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Fair Value Quantitative And Qualitative Disclosures (Tables)

12 Months Ended

Dec. 31, 2021

Statement [LineItems]

Summary of Fair Value Measurement of Asset and Liability

The following tables show the hierarchy in the Bank’s financial asset and liability at fair value measurement, as of December 31, 2021 and 2020:

Item		Amortized cost				Fair value through OCI				Fair value through P/L				Fair value hierarchy
														Level 1				Level 2				Level 3
Financial assets
Cash and deposits in Banks
Cash			26,624,503
Financial institutions			145,701,649
Other			6,426
Debt Securities at fair value through profit or loss											32,406,588				31,000,826				289,009				1,116,753
Derivative financial instruments											1,296				396				900
Repo transactions
BCRA			31,405,801
Other financial assets			33,069,312								2,070,550				2,039,529								31,021
Loans and other financing
To the non-financial government sector			2,375,900
Other financial institutions			1,510,255
To the non-financial private sector and foreign residents
Overdraft			24,393,228
Documents			42,305,869
Mortgage loans			41,691,947
Pledge loans			7,560,640
Personal loans			97,887,634
Credit cards			94,963,074
Leases			477,990
Other (1)			39,194,551
Other debt Securities			24,042,051				261,934,556								145,515,549				116,419,007
Financial assets delivered as guarantee			17,964,257
Equity instruments at fair value through profit or loss											3,781,006				67,490								3,713,516
Total financial assets			631,175,087				261,934,556				38,259,440				178,623,790				116,708,916				4,861,290

(1) Includes the total allowances to the non-financial private sector and foreign residents.

Financial liabilities
Deposits
From the non-financial government sector			56,402,528
From the financial sector			961,192
From the non-financial private sector and foreign residents
Checking accounts			100,868,512
Savings accounts			185,245,996
Time deposits and investment accounts			229,654,054
Other			15,718,422
Liabilities at fair value through profit or loss							1,501,421				126,311				1,627,732
Derivative financial instruments											2,532								2,532
Other financial liabilities			67,935,119
Financing received from BCRA and other financial entities			437,726
Issued corporate bonds			2,990,809
Subordinated corporate bonds			41,974,169
Total financial liabilities			702,188,527				1,501,421				128,843				1,627,732				2,532

Item		Amortized cost				Fair value through OCI				Fair value through P/L				Fair value hierarchy
														Level 1				Level 2				Level 3
Financial assets
Cash and deposits in Banks
Cash			38,373,382
Financial institutions			157,793,718
Other			7,943
Debt Securities at fair value through profit or loss											82,991,433				82,420,193				10				571,230
Derivative financial instruments											1,493,533								10,916				1,482,617
Repo transactions
BCRA			59,503,764
Other financial assets			27,593,415								913,864				874,349								39,515
Loans and other financing
To the non-financial government sector			5,455,960
Other financial institutions			2,754,079
To the non-financial private sector and foreign residents
Overdraft			26,583,643
Documents			41,198,756
Mortgage loans			38,355,185
Pledge loans			5,019,644
Personal loans			106,049,719
Credit cards			97,004,890
Leases			178,960
Other (1)			65,954,921
Other debt Securities			46,963,661				268,683,871								174,213,033				94,470,838
Financial assets delivered as guarantee			20,522,947				1,050,173								1,050,173
Equity instruments at fair value through profit or loss											7,876,588				14,876								7,861,712
Total financial assets			739,314,587				269,734,044				93,275,418				258,572,624				94,481,764				9,955,074

(1) Includes the total allowances to the non-financial private sector and foreign residents.

Item

Amortized cost

Fair value through OCI

Fair value through P/L

Fair value hierarchy

Level 1

Level 2

Level 3

Financial liabilities

Deposits

From the non-financial government sector

111,040,851

From the financial sector

1,051,180

From the non-financial private sector and foreign residents

Checking accounts

98,717,496

Savings accounts

209,574,132

Time deposits and investment accounts

274,362,919

Other

42,967,625

Derivative financial instruments

347

347

Repo transactions

Other financial institutions

933,682

Other financial liabilities

74,287,265

Financing received from BCRA and other financial entities

1,387,310

Issued corporate bonds

7,436,745

Subordinated corporate bonds

51,773,419

Total financial liabilities

873,532,624

347

347

Summary of Financial Assets and Liabilities Recognized at Fair Value using the Valuation Technique

Below is the reconciliation between the amounts at the beginning and at the end of the fiscal year of the financial assets and liabilities recognized at fair value categorized as level 3:

Reconciliation		As of December 31, 2021
		Debt instruments				Other financial assets				Equity instruments at fair value through profit or loss				Derivative financial instruments
Amount at the beginning			571,230				39,515				7,861,712				1,482,617
Transfers to Level 3
Transfers from Level 3
Profit and loss (1)			352,566				1,829				(1,456,561	)			(1,045,763	)
Recognition and derecognition			502,430				5,135				(22,299	)
Monetary effects			(309,473	)			(15,458	)			(2,669,336	)			(436,854	)
Amount at the end of the fiscal year			1,116,753				31,021				3,713,516

Reconciliation		As of December 31, 2020
		Debt instruments				Other financial assets				Equity instruments at fair value through profit or loss				Derivative financial instruments
Amount at the beginning			1,674,888				47,266				5,357,799				1,161,481
Transfers to Level 3
Transfers from Level 3
Profit and loss (1)			313,643				14,297				3,939,180				629,470
Recognition and derecognition			(1,194,786	)			(9,820	)			25,828
Monetary effects			(222,515	)			(12,228	)			(1,461,095	)			(308,334	)
Amount at the end of the fiscal year			571,230				39,515				7,861,712				1,482,617

(1) Profit and loss are recorded in “Net gain from measurement of financial instruments at fair value”.

