1Q20 Net Income of AR$454 Million and Comprehensive Net Income of AR$405 Million, Both Figures Including Inflation Adjustment Effects

BUENOS AIRES–(BUSINESS WIRE)–Grupo Supervielle S.A. (NYSE: SUPV) (BYMA: SUPV), (“Supervielle” or the “Company”) a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three-month period ended March 31, 2020.

Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance to IFRS rule IAS 29 (“IAS 29”) as established by the Central Bank. For ease of comparison, figures for all quarters of 2019 have been restated applying IAS 29 to reflect the accumulated effect of the inflation adjustment for each period through March 31, 2020. More information can be found in the Section “Hyperinflation Accounting in Argentina” on page 58.

This report also includes Managerial figures which exclude the IAS29 adjustment for 1Q20 and present 1Q19, 2Q19, 3Q19 and 4Q19 figures as they were previously reported according to Central Bank Rules until December 31, 2019 and before the adoption of Rule IAS29 this quarter.

Details with regard to the Argentine government’s social aid, monetary and fiscal measures to mitigate the economic impact of the COVID-19 pandemic can be found on page 56, while the specific measures taken by Grupo Supervielle in response to the pandemic may be found on page 11.

Management Commentary

Commenting on first quarter 2020 results, Jorge Ramirez, Grupo Supervielle’s CEO, noted: “As we navigate this unprecedented global health and economic crisis, we are focusing on three key strategic areas: protecting the health of our employees and customers, while supporting our communities through donations to social agencies and other initiatives, ensuring operational continuity and accelerating our digital transformation to optimize our customers’ experience. Importantly, our high liquidity and comfortable capitalization levels strengthen our long-term sustainability in a rapidly changing environment.

Responding early to the COVID-19 pandemic, we established remote working for over 95% of non-branch employees, rotation of half of our branch staff every two weeks and 100% remote work for some of our subsidiaries, in advance of the mandatory shelter-in-place established by the government on March 19, 2020. Stricter sanitation procedures were set up across our branches that remain open for limited transactions. More recently, as restrictions are being gradually lifted, we have implemented back-to-work protocols for essential employees to safeguard their health and wellbeing.

With a focus on supporting our customers, we have rapidly adjusted operations, accelerated digitalization and implemented a series of measures to promote safe banking and provide financial relief. For example, for senior citizens, which are a significant portion of our customer base, we adapted our ATM network infrastructure, we added functionalities to our online applications as well as in transactional channels and updated procedures to facilitate their banking needs. This has translated in a significant increase in the use of digital and automatic transactional channels. We are also supporting SMEs with their payroll and working capital needs through loans promoted by the government; and have launched specific credit lines for SMEs in the health and transportation sectors. On the digital transformation front, we are also adding functionalities across personal and corporate banking, as well as consumer finance to rapidly meet current and future needs.

Looking ahead, the path to economic recovery remains uncertain and is largely dependent on the depth and duration of this global health crisis and the government’s measures to contain the outbreak and actions to mitigate the economic impact. The pace of the recovery will also depend on the resolution of the Argentine sovereign debt restructuring, and a combination of all of the above factors will certainly impact the overall system asset quality We will continue to closely monitor our loan portfolio and make adjustments accordingly.

In this environment, as I mentioned earlier, we remain focused on implementing the highest possible standards to protect the health of our employees and customers, ensure continuity of our operations and accelerate initiatives, such as the digital transformation process, that will enhance our ability to continue to provide the customized and elevated level of service that distinguishes our Company,”, concluded Mr. Ramirez.

First Quarter 2020 Highlights

PROFITABILITY

Profit before income tax of AR$797.0 million in 1Q20 compared to a AR$631.8 million loss in 1Q19 and a AR$928.4 million loss in 4Q19. Excluding the impact of IAS29, Profit before income tax, would have been Ps.1.8 billion in 1Q20 up 137.8% YoY and 72.9% QoQ.

QoQ improvement was explained by: i) a 15.2% decrease in Personnel & Administrative Expenses, (ii) a smaller impact of inflation adjustment due to deceleration in inflation in 1Q20 compared to 4Q19, and (iii) an increase in Net Service Fee Income mainly from fees repricing throughout the quarter. These were partially offset by (i) lower Net Financial Income as 4Q19 benefitted from price improvements in reprofiled government short term treasury notes and (ii) higher LLP based on expected losses according to IFRS9.

