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Financial instruments risks

12 Months Ended

Dec. 31, 2021

Disclosure of nature and extent of risks arising from financial instruments [abstract]

Financial instruments risks

39. Financial instruments risks

Presentation of Risk Management and Risk-Weighted

Assets

(RWA)

Strategies and processes

The General Risks Policy expresses the levels and types of risk the Group is willing to take to carry out its strategic plan, with no relevant deviations, even under stress conditions.

To achieve its goals, the Group uses a management model with two principles for the decision-making process:

•

Prudence: Materialized in relation to the management of the various risks acknowledged by the Group.

•

Anticipation: Refers to the adaptation capacity of risk management.

This process aims to be adequate, sufficiently proven, duly documented and periodically reviewed based on the changes of the Group’s risk profile and the market.

Structure and organization

The Group has a formal organizational structure, with a set of roles and responsibilities, organized in a pyramidal structure that generates control instances from lower to higher levels, up to the highest decision-making bodies. The following are the areas that conform the structure and a

list

of their functions:

•

Risks Management Unit.

•

Committees.

•

Control and Reporting Units.

•

Cross-Control Areas.

Risks Management Unit:

This is an area that is independent from the Bank’s business units, in charge of implementing the criteria, policies and procedures defined by the organization within the scope of credit (retail and wholesale), operational and market risk management, with a

follow-up

and control of proper application and proposing the actions necessary to the keep quality of risks within the defined goals. One of its main functions is to ensure proper information for the decision-making process at all levels, including relevant risk factors, such as:

•

Active management throughout the life of the risk.

•

Clear processes and procedures.

•

Integrated management of all risks through identification and quantification.

•

Generation, implementation and dissemination of advanced decision-making support tools.

Committees

Committees are the governance bodies through which risks are treated.

Internal Risk Control Units

The main responsibilities of the Internal Risks Control Units are: ensuring that there is a proper internal regulatory framework (a process and measures defined for each type of risk), controlling its application and operation, and ensuring an assessment of the existence of a control environment and its proper implementation and operation.

The area has a Models Validation team that ensures the adequate use of BBVA Argentina’s internal risk statistical models and which is responsible for issuing an informed and updated opinion on the proper use of such models.

Reporting Units

The Reporting Units are in charge of control procedures for risk, determining the risk quota for each segment of economic activity and type of financing, preparing fundamental metrics setting forth the principles and general risk profile in the statement of Appetite for Risk. In addition, it is in charge of generating reports for the Risks Management Unit for decision-making process in accordance with internal credit policies and control organizations’ policies, reviewing processes and proposing alternatives.

Cross-Control Areas

The Group also has cross-control areas, such as: Internal Audit, Regulatory Compliance and Internal Control.

Risk Appetite Framework

Risk appetite is a key element which provides the Group with a comprehensive framework to determine the risks and level of risks, expressed in terms of capital, liquidity, profitability, income recurrence, risk costs or other metrics.

Risk appetite is expressed through a statement containing the general principles for the Group’s strategy and quantitative metrics.

Stress Testing

The evaluation of the Group’s financial position under a severe but plausible scenario requires the simulation of scenarios to estimate the potential impact on the value of portfolios, profitability, solvency and liquidity.

Credit risk

It is the most important risk for the Group and includes counterparty risk, issuer risk, settlement risk and country risk management.

Strategy and processes

BBVA Argentina develops its credit risk strategy defining the goals that will guide its granting activities, the policies to be adopted and the necessary practices and procedures to carry out those activities.

Additionally, the Risks Management Department, together with the rest of the Bank’s Management Departments, annually develops a budget process, which includes the main variables of credit risk:

•

Expected growth per portfolio and product.

•

Evolution of default ratio.

•

Evolution of

write-off

portfolios.

This way, the expected standard credit risk values are set for a term of one year. Afterwards, the real values obtained are compared with that budget, to assess the growth of the portfolio and its quality.

Also, maximum limits or exposures per economic activity are formalized, pursuant to the Group’s placement strategy, which are used to follow up credit portfolios. In case of deviations from the set limits, these are analyzed by the Risks

Follow-Up

Committees to take the necessary measures.

