Research Reports

官方指引（CFO）：

管理层引述：

Patricio Supervielle (CEO): "We introduced a cluster-based strategy to strengthen the value proposition across both retail and commercial customers to gain principality with our clients and attract new ones."
Patricio Supervielle (CEO): "In April, we launched Argentina's first remunerated account allowing payroll and SME clients to earn daily interest in Peso and U.S. dollars."
Mariano Biglia (CFO): "Loan portfolio NIM improved 60 bps to 21.3% in the period, also benefiting from the growing share of higher yield products and a lower funding cost base."
Mariano Biglia (CFO): "Operating expenses were down 12% sequentially and 17% year-on-year, reflecting our focus on driving real-term reductions through workforce optimization and other initiatives."

Metric	Value	Speaker/Context
Total loans (sequential growth)	+3%	CFO
Retail loans (YoY growth)	+196%	CFO
Personal loans (sequential growth)	+29%	CFO
NPL ratio	2%	CEO/CFO
Coverage ratio	153%	CFO
Net cost of risk	5%	CFO
Client-related net financial income (sequential)	+17%	CFO
Loan portfolio NIM	21.3%	CFO
Operating expenses (sequential decline)	-12%	CFO
Full-year loan growth guidance (real)	50%-60%	CFO
Year-end NPL guidance	2.2%-2.5%	CFO
2025 ROE guidance	12%-15%	CFO

Topic: 资产质量（NPL、拨备、风险成本）及全年指引
Key points:
- NPL比率在Q1正常化至2%，但拨备和风险成本明显上升；Q1风险成本为4.8%（净额）。
- 管理层将2025年全年NPL指引从2.0%-2.2%上调至2.2%-2.5%，风险成本指引从3.7%-4.0%上调至4.0%-4.5%。
- 贷款组合结构变化：一年前商业贷款占64%、零售36%，本季度个人贷款占52%、商业占48%；零售贷款（特别是工资账户和养老金客户的个人贷款、汽车贷款）带来更高的NPL和风险成本。
Mgmt stance: 谨慎乐观——认为属于正常化过程，未看到农业或企业板块出现特定问题，风险控制令人安心，且个人和企业整体杠杆仍非常低，后续风险成本有望改善至全年指引范围内。

Topic: 资本消耗、风险偏好与市场占有率
Key points:
- 过去12个月一级资本比率消耗约10个百分点（每季度约250bps），当前约15%，管理层目标为年底降至12%-13%。
- 管理层强调风险偏好未改变，Q1贷款增长是“提前”抓住了市场机会（其他银行在Q1追赶）。
- 为维持资本水平与ROE，计划逐步将贷款组合从企业向零售倾斜（提高零售占比）、严格控制人员及行政费用、强化技术投资纪律，并推动整个行业杠杆率上升（目前杠杆很低）。
Mgmt stance: 中性偏积极——认为低杠杆水平是金融系统的巨大机遇，增长策略与资本指引一致，通过优化组合和成本纪律可同时保护回报和资本。