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Income Tax (Tables)
 12 Months Ended
Dec. 31, 2022
Income tax [Abstract]  
Table of deferred income tax assets and liabilities
Account
         
Changes recognized in
    
As of December 31, 2022
  
  
As of

December 31,

2021
    
Consolidated
statement of
profit or loss
    
Other
comprehensive
income
    
Deferred tax
asset
    
Deferred tax
liabilities
  
                                
Allowance for loan losses
      12,503,754       (538,189 )      —         11,965,565       —    
Provisions
      8,026,878       4,587,586       —         12,614,464       —    
Loan Commissions
      989,255       231,779       —         1,221,034       —    
Expenses capitalized for tax purpose
      (4,260,076 )      (578,506 )      —         —         (4,838,582 ) 
Property and equipment
      (27,473,603 )      14,461,807       —         —         (13,011,796 ) 
Investments in debt securities and equity instruments
      (11,162,121 )      (2,165,174 )      (713,714 )      —         (14,041,009 ) 
Derivatives
      25,456       (25,456 )      —         —         —    
Inflation adjustment (see Note 11.4)
      7,193,904       (4,708,826 )      —         2,485,078       —    
Tax loss
      297,126       584,936       —         882,062       —    
Others
      1,584       (36,123 )      —         —         (34,539 ) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance
   
 
(13,857,843
) 
  
 
11,813,834
 
  
 
(713,714
) 
  
 
29,168,203
 
  
 
(31,925,926
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Offsetting
                           
 
(27,648,039
) 
  
 
27,648,039
 
                            
 
 
    
 
 
  
Net
                           
 
1,520,164
 
  
 
(4,277,887
) 
                            
 
 
    
 
 
  
 
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
      13,471,482       (967,728 )      —         12,503,754       —    
Provisions
      7,382,224       644,654       —         8,026,878       —    
Loan Commissions
      809,036       180,219       —         989,255       —    
Expenses capitalized for tax purpose
      (2,482,901 )      (1,777,175 )      —         —         (4,260,076 ) 
Property and equipment
      (19,689,540 )      (7,784,063 )      —         —         (27,473,603 ) 
Investments in debt securities and equity instruments
      (7,832,155 )      1,784,440       (5,114,406 )      —         (11,162,121 ) 
Derivatives
      32,934       (7,478 )      —         25,456       —    
Inflation adjustment (see Note 11.4)
      25,597,408       (18,403,504 )      —         7,193,904       —    
Tax loss
      —         297,126       —         297,126       —    
Others
      1,802       (218 )      —         1,584       —    
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Balance
   
 
17,290,290
 
  
 
(26,033,727
) 
  
 
(5,114,406
) 
  
 
29,037,957
 
  
 
(42,895,800
) 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Offsetting
                           
 
(26,156,319
) 
  
 
26,156,319
 
                            
 
 
    
 
 
  
Net
                           
 
2,881,638
 
  
 
(16,739,481
) 
                            
 
 
    
 
 
  
 
(1)
It includes a decrease of deferred tax asset of 14,798,341 due to the tax inflation adjustment mechanism described in note 11.
4
 – “Income tax – inflation adjustment for fiscal year 2020” and 634,823 of over deferred tax from prior year.
Table of income tax expense
    
 December 31, 
2022
     
 December 31, 
2021
     
 December 31, 
2020
  
                      
Current Tax
      (9,290,084 )       (353,039 )       (35,770,730 ) 
Deferred Tax
      11,813,834        (10,600,563 )       11,184,736  
Over/under income tax from prior year (see Note 11.4)
(1)
      —          1,951,077        963,830  
    
 
 
     
 
 
     
 
 
  
Income tax recognized in the consolidated statement of profit or loss
   
 
2,523,750
 
   
 
(9,002,525
) 
   
 
(23,622,164
) 
    
 
 
     
 
 
     
 
 
  
Table of reconciliation effective tax rate
    
December 31,
2022
    
December 31,
2021
    
December 31,
2020
  
                    
Profit before income tax
      55,436,928       27,226,764       53,225,468  
Income tax rate
      35 %      35 %      30 % 
    
 
 
    
 
 
    
 
 
  
Income tax using the Bank’s income tax rate
   
 
19,402,925
 
  
 
9,529,367
 
  
 
15,967,640
 
    
 
 
    
 
 
    
 
 
  
Tax -exempt income
      (148,549 )      (553,799 )      (965,545 ) 
Non-deductible
expenses
      152,789       284,293       354,740  
Change in tax rate (see Note 11.3)
      —         2,876,256       (1,307,603 ) 
Other
      (217,250 )      125,248       573,718  
Net monetary inflation adjustment
      60,738,634       38,561,719       24,721,705  
    
 
 
    
 
 
    
 
 
  
Subtotal
   
 
79,928,549
 
  
 
50,823,084
 
  
 
39,344,655
 
Inflation adjustment for tax purposes (see Note 11.4)
      (82,362,333 )      (39,869,482 )      (14,758,661 ) 
Over/under income tax from prior year (see Note 11.4)
(1)
      (89,966 )      (1,951,077 )      (963,830 ) 
    
 
 
    
 
 
    
 
 
  
Income tax expense
   
 
(2,523,750
) 
  
 
9,002,525
 
  
 
23,622,164
 
    
 
 
    
 
 
    
 
 
  
Effective tax rate
      (5 )%      33 %      44 % 
 
(1)
It includes an income tax charge of 1,897,285 corresponding to the tax inflation mechanism applied for fiscal year 2020 – see note 11.4 “Income tax – inflation adjustment for fiscal year 2020”.