Banking in Argentina: A comprehensive financial overview - Rankings 2024.08

Total assets of the banking system surged by 45.5% over the past year, reaching USD 174.5 billion by August 2024. The sector's leadership remains concentrated, with Banco de la Nación Argentina dominating with a 24.4% market share, followed by Banco Galicia, Santander Argentina, Banco Provincia, and Banco Macro. Collectively, these top five institutions account for over 55% of the sector's assets, underscoring their pivotal role in the local industry.

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Loans to the private sector have been a standout category, doubling year-on-year with a 103.8% increase to USD 53.95 billion. Banco de la Nación Argentina again leads this segment, holding 20.7% of the loan portfolio, while Banco Santander and Banco Galicia follow with significant shares of 11.7% and 10.46%, respectively. Within the broader loan portfolio, personal loans grew by 18.4% in just one month, and secured lending, such as mortgage loans and vehicle financing, also saw double-digit growth monthly, reflecting increased consumer and business confidence.

Deposits have also expanded robustly, reaching USD 108.2 billion, a 39.9% increase compared to the end of 2023. Banco de la Nación Argentina maintained its dominance in this area, followed by Banco Galicia, Santander, Banco Provincia, and BBVA Argentina. During August, fixed-term deposits grew at a steady rate of 6.4%, while savings accounts saw a 2.1% increase, highlighting a diversification in depositor preferences.

The equity position of the banking sector has strengthened significantly, with total net equity up by 75.3% since Q4.2023 to USD 48.2 billion. Banco de la Nación Argentina continues to command a leading position, holding 30% of the system's equity, far ahead of Banco Macro and Banco Galicia, which have market shares of 7.6% and 7.5%, respectively.

Profitability remains a highlight, with the sector recording total net income of USD 6.55 billion as of August 2024. Banco de la Nación Argentina accounted for nearly half of this figure, generating USD 3.2 billion in profits, followed by Banco Galicia and Banco Santander with USD 779.1 million and USD 649.6 million, respectively.