SEC Form 6-K filed by Banco BBVA Argentina S.A. ADS

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of May 2025

Commission File Number: 001-12568

BBVA Argentina Bank S.A.

(Translation of registrant’s name into English)

111 Córdoba Av, C1054AAA

Buenos Aires, Argentina

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Indicate by check mark whether by furnishing the information contained in this Form, the Registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

Banco BBVA Argentina S.A.

TABLE OF CONTENTS

Banco BBVA Argentina S.A. announces
First Quarter 2025 results

Buenos Aires, May 21, 2025 – Banco BBVA Argentina S.A (NYSE; BYMA; MAE: BBAR; LATIBEX: XBBAR) (“BBVA Argentina” or “BBVA” or “the Bank”) announced today its consolidated results for the first quarter (1Q25), ended on March 31, 2025.

As of January 1, 2020, the Bank started to inform its inflation adjusted results pursuant to IAS 29 reporting. To facilitate comparison, figures of comparable quarters of 2024 and 2025 have been updated according to IAS 29 reporting to reflect the accumulated effect of inflation adjustment for each period up to March 31, 2025.

1Q25 Highlights

Message from the CFO

"The notable fiscal consolidation, monetary stringency, and relative exchange rate stability have contributed to a moderation process of inflation throughout 2024, which has continued at the beginning of 2025. Likewise, there are increasing signs of economic activity recovery, which after falling by 1.7% in 2024, would expand by around 5.5% in 2025, according to BBVA Research. The prospects for inflation reduction have strengthened, and the forecast is that it will converge to around 35% by the end of 2025.

Recently, within the framework of a new agreement with the International Monetary Fund, the lifting of a large part of the exchange controls and the implementation of a floating exchange rate scheme with wide bands were announced, which could contribute to the macroeconomic normalization process. Regarding the external environment, although the direct impact of US tariffs could be relatively limited, the economy could be affected by a less favorable global context.

As of March 2025, private credit in pesos within the system grew by 221% year-on-year, while BBVA Argentina increased its private loan portfolio in pesos by 245%. Both the system and BBVA managed to exceed the year-on-year inflation level (which reached 55.9% YoY in March 2025) in terms of growth. With this information, a real monthly growth that began in April 2024 for BBVA Argentina and in May for the system, continues to be observed, and this trend continued in the first three months of 2025. The bank's market share of total private loans at a consolidated level rose by 116 basis points from 10.10% in March 2024 to 11.28% in March 2025, maintaining a double-digit share for the fifteenth consecutive month. BBVA Argentina, according to the latest data available from the BCRA as of January 2025, remained in the 2nd position in the ranking of local private capital banks in terms of private loans at a consolidated level. BBVA Argentina continues to focus on organic growth, which is evident in the market share growth of 342 basis points over the last 5 years, above the growth of the peer group, excluding recent mergers and acquisitions.

Regarding total private deposits in all currencies, the system grew by 94% annually, while the Bank grew by 141%, exceeding the inflation level in both cases. BBVA Argentina's consolidated market share of total private deposits was 9.15%, 178 basis points higher than the 7.37% of the previous year. BBVA Argentina, according to the latest data available from the BCRA as of January 2025, remained in 3rd position in the ranking of local private capital banks in terms of private deposits at a consolidated level.

In an environment of relative stability in interest rates during the quarter, BBVA Argentina's result in March 2025 managed to remain 53.2% above that of March 2024, reaching ARS 81,608 million, which represents an ROE of 11.4%, compared to 9.5% in 4Q24.

On the other hand, as of March 2025, BBVA Argentina reached a non-performing loan ratio in private loans of 1.38%, below the latest available data for the system (February 2024) of 1.77%, reaffirming that the portfolio quality of the system and the bank are healthy even in an environment of significant credit growth.

Regarding liquidity and solvency indicators, the Bank closes the quarter with values of 47.6% and 21.5% respectively, both at levels consistent with prudential regulations. During the first quarter, the BCRA implemented changes for Operational Risk and Credit Risk requirements, now aligned with Basel IV.

