Grupo Financiero Galicia: Argentina's Biggest Bank, A Year Too Early

Impact · against what's priced in

GGAL remains a hold as operational recovery is neutralized by deteriorating credit quality and macroeconomic instability. The surge in non-performing loans to 10.6% creates a direct vulnerability to the bottom line that outweighs recent ROE improvements.

GGAL−0.30

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In context

The tripling of non-performing loans to 10.6% and coverage falling below 100% create immediate earnings risk, which offsets the operational recovery of an 11.3% ROE.

Read from the article alone

• banking▲6%
• GGAL
• argentina
• country risk
• currency depreciation
• emerging markets
• non performing loans

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