Grupo Supervielle Reports 2Q26 Results

Rhea-AI Summary

Grupo Supervielle (NYSE: SUPV) reported 2Q26 attributable net income of AR$12.8 billion (vs. a loss in 1Q26), equivalent to 4.4% ROAE. Adjusted net income excluding extraordinary severance charges reached AR$36.2 billion, with adjusted ROAE of 12.4% and structural ROAE of 14.4%. Profit before income tax was AR$19.2 billion, or AR$55.2 billion on an adjusted basis.

Net financial income rose 8.3% QoQ to AR$294.5 billion, as net interest margin expanded to 20.3%. The efficiency ratio was 63.4%, or 52.3% excluding severance. The NPL ratio improved to 5.5%, about 210 bps below industry, while loan loss provisions fell 5.8% QoQ. Total loans were AR$4,332.0 billion (–1.4% QoQ, +8.9% YoY) and deposits AR$5,970.8 billion (+4.7% QoQ). Group headcount was cut 17% vs. end‑2025, implying annualized personnel savings of AR$42 billion. CET1 stood at 14.2%.

Positive

• Return to profitability with 2Q26 net income of AR$12.8 billion after 1Q26 loss
• Adjusted profit before tax AR$55.2 billion in 2Q26 excluding AR$36.0 billion severance
• Net financial income AR$294.5 billion, up 8.3% QoQ and 6.4% YoY
• Net interest margin expanded to 20.3%, up 253 bps QoQ
• NPL ratio improved to 5.5%, around 210 bps below industry average
• Deposits AR$5,970.8 billion, increasing 4.7% QoQ and 7.5% YoY
• Headcount reduction 17% vs. year-end 2025, with AR$42 billion annualized personnel savings
• CET1 ratio at 14.2%, around 30 bps higher than a year earlier

Negative

• 1H26 attributable result net loss of AR$5.4 billion vs. AR$29.4 billion income in 1H25
• Extraordinary personnel expenses about AR$36.0 billion in 2Q26 from rightsizing plan
• Total loans AR$4,332.0 billion, down 1.4% QoQ amid subdued credit demand
• Coverage ratio declined to 98.9% from 103.9% in March 2026 and 129.7% a year earlier
• Commercial portfolio delinquency increased during 2Q26 due to prior high-rate environment
• CET1 ratio fell from 15.4% in 1Q26 to 14.2% in 2Q26
• Efficiency ratio elevated at 63.4% in 2Q26 including restructuring costs

News Explained

At June 30, loans were 72.6% of deposits and CET1 had declined from 15.4% to 14.2% quarter over quarter.

Alongside its June 30, 2026-ended results, Grupo Supervielle disclosed that it entered an agreement with Flash Argentina to provide financing for used-vehicle transactions on the marketplace.

The agreement gives Supervielle an exclusive secured-financing role, with the program scheduled to begin in 4Q26.

The loans-to-deposits ratio was 72.6% at quarter-end, down from 77.1% at March 31, 2026.

CET1 was 14.2% at quarter-end, down from 15.4% in the prior quarter.

Market Context

Morello Ignacio Juan reported a 51,000-share open-market sale in the platform's recent insider data....

Analysis

Morello Ignacio Juan reported a 51,000-share open-market sale in the platform's recent insider data. Against that context, the release showed quarterly recovery alongside a 1H26 loss, declining CET1, and continued credit-quality risk; low short positioning added perspective.

Key Figures

2Q26 attributable net income: Ps.12.8 billion 1H26 attributable net loss: Ps.5.4 billion Adjusted net income: Ps.36.2 billion +5 more

8 metrics

2Q26 attributable net income Ps.12.8 billion 2Q26, versus Ps.18.2 billion in 2Q25

1H26 attributable net loss Ps.5.4 billion 1H26, versus Ps.29.4 billion net income in 1H25

Adjusted net income Ps.36.2 billion 2Q26, excluding extraordinary severance charges

Net interest margin 20.3% 2Q26, expanding 253 bps QoQ

NPL ratio 5.5% June 30, 2026; 210 bps below industry

Loan loss provisions AR$68.0 billion 2Q26, declining 5.8% QoQ

Deposit growth 4.7% QoQ Total deposits in 2Q26

CET1 ratio 14.2% June 30, 2026

Historical Context

3 past events · Latest: May 06 (Negative)

