED45

SCHEDULE C - CONCENTRATION OF LOANS AND OTHER FINANCING47

SCHEDULE D – BREAKDOWN OF TOTAL LOANS AND OTHER FINANCING48

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT49

SCHEDULE G - INTANGIBLE ASSETS50

SCHEDULE H – CONCENTRATION OF DEPOSITS51

SCHEDULE I – BREAKDOWN OF FINANCIAL LIABILITIES FROM REMAINING TERMS52

SCHEDULE L - ASSETS AND LIABILITIES IN FOREIGN CURRENCY53

SCHEDULE R – LOAN LOSS RISK PROVISIONS54

SEPARATE CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION56

SEPARATE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME57

EARNING PER SHARE58

SEPARTE CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME59

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY60

SEPARATE CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY61

SEPARATE CONDENSED INTERIM STATEMENT OF CASH FLOW62

1. ACCOUNTING STANDARDS AND BASIS OF PREPARATION63

2. FAIR VALUES69

3. INVESTMENT IN SUBSIDIARIES AND ASSOCIATES71

4. COMPOSITION OF THE MAIN ITEMS OF THE SEPARATE STATEMENT OF COMPREHENSIVE INCOME72

5. RESTRICTED ASSETS74

6. COMPANIES UNDER SECT, 33 OF CORPORATE LAW AND OTHER RELATED COMPANIES74

7. LOAN AND DEBT ESTIMATED TERMS78

8. CAPITAL STOCK78

9. CASH AND DUE FROM BANKS79

10. SUBSEQUENT EVENTS79

SCHEDULE A – OTHER DEBT SECURITIES80

SCHEDULE F - PROPERTY, PLANT AND EQUIPMENT81

SCHEDULE G - INTANGIBLE ASSETS82

SCHEDULE L – ASSETS AND LIABILITIES IN FOREIGN CURRENCY83

INFORMATIVE REVIEW AS OF SEPTEMBER 30, 202284


Graphic

Consolidated Condensed Interim Financial Statements

For the nine-month period ended on

September 30, 2022, presented on comparative basis in homogeneous currency


1

GRUPO SUPERVIELLE S.A.

Name:

Grupo Supervielle S.A.

Financial year:

N° 47 started on January 1, 2022

Legal Address:

Bartolomé Mitre 434

Ciudad Autónoma de Buenos Aires

Core Business:

Carry out, on its own account or third parties’ or related to third parties, in the country or abroad, financing activities through cash or instrument contributions to already-existing or to-be-set-up corporations, whether controlling such corporations or not, as well as the purchase and sale of securities, shares, debentures and any kind of property values, granting of fines and/or guarantees, set up or transfer of loans as guarantee, including real, or without it not including operations set forth by the Financial Entities Law and any other requiring public bidding.

Registration Number at the IGP:

212,617

Date of Registration at IGP:

October 15, 1980

Amendment of by-laws (last):

April 24, 2018 (Registration in progress)

Expiration date of the Company’s By-Laws:

October 15, 2079

Corporations Article 33 Companies general Law

Note 6 to Separate Financial Statements

Composition of Capital Stock as of September 30, 2022

Shares

Capital Stock

Quantity

Class

N.V. $

Votes per share

Subscribed in thousands of $

Integrated in thousands of $

61,738,188

A: Non endorsable, common shares of a nominal value

1

5

61,738

61,738

394,984,134

B: Non endorsable, common shares of a nominal value

1

1

394,984

394,984

456,722,322

 

 

 

456,722

456,722


2

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of September 30, 2022 and December 31, 2021

(Expressed in thousands of pesos in homogeneous currency)

ASSETS

Notes and

Schedules

09/30/2022

12/31/2021

 

Cash and due from banks

4 and 5

34,719,311

54,096,981

 

Cash

13,081,598

20,907,525

 

Financial institutions and correspondents

21,421,164

32,123,360

 

Argentine Central Bank

18,842,143

30,116,599

 

Other local and financial institutions

2,579,021

2,006,761

 

Others

216,549

1,066,096

 

Debt Securities at fair value through profit or loss

4, 5, 7.1 and A

15,448,777

37,324,702

 

Derivatives

7.2 and 4

242,298

368,447

Reverse Repo transactions

4 and 7.3

9,571,157

71,161,797

Other financial assets

4, 7.4 and 5

8,209,749

23,072,259

 

Loans and other financing

4,7.5 and B

204,542,487

253,695,174

To the non-financial public sector

345,747

37,762

To the financial sector

522,870

127,598

 

To the Non-Financial Private Sector and Foreign residents

203,673,870

253,529,814

 

Other debt securities

4, 7.6 and A

210,915,818

131,202,696

 

Financial assets pledged as collateral

4 and 7.7

14,716,375

14,182,568

Deferred income tax assets

1,025,901

1,461,928

 

Investments in equity instruments

4 and A

385,005

438,899

 

Property, plant and equipment

F

17,142,838

18,326,065

Investment property

F

15,015,130

14,445,278

 

Intangible assets

G

19,193,703

18,969,090

 

Deferred income tax assets

6,134,049

5,328,349

Other non-financial assets

7.8

5,347,265

4,086,901

Inventories

7.9

202,627

227,147

 

TOTAL ASSETS

562,812,490

648,388,281

 

 

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statement.


3

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

As of September 30, 2022 and December 31, 2021

(Expressed in thousands of pesos in homogeneous currency)

 

 

Notes and

Schedules

09/30/2022

12/31/2021

LIABILITIES

Deposits

4, 7.10 and H

428,013,979

479,052,479

Non-financial public sector

23,430,989

19,056,963

Financial sector

62,232

64,933

Non-financial private sector and foreign residents

404,520,758

459,930,583

Liabilities at fair value through profit or loss

4 and 7.11

395,601

3,409,848

Reverse Repo transactions

4

2,320,845

-

 

Other financial liabilities

4 and 7.12

18,287,031

39,492,682

 

Financing received from the Argentine Central Bank and other financial institutions

4 and 7.3

4,665,683

10,383,826

 

Unsubordinated debt securities

4 and 11.5

557,521

1,759,117

 

Provisions

7.14

1,365,828

1,517,365

Deferred income tax liabilities

77,288

102,527

 

Other non-financial liabilities

7.15

26,052,318

26,976,694

 

TOTAL LIABILITIES

481,736,094

562,694,538

 

 

SHAREHOLDERS' EQUITY

Capital stock

452,467

456,722

 

Paid in capital

72,339,947

72,339,947

Capital Adjustments

7,888,552

8,129,638

Own shares in portfolio

4,255

-

Comprehensive adjustment of shares in portfolio

241,086

-

Cost of treasury stock

(419,801)

-

 

Reserve

5,286,517

7,698,479

 

Retained earnings

(3,016,640)

(1,654,954)

Other comprehensive income

1,301,678

2,010,462

 

Net income for the period / year

(3,065,806)

(3,354,578)

 

Shareholders' Equity attributable to owners of the parent company

81,012,255

85,625,716

Shareholders' Equity attributable to non-controlling interests

64,141

68,027

TOTAL SHAREHOLDERS' EQUITY

81,076,396

85,693,743

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

562,812,490

648,388,281

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.


