Banco BBVA Argentina S.A. (BBAR)

Price$14.82Cached quoteAs of 2026-09-05 03:10 UTC

AI: Fair-priced

Price checkAt roughly one times book value, the shares look balanced rather than clearly cheap or expensive.

One American depositary share represents three ordinary shares. Using June 2026 parent equity of ARS 4.19 trillion, 612.71 million ordinary shares, and the reported June exchange rate of ARS 1,483 per dollar gives about $13.8 of book value per depositary share. The observed market price is therefore about 1.1 times book. Against a 10.3% first-half real return on equity and 6.54% credit-loss cost, that multiple supports a fair-priced view, not an obvious bargain. SEC+3MarketWatch+3SEC+3

Big pictureProfits are recovering, but Argentina’s credit cycle still makes those earnings unusually hard to normalize.

The supplied history shows net income of ARS 364.8 billion in 2024, ARS 342.4 billion in 2023, and ARS 393.0 billion in 2022. Operating cash flow rose to ARS 2.59 trillion in 2024 from ARS 1.31 trillion in 2023, but bank cash flow is less informative than for an industrial company because deposits and loans are operating balance-sheet items. In first-half 2026, inflation-adjusted net income reached ARS 222.6 billion, up 14.0% year over year. Pasted text SEC

Business strengthCapital and liquidity are strong, while loan and deposit growth shows the franchise is still expanding.

At June 2026, the regulatory capital ratio was 18.8%, with capital 128.3% above the minimum requirement, and liquid assets equaled 47.3% of deposits. Private-sector loans grew 13.1% year over year in real terms and deposits grew 7.7%, while consolidated market shares held near 12.0% for loans and 9.91% for deposits. The supplied 2019-2024 history shows shares outstanding fixed at 612.71 million, so there was no visible dilution in that period; cash dividends also resumed meaningfully. SEC+1

What could change the storyLower retail defaults could unlock upside; persistent losses would make today’s valuation look demanding.

The main swing factor is credit quality. Non-performing loans rose to 6.09% in the second quarter from 2.28% a year earlier, driven by retail loans, where the bad-loan ratio reached 10.19%. First-half credit-loss cost was 6.54%, while coverage of bad loans fell to 79.91%. A sustained drop in those figures, with real return on equity moving into the mid-teens, would strengthen the bull case. If losses stay high and returns remain near 10%, about 1.1 times book could prove expensive. SEC+1

AI: News

Second-quarter profit reboundSecond-quarter profit jumped as lower inflation effects and tighter costs outweighed still-heavy credit losses.

On August 27, BBVA Argentina reported inflation-adjusted second-quarter net income of ARS 131.6 billion, up 44.6% from the prior quarter and 65.2% from a year earlier. First-half income reached ARS 222.6 billion, up 14.0%. The quarterly efficiency ratio improved to 45.0% from 51.4%. Lower monetary-position losses and operating costs helped offset pressure from falling rates and elevated loan-loss charges, improving near-term earning power without removing the credit-risk concern. SEC

Retail credit stress worsenedConsumer repayment problems worsened sharply, raising the chance that stronger lending growth produces weaker profits.

The August 27 results showed non-performing loans at 6.09% of the portfolio, up from 5.60% one quarter earlier and 2.28% a year earlier. Retail bad loans reached 10.19%, while quarterly credit-loss cost rose to 7.13% and coverage fell to 79.91%. Reuters reported on September 4 that Argentina’s household loan delinquency reached a record 12.8% in June. More defaults force the bank to reserve more earnings for expected losses, directly reducing value. SEC+1

Dollar lending rules easedNew rules let banks deploy more dollar deposits into business loans, creating a measured growth opportunity.

On August 13, Argentina announced rules allowing banks to lend up to 15% of their dollar deposits to companies that do not earn directly in dollars. BBVA Argentina’s foreign-currency deposits, measured in dollars, had already risen 28.5% year over year by June. The change could convert more of that deposit base into interest-earning business loans and support revenue growth. The benefit depends on underwriting quality because expanding credit while household and small-business stress is elevated can also increase future losses. Reuters+1

Dividend program completedThe bank distributed a three-part cash dividend, showing capital flexibility without issuing new shares.

The Central Bank authorized a total cash distribution of ARS 69.0 billion, paid in three equal installments scheduled for June 11, July 6, and August 6. That amount was only about 1.6% of June parent equity, so the payout did not materially weaken the bank’s capital buffer. The supplied history also shows 612.71 million shares outstanding every year from 2019 through 2024, with no visible dilution. The dividend therefore supports the capital-allocation case, although it is not large enough to define valuation by itself. SEC+1

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$3.05T	$4.51T	$5.47T	$2.64T	—	—	—	—	—
Gross profit	—	$3.31T	$3.92T	$2.50T	$834.44B	$279.85B	$182.46B	$82.51B	$49.21B
Gross margin	—	73.46%	71.73%	94.54%	—	—	—	—	—
Operating expenses	—	$2.87T	$3.24T	$2.12T	$749.31B	$227.41B	$51.04B	$45.30B	$43.70B
Operating income	—	$441.03B	$679.79B	$379.10B	$85.13B	$52.44B	$36.92B	$5.13B	$3.45B
Operating margin	—	9.78%	12.43%	14.35%	—	—	—	—	—
EBITDA	—	$520.64B	$742.24B	$453.51B	$118.99B	$64.40B	$45.57B	$9.15B	$5.65B
EBITDA margin	—	11.55%	13.58%	17.17%	—	—	—	—	—
Net income	$315.14B	$364.82B	$342.44B	$393.05B	$56.75B	$29.60B	$32.93B	−$3.29B	$2.86B
Net profit margin	10.32%	8.09%	6.26%	14.88%	—	—	—	—	—
Basic EPSper basic share	ARS 1,224.03	ARS 588.22	ARS 557.49	ARS 651.23	ARS 93.05	ARS 48.23	ARS 53.76	-ARS 5.09	ARS 5.14
Diluted EPSper diluted share	ARS 1,224.03	ARS 588.22	ARS 557.49	ARS 651.23	ARS 93.05	ARS 48.23	ARS 53.76	-ARS 5.09	ARS 5.14

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Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of BBAR
Holder	Shares held
SAMLYN CAPITAL, LLC	2.95M
PointState Capital LP	2.4M
PING CAPITAL MANAGEMENT, INC.	1.7M
Aquamarine Financial (Cayman) Ltd	1.7M
MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd.	1.68M
Itau Unibanco Holding S.A.	1.66M
Candriam S.C.A.	1.34M
DISCOVERY CAPITAL MANAGEMENT, LLC / CT	1.17M
MORGAN STANLEY	851.96K
Westwood Global Investments, LLC	663.51K
Sagil Capital LLP	500.99K
D. E. Shaw & Co., Inc.	365.86K
UBS Group AG	350.24K
CITIGROUP INC	332.65K
Glenorchy Capital Ltd	263.41K
GOLDMAN SACHS GROUP INC	262.66K
JANE STREET GROUP, LLC	146.04K
MILLENNIUM MANAGEMENT LLC	141.87K
BANK OF MONTREAL /CAN/	137.62K
JPMORGAN CHASE & CO	128.86K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Banco BBVA Argentina S.A. (BBAR)

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