As of the date of this report, the Bank has announced the payment of dividends in cash or in kind. The total amount to be paid will be $89.4 billion, expressed in homogeneous currency as of December 31, 2024, and according to BCRA regulations, it must be updated by inflation on the payment date.

It is worth noting that a new global strategy of the BBVA Group for the 2025-2029 cycle has been launched, arising from an institutional reflection after the closing of the 2020-2024 strategic plan, which was successful in terms of growth and profitability. This redesign responds to a new global context characterized by macroeconomic stabilization, geopolitical transformation, and population aging, which poses challenges and opportunities in credit and deposit management.

Digitization, which was previously a competitive advantage, has now become a market standard, while new unregulated players and disruptive technologies such as artificial intelligence demand a redefinition of the differential value of the company's proposition.

In this context, the strategic priorities for 2025-2029 are focused on three main pillars: (i) a radical customer-centric perspective, (ii) value and capital generation, and growth in a changing environment, and (iii) leveraging accelerators such as artificial intelligence for efficient data processing. These priorities are articulated with an evolution in cultural values towards behaviors with greater empathy and demand, and a renewed purpose: "Support your desire to go further", which reinforces the active role of the customer as the central character of growth."

Carmen Morillo Arroyo, CFO at BBVA Argentina

Safe Harbor Statement

This press release contains certain forward-looking statements that reflect the current views and/or expectations of Banco BBVA Argentina and its management with respect to its performance, business and future events. We use words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “seek,” “future,” “should” and other similar expressions to identify forward-looking statements, but they are not the only way we identify such statements. Such statements are subject to a number of risks, uncertainties and assumptions. We caution you that a number of important factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in this release. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (i) changes in general economic, financial, business, political, legal, social or other conditions in Argentina or elsewhere in Latin America or changes in either developed or emerging markets, (ii) changes in regional, national and international business and economic conditions, including inflation, (iii) changes in interest rates and the cost of deposits, which may, among other things, affect margins, (iv) unanticipated increases in financing or other costs or the inability to obtain additional debt or equity financing on attractive terms, which may limit our ability to fund existing operations and to finance new activities, (v) changes in government regulation, including tax and banking regulations, (vi) changes in the policies of Argentine authorities, (vii) adverse legal or regulatory disputes or proceedings, (viii) competition in banking and financial services, (ix) changes in the financial condition, creditworthiness or solvency of the customers, debtors or counterparties of Banco BBVA Argentina, (x) increase in the allowances for loan losses, (xi) technological changes or an inability to implement new technologies, (xii) changes in consumer spending and saving habits, (xiii) the ability to implement our business strategy and (xiv) fluctuations in the exchange rate of the Peso. The matters discussed herein may also be affected by risks and uncertainties described from time to time in Banco BBVA Argentina’s filings with the U.S. Securities and Exchange Commission (SEC) and Comisión Nacional de Valores (CNV). Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as the date of this document. Banco BBVA Argentina is under no obligation and expressly disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Information

This earnings release has been prepared in accordance with the accounting framework established by the Central Bank of Argentina (“BCRA”), based on International Financial Reporting Standards (“I.F.R.S.”) and the resolutions adopted by the International Accounting Standards Board (“I.A.S.B”) and by the Federación Argentina de Consejos Profesionales de Ciencias Económicas (“F.A.C.P.E.”), and with the the exclusion of the application of the IFRS 9 impairment model for non-financial public sector debt instruments.

The information in this press release contains unaudited financial information that consolidates, line item by line item, all of the banking activities of BBVA Argentina, including: BBVA Asset Management Argentina S.A., Consolidar AFJP-undergoing liquidation proceeding, PSA Finance Argentina Compañía Financiera S.A. (“PSA”) and Volkswagen Financial Services Compañía Financiera S.A (“VWFS”).