4

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Note

Nine-month period ending on

Three-month period ending on

09/30/2022

09/30/2021

09/30/2022

09/30/2021

Interest income

7.16

152,006,000

128,627,106

58,141,129

44,415,114

Interest expenses

7.17

(95,891,907)

(75,263,056)

(38,058,747)

(26,751,515)

Net interest income

56,114,093

53,364,050

20,082,382

17,663,599

Service fee income

7.19

19,701,350

20,649,227

6,209,968

7,036,603

Service fee expenses

7.20

(7,049,011)

(6,274,449)

(2,213,521)

(2,124,095)

Income from insurance activities

9

2,946,377

2,767,931

936,681

870,065

Net Service Fee Income

15,598,716

17,142,709

4,933,128

5,782,573

Subtotal

71,712,809

70,506,759

25,015,510

23,446,172

Net income from financial instruments (NIFFI) at fair value through profit or loss

7.18

12,149,250

12,657,684

3,939,525

3,883,765

Result from assets withdrawals rated at amortized cost

448,814

115,309

(22,404)

(25,039)

Exchange rate difference on gold and foreign currency

1,906,400

1,063,479

638,715

350,589

Subtotal

14,504,464

13,836,472

4,555,836

4,209,315

Other operating income

7.21

5,982,010

5,399,639

2,191,976

1,665,529

Result from exposure to changes in the purchasing power of the currency

(11,998,379)

(9,810,705)

(4,260,231)

(2,725,241)

Loan loss provisions

(8,691,111)

(11,919,906)

(2,243,520)

(3,142,715)

Net operating income

71,509,793

68,012,259

25,259,571

23,453,060

Personnel expenses

7.22

(34,638,584)

(31,939,396)

(10,877,042)

(10,111,205)

Administration expenses

7.23

(18,211,153)

(19,027,940)

(6,511,833)

(6,540,295)

Depreciations and impairment of non-financial assets

7.24

(5,637,837)

(5,202,093)

(1,824,309)

(1,734,208)

Other operating expenses

7.25

(15,378,125)

(13,743,929)

(5,481,013)

(4,766,722)

Operating income

(2,355,906)

(1,901,099)

565,374

300,630

(Loss) before taxes from continuing operations

(2,355,906)

(1,901,099)

565,374

300,630

Income tax

713,135

(61,893)

1,128,436

617,256

Net (loss) for the period

(3,069,041)

(1,839,206)

(563,062)

(316,626)

Net (loss) for the period attributable to owners of the parent company

(3,065,806)

(1,837,200)

(562,354)

(316,100)

Net (loss) for the period attributable to non-controlling interests

(3,235)

(2,006)

(708)

(526)

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.


5

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

EARNING PER SHARE

For the nine and three-month period on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Nine-month period ending on

Three-month period ending on

09/30/2022

09/30/2021

09/30/2022

09/30/2021

NUMERATOR

Net (loss) for the period attributable to owners of the parent company

(3,065,806)

(1,837,200)

(562,354)

(316,100)

PLUS: Diluting events inherent to potential ordinary shares

-

-

-

-

Net (loss) attributable to owners of the parent company adjusted by dilution

(3,065,806)

(1,837,200)

(562,354)

(316,100)

DENOMINATOR

Weighted average of ordinary shares

456,332

456,722

455,565

456,722

PLUS: Weighted average of number of ordinary shares issued with dilution effect.

-

-

-

-

Weighted average of number of ordinary shares issued of the year adjusted by dilution effect

456,332

456,722

455,565

456,722

Basic Income per share

(6.72)

(4.03)

(1.23)

(0.69)

Diluted Income per share

(6.72)

(4.03)

(1.23)

(0.69)

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.


6

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME

For the nine and three-month period on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Nine-month period ending on

Three-month period ending on

09/30/2022

09/30/2021

09/30/2022

09/30/2021

Net (loss) for the period

(3,069,041)

(1,839,206)

(563,062)

(316,626)

Components of Other Comprehensive Income not to be reclassified to profit or loss

Revaluations of the year of property, plant and equipment and intangibles

-

(88,125)

-

-

Revaluations of property, plant and equipment and intangibles

-

(2,991)

-

-

Income tax

-

(85,134)

-

-

Net income from equity instrument at fair value through changes in other comprehensive income

(34,704)

(38,344)

2,718

(99,952)

Income for the period from equity instrument at fair value through other comprehensive income

(53,391)

(54,776)

4,182

(116,384)

Income for the period from hedging instrument at fair value through other comprehensive income

-

-

-

-

Income tax

18,687

16,432

(1,464)

16,432

Total Other Comprehensive Income not to be reclassified to profit or loss

(34,704)

(126,469)

2,718

(99,952)

Components of Other Comprehensive Income to be reclassified to profit or loss

Foreign currency translation difference in financial statements conversion

33,788

-

10,065

-

Foreign currency translation differences for the period

33,788

-

10,065

-

(Loss) from financial instrument at fair value through changes in other comprehensive income

(708,589)

(301,451)

297,943

381,630

(Loss) for the year from financial instrument at fair value through other comprehensive income

(1,084,014)

(396,178)

436,165

650,106

Income tax

375,425

94,727

(138,222)

(268,476)

Total Other Comprehensive Income to be reclassified to profit or loss

(674,801)

(301,451)

308,008

381,630

Total Other Comprehensive Income

(709,505)

(427,920)

310,726

281,678

Other comprehensive income attributable to owners of the parent company

(708,784)

(427,468)

310,529

281,410

Other comprehensive income attributable to non-controlling interests

(721)

(452)

197

268

Total Comprehensive (Loss)

(3,778,546)

(2,267,126)

(252,336)

(34,948)

Total comprehensive (loss) attributable to owners of the parent company

(3,774,590)

(2,264,668)

(251,825)

(34,690)

Total comprehensive (loss) attributable to non-controlling interests

(3,956)

(2,458)

(511)

(258)

TThe accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements


7

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Items

Capital stock

Capital adjustments

Paid in capital

Own shares in portfolio

Comprehensive adjustment of own shares in portfolio

Cost of treasury stock

Legal reserve

Other reserves

Retained earnings

Other comprehensive income

Total

Shareholders´ equity attributable to parent company

Total

Shareholders´ equity attributable to non-controlling interest

Total Shareholders´equity

Revaluation of PPE

Conversion difference

Earnings or los accrued by financial institutions at FV through profit and loss

Balance at December 31, 2021

456,722

8,129,638

72,339,947

-

-

-

883,232

6,815,247

(5,009,532)

1,357,324

673

652,465

85,625,716

68,027

85,693,743

Issue premium

-

-

-

-

-

-

-

272

-

-

-

-

272

70

342

Adquisición de acciones propias

(4,255)

(241,086)

-

4,255

241,086

(419,801)

-

-

-

-

-

-

(419,801)

-

(419,801)

Consideration of results approved by the General Assembly of Shareholders held on April 27, 2022:

Absorption of results

-

-

-

-

-

-

-

(1,992,892)

1,992,892

-

-

-

-

-

-

Dividend distribution

-

-

-

-

-

-

-

(419,342)

-

-

-

-

(419,342)

-

(419,342)

Net loss for the period

-

-

-

-

-

-

-

(3,065,806)

-

-

-

(3,065,806)

(3,235)

(3,069,041)

Other comprehensive (loss) / income for the period

-

-

-

-

-

-

-

-

-

-

33,788

(742,572)

(708,784)

(721)

(709,505)

Balance at September 30, 2022

452,467

7,888,552

72,339,947

4,255

241,086

(419,801)

883,232

4,403,285

(6,082,446)

1,357,324

34,461

(90,107)

81,012,255

64,141

81,076,396

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial.


8

GRUPO SUPERVIELLE S.A.

CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS´ EQUITY

For the nine-month period ended on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos)

Items

Capital stock

Capital adjustments

Paid in capital

Legal reserve

Other reserves

Retained earnings

Other comprehensive income

Total

Shareholders´ equity attributable to parent company

Total

Shareholders´ equity attributable to non-controlling interest

Total Shareholders´equity

Revaluation of PPE

Earnings or los accrued by financial institutions at FV through profit and loss

Balance at December 31, 2020

456,722

8,129,637

72,339,947

-

-

8,553,278

1,482,980

128,716

91,091,280

72,791

91,164,071

Impact of IFRS 9 Adjustments

-

-

-

-

-

(1,654,402)

-

566,403

(1,087,999)

(1,058)

(1,089,057)

Balance at December 31, 2020

456,722

8,129,637

72,339,947

-

-

6,898,876

1,482,980

695,119

90,003,281

71,733

90,075,014

Distribution of retained earnings by the shareholders’ meeting on April 27, 2021:

Constitution of reserves

-

-

-

883,233

6,815,246

(7,698,479)

-

-

-

-

-

Dividend distribution

-

-

-

-

-

(854,799)

-

-

(854,799)

-

(854,799)

Net loss for the period

-

-

-

-

-

(1,837,200)

-

-

(1,837,200)

(2,006)

(1,839,206)

Other comprehensive loss for the period

-

-

-

-

-

-

(88,038)

(339,431)

(427,469)

(452)

(427,921)

Balance at September 30, 2021

456,722

8,129,637

72,339,947

883,233

6,815,246

(3,491,602)

1,394,942

355,688

86,883,813

69,275

86,953,088

The accompanying notes and schedules are an integral part of the Consolidated Financial Statements.


