Grupo Financiero Galicia(GGAL)2025-03-31 20:19Financial Performance - Net income for the year reached Ps. 1,624,744,805, a significant increase of 121.1% compared to Ps. 734,238,287 in 2023[29]. - Basic earnings per share increased to Ps. 1,095.51 in 2024, compared to Ps. 497.89 in 2023, marking a growth of 120.1%[31]. - Total comprehensive income attributable to the parent company's owners was Ps. 1,639,386,979, compared to Ps. 737,597,663 in 2023, reflecting an increase of 122.4%[33]. - Income before Taxes from Continuing Operations increased to 1.18 billion in 2023, representing an 87% year-over-year growth[41]. - Net operating income for the year was reported at Ps. 7,110,463,722, slightly down from Ps. 7,306,221,802 in 2023[29]. Assets and Liabilities - Total assets increased to Ps. 32,517,979,372 as of December 31, 2024, up from Ps. 22,246,858,046 in 2023, representing a growth of approximately 46%[25]. - Total liabilities increased to Ps. 26,454,235,292 as of December 31, 2024, up from Ps. 17,854,034,339 in 2023, representing a growth of 48.5%[27]. - Loans and other financing rose to Ps. 14,388,091,921 in 2024, up from Ps. 6,708,657,840 in 2023, reflecting an increase of approximately 114%[25]. - Cash and due from banks increased to Ps. 6,744,840,168 in 2024, compared to Ps. 4,346,311,187 in 2023, marking a growth of about 55%[25]. - The company reported a significant increase in financial assets pledged as collateral, rising to Ps. 1,484,416,075 in 2024 from Ps. 939,774,618 in 2023, a growth of approximately 58%[25]. Income and Expenses - Interest income decreased to Ps. 8,244,240,311 in 2024 from Ps. 10,353,121,006 in 2023, reflecting a decline of 20.3%[29]. - Net income from interest rose to Ps. 5,149,812,618, up 36.8% from Ps. 3,762,271,310 in the previous year[29]. - Fee income increased to Ps. 1,271,266,296, up from Ps. 1,190,600,233 in 2023, a growth of 6.8%[29]. - The company reported a loss on net monetary position of Ps. 2,384,891,465, an improvement from a loss of Ps. 3,306,755,066 in 2023[29]. Shareholders' Equity - Total shareholders' equity attributable to the parent company's owners grew to Ps. 6,063,585,599, up from Ps. 4,392,630,487 in 2023, an increase of 38.1%[27]. - As of December 31, 2024, total shareholders' equity reached Ps. 6,063,744,080, up from Ps. 4,392,823,707 at the end of the previous year[35]. - The company distributed cash dividends totaling Ps. 648,652,068 during the fiscal year, impacting retained earnings[35]. - A capital increase of Ps. 680,220,201 was recorded, enhancing the company's financial position[35]. Acquisitions and Investments - The acquisition of GGAL Holdings S.A. was completed with a fair value of net assets acquired amounting to Ps. 1,793,241,094[20]. - The acquisition of HSBC Argentina Holdings S.A. and subsidiaries resulted in a cash payment of 862.8 million in 2024, compared to 3.50 billion in 2024 from 865.2 million in 2024, compared to a cash outflow of 7.41 billion, up from 614.9 million in 2024 from $390.4 million in 2023, marking a 57% rise[41]. Regulatory and Accounting Standards - The Group's financial statements will not be significantly impacted by the amendments to IAS 7 and IFRS 7 regarding Supplier Financing Arrangements, effective January 2024[56]. - The amendments to IAS 21 regarding Lack of Exchangeability are expected to have no significant impact on the Group's financial statements, effective January 2025[57]. - The targeted amendments to IFRS 9 and IFRS 7 are estimated to not significantly affect the Group's financial statements, effective January 2026[58]. - IFRS 18 introduces new presentation and disclosure requirements, with the Group currently assessing its impact, effective January 2027[59]. - The new standard IFRS 19 allows eligible subsidiaries to apply reduced disclosure requirements, with the Group evaluating its effects, effective January 2027[60].