Q2 2026 Grupo Supervielle SA Earnings Call Transcript
Key Points
- Return to profitability with attributable net income of ARS13 billion in Q2 2026, a swing of over ARS31 billion from the Q1 loss.
- Structural ROAE reached 14.4% when incorporating full quarterly salary savings from the completed rightsizing program.
- Asset quality improved with NPL ratio down 10 basis points sequentially to 5.5%, and NPL formation declining for a second consecutive quarter.
- Net interest margin expanded by 250 basis points sequentially to 20.3%, driven by funding costs declining faster than asset yields.
- Strong liquidity position with loan-to-deposit ratio declining to 73%, and US dollar deposits growing 30% year-over-year.
- Strategic partnerships, such as with Flash Argentina for P2P vehicle financing and AerolĆneas Argentinas, are expanding growth opportunities.
- IOL's assets under custody reached USD3 billion, reflecting traction with higher-value clients and deeper investment relationships.
- Peso credit demand remains subdued, with total loans declining over 1% sequentially and retail loans down 2%.
- Cost of risk remains elevated at 5.6%, although improving sequentially, with management maintaining a conservative guidance range of 5.3%-5.8%.
- Net fee income is expected to decline between 5% and 8% in real terms due to softer activity.
- NIM is expected to face pressure in the second half due to lagged asset repricing, with guidance lowered to 17%-19%.
- Reported ROE guidance for 2026 is tight at 2%-4%, reflecting the impact of extraordinary severance charges from the rightsizing program.
- IOL's net income decreased due to lower trading activity and investments in new business areas, despite growing assets under custody.
- Loan growth guidance was lowered to 10%-15% real growth, down from previous expectations of above 20%, reflecting a slower-than-expected recovery.
Good morning and welcome to Grupo SupervielleĆ¢s second-quarter 2026 earnings call. IĆ¢m Ana Bartesaghi, Treasurer, and IRO. TodayĆ¢s conference call is being recorded. (Event Instructions)
Speaking today are Patricio Supervielle, our Chairman and CEO; Gustavo Paco Manriquez, CEO of Banco Supervielle; and Mariano Biglia, our CFO; Diego Pizzulli, CEO of InvertirOnline will also be available during the Q&A session.
Before we begin, please note this call may include forward-looking statements. Please refer to our earnings release and SEC filings for further details.
Patricio, please go ahead.
Thank you, Ana. Good morning, everyone, and thank you for joining us today. The second quarter marked our return to profitability and further progress in transforming Supervielle. Most importantly, the changes to our operating model are beginning to
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