9

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the nine-month period ended on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

09/30/2022

09/30/2021

CASH FLOW FROM OPERATING ACTIVITIES

Net (loss) for the period before Income Tax

(2,355,906)

(1,901,099)

Adjustments to obtain flows from operating activities:

5,637,837

5,202,093

Depreciation and impairment of non-financial assets

8,691,111

11,919,906

Loan loss provisions

Other adjustments

(1,906,400)

(1,063,479)

-Exchange rate difference on gold and foreign currency

(152,006,000)

(128,627,106)

- Interests from loans and other financing

95,891,907

75,263,056

- Interests from deposits and financing received

(12,149,250)

(12,657,684)

-Net income from financial instruments at fair value through profit or loss

(448,814)

(115,309)

-Result from derecognition of financial assets measured at amortized cost

11,998,379

9,810,705

-Result from exposure to changes in the purchasing power of the currency

342,238

361,266

-Interest on liabilities for financial leases

(2,408,357)

(2,127,715)

-Allowances reversed

(Increases) / decreases from operating assets:

Debt securities at fair value through profit or loss

21,048,188

12,478,282

Derivatives

126,149

103,137

Reverse Repo transactions

61,590,640

(39,600,257)

Loans and other financing

To the non-financial public sector

(307,985)

(24,965)

To the other financial entities

(395,272)

(71,150)

To the non-financial sector and foreign residents (*)

195,185,961

129,980,379

Other debt securities

(79,713,122)

(47,369,213)

Financial assets pledged as collateral

(533,807)

(1,228,757)

Investments in equity instruments

-

-

Other assets (*)

11,154,014

(5,083,758)

Increases / (decreases) from operating liabilities:

Deposits

Non-financial public sector

4,374,026

12,993,954

Financial sector

(2,701)

(70,521)

Private non-financial sector and foreign residents

(151,301,732)

(23,936,622)

Liabilities at fair value through profit or loss

(3,014,247)

(2,343,266)

Repo transaction s

-

(5,001)

Derivatives

2,320,845

-

Other liabilities (*)

(21,390,652)

932,186

Income Tax paid

(732,625)

(2,921,284)

Net cash (used in) / provided by operating activities (A)

(10,305,575)

(10,102,222)

CASH FLOW FROM INVESTING ACTIVITIES

Payments:

Purchase of PPE, intangible assets and other assets

(4,959,336)

(4,202,863)

Purchase of liability or equity instruments issued by other entities

-

(26,918)

The accompanying notes and schedules are an integral part of the Consolidated Financial Statements .


10

GRUPO SUPERVIELLE S.A.

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS

For the nine-month period ended on September 30, 2022 presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

09/30/2022

09/30/2021

CASH FLOW FROM INVESTING ACTIVITIES

Collections:

Disposals related to PPE, intangible assets and other assets

130,828

695,820

Purchase of liability or equity instruments issued by other entities

53,894

-

Net cash used in investing activities (B)

(4,774,614)

(3,533,961)

CASH FLOWS FROM FINANCING ACTIVITIES

Payments:

Interest on finance lease liabilities

(1,885,070)

(3,644,752)

Unsubordinated debt securities

(1,201,596)

(12,038,910)

Financing received from Argentine Financial Institutions

(126,211,724)

(54,623,620)

Subordinated debt securities

-

(514,882)

Dividend paid

(419,342)

(854,799)

Repurchase of own shares

(419,801)

-

Collections:

UnSubordinated debt securities

-

3,788,301

Financing received from Argentine Financial Institutions

120,493,581

54,270,593

Net cash used in financing activities (C)

(9,643,952)

(13,618,069)

Effects of exchange rate changes and exposure to changes in the purchasing power of money on cash and cash equivalents (D)

8,031,267

21,113,258

Net increase / (decrease) in cash and cash equivalents (A+B+C+D)

(16,692,874)

(6,140,994)

Cash and cash equivalents at the beginning of the period (NOTE 1.8)

74,282,129

98,932,343

Result from exposure to changes in the purchasing power of the currency of cash and equivalents

(17,375,613)

(27,986,362)

Cash and cash equivalents at the end of the period (NOTE 1.8)

40,213,642

64,804,987

(*) In the items "Loans and other financing - Non-Financial Private Sector and Residents Abroad", "Other Assets" and "Other Liabilities", 453,152 Assets taken in defense of credit and 2,122,112 rights of use of leased real estate were eliminated. , both corresponding to non-monetary transactions.

The accompanying notes and schedules are an integral part of the Consolidated Condensed Interim Financial Statements.


11

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.ACCOUNTING STANDARDS AND BASIS OF PREPARATION

Grupo Supervielle S.A. (hereinafter, "the Group"), is a company whose main activity is investment in other companies, Its main income comes from the distribution of dividends from these companies and the obtaining of income from other financial assets.

The consolidated financial statements of Grupo Supervielle S.A. they have been consolidated, line by line with the financial statements of Banco Supervielle S.A., IUDÚ Compañia Financiera S.A., Sofital S.A. F. e I.I., Tarjeta Automática S.A., Supervielle Asset Management S.A., Espacio Cordial de Servicios S.A., Supervielle Seguros S.A., InvertirOnline S.A.U., Portal Integral de Inversiones S.A.U., Micro Lending S.A.U., Supervielle Productores Asesores de Seguros S.A ., Bolsillo Digital S.A.U., Supervielle Agente de Negociación S.A.U., Dólar IOL S.A.U. y IOL Holding S.A.

The main investment of the Company is its shareholding in Banco Supervielle S.A., a financial entity included in Law No. 21.526 of Financial Institutions and subject to BCRA regulations, for which the valuation and exposure guidelines used have been adopted by said Entity (see Note 1.1) in accordance with that established in Title IV, Chapter I, Section I, Article 2 of the 2013 Orderly Text of the National Securities Commission (CNV).

These Consolidated Condensed Interim Financial Statements have been approved by the Board of Directors of the Company at its meeting held on November 9, 2022.

1.1. Preparation basis

These consolidated financial statements have been prepared pursuant to: (i) provisions set by Intenational Accounting Standards N° 34, “Interim Financial Information” (IAS 34) and (ii) the accouting information framework set by the Argentine Central Bank which is based on International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board and interpretations issued by the International Financial Reporting Standards Interpretation Committee with the temporary exception of the application of IFRS 9 “Financial Instruments” on debt instruments of the Non-Financial Public Sector.

If IFRS 9 has been applied on debt debt instruments of the Non-Financial Public Sector, a net reduction of income tax of 165 million and 82 million would have been recorded in the Group's equity as of September 30, 2022 and December 31, 2021 , respectively.

In accordance with the provisions of IAS 34, the interim financial information will include an explanation of events and transactions, occurred since the end of the last reporting period, that are significant for understanding the changes in the financial position, performance Group financial statements and cash flow statements with the objective of updating the information corresponding to the latest financial statements for the year ended December 31, 2021 (hereinafter “annual financial statements”). Therefore, these condensed interim consolidated financial statements do not include all the information required by complete financial statements prepared in accordance with International Financial Reporting Standards, therefore, for an adequate understanding of the information included therein, they must be read in conjunction with the annual financial statements.

The Group's Management has concluded that these interim condensed financial statements fairly present the financial position, financial performance and cash flows.

It should be noted that these interim condensed financial statements have been prepared applying accounting policies and measurement criteria consistent with those applied by the Group for the preparation of the annual financial statements except for the changes in accounting standards described in Note 1.1.4.

The preparation of condensed consolidated interim financial statements requires the Group to make estimates and evaluations that affect the amount of assets and liabilities recorded, and the disclosure of contingencies, as well as the income and expenses recorded in the period. In this regard, estimates are made to calculate, for example, provisions for credit risk, the useful lives of property, plant and equipment, depreciation and amortization, the recoverable value of assets, the tax charge on earnings and the fair value of certain financial instruments. The actual future results may differ from the estimates and evaluations made at the date of preparation of these interim condensed consolidated financial statements.

As of the date of issuance of these financial statements, they are pending transcription to the Inventory and Balance Sheet Book.


12

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

1.1.1Going concern

As of the date of these consolidated financial statements there are no uncertainties with respect to events or conditions that may raise doubts regarding the possibility that the Group continues to operate normally as a going concern.

1.1.2Measuring unit

Figures included in these consolidated financial statements are expressed in thousands of Argentine pesos, unless otherwise stated.

The Group´s consolidated financial statements recognice changes in the currency purchasing power until August 31, 1995. As from such date, in virtue of existing economic stability conditions and pursuant to Communication “A” 2365 issued by the Argentine Central Bank, accounting measurements were not re-expressed until December 31, 2001. In virtue of Communication “A” 3702 issued by the Argentine Central Bank, the application of the method was resumed and became effective on January 1, 2002. Previous accouting measurements were considered to be expressed in the currency as of December 31, 2001.