Attributable Net income of AR$453.4 million in 1Q20, compared to AR$1.4 billion loss in 1Q19 and AR$759.4 million loss in 4Q19. Excluding the impact of IAS29, Attributable Net income would have been AR$1.5 billion in 1Q20 increasing 148.8% YoY and remaining stable as compared to 4Q19. 1Q20 net income reflects an AR$343.2 million charge in Income Tax compared to an AR$168.6 million gain in 4Q19.

ROAE of 7.7% in 1Q20 compares to -20.1% in 1Q19 and -13.1% in 4Q19. ROAE in 1Q20 benefitted from deceleration in the inflation pace (7.8% in the quarter) compared to ROAE in 4Q19 and 1Q19 when inflation peaked at 11.7% and 11.8% respectively. Excluding the impact of IAS29, ROAE would have been 26.4% in 1Q20 compared to 13.6% in 1Q19 and 28.4% in 4Q19.

ROAA of 1.0% in 1Q20 compared to -2.2% in 1Q19 and -1.7% in 4Q19. Excluding the impact of IAS29, ROAA would have been 3.5% in 1Q20 compared to 1.5% in 1Q19 and 3.7% in 4Q19.

Revenues were down 8.5% YoY and flat QoQ. Excluding adoption of IAS29, Total revenues would have increased 36.8% YoY and 5.6% QoQ.

MARGIN

Net Financial Income of AR$7.4 billion was down 11.7% YoY and 13.8% QoQ. In 4Q19, NFI income was AR$1.3 billion benefitted from price improvements in reprofiled short term AR$ and US$ Argentine treasury notes held by Supervielle. Excluding this non recurring income in 4Q19, NFI in 1Q20 would have increased 0.9% mainly explained by a 950 basis points (bps) decrease in AR$ cost of funds following the decline in market interest rates, while interest on loans continued to benefit from additional repricing in personal loans, partially offset by a 2,600 bps decrease in the average yield of the Central Bank 7 days Leliqs, from 68.7% to 42.4%. Excluding the impact of IAS29, Net Financial Income, would have been Ps. 7.2 billion in 1Q20 increasing 32.1% YoY but down 5.5% QoQ. Excluding non recurring income in 4Q19, comparable non restated NFI figures would have reflected a 10.7% increase QoQ.

Net Interest Margin (NIM) of 22.8% was up 388 bps YoY, but declined 592 bps QoQ. Excluding the price improvement impact of reprofiled short term Argentine treasury notes held by Supervielle in 4Q19, NIM would have decreased 180 bps in the quarter. This decrease reflects the strong increase in assets, mainly driven by: i) an increase in holdings of Central Bank Leliqs by raising wholesale deposits to take advantage of higher spreads on Leliqs; and ii) the abovementioned 2,600 bps decline in the average yield of the Central Bank Leliqs. These effects were partially offset by the 950 bps decrease in AR$ cost of funds following the decline in market interest rates, and the continued lagged repricing of the AR$ portfolio. AR$ Loan portfolio NIM in the quarter was 30.0% compared to 28.3% in 4Q19.

ASSET QUALITY

The total NPL ratio increased by 140 bps YoY but declined 70 bps QoQ to 6.7% in 1Q20. QoQ performance was explained by a 80 bps decrease in Personal and Business Segment NPL and 720 bps decrease in Consumer Finance NPL. QoQ decline benefitted from Central Bank regulatory easing amid the pandemic on debtor classifications (adding a 60 days grace period before the loan is classified as NPL) and the suspension of mandatory reclassification of customers that are non performing with other banks, but performing with Supervielle.

Loan loss provisions (LLP) totaled AR$1.6 billion in 1Q20, decreasing 45.4% YoY but increasing 32.0% QoQ. In 1Q20, levels of provisioning reflect expected losses arising from adoption of Central Bank implementation of IFRS9 rule, effective on January 1, 2020 except for consumer finance segment, but includes only a non-material amount for a Covid-19 potential impact.. The coverage ratio increased to 99.6%, from 83.0% in 4Q19, due to increased loan loss provisions in the quarter and benefitting from the above mentioned regulatory easing. As of March 31, 2020 collateralized non-performing commercial loans increased to 61% of total, from 58% as of December 31, 2019 and 20% as of June 30, 2019.

