Grupo Supervielle Sa Adr (sponsored) Repstg Cl B Stock Earnings Reports

Grupo Supervielle executed a measured shift toward a more credit-driven balance sheet in 2Q25 while navigating election-related uncertainty and tight peso liquidity. Key operational highlights: loan growth outpaced the industry (total loans +14% sequential, +71% YoY in real terms) with a rebalancing toward commercial lending (now ~53% of loans) while retail origination was tightened after rapid prior expansion. Funding strengthened notably: U.S. dollar deposits hit a record $943 million in June (exceeding $1.1 billion in July), gaining ~100 bps market share. Profitability and margins improved quarter-over-quarter: NIM expanded to 20.8% and ROE was 6% (real terms), supported by disciplined cost management. Asset quality showed signs of normalization: NPLs at 2.7% (retail 4.5%) with coverage at 130%; provisions rose (net cost of risk ~5.5% for the quarter) reflecting forward-looking models and higher retail weight. Guidance / outlook: updated 2025 targets include real loan growth of 40%–50%, deposit growth of 20%–30%, NPLs stabilizing at 3.0%–3.5%, net cost of risk 5%–5.5%, NIM 18%–20%, and year-end CET1 of 12%–13% (with potential upside to ~16.7% if Basel III operational risk treatment is applied). Management emphasized early traction from digital and cross-sell initiatives (remunerated payroll accounts, Tienda Supervielle on Mercado Libre, Gen AI WhatsApp channel, and InvertirOnline integrations) and expects a stronger lending environment after the October elections, while remaining prudent on underwriting and funding composition.