BBVA Argentina reported second-quarter 2026 results that fell short of analyst expectations, with revenue missing forecasts by 17.45% and earnings per share trailing projections by 4%.
The bank posted earnings per share of $0.4101, below the Wall Street consensus of $0.4272, while revenue totaled $630.29 million against an expected $763.5 million. Net income, adjusted for inflation, increased 44.6% quarter-over-quarter to ARS 131.6 billion, reflecting improved operating performance despite the revenue miss.
Key profitability metrics showed mixed trends. Return on equity rose to 12.2% from 8.3% in the prior quarter, while the efficiency ratio improved to 45%. Net interest margin, excluding monetary position losses, increased from 14.0% to 14.7%. The cost of risk remained broadly stable at 7.13%, in line with the previous quarter after adjusting for one-time items.
Asset quality showed slight deterioration, with the non-performing loan ratio increasing by 49 basis points to 6.09%, though it remained below the broader financial system’s ratio of 7.22% at the end of June. Total financing to the private sector reached ARS 17.1 trillion, up 2% sequentially, while deposits grew to ARS 19.2 trillion, with private deposit market share holding steady at 9.91%.
Following the results, BBVA Argentina’s shares fell 2.71% in after-hours trading to $14.205, extending the stock’s year-to-date decline to 17.82% while remaining 19.33% higher over the past 12 months.
Management provided full-year 2026 guidance, projecting loan book growth of around 10% in real terms and deposit growth between 5% and 10%. Return on equity is expected to remain in the low teens, while the cost of risk is targeted at approximately 6.5%. The efficiency ratio is forecast to end the year below 45%, and the non-performing loan ratio is projected to stabilize at around 5.5%. Net interest margins are expected to decline by 200 basis points historically and 100 to 125 basis points in real terms by year-end. Inflation is anticipated to finish 2026 at roughly 29%, with monthly inflation trending toward 1.5% to 2%.
The bank’s regulatory capital ratio stood at 18.8%, exceeding minimum requirements by 128.7%, while liquidity remained robust at 45.5%.