BBVA Seguros Argentina S.A. is disclosed on a consolidated basis recorded as Investments in associates (reported under the proportional consolidation method), and the corresponding results are reported as “Income from associates”), same as Rombo Compañía Financiera S.A. (“Rombo”), Play Digital S.A. (“MODO”), Openpay Argentina S.A. and Interbanking S.A.

Financial statements of subsidiaries have been elaborated as of the same dates and periods as Banco BBVA Argentina S.A.’s. In the case of consolidated companies PSA and VWFS, financial statements were prepared considering the B.C.R.A. accounting framework for institutions belonging to “Group C”, considering the model established by the IFRS 9 5.5. “Impairment” section for periods starting as of January 1, 2022, excluding debt instruments from the non-financial public sector.

The information published by the BBVA Group for Argentina is prepared according to IFRS, without considering the temporary exceptions established by BCRA.

Quarterly Results

BBVA Argentina 1Q25 net income was $81.6 billion, increasing 16.2% or $11.4 billion quarter-over-quarter (QoQ) and 53.2% or $28.4 billion year-over-year (YoY). This implied a quarterly ROAE of 11.5% and a quarterly ROAA of 2.0%.

The 56.9% increase in quarterly operating results was explained by higher income and lower operating expenses. Higher income was mainly due to (i) a substantial improvement in income from fees, and (ii) better net interest income. On the side of expenses, there was an improvement in all expense lines, in particular benefits to personnel and other operating income.

It is important to remark that the line Net income from write-down of assets at amortized cost and at fair value through OCI in 1Q25 is mainly affected by the voluntary exchange of bonds promoted by the Government in January 2025, generating a positive result from the write-down of the exchanged bonds of $80.1 billion.

Net income from the net monetary position was 10.7% lower QoQ, thanks to a lower net monetary position, which offset the increase in quarterly inflation (8.57%¹ versus 8.03% in 4Q24).

It should be noted that the income tax line in 4Q24 reflects a positive result, derived from a change in accounting exposure that implied a reclassification of the income tax calculation from Other Comprehensive Income (OCI) to the Income Statement.

Lastly, total OCI in 1Q25 reported a $109.8 billion loss, 288.5% higher than the loss recorded on 4Q24, mainly impacted by results from financial instruments at FV through OCI. Thus, total comprehensive income for the period in 1Q25 was a loss of $28.2 billion.

¹ Source: Instituto Nacional de Estadística y Censos (INDEC)

Net Interest Income

Net interest income in 1Q25 was $541.3 billion, increasing 3.3% or $17.5 billion QoQ, and 55.9% or $687.0 billion YoY. In 1Q25, interest income decreased less than interest expenses in monetary terms. The former decreased due to lower income from public securities, especially CPI-linked bonds. Expenses decreased due to lower time deposit expenses (mainly due to lower rates), and interest-bearing checking account expenses as the rates on this product have also declined.

In 1Q25, interest income totaled $918.1 billion, falling 2.0% compared to 4Q24 and 53.9% compared to 1Q24. Quarterly decrease is mainly driven by lower income from public securities, in particular CPI-linked bonds, considering the CPI adjustment impacts with a delay on the subsequent financial statements (as per the bonds contractual calculations of coupons), with a quarterly inflation above the previous quarter. This was offset by higher income from loans, mainly consumer, credit card and discounted instruments, both thanks to a higher activity and higher rates.

Income from government securities fell 12.7% compared to 4Q24, and increased 93.0% compared to 1Q24. This is partially due to the voluntary exchange in January of a bundle of LECAP bonds for Dual TAMAR bonds, which have a lower interest accrual due to lower market interest rates. 92% of these results correspond to government securities at fair value through OCI, 3% correspond to securities at fair value through P&L (mainly LECAP), and 4% correspond to securities at amortized cost (2027 National Treasury Bonds at fixed rate, National Treasury Bonds Private 0.70 Badlar Rate maturing on November 2027, and National Treasury Bonds CER 2025, used for reserve requirement integration).

