v3.25.1
Capital Management and Risk Policies (Tables)
 12 Months Ended
Dec. 31, 2024
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [abstract]  
Summary of Regulatory Capital
Computable Regulatory Capital (RPC, as per the initials in Spanish) is made up of Core Capital and Supplementary Capital. Banco Galicia’s balance for such items as of December 31, 2024, and December 31, 2023, is as follows:
12.31.2412.31.23
Basic Shareholders’ Equity6,170,810,792 1,600,079,694 
(Deductible Items)(982,150,688)(304,644,028)
Equity Tier 15,188,660,104 1,295,435,666 
Complementing shareholders’ Equity51,625,000 80,848,330 
Equity Tier 251,625,000 80,848,330 
Regulatory Capital (RPC)5,240,285,104 1,376,283,996 
Summary of Breakdown of Minimum Capital Requirement
The breakdown of the minimum capital requirement determined for the Group is shown below:
12.31.2412.31.23
Credit Risk1,431,086,626288,667,341
Market Risk71,490,39852,837,873
Operational Risk479,696,205112,505,729
Minimum Capital Requirement1,982,273,229454,010,943
Integration5,240,285,1041,376,283,996
Excess3,258,011,875922,273,053
Summary of Exposure to Foreign Exchange Risk as of Year End by Type of Currency
The Group’s exposure to the foreign exchange risk as of year-end by type of currency is shown below:
Balances as of 12.31.24
Currency
Monetary
Financial
Assets (*)
Monetary
Financial
Liabilities (**)
Derivatives Net Position
US Dollar10,438,723 (10,045,913)307,881 700,691 
Euro26,358 (15,070)— 11,288 
Canadian Dollar1,954 (51)— 1,903 
Real381 — — 381 
Swiss Franc391 (408)— (17)
Others2,187 (638)— 1,549 
Total10,469,994 (10,062,080)307,881 715,795 
(*) Includes the following items: Cash and Due from Banks, Debt Securities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Assets, Loans and Other Financing, Other Debt Securities, Financial Assets Pledged as Collateral and Investments in Equity Instruments.
(**) Includes the following items: Deposits, Liabilities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Liabilities, Financing Received from the Argentine Central Bank and Other Financial Institutions, Debt Securities and Subordinated Debt Securities.
Balances as of 12.31.23
Currency
Monetary
Financial
Assets (*)
Monetary
Financial
Liabilities (**)
DerivativesNet Position
US Dollar6,917,928 (5,342,110)145,630 1,721,448 
Euro71,038 (13,183)— 57,855 
Canadian Dollar1,950 (177)— 1,773 
Real827 — — 827 
Swiss Franc962 (707)— 255 
Others2,305 (99)— 2,206 
Total6,995,010 (5,356,276)145,630 1,784,364 
(*) Includes the following items:Cash and Due from Banks, Debt Securities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Assets, Loans and Other Financing, Other Debt Securities, Financial Assets Pledged as Collateral and Investments in Equity Instruments.
(**) Includes the following items: Deposits, Liabilities at fair value through profit or loss, Derivative Financial Instruments, Repurchase Transactions, Other Financial Liabilities, Financing Received from the Argentine Central Bank and Other Financial Institutions, Debt Securities and Subordinated Debt Securities.
Balances as of 12.31.24Balances as of 12.31.23
CurrencyChange Income
(Loss) 		Shareholders’
Equity		Income
(Loss) 		Shareholders’
Equity
US Dollar10 %70,069 770,760 172,145 1,893,593 
-10 %(70,069)630,622 (172,145)1,549,303 
Euro10 %1,129 12,417 5,786 63,641 
-10 %(1,129)10,159 (5,786)52,069 
Canadian Dollar10 %190 2,093 177 1,950 
-10 %(190)1,713 (177)1,596 
Real10 %38 419 83 910 
-10 %(38)343 (83)744 
Swiss Franc10 %(2)(19)26 281 
-10 %2 (15)(26)229 
Others10 %155 1,704 221 2,427 
-10 %(155)1,394 (221)1,985 
Schedule of Residual Value of Assets and Liabilities, Classified by Interest Renegotiation Date or Maturity Date
The Group’s exposure to the interest rate risk is detailed below. This table shows the residual value of assets and liabilities, classified by the sooner of the interest renegotiation date or the maturity date.
Term (in Days)
Assets and Liabilities at Variable RateUp to 30 From 30 to 90From 90 to
 180		From 180 to
 365		More than
 365		Total
As of 12.31.24
Total Financial Assets10,009,670,784 2,716,635,356 2,666,588,517 1,907,132,195 10,118,218,077 27,418,244,929 
Total Financial Liabilities17,350,397,342 1,073,615,310 830,813,094 185,521,529 6,384,201,594 25,824,548,869 
Net Amount(7,340,726,558)1,643,020,046 1,835,775,423 1,721,610,666 3,734,016,483 1,593,696,060 
As of 12.31.23      
Total Financial Assets12,062,433,573 1,303,751,696 1,101,330,463 774,696,585 5,751,213,136 20,993,425,453 
Total Financial Liabilities11,986,280,476 723,966,423 254,887,974 164,564,496 4,323,629,622 17,453,328,991 
Net Amount76,153,097 579,785,273 846,442,489 610,132,089 1,427,583,514 3,540,096,462 
Schedule of Sensitivity to Potential Additional Changes in Interest Rates
The table below shows the sensitivity to potential additional changes in interest rates in the next fiscal year, considering the breakdown as of December 31, 2024. The percentage change budgeted by the Group for fiscal year 2024 was determined considering 100 bps and changes are considered reasonably possible on the basis on an observation of market conditions.