Pursuant to Communication “A” 3921 issued by the Argentine Central Bank, in compliance with Decree 664/03 issued by the National Executive Power, the application of the re-expression of financial statements in homogeneous currency was interrupted as from March 1, 2003. Therefore, the Group applied said re-expression until February 28, 2003.

In turn, Law N° 27,468 (B.O. 04/12/2018) amended article 10° of Law N° 23,928 and its amendments, thus establishing that the abolition of all legal and regulating standards that set and authorize price indexing, monetary updating, cost changes or any other manner of re-increasing debts, taxes, prices or fees for goods, works or services does not include financial statements, regarding which the application of article 62 of the General Corporations Law N° 19,550 (T.O 1984) and its amendments shall prevail. Likewise, the aforementioned legal body set de abolition of Decree N° 1269/2002 dated on July 16, 2002 and its amendments and instructed the National Executive Power, through its controlling agencies, to set the date as from which said regulations became into effect in relation with financial statements to be submitted. Therefore, on February 22, 2019, the Argentine Central Bank issued Communication “A” 6651 which established that financial statements shall be prepared in a homogeneous currency as from January 1, 2020. Therefore, these consolidated financial statements have been re-expressed as of  September 30, 2022.    

1.1.3Comparative information

The balances for the year ended December 31, 2021 and for the nine-month period ended September 30, 2021 that are disclosed in these financial statements for comparative purposes arise from the financial statements as of such dates, which were prepared with the regulations in force in said year. Certain figures of these financial statements have been reclassified in order to present the information in accordance with the regulations in force as of September 30, 2022.

It´s worth mentioning that, given the restatement of financial statements pursuant to IAS 29 and the provisions of Communication “A” 7211, the Group adjusted for inflation the figures included in the Statement of Financial Position, Income Statement, Other Comprehensive Income and Changes in the Shareholders’ Equity Statement and respective notes as of  September 30, 2021 and December 31, 2021  in order to record them in homogeneous currency.

Due to the application of point 5.5 of IFRS 9 in IUDÚ Compañía Financiera, explained in section note 1.1.4 referring to "Impairment of financial assets" for the purposes of presenting comparative information with that of the current period, it has been proceeded to :

(i) retroactively restate the figures of the Statement of Financial Position as of December 31, 2021 in order to present them as if the new accounting policies had been applied as of January 1, 2021, and

(ii) retroactively restate the figures of the Income Statement, Statement of Other Comprehensive Income and Statement of Changes in Equity as of September 30, 2021 in order to present them as if the new accounting policies had been applied as of January 1, 2021.

(iii) incorporate the effect of the application of point 5.5. of IFRS 9 for each period presented. See note 1.1.4

1.1.4 Changes in accounting policies and new accounting standards

With the approval of new IFRS, modifications or derogations of the standards in force, and once such changes are adopted through Adoption Bulletins issued by Federación Argentina de Consejos Profesionales en Ciencias Económicas


13

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

(FACPCE), the Argentine Central Bank will determine the approval of such standards for financial entities. In general terms, no anticipated IFRS application shall be allowed unless upon adoption such anticipated measure is specified.

The following are changes that were made effective over the course of the quarter ended on September 30, 2022:

(a)Amendments to IFRS 3 “Business Combinations”, IAS 16 “Property, plant and equipment” and IAS 37 “Provisions, contingent liabilities and contingent assets”  

IAS 16, 'Property, plant and equipment (PPE) - income before intended use'

IAS 16 requires that the cost of an asset includes any costs attributable to bringing the asset to the location and condition necessary for it to be able to operate in the manner intended by management. One of those costs is testing whether the asset is working properly.

The amendment to IAS 16 prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use (for example, the proceeds from selling samples produced when testing a machine to see if it is working properly). The proceeds from selling such samples, together with the costs of producing them, are now recognized in profit or loss. An entity will use IAS 2, “Inventory”, to measure the cost of those items. Cost will not include depreciation of the asset being tested because it is not ready for its intended use.

The amendment also clarifies that an entity is “testing whether the asset is working properly” when it assesses the technical and physical performance of the asset. The financial performance of the asset is not relevant to this assessment. Therefore, an asset may be able to operate as intended by management and subject to depreciation before it has achieved the level of operating performance expected by management.

The amendment requires entities to separately disclose the amounts of proceeds and costs relating to items produced that are not an output of the entity’s regular activities. An entity shall also disclose the line item in the statement of comprehensive income where the proceeds are included.

IAS 37 “Provisions, contingent liabilities and contingent assets - Onerous contracts – Cost of fulfilling a contract”

lAS 37 defines an onerous contract as one in which the unavoidable costs of meeting the entity’s obligations exceed the economic benefits to be received under that contract. Unavoidable costs are the lower of the net cost of exiting the contract and the costs to fulfill the contract. The amendment clarifies the meaning of “costs to fulfill a contract”.

The amendment explains that the direct cost of fulfilling a contract comprises:

*the incremental costs of fulfilling that contract (for example, direct labor and materials); and

*an allocation of other costs that relate directly to fulfilling contracts (for example, an allocation of the depreciation charge for an item of PP&E used to fulfill the contract).

The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.

The amendment could result in the recognition of more onerous contract provisions, because previously some entities only included incremental costs in the costs to fulfill a contract.

IFRS 3 “Business Combinations - Reference to the Conceptual Framework”

The International Accounting Standards Board (“IASB”) has updated IFRS 3, “Business combinations”, to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. Prior to the amendment, IFRS 3 referred to the 2001 Conceptual Framework for Financial Reporting.

In addition, the IASB added a new exception in IFRS 3 for liabilities and contingent liabilities. The exception specifies that, for some types of liabilities and contingent liabilities, an entity applying IFRS 3 shall instead refer to IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”, or IFRIC 21, “Levies”, rather than the 2018 Conceptual Framework. Without this new exception, an entity would have recognized some liabilities in a business combination that it would not recognize under IAS 37. Therefore, immediately after the acquisition, the entity would have had to derecognize such liabilities and recognize a gain that did not depict an economic Gain.


14

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The IASB has also clarified that the acquirer shall not recognize contingent assets, as defined in IAS 37, at the acquisition date.

The adoption of this new standard had no impact on the Group's financial statements.

(b)Annual Improvements 2018-2020

Fees included in the 10% test for derecognition of financial liabilities

The amendment to IFRS 9 establishes which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test.

Illustrative examples accompanying IFRS 16 Leases

Illustrative Example 13 accompanying IFRS 16 is amended to remove the illustration of payments from lessor relating to lease improvements. The reason for the amendment is to remove any potential confusion about the treatment of lease incentives.

Subsidiaries as First-time adopters of IFRS

IFRS 1 grants an exemption to subsidiaries that become a first-time adopter of IFRS after their parent. The subsidiary may measure the carrying amounts of its assets and liabilities that would have been included in the consolidated financial statements of its parent, based on the transition date to IFRS of the parent if no adjustments were made for reasons of consolidation and for the purposes of the business combination by which the parent acquired the subsidiary.

IFRS 1 was amended to allow entities that have taken this IFRS 1 exemption to also measure cumulative translation differences using the amounts reported by the parent, based on the transition date to IFRS of the parent. The amendment to IFRS 1 extends the above-mentioned exemption to cumulative translation differences in order to reduce costs for first-time adopters of IFRS. The amendment will also apply to associates and joint ventures that have taken the same exemption from IFRS 1.

Taxation in fair value measurements

The requirement for entities to exclude cash flows for taxation when measuring fair value measurement under IAS 41 “Agriculture” has been removed. The purpose of this amendment is to align it with the requirement included in the standard to discount cash flows after taxes.

The adoption of this new standard had no impact on the Group's financial statements.

(c) Impairment of financial assets

IUDÚ Compañía Financiera has requested authorization from the BCRA to advance the application of point 5.5 of IFRS 9 to the current period. Consequently, the adjustments to equity were made on January 1, 2021:

Provisions recorded in the Financial Statements as of 01/01/2021

(2,109,382)

Provisions in accordance with point 5.5 of IFRS 9 as of 01/01/2021

(3,560,767)

Variation ECL

(1,451,385)

Deferred tax

362,833

Adjustment to previous years

(1,088,552)

IUDÚ Compañía Financiera has opted for the application of the impairment of financial assets from the financial statements corresponding to the period ended September 30, 2022 as indicated in note 1.1.3.