EXPENSES & EFFICIENCY

Efficiency ratio was 60.4% in 1Q20 declining 410 bps from 1Q19 and 1,600 bps from 4Q19. Excluding non-recurring severance and early retirement charges of AR$880 million in 4Q19, efficency in 1Q20 improved 620 bps QoQ mainly due to the decrease in administrative expenses reflecting streamlining undertaken in 2019 and strict cost control actions implemented by the Company while revenues remained flat.

LIQUIDITY

Loans to deposits ratio of 68.1% was down from 74.9% as of March 31, 2019 and from 103.5% as of December 31, 2019. AR$ loans to AR$ deposits ratio was 62.3% compared to 78.3% on March 31, 2019 and 107.6% as of December 31, 2019. The ratio reflects the QoQ 60.9% increase in AR$ deposits following the increase in AR$ wholesale and institutional deposits raised to fund increased investments in Central Bank 7-day Leliqs and the 14.8% increase in core peso franchise deposits, while AR$ loans remained flat. The 4Q19 ratio reflected the Company’s decision to deleverage its balance sheet and year end liquidity management. As of March 31, 2020, the Liquid US$ Assets to US$ deposits ratio was 61%, while Liquid AR$ Assets to AR$ deposits ratio was 60%.

Total Deposits measured in AR$ unit at the end of 1Q20 declined 16.5% YoY but increased 41.5% QoQ to AR$135.8 billion. AR$ deposits rose 3.1% YoY and 60.9% QoQ. Foreign currency deposits (measured in US$) declined 58.2% YoY and 4.1% QoQ, following industry trends since August 2019

ASSETS

Loans measured in AR$ unit at the end of 1Q20 declined 24.0% YoY and 7.2% QoQ to AR$92.2 billion. The AR$ Loan portfolio rose 17.9% YoY and 6.9% QoQ. FX loans, measured in US$, declined 39.4% YoY and 8.0% QoQ. YoY and QoQ inflation was 48.4% and 7.8% respectively.

Total Assets down 19.8% YoY but up 22.4% QoQ, to AR$197.0 billion. QoQ performance reflects the increase in holdings of Central Bank Leliqs by raising wholesale deposits to take advantage of higher spreads on Leliqs, following the balance sheet deleveraging in prior quarter.

CAPITAL

Common Equity Tier 1 Ratio as of March 31, 2020, was 13.3%, compared to the 11.3% reported as of December 31, 2019 and 11.9% reported as of March 31, 2019. The QoQ increase reflects initial IAS29 adjustment on non monetary assets, and Central Bank regulatory easing on provisions amid the Covid-19 pandemic that allows banks to consider as Tier 1 Common Equity, the difference between expected loss provisions recorded following IFRS9, and provisions recorded as of November 30, 2019 under the previous accounting framework. On a proforma basis, if having impacted by December 31, 2019 inflation adjustment, Tier 1 ratio would have been 12.1%.

Financial Highlights

& Key Ratios

Information stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods provided for comparative purposes.

Highlights

           

(In millions of Ps. stated in terms of the measuring unit current at the end of the reporting period)

   

% Change

INCOME STATEMENT

1Q20

 

4Q19

 

3Q19

 

2Q19

 

1Q19

 

QoQ

 

YoY

Net Interest Income

7,030.1

 

4,910.0

 

1,932.7

 

1,910.0

 

1,894.1

 

43.2%

 

271.2%

NIFFI & Exchange Rate Differences

410.3

 

3,717.6

 

4,762.0

 

7,231.8

 

6,535.1

 

-89.0%

 

-93.7%

Net Financial Income

7,440.4

 

8,627.6

 

6,694.7

 

9,141.8

 

8,429.2

 

-13.8%

 

-11.7%

Net Service Fee Income (excluding income from insurance activities)

1,737.6

 

1,511.2

 

1,710.4

 

1,730.4

 

1,899.4

 

15.0%

 

-8.5%

Income from Insurance activities

323.4

 

368.7

 

327.4

 

302.6

 

321.4

 

-12.3%

 

0.6%

RECPPC

-869.3

 

-1,874.3

 

-1,775.9

 

-907.4

 

-1,694.8

 

-53.6%

 

-48.7%

Loan Loss Provisions

-1,580.6

 

-1,197.2

 

-2,544.7

 