Additional
Changes to the
Interest Rate		Increase/(Decrease)
in Income before
Income Tax in
Pesos 		Increase/(Decrease)
in Shareholders’
Equity in %
Decrease in Interest Rate-100 bp6,957,7930.4 %
Increase in Interest Rate100 bp(5,584,201)(0.4)%
Schedule of Analysis of Maturities of Assets and Liabilities
The table below shows an analysis of maturities of assets and liabilities, determined based on the remaining period as of December 31, 2024, and December 31, 2023, based on undiscounted cash flows:
Less than 1
Month		1 to 6 Months6 to 12
 Months		12 Months to
 5 Years		More than 5
 Years		Total as of
12.31.24
Assets
Debt Securities measured at Fair Value through Profit or Loss1,612,532,417 3,964,361 3,429,953 28,715,471 10,811,973 1,659,454,175 
Derivative Financial Instruments4,517,903 — — — — 4,517,903 
Other Financial Assets2,080,673,527 1,345,304 1,630,401 39,831,238 — 2,123,480,470 
Loans and Other Financing21,178,320,272 6,047,194,138 2,673,873,511 4,254,490,361 876,621,826 35,030,500,108 
Other Debt Securities4,887,282,203 947,735 3,549,006 2,272,939 — 4,894,051,883 
Financial Assets Pledged as Collateral1,611,617,386 — — — — 1,611,617,386 
Investments in Equity Instruments45,693,300 — — — — 45,693,300 
Liabilities
Deposits19,531,301,819 692,117,510 61,829,509 2,782,679 — 20,288,031,517 
Liabilities at fair value through profit or loss9,777,215 — — — — 9,777,215 
Derivative Financial Instruments5,918,362 1,976,666 434,672 — — 8,329,700 
Repurchase Transactions423,095,209 — — — — 423,095,209 
Other Financial Liabilities3,133,719,258 638,170,232 4,913,784 1,878,682 4,858,328 3,783,540,284 
Lease liabilities17,406,132 3,986,313 5,178,544 39,040,187 591,042 66,202,218 
Financing Received from the Argentine Central Bank and Other Financial Institutions158,385,962 258,400,344 85,429,862 35,488,681 8,121,317 545,826,166 
Debt Securities19,343,298 539,550,630 259,609,853 457,677,744 — 1,276,181,525 
Subordinated Debt Securities11,109,935 — 11,109,935 301,153,719 — 323,373,589 
Less than 1
Month		1 to 6
Months		6 to 12
Months		12 Months
to 5 Years		More than
5 Years		Total as of
12.31.23
Assets
Debt Securities measured at Fair Value through Profit or Loss1,388,188,44123,178,53349,252,6135,222,465—1,465,842,052
Derivative Financial Instruments83,434,720————83,434,720
Repurchase Transactions2,874,410,596————2,874,410,596
Other Financial Assets321,991,2934,251,7935,118,935132,439,320—463,801,341
Loans and Other Financing11,291,770,5223,211,574,5791,034,364,821908,445,138335,843,86216,781,998,922
Other Debt Securities4,563,976,2363,794,7554,262,51315,174,279—4,587,207,783
Financial Assets Pledged as Collateral1,020,304,979————1,020,304,979
Investments in Equity Instruments22,785,410————22,785,410
Liabilities
Deposits13,352,813,359416,122,85451,639,567170,980—13,820,746,760
Liabilities measured at Fair Value trough Profit or Loss116,994,621————116,994,621
Derivative Financial Instruments28,935,340————28,935,340
Repurchase transactions55,196,186————55,196,186
Other Financial Liabilities2,574,550,563371,440,2306,725,56920,201,0378,315,2722,981,232,671
Lease Liabilities1,911,8414,964,9316,626,61615,890,28717,199,83546,593,510
Financing Received from the Argentine Central Bank and Other Financial Institutions148,163,460204,205,59456,545,96110,463,776—419,378,791
Debt Securities37,677,027166,251,00145,372,50218,584,005—267,884,535
Subordinated Debt Securities35,755,791—18,625,864506,240,111—560,621,766
Schedule of Credit Quality of Debt Securities
The credit quality of debt securities as of December 31, 2024, is as follows:
Government Securities
RatingGovernment
Bonds		Provincial
Bonds		Autonomous
City of
Buenos
Aires Bonds		Treasury
Bills		Argentine
Central
Bank’s Bills		Foreign government bondsPrivate
Securities		Total as of
12.31.24
AAA— — — — — 29,251,662 14,865,256 44,116,918 
AAA(arg)— — — — — — 22,719,422 22,719,422 
Aaa.ar— — — — — — 22,901,300 22,901,300 
AA+— — — — — — 12,409,943 12,409,943 
AA+(arg)— — — — — — 2,735,592 2,735,592 
AA+.ar— — — — — — 65,071 65,071 
AA(arg)+— — — — — — 4,422,185 4,422,185 
AA— — — — — — 10,763,771 10,763,771 
AA(arg)— — — — — — 11,261,123 11,261,123 
AA.ar— — — — — — 49,713 49,713 
AA-— — — — — — 339,114 339,114 
AA-(arg)— — — — — — 309,709 309,709 
AA(arg)-— — — — — — 110,618 110,618 
A+— — — — — — 3,320,671 3,320,671 
A+.ar— — — — — — 877,859 877,859 
A1(arg)— — — — — — 514,333 514,333 
A1(arg)+— — — — — — 4,500,394 4,500,394 
A1+— — — — — — 3,971,540 3,971,540 
A-1.ar— — — — — — 4,442,374 4,442,374 
A— — — — — — 136,743 136,743 
A(arg)— — — — — — 3,652,410 3,652,410 
A2(arg)— — — — — — 243,849 243,849 
A-— — — — — — 305,058 305,058 
A-(arg)— — — — — — 374,142 374,142 
A-.ar— — — — — — 1,044,610 1,044,610 
BBB+— — — — — — 312,877 312,877 
BBB(arg)— — — — — — 3,070 3,070 
BB(arg)— — — — — — 13,041 13,041 
raB+— — — — — — 763,325 763,325 
B— — — — — — 1,356 1,356 
B-— — — — — — 121 121 
BB-— — — — — — 9,617,685 9,617,685 
CCC+— — — — — — 30 30 
CCC998,795,153 52,786,537 4,439,833 409,986,704 2,816,801 — 1,196,589 1,470,021,617 
C(arg)— — — — — — 34,021 34,021 
D(arg)— — — — — — 1,571,377 1,571,377 
Total998,795,153 52,786,537 4,439,833 409,986,704 2,816,801 29,251,662 139,850,292 1,637,926,982 
The credit quality of debt securities as of December 31, 2023, is as follows:
Government Securities
RatingGovernment
Bonds		Provincial
Bonds		Autonomous
City of
 Buenos
Aires Bonds		Treasury
 Bills		Argentine
Central
Bank’s Bills		Foreign government bondsPrivate
Securities		Total as of
12.31.23
AAA— 47,729 — — — 37,629,548 29,951,455 67,628,732 
AA+— — 5,416,510 — — — 1,183,234 6,599,744 
AA— 150,659 — — — — 16,022,112 16,172,771 
AA-1,235,871 — — — — — 403,961 1,639,832 
A+— — — — — — 6,137,109 6,137,109 
A1— — — — — — 286,908 286,908 
A— — — — — — 3,653,846 3,653,846 
A2— — — — — — 633,612 633,612 
A-— 1,829,721 — — — — 1,482,762 3,312,483 
BBB-— 2 — — — — — 2 
B1— 400,739 — — — — — 400,739 
BB-— — — — — — 1,535,383 1,535,383 
CCC1,292,826,374 — — 14,767,400 — — 100,085 1,307,693,859 
Total1,294,062,245 2,428,850 5,416,510 14,767,400 — 37,629,548 61,390,467 1,415,695,020 
Summary of Retail Portfolios
The Group considers a financial instrument to have experienced a significant increase in credit risk when any of the following conditions exist:
____________________
1
The analysis of the customer’s cash flow shows that it is capable of attend adequately all its financial commitments.