IUDÚ Compañía Financiera, evaluates with a prospective approach the expected credit losses (“PCE”) associated with financial assets measured at amortized cost or at fair value with changes in other comprehensive income, the exposure derived from loan commitments and financial guarantee contracts with the scope established by Communication "A" 6847 of the BCRA.


15

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The most significant assumptions used to estimate PCE as of December 31, 2021 are set out below:

Parameter

Segment

Macroeconomic Variables

Base Scenario

Optimistic scenario

Pessimistic scenario

Default probability

Credit Cards Personal Loans

Salary YoY

50.70%

55.70%

45.60%

EMAE

138

140

136

Pledged Loans

Salary YoY

50.70%

55.70%

45.60%

Inflation Rate

46.80%

41.30%

52.40%

Loss Given Default

Credit Cards Personal Loans

Salario YoY

50.70%

55.70%

45.60%

Pledged Loans

Private Sector Loan YoY

64.10%

70.50%

57.70%

Salary YoY

50.70%

55.70%

45.60%

The weights assigned to each scenario as of September 30, 2022 are set forth below:

Base Scenario

60%

Optimistic scenario

10%

Pessimistic scenario

30%

The following sets forth changes that have not become in force as of September 30, 2022:

(a) IFRS 17 “Insurance contracts”

On May  18, 2017, IASB issued IFRS 17 “Insurance contracts” which provides a comprehensive framework based on principles for measurement and presentation of all insurance contracts. The new rule will supersede IFRS 4 Insurance contracts and requires that insurance contracts be measured using cash flows of existing enforcement and that income be recognized as the service is rendered during the coverage period. The standard will come into force for the fiscal years beginning as from November 1, 2023.

The Group is evaluating the impact of the application of this new standard.

(b)Amendments to IAS 1 “Presentation of Financial Statements”, IFRS Practice Statement 2 and IAS 8 “Accounting Policies, changes in accounting estimates and errors”

The IASB amended IAS 1, “Presentation of Financial Statements”, to require companies to disclose material accounting policy information rather than significant accounting policy information. The amendment also clarifies that accounting policy information is expected to be material or of relative importance if, without it, users of the financial statements would be unable to understand other material information, or of relative importance, in the financial statements concerning significant accounting standards. To support this amendment, the Board also amended IFRS Practice State 2, “Making Materiality Judgments”, to provide guidance on how to apply the concept of materiality to accounting policy disclosures.

The amendment to IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors”, helps to distinguish between changes in accounting policies from changes in accounting estimates. This distinction is important because changes in accounting estimates are applied prospectively to future transactions and other future events, but changes in accounting policies are generally applied retrospectively to past transactions and other past events as well as to those of the current period.

These amendments are applicable to annual periods beginning on or after January 1, 2023. Early application is allowed. Changes shall be applied prospectively.

The Group is evaluating the impact of the application of this new standard.

(c) Amendments to IAS 12 Deferred tax related to assets and liabilities arising from a single transaction

These amendments establish that deferred taxes arising from a single transaction that, on initial recognition, give rise to taxable and deductible temporary differences of the same value shall be recognized. This will generally apply to transactions such as leases (for lessees) and decommissioning or remediation obligations, where the recognition of deferred tax assets and liabilities will be required. These amendments shall be applied to transactions that occur on or


16

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

after the beginning of the earliest comparative period presented. Likewise, deferred tax assets (to the extent that it is probable that they can be used) and deferred tax liabilities shall be recognized at the beginning of the earliest comparative period for all deductible or taxable temporary differences associated with:

-Right-of-use assets and lease liabilities, and

-Decommissioning, restoration and similar liabilities and the corresponding amounts recognized as part of the cost of the related asset.

The cumulative effect of initially applying the amendments is recognized as an adjustment to the opening balance of retained earnings (or other component of equity, as appropriate) at that date.

Previously, IAS 12 did not establish any particular accounting treatment for the tax effects of leases that were recognized on the balance sheet and for similar transactions, so different approaches were considered acceptable. Entities that are already recognizing deferred taxes on these transactions will not have an impact on their financial statements.

The amendments will be effective for fiscal years beginning on or after January 1, 2023 with early adoption permitted.

The Group is evaluating the impact of the application of this new standard.

1.2. Impairment of financial assets

The Group evaluates, based on a prospective approach, expected credit losses (“ECL”) related to financial assets rated at amortized cost or fair value with changes in another comprehensive income, the exposure resulting from loan commitments and financial guarantee contracts with the scope set by Communication “A” 6847 issued by the Argentine Central Bank.

The Group measures ECL of financial instruments reflecting the following:

(a)a probability amount, weighed and unbiased, that is defined through the evaluation of a range of possible result;
(b)the temporal value of money; and
(c)the reasonable and sustainable information available at no cost nor excessive effort on the submission date on past events, current conditions and future economic condition forecasts.

IFRS 9 sets forth the following “Three stages” model for the impairment based on changes in the credit quality from initial recognition:

If, on the submission date, the credit risk of a financial instrument has not increased significantly since its initial recognition, the Group will classify such instrument in “Stage 1”.
If a significant increase in credit risk (“SICR”) is detected, from its initial recognition, the instrument is moved to “Stage 2”, but such instrument is not deemed to contain a credit impairment.
If the financial instrument contains credit impairment, it is moved to “Stage 3”.
For financial instruments in “Stage 1”, the Bank measures ECL at an amount equivalent to the amount of expected credit loss during the useful life term of the asset that result from potential default events within the next 12 months. As for Financial Instruments in “Stage 2” and “Stage 3”, the Group measures ECL during the useful life term of the asset (hereinafter “lifetime”). Note 1.3.1 includes a description of how the Group defines when a significant increase in credit risk has occurred.
A generalized concept in the measurement of ECL pursuant to IFRS 9 shall be considered prospective information.
Financial assets with impairment on credit value, either purchased or produced, account for those financial assets which have been impaired since initial recognition. ECL of this type of financial instruments is always measured during the asset lifetime (“Stage 3”).

The following chart summarizes the impairment requirements pursuant to IFRS 9 (for financial assets that do not entail impairment on credit value, either purchased or produced:

Changes in the credit quality since initial recognition


17

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Stage 1

Stage 2

Stage 3

(initial recognition)

(significant increase of credit risk since initial recognition)

(Impaired credit)

12 months ECL

Lifetime ECL

There have been no significant changes in the judgments and key assumptions adopted by the Group for the measurement of PCE, with respect to what was reported in the financial statements as of December 31, 2021.

1.2.1 Maximum exposure to credit risk

The chart below includes an analysis of credit risk exposure of the financial instruments for which expected credit loss provisions are recognized. The gross amount of financial assets books included in the chart accounts for the maximum credit risk exposure of such assets.

Loan Type 

September 30, 2022

Total

ECL Staging

Stage 1
12-month ECL

Stage 2
Lifetime ECL

Stage 3
Lifetime ECL

Overdrafts

35,724,154

253,254

167,455

36,144,863

Documents

30,559,970

189,170

133,862

30,883,002

Mortgage loans

21,838,182

1,490,157

674,647

24,002,986

Pledge loans

6,161,493

858,190

401,758

7,421,441

Personal loans

28,279,385

5,449,127

2,219,268

35,947,780

Individuals and Business

24,009,903

5,088,888

1,171,424

30,270,215

Consumer finance

4,269,482

360,239

1,047,844

5,677,565

Credit cards

90,268,419

7,986,935

2,105,650

100,361,004

Individuals and Business

76,461,619

7,525,004

968,172

84,954,795

Consumer finance

13,806,800

461,931

1,137,478

15,406,209

Financial Lease

9,057,768

379,431

40,317

9,477,516

Others

48,218,296

2,185,815

2,088,819

52,492,930

Total

270,107,667

18,792,079

7,831,776

296,731,522

1.2.2 Allowances for loan loss

Allowances for loan losses recognized in the year is affected by a range of factors as follows:

Transfers between Stage 1 and Stage 2 or 3 given financial instruments experience significant increases (or decreases) in credit risk or are impaired over the year, and the resulting “increase” between ECL at 12 months and Lifetime;
Additional assignments for new financial instruments recognized during the year, as well as write-offs for withdrawn financial instruments;
Impact on the calculation of ECL of changes in DP, EAD and LGD during the year, resulting from the regular updating of model inputs;
Impact on the measurement of ECL as a result of changes in models and assumptions;
Impact resulting from time elapsing as a consequence of the current value updating;
Conversion to local currency for foreign-currency-denominated assets and other movements; and
Financial assets withdrawn during the year and application of provisions related to assets withdrawn from the balance sheet during the year.