Pattern 3 events

Date	Event	Sentiment	24h Move	Catalyst
May 06	1Q26 earnings report	Negative	-1.8%	Quarterly net loss and extraordinary severance charges accompanied early recovery signals.
Apr 08	Annual report filing	Neutral	+7.4%	SEC filing described accounting presentation and access to audited financial statements.
Mar 02	4Q25 earnings report	Negative	-4.7%	Quarterly and full-year losses coincided with higher NPLs and elevated loan provisions.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

SUPV's earnings announcements historically aligned with negative price reactions, while its annual-report filing diverged positively.

Key Terms

hyperinflation accounting, ias 29, net interest margin, npl ratio, +1 more

5 terms

hyperinflation accounting financial

"applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29"

Hyperinflation accounting is a set of bookkeeping rules used when a country’s currency is losing value extremely fast, requiring companies to adjust their financial records so numbers reflect real purchasing power instead of outdated cash amounts. For investors, it matters because these adjustments change reported profits, asset values and cash balances—like updating a shopping list during runaway price hikes—so comparisons across time or with companies in stable economies remain meaningful.

ias 29 regulatory

"in accordance with IFRS rule IAS 29"

IAS 29 is an accounting rule that tells companies how to adjust their financial statements when they operate in economies with very high inflation, so numbers reflect current purchasing power rather than outdated prices. For investors, it matters because it converts historic figures into meaningful, comparable values—like updating old price tags to today’s dollars—helping assess real profits, assets and liabilities and avoid being misled by inflation-distorted results.

net interest margin financial

"Net Interest Margin (NIM) was 20.3% in 2Q26"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

npl ratio financial

"The total NPL ratio was 5.5% as of June 30, 2026"

The NPL ratio measures the share of a lender’s loans that are not being repaid on schedule — loans that are overdue or in default — expressed as a percentage of total loans. Investors use it like counting rotten apples in a fruit basket: a higher percentage signals greater credit stress and potential losses, which can hurt a bank’s profits, capital strength and future lending ability.

cet1 ratio financial

"Common Equity Tier 1 Ratio (CET1) was 14.2%"

CET1 ratio measures a bank's core equity capital (the most loss-absorbing funds like common stock and retained earnings) relative to the size of its risk-adjusted assets. It shows how big the bank's financial cushion is compared with what it has on its books; a higher ratio means greater ability to absorb losses, lower regulatory risk, and generally more investor confidence in the bank's stability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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⁠Return to profitability, with Adjusted ROAE of 12.4% excluding extraordinary severance charges from the rightsizing plan

Group headcount reduced 17% vs. year-end 2025, with AR$42 billion in annualized personnel savings and full run-rate benefit from 3Q26

⁠NPL ratio improved to 5.5%, 210 bps below industry, with net cost of risk further easing to 5.6%

BUENOS AIRES, Argentina, Aug. 10, 2026 /PRNewswire/ -- Grupo Supervielle S.A. (NYSE: SUPV; BYMA: SUPV), ("Supervielle" or the "Company") a universal financial services group headquartered in Argentina with a nationwide presence, today reported results for the three- and six-month period ended June 30, 2026.

Starting 1Q20, the Company began reporting results applying Hyperinflation Accounting, in accordance with IFRS rule IAS 29 ("IAS 29") as established by the Central Bank. 

Commenting on second quarter 2026 results, Patricio Supervielle, Grupo Supervielle's Chairman & CEO, noted: The second quarter confirmed that the earnings recovery we anticipated in the first quarter is now underway. At the same time, the transformation of our operating model is beginning to translate into a structurally lower cost to serve, positioning us to compete more effectively by delivering simple, agile financial experiences, deepening principal bank relationships, and supporting a broader range of transactional, savings and credit needs as the cycle turns. We reported net income of AR$12.8 billion, equivalent to 4.4% ROAE. Excluding the extraordinary severance charges and salary savings associated with our rightsizing plan launched in March, structural net income reached AR$41.9 billion, equivalent to a 14.4% structural ROAE. Group headcount is now 17% below year-end 2025 with the implementation of these significant structural savings now largely in place. The full benefit is anticipated to become increasingly visible over the coming quarters.