Retail Portfolio
BCRA situationExtra conditions to be considered stage 2
A, B1
 - Cure (*)
 - Between 30 and 90 past due days
 - Probability of Default (“PD”) or Score (**) with impairment risk
C - It does not apply to defaulted clients
Retail-like Portfolio 
BCRA situationExtra conditions to be considered stage 2
A, B1
 - Cure (*)
 - Between 30 and 90 past due days
 - Probability of Default (“PD”) or Score (**) with impairment risk
C - It does not apply to defaulted clients
Wholesale Portfolio
BCRA situationExtra conditions to be considered stage 2
A
 - Cure (*)
 - BCRA situation B1
 - Probability of Default (“PD”) or Score (**) with impairment risk
C - It does not apply to defaulted clients
(*)It refers to customers who have been in stage 3 and back to stage 1, the entity has decided to keep them in stage 2.
(**)Internal scoring.
Summary of Scenario Probabilities
Scenario ProbabilitiesBase Optimistic Pessimistic
Retail, Retail like and Wholesale70 %15 %15 %
Naranja70 %15 %15 %
Summary of Key Macroeconomic Variables
Key macroeconomic variables used in the scenarios described below are shown in the table:
Macroeconomic Variable Projections (%)
QI - 2025(*)
QII - 2025 (*)
QIII - 2025 (*)
QIV - 2025 (*)
GDPBase3.7 %7.1 %5.0 %5.9 %
Optimistic4.2 %8.1 %6.6 %8.0 %
Pessimistic1.6 %2.9 %-1.1 %-2.2 %
Unemployment RateBase-8.6 %-7.5 %-2.9 %-1.7 %
Optimistic-13.8 %-12.7 %-8.5 %-7.3 %
Pessimistic17.5 %19.0 %24.8 %26.4 %
Real SalaryBase14.8 %7.1 %4.9 %4.9 %
Optimistic16.7 %9.0 %7.3 %8.1 %
Pessimistic12.4 %1.1 %-4.2 %-7.1 %
Badlar rateBase-62.3 %-7.9 %-25.3 %-21.7 %
Optimistic-74.0 %-37.8 %-50.7 %-49.7 %
Pessimistic-52.9 %44.2 %22.4 %34.8 %
Consumer Price Index (CPI)Base56.8 %40.5 %32.1 %27.3 %
Optimistic53.6 %34.8 %24.1 %17.2 %
Pessimistic68.5 %62.3 %64.2 %70.2 %
(*) These variations were calculated based on annual basis.
Summary of Sensitivity Analysis to Assess Impact of Volatility on Macroeconomic Variables on Expected Credit Losses
Grupo Galicia has also carried out sensitivity analysis to assess the impact of volatility on macroeconomic variables on the result of the expected credit losses.
Scenario 1 (change in the probability
of the macroeconomic scenarios)		Base scenario Sensitivity
Regular scenario70 %45 %
Positive scenario15 %10 %
Negative scenario15 %45 %
Grupo Financiero Galicia ECL770,114,640822,901,728
Retail, Retail like and Wholesale ECL491,975,457542,574,709
Naranja ECL278,139,183280,327,019
Scenario 2 (change in forecast GDP, inflation, nominal
 exchange rate, unemployment, current account)		Regular
 scenario 		Positive
 scenario 		Negative
 scenario
Macroeconomic scenario probability70 %15 %15 %
Sensitivity
GDP1 %1 %1 %
Unemployment Rate10 %10 %10 %
Real Salary-5 %-5 %-5 %
Badlar rate5 %2 %5 %
CPI2 %2 %2 %
Grupo Financiero Galicia ECL772,028,609
Retail, Retail like and Wholesale RCL491,701,590
Naranja ECL280,327,019
Summary of Maximum Exposure to Credit Risk on Assets
The following table contains an analysis of the credit risk exposure of financial instruments for which an ECL allowance is recognized.