Interest income from loans and other financing totaled $638.2 billion, increasing 11.2% QoQ and falling only 0.5% YoY. Quarterly increase is explained by an overall growth in all credit lines (except overdrafts, which accrued a lower interest rate), mainly credit cards, consumer loans and discounted instruments. In spite of interest rates having declined in 4Q24, and having seen great market competitiveness in that period, rates in 1Q25 have been increasing since the beginning of the year.

Income from CER/UVA adjustments decreased 35.3% QoQ and 80.4% YoY. Quarterly decrease is explained by the delay with which the inflation adjustment effects are recorded, and impact on the subsequent financial statements, with a quarterly inflation above the previous quarter (8.57% in 1Q25 versus 8.03% in 4Q24). 74% of income from interests from CER/UVA clause adjustments is explained by interests generated by CPI linked bonds.

Interest expenses totaled $376.7 billion, denoting a decrease of 8.7% QoQ and 50.6% YoY. Quarterly decrease is explained by lower time deposit and checking accounts, in particular interest-bearing accounts.

Interests from time deposits (including investment accounts, excluding CER/UVA adjustments from time deposits) explain 74.4% of interest expenses, versus 67.9% the previous quarter. Time deposit expenses decreased 19.0% QoQ and 9.1% YoY.

NIM

As of 1Q25, net interest margin (NIM) was 18.8% falling versus 4Q24’s 20.0%. NIM in pesos was 21.3% versus 4Q24’s 22.1%. NIM in foreign currency was 3.9% versus 4.1% in 4Q24.

Net Fee Income

Net fee income as of 1Q25 totaled $99.8 billion, increasing 48.3% or $32.5 billion QoQ and 26.7% or $21.0 billion YoY. The increase is explained both by an increase in income and a fall in expenses in monetary and percentage terms.

In 1Q25, fee income totaled $180.1 billion, increasing 20.7% QoQ and 27.2% YoY. Higher income is mainly explained by credit card fees, considering a revision of provisions linked to the Millas BBVA loyalty program. It is important to note the increase in fees linked to loans, fees from insurance and fees linked to loan commitments, the latter related to income from the structuring of syndicated loans.

On the side of fee expenses, these totaled $80.8 billion, decreasing 1.9% QoQ and increasing 27.7% YoY. This is mainly explained by lower expenses on payroll promotion campaigns, followed by lower expenses from foreign trade transactions.

Net Income from Measurement of Financial Instruments at Fair Value and Foreign Exchange and Gold Gains/Losses

In 1Q25, net income from financial instruments at fair value (FV) through P&L was $32.2 billion, falling 22.8% or $9.5 billion QoQ and 25.9% or $11.3 billion YoY.

Quarterly results are mainly explained by a decrease in the income from government securities line item, followed by income from public securities.

In 1Q25, the total differences in quoted prices of gold and foreign currency showed profit for $9.2 billion, increasing 6.9% or $594 million compared to 4Q24.

The quarterly increase in foreign exchange and gold gains is explained by a higher income in the income from foreign currency forward transactions line.

Other Operating Income

In 1Q25 other operating income totaled $38.8 billion, mildly falling 0.1% or $42 million QoQ, and falling 12.3% or $5.4 billion YoY.

Operating Expenses

Personnel Benefits and Administrative Expenses

During 1Q25, personnel benefits and administrative expenses totaled $267.5 billion, falling 13.8% or $42.8 billion compared to 4Q24, and 11.1% or $33.5 billion compared to 1Q24 in real terms.

Personnel benefits decreased 23.0% QoQ, and 13.5% YoY. In spite of wages increasing in line with inflation, 4Q24 was highly impacted by severance expenses and the adjustment of provisions recorded for stock of vacation days and variable remuneration, which were not present in 1Q25, reducing overall expenses.