Origination

BBVA Argentina has credit risk origination policies in place, to define the criteria to obtain quality assets, establish risk tolerance levels and alignment of the credit activities with the strategy of BBVA Argentina and in accordance with the Group. The policy of accepting risks is therefore organized into three different levels within the Group:

•

Analysis of the financial risk of the transaction, based on the debtor’s capacity for repayment or funds generation.

•

The constitution of guarantees that are adequate, or at any rate generally accepted, for the risk assumed, in any of the generally accepted forms: monetary, secured, personal or hedge guarantees.

•

Assessment of the repayment risk (asset liquidity) of the guarantees received.

Monitoring

The main monitoring procedures carried out by the various Banking areas are:

•

Monitoring of the limit granted: Since customer profiles vary over time, the limits of products contracted are periodically reviewed for the purpose of broadening, reducing or suspending the limit assigned, based on the risk situation.

•

Maintenance of

pre-approved

limits: Customers’ characteristics, vary over time. Therefore, there is periodical maintenance of the

pre-approved

limits, taking into consideration changes in a customer’s situation (position of asset and liability and relationship). Likewise, there is a periodic

follow-up

of the evolution of the

pre-approved

limit amount for the purpose of controlling and ensuring the risk assigned in accordance with the desired risk levels.

•

Monitoring of rating tools: Rating tools are a reflection of the internal inputs and show the characteristics and biases of such inputs. Therefore, they need a long period to reduce or eliminate those biases through the inclusion of new information, correction of existing information and periodic reviews optimizing the results of back-tests.

•

Portfolio analysis: The portfolio analysis consists of a monitoring process and study of the complete cycle of portfolio risk for the purpose of analyzing the status of the portfolio, identifying potential paths towards improvements in management and forecasting future behavior.

Additionally, the following functions are carried out:

•

Monitoring of specific customers.

•

Monitoring of products.

•

Monitoring of units (branches, areas).

•

Other monitoring actions (samples, control of admission process and risk management, campaigns).

The priority in credit risk monitoring processes is focused mainly on problematic or potentially problematic customers for preventive purposes. The remaining aspects, the monitoring of products, units and other monitoring actions, are supplementary to the specific monitoring of customers.

Recovery

BBVA Argentina also has a Recoveries Area within Risk Management to mitigate the severity of credit portfolios as well as to provide the results directly through collections of

write-off

portfolios and indirectly through collections of active portfolios, which imply a reduction of allowances.

Scope and nature of information and/or risk measurement systems

BBVA Argentina has several tools to be used in credit risk management for effective risk control and to facilitate the entire process. The periodic reports are:

•

Progress of Risks.

•

Payment Schedules.

•

Ratings.

•

Dashboard.

•

Early Alerts System.

•

Quarterly tools

follow-up

sheet.

Exposure to credit risk

The Group’s credit risk exposure of financial assets, loan commitments and financial guarantees under IFRS 9 with stage allocation by asset classification as of December 31, 2021 and 2020 is provided below:


Credit risk exposure	December 31, 2021		Stage 1		Stage 2		Stage 3
Cash and cash equivalents		141,983,557		141,983,557		—		—

- BCRA unrestricted current account		141,983,557		141,983,557		—		—

Financial assets at amortized cost		573,356,152		496,373,462		67,361,957		9,620,733

- Debt securities		22,565,485		—		22,565,485		—

Wholesale		177,548,957		158,455,841		15,609,426		3,483,690

- Business		76,723,201		66,603,982		8,485,981		1,633,238
- Corporate and Investment Banking		57,469,155		49,418,485		6,320,490		1,730,180
- Institutional and international		1,388		995		50		343
- MSMEs		22,812,360		21,889,526		802,905		119,929
- Others		20,542,853		20,542,853		—		—

Retail		235,693,215		200,369,126		29,187,046		6,137,043

- Advances		626,264		412,038		117,735		96,491
- Credit cards		151,043,596		133,242,253		15,457,419		2,343,924
- Personal loans		40,349,507		31,560,189		6,063,168		2,726,150
- Pledge loans		17,784,374		16,985,401		357,412		441,561
- Mortgages		25,562,122		17,856,861		7,191,102		514,159
- Receivables from financial leases		321,015		306,623		210		14,182
- Others		6,337		5,761		—		576