Core earnings dynamics also continued to strengthen. Net interest income increased 13.1% sequentially, driving an 8.3% increase in net financial income. Net interest margin expanded to 20.3% from 17.7% in the prior quarter, supported mainly by a faster decline in funding costs as market interest rates settled at lower levels. While margin expansion benefitted temporarily from the lagged repricing of assets, the improvement provides further evidence of the recovery in our underlying earnings capacity. The efficiency ratio improved to 63.4% from 68.9% supported by stronger revenues, while excluding extraordinary severance charges it stood at 52.3%.

Credit demand and transactional activity in the private sector remained subdued during the quarter, reflecting a still-uneven recovery in economic activity and household demand. In this context, we prioritized disciplined origination and attractive risk-adjusted returns over volume. As a result, the loan book declined 1.4% sequentially, moderating from the 5.6% sequential contraction in the first quarter. Deposits increased 4.7% sequentially, further strengthening our liquidity position.

Asset quality improved during the quarter. The NPL ratio edged down to 5.5%, 210 bps below industry levels while net cost of risk further eased to 5.6% from 6.0%. NPL formation declined for a second consecutive quarter, and the stock of non-performing loans in constant pesos has decreased every month since February. These trends reflect the collection and refinancing initiatives implemented since December 2025, together with a more selective underwriting.

During the quarter we continued to advance our ecosystem strategy. Our recently launched alliance with Aerolíneas Argentinas strengthens the value proposition for our premium Identité segment and reinforces the differentiated positioning of our platform.  More recently, we entered into an agreement with Flash Argentina, created as part of the Mercado Libre ecosystem, to exclusively provide secured financing for used-vehicle transactions on the marketplace beginning in 4Q26. At IOL, assets under custody increased 11% sequentially in U.S. dollar terms, supported by onboarding of high-value clients and by increased mutual fund holdings in the retail segment, early evidence that our strategic shift towards this segment is beginning to translate into results.

Looking ahead, Argentina's macro backdrop continues to normalize at a faster pace than at the start of the year. Monthly inflation moderated to below 2% for the first time in almost a year, the fiscal anchor delivered another semiannual primary surplus, country risk narrowed materially and the Central Bank continued to build reserves. Beyond these improvements in macroeconomic stability, a structural shift is under way toward an investment- and export-led growth model, supported by energy, mining and a growing pipeline of long-term projects under the RIGI framework. 

With Argentina moving into this new phase, our priorities are clear: sustain the improvement in asset quality, capture the structural savings generated by the transformation of our operating model; and selectively resume growth in strategic products and economic sectors, keeping a clear focus on disciplined risk management and profitability. With a leaner cost structure, improving earnings capacity, and a solid CET1 ratio of 14.2%, Grupo Supervielle is well positioned to strengthen returns and capture the significant long-term growth opportunity presented by the normalization of Argentina's financial system," concluded Mr. Supervielle.

Second quarter 2026 Highlights

PROFITABILITY

The Company reported an Attributable Net Income of Ps.12.8 billion in 2Q26, compared to an Attributable Net Loss of Ps.18.2 billion in 1Q26 and Attributable Net Income of Ps.18.2 billion in 2Q25. In 1H26, the Company posted an Attributable Net Loss of Ps.5.4 billion, compared to an Attributable Net Income of Ps.29.4 billion in 1H25. During the quarter, the Company continued implementing the headcount rightsizing plan initiated in 1Q26 across its Banking ecosystem to align its workforce with the shift toward a more efficient distribution model, as a growing share of customer activity migrates to digital and virtual hub service channels. Group headcount was 17% below year-end 2025 levels by quarter-end. Excluding the related extraordinary severance charges, the Company posted an Adjusted Net Income of Ps.36.2 billion in 2Q26 and Ps.43.4 billion in 1H26. 

Operating conditions continued to improve during 2Q26, supported by the ongoing disinflation process and the decline in interest rates that began in March. Lower rates throughout April, May and June further eased funding costs, supporting financial intermediation and a more stable operating environment. In this context, quarterly profitability benefited from stronger than anticipated growth in net financial margin, as funding costs repriced downward faster than interest-earning assets, driving a sequential expansion in spreads. Operating expenses remained broadly stable sequentially and continued to include extraordinary personnel costs associated with the implementation of the headcount rightsizing plan, at levels similar to those recorded in 1Q26. These charges are associated with a structurally lower cost base expected to benefit future periods.