As of 1Q25, administrative expenses decreased 4.3% QoQ, and 9.1% YoY. This is mainly explained by (i) taxes, (ii) software, and (iii) rent. Rent and software are related to expenses of software licenses and services contracted with the Parent company. In the case of taxes, the fall is mainly explained by an accounting reclassification of taxes linked to health and safety, which as of this quarter are now recorded in the turnover tax line in Other Operating Expenses pursuant to the nature of the expense.

The quarterly efficiency ratio as of 1Q25 was 56.3%, below the 70.1% reported in 4Q24, and the 65.4% reported in 1Q24. Improvement in the ratio is explained by the numerator (expenses) decreasing, while the denominator (income considering monetary position results) increased, especially due to growth in net fee income and lower result from the net monetary position.

The accumulated efficiency ratio as of 1Q25 was 56.3%, below the 62.2% reported in 4Q24, and the 65.4% reported in 1Q24. The decrease in this ratio is due to a decrease in expenses, and an increase in income, especially fee income and lower result from the net monetary position.

Other Operating Expenses

In 1Q25, other operating expenses totaled $135.5 billion, decreasing 11.9% or $18.4 billion QoQ, and 18.2% or $30.2 billion YoY.

The fall is mainly explained by the loss recorded in 4Q24 for sale or devaluation of investment properties and other non-financial assets, generating contrast versus 1Q25.

Other allowances fell 47.9% in 1Q25, due to the increase in credit card consumption.

Income from Associates

This line reflects the results from non-consolidated associate companies. During 1Q25, a profit of $739 million has been reported, mainly due to the Bank’s participation in BBVA Seguros Argentina S.A., Rombo Compañía Financiera S.A., Interbanking S.A. and Play Digital S.A. and Openpay Argentina S.A.

Income Tax

Accumulated income tax during 1Q25 recorded a loss of $50.2 billion. Accumulated income tax for 1Q24 recorded a loss of $37.3 billion.

The three month accumulated effective tax rate in 2025 was 38%^2. , while that of 2024 was 41%.

² Income tax, according to IAS 34, is recorded on interim financial periods over the best estimate of the weighted average tax rate expected for the fiscal year.

Balance sheet and activity

Loans and Other Financing

Private sector loans as of 1Q25 totaled $9.2 trillion, increasing 11.2% or $927.4 billion QoQ, and 122.9% or $5.1 trillion YoY.

Loans to the private sector in pesos increased 8.3% in 1Q25, and 108.7% YoY. During the quarter, growth is observed in most lines, but was especially driven by (i) a 22.9% increase in consumer loans, followed by (ii) an 18.4% increase in overdrafts, and (iii) a 16.2% increase in other loans. A 23.1% growth in mortgages is to be noted, considering the continuous progress in this product which was re-launched by mid-2024. In all cases, the increment is boosted by genuine growth in real terms of the portfolio, levered on relative stability of market interest rates.

Loans to the private sector denominated in foreign currency increased 25.4% QoQ and 211.9% YoY. Quarterly increase is mainly explained by a 21.4% growth in financing and prefinancing of exports, and a 53.7% growth in other loans, the latter linked to financing of investment projects. Loans to the private sector in foreign currency measured in U.S. dollars increased 30.9% QoQ and 288.1% YoY. The depreciation of the argentine peso versus the U.S. dollar was 3.9% QoQ and 25.3% YoY³.

In 1Q25, total loans and other financing totaled $9.1 trillion, increasing 10.9% QoQ and 123.0% compared to 1Q24.

In real terms, retail loans (mortgage, pledge, consumer and credit cards, including loans to personnel) increased 9.5% QoQ and 101.3% YoY in real terms. During the quarter, growth is most evident in consumer loans increasing 22.9% and mortgages by 23.1%.

Commercial loans (overdrafts, discounted instruments, receivables from financial leases, loans for the prefinancing and financing of exports, and other loans) increased 12.6% QoQ and 142.3% YoY, both in real terms. In the quarter, it is noted that prefinancing and financing of exports increased 21.4% and other loans increased 24.5%.