Reverse repurchase agreements		137,548,495		137,548,495		—		—

- BCRA repos		137,548,495		137,548,495		—		—

Financial assets at fair value through other comprehensive income		167,039,478		109,052,845		57,986,633		—

- Debt securities		167,039,478		109,052,845		57,986,633		—

Total financial assets risk		882,379,187		747,409,864		125,348,590		9,620,733

Loan commitments and financial guarantees		89,022,589		82,516,583		6,467,260		38,746

Wholesale		16,935,420		14,559,614		2,366,930		8,876

- Business		7,805,531		6,678,894		1,121,400		5,237
- Corporate and Investment Banking		5,416,826		4,843,666		573,160		—
- Institutional and international		2,138,516		1,691,301		447,215		—
- MSMEs		1,574,547		1,345,753		225,155		3,639

Retail		72,087,169		67,956,969		4,100,330		29,870

- Advances		7,075,146		6,868,771		206,212		163
- Credit cards		64,568,415		60,774,215		3,765,007		29,193
- Mortgages		411,754		282,838		128,402		514
- Others		31,854		31,145		709		—

Total loan commitments and financial guarantees		89,022,589		82,516,583		6,467,260		38,746

Total credit risk exposure		971,401,776		829,926,447		131,815,850		9,659,479


Credit risk exposure	December 31, 2020		Stage 1		Stage 2		Stage 3
Cash and cash equivalents		130,088,223		130,088,223		—		—
- BCRA unrestricted current account		130,088,223		130,088,223		—		—
Financial assets at amortized cost		520,140,163		452,691,622		59,242,643		8,205,898

Wholesale		192,272,548		170,466,499		17,407,294		4,398,755

- Business		95,621,686		86,511,449		7,031,341		2,078,896
- Corporate and Investment Banking		77,629,742		65,489,969		9,986,179		2,153,594
- Institutional and international		5,342		4,809		14		519
- MSMEs		14,872,282		14,363,355		343,181		165,746
- Others		4,143,496		4,096,917		46,579		—

Retail		253,622,600		207,980,108		41,835,349		3,807,143

- Advances		600,696		338,289		88,894		173,513
- Credit cards		163,607,070		131,845,039		30,287,816		1,474,215
- Personal loans		41,779,084		32,316,473		7,738,715		1,723,896
- Pledge loans		19,264,525		18,787,259		118,291		358,975
- Mortgages		28,016,348		24,340,030		3,600,399		75,919
- Receivables from financial leases		353,978		352,186		1,215		577
- Others		899		832		19		48

Reverse repurchase agreements		74,245,015		74,245,015		—		—

- BCRA repos		74,245,015		74,245,015		—		—

Financial assets at fair value through other comprehensive income		192,516,731		136,075,424		56,441,307		—

- Debt securities		192,516,731		136,075,424		56,441,307		—

Total financial assets risk		842,745,117		718,855,269		115,683,950		8,205,898

Loan commitments and financial guarantees		94,379,518		86,976,162		7,389,844		13,512

Wholesale		22,797,799		21,422,994		1,363,276		11,529

- Business		7,088,862		6,807,413		272,121		9,328
- Corporate and Investment Banking		8,576,144		8,248,211		327,205		728
- Institutional and international		6,363,672		5,630,780		732,892		—
- MSMEs		769,121		736,590		31,058		1,473

Retail		71,581,719		65,553,168		6,026,568		1,983

- Advances		7,504,050		7,357,531		146,430		89
- Credit cards		63,592,711		57,791,712		5,799,105		1,894
- Mortgages		437,271		390,530		46,741		—
- Others		47,687		13,395		34,292		—

Total loan commitments and financial guarantees		94,379,518		86,976,162		7,389,844		13,512

Total credit risk exposure		937,124,635		805,831,431		123,073,794		8,219,410

Information on the credit quality of assets

The Group’s credit quality analysis of financial assets under IFRS 9 with risk allocation as of December 31, 2021 and 2020 is provided below:


Credit quality analysis		December 31, 2021
Cash and cash equivalents
- BCRA unrestricted current account (Low risk)			141,983,557

Total cash and cash equivalents			141,983,557

Wholesale
- Low risk			146,126,778
- Medium risk			41,292,892
- High risk			3,572,141
- Non performing			3,492,566

Total wholesale			194,484,377

Retail
- Low risk			233,760,286
- Medium risk			66,480,022
- High risk			1,373,163
- Non performing			6,166,913

Total retail			307,780,384

Reverse repurchase agreement
- BCRA repos	(CCC+)		137,548,495

Total reverse repurchase agreement			137,548,495

Debt securities
- BCRA Liquidity Bills	(CCC+)		107,693,328
- Government securities	(CC)		80,552,118
- Corporate bonds (B)			911,442
- Corporate bonds	(CCC+)		448,075

Total debt securities			189,604,963

Total credit risk exposure			971,401,776


Credit quality analysis	December 31, 2020
Cash and cash equivalents
- BCRA unrestricted current account (Low risk)		130,088,223

Total cash and cash equivalents		130,088,223

Wholesale
- Low risk		147,560,865
- Medium risk		40,038,038
- High risk		23,061,160
- Non performing		4,410,284

Total wholesale		215,070,347


Retail
- Low risk		211,975,032
- Medium risk	.	103,514,198
- High risk		5,905,963
- Non performing		3,809,126

Total retail		325,204,319

Reverse repurchase agreement
- BCRA repos	(CCC+)	74,245,015

Total reverse repurchase agreement		74,245,015

Debt securities
- BCRA Liquidity Bills	(CCC+)	135,681,602
- Government securities	(CC)	56,441,307
- Corporate bonds	(CCC+)	393,822

Total debt securities		192,516,731

Total credit risk exposure		937,124,635

Mitigation of credit risk, collateralized credit risk and other credit enhancements

In most cases, maximum credit risk exposure is reduced by collateral, credit enhancements and other actions which mitigate the Group’s exposure. The Group applies a credit risk hedging and mitigation policy deriving from a banking approach focused on relationship banking. The existence of guarantees could be a necessary but not sufficient instrument for accepting risks, as the assumption of risks by the Group requires prior evaluation of the debtor’s capacity for repayment, or that the debtor can generate sufficient resources to allow the amortization of the risk incurred under the agreed terms.

The procedures for the management and valuation of collateral following the Corporate Policies (retail and wholesale), which establish the basic principles for credit risk management, including the management of collaterals assigned in transactions with customers.

The methods used to value the collateral are in line with the best market practices and imply the use of appraisal of real-estate collateral, the market price in market securities, the trading price of shares in investment funds, etc. All the collaterals received must be correctly assigned and entered in the corresponding register.

The following are the principal types of collateral managed by BBVA Argentina

•

Guarantees: It includes sureties or unsecured instruments.

•

Joint and several guarantee: upon default on payment, the creditor may collect the unpaid amount from either the debtor or the surety.

•

Joint guarantee: in this case the guarantors and debt-holders are liable in proportion to their interest in the company / transaction and restricted to such amount or percentage.

•

Security interest: it includes guarantees based on tangible assets, which are classified as follows:

•

Mortgages: a mortgage does not change the debtor’s unlimited liability, who is fully liable. They are documented pursuant to the Group’s internal regulations for such purposes and are duly registered. Also, there is an independent appraisal, at market value, which enables a prompt sale.

•

Pledges: this includes chattel mortgages of motor vehicles or machinery, as well as liens on time deposits and investment funds. To be accepted, they shall be effective upon realization accordingly, be properly documented and approved by the Legal Services area.

Loan commitments

To meet the specific financial needs of customers, the Group’s credit policy also includes, among others, the granting of financial guarantees, letters of credit and lines of credit through checking account overdrafts and credit cards. Although these transactions are not recognized in the Consolidated Statement of Financial Position, because they imply a potential liability for the Group, they expose the Group to credit risks in addition to those recognized in the Consolidated Statement of Financial Position and are, therefore, an integral part of the Group’s total risk.