The following charts explain changes in the provision for credit risk between the beginning and end of the period due to the following factors:

Allowance

Total

Stage 1
12-month ECL

Stage 2
Lifetime ECL

Stage 3
Lifetime ECL

Allowances for loan losses as of 12/31/2021

3,253,298

4,242,840

9,184,734

16,680,872

Transfers:

From Stage 1 to Etapa 2

(215,249)

1,375,569

-

1,160,320

From Stage 1 to Etapa 3

(228,709)

-

3,128,420

2,899,711

From Stage 2 to Etapa 3

-

(655,565)

1,648,670

993,105

From Stage 2 to Etapa 1

64,763

(389,510)

-

(324,747)

From Stage 3 to Etapa 2

-

14,849

(127,959)

(113,110)

From Stage 3 to Etapa 1

(39,633)

-

(213,393)

(253,026)

Net changes

777,305

(789,275)

(2,561,158)

(2,573,128)

Withdrawn financial assets

(1,064,940)

(1,014,257)

(5,543,100)

(7,622,297)

Exchange Differences and Others

55,061

57,940

354,848

467,849

Allowances for loan losses as of 09/30/2022

2,601,896

2,842,591

5,871,062

11,315,549

* IUDÚ Compañía Financiera S.A.´s balances of provisions are held under minimum provisions Standards pursuant to Communication “A” 6990 issued by the Argentine Central Bank.

 

Assets Before Allowances

Total

Stage 1
12-month ECL

Stage 2
Lifetime ECL

Stage 3
Lifetime ECL

Assets Before Allowances as of 12/31/2021

236,401,802

20,427,688

13,546,526

270,376,016

Transfers:

 

 

 

 

From Stage 1 to Etapa 2

(4,836,451)

4,836,451

-

-

From Stage 1 to Etapa 3

(1,667,174)

-

1,667,174

-

From Stage 2 to Etapa 3

-

(1,095,733)

1,095,733

-

From Stage 2 to Etapa 1

3,064,089

(3,064,089)

-

-

From Stage 3 to Etapa 2

-

109,742

(109,742)

-

From Stage 3 to Etapa 1

279,530

-

(279,530)

-

Net changes

(43,094,357)

(4,531,084)

(3,049,493)

(50,674,934)

Withdrawn financial assets

(1,064,940)

(1,014,257)

(5,543,100)

(7,622,297)

Exchange Differences and Others

3,105,887

169,156

504,208

3,779,251

Assets Before Allowances as of 09/30/2022

192,188,386

15,837,874

7,831,776

215,858,036

 

Assets Before Allowances

Total as of September 30,

2022

Stage 1

Stage 2

Stage 3

Promissory notes

35,724,154

253,254

167,455

36,144,863

Unsecured corporate loans

25,382,746

154,621

308,234

25,845,601

Overdrafts

9,789,734

111,956

133,862

10,035,552

Mortgage loans

21,838,182

1,490,157

674,647

24,002,986

Automobile and other secured loans

6,161,493

858,190

401,758

7,421,441

Personal loans

28,279,385

5,449,127

2,219,268

35,947,780

Credit card loans

37,778,714

5,118,606

2,105,650

45,002,970

Foreign Trade Loans

11,007,709

1,642,263

1,629,624

14,279,596

Other financings

6,748,949

308,054

95,496

7,152,499

Other receivables from financial transactions

419,552

72,215

55,465

547,232

Receivables from financial leases

9,057,768

379,431

40,317

9,477,516

Subtotal

192,188,386

15,837,874

7,831,776

215,858,036

Allowances for loan losses

(2,601,896)

(2,842,591)

(5,871,062)

(11,315,549)

Total

189,586,490

12,995,283

1,960,714

204,542,487

1.3.Consolidated Structured Entities


19

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

The Group has securitized certain financial instruments, mainly loans, originated by personal and pledge loans through the transfers of said instruments to financial trusts that issue multiple classes of debt securities and participation certificates.

Note 11.4 details the financial trusts in which the entity is trustor as of  September 30, 2022.

The Group controls a structured entity when it is exposed to, or holds the right to, variable returns and has the capacity to allocate returns through its power to run the activities of the entity, Structured entities are consolidated as from the date on which the control is transferred to the Group. The consolidation of such entities is ceased on the date on which such control is terminated.

As for financial trusts, the Group has evaluated the following:

The purpose and design of the trust
Identification of relevant activities
Decision-making process on these activities
If the rights that the Group owns allow it to direct the relevant activities of the trust
If the Group is exposed, or is entitled to the variable results from its participation in said trust
If the Group has the capacity to affect said results through its power over the trust

In accordance with the aforementioned, the Group has decided that it holds control on such financial trusts and, therefore, such structured entities have been consolidated.

The following chart details the assets and liabilities of Structured Entities that have been consolidated by the Group as of  September 30, 2022:

09/30/2022

Assets

Loans

317,061

Financial assets

34,530

Other assets

24,959

Total Assets

376,550

Liabilities

Financial liabilities

(87,128)

Other liabilities

(24,933)

Total Liabilities

(112,061)

1.4. Consolidation

A subsidiary is an entity (or subsidiary), including structured entities, in which the Group has control because it (i) has the power to manage relevant activities of the subsidiary (ii) has exposure, or rights, to variable returns from its involment with the subsidiary, and (iii) has the ability to use its power over the subsidiary in order to affect the amount of the investor´s returns. The existence and the effect of the substantive rights, including substantive rights of potential vote, are considered when evaluating whether the Group has power over the other entity. For a right to be substantive, the right holder must have the practical competence to exercise such right whenever it is necessary to make decisions on the direction of the entity’s relevant activities. The Group can have control over an entity, even when it has less voting powers than those required for the majority.

Accordingly, the protecting rights of other investors, as well as those related to substantive changes in the subsidiary´ activities or applicable only in unusual circumstances, do not prevent the Group from having power over a subsidiary. The subsidiaries are consolidated as from the date on which control is transferred to the Group, ceasing its consolidation as from the date on which control ceases.

The following chart provides the subsidiaries which are object to consolidation:


20

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Company

Condition

Legal Adress

Principal Activity

Percentage of Participation

09/30/2022

12/31/2021

Direct

Direct and Indirect

Direct

Direct and Indirect

Banco Supervielle S.A.

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Commercial Bank

97.10%

99.90% (1)

97.10%

99.90% (1)

IUDÚ Compañia Financiera S.A

Controlled

Reconquista 320, C.A.B.A., Argentina

Financial Company

5.00%

99.90%

5.00%

99.90%

Tarjeta Automática S.A.

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Credit Card and Consumer Loans

7.85%

99.91%

87.50%

99.99%

Supervielle Asset Management S.A.

Controlled

San Martín 344, C.A.B.A., Argentina

Asset Management and Other Services

95.00%

100.00%

95.00%

100.00%

Sofital S.A.F. e I.I.

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Financial operations and administration of marketable securities

96.80%

100.00%

96.80%

100.00%

Espacio Cordial de Servicios S.A.

Controlled

Patricias Mendocinas 769, Ciudad de Mendoza, Argentina

Trading of products and services

95.00%

100.00%

95.00%

100.00%

Supervielle Seguros S.A.

Controlled

San Martin 344, C.A.B.A., Argentina

Insurance company

95.00%

100.00%

95.00%

100.00%

Micro Lending S.A.U.

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Financial Company

100.00%

100.00%

100.00%

100.00%

InvertirOnline S.A.U.

Controlled

San Martin 344, C.A.B.A., Argentina

Financial Broker

100.00%

100.00%

100.00%

100.00%

Portal Integral de Inversiones S.A.U

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Representations

100.00%

100.00%

100.00%

100.00%

IOL Holding S.A.

Controlled

Treinta y tres 1271, Montevideo, Uruguay

Financial Company

99.99%

100.00%

99.99%

100.00%

Supervielle Productores Asesores de Seguros S.A

Controlled

San Martin 344, C.A.B.A., Argentina

Insurance Broker

95.24%

100.00%

95.24%

100.00%

Bolsillo Digital S.A.U.