Retail Portfolio
December 31, 2024December 31,
2023
ECL Staging
Stage 1 Stage 2 Stage 3
12-month
 ECL 		Lifetime
 ECL 		Lifetime
 ECL 		Total Total
Days past due
05,055,678,051 236,509,830 43,334,191 5,335,522,072 2,304,558,365 
1-30153,851,520 46,467,349 12,400,561 212,719,430 61,431,095 
31-60— 67,567,123 11,062,278 78,629,401 21,682,491 
61-90— 31,863,008 20,914,739 52,777,747 18,542,113 
Default— — 147,804,163 147,804,163 92,233,104 
Gross Carrying amount5,209,529,571 382,407,310 235,515,932 5,827,452,813 2,498,447,168 
Loss allowance(192,983,328)(43,835,122)(162,435,036)(399,253,486)(168,883,878)
Net Carrying amount5,016,546,243 338,572,188 73,080,896 5,428,199,327 2,329,563,290 
Retail like Portfolio
December 31, 2024December 31,
2023
ECL Staging
Stage 1 Stage 2 Stage 3
12-month
 ECL 		Lifetime
 ECL 		Lifetime
 ECL 		Total Total
Days past due
02,479,696,821 46,949,559 8,795,349 2,535,441,729 1,543,394,521 
1-3027,307,566 6,776,854 2,889,626 36,974,046 23,873,747 
31-60— 3,303,944 542,063 3,846,007 7,033,508 
61-90— 2,206,064 1,233,492 3,439,556 4,764,892 
Default— — 19,705,073 19,705,073 26,681,401 
Gross Carrying amount2,507,004,387 59,236,421 33,165,603 2,599,406,411 1,605,748,069 
Loss allowance(17,376,939)(4,811,607)(17,907,548)(40,096,094)(31,954,128)
Net Carrying amount2,489,627,448 54,424,814 15,258,055 2,559,310,317 1,573,793,941 
Wholesale Portfolio
December 31, 2024December 31,
2023
ECL Staging
Stage 1 Stage 2 Stage 3
12-month
 ECL 		Lifetime
 ECL 		Lifetime
 ECL 		Total Total
Days past due
A8,202,413,407 2,159,631 — 8,204,573,038 9,767,905,362 
B1975,179,166 1,928,248 205,796 977,313,210 5,279,233 
Default— — 30,435,827 30,435,827 3,217,119 
Gross Carrying amount9,177,592,573 4,087,879 30,641,623 9,212,322,075 9,776,401,714 
Loss allowance(39,714,862)(396,441)(12,514,574)(52,625,877)(25,422,072)
Net Carrying amount9,137,877,711 3,691,438 18,127,049 9,159,696,198 9,750,979,642 
Naranja X
December 31, 2024December 31,
2023
ECL Staging
Stage 1 Stage 2 Stage 3
12-month
 ECL 		Lifetime
 ECL 		Lifetime
 ECL 		Total Total
Days past due
03,283,979,414 201,175,162 81,886 3,485,236,462 2,064,709,661 
1-30178,540,175 39,978,487 22,725 218,541,387 90,701,442 
31-60— 114,684,122 51,660 114,735,782 29,202,495 
61-90— 79,008,757 1,544,110 80,552,867 12,043,802 
Default— — 140,391,180 140,391,180 43,280,851 
Gross Carrying amount3,462,519,589 434,846,528 142,091,561 4,039,457,678 2,239,938,251 
Loss allowance(118,205,072)(70,925,317)(89,008,794)(278,139,183)(100,716,060)
Net Carrying amount3,344,314,517 363,921,211 53,082,767 3,761,318,495 2,139,222,191 
Retail Portfolio
December 31, 2023December 31, 2022
ECL Staging
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total Total
Days past due
01,803,486,492 480,743,358 20,328,515 2,304,558,365 1,025,423,990 
1-3031,011,243 26,941,130 3,478,722 61,431,095 28,044,026 
31-60— 19,049,243 2,633,248 21,682,491 10,270,944 
61-90— 12,884,280 5,657,833 18,542,113 7,158,059 
Default— — 92,233,104 92,233,104 64,978,008 
Gross Carrying amount1,834,497,735 539,618,011 124,331,422 2,498,447,168 1,135,875,027 
Loss allowance(35,703,943)(36,189,400)(96,990,535)(168,883,878)(143,794,076)
Net Carrying amount1,798,793,792 503,428,611 27,340,887 2,329,563,290 992,080,951 
Retail like Portfolio
December 31, 2023December 31,
2022
ECL Staging
Stage 1 Stage 2 Stage 3
12-month Lifetime Lifetime Total Total
Days past due
01,300,746,487 235,384,466 7,263,568 1,543,394,521 785,900,384 
1-3011,449,841 10,524,411 1,899,495 23,873,747 8,470,364 
31-60— 6,049,830 983,678 7,033,508 1,784,630 
61-90— 3,511,280 1,253,612 4,764,892 1,219,035 
Default— — 26,681,401 26,681,401 10,257,597 
Gross Carrying amount1,312,196,328 255,469,987 38,081,754 1,605,748,069 807,632,010 
Loss allowance(6,336,174)(5,517,265)(20,100,689)(31,954,128)(19,473,872)
Net Carrying amount1,305,860,154 249,952,722 17,981,065 1,573,793,941 788,158,138 
Wholesale Portfolio
December 31, 2023December 31,
2022
ECL Staging
Stage 1Stage 2Stage 3
12-monthLifetimeLifetimeTotal Total
Days past due
A9,589,854,319 178,051,043 — 9,767,905,362 2,366,514,431 
B1— 5,257,830 21,403 5,279,233 988,111 
Default— — 3,217,119 3,217,119 3,362,314 
Gross Carrying amount9,589,854,319 183,308,873 3,238,522 9,776,401,714 2,370,864,856 
Loss allowance(18,093,721)(5,050,252)(2,278,099)(25,422,072)(11,581,608)
Net Carrying amount9,571,760,598 178,258,621 960,423 9,750,979,642 2,359,283,248 
Naranja X
December 31, 2023December 31,
2022
ECL Staging  
Stage 1Stage 2Stage 3
12-monthLifetimeLifetimeTotal Total
Days past due
02,052,871,581 11,838,080 — 2,064,709,661 779,945,789 
1-3087,321,354 3,380,088 — 90,701,442 37,208,191 
31-60— 29,202,495 — 29,202,495 11,169,781 
61-90— 12,043,802 — 12,043,802 5,846,970 
Default— — 43,280,851 43,280,851 18,268,871 
Gross Carrying amount2,140,192,935 56,464,465 43,280,851 2,239,938,251 852,439,602 
Loss allowance(59,143,108)(14,579,672)(26,993,280)(100,716,060)(44,361,792)
Net Carrying amount2,081,049,827 41,884,793 16,287,571 2,139,222,191 808,077,810 
Summary of Information On Balance Sheet Items And Their Collateral In Offsets As Well As Loan And Other Credit - Related Commitments
Assets Subject to Impairment
ItemCarrying AmountLoss Allowances Net Gross Carrying
Amount		Collateral´s Fair
Value
Advances680,086,804 (10,299,271)669,787,533 — 
Documents4,264,408,098 (15,056,631)4,249,351,467 — 
Mortgage Loans344,863,307 (9,879,852)334,983,455 935,617,587 
Pledge Loans431,716,236 (14,402,091)417,314,145 535,947,621 
Personal Loans1,914,619,084 (220,551,970)1,694,067,114 — 
Credit Card Loans6,693,176,924 (411,196,007)6,281,980,917 — 
Financial Leases34,589,915 (966,110)33,623,805 — 
Other Financial Assets1,524,757,678 (1,589,041)1,523,168,637 — 
Other Debt Securities2,382,747,152 (15,617,434)2,367,129,718 — 
Financial Assets Pledged as Collateral1,452,168,348 (74,170)1,452,094,178 — 
Others1,955,505,431 (70,482,063)1,885,023,368 2,056,610,739 
Total as of December 31, 202421,678,638,977 (770,114,640)20,908,524,337 3,528,175,947 
Summary of Mortgage Portfolio LTV Distribution
The following table shows information about the mortgage portfolio LTV distribution.