Main types of guarantors

The Group defines that the collateral shall be direct, explicit, irrevocable and unconditional in order to be accepted as risk mitigation. Furthermore, regarding admissible guarantors, BBVA Argentina accepts financial institutions (local or foreign), public entities, stock exchange companies, resident and

non-resident

companies, including insurance companies.

Credit quality of financial assets that are neither past due nor impaired

The Group has tools (“scoring” and “rating”) that enable it to rank the credit quality of its transactions and customers based on an assessment and its correspondence with the PD scales. To analyze the performance of PD, the Group has a series of tracking tools and historical databases that collect the relevant internally generated information. These tools can be grouped together into scoring and rating models, being the main difference between ratings and scorings is that the latter are used to assess retail products, while ratings use a wholesale banking customer approach.

These different levels and their PD were calculated by using as a reference the rating scales and default rates. These calculations establish the PD levels for the Bank’s Master Rating Scale. Although this scale is common to the entire Group, the calibrations (mapping scores to PD sections/Master Rating Scale levels) are carried out at the country level.

Market risk

BBVA Argentina considers market risk as the likelihood of losses of value of the trading portfolio as a consequence of adverse changes in market variables affecting the valuation of financial products and instruments.

The main market risk factors the Group is exposed to are as follows:

•

Interest rate risk: From exposure to changes in the various interest rate curves.

•

Foreign exchange risk: From changes in the various foreign exchange rates. All positions in a currency other than the currency of the consolidated statements of financial position create foreign exchange risk.

The Financial Risks Management of the Risks Management area applies the criteria, policies and procedures defined by the Board of Directors to manage, with a

follow-up

and control of its proper application, and proposing the necessary actions to maintain the quality of risk within the defined appetite for risk.

The financial risks management model of BBVA Argentina consists of the Market Risks and Structural Risks and Economic Capital Areas, which are coordinated for the control and

follow-up

of risks.

The management of these risks is in line with the basic principles of the Basel Committee on Banking Supervision, with a comprehensive process to identify, measure, monitor and control risks.

The organization of financial risks is completed with a scheme of committees in which it participates, for the purpose of having an agile management process integrated into the treatment of the various risks.

Among others:

•

Assets and liabilities Committee (ALCO).

•

Risk Management Committee (RMC).

•

Financial Risks Committee (FRC).

BBVA Argentina has many tools and systems to manage and

follow-up

market risk, to achieve effective risk control and treatment.

The main market risk metric is Value at Risk (“VaR”), a parameter to estimate the maximum loss expected for the trading portfolio positions with a 99% confidence level and a time horizon of 1 day.

Current management structure and procedures in force include the

follow-up

of a limits and alerts scheme in terms of VaR, economic capital, stress and stop loss.

The market risk measurement model is periodically validated through Back-Testing to determine the quality and precision of the VaR estimate.

The Market Risk management model contemplates procedures for communication in the event the risks levels defined are exceeded, establishing specific communication and acting circuits based on the exceeded threshold.

The market risk measurement perimeter is the trading portfolio (trading book) managed by the Global Markets unit. This portfolio mainly consists of:

•

Argentine Government Securities.

•

BCRA Liquidity Bills

•

Corporate Bonds.

•

Foreign exchange spot.

•

Derivatives (Exchange rate Futures and Forwards and Interest rate swaps).

The following tables show the trading portfolio total VaR and VaR per risk factors based on daily VaR information:

VaR (in millions of pesos)


	Year ended December 31, 2021		Year ended December 31, 2020
Average		222.66		226.41
Minimum		37.04		27.42
Maximum		504.43		431.58
Closing		88.76		225.50

VaR per risk factors – (in millions of pesos)



VaR interest rate	Year ended December 31, 2021		Year ended December 31, 2020
Average		211.15		108.68
Minimum		5.75		6.97
Maximum		503.39		406.57
Closing		90.95		237.23



VaR foreign exchange rate	Year ended December 31, 2021		Year ended December 31, 2020
Average		43.11		187.62
Minimum		0.99		2.93
Maximum		157.89		377.09
Closing		1.29		137.98