Loan loss provisions continued to decelerate from the previous quarter, reflecting the sustained impact of portfolio management, collection and refinancing initiatives undertaken since late 2025, together with a disciplined and cautious origination strategy. Asset quality indicators remained broadly in line with March levels, stabilizing during the quarter and supporting evidence of the early inflection in portfolio performance anticipated in 1Q26. On a year-on-year ("YoY") basis, provisioning levels continued to reflect higher delinquency across the loan portfolio, a trend that was observed industry-wide. Additionally, the loss from the net monetary position (RECPAM) declined sequentially, reflecting lower inflation during the quarter. Taken together, these dynamics contributed to higher Net Income in the quarter. Overall, first-half results reflected a transitional period, with underlying earnings trends improving.

2Q26 ROAE was 4.4% while adjusted ROAE was 12.4%, and Structural ROAE, which reflects the full run-rate of the salary savings associated with the headcount reductions under the voluntary retirement program, as if those reductions had been fully in effect throughout the period was 14.4%. ROAA was 0.6%. 1H26 ROAE was negative 0.9%, while adjusted ROAE was 7.4%, and structural ROAE was 9.0%. 1H26 ROAA was -0.1%.

In 2Q26, the Company reported Profit Before Income Tax of Ps.19.2 billion, compared to a Loss Before Income Tax of Ps.23.9 billion in 1Q26 and a Profit Before Income Tax of Ps.18.3 billion in 2Q25. This result included approximately Ps.36.0 billion in extraordinary personnel expenses associated with the headcount rightsizing plan initiated in 1Q26. Excluding these extraordinary severance charges, Adjusted Profit Before Income Tax was Ps.55.2 billion.

During 2Q26, the Net Financial Income totaled Ps.294.5 billion in 2Q26, increasing 8.3% QoQ and 6.4% YoY. The sequential expansion reflects the decline in interest rates that began in March and continued throughout the quarter, driving a faster repricing of funding costs relative to interest-earning assets, therefore widening spreads.

Net Interest Margin (NIM) was 20.3% in 2Q26, expanding 253 bps QoQ, while declining 51 bps YoY.

The total NPL ratio was 5.5% as of June 30, 2026, down from 5.6% at the end of March 2026 and approximately 210 bps below the industry average. While the ratio continues to reflect the carry-over effects of credit stress from prior quarters in a challenging macroeconomic environment, portfolio dynamics have begun to improve, with delinquency indicators improving consistently since March. The 90-day delinquency ratio was 4.6% at the end of 2Q26, 90 bps below the reported NPL ratio. This gap reflects exposures classified as non-performing under Central Bank criteria that were performing or less than 90 days past due according to the Bank's records. The Retail NPL ratio declined to 9.6% from 9.9% in March, while the retail 90-day delinquency ratio improved to 7.9% from 8.6%. Quarterly NPL formation declined for the second consecutive quarter and stood approximately 20% below the 4Q25 peak, with retail NPL formation down 21% from that peak. Measured in constant pesos, the stock of retail loans more than 90 days past due has declined every month since February 2026, ending the quarter 17% below its peak and 13% lower than in March. In the commercial portfolio, delinquency increased during the quarter, reflecting the lagged impact of the high-interest rate environment in prior months on SME customers, although NPL formation remained broadly stable versus 1Q26. These trends reflect improved collection and refinancing dynamics resulting from active portfolio management and a disciplined origination strategy, particularly in the retail segment, in place since early 2025. Origination cohorts since 4Q25 continue to perform meaningfully better.

Loan loss provisions (LLPs) declined 5.8% QoQ to AR$68.0 billion in 2Q26. This reduction was consistent with easing delinquency trends throughout the quarter and reflects the early benefits of the collection and refinancing initiatives implemented since December 2025, together with disciplined risk-adjusted loan origination.

The Coverage Ratio was 98.9% as of June 30. 2026, compared to 103.9% as of March 31, 2026, and 129.7% as of June 30, 2025. The 90-day delinquent loans Coverage Ratio was 111% as of June 30, 2026.