Controlled

Bartolomé Mitre 434, C.A.B.A., Argentina

Computer Services

-

100.00%

-

100.00%

Supervielle Agente de Negociación S.A.U.

Controlled

Tres de Febrero 515, Rosario, Santa Fe

Settlement and Clearing Agent

100.00%

100.00%

100.00%

100.00%

Dólar IOL S.A.U.

Controlled

Av. Colón 2535, Mar del Plata, Buenos Aires

Services and exchange agency

100.00%

100.00%

100.00%

100.00%

(1)Grupo Supervielle S.A.’s direct and indirect interest in Banco Supervielle S,A votes amounts to 99.87% as of 09/30/22 and 12/31/21

2.CRITICAL ACCOUNTING POLICIES AND ESTIMATES

The preparation of financial statements in accordance with the accounting framework established by the Argentine Central Bank requires the use of certain critical accounting estimates. It also requires Management to exercise its judgment in the process of applying the accounting standards established by the Argentine Central Bank to establish the Group's accounting policies.

The Group has identified the following areas that involve a higher degree of judgment or complexity, or areas in which the assumptions and estimates are significant for the consolidated financial statements that are essential for understanding the underlying accounting / financial reporting risks:


21

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

(a)Fair value of derivatives and other financial isntruments

The fair value of financial instruments not listed in active markets is determined by using valuation techniques. Such techniques are regularly validated and reviewed by qualified personnel independent from the area which developed them. All models are assessed and adjusted before being used in order to ensure that results reflect current information and comparable market prices. As long as possible, models rely on observable inputs only; however, certain factors, such as implicit rates in the last available tender for similar securities and spot rate curves, require the use of estimates. Changes in the assumptions of these factors may affect the reported fair value of financial instruments.

(b)Allowances for loan losses and advances

The Group recognizes the allowance for loan losses under the expected credit loss method included in IFRS 9. The most significant judgements of the model relate to defining what is considered to be a significant increase in credit risk and in making assumptions and estimates to incorporate relevant information about past events, current conditions and forecasts of economic conditions. The impact of the forecasts of economic conditions are determined based on the weighted average of three internally developed macroeconomic scenarios that take into consideration the Group´s economic outlook as derived through forecast macroeconomic variables, which include Inflation rate, monthly economic activity estimator and private sector wage. A high degree of uncertainty is involved in making estimations using assumptions that are highly subjective and very sensitive to the risk factors.

Note 1.2 provides more detail of how the expected credit loss allowance is measured.

(c) Impairment of non-financial assets

Intangible assets with finite lives and property, plants and equipment are amortized or depreciated along their useful lives in a lineal manner. The Group monitores the conditions related to these assets to determine whether events and circumstances justify a review of the amortization and remaining depreciation period and whether there are factors or circumstances that imply an impairment in the value of assets that cannot be recovered.

The Group has applied the judgement in the identification of impairment indicators for property, plant and equipment and intangible assets. The Group has determined that there were no indications of impairment for any of the periods presented in its financial statement; therefore, no recoverable value has been estimated, except for certain real property that, due to the post-pandemic macro context and a devaluation of the dollar well below inflation, generated deterioration.

(d)Income tax and deferred tax

A significant judgement is required to determine liabilities and assets from current and deferred taxes, The current tax is provisioned in accordance with the amounts expected to be paid and the deferred taz is provisioned over temporary differences between tax basis of assets and liabilities and book values to aliquots expected to be in force when reversing them.

Assets from deferred tax are recognized upon the possibility of relying on future taxable earnings against which temporary differences can be utilized, based on the Senior Management´s assumptions regarding amounts and opportunities of future taxable earnings, Later, it is necessary to determine whether assets from deferred tax are likely to be utilized and set off future taxable earnings, Real results may differ from estimates, such as changes in tax legislation or the result of the final review of affidavits issued by tax authorities and tax courts.

Likely future tax earnings and the number of tax benefits are based on a medium term business plan prepared by the administration. Such plan is based on reasonable expactations.

3.SEGMENT REPORTING

The Group determines operating segments based on performance reports which are reviewed by the Board and key personnel of the Senior Management and updated upon changes.

The Bank´s clients receive the following services:

•     Personal and Business Banking Segment:


22

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

-Small companies, individuals and companies that record anual sales of up to 100,000

-“Small and Medium Size Companies”, companies that record anual sales of over 100,000 up to 700,000

•    Corporate Baking Segment:

-Megras that record anual sales over 700,000 up to 2,500,000

-Big Companies, Grandes companies that record anual sales of over 2,500,000

The Group considers the business for the type of products and services offered, identifying the following operating segments:

a-Personal and Business Banking– Includes a wide range of financial products and services targeted to small companies, included in Entrepreneurs & SMSs, and high income people identified with so-called  Identité proposal. Likewise, the Bank offers services and products targeted to retirees and pensioners.
b-Corporate Banking – Includes advisory services at a corporate and financial level, as well as the administration of assets and loans targeted to corporate clients.
c-Bank Treasury – This segment is in charge of the assignment of liquidity of the Entity in accordance with the different commercial areas´ needs and its own needs. Treasury implements financial risk administration policies of the Bank, administers trading desk operations, distributes financial products, such as negotiable securities and develops business with the financial sector clients and whole sale non-financial sector clients. Consumer – Includes loans and other credit products targeted to middle and lower-middle income sectors and non-financial products and services.
d-Consumer Finance– Includes loans and other credit products targeted to middle and low-middle income sectors and non-financial products and services.
e-Insurance: Includes insurance products, with a focus on life insurance, to targeted customers segments.
f-Asset Management and Other Services– Includes MFs administered by the Group.  Includes also assets, liabilities and results of Portal Integral de Inversiones S.A.U, InvertirOnline S.A.U., IOL Holding S.A, Supervielle Asset Management S.A., Dólar IOL S.A.U. and Bolsillo Digital S.A.U.

Operating results of the different operating segments of the Group are reviewed individually with the purpose of taking decisions over the allocation of resources and the performance appraisal of each segment. The performance of such segments will be evaluated based on operating earnings and losses and is measured consistently with operating earnings and losses of the consolidated earnings and losses statement.

When a transaction is carried out between operating segments, they are taken in an independent and equitative manner, as in cases of transactions with third parties. Later, income, expenses and results from transfers between operating segments are removed from the consolidation.

The Group does not present information by geographical segments because there are no operating segments in economic environments with risks and returns that are significantly different,

The following chart includes information by segment as of  September 30, 2022 and 2021, and December 31, 2021 respectively:

Result by segments

Personal and Business Banking

Corporate Banking

Bank Treasury

Consumer

Finance

Insurance

Asset Management and Other Services

Adjustments

Total as of 09.30.2022

Interest income

41,789,767

21,661,831

82,704,957

8,234,657

2,472

5,851

(2,393,535)

152,006,000

Interest expenses

(28,872,667)

(5,786,244)

(58,638,622)

(5,669,932)

-

-

3,075,558

(95,891,907)

Distribution of results by Treasury

9,401,642

(7,764,006)

(1,637,636)

-

-

-

-

-

Net interest income

22,318,742

8,111,581

22,428,699

2,564,725

2,472

5,851

682,023

56,114,093

Services Fee Income

12,913,217

1,420,679

118,304

2,951,465

-

2,689,136

(391,451)

19,701,350

Services Fee Expenses

(4,968,696)

(374,400)

(257,571)

(1,776,075)

-

(131,223)

458,954

(7,049,011)

Income from insurance activities

-

-

-

-

2,624,346

-

322,031

2,946,377

Net Service Fee Income

7,944,521

1,046,279

(139,267)

1,175,390

2,624,346

2,557,913

389,534

15,598,716

Subtotal

30,263,263

9,157,860

22,289,432

3,740,115

2,626,818

2,563,764

1,071,557

71,712,809

Net income from financial instruments at fair value through profit or loss

-

-

9,127,889

839,807

873,634

859,164

448,756

12,149,250

Income from withdrawal of assets rated at amortized cost

-

-

451,196

-

-

-

(2,382)

448,814

Exchange rate difference on gold and foreign currency

448,629

94,241

1,074,647

(21,526)

(72)

57,169

253,312

1,906,400

NIFFI And Exchange Rate Differences

448,629

94,241

10,653,732

818,281

873,562

916,333

699,686

14,504,464


23

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Result by segments

Personal and Business Banking

Corporate Banking

Bank Treasury

Consumer

Finance

Insurance

Asset Management and Other Services

Adjustments

Total as of 09.30.2022

Result from exposure to changes in the purchasing power of the currency

4,641,423

(3,017,814)

