3Q20 Net Income of AR$859.6 million; Comprehensive Net Income of AR$760.7 million - Seite 2

Amidst this health crisis, we remain focused on executing against our long-term goals of serving the changing needs of our customers while enhancing efficiency. We are evolving our business with continued progress on the implementation of the transformation of our branch network, deploying new branch service models, including advancing the conversion of our senior citizen branches to broaden our service capabilities and boost satisfaction and efficiency. This includes enhancing the user experience by leveraging our innovative biometrics for retirees and stepping up other technologies across branches while establishing a value proposition for SMEs in areas where we see potential to expand the customer base.

With the goal of delivering digital solutions that address personal finance needs while promoting financial education with tools that help in decision-making, earlier this week we launched IUDÚ, our digital banking services platform, which joins the Grupo Supervielle ecosystem to participate in the transformation of the financial services industry. In this first iteration, the IUDÚ App allows customers to obtain personal loans and credit cards. We expect to add retail savings and time deposit accounts in the first half of 2021, followed by a comprehensive suite of digital banking products and services to be added in the near-term.

Looking ahead, following the sharp contraction in GDP expected for the year, Argentine economic activity could see a recovery of around 5% in 2021, further supported by a resumption of IMF negotiations along with a series of governmental measures that tend toward fiscal restraint. Having said that, a path to recovery is still largely dependent on the depth and duration of this global health crisis, overall macro conditions and the regulatory framework.

We remain fully committed to taking the actions required to ensure the long-term sustainability of our business. Through executing against our strategy of transforming Grupo Supervielle and prioritizing our digital transformation to continue evolving our company into a cutting edge, agile and cost-efficient player that meet our customer’s needs, we believe we are on the right path.” concluded Mr. Supervielle.

Third Quarter 2020 Highlights

PROFITABILITY

Attributable Net income of AR$859.6 million in 3Q20, compared to a loss of AR$2.3 billion in 3Q19 and a profit of AR$ 1.1 billion in 2Q20. Excluding the impact of IAS29, Attributable Net income would have been AR$1.9 billion in both 3Q20 and 2Q20, and AR$301.0 million in 3Q19.