In non-restated figures, BBVA Argentina managed to increase the retail, commercial and total loan portfolio by 18.9%, 22.1% and 20.7% respectively during the quarter, surpassing quarterly inflation levels in all cases.

³ Taking into consideration wholesale U.S. dollar foreign exchange rates on BCRA’s Communication “A” 3500.

As of 1Q25, the total gross loans and other financing over deposits ratio was 84.7%, above the 77.5% recorded in 4Q24 and above the 55.9% in 1Q24.

Participation of total loans over assets is 56%, versus 51% in 4Q24 and 32% in 1Q24, evidencing a lower exposure to the public sector, in line with the real growth of credit demand.

Asset Quality

As of 1Q25, asset quality ratio or NPL (total non-performing portfolio / total portfolio) increased from 1.13% to 1.38%, mainly due to seasonal arrears in credit cards. Commercial NPLs remained with a very good behavior.

Coverage ratio (allowances / total non-performing portfolio) reached 164.32% in 1Q25, from 177.00% in 4Q24. In spite of the ratio still being high, there was a decline due to the higher increase of non-performing retail loans, than the increase in allowances.

Cost of risk (loan loss allowances / average total loans) reached 4.40% in 1Q25 compared to 4.88% in 4Q24. The fall is partially explained by the real growth in the average loan book, above the variation of allowances, in line with the quarterly growth of the end-of-period portfolio.

Allowances for the Bank in 1Q25 reflect expected losses driven by the adoption of the IFRS 9 standards as of January 1, 2020, except for debt instruments issued by the nonfinancial government sector which were excluded from the scope of such standard.

Public Sector Exposure

1Q25 total public sector exposure (excluding BCRA) totaled $2.8 trillion, decreasing 2.9% or $82.2 billion QoQ, and increasing 60.6% or $1.1 trillion YoY. The annual increase is mainly explained by a greater increment of public exposure to the Treasury in detriment of BCRA exposure, and a higher percentage increase in public exposure versus growth in assets.

The mild quarterly decrease is explained by the decline in the valuation of securities in pesos, especially LECAPs and CPI-linked bonds. As of July 2024, the market reference rate will be that of the new instrument created by the Treasury, the LeFis (Letra Fiscal de Liquidez), which ended the quarter with no position.

Exposure to the public sector, excluding BCRA exposure, represents 17.1% of total assets, below the 17.9% of 4Q24 and 13.7% in 1Q24, and as mentioned before, in line with real loan growth demand.

Deposits

As of 1Q25, total deposits reached $11.0 trillion, increasing 1.8% or $194.2 billion QoQ, and 47.4% or $3.5 trillion YoY.

Private non-financial sector deposits in 1Q25 totaled $10.9 trillion, increasing 2.0% QoQ, and 51.0% YoY.

Private non-financial sector deposits in pesos totaled $7.4 trillion, increasing 7.8% compared to 4Q24, and 46.7% compared to 1Q24. The quarterly change is mainly affected by a 163.1% increase in investment accounts, and a 2.5% increase in checking accounts, mainly explained by higher funding.

Private non-financial sector deposits in foreign currency expressed in pesos decreased 8.4% QoQ and 61.0% YoY. This is mainly explained by a 8.6% decrease in savings accounts. Deposits in foreign currency expressed in U.S. dollars fell 4.4%.

In non-restated figures, BBVA Argentina managed to increase the sight deposits, time deposits and total deposits by 3.6%, 24.2% and 10.7% respectively, surpassing the quarterly level of inflation in all cases except sight deposits.

As of 1Q25, the Bank’s transactional deposits (checking accounts and savings accounts) represented 59.9% of total non-financial private deposits, totaling $6.6 trillion, versus 63.9% in 4Q24.

Other Sources of Funds

In 1Q25, other sources of funds totaled $3.4 trillion, increasing 5.3% or $168.8 billion QoQ, and falling 0.2% or $7.5 billion YoY.