Efficiency ratio was 63.4% in 2Q26, reflecting the impact of extraordinary personnel expenses related to the implementation of the voluntary retirement and headcount rightsizing plan, partially offset by higher revenues versus the prior quarter. Excluding these items, the Efficiency ratio would have been 52.3%.

The Loans to Deposits Ratio was 72.6% as of June 30, 2026, compared to 77.1% as of March 31, 2026, and 71.7% as of June 30, 2025.

Total Deposits were AR$ 5,970.8 billion at quarter-end, increasing 4.7% QoQ and 7.5% YoY. The sequential increase was driven by asset and liability management initiatives and a seasonal increase in savings accounts.

Total Assets were AR$8,723.0 billion as of June 30, 2026, remaining flat QoQ and increasing 8.2% YoY.

The leverage ratio (Assets to Shareholders' Equity) was 7.4x, down 10 bps QoQ, from 7.5x as of March 31, 2026, and increased 90 bps YoY, from 6.5x as of June 30, 2025. Average leverage ratio was 6.9x down 60 bps QoQ from 7.5x as of March 31, 2026, and increased 90 bps YoY, from 6.0x as of June 30, 2025. 

Total Loans amounted to AR$4,332.0 billion as of June 30, 2026, decreasing 1.4% QoQ but increasing 8.9% YoY and 153.3% since March 31, 2024. Loan growth since March 31, 2024 has significantly outpaced the industry's 139% increase, while remaining in line with the industry on a YoY basis. The sequential decline was primarily driven by a 3.6% reduction in peso–denominated loans reflecting soft loan demand and a disciplined origination strategy focused on attractive risk-adjusted returns, while U.S. dollar loans increased 6.3% in dollar terms.

Common Equity Tier 1 Ratio (CET1) was 14.2% as of June 30, 2026, declining from 15.4% in the prior quarter but remaining 30 basis points higher than a year earlier.

View original content to download multimedia:https://www.prnewswire.com/news-releases/grupo-supervielle-reports-2q26-results-302847547.html

SOURCE Grupo Supervielle S.A.

FAQ

How did Grupo Supervielle (SUPV) perform financially in 2Q26?

Grupo Supervielle reported 2Q26 net income of AR$12.8 billion, marking a return to profitability. According to the company, adjusted net income excluding extraordinary severance reached AR$36.2 billion, with adjusted ROAE of 12.4% and structural ROAE of 14.4%.

What drove Grupo Supervielle’s net interest margin in 2Q26?

Grupo Supervielle’s net interest margin reached 20.3% in 2Q26, up 253 bps QoQ. According to the company, lower market interest rates reduced funding costs faster than asset yields repriced, widening spreads and supporting an 8.3% QoQ increase in net financial income.

How did asset quality and NPLs evolve for Grupo Supervielle (SUPV) in 2Q26?

Grupo Supervielle’s NPL ratio was 5.5% at June 30, 2026, slightly down from 5.6% in March. According to the company, this level was about 210 bps below the industry average, while loan loss provisions fell 5.8% QoQ to AR$68.0 billion.

What cost-saving measures did Grupo Supervielle implement by 2Q26?

Grupo Supervielle reduced group headcount by 17% versus year-end 2025 under a rightsizing plan. According to the company, this implies annualized personnel savings of about AR$42 billion, though it generated approximately AR$36.0 billion in extraordinary severance expenses in 2Q26.

How did loans and deposits change for Grupo Supervielle in 2Q26?

Total loans reached AR$4,332.0 billion, down 1.4% QoQ but up 8.9% YoY. According to the company, total deposits were AR$5,970.8 billion, increasing 4.7% QoQ and 7.5% YoY, strengthening liquidity as the loans-to-deposits ratio fell to 72.6%.

What was Grupo Supervielle’s capital position and CET1 ratio in 2Q26?

Grupo Supervielle reported a Common Equity Tier 1 (CET1) ratio of 14.2% as of June 30, 2026. According to the company, this was down from 15.4% in the prior quarter but about 30 bps higher than a year earlier, with leverage at 7.4x.

Did Grupo Supervielle announce any strategic partnerships impacting 2Q26 results?

Grupo Supervielle highlighted alliances with Aerolíneas Argentinas for its premium Identité segment and with Flash Argentina for secured used-vehicle financing from 4Q26. According to the company, these initiatives support its ecosystem strategy and client acquisition, though financial impacts were not quantified.