Currency risk

The position in foreign currency is shown below:


	Total as of December 31, 2021			As of December 31, 2021 (per currency)									Total as of December 31, 2020
	Total as of December 31, 2021			US Dollar			Euro		Real		Other		Total as of December 31, 2020
ASSETS
Cash and cash equivalents		149,812,068			144,643,571			4,991,239		37,497		139,761		173,513,526
Financial assets at fair value through profit or loss - Debt securities		—			—			—		—		—		949
Other financial assets		8,512,844			8,505,447			7,397		—		—		10,460,892
Loans and advances		19,033,920			19,001,344			32,576		—		—		42,155,402
Financial assets at fair value through other comprehensive income - Debt securities		2,148,773			2,148,773			—		—		—		—
Equity instruments		35,844			35,844			—		—		—		42,676

TOTAL ASSETS		179,543,449			174,334,979			5,031,212		37,497		139,761		226,173,445

LIABILITIES
Deposits		166,231,580			163,082,499			3,149,081		—		—		207,456,770
Other financial liabilities		10,274,557			9,825,251			432,107		—		17,199		15,677,370
Bank loans		508,751			508,751			—		—		—		3,412,396
Other liabilities		4,323,448			3,301,024			1,022,424		—		—		1,724,778

TOTAL LIABILITIES		181,338,336			176,717,525			4,603,612		—		17,199		228,271,314

Net assets		(1,794,887	)		(2,382,546	)		427,600		37,497		122,562		(2,097,869	)

The notional amounts of the foreign currency term and forward transactions are presented below:


	December 31, 2021			December 31, 2020
Foreign Currency Forwards
Foreign currency forward purchases - US$		1,189,085			1,011,403
Foreign currency forward sales - US$		1,129,832			978,794
Foreign currency forward, net - US$		59,253			32,609
Foreign currency forward purchases - Euros		—			—

Foreign currency forward sales - Euros		11,432			6,834
Foreign currency forward, net - Euros		(11,432	)		(6,834	)

Interest rate risk

Structural interest risk (SIR) gathers the potential impact of market interest rate variations on the margin of interest and the equity value of BBVA Argentina.

The process to manage this risk has a limits structure to keep the exposure to this risk within levels that are consistent with the appetite for risk and the business strategy defined and approved by the Board of Directors.

Within the core metrics used for measurement,

follow-up

and control, the following stand out:

•

Margin at Risk (MaR): quantifies the maximum loss which may be recorded in the financial margin projected for 12 months under the worst case scenario of rate curves for a certain level of confidence.

•

Economic Capital (EC): quantifies the maximum loss which may be recorded in the economic value of the Group under the worst case scenario of rate curves for a certain level of confidence.

The Group additionally carries out an analysis of sensitivity of the economic value and the financial margin for parallel variations by +/- 100 basis points over interest rates.

The following table shows the sensitivity of the economic value (SEV), to +100 basis points variation presented as a proportion of Core Capital:

SEV +100 bps


	December 31, 2021			December 31, 2020
Closing		0.95	%		0.38	%
Minimum		0.54	%		0.17	%
Maximum		1.34	%		0.47	%
Average		0.81	%		0.34	%

The following table shows the sensitivity of the financial margin (SFM), to

-100

basis points variation presented as a percentage of

12-month

forecast net interest income:

SFM

-100

bps


	December 31, 2021			December 31, 2020
Closing		0.97	%		1.00	%
Minimum		0.72	%		0.56	%
Maximum		1.22	%		1.00	%
Average		0.95	%		0.82	%

Liquidity and financing risk

Liquidity risk is defined as the possibility of the Group not efficiently meeting its payment obligations without incurring significant losses which may affect its daily operations or its financial standing.

The short-term purpose of the liquidity and financing risk management process at BBVA Argentina is to timely and duly address payment commitments agreed, without resorting to additional funding deteriorating the Group’s reputation or significantly affecting its financial position, keeping the exposure to this risk within levels that are consistent with the appetite for risk and the business strategy defined and approved by the Board of Directors. In the medium and long term, to watch for the suitability of the financial structure of the Bank and its evolution, according to the economic situation, the markets and regulatory changes.