The variation in the quarter is mostly explained by a 104.4% increase in funding form corporate bonds. In 4Q24, BBVA Argentina has returned to the corporate bond market for the first time since 2019, with corporate bonds Class 32, 33 and 34, all of with a maturity of less than a year.

Additionally, a 1.0% decline in Equity is observed.

Liquid Assets

In 1Q25, liquid assets were $5.2 trillion, decreasing 10.5% or $615.8 billion versus 4Q24, and 23.8% or $1.6 trillion compared to 1Q24. This was mainly driven by a 20.1% decline in cash and deposits in banks, partially as the offset of the seasonal fall in savings accounts, and a 12.5% fall in public securities.

In the quarter, the liquidity ratio (liquid assets / total deposits) reached 47.6%. Liquidity ratio in local and foreign currency reached 43.8% and 55.4% respectively. The decline is explained by the greater growth in total deposits than the fall in liquid assets, the latter falling as a consequence of higher credit demand.

Solvency

BBVA Argentina continues to show strong solvency indicators on 1Q25. Capital ratio reached 21.5%, above 4Q24’s 19.5%. Capital excess over regulatory requirement was $1.5 trillion or 161.3%.

Quarterly increase is explained by a fall in risk weighted assets (RWA) by 10.9%, greater than the 1.6% increase in Ordinary Capital Level 1 (Con1).

In spite of the genuine growth in the loan book which generated greater requirements, this effect was largely offset by Central Bank regulation Communication “A” 8069 (in place as of March 1, 2025), reducing the operational risk requirements. These requirements fell considerably by 94.4%, improving the capital ratio by 202 bps.

BBVA Argentina Asset Management S.A.

Other Events

Main Relevant Events

Main Regulatory Changes

Profit distribution. (Communication “A” 8214, 03.13.2025). Until the next December 31st, financial entities that have prior authorization from the BCRA may distribute profits (i) in 10 equal, monthly, and consecutive installments for up to 60% of the distributable result, (ii) with the first payment starting on 06.30.2025 and not to be made before the second-to-last business day of each month, and (iii) it must be consistent with the monetary stability objectives and with what is reported in the Business Plan and Projections Information Regime and the Capital Self-Assessment Report.

Partial Elimination of Foreign Exchange Controls. (Communication “A” 8226, 04.14.2024). The BCRA introduces modifications to the foreign exchange market access regime. Among other issues, the USD 200 limit for individuals to access the MLC (Single Free Exchange Market) is eliminated, and all restrictions related to government assistance received during the pandemic, subsidies, public employment, and others are removed. The cross-restriction to operate in the MLC and MEP/CCL and the limitations on their settlement (prohibition of doing so in banknotes or deposit in custody or third-party accounts), as well as the affidavit referring to 90 days (previous and subsequent), and the cross-restriction for collecting payments for service exports and operating MEP/CCL are also eliminated.

Regarding the payment of new imports, it is established that:

Furthermore, it is established that entities may grant their clients access to the foreign exchange market to transfer foreign currency abroad for profits and dividends to non-resident shareholders within the framework of the consolidated text on Foreign Exchange Regulations when these correspond to distributable profits obtained from earnings realized in regular and audited annual financial statements for fiscal years starting on or after 01/01/25

Partial Elimination of Foreign Exchange Controls. (Communication “A” 8230, 04.21.2024). The BCRA eliminates the prior approval requirement for non-resident investors to access the foreign exchange market in the following cases:

(i) Payments of financial debt: With related parties, with an average life of the debt greater than or equal to 180 days, and funds entered and settled as of 04/21/2025.

(ii) Repatriation of investments by non-residents in non-controlling companies of local financial entities, provided that the contribution has been entered and settled since 04/21/25, and the repatriation occurs at least 180 days after the settlement of the contribution.

(iii) Repatriation of portfolio investments by non-residents, provided that the investment was made with funds settled as of 04/21/25, and 180 days have passed since the settlement of the funds.

