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Income Tax (Tables)

12 Months Ended

Dec. 31, 2020

Income tax [Abstract]

Table of deferred income tax assets and liabilities


Account						Changes recognized in												As of December 31, 2020
Account		As of December 31, 2019				Consolidated statement of profit or loss				Other comprehensive income				Consolidation with subsidiaries				Deferred tax asset				Deferred tax liabilities
Allowance for loan losses			6,077,813				(1,498,157	)			—				2,109				4,581,765				—
Provisions			2,762,677				(251,920	)			—				—				2,510,757				—
Loan Commissions			174,283				100,877				—				—				275,160				—
Expenses capitalized for tax purpose			(279,890	)			(564,566	)			—				—				—				(844,456	)
Property and equipment			(7,826,316	)			1,129,736				—				—				—				(6,696,580	)
Investments in debt securities and equity instruments			(2,787,312	)			2,168,490				(2,068,506	)			23,546				—				(2,663,782	)
Derivatives			15,249				(4,048	)			—				—				11,201				—
Inflation adjustment (see Note 15.5)			5,980,408				2,725,485				—				—				8,705,893				—
Others			(489	)			(1,869	)			—				2,971				613				—

Balance			4,116,423				3,804,028				(2,068,506	)			28,626				16,085,389				(10,204,818	)

Offsetting																			(10,165,479	)			10,165,479

Net																			5,919,910				(39,339	)


Account						Changes recognized in												As of December 31, 2019
Account		As of December 31, 2018				Consolidated statement of profit or loss				Other comprehensive income				Gain of control over subsidiaries				Deferred tax asset				Deferred tax liabilities
Allowance for loan losses			2,524,230				3,553,583				—				—				6,077,813				—
Provisions			1,034,295				1,728,383				—				—				2,762,678				—
Loan Commissions			392,873				(218,590	)			—				—				174,283				—
Expenses capitalized for tax purpose			(835,040	)			555,150				—				—				—				(279,890	)
Property and equipment			(7,291,169	)			(535,147	)			—				—				—				(7,826,316	)
Investments in debt securities and equity instruments			220,681				(4,975,754	)			1,967,761				—				—				(2,787,312	)
Derivatives			23,458				(8,209	)			—				—				15,249				—
Inflation adjustment (see Note 15.5)			—				5,980,408				—				—				5,980,408				—
Others			1,634				87,307				—				(89,431	)			—				(490	)

Balance			(3,929,038	)			6,167,131				1,967,761				(89,431	)			15,010,431				(10,894,008	)

Offsetting																			(10,894,008	)			10,894,008

Net																			4,116,423				—

Table of income tax expense


		December 31, 2020				December 31, 2019				December 31, 2018
Current Tax			12,165,929				14,681,916				11,300,604
Deferred Tax			(3,804,028	)			(6,167,131	)			742,435
Inflation adjustment for prior period (see Note 15.5)			—				(5,693,726	)			(2,961,457	)
Over/under income tax from prior year			(327,807	)			—				—

Income tax expense			8,034,094				2,821,059				9,081,582

Table of reconciliation effective tax rate


		December 31, 2020				December 31, 2019				December 31, 2018
Profit before income tax			18,102,889				24,636,513				5,794,181
Income tax rate			30	%			30	%			30	%

Income tax using the Bank´s income tax rate			5,430,867				7,390,954				1,738,254

Tax -exempt income			(328,390	)			(655,330	)			(411,218	)
Non-deductible expenses			120,650				87,334				146,568
Change in tax rate (see Note 15.4)			(444,727	)			(1,281,548	)			(604,046	)
Other			194,985				(21,293	)			(36,906	)
Net monetary inflation adjustment			8,755,629				10,490,151				11,210,387

Subtotal			13,729,014				16,010,268				12,043,039
Inflation adjustment for tax purposes (see Note 15.5)			(5,367,113	)			(13,189,209	)			(2,961,457	)
Over/under income tax from prior year			(327,807	)			—				—

Income tax expense			8,034,094				2,821,059				9,081,582
Effective tax rate			44	%			11	%			157	%