-1,694.9

 

-2,896.6

 

32.0%

 

-45.4%

Personnel & Administrative Expenses

5,380.5

 

6,343.6

 

5,410.2

 

6,125.7

 

5,551.2

 

-15.2%

 

-3.1%

Profit before income tax

797.0

 

-928.4

 

-2,390.1

 

983.6

 

-631.8

 

-185.8%

 

-226.2%

Attributable Net income

453.4

 

-759.4

 

-2,179.7

 

1,130.5

 

-1,353.5

 

-159.7%

 

-133.5%

Attributable Comprehensive income

405.2

 

-676.2

 

-2,179.0

 

1,141.2

 

-1,355.0

 

-159.9%

 

-129.9%

Earnings per Share (AR$)

1.0

 

-1.7

 

-4.8

 

2.5

 

-3.0

   

Earnings per ADRs (AR$)

5.0

 

-8.3

 

-23.9

 

12.4

 

-14.8

   

Average Outstanding Shares (in millions)

456.7

 

456.7

 

456.7

 

456.7

 

456.7

   

BALANCE SHEET

mar 20

 

dec 19

 

sep 19

 

jun 19

 

mar 19

 

QoQ

 

YoY

Total Assets

196,973.1

 

160,885.0

 

195,007.4

 

228,173.3

 

245,587.4

 

22.4%

 

-19.8%

Average Assets1

189,314.9

 

175,470.2

 

209,761.6

 

227,076.6

 

241,756.2

 

7.9%

 

-21.7%

Total Loans & Leasing

92,230.8

 

99,342.6

 

105,408.7

 

111,250.9

 

121,396.1

 

-7.2%

 

-24.0%

Total Deposits

135,795.5

 

95,950.4

 

122,914.5

 

152,599.4

 

162,713.1

 

41.5%

 

-16.5%

Attributable Shareholders’ Equity

26,481.0

 

26,075.7

 

26,754.8

 

31,678.2

 

28,291.6

 

1.6%

 

-6.4%

Average Attributable Shareholders’ Equity1

23,595.0

 

23,130.8

 

24,540.5

 

25,105.3

 

26,898.4

 

2.0%

 

-12.3%

KEY INDICATORS

1Q20

 

4Q19

 

3Q19

 

2Q19

 

1Q19

 

 

Profitability & Efficiency

 

       

ROAE

7.7%

 

-13.1%

 

-35.5%

 

18.0%

 

-20.1%

ROAA

1.0%

 

-1.7%

 

-4.2%

 

2.0%

 

-2.2%

Net Interest Margin (NIM)

22.8%

 

28.8%

 

17.4%

 

22.0%

 

19.0%

Net Fee Income Ratio

21.7%

 

17.9%

 

23.3%

 

18.2%

 

20.8%

Cost / Assets

12.3%

 

15.8%

 

11.4%

 

11.8%

 

9.9%

Efficiency Ratio

60.4%

 

76.3%

 

75.6%

 

65.2%

 

64.5%

Liquidity & Capital

 

       

Total Loans to Total Deposits

68.1%

 

103.5%

 

85.8%

 

72.9%

 

74.9%

AR$ Loans to AR$ Deposits

62.3%

 

107.6%

 

82.2%

 

78.5%

 

78.3%

US$ Loans to US$ Deposits

97.2%

 

92.1%

 

95.9%

 

60.9%

 

66.8%

Liquidity Coverage Ratio (LCR)3

130.2%

 

150.3%

 

141.7%

 

164.5%

 

143.9%

Total Equity / Total Assets

13.4%

 

16.2%

 

13.7%

 

13.9%

 

11.5%

Capital / Risk weighted assets 4

14.0%

 

12.2%

 

12.8%

 

12.9%

 

13.2%

Tier1 Capital / Risk weighted assets 5

13.3%

 

11.3%

 

11.8%

 

11.9%

 

11.9%

Risk Weighted Assets / Total Assets

69.8%

 

89.2%

 

76.7%

 

68.5%

 

45.3%

Asset Quality

 

       

NPL Ratio

6.7%

 

7.4%

 

6.9%

 

5.1%

 

5.3%

Allowances as a % of Total Loans

6.6%

 

6.3%

 

6.0%

 

5.5%

 

5.3%

Coverage Ratio

99.6%

 

83.0%

 

86.1%

 