(10,529,241)

552,044

(1,214,444)

(657,319)

(1,773,028)

(11,998,379)

Other operating income

2,582,799

2,423,756

182,660

1,216,251

16,609

131,342

(571,407)

5,982,010

Loan loss provisions

(5,560,629)

(457,609)

68,372

(2,741,245)

-

-

-

(8,691,111)

Net operating income

32,375,485

8,200,434

22,664,955

3,585,446

2,302,545

2,954,120

(573,192)

71,509,793

Personnel expenses

(23,420,227)

(3,487,004)

(1,813,610)

(3,639,505)

(729,210)

(1,517,967)

(31,061)

(34,638,584)

Administration expenses

(12,807,186)

(1,125,313)

(859,822)

(2,548,735)

(568,960)

(605,269)

304,132

(18,211,153)

Depreciations and impairment of non-financial assets

(4,322,675)

(646,197)

(287,675)

(168,742)

(67,737)

(47,473)

(97,338)

(5,637,837)

Other operating expenses

(6,861,970)

(2,324,222)

(4,615,129)

(1,262,873)

(354)

(267,685)

(45,892)

(15,378,125)

Operating income

(15,036,573)

617,698

15,088,719

(4,034,409)

936,284

515,726

(443,351)

(2,355,906)

Result from associates and joint ventures

-

-

-

(271,883)

-

-

271,883

-

Result before taxes

(15,036,573)

617,698

15,088,719

(4,306,292)

936,284

515,726

(171,468)

(2,355,906)

Income tax

5,386,827

(53,466)

(4,977,947)

(301,187)

(418,199)

(206,042)

(143,121)

(713,135)

Net (loss) / income

(9,649,746)

564,232

10,110,772

(4,607,479)

518,085

309,684

(314,589)

(3,069,041)

Net (loss) / income for the period attributable to owners of the parent company

(9,649,746)

564,232

10,110,772

(4,607,479)

518,085

309,684

(311,354)

(3,065,806)

Net (loss) / income for the period attributable to non-controlling interest

-

-

-

-

-

-

(3,235)

(3,235)

Other comprehensive (loss) / income

(9,645)

(3,401)

(690,949)

-

-

33,788

(39,298)

(709,505)

Other comprehensive (loss) / income attributable to owners of the parent company

(9,645)

(3,401)

(690,949)

-

-

33,788

(38,577)

(708,784)

Other comprehensive (loss) / income attributable to non-controlling interest

-

-

-

-

-

-

(721)

(721)

Comprehensive (loss) / income for the year

(9,659,391)

560,831

9,419,823

(4,607,479)

518,085

343,472

(353,887)

(3,778,546)

Comprehensive (loss) / income attributable to owners of the parent company

(9,659,391)

560,831

9,419,823

(4,607,479)

518,085

343,472

(349,931)

(3,774,590)

Comprehensive (loss) / income attributable to non-controlling interests

-

-

-

-

-

-

(3,956)

(3,956)

Assets by segments

Personal and Business Banking

Corporate Banking

Bank Treasury

Consumer

Finance

Insurance

Asset Management and Other Services

Adjustments

Total as of 09.30.2022

Cash and due from banks

12,722,407

481,308

20,223,700

1,000,181

2,433

278,152

11,130

34,719,311

Debt securities at fair value through profit or loss

-

2,706,222

11,762,070

955,213

-

25,272

-

15,448,777

Loans and other financing

116,658,522

68,176,857

16,729,516

12,244,090

1,876,962

136,674

(11,280,134)

204,542,487

Other Assets

13,982,508

4,507,126

261,576,481

8,321,947

2,964,495

1,698,893

15,050,465

308,101,915

Total Assets

143,363,437

75,871,513

310,291,767

22,521,431

4,843,890

2,138,991

3,781,461

562,812,490

Liabilities by segments

Deposits

194,921,518

45,119,813

184,796,274

3,541,667

-

56,569

(421,862)

428,013,979

Financing received from the Argentine Central Bank and others financial institutions

31,137

112

4,634,435

11,039,981

-

94,747

(11,134,729)

4,665,683

Unsubordinated debt securities

12,036

4,244

541,241

-

-

-

-

557,521

Other liabilities

16,709,230

4,093,387

7,183,143

2,944,525

2,374,024

725,618

14,468,984

48,498,911

Total Liabilities

211,673,921

49,217,556

197,155,093

17,526,173

2,374,024

876,934

2,912,393

481,736,094

Result by segments

Personal and Business Banking

Corporate Banking

Bank Treasury

Consumer

Finance

Insurance

Asset Management and Other Services

Adjustments

Total as of 09.30.2021

Interest income

38,073,112

23,657,694

58,723,274

10,120,453

1,323

9,505

(1,958,255)

128,627,106

Interest expenses

(20,087,800)

(3,682,785)

(48,838,624)

(4,574,265)

-

-

1,920,418

(75,263,056)

Distribution of results by Treasury

6,248,151

(11,138,449)

4,890,298

-

-

-

-

-

Net interest income

24,233,463

8,836,460

14,774,948

5,546,188

1,323

9,505

(37,837)

53,364,050

Services Fee Income

13,129,529

1,233,551

74,102

3,368,709

-

3,335,194

(491,858)

20,649,227

Services Fee Expenses

(4,307,481)

(416,218)

(196,450)

(1,349,387)

-

(169,928)

165,015

(6,274,449)

Income from insurance activities

-

-

-

-

2,401,073

-

366,858

2,767,931

Net Service Fee Income

8,822,048

817,333

(122,348)

2,019,322

2,401,073

3,165,266

40,015

17,142,709

Subtotal

33,055,511

9,653,793

14,652,600

7,565,510

2,402,396

3,174,771

2,178

70,506,759


24

GRUPO SUPERVIELLE S.A.

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

Presented on comparative basis

(Expressed in thousands of pesos in homogeneous currency)

Result by segments

Personal and Business Banking

Corporate Banking

Bank Treasury

Consumer

Finance

Insurance

Asset Management and Other Services

Adjustments

Total as of 09.30.2021

Net income from financial instruments at fair value through profit or loss

-

-

10,853,929

456,239

709,651

483,759

154,106

12,657,684

Income from withdrawal of assets rated at amortized cost

-

-

154,556

-

-

-

(39,247)

115,309

Exchange rate difference on gold and foreign currency

362,736

105,952

327,876

23,463

842

121,056

121,554

1,063,479

NIFFI And Exchange Rate Differences

362,736

105,952

11,336,361

479,702

710,493

604,815

236,413

13,836,472

Result from exposure to changes in the purchasing power of the currency

2,093,400

(3,073,985)

(5,864,767)

(765,398)

(888,849)

(572,767)

(738,339)

(9,810,705)

Other operating income

2,776,720

2,719,707

(1,030,124)

982,525

19,493

98,496

(167,178)

5,399,639

Loan loss provisions

(5,628,137)

(854,646)

(347,253)

(5,089,870)

-

-

-

(11,919,906)

Net operating income

32,660,230

8,550,821

18,746,817

3,172,469

2,243,533

3,305,315

(666,926)

68,012,259

Personnel expenses

(22,831,471)

(2,395,273)

(1,374,634)

(3,300,184)

(689,648)

(1,280,798)

(67,388)

(31,939,396)

Administration expenses

(13,655,730)

(1,009,161)

(1,019,918)

(2,113,090)

(623,040)

(803,430)

196,429

(19,027,940)

Depreciations and impairment of non-financial assets

(4,063,798)

(381,718)

(260,397)

(261,133)

(58,943)

(59,289)

(116,815)

(5,202,093)

Other operating expenses

(5,981,301)

(2,507,214)

(3,470,076)

(1,452,874)

(17,199)

(257,792)

(57,473)

(13,743,929)

Operating income

(13,872,070)

2,257,455

12,621,792

(3,954,812)

854,703

904,006

(712,173)

(1,901,099)

Result from associates and joint ventures

-

-

-

6,699

-

-

(6,699)

-

Result before taxes from continuing operations

(13,872,070)

2,257,455

12,621,792

(3,948,113)

854,703

904,006

(718,872)

(1,901,099)

Income tax

4,809,199

(343,661)

(4,262,895)

247,360

(196,744)

(307,161)

115,795

61,893

Net (loss) / income