Mortgages Portfolio -LTV DistributionExposure
Lower than 50%385,400 
50 to 60%136,887 
60 to 70%102,035 
70 to 80%153,206 
80 to 90%19,515 
90 to 100%6,998 
Higher than 100%12,076 
Total816,117 
Summary of Changes in Loss Allowance and Explanation of Changes in Gross Carrying Amount Between Beginning and End of Annual Period
The following tables explain the changes in the loss allowance between the beginning and the end of the fiscal year due to these factors:
Stage 1 Stage 2 Stage 3
Retail Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202335,703,943 36,189,400 96,990,535 168,883,878 
Inflation effect(38,747,483)(23,967,307)(66,521,066)(129,235,856)
Financial instruments arising from business combinations (*)
4,165,446 — 1,704,014 5,869,460 
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(681,734)681,734 — — 
Transfer from Stage 1 to Stage 3(569,196)— 569,196 — 
Transfer from Stage 2 to Stage 18,094,466 (8,094,466)— — 
Transfer from Stage 2 to Stage 3— (995,582)995,582 — 
Transfer from Stage 3 to Stage 2— 6,333,240 (6,333,240)— 
Transfer from Stage 3 to Stage 1668,025 — (668,025)— 
New Financial Assets Originated or Purchased127,524,103 32,908,977 159,923,976 320,357,056 
Changes in PDs/LGDs/EADs57,433,490 5,664,071 3,197,330 66,294,891 
Foreign exchange and other movements5,142,509 1,476,384 145,620,342 152,239,235 
Write-offs(925,189)— (86,977,297)(87,902,486)
Other movements with no P&L impact
Financial assets collected during the year(4,825,052)(6,361,329)(86,066,311)(97,252,692)
Loss Allowance as of December 31, 2024192,983,328 43,835,122 162,435,036 399,253,486 
(*) See Note 15 business combinations.
Stage 1 Stage 2 Stage 3
Retail Like Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 20236,336,174 5,517,265 20,100,689 31,954,128 
Inflation effect(5,671,114)(3,454,874)(11,812,626)(20,938,614)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(98,262)98,262 — — 
Transfer from Stage 1 to Stage 3(25,424)— 25,424 — 
Transfer from Stage 2 to Stage 1701,498 (701,498)— — 
Transfer from Stage 2 to Stage 3— (129,627)129,627 — 
Transfer from Stage 3 to Stage 2— 135,036 (135,036)— 
Transfer from Stage 3 to Stage 138,235 — (38,235)— 
New Financial Assets Originated or Purchased17,028,907 3,963,271 15,022,483 36,014,661 
Changes in PDs/LGDs/EADs1,153,345 376,182 503,866 2,033,393 
Foreign exchange and other movements(199,600)602,212 27,141,598 27,544,210 
Write-offs— — (14,026,033)(14,026,033)
Other movements with no P&L impact
Financial assets collected during the year(1,886,820)(1,594,622)(19,004,209)(22,485,651)
Loss Allowance as of December 31, 202417,376,939 4,811,607 17,907,548 40,096,094 
Stage 1 Stage 2 Stage 3
Wholesale Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202318,093,721 5,050,252 2,278,099 25,422,072 
Inflation effect(12,437,485)(2,584,768)(1,206,992)(16,229,245)
Financial instruments arising from business combinations (*)
1,983,307 — 3,655,977 5,639,284 
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(2)2 — — 
Transfer from Stage 1 to Stage 3(2)— 2 — 
Transfer from Stage 2 to Stage 1216,624 (216,624)— — 
Transfer from Stage 2 to Stage 3— (985,195)985,195 — 
Transfer from Stage 3 to Stage 2— — — — 
Transfer from Stage 3 to Stage 1— — — — 
New Financial Assets Originated or Purchased59,312,937 129,499 6,435,318 65,877,754 
Changes in PDs/LGDs/EADs(1,110,296)258,816 (115,239)(966,719)
Foreign exchange and other movements(17,352,699)(12,977)4,087,549 (13,278,127)
Write-offs(434,920)— (1,032,713)(1,467,633)
Other movements with no P&L impact
Financial assets collected during the year(8,556,323)(1,242,564)(2,572,622)(12,371,509)
Loss Allowance as of December 31, 202439,714,862 396,441 12,514,574 52,625,877 
(*) See Note 15 business combinations.