Within the core metrics used for measurement,

follow-up

and control of this risk, management considers the following to be most relevant:

LtSCD: (Loan to Stable Customers Deposits), measures the relationship between the net credit investment and the customers’ stable resources, and is set forth as the key metric of appetite for risk. The goal is to preserve a stable financing structure in the medium and long term.

Below are the Bank’s LtSCD ratios as of the dates indicated:


	December, 2021			December, 2020
LtSCD Closing		58,1	%		62,5	%
Max		61,8	%		70,0	%
Min		52,7	%		62,5	%
Avg		57,7	%		66,6	%

LCR: (Liquidity Coverage Ratio), BBVA Argentina calculates the liquidity coverage coefficient daily by measuring the relation between high quality liquid assets and total net cash outflows during a

30-day

period.

Below are the Bank’s LCR ratios as the dates indicated:


	December, 2021			December, 2020
LCR Closing		320	%		321	%
Max		346	%		354	%
Min		304	%		292	%
Avg		320	%		313	%

The following charts shows the concentration of deposits as of December 31, 2021 and 2020:


	December 31, 2021					December 31, 2020
Number of customers	Debt balance		% over total portfolio			Debt balance		% over total portfolio
10 largest customers		75,905,836		10.72	%		71,017,639		9.84	%
50 following largest customers		78,956,490		11.15	%		60,685,373		8.41	%
100 following largest customers		34,340,846		4.85	%		38,411,205		5.32	%
Rest of customers		519,133,013		73.28	%		551,723,628		76.43	%

TOTAL		708,336,185		100.00	%		721,837,845		100.00	%

The following chart show the breakdown by contractual maturity of loans and advances, other financing and financial liabilities considering the total amounts to their due date, as of December 31, 2021 and 2020:


	Assets (*)				Liabilities (*)
	December 31, 2021		December 31, 2020		December 31, 2021		December 31, 2020
Up to 1 month (**)		187,818,052		213,909,599		700,453,378		714,204,052
From more than 1 month to 3 month		57,212,107		56,163,098		35,849,052		39,471,310
From more than 3 month to 6 month		46,817,496		46,392,316		56,544,111		47,550,744
From more than 6 month to 12 month		46,923,113		50,017,719		2,981,056		4,254,662
From more than 12 month to 24 month		38,875,143		51,010,027		3,342,302		3,233,699
More than 24 months		64,677,955		65,882,381		3,671,794		6,407,841

TOTAL		442,323,866		483,375,140		802,841,693		815,122,308

(*)	These figures includes expected interest amounts. For floating rate instruments such interest amounts were calculated using interest rate prevailing at the end of each period.

(**)	The Bank has liquid assets such as cash and cash equivalents (Note 8), reverse repurchase agreements (Note 10.4) and BCRA liquidity bills (Note 14.1), among others, to settle its liabilities.

Additionally, the Bank has issued financial guarantees and loan commitments which may require outflows on demand.


Financial guarantees and loan commitments	December 31, 2021		December 31, 2020
Up to 1 month		293,488,653		312,617,268
From more than 1 month to 3 month		1,379,251		1,057,811
From more than 3 month to 6 month		564,901		1,383,985
From more than 6 month to 12 month		545,896		4,251,525
From more than 12 month to 24 month		136,243		278,232
More than 24 months		632,380		959,232

TOTAL		296,747,324		320,548,053

The amounts of the Bank’s financial assets and liabilities, which were expected to be collected or paid twelve months after the closing date as of December 31, 2021 and 2020 are set forth below:


	December 31, 2021		December 31, 2020
Financial assets
Loans and advances		103,553,098		116,892,408
Debt securities		25,149,891		43,113,087
Other financial assets		7,902,076		—

Total		136,605,065		160,005,495

Financial liabilities
Other financial liabilities		4,311,667		6,530,148
Bank loans		2,576,621		2,579,467
Debt securities issued		100,595		500,786
Deposits		25,213		31,139

Total		7,014,096		9,641,540