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Income Tax (Tables)
 12 Months Ended
Dec. 31, 2021
Income tax [Abstract]  
Table of deferred income tax assets and liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Account
         
Changes recognized in
    
As of December 31, 2021
  
  
As of
December 31,
2020
    
Consolidated
statement of
profit or loss 
(1)
    
Other
comprehensive
income
    
Deferred tax
asset
    
Deferred tax
liabilities
  
Allowance for loan losses
      6,915,790       (496,798 )      —         6,418,992       —  
Provisions
      3,789,777       330,943       —         4,120,720       —  
Loan Commissions
      415,331       92,518       —         507,849       —  
Expenses capitalized for tax purpose
      (1,274,635 )      (912,340 )      —         —       (2,186,975 ) 
Property and equipment
      (10,107,925 )      (3,996,067 )      —         —       (14,103,992 ) 
Investments in debt securities and equity instruments
      (4,020,756 )      916,070       (2,625,558 )     —       (5,730,244 )
Derivatives
      16,907       (3,839 )      —         13,068       —  
Inflation adjustment (see Note 15.5)
      13,140,814       (9,447,713 )      —         3,693,101       —  
Tax loss
      —         152,534       —         152,534       —  
Others
      925       (112 )      —         813       —  
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance
   
 
8,876,228
 
  
 
(13,364,804
) 
  
 
(2,625,558
 )  
 
14,907,077
 
  
 
(22,021,211
 )
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Offsetting
                           
 
(13,427,744
) 
  
 
13,427,744
 
                            
 
 
    
 
 
  
Net
                           
 
1,479,333
 
  
 
(8,593,467
 )
                            
 
 
    
 
 
  
 
(1)
It includes a decrease of deferred tax asset of
7,596,948
due to the tax inflation adjustment mechanism described in note 15.5 – “Income tax – inflation adjustment for fiscal year 2020” and
325,896
of over deferred tax from prior year.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Account
         
Changes recognized in
     
As of December 31, 2020
  
  
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
      9,173,949       (2,261,342 )      —         3,183        6,915,790       —    
Provisions
      4,170,029       (380,252 )      —         —          3,789,777       —    
Loan Commissions
      263,066       152,265       —         —          415,331       —    
Expenses capitalized for tax purpose
      (422,470 )      (852,165 )      —         —          —         (1,274,635 ) 
Property and equipment
      (11,813,167 )      1,705,242       —         —          —         (10,107,925 ) 
Investments in debt securities and equity instruments
      (4,207,214 )      3,273,154       (3,122,236 )      35,540        —         (4,020,756 ) 
Derivatives
      23,017       (6,110 )      —         —          16,907       —    
Inflation adjustment (see Note 15.5)
      9,026,924       4,113,890       —         —          13,140,814       —    
Others
      (738 )      (2,821 )      —         4,484        925       —    
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Balance
   
 
6,213,396
 
  
 
5,741,861
 
  
 
(3,122,236
) 
  
 
43,207
 
   
 
24,279,544
 
  
 
(15,403,316
) 
    
 
 
    
 
 
    
 
 
    
 
 
     
 
 
    
 
 
  
Offsetting
                                    
 
(15,343,937
) 
  
 
15,343,937
 
                                     
 
 
    
 
 
  
Net
                                    
 
8,935,607
 
  
 
(59,379
) 
                                     
 
 
    
 
 
  
 
Table of income tax expense
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
2021
     
December 31,
2020
     
December 31,
2019
  
Current Tax
      181,238        18,363,448        22,161,119  
Deferred Tax
      5,441,960        (5,741,861 )       (9,308,766 ) 
Inflation adjustment for prior period (see Note 15.5)
      —        —          (8,594,199 ) 
Over/under income tax from prior year (see Note 15.5) 
(1)
      (1,001,615 )       (494,797 )       —    
    
 
 
     
 
 
     
 
 
  
Income tax expense
   
 
4,621,583
 
   
 
12,126,790
 
   
 
4,258,154
 
    
 
 
     
 
 
     
 
 
  
Table of reconciliation effective tax rate
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
December 31,
2021
    
December 31,
2020
    
December 31,
2019
  
Profit before income tax
      13,977,273       27,324,790       37,186,765  
Income tax rate
      35 %      30 %      30 % 
    
 
 
    
 
 
    
 
 
  
Income tax using the Bank’s income tax rate
   
 
4,892,046
 
  
 
8,197,437
 
  
 
11,156,030
 
Tax -exempt income
      (284,301 )      (495,677 )      (989,166 ) 
Non-deductible
expenses
      145,946       182,111       131,823  
Change in tax rate (see Note 15.4)
      1,476,570       (671,278 )      (1,934,389 ) 
Other
      64,298       294,314       (32,143 ) 
Net monetary inflation adjustment
      19,796,244       12,691,263       15,834,002  
    
 
 
    
 
 
    
 
 
  
Subtotal
   
 
26,090,803
 
  
 
20,198,170
 
  
 
24,166,157
 
Inflation adjustment for tax purposes (see Note 15.5)
      (20,467,605 )      (7,576,583 )      (19,908,003 ) 
Over/under income tax from prior year (see Note 15.5)
(1)
      (1,001,615 )      (494,797 )      —    
    
 
 
    
 
 
    
 
 
  
Income tax expense
   
 
4,621,583
 
  
 
12,126,790
 
  
 
4,258,154
 
Effective tax rate
      33 %      44 %      11 % 
 
(1)
It includes an income tax charge of 974,000 corresponding to the tax inflation mechanism applied for fiscal year 2020 – see note 15.5 “Income tax – inflation adjustment for fiscal year 2020”.
 
Table of Change in tax rate
 
 
 
 
 
 
 
 
 
Annual taxable income
   
Tax due on lower limit
     
Marginal rate on the excess of
the lower limit
  
0 to 5,000
     
0
        25 % 
Over 5,000 to 59,000
      1,250        30 % 
Over 50,000
      14,750        35 %