Stage 1 Stage 2 Stage 3
Naranja X12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202359,143,108 14,579,672 26,993,280 100,716,060 
Inflation effect(47,059,353)(17,086,577)(21,017,656)(85,163,586)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(1,736,158)1,736,158 — — 
Transfer from Stage 1 to Stage 3(1,732,449)— 1,732,449 — 
Transfer from Stage 2 to Stage 13,901,752 (3,901,752)— — 
Transfer from Stage 2 to Stage 3— (718,460)718,460 — 
Transfer from Stage 3 to Stage 2— 3,877 (3,877)— 
Transfer from Stage 3 to Stage 1148,601 — (148,601)— 
New Financial Assets Originated or Purchased84,205,694 78,832,209 55,050,859 218,088,762 
Changes in PDs/LGDs/EADs99,705,954 9,108,483 46,218,795 155,033,232 
Other movements with no P&L impact
Financial assets collected during the year(78,372,077)(11,628,293)(20,534,915)(110,535,285)
Loss Allowance as of December 31, 2024118,205,072 70,925,317 89,008,794 278,139,183 
Stage 1 Stage 2 Stage 3
Retail Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 2022101,601,213 76,932,007 130,047,924 308,581,144 
Inflation effect(71,761,718)(66,067,982)(140,693,083)(278,522,783)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(4,147,317)4,147,317 — — 
Transfer from Stage 1 to Stage 3(1,999,301)— 1,999,301 — 
Transfer from Stage 2 to Stage 15,415,278 (5,415,278)— — 
Transfer from Stage 2 to Stage 3— (3,156,285)3,156,285 — 
Transfer from Stage 3 to Stage 2— 2,133,961 (2,133,961)— 
Transfer from Stage 3 to Stage 12,181,019 — (2,181,019)— 
New Financial Assets Originated or Purchased31,606,740 36,087,170 140,837,731 208,531,641 
Changes in PDs/LGDs/EADs(8,305,104)(1,455,821)(7,245,839)(17,006,764)
Foreign exchange and other movements(10,498,400)8,377,081 21,193,983 19,072,664 
Other movements with no P&L impact
Financial assets collected during the year(8,388,467)(15,392,770)(47,990,787)(71,772,024)
Loss Allowance as of December 31, 202335,703,943 36,189,400 96,990,535 168,883,878 
Stage 1 Stage 2 Stage 3
Retail Like Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202232,837,065 6,286,180 20,311,431 59,434,676 
Inflation effect(21,477,554)(7,038,381)(25,998,231)(54,514,166)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(949,455)949,455 — — 
Transfer from Stage 1 to Stage 3(200,097)— 200,097 — 
Transfer from Stage 2 to Stage 1427,580 (427,580)— — 
Transfer from Stage 2 to Stage 3— (191,953)191,953 — 
Transfer from Stage 3 to Stage 2— 58,172 (58,172)— 
Transfer from Stage 3 to Stage 152,718 — (52,718)— 
New Financial Assets Originated or Purchased7,463,902 6,179,070 30,555,162 44,198,134 
Changes in PDs/LGDs/EADs350,723 102,112 (595,176)(142,341)
Foreign exchange and other movements(482,317)1,053,368 3,837,446 4,408,497 
Other movements with no P&L impact
Financial assets collected during the year(11,686,391)(1,453,178)(8,291,103)(21,430,672)
Loss Allowance as of December 31, 20236,336,174 5,517,265 20,100,689 31,954,128 
Stage 1 Stage 2 Stage 3
Wholesale Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202220,696,903 3,139,978 1,996,308 25,833,189 
Inflation effect(18,141,982)(5,396,678)(2,874,734)(26,413,394)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(259,927)259,927 — — 
Transfer from Stage 1 to Stage 3(43,504)— 43,504 — 
Transfer from Stage 2 to Stage 1679 (679)— — 
Transfer from Stage 2 to Stage 3— — — — 
Transfer from Stage 3 to Stage 2— — — — 
Transfer from Stage 3 to Stage 1— — — — 
New Financial Assets Originated or Purchased29,602,340 3,829,505 4,948,904 38,380,749 
Changes in PDs/LGDs/EADs(302,436)55,581 (642,095)(888,950)
Foreign exchange and other movements(5,338,635)4,333,194 121,151 (884,290)
Other movements with no P&L impact
Financial assets collected during the year(8,119,717)(1,170,576)(1,314,939)(10,605,232)
Loss Allowance as of December 31, 202318,093,721 5,050,252 2,278,099 25,422,072 
Stage 1 Stage 2 Stage 3
Naranja X12-month Lifetime LifetimeTotal
Loss Allowance as of December 31, 202257,973,137 24,275,846 38,999,548 121,248,531 
Inflation effect(64,454,343)(21,899,377)(32,811,439)(119,165,159)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(1,006,703)1,006,703 — — 
Transfer from Stage 1 to Stage 3(1,195,369)— 1,195,369 — 
Transfer from Stage 2 to Stage 1901 (1,036,781)1,035,880 — 
Transfer from Stage 2 to Stage 32,844,309 (2,845,456)1,147 — 
Transfer from Stage 3 to Stage 2— 116,784 (116,784)— 
Transfer from Stage 3 to Stage 1786,637 — (786,637)— 
New Financial Assets Originated or Purchased23,820,138 7,055,548 10,275,265 41,150,951 
Changes in PDs/LGDs/EADs37,137,162 16,802,432 36,470,179 90,409,773 
Foreign exchange and other movements7,541,549 1,213,952 1,090,305 9,845,806 
Other movements with no P&L impact
Financial assets collected during the year(4,304,310)(10,109,979)(28,359,553)(42,773,842)
Loss Allowance as of December 31, 202359,143,108 14,579,672 26,993,280 100,716,060 
Stage 1 Stage 2 Stage 3
Retail Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202183,828,149 143,659,981 220,297,617 447,785,747 
Inflation effect(52,100,513)(68,956,447)(107,813,528)(228,870,488)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(2,846,004)2,846,004 — — 
Transfer from Stage 1 to Stage 3(1,497,113)— 1,497,113 — 
Transfer from Stage 2 to Stage 18,426,370 (8,426,370)— — 
Transfer from Stage 2 to Stage 3— (4,096,578)4,096,578 — 
Transfer from Stage 3 to Stage 2— 4,099,737 (4,099,737)— 
Transfer from Stage 3 to Stage 16,581,119 — (6,581,119)— 
New Financial Assets Originated or Purchased79,580,323 60,214,943 71,522,405 211,317,671 
Changes in PDs/LGDs/EADs6,711,093 8,204,981 (10,644,822)4,271,252 
Foreign exchange and other movements(15,001,420)(29,495,547)11,292,031 (33,204,936)
Other movements with no P&L impact
Financial assets collected during the year(12,080,791)(31,118,697)(49,518,614)(92,718,102)
Loss Allowance as of December 31, 2022101,601,213 76,932,007 130,047,924 308,581,144 
Stage 1 Stage 2 Stage 3
Retail Like Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 20213,696,953 19,523,186 37,422,987 60,643,126 
Inflation effect(9,638,855)(8,429,311)(17,534,814)(35,602,980)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(78,115)78,115 — — 