107.7%

 

100.0%

Cost of Risk

6.8%

 

5.0%

 

9.6%

 

6.0%

 

9.8%

MACROECONOMIC RATIOS

 

 

 

 

 

 

 

 

 

 

 

Retail Price Index (%)6

7.8%

 

11.7%

 

12.5%

 

9.5%

 

11.8%

Avg. Retail Price Index (%)

50.5%

 

52.1%

 

54.1%

 

56.3%

 

51.2%

UVA (var)

9.5%

 

14.3%

 

8.5%

 

12.0%

 

9.4%

Pesos/US$ Exchange Rate

64.47

 

59.90

 

57.56

 

42.45

 

43.35

Badlar Interest Rate (eop)

27.6%

 

39.4%

 

58.9%

 

47.5%

 

45.7%

Badlar Interest Rate (avg)

33.2%

 

48.1%

 

54.7%

 

50.9%

 

41.8%

Monetary Policy Rate (eop)

38.0%

 

55.0%

 

78.4%

 

62.7%

 

68.2%

Monetary Policy Rate (avg)

45.6%

 

65.3%

 

71.5%

 

66.8%

 

55.8%

OPERATING DATA

 

 

 

 

 

 

 

 

 

 

 

Active Customers (in millions)

1.8

 

1.8

 

1.8

 

1.8

 

1.8

Access Points

316

 

316

 

317

 

318

 

316

Employees7

5,055

 

5,019

 

5,134

 

5,135

 

5,203

0.7%

-2.8%

  1. Average Assets and average Shareholder´s Equity calculated on a daily basis
  2. Total Portfolio: Loans and Leasing before Allowances. According to IFRS, this line item includes Securitized Loan Portfolio and loans transferred with recourse.
  3. This ratio includes the liquidity held at the holding company level.
  4. Regulatory capital divided by risk weighted assets taking into account operational and market risk. Since January 1, 2020, financial institutions which are controlled by non-financial institutions (as in our case in relation with the Bank) shall comply with the Minimum Capital requirements, among others on a consolidated basis comprising the non-financial holding and all its subsidiaries (excluding insurance companies and non-financial subsidiaries). As of March 31, 2020, the calculation methodology has not been released and therefore we continue to calculate this ratio adding to the Bank’s regulatory capital ratio, the amount of liquidity held at the holding company level. In previous quarters this ratio was named as Proforma Ratio .
  5. Tier 1 capital divided by risk weighted assets taking into account operational and market risk. Applies same disclosure as in footnote 4.
  6. Source: INDEC
  7. These figures do not include temporary employees

Managerial Information

Non-restated figures

The 1Q20 management information included hereunder is not serived directly from accounting records as it is an estimate of non-restated figures excluding the impact of IAS 29 effective January 1, 2020. This information is only provided for comparative purposes with figures disclosed in previous years before the adoption of rule IAS 29.

Highlights – Non-restated figures

           

(In millions of Argentine Ps.)

         

% Change

INCOME STATEMENT

1Q20

 

4Q19

 

3Q19

 

2Q19

 

1Q19

 

QoQ

 

YoY

Net Interest Income

6,840.0

 

4,412.3

 

1,523.8

 

1,370.7

 

1,218.3

 

55.0%

 

461.4%

NIFFI & Exchange Rate Differences

397.4

 

3,245.5

 

3,754.4

 

5,189.6

 

4,259.4

 

-87.8%

 

-90.7%

Net Financial Income

7,237.5

 

7,657.8

 

5,278.1

 

6,560.3

 

5,477.7

 

-5.5%

 

32.1%

Net Service Fee Income (excluding income from insurance activities)

1,692.5

 

1,348.7

 

1,348.5

 

1,241.7

 

1,227.8

 

25.5%

 

37.8%

Income from Insurance activities

289.6

 

266.8

 

258.1

 

217.2

 

204.0

 

8.5%

 

42.0%

Loan Loss Provisions

-1,541.8

 

-1,368.1

 

-2,007.4

 

-1,210.8

 

-1,893.0

 

12.7%

 

-18.6%

Personnel & Administrative Expenses

5,231.1

 

5,690.4

 

4,265.4

 

4,395.8

 

3,597.7

 

-8.1%

 

45.4%

Profit before income tax

1,780.4

 

1,029.8

 

-116.5

 

1,566.1

 