Summary of Sensitivity Analysis Related to WACC

Prisma Medios de Pago SA equity (49%) plus minority discount

(9.09%) – US$ millions

g (terminal value growth – annual)

							2.00	%			3.00	%			4.00	%
			97.5	%			370.9				391.8				416.5
WACC			100	%			366.2				386.8				411.1
			102.5	%			361.7				381.9				405.9

Summary of Sensitivity Analysis Related to Put Option Per Share

Below is disclosed the sensitivity for the valuation of the put option per share, based on the level of implied volatility and the theoretical exercise price of the share price:

Sensibility - US$

Volatility

							10.0	%			12.0	%			15.0	%
			95	%			1.08				1.16				1.26
EBITDA			100	%			1.26				1.31				1.42
			105	%			1.43				1.48				1.58

Summary of Valuation Techniques and Significant Unobservable Inputs Used in the Valuation

The following table provides quantitative information about the valuation techniques and significant unobservable inputs used in the valuation of the main of debt securities of financial trusts for which the Bank uses an internal model.

Composition

Fair value of

Valuation technique

Significant unobservable inputs

Range of inputs

Level 3 Assets

12/31/2021

12/31/2021

Range of inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

321,674

Income approach (discounted cash flow)

Discount rate in pesos

43.32

46.14

%

Corporate bonds

792,124

Income approach (discounted cash flow)

Discount rate in pesos

26.19

40.99

%

Composition

Fair value of

Valuation technique

Significant unobservable inputs

Range of inputs

Level 3 Assets

12/31/2020

12/31/2020

Range of inputs

Low

High

Unit

Provisional Debt Securities of Financial Trusts

567,676

Income approach (discounted cash flow)

Discount rate in pesos

43.84

47.60

%

Summary of Effect of Changing the Significant Unobservable Inputs

The table below describes the effect of changing the significant unobservable inputs to reasonably possible alternatives. Sensitivity data were calculated using a number of techniques including analyzing price dispersion of different price sources, adjusting model inputs to analyze changes within the fair value methodology.

		12/31/2021								12/31/2020
		Favorable changes				Unfavorable changes				Favorable changes				Unfavorable changes
Provisional Debt Securities of Financial Trusts			154				(152	)			679				(663	)
Corporate bonds			15,286				(14,091	)

Summary of Comparison between Fair Value and the Carrying Amount of Financial Instruments

The following table shows a comparison between the fair value and the carrying amount of financial instruments not measured at fair value as of December 31, 2021 and 2020:

Composition		12/31/2021
		Carrying amount				Level 1				Level 2				Level 3				Fair value
Financial assets
Cash and deposits in banks			172,332,578				172,332,578												172,332,578
Repo transactions			31,405,801				31,405,801												31,405,801
Other financial assets			33,069,312				33,069,312												33,069,312
Loans and other financing			352,361,088												327,385,535				327,385,535
Other debt securities			24,042,051				22,870,843				649,862				156,143				23,676,848
Financial assets delivered as guarantee			17,964,257				17,964,257												17,964,257
Total			631,175,087				277,642,791				649,862				327,541,678				605,834,331

Financial liabilities
Deposits			588,850,704				333,710,730								254,808,085				588,518,815
Other financial liabilities			67,935,119				66,489,254				1,434,811								67,924,065
Financing received from the BCRA and other financial entities			437,726				396,210				38,375								434,585
Issued corporate bonds			2,990,809								2,632,631								2,632,631
Subordinated corporate bonds			41,974,169								34,459,093								34,459,093
Total			702,188,527				400,596,194				38,564,910				254,808,085				693,969,189

Composition		12/31/2020
		Carrying amount				Level 1				Level 2				Level 3				Fair value
Financial assets
Cash and deposits in banks			196,175,043				196,175,043												196,175,043
Repo transactions			59,503,764				59,503,764												59,503,764
Other financial assets			27,593,415				27,593,415												27,593,415
Loans and other financing			388,555,757												362,198,537				362,198,537
Other debt securities			46,963,660				15,939,083				33,524,602				223,887				49,687,572
Financial assets delivered as guarantee			20,522,947				20,522,947												20,522,947
Total			739,314,586				319,734,252				33,524,602				362,422,424				715,681,278

Composition		12/31/2020
		Carrying amount				Level 1				Level 2				Level 3				Fair value
Financial liabilities
Deposits			737,714,203				366,882,887								370,411,513				737,294,400
Repo transactions			933,682				933,682												933,682
Other financial liabilities			74,287,265				72,269,553				2,009,484								74,279,037
Financing received from the BCRA and other financial entities			1,387,310				488,858				883,979								1,372,837
Issued corporate bonds			7,436,745								6,220,000								6,220,000
Subordinated corporate bonds			51,773,419								43,929,655								43,929,655
Total			873,532,624				440,574,980				53,043,118				370,411,513				864,029,611

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