Transfer from Stage 1 to Stage 3(19,694)— 19,694 — 
Transfer from Stage 2 to Stage 1334,724 (334,724)— — 
Transfer from Stage 2 to Stage 3— (90,205)90,205 — 
Transfer from Stage 3 to Stage 2— 341,846 (341,846)— 
Transfer from Stage 3 to Stage 1242,680 — (242,680)— 
New Financial Assets Originated or Purchased35,473,770 4,673,305 15,046,102 55,193,177 
Changes in PDs/LGDs/EADs5,213,509 1,294,991 (185,931)6,322,569 
Foreign exchange and other movements(927,570)(9,888,194)(3,535,142)(14,350,906)
Other movements with no P&L impact
Financial assets collected during the year(1,460,337)(882,829)(10,427,144)(12,770,310)
Loss Allowance as of December 31, 202232,837,065 6,286,180 20,311,431 59,434,676 
Stage 1 Stage 2 Stage 3
Wholesale Portfolio12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202121,013,024 4,588,248 10,464,738 36,066,010 
Inflation effect(10,086,835)(2,372,940)(3,460,051)(15,919,826)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(17,323)17,323 — — 
Transfer from Stage 1 to Stage 3(5,322)— 5,322 — 
Transfer from Stage 2 to Stage 1457,251 (457,251)— — 
Transfer from Stage 2 to Stage 3— (338)338 — 
Transfer from Stage 3 to Stage 2— — — — 
Transfer from Stage 3 to Stage 1— — — — 
New Financial Assets Originated or Purchased23,332,445 2,867,975 1,090,537 27,290,957 
Changes in PDs/LGDs/EADs(21,926)(236,672)(714)(259,312)
Foreign exchange and other movements(563,297)468,044 1,026,801 931,548 
Other movements with no P&L impact
Financial assets collected during the year(13,411,114)(1,734,411)(7,130,663)(22,276,188)
Loss Allowance as of December 31, 202220,696,903 3,139,978 1,996,308 25,833,189 
Stage 1 Stage 2 Stage 3
Naranja X12-month Lifetime Lifetime Total
Loss Allowance as of December 31, 202181,427,563 18,033,003 38,685,444 138,146,010 
Inflation effect(46,264,993)(14,675,933)(25,925,106)(86,866,032)
Movements with P&L Impact
Transfer from Stage 1 to Stage 2(1,674,717)1,674,717 — — 
Transfer from Stage 1 to Stage 3(2,008,101)— 2,008,101 — 
Transfer from Stage 2 to Stage 11,178,907 (1,178,907)— — 
Transfer from Stage 2 to Stage 3— (1,787,898)1,787,898 — 
Transfer from Stage 3 to Stage 2— 113,448 (113,448)— 
Transfer from Stage 3 to Stage 1155,260 — (155,260)— 
New Financial Assets Originated or Purchased28,040,518 30,241,664 47,583,641 105,865,823 
Changes in PDs/LGDs/EADs(12,425,949)(1,263,164)(2,833,982)(16,523,095)
Foreign exchange and other movements13,939,294 (1,706,941)6,271,521 18,503,874 
Other movements with no P&L impact
Financial assets collected during the year(4,394,645)(5,174,143)(28,309,261)(37,878,049)
Loss Allowance as of December 31, 202257,973,137 24,275,846 38,999,548 121,248,531 
The following table further explains changes in the gross carrying amount of specific segment portfolio to help explain their significance to the changes in the loss allowance:
Stage 1 Stage 2 Stage 3
Retail Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20231,834,497,735 539,618,011 124,331,422 2,498,447,168 
Financial instruments arising from business combinations (*)
1,058,779,974 — 22,298,812 1,081,078,786 
Transfers:
Transfers from Stage 1 to Stage 2(20,478,179)20,478,179 — — 
Transfers from Stage 1 to Stage 3(11,745,829)— 11,745,829 — 
Transfers from Stage 2 to stage 1164,807,061 (164,807,061)— — 
Transfers from Stage 2 to Stage 3(7,784,819)(7,645,443)15,430,262 — 
Transfers from Stage 3 to Stage 2274,441 9,087,086 (9,361,527)— 
Transfers from Stage 3 to Stage 11,120,938 — (1,120,938)— 
Financial assets derecognized during the period other than write-offs(146,883,693)(48,685,282)(43,785,184)(239,354,159)
New financial assets originated or purchased1,602,243,715 229,824,069 176,638,182 2,008,705,966 
Financial instruments written off— — (87,262,377)(87,262,377)
Foreign exchange and other movements1,726,766,633 96,355,879 93,838,205 1,916,960,717 
Inflation Effect(992,068,406)(291,818,128)(67,236,754)(1,351,123,288)
Gross carrying amount as of December 31, 20245,209,529,571 382,407,310 235,515,932 5,827,452,813 
(*) See Note 15.3 business combinations.
Stage 1 Stage 2 Stage 3
Retail like Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20231,312,196,328 255,469,987 38,081,754 1,605,748,069 
Transfers:
Transfers from Stage 1 to Stage 2(4,150,604)4,150,604 — — 
Transfers from Stage 1 to Stage 3(1,018,929)— 1,018,929 — 
Transfers from Stage 2 to Stage 131,657,841 (31,657,841)— — 
Transfers from Stage 2 to Stage 3— (1,777,988)1,777,988 — 
Transfers from Stage 3 to Stage 2— 293,435 (293,435)— 
Transfers from Stage 3 to Stage 197,386 — (97,386)— 
Financial assets derecognized during the period other than write-offs(442,949,752)(75,203,527)(14,576,194)(532,729,473)
New financial assets originated or purchased2,229,371,596 42,199,695 24,897,645 2,296,468,936 
Financial instruments written off— — (18,763,479)(18,763,479)
Foreign exchange and other movements91,418,565 3,916,772 21,713,879 117,049,216 
Inflation Effect(709,618,044)(138,154,716)(20,594,098)(868,366,858)
Gross carrying amount as of December 31, 20242,507,004,387 59,236,421 33,165,603 2,599,406,411 
Stage 1 Stage 2 Stage 3
Wholesale Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20239,589,854,319 183,308,873 3,238,522 9,776,401,714 
Financial instruments arising from business combinations (*)
1,236,463,908 — 18,334,073 1,254,797,981 
Transfers:
Transfers from Stage 1 to Stage 2(1)1 — — 
Transfers from Stage 1 to Stage 3(34)— 34 — 
Transfers from Stage 2 to Stage 16,727,856 (6,727,856)— — 
Transfers from Stage 2 to Stage 3— (8,950,476)8,950,476 — 
Transfers from Stage 3 to Stage 2— — — — 
Transfers from Stage 3 to Stage 1— — — — 
Financial assets derecognized during the period other than write-offs(5,940,807,477)(66,435,653)(1,895,483)(6,009,138,613)
New financial assets originated or purchased11,911,287,391 1,604,393 7,174,941 11,920,066,725 
Financial instruments written off— — (968,805)(968,805)
Foreign exchange and other movements(2,439,869,745)419,559 (2,440,786)(2,441,890,972)
Inflation Effect(5,186,063,644)(99,130,962)(1,751,349)(5,286,945,955)
Gross carrying amount as of December 31, 20249,177,592,573 4,087,879 30,641,623 9,212,322,075 
(*) See Note 15.3 business combinations.