Partial Elimination of Foreign Exchange Controls – Regulatory Complements

Distribution of Results (Communication “A” 8235, 04.30.2025). It is established that financial entities that decide to distribute results within the framework of Communication “A” 8214, which stipulated that they may be distributed in 10 equal, monthly, and consecutive installments for up to 60% of the corresponding amount, must offer each non-resident shareholder the option to receive their dividends in a single cash installment, provided that these funds are directly applied to the primary subscription of BOPREAL (Bonds for the Reconstruction of a Free Argentina). It is clarified that any foreign currency position that financial entities may hold due to the BOPREAL subscription operation until the credit to non-resident shareholders is excluded from the calculation of their "net global foreign currency position."

Glossary

Active clients: holders of at least one active product. Subgroup of total clients that comply with the requirements of being an account holder with a positive business volume in the last three months. Does not include joint account. Excludes clients with arreas. SMEs includes entrepreneurs.

APR: Annual Percentage Rate

APY: Annual Percentage Yield

Cost of Risk (accumulated): Year to date accumulated loan loss allowances / Average total loans.

Average total loans: average between previous year-end Total loans and other financing and current period Total loans and other financing.

Cost of Risk (quarterly): Current period Loan loss allowances / Average total loans. Average total loans: average between previous quarter-end Total loans and other financing and current period Total loans and other financing.

Coverage ratio: Quarterly allowances under the Expected Credit Loss model / total non-performing portfolio.

Digital clients: we consider a customer to be an active user of online banking when they have been logged at least once within the last three months using the internet or a cell phone and SMS banking.

Efficiency ratio (Excl. inflation adjustments, accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income).

Efficiency ratio (Excl. inflation adjustments, quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income).

Efficiency ratio (accumulated): Accumulated (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / Accumulated (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income+ Income from net monetary position).

Efficiency ratio (quarterly): (Personnel benefits+ Administrative expenses + Depreciation & Amortization) / (Net Interest Income + Net Fee Income + Net Income from measurement of Financial Instruments at Fair Value through P&L + Net income from write-down of assets at amortized cost and at fair value through OCI + Foreign exchange and gold gains + some concepts included in Other net operating income+ Income from net monetary position).

Liquidity Ratio: (Cash and deposits in banks + Debt securities at fair value through P&L (Excl. Private securities) + Net REPO transactions + Other debt securities (Excl. Private securities) + Overnight transactions in foreign banks/ Total Deposits.

Mobile clients: customers who have been active in online banking at least once in the last three months using a mobile device.

Net Interest Margin (NIM) – (quarterly): Quarterly Net Interest Income / Average quarterly interest earning assets.

Public Sector Exposure (excl. BCRA): (National and Provincial Government public debt + Loans to the public sector + REPO transactions) / Total Assets.

ROA (accumulated): Accumulated net Income of the period attributable to owners of the parent / Total Average Assets. Total Average Assets is calculated as the average between total assets on December of the previous year and total assets in the current period, expressed in local currency. Calculated over a 365-day year.

ROA (quarterly): Net Income of the period attributable to owners of the parent / Total Average Assets. Total Average Assets is calculated as the average between total assets on the previous quarter-end and total assets in the current period, expressed in local currency. Calculated over a 365-day year.

ROE (accumulated): Accumulated net Income of the period attributable to owners of the parent / Average Equity attributable to owners of the parent. Average Equity is calculated as the average between equity in December of the previous year and equity in the current period, expressed in local currency. Calculated over a 365-day year.

ROE (quarterly): Net Income of the period attributable to owners of the parent / Average Equity attributable to owners of the parent. Average Equity is calculated as the average between equity on the previous quarter end and equity in the current period, expressed in local currency. Calculated over a 365-day year.

Spread: (Quarterly Interest Income / Quarterly average Interest-earning Assets) – (Quarterly Interest Expenses / Quarterly average interest-bearing liabilities).

Other terms

n.m.: not meaningful. Implies an increase above 500% and a decrease below -500%.

N/A: not applicable.

Bps: basis points.

Balance Sheet

Balance Sheet – Five quarters