BBVA Argentina reported second-quarter 2026 earnings that missed analyst expectations, with revenue and earnings per share falling short of forecasts amid Argentina’s high-inflation environment.
The bank posted revenue of $630.29 million for the quarter, a decline of 17.45% against the $763.5 million estimate. Earnings per share came in at $0.4101, missing the $0.4272 forecast by $0.0171, or roughly 4%. Despite the shortfall, inflation-adjusted net income reached ARS 131.6 billion, a 44.6% increase from the prior quarter.
Return on equity improved to 12.2%, up from 8.3% in Q1 2026, while the efficiency ratio tightened to 45%, reflecting stronger cost control. Net interest margin, excluding monetary position losses, rose to 14.7% from 14.0% sequentially. The non-performing loan ratio increased by 49 basis points to 6.09%, though it remained below the broader financial system’s 7.22% at quarter-end.
Total financing to the private sector grew 2% sequentially to ARS 17.1 trillion, with private deposits reaching ARS 19.2 trillion. The bank’s consolidated loan market share edged up 15 basis points to 12% over the past 12 months. Regulatory capital ratios remained robust, with a CET1 ratio of 18.8%, exceeding minimum requirements by 128.7%.
Management guided for full-year 2026 loan book growth of around 10% in real terms and deposit growth between 5% and 10%. Real return on equity is expected to remain in the low teens, while the cost of risk is projected at 6.5%, down from 7.13% in Q2. The non-performing loan ratio is anticipated to stabilize and improve to about 5.5% by year-end.
Net interest margins are expected to decline by approximately 200 basis points historically and 100 to 125 basis points in real terms by December 2026. Inflation is projected to end the year at around 29%, with monthly inflation easing toward a 1.5% to 2% range.
Shares of BBVA Argentina fell 2.71% in after-hours trading to $14.205, extending year-to-date losses to 17.82%. The stock has traded within a 52-week range of $7.76 to $22.465.