Stage 1 Stage 2 Stage 3
Naranja X12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20232,140,192,935 56,464,465 43,280,851 2,239,938,251 
Transfers:
Transfers from Stage 1 to Stage 2(13,865,182)13,865,182 — — 
Transfers from Stage 1 to Stage 3(41,587,443)— 41,587,443 — 
Transfers from Stage 2 to Stage 116,023,847 (16,023,847)— — 
Transfers from Stage 2 to Stage 3— (2,694,398)2,694,398 — 
Transfers from Stage 3 to Stage 2— 6,145 (6,145)— 
Transfers from Stage 3 to Stage 1208,503 — (208,503)— 
Financial assets derecognized during the period other than write-offs(87,854,353)(12,358,461)(21,058,462)(121,271,276)
New financial assets originated or purchased2,505,351,186 422,507,917 95,734,223 3,023,593,326 
Financial instruments written off(22,736,677)(917,066)(573,834)(24,227,577)
Inflation Effect(1,033,213,227)(26,003,409)(19,358,410)(1,078,575,046)
Gross carrying amount as of December 31, 20243,462,519,589 434,846,528 142,091,561 4,039,457,678 
Stage 1 Stage 2 Stage 3
Retail Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20222,540,460,448 437,903,116 156,500,360 3,134,863,924 
Transfers:
Transfers from Stage 1 to Stage 2(89,143,415)89,143,415 — — 
Transfers from Stage 1 to Stage 3(19,035,138)— 19,035,138 — 
Transfers from Stage 2 to Stage 138,064,060 (38,064,060)— — 
Transfers from Stage 2 to Stage 3— (11,070,364)11,070,364 — 
Transfers from Stage 3 to Stage 2— 2,861,878 (2,861,878)— 
Transfers from Stage 3 to Stage 12,919,844 — (2,919,844)— 
Financial assets derecognized during the period other than write-offs(228,216,910)(48,212,948)(31,389,672)(307,819,530)
New financial assets originated or purchased675,737,654 276,658,794 76,130,922 1,028,527,370 
Foreign exchange and other movements631,590,306 127,680,754 5,010,606 764,281,666 
Inflation Effect(1,717,879,114)(297,282,574)(106,244,574)(2,121,406,262)
Gross carrying amount as of December 31, 20231,834,497,735 539,618,011 124,331,422 2,498,447,168 
Stage 1 Stage 2 Stage 3
Retail like Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20222,123,944,757 116,718,334 32,374,804 2,273,037,895 
Transfers:
Transfers from Stage 1 to Stage 2(52,405,349)52,405,349 — — 
Transfers from Stage 1 to Stage 3(3,066,607)— 3,066,607 — 
Transfers from Stage 2 to Stage 113,104,942 (13,104,942)— — 
Transfers from Stage 2 to Stage 3— (1,310,522)1,310,522 — 
Transfers from Stage 3 to Stage 2— 111,642 (111,642)— 
Transfers from Stage 3 to Stage 1155,924 — (155,924)— 
Financial assets derecognized during the period other than write-offs(440,674,753)(16,143,126)(7,649,793)(464,467,672)
New financial assets originated or purchased1,024,447,559 173,558,624 25,689,335 1,223,695,518 
Foreign exchange and other movements90,178,329 20,881,917 5,536,370 116,596,616 
Inflation Effect(1,441,898,312)(79,237,451)(21,978,525)(1,543,114,288)
Gross carrying amount as of December 31, 20231,313,786,490 253,879,825 38,081,754 1,605,748,069 
Stage 1 Stage 2 Stage 3
Wholesale Portfolio12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20226,655,550,335 43,984,719 2,995,424 6,702,530,478 
Transfers:
Transfers from Stage 1 to Stage 2(20,980,390)20,980,390 — — 
Transfers from Stage 1 to Stage 3(898,123)— 898,123 — 
Transfers from Stage 2 to Stage 129,031 (29,031)— — 
Transfers from Stage 2 to Stage 3— — — — 
Transfers from Stage 3 to Stage 2— — — — 
Transfers from Stage 3 to Stage 1— — — — 
Financial assets derecognized during the period other than write-offs(1,498,418,226)(8,334,453)(35,590,202)(1,542,342,881)
New financial assets originated or purchased9,298,129,443 122,232,506 3,217,119 9,423,579,068 
Foreign exchange and other movements(325,254,354)34,334,977 33,751,584 (257,167,793)
Inflation Effect(4,518,303,397)(29,860,235)(2,033,526)(4,550,197,158)
Gross carrying amount as of December 31, 20239,589,854,319 183,308,873 3,238,522 9,776,401,714 
Stage 1 Stage 2 Stage 3
Naranja X12-month Lifetime Lifetime Total
Gross carrying amount as of December 31, 20222,372,223,187 90,598,055 67,447,062 2,530,268,304 
Transfers:
Transfers from Stage 1 to Stage 2(16,847,017)16,847,017 — — 
Transfers from Stage 1 to Stage 3(18,460,947)— 18,460,947 — 
Transfers from Stage 2 to Stage 112,322,374 (12,322,374)— — 
Transfers from Stage 2 to Stage 3— (3,873,224)3,873,224 — 
Transfers from Stage 3 to Stage 2— 225,601 (225,601)— 
Transfers from Stage 3 to Stage 11,399,318 — (1,399,318)— 
Financial assets derecognized during the period other than write-offs(10,168,768)(9,798,980)(18,789,886)(38,757,634)
New financial assets originated or purchased1,410,173,742 36,293,353 19,702,717 1,466,169,812 
Inflation Effect(1,610,448,954)(61,504,983)(45,788,294)(1,717,742,231)
Gross carrying amount as of December 31, 20232,140,192,935 56,464,465 43,280,851 2,239,938,251