748.7

 

72.9%

 

137.8%

Attributable Net income

1,465.7

 

1,466.2

 

301.0

 

1,901.5

 

589.1

 

0.0%

 

148.8%

Attributable Comprehensive income

1,417.2

 

1,570.3

 

732.1

 

1,909.3

 

615.4

 

-9.8%

 

130.3%

Earnings per Share (AR$)

3.2

 

3.2

 

0.7

 

4.2

 

1.3

   

Earnings per ADRs (AR$)

16.0

 

16.1

 

3.3

 

20.8

 

6.4

   

Average Outstanding Shares (in millions)

456.7

 

456.7

 

456.7

 

456.7

 

456.7

   

BALANCE SHEET

mar 20

 

dec 19

 

sep 19

 

jun 19

 

mar 19

 

 

 

 

Total Assets

192,679.5

 

146,493.1

 

159,815.8

 

166,144.7

 

163,849.3

 

31.5%

 

17.6%

Average Assets1

169,586.3

 

156,563.6

 

165,375.6

 

162,952.7

 

156,037.7

 

8.3%

 

8.7%

Total Loans & Leasing

92,230.8

 

92,154.9

 

87,524.6

 

82,117.7

 

81,827.1

 

0.1%

 

12.7%

Total Deposits

135,795.5

 

89,008.2

 

102,060.3

 

112,638.3

 

109,676.8

 

52.6%

 

23.8%

Attributable Shareholders’ Equity

22,685.2

 

21,680.0

 

20,109.7

 

19,377.6

 

17,771.0

 

4.6%

 

27.7%

Average Attributable Shareholders’ Equity1

22,182.6

 

20,638.5

 

19,347.7

 

18,015.9

 

17,361.2

 

7.5%

 

27.8%

PROFITABILITY

1Q20

 

4Q19

 

3Q19

 

2Q19

 

1Q19

 

 

 

 

ROAE

26.4%

 

28.4%

 

6.2%

 

42.2%

 

13.6%

   

ROAA

3.5%

 

3.7%

 

0.7%

 

4.7%

 

1.5%

   

 

1Q20 Earnings

Call Dial-In Information

Date:

Friday May 29, 2020

Time:

9:00 AM ET; 10:00 AM (Buenos Aires Time)

Dial-in Numbers:

1-877-407-0789 (U.S. and Canada), 1-201-689-8562 (International), 0-800-444-6247 (Argentina), or 0800-756-3429 (U.K.)

Webcast:

http://public.viavid.com/index.php?id=139692

Replay:

From Friday May 29, 2020, 12:00 PM ET through Friday June 12, 2020, 11:59 PM ET. Dial-in number: +1-844-512-2921 (U.S./Canada) or +1-412-317-6671 (international). Pin number: 13703230

About

Grupo Supervielle S.A.

(NYSE: SUPV; BYMA: SUPV)

Grupo Supervielle S.A. (“Supervielle”) is a universal financial services group located in Argentina that owns the eleventh largest bank in terms of loans. Headquartered in Buenos Aires, Supervielle offers retail and corporate banking, treasury, consumer finance, insurance, asset management and other products and services nationwide to a broad customer base including: individuals, small and medium-sized enterprises and medium to large-sized companies. With origins dating back to 1887, Supervielle operates through a multi-brand and multi-channel platform with a strategic national footprint. As of the date of this report Supervielle had 316 access points and 1.8 million active customers. As of March 31, 2020, Grupo Supervielle had 456,722,322 shares outstanding and a free float of 64.9%. For information about Grupo Supervielle, visit www.gruposupervielle.com.

Safe Harbor Statement

This press release contains certain forward-looking statements that reflect the current views and/or expectations of Grupo Supervielle and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “seek,” “future,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest rates and the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Grupo Supervielle, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Grupo Supervielle’s filings with the U.

Contacts

Investor Relations Contacts:

Ana Bartesaghi

Treasurer and Investor Relations Officer

5411-4324-8132

Ana.BARTESAGHI@supervielle.com.ar
Gustavo Tewel
5411-4324-8158

Gustavo.TEWEL@supervielle.com.ar
Nahila Schianmarella
5411-4324-8135

Nahila.SCHIANMARELLA@supervielle.com.ar
Valeria Kohan
5411-4340-3013

Valeria.KOHAN@supervielle.com.ar

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